Announces new EUR 1 bln share
buyback program
VELDHOVEN, the Netherlands, 21 January 2015 - ASML
Holding N.V. (ASML) today publishes its 2014 fourth-quarter and
full-year results.
-
Q4 net sales of EUR 1.49 billion, gross margin
44 percent
-
Full-year 2014 sales at a record EUR 5.86
billion, net profit of EUR 1.2 billion
-
ASML guides Q1 2015 net sales at around EUR 1.6
billion and a gross margin of around 47 percent
-
ASML proposes a dividend of EUR 0.70 per
ordinary share for 2014, a 15 percent increase with respect to 2013
and announces a new EUR 1 bln share buyback program
(Figures in millions of euros unless otherwise
indicated) |
Q4 2014 |
Q3 2014 |
FY 2014 |
FY 2013 |
Net sales |
1,494 |
1,322 |
5,856 |
5,245 |
...of which service and field option sales |
409 |
438 |
1,613 |
1,252 |
|
|
|
|
|
Other income (Co-Investment Program) |
20 |
20 |
81 |
64 |
|
|
|
|
|
New systems sold (units) |
30 |
24 |
116 |
142 |
Used systems sold (units) |
5 |
6 |
20 |
15 |
Average Selling Price (ASP) of net system sales |
31.0 |
29.5 |
31.2 |
25.4 |
|
|
|
|
|
Net bookings |
1,387* |
1,397 |
4,902* |
4,644 |
Net bookings (units) |
51* |
47 |
157* |
166 |
ASP of booked systems |
27.2* |
29.7 |
31.2* |
28.0 |
Systems backlog |
2,772* |
2,406 |
2,772* |
1,953 |
Systems backlog (units) |
82* |
65 |
82* |
56 |
|
|
|
|
|
Gross profit |
657 |
578 |
2,596 |
2,177 |
Gross margin (%) |
44.0 |
43.7 |
44.3 |
41.5 |
|
|
|
|
|
Net income |
305 |
244 |
1,197 |
1,015 |
EPS (basic; in euro) |
0.70 |
0.56 |
2.74 |
2.36 |
|
|
|
|
|
End-quarter cash and cash equivalents and short-term
investments |
2,754 |
2,685 |
2,754 |
3,011 |
*) As of Q4 2014 our net bookings and systems
backlog include NXE:3350B orders. For the definition of our net
bookings and system backlog see footnote 4 of our U.S. GAAP
Consolidated Financial Statements.
A complete summary of U.S. GAAP Consolidated Statements of
Operations is published on www.asml.com
CEO Statement
"Our 2014 fourth-quarter net sales came in ahead of guidance, as
the memory sector was stronger than we expected. Full-year sales
rose 12 percent from 2013 to a record EUR 5.86 billion, gross
margin was up almost 3 percentage points to 44.3 percent, while
earnings per share increased by 16 percent to EUR 2.74 per share.
Looking ahead to H1 2015, we expect both our sales to the memory
segment and our service and field option business to continue to be
strong and sales to the logic segment to increase from H2 2014 to
H1 2015, underpinned by the EUR 2.8 billion backlog," ASML
President and Chief Executive Officer Peter Wennink said.
"As extensively discussed during our investor day
in November, our EUV program in 2015 will focus on continuing the
encouraging progress in productivity and in shipping our
fourth-generation EUV tools, the NXE:3350B," Wennink said.
2014 Product Highlights
-
We successfully ramped our newest immersion
system, the NXT:1970Ci and shipped 51 systems
-
Our TWINSCAN immersion systems set new
productivity records: two systems each imaged more than 1.5 million
wafers in a 12-month period
-
A total of seven NXE:3300B EUV systems were in
the field by end-2014
-
On the NXE:3300B systems we achieved the
500-wafer-per-day target that our customers have set for end-2014
and demonstrated stable source operation at 80 W running
continuously for 24 hours at a customer site
-
TSMC ordered two NXE:3350B EUV systems for
delivery in 2015 with the intention to use those systems in
production. In addition, two NXE:3300B systems already delivered to
TSMC will be upgraded to NXE:3350B performance.
-
The ramp in shipments of our YieldStar metrology
tool continued, with a total of 199 systems shipped to all major
customers
Outlook
For the first quarter of 2015, ASML expects net sales of around EUR
1.6 billion, a gross margin of around 47 percent, R&D costs of
about EUR 260 million, other income of about EUR 20 million --
which consists of contributions from participants of the Customer
Co-Investment Program -- and SG&A costs of about EUR 83
million.
Dividend and new Share Buyback
Program
Given ASML's strong financial position and cash flow prospects,
ASML intends to continue to return excess cash to shareholders
through dividends and share buyback programs in accordance with our
policy, thereby supporting its shareholders in their continued
investment in the company.
ASML intends to increase the dividend per ordinary
share by 15 percent compared with last year. Therefore, we will
submit a proposal to the 2015 Annual General Meeting of
Shareholders (AGM) to declare a dividend in respect of 2014 of EUR
0.70 per ordinary share (for a total amount of approximately EUR
300 million), compared with a dividend of EUR 0.61 per ordinary
share paid in respect of 2013.
ASML also announces a new share buyback program,
to be executed within the 2015-2016 timeframe. As part of this
program, ASML intends to purchase up to EUR 750 million of shares
which it intends to cancel upon repurchase. In addition, ASML
intends to purchase as part of this program up to 3.3 million
shares to cover employee stock and stock option plans. This
buyback program will start on 22 January 2015, and at current share
price these intended repurchases represent a total value of
approximately EUR 1 billion.
The share buyback program will be executed within
the limitations of the existing authority granted by the AGM on
April 23, 2014 and of the authority granted at future AGMs. The
share buyback program may be suspended, modified or discontinued at
any time. All transactions under this program will be published on
ASML's website (www.asml.com/investors) on a weekly basis.
About ASML
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 employ more than
14,000 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: www.asml.com
Press conference
A press conference hosted by CEO Peter Wennink and CFO Wolfgang
Nickl will be held at our office in Veldhoven at 11:00 AM Central
European Time / 05:00 AM U.S. Eastern time. An audio webcast of the
press conference is available on www.asml.com, along with a
presentation and a video statement of CEO Peter Wennink.
Investor and Media Conference
Call
A conference call for investors and media will be hosted by CEO
Peter Wennink and CFO Wolfgang Nickl at 15:00 PM Central European
Time / 09:00 AM U.S. Eastern time. Dial-in numbers are: in the
Netherlands +31 20 716 8295 and the US +1 646 254 3388 (no
confirmation code needed). Listen-only access is also available via
www.asml.com
2014 Annual Reports
ASML will publish its 2014 Annual Report on Form 20-F, Statutory
Annual Report, Corporate Responsibility Report and Remuneration
Report on 11 February 2015. The reports will be published on our
website at 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 www.asml.com
The consolidated balance sheets of ASML Holding
N.V. as of 31 December 2014, the related consolidated statements of
operations and consolidated statements of cash flows for the
quarter ended 31 December 2014 as presented in this press release
are unaudited.
Regulated
Information
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
This document contains statements relating to certain projections
and business trends that are forward-looking, including statements
with respect to our outlook, expected customer demand in specified
market segments, expected trends, systems backlog, IC unit demand,
expected financial results, including expected or potential sales,
other income, gross margin and expenses, tool orders and expected
shipment of tools, productivity of our tools and systems
performance, including TWINSCAN and EUV system performance (such as
endurance tests), expected industry trends, the development of EUV
technology and the number of EUV systems expected to be shipped and
timing of shipments, our proposed dividend for 2014 and our
intention to repurchase shares. You can generally identify
these statements by the use of words like "may", "will", "could",
"should", "project", "believe", "anticipate", "expect", "plan",
"estimate", "forecast", "potential", "intend", "continue" and
variations of these words or comparable words. These statements are
not historical facts, but rather are based on current expectations,
estimates, assumptions and projections about the business and our
future financial results and readers should not place undue
reliance on them. Forward-looking statements do not guarantee
future performance and involve risks and uncertainties. These risks
and uncertainties include, without limitation, 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, performance of our systems, the continuing
success of technology advances and the related pace of new product
development and customer acceptance of new products, the number and
timing of EUV systems expected to be shipped and recognized in
revenue, 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,
risks associated 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. These forward-looking statements are made only as of
the date of this document. We do not undertake to update or revise
the forward-looking statements, whether as a result of new
information, future events or otherwise.
Link to Press Release
Link to Consolidated Financial Statements
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: ASML Holding via Globenewswire
HUG#1888454
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