ASML Holding : ASML reports second quarter 2013 as guided and raises full-year
Cymer consolidated for month of June
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VELDHOVEN, the Netherlands, 17 July 2013 - ASML Holding N.V. (ASML) today
publishes 2013 second-quarter results.
*ASML Q2 2013 results as guided, before impact of Cymer consolidation
*ASML raises expectation for full-year 2013 sales of up to EUR 5 billion,
before Cymer consolidation
Q2 2013 ASML June 2013 Preliminary Q2 2013 ASML Q1
(excluding Cymer* Purchase (including 2013
Cymer) Price Cymer) ASML
Net sales 1,155 32 1,187 892
...of which service and 239 32 271 215
field option sales
Other income 16 16 14
New systems sold (units) 34 34 25
Used systems sold 4 4 4
Net bookings, excluding 1,065 1,065 715
Net bookings, excluding 38 38 25
ASP of booked systems, 28.0 28.0 28.6
Systems backlog, 1,395 1,395 1,266
Systems backlog, 42 42 42
excluding EUV (units)
Gross profit 483 18 (19) 482 341
Gross margin (%) 41.8 40.6 38.2
Net income 239 0 (18) 221 96
EPS (in euro) 0.52 0.24
End-quarter cash and 2,225 126 2,351 2,620
cash equivalents and
(Figures in millions of euros unless otherwise indicated)
* after elimination of intercompany sales to ASML
"ASML's second-quarter operational performance was as planned, excluding the
impact of Cymer, which we were pleased to include as an ASML company per 30
May after having received all the regulatory approvals for the acquisition.
Our foundry and logic customers continue to prepare for the
lithography-intensive 20-14 nanometer (nm) technology nodes, to be used for
next-generation mobile electronic devices. During the second quarter we
started to see additional demand from DRAM customers, driven by a healthy
mobile DRAM memory market, which could potentially drive 2013 full-year sales
to a level of up to EUR 5 billion, excluding Cymer sales. With regards to the
development of the EUV platform, scanner imaging and overlay performance
improved to levels where we are now engaging with customers on a strategy for
an insertion targeted at the 10nm logic node. The first NXE:3300B systems are
in the process of shipment and installation at customer sites, as we progress
to improve the performance of the light source. In the second quarter, we
established good performance, stability and reliability of the pre-pulse
source concept at up to 55 Watts, and we therefore remain confident in our
target of 70 wafers per hour productivity in 2014," said Peter Wennink,
President and Chief Executive Officer of ASML.
The accounting impact of the preliminary purchase price allocation and the
Cymer consolidation negatively impacted the Q2 gross margin by 1.2 percentage
points and the net income margin by 2.1 percentage points.
Second Quarter 2013 Product Highlights
*More than 200 TWINSCAN NXT:1950i/1960Bi systems in total have now been
*The next platform, TWINSCAN NXT:1970Ci, which offers overlay, focus and
productivity improvements and which is scheduled for shipment before
end-Q3 2013, has achieved full wafer overlay down to 1.9 nm and focus
uniformity of less than 12 nm, thereby supporting the next-generation
device production requirement.
*Six NXE:3100 EUV systems operating at customer sites have exposed a
cumulative total of more than 44,000 wafers.
*We are in the process of installing NXE:3300B systems at customer sites,
and plan to ship a total of 5 in 2013; we have 11 NXE:3300B system orders
and commitments for a further 7 systems.
*Overlay between the NXE:3300B and NXT systems, relevant for device
production, has been demonstrated at less than 3.5 nm.
*We are in process of preparing six 450 mm scanners, as part of the
Customer Co-Investment Program.
*For the third quarter of 2013, ASML (including Cymer) expects net sales of
about EUR 1.3 billion, a gross margin of about 40 percent, R&D costs of
about EUR 245 million, other income of EUR 17 million -- which consists of
contributions from participants of the Customer Co-Investment Program --
and SG&A costs of about EUR 91 million.
*The guidance on gross margin and operating cost in the second half of 2013
will include a number of non-cash accounting adjustments, negatively
impacting gross margin due to purchase price allocation adjustments
related to the acquisition of Cymer. The main items relate to the
valuation of Cymer inventory at fair value which is expected to have an
impact of approximately EUR 60 million and the amortization of intangibles
which is expected to have an impact of approximately EUR 20 million.
*Also included in the second-half outlook are expected expenses related to
share-based compensation of approximately EUR 20 million as a result of
the acquisition of Cymer.
*ASML expects full-year 2013 sales at a level of up to EUR 5 billion
(excluding an expected contribution of about EUR 180 million from Cymer),
which is above our previous guidance of a level similar to the EUR 4.73
billion of 2012; we expect three EUV systems to be recognized for revenue
Update Share Buy Back Program
As part of ASML's policy to return excess cash to shareholders through
dividend and regularly timed share buy backs, ASML has announced its intention
to purchase up to EUR 1.0 billion of its own shares within the 2013-2014
timeframe. Up to 1 July 2013, ASML acquired 1.4 million shares for a total
consideration of EUR 84.7 million. The repurchased shares will be cancelled.
All transactions under the buy-back programs are published on ASML's website
(www.asml.com/investors). The share buy back program may be suspended,
modified or discontinued at any time.
ASML makes possible affordable microelectronics that improve the quality of
life. ASML invents and develops complex technology for high-tech lithography
machines for the semiconductor industry. ASML's guiding principle is
continuing Moore's Law towards ever smaller, cheaper, more powerful and
energy-efficient semiconductors. Our success is based on three pillars:
technology leadership combined with customer and supplier intimacy, highly
efficient processes and entrepreneurial people. We are a multinational company
with over 70 locations in 16 countries, headquartered in Veldhoven, the
Netherlands. We provide employment for more than 12,400 people on payroll and
flexible contracts (expressed in full time equivalents). Our company is an
inspiring place where employees work, meet, learn and share. ASML is traded on
Euronext Amsterdam and NASDAQ under the symbol ASML. More information about
ASML, our products and technology, and career opportunities is available on:
Investor and Media Conference Call
A conference call for investors and media will be hosted by CEO Peter Wennink
and Chairman Eric Meurice at 15:00 PM Central European Time / 09:00 AM Eastern
U.S. time. Dial-in numbers are: in the Netherlands + 31 20 794 8484 and the US
+ 1 480 629 9856 (confirmation code no longer needed). Listen-only 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 principles generally accepted in the United
States of America. 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 ('IFRS')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
Today, 17 July 2013, ASML will also publish the Statutory Interim Report for
the six-month period ended 30 June 2013. This report is in accordance with the
requirements of the EU Transparency Directive as implemented in the
Netherlands, and will include consolidated condensed interim financial
statements prepared in accordance with IAS 34, 'Interim Financial Reporting',
an Interim Management Board Report and a Managing Directors' Statement and
will be available on www.asml.com.
The consolidated balance sheets of ASML Holding N.V. as of 30 June 2013, the
related consolidated statements of operations and consolidated statements of
cash flows for the quarter ended 30 June 2013 as presented in this press
release are unaudited.
This press release, the US GAAP consolidated financial statements, the IFRS
consolidated financial statements and the Statutory Interim Report 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, expected sales
levels, realization of systems backlog, IC unit demand, expected financial
results, gross margin and expenses, expected adjustments relating to the Cymer
acquisition (including purchase price allocation adjustments), the number of
EUV systems expected to be shipped and recognized in revenue, dividend policy
and intention to repurchase shares. 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
integrate Cymer and the amounts of adjustments ultimately recognized in
connection with the Cymer acquisition, 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.
Link to Press Release
Link to Consolidated Statements
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Source: ASML Holding via Thomson Reuters ONE
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