Semiconductor Equipment - Berenberg Bank

ASML Holding NV
Technology Hardware
ASML shareholder structure
ASML has approximately 408m ordinary shares outstanding with a nominal value
EUR0.09 each, listed at both NYSE Euronext Amsterdam and NASDAQ in New
York. The free float percentage is 77.32%. The shareholder structure at end-2012
end is shown below.
Figure 22: Holding structure at end-2012
Stichting
Administratiekantoor
TSMC/TSMC*
5%
Blackrock Inc
6%
Stichting
Administratiekantoor
MAKTSJAB/
Intel*
15%
FMR LLC
9%
Other
52%
Capital Group
International, Inc
13%
*Major shareholders have the same voting rights as other shareholders, with exception Intel and TSMC (and related
foundations) in the Customer Co-Investment Program
Source: ASML
Customer co-investment programme
In July 2012, ASML announced a customer co-investment programme to accelerate
development of EUV and 450mm technology. Intel, Samsung and TSMC invested
€4.4bn in total, for 23% of ASML’s share capital and €1.1bn in R&D funding. The
shares issued under the programme only carry voting rights under exceptional
circumstances, and are not transferable for two and a half years after issuance.
The R&D contribution from Intel will be recognised through the revenue line after
EUV shipment ramp-up. Samsung’s and TSMC’s R&D contribution will be
recognised through operating income.
We view the co investment programme as positive for both chip-makers and
ASML. For ASML, it demonstrates that customers recognise EUV as Moore’s Law
enabler, and that ASML has a leading position in this field. For chip-makers, the
investment contribution helps ASML deliver a clearer and accelerated roadmap for
EUV and 450mm.
Management
CEO Peter Wennink
Peter Wennink became CEO in July 2013. Previously, he was executive vice
president, CFO and a member of the management board from 1999.
50