Asml Holding Nv · EURONEXT:ASML
Asml Holding Nv — Shareholder Meeting (April 2021)
57 slides from Asml Holding Nv's shareholder meeting presentation, Apr 29, 2021
Slide 1: Annual General Meeting of Shareholders 2021
Annual General Meeting of Shareholders 2021 April 29, 2021 14:00 hrs. CET Public
Slide 2: Forward Looking Statements
Forward Looking Statements Slide 2 This presentation and other information relating to ASML presented in connection with our Annual General Meeting to be held in April 2021 (the April 29, 2021 "AGM") and the discussion at the AGM include statements that are forward-looking. You can generally identif
Slide 3: Agenda
Agenda Slide 3 April 29, 2021 van de virtuele Jaarlijkse Algemene Vergadering van Aandeelhouders van ASML Holding N.V. (de “Vennootschap”), te houden op woensdag 29 april 2021, om 14.00 uur Of the virtual Annual General Meeting of Shareholders of ASML Holding N.V. (the “Company”), held on Wednesday
Slide 4: Financials
Slide 4 April 29, 2021 Financials Roger Dassen, CFO Public
Slide 5: 2020 Highlights
2020 Highlights Slide 5 Full Year 2020 April 29, 2021 Net sales €14 Net systems sales €10.3 • ASML delivered a sales growth of 18%, reflecting the strong Installed Base Management €3.7 global demand for a digital infrastructure Gross margin 48.6% Net income €3.6 Net bookings €11.3 EUV lithography: •
Slide 6: Total net sales € million by end use
Total net sales € million by end use Slide 6 April 29, 2021 Installed Base Management Logic Memory As of January 1, 2018, ASML has adopted the new Revenue Recognition Standard (ASC 606) and Lease Standard (ASC 842). The comparative numbers 2016 - 2017 presented above have not been adjusted to reflec
Slide 7: Net system sales breakdown (yearly)
Net system sales breakdown (yearly) Slide 7 April 29, 2021 2020 total system sales €10,317 million 2019 total system sales €8,996 million Public
Slide 8: Consolidated statements of cash flows € million
Consolidated statements of cash flows € million Year on Year Slide 8 April 29, 2021 2016 2017 2018 2019 2020 Cash and cash equivalents, beginning of period 2,459 2,907 2,259 3,121 3,532 Net cash provided by (used in) operating activities 1,666 1,818 3,073 3,276 4,628 Net cash provided by (used in) i
Slide 9: Consolidated balance sheets € million
Consolidated balance sheets € million Year on Year Slide 9 April 29, 2021 Assets 2016 2017 2018 2019 2020 Cash & cash equivalents and short-term investments 4,057 3,288 4,034 4,718 7,352 Net accounts receivable and finance receivables 1,145 1,958 2,384 2,773 3,421 Contract assets 149 270 96 231 119
Slide 10: Capital return to shareholders
Capital return to shareholders Slide 10 • Paid total dividends of €1.1 billion, consisting of FY2019 final dividend and April 29, 2021 FY2020 interim dividend, and purchased €1.2 billion of shares in 2020 • ASML intends to declare a total dividend in respect of 2020 of €2.75 per ordinary share. Reco
Slide 11: Q1 results and business view
Q1 results and business view Slide 11 April 29, 2021 Q1 2021 Net sales €4.4 • Due to the current high-demand environment, Net systems sales €3.1 customers are utilizing software upgrades to increase capacity as quickly as possible, leading to Installed Base Management €1.2 increased Installed Busine
Slide 12: Our industry, our people, our communities
Slide 12 April 29, 2021 Our industry, our people, our communities Peter Wennink, President & CEO Public
Slide 13: The COVID-19 crisis has accelerated digitalization…
The COVID-19 crisis has accelerated digitalization… Slide 13 April 29, 2021 Public
Slide 14: … while economic uncertainty delayed investment
… while economic uncertainty delayed investment Slide 14 April 29, 2021 Expected 2020 ecosystem EBIT Expected 2020 semi capex 500 10% 490 8% Lower capex expected until August 2020 480 6% 470 4% 460 2% 450 0% 440 430 -2% 420 -4% 410 -6% Ecosystem EBIT forecast 2020 capex forecast vs. 2019 Public
Slide 15: In addition: 5G accelerates more distributed computing
In addition: 5G accelerates more distributed computing Slide 15 April 29, 2021 Cloud Connectivity Artificial Intelligent intelligence edge Source: Pat Gelsinger, “Engineering the future”, 23 March 2021 Public
Slide 16: 5G drives mature semiconductors in smartphones
5G drives mature semiconductors in smartphones Slide 16 April 29, 2021 Source: Applied Materials Investor Day April 6 2021 Public
Slide 17: Silicon value in the car is on the rise
Silicon value in the car is on the rise Slide 17 April 29, 2021 Public
Slide 18: Countries push for 'technological sovereignty'
Countries push for ‘technological sovereignty’ Increased capital intensity will be the result Slide 18 April 29, 2021 2030 Digital Compass: €145 billion Goal: EU doubles its share of the global IC market to 20% 14th five-year plan (2021-2025): RMB 500 billion Goal: China makes 70% of the chips it us
Slide 19: Analysts expect strong growth for 2021
Analysts expect strong growth for 2021 Street consensus on 2021 Earnings compared to 2020 Earnings Slide 19 April 29, 2021 Semi 27% Equipment Earnings [EBIT] Street consensus based on Revenue 2021 vs 2020 +22.4% YoY Semi Manufacturers Legend Street consensus FY2021 vs FY2020 Earnings [*EBIT] High Gr
Slide 20: Growth in numbers of employees worldwide
Growth in numbers of employees worldwide Slide 20 April 29, 2021 US Europe Asia 2019: 5,436 2019: 13,732 2019: 5,731 2020: 5,710 2020: 14,714 2020: 6,058 (NL: 14,364) Berliner Glas (Dec): 1,592 Total worldwide 2019: 24,900 2020: 28,073 FTE 120 nationalities 17% female FTE = Full Time Equivalent, end
Slide 21: We secured our product roadmap
We secured our product roadmap and successfully introduced new products and supported install base Slide 21 April 29, 2021 We had some delays, however we still successfully shipped products such as: • YieldStar 385 Install secured for EUV with cycle time • NXT:1470 reduction realized despite COVID-1
Slide 22: Dimensions of the new normal
Dimensions of the new normal Find new ways and adjust our routines Slide 22 April 29, 2021 1. Safety remains our 2. New working 3. Site self-sufficiency 4. Supply chain number one priority models in the field robustness – we extend the scope to mental health Public
Slide 23: Supporting communities and talent
Supporting communities and talent Slide 23 April 29, 2021 COVID-19 support Community engagement ASML Foundation We participated in several The launch of Brainport programs worldwide, €1.3 million Partnerfonds will help improve the focusing on young people medical support lives of underprivileged res
Slide 24: Public
Public
Slide 25: Agenda
Agenda Slide 25 April 29, 2021 3a. Adviserende stem met betrekking tot het Remuneratierapport voor de Directie en de Raad van Commissarissen over het boekjaar 2020 (Stempunt) Advisory vote on the remuneration report for the Board of Management and the Supervisory Board for the financial year 2020 (V
Slide 26: Remuneration Report 2020 (1/3)
Remuneration Report 2020 (1/3) Slide 26 The Remuneration Report 2019 for the BoM and SB is in accordance with the revised EU April 29, 2021 Shareholder Rights Directive (as implemented into Dutch law per December 1, 2019) Pursuant to this new legislation, the General Meeting has an advisory vote on
Slide 27: Remuneration Report 2020 (2/3)
Remuneration Report 2020 (2/3) Slide 27 2. Short-Term Incentive (STI) payout over 2020 has been 139.2% of target (80%), hence April 29, 2021 111.3% of base salary • Non-financial performance criteria (Technology Leadership Index and Market Position): both achieved between target and maximum performa
Slide 28: Remuneration Report 2020 (3/3)
Remuneration Report 2020 (3/3) Slide 28 3. Long-Term Incentive (LTI) payout over performance period 2018-2019-2020 has April 29, 2021 been 146.5% of target (73.3% of max) • ASML TSR outperformed PHLX Semiconductor Sector Index with 32.3 points, leading to a payout of 200% of target (max) • ROAIC pay
Slide 29: Agenda
Agenda Slide 29 April 29, 2021 3b. Voorstel tot vaststelling van de overeenkomstig de Nederlandse wet opgestelde jaarrekening van de Vennootschap over het boekjaar 2020 (Stempunt) Proposal to adopt the financial statements of the Company for the financial year 2020, as prepared in accordance with Du
Slide 30: Agenda
Agenda Slide 30 April 29, 2021 3c. Toelichting op het reserverings- en dividendbeleid van de Vennootschap (Discussiepunt) Clarification of the Company’s reserves and dividend policy (Discussion item) Public
Slide 31: Agenda
Agenda Slide 31 April 29, 2021 3d. Voorstel tot vaststelling van een dividend over het boekjaar 2020 (Stempunt) Proposal to adopt a dividend in respect of the financial year 2020 (Voting item) Public
Slide 32: Agenda
Agenda Slide 32 April 29, 2021 4a. Voorstel tot verlening van decharge aan de leden van de Directie voor de uitoefening van hun functie in het boekjaar 2020 (Stempunt) Proposal to discharge the members of the Board of Management from liability for their responsibilities in the financial year 2020 (V
Slide 33: Agenda
Agenda Slide 33 April 29, 2021 4b. Voorstel tot verlening van decharge aan de leden van de Raad van Commissarissen voor de uitoefening van hun functie in het boekjaar 2020 (Stempunt) Proposal to discharge the members of the Supervisory Board from liability for their responsibilities in the financial
Slide 34: Agenda
Agenda Slide 34 April 29, 2021 5. Voorstel tot goedkeuring van het aantal aandelen toe te kennen aan de Directie (Stempunt) Proposal to approve the number of shares for the Board of Management (Voting item) Public
Slide 35: Agenda
Agenda Slide 35 April 29, 2021 6. Voorstel tot vaststelling van een aantal wijzigingen in het Beloningsbeleid van de Directie (Stempunt) Proposal to adopt certain adjustments to the Remuneration Policy for the Board of Management (Voting item) Public
Slide 36: Adjustments Remuneration Policy BoM (1/2)
Adjustments Remuneration Policy BoM (1/2) Slide 36 Current Remuneration Policy for the Board of Management was adopted by the April 29, 2021 Annual General Meeting of Shareholders of April 22, 2020 and became effective per January 1, 2020 Changes effective Jan 1, 2021: • Reference Group: removed two
Slide 37: Adjustments Remuneration Policy BoM (2/2)
Adjustments Remuneration Policy BoM (2/2) Slide 37 • LTI: proposal to increase long-term incentive (LTI) target percentages to 120% April 29, 2021 of base salary for all members of the BoM (was 110% for the Presidents and 100% for other BoM members). The current LTI target levels and total compensat
Slide 38: Agenda
Agenda Slide 38 April 29, 2021 7. Voorstel tot vaststelling van een aantal wijzigingen in het Beloningsbeleid van de Raad van Commissarissen (Stempunt) Proposal to adopt certain adjustments to the Remuneration Policy for the Supervisory Board (Voting item) Public
Slide 39: Adjustments Remuneration Policy SB (1/2)
Adjustments Remuneration Policy SB (1/2) Slide 39 Current SB remuneration levels were determined at 2019 AGM; in 2020, the April 29, 2021 Remuneration Policy for the SB was adopted, to be compliant with SRD and Dutch law, and did not contain changes in structure or amounts Proposed remuneration effe
Slide 40: Adjustments Remuneration Policy SB (2/2)
Adjustments Remuneration Policy SB (2/2) Slide 40 April 29, 2021 Increase is to reflect market developments and growth of the Company since 2019, following the bi-annual review and benchmark cycle Advised by independent external expert and based on compensation benchmark of AEX companies (two-tier b
Slide 41: Agenda
Agenda Slide 41 April 29, 2021 8. Samenstelling van de Directie (Discussiepunt) Composition of the Board of Management (Discussion item) Public
Slide 42: Agenda
Agenda Slide 42 April 29, 2021 9. Samenstelling van de Raad van Commissarissen (1 stempunt; 1 discussiepunt) Composition of the Supervisory Board (1 voting item; 1 discussion item) Public
Slide 43: Agenda
Agenda Slide 43 April 29, 2021 9a. Voorstel tot benoeming van mevrouw B. Conix als lid van de Raad van Commissarissen (Stempunt) Proposal to appoint Ms. B. Conix as member of the Supervisory Board (Voting Item) Public
Slide 44: Agenda
Agenda Slide 44 April 29, 2021 9b. Samenstelling van de Raad van Commissarissen in 2022 (Discussiepunt) Composition of the Supervisory Board in 2022 (Discussion item) Public
Slide 45: Agenda
Agenda Slide 45 April 29, 2021 10. Voorstel tot benoeming van KPMG Accountants N.V. als externe accountant voor het rapportagejaar 2022 (Stempunt) Proposal to appoint KPMG Accountants N.V. as external auditor for the reporting year 2022 (Voting item) Public
Slide 46: Agenda
Agenda Slide 46 April 29, 2021 11. Voorstellen om de Directie aan te wijzen als het orgaan dat bevoegd is tot uitgifte van gewone aandelen of tot toekenning van rechten tot het verwerven van gewone aandelen, alsmede tot het beperken of uitsluiten van het aan de aandeelhouders toekomende voorkeursrec
Slide 47: Agenda
Agenda Slide 47 April 29, 2021 11a. Aanwijzing tot uitgifte van gewone aandelen of tot toekenning van rechten tot het verwerven van gewone aandelen tot 5% voor algemene doeleinden (Stempunt) Authorization to issue ordinary shares or grant rights to subscribe for ordinary shares up to 5% for general
Slide 48: Agenda
Agenda Slide 48 April 29, 2021 11b. Aanwijzing tot het beperken of uitsluiten van voorkeursrechten met betrekking tot agendapunt 11a) (Stempunt) Authorization of the Board of Management to restrict or exclude pre-emption rights in connection with agenda item 11a) (Voting item) Public
Slide 49: Agenda
Agenda Slide 49 April 29, 2021 11c. Aanwijzing tot uitgifte van aandelen of tot toekenning van rechten tot het verwerven van gewone aandelen tot 5% in verband met of ter gelegenheid van fusies, acquisities en/of (strategische) allianties (Stempunt) Authorization to issue ordinary shares or grant rig
Slide 50: Agenda
Agenda Slide 50 April 29, 2021 11d. Aanwijzing tot het beperken of uitsluiten van voorkeursrechten met betrekking tot agendapunt 11c) (Stempunt) Authorization of the Board of Management to restrict or exclude pre-emption rights in connection with agenda item 11c) (Voting item) Public
Slide 51: Agenda
Agenda Slide 51 April 29, 2021 12. Voorstellen om de Directie te machtigen om gewone aandelen te verwerven tot 20% van het geplaatst aandelenkapitaal (2 Stempunten) Proposals to authorize the Board of Management to repurchase ordinary shares up to 20% of the issued share capital (2 voting items) Pub
Slide 52: Agenda
Agenda Slide 52 April 29, 2021 12a. Machtiging om gewone aandelen in te kopen tot een maximum van 10% van het geplaatste kapitaal (Stempunt) Authorization to repurchase ordinary shares up to 10% of the issued share capital (Voting item) Public
Slide 53: Agenda
Agenda Slide 53 April 29, 2021 12b. Machtiging om additioneel gewone aandelen in te kopen tot een maximum van 10% van het geplaatste kapitaal (Stempunt) Authorization to repurchase additional ordinary shares up to 10% of the issued share capital (Voting item) Public
Slide 54: Agenda
Agenda Slide 54 April 29, 2021 13. Voorstel tot intrekking van gewone aandelen (Stempunt) Proposal to cancel ordinary shares (Voting item) Public
Slide 55: Agenda
Agenda Slide 55 April 29, 2021 14. Rondvraag Any other business Public
Slide 56: Agenda
Agenda Slide 56 April 29, 2021 15. Sluiting Closing Public
Slide 57: Public
Public