Product category:
Electronics Manufacturing Materials and Consumables
News Release from: ASML
Edited by the Electronicstalk Editorial
Team on 20 January 2006
Continued focus pays off for ASML
ASML Holding has announced its 2005 annual and fourth quarter results.
ASML Holding has announced its 2005 annual and fourth quarter results 2005 net sales were Eur 2529 million and Q4 2005 net sales were Eur 548 million
This article was originally published on Electronicstalk on 13 Jul 2006 at 8.00am (UK)
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These compare with 2004 net sales of Eur 2465 million and Q3 2005 net sales of Eur 533 million.
2005 net profit was Eur 311 million, or 12.3% of sales, and Q4 2005 net profit was Eur 52 million, or 9.4% of sales.
(2004 net profit was Eur 235 million, or 9.6% of sales, and Q3 2005 net profit was Eur 48 million, or 9.0% of sales).
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"2005 was a year where our continued focus on execution paid off", said Eric Meurice, President and CEO, ASML.
"In spite of an overall semiconductor equipment market which decreased by 9% in 2005, our sales increased by 3% year on year, while net profit improved by 32% to Eur 311 million".
"Net cash from operations in 2005 nearly tripled to Eur 711 million versus 2004".
"We reinforced our market position, as we gained 12 new customers in 2005, including our sixth customer in Japan".
"With 13 immersion systems delivered to date, 13 immersion orders already in our backlog, and 8 pending orders, we are increasing our technology lead in the race to meet customer needs for new generation semiconductor products".
2005 net sales increased by 3% to Eur 2529 million year-on-year, as the company shipped 156 new and 40 refurbished systems and generated revenue from field and service options of Eur 301 million.
In Q4 2005, ASML net sales of Eur 548 million increased by 3%, compared with the previous quarter but the level of shipments was better than expected in the company's outlook of 12th October 2005 due to year-end customer short-term demand.
In Q4 2005, ASML shipped 34 new and 13 refurbished systems, totalling sales of Eur 456 million, and generated revenue from field and service options of Eur 92 million.
Net sales for Q3 2005 included the shipment of 28 new and 11 refurbished machines, totalling Eur 459 million, and revenue from field and service options of Eur 74 million.
The Q4 2005 average selling price (ASP) for a new system was Eur 12.5 million, compared with the Q3 2005 average selling price for a new system of Eur 15.0 million, due to a product mix that favoured 248-nanometre wavelength (KrF) technology in Q4 2005, signalling a restart of capacity additions by customers.
The Q4 2005 average selling price for all ASML systems sold was Eur 9.7 million, compared with the Q3 2005 average selling price of Eur 11.8 million.
Q4 2005 net bookings exceeded expectations with 55 systems valued at Eur 651 million, including 43 new systems with an average selling price for new systems of Eur 14.5 million and reflecting sustained strong memory and integrated device manufacturer (IDM) demand, as well as increased capacity demand from foundries and continued demand for immersion systems.
ASML's order backlog as of 31st December 2005 is valued at Eur 1434 million, totalling 95 systems with an average selling price of Eur 15.1 million.
For comparison, ASML's backlog as of 25th September 2005 was valued at Eur 1245 million, totalling 87 systems with an average selling price of Eur 14.3 million.
In 2005, ASML generated a net profit of Eur 311 million or Eur 0.64 per ordinary share, compared with a net profit in 2004 of Eur 235 million or Eur 0.49 per ordinary share.
In Q4 2005, ASML generated a net profit of Eur 52 million or Eur 0.11 per ordinary share.
The company's Q4 2005 gross margin was 37.3%, compared with the Q3 2005 gross margin of 37.0%.
Net cash from operations was Eur 210 million in Q4 2005 and Eur 711 million for the whole year.
ASML ended 2005 with Eur 1,905 million in cash and equivalents.
The company's 2005 research and development costs reached Eur 324 million net of credit, compared with 2004 R and D costs of Eur 282 million net of credit and excluding Eur 49 million for a one-time cross-licence payment.
Q4 2005 R and D costs were Eur 82 million net of credit, compared with Q3 2005 R and D costs of Eur 80 million net of credit.
The company's 2005 selling, general and administrative expenses were Eur 201 million, compared with 2004 expenses of Eur 202 million.
SG and A expenses were Eur 47 million in Q4 2005, compared with SG and A expenses of Eur 48 million in Q3 2005.
"The significant 55 tool bookings in Q4 2005 confirm an overall semiconductor cycle upswing", said Meurice.
"We expect the trend to be sustained in Q1 2006, with bookings at least at the same level as that of Q4 2005 and Q1 2006 sales showing important growth versus the previous quarter".
"Q1 2006 will also serve as a springboard to our immersion development".
"Volume production ramp of our newest tool, the Twinscan XT:1700i, the industry's only 1.2 numerical aperture (NA) immersion tool capable for the 45nm node, will start in Q2 2006".
The company expects to ship 48 systems in Q1 2006 with an average selling price of Eur 14.1 million for new systems and an average selling price for all systems of Eur 12.0 million; however, given market momentum, short-term demand for a few additional system shipments in Q1 2006 may materialise.
The company expects a gross margin in Q1 2006 from 38 to 39%.
In view of current order demand for ASML immersion tools, the company is preparing for a number of shipments in 2006 which could exceed the range of 20 to 25 immersion systems.
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