Slide 1: ASML 2009 First Quarter Results
ASML 2009 First Quarter Results In a very difficult quarter ASML generates cash and prepares for pick-up of technology purchases April 15, 2009
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 sales pric
Slide 3: Agenda
Agenda Market ASML fundamentals intact Business summary Outlook and summary
Slide 4: SAN
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Slide 5: Market trends
Market trends Semiconductor equipment demand collapsed in Q1 as customers adjusted production capacity and semiconductor inventory Memory Capacity utilization at NAND increased as of February, driven by recovering demand while DRAM utilization falls Spot and contract prices improve for NAND and DRAM
Slide 6: ASML fundamentals intact
7 ASML fundamentals/intact & ASML Za
Slide 7: Cash flow positively impacted by working capital reduction and cost structure improvements
Cash flow positively impacted by working capital reduction and cost structure improvements Working capital reduced by more than € 300 million (excl cash & cash equivalents) Account receivables down by € 172 million Current tax assets decreased by € 88 million Inventories reduced by € 62 million Net
Slide 8: Balance sheet position secured
Balance sheet position secured Cash position € 1.2 billion within company target of € 1.0 - 1.5 billion Standby facility € 500 million available until 2012 € 600 million bond due not until 2017 Secured additional credit facility of € 200 million with the European Investment Bank To support EUV devel
Slide 9: Committed to R&D
Committed to R&D New product introduction on track Successful cost cutting in R&D through efficiency improvements Continued investment in strategically important development programs to ensure timely introduction of next node production capability Proved EUV imaging with the first full field 28 nm d
Slide 10: Lithography-aware design and manufacturing tools supported by Brion
Lithography-aware design and manufacturing tools supported by our subsidiary Brion Source Mask Optimization Tachyon SMO, a new source mask optimization tool
Slide 11: EUV pre-production systems ready in 2010
EUV pre-production systems ready in 2010 First full field 28 nm dense lines imaged
Slide 12: Downturn strategy unchanged
Downturn strategy unchanged Keep strategic R&D programs intact and in line with customer roadmaps with focus on high level of product differentiation Maintain a level of production capacity which allows us to meet changing customer needs without lengthy lead times Manage for positive cash generation
Slide 13: Business summary
Business summary 4 ‘aie wy ASML Za
Slide 14: Q1 results
Q1 results Net sales of € 184 million, 11 systems shipped valued at € 101 million, service revenue at € 83 million Average selling price for new systems shipped is € 13.8 million Gross Margin of 6.7% due to extraordinarily low sales levels Shipped only 1 immersion system Booked net 8 systems, valued
Slide 15: Net sales by quarter 2003-2009
2003 2004 2005 2006* 2007* 2008 2009 Q1 318 453 685 629 949 919 184 Q2 329 616 763 942 930 844 Q3 370 611 533 958 934 697 Q4 526 785 548 1053 955 494 Total net sales M€ 1,543 2,465 2,529 3,582 3,768 * 2006 and 2007 numbers are adjusted retrospectively with respect to the change in accounting policy.
Slide 16: Net system sales breakdown in value: Q1 2009
Net system sales breakdown in value: Q1 2009 Memory Foundry IDM R&D East 45 55 West North End-use Memory 45% IDM 55% Numbers have been rounded for readers' convenience Technology KrF ArF dry ArF immersion I line East 3 60 29 8 West North KrF 3% i-Line 8% ArF immersion 29% ArF dry 60% ROW U.S.A Europ
Slide 17: Consolidated statement of operations
Numbers have been rounded for readers' convenience. Consolidated statement of operations M€
Slide 18: Key financial trends 2008 - 2009
Key financial trends 2008 - 2009 Consolidated statement of operations M€ Numbers have been rounded for readers' convenience.
Slide 19: Cash flow
Cash flow M€ Numbers have been rounded for readers' convenience.
Slide 20: Balance sheet as of March 29, 2009
Balance sheet as of March 29, 2009 M€ Numbers have been rounded for readers' convenience.
Slide 21: Backlog as of March 29, 2009
36% of backlog or € 309 million system sales carry Q2 + Q3 '09 shipment dates Booked 8 new tools at € 224 million, 4 used at € 39 million and debooked 4 new tools at € 56 million Note: Due to possible customer changes in delivery schedules and to cancellation of orders, our backlog at any particular
Slide 22: Backlog: value and litho units
Backlog: value and litho units Backlog Jan 03 39541 Jul 03 Oct 03 Jan 04 Apr 04 Jul 04 Oct 04 Jan 05 Apr 05 Jul 05 Oct 05 Jan 06 Apr 06 Jul 06 Oct 06 Jan 07 Apr 07 Jul 07 Oct 07 Jan 08 Apr 08 Jul 08 Oct 08 Jan 09 4/9/2009 Backlog value 1030 870 678 859 993 1357 1800 2053 1691 1377 987 1245 1434 1596
Slide 23: Backlog lithography in value per Mar 29, 2009
Taiwan Europe Singapore Korea USA Japan China 9 5 9 8 26 27 16 memory IDM Foundry 61 27 12 0 0 0 immersion KrF 1-line ArF dry 86 6 1 7 Backlog lithography in value per Mar 29, 2009 Total value M€ 853 Technology i-Line 1% ArF immersion 86% KrF 6% ArF dry 7% Region USA 26% Taiwan 9% Korea 8% Europe 5%
Slide 24: Outlook and summary
Outlook and summary
Slide 25: Q2 2009 outlook
Q2 2009 outlook ASML expects net sales between € 210 - 230 million Gross margin expected at about 9% reflecting very low coverage of fixed costs R&D is expected at € 118 million net of credit SG&A is expected at € 41 million Recent immersion orders and current quote activity give us comfort in a boo
Slide 26: Summary
Summary First signs of technology purchases pick-up from current very low run rate are now visible These technology purchases could translate into ASML revenue levels in support of technology transitions between € 400 and € 500 million per quarter within H2 '09 ASML plans for "cash from operations a
Slide 27: Outlook
Outlook Although we will continue to be affected by the global economic recession and very limited capacity demand, we are seeing signs of a pick-up in technology purchases from the current low run rate. We estimate a normalized pattern of technology transitions to yield between € 400 million and €
Slide 28: Js A
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