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Name | Symbol | Market | Type |
---|---|---|---|
ASML Holding NV | NASDAQ:ASML | NASDAQ | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 872.47 | 866.97 | 871.98 | 9,540 | 13:45:32 |
99.1 | “ASML reports €3.3 billion net sales at 48.2% gross margin in Q2 2020. 2020 sales growth expectations unchanged", press release dated July 15, 2020 |
99.2 | “ASML reports €3.3 billion net sales at 48.2% gross margin in Q2 2020. 2020 sales growth expectations unchanged", presentation dated July 15, 2020 |
99.3 | Summary US GAAP Consolidated Financial Statements |
99.4 | Statutory Interim Report for the six-month period ended June 28, 2020 |
• | Q2 net sales of €3.3 billion, net income of €0.8 billion, gross margin of 48.2% |
• | Q2 net bookings of €1.1 billion |
(Figures in millions of euros unless otherwise indicated) | Q1 2020 | Q2 2020 | |
Net sales | 2,441 | 3,326 | |
...of which Installed Base Management sales 1 | 857 | 887 | |
New lithography systems sold (units) | 49 | 57 | |
Used lithography systems sold (units) | 8 | 4 | |
Net bookings 2 | 3,085 | 1,101 | |
Gross profit | 1,101 | 1,603 | |
Gross margin (%) | 45.1 | 48.2 | |
Net income | 391 | 751 | |
EPS (basic; in euros) | 0.93 | 1.79 | |
End-quarter cash and cash equivalents and short-term investments | 4,112 | 4,440 |
• | In our DUV lithography business, we shipped the first NXT:1470 to a customer. This is the first dry NXT system, building on the immersion platform, with improvements in matched machine overlay (< 4.0 nm), productivity (> 300 wafers per hour) and footprint. |
• | Our Applications business shipped the first-generation multibeam inspection system ‘eScan 1000’, targeted for 5 nm nodes and beyond. The HMI eScan 1000 demonstrated successful multibeam operation, simultaneously scanning with nine beams. The eScan 1000 will increase throughput up to 600% compared to single e-beam inspection tools for targeted in-line defect inspection applications. |
• | In our EUV business, multiple NXE:3400C systems were upgraded at customers with the modular vessel, within the planned install time. We achieved a successful introduction of in-line tin refill on those systems in support of our availability improvement roadmap. |
Media Relations contacts | Investor Relations contacts |
Monique Mols +31 6 5284 4418 | Skip Miller +1 480 235 0934 |
Sander Hofman +31 6 2381 0214 | Marcel Kemp +31 40 268 6494 |
Brittney Wolff Zatezalo +1 408 483 3207 | Peter Cheang +886 3 659 6771 |
Three months ended, | Six months ended, | ||||||||||||
June 30, | Jun 28, | June 30, | Jun 28, | ||||||||||
2019 | 2020 | 2019 | 2020 | ||||||||||
(unaudited, in millions EUR, except per share data) | |||||||||||||
Net system sales | 1,850.8 | 2,438.6 | 3,539.8 | 4,022.6 | |||||||||
Net service and field option sales | 717.1 | 887.1 | 1,257.2 | 1,743.7 | |||||||||
Total net sales | 2,567.9 | 3,325.7 | 4,797.0 | 5,766.3 | |||||||||
Total cost of sales | (1,462.7 | ) | (1,722.5 | ) | (2,763.7 | ) | (3,061.7 | ) | |||||
Gross profit | 1,105.2 | 1,603.2 | 2,033.3 | 2,704.6 | |||||||||
Research and development costs | (487.4 | ) | (566.9 | ) | (960.3 | ) | (1,110.9 | ) | |||||
Selling, general and administrative costs | (123.5 | ) | (131.2 | ) | (244.4 | ) | (261.9 | ) | |||||
Income from operations | 494.3 | 905.1 | 828.6 | 1,331.8 | |||||||||
Interest and other, net | (6.9 | ) | (7.1 | ) | (14.8 | ) | (18.5 | ) | |||||
Income before income taxes | 487.4 | 898.0 | 813.8 | 1,313.3 | |||||||||
Benefit from (provision for) income taxes | (19.1 | ) | (166.4 | ) | (2.1 | ) | (214.8 | ) | |||||
Income after income taxes | 468.3 | 731.6 | 811.7 | 1,098.5 | |||||||||
Profit (loss) related to equity method investments | 7.7 | 19.4 | 19.7 | 43.1 | |||||||||
Net income | 476.0 | 751.0 | 831.4 | 1,141.6 | |||||||||
Basic net income per ordinary share | 1.13 | 1.79 | 1.97 | 2.73 | |||||||||
Diluted net income per ordinary share | 1.13 | 1.79 | 1.97 | 2.72 | |||||||||
Weighted average number of ordinary shares used in computing per share amounts (in millions): | |||||||||||||
Basic | 421.1 | 418.4 | 421.1 | 418.5 | |||||||||
Diluted | 421.8 | 419.0 | 421.8 | 419.2 |
Three months ended, | Six months ended, | ||||||||||||
June 30, | Jun 28, | June 30, | Jun 28, | ||||||||||
2019 | 2020 | 2019 | 2020 | ||||||||||
(unaudited, in millions EUR, except otherwise indicated) | |||||||||||||
Gross profit as a percentage of net sales | 43.0 | % | 48.2 | % | 42.4 | % | 46.9 | % | |||||
Income from operations as a percentage of net sales | 19.2 | % | 27.2 | % | 17.3 | % | 23.1 | % | |||||
Net income as a percentage of net sales | 18.5 | % | 22.6 | % | 17.3 | % | 19.8 | % | |||||
Income taxes as a percentage of income before income taxes | 3.9 | % | 18.5 | % | 0.3 | % | 16.3 | % | |||||
Shareholders’ equity as a percentage of total assets | 57.6 | % | 52.2 | % | 57.6 | % | 52.2 | % | |||||
Sales of lithography systems (in units) 1 | 48 | 61 | 96 | 118 | |||||||||
Value of booked systems (EUR millions) 2 | 2,828 | 1,101 | 4,227 | 4,186 | |||||||||
Net bookings lithography systems (in units) 1, 2 | 61 | 34 | 95 | 107 | |||||||||
Number of payroll employees in FTEs | 22,125 | 24,330 | 22,125 | 24,330 | |||||||||
Number of temporary employees in FTEs | 2,157 | 1,482 | 2,157 | 1,482 |
Dec 31, | Jun 28, | |||||
2019 | 2020 | |||||
(unaudited, in millions EUR) | ||||||
ASSETS | ||||||
Cash and cash equivalents | 3,532.3 | 3,499.1 | ||||
Short-term investments | 1,185.8 | 941.2 | ||||
Accounts receivable, net | 1,786.8 | 1,770.0 | ||||
Finance receivables, net | 564.5 | 1,071.5 | ||||
Current tax assets | 178.7 | 360.8 | ||||
Contract assets | 231.0 | 260.9 | ||||
Inventories, net | 3,809.2 | 4,685.6 | ||||
Other assets | 842.8 | 903.5 | ||||
Total current assets | 12,131.1 | 13,492.6 | ||||
Finance receivables, net | 421.1 | 444.0 | ||||
Deferred tax assets | 445.3 | 485.3 | ||||
Other assets | 830.4 | 929.7 | ||||
Equity method investments | 833.0 | 891.6 | ||||
Goodwill | 4,541.1 | 4,541.1 | ||||
Other intangible assets, net | 1,104.4 | 1,058.3 | ||||
Property, plant and equipment, net | 1,999.3 | 2,109.6 | ||||
Right-of-use assets - Operating | 205.4 | 193.0 | ||||
Right-of-use assets - Finance | 118.5 | 160.9 | ||||
Total non-current assets | 10,498.5 | 10,813.5 | ||||
Total assets | 22,629.6 | 24,306.1 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||
Total current liabilities | 4,694.1 | 4,631.3 | ||||
Long-term debt | 3,108.3 | 4,625.0 | ||||
Deferred and other tax liabilities | 234.4 | 191.3 | ||||
Contract liabilities | 1,759.6 | 1,918.1 | ||||
Accrued and other liabilities | 241.0 | 240.6 | ||||
Total non-current liabilities | 5,343.3 | 6,975.0 | ||||
Total liabilities | 10,037.4 | 11,606.3 | ||||
Total shareholders’ equity | 12,592.2 | 12,699.8 | ||||
Total liabilities and shareholders’ equity | 22,629.6 | 24,306.1 |
Three months ended, | Six months ended, | |||||||||||
June 30, | Jun 28, | June 30, | Jun 28, | |||||||||
2019 | 2020 | 2019 | 2020 | |||||||||
(unaudited, in millions EUR) | ||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||||||
Net income | 476.0 | 751.0 | 831.4 | 1,141.6 | ||||||||
Adjustments to reconcile net income to net cash flows from operating activities: | ||||||||||||
Depreciation and amortization | 108.4 | 125.1 | 213.2 | 243.4 | ||||||||
Impairment | — | — | 2.7 | 2.7 | ||||||||
Loss on disposal of property, plant and equipment | 1.4 | 0.2 | 2.0 | 1.2 | ||||||||
Share-based compensation expense | 12.5 | 10.3 | 27.4 | 25.2 | ||||||||
Allowance for obsolete inventory | 49.1 | 39.2 | 121.2 | 78.5 | ||||||||
Deferred income taxes | (65.1 | ) | (15.4 | ) | (141.6 | ) | (40.0 | ) | ||||
Equity method investments | (15.3 | ) | (26.4 | ) | (32.3 | ) | (58.7 | ) | ||||
Changes in assets and liabilities | (467.5 | ) | (512.1 | ) | (1,405.3 | ) | (1,627.8 | ) | ||||
Net cash provided by (used in) operating activities | 99.5 | 371.9 | (381.3 | ) | (233.9 | ) | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||
Purchase of property, plant and equipment | (128.3 | ) | (225.1 | ) | (275.3 | ) | (456.6 | ) | ||||
Purchase of intangible assets | (11.7 | ) | (6.7 | ) | (98.4 | ) | (17.5 | ) | ||||
Purchase of short-term investments | (0.7 | ) | (0.5 | ) | (288.8 | ) | (311.0 | ) | ||||
Maturity of short-term investments | 349.3 | 447.4 | 528.7 | 555.6 | ||||||||
Repayment on loans | — | (0.3 | ) | — | — | |||||||
Net cash provided by (used in) investing activities | 208.6 | 214.8 | (133.8 | ) | (229.5 | ) | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||
Dividend paid | (884.4 | ) | (564.8 | ) | (884.4 | ) | (564.8 | ) | ||||
Purchase of shares | (17.4 | ) | — | (70.0 | ) | (507.5 | ) | |||||
Net proceeds from issuance of shares | 7.4 | 11.0 | 12.6 | 19.6 | ||||||||
Net proceeds from issuance of notes, net of issuance costs | — | 746.5 | — | 1,486.3 | ||||||||
Repayment of debt and finance lease obligations | (1.2 | ) | (0.8 | ) | (1.9 | ) | (1.7 | ) | ||||
Net cash provided by (used in) financing activities | (895.6 | ) | 191.9 | (943.7 | ) | 431.9 | ||||||
Net cash flows | (587.5 | ) | 778.6 | (1,458.8 | ) | (31.5 | ) | |||||
Effect of changes in exchange rates on cash | (4.4 | ) | (3.2 | ) | (1.2 | ) | (1.7 | ) | ||||
Net increase (decrease) in cash and cash equivalents | (591.9 | ) | 775.4 | (1,460.0 | ) | (33.2 | ) | |||||
Cash and cash equivalents at beginning of the period | 2,253.0 | 2,723.7 | 3,121.1 | 3,532.3 | ||||||||
Cash and cash equivalents at end of the period | 1,661.1 | 3,499.1 | 1,661.1 | 3,499.1 |
Three months ended, | |||||||||||||||
June 30, | Sep 29, | Dec 31, | Mar 29, | Jun 28, | |||||||||||
2019 | 2019 | 2019 | 2020 | 2020 | |||||||||||
(unaudited, in millions EUR, except per share data) | |||||||||||||||
Net system sales | 1,850.8 | 2,325.6 | 3,130.7 | 1,584.0 | 2,438.6 | ||||||||||
Net service and field option sales | 717.1 | 660.9 | 905.7 | 856.6 | 887.1 | ||||||||||
Total net sales | 2,567.9 | 2,986.5 | 4,036.4 | 2,440.6 | 3,325.7 | ||||||||||
Total cost of sales | (1,462.7 | ) | (1,680.1 | ) | (2,096.3 | ) | (1,339.2 | ) | (1,722.5 | ) | |||||
Gross profit | 1,105.2 | 1,306.4 | 1,940.1 | 1,101.4 | 1,603.2 | ||||||||||
Research and development costs | (487.4 | ) | (492.3 | ) | (516.1 | ) | (544.0 | ) | (566.9 | ) | |||||
Selling, general and administrative costs | (123.5 | ) | (128.5 | ) | (147.6 | ) | (130.7 | ) | (131.2 | ) | |||||
Income from operations | 494.3 | 685.6 | 1,276.5 | 426.7 | 905.1 | ||||||||||
Interest and other, net | (6.9 | ) | (5.4 | ) | (4.8 | ) | (11.4 | ) | (7.1 | ) | |||||
Income before income taxes | 487.4 | 680.2 | 1,271.7 | 415.3 | 898.0 | ||||||||||
Benefit from (provision for) income taxes | (19.1 | ) | (65.0 | ) | (124.5 | ) | (48.5 | ) | (166.4 | ) | |||||
Income after income taxes | 468.3 | 615.2 | 1,147.2 | 366.8 | 731.6 | ||||||||||
Profit (loss) related to equity method investments | 7.7 | 11.6 | (13.1 | ) | 23.8 | 19.4 | |||||||||
Net income | 476.0 | 626.8 | 1,134.1 | 390.6 | 751.0 | ||||||||||
Basic net income per ordinary share | 1.13 | 1.49 | 2.70 | 0.93 | 1.79 | ||||||||||
Diluted net income per ordinary share | 1.13 | 1.49 | 2.69 | 0.93 | 1.79 | ||||||||||
Weighted average number of ordinary shares used in computing per share amounts (in millions): | |||||||||||||||
Basic | 421.1 | 420.9 | 420.1 | 419.0 | 418.4 | ||||||||||
Diluted | 421.8 | 421.7 | 421.1 | 419.7 | 419.0 |
June 30, | Sep 29, | Dec 31, | Mar 29, | Jun 28, | |||||||||||
2019 | 2019 | 2019 | 2020 | 2020 | |||||||||||
(unaudited, in millions EUR, except otherwise indicated) | |||||||||||||||
Gross profit as a percentage of net sales | 43.0 | % | 43.7 | % | 48.1 | % | 45.1 | % | 48.2 | % | |||||
Income from operations as a percentage of net sales | 19.2 | % | 23.0 | % | 31.6 | % | 17.5 | % | 27.2 | % | |||||
Net income as a percentage of net sales | 18.5 | % | 21.0 | % | 28.1 | % | 16.0 | % | 22.6 | % | |||||
Income taxes as a percentage of income before income taxes | 3.9 | % | 9.6 | % | 9.8 | % | 11.7 | % | 18.5 | % | |||||
Shareholders’ equity as a percentage of total assets | 57.6 | % | 58.3 | % | 55.6 | % | 53.8 | % | 52.2 | % | |||||
Sales of lithography systems (in units) 1 | 48 | 57 | 76 | 57 | 61 | ||||||||||
Value of booked systems (EUR millions) 2 | 2,828 | 5,111 | 2,402 | 3,085 | 1,101 | ||||||||||
Net bookings lithography systems (in units) 1, 2, 3 | 61 | 81 | 60 | 73 | 34 | ||||||||||
Number of payroll employees in FTEs | 22,125 | 22,805 | 23,219 | 23,860 | 24,330 | ||||||||||
Number of temporary employees in FTEs | 2,157 | 1,913 | 1,681 | 1,467 | 1,482 |
June 30, | Sep 29, | Dec 31, | Mar 29, | Jun 28, | |||||||||||
2019 | 2019 | 2019 | 2020 | 2020 | |||||||||||
(unaudited, in millions EUR) | |||||||||||||||
ASSETS | |||||||||||||||
Cash and cash equivalents | 1,661.1 | 1,586.1 | 3,532.3 | 2,723.7 | 3,499.1 | ||||||||||
Short-term investments | 673.5 | 483.8 | 1,185.8 | 1,388.1 | 941.2 | ||||||||||
Accounts receivable, net | 1,637.7 | 2,100.7 | 1,786.8 | 1,767.4 | 1,770.0 | ||||||||||
Finance receivables, net | 620.1 | 584.9 | 564.5 | 748.7 | 1,071.5 | ||||||||||
Current tax assets | 320.9 | 339.6 | 178.7 | 529.0 | 360.8 | ||||||||||
Contract assets | 190.4 | 287.8 | 231.0 | 292.1 | 260.9 | ||||||||||
Inventories, net | 3,914.1 | 3,895.0 | 3,809.2 | 4,345.3 | 4,685.6 | ||||||||||
Other assets | 877.5 | 816.2 | 842.8 | 905.8 | 903.5 | ||||||||||
Total current assets | 9,895.3 | 10,094.1 | 12,131.1 | 12,700.1 | 13,492.6 | ||||||||||
Finance receivables, net | 406.3 | 588.2 | 421.1 | 340.8 | 444.0 | ||||||||||
Deferred tax assets | 326.6 | 309.2 | 445.3 | 482.3 | 485.3 | ||||||||||
Other assets | 893.3 | 951.2 | 830.4 | 902.3 | 929.7 | ||||||||||
Equity method investments | 949.9 | 969.0 | 833.0 | 865.1 | 891.6 | ||||||||||
Goodwill | 4,541.1 | 4,541.1 | 4,541.1 | 4,541.1 | 4,541.1 | ||||||||||
Other intangible assets, net | 1,140.8 | 1,122.8 | 1,104.4 | 1,082.5 | 1,058.3 | ||||||||||
Property, plant and equipment, net | 1,669.8 | 1,817.9 | 1,999.3 | 2,046.9 | 2,109.6 | ||||||||||
Right-of-use assets - Operating | 154.8 | 227.2 | 205.4 | 197.1 | 193.0 | ||||||||||
Right-of-use assets - Finance | 56.0 | 78.5 | 118.5 | 119.4 | 160.9 | ||||||||||
Total non-current assets | 10,138.6 | 10,605.1 | 10,498.5 | 10,577.5 | 10,813.5 | ||||||||||
Total assets | 20,033.9 | 20,699.2 | 22,629.6 | 23,277.6 | 24,306.1 | ||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||
Total current liabilities | 3,692.5 | 3,712.5 | 4,694.1 | 4,677.4 | 4,631.3 | ||||||||||
Long-term debt | 3,132.4 | 3,170.0 | 3,108.3 | 3,868.2 | 4,625.0 | ||||||||||
Deferred and other tax liabilities | 199.6 | 203.6 | 234.4 | 262.7 | 191.3 | ||||||||||
Contract liabilities | 1,280.2 | 1,276.5 | 1,759.6 | 1,702.6 | 1,918.1 | ||||||||||
Accrued and other liabilities | 183.9 | 265.5 | 241.0 | 241.5 | 240.6 | ||||||||||
Total non-current liabilities | 4,796.1 | 4,915.6 | 5,343.3 | 6,075.0 | 6,975.0 | ||||||||||
Total liabilities | 8,488.6 | 8,628.1 | 10,037.4 | 10,752.4 | 11,606.3 | ||||||||||
Total shareholders’ equity | 11,545.3 | 12,071.1 | 12,592.2 | 12,525.2 | 12,699.8 | ||||||||||
Total liabilities and shareholders’ equity | 20,033.9 | 20,699.2 | 22,629.6 | 23,277.6 | 24,306.1 |
Three months ended, | |||||||||||||||
June 30, | Sep 29, | Dec 31, | Mar 29, | Jun 28, | |||||||||||
2019 | 2019 | 2019 | 2020 | 2020 | |||||||||||
(unaudited, in millions EUR) | |||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||||||
Net income | 476.0 | 626.8 | 1,134.1 | 390.6 | 751.0 | ||||||||||
Adjustments to reconcile net income to net cash flows from operating activities: | |||||||||||||||
Depreciation and amortization | 108.4 | 112.4 | 122.9 | 118.3 | 125.1 | ||||||||||
Impairment | — | 2.0 | — | 2.7 | — | ||||||||||
Loss on disposal of property, plant and equipment | 1.4 | 0.3 | 0.8 | 1.0 | 0.2 | ||||||||||
Share-based compensation expense | 12.5 | 18.0 | 29.2 | 14.9 | 10.3 | ||||||||||
Allowance for obsolete inventory | 49.1 | 46.1 | 54.2 | 39.3 | 39.2 | ||||||||||
Deferred income taxes | (65.1 | ) | 22.5 | (80.9 | ) | (24.6 | ) | (15.4 | ) | ||||||
Equity method investments | (15.3 | ) | (18.6 | ) | 107.8 | (32.3 | ) | (26.4 | ) | ||||||
Changes in assets and liabilities | (467.5 | ) | (740.1 | ) | 2,220.2 | (1,115.7 | ) | (512.1 | ) | ||||||
Net cash provided by (used in) operating activities | 99.5 | 69.4 | 3,588.3 | (605.8 | ) | 371.9 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||||||
Purchase of property, plant and equipment | (128.3 | ) | (185.8 | ) | (305.5 | ) | (231.5 | ) | (225.1 | ) | |||||
Purchase of intangible assets | (11.7 | ) | (11.2 | ) | (9.7 | ) | (10.8 | ) | (6.7 | ) | |||||
Purchase of short-term investments | (0.7 | ) | (100.3 | ) | (902.4 | ) | (310.5 | ) | (0.5 | ) | |||||
Maturity of short-term investments | 349.3 | 290.0 | 200.3 | 108.2 | 447.4 | ||||||||||
Repayment on loans | — | — | 0.9 | 0.3 | (0.3 | ) | |||||||||
Net cash provided by (used in) investing activities | 208.6 | (7.3 | ) | (1,016.4 | ) | (444.3 | ) | 214.8 | |||||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||||||
Dividend paid | (884.4 | ) | — | (441.3 | ) | — | (564.8 | ) | |||||||
Purchase of shares | (17.4 | ) | (148.4 | ) | (191.6 | ) | (507.5 | ) | — | ||||||
Net proceeds from issuance of shares | 7.4 | 7.4 | 7.2 | 8.6 | 11.0 | ||||||||||
Net proceeds from issuance of notes, net of issuance costs | — | — | — | 739.8 | 746.5 | ||||||||||
Repayment of debt and finance lease obligations | (1.2 | ) | (1.0 | ) | (0.9 | ) | (0.9 | ) | (0.8 | ) | |||||
Net cash provided by (used in) financing activities | (895.6 | ) | (142.0 | ) | (626.6 | ) | 240.0 | 191.9 | |||||||
Net cash flows | (587.5 | ) | (79.9 | ) | 1,945.3 | (810.1 | ) | 778.6 | |||||||
Effect of changes in exchange rates on cash | (4.4 | ) | 4.9 | 0.9 | 1.5 | (3.2 | ) | ||||||||
Net increase (decrease) in cash and cash equivalents | (591.9 | ) | (75.0 | ) | 1,946.2 | (808.6 | ) | 775.4 | |||||||
Cash and cash equivalents at beginning of the period | 2,253.0 | 1,661.1 | 1,586.1 | 3,532.3 | 2,723.7 | ||||||||||
Cash and cash equivalents at end of the period | 1,661.1 | 1,586.1 | 3,532.3 | 2,723.7 | 3,499.1 |
Condensed consolidated statement of profit or loss | ||
Condensed consolidated statement of comprehensive income | ||
Condensed consolidated statement of financial position | ||
Condensed consolidated statement of changes in equity | ||
Condensed consolidated statement of cash flows | ||
Notes to the Condensed consolidated interim financial statements | ||
Unaudited | Unaudited | Unaudited | ||||||||
For the six-month period ended June 30, 2019 and June 28, 2020 | 2019 | 2020 | 2019 vs 2020 | |||||||
(in millions) | € | %1 | € | %1 | % Change | |||||
Net system sales | 3,539.8 | 73.8 | 4,022.6 | 69.8 | 13.6 | |||||
Net service and field option sales | 1,257.2 | 26.2 | 1,743.7 | 30.2 | 38.7 | |||||
Total net sales | 4,797.0 | 100.0 | 5,766.3 | 100.0 | 20.2 | |||||
Cost of system sales | (2,046.4 | ) | (42.7 | ) | (2,246.6 | ) | (39.0 | ) | 9.8 | |
Cost of service and field option sales | (905.5 | ) | (18.9 | ) | (1,021.8 | ) | (17.7 | ) | 12.8 | |
Total cost of sales | (2,951.9 | ) | (61.5 | ) | (3,268.4 | ) | (56.7 | ) | 10.7 | |
Gross profit | 1,845.1 | 38.5 | 2,497.9 | 43.3 | 35.4 | |||||
Research and development costs | (832.2 | ) | (17.3 | ) | (784.5 | ) | (13.6 | ) | (5.7 | ) |
Selling, general and administrative costs | (244.4 | ) | (5.1 | ) | (261.9 | ) | (4.5 | ) | 7.2 | |
Operating income | 768.5 | 16.0 | 1,451.5 | 25.2 | 88.9 | |||||
Finance income | 4.6 | 0.1 | 5.7 | 0.1 | 23.9 | |||||
Finance costs | (19.4 | ) | (0.4 | ) | (24.2 | ) | (0.4 | ) | 24.7 | |
Income before income taxes | 753.7 | 15.7 | 1,433.0 | 24.9 | 90.1 | |||||
Income tax benefit (expense) | 37.0 | 0.8 | (213.4 | ) | (3.7 | ) | (676.8 | ) | ||
Income after income taxes | 790.7 | 16.5 | 1,219.6 | 21.2 | 54.2 | |||||
Profit related to investments in associates | 19.7 | 0.4 | 43.0 | 0.7 | 118.3 | |||||
Net income | 810.4 | 16.9 | 1,262.6 | 21.9 | 55.8 | |||||
1. | As a percentage of total net sales. |
Unaudited | Unaudited | |||
For the six-month period ended June 30, 2019 and June 28, 2020 | 2019 | 2020 | ||
(in € millions, unless otherwise indicated) | ||||
Sales | ||||
Total sales of lithography systems (in units) 1 | 96 | 118 | ||
Total sales of new lithography systems (in units) 1 | 84 | 106 | ||
Total sales of used lithography systems (in units) 1 | 12 | 12 | ||
Liquidity | ||||
Cash and cash equivalents | 1,661.1 | 3,499.1 | ||
Short-term investments | 673.5 | 941.2 | ||
Net cash used in operating activities | (217.4 | ) | 126.7 | |
1. | Lithography systems do not include metrology and inspection systems. |
• | EUV - Continued investments to bring EUV to high-volume manufacturing, the development of the NXE:3600D, and further improving availability and productivity of our installed base systems. In addition, our roadmap includes High-NA, our next generation 0.33NA systems to support our customers with 2 nm logic and beyond. |
• | DUV - The development of our latest generation immersion system NXT:2050i, as well as our latest generation ArF dry system NXT:1470. In addition, we are completing industrialization of new modules and further improving our roadmaps on alignment/overlay and productivity. |
• | Applications - HMI expansion, including multi-beam introduction, and further development of YieldStar and process window control solutions. |
Unaudited | Unaudited | |||
For the six-month period ended June 30, 2019 and June 28, 2020 | 2019 | 2020 | ||
(in millions) | € | € | ||
Net income in accordance with US GAAP | 831.4 | 1,141.6 | ||
Capitalization of development expenditures and related amortization, net of tax | (49.7 | ) | 101.4 | |
Income taxes | 28.6 | 19.6 | ||
Other | 0.1 | 0.0 | ||
Net income in accordance with EU-IFRS | 810.4 | 1,262.6 | ||
• | Our business will suffer if we or the industry do not respond rapidly to commercial and technological changes in the semiconductor industry |
• | The success of new product introductions is uncertain and depends on our ability to successfully execute our R&D programs |
• | We face intense competition |
• | The semiconductor industry can be cyclical and we may be adversely affected by any downturn |
• | We derive most of our revenues from the sale of a relatively small number of products |
• | Failure to adequately protect the intellectual property rights upon which we depend could harm our business |
• | Defending against intellectual property claims brought by others could harm our business |
• | We are exposed to economic and political developments in our international operations that could adversely impact our business, financial condition and results of operations |
• | We may be unable to make desirable acquisitions or to integrate successfully any businesses we acquire |
• | Fluctuations in foreign exchange rates could harm our results of operations |
• | We may not declare cash dividends and conduct share buyback programs at all or in any particular amounts in any given year |
• | Restrictions on shareholder rights may dilute voting power |
• | Our production is highly dependent on the performance of a limited number of critical suppliers of single source key components |
• | A high percentage of net sales is derived from a few customers |
• | Our business and future success depend on our ability to manage the growth of our organization and attract and retain a sufficient number of adequately educated and skilled employees |
• | We may face challenges in managing the industrialization of our products and bringing them to high-volume production, which could impact profitability |
• | We are dependent on the continued operation of a limited number of manufacturing facilities |
• | Hazardous substances are used in the production and operation of our systems and failure to comply with applicable regulations or failure to implement appropriate practices for the environment, health and safety could subject us to significant liabilities |
• | Cybersecurity and other security incidents, or other disruptions in our information technology systems, could adversely affect our business operations |
• | We are subject to increasing and increasingly complex regulatory and compliance obligations |
• | Our business and operations could suffer in the event of successful misappropriation of our intellectual property or proprietary or confidential information |
• | Changes in taxation could affect our future profitability |
Unaudited | Unaudited | ||||
For the six-month period ended June 30, 2019 and June 28, 2020 | 2019 | 2020 | |||
Notes | (in millions, except per share data) | € | € | ||
2 | Net system sales | 3,539.8 | 4,022.6 | ||
Net service and field option sales | 1,257.2 | 1,743.7 | |||
3 | Total net sales | 4,797.0 | 5,766.3 | ||
Cost of system sales | (2,046.4 | ) | (2,246.6 | ) | |
Cost of service and field option sales | (905.5 | ) | (1,021.8 | ) | |
Total cost of sales | (2,951.9 | ) | (3,268.4 | ) | |
Gross profit | 1,845.1 | 2,497.9 | |||
Research and development costs | (832.2 | ) | (784.5 | ) | |
Selling, general and administrative costs | (244.4 | ) | (261.9 | ) | |
Operating income | 768.5 | 1,451.5 | |||
Finance income | 4.6 | 5.7 | |||
Finance costs | (19.4 | ) | (24.2 | ) | |
Income before income taxes | 753.7 | 1,433.0 | |||
6 | Income tax benefit (expense) | 37.0 | (213.4 | ) | |
Income after income taxes | 790.7 | 1,219.6 | |||
Profit related to investments in associates | 19.7 | 43.0 | |||
Net income | 810.4 | 1,262.6 | |||
8 | Basic net income per ordinary share | 1.92 | 3.02 | ||
8 | Diluted net income per ordinary share | 1.92 | 3.01 | ||
Number of ordinary shares used in computing per share amounts (in thousands): | |||||
8 | Basic | 421.1 | 418.5 | ||
8 | Diluted | 421.9 | 419.2 | ||
Unaudited | Unaudited | |||
For the six-month period ended June 30, 2019 and June 28, 2020 | 2019 | 2020 | ||
(in millions) | € | € | ||
Net income | 810.4 | 1,262.6 | ||
Other comprehensive income: | ||||
Proportionate share of other comprehensive income from investments in associates | 1.7 | (0.1 | ) | |
Foreign currency translation, net of taxes: | ||||
Gain (loss) on translation of foreign operations | (6.8 | ) | (12.3 | ) |
Financial instruments, net of taxes: | ||||
Gain (loss) on derivative financial instruments | (0.3 | ) | (1.7 | ) |
Transfers to net income | (7.2 | ) | (1.7 | ) |
Other comprehensive income, net of taxes 1 | (12.6 | ) | (15.8 | ) |
Total comprehensive income, net of taxes | 797.8 | 1,246.8 | ||
Attributable to Equity holders | 797.8 | 1,246.8 | ||
1. | All items in accumulated other comprehensive income as of June 28, 2020 will be reclassified subsequently to profit or loss when specific conditions are met. These items include our proportionate share of other comprehensive income from associates of €25.7 million loss (June 30, 2019: €4.1 million loss), the hedging reserve of €2.3 million loss (June 30, 2019: €1.0 million gain) and the currency translation reserve of €129.8 million gain (June 30, 2019: €102.1 million gain). |
Unaudited | |||||
December 31, 2019 | June 28, 2020 | ||||
Notes | (in millions) | € | € | ||
Assets | |||||
Finance receivables, net | 421.1 | 444.0 | |||
6 | Deferred tax assets | 573.4 | 671.5 | ||
Other assets | 727.4 | 781.1 | |||
9 | Derivative financial instruments | 103.0 | 148.7 | ||
Investments in associates | 833.0 | 891.6 | |||
Goodwill | 4,562.7 | 4,562.7 | |||
Other intangible assets, net | 2,519.4 | 2,592.3 | |||
Property, plant and equipment, net | 1,999.3 | 2,109.6 | |||
Right-of-use assets | 323.9 | 353.9 | |||
Total non-current assets | 12,063.2 | 12,555.4 | |||
4, 9 | Cash and cash equivalents | 3,532.3 | 3,499.1 | ||
4, 9 | Short-term investments | 1,185.8 | 941.2 | ||
Accounts receivable, net | 1,786.8 | 1,770.0 | |||
Finance receivables, net | 564.5 | 1,071.5 | |||
Contract assets | 231.0 | 260.9 | |||
6 | Current tax assets | 178.7 | 360.8 | ||
Inventories, net | 3,809.2 | 4,685.6 | |||
Other assets | 649.1 | 663.2 | |||
9 | Derivative financial instruments | 34.5 | 42.7 | ||
Total current assets | 11,971.9 | 13,295.0 | |||
Total assets | 24,035.1 | 25,850.4 | |||
Equity and liabilities | |||||
Shareholders’ equity | 13,876.9 | 14,108.4 | |||
Long-term debt | 3,108.3 | 4,625.0 | |||
6 | Deferred and other tax liabilities | 355.2 | 327.8 | ||
Contract liabilities | 1,759.6 | 1,918.1 | |||
Accrued and other liabilities | 241.0 | 240.6 | |||
9 | Derivative financial instruments | 0.0 | 0.0 | ||
Total non-current liabilities | 5,464.1 | 7,111.5 | |||
Accounts payable | 1,062.2 | 1,848.9 | |||
Accrued and other liabilities | 1,036.0 | 873.2 | |||
9 | Derivative financial instruments | 3.9 | 8.6 | ||
6 | Current tax liabilities | 65.6 | 60.4 | ||
Current portion of long-term debt | 0 | 2.9 | |||
Contract liabilities | 2,526.4 | 1,836.5 | |||
Total current liabilities | 4,694.1 | 4,630.5 | |||
Total equity and liabilities | 24,035.1 | 25,850.4 | |||
Share Capital 1 € | Share Premium € | Treasury Shares at Cost € | Retained Earnings € | Other Reserves 2 € | Net Income € | Total € | ||||||||
Balance at December 31, 2018 | 38.6 | 4,203.2 | (1,621.8 | ) | 6,195.6 | 1,601.3 | 2,525.5 | 12,942.4 | ||||||
Opening balance adjustment 3 | — | — | — | (13.9 | ) | — | — | (13.9 | ) | |||||
Balance at January 1, 2019 | 38.6 | 4,203.2 | (1,621.8 | ) | 6,181.7 | 1,601.3 | 2,525.5 | 12,928.5 | ||||||
Prior year net income | — | — | — | 2,525.5 | — | (2,525.5 | ) | — | ||||||
Components of comprehensive income | ||||||||||||||
Net income | — | — | — | — | — | 810.4 | 810.4 | |||||||
Proportionate share of OCI from associate | — | — | — | — | 1.7 | — | 1.7 | |||||||
Foreign currency translation | — | — | — | — | (6.8 | ) | — | (6.8 | ) | |||||
Gain (loss) on financial instruments | — | — | — | — | (7.5 | ) | — | (7.5 | ) | |||||
Total comprehensive income | — | — | — | — | (12.6 | ) | 810.4 | 797.8 | ||||||
Purchases of treasury shares | — | — | (70.0 | ) | — | — | — | (70.0 | ) | |||||
Cancellation of treasury shares | (0.5 | ) | — | 902.4 | (901.9 | ) | — | — | — | |||||
Share-based payments | — | 28.3 | — | — | — | — | 28.3 | |||||||
Issuance of shares | — | (38.0 | ) | 78.4 | (27.8 | ) | — | — | 12.6 | |||||
Dividend paid | — | — | — | (884.4 | ) | — | — | (884.4 | ) | |||||
Development expenditures | — | — | — | 60.1 | (60.1 | ) | — | — | ||||||
Balance at June 30, 2019 (unaudited) | 38.1 | 4,193.5 | (711.0 | ) | 6,953.2 | 1,528.6 | 810.4 | 12,812.8 | ||||||
Prior year net income | — | — | — | — | — | — | — | |||||||
Components of comprehensive income | ||||||||||||||
Net income | — | — | — | — | — | 1,770.7 | 1,770.7 | |||||||
Proportionate share of OCI from associate | — | — | — | — | (21.5 | ) | — | (21.5 | ) | |||||
Foreign currency translation | — | — | — | — | 27.1 | — | 27.1 | |||||||
Gain (loss) on financial instruments | — | — | — | — | — | — | — | |||||||
Total comprehensive income | — | — | — | — | 5.6 | 1,770.7 | 1,776.3 | |||||||
Purchases of treasury shares | — | — | (340.0 | ) | — | — | — | (340.0 | ) | |||||
Cancellation of treasury shares | — | — | (0.1 | ) | 0.1 | — | — | — | ||||||
Share-based payments | — | 54.5 | — | — | — | — | 54.5 | |||||||
Issuance of shares | 0.1 | (5.9 | ) | 31.5 | (11.1 | ) | — | — | 14.6 | |||||
Dividend paid | — | — | — | (441.3 | ) | — | — | (441.3 | ) | |||||
Development expenditures | — | — | — | 14.0 | (14.0 | ) | — | — | ||||||
Balance at December 31, 2019 | 38.2 | 4,242.1 | (1,019.6 | ) | 6,514.9 | 1,520.2 | 2,581.1 | 13,876.9 | ||||||
Prior year net income | — | — | — | 2,581.1 | — | (2,581.1 | ) | — | ||||||
Components of comprehensive income | ||||||||||||||
Net income | — | — | — | — | — | 1,262.6 | 1,262.6 | |||||||
Proportionate share of OCI from associate | — | — | — | — | (0.1 | ) | — | (0.1 | ) | |||||
Foreign currency translation | — | — | — | — | (12.3 | ) | — | (12.3 | ) | |||||
Gain (loss) on financial instruments | — | — | — | — | (3.4 | ) | — | (3.4 | ) | |||||
Total comprehensive income | — | — | — | — | (15.8 | ) | 1,262.6 | 1,246.8 | ||||||
Purchases of treasury shares | — | — | (507.5 | ) | — | — | — | (507.5 | ) | |||||
Cancellation of treasury shares | — | — | — | — | — | — | — | |||||||
Share-based payments | — | 37.4 | — | — | — | — | 37.4 | |||||||
Issuance of shares | — | (45.1 | ) | 80.1 | (15.4 | ) | — | — | 19.6 | |||||
Dividend paid | — | — | — | (564.8 | ) | — | — | (564.8 | ) | |||||
Development expenditures | — | — | — | (119.7 | ) | 119.7 | — | — | ||||||
Balance at June 28, 2020 (unaudited) | 38.2 | 4,234.4 | (1,447.0 | ) | 8,396.1 | 1,624.1 | 1,262.6 | 14,108.4 | ||||||
1. | As of June 28, 2020, the number of issued shares was 425,659,881. This includes the number of issued and outstanding shares of 418,386,510 and the number of treasury shares of 7,273,371. As of December 31, 2019, the number of issued shares was 425,659,704. This includes the number of issued and outstanding shares of 419,810,706 and the number of treasury shares of 5,848,998. As of June 30, 2019, the number of issued shares was 425,659,415. This included the number of issued and outstanding shares of 421,142,581 and the number of treasury shares of 4,516,834. |
2. | Other reserves consist of our proportionate share of other comprehensive income from associates, the hedging reserve, the currency translation reserve and the reserve for capitalized development expenditures. |
3. | As of January 1, 2019, ASML has applied the interpretation of IFRIC 23 "Uncertainty over Income Tax Treatments" and chose to adjust the impact of this interpretation retrospectively with the cumulative effect as an adjustment to the opening balance of retained earnings. |
Unaudited | Unaudited | ||||
For the six-month period ended June 30, 2019 and June 28, 2020 | 2019 | 2020 | |||
Notes | (in millions) | € | € | ||
Cash Flows from Operating Activities | |||||
Net income | 810.4 | 1,262.6 | |||
Adjustments to reconcile net income to net cash flows from operating activities: | |||||
Depreciation and amortization 1 | 401.4 | 450.1 | |||
Impairment | 2.7 | 2.7 | |||
Loss on disposal of property, plant and equipment | 2.0 | 1.2 | |||
Share-based compensation expense | 28.3 | 27.7 | |||
Inventory reserves | 121.2 | 78.5 | |||
Deferred income taxes | (204.4 | ) | (80.6 | ) | |
Investments in associates 2 | (32.3 | ) | (58.7 | ) | |
Changes in assets and liabilities: | |||||
Accounts receivable | (123.7 | ) | 30.8 | ||
Finance receivables | (137.2 | ) | (529.9 | ) | |
Inventories | (485.5 | ) | (887.7 | ) | |
Other assets | (172.9 | ) | (125.7 | ) | |
Accrued and other liabilities 4 | (251.6 | ) | (130.8 | ) | |
Accounts payable | 314.7 | 880.2 | |||
6 | Current tax assets and liabilities | (310.8 | ) | (231.0 | ) |
Contract assets and liabilities | (179.7 | ) | (562.7 | ) | |
Net cash used in operating activities | (217.4 | ) | 126.7 | ||
Cash Flows from Investing Activities | |||||
Purchase of property, plant and equipment 3 | (275.3 | ) | (456.6 | ) | |
Purchase of intangible assets | (226.4 | ) | (344.1 | ) | |
9 | Purchase of short-term investments | (288.8 | ) | (311.0 | ) |
9 | Maturity of short-term investments | 528.7 | 555.6 | ||
Net cash used in investing activities | (261.8 | ) | (556.1 | ) | |
Cash Flows from Financing Activities | |||||
7 | Dividend paid | (884.4 | ) | (564.8 | ) |
7 | Purchase of treasury shares | (70.0 | ) | (507.5 | ) |
Net proceeds from issuance of shares | 12.6 | 19.6 | |||
Repayment of lease obligations 4 | (37.3 | ) | (35.7 | ) | |
Net proceeds from issuance of notes, net of issuance costs | — | 1,486.3 | |||
Repayment of debt 4 | (0.5 | ) | — | ||
Net cash used in financing activities | (979.6 | ) | 397.9 | ||
Net cash flows | (1,458.8 | ) | (31.5 | ) | |
Effect of changes in exchange rates on cash | (1.2 | ) | (1.7 | ) | |
Net increase (decrease) in cash and cash equivalents | (1,460.0 | ) | (33.2 | ) | |
Cash and cash equivalents at beginning of the year | 3,121.1 | 3,532.3 | |||
Cash and cash equivalents at June 30, 2019 and June 28, 2020 | 1,661.1 | 3,499.1 | |||
Supplemental Disclosures of Cash Flow Information: | |||||
Interest received | 3.9 | 4.6 | |||
Interest paid | (18.2 | ) | (22.4 | ) | |
6 | Income taxes paid, net of refunds | (469.1 | ) | (532.1 | ) |
1. | Depreciation and amortization includes depreciation of property, plant and equipment, amortization of intangible assets, and amortization of underwriting commissions and discount related to the bonds and credit facility. |
2. | Investments in associates includes the profit (loss) related to investments in associates and capitalization of R&D and supply chain support funding. |
3. | For the six-month period ended June 28, 2020, an amount of €90.8 million (for the six-month period ended June 30, 2019: €47.8 million) of the purchase of property, plant and equipment relates to funding provided for tooling to our investments in associates which is initially recognized as part of the other assets. |
4. | Cash outflows for the repayment of lease obligations were incorrectly classified as operating cash flows in our Condensed consolidated statement of cash flows for the six-month period ended June 30, 2019. For the six-month period ended June 30, 2019, we have reclassified repayments of lease obligations under financing activities as required under EU-IFRS for all periods presented in the Cash Flow Statement. |
Unaudited | Unaudited | |||
For the six-month period ended June 30, 2019 and June 28, 2020 | Net system sales in units | Net system sales in € millions | ||
For the six-month period ended June 28, 2020 | ||||
EUV | 9 | 1,283.6 | ||
ArFi | 33 | 1,830.6 | ||
ArF dry | 13 | 244.3 | ||
KrF | 45 | 427.7 | ||
i-line | 18 | 75.3 | ||
Metrology & Inspection | 69 | 161.1 | ||
Total | 187 | 4,022.6 | ||
For the six-month period ended June 30, 2019 | ||||
EUV | 11 | 1,134.8 | ||
ArFi | 30 | 1,771.4 | ||
ArF dry | 7 | 108.0 | ||
KrF | 33 | 348.1 | ||
i-line | 15 | 59.5 | ||
Metrology & Inspection | 51 | 118.0 | ||
Total | 147 | 3,539.8 | ||
Unaudited | Unaudited | |||
For the six-month period ended June 30, 2019 and June 28, 2020 | Net system sales in units | Net system sales in € millions | ||
For the six-month period ended June 28, 2020 | ||||
Logic | 124 | 2,667.7 | ||
Memory | 63 | 1,354.9 | ||
Total | 187 | 4,022.6 | ||
For the six-month period ended June 30, 2019 | ||||
Logic | 87 | 2,128.7 | ||
Memory | 60 | 1,411.1 | ||
Total | 147 | 3,539.8 | ||
Unaudited | Unaudited | |||
For the six-month period ended June 30, 2019 and June 28, 2020 | 2019 | 2020 | ||
(in millions) | € | € | ||
New systems | 3,422.0 | 3,919.7 | ||
Used systems | 117.8 | 102.9 | ||
Net system sales | 3,539.8 | 4,022.6 | ||
Unaudited | Unaudited | |||
For the six-month period ended June 30, 2019 and June 28, 2020 | 2019 | 2020 | ||
(in millions) | € | € | ||
Japan | 174.5 | 148.9 | ||
Korea | 1,230.7 | 1,910.8 | ||
Singapore | 75.4 | 39.5 | ||
Taiwan | 1,892.1 | 1,533.5 | ||
China | 593.7 | 1,028.0 | ||
Rest of Asia | 0.8 | 0.7 | ||
Netherlands | 0.6 | 0.7 | ||
EMEA | 130.6 | 137.5 | ||
United States | 698.6 | 966.7 | ||
Total | 4,797.0 | 5,766.3 | ||
Unaudited | ||||
December 31, 2019 | June 28, 2020 | |||
(in millions) | € | € | ||
Cash and cash equivalents | 3,532.3 | 3,499.1 | ||
Short-term investments | 1,185.8 | 941.2 | ||
Available credit facilities1 | 700.0 | 700.0 | ||
1. | No amounts were outstanding under this credit facility as of June 28, 2020. |
• | The effective tax rate in 2019 was mainly due to internal restructuring, which resulted in an increase of deferred tax assets on intangible assets that were transferred within the group, as well as an increase in Tax Reform benefits at the level of our group companies in the United States. |
• | The effective tax rate in 2020 is mainly due to completion of an audit which resulted in additional corporate income tax payments. |
Unaudited | Unaudited | |||
For the six-month period ended June 30, 2019 and June 28, 2020 | 2019 | 2020 | ||
(in millions, except per share data) | € | € | ||
Net income | 810.4 | 1,262.6 | ||
Weighted average number of shares outstanding | 421.1 | 418.5 | ||
Basic net income per ordinary share | 1.92 | 3.02 | ||
Weighted average number of shares outstanding: | 421.1 | 418.5 | ||
Plus shares applicable to: | ||||
Options and conditional shares | 0.8 | 0.7 | ||
Dilutive potential ordinary shares | 0.8 | 0.7 | ||
Diluted weighted average number of shares | 421.9 | 419.2 | ||
Diluted net income per ordinary share 1 | 1.92 | 3.01 | ||
1. | The calculation of diluted net income per ordinary share assumes the exercise of options issued under our stock option plans and the issuance of shares under our share plans for periods in which exercises or issuances would have a dilutive effect. The calculation of diluted net income per ordinary share does not assume exercise of options when exercise would be anti-dilutive. |
• | Level 1: Valuations based on inputs such as quoted prices for identical assets or liabilities in active markets that the entity has the ability to access. |
• | Level 2: Valuations based on inputs other than level 1 inputs such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities. |
• | Level 3: Valuations based on inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. |
Unaudited | ||||||||
As of June 28, 2020 | Level 1 | Level 2 | Level 3 | Total | ||||
(in millions) | € | € | € | € | ||||
Assets measured at fair value | ||||||||
Derivative financial instruments 1 | — | 191.4 | — | 191.4 | ||||
Money market funds 2 | 891.3 | — | — | 891.3 | ||||
Short-term investments 3 | — | 941.2 | — | 941.2 | ||||
Total | 891.3 | 1,132.6 | — | 2,023.9 | ||||
Liabilities measured at fair value | ||||||||
Derivative financial instruments 1 | — | 8.6 | — | 8.6 | ||||
Assets and Liabilities for which fair values are disclosed | ||||||||
Long-term debt 4 | 4,709.5 | — | — | 4,709.5 | ||||
As of December 31, 2019 | Level 1 | Level 2 | Level 3 | Total | ||||
(in millions) | € | € | € | € | ||||
Assets measured at fair value | ||||||||
Derivative financial instruments 1 | — | 137.5 | — | 137.5 | ||||
Money market funds 2 | 2,139.7 | — | — | 2,139.7 | ||||
Short-term investments 3 | — | 1,185.8 | — | 1,185.8 | ||||
Total | 2,139.7 | 1,323.3 | — | 3,463.0 | ||||
Liabilities measured at fair value | ||||||||
Derivative financial instruments 1 | — | 3.9 | — | 3.9 | ||||
Assets and Liabilities for which fair values are disclosed | ||||||||
Long-term debt 4 | 3,247.7 | — | — | 3,247.7 | ||||
1. | Derivative financial instruments consist of forward foreign exchange contracts and interest rate swaps. |
2. | Money market funds are part of our cash and cash equivalents. |
3. | Short-term investments consist of deposits with original maturities to the entity holding the investments longer than three months, but less than one year at the date of acquisition. |
4. | Long-term debt relates to Eurobonds. |
Name | Description | |
ArF | Argon Fluoride | |
ArFi | Argon Fluoride Immersion | |
ASML | ASML Holding N.V. and/or any of its subsidiaries and/or any equity method investments, as the context may require | |
DRAM | Dynamic Random Access Memory (often called performance memory) | |
DUV | Deep Ultraviolet | |
EMEA | Europe, the Middle East and Africa | |
EU | European Union | |
EU-IFRS | International Financial Reporting Standards as adopted by the European Union. | |
Eurobonds | A bond that is denominated in Euro | |
Euronext Amsterdam | Euronext Amsterdam N.V. | |
EUV | Extreme Ultraviolet | |
FAT | Factory Acceptance Test | |
High-NA | High Numerical Aperture | |
HMI | Hermes Microvision, Inc. | |
Holistic Lithography | Adjusting the patterning process steps as a whole, in order to support optimization of the entire chip making process | |
i-line | Lithography system with a mercury lamp as light source | |
IAS | International Accounting Standards | |
Integrated Report based on EU-IFRS | The Integrated Report based on EU-IFRS comprising the Management Board Report (bestuursverslag) and the Financial Statements (jaarrekening) in accordance with Part 9 of Book 2 of the Dutch Civil Code and EU-IFRS, as well as the Supervisory Board Report in accordance with the Code | |
KrF | Krypton Fluoride | |
Logic | Integrated Device Manufacturers and Foundries | |
Memory | NAND-Flash Memory and DRAM Memory chip makers | |
NAND | A binary operator composite of ‘NOT AND’ (often called storage memory) | |
NASDAQ | NASDAQ Stock Market LLC | |
NXE | NXE platform; a new platform utilizing the concepts of the TWINSCAN platform with complete new technologies in three areas: light source, lens system, and vacuum body | |
NXT | TWINSCAN NXT systems; an improved version of the TWINSCAN systems, introducing new stages and stage position control technology, which enables improved imaging and overlay | |
R&D | Research and Development | |
SG&A | Selling, General and Administrative | |
US GAAP | Generally Accepted Accounting Principles in the United States of America | |
Website | www.asml.com. Information on our website is not incorporated into, and does not form part of this report. | |
1 Year ASML Holding NV Chart |
1 Month ASML Holding NV Chart |
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