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TRANSCRIPT
Public
VBF – Dag van de tips - ASML
Public
Sam van der Zalm
28 September 2019 | Gent
Manager Investor Relations - Europe
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28 September
Slide 2
Who is Sam van der Zalm
• 45 years old, married, 2 daughters and 1 son
• Studied Mechanical Engineering and Technical Business
Administrations
• First job at Cap Gemini as BaaN ERP consultant
• Joined ASML on 15th March 2000
• Started in a commercial Logistics role for Asian customers
• Moved to internal sales role supporting US customers
• Then moved to Manufacturing project lead but
• Missed the business side and joined HQ Account
Management for Japanese account
• Since December 2015, Manager Investor Relations - Europe
Excuses voor mijn Denglish
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28 September
Slide 3
Insert Video
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Slide 4
Our story begins in the Philips labs of the 1980sHumble beginnings make for a strong can-do culture
Started as a
joint venture
by Philips
and ASMI
Just 31
employees—
with a can-do
attitude
It took a
decade of
perseverance
to break into
the market
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28 September
Slide 5
Innovation and perseverance have brought us to here
All major
chipmakers
use ASML’s
technology
Europe’s 2nd
biggest tech
company by
market cap
(~90B€)
Annual R&D
budget of
1.9B€(estimated 2019)
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28 September
Slide 6
5,994
0
25
50
75
100
For 30+ years, ASML has delivered superior patterning
capabilities…
AS
ML
Lit
ho
mark
et
sh
are
%85%
’10‘00’951984
TWINSCAN
EUVStepper
Scanner
Source: Gartner, S&P Capital IQ, ASML
Immersion
‘05’90
31828
2018
9,245
Employees (ww FTE)
>23,000Net sales (M€) 1,1416
2,529
4,508
10,944
E-beam inspection
Optical
metrology
Joined
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28 September
Slide 7
San Diego
San Francisco
Our local knowledge hubs are connected for global impact
Wilton
Light sources
Computational
Lithography
Taipei
Shenzhen, China
Eindhoven
Ditzingen
Oberkochen
Lithography &
Metrology Applications
Computational
Lithography
Optics
Lasers
System integration
Key suppliers
Optics
Mask handling/positioning
Clamps
Berlin
Major Supplier Network (including R&D)
Major ASML sites (including R&D)
5,150 employeesSource: ASML FY 2018
12,700 employees 5,400 employees
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Slide 8
The IC industry broke records last year
Source: World Semiconductor Trade Statistics (WSTS), February 2019
1 trillion units shipped
The industry shipped 130 chips for every
man, woman and child on this planet.
2018
From 300B (2007) to a new
record 468.8B in 2018
$468.8B in sales
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28 September
Slide 9
Hardware
Semi Equipment
Semi
Manufacturers
Semi
Design
Software
& Service
ASML
Peers
Semi
Non-Semi
ASML operates in an industry value chain that has considerable means
with strong incentives to compete and drive innovation
Top technology companies in our ecosystem (EBIT CY2018, B$)
Source: Bloomberg (GICS 45 classification)
Total EBIT, B$
In our ecosystem, EBIT
has grown at low-teen
levels
~410
152014 16 2018
~~290
17
~~275 ~280~~348
+11%
1.73.1
53.6
3.0
4.0
2.2
3.1 12
4.5
8.6
2.8
15.612.7
68.0
2.4
18.9
6.7
6.7
ASML
21.3
13.715.6
13.5
24.9
2.2
2.8
3.8
38.9
KLA-TencorTELLAMAMAT
1.4
3.5
1.2
26.3
®
AD
PC
og
niz
an
t
Baid
ueB
ay
PayP
al Yah
oo
!N
etE
ase
10.9
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Slide 10
Slide 10
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Immersive
worlds
Lightning-fast
connectivity
Self-driving
cars
Big data & AI
New trends are propelling our industry
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Slide 11
We collaborate in a vast network of fundamental research
and supplier partners
Supplier and technology network:
~ 50,000 people
> 23,000 employees
R&D:
~ 8,500 engineers
>800
PhD/Dr.
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28 September
Slide 12
Delivering the roadmap requires extensive collaboration
Academia
Customers
Technology
partners
Co-solution partners
Suppliers
Advanced Research Center
for Nanolithography
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28 September
Slide 13
Technological progress all starts with the chip
Our state-of-the-art ‘EUV’ machine
We make machines that make chips
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Slide 14
TWINSCAN familyA solution for any resolution at the right price
ArF immersion(l=193 nm)
ArF dry(l=193 nm)
KrF(l=248 nm)
EUV(l=13.5 nm)
i-line(l=365 nm)
High NA EUV
• Resolution: 350 nm – 8nm
• Average sales price: ~€ 5 million – ~€ 270 million
Half pitch = k1 NAx
l
Improved NA with Water
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Slide 16
Faster stages are crucial to deliver on the promise
Acceleration of wafer stage ~2x..Acceleration of mask stage ~4x..
NXE:3400B reticle stage High NA reticle stage prototype
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28 September
Slide 17
EUV system transport to customer takes 3 Boeing 747s
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Slide 18
Our industry pushes on to create the world of tomorrow
5G connectivity
Artificial Intelligence
RoboticsSmart homes
Internet of Things
The 4th Industrial Revolution
Self-driving cars
Machine learning
Big Data
Virtual Reality
New chip architectures
Augmented Reality
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28 September
Slide 19
ASML total revenues grew at a CAGR of 12% since 2010
• Systems revenue grew at a 10%
CAGR since 2010
• Installed base management
• 20% CAGR since 2010 driven
by holistic lithography,
upgrades and growing
installed base
• Now approximately one
quarter of our total revenue
• Gross Margin trend reflecting
the strength of our DUV and
Applications business and
progress in EUV profitability
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28 September
Slide 20
ASML’s capital allocation policy
Maintain a strong and flexible balance sheet
Focused investment in our
business through R&D, Capex
and strategic M&A
0,5 0,6 0,60,9
1,1 1,1 1,11,3
1,6
0,10,3 0,2
0,2
0,4 0,4 0,3
0,4
0,6
0,7
0,90,8
1,1
1,4 1,4 1,4
1,6
2,2
2010 2011 2012 2013 2014 2015 2016 2017 2018
In B
€
Capex
R&D
Distribute excess cash to
shareholders through a
combination of share buybacks
and growing dividends
HMI acquisition
(2.8B€)
Carl Zeiss SMT Holding
acquisition 24.9% interest
(1.0B€)
Cymer acquisition
(3.0B€)
Up to
2,12,8
3,4 3,74,4
4,9 5,35,8
7,0
0,3
0,5
0,60,9
1,1
1,4
1,9
2,4
3,0
2,4
3,3
4,04,5
5,5
6,4
7,2
8,2
10,0
2010 2011 2012 2013 2014 2015 2016 2017 2018
In B
€
Cumulativedividend
Cumulativesharebuybacks
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28 September
Slide 21
2018
(Actual)
2020 2020 2025
Total Sales 10.9B€ ~11B€ ~13B€ ~15 - 24B€
Gross margin % 46.0% >50% >50% >>50%
R&D % sales 14% ~13% ~14% ~13%
SG&A % sales 4% ~4% ~4% ~4%
Capex % sales 5% ~4% ~4% ~3%
(Scenarios) (CMD 2016) (CMD 2018)(Moderate market)
ASML updated Financial Model (Investor-day 2018)
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28 September
Slide 22
Executive summary
• Healthy semiconductor end market growth driven by major innovation in semiconductor
enabled computing provides long term growth opportunity
• Shrink is a key industry driver supporting innovation and providing long term industry growth
• Holistic Lithography enables affordable shrink and therefore delivers compelling value for our
customers
• DUV, EUV and Application products are highly differentiated solutions that combined provide
unique value drivers for our customers and ASML
• EUV will enable continuation of Moore’s Law and will drive long term value for ASML well into
the next decade
• ASML models an annual revenue opportunity of € 13 billion in 2020 and between € 15 - 24
billion through 2025
• ASML expects to continue to return significant amounts of cash to shareholders through a
combination of share buybacks and growing dividends while holding on to its long-held
conservative financial policy
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28 September
Slide 23