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Selected Financial Data

The following selected consolidated financial data should be read in conjunction with Item 5 “Operating and Financial Review and Prospects” and Item 18 “Financial Statements”.

Five-Year Financial Summary

Year ended December 312011120102009200820072
(in thousands, except per share data)EUR EUREUREUREUR
Consolidated statements of operations data
Net sales5,651,0354,507,9381,596,0632,953,6783,768,185
Cost of sales3,201,6452,552,7681,137,6711,938,1642,218,526
Gross profit on sales2,449,3901,955,170458,3921,015,5141,549,659
Research and development costs590,270523,426466,761516,128486,141
Amortization of in-process research and development costs----23,148
Selling, general and administrative costs217,904181,045154,756210,172223,386
Income (loss) from operations1,641,2161,250,699(163,125)289,214816,984
Interest income (expense), net7,419(8,176)(8,425)20,43031,169
Income (loss) before income taxes1,648,6351,242,523(171,550)309,644848,153
(Provision for) benefit from income taxes(181,675)(220,703)20,62512,726(177,152)
Net income (loss)1,466,9601,021,820(150,925)322,370671,001
Earnings per share data
Basic net income (loss) per ordinary share3.452.35(0.35)0.751.45
Diluted net income (loss) per ordinary share33.422.33(0.35)0.741.41
Number of ordinary shares used in
computing per share amounts (in thousands)
Basic425,618435,146432,615431,620462,406
Diluted3429,053438,974432,615434,205485,643

1As of January 1, 2011, ASML adopted Accounting Standards Update ("ASU") 2009-13, "Revenue Arrangements with Multiple Deliverables" which amended ASC 605-25. The ASU was adopted prospectively and had an insignificant impact on timing and allocation of revenues. See Note 1 of the consolidated financial statements.

2As of January 1, 2008, ASML accounts for award credits offered to its customers as part of a volume purchase agreement using the deferred revenue model. Until December 31, 2007, ASML accounted for award credits using the cost accrual method. The comparative figures for 2007 have been adjusted to reflect this change in accounting policy

3The calculation of diluted net income (loss) per ordinary share assumes the exercise of options issued under ASML stock option plans, the issuance of shares under ASML share plans and the conversion of ASML’s outstanding Convertible Subordinated Notes for periods in which exercises, issuances or conversions would have a dilutive effect. The calculation of diluted net income (loss) per ordinary share does not assume exercise, issuance of shares or conversion of such options, shares or conversion of Convertible Subordinated Notes for periods in which such exercises, issuance of shares or conversions would be anti-dilutive.

Five-Year Financial Summary

As of December 312011120102009200820072
(in thousands, unless otherwise indicated)EUREUREUREUREUR
Consolidated balance sheets data
Cash and cash equivalents2,731,7821,949,8341,037,0741,109,1841,271,636
Working capital43,473,7672,787,2201,704,7141,964,9061,997,988
Total assets7,260,8156,180,3583,764,1513,977,4784,113,444
Long-term debt5736,368710,060699,756685,134642,332
Total shareholders’ equity3,444,1542,773,9081,774,7681,988,7691,891,004
Capital stock38,35439,29339,02838,88739,206
Consolidated statements of cash flows data
Depreciation and amortization165,185151,444141,631121,423129,380
Impairment12,2728,56315,89625,1099,022
Net cash provided by operating activities2,070,440940,04899,194282,979704,047
Purchases of property, plant and equipment(300,898)(128,728)(104,959)(259,770)(179,152)
Acquisition of subsidiary (net of cash acquired)----(188,011)
Net cash used in investing activities(300,898)(124,903)(98,082)(259,805)(362,152)
Capital repayment6----(1,011,857)
Purchase of shares in conjunction with conversion rights
of bondholders and share-based payments---(87,605)(359,856)
Dividend paid(172,645)(86,960)(86,486)(107,841)-
Deposits from customers(150,000)150,000---
Net proceeds from issuance of bond----593,755
Purchase of shares(700,452)----
Net cash provided by (used in) financing activities(991,561)92,702(74,874)(186,471)(718,399)
Net increase (decrease) in cash and cash equivalents781,948912,760(72,110)(162,452)(384,221)
Ratios and other data
Gross profit as a percentage of net sales43.343.428.734.441.1
Income (loss) from operations as a percentage of net sales29.027.7(10.2)9.821.7
Net income (loss) as a percentage of net sales26.022.7(9.5)10.917.8
Shareholders’ equity as a percentage of total assets47.444.947.150.046.0
Income taxes as a percentage of income (loss) before income taxes11.017.812.0(4.1)20.9
Sales of systems (in units)22219770151260
Average selling price of system sales (in millions)22.019.816.816.712.9
Value of systems backlog excluding EUV (in millions)7,81,732.53,855.72,113.7857.31,765.5
Systems backlog excluding EUV (in units)7,871157694189
Average selling price of systems backlog excluding EUV (in millions)7,824.424.630.620.919.8
Value of booked systems excluding EUV (in millions)7,82,909.36,212.72,535.41,730.93,154.3
Net bookings excluding EUV for the year (in units)7,813428598103186
Average selling price of booked systems excluding EUV (in millions)7,821.721.825.916.817.0
Number of payroll employees in FTEs7,9557,1846,5486,9306,582
Number of temporary employees in FTEs1,9352,0611,1371,3291,725
Increase (decrease) net sales in percentage25.4182.4(46.0)(21.6)5.2
Number of ordinary shares outstanding (in thousands)413,669436,593433,639432,074435,6266
ASML share price in euro932.4828.9024.0012.7521.66
Volatility 260 days in percentage of ASML shares1032.4630.2538.4551.1427.52
Dividend per ordinary share in euro0.46110.400.200.200.25
Dividend per ordinary share in U.S. dollar0.60110.540.270.260.39

1As of January 1, 2011, ASML adopted Accounting Standards Update ("ASU") 2009-13, "Revenue Arrangements with Multiple Deliverables" which amended ASC 605-25. The ASU was adopted prospectively and had an insignificant impact on timing and allocation of revenues. See Note 1 of the consolidated financial statements.

2As of January 1, 2008, ASML accounts for award credits offered to its customers as part of a volume purchase agreement using the deferred revenue model. Until December 31, 2007, ASML accounted for award credits using the cost accrual method. The comparative figures for 2007 have been adjusted to reflect this change in accounting policy

3The calculation of diluted net income (loss) per ordinary share assumes the exercise of options issued under ASML stock option plans, the issuance of shares under ASML share plans and the conversion of ASML’s outstanding Convertible Subordinated Notes for periods in which exercises, issuances or conversions would have a dilutive effect. The calculation of diluted net income (loss) per ordinary share does not assume exercise, issuance of shares or conversion of such options, shares or conversion of Convertible Subordinated Notes for periods in which such exercises, issuance of shares or conversions would be anti-dilutive.

4Working capital is calculated as the difference between total current assets, including cash and cash equivalents, and total current liabilities.

5Long-term debt includes the current portion of long-term debt.

6In 2007, as part of a capital repayment program, EUR 1,011.9 million of share capital was repaid to our shareholders and the number of outstanding ordinary shares was reduced by 11.1 percent (pursuant to a synthetic share buy back).

7Our systems backlog and net bookings include only orders for which written authorizations have been accepted and system shipment and revenue recognition dates within the following 12 months have been assigned.

8As of January 1, 2011, ASML values its net bookings and systems backlog at system sales value including factory options. The comparative figures have not been adjusted because the impact on the comparative figures is insignificant (approximately EUR 20 million negative impact on backlog value per December 31, 2010). Before 2011, ASML valued net bookings and systems backlog at full order value (i.e. including options and services).

9Closing price of ASML’s ordinary shares listed on the Official Segment of the stock market of Euronext Amsterdam (source: Bloomberg Finance LP).

10Volatility represents the variability in our share price on the Official Segment of the stock market of Euronext Amsterdam as measured over the 260 business days of each year presented (source: Bloomberg Finance LP).

11Subject to approval of the Annual General Meeting of Shareholders to be held on April 25, 2012. The exchange rate used to convert the proposed dividend per ordinary share is the exchange rate at February 6, 2012.

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