6-k - sec.gov | home dram operating margins: production cut-backs resulted in negative op. margins...
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0000950123-09-012697.txt : 200906100000950123-09-012697.hdr.sgml : 2009061020090609190629ACCESSION NUMBER:0000950123-09-012697CONFORMED SUBMISSION TYPE:6-KPUBLIC DOCUMENT COUNT:29CONFORMED PERIOD OF REPORT:20090609FILED AS OF DATE:20090610DATE AS OF CHANGE:20090609
FILER:
COMPANY DATA:COMPANY CONFORMED NAME:ASML HOLDING NVCENTRAL INDEX KEY:0000937966STANDARD INDUSTRIAL CLASSIFICATION:SPECIAL INDUSTRY MACHINERY, NEC [3559]IRS NUMBER:000000000FISCAL YEAR END:1231
FILING VALUES:FORM TYPE:6-KSEC ACT:1934 ActSEC FILE NUMBER:001-33463FILM NUMBER:09883152
BUSINESS ADDRESS:STREET 1:DE RUN 6501CITY:DR VELDHOVENSTATE:P7ZIP:5504BUSINESS PHONE:31402683000
MAIL ADDRESS:STREET 1:P.O. BOX 324CITY:AH VELDHOVENSTATE:P7ZIP:5500
FORMER COMPANY:FORMER CONFORMED NAME:ASM LITHOGRAPHY HOLDING NVDATE OF NAME CHANGE:19950215
6-K1u07021e6vk.htm6-K
6-K
Table of Contents
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF A FOREIGN ISSUER
PURSUANT TO RULE 13A-16 OR 15D-16
OF THE SECURITIES EXCHANGE ACT OF 1934
For June9, 2009
ASML Holding N.V.
De Run 6501
5504 DR Veldhoven
The Netherlands
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form20-F or Form 40-F.
Form20-F Form40-F o
Indicate by check mark whether the registrant by furnishing the information contained in this Formis also thereby furnishing the information to the Commission pursuant to Rule12g3-2(b) under theSecurities Exchange Act of 1934.
Yes o No
If Yes is marked, indicate below the file number assigned to the registrant in connection with Rule12g3-2(b):
TABLE OF CONTENTS
SIGNATURESEX-99.1
Table of Contents
Exhibits
99.1 UBS Global Technology and Services Conference, New York, USA, presentation dated June9, 2009
Safe Harbor Statement under the US Private Securities Litigation Reform Act of 1995: thematters discussed in this document may include forward-looking statements, including statementsmade about our outlook, realization of backlog, IC unit demand, financial results, average salesprice, gross margin and expenses. These forward looking statements are subject to risks anduncertainties including, but not limited to: economic conditions, product demand and semiconductorequipment industry capacity, worldwide demand and manufacturing capacity utilization forsemiconductors (the principal product of our customer base), including the impact of credit marketdeterioration on consumer confidence and demand for our customers products, competitive productsand pricing, manufacturing efficiencies, new product development and customer acceptance of newproducts, ability to enforce patents and protect intellectual property rights, the outcome ofintellectual property litigation, availability of raw materials and critical manufacturingequipment, trade environment, changes in exchange rates and other risks indicated in the riskfactors included in ASMLs Annual Report on Form 20-F and other filings with the US Securities andExchange Commission.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has dulycaused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
ASML HOLDING N.V. (Registrant)
Date: June 9, 2009 By: /s/ Peter T.F.M. Wennink
Peter T.F.M. Wennink
Executive Vice President
and Chief Financial Officer
2
EX-99.12u07021exv99w1.htmEX-99.1
EX-99.1
UBS Global Technology and Services Conference
New York City
Craig DeYoung
VP, Investor Relations & Corporate Communications
June 9, 2009
Safe Harbor
"Safe Harbor" Statement under the US Private Securities Litigation Reform Act of1995: the matters discussed in this document may include forward-lookingstatements, including statements made about our outlook, realization of backlog, ICunit demand, financial results, average sales price, gross margin and expenses.
These forward looking statements are subject to risks and uncertainties including,but not limited to: economic conditions, product demand and semiconductorequipment industry capacity, worldwide demand and manufacturing capacityutilization for semiconductors (the principal product of our customer base), includingthe impact of credit market deterioration on consumer confidence and demand forour customers' products, competitive products and pricing, manufacturingefficiencies, new product development and customer acceptance of new products,ability to enforce patents and protect intellectual property rights, the outcome ofintellectual property litigation, availability of raw materials and critical manufacturingequipment, trade environment, changes in exchange rates and other risks indicatedin the risk factors included in ASML's Annual Report on Form 20-F and other filingswith the US Securities and Exchange Commission.
The Markets
DRAM
300mm litho capacity utilization recovering while 200mm capacity is beingbuilt off
DRAM 1Gb prices continue to rise
DRAM manufacturers with 55nm process are making money
DRAM manufacturer without 55nm process resume process "shrink" plans
Some DRAM players preparing 45nm processes
NAND
Litho capacity utilization moving back toward normal levels
NAND 16Gb MLC prices stabilize above 4X nm and 5X nm cash costs
Manufacturer prepare 3X nm processes to improve memory density/cost
Foundry
Litho capacity utilizations show significant improvement
Capacity additions being made at 4X nm process node
DRAM revenues appear to bottom out in March
YoY DRAM unit growth still well below average of analysts
Source: WSTS, ASML
Last data point: March 2009
Analyst
Average
DRAM 300 mm utilization recovering while 200mmcapacity is built off
Source: DRAM Exchange (05/2009)
DRAM 1 Gb prices continue to increase during April, due to persistentsupply cut-backs, 5x nm manufacturers are cash positive
300 mm cash-costs for 5x nm 1Gb DRAM between 0.8 & 0.9 USD
300 mm cash-costsfor 7x nm 1 Gb DRAMbetween 1.4 & 1.6 USD
300 mm cash-costsfor 6x nm 1 Gb DRAMbetween 1.0 & 1.2 USD
Q1/09 DRAM operating margins: Production cut-backs resultedin negative op. margins for all players, despite rising ASPs
Source: DRAMeXchange (2/09), ASML
Mostadvancedprod. nodein Q1/09:
5x nm
5x nm
6x nm
6x nm
7x nm
7x nm
3mma NAND sales is rising as normal seasonal behavior1Q09 units growth lower than annual forecast
Analyst
Average
Source: WSTS, ASML
Last data point: March 2009
NAND utilization, moving back to normal levels
* One major manufacturer's dry tool utilization (?30% idle) is not capture in this graph
Source: DRAM Exchange (05/2009)
300 mm cash-costs for4x nm 16 Gb MLC NANDbetween 1,9 and 2,4 USD
NAND MLC 16 Gb mainstream ASPs stabilized above4x and 5x nm cash-costs
300 mm cash-costs for5x nm 16 Gb MLC NANDbetween 2.5 and 3,1 USD
Operating Margins of main NAND Manufacturers (Q1/06 - Q1/09)
- -100%
- -80%
- -60%
- -40%
- -20%
0%
20%
40%
60%
1Q06
2Q06
3Q06
4Q06
1Q07
2Q07
3Q07
4Q07
1Q08
2Q08
3Q08
4Q08
1Q09
Operating Margin [% of Sales]
Q1/09 NAND operating margins: Margins driven by raising ASPs.
Mostadvancedvolume nodein Q1/09:
4x nm SE
4x nm SE
3x nm SPT
4x nm SE
Source: DRAMeXchange (2/09), ASML
Logic sales appear to have reached a bottom inMarch 2009
Analyst
Average
Source: WSTS, ASML
Last data point: March 2009
Foundry utilizations are recovering fast - but well belowtrigger point for capacity buys
Market Opportunity
* Note: Process development 1.5 ~ 2 years in advance of manufacturing
Year of production start*
1/1/02
1/1/03
1/1/04
1/1/05
1/1/06
1/1/07
1/1/08
1/1/09
1/1/11
1/1/12
1/1/13
1/1/14
1/1/15
1/1/10
Resolution/half pitch, "Shrink" [nm]
20
30
40
50
60
80
200
100
Logic
Logic / SRAM
6 Transistor SRAM Cell
k1 0.40 ~ 0.44
DRAM
NAND
DRAM
k1 0.30 ~ 0.35
NAND Flash
k1 0.27 ~ 0.30
Technology developments continue
Drivers of lower device cost and greater device functionality
Source: ASML - updated 12/08
Source: ASML
Lithography total market growth opportunity - simulation
Historical trends projected
Factual until 2008 +simulation for 2009
IC trend-based simulation
0
1000
2000
3000
4000
5000
6000
7000
8000
9000
10000
11000
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
WW Litho Demand Simulation (2006 - 2015) :
Lithography System Revenue [Mio. ]
Semiconductorunit growthcontinues at 9%per year
Moore's lawunaffected
CAGR (2006-15): 9.7%
Based on simulations, NOT a forecast
Bottom-up scenario: Four engines of growth
Even when assuming slow chip unit growth of 4%
(due to Moore's Law slowdown and slower electronics consumption in the West)
More DRAMin expandingconsumerelectronics.Additional1.2B Lithorevenue over5 years.
NAND/DRAM penetration rises to 10% ofhard disk drives storage capacity, versus 7%in slow-down scenario, adding 6.7 billionin Litho revenue
over 5 years.
Emerging new StorageClass Memory makescomputer serversperform 25% better,leading to 30%penetration by 2015,adding 1.5B Lithorevenue in 2013-2015period.
Middle class population growthexpected, driven by Brazil, Russia, India and China(BRIC). Electronics spending in BRIC to more thandouble to $46/year, adding 6.4B in Litho revenueover 5 years.
Based on simulations, NOT a forecast
Source: ASML
Bottoms-up scenario: significant litho demand indicated
Conservative scenario (4% unit growth) + emerging growth markets
Factual until 2008 +simulation for 2009
IC trend-based simulation
0
1000
2000
3000
4000
5000
6000
7000
8000
9000
10000
11000
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Worldwide litho demand simulation
Lithography System Revenue [Mio. ]
Half of historicchip growth of 4%
NAND penetrationin PC's 10%
More spending inBRIC countries
More DRAM inconsumer products
NAND in servers(PCRAM)
Based on simulations, NOT a forecast
ASML confirms its strategy
The lithography market offers significant growth potential; thecompany target of EUR 5 billion in annual revenues is stillachievable, timing depending on macro economic circumstances
ASML's key success factor is unmatched R&D innovation which willremain unaffected in the current crisis and is in line with customerroadmaps, focused on a high level of product differentiation
Production capacity (assets and staff) will be maintained to meetcustomer needs without lengthy lead times
ASML scales down its cost structure for positive cash generationeven at very low quarterly revenue levels
Drive improvement in the long term cost structure through efficiencyinitiatives
ASML Product Strategy
Enabling the future
Committed to R&D
New product introduction on track
ASML is using its financial strength to uniquely continueaggressive R&D spending in strategic development programsto ensure timely introduction of next node productionsolutions
Proved EUV imaging with the first full field 28 nm dense lines
Introduced new suite of lithography-aware design andmanufacturing tools supported by our subsidiary Brion
State of art Immersion TWINSCAN NXT for DoublePatterning (DP) on track to ship in July
TWINSCAN NXT - improved overlay and productivity
Suitable for double patterning 32 nm and beyond
x, y : 1.6nm, 1.7nm
overlay
x, y : 1.9nm, 1.8nm
overlay
Platform capability>200 wafers per hour
Excellent overlayshown during SPIE
EUV pre-production systems ready in 2010
First fullfield 28 nmdense linesimaged
Summary
Summary
Litho system utilization at leading edge improving across allsectors
Shrink drivers remain in all sectors (Device cost andfunctionality improvements)
Technology purchases resume to support litho process nodetransitions in all sectors
ASML continues to manage the company for cash generationand long term cost structure optimization, while keeping ourcurrent aggressive technology development roadmap
ASML is prepared to support all customers future lithoperformance and timing requirements
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