ASML Holding NV (ASML) on January 20th announced 2009 fourth quarter and full year results. ASML is the world's leading provider of lithography systems for the semiconductor industry, manufacturing complex machines that are critical to the production of integrated circuits or chips. According to US GAAP, ASML results are as follows:
Q4 2009 net sales of $791 (EUR 581) million versus Q3 2009 net sales of $756 (EUR 555) million (Q4 2008 net sales of $ 673 (EUR 494) million. Full year 2009 net sales were $ 2,175 (EUR 1,596) million, down 46.0 percent versus 2008 net sales of $4,026 ( EUR 2,954) million. (1.00 EUR = 1.36315 USD)
Q4 2009 net income of $60 (EUR 50 million), or 8.7 percent of net sales, versus Q3 2009 net income of $27 (EUR 20) million, or 3.6 percent of net sales (Q4 2008 net loss of EUR 88 million or 17.8 percent of net sales). Full year 2009 net loss amounted to EUR 151 million or 9.5 percent of net sales, compared with 2008 net income of $439 (EUR 322) million or 10.9 percent of net sales.
Q4 2009 net bookings valued at $1,298 (EUR 956) million with 40 systems including 35 new and 5 used systems, leading to an order backlog valued at $2,515 (EUR 1,853) million as of December 31, 2009.
"We closed the year as planned with improved sales and strong bookings, as the semiconductor business recovers, driven by technology buys from the memory market segments and technology and capacity buys from major Foundry customers," said Eric Meurice, president and Chief Executive Officer of ASML. "Thanks to our continued heavy investments in Research & Development we have been able to ramp up our new mid-range and top-of-the-range platforms, respectively the XT:1950Hi and the NXT:1950i scanners. In parallel, we are making good progress with our next generation EUV technology, as system integration and source performance development confirms shipments of the first pre-production systems in the second half of 2010. We thus closed off a challenging year, having generated cash from operations, set up a more efficient cost structure and built an even stronger product portfolio," Meurice said.
Operations Update
Full year 2009 net sales of $2,166 (EUR 1,596) million consisted of system sales of $1,594
( EUR 1,175) million, as the company shipped a total of 70 systems, including 47 new and 23 used, and net service and field option sales which amounted to $571 (EUR 421) million. 2008 net sales of $4,009 (EUR 2,954) million consisted of net system sales of $ 3,416 (EUR 2,517) million, as the company shipped a total of 151 systems, including 115 new and 36 used, and net service and field option sales of $593 (EUR 437) million.
In Q4 2009, ASML's net sales of $788 (EUR 581) million included 19 new and 6 used systems, totaling net system sales of $586 (EUR 432) million, and net service and field option sales of $202 (EUR 149) million. Net system sales for Q3 2009 included the shipment of 17 new and 7 used machines, totaling $623 (EUR 459) million, and net service and field option sales of $130 (EUR 96) million.
The Q4 2009 average selling price for a new system was $26.7 (EUR 19.7) million, reflecting a mix of immersion scanners aimed at technology upgrades and a number of complementary dry systems for less critical layers, compared with the Q3 2009 average selling price for a new system of $31.7 (EUR 23.4) million. The Q4 2009 average selling price for all ASML systems sold was $23.4 (EUR 17.3) million, compared with the Q3 2009 average selling price for all ASML systems sold of $25.9 (EUR 19.1) million.
Q4 2009 net bookings totaled 40 systems valued at $1,297 (EUR 956) million.
ASML's order backlog as of December 31, 2009 was $2,514 (EUR 1,853) million, totaling 69 systems with an average selling price of $36.3 (EUR 26.8) million. ASML's backlog as of September 27, 2009 was valued at $1,836 (EUR 1,353) million, totaling 54 systems with an average selling price of $34 (EUR 25.1) million.
In Q4 2009, ASML generated a net income of $67.8 (EUR 50) million, or EUR 0.12 net income per ordinary share as compared with a net income in Q3 2009 of $27 (EUR 20) million or EUR 0.05 net income per ordinary share. ASML recorded a net loss of $205 (EUR 151) million (EUR 0.35 net loss per ordinary share) for the 2009 full year, compared with a net income of $437 (EUR 322) million (EUR 0.75 net income per ordinary share) for 2008.
The company's Q4 2009 gross margin was 38.0 percent. This margin is the result of an improvement of the company's cost structure and stronger service and field option sales and compares with the Q3 2009 gross margin of 34.4 percent.
Outlook
"We booked $1,297 (EUR 956) million of systems in the fourth quarter of 2009 and expect bookings of the same order of magnitude for the first quarter of 2010, confirming an upturn of the semiconductor industry," Eric Meurice said. "Of our backlog, 49 units are for new immersion systems, including 17 advanced NXT:1950i scanners. The immersion bookings continue to be led by technology upgrades required to manufacture our customers' richer mix of new semiconductor designs: mainly 40 nanometer (nm) DRAM memory chips and Logic integrated circuits, but also 20s and 30s nm NAND Flash memory products. Shipments will continue to grow, with the first quarter somewhat restricted, due to standard - long - equipment industry production lead times and new product introduction challenges, followed by a much higher second quarter," Meurice added.
ASML expects net sales of around $950 (EUR 700) million in Q1 2010 and of around $1,289
(EUR 950) million in Q2 2010. ASML expects gross margin in Q1 2010 of about 40 percent. R&D expenditures are expected to be at $163 (EUR 120) million and SG&A costs are expected at $54 (EUR 40) million.
ASML will submit a proposal to the 2010 General Meeting of Shareholders to declare an unchanged dividend paid in respect of 2009 of EUR 0.20 per ordinary share (approximately $118
(EUR 87) million) (EUR 0.20 per ordinary share paid in respect of 2008).
About ASML
Headquartered in Veldhoven, the Netherlands, ASML is traded on Euronext Amsterdam and NASDAQ under the symbol ASML. ASML has more than 6,500 employees (expressed in full time equivalents), serving chip manufacturers in more than 60 locations in 15 countries. More information about the company, its products and technology, and career opportunities is available on our website: www.asml.com
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