BE Semiconductor Industries N.V. Announces Q3-23 Results

Q3-23 Revenue and Net Income of € 123.3 Million and € 35.0 Million, Respectively
Q3-23 Orders of € 127.3 million, Up 13.1% vs. Q2-23
Next € 60 Million Share Repurchase Program Initiated

DUIVEN, the Netherlands, Oct. 26, 2023 (GLOBE NEWSWIRE) -- BE Semiconductor Industries N.V. (the “Company" or "Besi") (Euronext Amsterdam: BESI; OTC markets: BESIY), a leading manufacturer of assembly equipment for the semiconductor industry, today announced its results for the third quarter and nine months ended September 30, 2023.

Key Highlights Q3-23

  • Revenue Q3-23 of € 123.3 million down 24.1% vs. Q2-23 due to decreased smartphone shipments post H1-23 seasonal capacity build. Partially offset by increased demand for computing and automotive applications. Down 27.0% vs. Q3-22 due primarily to lower demand for computing applications
  • Orders Q3-23 of € 127.3 million up 13.1% vs. Q2-23 and 1.6% vs. Q3-22 principally due to higher orders for computing, hybrid bonding and photonics applications partially offset by lower demand for automotive/industrial applications
  • Gross margin Q3-23 of 64.6% down 1.0 points vs. Q2-23 but above prior guidance. Up 2.3 points vs. Q3-22 due primarily to market position and cost control efforts
  • Net income Q3-23 of € 35.0 million decreased 33.5% vs. Q2-23 while net margins declined to 28.4% vs. 32.4% due primarily to lower revenue and gross margins partially offset by a 15.6% decrease in operating expenses. Compared to Q3-22, net income declined 38.9% due primarily to lower revenue levels
  • Total cash of € 391.2 million and net cash of € 90.2 million at September 30, 2023 increased by 3.4% and 21.9%, respectively, vs. June 30, 2023 due to increased cash flow from operations

Key Highlights Year to Date 2023

  • Revenue YTD-23 of € 419.2 million declined 28.4% vs. YTD-22 principally due to lower revenue with particular weakness in computing applications by IDMs and Asian subcontractors
  • Orders YTD-23 of € 381.9 million declined 21.0% due primarily to adverse market conditions which significantly impacted demand for computing, and to a lesser extent, automotive applications
  • Gross margin YTD-23 of 64.8% rose 3.7 points principally resulting from a more favorable product mix, net forex benefits and overhead alignment with changing market conditions
  • Net income YTD-23 of € 122.2 million decreased € 78.3 million, or 39.1%, vs. YTD-22 primarily due to significantly lower revenue levels. Similarly, Besi’s net margin decreased to 29.1% from 34.3%

Q4-23 revenue anticipated to increase 15-25% vs. Q3-23 due to increased shipments for computing applications with gross margins forecast to range between 62-64%

(€ millions, except EPS)Q3-


Orders 127.3112.6+13.1%125.3+1.6%381.9483.2-21.0%
Operating Income42.762.9-32.1%71.2-40.0%147.3245.4-40.0%
Net Income35.052.6-33.5%57.3-38.9%122.2200.5-39.1%
Net Margin28.4%32.4%-4.034.0%-5.629.1%34.3%-5.2
EPS (basic)0.450.68-33.8%0.71-36.6%1.572.53-37.9%
EPS (diluted)0.450.66-31.8%0.69-34.8%1.542.40-35.8%
Net Cash and Deposits*90.274.0+21.9%342.5-73.7%90.2342.5-73.7%

Richard W. Blickman, President and Chief Executive Officer of Besi, commented:

“Besi reported solid Q3-23 results with revenue and operating profit above the midpoint of prior guidance. For the quarter, revenue of € 123.3 million and net income of € 35.0 million decreased by 24.1% and 33.5%, respectively, versus Q2-23 but orders grew by 13.1% reflecting increased demand for next generation computing, hybrid bonding and photonics applications. The sequential revenue decrease was principally due to decreased shipments for high-end smartphone applications post the H1-23 seasonal capacity build and general market weakness. Profit levels in the quarter remained elevated driven primarily by gross margins of 64.6% and a 15.6% decrease in operating expenses, both of which were better than prior guidance.

For the nine months ended September 30, 2023, revenue and net income declined by 28.4% and 39.1%, respectively, reflecting the impact of adverse market conditions on Besi’s business this year. 2023 revenue and order trends primarily reflect a broad-based downturn in demand for computing applications by both IDMs and Asian subcontractors, and, to a lesser extent, reduced demand for automotive applications following strong growth over the past two years. Our profit performance in this market environment remained strong with gross margin up by 3.7 points and a net margin realized of 29.1% as a result of the timely adjustment of Besi’s operating model to current market realities.

Besi ended the quarter with a strong liquidity position including cash and deposits of € 391.2 million, up 3.4% from Q2-23. Our cash position reflects the capital allocation of € 412.4 million to shareholders YTD-23, up 17.4% versus YTD-22. In addition, the current € 300 million share repurchase program will be completed on October 27, 2023. Effective November 1, we will initiate a € 60 million program designed to further reduce share dilution from the conversion of Convertible Notes outstanding.

We are also pleased to report significant progress on our advanced packaging roadmap this quarter. We received new orders for hybrid bonding systems in Q3-23 from two customers including the first order from a leading subcontractor as well as significant orders for photonics applications from various customers. Subsequent to quarter-end, we received further hybrid bonding orders from two customers and anticipate additional orders in Q4-23.

At present, we are primarily focused on maintaining solid margins in the current industry environment and executing development and operating initiatives to help capitalize on market opportunities in the next upturn. We believe we are in the early phase of a new assembly market upturn based on independent research data and customer utilization rates. However, there are many variables which could affect the upward slope of its trajectory including global economic growth, geopolitical conflict and the development of each of our principal mobile, computing and automotive end user markets. As such, we remain cautiously optimistic, encouraged by the ongoing progress of our wafer level assembly portfolio and market leadership position in key advanced packaging assembly systems. For Q4-23, we anticipate that revenue will increase by 15-25% versus Q3-23 due to planned shipments from backlog of hybrid bonding and other advanced packaging systems. In addition, we expect gross margins to range between 62-64% and for operating expenses to increase by approximately 5% versus Q3-23.”

Third Quarter Results of Operations

€ millionsQ3-2023Q2-2023ΔQ3-2022Δ
Book to Bill Ratio1.0x0.7x+0.30.7x+0.3

Besi’s Q3-23 revenue decreased by 24.1% versus Q2-23 due to decreased shipments for smartphone applications post the H1-23 seasonal capacity build. Decreased mobile demand was partially offset by increased shipments for computing and automotive applications. Versus Q3-22, revenue decreased 27.0% primarily as a result of adverse industry conditions and lower demand for a broad range of computing applications by IDMs and Asian subcontractors.

Orders of € 127.3 million increased by 13.1% and 1.6% versus Q2-23 and Q3-22, respectively, principally due to higher orders for computing, hybrid bonding and photonics applications partially offset by lower demand for automotive/industrial applications. Per customer type, IDM orders increased € 10.0 million, or 16.5%, versus Q2-23 and represented 55% of total orders for the period. Subcontractor orders increased by € 4.7 million, or 9.0%, versus Q2-23 and represented 45% of total orders.

€ millionsQ3-2023Q2-2023ΔQ3-2022Δ
Gross Margin64.6%65.6%-1.062.3%+2.3
Operating Expenses36.943.7-15.6%34.0+8.5%
Financial Expense/(Income), net1.81.7+5.9%5.5-67.3%

Besi’s gross margin of 64.6% decreased by 1.0 point versus Q2-23 but was above prior guidance principally due to more favorable net forex effects. This quarter’s gross margin increased by 2.3 points versus Q3-22 due to favorable net forex effects, our market position and cost control efforts.

Q3-23 operating expenses declined by € 6.8 million, or 15.6%, versus Q2-23 principally due to a € 3.9 million reduction in share-based compensation expense and lower variable sales related costs and strategic consulting expenses. Operating expenses increased by € 2.9 million, or 8.5%, versus Q3-22 primarily due to € 1.6 million higher strategic consulting expense and increased share-based compensation expense.

Q3-23 financial expense, net, approximated Q2-23 levels but decreased by € 3.7 million, or 67.3%, versus Q3-22 primarily because of increased interest income earned on cash balances outstanding.

€ millionsQ3-2023Q2-2023ΔQ3-2022Δ
Net Income35.052.6-33.5%57.3-38.9%
Net Margin28.4%32.4%-4.034.0%-5.6
Tax Rate14.4%14.0%+0.412.8%+1.6

Besi’s net income decreased by 33.5% versus Q2-23 primarily due to decreased revenue and sequential gross margins realized, partially offset by a 15.6% reduction in operating expenses. As a result, Besi’s net margin declined to 28.4% versus 32.4%. Versus Q3-22, net income decreased by 38.9% principally as a result of a 27.0% revenue decrease and increased operating expenses partially offset by a 2.3-point increase in gross margin levels and lower financial expense, net.

Nine Months Results of Operations

€ millionsYTD-2023YTD-2022Δ
Gross Margin64.8%61.1%+3.7
Operating Income147.3245.4-40.0%
Net Income122.2200.5-39.1%
Net Margin29.1%34.3%-5.2
Tax Rate14.1%13.0%+1.1

YTD-23 revenue of € 419.2 million declined 28.4% versus YTD-22 principally due to a broad-based decrease across Besi’s product portfolio with particular weakness in computing applications by IDMs and Asian subcontractors. Orders of € 381.9 million declined 21.0% due primarily to adverse market conditions which significantly impacted demand for computing, and to a lesser extent, automotive applications. Of note, revenue from Chinese customers increased by € 7.1 million, or 5.3%, versus YTD-22 due primarily to higher demand for high-end smartphone applications.

Besi’s YTD-23 net income of € 122.2 million decreased by € 78.3 million, or 39.1%, versus YTD-22 due primarily to a 28.4% revenue reduction and higher strategic consulting and share-based compensation expense partially offset by a (i) 3.7-point gross margin increase due to a more favorable product mix, net forex benefits and cost control efforts as well as (ii) a € 10.0 million improvement in financial expense, net due to higher interest income earned on cash balances outstanding.

Financial Condition

€ millions


Total Cash and Deposits391.2378.3+3.4%661.8-40.9%391.2661.8-40.9%
Net Cash and Deposits90.274.0+21.9%342.5-73.7%90.2342.5-73.7%
Cash flow from Ops.65.128.7+126.8%112.7-42.2%155.3185.2-16.1%
Capital allocation*45.5289.1-84.3%45.5-412.4351.3+17.4%

* Includes dividends and share repurchases.

Total cash and deposits of € 391.2 million at the end of Q3-23 increased by 3.4% versus Q2-23. During the quarter, Besi generated cash flow from operations of € 65.1 million which was used to fund (i) € 45.5 million of share repurchases, (ii) € 4.7 million of capitalized development spending and (iii) € 2.0 million of capital expenditures.

Besi’s net cash of € 90.2 million at the end of Q3-23 increased by € 16.2 million (+21.9%) versus Q2-23. During the quarter, € 4.9 million of Besi’s 2023 Convertible Notes and 2024 Convertible Notes were converted, resulting in a reduction of their principal balances to € 0.1 million and € 5.1 million, respectively.

Share Repurchase Activity
Besi repurchased 447,829 of its ordinary shares in Q3-23 at an average price of € 101.60 per share for a total of € 45.5 million. Cumulatively, as of September 30, 2023, approximately 4.1 million shares have been purchased under the current € 300 million share repurchase program at an average price of € 69.13 per share for a total of € 286.5 million. As of such date, Besi held approximately 4.0 million shares in treasury, equal to approximately 4.9% of its shares outstanding. The share repurchase program will be completed on October 27, 2023.

Next € 60 Million Share Repurchase Program
Besi will initiate a € 60 million share repurchase program effective November 1, 2023. The program is aimed at general capital reduction purposes and to help offset dilution related to Besi’s Convertible Notes and shares issued under employee stock plans. It will be funded using Besi’s available cash resources and is expected to be completed by October 2024. At present, Besi has authority until October 26, 2024 to purchase up to 10% of its shares issued, or 8.1 million shares.

The program will be executed in accordance with industry best practices and in compliance with European buyback rules and regulations and may be suspended or discontinued at any time. The program will be managed by an independent brokerage firm. All purchases will be executed through Euronext Amsterdam and Multilateral Trading Facilities as defined by the Directive 2014/65/EU of the European Parliament and of the Council of May 15, 2014 on markets in financial instruments and subject to the rules of the relevant Exchange.


Based on its September 30, 2023 order backlog and feedback from customers, Besi forecasts for Q4-23 that:

  • Revenue will increase by approximately 15-25% vs. the € 123.3 million reported in Q3-23
  • Gross margin will range between 62-64% vs. the 64.6% realized in Q3-23
  • Operating expenses will increase by ~5% vs. the € 36.9 million reported in Q3-23
Investor and media conference call
A conference call and webcast for investors and media will be held today at 4:00 pm CET (10:00 am EDT). To register for the conference call and/or to access the audio webcast and webinar slides, please visit

Important Dates 2024
Publication Q4/full year 2023 resultsFebruary 22, 2024
Publication Q1-2024 resultsApril 25, 2024
Besi’s AGMApril 25, 2024

Basis of Presentation
The accompanying condensed Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as adopted by the European Union. Reference is made to the Summary of Significant Accounting Policies to the Notes to the Consolidated Financial Statements as included in our 2022 Annual Report, which is available on

About Besi

Besi is a leading supplier of semiconductor assembly equipment for the global semiconductor and electronics industries offering high levels of accuracy, productivity and reliability at a low cost of ownership. The Company develops leading edge assembly processes and equipment for leadframe, substrate and wafer level packaging applications in a wide range of end-user markets including electronics, mobile internet, cloud server, computing, automotive, industrial, LED and solar energy. Customers are primarily leading semiconductor manufacturers, assembly subcontractors and electronics and industrial companies. Besi’s ordinary shares are listed on Euronext Amsterdam (symbol: BESI). Its Level 1 ADRs are listed on the OTC markets (symbol: BESIY) and its headquarters are in Duiven, the Netherlands. For more information, please visit our website at

Richard W. Blickman, President & CEO
Leon Verweijen, SVP Finance
Claudia Vissers, Executive Secretary/IR coordinator
Edmond Franco, VP Corporate Development/US IR coordinator
Tel. (31) 26 319 4500

Caution Concerning Forward Looking Statements

This press release contains statements about management's future expectations, plans and prospects of our business that constitute forward-looking statements, which are found in various places throughout the press release, including, but not limited to, statements relating to expectations of orders, net sales, product shipments, expenses, timing of purchases of assembly equipment by customers, gross margins, operating results and capital expenditures. The use of words such as “anticipate”, “estimate”, “expect”, “can”, “intend”, “believes”, “may”, “plan”, “predict”, “project”, “forecast”, “will”, “would”, and similar expressions are intended to identify forward looking statements, although not all forward-looking statements contain these identifying words. The financial guidance set forth under the heading “Outlook” contains such forward-looking statements. While these forward looking statements represent our judgments and expectations concerning the development of our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from those contained in forward looking statements, including any inability to maintain continued demand for our products; failure of anticipated orders to materialize or postponement or cancellation of orders, generally without charges; the volatility in the demand for semiconductors and our products and services; the extent and duration of the COVID-19 pandemic and measures taken to contain the outbreak, and the associated adverse impacts on the global economy, financial markets, global supply chains and our operations as well as those of our customers and suppliers; failure to develop new and enhanced products and introduce them at competitive price levels; failure to adequately decrease costs and expenses as revenues decline; loss of significant customers, including through industry consolidation or the emergence of industry alliances; lengthening of the sales cycle; acts of terrorism and violence; disruption or failure of our information technology systems; consolidation activity and industry alliances in the semiconductor industry that may result in further increased customer concentration, inability to forecast demand and inventory levels for our products; the integrity of product pricing and protection of our intellectual property in foreign jurisdictions; risks, such as changes in trade regulations, conflict minerals regulations, currency fluctuations, political instability and war, associated with substantial foreign customers, suppliers and foreign manufacturing operations, particularly to the extent occurring in the Asia Pacific region where we have a substantial portion of our production facilities; potential instability in foreign capital markets; the risk of failure to successfully manage our diverse operations; any inability to attract and retain skilled personnel, including as a result of restrictions on immigration, travel or the availability of visas for skilled technology workers as a result of the COVID-19 pandemic; those additional risk factors set forth in Besi's annual report for the year ended December 31, 2022 and other key factors that could adversely affect our businesses and financial performance contained in our filings and reports, including our statutory consolidated statements. We expressly disclaim any obligation to update or alter our forward-looking statements whether as a result of new information, future events or otherwise.

Consolidated Statements of Operations
(€ thousands, except share and per share data)

Three Months Ended
September 30,
Nine Months Ended
September 30,
 2023 202220232022
Cost of sales43,70963,550147,374227,857
Gross profit79,611105,234271,853357,292
Selling, general and administrative expenses23,31020,51781,67972,430
Research and development expenses13,61413,51342,90739,451
Total operating expenses36,92434,030124,586111,881
Operating income42,68771,204147,267245,411
Financial expense, net1,7585,4764,97415,001
Income before taxes40,92965,728142,293230,410
Income tax expense5,8898,41520,10429,916
Net income35,04057,313122,189200,494
Net income per share – basic0.450.711.572.53
Net income per share – diluted0.450.691.542.40
Number of shares used in computing per share amounts:    
- basic77,374,93380,161,14277,656,54279,378,741
- diluted 182,444,35885,797,29583,038,21285,769,732

Consolidated Balance Sheets
(€ thousands)September
30, 2023

June 30,

March 31,

December 31,

Cash and cash equivalents205,025192,977489,927491,686
Trade receivables127,006158,543145,921148,333
Other current assets25,85324,14324,12624,562
Total current assets647,094654,896915,998936,698
Property, plant and equipment33,90733,43832,27833,272
Right of use assets18,55919,08316,51217,480
Other intangible assets87,63985,40982,19181,218
Deferred tax assets16,71717,15818,39719,563
Other non-current assets1,2271,1631,1701,213
Total non-current assets203,862201,815196,104198,492
Total assets850,956856,7111,112,1021,135,190
Current portion of long-term debt1002982,3722,361
Trade payables48,78247,37148,87741,431
Other current liabilities86,09986,217109,761100,099
Total current liabilities134,981133,886161,010143,891
Long-term debt300,871304,027316,779322,815
Lease liabilities15,34615,90713,83714,372
Deferred tax liabilities12,88312,56712,88213,303
Other non-current liabilities11,90611,82712,00112,274
Total non-current liabilities341,006344,328355,499362,764
Total equity374,969378,497595,593628,535
Total liabilities and equity850,956856,7111,112,1021,135,190

Consolidated Cash Flow Statements
(€ thousands)

Three Months Ended
September 30,

Nine Months Ended
September 30,

 2023 2022 2023 2022 
Cash flows from operating activities:    
Income before income tax40,929 65,728 142,293 230,410 
Depreciation and amortization6,248 5,922 19,155 16,910 
Share-based payment expense1,575 904 16,300 13,143 
Financial expense, net1,758 5,476 4,974 15,001 
Changes in working capital15,697 37,610 (2,581) (54,141) 
Income tax paid(2,649) (2,157) (27,948) (33,339) 
Interest (paid) received1,582 (778) 3,075 (2,742) 
Net cash provided by operating activities65,140 112,705 155,268 185,242 
Cash flows from investing activities:    
Capital expenditures(1,990) (2,635) (5,448) (4,642) 
Capitalized development expenses(4,700) (5,201) (15,341) (16,091) 
Repayments of (investments in) deposits- (30,000) (5,268) (30,289) 
Net cash used in investing activities(6,690) (37,836) (26,057) (51,022) 
Cash flows from financing activities:    
Proceeds from convertible notes- - - 172,176 
Payments on lease liabilities(995) (1,051) (3,207) (2,886) 
Dividends paid to shareholders- - (222,109) (269,467) 
Purchase of treasury shares(45,537) (45,537) (190,264) (81,812) 
Net cash used in financing activities(46,532) (46,588) (415,580) (181,989) 
Net increase (decrease) in cash and cash equivalents11,918 28,281 (286,369) (47,769) 
Effect of changes in exchange rates on cash and cash equivalents130 1,897 (292) 3,133 
Cash and cash equivalents at beginning of the period192,977 376,581 491,686 451,395 
Cash and cash equivalents at end of the period205,025 406,759 205,025 406,759 

Supplemental Information (unaudited) 
(€ millions, unless stated otherwise) 
 Per geography:               
 Asia Pacific83.1 67%124.1 76%95.8 72%98.2 71%126.9 75%164.1 77%159.3 79% 
 EU / USA / Other40.2 33%38.4 24%37.6 28%39.5 29%41.9 25%49.9 23%43.1 21% 
 Total123.3 100%162.5 100%133.4 100%137.7 100%168.8 100%214.0 100%202.4 100% 
 ORDERS Q3-2023Q2-2023Q1-2023Q4-2022Q3-2022Q2-2022Q1-2022 
 Per geography:               
 Asia Pacific86.9 68%84.6 75%106.8 75%127.4 71%93.3 74%104.3 68%161.8 79% 
 EU / USA / Other40.4 32%28.0 25%35.2 25%53.1 29%32.0 26%48.8 32%43.0 21% 
 Total127.3 100%112.6 100%142.0 100%180.5 100%125.3 100%153.1 100%204.8 100% 
 Per customer type:               
 IDM70.5 55%60.5 54%74.0 52%98.2 54%80.7 64%86.8 57%97.1 47% 
 Subcontractors56.8 45%52.1 46%68.0 48%82.3 46%44.6 36%66.3 43%107.7 53% 
 Total127.3 100%112.6 100%142.0 100%180.5 100%125.3 100%153.1 100%204.8 100% 
 HEADCOUNTSep 30, 2023Jun 30, 2023Mar 31, 2023Dec 31, 2022Sep 30, 2022Jun 30, 2022Mar 31, 2022 
 Fixed staff (FTE)               
 Asia Pacific1,193 69%1,169 69%1,163 69%1,162 69%1,176 69%1,203 70%1,186 70% 
 EU / USA532 31%520 31%519 31%513 31%518 31%511 30%500 30% 
 Total1,725 100%1,689 100%1,682 100%1,675 100%1,694 100%1,714 100%1,686 100% 
 Temporary staff (FTE)               
 Asia Pacific164 66%198 71%232 74%60 42%237 74%433 83%536 86% 
 EU / USA84 34%81 29%80 26%84 58%84 26%91 17%86 14% 
 Total248 100%279 100%312 100%144 100%321 100%524 100%622 100% 
 Total fixed and temporary staff (FTE)1,973  1,968  1,994  1,819  2,015  2,238  2,308   
 OTHER FINANCIAL DATAQ3-2023Q2-2023Q1-2023Q4-2022Q3-2022Q2-2022Q1-2022 
 Gross profit79.6 64.6%106.6 65.6%85.7 64.2%85.8 62.3%105.2 62.3%130.4 61.0%121.6 60.1% 
 Gross profit as adjusted79.6 64.6%106.6 65.6%85.7 64.2%85.8 62.3%105.2 62.3%130.4 61.0%121.6 60.1% 
 Selling, general and admin expenses:               
 As reported23.3 18.9%29.4 18.1%29.0 21.7%22.6 16.4%20.5 12.1%24.6 11.5%27.3 13.5% 
 Share-based compensation expense(1.6)-1.3%(5.5)-3.4%(9.3)-7.0%(2.1)-1.5%(0.9)-0.5%(3.6)-1.7%(8.6)-4.3% 
 SG&A expenses as adjusted21.7 17.6%23.9 14.7%19.7 14.8%20.5 14.9%19.6 11.6%21.0 9.8%18.7 9.2% 
 Research and development expenses:               
 As reported13.6 11.0%14.3 8.8%15.0 11.2%14.5 10.5%13.5 8.0%13.3 6.2%12.6 6.2% 
 Capitalization of R&D charges4.7 3.8%5.3 3.3%5.4 4.0%5.5 4.0%5.2 3.1%5.2 2.4%5.7 2.8% 
 Amortization of intangibles(3.3)-2.6%(3.5)-2.2%(3.5)-2.6%(3.0)-2.2%(2.9)-1.7%(2.9)-1.3%(2.9)-1.4% 
 R&D expenses as adjusted15.0 12.2%16.1 9.9%16.9 12.7%17.0 12.3%15.8 9.4%15.6 7.3%15.4 7.6% 
 Financial expense (income), net:               
 Interest income(2.9) (3.1) (2.6) (1.2) (0.2) (0.2) 0.0   
 Interest expense2.8  2.9  2.9  2.8  3.3  3.7  2.4   
 Net cost of hedging1.7  2.0  1.6  2.6  2.3  1.5  1.1   
 Foreign exchange effects, net0.2  (0.1) (0.4) (0.6) 0.1  0.8  0.2   
 Total1.8  1.7  1.5  3.6  5.5  5.8  3.7   
 Operating income               
   as % of net sales42.7 34.6%62.9 38.7%41.7 31.3%48.7 35.4%71.2 42.2%92.5 43.2%81.7 40.4% 
   as % of net sales48.9 39.7%69.3 42.6%48.2 36.1%54.8 39.8%77.1 45.7%98.0 45.8%87.2 43.1% 
 Net income               
   as % of net sales35.0 28.4%52.6 32.4%34.5 25.9%40.2 29.2%57.3 34.0%75.6 35.4%67.5 33.4% 
 Income per share               
 Basic0.45  0.68  0.44  0.51  0.71  0.94  0.87   
 Diluted0.45  0.66  0.44  0.50  0.69  0.90  0.81   

1)  The calculation of diluted income per share assumes the exercise of equity-settled share-based payments and the conversion of all Convertible Notes