ASML

Results exceeded expectations

ASML Holding NV (ASML) today announced 2005 second quarter results as follows:

• Net sales of EUR 763 million
  • Q2 2004: Net sales of EUR 616 million
  • Q1 2005: Net sales of EUR 685 million

• Net profit of EUR 112 million / 14.6 percent of sales
  • Q2 2004: Net profit of EUR 65 million / 10.6 percent of sales
  • Q1 2005: Net profit of EUR 100 million / 14.6 percent of sales

• Net bookings of 24 systems with a value of EUR 297 million
  • Q2 2004: Net bookings of 83 systems / EUR 982 million
  • Q1 2005: Net bookings of 35 systems / EUR 323 million

“Q2 2005 results exceeded expectations as ASML delivered its seventh quarter of profitable execution,” said Eric Meurice, president and CEO, ASML. “In addition to strong growth, profitability and liquidity performance, we have strengthened our market share position by gaining new customers in Asia and reinforced our technology leadership by shipping the first TWINSCAN™ XT:1400i, our third-generation immersion system.”

In Q2 2005, ASML net sales increased 24 percent year-on-year as the company shipped 44 new and 7 refurbished systems and generated revenue from field and service options of EUR 83 million. Net sales for Q1 2005 included the shipment of 50 new and 9 refurbished machines and revenue from field and service options of EUR 53 million.

The Q2 2005 average selling price for an ASML system was EUR 13.3 million, which is a 24 percent increase over the Q1 2005 average selling price of EUR 10.7 million. The Q2 2005 average selling price for a new ASML system was EUR 14.8 million, a 20 percent increase over the Q1 2005 average selling price for a new ASML system of EUR 12.3 million.

In Q2 2005, ASML generated a net profit of EUR 112 million or EUR 0.23 per ordinary share. The Q1 2005 net profit was EUR 100 million or EUR 0.21 per ordinary share. The company’s Q2 2005 gross margin was 39.1 percent, compared with the Q1 2005 gross margin of 40 percent.

The order backlog as of June 26, 2005 comprised 80 lithography systems (new and refurbished systems) with an average selling price of EUR 12.3 million per system. As of March 27, 2005, ASML’s backlog included 107 lithography systems (new and refurbished systems) with an average selling price of EUR 12.9 million per system. 

ASML concluded Q2 2005 with EUR 1,544 million in cash and cash equivalents, compared with the company’s cash position of EUR 1,320 million at the end of Q1 2005, an increase of EUR 224 million.

The company’s Q2 2005 research and development (R&D) expenditures were EUR 82 million net of credit, compared with Q1 2005 R&D expenditures of EUR 79 million net of credit. Selling, general and administrative (SG&A) expenses were EUR 55 million in Q2 2005, an increase of EUR 4 million over Q1 2005 expenditures mainly due to non-recurring expenses.

“Q2 bookings at 24 units were low, confirming the backlog correction which we expected at the beginning of the quarter. We are confident however that we will book more systems in Q3 2005 than in Q2 2005, as encouraging signs include the level of booking activity at the beginning of the quarter and developing utilization improvements from traditional ASML customers,” said Meurice. “Our relatively low level of order intake in the last three quarters will have an effect on our shipment levels in the next few quarters. However in view of our continued focus on cost reduction and efficiency, we expect to meet our profit targets.”

ASML expects to ship 38 systems in Q3 2005. The Q3 2005 ASP for new systems to ship is expected to be EUR 14.5 million. The ASP for new and refurbished systems scheduled to ship in Q3 2005 is EUR 11.8 million, due to a product mix favoring refurbished systems. The Q3 2005 backlog supports a

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