businessresultsbusiness results fy2016（year endingg,) june … · 2020. 10. 15. · di i overview...

【 Code No：6728】

Business ResultsBusiness ResultsFY2016（Year Ending June 30, 2017) 3Qg , ) Q(9 Months)

ULVAC,Inc.12th May, 2017

Page 1Copyright ©2017,ULVAC,Inc.All rights reservedFY163QPSN20170512E

12 May, 2017

Disclaimer regarding forward-looking statementsForward-looking statements of the company in these presentations are based on information

available at the time these documents were prepared. ULVAC’s customers in the flat-panel display (FPD), Solar cell, semiconductor, and electronic parts industries face the challenge of the rapid pace of technological advances and fierce competition. Consequently, actual earnings may vary substantially from the projections included in these presentations due to a number of factors that could cause, directly or indirectly, performance to fluctuate. The factors that could cause results to differ materially from the statements herein include the world economy; fluctuations in the exchange rate; market conditions for flat-panel displays, semiconductors, and electronic devices; and trends in capital investments.

Data included in the documents are stated as follows:Data included in the documents are stated as follows:Figures are rounded off to the nearest unit, and rates are rounded off to the nearest unit after

being determined in millions of yen.Definition of an accounting period:g p

3Q (9 months)：The 9 months of the fiscal year3Q：The third quarter of the fiscal yearFiscal year：The Fiscal year ending in June（FY2016：from July 2016 to June 2017）


Overv iew of Bus iness Resu l ts for FY2016 3Q（9 months）


S i n c e t h e r e v i s i o n t o t h e o r i g i n a l e s t i m a t i o n ( F e b 2 0 1 7 )

Overview of Highlights of Business Results for FY2016 3Q（9 months） Outlook for FY2016

S i n c e t h e r e v i s i o n t o t h e o r i g i n a l e s t i m a t i o n ( F e b . 2 0 1 7 ) , t h e r e h a v e b e e n n o m a j o r c h a n g e s i n t h e m a r k e t e n v i r o n m e n t , r e m a i n e d r o b u s t . O r d e r s r e c e i v e d : 1 7 1 . 2 b i l l i o n y e ny

- T h e a c t i v e t r e n d i n f a c i l i t i e s i n v e s t m e n t s f o r L C D s f o r l a r g e - s i z e d T V s a n d O L E D s f o r s m a r t p h o n e s c o n t i n u e d . O r d e r s r e c e i v e d c o n t i n u e d a t a h i g h l e v e la s p r e d i c t e d .a s p r e d i c t e d .

N e t s a l e s : 1 7 2 . 4 b i l l i o n y e n- N e t s a l e s e x c e e d e d e x p e c t a t i o n s , m a i n l y d u e t o

p r o d u c t i o n e q u i p m e n t f o r L C D s f o r l a r g e - s i z e d T V s . O p e r a t i n g p r o f i t : 2 3 2 b i l l i o n y e n O p e r a t i n g p r o f i t : 2 3 . 2 b i l l i o n y e n

- To g e t h e r w i t h t h e i n c r e a s e i n n e t s a l e s , o p e r a t i n g p r o f i t a l s o e x c e e d e d e x p e c t a t i o n s .

R e v i s e d t h e F Y 2 0 1 6 f o r e c a s t u p w a r dN t l d l l f i t i t i d d t- N e t s a l e s a n d a l l p r o f i t s i t e m s w e r e r e v i s e d c o m p a r e d t o

p r e v i o u s e s t i m a t i o n s .P r e v i o u s e s t i m a t i o n R e v i s e d

N e t s a l e s 2 1 8 . 5 B n . Y e n → 2 2 3 . 5 B n . Y e nO i f i 2 6 0 2 8O p e r a t i n g p r o f i t 2 6 . 0 B n . Y e n → 2 8 . 5 B n . Y e nN e t i n c o m e 1 9 . 5 B n . Y e n → 2 1 . 5 B n . Y e n

R e v i s e d d i v i d e n d e s t i m a t i o n u p w a r dO r i g i n a l e s t i m a t i o n R e v i s e d


O r i g i n a l e s t i m a t i o n R e v i s e dD i v i d e n d ( p e r s h a r e ）３０ Y e n → ４５ Y e n

N t l d ll fit it d d th f th i d f l t

Overview of Business Results for FY2016 3Q（9 months） Outlook for FY2016

・ Net sales： Increased by ＋14％ Y-o-Y

・ Operating profit：Increased by +42％ Y-o-Y

Net sales and all profit items exceeded those for the same period of last year.Sales

（left axis）Transition of Net sales and Operating Profit 【Unit:Bn.Yen】

50 252.6

50 1

61.9 60.4

8 81060 FY2015 FY2016

3Q 3QY-o-Y

p g【Unit:Bn.Yen】

50.2 48.0

41.5

50.1

6.4

8.0 8.8

40

(9 months）Result

(9 months）Result

Y-o-Y(Changes)

Orders Received 175.1 171.2 -2.3% Operating

Profit

5.3 5.5 5.5

6.4

5

40 Net Sales 150.8 172.4 14.3%

Gross margin 40.3 48.1 19.5%

Ratio 26.7% 27.9% + 1.2 pt

Profit（right axis）

1.5

20

p

SG&A 24.0 25.0 4.1%

Operating Profit 16.3 23.2 42.1% 1.5

00

Ratio 10.8% 13.5% + 2.6 pt

Net Income 11.8 17.9 51.6%

Ratio 7.8% 10.4% + 2.6 pt 4Q3Q2Q1Q 3Q2Q1Q


FY2015 FY20164Q3Q2Q1Q 3Q2Q1Q

・ FPD production equipment: Mainly due to equipment of OLEDs, d i i

Overview of Business Results for FY2016 3Q（9 months）

(Results of orders received and net sales by segment） Outlook for FY2016p q p y q p ,

the trend for FPD production equipment continued at a high level. (Despite the FY2016 9 months results being lower Y-o-Y, it is forecast that the full year results will be higher Y-o-Y.)・ Semiconductors and electronics device production equipment: Order received increased, helped by expanding investment in NAND and DRAM memories

・ FPD production equipment:Net sales for OLED production equipment increased

・ Components:Cryopumps, etc. for OLED contributed to net sales.

and DRAM memories・ Components: Orders received of cryopumps, etc. for OLED increased

Order Received Net Sales200

175 1200

【Unit:Bn.Yen】【Unit:Bn.Yen】

150 15 0 17 212.5 11.313.0 10.7

175.1 171.2

150 15 511.2

13.0

12.3150.8172.4

100 24.0 27.8

20.4 23.2

15.0 17.2

100 27.319.3

24.516.6

15.511.7

50 90.2 80 950

81.5

25.2

1H1H FY2016FY20150

80.9

0

65.081.5

FY2015

OthersMaterialsIndustrial Equipment

Semiconductors andComponents

FY2016


1H1H FY20169 months

FY20159 months

FY20159 months

Semiconductors and electronic device production equipmentFPD and PV production equipment

FY20169 months

Th t d f d i d d t l ti d t hi h l l

Outlook for FY2016Overview of Business Results for

FY2016 3Q（9 months）(Transition of orders received and net sales by segment)

Order Received Net Sales・ The trend for orders received and net sales continued at a high level.

80 80 【Unit:Bn.Yen】【Unit:Bn.Yen】

60 4.0 3.44.5 3.860 4.8

3.5

4.2 3 4

4.2 4 2

4.1

3.4 3.7

40 6 4 7 2

8.5 8.86.8 6.0

5.4 5.3

4.2

6.0 5.4

4.3 3.4

3.5 4.2 4.1 3.4

3.4

3.8

3.4

4.5

4.2 3.9

4.5 4.0 4.7

4.3

3.9

3.9

40 9.3

8.5

10.6

6.1

6.6

7.5

7.4

9.1

5 5

3.9 5.0

5.3 5.4 5.1

5.2 7.0

3.9 3.0

3.0 4.4

4.6 3.3 3.7

3.4

4.3 3.4

4.2

4.7 3.4 3.6

20 7 5

9.4 9.4

9.6 9.1 8.0

8.15.7

8.2

9.6 9.5

6.0 6.8 7.0

6.6 6.3 6.4

6.66.8

7.2

5.8

7.0 5.9 4.13.2 3.4

20 32 4

40.8 10 8

8.0

7.5

8.0 7.4 8.2

10.6 8.9

6.6 6.8

6.3 7.7 6.7

6.4

8.2 5.5

3.3 4.9

0

12.3 14.3 14.1 19.0 20.6 24.1 20.4 17.8

22.7 29.4 29.47.5

0 4.7

11.4 18.1

32.4 28.8

20.6 21.2 22.7 30.9

27.3

7.8

10.8 6.8

FY2014 FY2015 FY2014 FY2015FY2016 FY20161Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q

OthersMaterials Semiconductors and

electronic device production equipment

Components


MaterialsIndustrial Equipment

electronic device production equipmentFPD and PV production equipment


FY2016 3Q（9 months）(Transition of profitability)

・ Both gross profit margin ratio and operating profit margin ratio continued to rise Y-o-Y.

12.8 12.9 14.515

26.426.2

27.6

26.1

28.727.3 27.9

30Gross profit margin ratio Operating profit margin ratio【Unit：％】【Unit：％】

7 9

10.610.4

11.5

1022.622.7

24.6 24.423.9

24.6

5.9

7.9

5.8 5.86.5

5

20 (6.8)

3.7

5

1.2010

FY20121H 1Q 2Q 3Q 4Q2H

FY20131H 2H

FY20141H 2H

FY2015 FY20163Q1Q 2Q

FY20121H 1Q 2Q 3Q 4Q2H

FY20131H 2H

FY20141H 2H

FY2015 FY20163Q1Q 2Q

Operating profit for FY2015 4Q is 6 8% excluding


Operating profit for FY2015 4Q is 6.8% excluding allowance for doubtful accounts.

・ Together with the increase in net sales "notes and accounts receivable trade" increased by 9 9


FY2016 3Q（9 months）(Consolidated balance sheets）

・ Together with the increase in net sales, notes and accounts receivable, trade increased by 9.9 billion yen, "notes and accounts payable, trade" increased by 11.0 billion yen compared to those as of June 30, 2016. On the other hand, “interest-bearing debt” decreased by 16.4 billion yen compared to those as of June 30, 2016.・ "Net assets" increased by 20.3 billion yen, compared to those as of June 30, 2016.

300 Note and accounts payable,trade

300 Cash on hand and in banks

AssetsLiabilities and

Net Assets【Unit:Bn.Yen】【Unit:Bn.Yen】

28.7 28.7 33.8

35.3 46.3 200

Interest-bearing debt

Other current liabilities

Other Long-term liabilities

44.6 57.7 62.7

45 748.8 200

Notes and accounts receivable,trade

Inventories

Other current assets

30.9

106.1 89.6 82.6 62.7

46.3

liabilities

Net Assets

43 9

59.5 46.3 56.7 58.0 67.8

45.7 Property,plant and equipment

Intangible fixed assets

72 2 84.9 78 0 98.4 16.4

16.0 10.3 12.1 11.9

32.7 24.2 30.6 31.4 100

71.8 66.9 65.7 60.4 59.1

5.5 7.4 6.4 10.5 10.8

43.9 34.4 32.1 29.5 31.9 100

59.4 72.2 84.9 78.0

0 17.9 18.1 18.8 15.6 15.3

60.4 59.1

0 FY

2013FY

2014FY

2015FY

2016FY

2012FY

2013FY

2014FY

2015FY

2016FY

2012


3Q 3Q

・ D bt t t t l t ti f ll t 19 8% E it ti i d t 39 5%


FY2016 3Q（9 months）(Results of Interest-bearing debt and FCF）

・ Debt-to-total assets ratio fell to 19.8%. Equity ratio improved to 39.5%.･ Cash flow from operating activities became 24.4 billion yen, while free cash flow (FCF) became

19.5 billion yen. The 9 months FY2016 figures already exceed those for the previous full year, and as such we achieved a positive net cash for the first time since its listing.

【Unit:Bn Yen】

CF from Operating activities

55%190

Interest-bearing debt Net interest-bearing debtEquity Debt-to-total-assets ratioEquity ratio

【Unit:Bn.Yen】

【Unit:Bn.Yen】

22.023.7 24.4

18 1 19.5

30 CF from Investment activitiesFCF

43.6%

38.8%

34.1% 33.2%

39.5%40%

140

17.9

18.1 19.5

10

20 106.1

89.682.6 79.4

72 9

92.328.6%

22.7%

29.2%32.8%

33.2%

25%90

0

10 62.7

46.3

61.5

32 0

55.3

67.472.9 19.8%

10%40

PreferredStock15 0

PreferredStock15.0

PreferredStock10.0

-4.1 -5.6 -4.9

-10

032.0

20.0 17.0

10%40 15.0

FY2014 FY2015 FY2016


-2.5 -5%-10 FY2014Full year

FY2015Full year

FY20169 monthsFY2013 FY2014 FY2015 FY2016 3QFY2012

Outlook for FY2016


Outlook for FY2016Overview of Highlights of Business Results for FY2016 3Q

The estimated figures for full year net sales were revised upward as it was forecast that net sales for FPD production equipment and components would increase.In line with this the estimated values for all profit items in the previous

FY2015　FY2016 (July 1, 2016 - June30, 2017)

In line with this, the estimated values for all profit items in the previous estimations were revised upward.

【Unit:Bn.Yen】

Full YearOriginal

Estimation*1Revised

Estimation*2 Forecast

FY2015Full YearResult

3Q(9 months）

Result

Orders Received 223.6 171.2 185.0 230.0 230.0 Net Sales 192.4 172.4 194.0 218.5 223.5

i fi 9 23 2 8 0 2 0 28 Operating Profit 17.9 23.2 18.0 26.0 28.5 Ratio 9.3% 13.5% 9.3% 11.9% 12.8%

Net Income 16.7 17.9 12.0 19.5 21.5 Net Income 16.7 17.9 12.0 19.5 21.5 Ratio 8.7% 10.4% 6.2% 8.9% 9.6%

*1 ：Announced on Aug 2016


1 ：Announced on Aug. 2016*2 ：Announced on Feb. 2017

Outlook for FY2016(Transition and forecast of net sales by segment)

Overview of Highlights of Business Results for FY2016 3Q

250 Net Sales【Unit:Bn.Yen】

200

20.8 20.515 1 12.1

14.5 14.2

17.116.9 17.9

16.5 16.0

150

35.8 35.626.0 25.7

28.6 30.7

24.325.5

20.7 22.114.214.4

15.1 12.120.017.1

100

28.9 36.0

30.9 31.924.2 26.5

OthersMaterials

50

62.3 59.782.8 84.3

102.3 106.6MaterialsIndustrial Equipment

Semiconductors and electronic device production equipmentFPD and PV production equipment

Components

0 FY2013 FY2014 FY2015

FY2016Original

Estimation

*1

FY2016Revised

Estimation

*2

FY2016Forecast

*1 ：Announced on Aug. 2016


1 2 1 ：Announced on Aug. 2016*2 ：Announced on Feb. 2017

Overview of Highlights of Business Results for FY2016 3Q

Outlook for FY2016(Revision to FY2016 Dividend)

We sets dividend while taking into consideration in a comprehensive manner

Revision to FY 2016 Dividend Estimation

We sets dividend while taking into consideration in a comprehensive manner the status of our financial base, each yearʼs consolidated financial figures, and the dividend payout ratio.

O thi i t ki i t t th i i t th ti t f→On this occasion, upon taking into account the revision to the estimate for the full year consolidated financial figures on page. 12, the estimated end-of-term dividend per share has been revised upward from the original estimate of 30 yen to 45 yen.of 30 yen to 45 yen.

FY2016 FY2016 ComparedFY2015Result

FY2016Original

Estimation

FY2016Revised

Estimation

Comparedto OriginalEstimation

Dividend per 30 Yen 30 Yen 45 Yen 15 Yenshare 30 Yen 30 Yen 45 Yen Increased


businessresultsbusiness results fy2016（year endingg,) june … · 2020. 10. 15. · di i overview...

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