United States
Securities and Exchange Commission
Washington, D.C. 20549
Form 20-F
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
for the fiscal year ended December 31 , 2023
Commission file number 001-33463
(Exact Name of Registrant as Specified in Its Charter)
The Netherlands
(Jurisdiction of incorporation or organization)
(Address of principal executive offices)
Telephone: +1 480 235 0934 E-mail: skip.miller@asml.com
(Name, Telephone, E-mail, and / or Facsimile number and Address of Company Contact Person)
Securities registered or to be registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol Name of each exchange on which registered
(nominal value €0.09 per share)
Securities registered or to be registered pursuant to Section 12(g) of the Act:
None
Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:
None
Indicate the number of outstanding shares of each of the issuer’s classes of
capital or common stock as of the close of the period covered by the annual report.
(nominal value €0.09 per share)
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
If this report is an annual or transition report, indicate by check mark if the registrant
is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
Yes ☐ No ☒
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant
was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Indicate by check mark whether the registrant has submitted electronically
every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the
preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company.
See definition of "large accelerated filer,” “accelerated filer" and “emerging growth company" in Rule 12b-2 of the Exchange Act.:
If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected
not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the
Exchange Act. ☐
† The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting
Standards Codification after April 5, 2012.
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal
control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared
or issued its audit report.
Yes ☒ No ☐
If securities are registered pursuant to Section 12 (b) of the Act, indicate by check mark whether the financial statements of the registrant included in the
filing reflect the correction of an error to previously issued financial statements. ☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive- based compensation
received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate by check mark which basis of accounting the registrant has used to prepare
the financial statements included in this filing:
International Accounting Standards Board ☐ Other ☐
If "Other" has been checked in response to the previous question, indicate by check mark
which financial statement item the registrant has elected to follow.
Item 17 ☐ Item 18 ☐
If this is an annual report, indicate by check mark whether the registrant is a
shell company (as defined in Rule 12b-2 of the Exchange Act)
Yes ☐ No ☒
Name and address of person authorized to receive notices and communications from the Securities and Exchange Commission:
James A. McDonald
Skadden, Arps, Slate, Meagher & Flom (UK) LLP
22 Bishopsgate, London, England EC2N 4BQ
We are over 42,400 individuals – thinkers, innovators, problem solvers, planners, movers and makers. | |
As a team, working together with our partners and customers, we help feed the world’s ever-growing demand for faster and more efficient microchips. | |
We create impact by pushing technology to new limits, unlocking the potential of society and enabling people to tackle some of humanity’s biggest challenges. | |
Together we create impact. |
ASML ANNUAL REPORT 2023 | SMALL PATTERNS. BIG IMPACT. | STRATEGIC REPORT | CORPORATE GOVERNANCE | FINANCIALS | 2 |
Together we create impact | ||||
Throughout this year's report we feature ASML colleagues and look at the impact they are having on ASML and society. | ||||
Delivering for our customers | ||||
Embracing change, driving innovation | ||||
A sustainability mindset | ||||
Making a difference | ||||
Helping our teams thrive | ||||
Working together, growing together | ||||
Impact through collaboration | ||||
View our Highlights online > | ||||
Our 2023 online report highlights key information from this pdf with additional links to relevant information on our corporate website. | ||||
Risk | |
How we manage risk | |
Risk factors | |
Q&A with the CBO | |
 | |
Environmental, social and governance | |
Our material ESG sustainability topics | |
Contributing to the UN Sustainable Development Goals | |
Environmental | |
Energy efficiency and climate action | |
Circular economy | |
Water management | |
Social | |
Attractive workplace for all | |
Responsible supply chain | |
Innovation ecosystem | |
Valued partner in our communities | |
Governance | |
ESG integrated governance | |
Transparent reporting |
Corporate Governance | |
Board of Management | |
Supervisory Board | |
Other Board-related matters | |
AGM and share capital | |
Financial reporting and audit | |
Compliance with Corporate Governance requirements | |
Supervisory Board Report | |
Message from the Chair of the Supervisory Board | |
Supervisory Board focus in 2023 | |
Meetings and attendance | |
Supervisory Board committees | |
Financial statements and Profit Allocation | |
Remuneration Report | |
Message from the Chair of the Remuneration Committee | |
Remuneration at a glance | |
Remuneration Committee | |
Board of Management remuneration | |
Supervisory Board remuneration |
Consolidated Financial Statements | |
Report of Independent Registered Public Accounting Firm | |
Consolidated Statements of Operations | |
Consolidated Statements of Comprehensive Income | |
Consolidated Balance Sheets | |
Consolidated Statements of Shareholders’ Equity | |
Consolidated Statements of Cash Flows | |
Notes to the Consolidated Financial Statements | |
Non-financial Statements | |
Assurance Report of the Independent Auditor | |
About the non-financial information | |
Non-financial indicators | |
Other appendices | |
Definitions | |
Exhibit index |
ASML ANNUAL REPORT 2023 | CONTENTS | STRATEGIC REPORT | CORPORATE GOVERNANCE | FINANCIALS | 3 | |
Contents | ||||||
STRATEGIC REPORT | CORPORATE GOVERNANCE | FINANCIALS & NON-FINANCIALS |
A definition or explanation of abbreviations, technical terms and other terms used throughout this Annual Report can be found in the Definitions section. In some cases, numbers have been rounded for readers’ convenience. This report comprises regulated information within the meaning of articles 1:1 and 5:25c of the Dutch Financial Markets Supervision Act (Wet op het Financieel Toezicht). | In this report the name ‘ASML’ is sometimes used for convenience in contexts where reference is made to ASML Holding NV and/or any of its subsidiaries, as the context may require. References to our website and/or video presentations in this Annual Report are for reference only and none nor any portion thereof are incorporated by reference in this report. © 2024, ASML Holding NV All Rights Reserved. | |||
This Annual Report contains statements
relating to our business, expected results,
business and industry trends and other
matters that are “forward-looking” within the
meaning of the Private Securities Litigation
Reform Act of 1995.You can generally
identify these statements by the use of words
like “may”, “will”, “opportunity”, “potential”,
“could”, “should”, “project”, “believe”,
“anticipate”, “expect”, “plan”, “estimate”,
“forecast”, “model”, “aim”, “seek”, “intend”,
“continue”, “target”, “future”, “progress”,
“goal” and variations of these words or
comparable words. They appear in a number
of places throughout this Annual Report and
include statements with respect to expected
trends, plans, expectations, strategies,
priorities, goals, outlook, expected financial
results for Q1 2024, including expected
sales, gross margin, R&D costs and SG&A
costs, expected results for full year 2024,
including expectations with respect to
revenue, gross margin and estimated
annualized effective tax rate, expectations
with respect to sales by market segment and
EUV, non-EUV and IBM sales and expected
drivers thereof, and other full year 2024
expectations and outlook, expectations with
respect to revenue growth in 2025 and other
statements with respect to outlook for 2024
and beyond and expected drivers thereof
and other statements under “Long-term
growth opportunities”, bookings, backlog,
expected capital expenditures, R&D
spending targets, statements made at our
2022 Investor Day, including revenue and
gross margin opportunity, model and
potential for 2025 and 2030, expected
business and industry trends and outlook,
including expected semiconductor industry
trends and trends in markets served by our
customers, business environment trends,
including expected demand, utilization,
inventory levels, expected recovery in the
semiconductor industry and expected timing
thereof, expected growth in semiconductor
end markets and market opportunity for
2025 and 2030 and key drivers and global
trends expected to fuel semiconductor
growth in the longer term, plans to increase
global semiconductor capacity and expected
growth in semiconductor ecosystem,
statements with respect to Moore’s Law and
continuation of shrink, expected trends in
customer demand, export control policy and
regulations and expected impact on us, our
plans to increase capacity, and expected or
planned production capacity, expected
timing of shipments, assumptions and
expectations with respect to fast shipments,
expectations with respect to systems being
operational in customer factories and high-
volume production of High NA systems,
product roadmaps including EUV goals and
roadmaps, customer roadmaps, expected
productivity and other attributes and benefits
of our tools, expected growth opportunities
in holistic lithography, our ESG and
sustainability strategy, plans, commitments
and targets, including emissions and waste
reduction commitments and targets,
recycling and refurbishment initiatives,
energy-saving strategies and targets,
including plans and targets to achieve net
zero carbon emissions and target dates to
achieve net zero emissions, potential for
semiconductors to reduce CO2 emissions,
plan for our systems to use less energy and
our energy savings plans, diversity and other
ESG targets and commitments, cash return
and dividend policy and statements about
our share buyback program and our
proposed dividend for 2023, and other non-
historical statements. These forward-looking
statements are not historical facts, but rather
are based on current expectations,
estimates, assumptions and projections
about business and future financial results
and readers should not place undue reliance
on them. Forward-looking statements do not
guarantee future performance, and actual
results may differ materially from projected
results as a result of certain risks and
uncertainties. These risks and uncertainties
include, without limitation, those described
under the section entitled “How we manage
risk – Risk factors”. These forward-looking
statements are made only as of the date of
this Annual Report. We do not undertake to
update or revise the forward-looking
statements, whether as a result of new
information, future events or otherwise.
ASML ANNUAL REPORT 2023 | FORWARD-LOOKING STATEMENTS | STRATEGIC REPORT | CORPORATE GOVERNANCE | FINANCIALS | 4 | |
Special note regarding forward-looking statements | ||||||
Dear Stakeholder,
In last year’s message, I wrote that I
expected 2023 to yet again see us break
records – and ASML's performance has fully
justified that confidence. We have grown
sales by 30% to €27.6 billion and lifted our
gross margin to 51.3%. We returned
€3.3 billion to shareholders through a
combination of dividends and share
buybacks. At the end of 2023, we finished
with a backlog of €39.0 billion and we
anticipate that with our sustained focus on
technology innovation, we will continue to
break new ground – not only in terms of
technological development, but also in how
we manage the environmental impact of our
products and services.
This stellar performance has been achieved
against a backdrop of what turned out to be
a real downturn in the semiconductor
industry instead of the mild and short-term
correction that many had forecast. In
addition, we had to manage uncertainties
created by geopolitical challenges including
the US and Dutch governments' export
control regulations, and global macro
concerns around inflation, rising interest rates
and lower GDP growth in certain economies.
There have also been other uncertainties at
play, driven by the ongoing war in Ukraine as
well as the more recent conflict in the Middle
East. These have inevitably dented
confidence and reduced investment by our
customers.
In 2023, demand for our DUV systems
continued to be strong, particularly in China.
During the previous two years, our Chinese
customers had received significantly fewer
systems than they had ordered, due to
global demand for our systems exceeding
supply. However, the shifts in demand timing
from other customers that we experienced in
2023 meant that we had the opportunity to
backfill these orders for mature and mid-
critical nodes to China, while of course
complying with export regulations.
Executing our business strategy
Our strategic innovation roadmap has
continued to guide us, and, as you can read
in the Q&A with our Chief Technology Officer
further enhancements to our EUV, DUV and
metrology and inspection systems. Our
holistic approach to lithography provides
customers with support and solutions at
every stage of the chipmaking process, from
early design and development to high-
volume production. To mention a highlight: In
2023, we shipped the first modules of the
first High NA EUV EXE:5000 system.
Two further elements of our strategic
progress have been particularly pleasing.
Firstly, we strengthened the resilience of our
supply chain, which had been under
immense pressure, with a significant number
of suppliers experiencing challenges to meet
our increasing expectations. During 2023, we
reshaped our sourcing and procurement
organization under the leadership of Wayne
Allan, a new member of the Board of
Management (BoM). This team is now
working with suppliers to help optimize our
partnerships, so they have the flexibility and
capability to deliver the products and
services we need.
ASML ANNUAL REPORT 2023 | MESSAGE FROM THE CEO | STRATEGIC REPORT | CORPORATE GOVERNANCE | FINANCIALS | 5 | |
Managing the cycle, preparing for greater growth in years to come | ||||||
Despite macroeconomic and geopolitical challenges, ASML has again delivered strong performance. Now, as we see signs of the industry coming out of its cyclical downturn, we are laying plans for further significant growth. | ||||||
Our holistic approach to lithography provides customers with support and solutions at every stage of the chipmaking process.” |
Peter Wennink |
President, Chief Executive Officer and Chair of the Board of Management |
The second area is around customer trust.
Trust is the foundation for our customer
relationships – it means always being reliable,
working at the highest possible level of
efficiency, being transparent about what we are
doing and fairly sharing the risks and rewards.
And while customer trust in general was at a
high level in 2023, we – as always – recognize
that we can do even better. So over the last 12
months we have developed plans for
fundamental reorganization of our customer-
facing roles and responsibilities to prepare for
future growth, and this was implemented from
January 2024.
We expect that the reorganization will help us
cement greater customer trust, which will be
essential in ensuring that we and our customers
reap the rewards of the upturn that we expect
in 2025 and 2026.
ESG sustainability at the heart of our
company
Developed in 2022, our ESG sustainability
strategy took shape in 2023. It is now being
executed across the business, and we have
taken important steps in each of the E
(Environmental), S (Social) and G (Governance)
elements.
The overarching aim of our ESG sustainability
strategy is simple: As we grow our company,
we want to increase our positive impact at the
same time as minimizing our negative impacts
on the environment and people, while doing
business in a responsible way.
The very nature of what we do means we are
already making a contribution to overcoming
the challenges that our world is facing. Without
semiconductors, the changes that society
needs to implement – whether to do with the
energy transition, healthcare, electrification, AI or
many other areas – will not happen.
Our role is to make sure that our customers can
continue to deliver the innovation that is already
transforming the world, and with a reduced CO2
footprint per chip. In our own facilities, we are
reducing energy consumption and increasingly
using renewable energy. Together with our
suppliers and other upstream value chain
partners, we are working to jointly reduce our
carbon footprint in our supply chain. In
addition, we are taking steps to increase the
energy efficiency of our systems at our
customers’ sites – reducing waste intensity,
increasing reuse and repair, supporting our
people and their communities, and promoting
transparency and accountability through good
governance. There is work to do in all those
areas – but we have made excellent progress
and we are committed to playing our full part in
creating a more responsible and sustainable
society. You can read more details in the ESG
sustainability sections of this report.
Our stakeholder model
ASML operates on a stakeholder model.
With every decision we take, the Board of
Management and I, as CEO, aim to balance
the concerns and needs of our five different
stakeholders: Customers, suppliers and
partners, our people, our shareholders and
wider society – for example, the communities
where we operate.
Over the last year, we have used a significant
part of our operational cash flow to support our
customers, extending payment terms to help
them make investments despite their negative
cash flows. This was crucial sustaining their
businesses through difficult times while ensuring
that they have the resources in place to meet
future demand.
Similarly, we encouraged our suppliers to
maintain their investment ambitions through
the downturn, using opportunities such as
our Suppliers’ Day to explain how we
expected our business to accelerate from
2025 onward. It is vital that we retain the
trust of our suppliers.
To retain the trust of our shareholders, our
key focus is to be as transparent as possible
with them about everything to do with ASML
– on export controls, on industry cyclicality,
on how we are going to use our operational
cash flow, on how we are going to pay
dividends and buy back shares, and on how
we are going to help our customers and
suppliers.
As the stories highlighted in this report
demonstrate, our employees – representing
many different nationalities and bringing a
broad range of backgrounds, perspectives
and skills – are key to our success. One of
the reasons why so many talented people
choose ASML as an employer is because we
give them the opportunity to work at the
sharp end of technology and make a real
difference, while also supporting their health
and well-being. We put a lot of effort into
this, providing our employees with
opportunities and the best environments to
develop their talent, to feel respected and to
ASML ANNUAL REPORT 2023 | MESSAGE FROM THE CEO CONTINUED | STRATEGIC REPORT | CORPORATE GOVERNANCE | FINANCIALS | 6 | |
Managing the cycle, preparing for greater growth in years to come (continued) | ||||||
Our task in 2024 is to reflect on our organization and capabilities and prepare for the rapid growth that is sure to come.” |
Peter Wennink |
President, Chief Executive Officer and Chair of the Board of Management |
thrive. We need our people to trust us, and
the fact that our engagement score has
improved again shows we are on the right
track.
Regarding society, we strive to respect a
range of different and sometimes conflicting
interests around our growth trajectory and
the increasing impact of our products and
services on society. We engage extensively
with communities, institutions, special
interest groups and governments at all levels
across the world on topics that are relevant
to our business and its role in society and
that therefore require long-term vision and
support, such as education, infrastructure,
culture and environment.
A year of transition
Our expectation is that our net sales in 2024
will be broadly in line with our net sales in
2023. But above all, this will be a year of
transition – a time to digest the fast growth
we have experienced in recent years and to
prepare for 2025 and 2026, which I believe
will be strong years because of three major
factors.
Firstly, demand for semiconductors is
increasingly generated by secular growth
drivers in end markets, such as the energy
transition, electrification and AI. As the
application space expands, with lithography
playing an ever-greater role in future
technology nodes, demand grows for both
advanced and mature semiconductors.
Secondly, the semiconductor industry is
currently working through the bottom of the
cycle. Historically, the downturns of the last
30-40 years have been for two to three
years, with the present downturn really
beginning in the second half of 2022. Our
customers are still not certain of the shape or
slope of the recovery, but there are some
positive signs in the indicators we have been
monitoring. Industry end-market inventory
levels continue to improve and litho tool
utilization levels are beginning to show
improvement. Our strong order intake in the
fourth quarter clearly supports future
demand.
Lastly, we need to prepare for the significant
number of new semiconductor fabs that are
being built. These fabs are spread
geographically across the globe – they’re
strategically important for our customers and
they’re scheduled to take our tools. It is
essential that we keep our focus on the
future and build capacity to be ready for this
ramp.
The semiconductor industry is expected to
double somewhere in the next decade, as
compared with today. Our task in 2024 is to
reflect on our organization and capabilities
and prepare for the rapid growth that is
expected to come, while managing
increased cost pressures. That means
working on our processes – for example,
ensuring that they are fit for purpose and
have the flexibility to expand rapidly when
and where needed.
And it means taking care of our people,
making sure that they feel fully engaged in
our company. Many thousands of new
employees have joined us in the last few
years, and around 40% of all our colleagues
have been with us for three years or less.
Our values of challenge, collaborate and care
have been instrumental in our success to
date, and they will continue to guide us in the
future. It is vital that all our people embrace
these values.
In 2024, we need to take the opportunity to
create clarity about the many roles and
responsibilities in our diverse, cross-
functional teams, to maintain a safe
environment where people feel connected,
included and respected.
Stakeholder support
We are tremendously proud of what we’ve
achieved to date and extremely excited for
the years ahead. But none of this would be
possible without the support of our
stakeholders. ASML has succeeded and will
continue to thrive because of the patience
and success of our customers, the
collaboration of our suppliers and partners,
and the understanding of shareholders and
governments. Most of all, we rely on our
people – and I thank them for all their
expertise and hard work over the last year.
This is my final Annual Report message as
ASML's CEO, following the Supervisory
Board’s announcement that Christophe
Fouquet will succeed me as President and
Chief Executive Officer at the 2024 AGM.
Christophe has been with ASML for 15
years, with a major focus on technology,
products and customers, and I am delighted
that we have been able to secure such a
talented, experienced individual to guide the
business through the coming years.
Christophe and I share the ‘ASML DNA’ of
collaboration and partnership, and we will
work closely together to ensure that he has
the best possible start in his new position.
I wish Christophe and all our stakeholders –
and particularly our fantastic people – every
success as, together, you embark on the
next phase of this great company’s journey.
Peter Wennink
President, Chief Executive Officer and
Chair of the Board of Management
ASML ANNUAL REPORT 2023 | MESSAGE FROM THE CEO CONTINUED | STRATEGIC REPORT | CORPORATE GOVERNANCE | FINANCIALS | 7 | |
Managing the cycle, preparing for greater growth in years to come (continued) | ||||||
 |
Our values of challenge, collaborate and care have been instrumental in our success.” |
Peter Wennink |
President, Chief Executive Officer and Chair of the Board of Management |
Key facts in 2023 | ||||
 |  | |||
€27.6bn | 42,416 | |||
Total net sales | Employees (FTE) | |||
€23.2bn Asia €3.2bn US €1.2bn EMEA | 19,805 in Operations 15,604 in R&D 7,007 in Sales and Support | |||
 |  | |||
€4.0bn | 35.1 kt | |||
R&D investments | Scope 1 and 2 CO2e emissions | |||
We innovate across our entire product portfolio through strong investment in R&D | ||||
(2025 target net zero) | ||||
 |  | |||
€15.5bn | 80.3% | |||
Total sourcing spend1 | Employee engagement score against benchmark | |||
(Netherlands: 40% | EMEA (excl. NL): 40% North America: 13% | Asia: 7%) | ||||
1.Reported for non-financial (GRI) reporting purposes | ||||
(2025 target -2% vs. top 25% performing companies) | ||||
What we do | ||||
At ASML, we design and integrate lithography systems with computational tools, metrology and inspection systems, and process control software solutions. This holistic approach to lithography provides chipmakers with support and solutions at every stage of the chipmaking process, from early design and development to high-volume production. It enables chipmakers to optimize the lithography system setup and process window for high-volume manufacturing, helping them achieve their highest yields and best chip performance. | ||||
Our key products and services | ||||
•Lithography systems •Metrology and inspection systems •Computational lithography •Supporting our customers | •System and process control software •Managing our installed base systems •Refurbished systems | |||
Read more in Our products and services on | ||||
Where we operate – more than 60 locations across 3 continents | ||||||
 | Asia | |||||
China | ||||||
Japan | ||||||
Malaysia | ||||||
Singapore | ||||||
South Korea | ||||||
Taiwan | ||||||
 | North America | |||||
Arizona | New Mexico | |||||
California | New York | |||||
Colorado | Oregon | |||||
Connecticut | Texas | |||||
Idaho | Utah | |||||
Massachusetts | Virginia | |||||
 | EMEA | |||||
Belgium | ||||||
France | ||||||
Germany | ||||||
Ireland | ||||||
Israel | ||||||
Italy | ||||||
Netherlands | ||||||
United Kingdom | ||||||
ASML ANNUAL REPORT 2023 | AT A GLANCE | STRATEGIC REPORT | CORPORATE GOVERNANCE | FINANCIALS | 8 | |
We are a global innovator | ||||||
As one of the leading innovators in the semiconductor industry, we’ve been helping chipmakers push technology to new limits and unlock the potential of society since 1984. Together, our hardware, software and services provide a holistic approach to mass producing the patterns of microchips. | ||||||
Berliner Glas (ASML Berlin GmbH) is reflected as part of our business throughout this report, with the exception of non-financial reporting. We are preparing to integrate this in 2024 in line with Corporate Sustainability Reporting Directive (CSRD) requirements. | ||||||
Why we exist – our purpose | ||
Unlocking the potential of people and society by pushing technology to new limits. | ||
What we try to achieve – our vision | ||
We enable ground-breaking technology to solve some of humanity’s toughest challenges. | ||
What we uniquely do – our mission | ||
Together with our partners, we provide leading patterning solutions that drive the advancement of microchips. | ||
You can see the impact of our collaboration in the commercial results of ASML and our customers.” | |
George Tao | |
Director Customer Service Applications | |
Managing expansion in high-stress situations means focusing on your people and their well-being.” | ||
Mark Bergkotte | ||
Director Logistics Operations | ||
The interaction among supply chain partners helps us all improve to support faster growth.” | |
Manon Hendriks | |
Senior Director Sourcing & Procurement | |
ASML ANNUAL REPORT 2023 | AT A GLANCE CONTINUED | STRATEGIC REPORT | CORPORATE GOVERNANCE | FINANCIALS | 9 | |
We work together to help society progress | ||||||
We challenge | ||
We challenge boundaries and question the status quo to keep pushing technology forward. | ||
We collaborate | ||
By tapping into the collective potential of our ecosystem of customers, partners and stakeholders, we can create better solutions. | ||
We care | ||
We act with integrity and respect, and provide a safe, inclusive and trusting environment where our people can learn and grow. | ||
Sustainability is a design challenge that must be solved in parallel with system cost and performance.” | |
Ton van der Net | |
Principal Architect D&E | |
ASML’s focus on technology and its supportive culture mean you can go wherever your talent and ambition take you.” | ||
Anya Kish | ||
Program Director EUV Source | ||
My new role will help us safeguard our innovation power as we evolve to support future growth.” | |
Ron Kool | |
Head of Business Performance Improvement | |
Every few months, I have been given a new challenge to extend myself.” | |
Manisha Devi | |
Solution Test Architect | |
ASML ANNUAL REPORT 2023 | AT A GLANCE CONTINUED | STRATEGIC REPORT | CORPORATE GOVERNANCE | FINANCIALS | 10 | |
We live by our values to drive success | ||||||
Lithography technology is fundamental to the
mass production of microchips. Our holistic
approach is based on integrating our
lithography systems with a set of products
that optimize production and enable
affordable shrink.
The semiconductor industry is driven by
affordable shrink – the ability to make
smaller, more energy-efficient transistors at
the right price. Reducing the size of
transistors means that more can be packed
into a given area, resulting in increased
functionality and improved performance.
Lithography is a key driver for shrink,
enabling what is known as geometric scaling.
This determines the smallest feature sizes
that can be printed on a chip, and therefore
the number of transistors and the
performance. To achieve dimensional
scaling, lithography has to use shorter
wavelengths of light and larger numerical
apertures, as well as other advanced
techniques such as immersion lithography
and multiple patterning.
Our innovations in lithography have enabled
the continuation of Moore’s Law1 – the
observation that the number of transistors in
an integrated circuit (IC) doubles about every
two years – for more than 30 years.
1.Dr. Gordon Moore, co-founder of chipmaker Intel, and
the man who created Moore’s Law, passed away
peacefully at his home in Hawaii on Friday, March 24,
2023. He was 94 years old.
The Rayleigh criterion that drives Moore’s Law | ||||||
Over the years, ASML has made several wavelength steps, and our DUV lithography systems range from 365 nm (i-line), through 248 nm (KrF) to 193 nm (ArF). With our extreme ultraviolet (EUV) systems, we provide highest-resolution lithography in high-volume manufacturing as these systems make a major step in wavelength – with EUV tin plasma, we generate EUV light which has a wavelength of just 13.5 nm. •NA is the numerical aperture, indicating the entrance angle of the light – with larger NA lenses/mirrors, smaller structures can be printed. Besides larger lenses, ASML has increased the NA of our ArF systems by maintaining a thin film of water between the last lens element and the wafer in our so-called immersion systems, using the breaking index of the water to increase the NA. | After the wavelength step to EUV, we are developing the next-generation EUV systems, called EUV 0.55 NA (High NA), where we push the numerical aperture from 0.33 to 0.55. •k1 is a factor relating to optical and process optimizations. Together with our computational lithography and patterning control software solutions, we provide the control loops for our customers to optimize their mask designs and illumination conditions. | |||||
•CD is the critical dimension, a measure of how small the smallest structures are that the lithography system can print. •Lambda ⁁ is the wavelength of the light source used, and the smaller the wavelength, the smaller the structures that can be printed. Our deep ultraviolet (DUV) lithography systems, known as the industry workhorse, dive deep into the UV light spectrum to print the tiny features that form the basis of a microchip. | Watch Gordon Moore video | |||||
Lithography explained
Microchips are made by building up complex
patterns of transistors, layer by layer, on a
silicon wafer. Our lithography systems print
those patterns by projecting ultraviolet light
on a blueprint of the pattern (known as a
‘reticle’ or ‘mask’) and shrinking and focusing
that light onto a photosensitive silicon wafer.
This results in a so-called die, a rectangular
pattern on a wafer containing circuitry to
perform a specific function.
ASML's technology is pivotal to
semiconductor production because
lithography is the only stage where the wafer
is processed die by die.
Lithography therefore has a greater impact
on performance – including the number of
good wafers per day, or yield – than any
other stage in the chip manufacturing
process.
The lithography process is repeated to build
up the layers of a chip. Modern chips can
have more than 100 layers, all of which need
to be aligned on top of each other with
nanometer precision. In general, our EUV
systems are used to print the most intricate
layers on a chip first, with the rest of the
layers then printed using various DUV
systems.
Our holistic approach
to lithography
As patterning gets smaller, our lithography
systems become increasingly complex. And as
chipmakers print ever-smaller patterns, they
face unprecedented engineering, material,
structural and manufacturing challenges. Many
sources of variation and error can hinder the
lithography process, and they must be
controlled to ensure that chips are produced
with the required precision, in high volumes, as
fast as possible and at the lowest cost.
To help address these challenges, we provide
customers with a holistic, integrated approach
to lithography that enables them to optimize the
system setup and process window for high-
volume manufacturing, helping them achieve
their highest yields and best chip performance.
 | ||
What is a process window? | ||
Lithography and all other stages in the microchip manufacturing process must be closely aligned for an optimal result. The process window is the collection of acceptable variations of process parameters that allow a microchip to be manufactured and to operate under desired specifications. By incorporating computational lithography, metrology and inspection, ASML’s holistic lithography portfolio enables customers to maximize the process window, keeping lithography systems stable in a high-volume manufacturing setting, which leads to a higher yield with more good wafers per day. |
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