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NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

ASM International NV ('ASMI' or 'the Company') is a Dutch public liability company. Statutory seat: Versterkerstraat 8, 1322 AP Almere, the Netherlands.

The description of our activities and our structure, as included in the Notes to the Consolidated Financial statements, also apply to the Company Financial statements.

The accompanying Company Financial statements are stated in thousands of euro unless otherwise indicated.

ACCOUNTING POLICIES APPLIED

The Financial statements of the Company included in this section are prepared in accordance with Part 9 of Book 2 of the Dutch Civil Code. Section 362 (8), Book 2, Dutch Civil Code, allows companies that apply IFRS as endorsed by the European Union in their Consolidated Financial statements to use the same measurement principles in their company Financial statements. The Company has prepared these Company Financial statements using this provision.

Participating interests in group companies

Investments in subsidiaries are stated at net asset value as we effectively exercise influence of significance over the operational and financial activities of these investments. For a list of all significant subsidiaries see Note 2 of the Consolidated Financial statements.

Correction of errors

During 2016, the Company discovered that personnel related costs had been erroneously reported in its statements. As a consequence, operating expenses and intercompany charging operating expenses had been overstated. The errors have been corrected by restating each of the affected financial statement line items for prior periods. The following tables summarize the impacts:

Company Balance Sheet
December 31, 2015
As previously reportedAdjustmentsAs restated
Investments in subsidiaries1,695,681(10,929)1,684,752
Others270,120270,120
Total assets1,965,801(10,929)1,954,872
Equity1,948,3791,948,379
Accrued expenses16,594(10,929)5,665
Others828828
Total equity & liabilities1,965,801(10,929)1,954,872
Company Statement of Profit or Loss
Year ended December 31, 2015
As previously reportedAdjustmentsAs restated
Selling, general and adminstrative(35,587)10,929(24,658)
Intercompany charging operating expenses35,576(11,245)24,331
Others22,78422,784
Net earnings from holding activities22,773(316)22,457
Net earnings from subsidiaries134,504316134,820
Total net earnings157,277157,277