ASML Announces 2011 Second Quarter Results; On Track for a Record Year 2011VELDHOVEN, the Netherlands, July 13, 2011 - ASML Holding NV (ASML) today announces 2011 second quarter results according to US GAAP as follows:
Q2 2011 net sales of EUR 1,529 million versus Q1 2011 net sales of EUR 1,452 million (Q2 2010 net sales of EUR 1,069 million).

Q2 2011 net income of EUR 432 million, or 28.3 percent of net sales, versus a Q1 2011 net income of EUR 395 million or 27.2 percent of net sales (Q2 2010 net income of EUR 239 million or 22.4 percent of net sales).

Q2 2011 net bookings excluding EUV is valued at EUR 840 million with 34 systems (29 new and 5 used systems), leading to a systems backlog excluding EUV valued at EUR 2,756 million as of June 26, 2011.
"Our second quarter sales came in at record level, keeping us on track for another record year for ASML in 2011," said Eric Meurice, President and Chief Executive Officer of ASML. "Sales were driven mainly by customer capacity build-ups for new technology nodes, with Logic Processors and Foundry representing 41% of systems sales, Flash memory 36% and DRAM memory 23%. We have now shipped more than 80 of our most advanced TWINSCAN NXT:1950i immersion systems. We are further extending the capability of this machine by introducing an improved imaging, overlay and productivity specification, so that customers will be able to expose up to 230 wafers per hour at the 22-nanometer (nm) node. By mid-July we will have also shipped a total of five NXE:3100 Extreme Ultraviolet (EUV) scanners with several customers having already exposed hundreds of wafers with resolutions as small as 18 nm on this lithography platform for the future," Meurice added.
Operations Update
Q2 2011 Q1 2011 Notes
Net sales 1,529 1,452
...of which service and field option sales 196 168
New systems sold (units) 58 56
Used systems sold (units) 5 7
ASP new systems sold 22.7 22.5
ASP all systems sold 21.2 20.4

Net bookings, excluding EUV 840 845
Net bookings, excluding EUV (units) 34 40
ASP of booked systems, excluding EUV 24.7 21.1

Systems backlog, excluding EUV 2,756 3,330
Systems backlog, excluding EUV (units) 105 134
Orders for NXE:3100 (EUV) (units) 6 6 (1)
Orders for NXE:3300 (EUV) (units) 10 9

Gross margin (percent) 45.1 44.7

R&D costs 145 145
SG&A costs 51 54 (2)

Net cash flow from operations 499 1,101
End-quarter cash and cash equivalents 2,742 2,699 (3)

Net income 432 395
EPS (in euro) 1.01 0.90

(Figures in millions of euros unless otherwise indicated)
Notes:
(1) The orders for NXE:3100 (EUV) with an average selling price of EUR 42 million include 4 systems that will be recognized in net system sales over coming quarters, 1 operating lease contract and 1 R&D system to be recognized in the R&D line in the coming quarters.
(2) In Q2 2011 SG&A costs include EUR 4 million of incidental favorable items (office transfer in South Korea and smaller items).
(3) During the second quarter, ASML spent a total of EUR 396 million cash on dividend and the currently running share buy back program. Total cash includes pre-payments from customers, mainly relating to EUV, which will be invested in coming quarters.
EUV Update
We highlight that our EUV technology has progressed to the point that we will recognize the first two NXE:3100 systems in third quarter sales, as the platform is being used by our customers to develop process recipes. The NXE:3100 is our second-generation EUV system; ASML plans to introduce its volume production system NXE:3300 by the summer of next year.
Outlook
"Q2 2011 orders came in a couple of systems lower than expected at EUR 840 million for standard systems excluding EUV," Eric Meurice said. "Our customers are currently taking some time to assess the semiconductor end-demand trends for 2012 before determining their overall capacity plans levels and timings. We therefore anticipate third quarter orders likely not to exceed EUR 500 million. Our 2012 business will in any event be supported by the continuation of the ramp of 2x nm nodes in Logic, 2x nm nodes in NAND memory and 3x nm in DRAM memory, the aggressive and litho-intensive development efforts of sub-20 nm technologies, as well as the introduction of the first EUV volume production systems NXE:3300," Meurice said.
For the third quarter 2011, ASML expects net sales of around EUR 1.4 billion, including two second generation EUV systems which represent total sales of around EUR 80 million with zero profit margin. All other sales (excluding EUV) are expected to have a gross margin in Q3 2011 of about 44 percent (about 42 percent for sales including EUV). R&D costs for Q3 are expected at EUR 150 million to support our strategic investments. SG&A costs are expected at EUR 56 million. We reiterate our sales expectation for all of 2011, to hit a record level clearly above EUR 5 billion, not including EUV.
Extension of CEO's appointment
ASML's Supervisory Board is pleased to announce that, subject to notification to the 2012 Annual General Meeting of Shareholders, it has decided to extend Eric Meurice's appointment as President and Chief Executive Officer of the company for a mutually agreed period of two more consecutive years, until March 2014, with the option to further extend the appointment by another two years if both parties so wish.
Update on share buy back program
As part of ASML's policy to return excess cash to shareholders through dividend and regularly timed share buy back programs, ASML in January 2011 announced its intention to purchase up to EUR 1 billion of its own shares within two years. As part of this program ASML has purchased 13.2 million shares for a total consideration of EUR 374 million up to June 26, 2011. ASML intends to cancel the repurchased shares. The share buy back program may be suspended, modified or discontinued at any time. All transactions under this program are published on ASML's website (www.asml.com/investors) on a weekly basis.

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