ASML is the world's leading provider of lithography systems for the semiconductor industry. Headquartered in Veldhoven, the Netherlands, ASML employs more than 7,000 people.
VELDHOVEN, the Netherlands, 17 April 2013 - ASML Holding N.V. (ASML) today publishes 2013 first-quarter results.
|Q1 2013||Q4 2012|
|...of which service and field option sales||215||257|
|Other income (from CCIP)||14|
|New systems sold (units)||25||25|
|Used systems sold (units)||4||9|
|Net bookings, excluding EUV||715||667|
|Net bookings, excluding EUV (units)||25||32|
|ASP of booked systems, excluding EUV||28.6||20.9|
|Systems backlog, excluding EUV||1,266||1,214|
|Systems backlog, excluding EUV (units)||42||46|
|End-quarter cash and cash equivalents and short-term investments||2,620||2,698|
|EPS (in euro)||0.24||0.66|
|(Figures in millions of euros unless otherwise indicated)|
"We achieved first quarter sales ahead of and gross margin in line with our guidance, and reiterate our expectation for a sales acceleration during the year, with a second quarter markedly stronger than the first quarter and a large second half, leading to expected 2013 full year net sales at a similar level to that of 2012. The underlying assumptions are unchanged, with foundry and logic preparing for very lithography-intensive 14-20 nm technology nodes to be used for next generation mobile end-products; while lithography investments in memory are still muted, memory chip price recovery and discussions on scanner shipment capability are signs of potential upside for second half deliveries. EUV technology industrialization continues to make steady progress on the trajectory set with the introduction of the improved source concept last year: firstly, the EUV light sources have now been demonstrated at 55 Watts with adequate dose control; secondly, the scanners themselves have demonstrated production-worthy, 10 nm node compatible imaging and overlay specifications. We therefore confirm our expectation of the ramp of EUV-enabled semiconductor production in 2015, supported by our NXE:3300B scanners, two of which are being prepared for shipment and installation in Q2 and Q3," said Eric Meurice, President and Chief Executive Officer of ASML.
First-Quarter 2013 Product Highlights
ASML leadership succession within the Board of Management
ASML's Supervisory Board is pleased to announce it has decided upon the new leadership of the company, as the contract of Eric Meurice, President and Chief Executive Officer, ends next year. As of 1 July 2013, ASML's leadership will be comprised as follows:
"Following a thorough and diligent process where internal and external succession were considered, the Supervisory Board is pleased to announce a leadership succession from within the company to ensure continuity and a smooth transition which were deemed a priority. Under Eric's leadership our company has doubled sales and the number of employees, while profitability, share price and market position have improved strongly. He has also provided the framework for ASML's further growth and knowledge creation. On behalf of all ASML stakeholders I thank him for his direction, focus and dedication," said Supervisory Board Chairman Arthur van der Poel.
Peter Wennink joined ASML as Executive Vice President, Chief Financial Officer and member of the Board of Management of ASML in 1999. Prior to his employment with ASML, he worked as a partner at Deloitte Accountants, specializing in the high technology industry with an emphasis on the semiconductor equipment industry. His accomplishments at ASML include the company's strong track record of financial flexibility and resilience in a volatile semiconductor market, thus enabling ASML's investments for technology leadership.
Martin van den Brink joined ASML when the company was founded in early 1984 and held several positions in engineering. As Vice President Technology since 1995 and Executive Vice President and member of the Board of Management since 1999 - currently as Chief Product & Technology Officer - he has led ASML's product and technology development to breakthrough innovations such as the Twinscan platform, immersion lithography, and more recently the new family of EUV technologies, taking ASML to its current position of world market leader.
New share buyback program
In addition to the previously announced proposed dividend of 0.53 euros per share, ASML today announces its intention to purchase up to an amount of EUR 1.0 billion of its own shares within the 2013-2014 timeframe, starting 18 April 2013.
Given ASML's strong financial position and operating cash flow prospects, ASML intends to continue to return excess cash to shareholders through increasing dividends and share buy back programs, thereby supporting its shareholders in their continued investment in the company.
The program will be executed within the limitations of the applicable laws and regulations, of the existing authority granted by the Annual General Meeting of Shareholders (AGM) on April 25, 2012 and, if granted, of the authority proposed to future AGMs. Any shares repurchased under the program are intended to be cancelled.
All transactions under this program are published on ASML's website (www.asml.com/investors) on a weekly basis. The share buyback programs may be suspended, modified or discontinued at any time.
ASML is one of the world's leading providers of lithography systems for the semiconductor industry, manufacturing complex machines that are critical to the production of integrated circuits or chips. Headquartered in Veldhoven, the Netherlands, ASML is traded on Euronext Amsterdam and NASDAQ under the symbol ASML. ASML has 8,625 employees on payroll (expressed in full time equivalents), serving chip manufacturers in more than 55 locations in 16 countries. More information about our company, our products and technology, and career opportunities is available on our website: www.asml.com
Investor and Media Conference Call
A conference call for investors and media will be hosted by CEO Eric Meurice and CFO Peter Wennink at 15:00 PM Central European Time / 09:00 AM Eastern U.S. time. Dial-in numbers are: in the Netherlands + 31 20 794 8504 and the US +1 480 629 9692 (US participants will have to quote the following confirmation code when dialing into the conference: 4611668). To listen to the conference call, access is also available via www.asml.com
A replay of the Investor and Media Call will be available on www.asml.com
US GAAP and IFRS Financial Reporting
ASML's primary accounting standard for quarterly earnings releases and annual reports is US GAAP, the accounting standard generally accepted in the United States. Quarterly US GAAP consolidated statements of operations, consolidated statements of cash flows and consolidated balance sheets, and a reconciliation of net income and equity from US GAAP to IFRS as adopted by the EU are available on www.asml.com
In addition to reporting financial figures in accordance with US GAAP, ASML also reports financial figures in accordance with IFRS for statutory purposes. The most significant differences between US GAAP and IFRS that affect ASML concern the capitalization of certain product development costs, the accounting of share-based payment plans and the accounting of income taxes. ASML's quarterly IFRS consolidated statement of profit or loss, consolidated statement of cash flows, consolidated statement of financial position and a reconciliation of net income and equity from US GAAP to IFRS are available on www.asml.com
The consolidated balance sheets of ASML Holding N.V. as of 31 March, 2013, the related consolidated statements of operations and consolidated statements of cash flows for the quarter ended 31 March, 2013 as presented in this press release are unaudited.
This press release, the US GAAP consolidated financial statements and the IFRS consolidated financial statements published on www.asml.com comprise regulated information within the meaning of the Dutch Financial Markets Supervision Act (Wet op het financieel toezicht).
Forward Looking Statements
"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 selling price, gross margin and expenses, dividend policy and intention to repurchase shares and resignations and appointments of executive officers. These forward looking statements are subject to risks and uncertainties including, but not limited to: economic conditions, product demand and semiconductor equipment industry capacity, worldwide demand and manufacturing capacity utilization for semiconductors (the principal product of our customer base), including the impact of general economic conditions on consumer confidence and demand for our customers' products, competitive products and pricing, the impact of manufacturing efficiencies and capacity constraints, the continuing success of technology advances and the related pace of new product development and customer acceptance of new products, our ability to enforce patents and protect intellectual property rights, the risk of intellectual property litigation, availability of raw materials and critical manufacturing equipment, trade environment, changes in exchange rates, available cash, distributable reserves for dividend payments and share repurchases, our ability to successfully complete the Cymer transaction, including the ability to obtain regulatory approval for the merger, the satisfaction of other conditions to the closing of the merger and the possibility that the length of time necessary to consummate the merger may be longer than anticipated, and other risks indicated in the risk factors included in ASML's Annual Report on Form 20-F and other filings with the US Securities and Exchange Commission.
Page updated on 2013-4-17 7:00 CEST