ASML Announces 2010 First Quarter Results

ASML expects Q2 2010 net sales of around EUR 1 billion, EUR 50 million higher than guided at the publication of our Q4 2009 results, and gross margin in Q2 2010 of about 42 percent. R&D expenditures are expected to be at EUR 125 million including credits and SG&A costs are expected at EUR 42 million.

About ASML

ASML is the world's leading provider 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 more than 6,500 employees (expressed in full time equivalents), serving chip manufacturers in more than 60 locations in 15 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 10 29 44 271 and the US +1 718 247 0884 (US participants will have to quote the following confirmation code when dialing into the conference: 1546105). 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

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 statements of operations, statements of cash flows and balance sheets, and a reconciliation of net income/(loss) and equity from US GAAP to 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, the accounting of income taxes and the accounting of reversal of inventory write-downs. Quarterly IFRS consolidated income statement, consolidated statement of cash flows, consolidated statement of financial position and a reconciliation of net income/(loss) and equity from US GAAP to IFRS are available on www.asml.com

The consolidated balance sheets of ASML Holding N.V. as of March 28, 2010, the related consolidated statements of operations and consolidated statements of cash flows for the quarter ended March 28, 2010 as presented in this press release are unaudited.

Regulated Information

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 backlog, IC unit demand, financial results, average selling price, gross margin and expenses. 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, manufacturing efficiencies, new product development and customer acceptance of new products, 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 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.

 
ASML - Summary U.S. GAAP Consolidated Statements of Operations 1,2
   
Three months ended,
Mar 29, 2009 Mar 28, 2010
(in millions EUR, except per share data)

 

       
 
Net system sales 101.1 631.6
Net service and field option sales     82.5   110.2
Total net sales 183.6 741.8
 
Cost of sales     171.2   443.2
Gross profit on sales 12.4 298.6
 
Research and development costs 118.3 120.3
Selling, general and administrative costs 3   40.4   41.4
Income (loss) from operations (146.3) 136.9
 
Interest expense 3   (1.7)   (2.8)
Income (loss) from operations before income taxes (148.0) 134.1
 
(Provision for) benefit from income taxes     30.8   (26.8)
Net income (loss) (117.2) 107.3
 
 
Basic net income (loss) per ordinary share (0.27) 0.25
Diluted net income (loss) per ordinary share 4 (0.27) 0.25
 
Number of ordinary shares used in computing per share amounts (in millions):
Basic 432.1 434.0
Diluted 4 432.1 437.9
 
 
 
 
ASML - Ratios and Other Data 1,2
 
Three months ended,
Mar 29, 2009 Mar 28, 2010
           
 
Gross profit as a % of net sales 6.7 40.3
Income (loss) from operations as a % of net sales 3 (79.7) 18.5
Net income (loss) as a % of net sales (63.8) 14.5
Shareholders’ equity as a % of total assets 3 47.5 41.2
Income taxes as a % of income before income taxes (20.8) (20.0)
Sales of systems (in units) 11 34
ASP of systems sales (EUR million) 9.2 18.6
Value of systems backlog (EUR million) 853 2,170
Systems backlog (in units) 38 85
ASP of systems backlog (EUR million) 22.4 25.5
Value of booked systems (EUR million) 207 1,004
Net bookings (in units) 8 50
ASP of booked systems (EUR million) 25.8 20.1
Number of payroll employees in FTEs 6,715 6,591
Number of temporary employees in FTEs 959 1,331
 
 
 
ASML - Summary U.S. GAAP Consolidated Balance Sheets 1,2
 
Dec 31, 2009 Mar 28, 2010
(in millions EUR)          
 
ASSETS
Cash and cash equivalents 1,037.1 1,087.3
Accounts receivable, net 377.4 629.8
Finance receivables, net 21.6 23.3
Current tax assets 11.3 37.5
Inventories, net 963.4 1,155.5
Deferred tax assets 119.4 107.5
Other assets     218.7   247.3
Total current assets 2,748.9 3,288.2
 
Deferred tax assets 133.3 127.9
Other assets 77.0 99.1
Goodwill 131.5 141.1
Other intangible assets, net 18.1 17.8
Property, plant and equipment, net 3   655.4   720.7
Total non-current assets 1,015.3 1,106.6
 
Total assets 3,764.2 4,394.8
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities 1,044.2 1,613.0
 
Accrued liabilities and other liabilities 44.3 45.9
Deferred and other tax liabilities 188.4 200.1
Provisions 12.7 13.0
Long-term debt 3   699.8   711.8
Total non-current liabilities 945.2 970.8
           
Total liabilities 1,989.4 2,583.8
 
Shareholders’ equity     1,774.8   1,811.0
Total liabilities and shareholders’ equity 3,764.2 4,394.8
 
 
 
ASML - Summary U.S. GAAP Consolidated Statements of Cash Flows 1,2
 
Three months ended,
Mar 29, 2009 Mar 28, 2010
(in millions EUR)          
 
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss) (117.2) 107.3
 
Depreciation and amortization 3 38.7 34.7
Impairment 2.6 0.8
Loss on disposals of property, plant and equipment 2.6 0.6
Share-based payments 3.5 2.8
Allowance for doubtful debts - 0.2
Allowance for obsolete inventory 22.1 13.8
Deferred income taxes (27.0) 23.7
Change in assets and liabilities     157.3   (142.8)
Net cash provided by operating activities 82.6 41.1
 
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property, plant and equipment (43.9) (7.2)
Proceeds from sale of property, plant and equipment     1.2   -
Net cash used in investing activities (42.7) (7.2)
 
CASH FLOWS FROM FINANCING ACTIVITIES
Net proceeds from issuance of shares and stock options 0.1 10.4
Excess tax deficiencies from stock options (0.2) -
Redemption and/or repayment of debt 3   (0.4)   (0.4)
Net cash provided by (used in) financing activities (0.5) 10.0
           
Net cash flows 39.4 43.9
 
Effect of changes in exchange rates on cash     2.4   6.3
Net increase in cash & cash equivalents 41.8 50.2
 
 

ASML - Quarterly Summary U.S. GAAP Consolidated Statements of Operations 1,2

 

         
Three months ended,
 
Mar 29, Jun 28, Sep 27, Dec 31, Mar 28,
2009 2009 2009 2009 2010
(in millions EUR, except per share data)                
 
Net system sales 101.1 183.3 458.7 431.8 631.6
Net service and field option sales     82.5   93.3   96.6   148.8   110.2
Total net sales 183.6 276.6 555.3 580.6 741.8
 
Cost of sales     171.2   242.2   364.0   360.3   443.2
Gross profit on sales 12.4 34.4 191.3 220.3 298.6
 
Research and development costs 118.3 117.9 115.2 115.4 120.3
Selling, general and administrative costs 3   40.4   40.3   37.5   36.5   41.4
Income (loss) from operations (146.3) (123.8) 38.6 68.4 136.9
 
Interest expense 3   (1.7)   (0.9)   (2.4)   (3.5)   (2.8)
Income (loss) from operations before income taxes (148.0) (124.7) 36.2 64.9 134.1
 
(Provision for) benefit from income taxes     30.8   20.7   (16.4)   (14.4)   (26.8)
Net income (loss) (117.2) (104.0) 19.8 50.5 107.3
 
 
Basic net income (loss) per ordinary share (0.27) (0.24) 0.05 0.12 0.25
Diluted net income (loss) per ordinary share 4 (0.27) (0.24) 0.05 0.12 0.25
 
Number of ordinary shares used in computing per share amounts (in millions):
Basic 432.1 432.5 432.7 433.2 434.0
Diluted 4 432.1 432.5 435.0 437.0 437.9
 
 
 
 
ASML - Quarterly Summary Ratios and other data 1,2
 
Three months ended,
 
Mar 29, Jun 28, Sep 27, Dec 31, Mar 28,
2009 2009 2009 2009 2010
                       
 
Gross profit as a % of net sales 6.7 12.5 34.4 38.0 40.3
Income (loss) from operations as a % of net sales 3 (79.7) (44.7) 6.9 11.8 18.5
Net income (loss) as a % of net sales (63.8) (37.6) 3.6 8.7 14.5
Shareholders’ equity as a % of total assets 3 47.5 47.2 47.3 47.1 41.2
Income taxes as a % of income before income taxes (20.8) (16.6) (45.4) (22.2) (20.0)
Sales of systems (in units) 11 10 24 25 34
ASP of system sales (EUR million) 9.2 18.3 19.1 17.3 18.6
Value of systems backlog (EUR million) 853 1,064 1,353 1,853 2,170
Systems backlog (in units) 38 43 54 69 85
ASP of systems backlog (EUR million) 22.4 24.7 25.1 26.8 25.5
Value of booked systems (EUR million) 207 394 777 956 1,004
Net bookings (in units) 8 15 35 40 50
ASP of booked systems (EUR million) 25.8 26.3 22.2 23.9 20.1
Number of payroll employees in FTEs 6,715 6,597 6,529 6,548 6,591
Number of temporary employees in FTEs 959 868 917 1,137 1,331
 
 
 
ASML - Summary U.S. GAAP Consolidated Balance Sheets 1,2
 
Mar 29, Jun 28, Sep 27, Dec 31, Mar 28,
2009 2009 2009 2009 2010
(in millions EUR)                      
 
ASSETS
Cash and cash equivalents 1,151.0 1,092.7 1,018.0 1,037.1 1,087.3
Accounts receivable, net 291.6 213.5 382.1 377.4 629.8
Finance receivables, net 6.2 0.1 21.1 21.6 23.3
Current tax assets - - - 11.3 37.5
Inventories, net 936.8 926.1 882.4 963.4 1,155.5
Deferred tax assets 74.9 70.5 69.0 119.4 107.5
Other assets     240.6   220.2   224.2   218.7   247.3
Total current assets 2,701.1 2,523.1 2,596.8 2,748.9 3,288.2
 
Finance receivables, net 29.2 20.6 - - -
Deferred tax assets 173.2 198.9 193.5 133.3 127.9
Other assets 89.5 53.8 68.1 77.0 99.1
Goodwill 139.7 134.5 128.6 131.5 141.1
Other intangible assets, net 25.6 22.3 19.0 18.1 17.8
Property, plant and equipment, net 3   624.4   629.3   598.7   655.4   720.7
Total non-current assets 1,081.6 1,059.4 1,007.9 1,015.3 1,106.6
 
Total assets 3,782.7 3,582.5 3,604.7 3,764.2 4,394.8
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities 1,017.5 940.9 949.3 1,044.2 1,613.0
 
Accrued liabilities and other liabilities 48.2 45.6 44.7 44.3 45.9
Deferred and other tax liabilities 204.9 200.6 193.7 188.4 200.1
Provisions 16.9 14.8 13.5 12.7 13.0
Long-term debt 3   699.2   689.3   697.2   699.8   711.8
Total non-current liabilities 969.2 950.3 949.1 945.2 970.8
                       
Total liabilities 1,986.7 1,891.2 1,898.4 1,989.4 2,583.8
 
Shareholders’ equity     1,796.0   1,691.3   1,706.3   1,774.8   1,811.0
Total liabilities and shareholders’ equity 3,782.7 3,582.5 3,604.7 3,764.2 4,394.8
 
 
 
ASML - Summary U.S. GAAP Consolidated Statements of Cash Flows 1,2
 
Three months ended,
 
Mar 29, Jun 28, Sep 27, Dec 31, Mar 28,
2009 2009 2009 2009 2010
(in millions EUR)                      
 
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss) (117.2) (104.0) 19.8 50.5 107.3
 
Depreciation and amortization 3 38.7 35.1 33.8 34.0 34.7
Impairment 2.6 4.4 8.6 0.3 0.8
Loss (gain) on disposals of property, plant and equipment 2.6 (0.4) 0.9 1.0 0.6
Share-based payments 3.5 2.6 2.8 4.5 2.8
Allowance for doubtful debts - 1.1 0.7 0.1 0.2
Allowance for obsolete inventory 22.1 43.9 13.2 7.4 13.8
Deferred income taxes (27.0) (31.2) (4.5) 13.3 23.7
Change in assets and liabilities     157.3   110.7   (140.3)   (91.7)   (142.8)
Net cash provided by (used in) operating activities 82.6 62.2 (65.0) 19.4 41.1
 
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property, plant and equipment (43.9) (39.9) (13.5) (7.7) (7.2)
Proceeds from sale of property, plant and equipment     1.2   5.7   -   -   -
Net cash used in investing activities (42.7) (34.2) (13.5) (7.7) (7.2)
 
CASH FLOWS FROM FINANCING ACTIVITIES
Dividend paid - (86.5) - - -
Net proceeds from issuance of shares and stock options 0.1 0.4 4.2 6.4 10.4
Excess tax benefits (deficiencies) from stock options (0.2) 0.5 0.7 1.0 -
Net proceeds from other long-term debt - 0.1 - - -
Redemption and/or repayment of debt 3   (0.4)   (0.4)   (0.4)   (0.4)   (0.4)
Net cash provided by (used in) financing activities (0.5) (85.9) 4.5 7.0 10.0
                       
Net cash flows 39.4 (57.9) (74.0) 18.7 43.9
 
Effect of changes in exchange rates on cash     2.4   (0.4)   (0.7)   0.4   6.3
Net increase (decrease) in cash & cash equivalents 41.8 (58.3) (74.7) 19.1 50.2
 

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