Emoties in Bedrijf - ASML, ASMi en Besi

 Wat is er allemaal in een jaarverslag te vinden? En hoe kan je verschillen vinden tussen drie partijen in soortgelijke, dan wel dezelfde sector, zoals semiconductors?

Hierbij een analyse. Deze is in eerste instantie nog niet geheel gericht op de emoties [September 2024 is gewijd aan "Emoties in Bedrijf"], die komen verderop aan bod.

ASML opent haar verslag neutraal met - Small Patterns, Big Impact -  een inspirerende cover, met een productieve insteek: "We zijn met ruim 42.400 individuen – denkers, vernieuwers, probleemmakers, oplossers, planners, verhuizers en makers."

a. Wat is uniek aan ASML (ten opzichte van de andere twee partijen)?

Dit heb ik proberen te onderzoeken aan de hand van verschillend woordgebruik bij de drie partijen. Bij ASML wordt in het jaarverslag (2023) veel geschreven over:

• - Carl Zeiss SMT 
  
• - immersion
• - D&I (diversion & inclusion)
• - Wilton (ASML Wilton is our largest R&D and manufacturing site in the US, specialized in mechatronics, alignment & sensor technology, and optical fabrication.)
• - Berlin (...R&D and manufacturing location in Berlin) / Berliner (Glas)
• - Brainport (Eindhoven regio)
• - startups
• christophe (Christophe Fouquet was appointed Executive Vice President EUV and member of the Board of Management in 2018. In 2022 Christophe was appointed Executive Vice President and Chief Business Officer. Since joining ASML in 2008 he has held several positions including Senior Director Marketing Vice President Product Management and Executive Vice President Applications a position he held from 2013 until 2018. Prior to joining ASML he worked for semiconductor equipment peers KLA-Tencor and Applied Materials. Christophe holds a master’s degree in Physics from the Institut Polytechnique de Grenoble)
• bom (In 2022 we became a strategic investor and co-initiator in DeepTechXL Fund I a new Dutch deep-tech fund of €85 million as a follow-up to HighTechXL. Together with other strategic investors and co-initiators – Philips Brabantse Ontwikkelings Maatschappij (BOM) research institute TNO PME Pension Fund and Invest-NL – the fund provides deep-tech startups and scaleups with access to knowledge network technology licenses and business development support.)
• product-related
• FTEs
• glas (During 2021 we sold the non-semiconductor businesses of the acquired Berliner Glas (ASML Berlin GmbH) group)
• resident
• Wennink (On November 30 2023 we announced that ASML’s Co-Presidents Peter Wennink and Martin van den Brink will retire from ASML upon completion of their current appointment terms per the 2024 AGM and that we intend to appoint Christophe Fouquet currently ASML’s Chief Business Officer and member of the Board of Management as the company’s next President and Chief Executive Officer)
• nxe (In June 2023 we celebrated the 100th shipment of the TWINSCAN NXE:3600D our latest-generation EUV 0.33 NA lithography system)
• kwh
• non-resident
• eurobonds
• scaleups
• treaty
• emea
• hmi (Our HMI electron beam (e-beam) solutions allow customers to locate and analyze individual chip defects amid millions of printed patterns extending the scope for process control)
• nl
• nils (Nils Andersen joined the Supervisory Board in 2023 and has been its Chair since his appointment)
• non-product-related
• incineration (By 2030 we aim to send zero waste from operations to landfill or incineration.)
• jack (Jack de Kreij joined the Supervisory Board in 2023. Among other roles he is currently the Vice Chair of the Supervisory Board and Chair of the Audit Committee at TomTom NV and Wolters Kluwer NV)
• sec
• San Diego (Currently we have five applicable locations with community engagement initiatives (Veldhoven (NL); Wilton Connecticut (USA); Silicon Valley California (USA); San Diego California (USA); Hsinchu (TW)). Other ASML locations with smaller community engagement initiatives but no dedicated community engagement FTEs and programs are excluded.)
• Roger Dassen(In conversation with our Executive Vice President and Chief Financial Officer Roger Dassen)
• we@asml (Inclusion Index portion of the we@ASML engagement survey in order to better understand each employee's experience and garner a sense of their level of belonging.)
• pattern (small patterns, big impact) 
• microchip
• shrink
• non-gaap
• overlay
• andersen
• curriculum 
  
  
  
• campus

b. Wat is uniek aan ASMi (ten opzichte van de andere twee partijen)?

ASMi opent haar verslag behoorlijk gewaagd: Ahead of What's Next. En, over "Trademarks and copyrights"

We have registered a number of trademarks covering our product portfolio in the principal countries where we do business (2023):

•  ASM, the ASM International logo, Advance, Aurora, Dragon, Eagle, EmerALD, Epsilon, Intrepid, LPE logo, Powering The Future logo, Previum, Pulsar, Silcore, SONORA, Synergis, XP, and XP8 are our registered trademarks.
•  The ASM Qualified Licensed Supplier logo, AEGIS, A400, A412, ES, ESA, EVC, GenMatch, Level-to-Level, Precis, TENZA, and Velocity are our trademarks.
•  'Drive Innovation. Deliver Excellence.’ is our service mark.

Bij ASM-International zijn de volgende woorden opvallend: 

• ald (Wafer fab equipment (WFE) spending showedhigh-k ALD [atomic layer deposition] technology in which ASM has a leading position.)
• (Si) epi (Silicon epitaxy (Si Epi) is also an enablingstaff turnover dropped from 10% to 7%. Our talented people are at the heart of ASM’s technology for GAA to build the nanosheets which form the heart of the transistor.)
• lpe (Acquisitions of LPE and Reno delivering on expectations Our silicon carbide (SiC) epitaxy business – the acquisition of LPE in October 2022 –)
• epitaxy (zie epi)
• nsr (The decision to nominate a member to the Management Board Executive Committee and Supervisory Board and its committees Management Board follows from the recommendation by the Nomination Selection and Remuneration (NSR) Committee.)
• supply-chain (A relevant factor in this respect is the updated Dutch Corporate need for robust supply-chain resilience and a proper balance between an improvement ofGovernance Code which came into force in 2023 and which underlines the importance of working capital and inventory.)
• logic/foundry (eading-edge logic/foundry spending – a market in which ASM has strong positions – wasThe lower sales in leading-edge logic/foundry and memory was offset by increases in the still solid at the beginning of 2023 but demand weakened in the course of the year.)
• non-ifrs
• wfe (Demand for wafer fab equipment (WFE) links to the growth in the semiconductor device market.)
• pecvd (The major segments in WFE include lithography etch & clean deposition and process diagnostics. Our focus is on deposition equipment comprising about 25% of WFE in which we address ALD Epi PECVD and vertical furnaces. - ... PECVD and vertical furnacesOf course our service capabilities and performance are a key factor in our customer's ASM is also active in the vertical furnace and plasma-enhanced CVD (PECVD) marketequipment-selection process.)
• furnace (Our product technologies Our products include wafer-processing systems for ALD epitaxy PECVD and vertical furnaces.)
• lifecycle (This will support useffective and efficient. Following our strong growth in recent years we need to strengthen in attracting retaining and developing the talent we need to support us as we grow our organization and business processes in specific areas. For example we are stepping up our capabilities in engineering product lifecycle management (PLM) and quality.)
• intrepid (Sustainability statements in 2023 with continued strong demand for our new Intrepid ESA tool for 300mm powerGross margin and wafer applications. Next to SiC Epi our fastest growing product line in 2023 wasTotal gross profit developed as follows: vertical furnaces which benefited from strong demand for our new SONORA platform that was launched in 2022.)
• peald (ASM has the broadest portfolio of ALD products with innovative ALD reactor designs. Such precision allows us to use materials that could not previously be considered and Our strength in chemistries and applications using new materials means our customers can develop 3D structures vital to the future of electronics. 3D technology provides several meet advanced node technology challenges. We offer systems capable of thermal ALD benefits including saving space while delivering chips with higher performance that and plasma ALD. In PEALD plasma is used to provide the reaction energy for the process consume less power.enabling us to use lower temperatures for low-thermal budget applications. Many new applications are emerging where ALD is the technology of choice. Indeed inThis technology was originally introduced in DRAM and planar NAND flash manufacturing some cases it is the only solution able to meet the challenging technology requirements.)
• mohr (In May • attracting young female talent by advocating STEM; and • developing more female leaders within ASM. 2023 Pauline Van der Meer Mohr ASM’s Chair of the Supervisory Board and Yvonne Lee VP of Global Manufacturing and regional lead for WIN Asia visited our colleagues in Korea for a special WIN [Women initiative network] event)
• lamouche (The NSR [Nomination Selection and Renumeration ] Committee consists of: • Didier Lamouche (Chair))
• xp8 (Eagle XP8 PEALD system Epsilon epitaxy system Eagle XP8 is a high-productivity 300mm tool for PEALD applications. The system can beThe Epsilon series is a single-wafer single-chamber tool that deposits silicon-based configured with up to four dual chamber modules (DCM) enabling eight chambers inmaterials for many applications ranging from high-temperature silicon for wafer high‑volume production within a very compact footprint. The system is capable of a broadmanufacturing to low temperature silicon for analog and power applications.)
• phoenix (It will beshorter-term goals in our path towards net-zero GHG emissions is to achieve 100% twice as big as the current R&D facility in Phoenix Arizona and will enhance our ALD andrenewable electricity by 2024.)
• m'saad (CTO Hichem M'Saad says: “The new solutions we’re working on won’t be in people’s phones until five or more years’ time. And many of those solutions will be born at our new state-of-the-art facility in Scottsdale. It will accommodate next-generation research and development teams. -  vervangt Benjamin Loh [pensioen] als niet CEO)
• dielectric (On our XP platform we offer Pulsar and EmerALD single-chamber ALD process modulesEpitaxy (Epi) for high-k dielectric and metal gate films respectively.)
• cobc (code of business conduct)
• single-wafer (The single-wafer ALD market is expected to grow from ~US$2.6 billion in 2022 to around US$4.2-$5.0 billion in 2027. The Si Epi market is expected to grow from ~US$2.0 billion in 2022 to about ~US$2.3- US$2.9 billion in 2027 as we shared at our Investor Day in September 2023.) 
• virgiliis (Monica de Virgiliis* gaat niet verder met een tweede termijn in de supervisor board)
• crating (Circularity Building off our ASM crating reuse program we are working to expand current waste reduction‑circularity programs as well as identify opportunities and reduce risks in resource consumption and waste generation. One of our biggest achievements so far involves directly engaging and coordinating with our customers suppliers and contract manufacturers to move from single-use disposable crating to durable reusable crating. ASM has an operational waste goal of ≥90% landfill diversion rate by 2025. In 2023 we achieved 82% diversion from landfill for the year (2022: 85%).)
• reactors (We designfourth quarter of 2022 of LPE the Italy-based maker of epitaxial reactors for SiC and make sell and service our deposition tools to supply our customers with the advancedsilicon.)
• verhagen (Paul Verhagen, Chief Financial Officer)
• furnaces
• xp
• high-k
• reactor
• ...
• gate-all-around (Growth in the power/analog/wafer segment was also developing the upcoming gate-all-around device technology for which we received thesupported by the acquisition of LPE in 2022 which contributed more than €130 million in first pilot line orders in the second half of 2023. In line with the tough market conditions insales in 2023.)
• scottsdale (In December we announced an investment of €300 million to build SBTi which is recognized as the leading body for validation of net-zero targets. One of the a new state-of-the-art research and development center in Scottsdale Arizona.)
• almere (ASM R&D strategy and model. ASM has a globally distributed R&D and engineering organization.
• ...
• benjamin (At ASM we always stay ahead of what’s next and expanding our facility in Hwaseong – Benjamin Loh CEO and YK Kim Chairman of ASM Korea before the groundbreaking ceremony more than doubling its R&D space – will play a crucial role in this mission as we work towards new innovations that will improve people’s lives around the world.) 
• gap-fill (In 3D-NAND in 2022 we had the first contribution from gap-fill ALD wins strength in the mature node market segments..
• ...
• sonora (vertical furnace)
• modifier - The introduction of a relative Total Shareholder Return ('TSR') modifier to the Long-term Incentive ('LTI') Plan)

c. Wat is uniek aan Besi (ten opzichte van de andere twee partijen)?

Ook Besi opent redelijk neutraal en to-the-point: People driven innovation. Wel zeggen ze van zichzelf dat ze innovatief zijn, en innovatief is een positief-emotioneel bijwoord. Dit is het eerste verslag in tien jaar waar mensen op de cover staan afgebeeld. Woorden die vaak voorkomen zijn:

• besi’s / besi (www.besi.com)
• attach (Our principal product and service offerings are set forth below:
• • Die attach equipment: single chip multi chip multi module flip chip thermal compression bonding (“TCB”) fan out wafer level packaging (“FOWLP”) hybrid and embedded bridge die bonding systems and die sorting systems.
• • Packaging equipment: conventional ultra thin and wafer level molding trim and form and singulation systems.
• • Plating equipment: tin copper precious metal and solar plating systems and related process chemicals.
• • Services/Other: tooling conversion kits spare parts and other services for our installed base of customers.)
• malaysian (Activities undertaken in 2023 to better position Besi for future sustainable growth included the following:
• • Strategic plan updated through 2027. Confirmed revenue goal of € 1 billion+++ as well as initiatives to increase market share at peer leading margins.
• • Singapore and Malaysian cleanrooms completed to support growth of Besi’s hybrid bonding and wafer level assembly activities.
• • Vietnam assembly facility and Indian service office established to facilitate customer expansion outside of China.
• • ESG initiatives expanded including Design-to-X philosophy for sustainable product design.
• • Goal of net zero greenhouse gas emissions in our operations set for achievement by 2030 incorporating Scope 1 & 2 emissions.
• • Double Materiality Assessment conducted in preparation for compliance with the CSRD in 2025.)
• plating (Our market. The semiconductor manufacturing process involves two distinct phases: wafer processing commonly referred to as the front-end and assembly and test commonly referred to as the back-end. Once the semiconductor chip (also referred to as a “die”) has been created in the front-end wafer fabrication process Besi’s assembly equipment is used by customers to produce advanced semiconductor assemblies or “packages” incorporating a number of process steps such as (i) die sorting or “pick and place” of good versus bad dies (ii) die bonding to leadframes substrates wafers and other chips to facilitate an electrical interconnection (iii) die molding to encapsulate the assembled die and protect it from external contamination (iv) chemical plating to provide different physical properties at various stages of the assembly process and (v) trimming and forming of leadframe carriers housing chips and/or singulation (cutting) of substrate and wafer level devices prior to placement on a printed circuit board and ultimately final testing.)
• addressable (One of the most powerful forces driving growth in Besi’s addressable market today is the rapid adoption of artificial intelligence and virtual and augmented reality in our daily business and personal interactions.)
• tcb ([termal compressing bonding] In addition wafer level assembly can also be achieved through TCB chip to wafer process technology whereby the electrical connection is formed during the bonding process applying heat and pressure processes.)
• wellbeing (Environmental Impact People Wellbeing and Responsible Business. / • Be a good employer focused on employee wellbeing and fostering a workplace culture that encourages employees to grow and excel in their careers. / We foster a diverse and inclusive culture and support the safety development and wellbeing of our employees)
• flip [chip] (Hybrid bonding process technology has the potential to become the leading assembly solution for device geometries <3 nanometers over the next decade. Each of the largest global semiconductor producers is currently evaluating its adoption in their future device roadmaps. Currently hybrid bonding has been successfully utilized for the commercial production of high-end logic devices for data centers and other high-performance computing applications. Potential applications are numerous including data centers highend servers high-performance computing artificial intelligence photonics high-end smartphones PCs laptops wearables gaming entertainment autonomous driving and medical. They also have the potential to significantly increase the capital intensity and size of the assembly equipment market over the next decade. Adoption by the largest semiconductor producers is anticipated to occur over the next five years with further adoption by assembly subcontractors thereafter. Average selling prices will be significantly higher than the most advanced flip chip or TCB bonding systems currently given their complexity increased number of process steps cleanroom requirements throughput and significant R&D investment. The market potential for hybrid bonding process technology is significant as indicated in the table below:
• HYBRID BONDING MARKET POTENTIAL [van 200 naar 2000 (mrd?) - een factor 10!])

En dan nog:

• end-user 
  
• 
  ...
• substrate
• norbruis
• ...
• design-to-x
• chiplet(s)
• leadframe
• ...
• sustainalytics
• comparator
• ...
• apac
• ...
• gaming
• dissipation
• iss
• tablets
• ...

d. Wat is de overeenkomst tussen de drie partijen?

Waar heeft elke partij het over in het jaarverslag? In aflopende frequentie:

•  board, report, management, financial, supervisory, statements, remuneration, value, governance, performance, information, shares, business, risk, tax, company, continued, sustainability, market, net, cash, corporate, members, committee

En dan, vervolgens over:

• customers, strategy, systems, hare, income, strategic, esg, operations, emissions, revenue, employees, audit, energy, semiconductor, suppliers, assets, technology, any, development, policy,  use, impact, scope, industry, chain, supply, products, product, key, growth, capital, activities, global, equipment, process, risks, increase, customer, ...

 ...

Dan over emoties. Het is opvallend hoeveel emotionele uitspraken of gewoon hoeveel emoties er te vinden zijn in een jaarverslag. Waar iedereen het over heeft is als het gaat om emoties, is (zonder dat deze in detail verder besproken worden, want elk bedrijf kan hier een andere context bij geven):

• driven, accaptance, satisfaction, pleased

Specifiek voor ASML:

• kind (kan ook soort betekenen), mad, fear, spite, resignation, passion, happiness, joy, isolated, enthusiasm, empathy, love (s), patience, apprehension, comfortable, alienation, admiration, aggressive, surprise

Specifiek voor ASMi:

• gratitude, vigilance, pride, anticipating

Specifiek voor BESI:

• courage, optimistic

Er is niet gekeken naar de individuele gevallen. Wel is het zo dat courage bij ASML als zelfstandig naamwoord niet voorkomt (behalve courageous) maar wel het werkwoord, encourage (en discourage). Dat is een andere stijl.

Qua (emotionele of emotioneel getinte) werkwoorden is de frequentie als volgt (wederom in afzondering, dus uniek voor elk bedrijf):

ASML:

• fear, wish, comfort, reject, dare, enjoy, discourage, love, wrong, pain, reassure, surprise, suspect

ASMi

• warm (... niet verder onderzocht), prefer

BESI

• treathen

Wederom, de gedeelde kijk - waar elk bedrijf het over heeft - op emoties is als volgt:

• interest (deze is niet relevant, maar moet als financiële term opgevat worden), respect, need, free, affect, determine, like, challenge, understand, want, concern (dubieus), please, force, intend, reserve, consider, encourage, play, rely, thank, satisfy, accept, hope

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Jaarverslag-2017-asml - Jaarverslag-2017-asmi - Jaarverslag-2017-besi