艾司摩爾 (ASML) 2015 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the ASML second-quarter results conference call on July 15, 2015. (Operator Instructions). I would now like to turn the conference over to Mr. Craig DeYoung. Please go ahead, sir.

女士們、先生們，感謝你們的支持。歡迎參加2015年7月15日ASML第二季業績電話會議。（操作員指令）。現在我想將會議交給 Craig DeYoung 先生。先生，請繼續。

Thank you, Erin. And good morning and good afternoon, ladies and gentlemen. This is Craig DeYoung, Vice President of Investor Relations at ASML. I would like to inform you that today we are conducting our conference call from two locations. We are participating here in San Francisco at the SEMICON West show and with me is Peter Wennink. In our headquarters in the Netherlands we'll be joined, or are joined by Wolfgang Nickl, ASML's CFO.

謝謝你，艾琳。女士們、先生們，大家早安、午安。我是 ASML 投資人關係副總裁 Craig DeYoung。我想通知大家，今天我們將在兩個地點召開電話會議。我們正在舊金山參加 SEMICON West 展會，和我一起參加的是 Peter Wennink。在我們位於荷蘭的總部，我們將與 ASML 的財務長 Wolfgang Nickl 一起參加會議。

I mentioned this just in case there is a technical problem; when one of the calls drop we will get back to you as soon as is technically possible, although we don't anticipate any problems.

我提到這一點只是為了防止技術問題；當其中一個電話斷線時，我們會在技術允許的範圍內盡快回電給您，儘管我們預計不會出現任何問題。

As a reminder, the subject of today's call is ASML's 2015 second-quarter results. The length of the call will be 60 minutes as usual. This call is also being broadcast live over the Internet at www.ASML.com, and a replay will be available on our website for approximately 90 days.

提醒一下，今天電話會議的主題是 ASML 2015 年第二季業績。通話時間照常為60分鐘。此次電話會議也將透過網路在 www.ASML.com 上進行現場直播，重播也將在我們的網站上提供約 90 天。

Before we begin I'd like to caution listeners that comments made by management during the conference call will include forward-looking statements within the meaning of the federal securities laws. These forward-looking statements involve material risks and uncertainties.

在我們開始之前，我想提醒聽眾，管理階層在電話會議期間發表的評論將包括聯邦證券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。

For a discussion of risk factors I encourage you to review the Safe Harbor statement contained in today's press release and presentation materials found on our website and in our annual report on Form 20-F and other documents as filed by the Securities and Exchange Commissions.

對於風險因素的討論，我建議您查看今天的新聞稿和演示材料中包含的安全港聲明，這些材料可以在我們的網站和我們的 20-F 表年度報告以及美國證券交易委員會提交的其他文件中找到。

Now with that I would like to turn the call over to Peter for a brief introduction.

現在我想將電話轉給彼得進行簡短的介紹。

Thank you, Craig. Good morning, good afternoon, ladies and gentlemen and thank you for joining us for our second-quarter 2015 results conference call. Before we begin the question-and-answer session, Wolfgang and I would like to provide an overview and some commentary on the recent quarter and provide you our view of the coming quarters.

謝謝你，克雷格。女士們、先生們，早安、下午好，感謝大家參加我們 2015 年第二季業績電話會議。在我們開始問答環節之前，沃夫岡和我想對最近一個季度的情況做一個概述和評論，並向大家介紹我們對未來幾季的看法。

Wolfgang will start with a review of the second-quarter financial performance with some added comments on our short-term outlook. And I will complete the introduction with some further comments on the current general business environment and our future business outlook. Wolfgang, if you will.

沃夫岡將首先回顧第二季的財務業績，並對我們的短期前景發表一些補充評論。最後，我將對當前的整體商業環境和我們未來的業務前景發表一些進一步的評論，以完成介紹。沃爾夫岡，如果你願意的話。

Thank you, Peter, and welcome, everyone. For Q2 our net sales came in at EUR1.65 billion with system sales again nicely balanced between memory and logic. Memory represented 47% and logic represented 53% of system sales. Our system sales included one EUV tool.

謝謝你，彼得，歡迎大家。第二季我們的淨銷售額達到 16.5 億歐元，系統銷售額在記憶體和邏輯之間再次實現了良好的平衡。記憶體佔系統銷售額的 47%，邏輯佔系統銷售額的 53%。我們的系統銷售包括一個 EUV 工具。

Service and field option sales came in at a very healthy EUR520 million driven by strong demand for field options and upgrades. Gross margin for the quarter was 45.6%, above our guidance and impacted by revenue recognition of one EUV tool which shipped in Q1.

受現場選項和升級需求強勁的推動，服務和現場選項銷售額達到了非常健康的 5.2 億歐元。本季毛利率為 45.6%，高於我們的預期，並受到第一季出貨的一款 EUV 工具的營收確認的影響。

R&D expenses came in at EUR267 million and SG&A expense came in at EUR88 million, both slightly above our guidance driven by accelerated product development and infrastructure projects. Our effective tax rate for the quarter was approximately 11% of pretax income.

研發費用為 2.67 億歐元，銷售、一般及行政費用為 8,800 萬歐元，均略高於我們的預期，這得益於加速的產品開發和基礎設施項目。本季我們的有效稅率約為稅前收入的 11%。

Turning to the balance sheet. Quarter-over-quarter cash, cash equivalents and short-term investments dropped to EUR2.52 billion from EUR2.84 billion at the end of the prior quarter, in part due to a EUR302 million dividend paid in Q2. We also paid EUR166 million during the quarter for repurchased shares.

轉向資產負債表。本季現金、現金等價物及短期投資從上一季末的 28.4 億歐元下降至 25.2 億歐元，部分原因是第二季支付了 3.02 億歐元的股息。本季我們還支付了 1.66 億歐元用於回購股票。

Regarding the order book -- our Q2 non-EUV system bookings came in at about EUR1 billion. This was better than we expected in both memory and logic. We see additional booking of six EUV systems; our total system bookings during the quarter were EUR1.5 billion. We finished the quarter with a strong overall backlog of just over EUR3 billion.

關於訂單—我們第二季非 EUV 系統訂單金額約 10 億歐元。這在記憶和邏輯上都比我們預期的還要好。我們看到另外六套 EUV 系統的預訂；本季我們的系統總預訂量為15億歐元。本季結束時，我們的總積壓訂單量強勁，略高於 30 億歐元。

As it relates to our EUV backlog and our backlog in general, I do want to point out a change in our definition driven by this quarter's EUV orders which allows us to make these orders visible to investors. Our prior definition included a timeframe of requested system deliveries within one year. That time limit has been removed at the current [delivery] time on new EUV systems is greater than one year.

由於它與我們的 EUV 積壓訂單和總體積壓訂單有關，我確實想指出，本季度的 EUV 訂單推動了我們的定義發生了變化，這使我們能夠讓投資者看到這些訂單。我們先前的定義包括一年內請求的系統交付的時間範圍。目前，新 EUV 系統的交付時間已超過一年，該時間限制已被取消。

With that I would like to turn to our expectations and guidance for Q3 and share our view on the balance of 2015. We enter Q3 with a strong and nicely balanced system backlog. Adding continued strong service and field option sales at the level of Q2, we expect Q3 revenue to be between EUR1.5 billion and EUR1.6 billion. Q3 will not include any revenue recognition for EUV systems.

我想談談我們對第三季的預期和指導，並分享我們對 2015 年平衡的看法。我們進入第三季時擁有強大且均衡的系統積壓。加上第二季持續強勁的服務和現場選項銷售，我們預計第三季營收將在 15 億歐元至 16 億歐元之間。Q3 將不會包括任何 EUV 系統的收入確認。

Based on expected customer and product mix we expect gross margin for Q3 to be around 45%. R&D expenses for the third quarter will be about EUR275 million. SG&A is expected at about EUR90 million. R&D and SG&A are both up slightly from the Q2 levels driven by investments in future technology and continued [FX] from a strong US dollar.

根據預期的客戶和產品組合，我們預計第三季的毛利率約為 45%。第三季的研發費用約為2.75億歐元。預計銷售、一般及行政費用約 9,000 萬歐元。受未來技術投​​資和美元持續走強的推動，研發費用和銷售、一般及行政費用較第二季水平均略有上升。

As to the rest of 2015, we expect less tapering in our memory business in H2 than we anticipated last quarter. This is driven by continued capacity additions in two new DRAM perhaps and by some additional capacity needs in the one existing volume 3D NAND fab.

至於 2015 年剩餘時間，我們預計下半年記憶體業務的縮減幅度將低於上個季度的預期。這可能是由於兩個新 DRAM 產能持續增加，以及一個現有批量 3D NAND 晶圓廠的一些額外產能需求所致。

We continue to see a stable logic business throughout 2015 in support of current FinFET node RAMs and next node development. Our service and field option sales exceeded the EUR500 million mark in Q2 and we expect that level to continue throughout H2 due to increased adoption of our holistic lithography products and the purchase of system node enhancement packages supporting customer node migrations.

我們繼續看到 2015 年全年邏輯業務保持穩定，以支援當前的 FinFET 節點 RAM 和下一個節點的開發。我們的服務和現場選項銷售額在第二季度超過了 5 億歐元，並且由於我們整體光刻產品的採用率增加以及支援客戶節點遷移的系統節點增強包的購買，我們預計這一水平將在整個下半年保持下去。

We expect to see Q4 revenues holding up at the Q3 level with some upside opportunity possible due to logic's need for additional advanced node development tools. This means that we are on track to another record sales year for 2015.

我們預計第四季度的收入將保持在第三季的水平，並且由於邏輯需要額外的高級節點開發工具，因此可能存在一些上行機會。這意味著我們預計在 2015 年再創銷售新高。

Peter will talk more about EUV shortly, but I would like to make a few points regarding 2015 EUV shipments. As most listeners are aware, we continue to show great progress in improving on key EUV performance metrics related to productivity and availability with unchanged targets of improving both further throughout this year.

Peter 很快會多談 EUV，但我想就 2015 年 EUV 出貨量談幾點看法。正如大多數聽眾所知，我們在改善與生產力和可用性相關的關鍵 EUV 性能指標方面繼續取得了巨大進展，並且我們今年的目標保持不變，即進一步提高生產力和可用性。

We are delighted about the receipt of purchase orders for six EUV production ready tools during last quarter. Of the six tools, two tools are scheduled to be delivered this year and the remainder will ship from next year on. This is an indication of EUV's continued progress along the new technology adoption curve.

我們很高興在上個季度收到了六款 EUV 生產就緒工具的採購訂單。在這六種工具中，兩種計劃於今年交付，其餘的則將於明年開始出貨。這表明 EUV 正在沿著新技術採用曲線不斷進步。

For 2015 we now see the opportunity to ship five NXE:3350 production ready systems supported by four system orders and with close customer interaction on the fifth system continuing. Also we plan to ship one additional NXE:3300 before year end. With the one NXE:3300 that we shipped earlier this year we therefore now forecast a total number of seven EUV shipments for the year.

2015 年，我們有機會交付五套 NXE:3350 生產就緒系統，由四套系統訂單提供支持，並繼續就第五套系統與客戶進行密切互動。我們也計劃在年底前再運送一台 NXE:3300。因此，加上我們今年稍早出貨的一台 NXE:3300，我們預測今年的 EUV 出貨量將達到七台。

One of the two remaining prepaid NXE:3300s is planned to be upgraded to an NXE:3350B or higher. And for the other systems, discussions with the customer have not been conclusive as of today.

剩餘兩台預付費 NXE:3300 中的一台方案升級到 NXE:3350B 或更高版本。對於其他系統，截至今天與客戶的討論尚未得出結論。

We expect the EUV revenue for the year to be limited to the one NXE:3300 that we are recognized during Q2. Revenue recognition for the remaining shipments this year will depend on the achievement of certain performance milestones and attribution of overall revenue to the system itself and related services. Revenue recognition will vary from customer to customer based on the specific terms and conditions in the respective agreements.

我們預計今年的 EUV 收入將僅限於我們在第二季確認的 NXE:3300。今年剩餘出貨量的收入確認將取決於某些性能里程碑的實現以及總收入對系統本身和相關服務的歸屬。根據各自協議中的具體條款和條件，不同客戶的收入確認將有所不同。

We will provide our assumptions for timing of revenue recognition after we have shipped incremental EUV systems. Once the performance of EUV technology is matured we expect to recognize revenue in the same fashion as we do in our EUV business.

在我們交付增量 EUV 系統後，我們將提供收入確認時間的假設。一旦 EUV 技術的性能成熟，我們預計將以與 EUV 業務相同的方式確認收入。

Finally, as an update on our capital return program, our proposal to increase our dividend by 15% was accepted by our shareholders at our annual meeting in April resulting in a payment of EUR302 million in dividends in Q2. In addition, relative to our 2015-2016 buyback program announced in Q1, we now executed total repurchases for the first half of 2015 of EUR285 million at an average price of EUR96 per share.

最後，作為我們資本回報計劃的最新消息，我們將股息提高 15% 的提議在 4 月的年度會議上得到了股東的接受，導致第二季度支付了 3.02 億歐元的股息。此外，相對於我們在第一季宣布的2015-2016年回購計劃，我們現在在2015年上半年執行了總計2.85億歐元的回購，平均價格為每股96歐元。

Now with that I would like to turn the call back over to Peter.

現在我想把電話轉回給彼得。

Thank you, Wolfgang. As Wolfgang highlighted, last quarter we had an expectation that our strong second half of last year would continue into the first half of this year. We can now say that the strength in the first half of this year is expected to continue through the second half leading us to a record revenue year in 2015, as Wolfgang mentioned. This is clearly supported by our strong service field options and upgrade business.

謝謝你，沃夫岡。正如沃夫岡所強調的，上個季度我們預計去年下半年的強勁表現將延續到今年上半年。我們現在可以說，今年上半年的強勁勢頭預計將持續到下半年，使我們在 2015 年創下創紀錄的收入，正如沃爾夫岡所提到的那樣。這顯然得到了我們強大的服務領域選擇和升級業務的支持。

Our customers appear to be preparing for continued growth in their business as we see, for example, the two new DRAM fabs that Wolfgang mentioned continue to install capacity. In addition, we have all heard announcements of the two new NAND fabs likely to begin taking manufacturing equipment in 2016 for volume build of vertical NAND.

我們的客戶似乎正在為業務的持續成長做準備，例如，我們看到 Wolfgang 提到的兩家新的 DRAM 晶圓廠繼續安裝產能。此外，我們都聽說了兩家新的 NAND 晶圓廠可能在 2016 年開始採用製造設備進行垂直 NAND 批量生產的公告。

On top of this we see two new foundry fabs beginning to take tools in the second half this year in support of advanced FinFET process node brands and early development of next node logic devices. So before I move on to EUV I would like to share some highlights of our DPP and holistic lithography programs.

除此之外，我們還看到兩家新的代工廠在今年下半年開始採用工具來支援先進的 FinFET 製程節點品牌和下一代節點邏輯設備的早期開發。因此，在討論 EUV 之前，我想分享一些我們的 DPP 和整體光刻計劃的亮點。

Firstly, with respect to our DPP program we will begin shipping this year our NXT:1980 immersion product which is capable of 30% improved overlay accuracy versus our prior offering, along with the world's first 275 wave per hour immersion capability. This will help our customers to deal with the increasing cost of complexity relating to multiple patterning strategies.

首先，就我們的 DPP 計劃而言，我們將於今年開始發售我們的 NXT:1980 浸沒式產品，與我們之前的產品相比，該產品的覆蓋精度提高了 30%，並且擁有世界上第一個每小時 275 波的浸沒式能力。這將有助於我們的客戶應對與多種模式策略相關的複雜性不斷增加的成本。

Next to these platform improvements we are increasingly focusing on the availability performance of our systems. And I am glad to report that this year the average availability of our worldwide installed base of more than 300 NXT tools increased to above 96%; again an important driver of affordability.

除了這些平台改進之外，我們也越來越關注系統的可用性效能。我很高興地報告，今年我們在全球範圍內安裝的 300 多個 NXT 工具的平均可用性提高到了 96% 以上；再次成為負擔能力的重要驅動因素。

Secondly, I would like to highlight that our holistic lithography products now have a 100% attach rate of newly sold immersion systems. Our integrated metrology system, which we call YieldStar, is now broadly accepted with more than 250 systems in the field.

其次，我想強調的是，我們的整體光刻產品現在新銷售的浸沒式系統的配給率為100％。我們的整合計量系統（稱為 YieldStar）現已被廣泛接受，該領域已有 250 多個系統。

Our holistic lithography concept of providing imaging, measuring and modeling capability allows unique support for controlling today's and tomorrow's most challenging advanced patterning processes across all industry sectors.

我們提供成像、測量和建模能力的整體光刻概念，為控制所有行業領域中當今和未來最具挑戰性的先進圖案化製程提供獨特的支援。

Thirdly, we feel that we are strongly positioned with our wide range of field options and upgrade products. These products allow for extraction of maximum performance from the installed base of our lithography tools and extension of their performance over multiple nodes allows for a more efficient capital use of our lithography equipment.

第三，我們認為，憑藉廣泛的現場選擇和升級產品，我們佔據了有利地位。這些產品可以從我們已安裝的光刻工具基礎中提取最大效能，並將其性能擴展到多個節點，從而更有效地利用我們的光刻設備。

And as witnessed this past quarter, demand for these products continues to grow with combined service field options and upgrades crossing the EUR500 million mark last quarter for the first time ever, as Wolfgang mentioned. It is expected to continue to stay around this level for the next few quarters.

正如沃爾夫岡所提到的那樣，正如上個季度所見，這些產品的需求持續增長，上個季度綜合服務領域選項和升級首次突破 5 億歐元大關。預計未來幾季將繼續保持在這個水平附近。

And finally, on EUV. As we are -- as most of you are aware, we continue to demonstrate real progress against our targets in system throughput and system availability. These are the key metrics of performance that drive new lithography technology adoption once imaging and overlay performance are demonstrated and accepted.

最後，關於 EUV。正如大多數人所知，我們繼續在系統吞吐量和系統可用性方面取得真正的進展。一旦成像和覆蓋性能得到證明和接受，這些就是推動新光刻技術採用的關鍵性能指標。

As mentioned on many prior occasions, our focus in 2015 is on improving EUV stability and availability, with continued steady progress on productivity. As it relates to productivity, during the first quarter we demonstrated 1,022 wafers exposed in a 24-hour period at one customer site with an 80 watt configuration. Our target is to be able to repeat this at several customers and at several sites.

正如之前多次提到的，我們 2015 年的重點是提高 EUV 的穩定性和可用性，並繼續穩步提高生產力。就生產力而言，在第一季度，我們在一個客戶現場展示了 80 瓦配置下 24 小時內曝光的 1,022 片晶圓。我們的目標是能夠在多個客戶和多個網站上重複此操作。

Now upgrade of systems in the field to 80 watt has virtually been completed in the second quarter. This gives us further confidence that the customer targets are realistic and should be met. In addition, we have demonstrated 130 watts dose controlled source power in our facilities enabling further productivity improvements.

目前，現場系統升級至 80 瓦的工作已於第二季基本完成。這讓我們更相信客戶的目標是現實的，而且應該能夠實現。此外，我們已經在我們的設施中展示了 130 瓦劑量控制源功率，從而進一步提高生產力。

On system availability, which is targeted at 70% by year end, we have been running at a 55% average of customer installed systems. With current upgrades multiple sites are now achieving average availability of greater than 70% for one weekend with one customer achieving a 70% average over a four week run. So excellent progress on this important front.

就係統可用性而言，我們的目標是到年底達到 70%，目前我們運行的客戶安裝系統的平均可用性為 55%。透過目前的升級，多個站點現在一個週末的平均可用性已超過 70%，其中一個客戶在四周的運行中實現了 70% 的平均可用性。在這一重要方面取得了巨大進展。

Now with the first two orders for our fourth-generation NXE:3350B production tools announced late last year and entered into our backlog, this past quarter we not only signed a volume purchase agreement for a minimum of 50 tools with a US customer, but have also taken a six tool purchase order against that agreement which has now also entered our backlog. And as Wolfgang mentioned, also discussions are continuing with multiple customers on the exact timing of their requirements for more EUV systems.

現在，我們第四代 NXE:3350B 生產工具的前兩份訂單已於去年年底宣布並進入我們的積壓訂單，上個季度，我們不僅與一位美國客戶簽署了至少 50 套工具的批量採購協議，而且還根據該協議獲得了六套工具的採購訂單，這些訂單現在也已進入我們的積壓訂單。正如 Wolfgang 所提到的，我們也正在與多位客戶討論他們對更多 EUV 系統需求的具體時間。

Clearly the EUV adoption curve will be driven by the continued progress we are making on these key EUV performance packages. The question of how many EUV orders we will see during the next few quarters can only be answered by relating the aforementioned progress with each customer's specific roadmap, adoption drivers and risk appetite.

顯然，EUV 採用曲線將受到我們在這些關鍵 EUV 性能套件上取得的持續進展的推動。未來幾季我們將看到多少 EUV 訂單的問題只能透過將上述進度與每位客戶的具體路線圖、採用驅動因素和風險偏好連結起來才能回答。

These are of course different per customer, but generally we can say that our logic customers are most aggressive given the complexities of multiple patterning strategies followed by DRAM and ultimately NAND customers. In any case, in order to deal with this eventual and inevitable demand we recently opened our new EUV factory which will enable an output of 24 systems by 2017 and potential further output capacity growth to 60 systems in the years to follow.

當然，每個客戶的情況都不同，但總的來說，我們可以說，考慮到 DRAM 和最終 NAND 客戶所遵循的多種模式化策略的複雜性，我們的邏輯客戶是最積極的。無論如何，為了應對這種最終的、不可避免的需求，我們最近開設了新的 EUV 工廠，到 2017 年，該工廠將能夠輸出 24 個系統，並且在接下來的幾年中，輸出能力可能會進一步增長到 60 個系統。

Now with that we would be happy to take your questions.

現在我們很樂意回答您的問題。

Thanks, Peter, and thanks, Wolfgang, as well. Ladies and gentlemen, the operator will instruct you momentarily on the protocol for the Q&A session. But beforehand I would like to ask, as always, that you kindly limit yourself to one question with one short follow-up if necessary. This will allow us to get to as many callers as possible. Now, Erin, could we have the first -- or your instructions and the first question, please?

謝謝，彼得，也謝謝沃夫岡。女士們，先生們，接線生將立即向您介紹問答環節的規程。但事先我想像往常一樣請求您只問一個問題，如有必要，請進行一個簡短的跟進。這將使我們能夠聯繫到盡可能多的呼叫者。現在，艾琳，我們可以先問您一個指示，然後問您第一個問題嗎？

(Operator Instructions). Sandeep Deshpande.

（操作員指令）。桑迪普·德什潘德。

Sandeep Deshpande, JPMorgan. If I may ask on EUV, I mean in terms of what you are discussing with the customers you have given some indication of the US customers' orders which are going to ship into next year. Do you have any sort of visibility about the other major customers and how EUV shipments would go into 2016? Clearly you are going to have capacity now to do that given the opening of your new EUV factory.

摩根大通的 Sandeep Deshpande。如果我可以問一下 EUV 問題，我的意思是，就您與客戶討論的內容而言，您已經給出了一些有關美國客戶明年將發貨的訂單的跡象。您是否了解其他主要客戶的情況以及 2016 年 EUV 出貨量的情況？顯然，隨著新 EUV 工廠的開業，你們現在就有能力做到這一點。

And secondly my question is on OpEx. You have had some impact to your OpEx from the euro/dollar exchange rate. Is there any further impact to the OpEx from the euro/dollar exchange rate or is the current OpEx reflecting what the current euro/dollar exchange rate is? Thank you.

其次我的問題是關於營運支出 (OpEx)。歐元/美元匯率對您的營運支出產生了一些影響。歐元兌美元匯率是否會對營運支出產生進一步影響？或者當前的營運支出是否反映了當前歐元/美元匯率的變化？謝謝。

Sandeep, I will answer the first question and Wolfgang will take the second one. Your question on do have visibility on the EUV shipments in 2016. Well, there is -- part of that visibility is pretty certain because we've received the orders and we know what to do. And I think there also we are currently planning on the 3300's that will be upgraded to 3350 performance and have not been shipped yet. That could be part of the 2016 shipment pattern also.

Sandeep，我將回答第一個問題，Wolfgang 將回答第二個問題。您的問題是，2016 年 EUV 出貨量是否清晰。嗯，部分可見性是相當確定的，因為我們已經收到了命令，我們知道該做什麼。我認為我們目前正在計劃將 3300 升級到 3350 性能，但尚未發貨。這也可能是 2016 年出貨模式的一部分。

I would say, like I said in my introductory statements, the question of how many EUV orders we will see during the next few quarters, you should really see in the context of the progress we are making on the availability and the productivity vis-a-vis what customer specific roadmaps are and what their risk appetite is and their adoption drivers.

我想說，就像我在開場白中所說的那樣，對於未來幾季我們將看到多少 EUV 訂單的問題，您應該真正從我們在可用性和生產力方面取得的進展、客戶特定的路線圖、他們的風險偏好和採用驅動因素等方面來看待。

Now, I think we have made good progress on availability and on productivity, which is evidenced by our current performance after the 80 watt upgrade. So I would say if you would have a conservative view of 2016, I would say you should pencil in the same number of EUV systems that we have seen in 2015, which is a combination of the 3200s and the 3350s.

現在，我認為我們在可用性和生產力方面取得了良好的進展，這從我們升級 80 瓦後的當前表現中可以看出。因此我想說，如果你對 2016 年有一個保守的看法，那麼你應該列出與 2015 年相同數量的 EUV 系統，即 3200 和 3350 的組合。

If you a bit more positive, and that will have to show over the next two quarters as in the second half of this year, that could run up and that could run up to approximately 10 systems. So it is anywhere in between will be shipped today and 10 units, that is what our best estimate is today.

如果你更加積極一點，那麼這將在接下來的兩個季度（如今年下半年）內顯現出來，並可能增加到大約 10 個系統。因此，它介於今天發貨的數量和 10 個單位之間，這是我們今天的最佳估計。

Don't forget that the real ramp is in logic first, which is basically 2018 production for our customers, which means 2017 shipment. So the real shipment ramp will be in 2017. And 2016 will be, you could say, an extension of the 2015 development work that our customers are going to be doing (multiple speakers).

不要忘記，真正的成長首先是邏輯性的，這基本上是為我們的客戶進行的 2018 年生產，也就是 2017 年的出貨。因此真正的出貨量成長將在2017年。可以說，2016 年將是我們的客戶將在 2015 年進行的開發工作的延伸（多位發言者）。

Because just to clarify, you are talking about shipments and not recognition, correct? So when you say that 7 to 10, or whatever, that is shipments and not recognition?

因為只是為了澄清一下，您談論的是發貨量而不是認可度，對嗎？所以當您說 7 到 10 或其他數字時，指的是出貨量而不是認可度？

Yes. What is important is that as those tools get shipped, because once they ship and it is a EUR100 million tool customers will use them. And usage is extremely important in the learning curve. And indeed adoption of EUV technology. So shipment is very important.

是的。重要的是這些工具何時發貨，因為一旦發貨，價值 1 億歐元的工具客戶就會使用它們。在學習過程中，使用極為重要。並且確實採用了 EUV 技術。因此運輸非常重要。

So I would say the order of priority is to ship them first and get the cash in, which is part of the orders, and then we do rev rec which is, you could say, a discussion we will have with the accounting community, which -- and then Wolfgang can go into that into more detail.

因此，我想說優先順序是先發貨並收取現金，這是訂單的一部分，然後我們進行收入記錄，你可以說，我們將與會計界進行討論 - 然後沃爾夫岡可以更詳細地討論這一點。

But it just means that you need to go through the list of agreed performance criteria; you need to tick every box. So in that order we need to ship first, that is the most important for the learning curve and for the adoption, and then we get the cash and revenue recognition will deal with the orders.

但這只是意味著您需要查看商定的績效標準清單；您需要勾選每個方塊。因此，按照這個順序，我們需要先發貨，這對於學習曲線和採用來說是最重要的，然後我們獲得現金，收入確認將處理訂單。

Sandeep, and I'll go into the OpEx question. Yes, if you look at like where we started the year in R&D around the EUR260 million level and then in SG&A in the low EUR80 millions or so, and now we are guiding to EUR275 million and EUR90 million respectively, it is indeed true that the majority of that jump comes from FX effects.

Sandeep，我將討論 OpEx 問題。是的，如果你看一下我們年初的研發費用約為 2.6 億歐元，銷售、一般及行政費用約為 8000 萬歐元出頭，而現在我們分別預計為 2.75 億歐元和 9000 萬歐元，那麼確實，這一增長大部分來自外匯效應。

Like if you look at R&D alone I think we have about 25% or so of our spending in the US and with an exchange rate going from the [1.30s] to [1.10], that probably accounted for two thirds of that jump from EUR260 million to EUR275 million.

如果你只看研發，我認為我們大約有 25% 的支出在美國，而匯率從 [1.30] 漲到 [1.10]，這可能解釋了從 2.6 億歐元躍升至 2.75 億歐元的三分之二。

The balance is really in accelerating investments in future technology before we get some of the wind down of investments in existing technology. SG&A very similar, an FX impact of course. And we are investing in certain areas, for instance in business development teams for field options and upgrade sales.

平衡點實際上在於，在減少對現有技術的投資之前，先加快對未來技術的投資。銷售、一般及行政費用非常相似，當然有外匯影響。我們正在對某些領域進行投資，例如針對現場選項和升級銷售的業務開發團隊。

We are completely focused on the 2020 model that we published last November and we plan on being at about 13% of revenue in R&D and about 4% in revenue for SG&A. So I think we are in good shape.

我們完全專注於去年 11 月發布的 2020 年模型，並計劃將收入的 13% 左右用於研發，將收入的 4% 左右用於銷售、一般及行政費用 (SG&A)。所以我認為我們的情況很好。

I want to mention on the FX effects that of course as a Company we also have positive effects from FX because we are selling field options and also services -- in particular services abroad in local currency at about 10% of our revenue in total. And there we have a positive impact on our P&L as well. But net-net there is probably 1 percentage point on the net income that we were impacted with from FX. I hope that clarifies it, Sandeep.

我想提一下外匯效應，當然作為一家公司，我們也從外匯中獲得了積極的影響，因為我們正在銷售現場期權和服務 - 特別是以當地貨幣提供的海外服務，約占我們總收入的 10％。這對我們的損益也產生了正面的影響。但淨收入中約有 1 個百分點受到外匯影響。我希望這能澄清這一點，桑迪普。

Thank you very much.

非常感謝。

Mr. Korschelt.

科舍爾特先生。

Kai Korschelt at Merrill Lynch. I had two, the first one was on EUV. So Peter, just to make sure I understand correctly, are you saying that demand and orders will depend essentially on the performance over the next six to nine months? But my understanding is the availability is already moving up to 70% now with what is essentially an all tool and the 3350 will have I guess [mature] improvements and availability in source power.

美林證券的 Kai Korschelt。我有兩個，第一個是在 EUV 上。那麼彼得，只是為了確保我理解正確，您是說需求和訂單將主要取決於未來六到九個月的表現嗎？但我的理解是，現在利用本質上全能工具的可用性已經上升到 70%，我猜 3350 將會有 [成熟的] 改進和電源可用性。

So my question is, by the time these tools ship why would the major logic customers, when they see those improvements compared to the 3300 that they are using today, not order those tools? Is there anything really that you think the 3350 will not be able to deliver, let's say in the first 12 months of shipments, that your main customers need?

所以我的問題是，當這些工具發貨時，為什麼主要的邏輯客戶在看到與他們目前使用的 3300 相比的改進時，不訂購這些工具？您認為 3350 真的無法滿足您的主要客戶的需求嗎（例如在出貨後的前 12 個月內）？

That would be the first question. The second one would be for Wolfgang just on the balance sheet. From what I can tell it has been not a great cash flow quarter, because obviously the dividend has been paid. But you are still above that EUR2.5 billion threshold I think that you have mentioned to us.

這是第一個問題。第二個是針對沃夫岡的資產負債表。據我所知，這不是一個現金流很好的季度，因為顯然已經支付了股息。但我認為您仍然高於我們提到的 25 億歐元門檻。

So, is it still right for us to assume that any cash that you generate essentially from here onwards will find its way back to the equity holders either through buybacks or the divi? Thank you.

那麼，我們是否可以假設，從現在開始您產生的任何現金都會透過回購或分紅的方式回饋給股東？謝謝。

Yes, and perhaps the shortest answer is probably on the second question, so why don't you (multiple speakers)?

是的，也許最簡短的答案可能是第二個問題，那你為什麼不呢（多位發言者）？

Yes, I will get started, Kai. Yes, the assumption is right, we haven't changed anything on our returns policy. We have established that minimum growth cash balance that we think that we need to run the business, it is around EUR2.5 billion. Last year -- last quarter indeed the cash balance went down by some EUR300 million, and that was -- like you mentioned, it was purely a function of share buybacks and dividends that. There was a nice free cash flow in the quarter as well.

是的，我這就開始，凱。是的，假設是正確的，我們的退貨政策沒有改變。我們已經確定了我們認為營運業務所需的最低成長現金餘額，約 25 億歐元。去年——上個季度的現金餘額確實下降了約 3 億歐元，而且——就像您提到的那樣，這純粹是股票回購和股息的結果。本季的自由現金流也相當可觀。

And the policy remains intact. We look first at dividends on excess cash [over] the 2.5 and our goal there is a stable or preferably growing dividend. And then the balance we use for share buybacks we have EUR1 billion, or thereabouts, program announced in Q1 and we have executed EUR285 million against this program in the first two quarters. So same policy as we had before, no change.

並且該政策保持不變。我們首先關注的是超過 2.5 倍的超額現金股息，我們的目標是實現穩定或最好是不斷增長的股息。然後，我們用於股票回購的餘額約為 10 億歐元，我們在第一季宣布了該計劃，並且我們已在前兩個季度針對該計劃執行了 2.85 億歐元。因此，我們的政策和以前一樣，沒有任何改變。

Good. And on your question, basically with all the progress that we have made in the introduction of the 3350, why wouldn't customers order those tools. That is a very good question and I think I would ask the same question, why wouldn't they order those tools, because we are making very good progress.

好的。關於您的問題，我們在推出 3350 方面取得了很大進展，為什麼客戶不訂購這些工具？這是一個非常好的問題，我想我會問同樣的問題，為什麼他們不訂購這些工具，因為我們正在取得非常好的進展。

Now I think the answer is, we have had -- in the past couple of years we had many expectations and promises on the EUV introduction. We have as a Company now basically over the last 1.5 to 2 years said we are going to tell you and to give you EUV guidance on what we actually see. Now what we are seeing is a significant improvement I would say in availability and in productivity. So your assumption is why wouldn't they come, it is a very fair one.

現在我認為答案是，在過去的幾年裡，我們對 EUV 的推出抱有很多期望和承諾。作為一家公司，我們基本上在過去 1.5 到 2 年的時間裡說過，我們會告訴您並根據我們實際看到的情況為您提供 EUV 指導。現在我們看到的是可用性和生產力方面的顯著提高。所以你的假設是他們為什麼不來，這是一個很公平的假設。

And on the 3350 we still need to ship the 3350. We have the expectation that the 3350 will perform better than what we have in the field today, because you are correct, it will be higher productivity, it will better availability with in-situ cleaning in there. So this is indeed our expectation. But what we do not want is to give you all our expectations; we would like to guide you on what we actually see.

對於 3350，我們仍然需要運送 3350。我們期望 3350 的性能會比我們目前在現場使用的設備更好，因為您說得對，它的生產率會更高，透過現場清潔，它的可用性會更好。這確實是我們的期望。但我們不想把所有的期望都寄託在你身上；我們希望根據我們實際看到的情況向您提供指導。

And like I said, if you want to be conservative and think that progress is going to be slow, you say, well, perhaps it is going to be in 2016 an extension of what we saw in 2015. If you are a bit more positive then you would pencil in higher numbers for next year. And if you have higher numbers for next year you also need to book the orders.

正如我所說的，如果你保守一點，認為進展會很緩慢，那麼你可能會說，好吧，也許 2016 年的情況會延續 2015 年的情況。如果你更積極一點，那麼明年的數字就會更高。如果明年的數量更多，您也需要預訂訂單。

Now, given where we are today -- and you know me a bit. I am more an optimistic person. But we are not here yet to give you specific numbers on orders and when orders will come and when we will ship.

現在，考慮到我們今天的狀況——你們對我有一點了解。我是一個比較樂觀的人。但我們尚未向您提供訂單的具體數量、訂單何時到達以及何時發貨。

Great, thank you.

太好了，謝謝。

(Inaudible).

（聽不清楚）。

Hi, this is C.J. Muse with Evercore ISI. I guess first question you talked about potential upside in Q4 led by logic. Curious if you could provide a little more color there as to what the main driver and magnitude could look like. And I guess as a follow on to that, as you see the 1980 layer in, presumably beginning in Q4 and then throughout calendar 2016 and beyond, how should we think about the uplift for ASPs?

大家好，我是 Evercore ISI 的 C.J. Muse。我想您第一個問題談論的是第四季由邏輯主導的潛在上升空間。我很好奇您是否可以提供更多細節來說明主要驅動因素和影響程度。我想，作為後續，正如您所看到的，1980 層大概從第四季度開始，然後貫穿整個 2016 年及以後，我們應該如何看待 ASP 的提升？

Yes. On the potential upside logic, that is really driven by the fact that when you look at the announced node to node transition, we make it specific and say that is the 10 nanometer node transition. What we have witnessed also to on the 14 and on 20 we see an extended period of customers take for development of a qualification of those nodes as it relates to the timing of the ramp.

是的。就潛在的上行邏輯而言，這實際上是由以下事實驅動的：當您查看已宣布的節點到節點轉換時，我們會將其具體化並說這是 10 奈米節點轉換。我們也看到，在 14 日和 20 日，客戶需要花費較長的時間來開發這些節點的資格，因為這與爬坡的時間有關。

So it just takes longer to go to the ramp of that node, which effectively means if the ramp of that node is a given, yes, then you need more development time, brings the shipment of the early development tools back in time. So you need them earlier. And this is where we see the upside.

因此，到達該節點的坡道需要更長的時間，這實際上意味著，如果該節點的坡道是給定的，那麼您需要更多的開發時間，並及時運送早期開發工具。所以你更早需要它們。而這正是我們看到的好處。

When we talk to customers and they talk about their newest node they just take more time to do the development and the integration work. And that means that as an upside that we are seeing for the second half of the year. So it is really advanced technology transitions, earlier acceptance and earlier delivery of those tools because they need more time. (Multiple speakers). You want to cover the ASP, Wolfgang?

當我們與客戶交談時，他們談論他們的最新節點，他們只是花更多時間進行開發和整合工作。這意味著我們將看到今年下半年出現好轉。因此，這實際上是先進的技術轉型、更早的接受和更早的交付這些工具，因為它們需要更多時間。（多位發言者）你想報道 ASP 嗎，沃夫岡？

I can cover the ASP, I mean I can't give you an exact number, but you should assume, C.J. that the ASP is up. You see it in our press release for instance, a tool -- the 1980 provides for a 30% improvement in overly and all the better throughput of 10% to EUR275 million. That's significant value to the customer. And like we always do, we share that value. So you should assume that that tool has a higher ASP, a few million than the 1970 has.

我可以涵蓋 ASP，我的意思是我無法給你一個確切的數字，但你應該假設，C.J. ASP 已經上漲了。例如，您可以在我們的新聞稿中看到，1980 年的工具可將整體產量提高 30%，而更好的吞吐量則提高了 10%，達到 2.75 億歐元。這對客戶來說具有重大價值。就像我們一直以來所做的那樣，我們也認同這個價值觀。因此，您應該假設該工具的平均售價更高，比 1970 年的要高出數百萬。

Great. And then I guess as a quick follow-up on EUV, and I know there is a lot of timing uncertainty and you guys are more focused on shipments and the ramp in 2018. But wanted to get your view on what would be sort of a low end number and a high end number in terms of revenue recognition on the EUV side in calendar 2016?

偉大的。然後我想快速跟進 EUV，我知道有很多時間上的不確定性，你們更關注 2018 年的出貨量和成長。但想聽聽您對 2016 年 EUV 方面收入確認的最低數字和最高數字的看法嗎？

Well, I will take that, it is Wolfgang. I won't to be able to give you a number today. I can explain to you a little bit about the complexity and what we are going to do in the future to provide you to some guidance.

好吧，我接受，他是沃夫岡。我今天無法給你一個號碼。我可以向你們稍微解釋一下其中的複雜性以及我們將來要做的事情，以便為你們提供一些指導。

Like we said, we expect to ship seven systems this year, of that only one will recognize. So you have the opportunity to get some revenue recognition in 2016 of these tools. Plus then we will ship other systems like, for instance, the upgraded 3300 and you can expect to get some revenue recognition there as well.

正如我們所說的，我們預計今年將推出七個系統，其中只有一個系統能夠被識別。因此，您有機會在 2016 年獲得這些工具的一些收入確認。此外，我們還將推出其他系統，例如昇級版的 3300，您也可以期望從中獲得一些收入確認。

Now as it relates to the 3350, as we launch this tool the revenue recognition will actually depend on a few factors. It will of course depend on shipment acceptance, but it will also depend on certain performance milestones, plus we have the revenue and we've got to attribute it to the system and related services. So it is fairly complicated and it has actually been made more complicated that every customer agreement looks different from each other.

現在，就 3350 而言，當我們啟動此工具時，收入確認實際上將取決於幾個因素。這當然取決於貨物驗收，但也取決於某些性能里程碑，再加上我們有收入，我們必須將其歸功於系統和相關服務。所以它相當複雜，而且實際上變得更加複雜，因為每個客戶協議看起來都不一樣。

So it is very difficult if you don't know the -- if you can't go into the detail on all these schedules and milestones to give you a forecast and, as you can imagine, they are also not cast in stone from a timing perspective. So what we are going to do is we are going to give you an indication as we start shipping these tools, what the timing and the euro amount of the revenue recognition will be.

因此，如果您不知道——如果您無法詳細了解所有這些時間表和里程碑，就很難做出預測，而且您可以想像，從時間角度來看，它們也不是一成不變的。因此，我們要做的是，當我們開始運送這些工具時，我們會給你一個指示，收入確認的時間和歐元金額是多少。

I mean, the first one of these could go as early as this quarter. So you could expect us in Q4 to talk about this particular tool how the revenue recognition will go. And then as we ship four tools in the fourth quarter and January I am certain that we'll give you some specific guidance, but can't do it today.

我的意思是，第一個可能最早在本季推出。因此，您可以期待我們在第四季度討論這一特定工具的收入確認將如何進行。然後，當我們在第四季和一月推出四種工具時，我確信我們會給你一些具體的指導，但今天無法做到。

And I would also like to mention like this is a temporary situation. Ultimately the objective is of course as the technology has matured that we go and recognize revenue in the same fashion as we do it for our EUV system.

我還想說這只是暫時的情況。最終的目標當然是，隨著技術的成熟，我們能夠以與 EUV 系統相同的方式確認收入。

Sorry to not be specific about the numbers, but that is kind of the complexity behind it. But you will see us giving you more specific guidance as these tools actually ship.

抱歉，我沒有具體說明數字，但這背後確實存在複雜性。但隨著這些工具的實際發布，您會看到我們為您提供更具體的指導。

Makes sense, thank you.

有道理，謝謝。

Gareth Jenkins.

加雷斯·詹金斯。

Gareth Jenkins, UBS. A couple if I could. I just wanted a bit of clarification, Peter, on something that you have talked about just on the 10 nanometer insertion for EUV. Presumably the design window is closing for that in terms of insertion. And I just wondered whether you need further or whether you expect further orders for EUV to support 10 nanometer insertion. Or should we just now expect a kind of full insertion at 7 nanometers across the three main logic customers? And then I have a follow-up.

瑞銀的加雷斯‧詹金斯。如果可以的話，我會選幾個。彼得，我只是想稍微澄清一下您所談到的有關 EUV 的 10 奈米插入的一些內容。就插入而言，大概設計視窗正在關閉。我只是想知道您是否需要進一步的訂單，或者您是否期望進一步的 EUV 訂單來支援 10 奈米的插入。或者我們現在應該期待三大主要邏輯客戶在 7 奈米技術上實現全面插入？然後我有一個後續問題。

Yes, I think on the -- it is clear that I think the EUV insertion is now focusing on 7. However, things are a bit fluid in the sense that when you talk about 10 nanometer and you listen carefully to what customers say about the 10 nanometer node, there have also been clear public statements by customers about phases in that 10 nanometer node.

是的，我認為——很明顯，我認為 EUV 插入現在集中在 7 上。然而，事情有點不穩定，當你談論 10 奈米時，你仔細聽取客戶對 10 奈米節點的看法，客戶也對 10 奈米節點的各個階段做出了明確的公開聲明。

You have a first phase and a second phase and they will have nodes nomenclatures that are changing. But from our point of view when you talk about a 10 nanometer node it is a certain pitch or a half pitch. And there could be several phases.

您有第一階段和第二階段，並且它們的節點命名法會改變。但從我們的角度來看，當你談論 10 奈米節點時，它是一個特定的間距或半個間距。並且可能分為幾個階段。

Now I am -- in this particular case and given the complexities of 10 nanometer production using very complex multi-patterning strategies, I would never rule out that with progress of EUV the way it is today, and even if we can accelerate that progress, that as a customer that says listen, in the last phase of a 10 nanometer node I am going to use EUV, for two reasons.

現在我——在這個特殊情況下，考慮到使用非常複雜的多重模式化策略的 10 奈米生產的複雜性，我永遠不會排除隨著 EUV 的今天這樣的進步，即使我們可以加速這一進步，作為一個客戶，我會說，在 10 奈米節點的最後階段，我將使用 EUV，原因有二。

One, it might be beneficial to reduce [complexity] at that moment in time and you have to learn -- you have to learn for 7. So, I am not ruling this out, it is going to be a function of the progress that we are making over the next one or two quarters.

首先，在那個時候降低[複雜性]可能會有好處，你必須學習——你必須學習 7 年。所以，我不會排除這種可能性，這將取決於我們在未來一兩個季度的進展。

Just on that, Peter. So presumably at the half pitch shrink you are talking about maybe something like 8 nanometers. So maybe EUV is not inserted at 10 but something like a half pitch at 8, is that the sort of thinking?

就此而言，彼得。因此，大概您談論的半節距縮小可能就是 8 奈米左右。因此也許 EUV 不是以 10 插入，而是以半間距以 8 插入，是這樣的想法嗎？

Well, the half pitch stays the same whether it is 10 or X, whatever that node is going to be -- 9, 8, 7, 8.5, 10 minus, 10X, I mean whatever customers are going to think of as a node nomenclature, it effectively is the second phase of the 10 nanometer node. But the pitch and the half pitch is going to be the same.

嗯，無論是 10 還是 X，半節距都保持不變，無論該節點是什麼 - 9、8、7、8.5、10 減、10X，我的意思是無論客戶將如何看待節點命名法，它實際上都是 10 奈米節點的第二階段。但音調和半音調將會相同。

So, but like I said, this is going to be a function of progress that we are making, the complexities in the yields of customers are experiencing using DPP multiple patterning strategies, that is going to -- those two things together will determine a potential if you were to say the second phase introduction. And I am not going to say that is a slam-dunk.

所以，但就像我說的，這將是我們正在取得的進展的函數，客戶在使用 DPP 多重模式策略時遇到的產量複雜性，那將是 - 這兩件事結合在一起，將決定第二階段引入的潛力。我不會說這是輕而易舉的事。

With 7 nanometers I think it is clear. I mean we see very clear announcements from customers that say we are going to use EUV at 7 nanometers. But it is really the performance and their complexities that they are engaging or running into that are going to determine a potential second phase introduction. And that is for learning also.

有了 7 奈米，我認為就很清楚了。我的意思是，我們看到客戶明確宣布我們將在 7 奈米上使用 EUV。但實際上，他們所參與或遇到的表現和複雜性將決定潛在的第二階段的引入。這也是為了學習。

Right, that is very clear. And just on a slightly shorter-term question, you mentioned that you are seeing earlier development in H2 2016 than maybe previously. Does that mean that you are actually seeing some pull in effectively, some pull in business from H1 2016 to H2 2015 that we might have expected a bit later? So I am not asking for H1 2016 guidance, but can you help us out with the sort of phasing through into next year?

對，非常清楚。關於一個稍微短期的問題，您提到您看到 2016 年下半年的發展比以前更早。這是否意味著您實際上看到了一些有效的拉動，從 2016 年上半年到 2015 年下半年的一些拉動業務，而我們可能預計會晚一點？所以我並不是問 2016 年上半年的指導，但您能否幫助我們逐步實現明年的目標？

When you look -- I think when you look at the potential upside that we are talking about, that is really like I explained earlier. That is because of the development and the integration time for the next nodes, for instance 10 nanometer node, it is more complex and takes more time.

當你看到——我認為當你看到我們正在談論的潛在優勢時，這真的就像我之前解釋的那樣。這是因為下一個節點（例如 10 奈米節點）的開發和整合時間更加複雜，需要更多時間。

So you see as compared to the original assessment of when they would need the early development tools, which would be the first half of 2016, we see a potential of that being pulled into the fourth quarter of 2015, that is correct. But that is technology transition.

因此，與最初對他們需要早期開發工具的時間（即 2016 年上半年）的評估相比，我們認為有可能將其推遲到 2015 年第四季度，這是正確的。但這就是技術轉型。

With respect to capacity, like we mentioned in the introductory statements, both in DRAM, NAND and logic there are several new fabs out there that will take tools. And they will take tools for the most advanced nodes and they will definitely ramp the first phase.

關於產能，正如我們在介紹性聲明中提到的那樣，在 DRAM、NAND 和邏輯方面，都有幾家新的晶圓廠可以使用工具。他們將採用適用於最先進節點的工具，並且一定會推進第一階段的工作。

Now that the first phase will happen, that is why we are positive or we feel comfortable about the second half of this year. How that will translate into 2016 ramp and speed of that ramp we don't know yet. But the fact that those are new fabs, that they have to be ramping the first line gives us a lot of confidence of the next couple of quarters.

現在第一階段即將開始，這就是我們對今年下半年持樂觀或感到放心的原因。我們還不知道這將如何影響 2016 年的成長速度。但事實上，這些都是新工廠，他們必須加大第一條生產線的建設，這讓我們對未來幾季充滿信心。

Thanks.

謝謝。

Mr. Arcuri.

阿庫裡先生。

Cowen, thank you. I guess my first question is, Wolfgang, I want to make sure that the EUV systems that you are putting in the backlog this quarter, these are the 125 wafer per hour spec tools. So the ASP we should think about is like EUR110 million and that is about the ASP that we should think about for all the EUV systems that you book from here on in. Is that right?

考恩，謝謝你。我想我的第一個問題是，沃夫岡，我想確保你本季積壓的 EUV 系統是每小時 125 個晶圓的規格工具。因此，我們應該考慮的 ASP 是 1.1 億歐元，這也是從現在開始預訂的所有 EUV 系統我們應該考慮的 ASP。是嗎？

And the backlog includes some of the 3350s, but then there is also some of the next generation 3400 included there as well. And we said before that the 3350 list price is somewhere in the [mid-90s] and the 3400 would be over [110]. And then you have got to be a little bit careful when you look at it in the backlog because what you have got to do is you have got to take the ASP and split it over several elements of things that you deliver.

積壓訂單包括一些 3350，但也包括一些下一代 3400。我們之前說過，3350 的標價在 [90 年代中期] 左右，而 3400 的標價將在 [110] 以上。然後，當您查看積壓訂單時，您必須小心一點，因為您必須做的是，您必須採用 ASP，並將其拆分為您要交付的幾個元素。

So there may be a little bit that gets allocated to a service that you deliver or an installation or a warrantee. So you have got to be a little bit careful with the backlog ASP. But I can tell you for the six tools that we took last quarter the backlog ASP is somewhere in the low 90s.

因此，可能會有一小部分被分配給您提供的服務、安裝或保固。因此，您必須對積壓的 ASP 稍微小心一點。但我可以告訴您，對於我們上個季度採用的六種工具，積壓的 ASP 大約在 90 年代初期。

Low 90s, okay, great. And then I guess I also had a question on holistic. And Peter, you said that that attach is now up to 100%. And I am assuming you are talking even in memory. And so I guess my question is, of the EUR1.9 billion in service you are going to do this year, how much of that is going to be holistic and YieldStar? And sort of what is the right opportunity for that going forward?

90 年代初，好吧，很棒。然後我想我也有一個關於整體的問題。彼得，您說附加價值現在已經達到 100%。我假設您是在回憶中說話。所以我想我的問題是，在今年您要提供的 19 億歐元服務中，有多少是整體服務和 YieldStar 服務？那麼，未來實現這目標的最佳機會是什麼？

I guess I am thinking about what gross margins are going to be on your immersion systems because it looks like in June, if I assume zero gross margin, that the non-EUV gross margin is sort of 47.5 and it looks like maybe if holistic is that strong that you could get to 50% maybe next year or the year after. Thanks.

我想我正在考慮你們的沉浸式系統的毛利率是多少，因為看起來在 6 月份，如果我假設毛利率為零，那麼非 EUV 毛利率大約是 47.5%，如果整體表現如此強勁，那麼明年或後年可能會達到 50%。謝謝。

I think on the margin question, Wolfgang, are you going to take that?

我認為關於邊際問題，沃夫岡，你會接受嗎？

Yes.

是的。

I think on the holistic business, yes, 100% -- it is 100% attach rate. That is definitely true for advanced logic, but now also increasingly for advanced memory and especially DRAM. Also there you see multiple patterning strategies, you see multiple patterning spaces strategies, which basically also need the control software that we can provide together with the scanner to make sure that customers can control their process and they make it yield.

我認為就整體業務而言，是的，100％——即100％的附加率。對於高級邏輯來說這確實是正確的，但現在對於高級內存，尤其是 DRAM 來說也越來越如此。您還可以看到多種圖案化策略、多種圖案化空間策略，這些策略基本上也需要我們可以與掃描器一起提供的控制軟體，以確保客戶可以控制他們的流程並使其獲得產量。

So, yes, you see it now also in memory and that attach rate will probably expand over time to the entire product base and to -- well, I would say across all industry sectors. Wolfgang, you want to take the margin?

所以，是的，您現在也在內存中看到它，隨著時間的推移，該附加率可能會擴展到整個產品基礎 - 嗯，我想說的是擴展到所有行業部門。沃夫岡，你想收取保證金嗎？

Yes. As it relates to the gross margin it's important to know first of all when we report revenue we report in systems and we report in a second category, field options and services. For the holistic lithography, it depends on whether the customer orders it with the original system, the option, then it gets reported in the system.

是的。由於它與毛利率有關，因此首先要知道，當我們報告收入時，我們在系統中報告，我們在第二類中報告，即現場選項和服務。對於整體光刻，這取決於客戶是否與原始系統一起訂購，即選項，然後在系統中報告。

When it is later on ordered as an upgrade option then it will be in our field options and services. So when you hear us talking about holistic lithography achieving over EUR500 million last year and us aiming for EUR1 billion by 2017, you will actually find that in both buckets. I think that is important to know.

當它稍後作為升級選項訂購時，它將出現在我們的現場選項和服務中。因此，當您聽到我們談論去年整體光刻技術實現超過 5 億歐元的目標，以及我們在 2017 年實現 10 億歐元的目標時，您實際上會發現這兩個領域都存在同樣的情況。我認為了解這一點很重要。

As it relates to the gross margin, we have said that before there is a strong software content in that business and there is some hardware in there was with the YieldStar metrology tool. But the blended margin is somewhere in the mid-70s.

至於毛利率，我們之前說過，該業務中有強大的軟體內容，並且其中有一些硬件，例如 YieldStar 計量工具。但混合利潤率大約在 70 年代中期。

So as we approach the EUR1 billion in 2017 and as holistic outgrows the rest of the business, yes, it is going to be accretive to the gross margin over time. I don't think I have an exact number to share with on what could we in which scenario. But in general it is accretive.

因此，隨著我們在 2017 年接近 10 億歐元，並且整體業務的成長超過其他業務，是的，隨著時間的推移，它將會增加毛利率。我認為我沒有確切的數字可以分享我們在哪種情況下可以做什麼。但總體而言，它是增值的。

Okay, thanks so much.

好的，非常感謝。

Mehdi Hosseini.

梅赫迪·胡賽尼。

Thanks for taking my question, it is Mehdi Hosseini, Susquehanna International. My first question goes back to some clarification. You are increasing the age of backlog for EUV system, now it seems like it's going to extend more than 12 months. It seems like you also have incremental confidence on seeing a double-digit EUV shipment by 2017. You have a capacity of 24 systems per year by then.

感謝您回答我的問題，我是 Susquehanna International 的 Mehdi Hosseini。我的第一個問題是需要澄清一些事情。您正在增加 EUV 系統的積壓年限，現在看來它將延長至 12 個月以上。看來您對 2017 年 EUV 出貨量達到兩位數也抱有越來越大的信心。到那時，您每年的產能將達到 24 個系統。

Why -- can you -- in that context can you help us understand what is your base assumption for the mix of these systems that are going to be shippable in 2017? And what I mean by mix, either on the logic side you can help us 7 versus 10. And would there be any DRAM that would be included?

為什麼——您能——在這種情況下，您能幫助我們理解您對 2017 年可交付使用的這些系統組合的基本假設是什麼嗎？我所說的混合，無論是從邏輯方面來說，你都可以幫助我們實現 7 對 10。其中是否包含任何 DRAM？

And the fact that your IDN customer -- US-based IDN customer has stepped up and placing order, also makes us wonder if they have revisited insertion at 10 or is it still going to be at 7 nanometer? And I do have a follow-up.

而且，您的 IDN 客戶——美國的 IDN 客戶已經加緊下訂單，這也讓我們懷疑他們是否已經重新考慮 10 奈米的插入工藝，還是仍將採用 7 奈米工藝？我確實有一個後續行動。

Well, on the last question we are not going to be specific on any customer. So that is unfortunate, Mehdi, but I don't think it is really appropriate in this call. On the split in 2017, logic DRAM and the potential. Well, like I said in my introductory statement the majority will be logic. However, if you look at the DRAM roadmap, in 2018 we will be in the mid-1x DRAM nodes which is EUV territory.

嗯，關於最後一個問題，我們不會具體針對任何客戶。所以這很不幸，Mehdi，但我認為在這次通話中這樣做並不合適。關於2017年的分裂，邏輯DRAM與潛力。嗯，就像我在開場白中所說的那樣，大多數都是邏輯。然而，如果你看一下 DRAM 路線圖，2018 年我們將處於 1x DRAM 節點中期，也就是 EUV 領域。

So we are indeed seeing potential for a 2017 shipment which also includes advanced DRAM. But the majority will be logic. And that is going to be if you take 24 units it is going to be significantly over 50% is going to be logic, which is microprocessors and the foundry. And I would say it is a minority. I don't know if you want to get a number, it could be 75%, 80% logic and the rest DRAM.

因此，我們確實看到了 2017 年出貨量的潛力，其中也包括先進的 DRAM。但大多數都是邏輯性的。如果你採用 24 個單位，那麼其中超過 50% 將是邏輯，也就是微處理器和代工廠。我想說這只是少數。我不知道您是否想得到一個數字，它可能是 75%、80% 邏輯，其餘為 DRAM。

And would you expect maturity to be like 7 nanometer logic or would there be a mix of --?

您是否預期成熟度會像 7 奈米邏輯一樣，還是會是兩者的混合？

Yes, I think it is going to be 7 nanometer, yes, largely, yes.

是的，我認為它將是 7 奈米，是的，基本上是的。

Okay. And then my second question has to do with your core business. The bookings in Q1 declined 26% on a sequential basis and Q2 is down low-single-digit. Is this the kind of base booking that would be required for technology investment and if there is any capacity coming in later on it would help with any kind of improvement in booking? Is that a fair way of thinking about your current booking?

好的。我的第二個問題與您的核心業務有關。第一季的預訂量較上季下降了 26%，第二季的預訂量也下降了個位數。這是科技投資所需的基礎預訂量嗎？如果以後有任何容量增加，這是否有助於預訂量的改善？這是對您目前預訂的合理思考方式嗎？

Yes, I think we probably sound like a broken record in this sense, but we're going to repeat how bookings are being administered in the Company. We only have a handful of customers and actually we plan our production and our shipments to customer based on an agreement that we have with the operations executives of the customers and looking at their ramp schedule and we agree with them that have a certain production capability there to do the shipments.

是的，我認為從這個意義上來說我們可能聽起來像是在重複，但我們將重複公司是如何管理預訂的。我們只有少數幾個客戶，實際上，我們根據與客戶營運主管達成的協議來計劃生產和向客戶發貨，並查看他們的上料時間表，我們同意他們有一定的生產能力來進行發貨。

And then the orders are almost an administrative follow on part of the process. Just to give you an example, with a few customers we have volume purchase agreements that span a node, that basically you have a whole node agreement which is a lot more units that are under the volume purchase agreement. And they will just follow on with orders based on the lead time that we give them. And they will be very disciplined on giving us the orders taking into account the lead time.

然後，這些命令幾乎成為該流程的行政後續部分。舉個例子，我們與一些客戶簽訂了跨節點的批量採購協議，基本上就是一個整個節點協議，其中包含大量屬於批量採購協議的單位。他們會根據我們給予的交貨時間來跟進訂單。他們會非常嚴格地根據交貨時間向我們下訂單。

With other customers we have annual volume purchase agreements. And with other customers we have let's say volume purchase agreements which span a period of two years. So when you have an annual volume purchase agreement and you negotiate it for three, four, five, six months and it comes in, then the orders will follow because then you only have six months left. So there you get an input of orders as you could say is a big lump of those orders in one quarter.

我們與其他客戶簽訂了年度批量採購協議。我們與其他客戶簽訂了為期兩年的批量採購協議。因此，當您簽訂了年度批量採購協議，並且您協商了三、四、五、六個月的期限後，訂單就會隨之而來，因為那時您只剩下六個月的時間了。因此，您可以獲得訂單輸入，正如您可以說的那樣，一個季度內有大量訂單。

So what I am trying to say is don't put too much emphasis on the order intake. Over a longer period of time, you are correct, it needs to reflect our future business. But a quarterly order intake is not indicative of our business going forward and might be almost deceiving if you understand how the ordering goes in our business. More important is I think our guidance on what we believe that we ship that is based on the agreements which we have with operational executives of our customers.

所以我想說的是，不要過度重視訂單量。從較長的一段時間來看，您說得對，它需要反映我們未來的業務。但季度訂單量並不能表明我們未來的業務發展，如果你了解我們業務的訂單情況，那麼它可能幾乎是欺騙性的。更重要的是，我認為我們對所運送貨物的指導是基於我們與客戶營運主管達成的協議。

Got it, very helpful. Thank you.

明白了，非常有幫助。謝謝。

Andrew Gardiner.

安德魯加德納。

It is Andrew Gardiner with Barclays. Peter, you do seem more optimistic now than you were earlier in the year and it seems as though despite broader concerns about the end markets and the cycle investments clearly continuing. Your optimism though seems more around capacity additions as we come to the balance of the year rather than a very high level of a sort of technology race.

我是巴克萊銀行的安德魯·加德納。彼得，你現在確實看起來比今年早些時候更加樂觀，儘管人們對終端市場和周期投資的擔憂明顯仍在繼續。不過，隨著我們進入今年的平衡期，您的樂觀情緒似乎更集中在產能增加上，而不是某種高水平的技術競賽。

I think we can see this in the tool mix as well. Looking at 2Q you had a higher level of KrF shipments, for example. But as we then move into next year it seems as though you are talking much more about a technology driven year particularly when thinking about logic, beginning the initial investment at 10 nanometer and that requiring a high end immersion.

我認為我們也可以在工具組合中看到這一點。例如，從第二季來看，KrF 的出貨量有所增加。但隨著我們進入明年，似乎您更多地談論的是技術驅動的一年，特別是在考慮邏輯時，從 10 奈米開始初始投資，並且需要高端沉浸。

I am just wondering is this a fair characterization or is it perhaps too much of a generalization. And so what are your expectations of your -- or those of your customers in terms of capital intensity for next year? I am just wondering why wouldn't your product mix move more towards the higher end in 2016 relative to where we are in 2015 if indeed that technical complexity increases.

我只是想知道這是否是一個公平的描述，或者可能過於概括。那麼，就明年的資本密集度而言，您對您或您的客戶有何期望？我只是想知道，如果技術複雜性確實增加了，為什麼你們的產品組合在 2016 年不會比 2015 年更高端？

Yes, I think this is -- generally the ASPs are going up, and as you have seen and that is just a reflection of the increased need for tools that can help our customers address the complexities of the next nodes. And whether it is on input overlay, higher productivity and was an earlier question, it will translate into a higher ASP. So I think that is definitely the case.

是的，我認為是這樣——一般來說，ASP 正在上漲，正如您所見，這只是反映了對能夠幫助我們的客戶解決下一個節點的複雜性的工具的需求增加。無論是輸入覆蓋、更高的生產力還是先前提出的問題，它都會轉化為更高的 ASP。所以我認為情況確實如此。

Now, to your point, yes, I think it is too much of a generalization. And to try to split the shipment pattern (multiple speakers) capacity and technology. Because when we look at the capacity additions they are not in existing fabs, they are in new facts, which all those new fabs are addressing the most advanced nodes in those sectors. So that in fact is technology, yes?

現在，對於你的觀點，是的，我認為這太過概括了。並嘗試分割出貨模式（多個揚聲器）容量和技術。因為當我們查看新增產能時，它們並不在現有的晶圓廠，而是在新的工廠，所有這些新晶圓廠都在處理這些領域最先進的節點。那麼這其實就是技術，對嗎？

So -- and I would definitely say that the first phase ramp of those fabs is a technology insertion, but they have to add capacity because it is -- it is basically a new fab. So for this year this is what is happening. We have two DRAM fabs taking those tools we have, logic fabs taking those tools, that is driving our business in the second half, and that will happen.

所以 — — 我肯定會說這些晶圓廠的第一階段產能提升是技術插入，但他們必須增加產能，因為它 — — 它基本上是一座新晶圓廠。今年的情況就是這樣的。我們有兩家 DRAM 晶圓廠採用我們現有的工具，邏輯晶圓廠也採用這些工具，這將推動我們下半年的業務發展，而這種情況將會發生。

Now if you ask 2016, it is too early to give you guidance on 2016. But customers generally, when they have went through the first phase, they just look at where they are and what the end markets do and they will time the remainder of that ramp to fill up the fab. And that you could argue is then capacity demand.

現在如果你問 2016 年的情況，那麼現在給你 2016 年的指導還為時過早。但一般來說，當客戶完成第一階段後，他們只會專注於自己的處境和終端市場的情況，然後他們會安排剩餘的產能來填滿晶圓廠。您可能會認為這就是容量需求。

And I would say this is how we actually look at it because 14, 16 nanometer logic is now ramping, we are now shipping. How much of that capacity will be filled in 2016 we don't know yet. The same is for DRAM. So I would say it is probably just the other way around a bit.

我想說，我們實際上是這樣看待這個問題的，因為 14、16 奈米邏輯現在正在加速生產，我們現在正在出貨。我們尚不清楚 2016 年將會填滿多少產能。DRAM 也是如此。所以我想說，情況可能恰恰相反。

I mean what we are currently seeing is more technology capacity additions whereby 2016 will be driven by the situation in the end demand. And that is for us still opaque, we don't know that and I think our customers don't know that either. So we will just have to wait and see.

我的意思是，我們目前看到的是更多的技術產能增加，而 2016 年將由最終需求的情況驅動。對我們來說這仍然是不透明的，我們不知道，我想我們的客戶也不知道。所以我們只能拭目以待。

Understood. Thanks for the clarification.

明白了。感謝您的澄清。

Francois Meunier.

弗朗索瓦·默尼耶。

The first question is about the new machine, which is about to ship, the 3350. So how is it going to work? I mean, you are going to ship the machine, unpack the machine, plug it in, put the floppy disk, switch it on. What should we expect from this machine? Is it going to start at like 500 wafer per day, 800, 1,000? What is that next data point on this new machine? Thank you.

第一個問題是關於即將出貨的新機器3350。那麼它將如何運作呢？我的意思是，您要運送機器，拆開機器包裝，插上電源，放入軟盤，然後打開電源。我們對這台機器有何期待？一開始的產量是每天 500 片、800 片還是 1,000 片？這台新機器的下一個數據點是什麼？謝謝。

Yes, we -- basically the 3300 that we now have has an upgrade package which brings us to 80 watts. The 3350 ships with a [new drive blade] which brings it to 125 watt. So that is a productivity increase from 80 to 125 watt, which you could say is almost a linear impact on the productivity. So maybe 500 wafers per day on the 3200 80 watt and you can calculate -- you don't even need a floppy disk for it, you can calculate on a piece of paper to what that means for the productivity.

是的，我們——基本上我們現在擁有的 3300 有一個升級包，可以達到 80 瓦。3350 配備 [新驅動器刀片]，功率達到 125 瓦。因此，生產率從 80 瓦提高到了 125 瓦，可以說這對生產率的影響幾乎是線性的。因此，也許每天在 3200 80 瓦上生產 500 個晶圓，您就可以計算 - 您甚至不需要軟盤，您可以在一張紙上計算出這對生產力意味著什麼。

And as you know, we have a target of 1,000 good wafers per day next year so we need that productivity of the 3350. Now is not only productivity, it is also availability. Now we have a 70% target for this year, but a 3350 with all the new I would say options on it, which includes better stability of the [drop in] generator which includes in-situ cleaning, actually brings the targeted availability to 85%.

如您所知，我們明年的目標是每天生產 1,000 片優質晶圓，因此我們需要 3350 的生產力。現在不僅有生產力，還有可用性。現在我們今年的目標是 70%，但 3350 配備了所有新的選項，包括 [插入式] 發電機更好的穩定性，包括原位清潔，實際上將目標可用性提高到了 85%。

Now, so if you go from 80 to 125, which gives you more productivity, you get an availability that goes from 70% to 85%, it gives you more productivity, you can just calculate that the 1,000 good wafers per day is a very reasonable and good target for 2016.

現在，如果從 80 增加到 125，這將提高生產率，可用性將從 70% 提高到 85%，這將提高生產率，您可以計算出，每天 1,000 個優質晶圓是 2016 年非常合理且良好的目標。

Right, very good. Now a more longer-term question. There has been quite a bit of news flow recently about China and even a rumor of a Chinese company wanting to buy Micron this week. It is pretty clear that the Chinese government wants to get more involvement in the semiconductor industry. Do you expect China in general to become a bigger customer of yours going forward?

對的，非常好。現在是一個更長期的問題。最近有關中國的新聞很多，甚至有傳言稱，本週一家中國公司想要收購美光公司。很明顯，中國政府希望更多參與半導體產業。您是否預期中國未來會成為您更大的客戶？

Yes, I think you just mentioned -- I could have given that -- what you just said could have been my answer. Yes, it is clear that there is more focus in China on building semiconductor capabilities both in logic -- and also I think that statement is clearly that they want to be somehow involved in advanced memory. Yes, I think China is becoming a bigger market. But don't exaggerate it either.

是的，我想您剛才提到——我本可以給出這一點——您剛才說的可能是我的答案。是的，很明顯中國更加重視在邏輯方面建立半導體能力——而且我認為這種說法顯然表明他們希望以某種方式參與先進記憶體領域。是的，我認為中國正在成為一個更大的市場。但也不要誇大其詞。

I mean they're still, when you think about logic as compared to the leading edge logic makers, two generations behind. And Moore's Law is not slowing down. As a matter fact, and you could argue that 10 nanometer is actually being pulled in.

我的意思是，當你考慮邏輯時，與領先的邏輯製造商相比，他們仍然落後兩代。摩爾定律並未減緩。事實上，你可以說 10 奈米實際上正在被拉進來。

So, yes, there is a lot of attention, there is more attention -- I spend more time in China than I did the years before. We have more interaction with our customers. 28 nanometer is now ramping in China -- 28 nanometer logic. There is definitely more activity, but the -- like I said, the generations are still two generations behind.

所以，是的，我受到了很多關注，比前幾年更加關注——我在中國待的時間更長。我們與客戶的互動更多了。28 奈米現在正在中國迅速發展—28 奈米邏輯。肯定有更多的活動，但是——就像我說的，世代仍然落後兩代。

And in terms of leading edge memory, there is a lot of leading edge memory in China, but that is in NAND and in DRAM and that is not in Chinese ownership, that is in Korean ownership. So, yes, China is moving, but don't think it is going to be a blowout, it is going to be gradual growth over the next 5 to 10 years.

就尖端記憶體而言，中國擁有大量尖端記憶體，但這些記憶體屬於 NAND 和 DRAM，並且不屬於中國所有，而是屬於韓國所有。所以，是的，中國正在前進，但不要認為它會是井噴式的成長，而會是未來5到10年內的漸進式成長。

All right, thank you very much, guys.

好的，非常感謝你們。

Amit Harchandani.

阿米特·哈爾錢達尼。

Amit Harchandani from Citigroup, good morning and good afternoon. Two questions if I may. The first question relates to your field option and services. We've seen an elevated level in this quarter and I am wondering to what to create is this an outcome of increased (inaudible) by customers as they move [within a node] or across nodes. And how should we think about service and field option sales going forward versus the EUR2.5 billion to EUR3 billion target that you have in your 2020 model?

花旗集團的 Amit Harchandani，早安，下午好。我可以問兩個問題。第一個問題與您的領域選擇和服務有關。我們在本季度看到了一個上升的水平，我想知道這是否是客戶在[節點內]或跨節點移動時增加（聽不清楚）的結果。那麼，相對於您在 2020 年車型中設定的 25 億歐元至 30 億歐元的目標，我們該如何看待未來的服務和現場選項銷售額？

And the second question regards to EUV. We have talked about throughput and productivity, (inaudible) seem to be under an acceptable level. Could you give us an update on the defectivity aspect and where is that trending versus customer expectation? Thank you.

第二個問題涉及 EUV。我們已經討論了吞吐量和生產率，（聽不清楚）似乎處於可接受的水平。您能否向我們介紹一下缺陷方面的最新情況以及與客戶期望相比的趨勢如何？謝謝。

Okay, I will take the EUV defectivity question and the growth drivers for field option and service and I think Wolfgang can then talk about the 2020 targets. Basically I think you are referring to our model that we showed at the Investor Day last year.

好的，我將回答 EUV 缺陷問題以及現場選擇和服務的成長動力，然後我想 Wolfgang 可以談談 2020 年的目標。基本上，我認為您指的是我們去年在投資者日展示的模型。

On the EUV defectivity, this is currently not a -- well, that is not entirely true. There was a defectivity worry, which largely had to do with mask induced defectivities. I think with the introduction of the EUV pellicle, which we talked about last quarter, as basically that those worries are gone. It is now making EUV pellicle the mountable and demountable pellicle, bringing that to an industrial state and that will take care of that.

關於 EUV 缺陷，目前這還不是——嗯，這並不完全正確。存在缺陷方面的擔憂，這主要與掩模引起的缺陷有關。我認為，隨著我們上個季度討論過的 EUV 防護膜的推出，這些擔憂基本上已經消失了。現在，該公司正在將 EUV 防護薄膜製成可安裝和可拆卸的防護薄膜，並將其推向工業化階段，並解決這個問題。

Now, clearly there are resist induced defects, there are process induced defects. This is why customers need those development tools. This is why they are running hundreds of hundreds of good wafers per day today to figure that out.

現在，顯然存在著抗蝕劑引起的缺陷，以及製程引起的缺陷。這就是客戶需要這些開發工具的原因。這就是為什麼他們今天每天要生產數百片優質晶圓來解決這個問題。

Now we do not get the feedback from our customers that that is a showstopper. They just -- what I would say it is the normal development activities that customers have to do before they can go into a production ramp. So we don't have those numbers. And even if we would have those numbers I would not give them to you because this is a public call, this is customer privy information. So -- but it is not a major concern, especially since we have now a mask solution.

現在我們還沒有從客戶那裡得到有關這是一個嚴重問題的回饋。他們只是——我想說的是，這是客戶在進入生產階段之前必須做的正常開發活動。所以我們沒有這些數字。即使我們有這些號碼，我也不會提供給你，因為這是一個公開電話，這是客戶的私人資訊。所以——但這不是一個主要問題，特別是因為我們現在有了面具解決方案。

Now on the drivers for the fields option and service growth, very clearly it is the install base that grows. It is the drive of the customers to look at their installed base and say how much CapEx have we still on the balance sheet and how can we reuse that. Or how can we use it more efficiently by either getting more wafers out, doing productivity upgrades, doing overlay and focus improvements so that they can use those machines for the next nodes? That is the big driver and it includes upgrades.

現在，關於油田選擇和服務成長的驅動因素，很明顯的是安裝基礎的成長。客戶的動力是查看他們的安裝基礎並說出我們在資產負債表上還有多少資本支出以及我們如何重複使用它們。或者我們如何更有效地利用它，透過生產更多的晶圓、進行生產力升級、進行覆蓋和焦點改進，以便他們可以將這些機器用於下一個節點？這是最大的驅動力，其中包括升級。

So, very advanced upgrades that include a land swap, a new optical system, it could be over EUR20 million -- EUR20 million to EUR25 million. Now those are drivers for the field option and service sales. I would call it installed base management, that is what customers are focusing on to have a better capital efficiency. Wolfgang, you want to take the target number?

因此，包括土地交換、新光學系統在內的非常先進的升級，其成本可能超過 2000 萬歐元——2000 萬歐元到 2500 萬歐元。現在，這些都是現場選擇和服務銷售的驅動力。我稱之為已安裝基礎管理，這是客戶為獲得更好的資本效率而關注的。沃夫岡，你想拿目標號碼嗎？

Yes. First of all also on the reuse, yes, reuse is enabled by us through these packages and therefore we have also modeled that in our 2020 revenue numbers. And no, the assumptions have not changed as it relates to reuse in our field options and services.

是的。首先，關於重用，是的，我們透過這些套件實現了重用，因此我們也在 2020 年的收入數字中對此進行了建模。不，這些假設並沒有改變，因為它涉及到我們現場選項和服務的重複使用。

The EUR2.5 billion to EUR3 billion that you referred to in the different scenarios -- it will depend a little bit on, like I explained earlier on an earlier question, on whether customers order holistic options right with the system or whether they do options later on. But again, at EUR400 million in the first, EUR520 million in the second and that being stable, you will be somewhere over EUR1.9 billion.

您在不同情況下提到的 25 億歐元至 30 億歐元——這將取決於一點，就像我之前在前面的問題上解釋的那樣，取決於客戶是否直接透過系統訂購整體選項，還是稍後再訂購選項。但是，如果第一批資金為 4 億歐元，第二批資金為 5.2 億歐元，並且保持穩定，那麼總額將超過 19 億歐元。

So, it is still quite a bit of growth left to get to the EUR3 billion level. We feel very comfortable about it. It is good business for us. It is approximately at the average of the gross margin of our systems business. So, we believe that is still a good target range for now.

因此，要達到 30 億歐元的水平，還需要相當長一段時間的成長。我們對此感到非常舒服。這對我們來說是一筆好生意。它大約相當於我們系統業務毛利率的平均值。因此，我們認為目前這仍然是一個很好的目標範圍。

(Technical difficulty).

（技術難度）。

Ladies and gentlemen, with that our 60-minute call time has expired. For those participants that were unable to ask a question and have a need to do that, feel free -- please feel free to contact the Investor Relations Department with your question and we will get back to you as soon as we can.

女士們、先生們，我們的 60 分鐘通話時間已經結束。對於那些無法提問但又需要提問的參與者，請隨時聯繫投資者關係部提出您的問題，我們會盡快回覆您。

And with that, on behalf of ASML's Board and management, I would like to thank you all for joining us today on the call. Operator, if you could formally conclude the call I would appreciate it. Thank you very much.

最後，我謹代表 ASML 董事會和管理階層感謝大家今天參加我們的電話會議。接線員，如果您能正式結束通話，我將不勝感激。非常感謝。

Thank you. Ladies and gentlemen, this concludes the ASML second-quarter 2015 results conference call. Thank you for participating. You may now disconnect your line.

謝謝。女士們、先生們，ASML 2015 年第二季業績電話會議到此結束。感謝您的參與。現在您可以斷開線路了。