3Q FY2012 (April 1, 2011 December 31, 2011) Financial Announcement

Transcription

1 FY212 (April 1, 211 December 31, 211) Financial Announcement TOKYO ELECTRON February 3, 212

2 FY212 (April 1, 211 December 31, 211) Consolidated Financial Summary FY212: October 1, December 31, 211 FY212: April 1, March 31, 212 February 3, 212

3 Results Highlights For the nine months ended December 31, 211 Net Sales 455.5B -4.7% year on year Operating income Operating margin 42.9B 9.4% -37.% year on year -4.9 pts year on year Net income 27.4B -47.4% year on year Operating cash flow Cash and cash equivalents 21.7B 249.4B + 1.9B year on year B on end Cash and cash equivalents: Cash and deposits + Certificate of deposit, etc (Securities in B/S). 3

4 Profit and Loss FY212 - YoY Change Net sales % SPE % FPD/PVE % EC/CN % その他 % Operating % income (15.1%) (7.9%) (4.7%) (14.3%) (9.4%) Income before income taxes % Net income % EPS (Yen) % 1. SPE:Semiconductor Production Equipment, FPD/PVE:Flat Panel Display and Photovoltaic Cell Production Equipment, EC/CN:Electric Components and Computer Networks 2. Numbers shown in ( ): Profit ratios 3. Profit ratios are calculated using full amounts, before rounding. 4. FY212 net income of.7b yen includes -3.2B yen corporate tax rate change effect. 4

5 Net Sales & Operating Margin 2 % % % 3% 1 2% 4.7% 6. 1% % Net Sales Operating income Operating margin Gross profit margin - FY1/ / / Net sales Operating income Operating margin 4.8% 9.3% 12.6% 13.8% 16.2% 15.6% 15.1% 7.9% 4.7% Gross profit margin 28.2% 3.1% 33.9% 34.3% 36.8% 35.3% 38.2% 31.8% 32.1% -1% 5

6 Net Sales by Division SPE Division (Semiconductor Production FPD/PVE Division (FPD/PV Cell Production EC/CN Division (Electronic Components, Equipment) Equipment) Computer Networks) % Composition EC/CN FPD/PVE SPE % 6

7 SPE Sales by Region Japan U.S. Europe Korea Taiwan China S.E. Asia, Others Region Composition % % % Others China Taiwan Korea Europe U.S. Japan 7

8 Balance Sheet Assets Liabilities & Net Assets Debt Cash & cash equivalents Other liabilities Trade notes, Accounts receivables Inventories Other current assets Net assets Fixed assets Cash and cash equivalents: Cash and deposits + Certificate of deposit, etc (Securities in B/S). 8

9 Inventory Turnover and AR Turnover (Days) Net sales Accounts receivable turnover Inventory turnover FY9 FY1 *Turnover days=inventory or AR at the end of each quarter/ last 12 months sales 365 9

10 Orders, Order Backlog FY1/ / / SPE Orders FPD/PVE Orders SPE Order backlog FPD/PVE Order backlog

11 Orders by Region: SPE, FPD/PVE FY1/ / / Japan U.S Europe Korea Taiwan China, Southeast Asia, Others

12 Cash Flow FY211 FY212 Cash flow from operating activities Cash flow from investing activities Payment for purchase of property, plant, equipment and others Term deposits over 3 months Cash flow from financing activities Cash and cash equivalents at end of term Cash and deposits at end of term (certificates of deposit, etc included)

13 Segment Information For the nine months ended December 31, 211 Reportable Segment SPE FPD/PVE EC/CN Others Eliminations Consolidated Total Net sales Segment income (Income before income taxes) Segment profit margin 18.8% 6.7% 2.6% 12.1% - 1.1% The reportable segments by the company provide separate financial information pertaining to the various segments of the company, which is reviewed periodically by the management to evaluate corporate performance as well as make decisions about the allocation of management resources. 1. The "Others" segment includes all other businesses which are not included in the reported business segments, such as the transportation of products, etc. of the Tokyo Electron Group companies, equipment leasing and insurance, etc. 2. The eliminations of segment income amounting to 24.4 billion yen includes corporate expenses pertaining to the corporate account which are not allocated to any specific reportable segments. The corporate account expenses are mainly R&D expenses of 18.8 billion yen, pertaining to fundamental research and element research conducted by the company not related to any of the reportable segments. 3. Segment income is adjusted against income before income taxes in the consolidated statement of income. 4. Profit ratios are calculated using full amounts, before rounding. 13

14 Supplement Data

15 Segment Information (Semiconductor Production Equipment) 18 Sales Segment profit margin 12 6 SPE % % 23.4% % 14.9% Segment income (FPD/PV Cell Production Equipment) 4% 3 Sales Segment profit margin 3% 2% 1% % 2 1 FPD/PVE % 8.6% 7.4% 6.9% Segment income %.6 (Electronic Components and Computer Networks) 4% 3 4% Sales Segment profit margin 3% 2% 1% % 2 1 EC/CN % 3.8% 3.7% 2.4% 1.9% Segment income The reportable segments by the company provide separate financial information pertaining to the various segments of the company, which is reviewed periodically by the management to evaluate corporate performance as well as make decisions about the allocation of management resources. 1. Segment income is adjusted against income before income taxes in the consolidated statement of income. 2. Profit ratios are calculated using full amounts, before rounding. 3% 2% 1% % 15

16 Profit and Loss FY211 FY212 Net sales Gross profit 49.1 (33.9%) Operating income 18.3 (12.6%) 59.5 (34.3%) 24. (13.8%) 58.7 (36.8%) 25.8 (16.2%) 67.3 (35.3%) 29.7 (15.6%) 58.4 (38.2%) 23. (15.1%) 55. (31.8%) 13.7 (7.9%) 41.4 (32.1%) 6. (4.7%) Income before income taxes Net income R&D expenses Capital expenditures Depreciation and amortization In principle, export sales of Tokyo Electron s mainstay semiconductor and FPD/PV cell production equipment are denominated in yen. While some settlements are denominated in dollars, exchange risk is hedged as forward exchange contracts are made individually at the time of booking. Accordingly, the effect of exchange rates on profits is negligible. 1. Numbers shown in ( ): profit ratios 2. Profit ratios are calculated using full amounts, before rounding. 16

17 Business Update Hiroshi Takenaka, President & CEO February 3, 212

18 Quarterly Orders 3 2 SPE Order FPD/PVE Order October-December/211 SPE 144.9(+97%) FPD/PVE 5.(+196%) Total: 1.(+99%) ( ): change from July-September/211 % is calculated using full amounts / / / / / / / / / / / /

19 SPE Orders by Application: Equipment only 1% 8% 6% 4% 2% % 5/1-12 6/ / / / / / Logic & others (MPU, System LSI, Others) Logic foundry Flash DRAM 19

20 Business Environment: As of early February 212 SPE capex Semiconductor market recovery delayed by global economic slowdown and uncertain outlook. In 212, expect an overall YonY decline of around 1%, despite expected investment by logic/foundries due to uptake of cutting-edge 32/28nm process for new mobile devices. FPD capex Small- and medium-sized panel investment expected to decline in 212. Large panel capex will remain sluggish due to collapse in TV prices. Capex in 212 expected to be around half 211 level. Improvement in supply/demand balance expected from 213. PV capex Continued growth expected in medium- and long-term but due to panel price decline by overcapacity, capex will be sluggish in short-term. 2

21 212: Mobile Devices Driving Investment Smartphone/Tablet Ultrabook Communications standard shift to LTE Quad-core MPU Advanced GPU Strong sales/ new model >3GB NAND >1GB SSD Logic/Foundry Increased investment needs for 32/28nm NAND Increased investment needs for 2nm *LTE: Next generation high speed data transmission for mobile phones. Currently planned to be introduced by companies worldwide. 21

22 Developing New Memory with Tohoku University Limits to miniaturization, expectation for next memory after DRAM Global leader in Spintronics memory development SPINTRONICS MEMORY Led by Professor Tetsuo Endoh Magnetic materials technology Device technology Design technology Nonvolatile memory Low power consumption with high writing speed New memory in use of magnetic orientation Process technology Equipment technology Aiming early establishment of leading-edge production technology 22

23 Disclaimer regarding forward-looking statement Forecast of TEL s performance and future prospects and other sort of information published are made based on information available at the time of publication. Actual performance and results may differ significantly from the forecast described here due to changes in various external and internal factors, including the economic situation, semiconductor/fpd/pv market conditions, intensification of sales competition, safety and product quality management, and intellectual property-related risks. Processing of numbers For the amount listed, because fractions are rounded down, there may be the cases where the total for certain account titles does not correspond to the sum of the respective figures for account titles. Percentages are calculated using full amounts, before rounding. Exchange Risk In principle, export sales of Tokyo Electron s mainstay semiconductor and FPD/PV cell production equipment are denominated in yen. While some settlements are denominated in dollars, exchange risk is hedged as forward exchange contracts are made individually at the time of booking. Accordingly, the effect of exchange rates on profits is negligible. FPD/PV: Flat panel display/photovoltaic 23