Slide 1: ASML 2012 First Quarter Results
ASML reiterates H1 2012 expectation, sees stable sales in Q3 ASML 2012 First Quarter Results Veldhoven, the Netherlands, April 18, 2012 / 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 systems backlog, IC unit demand, financial results, average se
Slide 3: Agenda
Agenda • Business summary • Market • ASML technology strategy • Outlook / Slide 3
Slide 4: Business summary
Business summary / Slide 4
Slide 5: Q1 results - highlights
Q1 results - highlights • Net sales of € 1,252 million, 52 systems sold valued at € 1,050 million, net service and field option sales at € 202 million • Gross margin of 41.8%*, excluding EUV 43.3% • Operating margin of 25.8% • Net bookings of € 865 million, 36 systems • Backlog at € 1,598 million, 5
Slide 6: Total net sales M€
Total net sales M€ 5,651 4,508 3,768 2,954 1,596 Numbers have been rounded for readers’ convenience. / Slide 6
Slide 7: Net system sales breakdown in value: Q1 2012
Net system sales breakdown in value: Q1 2012 KrF 33% Technology Sales in Units 29 ArF 16 ArF dry 6% immersion I-Line 1% 1 3 83% 3 EUV 4% EUV ArF i ArFdry KrF I-Line ArF Immersion 56% Japan 10% Foundry 60% USA 20% Taiwan 23% End-use Region NAND 16% Europe 7% DRAM 9% IDM 15% Korea 33% China 7% Numbers
Slide 8: Consolidated statements of operations M€
Consolidated statements of operations M€ Q4 11 Q1 12 Net sales 1,211 1,252 Gross profit 496 524 Gross margin % 41.0% 41.8% R&D costs 150 145 SG&A costs 56 55 Income from operations 290 324 Operating income % 23.9% 25.8% Net income 285 282 Net income as a % of net sales 23.5% 22.5% Earnings per share
Slide 9: Key financial trends 2011 – 2012
Key financial trends 2011 – 2012 Consolidated statements of operations M€ Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Net Sales 1,452 1,529 1,459 1,211 1,252 Gross profit 649 690 613 496 524 Gross margin % 44.7% 45.1% 42.1% 41.0% 41.8% R&D costs 145 145 150 150 145 SG&A costs 54 51 56 56 55 Income from operations
Slide 10: Cash flows M€
Cash flows M€ Q4 11 Q1 12 Net income 285 282 Adjustments to reconcile net income to net cash flows from operating activities: Impairment and obsolescence 26 24 Depreciation and amortization 40 50 Deferred income taxes 28 22 Other non-cash items 4 4 Change in assets and liabilities (251) 14 Net cash
Slide 11: Balance sheets M€
Balance sheets M€ Assets Dec 31st, 2011 Apr 1st, 2012 Cash and cash equivalents 2,732 38% 2,953 40% Accounts receivable, net 881 12% 761 10% Finance receivables, net 79 1% 79 1% Inventories, net 1,625 22% 1,608 22% Other assets 545 7% 551 8% Tax assets 191 3% 171 2% Fixed assets 1,208 17% 1,276 17%
Slide 12: Bookings activity by sector - total net value M€
Bookings activity by sector - total net value M€ 865 • Net booked - 31 new tools at € 842 million - 5 used tools at € 23 million Numbers have been rounded for readers’ convenience. / Slide 12
Slide 13: Backlog in value per Apr 1st, EUV not included
Backlog in value per Apr 1st, EUV not included Total value M€ 1,598 New Used Total Technology systems systems systems Units 46 10 56 KrF 21% Value M€ 1,546 52 1,598 ASP M€ 33.6 5.2 28.5 I-Line 3% ArF immersion ArF dry 1% 75% USA 29% Japan 7% Foundry 53% End-use Singapore 2% Europe 4% China 1% Taiwan
Slide 14: Cash return to shareholders
Cash return to shareholders • Dividend of € 0.46 per ordinary share will be proposed during the AGM April 25th • 74% of € 1,130 million share buy back program executed end of Q1 • Bought back 4.1 million shares worth € 139 million in Q1 ‘12 • Purchased shares are/will be cancelled • Initiate buy bac
Slide 15: ASML has returned nearly € 3.5 billion cash in the past years
ASML has returned nearly € 3.5 billion cash in the past 6 years Cummulative Cash Return 2006-2011 EUR mln Dividend Share buy back 2012 YTD • Repurchased more than 147 million shares since 2006 representing approx. 31% of outstanding shares / Slide 15
Slide 16: ASML – #1 semi equipment supplier in 2011
ASML – #1 semi equipment supplier in 2011 Source: VLSIresearch, data reproduced by ASML with permission / Slide 16
Slide 17: Market
Market / Slide 17
Slide 18: Business environment
Business environment • Litho sales is driven mainly by demand from Logic (Foundries and IDM’s), which will represent the majority of our sales in the next 2 quarters • Demand for 28 nm in Logic continues to be large and structural and will be accompanied by the start of pre- production for 20 nm lat
Slide 19: ASML technology strategy
ASML technology strategy / Slide 19
Slide 20: Dual product strategy
Dual product strategy TWINSCAN NXT - Immersion • Extendibility in throughput, overlay and imaging (CDU) • Optimized for multi pass patterning TWINSCAN NXE - EUV • Preparing EUV platform for volume manufacturing of critical layers • Extendibility in imaging to 10nm and beyond / Slide 20
Slide 21: Q1 immersion platform highlights
Q1 immersion platform highlights • NXT:1950i achieved a new productivity milestone of over 4,500 wafers in a single day in customer’s fab • Shipped first systems with throughput of 230 wafers per hour at 96 shots, 20% productivity improvement • Installed base of NXT tools is 142 machines / Slide 21
Slide 22: Shrink drives more exposures and litho system demand
Shrink drives more exposures and litho system demand Logic fab 45k wafers/month Logic 32/28nm Logic 22/20nm ArFi ArFi ArFi ArFi ArFi ArFi ArFi ArFi ArFi ArFi ArFi ArFi ArFi ArFi ArFi ArFi ArFi ArFi ArFi ArFi ArFi ArFi ArFi ArFi ArFi ArFi ArFi ArFi ArFi ArF ArF ArF ArF ArF KrF KrF KrF KrF KrF KrF KrF
Slide 23: All 2nd generation EUV systems delivered to customers
All 2nd generation EUV systems delivered to customers System 4 System 1 All systems printing wafers for device System 5 System 2 development System 6 System 3 / Slide 23
Slide 24: NXE:3100 imaging performance proven for various customer applications
NXE:3100 imaging performance proven for various customer applications 16nm dense lines 27 nm Gate Layer Flash staggered contact layer Flash Bitline pitch = 44 nm (1:1.2) CH pitch = 74.4 nm Sub 16 nm node Sub 16 nm node 30 nm Brickwall DRAM SRAM Contact Hole SRAM metal-1 0.038µm2 bit cell-size, 0.038
Slide 25: EUV highlights Q1
EUV highlights Q1 • Supplier has demonstrated 30 Watts laser power at high duty cycle with acceptable dose control for a sustained period of time • In addition progress demonstrated on light source with 50 watts raw laser power, successfully applying pre-pulse technology • Stable overlay performance
Slide 26: ASML roadmaps support shrink to <10nm
ASML roadmaps support shrink to <10nm EUV insertion will vary by sector 2011 - 2012 2013 - 2014 2015 - 2016 2017 - 2018 Logic 22 - 20nm 16 - 14nm 11 - 10nm 8 - 7nm DRAM 38 - 32nm 27 - 22nm 22 - 16nm 16 - 14nm Flash 24 - 19nm 16 - 14nm 13 - 11nm < 10nm ArFi: Single and double exposure, spacer and dou
Slide 27: EUV simplifies process and reduces costs and cycle time
EUV simplifies process and reduces costs and cycle time LELE relative to EUV Process steps x2 DPT relative to EUV Cycle time x2 Process steps x4 Additional costs < 10% Cycle time x4 Process Additional costs 30-50% steps QPT relative to EUV Process steps > x5 Cycle time > x5 Additional costs > 50% St
Slide 28: Building for EUV volume production
Building for EUV volume production New EUV factory at ASML for ~3x capacity increase Existing EUV offices & manufacturing, 8 cabins. New EUV offices & manufacturing,15 cabins. / Slide 28
Slide 29: Status EUV
Status EUV • First shipment of the NXE:3300B production system is planned for Q4 2012 with revenue recognition expected starting early 2013 • Next batch of orders currently being negotiated • Proven imaging and overlay performance of NXE:3100 platform supports current customer device and process dev
Slide 30: Outlook
Outlook / Slide 30 / Slide 30
Slide 31: Q2 Outlook
Q2 Outlook • Net sales around € 1.2 billion • Gross margin about 43% • R&D costs at € 145 million • SG&A costs at € 55 million ASML sees stable sales at current levels in Q2 and Q3 with signs that Logic will continue its strong demand trend for the remainder of the year / Slide 31
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