Slide 1: ASML 2011 First Quarter Results
ASML 2011 First Quarter Results Strong first quarter confirms expectation of another record year April 13, 2011 / 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 backlog, IC unit demand, financial results, average selling pr
Slide 3: Agenda
Agenda Business summary Market ASML business update Outlook and summary / Slide 3
Slide 4: Business summary
Business summ ; / Slide 4 % ss ASML
Slide 5: Q1 results - highlights
Q1 results - highlights Net sales of € 1,452 million, 63 systems shipped valued at € 1,284 million, service and field option sales at € 168 million Gross margin of 44.7% Operating margin of 31.0% Net bookings are valued at € 845 million with 40 systems Backlog at € 3,330 million, 134 systems with AS
Slide 6: Net sales
Total net sales M€ 6,000 5,000 4,508 3,768 4,000 3,582 1,521 Q4 Net sales 955 2,954 1,053 Q3 3,000 494 Q2 934 1,176 2,000 958 697 1,596 Q1 930 844 581 1,069 1,000 942 555 1,452 949 919 742 629 277 0 183 2006 2007 2008 2009 2010 2011 Numbers have been rounded for readers’ convenience. / Slide 6
Slide 7: Net system sales breakdown in value: Q1 2011
Net system sales breakdown in value: Q1 2011 Technology Sales in Units ArF KrF immersion23% 27 28 83% ArF ArF dry 5% Immersion 4 4 I-Line 1% 71% ArF ArF dry KrF I-Line immersion Region End-use USA IDM 33% 21% Europe DRAM 14% 21% Korea Foundry Singapore 5% NAND 5% 16% 53% Taiwan China 4% 28% Numbers
Slide 8: Consolidated statements of operations M€
Consolidated statements of operations M€ Q4 10 Q1 11 Net sales 1,521 1,452 Gross profit 685 649 Gross margin % 45.0% 44.7% R&D costs 141 145 SG&A costs 50 54 Income from operations 494 450 Operating income % 32.4% 31.0% Net income 407 395 Net income as a % of sales 26.7% 27.2% Earnings per share (ba
Slide 9: Key financial trends 2010 – 2011
Key financial trends 2010 – 2011 Consolidated statements of operations M€ Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Net Sales 742 1,069 1,176 1,521 1,452 Gross profit 298 459 513 685 649 Gross margin % 40.3% 43.0% 43.6% 45.0% 44.7% R&D costs 120 125 137 141 145 SG&A costs 41 42 48 50 54 Income from operations 1
Slide 10: Cash flows M€
Cash flows M€ Q4 10 Q1 11 Net income 407 395 Adjustments to reconcile net income to net cash flows from operating activities; Impairment and obsolescence 12 10 Depreciation and amortization 40 39 Deferred income taxes (43) 47 Other non-cash items 1 5 Change in assets and liabilities (115) 605 Net ca
Slide 11: Balance sheets M€
Balance sheets M€ Assets Dec 2010 Mar 2011 Cash and cash equivalents 1,950 32% 2,699 39% Accounts receivable, net 1,124 18% 1,019 15% Finance receivables, net 42 1% 0 0% Inventories, net 1,497 24% 1,566 22% Other assets 449 7% 485 7% Tax assets 218 3% 194 3% Fixed assets 900 15% 994 14% Total assets
Slide 12: Backlog: value and litho units
Backlog: value and litho units Backlog value Units 4,000 400 3,500 350 3,000 300 Backlog value M€ Backlog in units 2,500 250 2,000 200 1,500 150 1,000 100 500 50 0 0 Jan 06 Jan 07 Jan 08 Jan 09 Jan 10 Jan-11 Jul 06 Jul 07 Jul 08 Jul 09 Jul-10 Apr 06 Oct 06 Apr 07 Oct 07 Apr 08 Oct 08 Apr-09 Oct 09 A
Slide 13: Backlog in value per March 27, 2011
Backlog in value per March 27, 2011 Total value M€ 3,330 New Used Total systems systems systems Technology Units 115 19 134 Value M€ 3,262 68 3,330 ASP M€ 28.4 3.6 24.9 KrF 19% I-Line 2% ArF ArF dry 5% End-use immersion 74% Region (ship to location) Japan 8% Foundry USA IDM 18% Singapore 13% 22% 17%
Slide 14: Bookings activity by sector - total value M€
Bookings activity by sector - total value M€ 845 Bookings in value Bookings in units NAND DRAM NAND DRAM 46% 23% 47% 20% IDM 5% Foundry IDM 8% Foundry 25% 26% Booked 36 new tools at € 832 million, 4 used at € 13 million Numbers have been rounded for readers’ convenience. / Slide 14
Slide 15: Market
/ Slide 15 ¥ ys ASML
Slide 16: Business environment
Business environment Q2 order level is estimated at € 900 million – €1 billion Semiconductor manufacturers are showing caution in assessing economic impact of Japanese earthquake on their supply chain and end-product markets Although direct impact to the electronics industry world-wide seems limited
Slide 17: Logic and microprocessor litho opportunity driven by critical litho layers
Logic and microprocessor litho opportunity is driven by a growing number of critical litho layers Average Logic + DSP + MCU immersion layers Average MPU immersion layers 18 18 16 16 14 14 12 12 10 10 8 sio rn e p EIm xu 8 d A ly.ap e sr 6 6 4 4 2 2 0 0 2008 2009 2010 2011 2012 2008 2009 2010 2011 20
Slide 18: Also for memory number of immersion layers keeps increasing
Also for memory number of immersion layers keeps increasing per node, per year Average DRAM immersion layers Average NAND immersion layers 10 10 8 8 6 6 4 4 2 2 0 0 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 Node 8x, 6x 6x, 5x 5x, 4x 4x, 3x 3x, 2x Node 5x, 4x 4x, 3x 4x, 3x 3x, 2x 2x, 1x Sourc
Slide 19: ASML business update
ASML business update / Slide 19
Slide 20: Technology - EUV
Technology - EUV NXE:3100 second generation EUV Three NXE:3100 shipped to date, 3 more to go Progress ongoing to reach target throughput by year end Customer process development started, infrastructure development continues Revenue recognition expected in 2012 NXE:3300 third generation EUV Commitmen
Slide 21: Tax and prepayments
Tax and prepayments Company tax rate structurally down to 12 -15% due to royalty box (IP product content taxed at lower rate) agreement with the Dutch Tax Authorities Cash balance contains customer prepayments of € 863 million for EUV and other programs / Slide 21
Slide 22: Cash return
Cash return Share buy back program in operation 14% of program executed in Q1 4.6 million shares repurchased at an average price of € 30.68 Weekly updates available on ASML’s website Dividend proposal submitted to AGM for 2010 of € 0.40 per ordinary share (approx. € 175 million) vs. € 0.20 per share
Slide 23: Outlook and summary
Outlook and summary / Slide 23
Slide 24: Q2 2011 outlook
Q2 2011 outlook Order intake between € 900 million – €1 billion Net sales around € 1.5 billion Gross margin about 45% R&D at € 150 million 5 million increase to strengthen our strategic investments SG&A at € 55 million ASML expects 2011 total revenue clearly above € 5 billion / Slide 24
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