ASM International's (ASMIY) CEO Chuck del Prado on Q1 2018 Results - Earnings Call Transcript

ASM International N.V. (OTCQX:ASMIY) Q1 2018 Earnings Conference Call April 20, 2018 11:00 AM ET

Executives

Victor Bareño – Director, IR
Chuck del Prado – Chief Executive Officer
Peter van Bommel – Chief Financial Officer

Analysts

Sandeep Deshpande – JPMorgan
Peter Olofsen – Kepler Cheuvreux
Robert Sanders – Deutsche Bank
David O'Connor – Exane BNP Paribas
Tammy Qiu – Berenberg

Victor Bareño

Thank you, Allison. ASMI issued its 2018 First Quarter Results last evening. For those of you who have not seen the press release, it’s along with our latest investor presentation, is accessible on our website, ASM.com. We remind you that this conference call may contain information relating to ASM's future business or results, in addition to historical information. For more information on the risk factors related to such forward-looking statements, please refer to the company's press releases, reports and financial statements, which are available on our website.

And with that, I will turn the call over to Chuck del Prado, President and CEO. Chuck?

Chuck del Prado

Thank you, Victor, and thanks to everyone for attending our first quarter 2018 results conference call and for your continuing interest in ASM International. Before I start with review of the first quarter results, Peter van Bommel, our CFO, will first provide an explanation on a couple of changes in our accounting policies and reporting.

So Peter, go ahead.

Peter van Bommel

Thanks, Chuck. IFRS 15 is the first change I will discuss. IFRS 15, which is redefining the way revenues have to be recognized is, as you know, mandatory as of this year. For us the largest impact is related to revenue from Japanese customers. Previously, recognition of revenue with Japanese customers took place on the moment that the customer accepted the two.

Under IFRS, this will be on the moment