Semiconductor Equipment - Berenberg Bank
Semiconductor Equipment - Berenberg Bank
Semiconductor Equipment - Berenberg Bank
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ASML Holding NV<br />
Technology Hardware<br />
Financials<br />
Profit and loss account<br />
Year-end December (EUR m) 2011 2012 2013E 2014E 2015E 2016E<br />
Sales 5,651.0 4,732.4 5,034.2 6,579.7 7,343.8 9,345.8<br />
Cost of sales 3,201.4 2,727.5 2,923.6 3,825.6 4,131.4 5,057.2<br />
Gross profit 2,449.6 2,004.9 2,110.6 2,754.1 3,212.4 4,288.6<br />
Selling, General and Administrative Expenses 218.5 259.3 294.5 304.0 280.0 260.0<br />
Research and development 589.9 588.7 874.8 920.0 800.0 760.0<br />
Other operating expenses 0.0 0.0 -64.5 -120.0 -120.0 -120.0<br />
Unusual or infrequent items 0.0 0.0 126.2 80.0 40.0 40.0<br />
EBIT 1,641.2 1,156.9 879.6 1,570.1 2,212.4 3,348.6<br />
Interest expenses -7.4 6.2 9.3 0.0 0.0 0.0<br />
Extraordinary income/loss 0.0 0.0 0.0 0.0 0.0 0.0<br />
EBT 1,648.6 1,150.7 870.3 1,570.1 2,212.4 3,348.6<br />
Taxes 181.6 4.3 62.3 125.6 177.0 334.9<br />
Net income from continuing operations 1,467.0 1,146.4 807.9 1,444.5 2,035.4 3,013.8<br />
Income from discontinued operations (net of tax) 0.0 0.0 0.0 0.0 0.0 0.0<br />
Net income 1,467.0 1,146.4 807.9 1,444.5 2,035.4 3,013.8<br />
Minority interest 0.0 0.0 0.0 0.0 0.0 0.0<br />
Net income (net of minority interest) 1,467.0 1,146.4 807.9 1,444.5 2,035.4 3,013.8<br />
Source: Company data, <strong>Berenberg</strong> estimates<br />
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