Q & A， ASM International 公司的市場競爭策略
註: 在進行分組討論問題之前， 可要求學員先了解 2008 年及前數年的世界政 經情勢背景， 以了解本案例分析的主角 CEO 所面臨的內外壓力下， CEO 的考 量緣由。
問題 1： 如果您是 ASM International 公司的 CEO， 您會對董事會提出什麼對公 司和對你個人的最佳提案?
背景說明：2008 年春末， 由於美國次貸危機影響，面對未來景氣的不確定性， 以及 二法人股東的逼迫更換領導層， ASM 的 CEO 面臨極大壓力， 如何化解股東壓力，
並且引領公司度過即將面臨的金融危機?
問題 2： ASM International 公司集團裡的 ASM PT 公司營運卓越， 為何在那段奮 鬥的 10 年裡 (1990 到 2000 年)， ASM International 的前段設備產品不在亞洲生產 (除了日本之外)? 你認為原因是什麼?
背景說明：請參閱圖六， ASM 組織結構圖， ASM PT 負責所有後段設備與材料的生 產， 其據點都在亞洲， 但前段晶圓生產設備， 除日本外， 均在歐洲和美國; ASM 標 榜本地化的管理， 所以 ASM-America 的工廠幾乎都是美國裔， 歐洲工廠則都為歐洲 裔， 日本為日裔， 銷售點也是該國人士， 所謂的以夷制夷，以漢制漢。
問題 3： 如果 ASM International (Arthur) 決定將前段設備生產移至亞洲來降低生 產成本， 那麼你認為應該移去哪裡呢? 原因是為什麼?
背景說明：前段設備的 Gross Margin 一般是售價的 50%， 雖然機台售價高，但銷售 型態是可銷售機台數受限於有限的客戶數目，本身的先進技術能力以及服務能力決定 了銷售佔有率。
問題 4： 賣掉前段產品給 Applied Material， 而專注於後段產品的發展， 會給 ASM International 公司帶來現正急需的(資本性收入)， 並將給予公司股價帶來合理估 值， 但有什麼缺點呢?
背景說明：如附件(六 & 七)所述， 一旦售出 ALD (HKMG) 和 PECVD (Low K) 兩個 產品線，立刻可以獲得 500MUS$ 的資本性收入， 對公司的財報，對股東權益有其絕 對正面的幫助。
14 戶們， 如 Intel， IBM， AMD， Siemens， ST， Philip， NEC， Toshiba， Fujitsu 等等都是在歐洲， 美國和日本， 當時台積電， 聯電和三星才剛剛展露頭角， 因此
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轉移一個工廠到另一個地區或國家是一個重大決策，關係到資金與人才的流動， 產 品的穩定性，和市場的變化，稍一不慎，公司的根本可能就連根拔起; 好不容易工廠設 立後穩定運作，突然間一個暴動， 池魚之殃， 工廠毀了; 或一個政變，政策改變，禁 止出口，收歸國有..等等，一切的努力都泡湯了; 突然間， 戰爭發生了，材料無從進口，
產品不能出口，資金不能流動，結果公司垮了; ASM 的考慮中有台灣， 但就是因為國 家穩定性的不能確定而從名單剔除。 新加坡相對而言， 是比較穩定的選擇。
3. 政府對產業的態度
新加坡政府對意欲引進的廠商極為支持，不論在租稅優惠，或土地提供，或人才培 養與貼補都極為用心；沒有朝令夕改，沒有設廠後環評不通過，沒有勞工抗爭。
4. 政府透明度
清廉的官僚體系，不須走後門，不須賄絡地方官員，不須政治獻金給國會議員。
問題四的參考答案
賣掉前段產品給 Applied Material，而專注於後段產品的發展，會給 ASM International 公司帶來現正急需的(資本性收入)，並將給予公司股價帶來合理估值；但 這兩個產品是ASM 前段設備的前景所繫，賣掉這兩個產品線就如同 1988 年賣掉 ASM Liethograph 和 ASM Implanter 一樣 (參考表一)， ASM 前段蓬勃發展的機會就 拱手讓給了對手，然後賣掉之後再如同1990 年代一樣苦苦掙扎又 10 年，Arthur 是這 樣想的，一樣的錯誤他不會再犯第二次， 他是這麼決定的。
問題五的參考答案
公司創辦人一直長期擔任著公司的 CEO，是好是壞? 見仁見智! 個人認為對公司 的創立茁壯有著居功厥偉不可或缺的功勞與定位，或者經濟非常時期或者公司有重大 變故，公司創辦人的確可以產生振衰起敝或可能起死復生進而中興的功效; 但是他在公 司的絕對威望和感情的某一弱點也可能噵致公司管理僵化或某一環節弱化，長期而 言，還是應該把所有權和管理權做個清楚的切割，而已制度管理代替個人威望，這才 是公司長久發展之道，歷史已經告訴了我們正確的答案!
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參考文獻
附錄一: 個案討論簡報資料
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碩 碩 士 士 論 論 文 文 口試題目 口試題目 論半導體設備製造商
論半導體設備製造商 ASM ASM 的市場 的市場 競爭策略 競爭策略 (以個案討論方式呈現 ( 以個案討論方式呈現 ) )
研
研 究 究 生：王玉揚 生：王玉揚 學號:9261543 學號 :9261543 指導教授：陳安斌
指導教授：陳安斌 教授 教授 日期:2010 日期 :2010年 年7 7月 月16 16日 日 國立交通大學
國立交通大學 高階主管管理學程 高階主管管理學程 碩士班 碩士班
2 2
研究動機與目的 研究動機與目的
敝人於 敝人於 ASM 任職 ASM 任職 17 年 17 年, 1988 , 1988 到 到 2005, 於 2005, 於 2001
2001 到 到 2004 擔任 2004 擔任 ASM 台灣區總經理 ASM 台灣區總經理
期間, 期間 , 參與或了解公司決策的內幕與背景 參與或了解公司決策的內幕與背景
由於 由於 ASM International 與持股的子公司 ASM International 與持股的子公司 ASM ASM Pacific Technology
Pacific Technology 分別於 分別於 NASDAQ 和 NASDAQ 和 HKSE 上 HKSE 上 市, 市 , 但股價體現不公允 但股價體現不公允
與公司度過艱辛歲月, 與公司度過艱辛歲月 , 共同成長 共同成長, , 覺得過程之間 覺得過程之間 公司決策有值得吾人借鏡之處
公司決策有值得吾人借鏡之處 , 故選為論文題目 , 故選為論文題目
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研究方法 研究方法
原本想以計算合理 原本想以計算合理 ASM International 公 ASM International 公 司價值為研究方法
司價值為研究方法
經 經 指導教授 指導教授 陳安斌 陳安斌 博士 博士 指引, 指引 , 轉為以 轉為以 個案討論方式為論文研究方向
個案討論方式為論文研究方向
所以論文本文以個案討論方式呈現 所以論文本文以個案討論方式呈現
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真實的個案公司案例研究 真實的個案公司案例研究
ASM International Co. Ltd
ASM International Co. Ltd
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時間點 時間點
2008 2008 年 年 , 5 , 5 月初 月初
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故事緣起, ASM International 故事緣起 , ASM International 是 是 一個什麼樣的公司
一個什麼樣的公司
ASM International N.V.
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7 7
故事緣起 故事緣起 , ASM International , ASM International
是一個什麼樣的公司
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99
CEO 現在面臨的問題 CEO 現在面臨的問題
主要股東 主要股東 Hermes Pension Management & Fursa Hermes Pension Management & Fursa Alternative Strategies)
Alternative Strategies) 要求把公司的前工序 要求把公司的前工序
設備產品從公司的產品結構中剝離
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ASM ASM 的歷史 的歷史
Confidential and Proprietary Information
© ASM 2005 Version 1.3. ASM Europe, The Netherlands 1968
ASM America, USA 1976 ASM Japan, Japan 1982 ASM Micochemistry, Finland 1999
ASM NuTool, USA2004 ASM Genitech, Korea2004
Back-End Operations Founded ASM Pacific
Technology 1975 Advance 400 Series 1994
Polygon 1999 立
立
ASM Pacific TechnologyASM Pacific Technology
1986, 1986, 創立 創立 ASM Ion Implantation 生產 ASM Ion Implantation 生產 Parallel Parallel
Beam
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ASM 的歷史 ASM 的歷史
1989, 1989, ASM Pacific Technology 於 ASM Pacific Technology 於 HKSE 證券市場 HKSE 證券市場 IPO. IPO .
2006, 2006, 第一次有股東, Mellon HBV Alternative 第一次有股東 , Mellon HBV Alternative Strategies,
Strategies, 嘗試說服其他股東把 嘗試說服其他股東 把 ASM 分成 ASM 分成 2 2 家公司, 家公司 , 被大多數股東否決 被大多數股東否決 (參考附錄 ( 參考附錄 一) 一 )
2008, 2008, 再次面臨 再次面臨 2大股東 2 大股東Hermes Hermes Pensio Pensio Management Management
&
& Fursa Fursa Alternative Strategies 挑戰 Alternative Strategies 挑戰, ,要把 要把 公司分拆並且更換管理層 公司分拆 並且更換管理層
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ASMI
ASMI 的研發技術藍圖 的研發技術藍圖
ASM Proprietary and Confidential Information
ASM International
Copyright © ASM International N.V. 2000 IJR 2010/7/11/8
®
Technology Road Map
Important Transitions for Mainstream CMOS Logic
ITRS Road Map 1999 1997 1999 2002 2005 2008 2011 2014
ASM Timing 1999 2001 2003 2005 2007 2009
Technology Generation 250 nm 180 nm 130 nm 100 nm 70 nm 50 nm
Equivalent Oxide Thickness (nm) 5-4 2.5 - 1.9 1.9 - 1.5 1.5 - 1.0 1.2 - 0.8 0.8 - 0.5
Gate Technology SiO/Poly Si High-k High-k/Metal .
Junction Depth of Contact Area (nm) 100 - 200 75 - 145 45 - 90 35 - 70 30 - 55 20 - 40 Junction Depth of S/D Ext. (nm) 100-50 42 - 70 25 - 43 20 - 33 16 - 26 11 - 19
Sheet Resistance S/D Ext Ω/sq. 350-800 250-700 200-625 150-525 120-450
Source/Drain Structure Elevated S/D
Number of Metal Levels 6 6 - 7 7 - 8 8 - 9 9 9 - 10
Metallization Structure Al Subtr. Cu Dual Damascene
Aspect Ratio Trench+Via 1.5 + 1.9 2.2 + 2.4 2.5 + 2.7 2.7 + 2.8 2.8 + 2.9 2.9 + 3.0
Barrier/Seed Deposition PVD CVD/ALD No Barrier ??
Inter Level k value 4.1 3.5 - 4.0 2.7 - 3.5 2.2 - 2.7 1.6 - 2.2 1.5
Dielectric SiO/SiOF SICOH Ultra Low-k
Wafer Size (mm) 200 300
ASM Production Solutions Available ASM R & D Being Pursued
Extended Source/Drain
New Transistor/Metallization Structures
ASM Beta Sites Being Evaluated Rapid Change
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ASMI
ASMI 的研發技術藍圖 的研發技術藍圖
ALD ALD 讓 讓 IC IC 製程裡可以使用很薄的介質層 製程裡可以使用很薄的介質層 就可以製造更小更省電的
就可以製造更小更省電的 IC 產品 IC 產品; ;
Low Low -K - K 製程可以讓 製程可以讓 IC 裡頭的導線之間的 IC 裡頭的導線之間的 寄生電容下降
寄生電容下降, , 從而製造更高運算速度的 從而製造更高運算速度的 晶片 晶片
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回顧 回顧 C C EO 現在面臨的問題 EO 現在面臨的問題
主要股東 主要股東 Hermes Pension Management & Hermes Pension Management & Fursa Fursa Alternative Strategies)
Alternative Strategies) 要求把公司的前工序 要求把公司的前工序 設備產品從公司的產品結構中剝離
設備產品從公司的產品結構中剝離
要求更 要求更 換公司領導層 換公司領導層
最大客戶 最大客戶 暗示 暗示 ASM 把 ASM 把 ALD (Atomic Layer CVD) ALD (Atomic Layer CVD) 和 和 PECVD 核心產品賣給最大的競爭對手 PECVD 核心產品賣給最大的競爭對手 Applied Applied Material
Material
最大的競爭對手 最大的競爭對手 Applied Material 提出併購 Applied Material 提出併購, 5 , 5 億美金 億美金
股東會召開在即 股東會召開在即
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為什麼總有股東要把
為什麼總有股東要把 ASM 分拆 ASM 分拆
ASM International 的股東十幾年來難得 ASM International 的股東十幾年來難得 分紅 分紅
ASM Pacific Technology 的卓越表現 ASM Pacific Technology 的卓越表現
ASM ASM Intenational Intenational 和 和 ASM PT ASM PT 股價的比較 股價的比較
(Front--End and BackEnd and Back--End)End)
Euros in millions
1995 1996 1997 1998 1999 2000 2001
Front-End Back-End
Forecast Front-End Forecast Back-End
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ASM Pacific Technology ASM Pacific Technology
上市以來股價表現
上市以來股價表現
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反觀 反觀 ASMI ASMI 的股價表現 的股價表現
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對比 對比 ASM PT ASM PT 的股價表現 的股價表現
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股東會前的股票市值計算 股東會前的股票市值計算
May 2nd, ASM International 股價 May 2nd, ASM International 股價 , 市 , 市 值為13 值為 13 億美金 億美金
ASM PT ASM PT 市值為 市值為 26.6億美金 26.6 億美金
ASM Internation ASM Internation 持有 持有 ASM PT 53% 的股 ASM PT 53% 的股 份 份 , 折合市值為 , 折合市值為 14.1億美金 14.1 億美金
如果股票市場能反映合理估值, 如果股票市場能反映合理估值 , 那麼 那麼 ASM ASM Internation
Internation 前工序的價值為負值或是零 前工序的價值為負值或是零
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法人股東的訴求 法人股東的訴求
ASM International ASM International 股價低估, 股價低估 , 原因為領 原因為領 導層的不適任
導層的不適任
增進股東價值: 增進股東價值 :
分割公司 分割公司 , 剝離不良不賺錢資產 , 剝離不良不賺錢資產
把剝離資產出售, 把剝離資產出售 , 提高收入 提高收入
剛好 剛好 , , 競爭對手欲收購 競爭對手欲收購 ALD ALD 和 和 Low K, Low K, 可 可
高價出售 高價出售
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如果你是 如果你是 CEO, CEO, 你該怎麼做 你該怎麼做 , , 該提什麼方案給董事會
該提什麼方案給董事會 ? ?
CEO 的考量 CEO 的考量
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經營團隊提供的選擇 經營團隊提供的選擇
將 將 ALD 和 ALD 和 PECVD Low K 產品線賣給 PECVD Low K 產品線賣給 Applied Applied Material,
Material, 以增加資本性收入案 以增加資本性收入案 (CFO & (CFO & 二大 二大 法人股東提的
法人股東提的) )
將 將 ASM International 從 ASM International 從 NASDAQ NASDAQ 下市 下市, , 將資 將資 產重組帶入
產重組帶入 ASM PT, ASM PT, 以取得地緣的資本溢價 以取得地緣的資本溢價 (亞洲新興地區估值較高 ( 亞洲新興地區估值較高) )
將前段的所有產品線分拆打包, 將前段的所有產品線分拆打包 , 賣給 賣給 Applied Applied Material
Material 或其他有興趣的對象 或其他有興趣的對象, , 只剩下後段產 只剩下後段產 品, 品 , 留在 留在 NASDAQ NASDAQ
將所有前段產品的生產線全部移往亞洲低成本 將所有前段產品的生產線全部移往亞洲低成本
的國家 的國家 , 以降低成本而提高毛利 , 以降低成本而提高毛利
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WeaknessWeakness
ASM International 前段設備ASM International 前段設備 的銷售業績不佳
Applied Material Applied Material 的併購的併購 帶來的資本性流入
Applied Material 的併購Applied Material 的併購 導致ASM導致ASM前段設備整體競爭前段設備整體競爭
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Q&A, ASM International
Q&A, ASM International 公司的市 公司的市 場競爭策略
Q&A, ASM International 公司的市 公司的市 場競爭策略
ASM International 的前段設備產品不在亞洲生 的前段設備產品不在亞洲生
產 產 (除了日本之外 ( 除了日本之外)? )? 你認為原因是什麼 你認為原因是什麼? ?
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Q&A, ASM International
Q&A, ASM International公司的市 公司的市 場競爭策略
Q&A, ASM International 公司的市 公司的市
場競爭策略
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Q&A, ASM International
Q&A, ASM International 公司的市 公司的市 場競爭策略
場競爭策略
問題 問題 5, 公司創辦人對公司的濃烈情感和 5, 公司創辦人對公司的濃烈情感和 使命感, 使命感 , 您認為對公司的短長期發展利弊 您認為對公司的短長期發展利弊 有何影響? 有何影響 ?
背景說明: ASM 背景說明 : ASM 公司創辦人 公司創辦人 , 自創立 , 自創立 1968 1968 年到本文的背景時間
年到本文的背景時間 2008 2008 年 年 , , 擔任公司執 擔任公司執 行長 行長 40 年 40 年, ,公司由小變大 公司由小變大, , 興衰更替 興衰更替, , 都 都
有他在照顧著
有他在照顧著 ……… ……… . .
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股東會後 股東會後
CEO 的兒子變成了 CEO 的兒子變成了 CEO CEO
ASM 拒絕了 ASM 拒絕了 Applied Material 的併購 Applied Material 的併購
2009 年 2009 年, ,所有前段設備生產移往新加坡 所有前段設備生產移往新加坡 ,只 , 只 有 有 R & D 和 R & D 和 Marketing 留下 Marketing 留下
法人股東繼續在要求分拆公司, 法人股東繼續在要求分拆公司 , 並訴入法 並訴入法
庭, 庭 , 官司進行中 官司進行中
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附錄二：Shareholders: No breakup for ASMI
EE Times:
Shareholders: No breakup for ASMI
Mark LaPedus (11/27/2006 7:09 H EST)
URL: http://www.eetimes.com/showArticle.jhtml?articleID=196513457
SAN JOSE, Calif. — Chip-equipment provider ASM International N.V. on Monday (Nov. 27) claimed that its shareholders voted not to break up the company.
Shareholders strongly supported management's position that the present corporate structure combining wafer processing and assembly/packaging activities offers the greatest potential for ASMI's future and for improving shareholder value. A significant majority of the votes cast voted against a non-binding motion to split ASMI's businesses into two separate components.
One shareholder, Mellon HBV Alternative Strategies, has been lobbying for the breakup of semiconductor manufacturing equipment.
ASMI (Bilthoven, the Netherlands) also appointed Lee Wai Kwong, CEO-elect of ASM Pacific Technology Ltd., to the management board, effective Jan. 1, 2007; and Heinrich W. Kreutzer on his appointment to the supervisory board effective immediately.
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附錄三：Firms push for breakup of ASMI
EE Times:
Firms push for break up of ASMI
(01/14/2008 1:19 H EST)
URL: http://www.eetimes.com/showArticle.jhtml?articleID=205604498
SAN JOSE, Calif. -- Two shareholders of ASM International NV--Hermes Pension Management Ltd. and Fursa Alternative Strategies--are pushing to break up the chip-equipment maker, according to Thomson Financial
The two firms plan to publish a letter that will present ''ASMI chief executive officer Arthur del Prado with an ultimatum to support their plans to break the company up," according to Thomson Financial News..
If ASMI refuses, the firms will push for an "exchange offer, which would involve the two shareholders setting up a new company, incorporating it and listing it," according to the report.
ASMI of the Netherlands has separate front- and back-end units. The front-end unit has performed badly, as compared to the back-end operation.
In 2006, ASMI faced a similar crisis, but shareholders voted to not break up the company.
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附錄四：Activists Aim To Oust ASM Management
Market Scan
Activists Aim To Oust ASM Management
Melinda Peer, 04.01.08, 2:23 AM ET
Even in the best of times for the semiconductor industry, ASM International struggled to turn a profit. Now activist shareholders are telling management that their time is up.
Activist shareholder Hermes Pension Management Limited called for the dismissal of ASM International's chief executive officer and all five members of its supervisory board on Monday, after ASM said it expected a first-quarter net loss in its main wafer processing business.
ASM's stock closed with a gain of 41 cents, or 2.3%, to $18.53 in New York trading on Monday.
"As we indicated at the time of our fourth- quarter results, our near-term front-end operating performance is being negatively affected by reduced customer spending and macro-economic pressures, aggravated by the weakening of the U.S. dollar against the euro," said ASM Chief Executive Officer Chuck del Prado.
Recessionary pressures in the United States have been particularly hard on the semiconductor industry, since it relies on large companies and consumers to purchase technology upgrades, which tend to get back-burnered in an economic slowdown. (See: "Ride the Chip Slide")
But Hermes, which has been badgering ASM to make changes for the last two years, says the company's wafer business wasn't profitable even when the semiconductor industry was booming.
Hermes has submitted it proposals to ASM so that they can be included on the agenda of the company's May 21 annual shareholders meeting, and said it was confident that investors would back its suggestions. Dutch law requires that the proposals be included in the agenda.
Fursa Alternative Strategies UK Ltd., another ASM shareholder, voiced its support for Hermes' proposals.
About a month ago, Fursa sent a letter to ASM's management threatening to present an exchange offer in which shareholders would take over the company unless a new board was installed.
CEO del Prado and the chairman of the ASM supervisory board said management changes weren't in the company's or shareholders' best interests, pointing to improved operating profitability in the past two years. Del Prado plans to win back shareholder support by publishing a strategic roadmap prior to the annual meeting, detailing how he will improve ASM's valuation.
The Bilthoven, Netherlands-based company reports its first-quarter earnings on May 5 and expects front-end sales to be between $121.3 million and
$130.8 million, with the U.S. dollar trading roughly $1.58 to the euro.
Thomson Financial contributed to this article
http://www.forbes.com/2008/04/01/asm-hermes-closer-markets-equity-cx_mp_0331markets46_print.html
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附錄五：ASMI rejects calls for breakup, management changes
ASMI rejects calls for break up, management changes
John Walko
(02/28/2008 9:40 AM EST)
URL: http://eetimes.eu/uk/206900732
ASM International NV (Bilthoven, the Netherlands) has rejected proposals from investment group Fursa Alternative Strategies to break up the chip-equipment maker and make major management changes.
LONDON — ASM International NV (Bilthoven, the Netherlands) has rejected proposals from investment group Fursa Alternative Strategies to break up the chip-equipment maker and make major management changes.
Another group, Hermes Pension Management Ltd., also made similar proposals earlier this year.
ASMI has separate front- and back-end units. The front-end unit has performed badly, as compared to the back-end operation.
In 2006, ASMI faced similar calls, but shareholders voted to not break up the company.
Here, we reproduce the letter sent February 28 to the head of Fursa Alternative Strategies by ASMI chief executive officer Arthur del Prado.
Dear Mr Timmermans,
This letter is sent on behalf of the Supervisory Board and the Management Board and is a follow up to our letter of February 11, 2008 and replies to your letter of January 28, 2008, which the Management Board has discussed with the Supervisory Board on February 6 and, again, on February 27. This letter is also a reply to your letter of February 26.
As I am sure you know members of our Management Board have had a further meeting with two members of the group of managers with an industry background (the "Team") in Bilthoven on Monday, February 18.
In preparation of that meeting we have carefully reviewed the presentation held by the Team on January 10, 2008 and we have verified certain factual information assumed in that presentation. The Management Board has spent considerable time and effort in this exercise and it has made the Supervisory Board aware of its main findings.
We have shared our preliminary findings with the Team representatives during the meeting of February 18. That meeting was in many respects positive and constructive. We do value the interest which the Team takes in the development of our front-end business and we have found that on many issues, the analysis and line of thinking of the Team and our Management Board is aligned in many aspects.
This means that we can agree to the Team's approach to certain business issues because that approach is in line with our approach. We have explained that on many of the matters identified by the Team we already have plans in place or are already working on resolving these issues. This, for obvious reasons, could not be known to the Team, because they have no insight knowledge of our company.
It is true that on a fairly limited number of issues we have a different opinion. During our conversations with the Team we have explained why we felt that their opinion on specific matters was not appropriate. Indeed, on one particular subject, i.e. an allegation as to our
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technical market position concerning one of our established product lines, the Team had made a major mistake and the concerns which the Team had expressed proved to be factually and materially incorrect and ill founded. The Team members present apparently acknowledged this when this was explained to them on February 18.
It is not opportune to discuss in any detail on which subjects there was a basic agreement on the approach and on which subjects the opinions differ, but we trust that the Team has communicated the gist of our discussions to you.
It was a pleasure and a privilege to have serious discussions with knowledgeable persons and we have indeed appreciated the Teams input and willingness to share their viewpoints and analyses with us. As you are aware in 2006 we have achieved our publicly announced financial targets. We are proud to be able to say that we have now also achieved our target of net earnings in our front-end operations for the year 2007, as is apparent from the press-release which we issued today.
This means that we have in the last two years achieved a major improvement of our profitability. We are, as promised, closing the gap with companies which can be considered to be our peers. As indicated earlier we trust that we can realise our milestones also in the future with a view of achieving a profitability level in the year 2009 in accordance with our earlier prognosis.
Having said this, I note that your Team acknowledged that 2008 will be a difficult year and that they aim to head for 2010 to achieve a solid level of profitability.
Against this background the two boards are confident that current management is able to deliver. Therefore, we are of the opinion that it is
Against this background the two boards are confident that current management is able to deliver. Therefore, we are of the opinion that it is