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ASML Announces 2012 Fourth Quarter And Full Year Results In Line With Guidance

1 Adjusted EPS is calculated using the weighted average number of shares outstanding excluding the shares issued (in October and November 2012) to the participants in the Customer Co-Investment Program. EPS was calculated based on a weighted average basic number of shares of 452,452 thousand in Q4, 422,516 thousand in Q3, and 424,096 thousand for the full year 2012. Adjusted EPS was calculated based on an adjusted weighted average basic number of shares of 406,801 thousand in Q4, 409,229 thousand in Q3, and 409,340 thousand for the full year 2012. No adjustments were made to net income in calculating Adjusted EPS.

 

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

 
Three months ended, Twelve months ended,
Dec 31, Dec 31, Dec 31, Dec 31,
2012 2011 2012 2011
(in millions EUR, except per share data)                
 
Net system sales 766.5 992.7 3,801.6 4,883.9
Net service and field option sales   256.6   218.2   929.9   767.1
Total net sales 1,023.1 1,210.9 4,731.5 5,651.0
 
Total cost of sales   602.9   714.5   2,726.3   3,201.6
Gross profit 420.2 496.4 2,005.2 2,449.4
 
Research and development costs 155.4 150.4 589.1 590.3
Selling, general and administrative costs   79.5   56.3   259.3   217.9
Income from operations 185.3 289.7 1,156.8 1,641.2
 
Interest income (expense), net   (3.4)   1.5   (6.2)   7.4
Income before income taxes 181.9 291.2 1,150.6 1,648.6
 
Benefit from (provision for) income taxes (3.7) (6.5) (96.8) (181.6)
Benefit from release of liability for unrecognized tax benefits   119.5 4 -   92.5 4 -
Net income 297.7 284.7 1,146.3 1,467.0
 
 
Basic net income per ordinary share 0.66 0.69 2.70 3.45
Diluted net income per ordinary share 3 0.65 0.68 2.68 3.42
 
Weighted average number of ordinary shares used in computing per share amounts (in millions):
Basic 452.5 415.6 424.1 425.6
Diluted

3

455.4 419.0 427.0 429.1
 
 

ASML - Ratios and Other Data 1,2

 
Three months ended, Twelve months ended,
Dec 31, Dec 31, Dec 31, Dec 31,
2012 2011 2012 2011
(in millions EUR, except otherwise indicated)                
 
Gross profit as a percentage of net sales 41.1 41.0 42.4 43.3
Income from operations as a percentage of net sales 18.1 23.9 24.4 29.0
Net income as a percentage of net sales 29.1 23.5 24.2 26.0
Income taxes as a percentage of income before income taxes (63.7) 4 2.3 0.4 4 11.0
Shareholders’ equity as a percentage of total assets 54.9 47.4 54.9 47.4
Sales of systems (in units) 34 41 170 222
Average selling price of system sales (EUR millions) 22.5 24.2 22.4 22.0
Value of systems backlog excluding EUV (EUR millions) 1,214 1,733 1,214 1,733
Systems backlog excluding EUV (in units) 46 71 46 71
Average selling price of systems backlog excluding EUV (EUR millions) 26.4 24.4 26.4 24.4
Value of booked systems excluding EUV (EUR millions) 667 710 3,312 2,909
Net bookings excluding EUV (in units) 32 37 144 134
Average selling price of booked systems excluding EUV (EUR millions) 20.9 19.2 23.0 21.7
Number of payroll employees in FTEs 8,497 7,955 8,497 7,955
Number of temporary employees in FTEs 2,139 1,935 2,139 1,935
 
 
ASML - Summary U.S. GAAP Consolidated Balance Sheets 1,2
 
Dec 31, Dec 31,
2012 2011
(in millions EUR)                
 
ASSETS
Cash and cash equivalents 1,767.6 2,731.8
Short-term investments 930.0 -
Accounts receivable, net 605.3 880.6
Finance receivables, net 265.2 78.9
Current tax assets 57.1 32.1
Inventories, net 1,857.0 1,624.6
Deferred tax assets 103.7 120.7
Other assets   246.0   238.1        
Total current assets 5,831.9 5,706.8
 
Finance receivables, net 38.6 -
Deferred tax assets 39.4 38.7
Other assets 311.6 307.3
Goodwill 149.2 146.0
Other intangible assets, net 9.9 8.4
Property, plant and equipment, net   1,029.9   1,053.6        
Total non-current assets 1,578.6 1,554.0
 
Total assets 7,410.5 7,260.8
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities 2,086.3 2,233.0
 
Long-term debt 755.9 733.8
Deferred and other tax liabilities 88.3 4 176.7
Provisions 8.0 10.0
Accrued and other liabilities   405.1   663.1        
Total non-current liabilities 1,257.3 1,583.6
                 
Total liabilities 3,343.6 3,816.6
 
Shareholders’ equity   4,066.9   3,444.2        
Total liabilities and shareholders’ equity 7,410.5 7,260.8
 
 
ASML - Summary U.S. GAAP Consolidated Statements of Cash Flows 1,2
 
Three months ended, Twelve months ended,
Dec 31, Dec 31, Dec 31, Dec 31,
2012 2011 2012 2011
(in millions EUR)                
 
CASH FLOWS FROM OPERATING ACTIVITIES
Net income 297.7 284.7 1,146.3 1,467.0
 
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization 43.5 40.1 186.6 165.2
Impairment 0.5 2.5 3.3 12.3
Loss on disposal of property, plant and equipment 0.2 1.2 2.2 3.4
Share-based payments 5.0 3.6 18.7 12.4
Allowance for doubtful receivables (0.3) 0.5 0.5 0.8
Allowance for obsolete inventory 22.9 23.0 130.9 60.2
Deferred income taxes (120.3) 4 27.6 (72.4) 4 63.2
Changes in assets and liabilities   (504.7)   (250.8)   (712.6)   286.0
Net cash provided by (used in) operating activities (255.5) 132.4 703.5 2,070.5
 
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment (35.7) (93.8) (171.9) (301.0)
Purchase of intangible assets (4.3) - (7.6) -
Purchase of available for sale securities (90.0) - (1,380.0) -
Maturity of available for sale securities 200.0 - 450.0 -
Acquisition of subsidiaries (net of cash acquired)   (10.3)   -   (10.3)   -
Net cash provided by (used in) investing activities 59.7 (93.8) (1,119.8) (301.0)
 
CASH FLOWS FROM FINANCING ACTIVITIES
Dividend paid - - (188.9) (172.6)
Purchase of shares (265.7) (161.1) (535.4) (700.5)
Net proceeds from issuance of shares 840.7 8.0 3,907.7 5 34.1
Capital repayment (3,728.3) - (3,728.3) 5 -
Deposits from customers - - - (150.0)
Repayment of debt (0.8) (0.7) (2.9) (2.6)
Tax benefit from share-based payments   0.6   -   2.2   -
Net cash provided by (used in) financing activities (3,153.5) (153.8) (545.6) (991.6)
                 
Net cash flows (3,349.3) (115.2) (961.9) 777.9
 
Effect of changes in currency rates on cash   (1.9)   8.9   (2.3)   4.1
Net increase (decrease) in cash and cash equivalents (3,351.2) (106.3) (964.2) 782.0
 
   
ASML - Quarterly Summary U.S. GAAP Consolidated Statements of Operations 1,2
 
Three months ended,
 
Dec 31, Sep 30, Jul 1, Apr 1, Dec 31,
2012 2012 2012 2012 2011
(in millions EUR, except per share data)                    
 
Net system sales 766.5 1,000.3 984.8 1,050.0 992.7
Net service and field option sales   256.6   228.5   242.9   201.9   218.2
Total net sales 1,023.1 1,228.8 1,227.7 1,251.9 1,210.9
 
Total cost of sales   602.9   697.8   697.3   728.3   714.5
Gross profit 420.2 531.0 530.4 523.6 496.4
 
Research and development costs 155.4 143.8 144.6 145.3 150.4
Selling, general and administrative costs   79.5   69.7   54.7   55.4   56.3
Income from operations 185.3 317.5 331.1 322.9 289.7
 
Interest income (expense), net   (3.4)   (2.5)   (0.9)   0.6   1.5
Income before income taxes 181.9 315.0 330.2 323.5 291.2
 
Benefit from (provision for) income taxes   115.8 4 (40.3)   (38.3)   (41.5)   (6.5)
Net income 297.7 274.7 291.9 282.0 284.7
 
 
Basic net income per ordinary share 0.66 0.65 0.71 0.68 0.69
Diluted net income per ordinary share 3 0.65 0.65 0.71 0.68 0.68
 
Weighted average number of ordinary shares used in computing per share amounts (in millions):
Basic 452.5 422.5 409.5 411.8 415.6
Diluted 3 455.4 425.7 412.7 415.0 419.0
 
 
ASML - Quarterly Summary Ratios and other data 1,2
 
Three months ended,
 
Dec 31, Sep 30, Jul 1, Apr 1, Dec 31,
2012 2012 2012 2012 2011
(in millions EUR, except otherwise indicated)                    
 
Gross profit as a percentage of net sales 41.1 43.2 43.2 41.8 41.0
Income from operations as a percentage of net sales 18.1 25.8 27.0 25.8 23.9
Net income as a percentage of net sales 29.1 22.4 23.8 22.5 23.5
Income taxes as a percentage of income before income taxes (63.7) 4 12.8 11.6 12.8 2.3
Shareholders’ equity as a percentage of total assets 54.9 65.2 49.8 48.8 47.4
Sales of systems (in units) 34 40 44 52 41
Average selling price of system sales (EUR millions) 22.5 25.0 22.4 20.2 24.2
Value of systems backlog excluding EUV (EUR millions) 1,214 1,340 1,503 1,598 1,733
Systems backlog excluding EUV (in units) 46 48 55 56 71
Average selling price of systems backlog excluding EUV (EUR millions) 26.4 27.9 27.3 28.5 24.4
Value of booked systems excluding EUV (EUR millions) 667 831 949 865 710
Net bookings excluding EUV (in units) 32 33 43 36 37
Average selling price of booked systems excluding EUV (EUR millions) 20.9 25.2 22.1 24.0 19.2
Number of payroll employees in FTEs 8,497 8,203 8,010 7,986 7,955
Number of temporary employees in FTEs 2,139 2,027 1,860 1,833 1,935
 
 
ASML - Quarterly Summary U.S. GAAP Consolidated Balance Sheets 1,2
 
Dec 31, Sep 30, Jul 1, Apr 1, Dec 31,
2012 2012 2012 2012 2011
(in millions EUR)                    
 
ASSETS
Cash and cash equivalents 1,767.6 5,118.8 1,851.8 2,953.4 2,731.8
Short-term investments 930.0 1,040.0 850.0 - -
Accounts receivable, net 605.3 326.8 631.7 761.2 880.6
Finance receivables, net 265.2 221.6 122.3 78.8 78.9
Current tax assets 57.1 36.6 23.6 15.6 32.1
Inventories, net 1,857.0 1,920.0 1,721.2 1,607.6 1,624.6
Deferred tax assets 103.7 111.0 123.4 117.3 120.7
Other assets   246.0   235.0   235.2   233.2   238.1
Total current assets 5,831.9 9,009.8 5,559.2 5,767.1 5,706.8
 
Finance receivables, net 38.6 44.7 - - -
Deferred tax assets 39.4 38.3 40.1 38.0 38.7
Other assets 311.6 304.9 290.5 318.0 307.3
Goodwill 149.2 145.9 150.2 141.5 146.0
Other intangible assets, net 9.9 7.2 8.6 10.1 8.4
Property, plant and equipment, net   1,029.9   1,036.9   1,169.2   1,124.6   1,053.6
Total non-current assets 1,578.6 1,577.9 1,658.6 1,632.2 1,554.0
 
Total assets 7,410.5 10,587.7 7,217.8 7,399.3 7,260.8
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities 2,086.3 2,301.8 2,075.0 2,091.6 2,233.0
 
Long-term debt 755.9 747.3 741.8 736.8 733.8
Deferred and other tax liabilities 88.3 4 215.2 205.1 193.8 176.7
Provisions 8.0 8.7 9.5 9.4 10.0
Accrued and other liabilities   405.1   409.0   590.9   755.7   663.1
Total non-current liabilities 1,257.3 1,380.2 1,547.3 1,695.7 1,583.6
                     
Total liabilities 3,343.6 3,682.0 3,622.3 3,787.3 3,816.6
 
Shareholders’ equity   4,066.9   6,905.7   3,595.5   3,612.0   3,444.2
Total liabilities and shareholders’ equity 7,410.5 10,587.7 7,217.8 7,399.3 7,260.8
 
 
ASML - Quarterly Summary U.S. GAAP Consolidated Statements of Cash Flows 1,2
 
Three months ended,
 
Dec 31, Sep 30, Jul 1, Apr 1, Dec 31,
2012 2012 2012 2012 2011
(in millions EUR)                    
 
CASH FLOWS FROM OPERATING ACTIVITIES
Net income 297.7 274.7 291.9 282.0 284.7
 
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization 43.5 36.7 56.8 49.6 40.1
Impairment 0.5 1.7 1.1 - 2.5
Loss on disposal of property, plant and equipment 0.2 0.5 1.2 0.3 1.2
Share-based payments 5.0 4.9 4.4 4.4 3.6
Allowance for doubtful receivables (0.3) 0.5 0.1 0.2 0.5
Allowance for obsolete inventory 22.9 31.0 53.4 23.6 23.0
Deferred income taxes (120.3) 4 25.6 0.7 21.6 27.6
Changes in assets and liabilities   (504.7)   113.7   (335.5)   13.9   (250.8)
Net cash provided by (used in) operating activities (255.5) 489.3 74.1 395.6 132.4
 
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment (35.7) (50.2) (38.8) (47.2) (93.8)
Purchase of intangible assets (4.3) - - (3.3) -
Purchase of available for sale securities (90.0) (440.0) (850.0) - -
Maturity of available for sale securities 200.0 250.0 - - -
Acquisition of subsidiaries (net of cash acquired)   (10.3)   -   -   -   -
Net cash provided by (used in) investing activities 59.7 (240.2) (888.8) (50.5) (93.8)
 
CASH FLOWS FROM FINANCING ACTIVITIES
Dividend paid - - (188.9) - -
Purchase of shares (265.7) (25.2) (108.8) (135.7) (161.1)
Net proceeds from issuance of shares 840.7 3,046.5 4.2 16.3 8.0
Capital repayment (3,728.3) - - - -
Repayment of debt (0.8) (0.7) (0.7) (0.7) (0.7)
Tax benefit from share-based payments   0.6   1.5   -   0.1   -
Net cash provided by (used in) financing activities (3,153.5) 3,022.1 (294.2) (120.0) (153.8)
                     
Net cash flows (3,349.3) 3,271.2 (1,108.9) 225.1 (115.2)
 
Effect of changes in currency rates on cash   (1.9)   (4.2)   7.3   (3.5)   8.9
Net increase (decrease) in cash and cash equivalents (3,351.2) 3,267.0 (1,101.6) 221.6 (106.3)
 

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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