Over the course of 50 years we have grown to become a global company that develops innovative solutions for our customers, and manages the best interests of our investors, our employees, society and other stakeholders. Read on to discover what we achieved in 2018.



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The demand for smaller, faster and cheaper semiconductor chips continues to rise, driven by advancements in cloud computing, artificial intelligence, smartphones and the Internet of Things.


Our technology is the first step towards making it all possible, as our R&D investment in new materials, new products and new processes means we can help our customers develop their technology roadmap, and further extend Moore’s Law.


In 2018, this led to the introduction of the Synergis ALD tool, which leverages the core technologies from our Pulsar and EmerALD ALD products for high productivity thermal ALD applications. The new Synergis tool allows us to address more ALD applications and therefore increases our served market. Together with our other products and services, this contributed to our strong financial results, which included:

  • net sales of €818 million;
  • bookings of €942 million;
  • operating result of €124 million; and
  • operating cash flow of €137 million.


Strategy & business

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We operate in a fast-paced industry that continues to reshape the world, and our innovative technology enables the semiconductor industry to achieve advancements in computing, communications, energy, transportation, medicine and beyond.
To ensure that we can continue to make a difference to our customers, employees, and company stakeholders, in 2018 we concentrated on the following three key elements of our strategy.


In addition to our fundamental R&D efforts, we continuously expand and deepen our strategic cooperation with key customers, suppliers, chemical manufacturers, and research institutes. This approach enables us to remain innovative and swiftly meet the changing demands of our customers.


We are a key player in the deposition equipment segments for ALD and epitaxy, and a focused niche player for PECVD and vertical furnaces. As a leader in the segment, ALD has turned into a key growth driver for our business, from which we support virtually all of the leading customers in the semiconductor industry. Our newest ALD tool, Synergis, is designed to address a wide range of existing and new ALD applications, effectively increasing the market we serve.


In addition to our internal optimization programs, we are working with our suppliers to improve fundamental quality through statistical methods and process controls. In addition to addressing the technology needs of our customers, we also focus on further increasing equipment throughput and equipment reliability, thereby lowering the cost per wafer of our wafer processing systems.


Performance review

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In 2018, we achieved revenue growth of 11% reaching a record high revenue of €818 million, with sales increasing mainly in the logic, DRAM and analog segments. By industry segment, our 2018 revenue stream was led by memory, closely followed by the logic and foundry segments.


While our ALD product lines continued to be our key sales driver in 2018, accounting for more than half of total equipment revenue, our other product lines also contributed strongly. In our epitaxy product line we increased sales, following the strong growth we achieved in 2017, and we saw additional sales increases in PECVD and vertical furnaces.


Our industry experienced continued growth in 2018, with worldwide semiconductor industry sales increasing by around 14%. This was driven by high memory prices and broad-based electronics demand for cloud services, mobile devices, automotive and industrial applications. These drivers helped the wafer fab equipment market grow by around 10% in 2018.



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Our 2018 sales grew to record levels, reaching €818 million. ALD continued to be the key driver, although the other product lines also made a strong contribution.
We benefited from a further increase in wafer fab equipment spending following the very strong market growth in 2017. Our operating profit increased to €124.3 million from €113.2 million in 2017, while the operating profit margin remained stable.


New bookings increased by 22% in 2018 to €942 million, with equipment bookings for ASMI as a whole led by logic, followed by foundry and then memory. Total research and development (R&D) expenses, excluding impairment charges, decreased by 1% in 2018 compared to 2017, mainly as a result of higher capitalization of development expenses.


Financial statements

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Our 2018 sales grew to record levels, reaching €818 million. ALD continued to be the key driver, although the other product lines also made a strong contribution.
We benefited from a further increase in wafer fab equipment spending following the very strong market growth in 2017. Our operating profit increased to €124.3 million from €113.2 million in 2017, while the operating profit margin remained stable.


New bookings increased by 22% in 2018 to €942 million, with equipment bookings for ASMI as a whole led by logic, followed by foundry and then memory. Total research and development (R&D) expenses, excluding impairment charges, decreased by 1% in 2018 compared to 2017, mainly as a result of higher capitalization of development expenses.


Other Information

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During 2018, we returned approximately €607 million to shareholders in the form of dividends, share buybacks and the capital return. This was up from €281 million in 2017 and €140 million in 2016.
Over the 2010-2018 period, we returned more than €1.6 billion to the financial markets through dividends, share buybacks, return of capital, and buyback of convertible bonds.


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In 2018, we paid a dividend of €0.80 per common share and we will propose to the forthcoming AGM to declare a dividend of €1.00 per share for 2019. The proposed 2019 dividend will mark the ninth consecutive year that we have paid a dividend.


Effective risk management is a key success factor for realizing our strategic objectives. ASMI has implemented an internal risk management and control framework to identify risks and opportunities that may impact us and to take appropriate mitigation initiatives.


ASMI's risk management and control framework is based on the COSO reference model and is an integral part of our Corporate Governance Framework. The Corporate Governance Framework describes how ASMI's strategy, mission, vision, and objectives are embedded across the organization.

Our Code of Ethics sets clear standards in different areas of business life. Its purpose is to provide a clear, strong, and consistent culture of ethics that apply to all who work at ASMI. ASMI's policies and regulatory framework guide how we work. Key components are our financial, IT, product safety, EHS, compliance, and business continuity frameworks which are supported by transparency and accountability through our monthly business review cycle and our internal control framework.

The objective of the risk management and control framework is to identify and manage the strategic, operational, financial, and compliance risks to which ASMI is exposed. In addition, the framework enables us to improve effectiveness and efficiency in our operations and it promotes reliable financial reporting, and compliance with laws and regulations.

Our risk management and internal control activities are organized through the three lines of defense model; the Management Board is ultimately responsible for risk management and compliance in line with the risk appetite and is supported by:

  • First line of defense: Business and operations management owns and manages risk, which includes identifying, assessing, controlling, and mitigating risks;
  • Second line of defense: Oversight functions support business and operations management and help ensure that the risk and control procedures are operating as intended; and
  • Third line of defense: Internal Audit provides independent objective assurance on the effectiveness of governance, risk management, and internal controls, including the manner in which business and operations management and the oversight functions manage and control risk. Internal Audit brings a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes.


ASMI strives for a culture of openness and transparency in which identified risks are disclosed proactively and unexpected events are reported as soon as they occur. We aim to continually increase risk awareness and to make it an integral part of the company culture. Our Code of Ethics applies to all ASMI employees and temporary staff and describes how we work in an open, transparent, honest, and socially responsible way. The effectiveness of, and compliance with, the Code is enabled through annual online training and assessed by actively detecting and investigating any alleged misconduct and taking appropriate disciplinary action if misconduct is substantiated.


Undertaking business activity inevitably leads to taking risks. Each type of risk encountered is dealt with in a manner that matches the risk appetite established by the Management Board. Risk appetite is the level of risk we deem acceptable to achieve our objectives. ASMI’s risk appetite is primarily determined based on the defined and agreed strategy and the individual objectives within this strategy. Risk appetite is further guided by our Code of Ethics as well as detailed policies and procedures. The risk appetite is the total residual impact of the risks that ASMI is willing to accept in the pursuit of its (strategic) objectives. The risk appetite per objective or risk area is determined annually by the Management Board. Overall, ASMI's risk appetite in 2018 did not change significantly compared to 2017.

The nature of the risk is a key determinant of our risk appetite:


Every year we assess the risks that could impact achievement of our strategic objectives at a consolidated level (top-down approach) and on a segment level (bottom-up approach). If necessary, we implement countermeasures to mitigate the risks within the defined risk appetite, and integrate these countermeasures in our risk management and control framework, which contains all mandatory corporate policies and operating procedures.

Business management provides the Management Board with a quarterly assurance letter regarding the reliability of their financial reporting, the effectiveness of their internal controls, risk management, and compliance with internal policies and laws and regulations.


The Management Board is responsible for ASMI’s internal risk management and control framework. This system is designed to manage the main risks that may prevent ASMI from achieving its objectives. The internal risk management and control framework, and the evaluation of the effectiveness of our internal controls and areas for improvement, are regularly discussed with the Audit Committee and KPMG Accountants, our external auditor. The Audit Committee reports on these matters to the Supervisory Board.

The Management Board conducted an assessment of the design and operating effectiveness of the internal risk management and control framework. Based on this assessment and the current state of affairs, to the best of its knowledge and belief, the Management Board confirms that:

  • the internal risk management and control framework provides reasonable assurance for the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with Generally Accepted Accounting Principles;
  • the management report includes a fair review of the development and performance of the business, and the position of the company and the undertakings, included in the consolidation as a whole, as well as a description of the principal risks and uncertainties that the company faces;
  • there are no material risks or uncertainties that could reasonably be expected to have a material adverse effect on the continuity of ASMI's operations in the coming twelve months; and
  • there is a reasonable expectation that ASMI will be able to continue its operations and meet its liabilities for at least twelve months, therefore it is appropriate to adopt the going concern basis in preparing the financial reporting.

All internal control systems, no matter how well designed and implemented, have inherent limitations. Even systems determined to be effective may not prevent or detect misstatements or fraud, and can only provide reasonable assurance with respect to disclosure and financial statement presentation and reporting. Additionally, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate due to changed conditions and that the degree of compliance with the policies or procedures may deteriorate.

In view of all of the above, the Management Board believes that it complies with the requirements of best practice provision 1.2 and 1.4 of the Dutch Corporate Governance Code.



Over the past 50 years we have grown to become a leading global supplier
of semiconductor wafer processing equipment. A company that develops
innovative process solutions for our customers, and manages itself in the best
interests of our investors, our employees, society, and other stakeholders.

Yet now is the time to enter a new era of innovation, to embark on the next
phase of growth. We understand that this requires commitment and strength
across many areas. From innovation in R&D, to advancing new technologies
and addressing new applications. From developing our people, to creating
even stronger relationships with key customers.

This is how we will take the next leap forward.


Of new materials






Our roadmap to the future will enable us to not only
achieve our next phase of growth, it will ensure we
can continue to help our customers achieve their
technology roadmaps for next-generation devices.


Our technology helps drive innovation, increasing the number of scientific breakthroughs, many of which are achieved from our advanced process equipment that deposits new materials with precision and productivity, positively benefiting society in sectors from healthcare and education, to transport and energy.


For semiconductor manufacturers, scaling chips
to smaller dimensions is an ongoing challenge.
Our innovations and equipment are vital in helping make many of these transitions happen.


Striving for efficiency ensures that our
customers get the products, services,
and results they expect. Intensifying
our focus on efficiency will make us a
stronger company, ready to take the
next leap forward.







We are a multinational company that
embraces diversity in every sense
of the word. With 29 different
nationalities working across the
company, we combine our talents
to drive innovation.


Achieving our ambitions takes intelligence, knowledge, skill,
determination, and dedication. And it is this combination of
qualities that we nurture in our people.


Our goal is to impact tomorrow’s generation
as positively as we’ve impacted today’s.
Making this happen takes the xtraordinary
talent of our people, who work together
to drive innovation and deliver excellence.

Expanding the






Collaboration is fundamental to our
continued success; from working
with our customers to optimize our
equipment and processes to enable
their technology roadmaps, to
creating partnerships on cutting-edge
research and development.


Operational excellence is one of the essential
pillars of our strategy, which enables us to provide
our customers with the high-quality, leading-edge
products and services they demand.


R&D is central to our development,
leading to new device architectures,
new materials, and new processes
that strengthen our competitive
positioning and enable our customers
to deliver the next-generation chips.


By extending our technological scope with a
more diverse product portfolio, we can help our
customers continue to advance their business
while growing our own in new market segments.

Moore with






We create long-term value for our
stakeholders in a variety of ways.
From working with our customers
to develop innovative solutions, to
ensuring value creation growth
and positive investor returns.


We are committed to positively
contributing to society and
reducing our impact on the
environment. Only then can
we truly say we are helping
create more with less.


We believe sustainability takes many forms.
From developing sustainable technology
roadmaps for our customers, to creating
a sustainable living environment for all.


Safety is a front-line requirement,
which is why our ZERO HARM!
policy outlines our vision on product
safety, and our CR policy lays out
our commitment and expectations
towards health and safety.