SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF A FOREIGN ISSUER
PURSUANT TO RULE 13A-16 OR 15D-16
OF THE SECURITIES EXCHANGE ACT OF 1934
For January 21, 2015
ASML Holding
N.V.
De Run 6501
5504 DR Veldhoven
The Netherlands
(Address of principal executive offices)
Indicate by check mark whether the
registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F ¨
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities
Exchange Act of 1934.
Yes ¨ No x
If ‘‘Yes’’ is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b):
EXCEPT FOR REFERENCES TO “NET BOOKINGS, EXCLUDING EUV” AND “SYSTEM BACKLOG,
EXCLUDING EUV,” EXHIBITS 99.1, 99.4 AND 99.5 TO THIS REPORT ON FORM 6-K ARE INCORPORATED BY REFERENCE IN THE REGISTRATION STATEMENT ON S-8 (FILE NO. 333-13332), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-105600), THE REGISTRATION
STATEMENT ON FORM S-8 (FILE NO. 333-109154), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-116337), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-126340), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-136362), THE REGISTRATION
STATEMENT ON FORM S-8 (FILE NO. 333-141125), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-142254), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-144356), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-147128), THE REGISTRATION
STATEMENT ON FORM S-8 (FILE NO. 333-153277), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-162439), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-170034), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-188938) OF ASML HOLDING
N.V., AND THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-192951) OF ASML HOLDING N.V. AND IN THE OUTSTANDING PROSPECTUSES CONTAINED IN SUCH REGISTRATION STATEMENTS.
Exhibits
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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ASML HOLDING N.V. (Registrant) |
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| Date: January 21, 2015 |
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By: |
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/s/ Peter T.F.M. Wennink |
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Peter T.F.M. Wennink |
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Chief Executive Officer |
Exhibit 99.1
Media Relations Contacts
Lucas van Grinsven - Corporate Communications - +31 6 101 99 532 - Veldhoven,
the Netherlands
Niclas Mika – Corporate Communications - +31 6 201 528 63 – Veldhoven, the Netherlands
Investor Relations Contacts
Craig DeYoung - Investor
Relations - +1 480 696 2762 - Chandler, Arizona, USA
Marcel Kemp - Investor Relations - +31 40 268 6494 - Veldhoven, the Netherlands
ASML posts record full-year 2014 sales of EUR 5.86 billion
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.
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Q4 net sales of EUR 1.49 billion, gross margin 44 percent |
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Full-year 2014 sales at a record EUR 5.86 billion, net profit of EUR 1.2 billion |
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ASML guides Q1 2015 net sales at around EUR 1.6 billion and a gross margin of around 47 percent |
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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 |
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| (Figures in millions of euros unless otherwise indicated) |
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Q4 2014 |
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Q3 2014 |
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FY 2014 |
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FY 2013 |
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| Net sales |
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1,494 |
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1,322 |
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5,856 |
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5,245 |
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| ...of which service and field option sales |
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409 |
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438 |
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1,613 |
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1,252 |
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| Other income (Co-Investment Program) |
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20 |
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20 |
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81 |
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64 |
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| New systems sold (units) |
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30 |
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24 |
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116 |
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142 |
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| Used systems sold (units) |
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5 |
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6 |
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20 |
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15 |
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| Average Selling Price (ASP) of net system sales |
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31.0 |
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29.5 |
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31.2 |
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25.4 |
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| Net bookings |
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1,387 |
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1,397 |
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4,902 |
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4,644 |
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| Net bookings (units) |
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51 |
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47 |
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157 |
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166 |
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| ASP of booked systems |
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27.2 |
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29.7 |
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31.2 |
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28.0 |
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| Systems backlog |
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2,772 |
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2,406 |
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2,772 |
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1,953 |
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| Systems backlog (units) |
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82 |
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65 |
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82 |
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56 |
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| Gross profit |
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657 |
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578 |
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2,596 |
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2,177 |
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| Gross margin (%) |
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44.0 |
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43.7 |
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44.3 |
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41.5 |
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| Net income |
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305 |
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244 |
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1,197 |
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1,015 |
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| EPS (basic; in euro) |
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0.70 |
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0.56 |
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2.74 |
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2.36 |
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| End-quarter cash and cash equivalents and short-term investments |
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2,754 |
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2,685 |
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2,754 |
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3,011 |
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| *) |
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. |
1
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
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We successfully ramped our newest immersion system, the NXT:1970Ci and shipped 51 systems |
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Our TWINSCAN immersion systems set new productivity records: two systems each imaged more than 1.5 million wafers in a 12-month period
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A total of seven NXE:3300B EUV systems were in the field by end-2014 |
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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 |
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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. |
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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.
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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
3
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
4
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
5
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.
6
Exhibit 99.2
Media Relations Contacts
Lucas van Grinsven - Corporate Communications - +31 6 101 99 532 - Veldhoven,
the Netherlands
Niclas Mika – Corporate Communications - +31 6 201 528 63 – Veldhoven, the Netherlands
Investor Relations Contacts
Craig DeYoung - Investor
Relations - +1 480 696 2762 - Chandler, Arizona, USA
Marcel Kemp - Investor Relations - +31 40 268 6494 - Veldhoven, the Netherlands
ASML Supervisory Board nominates three new members
VELDHOVEN, the Netherlands, 21 January 2015 - The Supervisory Board of ASML Holding NV (ASML) today announces its intention to nominate three candidates to be appointed to the Supervisory Board by the
Annual General Meeting of Shareholders, which is scheduled to be held on 22 April 2015.
The Supervisory Board intends to nominate
Ms. A. (Annet) Aris, Adjunct Professor of Strategy at INSEAD, France, a position she has held since 2003. Before her academic appointment at INSEAD, Ms. Aris worked for McKinsey & Company in Germany, where she was partner from
1994 until 2003. She currently holds various non-executive roles at both listed and non-listed companies, such as Thomas Cook Plc., ProSiebenSat1 AG, Kabel Deutschland AG, and ASR Netherlands N.V. Ms. Aris is the intended successor of
Mrs. Ieke van den Burg, who passed away on 28 September 2014. Ms. Aris’ nomination has been proposed by the ASML Netherlands B.V. Works Council based on its enhanced recommendation right.
Furthermore, the Supervisory Board intends to nominate Mr. G.J. (Gerard) Kleisterlee who was President/Chief Executive Officer and Chairman of the
Board of Management of Royal Philips N.V. from 2001 until 2011. Mr. Kleisterlee joined Philips in 1974 and held various management positions at the multinational before he was appointed as CEO. He is currently Chairman of the Board of Vodafone
Group Plc. and Non-executive Director of Royal Dutch Shell.
Thirdly, the Supervisory Board intends to nominate Mr. R.D. (Rolf-Dieter)
Schwalb. Mr. Schwalb was Chief Financial Officer and member of the Board of Management of Royal DSM N.V. from 2006 until 2014. Prior to his appointment at DSM, Mr. Schwalb was CFO and member of the Executive Board of Beiersdorf AG. He
started his career at Procter & Gamble in Germany and Belgium, where he has held a variety of management positions in Finance, IT and Internal Audit. Mr. Schwalb is the intended successor of Mr. F.W. (Fritz) Fröhlich, who
will resign as Supervisory Board member after eleven years of service effective April 2015.
1
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
2
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| Exhibit 99.3
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Public
ASML posts record full-year 2014 sales of
€ 5.86 billion
Announces new € 1 billion share buyback program
ASML 2014 Fourth Quarter and 2014 Annual Results
Veldhoven, the Netherlands
January 21, 2015
Forward looking statements
Public
Slide 2
21 January 2015
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.
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Public
Slide 3
21 January 2015
Agenda
Investor key messages
2014 Highlights
Business environment
Outlook
Technology highlights
Financial statements
Public
Slide 4
21 January 2015
Investor key messages
Investor key messages
Public
Slide 5
Shrink is the key industry driver supporting innovation and providing long term industry growth 21 January 2015
Moore’s Law will continue and be affordable
Lithography enables affordable shrink and therefore delivers compelling value for our customers ASML’s strategy of large R&D investments in lithography product roadmaps supports
future industry needs DUV product improvement roadmaps and Holistic Litho enable multi-pass immersion patterning today, with Holistic Litho supporting EUV in future. These highly differentiated products provide unique value drivers for us and our
customers EUV faces normal new technology introduction challenges but its adoption is now a matter of WHEN not IF. EUV will continue to enable Moore’s Law and will drive long term value for ASML ASML models an annual revenue opportunity of
€10 billion by 2020 and given the significant leverage in our financial model this will allow a potential tripling of EPS by the end of this decade thereby creating significant value for all stakeholders We expect to continue to return excess
cash to our shareholders through dividends that are stable or growing and regularly timed share buybacks in line with our policy
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Public
Slide 6
21 January 2015
2014 Highlights
2014 – Highlights
Public
Slide 7
21 January 2015
Record net sales of €
5,856 million, up 12% vs 2013
Gross margin 44.3% vs 41.5% in 2013
Net income € 1,197 million, up 18% vs 2013
Basic EPS € 2.74, up 16% versus 2013
We achieved our target of 500 wafer per day productivity for EUV NXE:3300B at multiple customer sites
First order for 2 NXE:3350B EUV systems received from TSMC
Maintained our strong cash balance
Returned
€ 968 million to shareholders through combined dividend and share buybacks
Numbers have been rounded
for readers’ convenience
Q4 results
Public
Slide 8
21 January 2015
Net sales of €
1,494 million, 35 litho systems sold, valued at € 1,085 million, net service and field option sales at € 409 million
Average selling price of € 31.0 million per machine
Gross margin of 44.0%
Operating margin of 22.1%
Net bookings of € 1,387 million, 51 systems (including orders for EUV NXE:3350B)
Backlog at € 2,772 million, 82 systems (including orders for EUV NXE:3350B)
Numbers have been rounded for readers’convenience
Net system sales breakdown in value
Public
Slide 9
21 January 2015
Technology
Q4’14 total value € 1,085 million
KrF 9%
ArF dry 1% i-line 1% EUV 6%
ArF Immersion 83%
End-Use
Memory 65%
IDM 10%
Foundry 25%
Region
(ship to location)
Taiwan 20%
Korea 41%
Japan 13%
USA 24%
Rest of Asia 2%
Sales in Units
20
10
3
1 1
EUV ArF i ArFdry KrF I-Line
Q4’14 total value € 844 million
KrF 12%
ArF dry 72% i-line 2% EUV 14%
ArF Immersion 83%
End-Use
Memory 28%
IDM 22%
Foundry 50%
Taiwan 29%
Korea 7%
USA 40%
Rest of Asia 9%
Europe 8%
13
10
5
2
EUV ArF i ArFdry KrF I-Line
Numbers have been rounded for readers’convenience
Total net sales million € by quarter
Public
Slide 10
21 January 2015
7000
6000 5,651 5,856
5,245
5000 4,508 1,211 4,732 1,494
1,848
4000 3,768 1,023
1,521 1,459 1,322
955 2,954
3000 1,229
494 1,318
934 1,176
2000 697 1,596 1,529 1,644
1,228
930 844 581 1,069 1,187
1000
555 1,452 1,252 1,397
949 919 277 742 892
0 183
2007 2008 2009 2010 2011 2012 2013 2014
Q1 Q2
Q3
Q4
Net Sales
Numbers have been rounded for readers’convenience
Total net sales million € by End-use
Public
Slide 11
21 January 2015
Net Sales
7000
5,856
6000 5,651
5,245
767
5000 4,508 4,732 1,614
1,252
3,768 613 930
4000 1,856
417 1,186
2,954 944
3000 487 2,064
570 437 366 844 2,279 831
358
2000 1,596
698 440
421 2,585
1000 2,294 315 2,184 588 2,225
1,461 233 1,489
627 935
0
2007 2008 2009 2010 2011 2012 2013 2014
Memory
IDM Foundry
Service & Options
Numbers have been rounded for readers’ convenience
Bookings activity by sector
Public
Slide 12
21 January 2015
Q4’14 total value
€ 1,387 million
Memory 27%
IDM 8% Foundry 65%
Net booked, including EUV
NXE:3350B
43 new tools at € 1,357 million
8 used tools at € 30 million
Q3’14
total value
€ 1,397 million
Memory
76%
IDM
9%
Foundry
15%
Net booked, not including EUV
37 new tools at
€ 1,346 million
10 used tools at € 51 million
Numbers have been rounded for readers’ convenience
Bookings includes orders for EUV NXE:3350B, starting in Q4’14
Backlog in value per Dec 31, 2014
Public
Slide 13
21 January 2015
Technology
Q4’14 total value € 2,772 million
ArF dry 3%
KrF 11% i-line 1%
EUV 7%
ArF immersion 78%
End-use
Foundry 37%
IDM 20%
Memory 43%
Region
(ship to location)
USA 23%
Taiwan 29%
Korea 34%
Rest of Asia 1% Europe 3% China 5%
Japan 5%
Numbers have been rounded for readers’ convenience
Backlog includes orders for EUV NXE:3350B, starting in Q4’14
Capital return to shareholders
Public
Slide 14
21 January 2015
ASML proposes to again
increase dividend by 15% to € 0.70 per ordinary share ASML also intends to purchase its own shares within 2015 – 2016, including 3.3 million shares to cover employee stock and stock option plans as well as up to €
750 million worth of shares intended to be cancelled. At current share price these intended repurchases represent a total value of approx. € 1 billion Buy back program will start on 22 January 2015
Dividend history
0.8
0.7
0.6
0.5
0.4
0.70
0.3 0.61
0.53
0.2 0.40 0.46
0.1 0.25 0.20 0.20
0
2007 2008 2009 2010 2011 2012 2013 2014
Dividend (euro)
Cumulative capital return
€ millions
6000
5000
4000
3000
2000
1000
0
2006 2007 2008 2009 2010 2011 2012 2013 2014
Dividend
Share buyback
Public
Slide 15
21 January 2015
Business environment
Business environment
Public
Slide 16
21 January 2015
2015 bit growth is
forecasted to be similar to 2014 at around 30% 2x nm node ramps expected to meet bit demand Some wafer capacity adds to compensate growing die size (mobile) Litho tool adds to compensate process complexity
2015 bit growth is forecasted to be about same level as 2014 at around 35% Demand met through 1x nm planar shrink and
capacity expansion via new litho equipment purchases and tool relocations
28 and 20nm node capacity additions
continue
16 / 14nm nodes in qualification 10nm process development continues
Public
Slide 17
21 January 2015
Outlook
Outlook
Public
Slide 18
21 January 2015
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
Q1 net sales around € 1.6 billion, no EUV expected
Gross margin around 47%
R&D costs of about € 260 million
SG&A costs of about € 83 million
Other income (Customer Co-Investment Program) of about € 20 million
Public
Slide 19
21 January 2015
Technology highlights
2014 Product Highlights
Public
Slide 20
21 January 2015
EUV
A total of 7 EUV NXE:3300B systems were in the field by the end of 2014
Achieved our target of 500 wafers per day productivity on NXE:3300B at multiple customer sites
Demonstrated stable source operation at 80 W running continuously for 24 hours at a customer site
TSMC ordered 2 NXE:3350B systems for delivery in 2015 with the intention to use those systems in production
DUV and Holistic Litho
Ramped our newest immersion system NXT:1970Ci, and shipped 51 systems
Set productivity records for immersion systems: 2 systems each imaged more than 1.5 million wafers in a 12-month period
Ramp in shipments of our YieldStar metrology tool continued, bringing the total installed base at all major customers to
199 systems
EUV 2015: Focus on stability and availability
Target remains 1000 wafers per day (wpd)
Public
Slide 21
21 January 2015
Automation
Conversion efficiency Collector
lifetime
Drive laser
power Droplet Dose generator
reliability
margin
>1000 WPD
Laser to
Drive laser
droplet in 2015
control reliability
Optical Exposure transmission dose
Overhead Stage accuracy optimization at high speed
Targeting 70% availability
Collector lifetime:
Flows, heated vanes
In-situ cleaning
Droplet Generator:
Warm swap
Reliability
Seed Table:
Seed laser reliability
EUV shipments and revenue recognition
Public
Slide 22
21 January 2015
EUV shipments &
revenue 2015
Shipment plan 1
NXE:3300B
Revenue 1
Shipment plan 3
NXE:3300B ? 3350B*
Revenue TBD**
NXE:3350B Shipment plan 6
Revenue TBD**
* NXE:3300B systems will be
converted to NXE:3350B configuration
** Timing of revenue recognition depending on final T&Cs in
commercial agreements
Public
Slide 23
21 January 2015
Financial statements
Consolidated statements of operations by year M€
Public
Slide 24
21 January 2015
2013 2014
Net sales 5,245 5,856
Gross profit 2,177 2,596
Gross margin % 41.5% 44.3%
Other income* 64 81
R&D costs(882)(1,074)
SG&A costs(312)(321)
Income from operations
1,048 1,282
Operating income % 20.0% 21.9%
Net income 1,016 1,197
Net income as a % of net sales 19.4% 20.4%
Earnings per share (basic) € 2.36 2.74
Numbers have been rounded for readers’convenience
* Customer Co-Investment Program (CCIP)
Consolidated statements of operations M€
Public
Slide 25
21 January 2015
Q4 13 Q1 14 Q2 14 Q3 14 Q4 14
Net sales 1,848 1,397 1,644 1,322 1,494
Gross
profit 806 610 752 578 657
Gross margin % 43.6% 43.6% 45.7% 43.7% 44.0%
Other income* 17 20 20 20 20
R&D costs(253)(279)(267)(260)(268)
SG&A
costs(90)(85)(80)(77)(79)
Income from operations 480 266 425 261 330
Operating income % 26.0% 19.0% 25.9% 19.8% 22.1%
Net income 481 249 399 244 305
Net income as a %
of net sales 26.0% 17.8% 24.3% 18.5% 20.4%
Earnings per share (basic) € 1.09 0.57 0.91 0.56 0.70
Earnings per share (diluted) € 1.08 0.56 0.90 0.56 0.70
Litho units sold 56 40 31 30 35
ASP new litho systems 26.5 28.6 45.2 35.9 34.7
Net booking value 1,449 1,070 1,048 1,397 1,387**
Numbers have been rounded for readers’convenience
* Customer Co-Investment Program (CCIP)
** Q4 Net
bookings includes EUV NXE:3350B orders
Cash flows M€
Public
Slide 26
21 January 2015
Q4 13 Q1 14 Q2 14 Q3 14 Q4
14
Net income 481 249 399 244 305
Net cash provided by (used in) operating activities 522 203 198 214 409
Net cash provided by (used in) investing activities(95) 5(74)(24) 77
Net cash provided by (used in) financing activities(153)(141)(414)(161)(213)
Net increase (decrease) in cash & cash equivalents 270 67(287) 34 275
Free cash flow * 444 128 125 130 281
Numbers have
been rounded for readers’convenience
* Free cash flow is defined as net cash provided by (used in)
operating activities minus investments in Capex (Purchase of PP E and intangibles), see U.S. GAAP Summary Consolidated Financial Statements
Balance sheets M€
Public
Slide 27
21 January 2015
21
Assets Q4 13 Q1 14 Q2 14 Q3 14 Q4 14
Cash & cash equivalents and short-term investments 3,011 2,998 2,711 2,685 2,754
Net accounts receivable and finance receivables 1,175 1,177 1,429 1,336 1,304
Inventories, net 2,393 2,548 2,616 2,677 2,550
Other assets 635 684 727 712 835
Tax assets 296 340 329 337 232
Goodwill 2,089
2,093 2,116 2,265 2,358
Other intangible assets 697 688 686 713 724
Property, plant and equipment 1,218 1,231 1,275 1,372 1,447
Total assets 11,514 11,758 11,889 12,097 12,204
Liabilities and shareholders’ equity
Current
liabilities 2,869 2,958 3,065 2,926 2,889
Non-current liabilities 1,723 1,744 1,743 1,847 1,802
Shareholders’ equity 6,922 7,057 7,081 7,324 7,513
Total liabilities and shareholders’ equity 11,514 11,758 11,889 12,097 12,204
Numbers have been rounded for readers’convenience
ASML
Exhibit 99.4
ASML - Summary U.S. GAAP Consolidated Statements of Operations 1,2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three months ended, |
|
|
Twelve months ended, |
|
| (in millions EUR, except per share data) |
|
Dec 31,
2014 |
|
|
Dec 31,
2013 |
|
|
Dec 31,
2014 |
|
|
Dec 31,
2013 |
|
| |
|
| Net system sales |
|
|
1,085.3 |
|
|
|
1,441.2 |
|
|
|
4,242.8 |
|
|
|
3,993.1 |
|
| Net service and field option sales |
|
|
408.7 |
|
|
|
407.1 |
|
|
|
1,613.5 |
|
|
|
1,252.2 |
|
| |
|
| Total net sales |
|
|
1,494.0 |
|
|
|
1,848.3 |
|
|
|
5,856.3 |
|
|
|
5,245.3 |
|
|
|
|
|
|
| Total cost of sales |
|
|
(837.1 |
) |
|
|
(1,042.6 |
) |
|
|
(3,259.9 |
) |
|
|
(3,068.1 |
) |
| |
|
| Gross profit |
|
|
656.9 |
|
|
|
805.7 |
|
|
|
2,596.4 |
|
|
|
2,177.2 |
|
|
|
|
|
|
| Other income |
|
|
20.2 |
|
|
|
17.2 |
|
|
|
81.0 |
|
|
|
64.4 |
|
| Research and development costs |
|
|
(268.0 |
) |
|
|
(253.1 |
) |
|
|
(1,074.1 |
) |
|
|
(882.0 |
) |
| Selling, general and administrative costs |
|
|
(79.4 |
) |
|
|
(90.0 |
) |
|
|
(321.1 |
) |
|
|
(311.7 |
) |
| |
|
| Income from operations |
|
|
329.7 |
|
|
|
479.8 |
|
|
|
1,282.2 |
|
|
|
1,047.9 |
|
|
|
|
|
|
| Interest and other, net |
|
|
(2.6 |
) |
|
|
(3.5 |
) |
|
|
(8.6 |
) |
|
|
(24.4 |
) |
| |
|
| Income before income taxes |
|
|
327.1 |
|
|
|
476.3 |
|
|
|
1,273.6 |
|
|
|
1,023.5 |
|
|
|
|
|
|
| Benefit from (provision for) income taxes |
|
|
(22.3 |
) |
|
|
4.8 |
|
|
|
(77.0 |
) |
|
|
(8.0 |
) |
| |
|
| Net income |
|
|
304.8 |
|
|
|
481.1 |
|
|
|
1,196.6 |
|
|
|
1,015.5 |
|
|
|
|
|
|
| Basic net income per ordinary share |
|
|
0.70 |
|
|
|
1.09 |
|
|
|
2.74 |
|
|
|
2.36 |
|
| Diluted net income per ordinary share 3 |
|
|
0.70 |
|
|
|
1.08 |
|
|
|
2.72 |
|
|
|
2.34 |
|
|
|
|
|
|
| Weighted average number of ordinary shares used in computing per share amounts (in millions): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
|
434.1 |
|
|
|
442.0 |
|
|
|
437.1 |
|
|
|
429.8 |
|
| Diluted
3 |
|
|
436.7 |
|
|
|
445.7 |
|
|
|
439.7 |
|
|
|
433.4 |
|
ASML - Ratios and Other Data 1,2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three months ended, |
|
|
Twelve months ended, |
|
| (in millions EUR, except otherwise indicated) |
|
Dec 31,
2014 |
|
|
Dec 31,
2013 |
|
|
Dec 31,
2014 |
|
|
Dec 31,
2013 |
|
| |
|
| Gross profit as a percentage of net sales |
|
|
44.0 |
|
|
|
43.6 |
|
|
|
44.3 |
|
|
|
41.5 |
|
| Income from operations as a percentage of net sales |
|
|
22.1 |
|
|
|
26.0 |
|
|
|
21.9 |
|
|
|
20.0 |
|
| Net income as a percentage of net sales |
|
|
20.4 |
|
|
|
26.0 |
|
|
|
20.4 |
|
|
|
19.4 |
|
| Income taxes as a percentage of income before income taxes |
|
|
6.8 |
|
|
|
(1.0 |
) |
|
|
6.0 |
|
|
|
0.8 |
|
| Shareholders’ equity as a percentage of total assets |
|
|
61.6 |
|
|
|
60.1 |
|
|
|
61.6 |
|
|
|
60.1 |
|
| Sales of systems (in units) |
|
|
35 |
|
|
|
56 |
|
|
|
136 |
|
|
|
157 |
|
| Average selling price of system sales (EUR millions) |
|
|
31.0 |
|
|
|
25.7 |
|
|
|
31.2 |
|
|
|
25.4 |
|
| Value of systems backlog (EUR millions) |
|
|
2,772 |
4 |
|
|
1,953 |
|
|
|
2,772 |
4 |
|
|
1,953 |
|
| Systems backlog (in units) |
|
|
82 |
4 |
|
|
56 |
|
|
|
82 |
4 |
|
|
56 |
|
| Average selling price of systems backlog (EUR millions) |
|
|
33.8 |
4 |
|
|
34.9 |
|
|
|
33.8 |
4 |
|
|
34.9 |
|
| Value of booked systems (EUR millions) |
|
|
1,387 |
4 |
|
|
1,449 |
|
|
|
4,902 |
4 |
|
|
4,644 |
|
| Net bookings (in units) |
|
|
51 |
4 |
|
|
52 |
|
|
|
157 |
4 |
|
|
166 |
|
| Average selling price of booked systems (EUR millions) |
|
|
27.2 |
4 |
|
|
27.9 |
|
|
|
31.2 |
4 |
|
|
28.0 |
|
| Number of payroll employees in FTEs |
|
|
11,318 |
|
|
|
10,360 |
|
|
|
11,318 |
|
|
|
10,360 |
|
| Number of temporary employees in FTEs |
|
|
2,754 |
|
|
|
2,865 |
|
|
|
2,754 |
|
|
|
2,865 |
|
ASML - Summary U.S. GAAP Consolidated Balance Sheets 1,2
|
|
|
|
|
|
|
|
|
| (in millions EUR) |
|
Dec 31,
2014 |
|
|
Dec 31,
2013 |
|
| |
|
| ASSETS |
|
|
|
|
|
|
|
|
| Cash and cash equivalents |
|
|
2,419.5 |
|
|
|
2,330.7 |
|
| Short-term investments |
|
|
334.9 |
|
|
|
679.9 |
|
| Accounts receivable, net |
|
|
1,052.5 |
|
|
|
878.3 |
|
| Finance receivables, net |
|
|
196.1 |
|
|
|
250.5 |
|
| Current tax assets |
|
|
43.9 |
|
|
|
32.3 |
|
| Inventories, net |
|
|
2,549.8 |
|
|
|
2,393.0 |
|
| Deferred tax assets |
|
|
159.5 |
|
|
|
124.4 |
|
| Other assets |
|
|
390.0 |
|
|
|
336.5 |
|
| |
|
| Total current assets |
|
|
7,146.2 |
|
|
|
7,025.6 |
|
|
|
|
| Finance receivables, net |
|
|
55.3 |
|
|
|
46.0 |
|
| Deferred tax assets |
|
|
28.8 |
|
|
|
139.5 |
|
| Other assets |
|
|
444.8 |
|
|
|
298.6 |
|
| Goodwill |
|
|
2,357.5 |
|
|
|
2,088.6 |
|
| Other intangible assets, net |
|
|
723.8 |
|
|
|
697.6 |
|
| Property, plant and equipment, net |
|
|
1,447.5 |
|
|
|
1,217.8 |
|
| |
|
| Total non-current assets |
|
|
5,057.7 |
|
|
|
4,488.1 |
|
|
|
|
| Total assets |
|
|
12,203.9 |
|
|
|
11,513.7 |
|
|
|
|
| LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
| Total current liabilities |
|
|
2,888.8 |
|
|
|
2,868.7 |
|
|
|
|
| Long-term debt |
|
|
1,149.9 |
|
|
|
1,070.2 |
|
| Deferred and other tax liabilities |
|
|
237.3 |
|
|
|
364.7 |
|
| Provisions |
|
|
3.6 |
|
|
|
4.6 |
|
| Accrued and other liabilities |
|
|
411.7 |
|
|
|
283.1 |
|
| |
|
| Total non-current liabilities |
|
|
1,802.5 |
|
|
|
1,722.6 |
|
| |
|
| Total liabilities |
|
|
4,691.3 |
|
|
|
4,591.3 |
|
|
|
|
| Total shareholders’ equity |
|
|
7,512.6 |
|
|
|
6,922.4 |
|
| |
|
| Total liabilities and shareholders’ equity |
|
|
12,203.9 |
|
|
|
11,513.7 |
|
ASML - Summary U.S. GAAP Consolidated Statements of Cash Flows 1,2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three months ended, |
|
|
Twelve months ended, |
|
| (in millions EUR) |
|
Dec 31,
2014 |
|
|
Dec 31,
2013 |
|
|
Dec 31,
2014 |
|
|
Dec 31,
2013 |
|
| |
|
| CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income |
|
|
304.8 |
|
|
|
481.1 |
|
|
|
1,196.6 |
|
|
|
1,015.5 |
|
|
|
|
|
|
| Adjustments to reconcile net income to net cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Depreciation and amortization |
|
|
62.5 |
|
|
|
67.5 |
|
|
|
254.6 |
|
|
|
228.7 |
|
| Impairment |
|
|
0.5 |
|
|
|
9.9 |
|
|
|
10.5 |
|
|
|
13.1 |
|
| Loss on disposal of property, plant and equipment |
|
|
1.4 |
|
|
|
1.7 |
|
|
|
3.5 |
|
|
|
2.8 |
|
| Share-based payments |
|
|
13.1 |
|
|
|
17.9 |
|
|
|
63.4 |
|
|
|
52.4 |
|
| Allowance for doubtful receivables |
|
|
(0.2 |
) |
|
|
(0.1 |
) |
|
|
0.1 |
|
|
|
1.1 |
|
| Allowance for obsolete inventory |
|
|
40.3 |
|
|
|
52.4 |
|
|
|
162.8 |
|
|
|
164.9 |
|
| Deferred income taxes |
|
|
(1.2 |
) |
|
|
(17.3 |
) |
|
|
(59.1 |
) |
|
|
(22.7 |
) |
| Changes in assets and liabilities |
|
|
(12.0 |
) |
|
|
(91.3 |
) |
|
|
(607.2 |
) |
|
|
(401.6 |
) |
| |
|
| Net cash provided by (used in) operating activities |
|
|
409.2 |
|
|
|
521.8 |
|
|
|
1,025.2 |
|
|
|
1,054.2 |
|
|
|
|
|
|
| CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Purchase of property, plant and equipment |
|
|
(127.9 |
) |
|
|
(77.7 |
) |
|
|
(358.3 |
) |
|
|
(210.8 |
) |
| Purchase of intangible assets |
|
|
— |
|
|
|
— |
|
|
|
(3.0 |
) |
|
|
(4.0 |
) |
| Purchase of available for sale securities |
|
|
(25.0 |
) |
|
|
(255.0 |
) |
|
|
(504.7 |
) |
|
|
(904.9 |
) |
| Maturity of available for sale securities |
|
|
229.9 |
|
|
|
237.6 |
|
|
|
849.8 |
|
|
|
1,195.0 |
|
| Acquisition of subsidiaries (net of cash acquired) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(443.7 |
) |
| |
|
| Net cash provided by (used in) investing activities |
|
|
77.0 |
|
|
|
(95.1 |
) |
|
|
(16.2 |
) |
|
|
(368.4 |
) |
|
|
|
|
|
| CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dividend paid |
|
|
— |
|
|
|
— |
|
|
|
(268.0 |
) |
|
|
(216.1 |
) |
| Purchase of shares |
|
|
(229.0 |
) |
|
|
(163.7 |
) |
|
|
(700.0 |
) |
|
|
(300.0 |
) |
| Net proceeds from issuance of shares |
|
|
15.5 |
|
|
|
10.2 |
|
|
|
39.7 |
|
|
|
31.8 |
|
| Net proceeds from issuance of notes |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
740.4 |
|
| Repurchase of notes |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(368.3 |
) |
| Repayment of debt |
|
|
(0.8 |
) |
|
|
(1.2 |
) |
|
|
(4.1 |
) |
|
|
(4.1 |
) |
| Tax benefit from share-based payments |
|
|
1.2 |
|
|
|
1.3 |
|
|
|
4.0 |
|
|
|
3.2 |
|
| |
|
| Net cash provided by (used in) financing activities |
|
|
(213.1 |
) |
|
|
(153.4 |
) |
|
|
(928.4 |
) |
|
|
(113.1 |
) |
| |
|
| Net cash flows |
|
|
273.1 |
|
|
|
273.3 |
|
|
|
80.6 |
|
|
|
572.7 |
|
|
|
|
|
|
| Effect of changes in exchange rates on cash |
|
|
1.6 |
|
|
|
(3.8 |
) |
|
|
8.2 |
|
|
|
(9.6 |
) |
| |
|
| Net increase (decrease) in cash and cash equivalents |
|
|
274.7 |
|
|
|
269.5 |
|
|
|
88.8 |
|
|
|
563.1 |
|
ASML - Quarterly Summary U.S. GAAP Consolidated Statements of Operations 1,2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (in millions EUR, except per share data) |
|
Dec 31,
2014 |
|
|
Sep 28,
2014 |
|
|
Three months ended,
Jun 29,
2014 |
|
|
Mar 30,
2014 |
|
|
Dec 31,
2013 |
|
| |
|
| Net system sales |
|
|
1,085.3 |
|
|
|
884.5 |
|
|
|
1,243.0 |
|
|
|
1,030.0 |
|
|
|
1,441.2 |
|
| Net service and field option sales |
|
|
408.7 |
|
|
|
437.7 |
|
|
|
400.6 |
|
|
|
366.5 |
|
|
|
407.1 |
|
| |
|
| Total net sales |
|
|
1,494.0 |
|
|
|
1,322.2 |
|
|
|
1,643.6 |
|
|
|
1,396.5 |
|
|
|
1,848.3 |
|
|
|
|
|
|
|
| Total cost of sales |
|
|
(837.1 |
) |
|
|
(744.1 |
) |
|
|
(891.7 |
) |
|
|
(787.0 |
) |
|
|
(1,042.6 |
) |
| |
|
| Gross profit |
|
|
656.9 |
|
|
|
578.1 |
|
|
|
751.9 |
|
|
|
609.5 |
|
|
|
805.7 |
|
|
|
|
|
|
|
| Other income |
|
|
20.2 |
|
|
|
20.3 |
|
|
|
20.3 |
|
|
|
20.2 |
|
|
|
17.2 |
|
| Research and development costs |
|
|
(268.0 |
) |
|
|
(260.1 |
) |
|
|
(266.9 |
) |
|
|
(279.1 |
) |
|
|
(253.1 |
) |
| Selling, general and administrative costs |
|
|
(79.4 |
) |
|
|
(76.9 |
) |
|
|
(79.9 |
) |
|
|
(84.9 |
) |
|
|
(90.0 |
) |
| |
|
| Income from operations |
|
|
329.7 |
|
|
|
261.4 |
|
|
|
425.4 |
|
|
|
265.7 |
|
|
|
479.8 |
|
|
|
|
|
|
|
| Interest and other, net |
|
|
(2.6 |
) |
|
|
(2.0 |
) |
|
|
(1.4 |
) |
|
|
(2.6 |
) |
|
|
(3.5 |
) |
| |
|
| Income before income taxes |
|
|
327.1 |
|
|
|
259.4 |
|
|
|
424.0 |
|
|
|
263.1 |
|
|
|
476.3 |
|
|
|
|
|
|
|
| Benefit from (provision for) income taxes |
|
|
(22.3 |
) |
|
|
(15.4 |
) |
|
|
(25.3 |
) |
|
|
(14.0 |
) |
|
|
4.8 |
|
| |
|
| Net income |
|
|
304.8 |
|
|
|
244.0 |
|
|
|
398.7 |
|
|
|
249.1 |
|
|
|
481.1 |
|
|
|
|
|
|
|
| Basic net income per ordinary share |
|
|
0.70 |
|
|
|
0.56 |
|
|
|
0.91 |
|
|
|
0.57 |
|
|
|
1.09 |
|
| Diluted net income per ordinary share 3 |
|
|
0.70 |
|
|
|
0.56 |
|
|
|
0.90 |
|
|
|
0.56 |
|
|
|
1.08 |
|
|
|
|
|
|
|
| Weighted average number of ordinary shares used in computing per share amounts (in millions): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
|
434.1 |
|
|
|
436.1 |
|
|
|
438.5 |
|
|
|
440.0 |
|
|
|
442.0 |
|
| Diluted
3 |
|
|
436.7 |
|
|
|
439.0 |
|
|
|
441.6 |
|
|
|
443.5 |
|
|
|
445.7 |
|
ASML - Quarterly Summary Ratios and other data 1,2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (in millions EUR, except otherwise indicated) |
|
Dec 31,
2014 |
|
|
Sep 28,
2014 |
|
|
Three months ended,
Jun 29,
2014 |
|
|
Mar 30,
2014 |
|
|
Dec 31,
2013 |
|
| |
|
| Gross profit as a percentage of net sales |
|
|
44.0 |
|
|
|
43.7 |
|
|
|
45.7 |
|
|
|
43.6 |
|
|
|
43.6 |
|
| Income from operations as a percentage of net sales |
|
|
22.1 |
|
|
|
19.8 |
|
|
|
25.9 |
|
|
|
19.0 |
|
|
|
26.0 |
|
| Net income as a percentage of net sales |
|
|
20.4 |
|
|
|
18.5 |
|
|
|
24.3 |
|
|
|
17.8 |
|
|
|
26.0 |
|
| Income taxes as a percentage of income before income taxes |
|
|
6.8 |
|
|
|
5.9 |
|
|
|
6.0 |
|
|
|
5.3 |
|
|
|
(1.0 |
) |
| Shareholders’ equity as a percentage of total assets |
|
|
61.6 |
|
|
|
60.5 |
|
|
|
59.6 |
|
|
|
60.0 |
|
|
|
60.1 |
|
| Sales of systems (in units) |
|
|
35 |
|
|
|
30 |
|
|
|
31 |
|
|
|
40 |
|
|
|
56 |
|
| Average selling price of system sales (EUR millions) |
|
|
31.0 |
|
|
|
29.5 |
|
|
|
40.1 |
|
|
|
25.8 |
|
|
|
25.7 |
|
| Value of systems backlog (EUR millions) |
|
|
2,772 |
4 |
|
|
2,406 |
|
|
|
1,763 |
|
|
|
1,939 |
|
|
|
1,953 |
|
| Systems backlog (in units) |
|
|
82 |
4 |
|
|
65 |
|
|
|
46 |
|
|
|
47 |
|
|
|
56 |
|
| Average selling price of systems backlog (EUR millions) |
|
|
33.8 |
4 |
|
|
37.0 |
|
|
|
38.3 |
|
|
|
41.3 |
|
|
|
34.9 |
|
| Value of booked systems (EUR millions) |
|
|
1,387 |
4 |
|
|
1,397 |
|
|
|
1,048 |
|
|
|
1,070 |
|
|
|
1,449 |
|
| Net bookings (in units) |
|
|
51 |
4 |
|
|
47 |
|
|
|
29 |
|
|
|
30 |
|
|
|
52 |
|
| Average selling price of booked systems (EUR millions) |
|
|
27.2 |
4 |
|
|
29.7 |
|
|
|
36.1 |
|
|
|
35.7 |
|
|
|
27.9 |
|
| Number of payroll employees in FTEs |
|
|
11,318 |
|
|
|
11,076 |
|
|
|
10,786 |
|
|
|
10,582 |
|
|
|
10,360 |
|
| Number of temporary employees in FTEs |
|
|
2,754 |
|
|
|
2,771 |
|
|
|
2,820 |
|
|
|
2,867 |
|
|
|
2,865 |
|
ASML - Quarterly Summary U.S. GAAP Consolidated Balance Sheets 1,2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (in millions EUR) |
|
Dec 31,
2014 |
|
|
Sep 28,
2014 |
|
|
Jun 29,
2014 |
|
|
Mar 30,
2014 |
|
|
Dec 31,
2013 |
|
| |
|
| ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash and cash equivalents |
|
|
2,419.5 |
|
|
|
2,144.8 |
|
|
|
2,111.0 |
|
|
|
2,398.1 |
|
|
|
2,330.7 |
|
| Short-term investments |
|
|
334.9 |
|
|
|
539.8 |
|
|
|
599.7 |
|
|
|
599.7 |
|
|
|
679.9 |
|
| Accounts receivable, net |
|
|
1,052.5 |
|
|
|
961.2 |
|
|
|
1,085.6 |
|
|
|
832.2 |
|
|
|
878.3 |
|
| Finance receivables, net |
|
|
196.1 |
|
|
|
255.9 |
|
|
|
297.3 |
|
|
|
298.6 |
|
|
|
250.5 |
|
| Current tax assets |
|
|
43.9 |
|
|
|
76.7 |
|
|
|
94.0 |
|
|
|
92.1 |
|
|
|
32.3 |
|
| Inventories, net |
|
|
2,549.8 |
|
|
|
2,676.8 |
|
|
|
2,615.5 |
|
|
|
2,547.7 |
|
|
|
2,393.0 |
|
| Deferred tax assets |
|
|
159.5 |
|
|
|
144.2 |
|
|
|
108.6 |
|
|
|
118.5 |
|
|
|
124.4 |
|
| Other assets |
|
|
390.0 |
|
|
|
362.2 |
|
|
|
378.6 |
|
|
|
353.9 |
|
|
|
336.5 |
|
| |
|
| Total current assets |
|
|
7,146.2 |
|
|
|
7,161.6 |
|
|
|
7,290.3 |
|
|
|
7,240.8 |
|
|
|
7,025.6 |
|
|
|
|
|
|
|
| Finance receivables, net |
|
|
55.3 |
|
|
|
119.3 |
|
|
|
46.4 |
|
|
|
46.2 |
|
|
|
46.0 |
|
| Deferred tax assets |
|
|
28.8 |
|
|
|
115.8 |
|
|
|
126.2 |
|
|
|
129.1 |
|
|
|
139.5 |
|
| Other assets |
|
|
444.8 |
|
|
|
349.9 |
|
|
|
347.9 |
|
|
|
330.2 |
|
|
|
298.6 |
|
| Goodwill |
|
|
2,357.5 |
|
|
|
2,264.9 |
|
|
|
2,116.1 |
|
|
|
2,092.7 |
|
|
|
2,088.6 |
|
| Other intangible assets, net |
|
|
723.8 |
|
|
|
712.7 |
|
|
|
686.5 |
|
|
|
688.1 |
|
|
|
697.6 |
|
| Property, plant and equipment, net |
|
|
1,447.5 |
|
|
|
1,372.4 |
|
|
|
1,275.1 |
|
|
|
1,231.2 |
|
|
|
1,217.8 |
|
| |
|
| Total non-current assets |
|
|
5,057.7 |
|
|
|
4,935.0 |
|
|
|
4,598.2 |
|
|
|
4,517.5 |
|
|
|
4,488.1 |
|
|
|
|
|
|
|
| Total assets |
|
|
12,203.9 |
|
|
|
12,096.6 |
|
|
|
11,888.5 |
|
|
|
11,758.3 |
|
|
|
11,513.7 |
|
|
|
|
|
|
|
| LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total current liabilities |
|
|
2,888.8 |
|
|
|
2,926.0 |
|
|
|
3,065.2 |
|
|
|
2,957.5 |
|
|
|
2,868.7 |
|
| Long-term debt |
|
|
1,149.9 |
|
|
|
1,137.4 |
|
|
|
1,118.4 |
|
|
|
1,097.3 |
|
|
|
1,070.2 |
|
| Deferred and other tax liabilities |
|
|
237.3 |
|
|
|
304.7 |
|
|
|
318.0 |
|
|
|
318.8 |
|
|
|
364.7 |
|
| Provisions |
|
|
3.6 |
|
|
|
4.0 |
|
|
|
4.1 |
|
|
|
4.4 |
|
|
|
4.6 |
|
| Accrued and other liabilities |
|
|
411.7 |
|
|
|
400.4 |
|
|
|
302.4 |
|
|
|
323.4 |
|
|
|
283.1 |
|
| |
|
| Total non-current liabilities |
|
|
1,802.5 |
|
|
|
1,846.5 |
|
|
|
1,742.9 |
|
|
|
1,743.9 |
|
|
|
1,722.6 |
|
| |
|
| Total liabilities |
|
|
4,691.3 |
|
|
|
4,772.5 |
|
|
|
4,808.1 |
|
|
|
4,701.4 |
|
|
|
4,591.3 |
|
|
|
|
|
|
|
| Total shareholders’ equity |
|
|
7,512.6 |
|
|
|
7,324.1 |
|
|
|
7,080.4 |
|
|
|
7,056.9 |
|
|
|
6,922.4 |
|
| |
|
| Total liabilities and shareholders’ equity |
|
|
12,203.9 |
|
|
|
12,096.6 |
|
|
|
11,888.5 |
|
|
|
11,758.3 |
|
|
|
11,513.7 |
|
ASML - Quarterly Summary U.S. GAAP Consolidated Statements of Cash Flows 1,2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (in millions EUR) |
|
Dec 31,
2014 |
|
|
Sep 28,
2014 |
|
|
Three months ended,
Jun 29,
2014 |
|
|
Mar 30,
2014 |
|
|
Dec 31,
2013 |
|
| |
|
| CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income |
|
|
304.8 |
|
|
|
244.0 |
|
|
|
398.7 |
|
|
|
249.1 |
|
|
|
481.1 |
|
|
|
|
|
|
|
| Adjustments to reconcile net income to net cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Depreciation and amortization |
|
|
62.5 |
|
|
|
60.4 |
|
|
|
67.0 |
|
|
|
64.7 |
|
|
|
67.5 |
|
| Impairment |
|
|
0.5 |
|
|
|
3.6 |
|
|
|
2.5 |
|
|
|
3.9 |
|
|
|
9.9 |
|
| Loss on disposal of property, plant and equipment |
|
|
1.4 |
|
|
|
0.9 |
|
|
|
0.5 |
|
|
|
0.7 |
|
|
|
1.7 |
|
| Share-based payments |
|
|
13.1 |
|
|
|
13.7 |
|
|
|
13.5 |
|
|
|
23.1 |
|
|
|
17.9 |
|
| Allowance for doubtful receivables |
|
|
(0.2 |
) |
|
|
0.1 |
|
|
|
0.1 |
|
|
|
0.1 |
|
|
|
(0.1 |
) |
| Allowance for obsolete inventory |
|
|
40.3 |
|
|
|
35.8 |
|
|
|
45.2 |
|
|
|
41.5 |
|
|
|
52.4 |
|
| Deferred income taxes |
|
|
(1.2 |
) |
|
|
(39.0 |
) |
|
|
11.0 |
|
|
|
(29.9 |
) |
|
|
(17.3 |
) |
| Changes in assets and liabilities |
|
|
(12.0 |
) |
|
|
(105.3 |
) |
|
|
(340.1 |
) |
|
|
(149.8 |
) |
|
|
(91.3 |
) |
| |
|
| Net cash provided by (used in) operating activities |
|
|
409.2 |
|
|
|
214.2 |
|
|
|
198.4 |
|
|
|
203.4 |
|
|
|
521.8 |
|
|
|
|
|
|
|
| CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Purchase of property, plant and equipment |
|
|
(127.9 |
) |
|
|
(84.2 |
) |
|
|
(70.7 |
) |
|
|
(75.5 |
) |
|
|
(77.7 |
) |
| Purchase of intangible assets |
|
|
— |
|
|
|
— |
|
|
|
(3.0 |
) |
|
|
— |
|
|
|
— |
|
| Purchase of available for sale securities |
|
|
(25.0 |
) |
|
|
(110.0 |
) |
|
|
(174.9 |
) |
|
|
(194.8 |
) |
|
|
(255.0 |
) |
| Maturity of available for sale securities |
|
|
229.9 |
|
|
|
169.9 |
|
|
|
175.0 |
|
|
|
275.0 |
|
|
|
237.6 |
|
| Acquisition of subsidiaries (net of cash acquired) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| |
|
| Net cash provided by (used in) investing activities |
|
|
77.0 |
|
|
|
(24.3 |
) |
|
|
(73.6 |
) |
|
|
4.7 |
|
|
|
(95.1 |
) |
|
|
|
|
|
|
| CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dividend paid |
|
|
— |
|
|
|
— |
|
|
|
(268.0 |
) |
|
|
— |
|
|
|
— |
|
| Purchase of shares |
|
|
(229.0 |
) |
|
|
(171.1 |
) |
|
|
(154.9 |
) |
|
|
(145.0 |
) |
|
|
(163.7 |
) |
| Net proceeds from issuance of shares |
|
|
15.5 |
|
|
|
10.6 |
|
|
|
8.1 |
|
|
|
5.5 |
|
|
|
10.2 |
|
| Net proceeds from issuance of notes |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Repurchase of notes |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Repayment of debt |
|
|
(0.8 |
) |
|
|
(1.2 |
) |
|
|
(1.0 |
) |
|
|
(1.1 |
) |
|
|
(1.2 |
) |
| Tax benefit from share-based payments |
|
|
1.2 |
|
|
|
0.9 |
|
|
|
1.9 |
|
|
|
— |
|
|
|
1.3 |
|
| |
|
| Net cash provided by (used in) financing activities |
|
|
(213.1 |
) |
|
|
(160.8 |
) |
|
|
(413.9 |
) |
|
|
(140.6 |
) |
|
|
(153.4 |
) |
| |
|
| Net cash flows |
|
|
273.1 |
|
|
|
29.1 |
|
|
|
(289.1 |
) |
|
|
67.5 |
|
|
|
273.3 |
|
|
|
|
|
|
|
| Effect of changes in exchange rates on cash |
|
|
1.6 |
|
|
|
4.7 |
|
|
|
2.0 |
|
|
|
(0.1 |
) |
|
|
(3.8 |
) |
| |
|
| Net increase (decrease) in cash and cash equivalents |
|
|
274.7 |
|
|
|
33.8 |
|
|
|
(287.1 |
) |
|
|
67.4 |
|
|
|
269.5 |
|
Notes to the Summary U.S. GAAP Consolidated Financial Statements
Basis of Presentation
The accompanying summary
consolidated financial statements are stated in millions of euros (“EUR”) unless otherwise indicated. ASML follows accounting principles generally accepted in the United States of America (“US GAAP”). On May 30, 2013, we
acquired 100% of the issued share capital of Cymer Inc., financial information presented in the summary consolidated financial statements include Cymer Inc. as of that date. Further disclosures, as required under US GAAP in annual reports, are
not included in the summary consolidated financial statements.
Use of estimates
The preparation of our consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and
the disclosure of contingent assets and liabilities on the balance sheet dates, and the reported amounts of net sales and costs during the reported periods. Actual results could differ from those estimates.
Principles of consolidation
The consolidated
financial statements include the financial statements of ASML Holding N.V. and all of its subsidiaries and the variable interest entity in which ASML is the primary beneficiary (referred to as “ASML”). All intercompany profits, balances
and transactions have been eliminated in the consolidation. Subsidiaries are all entities over which ASML has the power to govern the financial and operating policies generally accompanying a shareholding of more than 50 percent of the voting
rights.
Revenue recognition
In
general, ASML recognizes revenue when all four revenue recognition criteria are met: persuasive evidence of an arrangement exists; delivery has occurred or services have been rendered; seller’s price to buyer is fixed or determinable; and
collectability is reasonably assured. At ASML this policy generally results in revenue recognition from the sale of a system upon shipment. The revenue from the installation of a system is generally recognized upon completion of that installation at
the customer site. Each system undergoes, prior to shipment, a “Factory Acceptance Test” in ASML’s cleanroom facilities, effectively replicating the operating conditions that will be present on the customer’s site, in order to
verify whether the system will meet its standard specifications and any additional technical and performance criteria agreed with the customer, if any. A system is shipped, and revenue is recognized, only after all specifications are met and
customer sign-off is received or waived. In case not all specifications are met and the remaining performance obligation is not essential to the functionality of the system but is substantive rather than inconsequential or perfunctory, a portion of
the sales price is deferred. Although each system’s performance is re-tested upon installation at the customer’s site, ASML has never failed to successfully complete installation of a system at a customer’s premises.
In connection with the introduction of new technology, such as EUV, we initially defer revenue recognition until acceptance of the new technology based
system and completion of installation at the customer’s premises. As our systems are based largely on two product platforms that permit incremental, modular upgrades, the introduction of genuinely “new” technology occurs infrequently,
and in the past 15 years, has occurred on only two occasions: 2000 (TWINSCAN) and 2010 (EUV).
The main portion of ASML’s revenue is derived
from contractual arrangements with our customers that have multiple deliverables, which mainly include the sale of our systems, installation and training services and prepaid extended and enhanced (optic) warranty contracts. For each of the
specified deliverables ASML determines the selling price by using either vendor specific objective evidence (‘VSOE’), third party evidence (‘TPE’) or by best estimate of the selling price (‘BESP’). When we are unable to
establish relative selling price using VSOE or TPE, ASML uses BESP in its allocation of arrangement consideration. The total arrangement consideration is allocated at inception of the arrangement to all deliverables on the basis of their relative
selling price. The revenue relating to the undelivered elements of the arrangements is deferred at their relative selling prices until delivery of these elements. Revenue from installation and training services is recognized when the services are
completed. Revenue from prepaid extended and enhanced (optic) warranty contracts is recognized over the term of the contract.
For our NXE:3300B systems, we are unable to determine VSOE for prepaid extended, enhanced (optic) warranty
contracts and installation. We determined for NXE:3300B systems that BESP is the appropriate reference in the fair value hierarchy for prepaid extended and enhanced (optic) warranty contracts. We review selling prices periodically and maintain
internal controls over the establishment and updates of these elements.
Foreign currency risk management
Our sales are predominately denominated in euros. Exceptions may occur on a customer by customer basis. Our cost of sales and other expenses are mainly
dominated in euros, to a certain extent in US dollars and Japanese yen and to a limited extent in other currencies. Therefore, we are exposed to foreign currency exchange risk.
It is our policy to hedge material transaction exposures, such as forecasted sales and purchase transactions, and material net remeasurement exposures, such as accounts receivable and payable. We hedge these
exposures through the use of foreign exchange contracts.
ASML – Reconciliation US GAAP – IFRS 1,2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income |
|
Three months ended, |
|
|
|
|
|
Twelve months ended, |
|
| (in millions EUR) |
|
Dec 31,
2014 |
|
|
Dec 31,
2013 |
|
|
|
|
|
Dec 31,
2014 |
|
|
Dec 31,
2013 |
|
| |
|
| Net income based on U.S. GAAP |
|
|
304.8 |
|
|
|
481.1 |
|
|
|
|
|
|
|
1,196.6 |
|
|
|
1,015.5 |
|
| Development expenditures (see Note 1) |
|
|
83.6 |
|
|
|
28.4 |
|
|
|
|
|
|
|
194.3 |
|
|
|
189.0 |
|
| Share-based payments (see Note 2) |
|
|
0.9 |
|
|
|
1.8 |
|
|
|
|
|
|
|
5.0 |
|
|
|
4.0 |
|
| Income taxes (see Note 3) |
|
|
(4.3 |
) |
|
|
(4.6 |
) |
|
|
|
|
|
|
22.4 |
|
|
|
(14.7 |
) |
| |
|
| Net income based on IFRS |
|
|
385.0 |
|
|
|
506.7 |
|
|
|
|
|
|
|
1,418.3 |
|
|
|
1,193.8 |
|
|
|
|
|
|
|
| Shareholders’ equity |
|
Dec 31, |
|
|
Sep 28, |
|
|
Jun 29, |
|
|
Mar 30, |
|
|
Dec 31, |
|
| (in millions EUR) |
|
2014 |
|
|
2014 |
|
|
2014 |
|
|
2014 |
|
|
2013 |
|
| |
|
| Shareholders’ equity based on U.S. GAAP |
|
|
7,512.6 |
|
|
|
7,324.1 |
|
|
|
7,080.4 |
|
|
|
7,056.9 |
|
|
|
6,922.4 |
|
| Development expenditures (see Note 1) |
|
|
792.1 |
|
|
|
702.3 |
|
|
|
646.9 |
|
|
|
610.2 |
|
|
|
582.7 |
|
| Share-based payments (see Note 2) |
|
|
21.0 |
|
|
|
20.7 |
|
|
|
20.1 |
|
|
|
26.0 |
|
|
|
27.0 |
|
| Income taxes (see Note 3) |
|
|
40.2 |
|
|
|
43.8 |
|
|
|
33.7 |
|
|
|
18.7 |
|
|
|
12.7 |
|
| |
|
| Equity based on IFRS |
|
|
8,365.9 |
|
|
|
8,090.9 |
|
|
|
7,781.1 |
|
|
|
7,711.8 |
|
|
|
7,544.8 |
|
Notes to the reconciliation from US GAAP to IFRS
Note 1 Development expenditures
Under
US GAAP, ASML applies ASC 730, “Research and Development”. In accordance with ASC 730, ASML charges costs relating to research and development to operating expense as incurred.
Under IFRS, ASML applies IAS 38, “Intangible Assets”. In accordance with IAS 38, ASML capitalizes certain development expenditures that are amortized over the expected useful life of the related
product generally ranging between one and five years. Amortization starts when the developed product is ready for volume production.
Note 2
Share-based Payments
Under US GAAP, ASML applies ASC 718 “Compensation - Stock Compensation” which requires companies to
recognize the cost of employee services received in exchange for awards of equity instruments based upon the grant-date fair value of those instruments. ASC 718’s general principle is that a deferred tax asset is established as we recognize
compensation costs for commercial purposes for awards that are expected to result in a tax deduction under existing tax law. Under US GAAP, the deferred tax recorded on share-based compensation is computed on the basis of the expense recognized
in the financial statements. Therefore, changes in ASML’s share price do not affect the deferred tax asset recorded in our financial statements.
Under IFRS, ASML applies IFRS 2, “Share-based Payments”. In accordance with IFRS 2, ASML records as an expense the fair value of its share-based payments with respect to stock options and shares
granted to its employees. Under IFRS, at period end a deferred tax asset is computed on the basis of the tax deduction for the share-based payments under the applicable tax law and is recognized to the extent it is probable that future taxable
profit will be available against which these deductible temporary differences will be utilized. Therefore, changes in ASML’s share price do affect the deferred tax asset at period-end and result in adjustments to the deferred tax asset.
Note 3 Income taxes
Under
US GAAP, the elimination of unrealized net income from intercompany transactions that are eliminated from the carrying amount of assets in consolidation give rise to a temporary difference for which prepaid taxes must be recognized in
consolidation. Contrary to IFRS, the prepaid taxes under US GAAP are calculated based on the tax rate applicable in the seller’s rather than the purchaser’s tax jurisdiction.
Under IFRS, ASML applies IAS 12, “Income Taxes”. In accordance with IAS 12 unrealized net income resulting from intercompany transactions that are eliminated from the carrying amount of assets in
consolidation give rise to a temporary difference for which deferred taxes must be recognized in consolidation. The deferred taxes are calculated based on the tax rate applicable in the purchaser’s tax jurisdiction.
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.
| 1 |
These financial statements are unaudited. |
| 2 |
Numbers have been rounded. |
| 3 |
The calculation of diluted net income per ordinary share assumes the exercise of options issued under ASML stock option plans and the issuance of shares
under ASML share plans for periods in which exercises or issuances would have a dilutive effect. The calculation of diluted net income per ordinary share does not assume exercise of such options or issuance of shares when such exercises or issuance
would be anti-dilutive. |
| 4 |
Our systems backlog and net bookings include sales orders for which written authorizations have been accepted and shipment and/or revenue recognition is
expected within 12 months. As of Q4 2014 we also include EUV in our backlog starting with our NXE:3350B systems. As a result, two NXE:3350B systems are now included in our systems backlog and net bookings. Before Q4 2014, our systems backlog and net
bookings include only sales orders for which written authorizations have been accepted and system shipment and revenue recognition dates within the following 12 months have been assigned. This change has no impact on the comparative figures.
|
Exhibit 99.5
ASML - Summary IFRS Consolidated Statement of Profit or Loss 1,2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three months ended, |
|
|
Twelve months ended, |
|
| (in millions EUR) |
|
Dec 31,
2014 |
|
|
Dec 31,
2013 |
|
|
Dec 31,
2014 |
|
|
Dec 31,
2013 |
|
| |
|
| Net system sales |
|
|
1,085.3 |
|
|
|
1,441.2 |
|
|
|
4,242.8 |
|
|
|
3,993.1 |
|
| Net service and field option sales |
|
|
408.7 |
|
|
|
407.1 |
|
|
|
1,613.5 |
|
|
|
1,252.2 |
|
| |
|
| Total net sales |
|
|
1,494.0 |
|
|
|
1,848.3 |
|
|
|
5,856.3 |
|
|
|
5,245.3 |
|
|
|
|
|
|
| Total cost of sales |
|
|
(854.9 |
) |
|
|
(1,073.1 |
) |
|
|
(3,358.9 |
) |
|
|
(3,159.3 |
) |
| |
|
| Gross profit |
|
|
639.1 |
|
|
|
775.2 |
|
|
|
2,497.4 |
|
|
|
2,086.0 |
|
|
|
|
|
|
| Other income |
|
|
20.2 |
|
|
|
17.2 |
|
|
|
81.0 |
|
|
|
64.4 |
|
| Research and development costs |
|
|
(149.8 |
) |
|
|
(183.3 |
) |
|
|
(735.9 |
) |
|
|
(564.0 |
) |
| Selling, general and administrative costs |
|
|
(78.9 |
) |
|
|
(89.3 |
) |
|
|
(318.7 |
) |
|
|
(311.3 |
) |
| |
|
| Operating income |
|
|
430.6 |
|
|
|
519.8 |
|
|
|
1,523.8 |
|
|
|
1,275.1 |
|
|
|
|
|
|
| Interest and other, net |
|
|
1.9 |
|
|
|
(2.1 |
) |
|
|
2.6 |
|
|
|
(18.8 |
) |
| |
|
| Income before income taxes |
|
|
432.5 |
|
|
|
517.7 |
|
|
|
1,526.4 |
|
|
|
1,256.3 |
|
|
|
|
|
|
| Benefit from (provision for) income taxes |
|
|
(47.5 |
) |
|
|
(11.0 |
) |
|
|
(108.1 |
) |
|
|
(62.5 |
) |
| |
|
| Net income |
|
|
385.0 |
|
|
|
506.7 |
|
|
|
1,418.3 |
|
|
|
1,193.8 |
|
ASML - Summary IFRS Consolidated Statement of Financial Position 1,2
|
|
|
|
|
|
|
|
|
| |
|
Dec 31, |
|
|
Dec 31, |
|
| (in millions EUR) |
|
2014 |
|
|
2013 |
|
| |
|
| ASSETS |
|
|
|
|
|
|
|
|
| Property, plant and equipment |
|
|
1,447.5 |
|
|
|
1,217.8 |
|
| Goodwill |
|
|
2,378.4 |
|
|
|
2,111.3 |
|
| Other intangible assets |
|
|
1,670.1 |
|
|
|
1,375.6 |
|
| Deferred tax assets |
|
|
142.7 |
|
|
|
302.7 |
|
| Finance receivables |
|
|
55.3 |
|
|
|
46.0 |
|
| Derivative financial instruments |
|
|
115.5 |
|
|
|
30.8 |
|
| Other assets |
|
|
329.3 |
|
|
|
263.4 |
|
| |
|
| Total non-current assets |
|
|
6,138.8 |
|
|
|
5,347.6 |
|
|
|
|
| Inventories |
|
|
2,549.8 |
|
|
|
2,393.0 |
|
| Current tax assets |
|
|
43.9 |
|
|
|
32.3 |
|
| Derivative financial instruments |
|
|
38.3 |
|
|
|
40.8 |
|
| Finance receivables |
|
|
196.1 |
|
|
|
250.5 |
|
| Accounts receivable |
|
|
1,052.5 |
|
|
|
878.3 |
|
| Other assets |
|
|
293.6 |
|
|
|
250.3 |
|
| Short-term investments |
|
|
334.9 |
|
|
|
679.9 |
|
| Cash and cash equivalents |
|
|
2,419.5 |
|
|
|
2,330.7 |
|
| |
|
| Total current assets |
|
|
6,928.6 |
|
|
|
6,855.8 |
|
|
|
|
| Total assets |
|
|
13,067.4 |
|
|
|
12,203.4 |
|
|
|
|
| EQUITY AND LIABILITIES |
|
|
|
|
|
|
|
|
| Equity |
|
|
8,365.9 |
|
|
|
7,544.8 |
|
|
|
|
| Long-term debt |
|
|
1,149.9 |
|
|
|
1,065.8 |
|
| Derivative financial instruments |
|
|
2.8 |
|
|
|
2.6 |
|
| Deferred and other tax liabilities |
|
|
249.3 |
|
|
|
439.9 |
|
| Provisions |
|
|
3.6 |
|
|
|
4.6 |
|
| Accrued and other liabilities |
|
|
408.9 |
|
|
|
280.5 |
|
| |
|
| Total non-current liabilities |
|
|
1,814.5 |
|
|
|
1,793.4 |
|
|
|
|
| Provisions |
|
|
2.4 |
|
|
|
2.2 |
|
| Derivative financial instruments |
|
|
64.9 |
|
|
|
9.0 |
|
| Current portion of long-term debt |
|
|
4.3 |
|
|
|
4.4 |
|
| Current and other tax liabilities |
|
|
36.3 |
|
|
|
15.9 |
|
| Accrued and other liabilities |
|
|
2,282.9 |
|
|
|
2,207.8 |
|
| Accounts payable |
|
|
496.2 |
|
|
|
625.9 |
|
| |
|
| Total current liabilities |
|
|
2,887.0 |
|
|
|
2,865.2 |
|
|
|
|
| Total equity and liabilities |
|
|
13,067.4 |
|
|
|
12,203.4 |
|
ASML - Summary IFRS Consolidated Statement of Cash Flows 1,2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three months ended, |
|
|
Twelve months ended, |
|
| |
|
Dec 31, |
|
|
Dec 31, |
|
|
Dec 31, |
|
|
Dec 31, |
|
| (in millions EUR) |
|
2014 |
|
|
2013 |
|
|
2014 |
|
|
2013 |
|
| |
|
| CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income |
|
|
385.0 |
|
|
|
506.7 |
|
|
|
1,418.3 |
|
|
|
1,193.8 |
|
|
|
|
|
|
| Adjustments to reconcile net income to net cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Depreciation and amortization |
|
|
80.1 |
|
|
|
102.9 |
|
|
|
353.1 |
|
|
|
320.9 |
|
| Impairment |
|
|
0.5 |
|
|
|
9.9 |
|
|
|
10.5 |
|
|
|
13.1 |
|
| Loss on disposal of property, plant and equipment |
|
|
1.4 |
|
|
|
1.7 |
|
|
|
3.5 |
|
|
|
2.8 |
|
| Share-based payments |
|
|
12.3 |
|
|
|
15.1 |
|
|
|
55.7 |
|
|
|
47.4 |
|
| Allowance for doubtful receivables |
|
|
(0.2 |
) |
|
|
(0.1 |
) |
|
|
0.1 |
|
|
|
1.1 |
|
| Allowance for obsolete inventory |
|
|
40.3 |
|
|
|
52.4 |
|
|
|
162.8 |
|
|
|
164.9 |
|
| Deferred income taxes |
|
|
33.3 |
|
|
|
14.5 |
|
|
|
(30.1 |
) |
|
|
26.0 |
|
| Changes in assets and liabilities |
|
|
(21.5 |
) |
|
|
(109.8 |
) |
|
|
(599.6 |
) |
|
|
(389.0 |
) |
| |
|
| Net cash provided by (used in) operating activities |
|
|
531.2 |
|
|
|
593.3 |
|
|
|
1,374.3 |
|
|
|
1,381.0 |
|
|
|
|
|
|
| CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Purchase of property, plant and equipment |
|
|
(127.9 |
) |
|
|
(77.7 |
) |
|
|
(358.3 |
) |
|
|
(210.8 |
) |
| Purchase of intangible assets |
|
|
(120.8 |
) |
|
|
(70.2 |
) |
|
|
(348.1 |
) |
|
|
(327.6 |
) |
| Purchase of available for sale securities |
|
|
(25.0 |
) |
|
|
(255.0 |
) |
|
|
(504.7 |
) |
|
|
(904.9 |
) |
| Maturity of available for sale securities |
|
|
229.9 |
|
|
|
237.6 |
|
|
|
849.8 |
|
|
|
1,195.0 |
|
| Acquisition of subsidiaries (net of cash acquired) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(443.7 |
) |
| |
|
| Net cash provided by (used in) investing activities |
|
|
(43.8 |
) |
|
|
(165.3 |
) |
|
|
(361.3 |
) |
|
|
(692.0 |
) |
|
|
|
|
|
| CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dividend paid |
|
|
— |
|
|
|
— |
|
|
|
(268.0 |
) |
|
|
(216.1 |
) |
| Purchase of shares |
|
|
(229.0 |
) |
|
|
(163.7 |
) |
|
|
(700.0 |
) |
|
|
(300.0 |
) |
| Net proceeds from issuance of shares |
|
|
15.5 |
|
|
|
10.2 |
|
|
|
39.7 |
|
|
|
31.8 |
|
| Net proceeds from issuance of notes |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
740.4 |
|
| Repurchase of notes |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(368.3 |
) |
| Repayment of debt |
|
|
(0.8 |
) |
|
|
(1.2 |
) |
|
|
(4.1 |
) |
|
|
(4.1 |
) |
| |
|
| Net cash provided by (used in) financing activities |
|
|
(214.3 |
) |
|
|
(154.7 |
) |
|
|
(932.4 |
) |
|
|
(116.3 |
) |
| |
|
| Net cash flows |
|
|
273.1 |
|
|
|
273.3 |
|
|
|
80.6 |
|
|
|
572.7 |
|
|
|
|
|
|
| Effect of changes in exchange rates on cash |
|
|
1.6 |
|
|
|
(3.8 |
) |
|
|
8.2 |
|
|
|
(9.6 |
) |
| |
|
| Net increase (decrease) in cash and cash equivalents |
|
|
274.7 |
|
|
|
269.5 |
|
|
|
88.8 |
|
|
|
563.1 |
|
ASML - Quarterly Summary IFRS Consolidated Statement of Profit or Loss 1,2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (in millions EUR) |
|
Dec 31,
2014 |
|
|
Sep 28,
2014 |
|
|
Three months ended,
Jun 29,
2014 |
|
|
Mar 30,
2014 |
|
|
Dec 31,
2013 |
|
| |
|
| Net system sales |
|
|
1,085.3 |
|
|
|
884.5 |
|
|
|
1,243.0 |
|
|
|
1,030.0 |
|
|
|
1,441.2 |
|
| Net service and field option sales |
|
|
408.7 |
|
|
|
437.7 |
|
|
|
400.6 |
|
|
|
366.5 |
|
|
|
407.1 |
|
| |
|
| Total net sales |
|
|
1,494.0 |
|
|
|
1,322.2 |
|
|
|
1,643.6 |
|
|
|
1,396.5 |
|
|
|
1,848.3 |
|
|
|
|
|
|
|
| Total cost of sales |
|
|
(854.9 |
) |
|
|
(762.0 |
) |
|
|
(923.1 |
) |
|
|
(818.9 |
) |
|
|
(1,073.1 |
) |
| |
|
| Gross profit |
|
|
639.1 |
|
|
|
560.2 |
|
|
|
720.5 |
|
|
|
577.6 |
|
|
|
775.2 |
|
|
|
|
|
|
|
| Other income |
|
|
20.2 |
|
|
|
20.3 |
|
|
|
20.3 |
|
|
|
20.2 |
|
|
|
17.2 |
|
| Research and development costs |
|
|
(149.8 |
) |
|
|
(184.6 |
) |
|
|
(188.7 |
) |
|
|
(212.8 |
) |
|
|
(183.3 |
) |
| Selling, general and administrative costs |
|
|
(78.9 |
) |
|
|
(75.1 |
) |
|
|
(78.3 |
) |
|
|
(86.4 |
) |
|
|
(89.3 |
) |
| |
|
| Operating income |
|
|
430.6 |
|
|
|
320.8 |
|
|
|
473.8 |
|
|
|
298.6 |
|
|
|
519.8 |
|
|
|
|
|
|
|
| Interest and other, net |
|
|
1.9 |
|
|
|
2.1 |
|
|
|
1.2 |
|
|
|
(2.6 |
) |
|
|
(2.1 |
) |
| |
|
| Income before income taxes |
|
|
432.5 |
|
|
|
322.9 |
|
|
|
475.0 |
|
|
|
296.0 |
|
|
|
517.7 |
|
|
|
|
|
|
|
| Benefit from (provision for) income taxes |
|
|
(47.5 |
) |
|
|
(24.7 |
) |
|
|
(23.2 |
) |
|
|
(12.7 |
) |
|
|
(11.0 |
) |
| |
|
| Net income |
|
|
385.0 |
|
|
|
298.2 |
|
|
|
451.8 |
|
|
|
283.3 |
|
|
|
506.7 |
|
ASML - Quarterly Summary IFRS Consolidated Statement of Financial Position 1,2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (in millions EUR) |
|
Dec 31,
2014 |
|
|
Sep 28,
2014 |
|
|
Jun 29,
2014 |
|
|
Mar 30,
2014 |
|
|
Dec 31,
2013 |
|
| |
|
| ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Property, plant and equipment |
|
|
1,447.5 |
|
|
|
1,372.4 |
|
|
|
1,275.1 |
|
|
|
1,231.2 |
|
|
|
1,217.8 |
|
| Goodwill |
|
|
2,378.4 |
|
|
|
2,285.0 |
|
|
|
2,136.3 |
|
|
|
2,114.0 |
|
|
|
2,111.3 |
|
| Other intangible assets |
|
|
1,670.1 |
|
|
|
1,547.4 |
|
|
|
1,449.0 |
|
|
|
1,402.7 |
|
|
|
1,375.6 |
|
| Deferred tax assets |
|
|
142.7 |
|
|
|
344.1 |
|
|
|
317.2 |
|
|
|
295.8 |
|
|
|
302.7 |
|
| Finance receivables |
|
|
55.3 |
|
|
|
119.3 |
|
|
|
46.4 |
|
|
|
46.2 |
|
|
|
46.0 |
|
| Derivative financial instruments |
|
|
115.5 |
|
|
|
88.7 |
|
|
|
85.4 |
|
|
|
68.2 |
|
|
|
30.8 |
|
| Other assets |
|
|
329.3 |
|
|
|
257.2 |
|
|
|
258.4 |
|
|
|
257.8 |
|
|
|
263.4 |
|
| |
|
| Total non-current assets |
|
|
6,138.8 |
|
|
|
6,014.1 |
|
|
|
5,567.8 |
|
|
|
5,415.9 |
|
|
|
5,347.6 |
|
|
|
|
|
|
|
| Inventories |
|
|
2,549.8 |
|
|
|
2,676.8 |
|
|
|
2,615.5 |
|
|
|
2,547.7 |
|
|
|
2,393.0 |
|
| Current tax assets |
|
|
43.9 |
|
|
|
76.7 |
|
|
|
94.0 |
|
|
|
92.1 |
|
|
|
32.3 |
|
| Derivative financial instruments |
|
|
38.3 |
|
|
|
38.1 |
|
|
|
28.9 |
|
|
|
37.1 |
|
|
|
40.8 |
|
| Finance receivables |
|
|
196.1 |
|
|
|
255.9 |
|
|
|
297.3 |
|
|
|
298.6 |
|
|
|
250.5 |
|
| Accounts receivable |
|
|
1,052.5 |
|
|
|
961.2 |
|
|
|
1,085.6 |
|
|
|
832.2 |
|
|
|
878.3 |
|
| Other assets |
|
|
293.6 |
|
|
|
258.1 |
|
|
|
276.9 |
|
|
|
268.3 |
|
|
|
250.3 |
|
| Short-term investments |
|
|
334.9 |
|
|
|
539.8 |
|
|
|
599.7 |
|
|
|
599.7 |
|
|
|
679.9 |
|
| Cash and cash equivalents |
|
|
2,419.5 |
|
|
|
2,144.8 |
|
|
|
2,111.0 |
|
|
|
2,398.1 |
|
|
|
2,330.7 |
|
| |
|
| Total current assets |
|
|
6,928.6 |
|
|
|
6,951.4 |
|
|
|
7,108.9 |
|
|
|
7,073.8 |
|
|
|
6,855.8 |
|
|
|
|
|
|
|
| Total assets |
|
|
13,067.4 |
|
|
|
12,965.5 |
|
|
|
12,676.7 |
|
|
|
12,489.7 |
|
|
|
12,203.4 |
|
|
|
|
|
|
|
| EQUITY AND LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Equity |
|
|
8,365.9 |
|
|
|
8,090.9 |
|
|
|
7,781.1 |
|
|
|
7,711.8 |
|
|
|
7,544.8 |
|
|
|
|
|
|
|
| Long-term debt |
|
|
1,149.9 |
|
|
|
1,133.4 |
|
|
|
1,114.3 |
|
|
|
1,093.0 |
|
|
|
1,065.8 |
|
| Derivative financial instruments |
|
|
2.8 |
|
|
|
3.0 |
|
|
|
3.1 |
|
|
|
2.8 |
|
|
|
2.6 |
|
| Deferred and other tax liabilities |
|
|
249.3 |
|
|
|
413.8 |
|
|
|
412.0 |
|
|
|
403.0 |
|
|
|
439.9 |
|
| Provisions |
|
|
3.6 |
|
|
|
4.0 |
|
|
|
4.1 |
|
|
|
4.4 |
|
|
|
4.6 |
|
| Accrued and other liabilities |
|
|
408.9 |
|
|
|
397.4 |
|
|
|
299.3 |
|
|
|
320.6 |
|
|
|
280.5 |
|
| |
|
| Total non-current liabilities |
|
|
1,814.5 |
|
|
|
1,951.6 |
|
|
|
1,832.8 |
|
|
|
1,823.8 |
|
|
|
1,793.4 |
|
|
|
|
|
|
|
| Provisions |
|
|
2.4 |
|
|
|
2.3 |
|
|
|
2.1 |
|
|
|
2.1 |
|
|
|
2.2 |
|
| Derivative financial instruments |
|
|
64.9 |
|
|
|
63.5 |
|
|
|
10.4 |
|
|
|
5.9 |
|
|
|
9.0 |
|
| Current portion of long-term debt |
|
|
4.3 |
|
|
|
4.3 |
|
|
|
4.3 |
|
|
|
4.4 |
|
|
|
4.4 |
|
| Current and other tax liabilities |
|
|
36.3 |
|
|
|
71.1 |
|
|
|
88.9 |
|
|
|
96.7 |
|
|
|
15.9 |
|
| Accrued and other liabilities |
|
|
2,282.9 |
|
|
|
2,065.0 |
|
|
|
2,283.9 |
|
|
|
2,116.0 |
|
|
|
2,207.8 |
|
| Accounts payable |
|
|
496.2 |
|
|
|
716.8 |
|
|
|
673.2 |
|
|
|
729.0 |
|
|
|
625.9 |
|
| |
|
| Total current liabilities |
|
|
2,887.0 |
|
|
|
2,923.0 |
|
|
|
3,062.8 |
|
|
|
2,954.1 |
|
|
|
2,865.2 |
|
|
|
|
|
|
|
| Total equity and liabilities |
|
|
13,067.4 |
|
|
|
12,965.5 |
|
|
|
12,676.7 |
|
|
|
12,489.7 |
|
|
|
12,203.4 |
|
ASML - Quarterly Summary IFRS Consolidated Statement of Cash Flows 1,2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (in millions EUR) |
|
Dec 31,
2014 |
|
|
Sep 28,
2014 |
|
|
Three months ended,
Jun 29,
2014 |
|
|
Mar 30,
2014 |
|
|
Dec 31,
2013 |
|
| |
|
| CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income |
|
|
385.0 |
|
|
|
298.2 |
|
|
|
451.8 |
|
|
|
283.3 |
|
|
|
506.7 |
|
|
|
|
|
|
|
| Adjustments to reconcile net income to net cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Depreciation and amortization |
|
|
80.1 |
|
|
|
77.6 |
|
|
|
98.8 |
|
|
|
96.6 |
|
|
|
102.9 |
|
| Impairment |
|
|
0.5 |
|
|
|
3.6 |
|
|
|
2.5 |
|
|
|
3.9 |
|
|
|
9.9 |
|
| Loss on disposal of property, plant and equipment |
|
|
1.4 |
|
|
|
0.9 |
|
|
|
0.5 |
|
|
|
0.7 |
|
|
|
1.7 |
|
| Share-based payments |
|
|
12.3 |
|
|
|
12.9 |
|
|
|
7.4 |
|
|
|
23.1 |
|
|
|
15.1 |
|
| Allowance for doubtful receivables |
|
|
(0.2 |
) |
|
|
0.1 |
|
|
|
0.1 |
|
|
|
0.1 |
|
|
|
(0.1 |
) |
| Allowance for obsolete inventory |
|
|
40.3 |
|
|
|
35.8 |
|
|
|
45.2 |
|
|
|
41.5 |
|
|
|
52.4 |
|
| Deferred income taxes |
|
|
33.3 |
|
|
|
(20.9 |
) |
|
|
(11.8 |
) |
|
|
(30.7 |
) |
|
|
14.5 |
|
| Changes in assets and liabilities |
|
|
(21.5 |
) |
|
|
(115.4 |
) |
|
|
(316.1 |
) |
|
|
(146.6 |
) |
|
|
(109.8 |
) |
| |
|
| Net cash provided by (used in) operating activities |
|
|
531.2 |
|
|
|
292.8 |
|
|
|
278.4 |
|
|
|
271.9 |
|
|
|
593.3 |
|
|
|
|
|
|
|
| CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Purchase of property, plant and equipment |
|
|
(127.9 |
) |
|
|
(84.2 |
) |
|
|
(70.7 |
) |
|
|
(75.5 |
) |
|
|
(77.7 |
) |
| Purchase of intangible assets |
|
|
(120.8 |
) |
|
|
(77.7 |
) |
|
|
(81.1 |
) |
|
|
(68.5 |
) |
|
|
(70.2 |
) |
| Purchase of available for sale securities |
|
|
(25.0 |
) |
|
|
(110.0 |
) |
|
|
(174.9 |
) |
|
|
(194.8 |
) |
|
|
(255.0 |
) |
| Maturity of available for sale securities |
|
|
229.9 |
|
|
|
169.9 |
|
|
|
175.0 |
|
|
|
275.0 |
|
|
|
237.6 |
|
| Acquisition of subsidiaries (net of cash acquired) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| |
|
| Net cash provided by (used in) investing activities |
|
|
(43.8 |
) |
|
|
(102.0 |
) |
|
|
(151.7 |
) |
|
|
(63.8 |
) |
|
|
(165.3 |
) |
|
|
|
|
|
|
| CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dividend paid |
|
|
— |
|
|
|
— |
|
|
|
(268.0 |
) |
|
|
— |
|
|
|
— |
|
| Purchase of shares |
|
|
(229.0 |
) |
|
|
(171.1 |
) |
|
|
(154.9 |
) |
|
|
(145.0 |
) |
|
|
(163.7 |
) |
| Net proceeds from issuance of shares |
|
|
15.5 |
|
|
|
10.6 |
|
|
|
8.1 |
|
|
|
5.5 |
|
|
|
10.2 |
|
| Net proceeds from issuance of notes |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Repurchase of notes |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Repayment of debt |
|
|
(0.8 |
) |
|
|
(1.2 |
) |
|
|
(1.0 |
) |
|
|
(1.1 |
) |
|
|
(1.2 |
) |
| |
|
| Net cash provided by (used in) financing activities |
|
|
(214.3 |
) |
|
|
(161.7 |
) |
|
|
(415.8 |
) |
|
|
(140.6 |
) |
|
|
(154.7 |
) |
| |
|
| Net cash flows |
|
|
273.1 |
|
|
|
29.1 |
|
|
|
(289.1 |
) |
|
|
67.5 |
|
|
|
273.3 |
|
|
|
|
|
|
|
| Effect of changes in exchange rates on cash |
|
|
1.6 |
|
|
|
4.7 |
|
|
|
2.0 |
|
|
|
(0.1 |
) |
|
|
(3.8 |
) |
| |
|
| Net increase (decrease) in cash and cash equivalents |
|
|
274.7 |
|
|
|
33.8 |
|
|
|
(287.1 |
) |
|
|
67.4 |
|
|
|
269.5 |
|
Notes to the Summary IFRS Consolidated Financial Statements
Basis of Presentation
The accompanying summary
consolidated financial statements are stated in millions of euros (“EUR”) unless otherwise indicated. ASML has prepared the accompanying summary consolidated financial statements in accordance with International Financial Reporting
Standards as adopted by the EU (“IFRS”) accounting principles generally accepted in the Netherlands for companies quoted on Euronext Amsterdam. On May 30, 2013, we acquired 100% of the issued share capital of Cymer Inc., financial
information presented in the summary consolidated financial statements include Cymer Inc. as of that date. Further disclosures, as required under IFRS in annual reports and interim reporting (IAS 34), are not included in the summary consolidated
financial statements.
For internal and external reporting purposes, we apply accounting principles generally accepted in the United States of
America (“US GAAP”). US GAAP is our primary accounting standard for the setting of financial and operational performance targets.
Use of estimates
The preparation of our
consolidated financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities on the dates of the
consolidated statement of financial position and the reported amounts of net sales and costs during the reported periods. Actual results could differ from those estimates.
Basis of consolidation
The consolidated financial statements include the financial statements of
ASML Holding N.V. and its subsidiaries and the special purpose entity of which ASML is the primary beneficiary (referred to as “ASML”). All intercompany profits, balances and transactions have been eliminated in the consolidation.
Subsidiaries are all entities over which ASML has the power to govern the financial and operating policies generally accompanying a shareholding of more than 50 percent of the voting rights.
Revenue recognition
In general, we recognize the revenue from the sale of a system upon shipment
and the revenue from the installation of a system upon completion of that installation at the customer site. Each system undergoes, prior to shipment, a “Factory Acceptance Test” in ASML’s cleanroom facilities, effectively replicating
the operating conditions that will be present on the customer’s site, in order to verify whether the system will meet its standard specifications and any additional technical and performance criteria agreed with the customer, if any. A system
is shipped, and revenue is recognized, only after all specifications are met and customer sign-off is received or waived. In case not all specifications are met and the remaining performance obligation is not essential to the functionality of the
system but is substantive rather than inconsequential or perfunctory, a portion of the sales price is deferred. Although each system’s performance is re-tested upon installation at the customer’s site, we have never failed to successfully
complete installation of a system at a customer’s premises.
In connection with the introduction of new technology, such as EUV, we
initially defer revenue recognition until acceptance of the new technology based system and completion of installation at the customer’s premises. As our systems are based largely on two product platforms that permit incremental, modular
upgrades, the introduction of genuinely “new” technology occurs infrequently, and in the past 15 years, has occurred on only two occasions: 2000 (TWINSCAN) and 2010 (EUV).
The main portion of our revenue is derived from contractual arrangements with our customers that have multiple deliverables, which mainly include the sale of our systems, installation and training services
and prepaid extended and enhanced (optic) warranty contracts. The revenue relating to the undelivered elements of the arrangements is deferred until delivery of these elements. Revenue from installation and training services is recognized when the
services are completed. Revenue from prepaid extended and enhanced (optic) warranty contracts is recognized over the term of the contract.
Foreign currency risk management
Our sales are predominately denominated in euros. Exceptions may occur on a customer by customer basis. Our cost of sales and other expenses are mainly dominated in euros, to a certain extent in US dollars
and Japanese yen and to a limited extent in other currencies. Therefore, we are exposed to foreign currency exchange risk.
It is our policy to
hedge material transaction exposures, such as forecasted sales and purchase transactions, and material net remeasurement exposures, such as accounts receivable and payable. We hedge these exposures through the use of foreign exchange contracts.
ASML – Reconciliation US GAAP – IFRS 1,2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income |
|
Three months ended, |
|
|
|
|
|
Twelve months ended, |
|
| |
|
Dec 31, |
|
|
Dec 31, |
|
|
|
|
|
Dec 31, |
|
|
Dec 31, |
|
| (in millions EUR) |
|
2014 |
|
|
2013 |
|
|
|
|
|
2014 |
|
|
2013 |
|
| |
|
| Net income based on U.S. GAAP |
|
|
304.8 |
|
|
|
481.1 |
|
|
|
|
|
|
|
1,196.6 |
|
|
|
1,015.5 |
|
| Development expenditures (see Note 1) |
|
|
83.6 |
|
|
|
28.4 |
|
|
|
|
|
|
|
194.3 |
|
|
|
189.0 |
|
| Share-based payments (see Note 2) |
|
|
0.9 |
|
|
|
1.8 |
|
|
|
|
|
|
|
5.0 |
|
|
|
4.0 |
|
| Income taxes (see Note 3) |
|
|
(4.3 |
) |
|
|
(4.6 |
) |
|
|
|
|
|
|
22.4 |
|
|
|
(14.7 |
) |
| |
|
| Net income based on IFRS |
|
|
385.0 |
|
|
|
506.7 |
|
|
|
|
|
|
|
1,418.3 |
|
|
|
1,193.8 |
|
|
|
|
|
|
|
| Shareholders’ equity |
|
Dec 31, |
|
|
Sep 28, |
|
|
Jun 29, |
|
|
Mar 30, |
|
|
Dec 31, |
|
| (in millions EUR) |
|
2014 |
|
|
2014 |
|
|
2014 |
|
|
2014 |
|
|
2013 |
|
| |
|
| Shareholders’ equity based on U.S. GAAP |
|
|
7,512.6 |
|
|
|
7,324.1 |
|
|
|
7,080.4 |
|
|
|
7,056.9 |
|
|
|
6,922.4 |
|
| Development expenditures (see Note 1) |
|
|
792.1 |
|
|
|
702.3 |
|
|
|
646.9 |
|
|
|
610.2 |
|
|
|
582.7 |
|
| Share-based payments (see Note 2) |
|
|
21.0 |
|
|
|
20.7 |
|
|
|
20.1 |
|
|
|
26.0 |
|
|
|
27.0 |
|
| Income taxes (see Note 3) |
|
|
40.2 |
|
|
|
43.8 |
|
|
|
33.7 |
|
|
|
18.7 |
|
|
|
12.7 |
|
| |
|
| Equity based on IFRS |
|
|
8,365.9 |
|
|
|
8,090.9 |
|
|
|
7,781.1 |
|
|
|
7,711.8 |
|
|
|
7,544.8 |
|
Notes to the reconciliation from US GAAP to IFRS
Note 1 Development expenditures
Under
US GAAP, ASML applies ASC 730, “Research and Development”. In accordance with ASC 730, ASML charges costs relating to research and development to operating expense as incurred.
Under IFRS, ASML applies IAS 38, “Intangible Assets”. In accordance with IAS 38, ASML capitalizes certain development expenditures that are amortized over the expected useful life of the related
product generally ranging between one and five years. Amortization starts when the developed product is ready for volume production.
Note 2
Share-based Payments
Under US GAAP, ASML applies ASC 718 “Compensation - Stock Compensation” which requires companies to
recognize the cost of employee services received in exchange for awards of equity instruments based upon the grant-date fair value of those instruments. ASC 718’s general principle is that a deferred tax asset is established as we recognize
compensation costs for commercial purposes for awards that are expected to result in a tax deduction under existing tax law. Under US GAAP, the deferred tax recorded on share-based compensation is computed on the basis of the expense recognized
in the financial statements. Therefore, changes in ASML’s share price do not affect the deferred tax asset recorded in our financial statements.
Under IFRS, ASML applies IFRS 2, “Share-based Payments”. In accordance with IFRS 2, ASML records as an expense the fair value of its share-based payments with respect to stock options and shares
granted to its employees. Under IFRS, at period end a deferred tax asset is computed on the basis of the tax deduction for the share-based payments under the applicable tax law and is recognized to the extent it is probable that future taxable
profit will be available against which these deductible temporary differences will be utilized. Therefore, changes in ASML’s share price do affect the deferred tax asset at period-end and result in adjustments to the deferred tax asset.
Note 3 Income taxes
Under
US GAAP, the elimination of unrealized net income from intercompany transactions that are eliminated from the carrying amount of assets in consolidation give rise to a temporary difference for which prepaid taxes must be recognized in
consolidation. Contrary to IFRS, the prepaid taxes under US GAAP are calculated based on the tax rate applicable in the seller’s rather than the purchaser’s tax jurisdiction.
Under IFRS, ASML applies IAS 12, “Income Taxes”. In accordance with IAS 12 unrealized net income resulting from intercompany transactions that are eliminated from the carrying amount of assets in
consolidation give rise to a temporary difference for which deferred taxes must be recognized in consolidation. The deferred taxes are calculated based on the tax rate applicable in the purchaser’s tax jurisdiction.
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.
| 1 |
These financial statements are unaudited. |
| 2 |
Numbers have been rounded. |
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