艾司摩爾 (ASML) 2013 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the ASML 2013 first-quarter conference call on April 17, 2013. Throughout today's introduction, all participants will be in a listen-only mode. After ASML's introduction, there will be an opportunity to ask questions. (Operator Instructions).

女士們、先生們，感謝你們的支持。歡迎參加2013年4月17日ASML 2013年第一季電話會議。在今天的介紹過程中，所有參與者將處於只聽模式。ASML介紹完後，會有提問的機會。（操作員指令）。

I would now like to turn the conference over to Mr. Craig DeYoung. Please go ahead, sir.

現在我想將會議交給 Craig DeYoung 先生。先生，請繼續。

Thank you, operator, and good afternoon and good morning, ladies and gentlemen. This is Craig DeYoung, Vice President of Investor Relations here at ASML. Joining me today from our ASML headquarters in Veldhoven, the Netherlands is Mr. Eric Meurice, ASML's CEO; and Peter Wennink, ASML's CFO. The subject of today's call is ASML's first-quarter 2013 results. And we will talk about a couple of other subjects as well.

謝謝接線員，女士們、先生們，下午好，早安。我是 ASML 投資人關係副總裁 Craig DeYoung。今天與我一起在荷蘭費爾德霍芬的 ASML 總部出席的還有 ASML 執行長 Eric Meurice 先生；和 ASML 財務長 Peter Wennink。今天電話會議的主題是 ASML 2013 年第一季的業績。我們還將討論其他幾個主題。

This call is being broadcast live over the Internet at www.asml.com, and a replay of the call will be available on our website for approximately 90 days.

此次電話會議將透過網路在 www.asml.com 上進行現場直播，會議重播將在我們的網站上提供約 90 天。

Now, before we begin, I'd like to caution listeners that comments made by management during this conference call will include forward-looking statements within the meaning of the federal security laws. These forward-looking statements involve material risks and uncertainties. For a discussion of risk factors, I encourage you to review the Safe Harbor statement contained in today's press release, and presentation, both found on our website at www.asml.com and in ASML's annual report on form 20-F and other documents as filed with the Securities and Exchange Commissions. The length of the call will be 60 minutes.

現在，在我們開始之前，我想提醒聽眾，管理階層在本次電話會議中發表的評論將包括聯邦安全法所定義的前瞻性陳述。這些前瞻性陳述涉及重大風險和不確定性。有關風險因素的討論，我建議您查看今天的新聞稿和演示文稿中包含的安全港聲明，這兩個聲明都可以在我們的網站 www.asml.com 和 ASML 的 20-F 表格年度報告以及向美國證券交易委員會提交的其他文件中找到。通話時間為 60 分鐘。

And now I would like to turn the call over to Eric Meurice for a brief introduction.

現在我想將電話轉給 Eric Meurice 進行簡短介紹。

Eric?

艾瑞克？

Thank you, Craig. As usual, Peter and I would like to provide an overview and some commentary on the first-quarter results and our view going forward. Peter will start with a review of Q1 financials performance with comments on the near-term outlook. I will complete the introduction, with a brief status update of our product alignment lineup and Cymer acquisition status.

謝謝你，克雷格。像往常一樣，彼得和我想對第一季的業績和我們對未來的看法進行概述和評論。彼得將首先回顧第一季的財務表現，並對近期前景發表評論。我將完成介紹，並簡要介紹我們的產品陣容和 Cymer 收購狀態。

So, Peter, please?

那麼，彼得，可以嗎？

Thank you, Eric, and welcome to everyone. Our first-quarter results are very much aligned with the expectations we set at the end of the fourth quarter, with sales slightly above expectations. Systems sales again remained largely skewed towards the foundry IDM sectors, which were 70% of total, including noncritical KrF systems supporting capacity additions.

謝謝你，艾瑞克，歡迎大家。我們第一季的業績與我們在第四季末設定的預期非常一致，銷售額略高於預期。系統銷售仍主要偏向代工 IDM 領域，佔總量的 70%，其中包括支援產能增加的非關鍵 KrF 系統。

Combined memory represented the balance of 30%. As we did last quarter, we are now reporting memory sales of bookings and backlog as one total value due to lack of transparency around systems allocations between NAND and DRAM. The average selling price of all systems recognized in the first quarter was EUR23.3 million -- a bit higher, but basically the same as in the previous quarter.

合併後的記憶體佔餘額的 30%。正如我們上個季度所做的那樣，由於 NAND 和 DRAM 之間的系統分配缺乏透明度，我們現在將預訂和積壓的記憶體銷售作為一個總價值進行報告。第一季確認的所有系統的平均售價為 2,330 萬歐元，略高，但與上一季基本持平。

Service and field option sales were EUR215 million. First-quarter net bookings came in at EUR715 million for 25 systems, excluding EUV, with booked ASPs at EUR28.6 million versus EUR20.9 million in the fourth quarter. The average selling price of the first-quarter bookings were impacted by a high percentage of immersion systems.

服務和現場選項銷售額為2.15億歐元。第一季度，25 個系統（不包括 EUV）的淨預訂額為 7.15 億歐元，預訂平均銷售價格為 2,860 萬歐元，而第四季為 2,090 萬歐元。第一季訂單的平均售價受到高比例沉浸式系統的影響。

Next quarter bookings will reflect the secular ASP trend as well, as we expect to increased demand in the second half of the year for the Company's leading-edge systems for logic applications. Our system's order backlog at the end of the first quarter was EUR1.27 billion, which totaled 42 systems, excluding EUV.

下一季的訂單也將反映長期的平均銷售價格趨勢，因為我們預計下半年對該公司領先的邏輯應用系統的需求將會增加。我們第一季末的系統訂單積壓為12.7億歐元，總計42個系統（不含EUV）。

The backlog profile at the quarter's end remained very similar to that at the end of the previous quarter.

本季末的積壓訂單情況與上一季末的情況非常相似。

With respect to our cash generation profile, I would like to mention that we expect, over the coming 12 to 18 months, our working capital requirements in support of our EUV and 450 millimeter programs to be substantial. Longer effective cycle times for these new products and investment in facilities and prototypes to deal with the anticipated volume ramp will obviously require additional capital.

關於我們的現金產生狀況，我想提一下，我們預計在未來 12 到 18 個月內，支持我們的 EUV 和 450 毫米項目的營運資金需求將非常大。這些新產品的有效週期更長，為了應對預期的產量增長而對設施和原型進行投資，顯然需要額外的資金。

I think that with our attempt to accelerate the delivery of multiple key complex new technologies, this requirement can be easily understood. Despite these cash requirements for these investments, the Company has confidently increased the dividend to EUR0.53 per share, which is a 15% increase; and has also announced today a share buyback program of up to EUR1 billion to run through the end of 2014.

我認為，鑑於我們試圖加速交付多項關鍵複雜新技術，這項要求很容易理解。儘管這些投資需要現金，但公司仍自信地將股息提高至每股 0.53 歐元，增幅達 15%；並於今日宣布了一項高達 10 億歐元的股票回購計劃，該計劃將持續到 2014 年底。

As to the outlook, we continue to expect sales levels for 2013 to come in at similar levels to 2012. Second-half 2013 sales will be higher than (technical difficulty), largely due to timing of the next note investments of our foundry customers and as we begin recognizing revenue for our first EUV NXE3300 shipments.

就前景而言，我們仍然預計 2013 年的銷售水準將與 2012 年持平。2013 年下半年的銷售額將高於（技術難度），主要是因為我們的代工客戶下次注資的時機以及我們開始確認第一批 EUV NXE3300 出貨量的收入。

We anticipate second-quarter total sales coming in at about EUR1.1 billion. Based on this anticipated volume, we will see our second-quarter gross margin come back to between 41% and 42%.

我們預計第二季總銷售額約為 11 億歐元。根據這項預期產量，我們第二季的毛利率將回升至 41% 至 42% 之間。

R&D for the quarter will be about EUR187 million; and other income, which again consists of contributions from participants of the Customer Co-Investment Program of EUR16 million. As discussed last quarter, the co-investments in R&D by key co-investment partners are accounted for in different ways. The quarterly distribution of two of them is reported as other income. That amount was EUR14 million in the first quarter, and expected at EUR16 million in the second quarter, as earlier mentioned.

本季研發費用約為1.87億歐元；以及其他收入，其中再次包括客戶共同投資計畫參與者的 1,600 萬歐元捐款。如同上季所討論的，主要共同投資夥伴對研發的共同投資採取不同的方式進行會計處理。其中兩項的季度分配被報告為其他收入。如前所述，第一季的這筆金額為 1,400 萬歐元，預計第二季的這筆金額為 1,600 萬歐元。

The contribution of the third participant is included in our gross margin. That amount was EUR16 million in additional gross profit in Q1, with Q2 actuals to again be reported with our second-quarter results. The SG&A will continue at the EUR63 million as we again anticipate about EUR6 million in additional expenses related to the pending Cymer acquisition.

第三位參與者的貢獻包含在我們的毛利率中。該金額為第一季的額外毛利為 1,600 萬歐元，第二季的實際金額將與我們第二季的業績一起報告。銷售、一般及行政費用將繼續保持在 6,300 萬歐元，因為我們再次預計與即將進行的 Cymer 收購相關的額外費用約為 600 萬歐元。

We continue to see sustained demand from the logic sector as they begin to transition to the 20, 16 and 14 nanometer combined nodes. However, with recent pricing stability in the two memory sectors, we have started to see inquiries regarding litho system lead times, but have not yet seen a significant order pickup to support capacity additions in addition to the current memory technology buys. Given the level of these inquiries, we could see a potential pickup in orders in the second half.

隨著邏輯領域開始向 20、16 和 14 奈米組合節點過渡，我們繼續看到其持續的需求。然而，隨著近期兩個記憶體領域價格的穩定，我們開始看到有關光刻系統交貨時間的詢問，但除了當前的內存技術購買之外，尚未看到顯著的訂單回升以支持產能增加。鑑於這些諮詢的水平，我們可能會看到下半年訂單量有所回升。

In support of our customers' need to move EUV from early development to real process development, in anticipation of potential volume ramps in 2015, we currently have 11 systems in our adoption process. However, due to current limited supply of resource, we now expect to ship 6 EUV NXE3300 systems this year, with drop shipments of the first few sources directly to the customers' facilities. We expect that two systems will ship this quarter and four will ship in the second half of the year.

為了支援客戶將 EUV 從早期開發轉向實際流程開發的需求，並預期 2015 年產量將大幅增加，我們目前有 11 個系統正在採用中。然而，由於目前資源供應有限，我們目前預計今年將出貨 6 台 EUV NXE3300 系統，並將前幾台系統直接運送到客戶的工廠。我們預計本季將出貨兩套系統，下半年將出貨四套系統。

Revenue recognition will only be possible when both scanner and source have been shipped and installed at the customer site. So we expect to recognize about EUR280 million in revenue this year, which still allows us to forecast 2013 revenues at 2012 levels due to the underlying strength of our non-EUV business. I think that's what I would like to say about our results and about the forecast.

只有當掃描器和來源都已運送並安裝在客戶現場時，才有可能確認收入。因此，我們預計今年的營收將達到約 2.8 億歐元，由於我們非 EUV 業務的潛在實力，我們仍然可以將 2013 年的營收預測為 2012 年的水準。我想這就是我想對我們的結果和預測說的話。

And with that, I would like to turn it back over to you, Eric.

現在，我想把發言權交還給你，艾瑞克。

Thank you, Peter. I will focus my remarks first on the status of our technology development and start by our EUV program. Regarding the scanners themselves, the EUV scanners themselves, we have now demonstrated production with the 10 nanometer node compatible imaging (technical difficulty) performance. Stability and reproducibility will certainly have to be improved as we prepare for production in 2014. But the specification targets have certainly been reached now on the NXE3300 platform.

謝謝你，彼得。我的發言將首先集中在我們的技術發展現狀，並從我們的 EUV 計劃開始。關於掃描器本身，即 EUV 掃描儀本身，我們現在已經展示了具有 10 奈米節點相容成像（技術難度）性能的生產。當我們為 2014 年的生產做準備時，穩定性和可重複性肯定需要提高。但現在 NXE3300 平台確實已經達到規格目標了。

Regarding the source, significant progress has been made. The EUV light sources are now running at 55 watts, with production-worthy dose control. This is equivalent to approximately 43 wafers per hour with a standard resist sensitivity. To put this performance into perspective, one should remember that of course we lost (technical difficulty) in 2012, when the original source concept that we used to call normal was converted to a more robust concept called mobile [prep].

關於源頭，目前已經取得了重大進展。目前 EUV 光源的運作功率為 55 瓦，並具有適合生產的劑量控制。這相當於在標準光阻靈敏度下每小時生產約 43 片晶圓。為了正確看待這一表現，我們應該記住，我們在 2012 年當然失敗了（技術難度），當時我們過去稱為正常的原始來源概念被轉換為一個更強大的概念，稱為移動 [prep]。

Since this concept change has been debugged, and it took a bit of time to do so, we have executed cycles of learning as a standard in this industry leading to continuously improved performance, through optimization of the system software and hardware architecture. Our targeted production throughputs for 2014 and commitment to customers since, in fact, our sales in 2012 remains at 69 wafers per hour, upgradable within three years to 125 wafers per hour. The current progress and achievement of 43 wafers per hour now puts us well up to target to achieve our commitments.

自從這個概念變化被調試以來，花了一些時間，我們已經按照這個行業的標準執行了學習週期，透過優化系統軟體和硬體架構，不斷提高效能。我們 2014 年的目標生產吞吐量以及對客戶的承諾實際上自 2012 年以來我們銷售的晶圓數量仍為每小時 69 片，三年內可提升至每小時 125 片。目前每小時 43 片晶圓的進度和成績使我們完全達到了兌現承諾的目標。

Indeed, the machines will require another year of continuous improvement to achieve the specification targets, and as already mentioned, production with reproducibility and stability. However, the system's performance data is now confirmed, and the nodes for which EUV can make a significant contribution -- namely, a 19 nanometer DRAM on about two layers, and a so-called in this industry -- the so-called sub 14 nanometer logic, sometimes called 10 nanometer, sometimes called 7 nanometer -- can be planned with EUV.

事實上，這些機器還需要一年的持續改進才能達到規格目標，並且如前所述，實現具有可重複性和穩定性的生產。不過，該系統的性能數據現在已經得到確認，並且 EUV 可以做出重大貢獻的節點——即大約兩層的 19 奈米 DRAM，以及業內所謂的——所謂的 14 奈米以下邏輯，有時稱為 10 奈米，有時稱為 7 奈米——都可以用 EUV 進行規劃。

These are the nodes on customer roadmap for wafer ramps in 2015, and I see volume production in 2016. Of particular interest is the logic node in this timeframe, as EUV can become disruptive. Indeed, customers can use EUV either in one or two layers to reduce the manufacturing complexity and to improve processing costs. Or they can use EUV on 5 to 7 layers to (technical difficulty) the full nod-- e scaling factor up to 50% scaling factor -- or on 15 to 17 layers to support both scaling processing and cost reduction if you were to build up greenfield fabs.

這些是客戶路線圖上 2015 年晶圓產量提升的節點，我認為 2016 年將會達到量產。特別令人感興趣的是這個時間範圍內的邏輯節點，因為 EUV 可能會造成破壞。事實上，客戶可以在一層或兩層中使用 EUV 來降低製造複雜性並改善加工成本。或者他們可以在 5 到 7 層上使用 EUV（技術難度）來實現完整的節點——縮放係數高達 50% 縮放係數——或者在 15 到 17 層上使用 EUV，以支援縮放處理和降低成本（如果您要建立綠地晶圓廠）。

The customer choices between these alternatives -- 1 to 2 layers; 5 to 7; or 15 to 17 -- will be key for their own competitiveness. I said EUV can influence the processing costs on one hand, the processing control difficulty on the other; the design rules simplification -- very important in a foundry business; the scaling factor, the shrink factor, as we say; and overrule chip electrical (technical difficulty). So a lot of valuable performance differentiation can be achieved using EUV. The current steady progress of the EUV technology makes the layers choice complicated indeed, but potentially rewarding.

客戶在這些替代方案之間的選擇——1 到 2 層； 5到7；或 15 到 17——對於他們自身的競爭力至關重要。我說EUV一方面會影響加工成本，另一方面會影響加工控制難度；設計規則簡化－對於代工業務來說非常重要；正如我們所說，縮放因子，收縮因子；並否決晶片電氣（技術難度）。因此，使用 EUV 可以實現許多有價值的性能差異化。目前 EUV 技術的穩定進步確實使得層的選擇變得複雜，但可能很有價值。

As Peter already mentioned, our delivery planning through two system shipments and installing through this quarter -- and the third quarter. And the remaining nine of the first order batch of 11 to be shipped and installed between the Q4 of this year and Q1 of 2014. We have additional commitments for seven systems for 2014 deliveries. We are working on the exact production needs for the customers, but we will be waiting for confirmation of specification before we close further orders above the seven.

正如彼得已經提到的，我們的交付計劃通過兩個系統發貨並在本季度和第三季度進行安裝。首批訂單共11台，剩餘9台將於今年第四季至2014年第一季之間出貨並安裝。我們已承諾在 2014 年交付另外 7 個系統。我們正在努力滿足客戶的確切生產需求，但我們將等待規格確認後再完成七個以上的訂單。

In parallel to EUV, we continue to support world-leading performance with ArF immersion systems. We shipped five of our new NXT 1960Bi systems, the successor to the NXT1950i system already in Q1. These systems offer 20% improvement of overlay and focus control, as well as 30% improvement in CD uniformity, which supports -- which will support manufacturing at the so-called 20, 16, or 14 nanometer (technical difficulty) logic nodes, with heavy multi-pass patterning required.

與 EUV 並行，我們繼續透過 ArF 浸沒系統支援世界領先的性能。我們已於第一季交付了五套新型 NXT 1960Bi 系統，這是 NXT1950i 系統的後續產品。這些系統使覆蓋和焦點控制提高了 20%，並且 CD 均勻性提高了 30%，這將支援所謂的 20、16 或 14 奈米（技術難度）邏輯節點的製造，並且需要進行大量的多通道圖案化。

In support of the emergent multi-pass patterning, and also with EUV imagined specificity, we continue to focus our efforts on process control products. These products, that we call holistic lithography products, are beginning to be transferred from R&D to production at our customers, with business volume being significantly larger, obviously.

為了支持新興的多通道圖案化，以及 EUV 想像中的特異性，我們繼續將精力集中在製程控制產品上。這些產品，我們稱之為整體光刻產品，已經開始從研發轉移到客戶的生產，業務量顯然也大幅增加。

For instance, we have had to expand our production facility for the YieldStar metrology tool to the ASML Center of Excellence in Taiwan to support production of up to 150 units per year, which is very large. We will have more than EUR350 million of holistic lithography products sales (technical difficulty) in 2013.

例如，我們必須將 YieldStar 計量工具的生產設施擴展到台灣的 ASML 卓越中心，以支援每年高達 150 台的生產，這是一個非常大的規模。2013年我們整體光刻產品銷售額（技術難度）將超過3.5億歐元。

Also, on the product front, supported by our Customer Co-Investment Program, we have completed the concepts for our 450 millimeter architecture for use in EUV, and into emergent lithography systems so as to deliver prototypes in 2015. And it will be compatible (technical difficulty) 2018 production ramp -- of course, if confirmed by the industry in due time.

此外，在產品方面，在我們的客戶共同投資計畫的支持下，我們已經完成了用於 EUV 和新興光刻系統的 450 毫米架構的概念，以便在 2015 年交付原型。並且它將相容（技術難度）2018 年的生產坡道——當然，如果業界及時確認的話。

Finally, we are awaiting the ruling (technical difficulty) from the Fair Trade Commissions of Japan and Korea, which we still expect in time to close our ASML/Cymer merger, still expected to be, again, closed in the first half of this year.

最後，我們正在等待日本和韓國公平貿易委員會的裁決（技術難題），我們仍然希望該裁決能夠及時完成我們的 ASML/Cymer 合併，預計該合併仍將在今年上半年完成。

As you are aware from our press release, I will personally be stepping down as ASML's CEO as of 1 July, 2013. I will remain Chairman of our Holding Company until March 31, 2014, when I retire from ASML. This is an anticipated transition, as I signed a two-year extension in Q1 2012, as you know. As the ASML Supervisory Board has appointed Peter Wennink as my successor, this will lead to an orderly transition period, and confirms continuity of our business strategy.

正如您從我們的新聞稿中了解到的，我個人將於 2013 年 7 月 1 日起辭去 ASML 執行長一職。我將繼續擔任控股公司董事長至 2014 年 3 月 31 日從 ASML 退休。這是一個預期的過渡，因為如你所知，我在 2012 年第一季簽署了一份為期兩年的續約合約。由於 ASML 監事會已任命 Peter Wennink 為我的繼任者，這將帶來有序的過渡期，並確認我們業務策略的連續性。

I would like to say that it has been my great pleasure to have met many of you over the last nine years already, and to have built a relationship based on trust. I will not dwell on this retirement topic at this moment, as I am still acting active CEO of the Company for the next three months. But I look forward to seeing you all over these next few quarters, as we manage a smooth transition of Company management.

我想說，在過去的九年裡，我很高興與你們中的許多人相識，並建立了基於信任的關係。我現在不會詳細討論退休這個主題，因為在接下來的三個月裡我仍將擔任公司的執行長。但我期待在接下來的幾季與大家見面，因為我們將順利實現公司管理層的過渡。

With that, Peter and I would be pleased to take your questions.

因此，彼得和我很樂意回答您的問題。

Thank you, Peter and Eric. Ladies and gentlemen, the operator will instruct you momentarily on the protocol for the Q&A session. But beforehand, as I usually do -- as I always do -- I'd kindly ask you to limit your questions to one, with one short follow-up if necessary. This will allow us to get as many (technical difficulty) in as possible.

謝謝你，彼得和埃里克。女士們，先生們，接線生將立即向您介紹問答環節的規程。但在此之前，正如我通常做的那樣——我總是這麼做——我懇請您將問題限制為一個，如有必要，再進行一次簡短的跟進。這將使我們能夠解決盡可能多的（技術難題）。

Now, Operator, if we could have your instructions, and the first caller, please.

現在，接線員，請問您是否能給我們指示，以及請告訴第一位來電者。

Thank you. Ladies and gentlemen, at this time, we will begin the question-and-answer session. (Operator Instructions). Nick Gaudois. Please state your company name, followed by your question.

謝謝。女士們、先生們，現在，我們將開始問答環節。（操作員指令）。尼克·高杜瓦。請說明您的公司名稱，然後提出您的問題。

Yes. Hi. It is Nick Gaudois from UBS. First question is on your comments on inquiries from memory customers effectively coming back in addition to shrink's requirements, if I understood you well. Could you give us a bit more color in where do you see that in the timeline? I am assuming this is more NAND [price] related. In that case, whether the feasibility of (technical difficulty) for one lead nanometer is actually playing a role in the discussions, effectively moving to a firm commitment, and planning for (technical difficulty)? And I've got a follow-up. Thank you.

是的。你好。我是瑞銀的 Nick Gaudois。第一個問題是，如果我理解正確的話，您對記憶客戶的詢問以及心理醫生的要求有何評論？您能否向我們詳細介紹一下您在時間軸上看到的內容？我認為這與 NAND 價格更相關。那麼，一奈米鉛的可行性（技術難度）是否真的在討論中發揮了作用，有效地轉向了堅定的承諾和規劃（技術難度）？我還有後續行動。謝謝。

Thank you, Nick. The issue is, like we said, we have received the first inquiries, and your question is a very specific. We don't have the specifics as you require. In the complex of what we are seeing in the industry is that (technical difficulty) quite a significant increase in the DRAM price. We have seen a small increase in the NAND prices, so it is not a surprising thing that those inquiries are yet coming. If we would have to make a guess, it would be more DRAM related then it is NAND related. But like I said, it is pretty recent, and you are asking very specific questions on the architectural choices on the NAND side, which actually we cannot comment on at this moment in time, because we simply don't know. But the general direction is more DRAM related than it is NAND.

謝謝你，尼克。問題是，正如我們所說，我們已經收到了第一批詢問，您的問題非常具體。我們沒有您要求的具體資訊。我們在業界看到的複雜情況是，DRAM 價格大幅上漲（技術難度高）。我們已經看到 NAND 價格小幅上漲，因此這些詢價的出現並不奇怪。如果我們必須做出猜測，那麼它與 DRAM 的關係比與 NAND 的關係更密切。但就像我說的，這是最近的事，你問的是關於 NAND 方面的架構選擇非常具體的問題，實際上我們目前無法對此發表評論，因為我們根本不知道。但整體方向與 DRAM 的關係比與 NAND 的關係更密切。

Well, I guess when I was referring to ask from a DRAM standpoint, your own model probably doesn't indicate wafer capacity requirements. So, assuming -- if you see anything going through that has to do with technology conversion more than capacity, would that be correct?

嗯，我想當我從 DRAM 的角度提出問題時，您自己的模型可能並未表明晶圓容量要求。那麼，假設——如果您發現任何與技術轉換而非產能有關的事情，那是正確的嗎？

DRAM is --

DRAM 是－

Both.

兩個都。

-- as we all know, PC business is not doing well. So the drivers is not PC. The driver is mobile in general. And DRAM mobile has been a fairly good business in 2012. But you could not see it because it had been compensated by the very bad PC business. But now you can start seeing that there is genuine (technical difficulty) in the DRAM arena due to portable -- to mobile. And, therefore, a question that we are seeing about scanner availability for (technical difficulty) is probably for the possibility of moving higher numbers of wafers in DRAM due to (technical difficulty).

——眾所周知，PC業務表現不佳。因此驅動程式不是 PC。司機一般都是流動的。2012 年 DRAM 行動業務表現相當不錯。但你看不到它，因為它已經被非常糟糕的個人電腦業務所彌補。但現在您可以開始看到，由於便攜式到行動設備，DRAM 領域確實存在（技術難題）。因此，我們看到的有關掃描器可用性（技術難度）的一個問題可能是由於（技術難度）而在 DRAM 中移動更多晶圓的可能性。

Okay, well, that's helpful. Thank you. And a quick follow-up -- you guys talked about YieldStar actually starting to be material for revenues as of this year. How should we think about the ASP addition this would make at all over the next couple of years?

好的，這很有幫助。謝謝。簡單跟進一下——你們談到 YieldStar 實際上從今年開始就成為收入來源。我們該如何看待未來幾年內這將對 ASP 產生怎樣的影響？

Well, that is what we -- I kind of hinted to you this time a bit more specific than usual. We are going to add about EUR350 million, or significantly more than EUR350 million, this year of these additional non-scanner products, which is not part of the ASP.

嗯，這就是我們——這次我比平常更具體地向你暗示了一點。我們今年將增加約 3.5 億歐元（或遠超過 3.5 億歐元）的非掃描器產品，這些產品不包含在 ASP 中。

Not on the YieldStar.

YieldStar 上沒有。

And it is not on the YieldStar. We plan to have this number off because I am a departing CEO, and I put that one target to my successor. I would say that there is -- we see potential, but I won't tell you when. We see potential towards EUR800 million to more. But please don't put this on Peter for next year.

它不在 YieldStar 上。我們計劃取消這個數字，因為我是即將離任的首席執行官，我把這個目標交給了我的繼任者。我想說的是，我們看到了潛力，但我不會告訴你具體時間。我們看到了 8 億歐元甚至更多的潛力。但請不要把這件事放在彼得身上，讓他明年再做一次。

Thank you very much, Eric. (laughter)

非常感謝，埃里克。（笑聲）

But there is, indeed, potential of about EUR800 million for these products.

但這些產品確實有約8億歐元的潛力。

But generally speaking, when you look at the requirements, there are production requirements that our customers have on advanced logic -- it is -- we think it is very necessary that the base scanner is equipped with those systems enhancements; which includes, amongst others, also the YieldStar solution. And that means that when we look at the list price -- I'm not going to talk about net price, because that includes discounts related to the volume that customers are buying -- but list price, it could be between (technical difficulty) and EUR10 million up from the base price. So it is quite a significant increase of the average selling if they would choose to take the full suite of the system and (technical difficulty) products. And like I said, on the 20 nanometer multi-pass requirements, we think it is -- we at least advise our customers to include those in their product choices.

但一般來說，當你查看需求時，就會發現我們的客戶對高級邏輯有生產要求——我們認為基礎掃描器配備這些系統增強功能是非常必要的；其中還包括 YieldStar 解決方案等。這意味著，當我們查看標價時——我不會談論淨價，因為那包括與客戶購買量相關的折扣——但標價可能在（技術難度）到基本價格的 1000 萬歐元之間。因此，如果他們選擇採用全套系統和（技術難度）產品，平均銷售額將有相當顯著的成長。正如我所說的那樣，關於 20 奈米多通道要求，我們認為是的——我們至少建議我們的客戶將其納入他們的產品選擇中。

Right. That's very useful. And we try to maybe forget to reach part of our targets, but not for Peter. Thank you.

正確的。這非常有用。我們可能會試著忘記實現部分目標，但對彼得來說卻不是。謝謝。

I would appreciate that. Thank you, Nick.

我將非常感激。謝謝你，尼克。

Simon Schafer.

西蒙·謝弗。

I actually had a question on memory. It sounds like maybe expressing a little bit more confidence there. I was just wondering -- your magic model on the memory segment -- what sort of wafer start additions to you guys assume for NAND in the second half? I think LAM said on their call that it's probably around 100,000, or even north of that, wafer start additions in the second half. I am just wondering whether you guys had any thoughts on that.

我實際上對記憶有一個疑問。這聽起來可能表達了更多的信心。我只是想知道——你們在記憶體領域的神奇模型——你們認為下半年 NAND 的晶圓將開始增加什麼樣的數量？我認為 LAM 在電話會議上表示，下半年晶圓新增產量可能在 10 萬左右，甚至更高。我只是想知道你們對此有什麼想法。

Yes. I think it's another unrealistic number. It could be around 100,000, yes.

是的。我認為這又是一個不切實際的數字。是的，可能在 100,000 左右。

Got it. That's okay. And I think at the beginning of the year, you guys talked to us about the potential for your memory revenue run rate to be down 30% to 40% this year. That seems to be quite a lot better now. And that's offsetting or mitigating the downsides in your EUV revenue. Is that the way to look at it?

知道了。沒關係。我認為，今年年初你們曾與我們討論過，今年你們的記憶體收入運行率可能會下降 30% 至 40%。現在情況似乎好多了。這可以抵消或減輕 EUV 收入的負面影響。是這樣看待問題的嗎？

Absolutely.

絕對地。

Yes.

是的。

At this moment, what we have put into this guidance, where we still say about the same level as 2012 is a bit less, if you really compare to our last guidance; compensated by a bit more, in fact, memory business. But in addition to that, there is still upside to the memory business.

目前，我們在本指南中納入的內容，我們仍然認為與 2012 年的水平大致相同，如果與我們上一次的指南相比，則略少一些；事實上，透過記憶體業務可以獲得更多的補償。但除此之外，記憶體業務仍有上升空間。

Understood. That's very clear. My follow-up question is just on litho intensity. You guys have been very clear about the type of layer intensity increase that you see on the 2X node on 20. I just wondered whether you could outline the similar sort of maps on -- as foundry migrates to 60 nanometer FinFET, what sort of increase does that entail? I'd just be interested in your thoughts on how that looks, then. Thank you.

明白了。這非常清楚。我的後續問題只是關於光刻強度。你們已經非常清楚在 20 上的 2X 節點上看到的層強度增加類型。我只是想知道您是否可以概述類似的地圖——隨著代工廠遷移到 60 奈米 FinFET，這會帶來什麼樣的成長？那麼，我只是想知道你對此的看法。謝謝。

For lithography at this moment, we see no difference litho intensity between what is called in the industry 14 nanometers, 16 nanometers, or 22 nanometers; FinFET or not. On paper it is the same amount of litho. So the issue will probably be (technical difficulty) if there is a yield issue; therefore, the machines will not be as usable. The utilization may become affected. But we don't have any effects which would (technical difficulty) at this moment that there is a difference.

對於現在的光刻技術來說，我們看不出業界所謂的14奈米、16奈米、22奈米在光刻強度上有什麼區別；是否為 FinFET。在紙上，平版印刷的數量是相同的。因此，如果存在產量問題，那麼問題可能是（技術難題）；因此，機器的可用性將會降低。使用率可能會受到影響。但目前我們還沒有發現任何會導致差異的效應（技術難度）。

Good. Thanks, Eric. Thanks for that.

好的。謝謝，埃里克。謝謝。

Satya Kumar. Please state your company name followed by your question.

薩蒂亞·庫馬爾。請說明您的公司名稱，然後提出您的問題。

Yes, hi. Thank you for taking my questions. I was wondering if you could comment on what type of other mix you thought to see over the next six months. And if I look at your second-half guidance, it looks like you need to see orders increase from about EUR715 million in Q1 to maybe [EUR900 million to EUR950 million] or so, excluding EUV and service. And foundry orders were fairly large in Q1. So I was wondering if all that increase is going to come from memory, or are you going to start to also see some increases in IDM as you move into the second quarter?

是的，你好。感謝您回答我的問題。我想知道您是否可以評論一下您認為未來六個月內會看到什麼類型的其他組合。如果我看一下你們的下半年指引，看起來你們需要看到訂單從第一季的約 7.15 億歐元增加到大約 [9 億歐元到 9.5 億歐元] 左右，不包括 EUV 和服務。第一季代工訂單相當大。所以我想知道所有這些增長是否都來自記憶，或者進入第二季度時您是否也會開始看到 IDM 的一些增長？

Thank you, Satya. With respect to the trends -- as we said last quarter -- this year, we will be largely driven by logic with a, let's say, much lower share of our memory customers, which is still the case. So in your assumption that we should see an order increase for the second quarter, we would agree, although the exact number we will discuss with you within three months. But indeed, to the order mix -- will be as we planned it, largely skewed towards the logic customers -- the foundry customers -- with what we (technical difficulty) earlier, with some upside on, you know, the memory customers. But the year will be a logic driven year, and we will see those orders that are needed to support the sales in the second half. They will come in.

謝謝你，薩蒂亞。就趨勢而言——正如我們上個季度所說的那樣——今年，我們將主要受邏輯驅動，我們的記憶體客戶份額將大大降低，現在情況仍然如此。因此，如果您認為第二季的訂單會增加，我們會同意，但具體數字我們將在三個月內與您討論。但事實上，訂單組合將按照我們的計劃進行，主要偏向邏輯客戶——代工客戶——我們之前遇到了技術困難，但對記憶體客戶有一些好處。但這一年將是邏輯驅動的一年，我們將看到支持下半年銷售所需的訂單。他們會進來的。

Just remind you, the ordering process with some of those customers where we have very strong relationships, and we know that we are the technology of choice that we have set in earlier quarters, that the ordering process has become more, I would say, administrative in that sense. It is more important for us that we have an agreement with the customers on the shipment date that they need our tools to introduce their next-generation technology. So that is why we are more confidently guiding you on sales, and we are pretty confident that the orders backing up the sales will follow in due course.

只是提醒您，我們與一些客戶有著非常牢固的關係，我們知道我們是前幾季設定的首選技術，從這個意義上講，訂購流程已經變得更加行政化。對我們來說更重要的是，我們與客戶就發貨日期達成協議，他們需要我們的工具來引入他們的下一代技術。因此，我們更有信心指導您進行銷售，並且我們非常有信心，支援銷售的訂單將會及時跟進。

Got it. And then a quick follow-up on the (technical difficulty) comment you answered earlier on, that you think it's not unrealistic that you could see 100,000 wafer starts or wafer capacity expansion in the second half of this year for memory. Could you talk a little bit about what you are baking into your guidance, in terms of the wafer start expansion from memory for your [EUR2.7 billion] (technical difficulty) the 100,000 going to present some sort of upside to what the current forecast is for you?

知道了。然後快速跟進您之前回答的（技術難度）評論，您認為今年下半年看到 100,000 片內存晶圓投產或晶圓產能擴大並非不現實。您能否稍微談談您在晶圓擴產方面的指導意見，就您的[27 億歐元]（技術難度）而言，100,000 塊晶圓會為您目前的預測帶來一些好處嗎？

For the DRAM business, what you have in the current guidance is a reduction of wafers by about 100,000 or so, and replaced by about an additional 100,000 of NAND. That is what you have in our basics. And we believe these numbers are conservative at this very moment on the DRAM side, which is visible now because we are negotiating what we call availability, which is another way of saying we are getting orders.

對於 DRAM 業務，目前的指導方針是減少約 100,000 片晶圓，並用約 100,000 片 NAND 晶圓代替。這就是我們的基礎內容。我們認為，就 DRAM 方面而言，這些數字目前是保守的，這是顯而易見的，因為我們正在協商所謂的可用性，換句話說，我們正在獲得訂單。

And on the NAND side, we haven't yet negotiated all this, but when you talk to the customers, their statistics of bids out is planned. It is higher than what we think we have planned for them. So although this is not yet to a point of discussing (technical difficulty) in NAND, there is a discrepancy about conservative backlog, and what we have in our guidance and what (technical difficulty) says in terms of bids.

在 NAND 方面，我們還沒有就所有這些進行談判，但是當你與客戶交談時，他們的出價統計數據是計劃好的。這比我們為他們計劃的要高。因此，儘管這還沒有達到討論 NAND 技術難度的程度，但保守的積壓訂單、我們的指導意見以及投標中提到的技術難度之間存在差異。

Sandeep Deshpande. Please state your company name followed by your question.

桑迪普·德什潘德。請說明您的公司名稱，然後提出您的問題。

JPMorgan. Just a couple of questions. Firstly, regarding your laser roadmap, you've talked about that you have a 55 watt laser which is now working. Can you talk us through how this 55 watt is going to transition towards the 105 through the year? Do you have a roadmap (technical difficulty) 55 to 70 or 80? So how we should be monitoring this through the next 12 months as you transition? And then I have a follow-up as well.

摩根大通。僅有幾個問題。首先，關於您的雷射路線圖，您提到您有一個 55 瓦的雷射正在工作。您能向我們講講今年如何從 55 瓦過渡到 105 瓦嗎？您是否有路線圖（技術難度）55 到 70 或 80？那麼，在您過渡期間，我們應該如何在接下來的 12 個月內監控這一點？然後我還有一個後續行動。

Yes, so of course we have a roadmap. And of course I will tell you, Sandeep. Because if not, you are going to ask me every minute whether I am on top of it. How can I answer nicely your question, though?

是的，我們當然有路線圖。當然我會告訴你，桑迪普。因為如果不是這樣，你每分鐘都會問我是否處於領先地位。但是我怎麼能很好地回答你的問題呢？

Yes, we are seeing -- we are going to be forced to present to you, on a quarterly basis, improvements. And we are significantly certain that there is improvement to be shown to you towards this, I would say, minimum performance of 69 wafer, which is 105 watt, by mid- of next year, when we really need to be having this done and in production. So in other terms, I think we are now on a conservative curve. We will see improvement every day, but we don't really want to be measured on whether we have one wafer less or more. Because, indeed, things are not that obvious. You have multiple architectures being developed at the same time in parallel. So it would make no real value or understanding for you to know whether we are on track or not, depending on this internal tracking method that, of course, we have.

是的，我們看到了——我們將被迫每季向您展示改進情況。我們非常確定，到明年年中，當我們真正需要完成這項工作並投入生產時，我們會向您展示這方面的改進，我想說，最低性能為 69 片晶圓，即 105 瓦。換句話說，我認為我們現在處於保守曲線。我們每天都會看到進步，但我們並不希望根據晶圓的數量是多還是少來衡量。因為，事實上，事情並沒有那麼明顯。您有多個架構正在同時並行開發。因此，根據我們擁有的這種內部追蹤方法，了解我們是否走在正軌上對您來說沒有任何實際價值或理解。

I think, like Eric said, we are going to inform you quarterly where we are -- also given the fact that we are confident about reaching our, like Eric said, our goals (technical difficulty) a 105 watt, i.e., 69 wafers per hour. We will inform you every quarter where we are, and you can judge the progress. But it's -- I do not think it is the forum to start discussing, let's say, a program timetable. It is not that relevant.

我認為，就像 Eric 所說的那樣，我們將每季向大家通報我們的進展——同時考慮到我們有信心達到我們的目標（技術難度），就像 Eric 所說的那樣，105 瓦，即每小時 69 片晶圓。我們每季都會向大家通報我們的進度，以便大家判斷進展。但它——我不認為這是一個開始討論計劃時間表的論壇。這不太相關。

Thanks. And if I ask a question following up on one of your comments in the last conference call, Eric, you talked about that the EUV, too, went in high volume production could sell along with all of the options for as much as (technical difficulty) euros? You just talked about this potential EUR800 million of the additional revenue from YieldStar. So is that included in that ASP calculation of EUR100 million that you are talking about for, say, 2015 or 2016?

謝謝。如果我問一個問題來跟進您在上次電話會議中的一條評論，埃里克，您說過 EUV 也進行了大批量生產，可以與所有選項一起以高達（技術難度）歐元的價格出售？您剛剛談到 YieldStar 可能帶來的 8 億歐元額外收入。那麼，這是否包含在您所說的 2015 年或 2016 年 1 億歐元的平均售價計算中呢？

And secondly, do you have a potential size that in 2015 you can do this many EUV tools, and you think that there could be potential demand for that? Thank you, and all the best, Eric.

其次，您是否知道 2015 年可以生產這麼多 EUV 工具的潛在規模，並且您認為對此可能有潛在需求？謝謝你，祝你一切順利，艾瑞克。

Yes, I can be free now, as you know. So the answer is yes. The EUR100 million of potential EUV ASP will be justified by its content. But also by its spec (technical difficulty). And remember, this EUV machine is going to have a multiple NA -- or, not NA, but illuminator settings with part of the ASP of EUV machine. That is not part of my EUR800 million. So I make a difference between a machine with attach options, which are 100%. And that could go okay between EUR90 million and EUR100 million a machine. And then a set of options which are not 100% attached, which are attached only for a set of process issues, and that is where I say that, at some point, we can see EUR800 million. But I am not saying (technical difficulty). So it is, in fact, [documented]. It is easy to add them up.

是的，如你所知，我現在可以自由了。所以答案是肯定的。1億歐元的潛在 EUV 平均售價將由其內容決定。而且還取決於它的規格（技術難度）。請記住，這台 EUV 機器將具有多個 NA - 或不是 NA，而是具有 EUV 機器的部分 ASP 的照明器設定。這不是我的8億歐元的一部分。因此，我對帶有附加選項的機器進行了區分，這些選項是 100%。每台機器的價格在 9,000 萬歐元至 1 億歐元之間。然後是一組並非 100% 附加的選項，這些選項僅與一組流程問題相關，這就是我說的，在某個時候，我們可以看到 8 億歐元。但我不是說（技術難度）。事實上確實如此。把它們加起來很容易。

And also, Sandeep, as we have said in earlier calls, also, when we talk about the sales number of (technical difficulty) holistic litho products, some of them will be shown in the ASP of the tools, and others will be shown as system announcement sales in field options. So it's clearly impossible for us to give you the exact impact of that number that Eric quoted, which of course is not a commitment (laughter). But if you say how much of that will translate into the ASP and how much of that will be the field sales.

Sandeep，正如我們在先前的電話會議中所說的那樣，當我們談論（技術難度）整體光刻產品的銷售數量時，其中一些將顯示在工具的 ASP 中，而其他將顯示為現場選項中的系統公告銷售。因此，我們顯然不可能告訴你埃里克引用的那個數字的確切影響，這當然不是一個承諾（笑聲）。但如果你說其中有多少會轉換為 ASP，有多少會轉換成現場銷售。

And regarding your question about EUV ramp, we absolutely -- and it is proof of the stabilization of the EUV program -- we committed a number of units, about 25, 30-ish, in 2015, and about 60 in 2016. And we confirm that this is the proper simulated number. So of course, it's a simulated number based on layers and numbers of wafers, but it is still there.

關於您關於 EUV 產能提升的問題，我們絕對——這是 EUV 計劃穩定的證明——我們在 2015 年承諾了一定數量的 EUV 產能，大約 25 到 30 個單位，2016 年承諾了大約 60 個單位。我們確認這是正確的類比數字。所以當然，這是一個基於層數和晶圓數量的類比數字，但它仍然存在。

Thank you very much, Eric, and all the best here.

非常感謝你，艾瑞克，祝你一切順利。

Francois Meunier. Please state your company name followed by your question.

弗朗索瓦·默尼耶。請說明您的公司名稱，然後提出您的問題。

Yes, it's Francois from Morgan Stanley. So of course, thank you, Eric for what you have done for (technical difficulty) in the past several years. And congratulations to Peter.

是的，我是摩根士丹利的弗朗索瓦。所以當然，感謝 Eric 在過去幾年為解決（技術​​難題）所做的努力。並祝賀彼得。

I've got a question about the EUV shipments for this year. I think last time you were talking about keeping up to 11 this year, and now it's gone down to six. Obviously, they will be shipped in 2014, I guess, but what is the difference? Is it just maybe customers being a bit cautious on the tools, and preferring to wait? Or just -- if you could explain what happened, basically.

我對今年的 EUV 出貨量有疑問。我認為上次您談到今年要保持 11 個，現在已經降到了 6 個。顯然，我猜它們將於 2014 年發貨，但有什麼區別呢？是不是客戶對工具有點謹慎，更願意等待？或者只是——如果你能解釋一下到底發生了什麼事。

Yes, it's (technical difficulty) on the customer side. We have 11 scanners on the production floor -- that people who recently were in our factories, I should count them. They are in a very advanced state of production. The thing that is currently missing is the speed with which we can produce the EUV sources. There is a delay not so much because of the technical issues that we have with the source, but it is the supply chain issues. So we are also ramping up the supply chain for key components of the EUV (technical difficulty). And that is just falling behind a bit, which is only one or two months, but it just pushes the shipments in to 2014. That is the only issue. So it's more a logistical issue than it is any customer-related or fundamental technical reason.

是的，這是客戶端（的技術難題）。我們的生產車間有 11 台掃描器——最近來過我們工廠的人都應該算上它們。他們的生產狀態非常先進。目前缺少的是生產 EUV 光源的速度。出現延遲並不是因為我們在貨源上遇到了技術問題，而是供應鏈問題。因此，我們也正在加強 EUV 關鍵部件的供應鏈（技術難度）。這只是稍微落後了一兩個月，但它將出貨量推遲到了 2014 年。這是唯一的問題。因此，這更多的是後勤問題，而不是任何與客戶相關或根本的技術原因。

Okay. That is very clear. If I may, I got a follow-up about the seven EUV tools which are -- it seems like the word you used is, commitment for 2014. What is the difference between commitment and (technical difficulty) order? What does it take to move from one to the other?

好的。這非常清楚。如果可以的話，我想問一下關於七種 EUV 工具的問題——您使用的單字似乎是「2014 年的承諾」。承諾和（技術難度）訂單有什麼區別？從一個移動到另一個需要什麼？

Okay, so I tried in the script to be subtle, and that didn't work. So I am going to be (technical difficulty). At this moment, there is indeed an acceleration of interest, both EUV -- because, in fact, we are (technical difficulty) to make our duty and have enough data that says it is possible.

好的，我嘗試在腳本中表現得更微妙一些，但沒有成功。所以我會遇到（技術難題）。目前，人們對 EUV 的興趣確實在加速成長——因為事實上，我們（在技術上）難以履行職責，而且有足夠的數據表明這是可能的。

Then the customers are starting to see that it's a huge opportunity with a huge problem, because if they choose to execute EUV with less enthusiasm than the competition, they can get significantly behind. Okay? So it is very clear that you have a risk level which is not yet proven. We still have to do some effort every quarter, as we said to (technical difficulty). And on the other hand, you still need to take the right risk to avoid being late in developing a chip, which will be significantly worse if you don't use EUV to its maximum extent. But if you plan it, and EUV is not exactly performing, you did the wrong thing. So there is an obvious question mark.

然後，客戶開始意識到這是一個巨大的機遇，同時也存在著巨大的問題，因為如果他們選擇以比競爭對手更低的熱情執行 EUV，他們就會落後很多。好的？因此很明顯，您的風險等級尚未得到證實。正如我們所說的（技術難度），我們每個季度仍然需要做出一些努力。另一方面，您仍然需要承擔適當的風險，以避免晶片開發延遲，如果您沒有最大限度地利用 EUV，情況將會變得更糟。但如果你計劃好了，而 EUV 的表現卻不太好，那麼你就做錯了。所以這裡面有一個明顯的問號。

At this moment, we see a huge momentum in the discussion of how many you units and layers will need to be reserved for whom in due time. This discussion is much more important than the administrative PO question. So I hope I made myself clear that, at this moment, the paperwork has passed a second priority to -- how many layers? When? What (inaudible) is the spec? What can you do? How can you guarantee? What are the exact timing? Can I go with a single node? Am I going to do what they call a mid-node or something -- the backup, what sort of backup, et cetera?

目前，我們看到關於在適當的時候需要為誰保留多少個單位和層級的討論勢頭強勁。這個討論比行政採購訂單問題重要得多。所以我希望我已經表達清楚了，目前，文書工作已經是第二優先了——有多少層？什麼時候？規格（聽不清楚）是什麼？你能做什麼？你怎麼保證？具體時間是什麼時候？我可以使用單一節點嗎？我是否要做他們所謂的中間節點或類似的東西──備份，什麼樣的備份等等？

So all that discussion has intensified. So I think that's a positive statement to say to you -- (technical difficulty) and we are discussing more, and we have not pushed for paperwork.

因此，所有的討論都變得更加激烈。所以我認為這是對你們的一個積極聲明——（技術困難），我們正在進行更多討論，而且我們還沒有推動文書工作。

And you could say, if you would want to compare this with our normal PO process, normally our POs are non-cancelable, because then there is a big fine. These are [commitments], you could say POs, with a possibility of a customer to actually say, that tool needs to perform to certain specs -- which you could call it a cancelable PO, if you want to make that particular (technical difficulty). So that is what we call a commitment.

您可以說，如果您想將其與我們正常的採購訂單流程進行比較，通常我們的採購訂單是不可取消的，因為那樣會有巨額罰款。這些是[承諾]，您可以稱之為採購訂單，客戶實際上可能會說，該工具需要按照某些規格執行 - 如果您想使其成為特定的（技術難度），您可以將其稱為可取消的採購訂單。這就是我們所說的承諾。

Depending on the spec.

取決於規格。

Yes, depending on the spec and on the performance.

是的，取決於規格和性能。

And if the spec is being discussed, depending on the numbers of players. So it's a fairly complicated activity that is being done at this moment. It's a huge positive.

如果正在討論規格，則取決於玩家的數量。所以這是目前正在進行的一項相當複雜的活動。這是一個巨大的正面因素。

Okay. That is very clear. Thank you, Peter. Thank you, Eric.

好的。這非常清楚。謝謝你，彼得。謝謝你，埃里克。

Thank you for the good word, Francois.

謝謝你的讚美，弗朗索瓦。

Timothy Arcuri. Please state your company name followed by your question.

蒂莫西·阿庫裡。請說明您的公司名稱，然後提出您的問題。

Cowen. A couple of things. First of all, on the ASP for EUV, you said last quarter that you were going to do EUR450 million to EUR500 million this year, which was typically revenue recognition on about seven tools. You were going to ship 11, and you were going to rev rec seven, which implied an ASP of about EUR70 million. Now you are going to rev rec EUR280 million. So is the ASP still EUR70 million, such that now you are talking about shipping six but recognizing revenue on four?

考恩。有幾件事。首先，關於 EUV 的平均銷售價格，您在上個季度表示今年的 EUV 平均銷售價格將達到 4.5 億歐元至 5 億歐元，這通常是對約 7 種工具的收入確認。您原本計劃運送 11 輛汽車，並計劃回收第 7 輛，這意味著平均銷售價格約為 7000 萬歐元。現在您將獲得 2.8 億歐元的收入。那麼平均銷售價格是否仍為 7000 萬歐元，即您現在談論的是運送六輛汽車，但確認四輛汽車的收入？

Yes. That is in (technical difficulty) correct. So you could argue that to Q3 we had some supply chain issues with the source, as the source comes in later so that we cannot book indeed the (technical difficulty) this year.

是的。從技術難度來說，這是正確的。因此，您可能會爭辯說，在第三季度，我們在來源方面遇到了一些供應鏈問題，因為來源來得較晚，所以我們今年確實無法預訂（技術難題）。

Perfect. Okay, great. Secondly, on NAND, both you and LAM are talking about this 100,000 worth of wafers added this year. If you just (technical difficulty) a simple supply/demand, that is going to add a lot of NAND supply this year, such that it would really pretty dramatically change the NAND supply/demand balance. And it is hard to believe that SanDisk stock would be trading at a peak if that was really true.

完美的。好的，太好了。其次，關於NAND，您和LAM都在談論今年新增的10萬片晶圓。如果你只是（技術難度）一個簡單的供應/需求，那麼今年就會增加大量的 NAND 供應，從而真正大大改變 NAND 的供需平衡。如果這是真的，那麼很難相信 SanDisk 的股票交易價格會達到頂峰。

So I'm just wondering whether you think that the industry can physically add 100,000 worth of NAND wafers and still maintain supply/demand balance?

所以我只是想知道您是否認為該行業可以實際增加價值 100,000 片的 NAND 晶圓並仍然保持供需平衡？

It is only 10% or less.

僅為10%或更低。

It is less than 10%.

不到10%。

It's less than 10% of wafers. This is the only way to do 36% big growth. So at this moment, you will hear that they want to do even more than 36%. So it would take technically -- it makes sense. So you can imagine that of course is (technical difficulty) continues in the wrong trend -- but on the other hand, look at the new PCs. Their content demand is much bigger. So now this thing is going to be driven, not so much by unit of PC, but it will be driven by content per unit. And the content per unit is clearly going to double, easily, with the number of -- I mean, the need for solid state drive minimum size.

佔晶圓的比例不到10%。這是實現36%大幅成長的唯一途徑。所以現在你會聽到他們想要做的甚至超過36%。因此從技術上來說這是有道理的。因此你可以想像，科技難度當然會繼續朝著錯誤的趨勢發展──但另一方面，看看新的個人電腦。他們對內容的需求更大。因此，現在這個東西將不再由 PC 單元驅動，而是由每個單元的內容驅動。而且，隨著對固態硬碟最小尺寸的需求增加，每個單元的內容顯然會輕鬆翻倍。

So you can be less -- more conservative than us, and take 10% less. But again, by the way, 10% less is (technical difficulty). So, yes, I am okay with one machine less, plus or minus.

因此，您可以比我們更保守，少拿 10%。不過，順便說一句，少 10% 是（技術難度）。所以，是的，少一台機器，無論多或少，我都可以接受。

All right. Okay. Two more quick ones. The tax this quarter was lower, and I was thinking something like 13% for the rest of the year. That's where I thought tax would come in. So should I still think 13% per quarter for the rest of the year?

好的。好的。再來兩個快的。本季的稅率較低，我預計今年剩餘時間的稅率將在 13% 左右。我認為稅收就是從這裡來的。那麼我是否仍應該認為今年剩餘時間每季的成長率為 13%？

No. It is [up] 10%. It is more like 8% to 9%.

不。它[上漲]了10%。更像是8%到9%。

8% to 9%. Okay. And then on R&D, you had previously said something like EUR750 million up to EUR800 million for the year, but you are tracking a little below that. Should we still think EUR750 million to EUR800 million for the year?

8%至9%。好的。然後，在研發方面，您之前曾說過，今年的研發投入約為 7.5 億歐元至 8 億歐元，但目前預計會略低於這個數字。我們是否仍應該考慮今年的收入為 7.5 億歐元至 8 億歐元？

You can do EUR750 million to EUR800 million. It's okay. But it's logical that it tracks a bit lower than the average because we are ramping up. So it's normal that in the profile, you would see it going up over the quarters, between EUR750 million and EUR800 million is what we have said, and that is still where we are.

你可以做到 7.5 億歐元到 8 億歐元。沒關係。但由於我們正在加大力度，因此其增速略低於平均值是合乎邏輯的。因此，在概況中，你會看到它在幾個季度內上漲，這很正常，我們所說的是在 7.5 億歐元到 8 億歐元之間，而且我們現在仍然處於這個水平。

Perfect. Thanks a lot.

完美的。多謝。

Didier Scemama. Please state your company name followed by your question.

迪迪埃·斯凱瑪瑪。請說明您的公司名稱，然後提出您的問題。

Yes, good afternoon -- it's Merrill Lynch. First I'd like to say congratulations to (technical difficulty) for his promotion. And also many thanks to Eric for the quite amazing work you have done in the last nine years or so. We will miss you most particularly on the conference calls.

是的，下午好——我是美林證券。首先我要對（技術難度）晉升表示祝賀。同時也非常感謝 Eric 在過去九年所做的出色工作。我們將特別想念您在電話會議上的表現。

I'd just like to start --

我想開始——

Thank you. Why amazing? Amazing, like you are surprised?

謝謝。為什麼驚人？太神奇了，你覺得很驚訝嗎？

Not good enough? (laughter)

還不夠好嗎？（笑聲）

It's fine. Go ahead, sorry.

沒事的。繼續吧，抱歉。

Now, I'd just like to take a step back here. So if I take basically your comments so far -- and you are quite punchy (technical difficulty) confidence on EUV, what you just said, how should we think about 2015 EUV deliveries in 2016? Are we still talking 30, 35 tools in 2016? Or can we think about a higher number because of what you said -- you know, the sort of various options and plans, numbers of layers? How should we think about that? And I've got a quick follow-up. Thanks.

現在，我只想退一步來說。所以如果我基本上接受您目前的評論 - 而且您對 EUV 非常有信心（技術難度），那麼您剛才說了，我們應該如何看待 2015 年 EUV 在 2016 年的交付情況？2016 年我們還在談論 30、35 種工具嗎？或者我們可以根據您所說的內容來考慮更高的數字——您知道，各種各樣的選擇和計劃，層數是多少？我們該如何看待這個問題？我有一個快速的後續行動。謝謝。

No. As I said to Sandeep, 25 to 30 in 2015; 60 in 2016, is the nominal assimilation. It does not include any NAND; only includes two layers, I think, of DRAM; and only includes seven layers of logic -- 5 to 7 layers of logic with an aggressive uptime. So we know (inaudible) if we miss 7 layers -- 5 to 7 layers -- we may not have the right uptime anyway, because technically that means the customers will not want to use that many machines, because they do not feel comfortable. But then that means the machine will be economically not as good. So we will ship more of them. So that's why the simulation tools come around; it is about the same number.

不。正如我對 Sandeep 所說的那樣，2015 年是 25 到 30 個； 2016 年為 60，是名義上的同化。它不包含任何 NAND；我認為僅包含兩層 DRAM；並且僅包含七層邏輯——5 到 7 層邏輯，具有積極的正常運行時間。所以我們知道（聽不清楚）如果我們錯過 7 層 - 5 到 7 層 - 我們可能沒有正確的正常運行時間，因為從技術上講，這意味著客戶不會想使用那麼多機器，因為他們感覺不舒服。但這意味著該機器的經濟效益不會那麼好。因此我們將運送更多。這就是為什麼類比工具出現的原因；大約是相同的數字。

And you have to also remember, Didier, that these numbers are bouncing against the ceiling of our capacity -- of our production capacity. So like I said in my introductory statements, we will have to start spending money on some production facilities to be able to meet those numbers. And there are currently plans to do what Eric just -- to actually output those numbers that Eric just mentioned. So there's not much upside to that.

而且你還必須記住，迪迪埃，這些數字已經達到了我們的產能上限——我們的生產能力上限。因此，就像我在開場白中所說的那樣，我們必須開始在一些生產設施上投入資金才能達到這些數字。目前有計劃按照 Eric 剛剛說的做——實際輸出 Eric 剛才提到的那些數字。所以這並沒有什麼好處。

Got it. And then my other question is regards to some -- the DSA technology as a potential threat to EUV. What are your thoughts on that?

知道了。我的另一個問題是關於 DSA 技術對 EUV 的潛在威脅。您對此有何看法？

No. DSA is like -- double, sorry, how do you call this -- double patterning of space or -- it has an opportunity to steal one layer or so from us. But this is not (inaudible) in the NAND arena. It could be one layer in logic for very, very specific designs. It is within the noise. Say we would prefer that if it is not working, then we have 5% more sales, 7% more sales, if they are not working. If they work, you won't probably see the difference anyway.

不。DSA 就像——雙重，對不起，你怎麼稱呼它——空間的雙重模式或——它有機會從我們這裡竊取一層左右。但這並不在 NAND 領域（聽不清楚）。它可能是非常非常具體的設計的邏輯層。它就在噪音之中。假設我們希望如果它不起作用，那麼我們的銷售額就會增加 5%，如果它不起作用，那麼我們的銷售額就會增加 7%。如果它們有效，您可能不會看到任何差異。

And then, in any case, I think what we have understand from DSA, that it's not a slam dunk either. I mean, there's a quite significant (technical difficulty) issues that still need to be mastered. So this is (technical difficulty) is a promise to our customers, but it is not really production-worthy at this moment.

然後，無論如何，我認為我們從 DSA 了解到，這不是輕而易舉的事。我的意思是，還有一些相當重大的（技術難題）問題需要解決。所以這是（技術難度）我們對客戶的承諾，但目前還不適合生產。

Fine. And then the main final point -- I think you sort of touched on that in your prepared statements -- but in terms of foundry bookings, it looks like it came down a bit in Q1. But obviously, to meet your revenue target in the second half, and give in this sort of 16 nanometer FinFET, and 14 nanometer FinFET, that the foundry customers have got in mind for next year, do you think we should see (technical difficulty) a proper acceleration of bookings in Q2 and Q3? Or as you mentioned before -- because, basically, the customer base is so concentrated and you know what they want. And they know that they know what you want; basically, there is no orders; and, therefore, you're more confident on revenues than on bookings?

美好的。然後是最後一個要點——我想您在準備好的聲明中已經提到了這一點——但就代工廠預訂量而言，看起來第一季有所下降。但顯然，為了實現下半年的收入目標，並滿足代工客戶明年考慮的 16 納米 FinFET 和 14 納米 FinFET 的需求，您是否認為我們應該在第二季度和第三季度看到（技術難度）適當的訂單加速增長？或者正如您之前提到的——因為基本上客戶群非常集中，您知道他們想要什麼。他們知道你想要什麼；基本上沒有訂單；因此，您對收入比預訂量更有信心嗎？

I think you gave the answer in your last sentence. We are guiding (technical difficulty) sales, because the sales is driven by the need of our customers to be extremely specific on when they need what for their next technology ramp. The order process is almost an administrative process. And sometimes you have customers placing orders six months before shipment; sometimes three months; and it's an application -- it's two weeks for whatever the reason. And we need that order because we need to have the shipping documents that go with a tool when it passes customs. So it's almost an administrative thing. But we are highly confident that the order profile will mimic our sales profile that we are guiding you.

我認為你在最後一句話中給了答案。我們正在指導（技術難度）銷售，因為銷售是由客戶的需求所驅動的，他們非常具體地知道何時需要什麼來進行下一次技術提升。訂單流程幾乎是行政流程。有時客戶會在發貨前六個月下訂單；有時是三個月；這是一個申請——無論出於什麼原因，都需要兩週的時間。我們需要該訂單，因為我們需要擁有工具通過海關時附帶的運輸文件。所以這幾乎是一個行政事務。但我們非常有信心，訂單情況將模仿我們指導您的銷售情況。

Brilliant. And good luck; thank you very much.

傑出的。祝你好運；非常感謝。

Stephane Houri. Please state your company name followed by your question.

史蒂芬·霍里。請說明您的公司名稱，然後提出您的問題。

Yes, hello. Good afternoon. This is Stephane Houri from Natixis. I am sorry to come back on the EUV delivery schedule, but I heard you say that 25, 30 for 2015; and 60-something for 2016. The right number?

是的，你好。午安.我是法國外貿銀行的 Stephane Houri。很抱歉再次提及 EUV 交付時間表，但我聽到您說 2015 年將有 25 台、30 台； 2016 年則為 60 多歲。正確的數字是？

You also gave some elements for 2014. Could you be a bit more specific on the delivery number that you have for EUV in 2014? Thank you.

您也給了 2014 年的一些要點。您能否更具體地說明 2014 年 EUV 的交付數量？謝謝。

As we said, regularly, once a month -- one a month. So for the (technical difficulty) follow me closely and remember the notes. I used to say one a month in 2013 and 2014. That is 24. So now I say one a month as of now. This is a bit less because have lost, basically, six months of this run rate. But the interesting bit is that we have lost, I would say, an R&D comfort at the customers. So that is bad news. This R&D comfort -- we lost it, but then the customers (technical difficulty) FinFET as an opportunity. So there is less pressure on them so they can build the node without EUV -- which, in fact, called 14 -- this 22 nanometer with a better architecture. But now comes back the specter of the new, the real node, beyond 14. And that's one having to prepare 25-ish tools in 2015. That is the one which we have to commit if they really go into production with that node.

正如我們所說的，定期，每月一次——每月一次。因此，對於（技術難度），請密切關注我並記住筆記。我曾經在 2013 年和 2014 年說過每個月一次。也就是24。所以現在我說每個月一次。這個數字稍微少了一點，因為基本上已經損失了六個月的運行率。但有趣的是，我想說，我們失去了客戶的研發舒適度。所以這是個壞消息。這種研發安慰——我們失去了它，但隨後客戶將 FinFET（技術難度）視為一個機會。因此，他們的壓力較小，因此他們可以在沒有 EUV 的情況下建造節點——實際上稱為 14——具有更好架構的 22 奈米。但現在，新的、真正的節點（超越 14）又回來了。這就是 2015 年必須準備 25 種工具的原因。如果他們真的使用該節點投入生產，我們就必須承諾這一點。

Okay. And if I may, I have a follow-up. You have repeated that you expect the Cymer acquisition to be completed at the end of (technical difficulty). If it was not the case, would it imply -- make any clearer the delay on the EUV?

好的。如果可以的話，我還有一個後續問題。您曾重申，您預計 Cymer 收購將在（技術難度）結束時完成。如果不是這樣，這是否意味著 EUV 的延遲會更加明顯？

No, of course not.

不，當然不是。

No. No.

不。不。

No, we have been working with Cymer closely on these sub-projects. And at this moment, exactly -- the law, without infringing on the rights as a separate company -- we have been acting like a supplier and a customer, having partitioned the job correctly so that we can execute. But this has been the case even before the merger.

不，我們一直與 Cymer 就這些子專案密切合作。而此時此刻，正是法律賦予的，在不侵犯獨立公司權利的情況下，我們一直扮演著供應商和客戶的角色，正確地劃分工作，以便我們能夠執行。但在合併之前情況就已經如此了。

Yes. I think the closing will have a significant effect, over time, on the industrialization of the EUV source, which of course is very important (technical difficulty) support the ramp in later years. That is where you really would see the benefit. So that would enable us much better to reach those (technical difficulty) for 2015, and 60 in 2016. But it would not have an impact on our current shipment schedule.

是的。我認為，隨著時間的推移，關閉將對 EUV 源的工業化產生重大影響，這當然對於支援以後幾年的成長非常重要（技術難度）。這正是您真正能看到好處的地方。這樣，我們就能更能實現 2015 年的技術難度，以及 2016 年的 60 個技術難度。但這不會對我們目前的出貨計畫產生影響。

Okay, very good. Thank you very much.

好的，非常好。非常感謝。

Weston Twigg. Please state your company name followed by your question.

韋斯頓·特維格。請說明您的公司名稱，然後提出您的問題。

Hi. Pacific Crest. Just a couple of quick questions. Just on EUV -- the new timing, first. For this year it sounds like all the revenue should be lumped in to the second half -- those four tools. And then in 2014, if you are shipping one per month, can we actually expect revenue to happen (technical difficulty)? In other words, we have the supply chain issues worked out on the source side?

你好。太平洋山脊。只是幾個簡單的問題。首先是 EUV——新的時間安排。就今年而言，聽起來所有收入都應該集中在下半年——這四種工具。那麼在 2014 年，如果您每月出貨一輛，我們真的能預期收入嗎（技術難度）？換句話說，我們已經解決了源頭的供應鏈問題？

It could, but we could also have -- because we have, you could say, a block of those shipments, if we can accelerate some of the supply chain issues, you could see more. You could see two for one, yes? So -- in one particular month. But I think for your planning purposes, (technical difficulty) safe to do just one per month.

有可能，但我們也可能——因為我們可以說已經阻止了部分貨物的運輸，如果我們能夠加速解決一些供應鏈問題，那麼你可能會看到更多。你可以看到一舉兩得，是嗎？所以——在某個特定的月份。但我認為，出於您的規劃目的，（技術難度）每月只做一次是安全的。

Okay. And then, for this year?

好的。那麼，今年呢？

Exactly as you said.

正如你所說。

As you said, it is H2.

正如你所說，它是 H2。

Okay. And then as a follow-on, just looking a little bit further down the road, the SMT keeps saying they need 100 wafers per hour on EUV. And you are talking about getting and picking it up in 2015, 2016, from logic and foundry. But it doesn't sound like you will necessarily -- or that you have yet committed to have a 100 wafer-per-hour EUV tool available then. You are still targeting the 69 wafers for about mid-year 2014. So I am just wondering, can you meet that kind of roadmap -- 100 wafers an hour in 2015, to match a timeline for a company like the SMT?

好的。然後作為後續，只要稍微展望未來，SMT 一直說他們需要在 EUV 上每小時生產 100 片晶圓。您說的是 2015 年、2016 年從邏輯和代工廠獲得併掌握它。但聽起來您不一定會這麼做——或者您尚未承諾屆時將提供每小時 100 個晶圓的 EUV 工具。您仍計劃在 2014 年中期生產 69 片晶圓。所以我只是想知道，您是否可以滿足這樣的路線圖——2015 年每小時 100 個晶圓，以匹配 SMT 這樣的公司的時間表？

You need to remember what I said, though. Our commitment is 69 wafers per hour in 2014, upgradable to 225 wafers per hour two years later, so 2016. So if you make an average, you will come up with 100 wafers -- in fact, more than 100 wafers per hour, during the period of time. And remember, this node -- the famous node (technical difficulty) things is really ramping in 2016.

不過，你需要記住我說的話。我們的承諾是2014年每小時生產69片晶圓，兩年後，也就是2016年，可升級到每小時生產225片晶圓。因此，如果計算平均值，您將獲得 100 個晶圓——事實上，在這段時間內每小時可生產超過 100 個晶圓。請記住，這個節點——著名的節點（技術難度）在 2016 年確實急劇增加。

Correct.

正確的。

So the customer is usually -- do not need the speed on the first day on the (technical difficulty). In fact, that is also when they optimize their process. So by saying 125 wafers per hour, we are a bit above the 100 wafer per hour business.

所以客戶通常－不需要第一天就提高速度（技術難度）。事實上，這也是他們優化流程的時候。因此，透過每小時 125 個晶圓，我們的產量略高於每小時 100 個晶圓的業務。

Okay. Would it be safe to assume that the customer would have a contractual commitment from you to give them the confidence in that kind of a ramp to meet these types of milestones, even if it's not applicable early on?

好的。是否可以安全地假設客戶會得到您的合約承諾，讓他們對這種坡道有信心實現這些類型的里程碑，即使它在早期並不適用？

Absolutely. The PO will look like the price of the machine is -- X for 69, and is Y for 125. We take (technical difficulty) of X and Y. If you know what I mean. And both X and Y -- X will not have the same margin as Y. But X will be manageable; and Y will be good.

絕對地。採購訂單看起來就像機器的價格是——X 代表 69，Y 代表 125。我們取 X 和 Y 的（技術難度）。如果你明白我的意思。且 X 和 Y —— X 不會有與 Y 相同的邊距。但 X 是可控的；而且 Y 將會很好。

Perfect. Very helpful. Thank you.

完美的。非常有幫助。謝謝。

Andrew Gardiner. Please state your company name followed by your question.

安德魯加德納。請說明您的公司名稱，然後提出您的問題。

Thank you. It's Barclays. Another sort of quick follow-up on EUV. The initial fourth commitment that you have mentioned last year were from DRAM, if I remember correctly. The additional three that you have now signed, is that for logic? And can you also talk about, I suppose, the breadth of the customers (technical difficulty) in terms of number of vendors that are -- or manufacturers that have now committed to this?

謝謝。是巴克萊銀行。這是對 EUV 的另一個快速跟進。如果我沒記錯的話，您去年提到的第四個初始承諾來自 DRAM。您現在簽署的另外三份文件是否合乎邏輯？另外，您能否談談客戶範圍（技術難度），就目前致力於此的供應商或製造商的數量而言？

Memory is under seven, I think. Memory is difficult to know. Because as you can imagine, one customer is (technical difficulty) logic and memory at the same time. So at this point, I could imagine 3 to 4 is memory; and 3 to 4 is logic. The one in between, as you can imagine, is the customer who can do both.

我認為記憶力低於七。記憶很難知道。因為正如你所想像的，一個客戶同時是（技術難度）邏輯和記憶。所以在這一點上，我可以想像 3 到 4 是記憶； 3到4是邏輯。你可以想像，介於兩者之間的客戶可以同時做到這兩點。

Got it. Okay. Also, just in terms of the increase in demand, or increase in inquiries that you have been seeing recently -- I know you have been keeping a buffer stock on hand of tools to decrease your lead time, or decrease the time from actual firm order to shipment. Is the amount that you've got -- sort of that flexibility -- is that enough to get you to full-year guidance? Or is there potential for upside to that, depending on just how quickly demand -- just sort of wondering about your flexibility there in terms of the lead time.

知道了。好的。此外，就您最近看到的需求增加或詢價增加而言——我知道您一直在儲備緩衝庫存，以減少交貨時間，或減少從實際確定訂單到發貨的時間。您所擁有的金額（某種彈性）是否足以讓您獲得全年指引？或者這是否有上升的潛力，取決於需求的速度——只是想知道您在交貨時間方面的靈活性。

The -- in our production capacity we have, it's definitely sufficient to do the full-year guidance. And it also poses upside. So if it would get more, we would be able to ship within, let's say, a standard lead time. Because, at the beginning of the year, we were confronted with a lot of uncertainty as to where these markets were going. And we -- like we have mentioned previously on the call, we decided to add some buffer tools to (technical difficulty) we will be able to meet, I would say, a very reasonable part of the potential addition of the bump.

以我們的生產能力來看，絕對足以實現全年目標。而且它也具有好處。因此，如果數量更多，我們就能夠在標準交貨時間內發貨。因為，在年初，我們對這些市場的走向面臨許多不確定性。而且我們——就像我們之前在電話會議上提到的那樣，我們決定添加一些緩衝工具來（解決技術難題），我想說，我們將能夠非常合理地滿足潛在增加的碰撞部分。

Okay, that's clear. Just, finally, one quick one. You have been talking about expanding the capacity for EUV as we come to the coming years. How should we be thinking about capital spending for this year, now; and then next year, given that (technical difficulty) a material ramp that we should be forecasting?

好的，很清楚。最後，再簡單說一下。您一直在談論未來幾年擴大 EUV 的產能。我們現在該如何考慮今年的資本支出？那麼明年，考慮到（技術難度）我們應該預測材料產量的成長嗎？

Yes. We will be spending about that 18-month period for the facilities, yes? And it's the -- it will (technical difficulty) about EUR250 million to EUR280 million, of which maximum of EUR50 million will be spent this year. The rest will be spent next year.

是的。我們將花費大約 18 個月的時間來建造這些設施，對嗎？而且——它（技術難度）將達到約 2.5 億歐元至 2.8 億歐元，其中今年將花費高達 5,000 萬歐元。剩餘資金將於明年花掉。

Thanks very much.

非常感謝。

Amit Harchandani. Please state your company name followed by your question.

阿米特·哈爾錢達尼。請說明您的公司名稱，然後提出您的問題。

Hello. Amit Harchandani from Citigroup. Thanks for taking my question. And before I go ahead, congratulations to Peter on his new role. And thank you, Eric, for your work that you have done at ASML over the last many years.

你好。花旗集團的阿米特‧哈昌達尼 (Amit Harchandani)。感謝您回答我的問題。在繼續之前，我要祝賀彼得擔任新職務。感謝 Eric 多年來在 ASML 所做的工作。

Thank you. Eight and a half.

謝謝。八點五。

(Laughter) Definitely seem to be in jolly good spirits today.

（笑聲）今天看起來心情確實很好。

He is glad he is leaving. (laughter)

他很高興自己要離開。（笑聲）

My first one is probably digging a bit deeper on the foundry side. Clearly the customer in [dive on] has ordered strongly, and continues to ordered strongly. But besides that customer, how do you see foundry demand from some of the other customers, say, in Korea? Because there was some hesitation at the start of the year.

我的第一個目標可能是在鑄造方面進行更深入的挖掘。顯然，[dive on] 中的客戶已經強烈下單，並且繼續強烈下單。但是除了那位客戶之外，您如何看待其他一些客戶（例如韓國）的代工需求？因為年初的時候有些猶豫。

And as a follow-up, on the EUV side, clearly, imaging and overlay performance, as you reveal, has been quite good. And productivity or throughput is based on the source. But how do you see in terms of defect -- particularly mass defects in the rest of the EUV ecosystem? Is it shaping up and progressing in the manner that you expected it to do so? And do you foresee the need to do any more M&A to achieve your target for EUV? Thank you.

作為後續行動，在 EUV 方面，正如您所揭示的，成像和覆蓋性能顯然相當不錯。生產力或吞吐量取決於來源。但是您如何看待缺陷問題——特別是 EUV 生態系統其餘部分的大規模缺陷？它是否按照您預期的方式成形和發展？您是否預見到需要進行更多併購才能實現 EUV 目標？謝謝。

Very good, thank you. It is usually (technical difficulty) for us to talk about customers, and now it's so granular. I mean, you know, there are three large foundries. So I don't know what to tell you. (technical difficulty) to tell you is one of them, as you know, is ahead of the others in a huge buildup of 20 nanometer, because of potential customer lineup they could have. So they have to build it up, which forces the other competitors in this business to build up. Indeed, the orders haven't been received from the other two. But we know that they have to.

非常好，謝謝。對我們來說，談論客戶通常是一個（技術難題），現在它變得如此細緻。我的意思是，你知道，有三家大型鑄造廠。所以我不知道該告訴你什麼。(技術難度) 告訴你其中之一是，正如你所知，他們在 20 奈米大規模建設方面領先於其他公司，因為他們可能擁有潛在客戶陣容。因此他們必須加強自身建設，這也迫使該產業的其他競爭對手也加強自身建設。確實，還沒有收到另外兩家公司的訂單。但我們知道他們必須這麼做。

So at this moment, what is happening is (technical difficulty) timing, where you have one big customer ahead, and then the second one comes in and will allow us 3 to 6 months of delay, which is good. And then the third one will come with a 3 to 6 month delay. And that would probably help us extremely well in 2014. So that's why, I guess, Peter's job is going to be pretty easy in 2014 (laughter).

因此，目前發生的情況是（技術難題）時機問題，你前面有一個大客戶，然後第二個客戶進來，這將使我們有 3 到 6 個月的延遲，這是很好的。第三次將會延遲3到6個月。這可能將在 2014 年為我們帶來極大的幫助。所以，我猜想彼得的工作在 2014 年會很輕鬆（笑聲）。

On the subject of the EUV and the infrastructure, it's -- no. It's not going to be a walk in the park. Because in this business, like we had in immersion, you are -- the customers are going to discover issues. (Technical difficulty) going to be as good as expected. Mass defects will -- blank defect would be a problem. Defect in writing mass will be a problem. Defect in processing will be a problem, because inspection is a problem. But they now have a solution (technical difficulty) for a while.

關於 EUV 和基礎設施的問題，答案是——不是。這可不是一件輕鬆的事。因為在這個行業中，就像我們在沉浸式體驗中一樣，客戶將會發現問題。（技術難度）將會和預期的一樣好。大量缺陷－空白缺陷將是一個問題。書寫品質的缺陷將會成為一個問題。加工缺陷就會成為問題，因為檢驗就是問題。但現在他們暫時有一個解決方案（技術難題）。

But it is, absolutely, standard difficulties. Today, as you heard, nine months to 12 months ago, everybody said FinFET would not work; it is very difficult. Even Intel had difficulty to build up this technology, et cetera. But then, a year later, (technical difficulty) everybody has mastered it. So we are probably going to be in the same mode here of a huge amount of work. In fact, this is what the problem with EUV is -- the problem of EUV is not that people question whether the machine will work in 2015 when, in fact, it is due. I guess at this moment everybody is getting (technical difficulty) for that. But you would prefer to have a working machine now, so that you have two years to create the recipes. So it is an accumulation of recipe improvement that is going to happen, to resolve the issue of the infrastructure.

但這絕對是標準的困難。今天，正如你所聽到的，九個月到十二個月前，每個人都說 FinFET 行不通；這非常困難。甚至英特爾也很難建立這項技術等等。但一年後，（技術難度）每個人都掌握了它。因此，我們可能將以同樣的方式完成大量工作。事實上，這就是 EUV 的問題所在——EUV 的問題並不在於人們質疑這台機器在 2015 年是否還能正常運作，而事實上，它已經到了該工作的時間。我想此刻每個人都會遇到（技術難題）。但您現在更希望擁有一台可以運行的機器，這樣您就有兩年的時間來創建食譜。因此，我們需要不斷改進配方，以解決基礎設施問題。

So indeed, we don't plan to buy anybody or acquire anybody. They won't have that chance.

所以事實上，我們不打算購買任何人或收購任何人。他們不會有這樣的機會。

Okay. And then just maybe, quickly, if you could share with me -- you said 20 nanometer might turn out to be a big node. Any numbers that you could maybe share with us, what your plan -- thinking about? Or how do you see that particular node shaping up, in terms of wafer capacity?

好的。然後也許，如果您可以快速地與我分享——您說 20 奈米可能是一個大節點。能與我們分享一些數字嗎？您的計劃是什麼？或者從晶圓容量來看，您如何看待該特定節點的形成？

Well, it is an impossible question, because what you call 20 nanometer, I call 20-16-14. Because the same node in lithography will include different transistors -- FinFET transistors; or whether a tri-gate, or whatever they call it. And (technical difficulty) have the little facet to make this.

嗯，這是一個不可能的問題，因為你所說的 20 奈米，我稱之為 20-16-14。因為光刻中同一個節點會包含不同的電晶體－FinFET電晶體；或是三門，或無論他們怎麼稱呼它。而且（技術難度）有一些小問題可以解決。

So this -- this thing -- if it is normal node, and is driven by so many (technical difficulty) architectures that we see now in the portable world, where everybody has a tape out plan for 2014, we would expect a minimum of 300,000 wafers. If this is above that, then this is, again, great for Peter. Because the lithography intensity is such on that node that the multipliers for it, similarly, is huge. So if you go above 300,000 wafers, we don't need EUV. It's a big one.

所以這個 — — 這個東西 — — 如果它是正常節點，並且由我們現在在便攜式世界中看到的許多（技術難度）架構驅動，每個人都有 2014 年的流片計劃，我們預計至少會有 300,000 個晶圓。如果這個數字高於這個數字，那麼對彼得來說，這又是一個好消息。因為該節點上的光刻強度如此之高，所以它的乘數同樣巨大。因此，如果晶圓數量超過 30 萬片，我們就不需要 EUV。這是一個大問題。

But at this moment, we only simulate as if this to be a normal node at 300,000 wafers. And then getting into the node with EUV, which has all the goodies I mentioned -- particularly the scaling factor.

但目前我們僅將其模擬為30萬片晶圓的正常節點。然後進入 EUV 節點，它具有我提到的所有優點 - 特別是縮放因子。

Perfect. Thank you so much.

完美的。太感謝了。

Ladies and gentlemen, I'm afraid we have run out of time. IR already has a queue of calls lined up here. But I would invite you, if you didn't get your question asked, and you think we can help you, to feel free to text us or give us a call. And we will do our very best to get back to you. But please be patient, as we have quite a few stacking up now.

女士們、先生們，恐怕我們的時間已經不夠了。IR 此處已經排起了長長的呼叫佇列。但是，如果您沒有被問到問題，並且您認為我們可以幫助您，我邀請您隨時給我們發短信或打電話。我們將盡力回覆您。但請耐心等待，因為我們現在已經堆積了相當多的東西。

So with that, on behalf of ASML's Board and Management, I would like to thank you for (technical difficulty) today. And, Kirsten, thank you for managing the call for us.

因此，我謹代表 ASML 董事會和管理層，感謝您今天解決的（技術難題）。而且，Kirsten，謝謝你幫我們接電話。

If you could formally conclude the call, we would appreciate it.

如果您能正式結束通話，我們將不勝感激。

Thank you. Ladies and gentlemen, this concludes the ASML 2013 first-quarter results conference call. Thanks for participating. You may now disconnect.

謝謝。女士們、先生們，ASML 2013 年第一季業績電話會議到此結束。感謝您的參與。您現在可以斷開連線。