ASML reports record full-year 2016 net sales and net income

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Algemeen advies 18/01/2017 07:04
Orders for EUV lithography systems show strong customer commitment for production insertion

VELDHOVEN, the Netherlands, January 18, 2017 - ASML Holding N.V. (ASML) today publishes its 2016 fourth-quarter and full-year results.

Q4 net sales of EUR 1.91 billion, gross margin 47.2 percent, including the effects of purchase price allocation for the HMI acquisition, which closed as planned in Q4
Full-year net sales EUR 6.79 billion, gross margin 44.8 percent, net income EUR 1.47 billion
ASML proposes a dividend of EUR 1.20 per share, a 14 percent increase from the previous year
ASML took orders for six NXE:3400 Extreme Ultraviolet (EUV) systems in the fourth quarter, bringing the EUV backlog to 18 systems for a value of around EUR 2 billion
ASML guides Q1 2017 net sales approximately EUR 1.8 billion and a gross margin around 47 percent
(Figures in millions of euros unless otherwise indicated)
Q3 2016 Q4 2016 FY 2015 FY 2016
Net sales 1,815 1,907 6,287 6,795
...of which service and field option sales 577 684 2,050 2,224
Other income (Co-Investment Program) 23 23 83 94
New systems sold (units) 38 34 144 139
Used systems sold (units) 2 4 25 18
Average Selling Price (ASP) of net system sales 31.0 32.2 25.1 29.1
Net bookings 1,415 1,580 4,639 5,396
Systems backlog 3,462 3,961 3,184 3,961
Gross profit 834 901 2,896 3,044
Gross margin (%) 46.0 47.2 46.1 44.8
Net income 396 524 1,387 1,472
EPS (basic; in euros) 0.93 1.23 3.22 3.46
End-quarter cash and cash equivalents and short-term investments
4,3134,057 3,409 4,057

A complete summary of US GAAP Consolidated Statements of Operations is published on www.asml.com

CEO Statement

"2016 has been a remarkable year for ASML on many fronts. We delivered record financial performance, with contributions from each of our wide range of product offerings, notably Deep Ultraviolet (DUV) and Holistic Lithography. It was also the year when the industry turned the corner on the introduction of EUV. We laid the foundation for further expansion of our pattern fidelity strategy with the acquisition of Hermes Microvision Inc. We strengthened our partnership with Zeiss by agreeing to acquire a minority stake in Carl Zeiss SMT to secure the extension of EUV beyond the next decade. All of this has further anchored our leadership position in the semiconductor equipment market," ASML President and Chief Executive Officer Peter Wennink said.

"Logic chip manufacturers have built up capacity for the 10 nanometer node in 2016, and we also saw healthy demand from memory manufacturers both for DRAM and 3D NAND production. Together with solid growth in net service and field option sales, this has led to record 2016 net sales of EUR 6.8 billion. These trends are expected to continue into 2017, as evidenced by our first-quarter guidance.

"Regarding EUV, we executed on the customer-aligned productivity and availability targets, which gave customers the confidence to place a significant number of orders, leading to an EUV backlog of about EUR 2 billion. These orders show that they are committed to take EUV into production, and we expect that the first customers will start volume manufacturing with EUV at the 7 nanometer logic node and the mid-10 nanometer DRAM node. We are now moving to the next phase of EUV industrialization. We remain committed to deliver the performance requirements for customer volume manufacturing, while continuing to build up our manufacturing, supply chain and service capabilities," Wennink said.


Product and Business Highlights

In DUV lithography, we shipped 15 TWINSCAN NXT:1980 systems in the quarter, supporting the ramp of the 10 nanometer node as well as process development for the 7 nanometer foundry node. With the introduction of the NXT:1980, we have shortened the time to maturity, enabling a faster, more cost-effective node ramp. More customers are now recognizing the value of upgrading their existing NXT systems to the latest performance, which has supported our field upgrade sales. We also continue to support our XT and NXT systems with productivity upgrades and as part of the transition from planar to 3D NAND, we have supported a large additional number of system relocations, helping customers to optimize their ramp plans.
In Holistic Lithography, we successfully completed the acquisition of Hermes Microvision Inc. (HMI) and began the integration of HMI's e-beam systems into our Holistic Lithography portfolio.
In EUV lithography, we took orders for six TWINSCAN NXE:3400 systems in the fourth quarter. Our backlog now includes 18 EUV systems, worth almost EUR 2 billion, or about half of the total backlog.

Outlook
For the first-quarter of 2017, ASML expects net sales at approximately EUR 1.8 billion, a gross margin of around 47 percent, R&D costs of about EUR 320 million, other income of about EUR 23 million -- which consists of contributions from participants of the Customer Co-Investment Program, SG&A costs of about EUR 95 million and an effective annualized tax rate between 13 and 14 percent.

Dividend Proposal

ASML will submit a proposal to the 2017 Annual General Meeting of Shareholders to declare a dividend in respect of 2016 of EUR 1.20 per ordinary share (for a total amount of approximately EUR 515 million), compared with a dividend of EUR 1.05 per ordinary share paid in respect of 2015.



Update Share Buyback Program

As part of ASML's financial policy to return excess cash to shareholders through dividends and regularly timed share buyback programs, ASML in January 2016 announced its intention to purchase up to EUR 1.5 billion of shares to be executed within the 2016-2017 time frame. ASML intends to cancel the shares upon repurchase.

Through December 31, 2016, ASML has acquired 4.8 million shares under this program for a total consideration of EUR 400 million.

As announced on November 3, 2016, the share buyback program is currently paused. As a result, the 2016-2017 program may not be completed for the full amount. Otherwise, the current program will remain in place, yet it may be further suspended, modified or discontinued at any time. Any transactions under this program will be published on ASML's website (www.asml.com/investors) on a weekly basis.

tijd 09.15
ASML EUR 112,70 +4,95 vol. 332.000




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