February 25, 2016 Page 1
INVESTOR PRESENTATIONANNUAL AND Q4-2015 RESULTS
FEBRUARY 25, 2016
February 25, 2016 Page 2
Safe Harbor Statement
This presentation contains statements about management's future expectations, plans and prospects of ourbusiness that constitute forward-looking statements, which are found in various places throughout the pressrelease, including, but not limited to, statements relating to expectations of orders, net sales, product shipments,backlog, expenses, timing of purchases of assembly equipment by customers, gross margins, operating resultsand 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 identifyforward looking statements, although not all forward looking statements contain these identifying words. Thefinancial guidance set forth under the heading “Outlook” contains such forward looking statements. While theseforward looking statements represent our judgments and expectations concerning the development of ourbusiness, a number of risks, uncertainties and other important factors could cause actual developments andresults to differ materially from those contained in forward looking statements, including any inability to maintaincontinued demand for our products; failure of anticipated orders to materialize or postponement or cancellation oforders, generally without charges; the volatility in the demand for semiconductors and our products and services;failure to adequately decrease costs and expenses as revenues decline; loss of significantcustomers; lengthening of the sales cycle; acts of terrorism and violence; inability to forecast demand andinventory levels for our products; the integrity of product pricing and protection of our intellectual property inforeign jurisdictions; risks, such as changes in trade regulations, currency fluctuations, political instability and war,associated with substantial foreign customers, suppliers and foreign manufacturing operations; potential instabilityin foreign capital markets; the risk of failure to successfully manage our diverse operations; those additional riskfactors set forth in Besi's annual report for the year ended December 31, 2014; any inability to attract and retainskilled personnel; and other key factors that could adversely affect our businesses and financial performancecontained in our filings and reports, including our statutory consolidated statements. We expressly disclaimany obligation to update or alter our forward-looking statements whether as a result of new information, futureevents or otherwise.
February 25, 2016 Page 3
Table of Contents
I. Key Highlights
II. Financial Review
III. Strategic Highlights
IV. Outlook
February 25, 2016 Page 4
I. KEY HIGHLIGHTS
I. KEY HIGHLIGHTS
February 25, 2016 Page 5
Key Financial Highlights
• € 77.8 million :• +7.9% vs. Q3-15• -12.6% vs. Q4-14
Revenue
• € 77.3 million :• +3.2% vs. Q3-15• -5.0% vs. Q4-14
Orders
• € 9.7 million (€ 10.9 million ex adjustments):• +54.0% vs. Q3-15 (€ 6.3 million)• -50.8% vs. Q4-14 (€ 19.7 million)• -10.7% vs. Q4-14 (ex adjustment € 12.2 million)
Net Income
• Net cash of € 136.5 million• +€ 27.5 million (+25.2%) vs. Q3-15
Liquidity
Besi reports Q4-15 revenue at high end of guidance. Operating profit exceeds expectations. Net cash position increases to € 136.5 million. Prop osed 2015 dividend of € 1.20 per share.
Q4-15 FY 2015
• € 349.2 million :• -7.8% vs. 2014
Revenue
• € 348.3 million :• -14.5% vs. 2014
Orders
• € 49.0 million (€ 46.9 million ex adjustments):• -31.1% vs. 2014 (€71.1 million)• -27.3% ex adjustments
Net Income
• Net cash +€ 18.5 million (+15.7%) vs. Q4-14
Liquidity
February 25, 2016 Page 6
Q4-14/Q4-15
€ 89.0
€ 77.8
13.7% 14.0%
22.2%
12.4%
-5%
5%
15%
25%
35%
45%
55%
65%
75%
85%
95%
(€ 5)
€ 15
€ 35
€ 55
€ 75
€ 95
Q4 2014 Q4 2015
Net
mar
gin
%
€m
illio
ns
Revenue Net Income ex. NR Non Recurring
Gross Margin
OPEX
Headcount
Effective Tax Rate
-38.9% 20.6%
1,632 1,539
€ 24.6 MM
€ 26.5 MM
-5.7%
+59.5 points
+7.7%
43.8% 50.0%
-12.6%
-9.7 points
FY 2014/FY 2015
+6.2 points
€ 10.9*
€ 378.8
€ 349.2
17.0% 13.4%
18.8%
14.0%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
0 €
50 €
100 €
150 €
200 €
250 €
300 €
350 €
400 €
450 €
2014 2015
Net
mar
gin
%
€m
illio
ns
Revenue Net Income ex. NR Non Recurring
Gross Margin
OPEX
Headcount
Effective Tax Rate
0.3% 14.3%
1,632 1,539
€ 93.8 MM
€ 112.5 MM
43.8% 48.8%
-5.7%
+14.0 points
+19.9%
+5.0 points
-4.8 points
€ 64.5* € 46.9*
Solid Profit and Margin Development In Industry Downturn
€ 12.2*
-7.8%
€ 7.5
(€ 1.2)
€ 6.5
€ 2.1
* As adjusted* As adjusted
February 25, 2016 Page 7
Dividend Trends
0.22 0.30 0.33
1.50
1.00 0.73
0.42 0.43
1.87
1.27
4.3%
5.2% 4.0%
8.1%
6.5%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
0.00
0.20
0.40
0.60
0.80
1.00
1.20
1.40
1.60
1.80
2.00
2011 2012 (b) 2013 2014 2015 (c)
Div
iden
d yi
eld
Div
iden
d (€
)
Dividend EPS (diluted) Total Dividend Yield (a)
1.20
a) Based on year end stock priceb) Includes special dividend of € 0.08 c) Proposed for April 2016 AGM. Includes special dividend of € 0.20. Payout ratio for base dividend is approximately 80%
30% 71% 77% 80%Payout Ratio: 94%
February 25, 2016 Page 8
II. FINANCIAL REVIEW
February 25, 2016 Page 9
Revenue/Order Trends
Quarterly Trends
YTD Trends
70.0
116.2
103.5
89.0 94.9
104.3
72.1 77.8
111.1
124.2
90.9
81.4
104.2
91.9
74.9 77.3
0
20
40
60
80
100
120
140
Q1-2014 Q2-2014 Q3-2014 Q4-2014 Q1-2015 Q2-2015 Q3-2015 Q4-2015
(eur
o in
mill
ions
)
Revenue Orders
378.8349.2
407.6348.3
0
100
200
300
400
500
2014 2015
(eur
o in
mill
ions
)
Revenue Orders
Q4-15 vs. Q3-15• Revenue: € 77.8 million (+7.9%)
• Higher shipments for smart phone, high end server and solar applications
• Orders: € 77.3 million (+3.2%)• Renewed growth in smart phone, mobile and
auto applications• +€ 13.8 million (+73.8%) subcontractors• -€ 11.4 million (-20.3%) IDMs
Q4-15 vs. Q4-14• Revenue: -€ 11.2 million (-12.6%)• Lower smart phone and mainstream electronics
applications due to downturn
• Orders: -€ 4.1 million (-5.0%)
2015 vs. 2014• Revenue: -€ 29.6 million (-7.8%)
• Industry downturn and slower Chinese growth• Lower smart phone and electronics demand• Partial offset TCB and die sorting systems for
memory and high end servers
• Orders: -€ 59.3 million (-14.5%)
February 25, 2016 Page 10
Currency Exposure Trends
Currency Exposure (2015) Forex Financial Impact
Revenue Expenses
2015 2014 2013 2015 2014 2013Euro 29% 34% 28% 31% 32% 34%
US dollar 70% 65% 71% 5% 4% 7%Swiss franc - - - 22% 18% 26%
Malaysian ringgit - - - 28% 37% 22%Chinese renminbi - - - 7% 5% 5%Singapore dollar - - - 4% 2% 3%
Other 1% 1% 1% 3% 2% 3%Total 100% 100% 100% 100% 100% 100%
• USD/euro revenue mix relatively stable at 70/30%
• Cost exposure shifting: Asian production transfer increases relevance of MYR, Chinese renminbi and Singapore dollar to cost structure
• Euro and CHF cost % should reduce in 2016 based on 2015 operating initiatives
February 25, 2016 Page 11
Gross Margin Trends
Quarterly Trends
378.8 349.2
43.8%
48.8%
48.6%
40%
45%
50%
55%
0
100
200
300
400
2014 2015
(eur
o in
mill
ions
)
Revenue Gross MarginYTD Trends
70.0
116.2 103.5
89.0 94.9
104.3
72.1 77.8
42.3%43.2%
45.3%43.8%
49.0% 47.9%48.7%
50.0%
48.2%*
20%
25%
30%
35%
40%
45%
50%
55%
0
20
40
60
80
100
120
140
160
Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15
(eur
o in
mill
ions
)
Revenue Gross Margin Adjusted Gross Margin
* Excludes net restructuring benefit
Q4-15 vs. Q3-15• 50.0% vs. 48.7%
• Exceeded guidance• High end of target range• Improved material efficiencies• Net forex benefits:
• Revenue: +USD vs euro• Costs: -MYR and -CHF vs. euro
Q4-15 vs. Q4-14 • 50.0% vs. 43.8%
• Improved material and personnel efficiencies• Net forex benefits:
• Revenue: +USD vs. euro• Costs: -MYR vs. euro, +CHF vs. euro
2015 vs. 2014 • 48.8% vs. 43.8%• Improved material and personnel efficiencies• Net forex benefits:
• Revenue: +USD vs. euro• Costs: +CHF vs. euro, MYR flat
February 25, 2016 Page 12
Base Line Operating Expense Trends
20.9 22.0 21.4 22.5 22.2 26.1
23.9 22.6
0.6 2.6
1.7 2.2 3.1
5.9
4.8 3.9 21.5
24.6 23.1
24.7 25.3
32.0
28.7 26.5
0
5
10
15
20
25
30
35
Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15
Base Opex Other Operating Expenses
Baseline Opex 20.9 22.0 21.4 22.5 22.2 26.1 23.9 22.6 86.8 94.6
Other Operating Expenses
Capitalization of R&D (2.8) (2.4) (2.0) (2.1) (1.5) (1.4) (1.2) (1.5) (9.3) (5.5)
Amortization of R&D 1.1 1.2 1.3 1.2 1.7 2.2 2.3 2.4 4.8 8.6
Capitalization & Amortization , net (1.7) (1.2) (0.7) (0.9) 0.2 0.8 1.0 0.9 (4.5) 3.1
Forex CHF/EUR 0.0 0.0 0.0 0.0 1.9 1.5 0.9 0.7 0.0 5.0
Restructuring cost/(benefit) 0.2 0.8 0.0 0.0 (3.0) 0.1 0.2 0.0 1.0 (2.7)
Variable Pay 2.1 3.0 2.4 3.1 4.0 3.5 2.7 2.3 10.5 12.5
Subtotal 0.6 2.6 1.7 2.2 3.1 5.9 4.8 3.9 7.0 17.7
Total 21.5 24.6 23.1 24.7 25.3 32.0 28.7 26.5 93.9 112.5
86.8 94.8
7.1
17.7 93.9
0
20
40
60
80
100
120
2014 2015
112.5
February 25, 2016 Page 13
Headcount Trends
• Aggregate headcount down 5.7% vs. 2014• -8.6% since Q2-15
• European/NA fixed headcount continues to decline• -8.8% from year end 2014• Asia 63% of total now
741 680 624 602 549
802 799 810 908 950
64 60
24 122 40
1,607 1,5391,458
1,6321,539
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
-
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2011 2012 2013 2014 2015
Tem
p %
of T
otal
Hea
dcou
nt
Europe/NA Fixed HC Asia Fixed HC Temporary HC Temp % of Total
1,543 1,479 1,434 1,510 1,499
52%54%
56%
60%63%
48%46%
44%
40%37%
30%
40%
50%
60%
70%
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2011 2012 2013 2014 2015
Hea
dcou
nt
Europe/NA Fixed HC Asia Fixed HC Asia % Europe/NA %
Fixed Headcount
Total Headcount
February 25, 2016 Page 14
* Adjusted to exclude:• Deferred tax adjustment (Q4-15) (€ 1.2 million)• Net restructuring benefit (Q1-15) (€ 3.3 million)
7.3
23.5
12.2 14.2
10.9
(0.3) (0.6)
7.5 3.3
(1.2)
7.0
22.9 21.5
19.7
17.5 15.5
6.3
9.7
10.4%
20.2% 20.8%
13.7%15.0% 14.9%
8.7%
14.0%
-5%
0%
5%
10%
15%
20%
25%
30%
35%
40%
(3)
0
3
6
9
12
15
18
21
24
Q1-14 Q2-14 Q3-14 Q4-14* Q1-15* Q2-15 Q3-15 Q4-15
(eur
o in
mill
ions
)
Net Income ex. NR Non Recurring Net Margin ex. NR
Net Income Trends
Quarterly Trends
YTD Trends
64.5
46.9
6.5
2.1
71.1
49.0
17.0%13.4%
-5%
5%
15%
25%
35%
0
20
40
60
80
2014 YTD* 2015 YTD*
(eur
o in
mill
ions
)
Non Recurring Net Income ex. NR Net Margin ex. NR
Q4-15 vs. Q3-15• +€ 3.4 million (€ 4.6 million adjusted)• +7.9% revenue• +1.3% gross margin• -7.7% operating expenses • Higher reported tax rate• Net margin increases from 8.7% to 14.0% as
adjusted
Q4-15 vs. Q4-14• -€ 10.0 million (-€1.3 million adjusted)• € 8.7 million variance in deferred tax
adjustments• -12.6% revenue• +7.7% operating expenses • +6.2% gross margins• Net margin 14.0% vs. 13.7% adjusted
2015 vs. 2014: • -€ 22.1 million (€ 17.6 million adjusted)• -7.8% revenue decrease • € 9.3 million variance in deferred tax
adjustments• +€ 18.8 million operating expenses • +5.0% gross margin• +€ 4.9 million restructuring variance
• Deferred tax adjustment (Q2-14, Q4-14) (€ 0.7 million, € 7.5 million)• Restructuring charges (Q1-14, Q2-14) (€ 0.3 million, € 1.3 million)
February 25, 2016 Page 15
Liquidity Trends
Q4-15 vs. Q3-15• Net cash +€ 27.5 million (25.2%) to € 136.5
million
Q4-15 cash movements
Principal sources of cash• € 32.5 million cash from operations
Principal uses of cash• -€ 3.5 million share repurchases• -€ 2.4 million debt payments • -€ 1.5 million capitalized R&D• -€ 0.6 million capex
Q4-15 vs. Q4-14• Net cash +€ 18.5 million (+15.7%)
• Strong profit generation plus decreased working capital requirements
91.9 83.8
105.4
135.3
161.6
113.7
132.8
157.8
19.1 21.3 19.3 17.3
28.5 22.3 23.8 21.4
72.8
62.5
86.1
118.0
133.1
91.4
109.0
136.5
0
20
40
60
80
100
120
140
160
180
Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15
(eur
o in
mill
ions
)
Cash Debt Net Cash
February 25, 2016 Page 16
III. STRATEGIC HIGHLIGHTS
February 25, 2016 Page 17
4.44.0
3.1
3.9
3.4 3.3
3.8 4.1
-6.6%-9.1%
-22.4%
28.1%
-13.6%
-3.9%
14.9%8.6%
-30%
-20%
-10%
0%
10%
20%
30%
40%
0.0
1.0
2.0
3.0
4.0
5.0
2011 2012 2013 2014 2015E 2016E 2017E 2018E
(US
$ bi
llion
s)
Assembly Equipment Market Size YoY Growth Rate
326.9
273.7 254.9
378.8 349.2
-6.9%-16.3%
-6.9%
48.6%
-7.8%
-50%
0%
50%
100%
150%
0
100
200
300
400
2011 2012 2013 2014 2015
(€m
illio
ns)
Besi RevenueRevenue YoY Growth Rate
Assembly Equipment Market Trends
Source: VLSI January 2016
February 25, 2016 Page 18
Key R&D Highlights
Initiative/Timetable
Advanced TCB & eWLB die bonding equipment
Introduction of next generation systems
Expand solar and battery plating applications
Common parts/platform activities
2015 2016
• Volume production of leading edge TCB systems• Introduction/delivery of new <5 micron flip chip and eWLB systems for higher volume production • Roll out of next generation die attach, packaging and die sorting systems with higher speed and
accuracy• Introduction of new solar and 3D lithium-ion battery plating systems• Ongoing development of TCB, TSV, copper pillar and WLP
2015
February 25, 2016 Page 19
Key Operating Initiatives
Initiative/Timetable
10% fixed & temporary headcount reduction
Transfer of die bonding production for local market from Malaysia to China
Transfer of certain Swiss Die Attach software, logistics and administrative
functions to Singapore
Transfer of Plating Production from NL to Malaysia
Transfer of die sorting from Austria to Malaysia
Expansion of Asian supply chain. System module outsourcing
2015 2016
February 25, 2016 Page 20
IV. OUTLOOK
February 25, 2016 Page 21
Q1-16 Guidance
Revenue Gross Margin Operating Expenses
Q4 Q1 Q4 Q1 Q4 Q1
€ 77.8 50.0% € 26.5
• Revenue within a range of +5% to -5% vs. Q4-15• Gross margins 47-49% range due to product mix and less favorable forex than
Q4-15• Opex +10% due to 2015 related share based compensation expense • Share repurchase program continues
Up
10%
49%-
47%
+5%to
-5%
February 25, 2016 Page 22
Financial Calendar
29-Feb-16/1-Mar-16 Roadshow London organized by SNS Securities
2/3-Mar-16 Roadshow Frankfurt, Paris organized by ING Bank
4-Mar-16 Roadshow Switzerland organized by Rabobank
18-Mar-16 Rabobank Investor Conference, Amsterdam
29-Apr-16 2016 First Quarter Results
29-Apr-16 Annual General Meeting of Shareholders
25-May-16 Benelux Equities Conference, ABN AMRO, Amsterdam
7/8/9-June-16 Pan European Days ABN AMRO, New York, Boston
22-Jun-16 Rabobank Investor Conference, London
28-Jul-16 2016 Second Quarter Results
Aug-16 Canaccord Genuity Growth Conference, Boston
7/8-Sep-16 ING Benelux Conference, London
16-Sep-16 Autumn Conference Kepler Cheuvreux, Paris
27-Oct-16 2016 Third Quarter Results
16/18-Nov-16 Morgan Stanley TMT Conference, Barcelona
23/24-Nov-16 Benelux Conference Kempen, London
7/8-Dec-16 ING Benelux Conference, New York