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General information
ASM International N.V. (ASM, or the company) is a Dutch public liability company domiciled
in the Netherlands with its principal operations in Europe, the United States of America,
and Asia. The company dedicates its resources to the research, development,
manufacturing, marketing and servicing of equipment and materials used to produce
mainly semiconductor devices. The company is registered at Versterkerstraat 8, 1322 AP
Almere, the Netherlands.
The company's shares are listed for trading on the Euronext Amsterdam Stock Exchange
(symbol ASM).
The accompanying consolidated financial statements include the financial statements of
ASM International N.V. and its consolidated subsidiaries (together also referred to as ASM,
or the company). ASM's subsidiaries are listed in Note 28 and investments in associates
are listed in Note 7.
Basis for accounting
The consolidated financial statements for the year ended December 31, 2023 have been
prepared in accordance with International Financial Reporting Standards (IFRS) as adopted
by the European Union and also comply with the financial reporting requirements included
in Section 362(9) of Part 9, Book 2 of the Dutch Civil Code.
The consolidated financial statements have been prepared by the Management Board of
the company and authorized for issue on March 1, 2024, and will be submitted for
adoption to the Annual General Meeting of Shareholders (AGM) on May 13, 2024.
The consolidated financial statements will be filed with the AFM and at the Trade Register
of the Chamber of Commerce in Almere, the Netherlands after ASM publishes on our
website and in addition within eight days of adoption by the 2024 AGM.
Functional and presentation currency
The consolidated financial statements are presented in Euros (\u20ac), which is the company's
functional currency. All amounts have been rounded to the nearest thousand, unless
otherwise indicated.
Basis of preparation
The consolidated financial statements have been prepared under the historical cost
convention, unless otherwise indicated. The company applies the going concern basis in
preparing its consolidated financial statements.
Historical cost is generally based on the fair value of the consideration given in exchange
for goods and services.
A number of the company\u2019s accounting policies and disclosures require the measurement
of fair values, for both financial and non-financial assets and liabilities.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in
an orderly transaction between market participants at the measurement date, regardless
of whether that price is directly observable or estimated using another valuation
technique.
The company has an established approach with respect to the measurement of fair values.
If third-party information, such as broker quotes or pricing services, is used to measure fair
values, the company assesses and documents the evidence obtained from the third
parties to support the conclusion that such valuations meet the requirements of IFRS,
including the level in the fair-value hierarchy, in which such valuations should be classified.
Fair values are categorized into different levels in a fair-value hierarchy based on the
inputs used in the valuation techniques as follows:
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2: inputs other than quoted prices included in Level 1 that are observable for the
asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
Level 3: inputs for the asset or liability that are not based on observable market data
(unobservable inputs).
If the inputs used to measure the fair value of an asset or a liability fall into different levels
of the fair-value hierarchy, then the fair-value measurement is categorized in its entirety in
the same level of the fair-value hierarchy as the lowest level input that is significant to the
entire measurement.
Further information about the assumptions made in measuring fair values is included in the
following notes:
\u2022 Note 1 - Acquisition of subsidiaries;
\u2022 Note 7 - Investments in Associates;
\u2022 Note 13 - Employee benefits; and
\u2022 Note 17 - Financial instruments and financial risk management.
Use of estimates and judgments
In preparing these consolidated financial statements, management has made judgments,
estimates and assumptions about the carrying amounts of assets and liabilities that are not
readily apparent from other sources. The estimates and associated assumptions are based
on historical experience and other factors that are considered to be relevant. Actual results
may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to
estimates are recognized prospectively.
Information about assumptions and estimation uncertainties that have a significant risk of
resulting in a material adjustment to the carrying amounts of assets and liabilities within
the year ended December 31, 2023 is included in the following notes:
\u2022 Note 1 - Acquisition of subsidiaries;
\u2022 Notes 3, 4, 5, 6 and 7 - Valuation of non-financial assets; and
\u2022 Note 8 - Valuation of allowance for obsolescence inventories.
Consideration has been given to the potential financial impacts of climate change related
risks on the carrying value of the company's non-current assets (e.g., goodwill, other
intangibles, PP&E) through a qualitative review of the company\u2019s climate change risk
assessment. In addition, the company included sensitivity tests into the impairment test to
address the potential increase in expenses due to climate change.
This review did not identify any material financial reporting impacts.
Summary of material accounting policies
Accounting policies
The company has consistently applied the following accounting policies to all periods
presented in these consolidated financial statements, except for changes in material
accounting policies and reclassification adjustment listed below.
Changes in material accounting policies
Application of new and revised International Financial Reporting Standards (IFRS).
New and amended IFRS Standards that are effective for the current year
The accounting policies applied in the financial statements are the same as those applied
in the last annual financial statements, except for the IFRS standards and interpretations
effective on January 1, 2023. These include IFRS 17 and amendments to IAS 8, IAS 1 and
IAS 12.
The amendment to IAS 1 and IAS 12 are further explained below. The other changes/
amendments have been assessed for their potential impact and do not have a material
effect on ASM\u2019s (consolidated) financial statements.
The company has not early adopted any other standard, interpretation or amendment that
has been issued but is not yet effective.
IAS 12: Global minimum top-up tax
The company operates in amongst others the Netherlands, which has enacted new
legislation to implement the global minimum top-up tax. ASM expects to be subject to the
top-up tax in relation to its operations in the US, Korea, Singapore and Finland. Although
these countries have a statutory tax rate above 15%, the subsidiaries in the US, Singapore
and Korea receive tax credits or tax incentives that reduce their effective tax rate below
15%. Since the newly enacted tax legislation in the Netherlands is only effective from 1
January 2024, there is no current tax impact for the year ended 31 December 2023.
ASM has applied a temporary relief from deferred tax accounting for the impacts of the
top-up tax and accounts for it as a current tax when it is incurred (see Note 22).
IAS 1: Material accounting policy information
The company adopted Disclosed of Accounting Policies (Amendments to IAS 1 and IFRS
Practice Statements 2) from January 1, 2023. Although the amendments did not result in
any changes to the accounting policies themselves, they impacted the accounting policy
information disclosed in the financial statements.
The amendments require the disclosure of 'material', rather than 'significant', accounting
policies. The amendments also provide guidance on the application of materiality to
disclosure of accounting policies, assisting entities to provide useful, entity-specific
accounting policy information that users need to understand other information in the
financial statements.
Management reviewed the accounting policies and made updates to the information in
'Summary of material accounting policies' (2022: Summary of significant accounting
policies) in certain instances in line with the amendments.
Reclassification contract assets and contract liabilities
The company separately presented contract assets and contract liabilities in the statement
of financial position considering the increasing importance. Furthermore, the company has
standardized terminology in accordance with IFRS 15. Comparative amounts reclassified in
line with IAS 1.41 requirements, as follows:
Balance December 31, 2022
(\u20ac thousand)
As previously
reported
Reclassification
After
Reclassification
Other current assets 1,2
114,524
(63,982)
50,542
Contract assets
\u2014
63,982
63,982
Accrued expenses and other
payables 3
458,911
(295,180)
163,731
Contract liabilities
\u2014
295,180
295,180
1\u00a0 Note 10 of the 2022 annual report 'Amounts to be invoiced'.
2 The reported balance is before measurement adjustment as disclosed in note 1 of the annual report.
3 Note 15 of the 2022 annual report 'Deferred revenue \u20ac197,617' and 'Advanced payments from
customers \u20ac97,563'.
Business combinations
The company accounts for business combinations using the acquisition method when the
acquired set of activities and assets meets the definition of a business and control is
transferred to the company. In determining whether a particular set of activities and assets
is a business, the company assesses whether the set of assets and activities acquired
includes, at a minimum, an input and substantive process and whether the acquired set
has the ability to produce outputs.
The company accounts for business combinations using the acquisition method when
control is transferred to the company. The consideration transferred in the acquisition is
generally measured at fair value, as are the identifiable net assets acquired.
Goodwill is capitalized as the excess of the costs of an acquired subsidiary, net of the
amounts assigned to identifiable assets acquired and liabilities incurred or assumed.
Acquisition-related costs are expensed when incurred in the period they arise or the
service is received.
Any contingent consideration payable is measured at fair value at the acquisition date.
The\u00a0contingent consideration is remeasured at fair value at each reporting date and
subsequent changes in the fair value of the contingent consideration are recognised in
profit or loss.
Consolidation
The consolidated financial statements include the accounts of ASM and all of its
subsidiaries where ASM holds a controlling interest. Non-controlling interest is disclosed
separately, where appropriate, in the consolidated financial statements.
Control is achieved when ASM has the power over an investee; exposure, or rights, to
variable returns from its involvement with the investee; and the ability to use its power
over the investee to affect the amount of the investor's returns.
ASM reassesses whether or not it controls an investee if facts and circumstances indicate
that there are changes to one or more of the three elements of control listed above.
As from the date these criteria are met, financial data of the relevant subsidiary are
included in the consolidation and deconsolidated from the date on which ASM's
control\u00a0ceases.
Loss of control
Upon loss of control, ASM derecognizes the assets and liabilities of the subsidiary. Any
surplus or deficit arising on the loss of control is recognized in profit or loss. If ASM retains
any interest in this subsidiary, then such interest is measured at fair value at the date on
which control is lost. Subsequently, it is accounted for as an equity-accounted investee or
as an available-for-sale financial asset, depending on the level of influence retained.
Subsidiaries
Subsidiaries are entities controlled by the company. The financial statements of
subsidiaries are included in the consolidated financial statements from the date on which
control commences until the date on which control ceases.
Foreign currency translation
The individual financial statements of each group entity are presented in their local
functional currency. For the purpose of the consolidated financial statements, the results
and financial position of each entity is expressed in euros, which is ASM's functional
currency and the presentation currency for the consolidated financial statements.
Foreign currency transactions
In preparing the financial statements of the individual entities, transactions in foreign
currencies are recorded at the exchange rates on the date of the transactions. At each
balance sheet date, monetary items denominated in foreign currencies are translated at
the rates prevailing on the balance sheet date. Non-monetary items carried at fair value
that are denominated in foreign currencies are translated at the rates prevailing on the
date when the fair value was determined.
Exchange rate differences arising on the settlement of monetary items, and on the
translation of monetary items, are recognized in the consolidated statement of profit or
loss in the period in which they arise. Exchange rate differences arising on the translation
of non-monetary items carried at fair value are recognized in the consolidated statement
of profit or loss for the period except for differences arising on the translation of non-
monetary items in respect of which gains and losses are recognized directly in equity.
Foreign operations
For the purpose of presenting consolidated financial statements, assets and liabilities of
foreign operations are translated into euros at the exchange rates at the reporting date.
The income and expenses of foreign operations are translated into euros at the exchange
rates at the dates of the transactions.
Foreign currency differences are recognized in OCI and accumulated in the translation
reserve.
When a foreign operation is disposed of in its entirety or partially such that control or
significant influence is lost, the cumulative amount in the translation reserve related to that
foreign operation is reclassified to profit or loss as part of the gain or loss on disposal.
If\u00a0the company disposes of part of its interest in a subsidiary but retains control, then the
relevant proportion of the cumulative amount is reattributed to non-controlling interest.
When the company disposes of only part of an associate while retaining significant
influence, the relevant proportion of the cumulative amount is reclassified to profit or loss.
Segment reporting
ASM has one reportable segment, consistent with the internal reporting provided to the
Chief Executive Officer (CEO), who is the Chief Operating Decision Maker (CODM).
The company manufactures and sells equipment used in wafer processing, encompassing
the fabrication steps in which silicon wafers are layered with semiconductor devices.
The\u00a0operation is a product-driven organizational unit comprised of manufacturing, service,
and sales operations in Asia, Europe and the United States. The performance of the
individual product lines is reviewed by the CODM based on its revenues, gross margin and
EBIT. The company operates under a uniform global operating strategy. The CODM alone
makes operating decisions regarding strategic investments and resource allocation based
on aggregated information of the overall company's operation. Therefore, the company's
operation do not represent separate operating nor reportable segments.
Property, plant and equipment
Items of property, plant and equipment are measured at cost, less accumulated
depreciation and any accumulated impairment losses.
If significant parts of an item of property, plant and equipment have different useful lives,
then they are accounted for as separate items (major components) of property, plant and
equipment.
Depreciation is calculated to write off the cost of items of property, plant and equipment
less their estimated residual values using the straight-line method over their estimated
useful lives, and is generally recognized in profit or loss. The estimated useful lives,
residual values and depreciation method are reviewed at the end of each reporting period,
with the effect of any changes in estimate accounted for on a prospective basis.
The estimated useful lives of property, plant and equipment for current and comparative
periods are as follows:
Land
Infinite
Building and leasehold improvements
1-25 years
Machinery equipment
2-10 years
Furniture and fixtures and other equipment
2-10 years
An item of property, plant and equipment is derecognized upon disposal or when no future
economic benefits are expected to arise from the continued use of the asset. Any gain on
disposal of an item of property, plant and equipment is recognized in profit or loss and
included in 'other income'. Any loss is recognized as part of impairment expenses.
Intangible assets
Goodwill
The company accounts for business combinations using the acquisition method when
control is transferred to the company. The consideration transferred in the acquisition is
generally measured at fair value, as are the identifiable net assets acquired. Any goodwill
that arises is tested annually for impairment.
Goodwill represents the excess of the costs of an acquisition over the fair value of the
amounts assigned to assets acquired and liabilities incurred or assumed of the acquired
subsidiary at the date of acquisition. Goodwill on acquisition of subsidiaries is allocated to
cash generating units (CGUs) for the purpose of impairment testing. The allocation is made
to those CGUs that are expected to benefit from the business combination in which the
goodwill arose. Goodwill is tested for impairment annually and whenever events or changes
in circumstances indicate that the carrying amount of the goodwill may not be recoverable.
If\u00a0the recoverable amount of the CGU is less than the carrying amount of the unit, the
impairment loss is recognized. An impairment loss recognized for goodwill is not reversed in
a subsequent period. Goodwill is stated at cost less accumulated impairment losses.
The company\u2019s goodwill arising on the acquisitions of subsidiaries is described in Note 5
'Goodwill''.
The company\u2019s goodwill arising on the acquisition of an associate is described in Note 7
'Investments in Associates'.
Other intangible assets
Other intangible assets include capitalized development expenses, software, purchased
technology, and remaining other intangible assets. Other intangible assets that are
acquired by the company with finite useful lives are measured at cost less accumulated
amortization and any accumulated impairment losses.
In determining the capitalization of development expenses, the company makes estimates
and assumptions based on expected future economic benefits generated by products that
are the result of these development expenses. Other important estimates and assumptions
are the required internal rate of return, the distinction between research, development and
high-volume manufacturing, and the estimated useful life.
Development expenses are capitalized when all of the following criteria are demonstrated
by the entity:
\u2022 the technical feasibility of completing the intangible asset so that it will be available for
use or sale;
\u2022 its intention to complete the intangible asset and use or sell it;
\u2022 its ability to use or sell the intangible asset;
\u2022 how the intangible asset will generate probable future economic benefits;
\u2022 the availability of adequate technical, financial and other resources to complete the
development and to use or sell the intangible asset; and
\u2022 its ability to reliably measure the expenditure attributable to the intangible asset during
its development.
The company capitalizes development expenses that meet the above-mentioned criteria
in its consolidated financial statements. Subsequent to initial recognition, internally-
generated intangible assets are reported at cost less accumulated amortization and
accumulated impairment losses, on the same basis as intangible assets that are
acquired\u00a0separately.
Amortization of capitalized development expenses is calculated using the straight-line
method over the estimated useful lives of the developed product. Amortization starts
when the developed product is ready for its intended use. In the development cycle, this is
when the product is transferred from the validation (beta) phase to high-volume
manufacturing.
Amortization method, useful life, and residual value are reviewed at each reporting date
with the effect of any changes in estimate accounted for on a prospective basis.
The estimated useful lives of other intangible assets for current and comparative periods
are as follows:
Development cost
5 years
Software
3 years
Purchased technology
5-15 years
Other intangibles
1-17 years
Investments in associates
Investments in associates are investments in entities in which ASM can exert significant
influence but which ASM does not control, generally having between 20% and 50% of the
voting rights. These entities are accounted for using the equity method and are initially
recognized at cost. Dividend income from the company\u2019s associated companies is
recognized when the right to receive payment is established. Their carrying value includes
goodwill identified upon acquisition, net of any accumulated impairment.
When ASM\u2019s share of losses in an associate equals or exceeds its interest in the associate,
including any other receivables for which settlement is neither planned nor likely to occur
in the foreseeable future, ASM does not recognize further losses, unless ASM has
obligations to or made payments on behalf of the associate.
At each reporting date, the company determines if there is any objective evidence that the
associate is impaired. An impairment, being the difference between the recoverable
amount of the associate and its carrying value, is recognized in the consolidated
statement of profit or loss.
ASM does not separately test associates' underlying assets for impairment. However,
ASM\u00a0recognizes its share of any impairment charge recorded by an investee and considers
the effect, if any, of the impairment on the basis difference in the assets giving rise to the
investee\u2019s impairment charge. A loss in value of an investment which is significant or
prolonged will be recognized. Significant is defined as at least 20% on reporting date.
Prolonged is defined as measured below cost for more than nine months.
Equity method investments are tested for prolonged decline in value. If the fair value of an
investment is less than its carrying value, the company determines whether the decline in
value is temporary or prolonged. A prolonged decline in value is measured as of a balance
sheet date. If after a prior recognized impairment the fair value is more than its carrying
value, this impairment is reversed to the extent that the recoverable amount of the net
investment subsequently increases. The determination of whether an investment is
impaired is made at the individual security level in each reporting period.
Evaluation tools at customers
Evaluation tools at customers are systems generally delivered to customers under
evaluation and include substantial customization by our engineers and R&D staff in the
field. Evaluation tools are recorded at cost and depreciated using the straight-line method
over their estimated useful life of five years, or their shorter economic life. The
depreciation expenses are in general reported as research and development expenses,
unless the evaluation tool primarily serves commercial activities it is reported as cost
of\u00a0sales.
On final written technical acceptance and purchase order from the customer, the purchase
consideration is recognized as revenue at a point in time and the carrying value of the
evaluation system is recognized as cost of sales. In the circumstance that the system is
returned, at the end of the evaluation period, a detailed impairment review takes place,
and future sales opportunities and additional costs are identified. It is only when the fair
value is below the carrying value of the evaluation tool that an additional depreciation is
recognized. The remaining carrying value is recognized as finished goods in inventories.
Inventories
Inventories are stated at the lower of cost or net realizable value. The cost of inventories
is\u00a0based on the first-in, first-out principle. Costs include net prices paid for materials
purchased, charges for freight and custom duties, production labor costs and factory
overhead. Allowances are made for slow-moving, obsolete or unsellable inventory.
Allowances for obsolescence of inventory are determined based on the expected demand
as well as the expected market value of the inventory. The company regularly evaluate the
value of our inventory of components and raw materials, work in progress, and finished
goods, based on a combination of factors including the following: forecasted sales,
historical usage, product end of lifecycle, estimated current and future market values,
service inventory requirements, and new product introductions, as well as other factors.
Purchasing requirements and alternative uses for the inventory are explored within these
processes to mitigate inventory exposure. The company record write-downs for inventory
based on the above factors and take into account worldwide quantities and demand into
our analysis.
Financial instruments
The company classifies non-derivative financial assets into loans and receivables.
The\u00a0company classifies non-derivative financial liabilities into other financial liabilities.
Non-derivative financial assets and financial liabilities \u2013\u00a0
Recognition and derecognition
The company initially recognizes receivables on the date when they are originated.
Receivables comprise account (trade) and other receivables and cash and cash
equivalents. Receivables are measured at amortized cost using the effective interest
method, less any impairment. Financial assets and financial liabilities are initially
recognized on the trade date when the entity becomes a party to the contractual
provisions of the instrument.
The company derecognizes a financial asset when the contractual rights to the cash flows
from the asset expire, or it transfers the rights to receive the contractual cash flows in a
transaction in which substantially all of the risks and rewards of ownership of the financial
asset are transferred, or it neither transfers nor retains substantially all of the risks and
rewards of ownership and does not retain control over the transferred asset. Any interest
in such derecognized financial asset that is created or retained by the company is
recognized as a separate asset or liability.
The company derecognizes a financial liability when its contractual obligations are
discharged or cancelled, or expired.
Financial assets and financial liabilities are offset and the net amount presented in the
statement of financial position when, and only when, the company currently has a legally
enforceable right to offset the amounts and intends either to settle them on a net basis or
to realize the asset and settle the liability simultaneously.
Non-derivative financial assets \u2013 Measurement
Loans and receivables are initially measured at fair value plus any directly attributable
transaction costs. Subsequent to initial recognition, they are measured at amortized cost
using the effective interest method.
Accounts receivable
A significant percentage of accounts receivable is derived from revenue to a limited
number of large multinational semiconductor device manufacturers located throughout the
world. In order to monitor potential credit losses, the company performs ongoing credit
evaluations of our customers' financial condition. An allowance for doubtful accounts is
maintained for potential credit losses based upon management's assessment of the
expected collectability of all accounts receivable. The allowance for doubtful accounts is
reviewed periodically to assess the adequacy of the allowance. In making this assessment,
management takes into consideration any circumstances of which the company are aware
regarding a customer's inability to meet its financial obligations, aging of the accounts
receivable, expected lifetime losses; and our judgments as to potential prevailing
economic conditions in the industry and their potential impact on the company's
customers.
The expected credit loss allowance is based on historical experience, credit evaluations,
specific customer-collection history, and any customer-specific issues ASM has identified.
Changes in circumstances, such as an unexpected adverse material change in a major
customer\u2019s ability to meet its financial obligation to ASM or its payment trends, may require
us to further adjust our estimates of the recoverability of amounts due to ASM. This could
have an adverse material effect on ASM\u2019s financial condition and results of operations.
Cash and cash equivalents
Cash and cash equivalents consist of bank deposits and investment in money market
funds that invest in marketable debt obligations and securities of governments, corporates
and financial institutions and other short-term highly liquid investments with original
maturity of three months or less. Bank overdrafts are included in notes payable to banks in
current liabilities.
Non-derivative financial liabilities \u2013 Measurement
Other non-derivative financial liabilities are initially measured at fair value less any directly
attributable transaction costs. Subsequent to initial recognition, these liabilities are
measured at amortized cost using the effective interest method.
Share capital
Preference share capital
Preference share capital is classified as equity if it is non-redeemable, or redeemable only
at the company\u2019s option, and any dividends are discretionary. Discretionary dividends
thereon are recognized as distributions within equity upon approval by the company\u2019s
shareholders.
Preference share capital is classified as a financial liability if it is redeemable on a specific
date or at the option of the shareholders, or if dividend payments are not discretionary.
Non-discretionary dividends thereon are recognized as interest expense in profit or loss
as\u00a0accrued.
Repurchase and reissue of common shares (treasury shares)
When shares recognized as equity are repurchased, the amount of the consideration paid,
which includes directly attributable costs, is recognized as a deduction from equity.
Repurchased shares are classified as treasury shares and are presented in the treasury share
reserve. When treasury shares are sold or reissued subsequently, the amount received is
recognized as an increase in equity and the resulting surplus or deficit on the transaction is
accounted for at average cost and presented within capital in excess of par value.
Issuance of shares by an equity-accounted investee
The associate ASMPT yearly issues common shares pursuant to their employee share
incentive scheme. The effect of these issuances is a dilution of the company's ownership
in ASMPT. The company recognizes the impact of these issuances directly into equity.
Comprehensive income
Comprehensive income consists of net earnings (loss) and other comprehensive income.
Other comprehensive income includes gains and losses that are not included in net
earnings, but are recorded directly in equity.
Impairment
Non-derivative financial assets
Financial assets, other than those at fair value through profit or loss, are assessed using an
'expected credit loss' (ECL) model. In accordance with the model the company allocate
a\u00a0probability of loss to each financial asset, based on data that is determined to be
predictive of the risk of loss and applying experienced credit judgment.
ASM measures loss allowances at an amount equal to lifetime ECLs, except for the
following, which are measured at 12-month ECLs:
\u2022 debt securities that are determined to have low credit risk at the reporting date; and
\u2022 other debt securities and bank balances for which credit risk (i.e. the risk of default
occurring over the expected life of the financial instrument) has not increased
significantly since initial recognition.
When determining whether the credit risk of a financial asset has increased significantly
since initial recognition and when estimating ECLs, ASM considers reasonable and
supportable information that is relevant and available without undue cost or effort.
This\u00a0includes both quantitative and qualitative information and analysis, based on ASM's
historical experience and informed credit assessment, that includes forward-looking
information. Lifetime ECLs are the ECLs that result from all possible default events over
the expected life of a financial instrument.
12-month ECLs are the portion of ECLs that result from default events that are possible
within the 12 months after the reporting date (or a shorter period if the expected life of the
instrument is less than 12 months).
The maximum period considered when estimating ECLs is the maximum contractual period
over which ASM is exposed to credit risk.
Measurement of ECLs
ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as
the present value of all cash shortfalls (i.e. the difference between the cash flows due to
the entity in accordance with the contract and the cash flows that ASM expects to
receive). ECLs are discounted at the effective interest rate of the financial asset.
Equity-accounted investees
An impairment loss in respect of an equity-accounted investee is measured by comparing
the recoverable amount of the investment with its carrying amount. An impairment loss is
recognized in profit or loss, and is reversed if there has been a favorable change in the
estimates used to determine the recoverable amount.
Non-financial assets
At each reporting date, the company reviews the carrying amounts of its non-financial
assets (other than inventories and deferred tax assets) to determine whether there is any
indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount
is estimated. Goodwill and assets not yet available for its intended use is tested annually
for impairment.
For impairment testing, assets are grouped together into the smallest group of assets that
generates cash inflows from continuing use that are largely independent of the cash
inflows of other assets or CGUs. Goodwill arising from a business combination is allocated
to CGUs or groups of CGUs that are expected to benefit from the synergies of the
combination.
The recoverable amount of an asset or CGU is the greater of its value in use and its fair
value less costs to sell. Value in use is based on the estimated future cash flows,
discounted to their present value using a pre-tax discount rate that reflects current market
assessments of the time value of money and the risks specific to the asset or CGU.
An impairment loss is recognized if the carrying amount of an asset or CGU exceeds its
recoverable amount.
Impairment losses are recognized in profit or loss. They are allocated first to reduce the
carrying amount of any goodwill allocated to the CGU, and then to reduce the carrying
amounts of the other assets in the CGU on a pro rata basis.
An impairment loss in respect of goodwill is not reversed. For other assets, an impairment
loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the
carrying amount that would have been determined, net of depreciation or amortization,
if\u00a0no impairment loss had been recognized.
Commitments and contingencies
The company has various contractual obligations such as purchase commitments and
commitments for capital expenditure. These obligations are generally not recognized as
liabilities on the company's statement of financial position but are disclosed in the notes
to\u00a0the consolidated financial statements.
Cash flow statement
The cash flow statement has been prepared using the indirect method.
Revenue recognition
Revenue is measured based on the consideration specified in a contract with a customer
and excludes amounts collected on behalf of third parties. The company recognizes
revenue when it transfers control over a product or service to a customer. Depending on
the contract, the company obtain normally a right to payment for our equipment upon
shipment and on completion of installation. Right to payment for our spares and services
occurs upon shipment or completion of the service unless described otherwise.
Revenue streams
The company generates revenue primarily from the sales of equipment and sales of spares
& services. The products & services described below by nature, can be part of both
revenue streams. The revenue streams are disclosed in Note 21 Revenue.
Nature of goods and services
The following table contains a description of principal activities from which the group
generates its revenue.
The company applied the practical expedient of IFRS 15.121 and therefore have not
disclosed information on the remaining performance obligations of a contract
(in\u00a0aggregate) as the performance obligation is part of a contract that has an original
expected duration of one year or less. Generally, the remaining performance obligations
of\u00a0a contract concern the tools to be shipped, unsatisfied promises as part of a bundled
agreement or volume purchase agreement and installation and qualification services.
Products and
services
Nature, timing of satisfaction of performance obligation and significant
payment terms
Equipment
Revenue from equipment is recognized at a point in time when the performance
obligation is satisfied, when control transfers. This is usually upon shipment
depending on incoterms. The amount of revenue recognized is based on the
amount of the transaction price that is allocated to the performance obligation.
The total consideration of the contract is allocated between all distinct
performance obligations in the contract based on their stand-alone selling
prices. The stand-alone selling prices are mostly determined based on other
stand-alone sales that are directly observable or based on the expected cost
plus a margin approach. Any customer discounts and credits, within volume
purchase agreements or bundled agreements, are considered as a reduction of
the transaction price, unless this is/can be considered as consideration for a
distinct good or service.
Installation
The customer simultaneously consumes and receives the benefits provided by
the performance of the installation. As such, transfer of control takes place over
the period of installation from delivery through customer acceptance, measured
on a straight-line basis, as our performance is satisfied evenly over this period of
time.
Spares
Revenue from spares is recognized at a point in time when the performance
obligation is satisfied, when the control transfers. This is usually upon shipment
depending on incoterms. The amount of revenue recognized is based on the
amount of the transaction price that is allocated to the performance obligation.
Any customer discounts and credits, within a volume purchase agreements, are
considered as a reduction of the transaction price, unless this is/can be
considered as consideration for a distinct good or service.
Revenue on
royalties and
licenses for
technology
included in
equipment and/
or spares
The fixed price royalty is a right to use the licenses and revenue is recognized at
a point in time that the license is transferred to the customer. For the sales-
based royalty, the performance obligation is satisfied when the license is
transferred to the customer. Given this is earlier than when the sales occur,
revenue should be recognized when the sales occur.
Outcome based
(\"support\")
services
The customer simultaneously consumes and receives the benefits provided by
the performance of the support. For the majority of support services transfer of
control takes place over the period of support.
Cost of sales
Cost of sales mainly comprises direct costs such as labor, materials, cost of warranty,
depreciation, shipping and handling costs, and related overhead costs.
Research and development expenses
Research and development expenses are expenditures relating to a company's efforts to
develop, design, and enhance its products, services, technologies, or processes.
Research\u00a0and development expenses comprise of direct costs allocated to research and
development projects and mainly consists of labor. Research and development expenses
also includes depreciation expenses of evaluation tools at customers supporting the
companies research and development activities, allocated cost center costs like lab costs,
and costs relating to prototype and experimental products.
Selling, administrative and general expenses
Selling, general and administrative expenses comprise all direct and indirect selling costs,
operational overhead costs, and administrative expenses unrelated to cost of sales or
research and development expenses.
Warranty
The company provide maintenance on our systems during the warranty period, on average
one year after installation & qualification (or 15 months upon shipment, whatsoever comes
first). Costs of warranty include the cost of labor and material necessary to repair
a\u00a0product during the warranty period. The company accrue for the estimated cost of the
warranty on products shipped in a provision for warranty, upon recognition of the sale of
the product. The costs are estimated based on historical expenses incurred and on
estimated future expenses related to current revenue, and are updated periodically.
Actual\u00a0warranty costs are charged against the provision for warranty. The actual warranty
costs may differ from estimated warranty costs, and adjusted our provision for warranty
accordingly. Future warranty costs may exceed our estimates, which could result in an
increase of our cost of sales.
Income tax
Income tax expense comprises current and deferred tax. It is recognized in the statement
of profit or loss except to the extent that it relates to a business combination, or items
recognized directly in equity or in other comprehensive income.
Current tax
The current corporate income tax charge recognized in the consolidated statement of
profit or loss is calculated in accordance with the prevailing tax regulations and rates,
taking into account non-taxable income and non-deductible expenses. The current income
tax expense reflects the amount for the current reporting period that the company expects
to recover from or pay to the tax authorities. Current income tax related to items
recognized directly in equity is recorded in equity and not in the consolidated statement of
profit or loss. ASM\u2019s management periodically evaluates positions taken in the tax returns
regarding situations in which applicable tax regulations are subject to interpretation, and
establishes provisions when deemed appropriate. The amount of current tax payable or
receivable is the best estimate of the tax amount expected to be paid or received that
reflects uncertainty related to income tax, if any. Measurement of the tax payable or
receivable for uncertain tax positions is based on management\u2019s best estimate of the
amount of tax benefit that will be lost. Current tax also includes any tax arising from
dividends and royalties. Current tax assets and liabilities are offset only if certain criteria
are met (IAS 12).
Deferred tax
Deferred income tax positions are recognized for temporary differences between the tax
basis of assets and liabilities and their carrying values in ASM\u2019s consolidated statement of
financial position.
Deferred tax assets are recognized for deductible temporary differences, the carry
forward of unused tax credits, and any unused tax losses. Deferred tax assets are
recognized only to the extent that it is probable that future taxable profits will be available
against which the temporary differences can be utilized. Both the recognized and
unrecognized deferred tax assets are reassessed at each reporting date. Deferred tax
assets are recorded for deductible temporary differences associated with investments in
subsidiaries and are recorded only to the extent that it is probable that the temporary
differences will reverse in the foreseeable future, and taxable profit will be available
against which the temporary differences can be utilized.
Deferred tax liabilities are recognized for taxable temporary differences except when they
affect neither the profit or loss reported in the consolidated statement of profit or loss nor
the taxable profit or loss. Also, no deferred tax liabilities are recorded for taxable
temporary differences associated with investments in subsidiaries when the timing of
the\u00a0reversal of the temporary differences can be controlled and it is probable that the
temporary differences will not reverse in the foreseeable future.
Deferred tax positions are stated at nominal value and are measured at the corporate
income tax rates the company expects to be applicable in the year when the asset is
realized or liability is settled based on enacted or substantially enacted tax laws and
reflects uncertainty related to income tax, if any.
Deferred income tax assets and liabilities are netted if there is a legally enforceable right to
set off current tax assets against current tax liabilities, deferred income tax assets and
deferred income tax liabilities related to income taxes levied by the same taxation
authority on the same taxable entity, and there is an intention to settle on a net basis.
Retirement benefit costs
The company has retirement plans covering substantially all employees. The principal
plans are defined contribution plans, except for the plans of the company's operations in
the Netherlands and Japan. The company's employees in the Netherlands participate in
a\u00a0multi-employer defined benefit plan. Payments to defined contribution plans and the
multi-employer plan are recognized as an expense in the consolidated statement of profit
or loss as they fall due. The company accounts for the multi-employer plan as if it were
a\u00a0defined contribution plan, since the manager of the plan is not able to provide the
company with the required company-specific information to enable the company to
account for the plan as a defined benefit plan.
The company's employees in Japan participate in defined benefit plans. Pension costs in
respect to this defined benefit plan are determined using the projected unit credit method.
These costs primarily represent the increase in the actuarial present value of the obligation
for pension benefits based on employee service during the year and the interest on this
obligation in respect to employee service in previous years, net of the expected return on
plan assets.
For the defined benefit plan, the company recognizes in its consolidated statement of
financial position an asset or a liability for the plan's over funded status or underfunded
status respectively. When the calculation results in a potential asset for the company, the
recognised asset is limited to the present value of economic benefits available in the form
of any future refunds from the plan or reductions in future contributions to the plan.
To\u00a0calculate the present value of economic benefits, consideration is given to any
applicable minimum funding requirements. Actuarial gains and losses are recognized
when\u00a0incurred.
Obligations for contributions to defined contribution plans are expensed as the related
service is provided. Prepaid contributions are recognized as an asset to the extent that
a\u00a0cash refund or a reduction in future payments is available.
Share-based payments
The costs relating to employee shares (compensation expense) are recognized based
upon the grant date fair value of the shares. The estimated fair value at grant date of
shares is based on the share price of the ASM share at grant date minus the discounted
value of expected dividends during the vesting period.
The grant date fair value of the shares is expensed on a straight-line basis over the vesting
period, based on the company\u2019s estimate of shares that will eventually vest. The impact of
the true-up of the estimates is recognized in the consolidated statement of profit or loss
in\u00a0the period in which the revision is determined. The total estimated share-based
compensation expense, determined under the fair value-based method is amortized
proportionally over the option vesting periods.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-262": { "value": "
ASM International N.V. (ASM, or the company) is a Dutch public liability company domiciled
in the Netherlands with its principal operations in Europe, the United States of America,
and Asia. The company dedicates its resources to the research, development,
manufacturing, marketing and servicing of equipment and materials used to produce
mainly semiconductor devices. The company is registered at Versterkerstraat 8, 1322 AP
Almere, the Netherlands.
The company's shares are listed for trading on the Euronext Amsterdam Stock Exchange
(symbol ASM).
The accompanying consolidated financial statements include the financial statements of
ASM International N.V. and its consolidated subsidiaries (together also referred to as ASM,
or the company). ASM's subsidiaries are listed in Note 28 and investments in associates
are listed in Note 7.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-263": { "value": "ASM International N.V.", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-264": { "value": "ASM International N.V.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-265": { "value": "ASM International N.V.", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-266": { "value": "ASM, or the company", "dimensions": { "concept": "ifrs-full:ExplanationOfChangeInNameOfReportingEntityOrOtherMeansOfIdentificationFromEndOfPrecedingReportingPeriod", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-267": { "value": "Dutch public liability company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-268": { "value": "Netherlands", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-269": { "value": "Netherlands", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-270": { "value": "Europe, the United States of America, and Asia", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-271": { "value": "research, development, manufacturing, marketing and servicing of equipment and materials used to produce mainly semiconductor devices", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-272": { "value": "Versterkerstraat 8, 1322 AP Almere, the Netherlands", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-274": { "value": "
Basis for accounting
The consolidated financial statements for the year ended December 31, 2023 have been
prepared in accordance with International Financial Reporting Standards (IFRS) as adopted
by the European Union and also comply with the financial reporting requirements included
in Section 362(9) of Part 9, Book 2 of the Dutch Civil Code.
The consolidated financial statements have been prepared by the Management Board of
the company and authorized for issue on March 1, 2024, and will be submitted for
adoption to the Annual General Meeting of Shareholders (AGM) on May 13, 2024.
The consolidated financial statements will be filed with the AFM and at the Trade Register
of the Chamber of Commerce in Almere, the Netherlands after ASM publishes on our
website and in addition within eight days of adoption by the 2024 AGM.
Basis of preparation
The consolidated financial statements have been prepared under the historical cost
convention, unless otherwise indicated. The company applies the going concern basis in
preparing its consolidated financial statements.
Historical cost is generally based on the fair value of the consideration given in exchange
for goods and services.
A number of the company\u2019s accounting policies and disclosures require the measurement
of fair values, for both financial and non-financial assets and liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-273": { "value": "
Basis for accounting
The consolidated financial statements for the year ended December 31, 2023 have been
prepared in accordance with International Financial Reporting Standards (IFRS) as adopted
by the European Union and also comply with the financial reporting requirements included
in Section 362(9) of Part 9, Book 2 of the Dutch Civil Code.
The consolidated financial statements have been prepared by the Management Board of
the company and authorized for issue on March 1, 2024, and will be submitted for
adoption to the Annual General Meeting of Shareholders (AGM) on May 13, 2024.
The consolidated financial statements will be filed with the AFM and at the Trade Register
of the Chamber of Commerce in Almere, the Netherlands after ASM publishes on our
website and in addition within eight days of adoption by the 2024 AGM.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-275": { "value": "
Functional and presentation currency
The consolidated financial statements are presented in Euros (\u20ac), which is the company's
functional currency. All amounts have been rounded to the nearest thousand, unless
otherwise indicated.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-276": { "value": "
Fair value is the price that would be received to sell an asset or paid to transfer a liability in
an orderly transaction between market participants at the measurement date, regardless
of whether that price is directly observable or estimated using another valuation
technique.
The company has an established approach with respect to the measurement of fair values.
If third-party information, such as broker quotes or pricing services, is used to measure fair
values, the company assesses and documents the evidence obtained from the third
parties to support the conclusion that such valuations meet the requirements of IFRS,
including the level in the fair-value hierarchy, in which such valuations should be classified.
Fair values are categorized into different levels in a fair-value hierarchy based on the
inputs used in the valuation techniques as follows:
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2: inputs other than quoted prices included in Level 1 that are observable for the
asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
Level 3: inputs for the asset or liability that are not based on observable market data
(unobservable inputs).
If the inputs used to measure the fair value of an asset or a liability fall into different levels
of the fair-value hierarchy, then the fair-value measurement is categorized in its entirety in
the same level of the fair-value hierarchy as the lowest level input that is significant to the
entire measurement.
Further information about the assumptions made in measuring fair values is included in the
following notes:
\u2022 Note 1 - Acquisition of subsidiaries;
\u2022 Note 7 - Investments in Associates;
\u2022 Note 13 - Employee benefits; and
\u2022 Note 17 - Financial instruments and financial risk management.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-277": { "value": "
Use of estimates and judgments
In preparing these consolidated financial statements, management has made judgments,
estimates and assumptions about the carrying amounts of assets and liabilities that are not
readily apparent from other sources. The estimates and associated assumptions are based
on historical experience and other factors that are considered to be relevant. Actual results
may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to
estimates are recognized prospectively.
Information about assumptions and estimation uncertainties that have a significant risk of
resulting in a material adjustment to the carrying amounts of assets and liabilities within
the year ended December 31, 2023 is included in the following notes:
\u2022 Note 1 - Acquisition of subsidiaries;
\u2022 Notes 3, 4, 5, 6 and 7 - Valuation of non-financial assets; and
\u2022 Note 8 - Valuation of allowance for obsolescence inventories.
Consideration has been given to the potential financial impacts of climate change related
risks on the carrying value of the company's non-current assets (e.g., goodwill, other
intangibles, PP&E) through a qualitative review of the company\u2019s climate change risk
assessment. In addition, the company included sensitivity tests into the impairment test to
address the potential increase in expenses due to climate change.
This review did not identify any material financial reporting impacts.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-278": { "value": "
Changes in material accounting policies
Application of new and revised International Financial Reporting Standards (IFRS).
New and amended IFRS Standards that are effective for the current year
The accounting policies applied in the financial statements are the same as those applied
in the last annual financial statements, except for the IFRS standards and interpretations
effective on January 1, 2023. These include IFRS 17 and amendments to IAS 8, IAS 1 and
IAS 12.
The amendment to IAS 1 and IAS 12 are further explained below. The other changes/
amendments have been assessed for their potential impact and do not have a material
effect on ASM\u2019s (consolidated) financial statements.
The company has not early adopted any other standard, interpretation or amendment that
has been issued but is not yet effective.
IAS 12: Global minimum top-up tax
The company operates in amongst others the Netherlands, which has enacted new
legislation to implement the global minimum top-up tax. ASM expects to be subject to the
top-up tax in relation to its operations in the US, Korea, Singapore and Finland. Although
these countries have a statutory tax rate above 15%, the subsidiaries in the US, Singapore
and Korea receive tax credits or tax incentives that reduce their effective tax rate below
15%. Since the newly enacted tax legislation in the Netherlands is only effective from 1
January 2024, there is no current tax impact for the year ended 31 December 2023.
ASM has applied a temporary relief from deferred tax accounting for the impacts of the
top-up tax and accounts for it as a current tax when it is incurred (see Note 22).
IAS 1: Material accounting policy information
The company adopted Disclosed of Accounting Policies (Amendments to IAS 1 and IFRS
Practice Statements 2) from January 1, 2023. Although the amendments did not result in
any changes to the accounting policies themselves, they impacted the accounting policy
information disclosed in the financial statements.
The amendments require the disclosure of 'material', rather than 'significant', accounting
policies. The amendments also provide guidance on the application of materiality to
disclosure of accounting policies, assisting entities to provide useful, entity-specific
accounting policy information that users need to understand other information in the
financial statements.
Management reviewed the accounting policies and made updates to the information in
'Summary of material accounting policies' (2022: Summary of significant accounting
policies) in certain instances in line with the amendments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-279": { "value": "
Reclassification contract assets and contract liabilities
The company separately presented contract assets and contract liabilities in the statement
of financial position considering the increasing importance. Furthermore, the company has
standardized terminology in accordance with IFRS 15. Comparative amounts reclassified in
line with IAS 1.41 requirements, as follows:
Balance December 31, 2022
(\u20ac thousand)
As previously
reported
Reclassification
After
Reclassification
Other current assets 1,2
114,524
(63,982)
50,542
Contract assets
\u2014
63,982
63,982
Accrued expenses and other
payables 3
458,911
(295,180)
163,731
Contract liabilities
\u2014
295,180
295,180
1\u00a0 Note 10 of the 2022 annual report 'Amounts to be invoiced'.
2 The reported balance is before measurement adjustment as disclosed in note 1 of the annual report.
3 Note 15 of the 2022 annual report 'Deferred revenue \u20ac197,617' and 'Advanced payments from
customers \u20ac97,563'.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-280": { "value": "
Business combinations
The company accounts for business combinations using the acquisition method when the
acquired set of activities and assets meets the definition of a business and control is
transferred to the company. In determining whether a particular set of activities and assets
is a business, the company assesses whether the set of assets and activities acquired
includes, at a minimum, an input and substantive process and whether the acquired set
has the ability to produce outputs.
The company accounts for business combinations using the acquisition method when
control is transferred to the company. The consideration transferred in the acquisition is
generally measured at fair value, as are the identifiable net assets acquired.
Goodwill is capitalized as the excess of the costs of an acquired subsidiary, net of the
amounts assigned to identifiable assets acquired and liabilities incurred or assumed.
Acquisition-related costs are expensed when incurred in the period they arise or the
service is received.
Any contingent consideration payable is measured at fair value at the acquisition date.
The\u00a0contingent consideration is remeasured at fair value at each reporting date and
subsequent changes in the fair value of the contingent consideration are recognised in
profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-281": { "value": "
Consolidation
The consolidated financial statements include the accounts of ASM and all of its
subsidiaries where ASM holds a controlling interest. Non-controlling interest is disclosed
separately, where appropriate, in the consolidated financial statements.
Control is achieved when ASM has the power over an investee; exposure, or rights, to
variable returns from its involvement with the investee; and the ability to use its power
over the investee to affect the amount of the investor's returns.
ASM reassesses whether or not it controls an investee if facts and circumstances indicate
that there are changes to one or more of the three elements of control listed above.
As from the date these criteria are met, financial data of the relevant subsidiary are
included in the consolidation and deconsolidated from the date on which ASM's
control\u00a0ceases.
Loss of control
Upon loss of control, ASM derecognizes the assets and liabilities of the subsidiary. Any
surplus or deficit arising on the loss of control is recognized in profit or loss. If ASM retains
any interest in this subsidiary, then such interest is measured at fair value at the date on
which control is lost. Subsequently, it is accounted for as an equity-accounted investee or
as an available-for-sale financial asset, depending on the level of influence retained.
Subsidiaries
Subsidiaries are entities controlled by the company. The financial statements of
subsidiaries are included in the consolidated financial statements from the date on which
control commences until the date on which control ceases.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-282": { "value": "
Foreign currency translation
The individual financial statements of each group entity are presented in their local
functional currency. For the purpose of the consolidated financial statements, the results
and financial position of each entity is expressed in euros, which is ASM's functional
currency and the presentation currency for the consolidated financial statements.
Foreign currency transactions
In preparing the financial statements of the individual entities, transactions in foreign
currencies are recorded at the exchange rates on the date of the transactions. At each
balance sheet date, monetary items denominated in foreign currencies are translated at
the rates prevailing on the balance sheet date. Non-monetary items carried at fair value
that are denominated in foreign currencies are translated at the rates prevailing on the
date when the fair value was determined.
Exchange rate differences arising on the settlement of monetary items, and on the
translation of monetary items, are recognized in the consolidated statement of profit or
loss in the period in which they arise. Exchange rate differences arising on the translation
of non-monetary items carried at fair value are recognized in the consolidated statement
of profit or loss for the period except for differences arising on the translation of non-
monetary items in respect of which gains and losses are recognized directly in equity.
Foreign operations
For the purpose of presenting consolidated financial statements, assets and liabilities of
foreign operations are translated into euros at the exchange rates at the reporting date.
The income and expenses of foreign operations are translated into euros at the exchange
rates at the dates of the transactions.
Foreign currency differences are recognized in OCI and accumulated in the translation
reserve.
When a foreign operation is disposed of in its entirety or partially such that control or
significant influence is lost, the cumulative amount in the translation reserve related to that
foreign operation is reclassified to profit or loss as part of the gain or loss on disposal.
If\u00a0the company disposes of part of its interest in a subsidiary but retains control, then the
relevant proportion of the cumulative amount is reattributed to non-controlling interest.
When the company disposes of only part of an associate while retaining significant
influence, the relevant proportion of the cumulative amount is reclassified to profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-283": { "value": "
Segment reporting
ASM has one reportable segment, consistent with the internal reporting provided to the
Chief Executive Officer (CEO), who is the Chief Operating Decision Maker (CODM).
The company manufactures and sells equipment used in wafer processing, encompassing
the fabrication steps in which silicon wafers are layered with semiconductor devices.
The\u00a0operation is a product-driven organizational unit comprised of manufacturing, service,
and sales operations in Asia, Europe and the United States. The performance of the
individual product lines is reviewed by the CODM based on its revenues, gross margin and
EBIT. The company operates under a uniform global operating strategy. The CODM alone
makes operating decisions regarding strategic investments and resource allocation based
on aggregated information of the overall company's operation. Therefore, the company's
operation do not represent separate operating nor reportable segments.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-284": { "value": "
Property, plant and equipment
Items of property, plant and equipment are measured at cost, less accumulated
depreciation and any accumulated impairment losses.
If significant parts of an item of property, plant and equipment have different useful lives,
then they are accounted for as separate items (major components) of property, plant and
equipment.
Depreciation is calculated to write off the cost of items of property, plant and equipment
less their estimated residual values using the straight-line method over their estimated
useful lives, and is generally recognized in profit or loss. The estimated useful lives,
residual values and depreciation method are reviewed at the end of each reporting period,
with the effect of any changes in estimate accounted for on a prospective basis.
The estimated useful lives of property, plant and equipment for current and comparative
periods are as follows:
Land
Infinite
Building and leasehold improvements
1-25 years
Machinery equipment
2-10 years
Furniture and fixtures and other equipment
2-10 years
An item of property, plant and equipment is derecognized upon disposal or when no future
economic benefits are expected to arise from the continued use of the asset. Any gain on
disposal of an item of property, plant and equipment is recognized in profit or loss and
included in 'other income'. Any loss is recognized as part of impairment expenses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-285": { "value": "
Intangible assets
Goodwill
The company accounts for business combinations using the acquisition method when
control is transferred to the company. The consideration transferred in the acquisition is
generally measured at fair value, as are the identifiable net assets acquired. Any goodwill
that arises is tested annually for impairment.
Goodwill represents the excess of the costs of an acquisition over the fair value of the
amounts assigned to assets acquired and liabilities incurred or assumed of the acquired
subsidiary at the date of acquisition. Goodwill on acquisition of subsidiaries is allocated to
cash generating units (CGUs) for the purpose of impairment testing. The allocation is made
to those CGUs that are expected to benefit from the business combination in which the
goodwill arose. Goodwill is tested for impairment annually and whenever events or changes
in circumstances indicate that the carrying amount of the goodwill may not be recoverable.
If\u00a0the recoverable amount of the CGU is less than the carrying amount of the unit, the
impairment loss is recognized. An impairment loss recognized for goodwill is not reversed in
a subsequent period. Goodwill is stated at cost less accumulated impairment losses.
The company\u2019s goodwill arising on the acquisitions of subsidiaries is described in Note 5
'Goodwill''.
The company\u2019s goodwill arising on the acquisition of an associate is described in Note 7
'Investments in Associates'.
Other intangible assets
Other intangible assets include capitalized development expenses, software, purchased
technology, and remaining other intangible assets. Other intangible assets that are
acquired by the company with finite useful lives are measured at cost less accumulated
amortization and any accumulated impairment losses.
In determining the capitalization of development expenses, the company makes estimates
and assumptions based on expected future economic benefits generated by products that
are the result of these development expenses. Other important estimates and assumptions
are the required internal rate of return, the distinction between research, development and
high-volume manufacturing, and the estimated useful life.
Development expenses are capitalized when all of the following criteria are demonstrated
by the entity:
\u2022 the technical feasibility of completing the intangible asset so that it will be available for
use or sale;
\u2022 its intention to complete the intangible asset and use or sell it;
\u2022 its ability to use or sell the intangible asset;
\u2022 how the intangible asset will generate probable future economic benefits;
\u2022 the availability of adequate technical, financial and other resources to complete the
development and to use or sell the intangible asset; and
\u2022 its ability to reliably measure the expenditure attributable to the intangible asset during
its development.
The company capitalizes development expenses that meet the above-mentioned criteria
in its consolidated financial statements. Subsequent to initial recognition, internally-
generated intangible assets are reported at cost less accumulated amortization and
accumulated impairment losses, on the same basis as intangible assets that are
acquired\u00a0separately.
Amortization of capitalized development expenses is calculated using the straight-line
method over the estimated useful lives of the developed product. Amortization starts
when the developed product is ready for its intended use. In the development cycle, this is
when the product is transferred from the validation (beta) phase to high-volume
manufacturing.
Amortization method, useful life, and residual value are reviewed at each reporting date
with the effect of any changes in estimate accounted for on a prospective basis.
The estimated useful lives of other intangible assets for current and comparative periods
are as follows:
Development cost
5 years
Software
3 years
Purchased technology
5-15 years
Other intangibles
1-17 years
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-286": { "value": "
Investments in associates
Investments in associates are investments in entities in which ASM can exert significant
influence but which ASM does not control, generally having between 20% and 50% of the
voting rights. These entities are accounted for using the equity method and are initially
recognized at cost. Dividend income from the company\u2019s associated companies is
recognized when the right to receive payment is established. Their carrying value includes
goodwill identified upon acquisition, net of any accumulated impairment.
When ASM\u2019s share of losses in an associate equals or exceeds its interest in the associate,
including any other receivables for which settlement is neither planned nor likely to occur
in the foreseeable future, ASM does not recognize further losses, unless ASM has
obligations to or made payments on behalf of the associate.
At each reporting date, the company determines if there is any objective evidence that the
associate is impaired. An impairment, being the difference between the recoverable
amount of the associate and its carrying value, is recognized in the consolidated
statement of profit or loss.
ASM does not separately test associates' underlying assets for impairment. However,
ASM\u00a0recognizes its share of any impairment charge recorded by an investee and considers
the effect, if any, of the impairment on the basis difference in the assets giving rise to the
investee\u2019s impairment charge. A loss in value of an investment which is significant or
prolonged will be recognized. Significant is defined as at least 20% on reporting date.
Prolonged is defined as measured below cost for more than nine months.
Equity method investments are tested for prolonged decline in value. If the fair value of an
investment is less than its carrying value, the company determines whether the decline in
value is temporary or prolonged. A prolonged decline in value is measured as of a balance
sheet date. If after a prior recognized impairment the fair value is more than its carrying
value, this impairment is reversed to the extent that the recoverable amount of the net
investment subsequently increases. The determination of whether an investment is
impaired is made at the individual security level in each reporting period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-287": { "value": "
Evaluation tools at customers
Evaluation tools at customers are systems generally delivered to customers under
evaluation and include substantial customization by our engineers and R&D staff in the
field. Evaluation tools are recorded at cost and depreciated using the straight-line method
over their estimated useful life of five years, or their shorter economic life. The
depreciation expenses are in general reported as research and development expenses,
unless the evaluation tool primarily serves commercial activities it is reported as cost
of\u00a0sales.
On final written technical acceptance and purchase order from the customer, the purchase
consideration is recognized as revenue at a point in time and the carrying value of the
evaluation system is recognized as cost of sales. In the circumstance that the system is
returned, at the end of the evaluation period, a detailed impairment review takes place,
and future sales opportunities and additional costs are identified. It is only when the fair
value is below the carrying value of the evaluation tool that an additional depreciation is
recognized. The remaining carrying value is recognized as finished goods in inventories.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-288": { "value": "
Inventories
Inventories are stated at the lower of cost or net realizable value. The cost of inventories
is\u00a0based on the first-in, first-out principle. Costs include net prices paid for materials
purchased, charges for freight and custom duties, production labor costs and factory
overhead. Allowances are made for slow-moving, obsolete or unsellable inventory.
Allowances for obsolescence of inventory are determined based on the expected demand
as well as the expected market value of the inventory. The company regularly evaluate the
value of our inventory of components and raw materials, work in progress, and finished
goods, based on a combination of factors including the following: forecasted sales,
historical usage, product end of lifecycle, estimated current and future market values,
service inventory requirements, and new product introductions, as well as other factors.
Purchasing requirements and alternative uses for the inventory are explored within these
processes to mitigate inventory exposure. The company record write-downs for inventory
based on the above factors and take into account worldwide quantities and demand into
our analysis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-289": { "value": "
Financial instruments
The company classifies non-derivative financial assets into loans and receivables.
The\u00a0company classifies non-derivative financial liabilities into other financial liabilities.
Non-derivative financial assets and financial liabilities \u2013\u00a0
Recognition and derecognition
The company initially recognizes receivables on the date when they are originated.
Receivables comprise account (trade) and other receivables and cash and cash
equivalents. Receivables are measured at amortized cost using the effective interest
method, less any impairment. Financial assets and financial liabilities are initially
recognized on the trade date when the entity becomes a party to the contractual
provisions of the instrument.
The company derecognizes a financial asset when the contractual rights to the cash flows
from the asset expire, or it transfers the rights to receive the contractual cash flows in a
transaction in which substantially all of the risks and rewards of ownership of the financial
asset are transferred, or it neither transfers nor retains substantially all of the risks and
rewards of ownership and does not retain control over the transferred asset. Any interest
in such derecognized financial asset that is created or retained by the company is
recognized as a separate asset or liability.
The company derecognizes a financial liability when its contractual obligations are
discharged or cancelled, or expired.
Financial assets and financial liabilities are offset and the net amount presented in the
statement of financial position when, and only when, the company currently has a legally
enforceable right to offset the amounts and intends either to settle them on a net basis or
to realize the asset and settle the liability simultaneously.
Non-derivative financial assets \u2013 Measurement
Loans and receivables are initially measured at fair value plus any directly attributable
transaction costs. Subsequent to initial recognition, they are measured at amortized cost
using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-290": { "value": "
Accounts receivable
A significant percentage of accounts receivable is derived from revenue to a limited
number of large multinational semiconductor device manufacturers located throughout the
world. In order to monitor potential credit losses, the company performs ongoing credit
evaluations of our customers' financial condition. An allowance for doubtful accounts is
maintained for potential credit losses based upon management's assessment of the
expected collectability of all accounts receivable. The allowance for doubtful accounts is
reviewed periodically to assess the adequacy of the allowance. In making this assessment,
management takes into consideration any circumstances of which the company are aware
regarding a customer's inability to meet its financial obligations, aging of the accounts
receivable, expected lifetime losses; and our judgments as to potential prevailing
economic conditions in the industry and their potential impact on the company's
customers.
The expected credit loss allowance is based on historical experience, credit evaluations,
specific customer-collection history, and any customer-specific issues ASM has identified.
Changes in circumstances, such as an unexpected adverse material change in a major
customer\u2019s ability to meet its financial obligation to ASM or its payment trends, may require
us to further adjust our estimates of the recoverability of amounts due to ASM. This could
have an adverse material effect on ASM\u2019s financial condition and results of operations.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-291": { "value": "
Cash and cash equivalents
Cash and cash equivalents consist of bank deposits and investment in money market
funds that invest in marketable debt obligations and securities of governments, corporates
and financial institutions and other short-term highly liquid investments with original
maturity of three months or less. Bank overdrafts are included in notes payable to banks in
current liabilities.
Non-derivative financial liabilities \u2013 Measurement
Other non-derivative financial liabilities are initially measured at fair value less any directly
attributable transaction costs. Subsequent to initial recognition, these liabilities are
measured at amortized cost using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-292": { "value": "
Share capital
Preference share capital
Preference share capital is classified as equity if it is non-redeemable, or redeemable only
at the company\u2019s option, and any dividends are discretionary. Discretionary dividends
thereon are recognized as distributions within equity upon approval by the company\u2019s
shareholders.
Preference share capital is classified as a financial liability if it is redeemable on a specific
date or at the option of the shareholders, or if dividend payments are not discretionary.
Non-discretionary dividends thereon are recognized as interest expense in profit or loss
as\u00a0accrued.
Issuance of shares by an equity-accounted investee
The associate ASMPT yearly issues common shares pursuant to their employee share
incentive scheme. The effect of these issuances is a dilution of the company's ownership
in ASMPT. The company recognizes the impact of these issuances directly into equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-293": { "value": "
Repurchase and reissue of common shares (treasury shares)
When shares recognized as equity are repurchased, the amount of the consideration paid,
which includes directly attributable costs, is recognized as a deduction from equity.
Repurchased shares are classified as treasury shares and are presented in the treasury share
reserve. When treasury shares are sold or reissued subsequently, the amount received is
recognized as an increase in equity and the resulting surplus or deficit on the transaction is
accounted for at average cost and presented within capital in excess of par value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-294": { "value": "
Impairment
Non-derivative financial assets
Financial assets, other than those at fair value through profit or loss, are assessed using an
'expected credit loss' (ECL) model. In accordance with the model the company allocate
a\u00a0probability of loss to each financial asset, based on data that is determined to be
predictive of the risk of loss and applying experienced credit judgment.
ASM measures loss allowances at an amount equal to lifetime ECLs, except for the
following, which are measured at 12-month ECLs:
\u2022 debt securities that are determined to have low credit risk at the reporting date; and
\u2022 other debt securities and bank balances for which credit risk (i.e. the risk of default
occurring over the expected life of the financial instrument) has not increased
significantly since initial recognition.
When determining whether the credit risk of a financial asset has increased significantly
since initial recognition and when estimating ECLs, ASM considers reasonable and
supportable information that is relevant and available without undue cost or effort.
This\u00a0includes both quantitative and qualitative information and analysis, based on ASM's
historical experience and informed credit assessment, that includes forward-looking
information. Lifetime ECLs are the ECLs that result from all possible default events over
the expected life of a financial instrument.
12-month ECLs are the portion of ECLs that result from default events that are possible
within the 12 months after the reporting date (or a shorter period if the expected life of the
instrument is less than 12 months).
The maximum period considered when estimating ECLs is the maximum contractual period
over which ASM is exposed to credit risk.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-295": { "value": "
Equity-accounted investees
An impairment loss in respect of an equity-accounted investee is measured by comparing
the recoverable amount of the investment with its carrying amount. An impairment loss is
recognized in profit or loss, and is reversed if there has been a favorable change in the
estimates used to determine the recoverable amount.
Non-financial assets
At each reporting date, the company reviews the carrying amounts of its non-financial
assets (other than inventories and deferred tax assets) to determine whether there is any
indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount
is estimated. Goodwill and assets not yet available for its intended use is tested annually
for impairment.
For impairment testing, assets are grouped together into the smallest group of assets that
generates cash inflows from continuing use that are largely independent of the cash
inflows of other assets or CGUs. Goodwill arising from a business combination is allocated
to CGUs or groups of CGUs that are expected to benefit from the synergies of the
combination.
The recoverable amount of an asset or CGU is the greater of its value in use and its fair
value less costs to sell. Value in use is based on the estimated future cash flows,
discounted to their present value using a pre-tax discount rate that reflects current market
assessments of the time value of money and the risks specific to the asset or CGU.
An impairment loss is recognized if the carrying amount of an asset or CGU exceeds its
recoverable amount.
Impairment losses are recognized in profit or loss. They are allocated first to reduce the
carrying amount of any goodwill allocated to the CGU, and then to reduce the carrying
amounts of the other assets in the CGU on a pro rata basis.
An impairment loss in respect of goodwill is not reversed. For other assets, an impairment
loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the
carrying amount that would have been determined, net of depreciation or amortization,
if\u00a0no impairment loss had been recognized.
The location included below is the principal place of business of the specified associates.
The principal place of business and country for ASMPT deviates from the place of
incorporation (Cayman Islands).
% Ownership December\u00a031,
2022
2023
Name
Location
Associates
Levitech BV
Almere,\u00a0the\u00a0Netherlands
26.64%
26.64%
SiC systems AB
Lunds Kommun, Sweden
50.00%
50.00%
ASMPT Ltd
Singapore
24.95%
24.85%
Levitech BV is valued at nil (2022: nil).
The changes in the investment in associates are as follows:
Other
ASMPT
Total
Net equity
share
Net equity
share
Other
(in)tangible
assets
Goodwill
Total ASMPT
(before
impairment)
Impairment,
net
Total ASMPT
(after
impairment)
Balance January 1, 2022
\u2014
435,458
19,569
393,785
848,812
\u2014
848,812
848,812
Additions through business combinations
500
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
500
Impairments of investments in associates, net
\u2014
\u2014
\u2014
\u2014
\u2014
(215,389)
(215,389)
(215,389)
Share in net earnings of investments in associates
\u2014
78,413
\u2014
\u2014
78,413
\u2014
78,413
78,413
Other comprehensive income of investments in associates
\u2014
2,950
\u2014
\u2014
2,950
\u2014
2,950
2,950
Amortization recognized intangible assets
\u2014
\u2014
(13,642)
\u2014
(13,642)
\u2014
(13,642)
(13,642)
Dividends
\u2014
(48,919)
\u2014
\u2014
(48,919)
\u2014
(48,919)
(48,919)
Dilution ASMPT share to 24.95%
\u2014
60
\u2014
\u2014
60
\u2014
60
60
Foreign currency translation effect
\u2014
7,763
1,306
24,487
33,556
\u2014
33,556
33,556
Balance December 31, 2022
500
475,725
7,233
418,272
901,230
(215,389)
685,841
686,341
Reversal of impairments of investments in associates, net
\u2014
\u2014
\u2014
\u2014
\u2014
215,389
215,389
215,389
Share in net earnings of investments in associates
\u2014
21,206
\u2014
\u2014
21,206
\u2014
21,206
21,206
Other comprehensive income of investments in associates
\u2014
(618)
\u2014
\u2014
(618)
\u2014
(618)
(618)
Amortization recognized intangible assets
\u2014
\u2014
(3,666)
\u2014
(3,666)
\u2014
(3,666)
(3,666)
Dividends
\u2014
(30,753)
\u2014
\u2014
(30,753)
\u2014
(30,753)
(30,753)
Dilution ASMPT share to 24.85%
\u2014
2,607
\u2014
\u2014
2,607
\u2014
2,607
2,607
Foreign currency translation effect
\u2014
(13,158)
(141)
(15,270)
(28,569)
\u2014
(28,569)
(28,569)
Balance December 31, 2023
500
455,009
3,426
403,002
861,437
\u2014
861,437
861,937
On March\u00a015, 2013, the company divested a controlling stake in its subsidiary ASMPT Ltd
(ASMPT). After the initial accounting of the sale transaction and related gains, future
income from ASMPT was adjusted for the fair value adjustments arising from the basis
differences as if a business combination had occurred under IFRS 3R, Business
Combinations, i.e. a purchase price allocation (PPA).
The purchase of the associate has been recognized at fair value, being the value of the
ASMPT shares on the day of closing of the purchase transaction. The composition of this
fair value was determined through a PPA. The PPA resulted in the recognition of intangible
assets for customer relationship, technology, trade name, product names, and goodwill.
For inventories and property, plant & equipment, a fair value adjustment was recognized.
The ASMPT investment is accounted for under the equity method on a go-forward basis.
Equity method investments are tested for prolonged impairment. An investment is
considered impaired if the fair value of the investment is less than its carrying value.
If the fair value of an investment is less than its carrying value at the balance sheet date,
the company determines whether the impairment is temporary or prolonged. Management
concluded that there is objective evidence for impairment, both prolonged and significant.
Following our accounting policy, ASM calculated the recoverable amount based on the fair
value less cost of disposal.
The impairment charge of \u20ac321 million on investments in associates, recognized in Q3
2022, was partly recovered (\u20ac106 million) in Q4 2022.
In Q1 2023 the net impairment charge of \u20ac215 was completely reversed as a result of an
increase in the recoverable amount. The impairment reversal accounted for in the first
quarter 2023 related to a non-cash adjustment of \u20ac215 million, reflecting an increase in
the market valuation of our stake in ASMPT in that quarter.
The amount per share recognized as per December 31, 2023, under equity accounting
amounts to HK$72.18, whereas the level 1 fair value per share (being the market price of
a\u00a0share on the Hong Kong Stock Exchange) was HK$74.50 as per December 31, 2023.
In December 2023, 2,001,100 common shares of ASMPT were issued, for cash at par value
of HK$0.10 per share, pursuant to the Employee Share Incentive Scheme of ASMPT.
Despite the completion of the share buyback program executed by ASMPT,\u00a0 ASM's
ownership in ASMPT have diluted to 24.85% as of December 31, 2023 due to the shares
issued under the plan in 2023.
Per December 31, 2023, the book value of our equity method investment in ASMPT was
\u20ac861.4 million. The historical cost basis of our 24.85% share of net assets on the books of
ASMPT under IFRS was \u20ac455.0 million as of December 31, 2023, resulting in a basis
difference of \u20ac406.4 million. \u20ac3.4 million of this basis difference has been allocated to
intangible assets. The remaining amount was allocated to equity method goodwill. Each
individual, identifiable asset will periodically be reviewed for any indicators of potential
impairment. We amortize the basis differences allocated to the assets on a straight-line
basis, and include the impact within the results of our equity method investments.
Amortization and depreciation are adjusted for related deferred tax impacts. Included in
net income attributable to ASM for 2023 was an after-tax expense of \u20ac3.7 million,
representing the depreciation and amortization of the basis differences.
Summarized 100% earnings information for ASMPT equity method investment excluding
basis adjustments (foreign currency exchange rate average 2023: 1 HK$: \u20ac0.11812 for
December 31, 2022: 1 HK$: \u20ac0.12118).
(HK$ million)
2022
2023
Revenues
19,363
14,697
Income before income tax
3,413
1,036
Net earnings from continuing operations
2,618
712
Other comprehensive income
(574)
116
Total comprehensive income
2,044
828
Summarized 100% statement of financial position information for ASMPT equity method
investment excluding basis adjustments (foreign currency exchange rate per
December\u00a031, 2023, was 1 HK$: \u20ac0.11586 for December 31, 2022: 1 HK$: \u20ac0.12025).
December 31,
(HK$ million)
2022
2023
Current assets
16,515
15,241
Non-current assets
8,261
8,722
Current liabilities
5,246
6,013
Non-current liabilities
3,672
2,146
Total equity
15,858
15,804
Shareholder's equity of ASMPT per December 31, 2023, translated into euros at a rate of
0.11586 was \u20ac1,831 million (our 24.85% share: \u20ac455 million).
The ASMPT Board is responsible for ongoing monitoring of the performance of ASMPT.
The actual results of ASMPT are discussed with the ASMPT Audit Committee, which
includes the representative of ASM. The ASM representative reports to the ASM
Management Board and the Audit Committee of ASM on a quarterly basis.
The companies interests in Levitech and SIC systems AB are, individually and in aggregate,
immaterial to the consolidated financial statements.
Our share of income taxes incurred directly by the associates is reported in income of
investments in associates and as such is not included in income taxes in our consolidated
financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-296": { "value": "
Cash flow statement
The cash flow statement has been prepared using the indirect method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-297": { "value": "
Revenue recognition
Revenue is measured based on the consideration specified in a contract with a customer
and excludes amounts collected on behalf of third parties. The company recognizes
revenue when it transfers control over a product or service to a customer. Depending on
the contract, the company obtain normally a right to payment for our equipment upon
shipment and on completion of installation. Right to payment for our spares and services
occurs upon shipment or completion of the service unless described otherwise.
Revenue streams
The company generates revenue primarily from the sales of equipment and sales of spares
& services. The products & services described below by nature, can be part of both
revenue streams. The revenue streams are disclosed in Note 21 Revenue.
Nature of goods and services
The following table contains a description of principal activities from which the group
generates its revenue.
The company applied the practical expedient of IFRS 15.121 and therefore have not
disclosed information on the remaining performance obligations of a contract
(in\u00a0aggregate) as the performance obligation is part of a contract that has an original
expected duration of one year or less. Generally, the remaining performance obligations
of\u00a0a contract concern the tools to be shipped, unsatisfied promises as part of a bundled
agreement or volume purchase agreement and installation and qualification services.
Products and
services
Nature, timing of satisfaction of performance obligation and significant
payment terms
Equipment
Revenue from equipment is recognized at a point in time when the performance
obligation is satisfied, when control transfers. This is usually upon shipment
depending on incoterms. The amount of revenue recognized is based on the
amount of the transaction price that is allocated to the performance obligation.
The total consideration of the contract is allocated between all distinct
performance obligations in the contract based on their stand-alone selling
prices. The stand-alone selling prices are mostly determined based on other
stand-alone sales that are directly observable or based on the expected cost
plus a margin approach. Any customer discounts and credits, within volume
purchase agreements or bundled agreements, are considered as a reduction of
the transaction price, unless this is/can be considered as consideration for a
distinct good or service.
Installation
The customer simultaneously consumes and receives the benefits provided by
the performance of the installation. As such, transfer of control takes place over
the period of installation from delivery through customer acceptance, measured
on a straight-line basis, as our performance is satisfied evenly over this period of
time.
Spares
Revenue from spares is recognized at a point in time when the performance
obligation is satisfied, when the control transfers. This is usually upon shipment
depending on incoterms. The amount of revenue recognized is based on the
amount of the transaction price that is allocated to the performance obligation.
Any customer discounts and credits, within a volume purchase agreements, are
considered as a reduction of the transaction price, unless this is/can be
considered as consideration for a distinct good or service.
Revenue on
royalties and
licenses for
technology
included in
equipment and/
or spares
The fixed price royalty is a right to use the licenses and revenue is recognized at
a point in time that the license is transferred to the customer. For the sales-
based royalty, the performance obligation is satisfied when the license is
transferred to the customer. Given this is earlier than when the sales occur,
revenue should be recognized when the sales occur.
Outcome based
(\"support\")
services
The customer simultaneously consumes and receives the benefits provided by
the performance of the support. For the majority of support services transfer of
control takes place over the period of support.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-298": { "value": "
Cost of sales
Cost of sales mainly comprises direct costs such as labor, materials, cost of warranty,
depreciation, shipping and handling costs, and related overhead costs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-299": { "value": "
Research and development expenses
Research and development expenses are expenditures relating to a company's efforts to
develop, design, and enhance its products, services, technologies, or processes.
Research\u00a0and development expenses comprise of direct costs allocated to research and
development projects and mainly consists of labor. Research and development expenses
also includes depreciation expenses of evaluation tools at customers supporting the
companies research and development activities, allocated cost center costs like lab costs,
and costs relating to prototype and experimental products.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-300": { "value": "
Selling, administrative and general expenses
Selling, general and administrative expenses comprise all direct and indirect selling costs,
operational overhead costs, and administrative expenses unrelated to cost of sales or
research and development expenses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-301": { "value": "
Income tax
Income tax expense comprises current and deferred tax. It is recognized in the statement
of profit or loss except to the extent that it relates to a business combination, or items
recognized directly in equity or in other comprehensive income.
Current tax
The current corporate income tax charge recognized in the consolidated statement of
profit or loss is calculated in accordance with the prevailing tax regulations and rates,
taking into account non-taxable income and non-deductible expenses. The current income
tax expense reflects the amount for the current reporting period that the company expects
to recover from or pay to the tax authorities. Current income tax related to items
recognized directly in equity is recorded in equity and not in the consolidated statement of
profit or loss. ASM\u2019s management periodically evaluates positions taken in the tax returns
regarding situations in which applicable tax regulations are subject to interpretation, and
establishes provisions when deemed appropriate. The amount of current tax payable or
receivable is the best estimate of the tax amount expected to be paid or received that
reflects uncertainty related to income tax, if any. Measurement of the tax payable or
receivable for uncertain tax positions is based on management\u2019s best estimate of the
amount of tax benefit that will be lost. Current tax also includes any tax arising from
dividends and royalties. Current tax assets and liabilities are offset only if certain criteria
are met (IAS 12).
Deferred tax
Deferred income tax positions are recognized for temporary differences between the tax
basis of assets and liabilities and their carrying values in ASM\u2019s consolidated statement of
financial position.
Deferred tax assets are recognized for deductible temporary differences, the carry
forward of unused tax credits, and any unused tax losses. Deferred tax assets are
recognized only to the extent that it is probable that future taxable profits will be available
against which the temporary differences can be utilized. Both the recognized and
unrecognized deferred tax assets are reassessed at each reporting date. Deferred tax
assets are recorded for deductible temporary differences associated with investments in
subsidiaries and are recorded only to the extent that it is probable that the temporary
differences will reverse in the foreseeable future, and taxable profit will be available
against which the temporary differences can be utilized.
Deferred tax liabilities are recognized for taxable temporary differences except when they
affect neither the profit or loss reported in the consolidated statement of profit or loss nor
the taxable profit or loss. Also, no deferred tax liabilities are recorded for taxable
temporary differences associated with investments in subsidiaries when the timing of
the\u00a0reversal of the temporary differences can be controlled and it is probable that the
temporary differences will not reverse in the foreseeable future.
Deferred tax positions are stated at nominal value and are measured at the corporate
income tax rates the company expects to be applicable in the year when the asset is
realized or liability is settled based on enacted or substantially enacted tax laws and
reflects uncertainty related to income tax, if any.
Deferred income tax assets and liabilities are netted if there is a legally enforceable right to
set off current tax assets against current tax liabilities, deferred income tax assets and
deferred income tax liabilities related to income taxes levied by the same taxation
authority on the same taxable entity, and there is an intention to settle on a net basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-302": { "value": "
Retirement benefit costs
The company has retirement plans covering substantially all employees. The principal
plans are defined contribution plans, except for the plans of the company's operations in
the Netherlands and Japan. The company's employees in the Netherlands participate in
a\u00a0multi-employer defined benefit plan. Payments to defined contribution plans and the
multi-employer plan are recognized as an expense in the consolidated statement of profit
or loss as they fall due. The company accounts for the multi-employer plan as if it were
a\u00a0defined contribution plan, since the manager of the plan is not able to provide the
company with the required company-specific information to enable the company to
account for the plan as a defined benefit plan.
The company's employees in Japan participate in defined benefit plans. Pension costs in
respect to this defined benefit plan are determined using the projected unit credit method.
These costs primarily represent the increase in the actuarial present value of the obligation
for pension benefits based on employee service during the year and the interest on this
obligation in respect to employee service in previous years, net of the expected return on
plan assets.
For the defined benefit plan, the company recognizes in its consolidated statement of
financial position an asset or a liability for the plan's over funded status or underfunded
status respectively. When the calculation results in a potential asset for the company, the
recognised asset is limited to the present value of economic benefits available in the form
of any future refunds from the plan or reductions in future contributions to the plan.
To\u00a0calculate the present value of economic benefits, consideration is given to any
applicable minimum funding requirements. Actuarial gains and losses are recognized
when\u00a0incurred.
Obligations for contributions to defined contribution plans are expensed as the related
service is provided. Prepaid contributions are recognized as an asset to the extent that
a\u00a0cash refund or a reduction in future payments is available.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-303": { "value": "
Share-based payments
The costs relating to employee shares (compensation expense) are recognized based
upon the grant date fair value of the shares. The estimated fair value at grant date of
shares is based on the share price of the ASM share at grant date minus the discounted
value of expected dividends during the vesting period.
The grant date fair value of the shares is expensed on a straight-line basis over the vesting
period, based on the company\u2019s estimate of shares that will eventually vest. The impact of
the true-up of the estimates is recognized in the consolidated statement of profit or loss
in\u00a0the period in which the revision is determined. The total estimated share-based
compensation expense, determined under the fair value-based method is amortized
proportionally over the option vesting periods.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-304": { "value": "
Prior period measurement adjustment
On October 3rd 2022, the company acquired 100% of the issued share capital of LPE
S.p.A. ('LPE') Provisional details of this business combination were disclosed in note 1 of
our Annual Report for the year ended 31 December 2022.
On 15 May 2023, management, and the former shareholders of LPE S.p.A. concluded the
final price for the acquisition of LPE. The updates to the consideration transferred have
met the criteria for adjustments within the measurement period under IFRS 3 and resulted
in a revised balance of goodwill and other receivables as of 31 December 2022. All other
adjustments were considered immaterial.
The measurement adjustment as accounted for in the comparative numbers is as follows:
Balance December 31, 2022
(\u20ac thousand)
As previously
reported
Adjustments
As revised
Goodwill
318,465
2,353
320,818
Remaining non-current assets
1,760,459
\u2014
1,760,459
Total non-current assets
2,078,924
2,353
2,081,277
Other current assets 1
50,542
(2,353)
48,189
Remaining other current assets
1,621,323
\u2014
1,621,323
Total current assets
1,671,865
(2,353)
1,669,512
Total assets
3,750,789
\u2014
3,750,789
1 After reclassification adjustment as disclosed in the 'summary of material accounting policies'.
Contingent consideration
In the event that certain predetermined sales targets (including specific targets for certain
markets) are achieved by LPE over the period 2023-2024, an additional consideration of
up to \u20ac100 million (\"LPE earn out\") may be payable in cash in Q2 2025.
The combined projected revenues over the performance period exceed the upper
threshold of the predetermined sales targets. The fair value of the contingent
consideration of \u20ac76 million represents the discounted value of the expected related
\u20ac100\u00a0million cash payment. At 31 December, 2023, the contingent consideration had
increased to \u20ac88 million (2022: \u20ac79 million).
Estimated amortization and earn-out expenses
The estimated PPA amortization and earn-out expenses relating to the 2022 acquisitions
of Reno and LPE are as follows:
(\u20ac million)
2024
2025
2026
2027
Years
thereafter
Research and development
(14.0)
(14.0)
(14.0)
(14.0)
(135.7)
Selling, general and administrative
(4.9)
(4.9)
(4.7)
(4.0)
(47.2)
Total impact on operating results
(18.9)
(18.9)
(18.7)
(18.0)
(182.9)
Finance expense
(8.7)
(3.0)
\u2014
\u2014
\u2014
Income taxes (realization of temporary
differences)
5.2
5.2
5.1
4.9
50.1
Total impact on net earnings
(22.4)
(16.7)
(13.6)
(13.1)
(132.8)
Amortization of purchased technology is allocated to research and development expenses.
Amortization related to the trade name and customer relationship is recognized under
selling, general and administrative expenses.
Finance expenses include the change in fair value of the contingent consideration
(\"LPE\u00a0earn-out\").
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-305": { "value": "
The company leases many assets, including land, buildings, houses, motor vehicles,
machinery and equipment. Leases typically run up to a period of five years, some with an
option to renew the lease after the end of the non-cancellable period. Lease payments are
renegotiated on a periodic basis; timing is dependent on the region and type of lease.
The\u00a0company has not entered into any sublease arrangements.
The company has applied the exception not to recognize right-of-use assets and lease
liabilities for short-term leases (lease term of 12 months or less) and leases of low-value
assets (up to the amount of \u20ac5,000 new asset value, such as water purifiers and
air\u00a0cleaners).
Right-of-use assets
(\u20ac thousand)
Land and
buildings
Motor
vehicles
Other
machinery and
equipment
Total
Balance January 1, 2022
24,452
1,769
717
26,938
Additions through business
combinations
3,426
\u2014
\u2014
3,426
Additions
4,512
664
44
5,220
Modifications and reassessments
4,614
117
466
5,197
Depreciation for the year
(8,273)
(1,102)
(505)
(9,880)
Foreign currency translation effect
745
(31)
48
762
Balance December 31, 2022
29,476
1,417
770
31,663
Additions
9,824
1,096
1,320
12,240
Modifications and reassessments
5,383
(71)
483
5,795
Depreciation for the year
(10,905)
(1,104)
(613)
(12,622)
Impairment charges
(940)
\u2014
\u2014
(940)
Foreign currency translation effect
(690)
(33)
(18)
(741)
Balance December 31, 2023
32,148
1,305
1,942
35,395
Amounts recognized in profit or loss
(\u20ac thousand)
2022
2023
Leases under IFRS 16
Interest on lease liabilities
603
705
Depreciation expenses
9,880
12,622
Impairment charges
\u2014
(940)
Expenses relating to short-term leases
251
500
Expenses relating to low-value leases
\u2014
\u2014
Total
10,734
12,887
Amounts recognized in statement of cash flows
(\u20ac thousand)
2022
2023
Total cash outflow for leases
10,289
12,602
Extension options
The extension options held are exercisable only by the company and not by the lessors.
The company assesses at lease commencement date whether it is reasonably certain to
exercise the extension options. The company reassesses whether it is reasonably certain
to exercise the options at year-end for material lease components, if there is a significant
event or significant changes in circumstances within its control.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-306": { "value": "
The changes in the amount of property, plant and equipment are as follows:
Land, buildings and
leasehold improvements
Machinery and
equipment
Furniture and fixtures and
other equipment
Assets under construction
Total
At cost
Balance January 1, 2022
136,833
293,310
35,937
39,570
505,650
Additions through business combinations
275
38
717
\u2014
1,030
Additions
\u2014
2,456
107
98,621
101,184
Disposals
(8)
(7,616)
(3,177)
\u2014
(10,801)
Transfer from assets under construction
30,844
54,549
10,754
(96,147)
\u2014
Foreign currency translation effect
3,506
7,241
17
1,052
11,816
Balance December 31, 2022
171,450
349,978
44,355
43,096
608,879
Additions
440
4,237
460
148,966
154,103
Disposals
(10,569)
(8,323)
(2,208)
\u2014
(21,100)
Transfer from assets under construction
36,305
84,933
20,741
(141,979)
\u2014
Foreign currency translation effect
(7,320)
(17,155)
(2,176)
(123)
(26,774)
Balance December 31, 2023
190,306
413,670
61,172
49,960
715,108
Accumulated depreciation and impairment
Balance January 1, 2022
35,835
191,048
21,750
\u2014
248,633
Depreciation for the year
7,267
38,893
5,930
\u2014
52,090
Impairment charges
\u2014
\u2014
\u2014
\u2014
\u2014
Disposals
(8)
(7,034)
(2,858)
\u2014
(9,900)
Foreign currency translation effect
1,328
4,800
(125)
\u2014
6,003
Balance December 31, 2022
44,422
227,707
24,697
\u2014
296,826
Depreciation for the year
9,433
45,002
8,225
\u2014
62,660
Impairment charges
\u2014
\u2014
\u2014
1,223
1,223
Disposals
(10,081)
(5,906)
(1,543)
\u2014
(17,530)
Foreign currency translation effect
(1,374)
(10,404)
(1,242)
\u2014
(13,020)
Balance December 31, 2023
42,400
256,399
30,137
1,223
330,159
Carrying amounts
December 31, 2022
127,028
122,271
19,658
43,096
312,053
December 31, 2023
147,906
157,271
31,035
48,737
384,949
Useful\u00a0lives\u00a0in\u00a0years
1-25
2-10
2-10
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-307": { "value": "
The changes in the amount of evaluation tools are as follows:
December 31,
2022
2023
At cost
Balance at beginning of year
98,352
101,073
Evaluation tools shipped
41,538
50,639
Evaluation tools sold and returns
(41,049)
(39,047)
Foreign currency translation effect
2,232
(5,254)
Balance at end of year
101,073
107,411
Accumulated depreciation
Balance at beginning of year
34,635
32,397
Depreciation for the year
17,719
17,529
Evaluation tools sold and returns
(20,027)
(20,626)
Foreign currency translation effect
70
(1,486)
Balance at end of year
32,397
27,814
Carrying amount at beginning of year
63,717
68,676
Carrying amount at end of year
68,676
79,597
Useful\u00a0lives\u00a0in\u00a0years:
5
Evaluation tools enable ASM to win new business and expand ASM\u2019s technological
footprint by penetration at new customers and with new applications.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-308": { "value": "
The carrying amount of the goodwill is related to acquisitions in the following cash-
generating units:
ALD
PEALD
SiC Epi 1
Total
Balance January 1, 2022
2,611
8,659
\u2014
11,270
Acquisitions through business combinations
\u2014
17,838
290,819
308,657
Foreign currency translation effect
\u2014
891
\u2014
891
Balance December 31, 2022
2,611
27,388
290,819
320,818
Foreign currency translation effect
\u2014
(651)
\u2014
(651)
Balance December 31, 2023
2,611
26,737
290,819
320,167
1\u00a0 Comparatives of goodwill and other current assets have been revised for the effects of measurement adjustments
to the acquisition of LPE in 2022, reference is made to note 1.
We perform an annual imp airment test at the same moment of each year (performed in
the\u00a0fourth quarter, with the figures as of 30 September) or if events or changes in
circumstances indicate that the carrying amount of the assets at risk (goodwill, other
non\u2011current assets, purchased technology, capitalized development, working capital)
exceeds its recoverable amount. For our impairment test and the determination of the
recoverable amount, a discounted future cash flow approach is used which makes use of
our estimates of future revenues, driven by assumed market growth and estimated costs
as well as appropriate discount rates.
The material assumptions used for the discounted future cash flows of the cash-
generating units (CGUs) are:
\u2022 an average discount rate of 9.5% (2022: 10.7%) representing the pre-tax weighted
average cost of capital.;
\u2022 external market segment data (e.g., TechInsights, Gartner), historical data and strategic
plans to estimate cash flow growth per product line; and
\u2022 cash flow calculations are limited to four years of cash flow; after these four years,
perpetuity growth rates are set based on the market maturity of the products. For all
products, the perpetuity growth rates used are 1% or less.
These estimates are consistent with the plans and estimated costs we use to manage the
underlying business. We expect the demand for these technologies to continue beyond
a\u00a0period of four years and therefore we have included perpetuity growth rates in our
assumptions. Based on this analysis, management concluded that as per December\u00a031,
2023 the recoverable amount of the CGUs exceeded the carrying value.
Sensitivity analysis showed that no reasonable possible change in the estimated cash
flows or the discount rate used in calculating the fair value would result in the carrying
amount of the assets at risk (including goodwill) materially exceed the fair value. Sensitivity
analysis also includes additional sensitivity checks to address the potential increase in
costs due to climate change.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-309": { "value": "
Other intangible assets include capitalized development expenditure, software developed
or purchased (including licenses) for internal use, and purchased
technology from third parties. The changes in the amount of other intangible assets are
as\u00a0follows:
Development costs
Software
Purchased technology
Other intangibles
Total
At cost
Balance January 1, 2022
436,525
35,980
8,789
\u2014
481,294
Acquisitions through business combinations
\u2014
\u2014
211,817
89,400
301,217
Additions
102,627
4,532
130
\u2014
107,289
Reclassification
\u2014
(74)
\u2014
\u2014
(74)
Disposals
\u2014
(322)
\u2014
\u2014
(322)
Foreign currency translation effect
6,013
512
126
\u2014
6,651
Balance December 31, 2022
545,165
40,628
220,862
89,400
896,055
Additions
147,220
15,602
\u2014
787
163,609
Reclassification
\u2014
\u2014
(613)
613
\u2014
Disposals
\u2014
(152)
\u2014
\u2014
(152)
Foreign currency translation effect
(28,435)
(357)
(687)
7
(29,472)
Balance December 31, 2023
663,950
55,721
219,562
90,807
1,030,040
Accumulated amortization and impairment losses
Balance January 1, 2022
168,849
28,833
8,779
\u2014
206,461
Amortization for the year
34,869
1,820
4,483
1,568
42,740
Impairments
6
\u2014
\u2014
\u2014
6
Disposals
\u2014
(322)
\u2014
\u2014
(322)
Foreign currency translation effect
1,011
121
(66)
\u2014
1,066
Balance December 31, 2022
204,735
30,452
13,196
1,568
249,951
Amortization for the year
43,802
3,057
14,021
22,567
83,447
Impairments
2,475
\u2014
\u2014
\u2014
2,475
Reclassification
\u2014
\u2014
(92)
92
\u2014
Disposals
\u2014
\u2014
\u2014
\u2014
\u2014
Foreign currency translation effect
(11,293)
(211)
44
3
(11,457)
Balance December 31, 2023
239,719
33,298
27,169
24,230
324,416
Carrying amounts
December 31, 2022
340,430
10,176
207,666
87,832
646,104
December 31, 2023
424,231
22,423
192,393
66,577
705,624
The carrying amount of other intangibles consists of customer relationships \u20ac63.0\u00a0million
(2022: \u20ac66.9\u00a0million), order backlog nil (2022: \u20ac17.4\u00a0million), trade name \u20ac2.3\u00a0million
(2022: \u20ac3.1\u00a0million) and other \u20ac1.3\u00a0million (2022: \u20ac0.4\u00a0million).
We perform an annual impairment test in the fourth quarter of each year or if events or
changes in circumstances indicate that the carrying amount of development costs
exceeds its recoverable amount. A discounted future cash flow approach is used which
makes use of our estimates of future revenues, driven by assumed market growth and
estimated costs as well as appropriate discount rates. For the impairment test, reference
is made to Note 5.
Impairment charges on capitalized development costs are included in operating expenses
under research and development. Impairment of capitalized development expenses
primarily related to development of new hardware for which customer demand has shifted
out in time, new process technologies that were not successful, and purchased
technology which became obsolete. The impairment charges for 2023 related to
customer-specific projects.
Capitalized development costs are amortized over their estimated useful lives of five
years. Amortization starts when the developed asset is ready for its intended use. For the
company, this occurs when the application is transferred to high-volume manufacturing.
The company estimated a useful life of purchased technology of 15 years, other
intangibles assets are amortized over their estimated useful lives of respectively one year
(order backlog), four years (trade name) and 17 years (customer relationships).
The amortization of development costs and purchased technology is included in R&D;
the\u00a0amortization of the order backlog in cost of sales upon realization of respective sales;
the amortization of customer relationships is included in SG&A.
Estimated amortization expenses relating to other intangible assets are as follows:
Development costs
Software
Purchased technology
Other intangibles
Total
2024
67,589
8,492
14,039
5,042
95,162
2025
92,074
7,421
14,039
5,035
118,569
2026
85,829
6,472
14,039
4,825
111,165
2027
77,317
23
14,039
4,107
95,486
2028
63,739
15
14,039
4,077
81,870
Years thereafter
37,683
\u2014
122,198
43,491
203,372
Amortization estimated
424,231
22,423
192,393
66,577
705,624
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-310": { "value": "
Inventories consist of the following:
\u00a0
December 31,
\u00a0
2022
2023
Components and raw materials
356,353
409,478
Work in progress
113,631
91,633
Finished goods
84,827
65,363
Total inventories, gross
554,811
566,474
Allowance for obsolescence
(16,386)
(40,784)
Total inventories, net
538,425
525,690
The changes in the allowance for obsolescence are as follows:
December 31,
2022
2023
Balance at beginning of year
(13,604)
(16,386)
Additions
(8,173)
(36,536)
Reversals
4,028
10,042
Utilization of the provision
2,302
1,552
Foreign currency translation effect
(939)
544
Balance at end of year
(16,386)
(40,784)
On December 31, 2023, our allowance for inventory obsolescence amounted to
\u20ac40.8\u00a0million, which is 7.8% of total inventory. The major part of the allowance is related to
components and raw materials. The additions for 2022 and 2023 mainly relate to inventory
items which ceased to be used due to technological developments and design changes
resulting in obsolescence of certain parts. Allowance for obsolescence increased due to
prior years measures to increase stock levels to minimize the impact of supply chain
constraints, in conjunction with softening market conditions.
The cost of inventories recognized as costs and included in cost of sales amounted to
\u20ac1,023.0 million (2022: \u20ac1,014.2 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-311": { "value": "
A significant percentage of our accounts receivable is derived from sales to a limited
number of large multinational semiconductor device manufacturers located throughout the
world. In order to monitor potential expected credit losses, we perform ongoing credit
evaluations of our customers\u2019 financial condition.
The carrying amount of accounts receivable is as follows:
December 31,
2022
2023
Current
466,502
427,111
Overdue <30 days
58,370
30,328
Overdue 31-60 days
21,941
5,710
Overdue 61-120 days
19,789
9,752
Overdue >120 days
14,221
14,826
Total
580,823
487,727
An allowance for doubtful accounts receivable is maintained for potential expected credit
losses based upon management\u2019s assessment of the expected collectability of all
accounts receivable. The allowance for doubtful accounts is reviewed periodically to
assess the adequacy of the allowance. In making this assessment, management takes into
consideration any circumstances of which we are aware regarding a customer\u2019s inability to
meet its financial obligations, and our judgments as to potential prevailing economic
conditions in the industry and their potential impact on the company\u2019s customers.
The changes in the allowance for doubtful accounts receivable are as follows:
December 31,
2022
2023
Balance at beginning of year
(444)
(642)
Charged to selling, general and administrative expenses
(198)
(845)
Utilization of the provision
\u2014
37
Foreign currency translation effect
\u2014
(4)
Balance at end of year
(642)
(1,454)
Accounts receivable are impaired and provided for on an individual basis. As of December
31, 2023, accounts receivable of \u20ac60.6 million were past due but not impaired. These
balances are still considered to be recoverable because they relate to customers for whom
there is neither recent history of default nor expectation that this will incur. For further
information on credit risk see Note 17.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-312": { "value": "
Other current assets consist of the following:
December 31,
2022 1
2023
Prepayments
17,977
39,010
VAT receivable
20,648
23,154
Others
9,564
6,681
Total
48,189
68,845
1\u00a0 Comparatives of goodwill and other current assets have been revised for the effects of
measurement adjustments to the acquisition of LPE in 2022, reference is made to note 1.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-313": { "value": "
Cash and cash equivalents at December 31, 2023 include bank deposits and investments
in money market funds that invest in marketable debt obligations and securities of
governments, corporates and financial institutions. The amount invested in deposits and
money market funds at the end of 2023 was \u20ac191 million (2022: \u20ac11 million) and
interest\u2011bearing bank accounts of \u20ac446 million (2022: \u20ac408 million). Our cash and cash
equivalents are predominantly denominated in US dollars, and partly in euros, Singapore
dollars, Korean won, and Japanese yen.
Bank guarantees exist for an amount of \u20ac1.8 million at December 31, 2023 (\u20ac1.8 million as
per December 31, 2022). These guarantees mainly relate to lease and tax payments.
Cash and cash equivalents have insignificant interest-rate risk and remaining maturities of
maximum three months or can be converted into cash without no more than 30 days'
notice. Except for an amount of \u20ac0.5 million (2022: \u20ac0.3 million), there are no restrictions
on usage of cash and cash equivalents. The carrying amount of these financial assets
approximates their fair value. The company has not recognized a provision for expected
credit loss for cash and cash equivalents due to the insignificance of the amount.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-314": { "value": "
Our Management Board has the power to issue common shares and (financing) preferred
shares insofar as the Management Board has been authorized to do so by the Annual
General Meeting of Shareholders (AGM). The Management Board requires the approval of
the Supervisory Board for such an issue. The authorization by the AGM can only be
granted for a certain period. In the case that the AGM has not authorized the Management
Board to issue shares, the AGM shall have the power to issue shares.
Capital management
The Board\u2019s policy is to maintain a strong capital base in order to retain investor, creditor
and market confidence and to sustain future development of the business. Management
strives to maintain a cash position of at least \u20ac600 million to reflect a balance between
investing in growth of the business, its policy to pay a sustainable dividend and returning
excess cash to shareholders. With the publication of the Q4 2023 results on February 27,
2024, we announced a new \u20ac150 million share buyback program. The Company\u2019s objective
is to achieve a sound return on shareholders\u2019 equity. The Company is monitoring its capital
ratio of net debt to total Shareholders\u2019 equity which should not exceed 1.5. There were no
changes to the Board\u2019s approach to capital management during the year.
Common shares, preferred and financing preferred shares
Following the amendment of the articles of association on August 3, 2018, the authorized
capital of the company amounts to 82,500,000 common shares of \u20ac0.04 par value, 88,500
preferred shares of \u20ac40 par value and 6,000 financing preferred shares of \u20ac40 par value.
As per December 31, 2023, 49,428,548 common shares with a nominal value of \u20ac0.04
each were issued and fully paid up, of which 226,802 common shares are held by us in
treasury. All shares have one vote per \u20ac0.04 par value. Treasury shares held by the
company cannot be voted on. Of our 49,201,746 outstanding common shares at
December 31, 2023, 46,629,656 are registered with our transfer agent in the Netherlands,
ABN AMRO Bank N.V., and 2,572,090 are registered with our transfer agent in the United
States, Citibank, NA, New York.
Financing preferred shares are designed to allow ASM to finance equity with an instrument
paying a preferred dividend, linked to Euribor loans and government loans, without the
dilutive effects of issuing additional common shares.
Preferred and financing preferred shares are issued in registered form only and are subject
to transfer restrictions. Essentially, a preferred or financing preferred shareholder must
obtain the approval of the company's Supervisory Board to transfer shares. If approval is
denied, the Supervisory Board will provide a list of acceptable prospective buyers who are
willing to purchase the shares at a cash price to be fixed by consent of the Supervisory
Board and seller within two months after the approval is denied. If the transfer is approved,
the shareholder must complete the transfer within three months, at which time the
approval expires.
Preferred shares are entitled to a cumulative preferred dividend based on the amount paid
up on such shares. Financing preferred shares are entitled to a cumulative dividend based
on the par value and share premium paid on such shares.
As per December 31, 2023, no preferred shares and no financing preferred shares are
issued.
Purchases of common shares by the issuer and affiliated
purchasers
On May 15, 2023, the AGM authorized the company, for an 18-month period, to be
calculated from the date of the AGM, to repurchase its own shares up to 10% of the issued
capital, at a price at least equal to the shares\u2019 nominal value and at most a price equal to
110% of the shares' average closing price according to the listing on the Euronext
Amsterdam stock exchange during the five trading days preceding the purchase date.
On February 22, 2022, ASM announced a share buyback program to purchase up to an
amount of \u20ac100 million of its own shares within the 2022/2023 time frame. This program
started on April 27, 2023, and was completed on September 19, 2023.
Period
Total number of
shares
purchased
Average price
paid per share
(\u20ac)
Cumulative
number of shares
purchased
April, 2023
8,548
\u20ac324.79
8,548
May, 2023
60,288
\u20ac341.17
68,836
June, 2023
69,817
\u20ac383.07
138,653
July, 2023
23,575
\u20ac376.75
162,228
August, 2023
5,727
\u20ac421.79
167,955
September, 2023
96,548
\u20ac399.93
264,503
Total
264,503
\u20ac378.07
The share buyback programs were executed by intermediaries through on-exchange
purchases or through off-exchange trades. ASM updated the markets on the progress of
the share buyback programs on a weekly basis.
The following table shows the change in number of treasury shares and outstanding
shares:
Number of shares
Treasury shares
Outstanding
shares
Balance at beginning of year
22,229
49,326,319
Purchase common shares
264,503
(264,503)
Exercise stock options out of treasury shares
(18,249)
18,249
Vesting restricted shares out of treasury shares
(121,681)
121,681
Issue of common shares
80,000
\u2014
Balance at end of year
226,802
49,201,746
ASM intends to use part of the shares for commitments under the employee share-based
compensation schemes and the performance shares and option program for the
Management Board.
Treasury shares
On December 31, 2023, we had 49,201,746 outstanding common shares excluding
226,802 treasury shares. This compared to 49,326,319 outstanding common shares and
22,229 treasury shares at December 31, 2022. The change in the number of treasury
shares in 2023 was the result of 264,503 repurchased shares, issue of 80,000 common
shares and 139,930 treasury shares that were used as part of share-based payments and
exercised options.
2022
2023
As per January 1:
Issued shares
49,297,394
49,348,548
Treasury shares
728,717
22,229
Outstanding shares
48,568,677
49,326,319
Changes during the year:
Issue of common shares related to the acquisition of
business combinations
51,154
\u2014
Treasury shares transferred related to the acquisition of
business combinations
580,000
\u2014
Share buybacks
\u2014
264,503
Treasury shares used for share-based performance
programs
126,488
121,681
Treasury shares used for exercise stock options
\u2014
18,249
Issue of common shares used for share-based performance
programs
\u2014
80,000
As per December 31:
Issued shares
49,348,548
49,428,548
Treasury shares
22,229
226,802
Outstanding shares
49,326,319
49,201,746
Retained earnings
Distributions to common shareholders are limited to\u00a0the extent the total amount of
shareholders\u2019 equity exceeds the amounts of nominal paid-in share capital (exclusive any
share premium) and any reserves to be formed pursuant to law or the company\u2019s Articles
of Association.\u00a0The amounts are derived from the company financial statements of ASM.
ASM aims to pay a sustainable annual dividend. The Supervisory Board, upon proposal of
the Management Board, will annually assess the amount of dividend that will be proposed
to the AGM. The decision that a dividend be proposed to the AGM will be subject to the
availability of distributable profits as well as retained earnings and may be affected by our
potential future funding requirements. Accordingly, dividend payments may fluctuate and
could decline or be omitted in any year.
Over 2022, we paid in total a dividend of \u20ac2.50 per common share as regular dividend, and
was paid after the 2023 AGM in May 2023. We will propose to the forthcoming 2024 AGM
to declare a regular dividend of \u20ac2.75 per share over 2023.
Results on dilution of investments in associates are accounted for directly in equity.
For\u00a02023 and 2022, these dilution results were \u20ac2,606 and \u20ac60, respectively.
Other reserves
The changes in the amounts of other reserves are as follows:
Proportionate share
in other
comprehensive
income of
investments in
associates
Remeasure
ment on
net defined
benefit
Foreign
currency
translation
reserve
Total other
reserves
Balance January 1, 2022
(671)
442
129,701
129,472
Proportionate share in other
comprehensive income of
investments in associates
2,950
\u2014
\u2014
2,950
Remeasurement on net defined
benefit
\u2014
615
\u2014
615
Foreign currency translation
effect on foreign operations
\u2014
\u2014
61,845
61,845
Balance December 31, 2022
2,279
1,057
191,546
194,882
Proportionate share in other
comprehensive income of
investments in associates
(618)
\u2014
\u2014
(618)
Remeasurement on net defined
benefit
\u2014
479
\u2014
479
Foreign currency translation
effect on foreign operations
\u2014
\u2014
(90,908)
(90,908)
Balance December 31, 2023
1,661
1,536
100,638
103,835
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-315": { "value": "Employee benefits
Pension plans
The company has retirement plans covering substantially all employees. The principal
plans are defined contribution plans, except for the plans of the company\u2019s operations in
the Netherlands and Japan.
Multi-employer plan
There are 225 eligible employees in the Netherlands. These employees participate in
a\u00a0multi-employer union plan (pension fund Metalektro PME) determined in accordance with
the collective bargaining agreements effective for the industry in which we operate.
This\u00a0multi-employer union plan, accounted for as a defined contribution plan, covers
approximately 1,527 companies and approximately 174,400 contributing members.
Our\u00a0contribution to the multi-employer union plan was less than 5% of the total
contribution to the plan. The plan monitors its risks on a global basis, not by participating
company or employee, and is subject to regulation by Dutch governmental authorities.
By\u00a0law (the Dutch Pension Act), a multi-employer union plan must be monitored against
specific criteria, including the coverage ratio of the plan\u2019s assets to its obligations. As of
July 1, 2023, new pension legislation has been enacted, however the new legislation will
become effective in upcoming reporting period, no impact identified on the 2023 financial
statements. The current effective\u00a0 legislation results in, amongst others, an increase of
legally required coverage levels. The coverage percentage is calculated by dividing the
funds capital by the total sum of pension liabilities and is based on actual market interest
rates. The coverage ratio as per December 31, 2023, of 109.4% (December 31, 2022:
110.4%) is calculated giving consideration to the pension legislation. We have no obligation
to pay off any deficits the pension fund may incur, nor do we have any claim to any
potential surpluses.
Every company participating in the PME contributes a premium calculated as a percentage
of its total pensionable salaries, with each company subject to the same contribution rate.
The premium can fluctuate yearly based on the coverage ratio of the multi-employer union
plan. For 2023, the contribution percentage was 27.98%. The pension rights of each
employee are based upon the employee\u2019s average salary during employment.
Our net periodic pension cost for this multi-employer union plan for any period is the
amount of the required employer contribution for that period minus the employee
contribution.
Defined benefit plan
The company\u2019s employees in Japan participate in a defined benefit plan. The company
makes contributions to defined benefit plans in Japan that provide pension benefits for
employees upon retirement. These are average-pay plans, based on the employees' years
of service and compensation near retirement.
The most recent actuarial valuations of plan assets and the present value of the defined
benefit obligation were carried out on December 31, 2023. The present value of the
defined benefit obligation and the related current service cost and past service cost were
measured using the projected unit credit method. Significant actuarial assumptions for the
determination of the defined obligation are discount rate, future general salary increases,
and future pension increases.
The net liability (asset) of the plan developed as follows:
\u00a0
December 31,
\u00a0
2022
2023
Defined benefit obligations
10,227
8,615
Fair value of plan assets
12,783
11,534
Net liability (asset) for defined benefit plans
(2,556)
(2,919)
The company does not provide for any significant post-retirement benefits other than
pensions.
Management board and employee and long-term incentive plan
The company has adopted various share plans (e.g. a restricted share plan, and a
performance share plan) and has entered into share agreements with the Management
Board and various employees. Under the stock option plans, the Management Board and
employees may purchase per the vesting date a specific number of shares of the
company\u2019s common stock at a certain price. Options are priced at market value in euros on
the date of grant. Under the restricted share plan, employees receive per the vesting date
a specific number of shares of the company\u2019s common stock. Under the performance
share plan, the Management Board receives per the vesting date, and provided the
performance criteria have been met, a specific number of shares of the company\u2019s
common stock.
Authority to issue shares
By resolution of the Annual General Meeting of Shareholders (AGM) of May 15, 2023, the
formal authority to issue shares was allocated to the Management Board subject to the
approval of the Supervisory Board. This authority is valid for 18 months and needs to be
refreshed by the 2024 AGM to allow the continued application of the long-term incentive
(LTI) plans beyond November 15, 2024. The company hasn't granted new options since its
last grant date per April 2017.
The ASM 2014 long-term incentive plan for employees (ELTI) is principally administered by
the Management Board and the ASM 2014 long-term incentive plan for members of the
Management Board (MLTI) is principally administered by the Supervisory Board. This
complies with applicable corporate governance standards. However, the Supervisory
Board has no power to represent the company. For external purposes, the Management
Board remains the competent body under both LTI plans. The LTI plans envisage that the
Supervisory Board, or in the case of the ELTI the Management Board with the approval of
the Supervisory Board, will determine the number of options and shares to be granted to
the Management Board members and to employees.
2014 long-term incentive plan
In 2014, a new long-term incentive plan was adopted. In the new plan to limit potential
dilution, the amount of outstanding (vested and non-vested) options and shares granted
to the Management Board and to other employees will not exceed 5% of the issued
ordinary share capital of ASM. The new long-term incentive plan 2014 consists of two
sub\u2011plans: the ELTI and the MLTI.
Options and performance shares are issued to Management Board members and restricted
shares are issued to employees once per annum on the date following the publication of
the first-quarter results of the relevant year. Possible grant to newly hired employees can
be issued once a quarter, on the date following the publication of the financial results of
the relevant quarter. The number of options and shares outstanding under the long-term
incentive plans or under any other plan or arrangement in aggregate may never exceed 5%
of ASM\u2019s share capital.
Performance and restricted shares outstanding
The following table is a summary of changes in performance shares and restricted shares
outstanding under the 2014 long-term incentive plan.
Number of
performance
shares
Number of
restricted
shares
Status
Fair value at
grant date
(weighted
average)
Balance January 1, 2022
14,430
234,412
Shares granted, employees
\u2014
167,836
Unconditional
\u20ac260.77
Shares granted, Management Board
9,726
\u2014
Conditional
\u20ac261.25
Shares granted, Management Board
\u2014
\u2014
Unconditional
\u20ac49.78
Shares vested
\u2014
(126,488)
Shares forfeited
(1,087)
(36,050)
Balance December 31, 2022
23,069
239,710
Shares granted, employees
\u2014
120,200
Unconditional
\u20ac317.51
Shares granted, Management Board
18,017
\u2014
Conditional
\u20ac313.46
Shares granted, Management Board
\u2014
\u2014
Unconditional
\u20ac0.00
Shares vested
(8,087)
(113,594)
Shares forfeited
\u2014
(9,879)
Balance December 31, 2023
32,999
236,437
In 2023, treasury shares were sold for the vesting of 121,681 restricted shares.
Options outstanding
The following table is a summary of changes in options outstanding under the 2014
long\u2011term incentive plan.
Number\u00a0of
options
Exercise
price in \u20ac
Fair value at
grant date
Balance January 1, 2015
\u2014
Options granted, April 24, 2015
42,659
44.24
\u20ac17.33
Balance December 31, 2015
42,659
Options granted, April 22, 2016
62,555
37.09
\u20ac12.64
Balance December 31, 2016
105,214
Options granted, April 21, 2017
24,963
51.55
\u20ac14.57
Balance December 31, 2017
130,177
Adjustment following capital repayment
11,593
\u2014
\u2014
Balance December 31, 2018
141,770
Options exercised, 2021
(123,521)
\u2014
\u2014
Balance December 31, 2021
18,249
Options exercised, 2022
\u2014
\u2014
\u2014
Balance December 31, 2022
18,249
Options exercised, 2023
(18,249)
\u2014
\u2014
Balance December 31, 2023
\u2014
In 2023, no options were granted and there are no outstanding options (2022: \u20ac4,300
aggregate intrinsic value under the 2014 long-term incentive plan).
Share-based payments expenses
The grant date fair value of the restricted shares and the performance shares is expensed
on a straight-line basis over the vesting period, based on the company\u2019s estimate of
restricted shares, and performance shares that will eventually vest. The impact of the
true\u2011up of the estimates is recognized in the consolidated statement of profit or loss in the
period in which the revision is determined. We recorded compensation expenses of
\u20ac37,308 for 2023 (2022: \u20ac29,877).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-316": { "value": "
Management board and employee and long-term incentive plan
The company has adopted various share plans (e.g. a restricted share plan, and a
performance share plan) and has entered into share agreements with the Management
Board and various employees. Under the stock option plans, the Management Board and
employees may purchase per the vesting date a specific number of shares of the
company\u2019s common stock at a certain price. Options are priced at market value in euros on
the date of grant. Under the restricted share plan, employees receive per the vesting date
a specific number of shares of the company\u2019s common stock. Under the performance
share plan, the Management Board receives per the vesting date, and provided the
performance criteria have been met, a specific number of shares of the company\u2019s
common stock.
Authority to issue shares
By resolution of the Annual General Meeting of Shareholders (AGM) of May 15, 2023, the
formal authority to issue shares was allocated to the Management Board subject to the
approval of the Supervisory Board. This authority is valid for 18 months and needs to be
refreshed by the 2024 AGM to allow the continued application of the long-term incentive
(LTI) plans beyond November 15, 2024. The company hasn't granted new options since its
last grant date per April 2017.
The ASM 2014 long-term incentive plan for employees (ELTI) is principally administered by
the Management Board and the ASM 2014 long-term incentive plan for members of the
Management Board (MLTI) is principally administered by the Supervisory Board. This
complies with applicable corporate governance standards. However, the Supervisory
Board has no power to represent the company. For external purposes, the Management
Board remains the competent body under both LTI plans. The LTI plans envisage that the
Supervisory Board, or in the case of the ELTI the Management Board with the approval of
the Supervisory Board, will determine the number of options and shares to be granted to
the Management Board members and to employees.
2014 long-term incentive plan
In 2014, a new long-term incentive plan was adopted. In the new plan to limit potential
dilution, the amount of outstanding (vested and non-vested) options and shares granted
to the Management Board and to other employees will not exceed 5% of the issued
ordinary share capital of ASM. The new long-term incentive plan 2014 consists of two
sub\u2011plans: the ELTI and the MLTI.
Options and performance shares are issued to Management Board members and restricted
shares are issued to employees once per annum on the date following the publication of
the first-quarter results of the relevant year. Possible grant to newly hired employees can
be issued once a quarter, on the date following the publication of the financial results of
the relevant quarter. The number of options and shares outstanding under the long-term
incentive plans or under any other plan or arrangement in aggregate may never exceed 5%
of ASM\u2019s share capital.
Performance and restricted shares outstanding
The following table is a summary of changes in performance shares and restricted shares
outstanding under the 2014 long-term incentive plan.
Number of
performance
shares
Number of
restricted
shares
Status
Fair value at
grant date
(weighted
average)
Balance January 1, 2022
14,430
234,412
Shares granted, employees
\u2014
167,836
Unconditional
\u20ac260.77
Shares granted, Management Board
9,726
\u2014
Conditional
\u20ac261.25
Shares granted, Management Board
\u2014
\u2014
Unconditional
\u20ac49.78
Shares vested
\u2014
(126,488)
Shares forfeited
(1,087)
(36,050)
Balance December 31, 2022
23,069
239,710
Shares granted, employees
\u2014
120,200
Unconditional
\u20ac317.51
Shares granted, Management Board
18,017
\u2014
Conditional
\u20ac313.46
Shares granted, Management Board
\u2014
\u2014
Unconditional
\u20ac0.00
Shares vested
(8,087)
(113,594)
Shares forfeited
\u2014
(9,879)
Balance December 31, 2023
32,999
236,437
In 2023, treasury shares were sold for the vesting of 121,681 restricted shares.
Options outstanding
The following table is a summary of changes in options outstanding under the 2014
long\u2011term incentive plan.
Number\u00a0of
options
Exercise
price in \u20ac
Fair value at
grant date
Balance January 1, 2015
\u2014
Options granted, April 24, 2015
42,659
44.24
\u20ac17.33
Balance December 31, 2015
42,659
Options granted, April 22, 2016
62,555
37.09
\u20ac12.64
Balance December 31, 2016
105,214
Options granted, April 21, 2017
24,963
51.55
\u20ac14.57
Balance December 31, 2017
130,177
Adjustment following capital repayment
11,593
\u2014
\u2014
Balance December 31, 2018
141,770
Options exercised, 2021
(123,521)
\u2014
\u2014
Balance December 31, 2021
18,249
Options exercised, 2022
\u2014
\u2014
\u2014
Balance December 31, 2022
18,249
Options exercised, 2023
(18,249)
\u2014
\u2014
Balance December 31, 2023
\u2014
In 2023, no options were granted and there are no outstanding options (2022: \u20ac4,300
aggregate intrinsic value under the 2014 long-term incentive plan).
Share-based payments expenses
The grant date fair value of the restricted shares and the performance shares is expensed
on a straight-line basis over the vesting period, based on the company\u2019s estimate of
restricted shares, and performance shares that will eventually vest. The impact of the
true\u2011up of the estimates is recognized in the consolidated statement of profit or loss in the
period in which the revision is determined. We recorded compensation expenses of
\u20ac37,308 for 2023 (2022: \u20ac29,877).
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-317": { "value": "37308000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f-318": { "value": "29877000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f-319": { "value": "
The changes in the amount of provision for warranty are as follows:
December 31,
2022
2023
Balance January 1
27,181
34,219
Acquisitions through business combinations
1,300
\u2014
Additions
33,738
36,360
Utilization
(14,797)
(29,238)
Releases of expired warranty
(13,843)
(17,352)
Foreign currency translation effect
640
(1,273)
Balance December 31
34,219
22,716
Provision is made for estimated warranty claims in respect of products sold which are still
under warranty at the end of the reporting period. Costs of warranty include the cost of
labor and materials to repair a product during the warranty period. The main term of the
warranty period is one year. The company accrues for the estimated cost of the warranty
on its products shipped in the provision for warranty, upon recognition of the sale of the
product. The costs are estimated based on actual historical expenses incurred and on
estimated future expenses related to current revenue, and are updated periodically. Actual
warranty costs are charged against the provision for warranty. The assumptions made in
relation to the current period are consistent with those in the prior year. Factors that could
impact the estimated claim information include the success of the group\u2019s productivity and
quality initiatives, as well as parts and labor costs. The main part of the claims is expected
to be settled in the next financial year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-320": { "value": "
Accrued expenses and other payables consist of the following:
\u00a0
December\u00a031,
\u00a0
2022
2023
Personnel-related items
100,717
132,813
Current lease liabilities
9,520
10,874
Supplier-related items
21,866
39,996
R&D projects
5,570
\u2014
Other
26,058
32,530
Total accrued expenses and other payables
163,731
216,213
Personnel-related items comprise accrued management bonuses, accrued vacation days,
accrued wage tax, social securities, and pension premiums. Other includes accruals for
VAT, other taxes, and invoices to be received for services.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-321": { "value": "
As per December 31, 2023, ASM was debt-free. ASM may borrow under separate short-
term lines of credit with banks under an unsecured \u20ac150 million standby credit facility with
a consortium of banks.
The amount outstanding as at December\u00a031, 2023 was nil, so the undrawn portion totaled
\u20ac150 million. The undrawn portion represents the company\u2019s standby revolving credit
facility of \u20ac150 million with a consortium of banks. The 2022 new facility has a tenor of five
years with an option to extend up to two years. The facility amount is \u20ac150 million with an
accordion option to increase the facility by an amount of \u20ac100 million.
The credit facility of \u20ac150 million includes one financial covenant:
\u2022 Consolidated total net debt/total shareholders\u2019 equity ratio.
This financial covenant is measured twice each year: on June\u00a030 and December\u00a031.
The net debt/total shareholders\u2019 equity ratio should not exceed 1.5. For the year ended
December\u00a031, 2023, the company has no net debt, cash and cash equivalents amount to
\u20ac637 million, and total equity equals the amount of consolidated tangible net worth.
The company is in compliance with these financial covenants as of December 31, 2023.
The RCF agreement stipulates that in the event of a change of control of ASM, the
amounts outstanding under the arrangement may become immediately due.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-322": { "value": "
Financial instruments
Financial instruments include:
\u00a0
December\u00a031,
2022
2023
Financial assets:
Cash and cash equivalents
419,315
637,264
Accounts receivable
580,823
487,727
Financial liabilities:
Lease liabilities
18,604
22,684
Contingent consideration payable
78,649
88,304
Accounts payable
243,499
177,686
The carrying amounts of cash and cash equivalents, accounts receivable and accounts
payable equal their fair values because of the short-term nature of these instruments.
Gains or losses related to financial instruments are as follows:
\u00a0
2022
2023
Interest income
2,246
14,826
Interest expense
(1,523)
(3,945)
Change in fair value of contingent consideration
(2,575)
(9,655)
Result from foreign currency exchange
25,011
(21,375)
Addition to allowance for doubtful accounts receivable
(198)
(845)
Financial risk factors
ASM is exposed to a number of risk factors: market risks, credit risk, liquidity risk, and
equity price risk. The company may use forward exchange contracts to hedge its foreign
exchange risk. The company does not enter into financial instrument transactions for
trading or speculative purposes.
Market risk
Market risk includes changes in market prices, foreign exchange rates and interest rates,
which will affect the group\u2019s income or the value of its holdings of financial instruments.
The objective of market-risk management is to manage and control market risk exposures
within acceptable parameters, while optimizing the return.
Foreign exchange risk
ASM and its subsidiaries conduct business in a number of foreign countries, with certain
transactions denominated in currencies other than the functional currency of the company
(euro) or one of its subsidiaries conducting the business. The purpose of the company's
foreign currency management is to manage the effect of exchange-rate fluctuations on
income, expenses, cash flows, and assets and liabilities denominated in selected foreign
currencies, in particular denominated in US dollars.
We may use forward exchange contracts to hedge our foreign exchange risk of anticipated
sales or purchase transactions in the normal course of business which occur within the
next twelve months, for which we have a firm commitment from a customer or to
a\u00a0supplier. The terms of these contracts are consistent with the timing of the transactions
being hedged. There is no hedge accounting applied on the hedges therefore change in
fair value (gain or loss) on the hedges will be recognized in profit or loss.
Changes in the fair value of derivatives that do not qualify for hedge treatment, as well as
the ineffective portion of any hedges, are recognized in earnings. We record all
derivatives, including forward exchange contracts, on the statement of financial position at
fair value in accrued expenses and payables. Should contracts extend beyond one year,
these are classified as long-term.
Furthermore, we may manage the currency exposure of certain receivables and payables
using derivative instruments, such as forward exchange contracts (fair value hedges) and
currency swaps, and non-derivative instruments, such as debt borrowings in foreign
currencies. The gains or losses on these instruments provide an offset to the gains or
losses recorded on receivables and payables denominated in foreign currencies.
The\u00a0derivative instruments are recorded at fair value and changes in fair value are
recorded in earnings under foreign currency exchange gains (losses) in the consolidated
statement of profit or loss. Receivables and payables denominated in foreign currencies
are recorded at the exchange rate at the balance sheet date, and gains and losses as
a\u00a0result of changes in exchange rates are recorded in earnings under foreign currency
exchange gains (losses) in the consolidated statement of profit or loss.
We do not use forward exchange contracts for trading or speculative purposes. Financial
assets and financial liabilities are recognized on the company's consolidated statement of
financial position when the company becomes a party to the contractual provisions of the
instrument.
To the extent that exchange rate fluctuations impact the value of the company\u2019s
investments in its foreign subsidiaries, they are not hedged. The cumulative effect of these
fluctuations is separately reported in consolidated equity. Reference is made to Note 12.
Per December 31, 2023, there were no forward exchange contracts outstanding (none as
per December 31, 2022).
The foreign currency exchange results in 2023 related only to translation loss of
\u20ac21.4\u00a0million, compared to translation gain of \u20ac25.0 million in 2022. A substantial part of
ASM's cash position is denominated in US dollar, which is the key driver of the exchange
gain in 2022 and loss in 2023.
The following table analyzes the company\u2019s exposure to currency risk in our major
currencies.
\u00a0
December 31,
\u00a0
2022
2023
(thousand)
USD
JPY
KRW
SGD
USD
JPY
KRW
SGD
Accounts receivable
490,051
5,836,919
14,503,184
458
430,219
1,896,633
9,828,588
510
Cash and cash equivalents
308,977
2,209,145
16,405,166
32,370
557,922
2,538,412
20,238,173
30,384
Accounts payable
(117,040)
(3,429,196)
(31,297,765)
(78,164)
(77,837)
(3,041,465)
(28,425,737)
(36,840)
Total
681,988
4,616,868
(389,415)
(45,336)
910,304
1,393,580
1,641,024
(5,946)
The following table analyzes the company\u2019s sensitivity to a hypothetical 10% strengthening
and 10% weakening of the US dollar, Singapore dollar, Korean won and Japanese yen
against the euro as of December\u00a031, 2022, and December\u00a031, 2023. This analysis includes
foreign currency-denominated monetary items and adjusts their translation at year-end for
a 10% increase and 10% decrease against the euro.
Impact on financial instruments
(\u20ac thousand)
2022
2023
10% increase of US dollar versus euro
63,940
82,381
10% decrease of US dollar versus euro
(63,940)
(82,381)
10% increase of Singapore dollar versus euro
(3,170)
(408)
10% decrease of Singapore dollar versus euro
3,170
408
10% increase of Korean won versus euro
(29)
115
10% decrease of Korean won versus euro
29
(115)
10% increase of Japanese yen versus euro
3,283
892
10% decrease of Japanese yen versus euro
(3,283)
(892)
A hypothetical 10% strengthening or 10% weakening of any other currency against the euro
as of December\u00a031, 2022, and December\u00a031, 2023, could have a material impact on net
earnings for certain currencies.
Interest risk
We are exposed to interest rate risk through our cash deposits. The company does not
enter into financial instrument transactions for trading or speculative purposes, or to
manage interest-rate exposure. As per December 31, 2023, the company had no debt and
was not exposed to interest rate risk on borrowings.
Credit risk
Financial instruments that potentially subject the company to concentrations of credit risk
consist primarily of cash and cash equivalents, accounts receivable, and derivative
instruments. These instruments contain a risk of counterparties failing to discharge their
obligations. We monitor credit risk and manage credit risk exposure by type of financial
instrument by assessing the creditworthiness of counterparties. We do not anticipate
non\u2011performance by counterparties, given their high creditworthiness.
Our customers are semiconductor device manufacturers located throughout the world.
We\u00a0perform ongoing credit evaluations of our customers' financial condition. We take
additional measures to mitigate credit risk when considered appropriate by means of down
payments or letters of credit. We generally do not require collateral or other security to
support financial instruments with credit risk.
Concentrations of credit risk (whether on- or off-balance sheet) that arise from financial
instruments exist for groups of customers or counterparties when they have similar
economic characteristics that would cause their ability to meet contractual obligations to
be similarly affected by changes in economic or other conditions.
We derive a significant percentage of our revenue from a small number of large customers.
The 10 largest customers accounted for approximately 64.9% of revenue in 2023
(2022:\u00a077.8%). The five largest customers accounted for approximately 48.7% of revenue
in 2023 (2022: 67.5%). In 2023, we had two customers (2022: two customers) who
contributed more than 10% of total revenue. Revenue to these large customers may also
fluctuate significantly from time to time, depending on the timing and level of purchases by
these customers. Significant orders from such customers may expose the company to a
concentration of credit risk, and difficulties in collecting amounts due, which could harm
the company\u2019s financial results. However, given the creditworthiness of our customers and
historical experience, we have not accounted for an expected credit loss over the
outstanding balances in general, for further details we refer to Note 9.
We invest our cash and cash equivalents in short-term deposits, money-market funds, and
derivative instruments with high-rated financial institutions. We only enter into transactions
with a limited number of major financial institutions that have high credit ratings, and we
closely monitor the creditworthiness of our counterparties. Concentration risk is mitigated
by not limiting the exposure to a single counterparty.
The maximum credit exposure is equal to the carrying values of cash and cash equivalents
and accounts receivable.
Liquidity risk
Our policy is to maintain a strong capital base so as to maintain investor-, creditor-, and
market confidence, and to sustain future development of the business.
Our liquidity needs are affected by many factors, some of which are based on the normal
ongoing operations of the business, and others that relate to the uncertainties of the
global economy and the semiconductor industry. Although our cash requirements fluctuate
based on the timing and extent of these factors, we believe that cash generated from
operations, together with our principal sources of liquidity, are sufficient to satisfy our
current requirements, including our expected capital expenditures in 2023.
We intend to return cash to our shareholders on a regular basis in the form of dividend
payments and, subject to our actual and anticipated liquidity requirements and other
relevant factors, share buybacks.
The following table summarizes the company\u2019s contractual and other obligations as at
December 31, 2023.
Total
Less\u00a0than
1 year
1-5
years
More\u00a0than
5 years
Accounts payable
177,686
177,686
\u2014
\u2014
Income tax payable
21,925
21,925
\u2014
\u2014
Accrued expenses and other payables
216,213
216,213
\u2014
\u2014
Contract liabilities
300,241
300,241
\u2014
\u2014
Non-current lease liabilities
22,684
\u2014
19,839
2,845
Contingent consideration payable
88,304
\u2014
88,304
\u2014
Pension liabilities
6,401
582
2,196
3,623
Purchase obligations:
Purchase commitments to suppliers
665,657
579,941
85,716
\u2014
Capital expenditure and other
commitments
49,287
31,669
17,618
\u2014
Total contractual obligations
1,548,398
1,328,257
213,673
6,468
Total short-term lines of credit amounted to \u20ac150 million at December 31, 2023.
The\u00a0amount outstanding at December\u00a031, 2023 was nil and the undrawn portion totaled
\u20ac150 million. The standby revolving credit facility of \u20ac150 million with a consortium of
banks will be available through May 31, 2027.
For the majority of purchase commitments, the company has flexible delivery schedules
depending on the market conditions, which allows the company, to a certain extent, to
delay delivery beyond originally planned delivery schedules.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-323": { "value": "
Credit risk
Financial instruments that potentially subject the company to concentrations of credit risk
consist primarily of cash and cash equivalents, accounts receivable, and derivative
instruments. These instruments contain a risk of counterparties failing to discharge their
obligations. We monitor credit risk and manage credit risk exposure by type of financial
instrument by assessing the creditworthiness of counterparties. We do not anticipate
non\u2011performance by counterparties, given their high creditworthiness.
Our customers are semiconductor device manufacturers located throughout the world.
We\u00a0perform ongoing credit evaluations of our customers' financial condition. We take
additional measures to mitigate credit risk when considered appropriate by means of down
payments or letters of credit. We generally do not require collateral or other security to
support financial instruments with credit risk.
Concentrations of credit risk (whether on- or off-balance sheet) that arise from financial
instruments exist for groups of customers or counterparties when they have similar
economic characteristics that would cause their ability to meet contractual obligations to
be similarly affected by changes in economic or other conditions.
We derive a significant percentage of our revenue from a small number of large customers.
The 10 largest customers accounted for approximately 64.9% of revenue in 2023
(2022:\u00a077.8%). The five largest customers accounted for approximately 48.7% of revenue
in 2023 (2022: 67.5%). In 2023, we had two customers (2022: two customers) who
contributed more than 10% of total revenue. Revenue to these large customers may also
fluctuate significantly from time to time, depending on the timing and level of purchases by
these customers. Significant orders from such customers may expose the company to a
concentration of credit risk, and difficulties in collecting amounts due, which could harm
the company\u2019s financial results. However, given the creditworthiness of our customers and
historical experience, we have not accounted for an expected credit loss over the
outstanding balances in general, for further details we refer to Note 9.
We invest our cash and cash equivalents in short-term deposits, money-market funds, and
derivative instruments with high-rated financial institutions. We only enter into transactions
with a limited number of major financial institutions that have high credit ratings, and we
closely monitor the creditworthiness of our counterparties. Concentration risk is mitigated
by not limiting the exposure to a single counterparty.
The maximum credit exposure is equal to the carrying values of cash and cash equivalents
and accounts receivable.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-324": { "value": "
Per December\u00a031, 2023, the company entered into purchase commitments with suppliers
in the amount of \u20ac579,941 (2022: \u20ac843,661) for purchases within the next 12 months and
\u20ac85,716 (2022: \u20ac149,473) after 12 months. Commitments for capital expenditures and
other commitments per December\u00a031, 2023 were \u20ac31,669 (2022: \u20ac23,588) within the next
12 months and \u20ac17,618 (2022: \u20ac162) after 12 months. The decrease in commitments to
suppliers is mainly explained by a largely normalized supply chain and softening market
conditions.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-325": { "value": "
ASM is, and may become, a party to various legal proceedings incidental to its business.
As is the case with other companies in similar industries, the company faces exposure
from actual or potential claims and legal proceedings. Although the ultimate result of legal
proceedings cannot be predicted and may have material effects, and in many events
cannot be reasonably estimated, it is the opinion of the company\u2019s management that the
outcome of any claim which is currently pending, either individually or on a combined
basis, will not have a material effect on the financial position of the company, its cash
flows and result of operations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-326": { "value": "
Operating segments are reported in a manner consistent with the internal reporting
provided to the Chief Executive Officer (CEO), who is the Chief Operating Decision
Maker\u00a0(CODM).
The accounting policies used to measure the net earnings and total assets in each
segment are consistent with those used in the consolidated financial statements. The
measurement methods used to determine reported segment earnings are consistently
applied for all periods presented. There were no asymmetrical allocations to segments.
Geographical information is summarized as follows:
\u00a0
Year ended December 31,
2022
2023
(\u20ac thousand)
Revenue
Non-current
assets 1
Revenue
Non-current
assets 1
United States
561,848
383,846
555,079
505,677
Europe
264,324
653,152
302,746
639,628
Asia
1,584,755
346,451
1,776,506
395,756
Total
2,410,927
1,383,449
2,634,331
1,541,061
1 Other than financial instruments, deferred tax assets and post-employment benefit assets
We refer to Note 17. Financial instruments and financial risk management for information
on the extent of reliance on major customers.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-327": { "value": "
Geographical information is summarized as follows:
\u00a0
Year ended December 31,
2022
2023
(\u20ac thousand)
Revenue
Revenue
United States
561,848
555,079
Europe
264,324
302,746
Asia
1,584,755
1,776,506
Total
2,410,927
2,634,331
For geographical reporting, the revenue is attributed to the geographical location in which
the customer's facilities are located.
Revenue stream
The company generates revenue primarily from the sales of equipment and spares and
services. The products and services are described by nature in the summary of significant
accounting policies, and are recognized within these revenue streams as follows:
\u2022 Equipment revenue: This revenue stream captures the sale of equipment and
installation services. Revenues from royalties and licenses are included to the extent
that these licenses relate to equipment.
\u2022 Spares & Services revenue: The revenues included under this line relate to the sale of
spares and support services. Revenues from royalties and licenses are included to the
extent that these licenses relate to spares.
\u00a0
Year ended December 31,
(\u20ac thousand)
2022
2023
Equipment revenue
2,033,669
2,205,846
Spares & Services revenue
377,258
428,485
Total
2,410,927
2,634,331
Total revenue increased by 9%, driven by increases in our VF and SiC business.
Contract balances
\u00a0
2022
2023
Contract assets (current)
63,982
59,392
Contract Liabilities
295,180
300,241
The current contract assets primarily relate to the company\u2019s right to consideration for
work completed and revenue recognized but not billed at the reporting date. The contract
asset is transferred to accounts receivables when the rights become unconditional.
This\u00a0usually occurs when the company issues an invoice to the customer.
Contract liabilities relates to the advance consideration received from customers for which
revenue is not yet recognized because the performance obligation has not been satisfied
yet. This part of the revenue is deferred at the transaction price allocated to the
performance obligations until shipment (depending Inco-term). An amount of \u20ac178 million
included in the contract liabilities at December 31, 2022, has been recognized in 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-328": { "value": "
Amounts recognized in profit or loss
The components of the result before income taxes consist of:
\u00a0
Year ended December 31,
\u00a0
2022
2023
The Netherlands
157,738
469,727
Other countries
347,238
396,794
Result before income taxes
504,976
866,521
The income tax expense consists of:
\u00a0
Year ended December 31,
\u00a0
2022
2023
Current:
The Netherlands
(78,738)
(65,948)
Other countries
(36,430)
(19,600)
(115,168)
(85,548)
Deferred:
The Netherlands
(1,875)
(11,305)
Other countries
1,180
(17,595)
Income tax expense
(115,863)
(114,448)
Reconciliation of effective tax rate
The provisions for income taxes as shown in the consolidated statements of profit or loss
differ from the amounts computed by applying the Dutch statutory income tax rate to
earnings before taxes. A reconciliation of the provisions for income taxes and the amounts
that would be computed using the Dutch statutory income tax rate is set forth as follows:
\u00a0
Year ended December 31,
\u00a0
2022
2023
Result before income taxes from
continuing operations
504,976
100.0%
866,521
100.0%
Income tax provision based on Dutch
statutory income tax rate
(130,284)
25.8%
(223,562)
25.8%
Non-deductible expenses
(1,639)
0.3%
(12,584)
1.5%
Foreign taxes at a rate other than the
Dutch statutory rate
18,182
(3.6)%
17,752
(2.0)%
Tax incentives 1 and non-taxable income 2
54,942
(10.9)%
33,532
(3.9)%
Adjustments in respect of prior years'
current taxes
(49)
\u2014%
15,531
(1.8)%
Non-deductible income, impairment
(charge) reversal on investments in
associates 2
(55,570)
11.0%
58,054
(6.7)%
Other 3
(1,445)
0.3%
(3,172)
0.4%
Tax income (expense)
(115,863)
22.9%
(114,449)
13.2%
1Tax incentives relate to the Netherlands (Innovation Box), Singapore (Pioneer and DEI Certificates)
and South Korea (FIZ).
2Non-taxable income consists of revenues deriving from the share in income of investments in
associates which are exempted under the Dutch participation exemption. The participation
exemption also applies to the impairment (charge) reversal on investments in associates.
3Other mainly consists of tax credits, withholding taxes, changes in (enacted) tax laws, changes in
deferred taxes and revaluation of certain assets.
The consolidated group effective tax rate for 2023 is lower compared to previous year due
to an incidental non-deductible impairment reversal on ASMPT. The effective tax rate,
excluding the impairment on, and net income of our investment in ASMPT, for 2023 is
18.1% (2022: 17.7%).
The Dutch statutory tax rate is 25.8%. Taxation for other jurisdictions is calculated at the
rates prevailing in the relevant jurisdictions. During 2023, there was no significant change
in the statutory tax rates of the relevant jurisdictions. The company\u2019s deferred tax assets
and liabilities have been\u00a0determined in accordance with these statutory\u00a0income tax rates.
Movement in deferred tax balances
\u00a0
Net balance at
January 1, 2022
Changes through
business
combinations
Consolidated
statement of
profit and loss
Equity
Exchange
differences
Net balance at
December 31,
2022
Deferred tax
assets at
December 31,
2022
Deferred tax
liabilities at
December 31, 2022
Right-of-use assets & lease liabilities
212
\u2014
40
\u2014
10
262
\u2014
262
Property plant and equipment
(2,828)
\u2014
662
\u2014
(37)
(2,203)
\u2014
(2,203)
Other intangible assets
(60,785)
(82,429)
(3,213)
\u2014
(1,236)
(147,663)
\u2014
(147,663)
Evaluation tools
3,949
\u2014
(1,719)
\u2014
(296)
1,934
\u2014
1,934
Employee benefits
(680)
\u2014
(152)
(277)
48
(1,061)
\u2014
(1,061)
Inventories
1,278
451
1,800
\u2014
40
3,569
140
3,429
Provision for warranty
5,651
191
994
\u2014
105
6,941
\u2014
6,941
Accrued expenses
6,297
(257)
4,088
\u2014
182
10,310
41
10,269
Tax losses carried forward
\u2014
6,816
(2,049)
\u2014
(115)
4,652
\u2014
4,652
R&D tax credits
1,227
(567)
(1,146)
\u2014
123
(363)
\u2014
(363)
Total deferred tax
(45,679)
(75,795)
(695)
(277)
(1,176)
(123,622)
181
(123,803)
\u00a0
Net balance at
January 1, 2023
Changes through
business
combinations
Consolidated
statement of
profit and loss
Equity
Exchange
differences
Net balance at
December 31,
2023
Deferred tax
assets at
December 31,
2023
Deferred tax
liabilities at
December 31, 2023
Right-of-use assets & lease liabilities
262
\u2014
68
\u2014
(11)
319
\u2014
319
Property plant and equipment
(2,203)
\u2014
(1,079)
\u2014
47
(3,235)
(787)
(2,448)
Other intangible assets
(147,663)
\u2014
(35,004)
\u2014
2,965
(179,702)
\u2014
(179,702)
Evaluation tools
1,934
\u2014
44
\u2014
(66)
1,912
\u2014
1,912
Employee benefits
(1,061)
\u2014
5,750
(234)
(97)
4,358
\u2014
4,358
Inventories
3,569
\u2014
2,449
\u2014
(58)
5,960
773
5,187
Provision for warranty
6,941
\u2014
(2,321)
\u2014
(198)
4,422
\u2014
4,422
Accrued expenses
10,310
\u2014
150
\u2014
(428)
10,032
193
9,839
Tax losses carried forward
4,652
\u2014
(782)
\u2014
(143)
3,727
\u2014
3,727
R&D tax credits
(363)
\u2014
2,663
\u2014
(61)
2,239
\u2014
2,239
Total deferred tax
(123,622)
\u2014
(28,062)
(234)
1,950
(149,968)
179
(150,147)
Deferred tax assets and/or liabilities for temporary differences are mainly recognized in the
Netherlands, United States, Japan, South Korea and Singapore.
Income tax receivable and income tax payable
During 2023, the company paid income taxes of \u20ac118.8 million (2022: \u20ac90.5 million) for tax
assessments relating to 2023.
Unrecognized deferred tax assets
The credits concern R&D credits generated in the US, in the state of Arizona. However,
ASM does not recognize these credits stemming from prior years due to the fact that
utilization of prior-year credits is only possible if and when the credits generated in the
current year are fully utilized. Given the level of R&D activity in the US, the company does
not expect it could fully utilize the credits generated in the current year and, hence, does
not expect to benefit from the available credits generated in prior years.
\u00a0
2023
\u00a0
Gross amount
Tax effect
Credits
30,381,971
30,381,971
Unrecognized deferred tax assets
30,381,971
30,381,971
Summary of open tax years
A summary of open tax years by major jurisdiction is as follows:
Jurisdiction
\u00a0
Japan
2022-2023
The Netherlands
2023
Singapore
2019-2023
United States of America
2019-2023
South Korea
2022-2023
The calculation of the company\u2019s tax liabilities involves dealing with uncertainties in the
application of complex tax laws. The company\u2019s estimate for the potential outcome of any
unrecognized tax benefits is highly judgmental.\u00a0Settlement of unrecognized tax benefits in
a manner inconsistent with the company\u2019s expectations could have a material impact on
the company\u2019s financial position, net earnings and cash flows. The company is subject to
tax audits in its major tax jurisdictions, and local tax authorities may challenge the positions
taken by the company.
Global minimum top-up tax
The company operates in amongst others the Netherlands, which has enacted new
legislation to implement the global minimum top-up tax. ASM expects to be subject to the
top-up tax in relation to its operations in the US, Korea, Singapore and Finland. Although
these countries have a statutory tax rate above 15%, the subsidiaries in the US, Singapore
and Korea receive tax credits and/or tax incentives that reduce their effective tax rate
below 15%. The company's impact assessment of the Global Minimum Tax implementation
in the Netherlands, based on recent financial results, indicate a possible increase in
income taxes of about \u20ac15 to \u20ac20 million. Since the newly enacted tax legislation in the
Netherlands is only effective from 1 January 2024, there is no current tax impact for the
year ended 31 December 2023.
ASM has applied a temporary relief from deferred tax accounting for the impacts of the
top-up tax and accounts for it as a current tax when it is incurred.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-329": { "value": "
Movement in deferred tax balances
\u00a0
Net balance at
January 1, 2022
Changes through
business
combinations
Consolidated
statement of
profit and loss
Equity
Exchange
differences
Net balance at
December 31,
2022
Deferred tax
assets at
December 31,
2022
Deferred tax
liabilities at
December 31, 2022
Right-of-use assets & lease liabilities
212
\u2014
40
\u2014
10
262
\u2014
262
Property plant and equipment
(2,828)
\u2014
662
\u2014
(37)
(2,203)
\u2014
(2,203)
Other intangible assets
(60,785)
(82,429)
(3,213)
\u2014
(1,236)
(147,663)
\u2014
(147,663)
Evaluation tools
3,949
\u2014
(1,719)
\u2014
(296)
1,934
\u2014
1,934
Employee benefits
(680)
\u2014
(152)
(277)
48
(1,061)
\u2014
(1,061)
Inventories
1,278
451
1,800
\u2014
40
3,569
140
3,429
Provision for warranty
5,651
191
994
\u2014
105
6,941
\u2014
6,941
Accrued expenses
6,297
(257)
4,088
\u2014
182
10,310
41
10,269
Tax losses carried forward
\u2014
6,816
(2,049)
\u2014
(115)
4,652
\u2014
4,652
R&D tax credits
1,227
(567)
(1,146)
\u2014
123
(363)
\u2014
(363)
Total deferred tax
(45,679)
(75,795)
(695)
(277)
(1,176)
(123,622)
181
(123,803)
\u00a0
Net balance at
January 1, 2023
Changes through
business
combinations
Consolidated
statement of
profit and loss
Equity
Exchange
differences
Net balance at
December 31,
2023
Deferred tax
assets at
December 31,
2023
Deferred tax
liabilities at
December 31, 2023
Right-of-use assets & lease liabilities
262
\u2014
68
\u2014
(11)
319
\u2014
319
Property plant and equipment
(2,203)
\u2014
(1,079)
\u2014
47
(3,235)
(787)
(2,448)
Other intangible assets
(147,663)
\u2014
(35,004)
\u2014
2,965
(179,702)
\u2014
(179,702)
Evaluation tools
1,934
\u2014
44
\u2014
(66)
1,912
\u2014
1,912
Employee benefits
(1,061)
\u2014
5,750
(234)
(97)
4,358
\u2014
4,358
Inventories
3,569
\u2014
2,449
\u2014
(58)
5,960
773
5,187
Provision for warranty
6,941
\u2014
(2,321)
\u2014
(198)
4,422
\u2014
4,422
Accrued expenses
10,310
\u2014
150
\u2014
(428)
10,032
193
9,839
Tax losses carried forward
4,652
\u2014
(782)
\u2014
(143)
3,727
\u2014
3,727
R&D tax credits
(363)
\u2014
2,663
\u2014
(61)
2,239
\u2014
2,239
Total deferred tax
(123,622)
\u2014
(28,062)
(234)
1,950
(149,968)
179
(150,147)
Deferred tax assets and/or liabilities for temporary differences are mainly recognized in the
Netherlands, United States, Japan, South Korea and Singapore.
Unrecognized deferred tax assets
The credits concern R&D credits generated in the US, in the state of Arizona. However,
ASM does not recognize these credits stemming from prior years due to the fact that
utilization of prior-year credits is only possible if and when the credits generated in the
current year are fully utilized. Given the level of R&D activity in the US, the company does
not expect it could fully utilize the credits generated in the current year and, hence, does
not expect to benefit from the available credits generated in prior years.
\u00a0
2023
\u00a0
Gross amount
Tax effect
Credits
30,381,971
30,381,971
Unrecognized deferred tax assets
30,381,971
30,381,971
", "dimensions": { "concept": "ifrs-full:DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-330": { "value": "
Expenses by nature were as follows:
\u00a0
Year ended December 31,
2022
2023
Materials and supplies
1,014,196
1,048,119
Personnel expenses
471,464
563,589
Depreciation and amortization
122,434
176,258
Impairments
6
4,638
Other personnel-related expenses
103,754
103,076
Professional fees
44,718
44,825
Other 1
21,960
40,154
Total cost of sales, selling, general and administrative
and research and development expenses
1,778,532
1,980,659
1 Other relates to facility expenses, IT expenses and other expenses minus capitalized expenses. In
2023 an amount of \u20ac 9.4 million concerns PPA realization relating to fair value adjustments on
inventory and deferred revenues (2022 \u20ac2.8 million)
Research and development consists of the following:
\u00a0
Year ended December 31,
\u00a0
2022
2023
Gross research and development expenses
301,618
410,240
Capitalization of development expenses
(102,627)
(147,220)
Amortization of capitalized development expenses
34,869
43,802
Total research and development expenses
233,860
306,822
Impairment of capitalized development expenses
6
2,475
Net research and development expenses
233,866
309,297
The impairment expenses in 2022 and 2023 are related to customer-specific projects.
Personnel expenses for employees were as follows:
\u00a0
December 31,
\u00a0
2022
2023
Wages and salaries
396,164
471,263
Social security
26,961
33,172
Pension expenses
18,528
22,059
Share-based payment expenses
29,811
37,095
Total
471,464
563,589
Personnel expenses are included in cost of sales and in operating expenses in the
consolidated statement of profit or loss.
The number of employees, exclusive of temporary workers, by geographical area at
year\u2011end was as follows:
\u00a0
December\u00a031,
Geographical location
2022
2023
Europe:
- the Netherlands
211
226
- EMEA
364
455
United States
1,034
1,159
Japan
350
353
South Korea
462
473
Singapore
1,091
1,152
Asia, other
746
724
Total
4,258
4,542
The number of employees, exclusive of temporary workers, by function at year-end was
as\u00a0follows:
December\u00a031,
Per function
2022
2023
Research and development
965
1,075
Manufacturing
1,197
1,390
Marketing and sales
445
397
Customer service
1,271
1,226
Corporate and support functions
380
454
Total
4,258
4,542
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-331": { "value": "
Basic net earnings per common share is calculated by dividing net income attributable to
common shareholders by the weighted average number of common shares outstanding for
that period. The dilutive effect is calculated using the treasury stock method.
The\u00a0calculation of diluted net income per share assumes the exercise of options issued
under our stock option plans (and the issuance of shares under our share plans) for
periods in which exercises (or issuances) would have a dilutive effect.
The calculation of basic and diluted net income per share attributable to common
shareholders is based on the following data:
\u00a0
December 31,
\u00a0
2022
2023
Net earnings used for purposes of calculating net income
per common share
Net earnings from operations
389,113
752,073
Basic weighted average number of shares outstanding
during the year
48,820
49,286
Effect of dilutive potential common shares from stock
options and restricted shares
278
269
Dilutive weighted average number of shares outstanding
49,097
49,555
Basic net earnings per share:
from operations
7.97
15.26
Diluted net earnings per share:
from operations
7.93
15.18
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-332": { "value": "389113000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-333": { "value": "752073000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-334": { "value": "48820000", "decimals": -3, "dimensions": { "concept": "ifrs-full:WeightedAverageShares", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "xbrli:shares" } }, "f-335": { "value": "49286000", "decimals": -3, "dimensions": { "concept": "ifrs-full:WeightedAverageShares", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "xbrli:shares" } }, "f-336": { "value": "49097000", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustedWeightedAverageShares", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "xbrli:shares" } }, "f-337": { "value": "49555000", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustedWeightedAverageShares", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "xbrli:shares" } }, "f-338": { "value": "7.97", "decimals": 2, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-339": { "value": "15.26", "decimals": 2, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-340": { "value": "7.93", "decimals": 2, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-341": { "value": "15.18", "decimals": 2, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-342": { "value": "
During 2023, the company considered the members of the Management Board, the
Executive Committee, and the Supervisory Board to be the key management personnel.
Total remuneration for key management personnel in 2023 amounts to \u20ac15,424
(2022:\u00a0\u20ac11,431). ASM does not provide any loans, deposits or related guarantees to the
members of the Management Board, the Executive Committee or the Supervisory Board.
Management Board and the Executive Committee
The table that sets out information concerning all remuneration from the company
(including its subsidiaries) for services in all capacities to all current and former members
of the Management Board and the Executive Committee of the company.
December 31,
2022 1
2023
Short-term employee benefits
7,094
7,448
Post-employment benefits
297
310
Other long-term benefits
\u2014
\u2014
Termination benefits
\u2014
1,159
Share-based payment
3,410
5,926
Total remuneration
10,801
14,843
1 Effective per February 1, 2022, the Executive Committee was installed. And therefore remuneration
is only included as from this effective date.
The remuneration reported as part of the LTI (share-based payments) is based on costs
incurred under accounting values EU-IFRS. The costs of performance share awards are
charged to the consolidated statement of profit or loss over the three-year vesting period
based on the number of awards expected to vest. The first year is accounted for at target,
subsequently the company applied the estimated number of share awards, and in the final
performance year of the awards this estimate is updated to the best estimated number of
awards which are anticipated to vest. Costs of restricted share awards represent the
vesting expenses related to the financial year.
As a result of the termination of the employment of one of the companies Executive
Committee members, the executive receives a termination benefit which has been
expensed within the year (2022: nil).
Supervisory Board
The total remuneration (base compensation, no bonuses or pensions were paid) from
the\u00a0company (including its subsidiaries) for services in all capacities to all current and
former members of the Supervisory Board of the company in 2023 amounts to \u20ac581
(2022:\u00a0\u20ac630). No stock options or performance shares have been granted to members of
the Supervisory Board.
The ownership or controlling interest of outstanding common shares of ASM by members
of the Management Board and Supervisory Board or members of their immediate family
are as follows:
\u00a0
December 31, 2022
December 31, 2023
\u00a0
Shares
owned
Percentage\u00a0of
common\u00a0shares
outstanding
Shares
owned
Percentage\u00a0of
common\u00a0shares
outstanding
G.L. Loh (member of the Management
Board)
0
0.00%
5,279
0.01%
P.A.H. Verhagen (member of the
Management Board)
0
0.00%
584
0.00%
H. Msaad (member of the
Management Board) 1
16,816
0.03%
26,752
0.05%
P.F.M. van der Meer Mohr (member of
the Supervisory Board)
200
0.00%
200
0.00%
D. Lamouche (member of the
Supervisory Board)
390
0.00%
390
0.00%
M.J.C. de Jong (member of the
Supervisory Board)
4,050
0.01%
2,550
0.01%
1 Shares owned as of 31 December 2022 amended (previously no value reported).
The company has a related party relationship with its subsidiaries, equity-accounted
investees, and members of the Supervisory Board and the Management Board. Related
party transactions, if any, are conducted on an arm\u2019s-length basis with terms comparable
to transactions with third parties.
During our most recent fiscal year, there has been no, and at present there is no,
outstanding indebtedness to the company owed by or owing to any director or officer of
the company. Furthermore, the company has not granted any personal loans, guarantees,
or the like to key management personnel.
For further information in relation to key management personnel, comprising of our
management board, executive committee and supervisory board, see Note 25 Board
Remuneration.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-343": { "value": "
KPMG Accountants N.V. has served as our external auditor for the years 2023 and 2022.
The table sets out the aggregate fees for professional audit services and other services
rendered by the external auditors and its member firms and/or affiliates in 2023 and 2022.
The fees mentioned in the table for the audit of the financial statements 2023 (2022)
relate to the total fees for the audit of the financial statements 2023 (2022), irrespective
of\u00a0whether the activities were performed during the financial year 2023 (2022).
Other\u00a0audit\u2011related fees are related to assurance services on non-financial information.
The following fees were charged by KPMG Accountants N.V. to the company, its
subsidiaries and other consolidated companies, as referred to in Section 2:382a(1) and (2)
of the Dutch Civil Code.
\u00a0
2022
2023
\u00a0
KPMG
Accountants NV
KPMG
network
KPMG
Total
KPMG
Accountants NV
KPMG
network
KPMG
Total
Audit fees
1,035
278
1,313
1,005
312
1,317
Audit-related
fees
75
\u2014
75
110
\u2014
110
Tax fees
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other fees
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total
1,110
278
1,388
1,115
312
1,427
Audit committee preapproval policies
The Audit Committee has determined that the provision of services by KPMG described in
the preceding paragraphs is compatible with maintaining KPMG\u2019s independence. All audit
and permitted non-audit services provided by KPMG during 2023 were preapproved by
the Audit Committee.
The Audit Committee has adopted the following policies and procedures for preapproval of
all audit and permitted non-audit services provided by our external auditor:
Audit services
Management submits to the Audit Committee for preapproval the scope and estimated
fees for specific services directly related to performing the independent audit of our
consolidated financial statements for the current year.
Audit-related services
The Audit Committee may preapprove expenditures up to a specified amount for services
included in identified service categories that are related extensions of audit services
and\u00a0are logically performed by the auditors (e.g., assurance engagement related to
non\u2011financial performance indicators on ESG). Additional services exceeding the specified
pre-approved limits require specific Audit Committee approval.
Tax services
The Audit Committee may pre-approve expenditures up to a specified amount per
engagement and in total for identified services related to tax matters. Additional services
exceeding the specified pre-approved limits, or involving service types not included in the
pre-approved list, require specific Audit Committee approval.
Other services
Any permitted other services that the external auditor provides are subject to preapproval
by the Audit Committee. The Audit Committee monitors compliance with the Dutch and
EU\u00a0regulation on non-audit services provided by an external auditor, which outlines strict
separation of audit and advisory services for Dutch public interest entities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-344": { "value": "
Unless otherwise indicated, these are, directly or indirectly, wholly-owned subsidiaries.
The location included below is the principal place of business of the specified subsidiaries.
There is no difference between the principal place of business and country of
incorporation.
% Ownership December\u00a031,
2022
2023
Name
Location
Subsidiaries (consolidated)
ASM Europe B.V. 1
Almere,\u00a0the\u00a0Netherlands
100%
100%
ASM IP Holding B.V. 1
Almere,\u00a0the\u00a0Netherlands
100%
100%
ASM Pacific Holding B.V. 1,2
Almere, the Netherlands
100%
100%
ASM Netherlands Holding B.V. 1
Almere,\u00a0the\u00a0Netherlands
100%
100%
ASM United Kingdom Sales B.V. 1
Almere, the Netherlands
100%
100%
ASM Germany Sales B.V. 1
Almere, the Netherlands
100%
100%
ASM Czech s.r.o.
Nov\u00e9 M\u011bsto, Czech Republic
n/a
100%
LPE S.p.A. 3
Baranzate, Italy
100%
100%
Pilegrowth Tech S.r.l.
Cernobbio, Italy
100%
100%
LPE Shanghai Int. Trading Co.
Shanghai, China
100%
100%
ASM France S.A.R.L.
Crolles, France
100%
100%
ASM Italia S.r.l.
Milano, Italy
100%
100%
ASM Belgium N.V.
Leuven, Belgium
100%
100%
ASM Services and Support Ireland Ltd.
Dublin, Ireland
100%
100%
ASM Services and Support Israel Ltd.
Kiryat Gat, Israel
100%
100%
ASM Microchemistry Oy
Helsinki, Finland
100%
100%
ASM America Inc.
Phoenix, Arizona, United States of America
100%
100%
ASM NuTool Inc.
Phoenix, Arizona, United States of America
100%
100%
ASM Japan KK
Tokyo, Japan
100%
100%
ASM Wafer Process Equipment Singapore Pte\u00a0Ltd
Singapore
100%
100%
ASM Front-End Manufacturing Singapore Pte\u00a0Ltd
Singapore
100%
100%
ASM Services & Support Malaysia SDN. BHD.
Kulim, Malaysia
100%
100%
ASM Korea Ltd.
Dongtan, South Korea
100%
100%
ASM Front-End Sales\u00a0& Services Taiwan Co\u00a0Ltd.
Hsin-Chu, Taiwan
100%
100%
ASM Semiconductor Equipment India Private Limited
Bangalore, India
100%
100%
ASM China Ltd
Shanghai, People\u2019s Republic of China
100%
100%
1For these subsidiaries, ASM International N.V. has filed statements at the Dutch Chamber of Commerce assuming joint and several liability in accordance with Article 403, Part 9 of Book 2 of the Dutch Civil Code.
2ASM Pacific Holding BV holds 24.85% of the shares in ASMPT Ltd.
3LPE S.p.A. holds 4.32%, 2.3%, 10.8% and 50% of the shares in Anvil semiconductors Ltd., Kubo's, Kiselkarbid AB and SiC systems AB respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-345": { "value": "
Subsequent events were evaluated up to March 1, 2024, which is the issuance date of this
Annual Report 2023.
ASM announced on February 12, 2024, that CEO Benjamin Loh will retire and step down as
per the AGM on May 13, 2024. He will be succeeded by Hichem M\u2019Saad, currently member
of the Management Board and CTO.
Except for this event, there are no other subsequent events to report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }