Asml Holding Nv · EURONEXT:ASML
Asml Holding Nv — Q3 2009 Earnings Presentation
25 slides from Asml Holding Nv's earnings presentation, Oct 14, 2009
Slide 1: ASML 2009 Third Quarter Results
ASML 2009 Third Quarter Results Sales and orders rise as chip industry executes technology investment strategy October 14, 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 selling pr
Slide 3: Agenda
Agenda Business summary ASML business update Outlook and summary
Slide 4: Business summary
Business summary
Slide 5: Q3 results
Q3 results Net sales of € 555 million, 24 systems shipped valued at € 459 million, service revenue at € 96 million Average selling price for new systems shipped is € 23.4 million Gross Margin of 34.4% Shipped 13 immersion systems including 2 used Booked net 35 systems, valued at € 777 million Backlo
Slide 6: Total net sales
Total net sales M€ 1,543 2,465 2,529 3,582 3,768 Numbers have been rounded for readers' convenience. 2,954 318 453 685 629 949 919 184 329 616 763 942 930 844 277 370 611 533 958 934 697 555 526 785 548 1053 955 494 0 500 1000 1500 2000 2500 3000 3500 4000 4500 2003 2004 2005 2006 2007 2008 2009 Net
Slide 7: Net system sales breakdown in value: Q3 2009
Net system sales breakdown in value: Q3 2009 End-use Foundry 20% Numbers have been rounded for readers' convenience Technology I-Line 2% ArF immersion 84% ArF dry 4% USA 17% Korea 25% Sales in Units Region China 20% Taiwan 26% Memory 71% IDM 9% Singapore 12% KrF 10% 1 6 4 13 ArF immersion ArF dry Kr
Slide 8: Consolidated statement of operations
Numbers have been rounded for readers' convenience. Consolidated statement of operations M€ Q 2 09 Q 3 09 Net sales 277 55 5 Gross profit Gross margin % 34 12.5 % 191 34.4 % R&D costs 118 11 5 SG&A costs 41 38 I ncome (loss) from operations Operating income % (12 5 ) - - 45 ..0% 3 9 6.9 % Net income
Slide 9: Key financial trends 2008 - 2009
Key financial trends 2008 - 2009 Consolidated statement of operations M€ Numbers have been rounded for readers' convenience. Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Net Sales 696 494 184 277 55 5 Gross profit Gross margin % 265 38.1% 39 7.9% 12 6.7% 34 12.5% 191 34.4 % R&D 130 127 118 118 115 SG&A 52 47 41 41
Slide 10: Cash flow
Cash flow M€ Numbers have been rounded for readers' convenience. Q2 09 Q3 09 Net income (loss) (104) 20 Adjustments to reconcile net income (loss) to net cash flows from operating activities; Impairment and obsolescence 48 30 Depreciation and amortization 32 39 Deferred income taxes (31) (4 ) Other
Slide 11: Balance sheet as of September 27, 2009
Balance sheet as of September 27, 2009 M€ Numbers have been rounded for readers' convenience. Assets Jun 2009 Sep 200 9 Cash and cash equivalents 1,093 31% 1,018 28 % Accounts receivable, net 213 6% 382 11 % Finance receivables, net 21 1% 21 1% Inventories, net 926 26% 882 25 % Other assets 274 8% 2
Slide 12: Backlog as of September 27, 2009
71% of backlog or € 958 million system sales carry shipment dates in the next 6 months (up from 59% in Q2) Booked 27 new tools at € 727 million, 8 used at € 50 million Note: Due to possible customer changes in delivery schedules and to cancellation of orders, our backlog at any particular date is no
Slide 13: Backlog: value and litho units
Backlog: value and litho units Backlog units 0 500 1000 1500 2000 2500 Jan 03 Jul 03 Jan 04 Jul 04 Jan 05 Jul 05 Jan 06 Jul 06 Jan 07 Jul 07 Jan 08 Jul 08 Jan 09 Jul 09 Backlog value M€ 0 50 100 150 200 250 300 Backlog value Systems
Slide 14: Backlog lithography in value per September 27, 2009
Taiwan Europe Singapore Korea USA Japan China 19 8 4 33 16 17 memory IDM Foundry 60 23 17 0 0 0 immersion KrF 1-line ArF dry 89 7 4 Backlog lithography in value per September 27, 2009 Total value M€ 1,353 Technology ArF immersion 89% KrF 7% ArF dry 4% Region USA 16% Taiwan 23% Korea 33% Europe 7% Ja
Slide 15: ASML business update
ASML business pdate & ASML
Slide 16: Technology conversions continue - minimal wafer capacity added
Technology conversions continue - minimal wafer capacity added Sales doubled from Q2 due to demand for advanced technology from: DRAM customers introducing new memory devices Foundry ramping 40nm products Memory customers buy new immersion tools to support manufacturing of the next node (5x and 4x n
Slide 17: Bookings activity by sector
Bookings activity by sector Q3 bookings are predominantly from DRAM and Foundry sectors in support of process shrinks NAND order activity negligible foundry idm memory 24 14 62 foundry idm memory 14 7 14 Bookings in value Bookings in units IDM 14% Foundry 24% Memory 62% IDM 20% Foundry 40% Memory 40
Slide 18: Cash position remains solid
Cash position remains solid Q3 cash & cash equivalents at € 1.018 billion remain above our target of € 1 billion even as we invest in working capital to prepare for sales growth as a result of: Stringent cost control Products sold out of inventory Net cash used in operations in Q3 is € 65 million as
Slide 19: TWINSCAN NXT:1950i for double patterning
For double patterning 30 nm and smaller Productivity more than 175 wafers per hour Overlay less than 3 nm First TWINSCAN NXT:1950i shipped in Q3 as planned
Slide 20: TWINSCAN NXT - Proven performance
TWINSCAN NXT - Proven performance Qualification data chuck 2 chuck 1 spec CD uniformity 0.9 0.6 1.1 0.9 3.5 nm Across Field 50nm Off Focus 0.6 2.2 nm Across Field Best Focus 1.2 3.2 nm Across Wafer Nominal Focus X = 1.6 Y = 1.7 1 2 3 4 5 6 7 8 0 2 4 Overlay [nm] Overlay: CD Uniformity: wafer
Slide 21: Outlook and summary
Outlook and summary
Slide 22: Q4 2009 outlook
Q4 2009 outlook Net sales expected around € 550 million Gross margin expected of about 37% R&D is expected at € 115 million net of credit SG&A is expected at € 37 million Q4 2009 orders expected to be at least of similar value as Q3 2009 Tax rate for 2009 is expected below 20%
Slide 23: Summary
Summary Bookings of € 777 million in Q3 reflecting accelerated technology investments in DRAM and Foundry after 9 months of very low capital spending Q4 order intake is expected at least of similar value as Q3 2009 H2 2009 bookings is for deliveries in H1 2010 and will translate into significant sal
Slide 24: Outlook
Outlook We booked 35 systems worth € 777 million in the third quarter, nearly twice the level booked in the second quarter; this level reflects accelerated technology investments in the DRAM memory and Foundry segments after a 9 month period of very low capital spending. This recovery mainly support
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