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ASML Announces 2012 Third-Quarter Results In Line With Guidance

Stocks in this article: ASML

The foregoing risk list of factors is not exhaustive. You should consider carefully the foregoing factors and the other risks and uncertainties that affect the business of ASML described in the risk factors included in ASML's Annual Report on Form 20-F and other documents filed by ASML from time to time with the SEC. ASML disclaims any obligation to update the forward-looking statements contained herein.

Important information for Investors and Stockholders

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. The proposed Cymer transaction will be submitted to the stockholders of Cymer for their consideration. In connection with the proposed Cymer transaction, Cymer will file a proxy statement with the SEC and ASML will file a registration statement on Form F-4 with additional information concerning the transaction, including a proxy statement/prospectus. CYMER STOCKHOLDERS ARE ADVISED TO READ THESE DOCUMENTS CAREFULLY (WHEN THEY BECOME AVAILABLE) AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. The proxy statement, the registration statement, ASML’s Annual Report on Form 20-F and ASML’s subsequent reports filed or furnished to the SEC and other documents containing other important information about Cymer and ASML filed or furnished to the SEC (when they become available) may be read and copied at the SEC’s public reference room located at 100 F Street, N.E., Washington, D.C. 20549. Information on the operation of the Public Reference Rooms may be obtained by calling the SEC at 1-800-SEC-0330. The SEC also maintains a website, www.sec.gov, from which any electronic filings made by ASML may be obtained without charge. In addition, investors and shareholders may obtain copies of the documents filed with or furnished to the SEC upon oral or written request without charge. Requests may be made in writing by regular mail at the following address: De Run 6501, 5504 DR, Veldhoven, The Netherlands, Attention: Manager Investor Relations.

Cymer and ASML and their respective directors, executive officers and employees and other persons may be deemed to be participants in the solicitation of proxies in respect of the transaction. Information regarding Cymer's directors and executive officers and their ownership of Cymer common stock is available in Cymer’s proxy statement for its 2012 meeting of stockholders, as filed with the SEC of Schedule 14A on April 11, 2012. Information about ASML's directors and executive officers and their ownership of ASML ordinary shares is available in its Annual Report on Form 20-F for the year ended December 31, 2011 and will be available in the joint proxy statement/prospectus (when available). Other information regarding the interests of such individuals as well as information regarding Cymer's and ASML's directors and officers will be available in the proxy statement/prospectus when it becomes available. These documents can be obtained free of charge from the sources indicated above.

 
ASML - Summary U.S. GAAP Consolidated Statements of Operations 1,2
     
Three months ended, Nine months ended,
Sep 30, Sep 25, Sep 30, Sep 25,
2012 2011 2012 2011
(in millions EUR, except per share data)                
 
Net system sales 1,000.3 1,273.2 3,035.1 3,891.2
Net service and field option sales   228.5   185.3   673.3   548.9
Total net sales 1,228.8 1,458.5 3,708.4 4,440.1
 
Total cost of sales   697.8   845.1   2,123.4   2,487.1
Gross profit 531.0 613.4 1,585.0 1,953.0
 
Research and development costs 143.8 149.8 433.7 439.9
Selling, general and administrative costs   69.7   56.3   179.8   161.6
Income from operations 317.5 407.3 971.5 1,351.5
 
Interest income (expense), net   (2.5)   2.2   (2.8)   5.9
Income before income taxes 315.0 409.5 968.7 1,357.4
 
Provision for income taxes   (40.3)   (54.3)   (120.1)   (175.1)
Net income 274.7 355.2 848.6 1,182.3
 
 
Basic net income per ordinary share 0.65 0.84 2.05 2.75
Diluted net income per ordinary share

3

0.65 0.84 2.03 2.73
 
Weighted average number of ordinary shares used in computing per share amounts (in millions):
Basic 422.5 421.9 414.6 429.2
Diluted 3 425.7 425.3 417.6 432.8
 
 
 
ASML - Ratios and Other Data 1,2
 
Three months ended, Nine months ended,
Sep 30, Sep 25, Sep 30, Sep 25,
2012 2011 2012 2011
(in millions EUR, except otherwise indicated)                
 
Gross profit as a percentage of net sales 43.2 42.1 42.7 44.0
Income from operations as a percentage of net sales 25.8 27.9 26.2 30.4
Net income as a percentage of net sales 22.4 24.4 22.9 26.6
Income taxes as a percentage of income before income taxes 12.8 13.2 12.4 12.9
Shareholders’ equity as a percentage of total assets 65.2 46.2 65.2 46.2
Sales of systems (in units) 40 55 136 181
Average selling price of system sales (EUR millions) 25.0 23.2 22.3 21.5
Value of systems backlog excluding EUV (EUR millions) 1,340 1,994 1,340 1,994
Systems backlog excluding EUV (in units) 48 74 48 74
Average selling price of systems backlog excluding EUV (EUR millions) 27.9 26.9 27.9 26.9
Value of booked systems excluding EUV (EUR millions) 831 514 2,645 2,199
Net bookings excluding EUV (in units) 33 23 112 97
Average selling price of booked systems excluding EUV (EUR millions) 25.2 22.4 23.6 22.7
Number of payroll employees in FTEs 8,203 7,848 8,203 7,848
Number of temporary employees in FTEs 2,027 2,050 2,027 2,050
 
 
 
ASML - Summary U.S. GAAP Consolidated Balance Sheets 1,2
 
Sep 30, Dec 31,
2012 2011
(in millions EUR)                
 
ASSETS
Cash and cash equivalents 4 5,118.8 2,731.8
Short-term investments 1,040.0 -
Accounts receivable, net 326.8 880.6
Finance receivables, net 221.6 78.9
Current tax assets 36.6 32.1
Inventories, net 1,920.0 1,624.6
Deferred tax assets 111.0 120.7
Other assets   235.0   238.1        
Total current assets 9,009.8 5,706.8
 
Finance receivables, net 44.7 -
Deferred tax assets 38.3 38.7
Other assets 304.9 307.3
Goodwill 145.9 146.0
Other intangible assets, net 7.2 8.4
Property, plant and equipment, net   1,036.9   1,053.6        
Total non-current assets 1,577.9 1,554.0
 
Total assets 10,587.7 7,260.8
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities 2,301.8 2,233.0
 
Long-term debt 747.3 733.8
Deferred and other tax liabilities 215.2 176.7
Provisions 8.7 10.0
Accrued and other liabilities   409.0   663.1        
Total non-current liabilities 1,380.2 1,583.6
                 
Total liabilities 3,682.0 3,816.6
 
Shareholders’ equity 4 6,905.7   3,444.2        
Total liabilities and shareholders’ equity 10,587.7 7,260.8
 
 
 
ASML - Summary U.S. GAAP Consolidated Statements of Cash Flows 1,2
 
Three months ended, Nine months ended,
Sep 30, Sep 25, Sep 30, Sep 25,
2012 2011 2012 2011
(in millions EUR)                
 
CASH FLOWS FROM OPERATING ACTIVITIES
Net income 274.7 355.2 848.6 1,182.3
 
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization 36.7 43.0 143.1 125.1
Impairment 1.7 9.2 2.8 9.8
Loss on disposal of property, plant and equipment 0.5 0.3 2.0 2.2
Share-based payments 4.9 4.0 13.7 8.8
Allowance for doubtful receivables 0.5 (0.9) 0.8 0.3
Allowance for obsolete inventory 31.0 14.3 108.0 37.2
Deferred income taxes 25.6 (3.9) 47.9 35.6
Changes in assets and liabilities   113.7   (83.0)   (207.9)   536.8
Net cash provided by operating activities 489.3 338.2 959.0 1,938.1
 
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment (50.2) (79.8) (136.2) (207.2)
Purchase of intangible assets - - (3.3) -
Purchase of available for sale securities (440.0) - (1,290.0) -
Maturity of available for sale securities   250.0   -   250.0   -
Net cash used in investing activities (240.2) (79.8) (1,179.5) (207.2)
 
CASH FLOWS FROM FINANCING ACTIVITIES
Dividend paid - - (188.9) (172.6)
Purchase of shares (25.2) (173.7) (269.7) (539.4)
Net proceeds from issuance of shares 4 3,046.5 2.5 3,067.0 26.1
Deposits from customers - - - (150.0)
Repayment of debt (0.7) (0.6) (2.1) (1.9)
Tax benefit from share-based payments   1.5   -   1.6   -
Net cash provided by (used in) financing activities 3,022.1 (171.8) 2,607.9 (837.8)
                 
Net cash flows 3,271.2 86.6 2,387.4 893.1
 
Effect of changes in currency rates on cash   (4.2)   9.4   (0.4)   (4.8)
Net increase in cash and cash equivalents 3,267.0 96.0 2,387.0 888.3
 
 

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

 

       
Three months ended,
 
Sep 30, Jul 1, Apr 1, Dec 31, Sep 25,
2012 2012 2012 2011 2011
(in millions EUR, except per share data)                    
 
Net system sales 1,000.3 984.8 1,050.0 992.7 1,273.2
Net service and field option sales   228.5   242.9   201.9   218.2   185.3
Total net sales 1,228.8 1,227.7 1,251.9 1,210.9 1,458.5
 
Total cost of sales   697.8   697.3   728.3   714.5   845.1
Gross profit 531.0 530.4 523.6 496.4 613.4
 
Research and development costs 143.8 144.6 145.3 150.4 149.8
Selling, general and administrative costs   69.7   54.7   55.4   56.3   56.3
Income from operations 317.5 331.1 322.9 289.7 407.3
 
Interest income (expense), net   (2.5)   (0.9)   0.6   1.5   2.2
Income before income taxes 315.0 330.2 323.5 291.2 409.5
 
Provision for income taxes   (40.3)   (38.3)   (41.5)   (6.5)   (54.3)
Net income 274.7 291.9 282.0 284.7 355.2
 
 
Basic net income per ordinary share 0.65 0.71 0.68 0.69 0.84
Diluted net income per ordinary share 3 0.65 0.71 0.68 0.68 0.84
 
Weighted average number of ordinary shares used in computing per share amounts (in millions):
Basic 422.5 409.5 411.8 415.6 421.9
Diluted 3 425.7 412.7 415.0 419.0 425.3
 
 
 
ASML - Quarterly Summary Ratios and other data 1,2
 
Three months ended,
 
Sep 30, Jul 1, Apr 1, Dec 31, Sep 25,
2012 2012 2012 2011 2011
(in millions EUR, except otherwise indicated)                    
 
Gross profit as a percentage of net sales 43.2 43.2 41.8 41.0 42.1
Income from operations as a percentage of net sales 25.8 27.0 25.8 23.9 27.9
Net income as a percentage of net sales 22.4 23.8 22.5 23.5 24.4
Income taxes as a percentage of income before income taxes 12.8 11.6 12.8 2.3 13.2
Shareholders’ equity as a percentage of total assets 65.2 49.8 48.8 47.4 46.2
Sales of systems (in units) 40 44 52 41 55
Average selling price of system sales (EUR millions) 25.0 22.4 20.2 24.2 23.2
Value of systems backlog excluding EUV (EUR millions) 1,340 1,503 1,598 1,733 1,994
Systems backlog excluding EUV (in units) 48 55 56 71 74
Average selling price of systems backlog excluding EUV (EUR millions) 27.9 27.3 28.5 24.4 26.9
Value of booked systems excluding EUV (EUR millions) 831 949 865 710 514
Net bookings excluding EUV (in units) 33 43 36 37 23
Average selling price of booked systems excluding EUV (EUR millions) 25.2 22.1 24.0 19.2 22.4
Number of payroll employees in FTEs 8,203 8,010 7,986 7,955 7,848
Number of temporary employees in FTEs 2,027 1,860 1,833 1,935 2,050
 
 
 
ASML - Quarterly Summary U.S. GAAP Consolidated Balance Sheets 1,2
 
Sep 30, Jul 1, Apr 1, Dec 31, Sep 25,
2012 2012 2012 2011 2011
(in millions EUR)                    
 
ASSETS
Cash and cash equivalents 4 5,118.8 1,851.8 2,953.4 2,731.8 2,838.1
Short-term investments 1,040.0 850.0 - - -
Accounts receivable, net 326.8 631.7 761.2 880.6 811.8
Finance receivables, net 221.6 122.3 78.8 78.9 116.2
Current tax assets 36.6 23.6 15.6 32.1 1.0
Inventories, net 1,920.0 1,721.2 1,607.6 1,624.6 1,455.8
Deferred tax assets 111.0 123.4 117.3 120.7 129.9
Other assets   235.0   235.2   233.2   238.1   248.8
Total current assets 9,009.8 5,559.2 5,767.1 5,706.8 5,601.6
 
Finance receivables, net 44.7 - - - -
Deferred tax assets 38.3 40.1 38.0 38.7 48.4
Other assets 304.9 290.5 318.0 307.3 248.4
Goodwill 145.9 150.2 141.5 146.0 139.2
Other intangible assets, net 7.2 8.6 10.1 8.4 9.7
Property, plant and equipment, net   1,036.9   1,169.2   1,124.6   1,053.6   1,060.3
Total non-current assets 1,577.9 1,658.6 1,632.2 1,554.0 1,506.0
 
Total assets 10,587.7 7,217.8 7,399.3 7,260.8 7,107.6
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities 2,301.8 2,075.0 2,091.6 2,233.0 2,030.9
 
Long-term debt 747.3 741.8 736.8 733.8 733.1
Deferred and other tax liabilities 215.2 205.1 193.8 176.7 184.6
Provisions 8.7 9.5 9.4 10.0 10.1
Accrued and other liabilities   409.0   590.9   755.7   663.1   864.7
Total non-current liabilities 1,380.2 1,547.3 1,695.7 1,583.6 1,792.5
                     
Total liabilities 3,682.0 3,622.3 3,787.3 3,816.6 3,823.4
 
Shareholders’ equity 4 6,905.7   3,595.5   3,612.0   3,444.2   3,284.2
Total liabilities and shareholders’ equity 10,587.7 7,217.8 7,399.3 7,260.8 7,107.6
 
 
 

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

 

 
Three months ended,
 
Sep 30, Jul 1, Apr 1, Dec 31, Sep 25,
2012 2012 2012 2011 2011
(in millions EUR)                    
 
CASH FLOWS FROM OPERATING ACTIVITIES
Net income 274.7 291.9 282.0 284.7 355.2
 
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization 36.7 56.8 49.6 40.1 43.0
Impairment 1.7 1.1 - 2.5 9.2
Loss on disposal of property, plant and equipment 0.5 1.2 0.3 1.2 0.3
Share-based payments 4.9 4.4 4.4 3.6 4.0
Allowance for doubtful receivables 0.5 0.1 0.2 0.5 (0.9)
Allowance for obsolete inventory 31.0 53.4 23.6 23.0 14.3
Deferred income taxes 25.6 0.7 21.6 27.6 (3.9)
Changes in assets and liabilities   113.7   (335.5)   13.9   (250.8)   (83.0)
Net cash provided by operating activities 489.3 74.1 395.6 132.4 338.2
 
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment (50.2) (38.8) (47.2) (93.8) (79.8)
Purchase of intangible assets - - (3.3) - -
Purchase of available for sale securities (440.0) (850.0) - - -
Maturity of available for sale securities   250.0   -   -   -   -
Net cash used in investing activities (240.2) (888.8) (50.5) (93.8) (79.8)
 
CASH FLOWS FROM FINANCING ACTIVITIES
Dividend paid - (188.9) - - -
Purchase of shares (25.2) (108.8) (135.7) (161.1) (173.7)
Net proceeds from issuance of shares 4 3,046.5 4.2 16.3 8.0 2.5
Repayment of debt (0.7) (0.7) (0.7) (0.7) (0.6)
Tax benefit from share-based payments   1.5   -   0.1   -   -
Net cash provided by (used in) financing activities 3,022.1 (294.2) (120.0) (153.8) (171.8)
                     
Net cash flows 3,271.2 (1,108.9) 225.1 (115.2) 86.6
 
Effect of changes in currency rates on cash   (4.2)   7.3   (3.5)   8.9   9.4
Net increase (decrease) in cash and cash equivalents 3,267.0 (1,101.6) 221.6 (106.3) 96.0
 

Notes to the Summary U.S. GAAP Consolidated Financial Statements

Basis of Presentation

ASML follows accounting principles generally accepted in the United States of America (“U.S. GAAP”). Further disclosures, as required under U.S. GAAP in annual reports, are not included in the summary consolidated financial statements. Unless stated otherwise, the accompanying consolidated financial statements are stated in millions of euros (‘EUR’).

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