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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 is registered with the Dutch Commercial Register under number 30037466.
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 29 and investments in associates are listed in Note 7.
Basis for accounting
The consolidated financial statements for the year ended December 31, 2024 have been prepared in accordance
with IFRS as endorsed by the European Union (EU-IFRS) 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 6, 2025, and will be submitted for adoption to the Annual General Meeting of
Shareholders (AGM) on May 12, 2025.
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 them on its website, and in addition within eight days of
adoption by the 2025 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 stated in thousands of euros and rounded to the nearest thousand (which might result in
rounding differences), 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); and
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 7 - Investments in Associates;
\u2022 Note 13 - Employee benefits; and
\u2022 Note 18 - Financial instruments and financial risk management.
Use of estimates
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, 2024 is included in
the following notes:
\u2022 Notes 3, 4, 5, 6 - 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 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, 2024. These include\u00a0
amendment to IAS 1, IFRS 16, IAS 7 and IFRS 7. The 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.
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 recognized 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. 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 an indicator to test for impairment. 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 multiplied by our number of shares held 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 recoverable
amount 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 based on the business model for managing the assets and
their contractual cash flow characteristics. These assets are categorized as either: Amortized cost, fair value through
other comprehensive income (FVOCI), or fair value through profit or loss (FVTPL). The company classifies non-
derivative financial liabilities as amortized costs.
Non-derivative financial assets and financial liabilities \u2013 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
Associates might yearly issue common shares pursuant to their employee share incentive scheme. The effect of
these issuances is a dilution of the company's ownership in the associate. 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 are
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 of disposal.
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 22 '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 provides maintenance on our systems during the warranty period, on average one year after
installation & qualification (or 15 months upon shipment, whichever comes first). Costs of warranty includes the cost
of labor and material necessary to repair a\u00a0product during the warranty period. The company accrues 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 recognized 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-261": { "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 is registered with the Dutch Commercial Register under number 30037466.
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 29 and investments in associates are listed in Note 7.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-262": { "value": "ASM International N.V.", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-263": { "value": "ASM International N.V.", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-264": { "value": "ASM International N.V.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-265": { "value": "ASM, or the company", "dimensions": { "concept": "ifrs-full:ExplanationOfChangeInNameOfReportingEntityOrOtherMeansOfIdentificationFromEndOfPrecedingReportingPeriod", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-266": { "value": "Dutch public liability company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-267": { "value": "Netherlands", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-268": { "value": "Netherlands", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-269": { "value": "Europe, the United States of America, and Asia", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-270": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-271": { "value": "Versterkerstraat 8, 1322 AP Almere, the Netherlands", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-273": { "value": "
Basis for accounting
The consolidated financial statements for the year ended December 31, 2024 have been prepared in accordance
with IFRS as endorsed by the European Union (EU-IFRS) 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 6, 2025, and will be submitted for adoption to the Annual General Meeting of
Shareholders (AGM) on May 12, 2025.
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 them on its website, and in addition within eight days of
adoption by the 2025 AGM.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-272": { "value": "
Basis for accounting
The consolidated financial statements for the year ended December 31, 2024 have been prepared in accordance
with IFRS as endorsed by the European Union (EU-IFRS) 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 6, 2025, and will be submitted for adoption to the Annual General Meeting of
Shareholders (AGM) on May 12, 2025.
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 them on its website, and in addition within eight days of
adoption by the 2025 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-274": { "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 stated in thousands of euros and rounded to the nearest thousand (which might result in
rounding differences), unless otherwise indicated.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-275": { "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); and
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 7 - Investments in Associates;
\u2022 Note 13 - Employee benefits; and
\u2022 Note 18 - Financial instruments and financial risk management.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-276": { "value": "
Use of estimates
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, 2024 is included in
the following notes:
\u2022 Notes 3, 4, 5, 6 - 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-277": { "value": "
Changes in material accounting policies
Application of new and revised 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, 2024. These include\u00a0
amendment to IAS 1, IFRS 16, IAS 7 and IFRS 7. The 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-278": { "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 recognized in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-279": { "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. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-280": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-281": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-282": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-283": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-284": { "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 an indicator to test for impairment. 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 multiplied by our number of shares held in each reporting period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-285": { "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 recoverable
amount 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-286": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-287": { "value": "
Financial instruments
The company classifies non-derivative financial assets based on the business model for managing the assets and
their contractual cash flow characteristics. These assets are categorized as either: Amortized cost, fair value through
other comprehensive income (FVOCI), or fair value through profit or loss (FVTPL). The company classifies non-
derivative financial liabilities as amortized costs.
Non-derivative financial assets and financial liabilities \u2013 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-288": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-289": { "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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-290": { "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
Associates might yearly issue common shares pursuant to their employee share incentive scheme. The effect of
these issuances is a dilution of the company's ownership in the associate. The company recognizes the impact of
these issuances directly into equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-291": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-292": { "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.
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 are
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 of disposal.
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-293": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-294": { "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 22 '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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-295": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-296": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-297": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-298": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-299": { "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 recognized 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-300": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-301": { "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/ air purifiers).
Right-of-use assets
Land and
buildings
Motor vehicles
Other machinery
and equipment
Total
Balance January 1, 2023
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)
-
-
(940)
Foreign currency translation effect
(690)
(33)
(18)
(741)
Balance December 31, 2023
32,148
1,305
1,942
35,395
Additions
7,900
1,113
110
9,123
Modifications and reassessments
4,557
162
236
4,955
Depreciation for the year
(11,947)
(1,286)
(634)
(13,867)
Impairment charges
-
-
-
-
Foreign currency translation effect
874
(8)
53
919
Balance December 31, 2024
33,532
1,286
1,707
36,525
Amounts recognized in profit or loss
(\u20ac thousand)
2023
2024
Leases under IFRS 16
Interest on lease liabilities
705
800
Depreciation expenses
12,622
13,867
Impairment charges
(940)
-
Expenses relating to short-term and low value\u00a0 leases
500
634
Total
12,887
15,301
Amounts recognized in statement of cash flows
2023
2024
Total cash outflow for leases
12,602
14,177
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-302": { "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, 2023
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)
-
(21,100)
Transfer from assets under construction
36,305
84,933
20,741
(141,979)
-
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
Additions
2,487
615
2,823
161,970
167,895
Disposals
(275)
(7,580)
(2,616)
-
(10,471)
Transfer from assets under construction
5,455
49,435
12,325
(67,215)
-
Foreign currency translation effect
2,008
7,702
225
1,880
11,815
Balance December 31, 2024
199,981
463,842
73,929
146,595
884,347
Accumulated depreciation and impairment
Balance January 1, 2023
44,422
227,707
24,697
-
296,826
Depreciation for the year
9,433
45,002
8,225
-
62,660
Impairment charges
-
-
-
1,223
1,223
Disposals
(10,081)
(5,906)
(1,543)
-
(17,530)
Foreign currency translation effect
(1,374)
(10,404)
(1,242)
-
(13,020)
Balance December 31, 2023
42,400
256,399
30,137
1,223
330,159
Depreciation for the year
10,552
52,516
9,661
-
72,729
Impairment charges
-
-
-
-
-
Disposals
(171)
(6,814)
(2,130)
-
(9,115)
Foreign currency translation effect
648
6,774
251
-
7,673
Balance December 31, 2024
53,429
308,875
37,919
1,223
401,446
Carrying amounts
December 31, 2023
147,906
157,271
31,035
48,737
384,949
December 31, 2024
146,552
154,967
36,010
145,372
482,901
Useful\u00a0lives\u00a0in\u00a0years
1-25
2-10
2-10
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-303": { "value": "
The changes in the amount of evaluation tools are as follows:
December 31,
2023
2024
At cost
Balance at beginning of year
101,073
107,411
Evaluation tools shipped
50,639
63,328
Evaluation tools sold and returns
(39,047)
(33,049)
Foreign currency translation effect
(5,254)
3,841
Balance at end of year
107,411
141,531
Accumulated depreciation
Balance at beginning of year
32,397
27,814
Depreciation for the year
17,529
20,425
Evaluation tools sold and returns
(20,626)
(16,801)
Foreign currency translation effect
(1,486)
554
Balance at end of year
27,814
31,992
Carrying amount at beginning of year
68,676
79,597
Carrying amount at end of year
79,597
109,539
Useful\u00a0lives\u00a0in\u00a0years:
5
Evaluation tools enable ASM to win new business and expand its technological footprint by gaining penetration at
new customers and with new applications.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-304": { "value": "
The carrying amount of the goodwill is related to acquisitions in the following cash-generating units:
ALD
PEALD
SiC Epi
Total
Balance January 1, 2023
2,611
27,388
290,819
320,818
Foreign currency translation effect
-
(651)
-
(651)
Balance December 31, 2023
2,611
26,737
290,819
320,167
Foreign currency translation effect
-
1,151
-
1,151
Balance December 31, 2024
2,611
27,888
290,819
321,318
We perform an annual impairment 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 8.6% (2023: 9.5%) 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, 2024 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-305": { "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, 2023
545,165
40,628
220,862
89,400
896,055
Additions
147,220
15,602
-
787
163,609
Reclassification
-
-
(613)
613
-
Disposals
-
(152)
-
-
(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
Additions
166,343
30,086
-
406
196,835
Disposals
-
(862)
-
-
(862)
Derecognition
(103,265)
-
-
-
(103,265)
Foreign currency translation effect
(860)
1,541
1,387
(120)
1,948
Balance December 31, 2024
726,168
86,486
220,949
91,093
1,124,696
Accumulated amortization and impairment losses
Balance January 1, 2023
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
-
-
-
2,475
Reclassification
-
-
(92)
92
-
Disposals
-
-
-
-
-
Foreign currency translation effect
(11,293)
(211)
44
5
(11,455)
Balance December 31, 2023
239,719
33,298
27,169
24,232
324,418
Amortization for the year
65,901
3,497
14,065
4,868
88,331
Impairments
448
-
-
-
448
Derecognition
(103,265)
-
-
-
(103,265)
Disposals
-
(862)
-
-
(862)
Foreign currency translation effect
(248)
183
241
(140)
36
Balance December 31, 2024
202,555
36,116
41,475
28,960
309,106
Carrying amounts
December 31, 2023
424,231
22,423
192,393
66,575
705,622
December 31, 2024
523,613
50,370
179,474
62,133
815,590
The carrying amount of other intangibles consists of customer relationships \u20ac59\u00a0million (2023: \u20ac63.0\u00a0million), trade
name \u20ac1.5\u00a0million (2023: \u20ac2.3\u00a0million), and other \u20ac1.6\u00a0million (2023: \u20ac1.3\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 2024 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.
Capitalized development costs are derecognition upon disposal; or when no future economic benefits are
anticipated from its use or disposal. The derecognition in 2024 pertain to fully amortized projects that were either
previously impaired or succeeded by subsequent development projects, thus no future economic benefits are
expected from these projects.
The company estimated a useful life of purchased technology of 15 years; other intangibles assets are amortized
over their estimated useful lives of, respectively, four years (trade name) and 17 years (customer relationships).
The amortization of development costs and purchased technology is included in R&D expenses in the P&L (2024:
EUR 80m). The amortization of the trade name and customer relationships is included in SG&A.
Actual / estimated amortization expenses relating to other intangible assets are as follows:
Development costs
Software
Purchased technology
Other intangibles
Total
2024 (actual)
65,901
-
65,901
3,497
14,065
4,868
88,331
Estimated
Amortization started (\"in use\")
Future amortization start date
(\"in development\")
Total expected amortization
2025
82,716
17,770
100,486
10,945
14,131
5,255
130,817
2026
73,643
38,824
112,467
16,896
14,131
5,046
148,540
2027
65,394
44,504
109,898
15,528
14,131
4,215
143,772
2028
52,273
44,943
97,216
6,997
14,131
4,183
122,527
2029
24,834
44,943
69,777
4
14,131
4,098
88,010
Years thereafter
-
33,769
33,769
-
108,819
39,336
181,924
Estimated amortization
(total)
298,860
224,753
523,613
50,370
179,474
62,133
815,590
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-306": { "value": "
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,
2023
2024
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
24.85%
24.73%
Levitech BV is valued at nil (2023: nil).
The changes in the investment in associates are as follows:
ASMPT
Other
Total
Net equity share
Other (in)tangible
assets
Goodwill
Total ASMPT (before
impairment)
Impairment, net
Total ASMPT (after
impairment)
Net equity share
Balance January 1, 2023
475,725
7,233
418,272
901,230
(215,389)
685,841
500
686,341
Reversal of impairments of investments in associates, net
-
-
-
-
215,389
215,389
-
215,389
Share in net earnings of investments in associates
21,206
-
-
21,206
-
21,206
-
21,206
Other comprehensive income of investments in associates
(618)
-
-
(618)
-
(618)
-
(618)
Amortization recognized intangible assets
-
(3,666)
-
(3,666)
-
(3,666)
-
(3,666)
Dividends
(30,753)
-
-
(30,753)
-
(30,753)
-
(30,753)
Dilution ASMPT share to 24.85%
2,607
-
-
2,607
-
2,607
-
2,607
Foreign currency translation effect
(13,158)
(141)
(15,270)
(28,569)
-
(28,569)
-
(28,569)
Balance December 31, 2023
455,009
3,426
403,002
861,437
-
861,437
500
861,937
Reversal of impairments of investments in associates, net
-
-
-
-
-
-
-
-
Share in net earnings of investments in associates
10,021
-
10,021
-
10,021
-
10,021
Other comprehensive income of investments in associates
(1,276)
-
(1,276)
-
(1,276)
-
(1,276)
Amortization recognized intangible assets
-
(378)
(378)
-
(378)
-
(378)
Dividends
(13,668)
-
(13,668)
-
(13,668)
-
(13,668)
Dilution ASMPT share to 24.73%
3,500
-
3,500
-
3,500
-
3,500
Foreign currency translation effect
15,162
221
28,106
43,489
-
43,489
-
43,489
Balance December 31, 2024
468,748
3,269
431,108
903,125
-
903,125
500
903,625
The company's interests in Levitech and SIC systems AB are, individually and in aggregate, immaterial to the
consolidated financial statements, therefore no further disclosures included.
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 higher of fair value of the
investment or value in use is less than its carrying value. If the higher of fair value of an investment or value in use 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 no objective evidence for impairment as of 31 December 2024
(2023 contains a \u20ac215 million impairment reversal as a result of an increase in the recoverable amount).
The amount per share recognized as per December 31, 2024, under equity accounting amounts to HK$70.74,
whereas the level 1 fair value per share (being the market price of a\u00a0share on the Hong Kong Stock Exchange) was
HK$74.9 as per December 31, 2024.
In December 2024, 1,953,200 common shares of ASMPT were issued, for cash at par value of HK$0.10 per share,
pursuant to the Employee Share Incentive Scheme of ASMPT. ASM's ownership in ASMPT has diluted to 24.73% as
of December 31, 2024 due to the shares issued under the plan in 2024.
Per December 31, 2024, the book value of our equity method investment in ASMPT was \u20ac903.1 million. The historical
cost basis of our 24.73% share of net assets on the books of ASMPT under IFRS was \u20ac468.7 million as of December
31, 2024, resulting in a basis difference of \u20ac434.4 million. \u20ac3.3 million of this basis difference has been allocated to
intangible assets. The remaining amount was allocated to equity method goodwill. Each individual, identifiable asset
will periodically be reviewed for any indicators of potential impairment. We amortize the basis differences allocated
to the assets on a straight-line basis, and include the impact within the results of our equity method investments.
Amortization and depreciation are adjusted for related deferred tax impacts. Included in net income attributable to
ASM for 2024 was an after-tax expense of \u20ac0.4 million, representing the depreciation and amortization of the basis
differences.
Summarized 100% earnings information for ASMPT equity method investment excluding basis adjustments (foreign
currency exchange rate average 2024: 1 HK$: \u20ac0.11782 for December 31, 2023: 1 HK$: \u20ac0.11812).
(HK$ million)
2023
2024
Revenues
14,697
13,229
Income before income tax
1,036
502
Net earnings from continuing operations
712
342
Other comprehensive income
116
(575)
Total comprehensive income
828
(233)
Summarized 100% statement of financial position information for ASMPT equity method investment excluding basis
adjustments (foreign currency exchange rate per December\u00a031, 2024, was 1 HK$: \u20ac0.12394 for December 31, 2023:
1 HK$: \u20ac0.11586).
December 31,
(HK$ million)
2023
2024
Current assets
15,241
15,095
Non-current assets
8,722
8,579
Current liabilities
6,013
4,072
Non-current liabilities
2,146
4,310
Total equity
15,804
15,292
Shareholder's equity of ASMPT per December 31, 2024, translated into euros at a rate of 0.12394 was \u20ac1,895 million
(our 24.73% share: \u20ac469 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.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-307": { "value": "
Inventories consist of the following:
\u00a0
December 31,
\u00a0
2023
2024
Components and raw materials
409,478
425,996
Work in progress
91,633
131,340
Finished goods
65,363
96,773
Total inventories, gross
566,474
654,109
Allowance for obsolescence
(40,784)
(87,102)
Total inventories, net
525,690
567,007
The changes in the allowance for obsolescence are as follows:
December 31,
2023
2024
Balance at beginning of year
(16,386)
(40,784)
Additions
(36,536)
(62,262)
Reversals
10,042
14,642
Utilization of the provision
1,552
2,510
Foreign currency translation effect
544
(1,208)
Balance at end of year
(40,784)
(87,102)
On December 31, 2024, our allowance for inventory obsolescence amounted to \u20ac87.1\u00a0million, which is 13.3% of total
gross inventory. The major part of the allowance is related to components and raw materials. The additions for 2024
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 \u20ac1,082.0 million (2023:
\u20ac1,023.0 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-308": { "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,
2023
2024
Current
427,111
681,904
Overdue <30 days
30,328
47,648
Overdue 31-60 days
5,710
18,242
Overdue 61-120 days
9,752
19,309
Overdue >120 days
14,826
21,856
Total
487,727
788,959
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,
2023
2024
Balance at beginning of year
(642)
(1,454)
Charged to selling, general and administrative expenses
(845)
(384)
Utilization of the provision
37
886
Foreign currency translation effect
(4)
(5)
Balance at end of year
(1,454)
(957)
Accounts receivable are impaired and provided for on an individual basis. As of December 31, 2024, accounts
receivable of \u20ac107.1 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. Refer to Note 18 for further information on credit risk.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-309": { "value": "
Other current assets consist of the following:
December 31,
2023
2024
Prepayments
39,010
25,888
VAT receivable
23,154
29,647
Others
6,681
14,742
Total
68,845
70,277
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-310": { "value": "
Cash and cash equivalents at December 31, 2024, 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 2024 was \u20ac472 million (2023: \u20ac191 million) and
interest\u2011bearing bank accounts of \u20ac455 million (2023: \u20ac446 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 are in place for an amount of \u20ac1.1 million at December 31, 2024 (\u20ac1.8 million as per December 31,
2023). 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 (2023: \u20ac0.5
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-311": { "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 2024 results on February 25, 2025, 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, 2024, 49,328,548 common shares with a nominal value of \u20ac0.04 each were issued and fully
paid up, of which 230,731 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 49,097,817 outstanding common shares at
December 31, 2024, 47,132,271 are registered with our transfer agent in the Netherlands, ABN AMRO Bank N.V., and
1,965,546 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, 2024, no preferred shares and no financing preferred shares are issued.
Purchases of common shares by the issuer and affiliated purchasers
On May 13, 2024, 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
On February 27, 2024, ASM announced a share buyback program to purchase up to an amount of \u20ac150 million of its
own shares within the 2024 time frame. This program started on May 15, 2024, and was completed on July 25, 2024.
Period
Total number of shares
purchased
Average price paid per share (\u20ac)
Cumulative number of shares
purchased
May, 2024
72,961
\u20ac653.45
72,961
June, 2024
17,360
\u20ac654.77
90,321
July, 2024
138,068
\u20ac658.78
228,389
Total
228,389
\u20ac656.77
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
226,802
49,201,746
Purchase common shares
228,389
(228,389)
Vesting restricted shares out of treasury shares
(124,460)
124,460
Cancellation treasury shares
(100,000)
-
Balance at end of year
230,731
49,097,817
ASM intends to use part of the shares for commitments under the employee share-based compensation schemes
and the performance shares program for the Management Board.
Treasury shares
On December 31, 2024, we had 49,097,817 outstanding common shares excluding 230,731 treasury shares. This
compared to 49,201,746 outstanding common shares and 226,802 treasury shares at December 31, 2023. The
change in the number of treasury shares in 2024 was the result of 228,389 repurchased shares, cancellation of
100,000 treasury shares and 124,460 treasury shares that were used as part of share-based payments.
2023
2024
As per January 1:
Issued shares
49,348,548
49,428,548
Treasury shares
22,229
226,802
Outstanding shares
49,326,319
49,201,746
Changes during the year:
Share buybacks
264,503
228,389
Treasury shares used for share-based performance programs
121,681
124,460
Treasury shares used for exercise stock options
18,249
-
Issue of common shares used for share-based performance programs
80,000
-
Cancellation of treasury shares
\u2014
(100,000)
As per December 31:
Issued shares
49,428,548
49,328,548
Treasury shares
226,802
230,731
Outstanding shares
49,201,746
49,097,817
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 2023, we paid in total a dividend of \u20ac2.75 per common share as regular dividend, and was paid after the 2024
AGM in May 2024. We will propose to the forthcoming 2025 AGM to declare a regular dividend of \u20ac3.00 per share
over 2024.
Results on dilution of investments in associates are accounted for directly in equity. For\u00a02024 and 2023, these
dilution results were \u20ac3,500 and \u20ac2,607, respectively.
Other reserves
The changes in the amounts of other reserves are as follows:
Proportionate share in
other comprehensive
income of investments
in associates
Remeasurem
ent on net
defined
benefit
Foreign
currency
translation
reserve
Total other
reserves
Balance January 1, 2023
2,279
1,057
191,546
194,882
Proportionate share in other comprehensive income of
investments in associates
(618)
-
-
(618)
Remeasurement on net defined benefit
-
479
-
479
Foreign currency translation effect on foreign operations
-
-
(90,908)
(90,908)
Balance December 31, 2023
1,661
1,536
100,638
103,835
Proportionate share in other comprehensive income of
investments in associates
(1,276)
-
-
(1,276)
Remeasurement on net defined benefit
-
725
-
725
Foreign currency translation effect on foreign operations
-
-
69,957
69,957
Balance December 31, 2024
385
2,261
170,595
173,241
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-312": { "value": "
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 190 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 1,533 companies and approximately 183,000 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 as of January 2027, no impact identified on the 2023 and 2024
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, 2024, of 113.1%
(December 31, 2023: 109.4%) 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 2024, 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, 2024. 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
2023
2024
Defined benefit obligations
8,615
8,311
Fair value of plan assets
11,534
12,127
Net liability (asset) for defined benefit plans
(2,919)
(3,816)
The company does not provide for any significant post-retirement benefits other than pensions.
Deferred compensation plan
Our non-qualified deferred compensation plan enables more senior US employees to postpone a percentage of their
salary and/or bonuses. At its sole discretion, we may credit participant accounts with company contributions.
Participants can allocate their deferrals among the plan's numerous investment options. At least three years after
deferral, participants choose to receive their funds in subsequent periods following the earlier of their employment
termination or their withdrawal election.
Expenses were close to nil relating to this plan in 2024 and 2023. As of December 31, 2024, our liability under
deferred compensation plans was \u20ac17.2 million (2023: \u20ac8.1 million). The related compensation plan assets are \u20ac15.9
million (2023: \u20ac7.4 million).
Long-term incentive plan for Management Board and employee
The company has adopted multiple share plans, including a restricted share plan and a performance share plan. It
has entered into share agreements with the Management Board and included eligible employees to participate in the
restricted share plan. Under the restricted share plan, employees receive per the vesting date a specific number of
shares of the company\u2019s common stock. In 2024, 64% of our global headcount was eligible to the restricted share
plan. Under the performance share plan, the Management Board and Executive Committee members receive 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 14, 2024, 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 2025 AGM to allow the continued application of the long-term
incentive (LTI) plans beyond November 14, 2025. 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 shares to be
granted to the Management Board members and to employees.
2014 long-term incentive plan
The current long-term incentive plan was adopted in 2014. In the plan to limit potential dilution, the amount of
outstanding (vested and non-vested) 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.
Performance shares are primarily issued to Management Board and Executive Committee members and regularly
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 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.
Status
Number of
performance
shares
Number of
restricted shares
Fair value at grant
date (weighted
average)
Balance January 1, 2023
23,069
239,710
Shares granted, employees
Unconditional
-
120,200
\u20ac317.51
Shares granted, Management Board and ExCo
Conditional
18,017
-
\u20ac313.46
Shares granted, Management Board
Unconditional
-
-
\u20ac0.00
Shares vested
(8,087)
(113,594)
Shares forfeited
-
(9,879)
Balance December 31, 2023
32,999
236,437
Shares granted, employees
Unconditional
-
80,896
\u20ac579.25
Shares granted, employees
Conditional
4,461
-
\u20ac584.53
Shares granted, Management Board and ExCo
Conditional
9,001
-
\u20ac581.81
Shares granted, Management Board
Unconditional
2,358
-
\u20ac260.33
Shares vested
(16,384)
(108,076)
Shares forfeited
(644)
(20,038)
Balance December 31, 2024
31,791
189,219
In 2024, treasury shares were sold for the vesting of 124,460 restricted shares.
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 \u20ac48,557 for 2024
(2023: \u20ac37,308).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-313": { "value": "
Long-term incentive plan for Management Board and employee
The company has adopted multiple share plans, including a restricted share plan and a performance share plan. It
has entered into share agreements with the Management Board and included eligible employees to participate in the
restricted share plan. Under the restricted share plan, employees receive per the vesting date a specific number of
shares of the company\u2019s common stock. In 2024, 64% of our global headcount was eligible to the restricted share
plan. Under the performance share plan, the Management Board and Executive Committee members receive 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 14, 2024, 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 2025 AGM to allow the continued application of the long-term
incentive (LTI) plans beyond November 14, 2025. 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 shares to be
granted to the Management Board members and to employees.
2014 long-term incentive plan
The current long-term incentive plan was adopted in 2014. In the plan to limit potential dilution, the amount of
outstanding (vested and non-vested) 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.
Performance shares are primarily issued to Management Board and Executive Committee members and regularly
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 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.
Status
Number of
performance
shares
Number of
restricted shares
Fair value at grant
date (weighted
average)
Balance January 1, 2023
23,069
239,710
Shares granted, employees
Unconditional
-
120,200
\u20ac317.51
Shares granted, Management Board and ExCo
Conditional
18,017
-
\u20ac313.46
Shares granted, Management Board
Unconditional
-
-
\u20ac0.00
Shares vested
(8,087)
(113,594)
Shares forfeited
-
(9,879)
Balance December 31, 2023
32,999
236,437
Shares granted, employees
Unconditional
-
80,896
\u20ac579.25
Shares granted, employees
Conditional
4,461
-
\u20ac584.53
Shares granted, Management Board and ExCo
Conditional
9,001
-
\u20ac581.81
Shares granted, Management Board
Unconditional
2,358
-
\u20ac260.33
Shares vested
(16,384)
(108,076)
Shares forfeited
(644)
(20,038)
Balance December 31, 2024
31,791
189,219
In 2024, treasury shares were sold for the vesting of 124,460 restricted shares.
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 \u20ac48,557 for 2024
(2023: \u20ac37,308).
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-314": { "value": "48557000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f-315": { "value": "37308000.0", "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-316": { "value": "
The changes in the amount of provision for warranty are as follows:
December 31,
2023
2024
Balance January 1
34,219
22,716
Additions
36,360
41,536
Utilization
(29,238)
(25,305)
Releases of expired warranty
(17,352)
(6,298)
Foreign currency translation effect
(1,273)
752
Balance December 31
22,716
33,401
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-317": { "value": "
Accrued expenses and other payables consist of the following:
\u00a0
December\u00a031,
\u00a0
2023
2024
Personnel-related items
132,813
164,691
Current lease liabilities
10,874
11,672
Supplier-related items
39,996
32,522
Other
32,530
26,415
Total accrued expenses and other payables
216,213
235,300
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-318": { "value": "
According to the SPA (Sale and Purchase Agreement of LPE S.p.A., hereafter LPE ) dated 15 July 2022, ASM agreed
with the seller that in the event 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 company determined that the combined revenues over the performance period exceed the upper threshold of
the predetermined sales targets and therefore accounted for 100% of the LPE earn-out. The payout will remain
conditional until approval of the 2024 statutory annual report of LPE, which is expected to occur in the 2nd quarter
of 2025.
The fair value of the contingent consideration of \u20ac97 million represents the discounted value of the expected related
\u20ac100\u00a0million cash payment as of 31 December, 2024 (2023: \u20ac88 million).
ASM and its subsidiaries are, and may become, a party to various legal proceedings incidental to their business. As is
the case with other companies in similar industries, ASM 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 ASM's consolidated financial position, cash flows and result of operations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-319": { "value": "
As per December 31, 2024, ASM was debt-free. ASM may borrow under separate short-term lines of credit with
banks under an unsecured \u20ac150 million standby revolving credit facility (RCF)with a consortium of banks.
The amount outstanding as at December\u00a031, 2024 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
initial five-year tenor 2022 facility included a two-year extension option, which has been exercised, bringing the
maturity date to 2029. 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, 2024, the
company has no net debt, cash and cash equivalents amount to \u20ac927 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, 2024.
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.
Next to the RCF ASM has an unsecured \u20ac15 million Uncommitted Overdraft Facility Agreement with one of its cash
management banks. The amount outstanding on December 31, 2024, was nil, so the undrawn portion totaled \u20ac15
million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-320": { "value": "
Financial instruments
Financial instruments include:
Year ended December 31, 2023
Financial assets at
fair value through
profit or loss 1
Financial assets as
amortized costs
Other financial
liabilities
Total
Financial assets:
Cash and cash equivalents
191,232
446,032
-
637,264
Accounts receivable
-
487,727
-
487,727
Financial liabilities:
Accrued expenses and other liabilities
-
-
238,897
238,897
Contingent consideration payable
-
-
88,304
88,304
Accounts payable
-
-
177,686
177,686
Year ended December 31, 2024
Financial assets at
fair value through
profit or loss 1
Financial assets as
amortized costs
Other financial
liabilities
Total
Financial assets:
Cash and cash equivalents
471,847
454,654
-
926,501
Accounts receivable
-
788,959
-
788,959
Financial liabilities:
Accrued expenses and other liabilities
-
-
258,889
258,889
Contingent consideration payable
-
-
97,002
97,002
Accounts payable
-
-
282,554
282,554
1 Consists of investments in money market funds that invest in marketable debt obligations and securities of
governments, corporates and financial institutions and dual currency deposits ( less then 3 months). Fair value
measurement of the money market funds is based on Level 1 (fair value hierarchy), remainder based on Level 2.
The carrying amounts of cash and cash equivalents, accounts receivable, and accounts payable are a reasonable
approximation of their fair values.
Gains or (losses) related to financial instruments are as follows:
\u00a0
2023
2024
Interest income
14,826
21,658
Interest expense
(3,945)
(1,884)
Change in fair value of contingent consideration
(9,655)
(8,698)
Result from foreign currency exchange
(21,375)
45,048
Addition to allowance for doubtful accounts receivable
(845)
(384)
Financial risk factors
ASM is exposed to a number of financial risks such as\u00a0 market risk (including foreign currency risk), credit risk,
liquidity risk, and capital risk. Our overall risk management program focuses on the unpredictability of financial
markets and seeks to minimize potentially adverse effects on our financial performance.\u00a0 Our financing policy is
based on the following elements:
\u2022 Liquidity: Maintain a minimum amount of \u20ac600 million in cash and cash equivalents, which allows us to continue
investing in R&D and in the growth of our company;
\u2022 Capital structure: Maintain a strong capital base so as to maintain investor-, creditor-, and market confidence, and
to sustain future development of the business;
\u2022 Cash return: 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.
We might use derivative financial instruments to hedge certain risk exposures, we won't enter into such instruments
for trading or speculative purposes. We use market information to determine the fair value of our derivative financial
instruments
Market risk
Market risk includes changes in market prices \u2013 e.g. foreign currencies 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 currency 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.
We do not use forward exchange contracts for trading or speculative purposes.
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.
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, 2024, there were no forward exchange contracts outstanding (none as per December 31, 2023).
The foreign currency exchange results in 2024 pertains to translation gain of \u20ac45.0\u00a0million, compared to translation
loss of \u20ac21.4 million in 2023. A substantial part of ASM's cash position is denominated in US dollar, which is the key
driver of the exchange gain in 2024 and the loss in 2023.
The following table analyzes the company\u2019s exposure to currency risk in our major currencies.
\u00a0
December 31,
\u00a0
2023
2024
(thousand)
USD
JPY
KRW
SGD
USD
JPY
KRW
SGD
Accounts receivable
430,219
1,896,633
9,828,588
510
715,072
2,032,556
9,863,787
496
Cash and cash equivalents
557,922
2,538,412
20,238,173
30,384
538,118
146,687
12,805,931
28,853
Accounts payable
(77,837)
(3,041,465)
(28,425,737)
(36,840)
(182,843)
(3,148,769)
(40,305,139)
(47,070)
Total
910,304
1,393,580
1,641,024
(5,946)
1,070,347
(969,526)
(17,635,421)
(17,721)
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, 2024, 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
2023
2024
10% increase of US dollar versus euro
82,381
103,027
10% decrease of US dollar versus euro
(82,381)
(103,027)
10% increase of Singapore dollar versus euro
(408)
(1,251)
10% decrease of Singapore dollar versus euro
408
1,251
10% increase of Korean won versus euro
115
(1,146)
10% decrease of Korean won versus euro
(115)
1,146
10% increase of Japanese yen versus euro
892
(594)
10% decrease of Japanese yen versus euro
(892)
594
A hypothetical 10% strengthening or 10% weakening of any other currency against the euro as of December\u00a031,
2024, 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, 2024,
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 69.7% of revenue in 2024 (2023:\u00a064.9%). The five largest customers accounted for
approximately 50.8% of revenue in 2024 (2023: 48.7%). In 2024, we had 3 customers (2023: 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.
Refer to Note 9 for further information.
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 investment grade credit ratings (e.g., S&P), 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 2025.
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 obligations:
Year ended December 31, 2023
Total
Less\u00a0than
1 year
1-5
years
More\u00a0than
5 years
Accounts payable
177,686
177,686
-
-
Accrued expenses and other payables
216,213
216,213
-
-
Non-current lease liabilities
22,684
-
19,839
2,845
Contingent consideration payable
100,000
-
100,000
-
Purchase obligations:
Purchase commitments to suppliers
665,657
579,941
85,716
-
Capital expenditure and other commitments
49,287
31,669
17,618
-
Total contractual obligations
1,231,527
1,005,509
223,173
2,845
Year ended December 31, 2024
Total
Less\u00a0than
1 year
1-5
years
More\u00a0than
5 years
Accounts payable
282,554
282,554
-
-
Accrued expenses and other payables
235,300
235,300
-
-
Non-current lease liabilities
25,018
-
21,360
3,658
Contingent consideration payable
100,000
100,000
-
-
Purchase obligations:
Purchase commitments to suppliers
616,688
523,636
93,052
-
Capital expenditure and other commitments
109,147
107,599
1,548
-
Total contractual obligations
1,368,707
1,249,089
115,960
3,658
Total short-term lines of credit amounted to \u20ac150 million at December 31, 2024. The\u00a0amount outstanding at
December\u00a031, 2024 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.
Capital risk
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.
Our objectives when managing our capital structure are to safeguard our ability to satisfy our capital providers by
maintaining a capital structure that ensures strong financial position. The capital structure is mainly altered by,
among other things, our financial results, adjusting the amount of dividends paid to shareholders, the amount of
share buybacks or capital repayment, and (if applicable) any changes in the level of debt. Our capital structure is
formally reviewed with the Supervisory Board each year in connection with our updated long-term financial plan and
relevant scenarios. The outcome of this year\u2019s review confirmed to maintain our existing financing policy in relation to
our capital structure.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-321": { "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 69.7% of revenue in 2024 (2023:\u00a064.9%). The five largest customers accounted for
approximately 50.8% of revenue in 2024 (2023: 48.7%). In 2024, we had 3 customers (2023: 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.
Refer to Note 9 for further information.
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 investment grade credit ratings (e.g., S&P), 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-322": { "value": "
Per December\u00a031, 2024, the company entered into purchase commitments with suppliers in the amount of \u20ac523,636
(2023: \u20ac579,941) for purchases within the next 12 months and \u20ac93,052 (2023: \u20ac85,716) after 12 months.
Commitments for capital expenditures and other commitments per December\u00a031, 2024 were \u20ac107,599 (2023:
\u20ac31,669) within the next 12 months and \u20ac1,548 (2023: \u20ac17,618) after 12 months.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-323": { "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,
2023
2024
Revenue
Non-current
assets 1
Revenue
Non-current
assets 1
United States
555,079
505,677
628,477
346,561
Europe
302,746
639,628
169,247
1,119,841
Asia
1,776,506
395,756
2,135,000
317,962
Total
2,634,331
1,541,061
2,932,724
1,784,364
1 Other than financial instruments, deferred tax assets and post-employment benefit assets
We refer to Note 18. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-324": { "value": "
Geographical information is summarized as follows:
\u00a0
Year ended December 31,
2023
2024
Revenue
Revenue
United States
555,079
628,477
Europe
302,746
169,247
Asia
1,776,506
2,135,000
Total
2,634,331
2,932,724
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; and
\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,
2023
2024
Equipment revenue
2,205,846
2,385,352
Spares & Services revenue
428,485
547,372
Total
2,634,331
2,932,724
Total revenue increased by 11%, driven mainly by increases in our ALD and Spares & Services business.
Contract balances
\u00a0
2023
2024
Contract assets (current)
59,392
57,745
Contract Liabilities
300,241
485,732
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. Deferral of revenues is based on the
transaction price allocated to the performance obligations and recognized upon fulfillment of each performance
obligation. An amount of \u20ac121 million included in the contract liabilities at December 31, 2023, has been recognized
in 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-325": { "value": "
Amounts recognized in profit or loss
The total income tax expense amounts to \u20ac182.2 million (2023: \u20ac114.4 million). The components of income tax
expense were as follows:
\u00a0
Year ended December 31,
\u00a0
2023
2024
Current:
Current tax expense
(101,079)
(156,687)
Pillar Two Global minimum tax
\u2014
(18,835)
Prior year benefit
15,531
3,324
(85,548)
(172,198)
Deferred:
Origination and reversal of tax losses, tax credits and
temporary differences
(28,900)
(7,732)
Prior year expense
\u2014
(2,238)
(28,900)
(9,970)
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
2023
2024
Result before income taxes from continuing operations
866,521
100.0%
867,902
100.0%
Income tax provision based on Dutch statutory income tax rate
(223,562)
25.8%
(223,919)
25.8%
Non-deductible expenses
(12,584)
1.5%
(6,342)
0.7%
Foreign taxes at a rate other than the Dutch statutory rate
17,752
(2.0)%
24,967
(2.9)%
Tax incentives and non-taxable income 1
33,532
(3.9)%
35,873
(4.1)%
Prior year tax adjustments
15,531
(1.8)%
1,086
(0.1)%
Non-taxable income / impairment reversal on investments in
associates 2
58,054
(6.7)%
2,624
(0.3)%
Pillar Two Global Minimum Tax
\u2014
\u2014%
(18,835)
2.2%
Other
(3,172)
0.4%
2,378
(0.3)%
Tax income (expense)
(114,449)
13.2%
(182,168)
21.0%
1Tax incentives primarily relate to Singapore
2This item consists of impairment reversal in 2023 and income from investments in associates to which the Dutch participation exemption
applies.
The consolidated group effective tax rate for 2024 is higher compared to previous year mainly due to an incidental
non-taxable impairment reversal on ASMPT reported in 2023 and the impact of Pillar II Global Minimum Tax in 2024.
The adjusted effective tax rate, excluding the impairment reversal on, and net income of our investment in ASMPT,
for 2024 is 21.2% (2023: 18.1%).
The Dutch statutory tax rate is 25.8%. Taxation for other jurisdictions is calculated at the rates prevailing in the
relevant jurisdictions. During 2024, 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, 2023
Consolidated
statement of profit
and loss
Other
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
68
(11)
319
319
\u2014
Property plant and equipment
(2,203)
(1,079)
47
(3,235)
-
(3,235)
Other intangible assets
(147,663)
(35,004)
2,965
(179,702)
-
(179,702)
Evaluation tools
1,934
44
(66)
1,912
1,912
\u2014
Employee benefits
(1,061)
5,750
(331)
4,358
4,358
\u2014
Inventories
3,569
2,449
(58)
5,960
5,960
\u2014
Provision for warranty
6,941
(2,321)
(198)
4,422
4,422
\u2014
Accrued expenses
10,310
150
(428)
10,032
10,032
\u2014
Tax losses carried forward
4,652
(782)
(143)
3,727
3,727
\u2014
R&D tax credits
(363)
2,663
(61)
2,239
2,239
\u2014
Set-off deferred taxes
\u2014
\u2014
\u2014
\u2014
(32,790)
32,790
Total deferred tax
(123,622)
(28,062)
1,716
(149,968)
179
(150,147)
\u00a0
Net balance at
January 1, 2024
Consolidated
statement of profit
and loss
Other
Net balance at
December 31, 2024
Deferred tax assets at
December 31, 2024
Deferred tax liabilities
at December 31, 2024
Right-of-use assets & lease liabilities
319
502
18
839
849
(10)
Property plant and equipment
(3,235)
(16,675)
(436)
(20,346)
292
(20,638)
Other intangible assets
(179,702)
(21,187)
(89)
(200,978)
12
(200,990)
Evaluation tools
1,912
3,610
121
5,643
5,654
(11)
Employee benefits
4,358
17,427
3,290
25,075
25,075
\u2014
Inventories
5,960
10,359
357
16,676
16,676
\u2014
Provision for warranty
4,422
2,282
147
6,851
6,851
\u2014
Accrued expenses
10,032
(3,383)
145
6,794
9,681
(2,887)
Tax losses carried forward
3,727
(642)
68
3,153
3,153
\u2014
R&D tax credits
2,239
(2,263)
24
\u2014
-
\u2014
Set-off deferred taxes
\u2014
-
-
\u2014
(33,592)
33,592
Total deferred tax
(149,968)
(9,970)
3,645
(156,293)
34,651
(190,944)
The column 'Other' includes foreign currency translation differences, the impact of the remeasurement of the
deferred tax balance relating to post-employment benefits and the impact of the remeasurement of the deferred tax
balance related to Share-based compensation.
Deferred tax assets and/or liabilities for temporary differences are mainly recognized in the Netherlands, United
States, and Italy.
Income tax receivable and income tax payable
At December 31, 2024, the income tax receivable amounts to \u20ac4.8 million (2023: \u20ac30 million). The income tax
payable amounts to \u20ac66.2 million (2023: \u20ac21.9 million).
During 2024, the company paid income taxes of \u20ac97.6 million (2023: \u20ac118.8 million).
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
2024
\u00a0
Gross amount
Tax effect
Credits
31,571
31,571
Unrecognized deferred tax assets
31,571
31,571
Tax risks
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.
Pillar Two Global Minimum Tax
ASM operates in the Netherlands, which, along with other countries, has enacted legislation to implement the Pillar
Two Global Minimum top-up tax as of FY 2024. The Pillar Two Global Minimum Tax rules aim to ensure large
multinational enterprises pay a minimum level of tax on the income arising in each jurisdiction where they operate.
ASM has applied the mandatory temporary exemption, under which a company does not recognize or disclose
information about deferred tax assets and liabilities related to Pillar Two Global Minimum Taxes.
ASM made an assessment of the Pillar Two Minimum Tax due per year-end 2024. For this assessment, the company
made use of, amongst others, preliminary 2024 country-by-country reporting data, and the effective tax rate
reported by the ASM group entities to first determine the applicability of the county-by-country transitional safe
harbors. Based on this assessment, it is concluded that that for a majority of the jurisdictions in which ASM operates
the transitional safe harbor rules are met.
For a limited number of jurisdictions ASM is subject to Pillar Two top-up tax for which the tax impact has been
assessed in line with the Pillar Two Global Minimum Tax rules at \u20ac18.8 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-326": { "value": "
\u00a0
Net balance at
January 1, 2023
Consolidated
statement of profit
and loss
Other
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
68
(11)
319
319
\u2014
Property plant and equipment
(2,203)
(1,079)
47
(3,235)
-
(3,235)
Other intangible assets
(147,663)
(35,004)
2,965
(179,702)
-
(179,702)
Evaluation tools
1,934
44
(66)
1,912
1,912
\u2014
Employee benefits
(1,061)
5,750
(331)
4,358
4,358
\u2014
Inventories
3,569
2,449
(58)
5,960
5,960
\u2014
Provision for warranty
6,941
(2,321)
(198)
4,422
4,422
\u2014
Accrued expenses
10,310
150
(428)
10,032
10,032
\u2014
Tax losses carried forward
4,652
(782)
(143)
3,727
3,727
\u2014
R&D tax credits
(363)
2,663
(61)
2,239
2,239
\u2014
Set-off deferred taxes
\u2014
\u2014
\u2014
\u2014
(32,790)
32,790
Total deferred tax
(123,622)
(28,062)
1,716
(149,968)
179
(150,147)
\u00a0
Net balance at
January 1, 2024
Consolidated
statement of profit
and loss
Other
Net balance at
December 31, 2024
Deferred tax assets at
December 31, 2024
Deferred tax liabilities
at December 31, 2024
Right-of-use assets & lease liabilities
319
502
18
839
849
(10)
Property plant and equipment
(3,235)
(16,675)
(436)
(20,346)
292
(20,638)
Other intangible assets
(179,702)
(21,187)
(89)
(200,978)
12
(200,990)
Evaluation tools
1,912
3,610
121
5,643
5,654
(11)
Employee benefits
4,358
17,427
3,290
25,075
25,075
\u2014
Inventories
5,960
10,359
357
16,676
16,676
\u2014
Provision for warranty
4,422
2,282
147
6,851
6,851
\u2014
Accrued expenses
10,032
(3,383)
145
6,794
9,681
(2,887)
Tax losses carried forward
3,727
(642)
68
3,153
3,153
\u2014
R&D tax credits
2,239
(2,263)
24
\u2014
-
\u2014
Set-off deferred taxes
\u2014
-
-
\u2014
(33,592)
33,592
Total deferred tax
(149,968)
(9,970)
3,645
(156,293)
34,651
(190,944)
The column 'Other' includes foreign currency translation differences, the impact of the remeasurement of the
deferred tax balance relating to post-employment benefits and the impact of the remeasurement of the deferred tax
balance related to Share-based compensation.
Deferred tax assets and/or liabilities for temporary differences are mainly recognized in the Netherlands, United
States, and Italy.
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
2024
\u00a0
Gross amount
Tax effect
Credits
31,571
31,571
Unrecognized deferred tax assets
31,571
31,571
", "dimensions": { "concept": "ifrs-full:DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-327": { "value": "
Expenses by nature were as follows:
\u00a0
Year ended December 31,
2023
2024
Materials and supplies
1,048,119
1,141,354
Personnel expenses
563,589
595,300
Depreciation and amortization
176,258
195,352
Impairments
4,638
448
Other personnel-related expenses
103,076
114,882
Professional fees
44,825
49,382
Other 1
40,154
41,262
Total cost of sales, selling, general and administrative and research and
development expenses
1,980,659
2,137,980
1 Other relates to facility expenses, IT expenses and other expenses minus capitalized expenses.
Research and development consists of the following:
\u00a0
Year ended December 31,
\u00a0
2023
2024
Gross research and development expenses
410,240
469,812
Capitalization of development expenses
(147,220)
(166,343)
Amortization of capitalized development expenses
43,802
65,901
Total research and development expenses
306,822
369,370
Impairment of capitalized development expenses
2,475
448
Net research and development expenses
309,297
369,818
The impairment expenses in 2023 and 2024 are related to customer-specific projects.
Personnel expenses for employees were as follows:
\u00a0
December 31,
\u00a0
2023
2024
Wages and salaries
471,263
496,114
Social security
33,172
39,331
Pension expenses
22,059
18,832
Share-based payment expenses
37,095
41,023
Total
563,589
595,300
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 were as follows:
\u00a0
December\u00a031,
Geographical location
2023
2024
Europe:
- the Netherlands
226
190
- EMEA
455
456
United States
1,159
1,337
Japan
353
330
South Korea
473
493
Singapore
1,152
1,064
Asia, other
724
688
Total
4,542
4,558
The number of employees, exclusive of temporary workers, by function at year-end was as\u00a0follows:
December\u00a031,
Per function
2023
2024
Research and development
1,075
1,135
Manufacturing
1,390
1,158
Marketing and sales
397
405
Customer service
1,226
1,392
Corporate and support functions
454
468
Total
4,542
4,558
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-328": { "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
2023
2024
Net earnings used for purposes of calculating net income per common share
Net earnings from operations
752,073
685,734
Basic weighted average number of shares outstanding during the year
49,286
49,165
Effect of dilutive potential common shares from stock options and restricted shares
269
221
Dilutive weighted average number of shares outstanding
49,555
49,386
Basic net earnings per share:
from operations
15.26
13.95
Diluted net earnings per share:
from operations
15.18
13.89
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-329": { "value": "752073000.0", "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-330": { "value": "685734000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-331": { "value": "49286000.0", "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-332": { "value": "49165000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:WeightedAverageShares", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "xbrli:shares" } }, "f-333": { "value": "49555000.0", "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-334": { "value": "49386000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustedWeightedAverageShares", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "xbrli:shares" } }, "f-335": { "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-336": { "value": "13.95", "decimals": 2, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-337": { "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-338": { "value": "13.89", "decimals": 2, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-339": { "value": "
During 2024, 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 2024
amounts to \u20ac25,360 (2023:\u00a0\u20ac15,424). 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.
Management Board (excl. Executive Committee)
December 31,
2023
2024
Short-term employee benefits
4,576
3,468
Post-employment benefits
242
227
Other long-term benefits
-
-
Termination benefits
-
10,036
Share-based payment
2,880
3,304
Total remuneration
7,698
17,035
Management Board and the Executive Committee
December 31,
2023
2024
Short-term employee benefits
7,448
7,814
Post-employment benefits
310
292
Other long-term benefits
-
-
Termination benefits
1,159
10,036
Share-based payment
5,926
6,299
Total remuneration
14,843
24,441
The remuneration reported as part of the LTI (share-based payments) is based on costs incurred in accordance with
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 of \u20ac10,036 (2023: \u20ac1,159).
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 2024 amounts to \u20ac919 (2023:\u00a0\u20ac581). No stock options or performance shares have been granted to members of
the Supervisory Board.
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 more information on key management personnel \u2013 comprising our Management Board, Executive Committee and
Supervisory Board \u2013 see note 26 Board Remuneration.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-340": { "value": "
KPMG Accountants N.V. has served as our external auditor for the years 2024 and 2023. 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 2024 and 2023. The fees mentioned in the table for the audit of the financial statements
2024 (2023) relate to the total fees for the audit of the financial statements 2024 (2023), irrespective of\u00a0whether the
activities were performed during the financial year 2024 (2023). 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
2023
2024
\u00a0
KPMG
Accountants NV
KPMG
network
KPMG
Total
KPMG
Accountants NV
KPMG
network
KPMG
Total
Audit fees
1,005
312
1,317
1,062
326
1,388
Audit-related fees
110
-
110
500
-
500
Tax fees
-
-
-
-
-
-
Other fees
-
-
-
-
-
-
Total
1,115
312
1,427
1,562
326
1,888
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 2024 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 services on non-financial information). 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-341": { "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.
Subsidiaries (consolidated)
% Ownership December\u00a031,
2023
2024
Name
Location
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
100%
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 24.73% of the shares in ASMPT Ltd.
3LPE S.p.A. holds 4.32%, 2.3%, 10.5% 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-342": { "value": "
Subsequent events were evaluated up to March 6, 2025,
which is the issuance date of this Annual Report 2024.
There are no other subsequent events to report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:7245001I22ND6ZFHX623", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }