Financial Results. August 14, 2013 Osamu Okabayashi President, Lasertec Corporation (Tokyo Stock Exchange 6920)

Transcription

1 Fiscal Year ended June 2013 Financial Results August 14, 2013 Osamu Okabayashi President, Lasertec Corporation (Tokyo Stock Exchange 6920)

2 Contents Results of Fiscal Year ended June 2013 (51st Term) Financial results of fiscal year ended June 2013 (51st term) Forecast for Fiscal Year ending June 2014 (52nd Term) Business environment and strategy for this fiscal year Financial forecast for fiscal year ending June 2014 (52nd term) 1

3 On March 15, 2013, Lasertec stock was listed on the first section of the Tokyo Stock Exchange. We sincerely thank you for your support. We are resolved to do our utmost to meet your expectations with good operating results and increased corporate value. We humbly ask for your continued support. 2

4 Contents Results of Fiscal Year ended June 2013 (51st Term) Financial results of fiscal year ended June 2013 (51st term) Forecast for Fiscal Year ending June 2014 (52nd Term) Business environment and strategy for this fiscal year Financial forecast for fiscal year ending June 2014 (52nd term) 3

5 FY2013 Results Sales and profits are slightly better than the last forecast. FY2012 FY2013 Consolidated (million yen) Last forecast Y/Y Actual Ratio Actual Ratio (Jan. 25, 2013) Change Net Sales 12, % 11,000 11, % -7.6% Cost of sales 5, % 6, % 4.4% Gross profit 6, % 5, % -18.3% SG&A expenses 3, % 3, % -7.4% Operating income 3, % 2,000 2, % -30.4% Ordinary income 2, % 2,150 2, % -14.7% Net income 1, % 1,400 1, % -10.5%, - f ¾ ½ f n 4 4

6 FY2013 Operating Income - Comparison with FY2012 (consolidated) A decrease of 940 million yen in operating income FY2012 Operating income 3,089 Decrease in gross profit due to decrease in sales and increase in cost of sales (Note) - 1,196 Increase in SG&A expenses -72 Decrease in R&D expenses +328 FY2013 Operating income 2,149 Decrease of 940 (Note) The increase in cost of sales is due to write-off of a loss from revaluation of inventories (Million Yen) 5

7 FY2013 Financial Position Equity ratio rises to 79.3% (from 71.0% in FY2012) Assets, f¾¾ ¾ f¾¾ ¾ Major changes (Current assets) Cash and deposits -645 Notes and accounts -516 receivable Work in process 149 Liabilities and Net Assets, - f¾¾ ¾ - n f ¾ Raw materials and supplies 206 (Noncurrent assets) Property, plant and equipment -103 Investment securities -73 Deferred tax assets -53 (Current liabilities) Advances received -692 Income taxes payable -443 (Non-current liabilities) Long-term loans -706 (Net assets) Cash dividends 898 6

8 Consolidated Cash Flows Operating CF is a surplus of 602 million yen. (Million Yen) 6,000 Operating CF Investment CF Financing CF Cash and cash equivalents, end of year 5,000 4,000 4,625 3,967 3,000 2,575 2,000 1, ,000-2,000-3,000,f fn ¾ ½ f ¾ f n FY2012-2,168 FY2013-1,303 - n n f¾ ¾f fnn ¾ n ff ½ f f ½f n f¾ f f n ¾ n n f¾ fnn ¾½f ff 9 n f¾ ½ ½½ f f ½ 9f f ¾½f f 9f 7

9 Sales by Product Category Sales of semiconductor-related systems, our main product category, increases. Sales of new wafer inspection systems contributes to it. Consolidated (Million Yen) Actual FY2012 Ratio Last Forecast (Jan. 25, 2013) FY2013 Actual Ratio Y/Y Change Semiconductor Related Systems 8, % 8,760 9, % 3.2% Flat Panel Display Related Systems 1, % % -85.3% Confocal Scanning Laser Microscopes % % -25.3% Services 1, % 1,380 1, % 23.9% Total 12, % 11,000 11, % -7.6% (Figures less than a million yen are rounded down.) (Million Yen) 15,000 Sales by product category 11,397 10,000 5,000 Services Confocal scanning laser microscopes FPD-related systems Semiconductor-related systems 0 FY2012 FY2013 8

10 Orders and Backlog A large decrease in orders for semiconductor-related systems due to a low level of capital expenditures among customers. The last forecast was barely missed. Orders by product category Consolidated (Million Yen) Semiconductor Related Systems Flat Panel Display Related Systems Confocal Scanning Laser Microscopes Backlog by product category FY2012 FY2013 FY2012 FY2013 Actual Last Forecast Y/Y Y/Y Actual Actual Actual (Jan. 25, 2013) Change Change 12,364 6,710 6, % 6,685 4, % 143 1, % % % % Services 1,296 1,380 1, % % Total 14,529 10,000 8, % 7,025 4, %, Orders by product category 14,529 (Figures less than a million yen are rounded down.) 8,765 n ¾ nf nf f¾, n ¾n ½ ¾ f 9f ¾½ f f¾ ¾ 9

11 Other indicators An increase in the number of employees for engineering and overseas subsidiaries Consolidated (Million Yen) FY2012 FY2013 Actual Actual Ratio Y/Y Change R&D expenses 1,331 1, % -24.6% Depreciation and amortization % -11.6% Capital expenditure % 82.7% Number of Employees (Excluding members of the board) 10

12 9 New Products Launched in FY2013 Laser microscopes, June 2013 others HYBRID New microscope Oct TSS20 LiB applications Nov ECCS B310 Nov LX330 Lithography inspection for memory devices Semiconductor waferrelated systems Core Optical Technologies Aug BGM300 for TSV 3D devices Oct X700HiT FY2014 is a harvest time Semiconductor mask-related systems Advanced mask inspection Nov X800 Feb BASIC for EUVL Aug CLIOS FPD mask inspection for smartphones & tablets 11

13 Topics of FY2013 Month March 2013 Investor Relations Stock listing on the first section of the Tokyo Stock Exchange June 2013 Stock split effective June 30, 2013 Month October 2012 October 2012 November 2012 April 2013 June 2013 Awards and Recognitions Ranked No. 1 patent asset company among electric equipment manufacturers in emerging markets by Patent Result Co., Ltd. Selected Technology Fast 50 Japan by Deloitte Touche Tohmatsu LLC. Named Yokohama Chizai Mirai (intellectual property future) Enterprise by the City of Yokohama. Awarded a Commissioner of the Japan Patent Office Award as a company making good use of the industrial property rights filing system. Wins a grand prize of the Semiconductor-of-the Year 2013 award in the semiconductor equipment division. 12

14 Dividends Dividend payout plan for FY2013: 48 yen per share in total An ordinary dividend of 43 yen per share, an addition of 5 yen per share to the last forecast, plus a commemorative dividend of 5 yen per share Dividend policy Trend Steady income distribution and flexible dividend scheme in accordance with operating results, targeting at a dividend ratio of 30% FY June 2010 June 2011 June 2012 June 2013 (planned) Dividends (Yen) Dividend ratio % 30.4% 33.2% 33.6% Dividends for FY June 2012 include a commemorative dividend of 5 yen for the 50th anniversary. Dividends for FY June 2013 include a commemorative dividend of 5 yen for the listing of stock on the first section of the Tokyo Stock Exchange. Effective July 1, 2013, we split common stock 2 for 1. Dividends for June 2013 will be paid based on the number of shares outstanding before the stock split. 13

15 Contents Results of Fiscal Year ended June 2013 (51st Term) Financial results of fiscal year ended June 2013 (51st term) Forecast for Fiscal Year ending June 2014 (52nd Term) Business environment and strategy for this fiscal year Financial forecast for fiscal year ending June 2014 (52nd term) 14

16 Business Environment of FY2014 Semiconductor Others Segment Logic Device Memory Power Device Segment FPD PV Cell LiB Business Environment A high level of investment for 20nm production and 16nm development by major foundries will continue. Investment for NAND and DRAM will resume, thanks to strong demands for smartphones and tablets as well as to price hikes. Steady growth is expected for SiC and GaN devices of low electricity loss. Business Environment Spending for equipment will be focused on small and medium-sized panels of higher resolutions. New largescale production lines are planned in China. Demands are growing in Japan, but overproduction continues to prevail in the global market. It is foreseen that the level of equipment spending will remain low. Demands are growing, driven mainly by electric vehicles. 15

17 SEMI Forecast: Global Semiconductor Equipment Market Forecast for 2013 and 2014 (calendar years) 2012 The equipment spending fell short of the forecast by 15%. It was a year of low investment overall. Taiwan became the No. 1 equipment market, surpassing North America Fabs remain conservative in equipment spending in the first half. Spending is expected to grow in the second half Demands for smartphones and tablets continue to be strong. Investments by Samsung in China, Toshiba/SanDisk, TSMC and Intel will drive the equipment market. It is forecast to be the second largest spending year in history surpassed only by Sales (In billions of dollars) 2010 Actual Œ 2011 Actual Œ Actual Œ Japan North America Korea Taiwan 2013 È Forecast È Forecast Others s China Europe Japan N. America s Korea Ë Taiwan Source: SEMI Mid-Year Forecast, July 9,

18 FY2014 Strategy (1) Reinforce Core Businesses Product Semiconductor mask inspection system - MATRICS Semiconductor mask blank inspection system - MAGICS EUV mask blank inspection system - ABI Large-size mask inspection system for high-definition FPDs - CLIOS Laser microscope OPTELICS HYBRID Action Sales promotion for newly released models. Development of nextgeneration products. Sales promotion of M6640S Will continue joint development with EIDEC Sales promotion of the newly released CLIOS Sales promotion of the newly released microscope to increase market share 17

19 FY2014 Strategy (2) Create New Businesses Target Market Semiconductor Wafer Inspection (Front End of Line) Focus on 2 Markets Market being generated (Emerging Market) A market where new inspection needs arise as new processes, devices and materials are developed. Segment of existing market with share increase potential An individual segment of an existing market where current tools and technologies cannot meet the requirements. New market entry based on sophisticated technologies Market/segment that is too small for large companies to pay for investment cost Lasertec Rapid development Low development cost Sophisticated technology optics system design capability Quick response Flat organization for high agility 18

20 FY2014 Strategy Scaling 45nm 28nm 20nm 14nm 10nm 3D DP FinFET EUVL NIL Scaling New Process MATRICS MAGICS ABI (EUV) LX330 BGM300(3D) New Process, New Device, New Material BSI-CIS (Image Sensor), New Memory (MRAM, ReRAM, PRAM) Power Semiconductor: (SiC device, GaN device) New Needs Emerging Market New Device New Material MR300 (BSI-CIS) SICA (SiC) TROIS (GaN) 19

21 FY2014 Strategy (2) Create New Businesses Product (Semiconductor Wafer Inspection) Lithography Process Inspection System LX330 TSV Back Grinding Process Measurement System BGM300 MURA/Film Inspection System for CMOS Image Sensors - MR300 SiC, Transparent Wafer Inspection/Review System SICA/TROIS New Products Action Sales promotion to memory chip manufactures to win inline inspection contracts. Accumulate results from existing customers of BGM300 and promote to other companies. Sales promotion to manufacturers of backside-illuminated CMOS image sensors (BSI-CIS). Overseas sale promotion Will enhance marketing effort for future businesses 20

22 Contents Results of Fiscal Year ended June 2013 (51st Term) Financial results of fiscal year ended June 2013 (51st term) Forecast for Fiscal Year ending June 2014 (52nd Term) Business environment and strategy for this fiscal year Financial forecast for fiscal year ending June 2014 (52nd term) 21

23 FY2014 Forecast Sales will increase mainly from sales of semiconductor-related systems. Profit level will remain flat due to increases in R&D and other expenses. Consolidated (Million Yen) Actual FY2013 Ratio Forecast (August 12, 2013) FY2014 Ratio Y/Y Change Net Sales 11, % 13, % 17.6% Operating income 2, % 2, % 4.7% Ordinary income 2, % 2, % -11.3% Net income 1, % 1, % -9.9% (Figures less than a million yen are rounded down.), n f nf¾ - f ¾ ½ f n 22

24 FY2014 Forecast Comparison with FY2013 (consolidated) An increase of 100 million yen in operating income is forecast. FY2013 Operating income 2,149 Increase in R&D expenses -369 Increase in other SG&A expenses -92 FY2014 Operating income (forecast) 2,250 Increase of 101 Increase of gross profit due to sales increase and product composition change (Million Yen) 23

25 FY2014 Forecast Sales by Product Category Sales will increase mostly from sales of semiconductor mask-related products and microscopes. Consolidated (million yen) Actual FY2013 Ratio FY2014 Forecast Ratio Y/Y (Aug. 12, 2013) Change Semiconductor-related systems 9, % 10, % 12.8% Other products % 1, % 85.8% Services 1, % 1, % 11.4% Total 11, % 13, % 17.6% 13,400 11, n ¾ ½ n ¾ n n f ¾ ¾ ¾ We have changed product categories and start using 2 category divisions - semiconductor-related systems and other products - from FY2014. This is because our business structure is now focused on the semiconductor-related systems. 24

26 FY2014 Forecast - Orders and Backlogs A large increase in orders for semiconductor-related systems Orders by product category Consolidated (million yen) Backlog by product category FY2013 FY2014 FY2013 FY2014 Forecast Y/Y Forecast Y/Y Actual Ratio (Aug. 12, 2013) Change Actual (Aug. 12, 2013) Change Semiconductor-related systems 6, % 11, % 4,043 5, % Other products % 1, % % Services 1, % 1, % % Total 8, % 15, % 4,393 5, % Orders by product category (Figures less than a million yen are rounded down.) 15,000 8,765 n ¾ ½ n ¾ n f nf¾ n n f ¾ ¾ ¾ 25

27 FY2014 Forecast - Sales and Profit in the First Half and Second Half Sales will rebound in the second half. (Million Yen) 10,000 8,900 8,000 6,566 6,000 4,000 2, ,807 1st Half FY2013 4, nd Half FY2013 4, st Half FY2014 2,200 2nd Half FY2014 Net sales Operating income FY2013 Actual FY2014 Forecast 26

28 FY2014 Forecast Other Indicators R&D spending will remain high. More additions to engineering and overseas staff. FY2013 FY2014 Consolidated (million yen) Actual Forecast (Aug. 12, 2013) Ratio Y/Y Change R&D expenses 1,003 1, % 36.8% Depreciation and amortization % 12.4% Capital expenditure % 73.1% Number of Employees (Excluding members of the board) 27

29 (Reference) Sales in the First/Second Half by Product Category Consolidated (million yen) FY2013 Actual FY2014 Forecast 1st Half 2nd Half Year 1st Half 2nd Half Year Semiconductor-related systems 5,549 3,537 9,086 3,280 6,970 10,250 Other products ,020 1,440 Services , ,710 Total 6,566 4,830 11,397 4,500 8,900 13,400, ¾ f f ¾ f f n ¾ ½ n ¾ n n f ¾ ¾ ¾ n f nf¾ 28

30 (Reference) Orders in the First/Second Half by Product Category Consolidated (million yen) FY2013 Actual FY2014 Forecast 1st Half 2nd Half Year 1st Half 2nd Half Year Semiconductor-related systems 3,064 3,379 6,443 5,980 5,690 11,670 Other products , ,620 Services , ,710 Total 4,229 4,535 8,765 8,000 7,000 15,000 (Figures less than a million yen are rounded down.), n ¾ ½ n ¾ n n f ¾ ¾ ¾ ¾ f f ¾ f f n f nf¾ 29

31 Contact Information For inquiries on this presentation, please contact Hiroshi Asai General Manager, Corporate Planning Office Lasertec Corporation Phone: hiroshi.asai Lasertec.co.jp This presentation is compiled based on information available to us as of the date of release. Actual results may differ materially from the forecast of this presentation due to various reasons. 30