ASML Holding N.V. (ASML)

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ASML Holding N.V. (ASML)

UBS Global Technology Conference Call

November 15, 2012 9:00 am ET


Craig DeYoung – Vice President Investor Relations


Unidentified Analyst

Okay. We get started. My name is (inaudible), I cover ASML for UBS. It’s my great pleasure to have Craig DeYoung with us here, who doesn’t need the introduction I think, but obviously he is IR for ASML. So we’ll do a fire side chat format. Craig will start to five minute on key points in front of ASML management right now, and we move to a fire side chat and open to question.

Craig DeYoung

Thanks Nick and thanks to everybody for joining me this morning or us this morning. I think what I’ll do is, I’ll do about five minutes. I kind of review where we are today, kind of what 2012 is going to end up looking like for ASML, we have a lot of stuff going on as you recognize, we get have a reasonably good feel about what next year good look like also, there is some holes in our knowledge. So there is some certainties, I talk about the certainties, I’ll talk about the uncertainties as well for next year and then will do a Q&A.

So actually 2012 is not going to be a bad year for ASML so we’ll probably end the year about 4.7 will be our second most successful year in terms of revenues in our history. So we're very happy about that we also are happy to have announced co-investment program with the three key customers in the leaders in each of the different sectors Intel, Samsung, and TSMC. So we'll be starting to execute on incremental R&D programs actually that will help us accelerate some these three different things focus will be on existing emerging tool, performance improvements to and an attempt to mitigate some of the cost that are going to be incurred over the next couple of years as the logic guys go to very complicated complex imaging using double patterning, triple patterning, with the existing emerging tools.

So for our existing customers we are trying to accelerate programs to bring them more throughput and better alignment performance which both of which they need in order to yield, effectively with multi patch patterning again to mitigate the costs through throughput improvements.

So that's one of the focus, the other focus will be on at least maintaining the roadmap of EUV and hopefully accelerating second-generation EUV, second-generation EUV or next-generation EUV actually, is the EUV focused on the 16, 17 timeframe will bring higher throughputs, higher numerical aperture, better imaging capability et cetera.

To meet the needs of the collective customers out in the 2017, ‘18 timeframe and then specifically for one big customer goes to be starting 450 millimeter program to bring what will call debugging tools to one customer at least into the industry in the 2015 timeframe, so a lot of exciting and challenging things in front of us on the technical side for next year. In addition, you also aware recently we announced the intent to acquire cymer. We anticipate that should close within six, potentially nine months largely depend on regulatory approval process, you never quite know what you will be confronted with in those processes.

We’ve had some experience protracted regulatory approval process timing. We hope this one will be a little bit smoother, it is a vertical integration, which I think in most cases is looked very kindly upon by government regulators and that it implies efficiencies and cost savings to the end customer normally. So, and we thought about it every which way we can. We will be making applications to the committee and foreign investment in the US here shortly and then we will go through Hart-Scott-Rodino’s anti-trust stuff as well in parallel.

So, I think we are prepared for that, but we will have to see how that works out. What we are excited if you need to use a word is the opportunity again to keep the EV program, the source power generation. By the way, we are going to deliver as you know, 11 of these very sophisticated EUV tools with a higher new miracle aperture than ever before and better imaging and overlay capabilities then every before.

We are demonstrating that today and we are going to shift those 11 systems through the course of next year, recognizing the end of our 700 million in revenue on those tools in 2013. Our customers are excited or in a hurry to get those tools to investigate those in their particular applications. As you know we do have some challenges in source power development. The acquisition of Cymer will allows as to continue the development of the source in a much more efficient manner than we are today.

Just to give you some insight and some of the challenges that we have been confronted with not only technically, but in our way or working, we are two public companies trying to develop solutions and ideas relative to very leading edge technologies and source development. And when you do that, trying to do it together but again two public companies each company has its own need to protect its ideas.

The ideas are put forth co-operatively, but in the end each of our values is in least impart determined by the ideas that we have and each of us and certainly Cymer does as well has a fiduciary reasonability to shareholders to protect that value. Well in that value protection we have communication issues and we reduced the efficiency of the programs that are actually are going on and that the ideas are being generated to address.

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