Asml Holding Nv · EURONEXT:ASML
Asml Holding Nv — Q4 2009 Earnings Presentation
29 slides from Asml Holding Nv's earnings presentation, Jan 20, 2010
Slide 1: ASML 2009 Annual and Fourth Quarter Results
/ Slide 1 ASML 2009 Annual and Fourth Quarter Results Rise in bookings confirms strong 2010 first half year January 20, 2010
Slide 2: Safe Harbor
/ Slide 2 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
Slide 3: Agenda
/ Slide 3 Agenda Business summary Market ASML business update Outlook and summary
Slide 4: Business summary
/ Slide 4 Business summary
Slide 5: Q4 results
/ Slide 5 Q4 results Net sales of € 581 million, 25 systems shipped valued at € 432 million, service revenue at € 149 million Average selling price for new systems shipped is € 19.7 million Gross Margin of 38.0% Shipped 11 immersion systems including 2 used Delivered 4 NXT systems of which 2 are eva
Slide 6: Net sales by quarter 2003-2009
/ Slide 6 2003 2004 2005 2006 2007 2008 2009 Q1 318 453 685 629 949 919 183 Q2 329 616 763 942 930 844 277 Q3 370 611 533 958 934 697 555 Q4 526 785 548 1053 955 494 581 Total net sales M€ 1,543 2,465 2,529 3,582 3,768 Numbers have been rounded for readers' convenience. 2,954 1,596
Slide 7: Net system sales breakdown Q4 2009
/ Slide 7 ArF immersion KrF ArF dry I line East 70 21 9 West North Net system sales breakdown in value: Q4 2009 Memory Foundry IDM R&D East 35 42 23 West North End-use Foundry 42% Numbers have been rounded for readers' convenience Technology ArF immersion 70% ArF dry 9% Taiwan Korea U.S.A Singapore
Slide 8: Consolidated statement of operations
/ Slide 8 Numbers have been rounded for readers' convenience. Consolidated statement of operations M€
Slide 9: Key financial trends 2008 - 2009
/ Slide 9 Key financial trends 2008 - 2009 Consolidated statement of operations M€ Numbers have been rounded for readers' convenience.
Slide 10: Cash flow
/ Slide 10 Cash flow M€ Numbers have been rounded for readers' convenience.
Slide 11: Balance sheet as of December 31st, 2009
/ Slide 11 Balance sheet as of December 31st , 2009 M€ Numbers have been rounded for readers' convenience.
Slide 12: Backlog as of December 31st, 2009
/ Slide 12 70% of backlog or € 1,302 million system sales carry shipment dates in the next 6 months Booked 35 new tools at € 904 million, 5 used at € 52 million Note: Due to possible customer changes in delivery schedules and to cancellation of orders, our backlog at any particular date is not neces
Slide 13: Backlog: value and litho units
/ Slide 13 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 Jul 09 Oct 09 Jan 10 Backlog value 1030 870 678 859 993 1357 1800 2
Slide 14: Backlog lithography in value per December 31st, 2009
/ Slide 14 Korea Taiwan USA Japan Singapore Europe China 31 27 18 13 7 4 memory IDM Foundry 72 15 13 0 0 0 immersion KrF 1-line ArF dry 91 8 1 Backlog lithography in value per December 31st , 2009 Total value M€ 1,853 Technology ArF immersion 91% KrF 8% ArF dry 1% Region USA 18% Taiwan 27% Korea 31%
Slide 15: Market
/ Slide 15 Market
Slide 16: 2010 semiconductor revenue growth forecast
/ Slide 16 2010 Semiconductor revenue growth forecast of 3rd-party analysts stable at 13% Sources: See chart (01/2010) Weighted average is based on age of forecast from market institute and respective level of accuracy for the last 3 years
Slide 17: IC revenue and unit sales recovering
/ Slide 17 IC revenue and unit sales recovering Source: WSTS, ASML Last data point: September 2009
Slide 18: Inventories increased slightly towards the end of 2009
/ Slide 18 Inventories increased slightly towards the end of 2009 Days of inventory remain below 40 Source: VLSI Research, WSTS, ASML Last data point: November 2009
Slide 19: Trend per sector
/ Slide 19 Trend per sector DRAM High factory utilization and healthy chip prices result in continued capacity conversions to grow bit supply using 4x and 5x node NAND Continued 3x nm production ramp and preparation for pilot production of 2x nm later this year Foundry / IDM Increased demand for hig
Slide 20: ASML business update
/ Slide 20 ASML business update
Slide 21: ASML manufacturing expansion
/ Slide 21 ASML manufacturing expansion Manufacturing capacity ramp to continue throughout 2010 Hired approx. 400 (flex) workers New factory for NXT and EUV ready and in use Work continues on: Supply chain capacity ramp NXT cycle time improvement
Slide 22: Bookings activity by sector
/ Slide 22 foundry idm memory 35 10 55 Bookings activity by sector Q4 bookings are driven by DRAM and Foundry Some NAND order activity emerging foundry idm memory 20 7 73 Bookings in value Bookings in units IDM 7% Foundry 20% Memory 73% IDM 10% Foundry 35% Memory 55%
Slide 23: Cash position remains solid
/ Slide 23 Q4 cash & cash equivalents at € 1.037 billion remain above our target of € 1 billion even as we invest in working capital to prepare for sales growth Net cash from operations in Q4 is € 19 million Cash position remains solid 0 200 400 600 800 1000 Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q
Slide 24: TWINSCAN NXT evolving into volume manufacturing
/ Slide 24 TWINSCAN NXT evolving from development into volume manufacturing Designed for patterning 30 nm and smaller at 175 wafers per hour and < 2.5 nm overlay Installed base 5 systems Booked 6 systems in Q4 Current backlog 17 systems 11 memory, 5 IDM, 1 foundry Customers to ramp NXT in volume man
Slide 25: EUV - next generation lithography
/ Slide 25 / Slide 25 EUV - next generation lithography System integration and source performance development confirms shipments of the first pre-production systems in H2 2010
Slide 26: Outlook and summary
/ Slide 26 Outlook and summary
Slide 27: Q1 2010 outlook
/ Slide 27 Q1 2010 outlook Net sales expected around € 700 million in Q1 and around € 950 million in Q2 Gross margin expected of about 40% in Q1 R&D is expected at € 120 million net of credit SG&A is expected at € 40 million Expect to be cash generative in Q1 Q1 bookings are expected at the same ord
Slide 28: Outlook
/ Slide 28 Outlook We booked € 956 million of systems in Q4 2009 and expect bookings of the same order of magnitude for Q1 2010, confirming an upturn of the semiconductor industry Of our backlog, 49 units are for new immersion systems, including 17 advanced NXT:1950i scanners The immersion bookings
Slide 29: / Slide 29
/ Slide 29