ASML Holding NV · EURONEXT:ASML
ASML Holding NV — Credit Suisse Annual European Technology Conference 2011
22 slides from ASML Holding NV's conference presentation, May 11, 2011
Slide 1: Credit Suisse Annual European Technology Conference
Credit Suisse Annual European Technology Conference London Franki D’Hoore, Director European Investor Relations May 11, 2011 / Slide 1
Slide 2: Safe Harbor
Safe Harbor "Safe Harbor" Statement under the US Private Securities Litigation Reform Act of 1995: the matters discussed in this document may include forward-looking statements, including statements made about our outlook, realization of backlog, IC unit demand, financial results, average selling pr
Slide 3: Agenda
Agenda Business Overview Market ASML business update Outlook and summary / Slide 3
Slide 4: Business Overview
Business Overview / Slide 4
Slide 5: Net sales
Total net sales M€ 6,000 5,000 4,508 3,768 4,000 3,582 1,521 Q4 Net sales 955 2,954 1,053 Q3 3,000 494 Q2 934 1,176 2,000 958 697 1,596 Q1 930 844 581 1,069 1,000 942 555 1,452 949 919 742 629 277 0 183 2006 2007 2008 2009 2010 2011 Numbers have been rounded for readers’ convenience. / Slide 5
Slide 6: Q1 results - highlights
Q1 results - highlights Net sales of € 1,452 million, 63 systems shipped valued at € 1,284 million, service and field option sales at € 168 million Gross margin of 44.7% Operating margin of 31.0% Net system bookings of 40 systems, € 845 million Backlog at € 3,330 million, 134 systems with ASP of € 2
Slide 7: Key financial trends 2010 – 2011
Key financial trends 2010 – 2011 Consolidated statements of operations M€ Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Net Sales 742 1,069 1,176 1,521 1,452 Gross profit 298 459 513 685 649 Gross margin % 40.3% 43.0% 43.6% 45.0% 44.7% R&D costs 120 125 137 141 145 SG&A costs 41 42 48 50 54 Income from operations 1
Slide 8: Backlog in value per March 27, 2011
Backlog in value per March 27, 2011 Total value M€ 3,330 New Used Total systems systems systems Technology Units 115 19 134 Value M€ 3,262 68 3,330 ASP M€ 28.4 3.6 24.9 KrF 19% I-Line 2% ArF ArF dry 5% End-use immersion 74% Region (ship to location) Japan 8% Foundry USA IDM 18% Singapore 13% 22% 17%
Slide 9: Bookings activity by sector
Bookings activity by sector - total value M€ 845 Bookings in value Bookings in units NAND DRAM NAND DRAM 46% 23% 47% 20% IDM 5% Foundry IDM 8% Foundry 25% 26% Booked 36 new tools at € 832 million, 4 used at € 13 million Numbers have been rounded for readers’ convenience. / Slide 9
Slide 10: Market
Market / Slide 10
Slide 11: Business environment
Business environment Semiconductor manufacturers have shown caution in assessing economic impact of Japanese earthquake on their supply chain and end-product markets Although direct impact to the electronics industry world- wide seems limited, it has caused some of our customers to review their exis
Slide 12: Device complexity drives litho opportunity due to growing critical litho layers
Device complexity drives litho opportunity due to a growing number of critical litho layers Average Logic + DSP + MCU immersion layers Average MPU immersion layers 18 18 16 16 14 14 12 12 10 10 8 8 d A ly.ap e sr sio rn e p EIm xu 6 6 4 4 2 2 0 0 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 Nod
Slide 13: Required immersion layers keeps increasing per node, per year in memory also
Required immersion layers keeps increasing per node, per year in memory also Average DRAM immersion layers Average NAND immersion layers 10 10 8 8 6 6 4 4 2 2 0 0 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 Node 8x, 6x 6x, 5x 5x, 4x 4x, 3x 3x, 2x Node 5x, 4x 4x, 3x 4x, 3x 3x, 2x 2x, 1x Source:
Slide 14: 3mma IC revenues/3mma IC inventories
Slightly decreased consumption & revenues in February 2011, stable days of inventory (36) 3mma IC revenue, inventory and inventory days 35 3mma IC inventory value (left) 120 3mma IC revenues (left) 3mma IC revenues/3mma IC inventories[B$] 3mma IC consumption: revenues ± inventory value change (left)
Slide 15: DRAM
DRAM First improvement in DDR3 contract prices visible, Not enough yet to bring tier 2/3 players back to profitability Customer litho system utilizations high MAIN DRAM SPOT & CONTRACT PRICES (01/2008 - 2011YTD) 3 1Gb DDR2 800 MHz SPOT PRICE 1Gb DDR2 800 MHz CONTRACT PRICE 2.8 1Gb DDR3 1333 MHz SPOT
Slide 16: NAND
NAND Spot prices peaked in March due to fear of shortages after Japan earthquake, SLC spot-prices increased due to change in product-mix Customer litho tool utilization remain high MAIN NAND SPOT & CONTRACT PRICES (01/2008 - 2011YTD) 20 16Gb NAND SLC SPOT PRICE 19 16Gb NAND SLC CONTRACT PRICE 18 32G
Slide 17: ASML business update
ASML business update / Slide 17
Slide 18: Technology - EUV
Technology - EUV NXE:3100 second generation EUV Three NXE:3100 shipped to date, 3 more to go Progress ongoing to reach target throughput by year end Customer process development started Infrastructure development transitioning to optimization phase (masks, resist, metrology, etc) Revenue recognition
Slide 19: Cash return
Cash return € 2.7B cash & cash equivalents at end Q1 2011 € 1 B / 24 month share buy back program in progress 21% of program executed until wk 19 7 million shares repurchased at an average price of € 29.66 Weekly updates available on ASML’s website Dividend for 2010 of € 0.40 per ordinary share (app
Slide 20: Outlook and summary
Outlook and summary / Slide 20
Slide 21: Q2 2011 outlook
Q2 2011 outlook Order intake between € 900 million – €1 billion Net sales around € 1.5 billion Gross margin about 45% R&D at € 150 million SG&A at € 55 million ASML expects 2011 total revenue clearly above € 5 billion / Slide 21
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ASML — Credit Suisse Annual European Technology Conference 2011 on 6ix