Proposes to raise
dividend by 50% and announces plan for additional EUR 1 billion
share repurchases
VELDHOVEN, the Netherlands, January 20, 2016 -
ASML Holding N.V. (ASML) today publishes its 2015 fourth-quarter
and full-year results.
-
Full-year 2015 sales were a record EUR 6.3
billion with a gross margin of 46.1 percent
-
Q4 net sales of EUR 1.43 billion, gross margin
46.0 percent
-
ASML proposes dividend of EUR 1.05 per share and
announces plan for additional share repurchases of EUR 1 billion in
2016-2017
-
ASML guides Q1 2016 net sales at approximately
EUR 1.3 billion and a gross margin of around 42 percent
(Figures in millions of euros unless otherwise
indicated) |
Q3 2015 |
Q4 2015 |
FY 2014 |
FY 2015 |
Net sales |
1,549 |
1,434 |
5,856 |
6,287 |
...of which service and field option sales |
574 |
553 |
1,613 |
2,050 |
|
|
|
|
|
Other income (Co-Investment Program) |
21 |
21 |
81 |
83 |
|
|
|
|
|
New systems sold (units) |
39 |
32 |
116 |
144 |
Used systems sold (units) |
5 |
5 |
20 |
25 |
Average Selling Price (ASP) of net system sales |
22.2 |
23.8 |
31.2 |
25.1 |
|
|
|
|
|
Net bookings* |
904 |
1,184 |
4,902 |
4,639 |
Systems backlog* |
2,880 |
3,184 |
2,772 |
3,184 |
|
|
|
|
|
Gross profit |
703 |
660 |
2,596 |
2,896 |
Gross margin (%) |
45.4 |
|
46.0 |
|
44.3 |
|
46.1 |
|
|
|
|
|
|
Net income |
322 |
292 |
1,197 |
1,387 |
EPS (basic; in euros) |
0.75 |
0.68 |
2.74 |
3.22 |
|
|
|
|
|
End-quarter cash and cash equivalents and short-term
investments |
2,681 |
3,409 |
2,754 |
3,409 |
*) For the adjusted definition of our net bookings
and systems backlog see footnote 4 of our US GAAP Consolidated
Financial Statements.
A complete summary of US GAAP Consolidated Statements of Operations
is published on www.asml.com
CEO Statement
"Our full-year 2015 net sales marked a new record at EUR 6.3
billion, up from EUR 5.9 billion in 2014, including service and
field option sales that rose to a record EUR 2 billion. We expect
2016 first-quarter sales at approximately EUR 1.3 billion. As we
indicated three months ago, we expect our logic customers to take
shipments of our leading edge immersion tools in the second quarter
in preparation of their 10 nanometer node ramp. As a result, we
expect second-quarter sales to increase significantly from the
first-quarter level," ASML President and Chief Executive Officer
Peter Wennink said.
Product and Business
Highlights
-
In Deep-Ultraviolet (DUV) lithography, we began
ramping shipments of the TWINSCAN NXT:1980, our most advanced
immersion system, in the fourth quarter, shipping five systems. The
installation of the first systems is complete.
-
In Holistic Lithography, which grew by over 20
percent in revenue in 2015, we saw increased adoption of our latest
metrology systems and control software at both logic and memory
customers. These applications play a more and more critical role in
helping our customers achieve the best possible patterning
performance on advanced nodes.
-
Extreme Ultraviolet (EUV) lithography met its
2015 productivity and availability targets. We had already achieved
a productivity of more than 1,000 wafers per day early in 2015 on
the NXE:3300B system and improved this to more than 1,250 wafers
per day in the fourth quarter on the successor system, the
NXE:3350B. In addition, the availability of systems in the field
improved, with the majority of systems achieving a four-week
availability of more than 70 percent in recent months; the best
result was more than 80 percent over four weeks. We also shipped
two of our latest NXE:3350B EUV systems and started shipping the
third in 2015. They will be used in our customers' fabs for
preparing the introduction of EUV into volume production. Our goals
for 2016 are to continue improving productivity and availability
and shipping six to seven EUV systems.
Outlook
For the first-quarter of 2016, ASML expects net sales at
approximately EUR 1.3 billion, a gross margin of around 42%,
R&D costs of about EUR 275 million, other income of about EUR
23 million -- which consists of contributions from participants of
the Customer Co-Investment Program --, SG&A costs of about EUR
90 million and an effective annualized tax rate of around 13%.
Dividend and new Share Buyback
Program
In accordance with its financial policy, ASML
intends to continue to return excess cash to shareholders on a
regular basis through stable or growing dividends and share buyback
programs.
Supported by its long term business plan, ASML
proposes a dividend per ordinary share which is 50 percent higher
compared with last year. Therefore, we will submit a proposal to
the 2016 Annual General Meeting of Shareholders (AGM) to declare a
dividend in respect of 2015 of EUR 1.05 per ordinary share (for a
total amount of approximately EUR 450 million), compared with a
dividend of EUR 0.70 per ordinary share paid in respect of
2014.
ASML also announces a new share buyback program,
to be executed within the 2016-2017 time frame. As part of
this program, ASML intends to purchase shares up to EUR 1.5
billion, which includes an amount of approximately EUR 500 million
remaining from the prior program, announced on January 21, 2015.
ASML intends to cancel the shares upon repurchase. This
buyback program will start on January 21, 2016.
The share buyback program will be executed within
the limitations of the existing authority granted by the AGM on
April 22, 2015 and of the authority granted by 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 is one of the world's leading manufacturers of chip-making
equipment. Our vision is to enable affordable microelectronics that
improve the quality of life. To achieve this, our mission is to
invent and develop advanced technology for high-tech lithography,
metrology and software solutions for the semiconductor industry.
ASML's guiding principle is continuing Moore's Law towards ever
smaller, cheaper, more powerful and energy-efficient
semiconductors. This results in increasingly powerful and capable
electronics that enable the world to progress within a multitude of
fields, including healthcare, technology, communications, energy,
mobility, and entertainment. 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). 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.
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. To register for the call and
receive dial-in information, go to www.asml.com/qresultscall.
Listen-only access is also available via www.asml.com.
2015 Annual Reports
ASML will publish its 2015 Annual Report on Form 20-F, Statutory
Annual Report, Corporate Responsibility Report and Remuneration
Report on February 5, 2016. 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 December 31, 2015, the related consolidated
statements of operations and consolidated statements of cash flows
for the quarter and year ended December 31, 2015 as presented
in this press release are unaudited.
Regulated
Information
This press release constitutes 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, including expected customer demand in
specified market segments including memory, logic and foundry,
expected trends, expected liquidity and capital structure, expected
levels of service sales, systems backlog, expected financial
results for the first quarter of 2016 and expected sales trends in
the second quarter, including expected sales, other income, gross
margin, R&D and SG&A expenses and effective tax rate,
annual revenue opportunity for ASML and EPS potential by end of
decade, productivity of our tools and systems performance, TWINSCAN
and EUV system performance (such as endurance tests), expected
industry trends, statements with respect to expected system
shipments, including the number of EUV systems expected to be
shipped and timing of shipments and recognition in revenue and
other EUV targets (including availability, productivity and
shipments) and roadmaps, shrink being key driver to industry
growth, the expected continuation of Moore's law and that EUV will
continue to enable Moore's law and drive long term value, goals for
holistic lithography, intention to return excess cash to
shareholders, and statements about our proposed dividend, dividend
policy and 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, delays in EUV systems production and development, 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, changes in tax rates,
available cash and liquidity, our ability to refinance our
indebtedness, distributable reserves for dividend payments and
share repurchases, 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 Consolidated Financial
Statements
Link to Press Release
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#1979995
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