financial announcement - ir webcasting€¦ · financial announcement october 31, 2012 2q fy2013...
TRANSCRIPT
CORP IR/October 31, 2012
2Q FY2013 (April 1, 2012 – September 30, 2012)
Financial Announcement
October 31, 2012
2Q FY2013 Consolidated Financial Summary
Yoshiteru Harada, Corporate Director, Executive Officer
Revision of FY2013 Financial Estimates and Major Progress in this Fiscal Year
Hiroshi Takenaka, President & CEO
Agenda:
CORP IR/October 31, 2012
2Q FY2013 Consolidated Financial Summary
October 31, 2012
2Q FY2013: July 1, 2012 - September 30, 2012FY2013 : April 1, 2012 - March 31, 2013
Yoshiteru HaradaCorporate Director, Executive Officer
Corp IR/October 31, 2012
2
Net Sales ¥266.6B - 13.1% on FY12/2H(-18.3% on FY12/1H)
Operating incomeOperating margin
¥12.2B4.6%
- 48.3% on FY12/2H(-66.9% on FY12/1H)
Net income ¥6.0B - 39.5% on FY12/2H(-77.2% on FY12/1H)
Cash and cash equivalents: Cash and deposits + Short-term investments, etc (Securities in B/S).
Results Highlights For the six months ended September 30, 2012
Corp IR/October 31, 2012
3
FY12 FY13 FY13
1H 2H 1H 1H Forecast (7/30)
Net Sales 326.3 306.7 266.6 268.0SPE 248.3 229.4 214.6 216.0FPD/PVE 36.6 33.2 9.2 9.0EC/CN 41.0 43.8 42.4 43.0Others 0.2 0.2 0.2 -
Gross profit 113.5(34.8%)
97.9(31.9%)
85.6(32.1%)
-
SG&A 76.6 74.3 73.4 -
Operating income
36.8(11.3%)
23.5(7.7%)
12.2(4.6%)
9.5(3.5%)
Net income 26.6 10.0 6.0 6.0
EPS(yen) 148.85 56.20 33.99 33.49
Profit and Loss(Billions of Yen)
1. SPE:Semiconductor Production Equipment, FPD/PVE:Flat Panel Display and Photovoltaic Panel Production Equipment, EC/CN:Electric Components and Computer Networks2. Numbers shown in ( ): Profit ratios3. Profit ratios are calculated using full amounts, before rounding.
Corp IR/October 31, 2012
4
FY11/2Q 3Q 4Q FY12/1Q 2Q 3Q 4Q FY13/1Q 2QNet Sales 173.5 159.6 190.6 153.1 173.2 129.1 177.5 134.1 132.4Operatingincome 24.0 25.8 29.7 23.0 13.7 6.0 17.4 9.2 2.9Gross profit margin 34.3% 36.8% 35.3% 38.2% 31.8% 32.1% 31.8% 32.9% 31.4%Operatingmargin 13.8% 16.2% 15.6% 15.1% 7.9% 4.7% 9.8% 6.9% 2.2%
132.4
2.92.2%
31.4%
-10%
0%
10%
20%
30%
40%
50%
-50
0
50
100
150
200
250
Net Sales & Operating Margin(Billions of Yen)
Net Sales Operating marginOperating income Gross profit margin
Corp IR/October 31, 2012
5
76 75 81
11 11 3
13 14 16
0%
100%
1HFY12
2H 1HFY13
SPE
FPD/PVE
EC/CN248.3
229.4214.6
0
100
200
300
1HFY12
2H 1HFY13
36.633.2
9.2
0
20
40
60
1HFY12
2H 1HFY13
41.043.8 42.4
0
20
40
60
1HFY12
2H 1HFY13
SPE Division(Semiconductor Production Equipment)
FPD/PVE Division(FPD/PV Production Equipment)
EC/CN Division(Electronic Components, Computer Networks)
Composition(Billions of Yen)
Net Sales by Division
(Billions of Yen) (Billions of Yen)
Corp IR/October 31, 2012
6
50.3
32.520.2
0
50
100
1HFY12
2H 1HFY13
53.561.2
55.7
0
50
100
1HFY12
2H 1HFY13
30.9
18.3 23.4
0
50
100
1HFY12
2H 1HFY13
37.8
70.8
38.6
0
50
100
1HFY12
2H 1HFY13
44.1
30.8
58.7
0
50
100
1HFY12
2H 1HFY13
15.89.5 11.8
0
50
100
1HFY12
2H 1HFY13
15.66.0 5.9
0
50
100
1HFY12
2H 1HFY13
20 14 9
22 27 26
13 8 11
15 31 18
18 13
27
6 4 6 6 3 3
0%
50%
100%
1HFY12
2H 1HFY13
SPE Sales by RegionKoreaJapan U.S. Europe
Taiwan China S.E. Asia, Others Region Composition
(Billions of Yen) (Billions of Yen) (Billions of Yen) (Billions of Yen)
(Billions of Yen) (Billions of Yen) (Billions of Yen)OthersChina
Taiwan
Korea
Europe
U.S.
Japan
Corp IR/October 31, 2012
7
248.3229.4
214.6
50.238.7 30.7
20.2%
16.9%
14.3%
-5%
0%
5%
10%
15%
20%
25%
30%
(50)
0
50
100
150
200
250
300
1HFY12
2H 1HFY13
36.633.2
9.22.9 (0.6) (3.3)
8.0%
-2.0%
-36.5%-50%
-25%
0%
25%
50%
75%
100%
(30)
(15)
0
15
30
45
60
1HFY12
2H1H
FY13
41.7 44.5 42.8
1.2 1.0 0.6
3.0% 2.4% 1.6%
-5%
0%
5%
10%
15%
20%
25%
30%
(10)
0
10
20
30
40
50
60
1HFY12
2H 1HFY13
Segment InformationSPE(Semiconductor Production Equipment)
FPD/PVE(FPD/PV Production Equipment)
EC/CN(Electronic Components and Computer Networks)
(Billions of Yen) (Billions of Yen) (Billions of Yen)
1. R&D expenses such as fundamental research and element research are not included in above reportable segments.2. Segment income is based on income before income taxes. 3. Profit ratios are calculated using full amounts, before rounding.
Sales Segment profit marginSegment income
Sales Segment profit marginSegment income
Sales Segment profit marginSegment income
Corp IR/October 31, 2012
8
15.8
118.7
0
50
100
150
200
250
FY11/2Q 3Q 4Q FY12/1Q 2Q 3Q 4Q FY13/1Q 2Q
SPE Orders 150.2 128.6 155.8 112.6 73.5 144.9 106.4 76.0 66.9
FPD/PVE Orders 22.4 15.2 26.3 8.9 1.7 5.0 2.8 2.8 8.0SPE Order backlog 215.5 228.8 228.9 220.7 166.7 220.1 188.6 157.7 118.7FPD/PVE Order backlog 57.8 51.0 65.4 61.8 39.4 27.8 14.2 12.2 15.8
75.0
Orders, Order Backlog
(Billions of Yen)
Corp IR/October 31, 2012
9
172.7
143.8
182.1
121.6
75.2
150.0
109.3
78.8 75.0
0
50
100
150
200
FY11/2Q 3Q 4Q FY12/1Q 2Q 3Q 4Q FY13/1Q 2QJapan 17.3 22.2 43.9 25.0 16.3 14.9 11.7 10.0 16.3
U.S. 46.6 24.5 25.4 31.1 24.8 29.7 36.8 24.0 18.4
Europe 22.8 14.1 18.6 17.2 3.9 7.6 7.0 6.8 7.7
Korea 24.9 21.0 30.7 21.9 17.9 51.1 25.1 9.7 7.3
Taiwan 34.6 38.2 40.3 13.7 6.6 33.5 21.0 20.0 16.7China, S.E. Asia, Others
26.3 23.5 22.9 12.5 5.4 12.9 7.4 8.1 8.3
Orders by Region: SPE, FPD/PVE
(Billions of Yen)
Corp IR/October 31, 2012
10
49.7 49.6 66.7
122.8 126.8 127.1 42.8 59.6 37.0
159.1 149.4 132.9
131.2 150.3 94.9
276.6 247.6 286.2
782.4 783.6 745.0
2011/9/30 2012/3/31 2012/9/30
591.2 598.6 595.6
186.0 180.6 146.3
5.1 4.4 3.0
782.4 783.6 745.0
2011/9/30 2012/3/31 2012/9/30
Balance Sheet
Liabilities & Net AssetsAssets(Billions of Yen) (Billions of Yen)
Cash & cash equivalents
Trade notes, Accounts receivables
Inventories
Other current assets
Tangible fixed assets
Debt
Other liabilities
Net assets
Other fixed assets
66.7 billion yen of other fixed assets as of 2012/9/30 includes 15.1 billion yen of goodwill on corporate acquisition, etc. Cash and cash equivalents: Cash and deposits + Short-term investments, etc. (Securities in B/S).
Corp IR/October 31, 2012
11
91
107 109
96
76 82
74 67 71 72
87
73 60
129 132
121 112
104 104
92 99
86 92
86
86 85
0
25
50
75
100
125
150
0
50
100
150
200
250
300
2QFY10
3Q 4Q 1QFY11
2Q 3Q 4Q 1QFY12
2Q 3Q 4Q 1QFY13
2Q
Inventory Turnover and AR Turnover (Billions of Yen)
(Days)
*Turnover days = Inventory or AR at the end of each quarter / last 12 months sales x 365
Net sales
Inventory turnover
Accounts receivable turnover
Corp IR/October 31, 2012
12
FY2012 FY2013
1H 2H 1H
Cash flow from operating activities 26.7 3.0 73.9
Cash flow from investing activities -72.4 64.1 -84.2
Payment for corporate acquisition - - -15.8Payment for purchase of property, plant, equipment and others -16.9 -22.3 -12.6
Term deposits over 3 months -55.4 86.4 -55.7
Cash flow from financing activities -16.7 -10.5 -6.4Cash and cash equivalentsat end of term 101.1 158.7 141.6
Cash and deposits at end of term(Short-term investments, etc. included) 276.6 247.6 286.2
Cash Flow(Billions of Yen)
CORP IR/October 31, 2012
Supplement Data
Corp IR/October 31, 2012
14
FY2012 FY2013
1Q 2Q 3Q 4Q 1Q 2Q
Net Sales 153.1 173.2 129.1 177.5 134.1 132.4SPE 120.8 127.5 91.5 137.8 108.7 105.9FPD/PVE 12.5 24.1 16.6 16.5 4.7 4.4EC/CN 19.6 21.3 20.8 22.9 20.6 21.8Others 0.0 0.1 0.0 0.1 0.1 0.1
Gross profit 58.4(38.2%)
55.0(31.8%)
41.4(32.1%)
56.4(31.8%)
44.1(32.9%)
41.5(31.4%)
SG&A 35.3 41.3 35.3 38.9 34.8 38.6Operating income
23.0(15.1%)
13.7(7.9%)
6.0(4.7%)
17.4(9.8%)
9.2(6.9%)
2.9(2.2%)
Income before income taxes 23.4 15.8 6.7 14.6 11.2 4.3Net income 16.6 10.0 0.7 9.3 5.7 0.3
EPS(yen) 92.91 55.95 4.21 51.98 31.93 2.07
R&D expenses 18.1 22.9 18.7 21.6 17.9 19.4
Profit and Loss(Billions of Yen)
1. SPE:Semiconductor Production Equipment, FPD/PVE:Flat Panel Display and Photovoltaic Panel Production Equipment, EC/CN:Electric Components and Computer Networks2. Numbers shown in ( ): Profit ratios3. Profit ratios are calculated using full amounts, before rounding.
Corp IR/October 31, 2012
15
74 71 78 81 80
14 13
9 4 3
12 16 13 15 17
0%
100%
2QFY12
3Q 4Q 1QFY13
2Q
SPE
FPD/PVE
EC/CN
127.5
91.5
137.8
108.7105.9
0
50
100
150
200
2QFY12
3Q 4Q 1QFY13
2Q
24.1
16.6 16.5
4.7 4.4
0
10
20
30
2QFY12
3Q 4Q 1QFY13
2Q
21.3 20.822.9
20.621.8
0
10
20
30
2QFY12
3Q 4Q 1QFY13
2Q
Net Sales by Division
SPE Division(Semiconductor Production Equipment)
FPD/PVE Division(FPD/PV Production Equipment)
EC/CN Division(Electronic Components, Computer Networks)
Composition(Billions of Yen) (Billions of Yen) (Billions of Yen)
Corp IR/October 31, 2012
16
29.4
16.6 15.810.0 10.1
0
30
60
2QFY12
3Q 4Q 1QFY13
2Q
23.828.6
32.626.6
29.1
0
30
60
2QFY12
3Q 4Q 1QFY13
2Q
16.9
9.5 8.7 10.412.9
0
30
60
2QFY12
3Q 4Q 1QFY13
2Q
20.9 20.6
50.2
24.2
14.4
0
30
60
2QFY12
3Q 4Q 1QFY13
2Q
19.4
9.6
21.1
29.3 29.4
0
30
60
2QFY12
3Q 4Q 1QFY13
2Q
6.6 3.9 5.6 5.6 6.1
0
30
60
2QFY12
3Q 4Q 1QFY13
2Q
10.2
2.5 3.5 2.3 3.5
0
30
60
2QFY12
3Q 4Q 1QFY13
2Q
24 18 12 9 10
19 31 24 25 27
13 10
6 10 12
16 23
36 22 14
15 11 15
27 28
54 4 5 68 3 3 2 3
0%
50%
100%
2QFY12
3Q 4Q 1QFY13
2Q
SPE Sales by RegionKoreaJapan U.S. Europe
Taiwan China S.E. Asia, Others Region Composition
(Billions of Yen) (Billions of Yen) (Billions of Yen) (Billions of Yen)
(Billions of Yen) (Billions of Yen) (Billions of Yen)OthersChina
Taiwan
Korea
Europe
U.S.
Japan
Corp IR/October 31, 2012
17
127.5
91.5
137.8
108.7105.9
21.913.6
25.116.7 13.9
17.2%14.9%
18.2%15.5%
13.2%
-10%
0%
10%
20%
30%
40%
50%
60%
(30)
0
30
60
90
120
150
180
2QFY12
3Q 4Q 1QFY13
2Q
24.1
16.6 16.5
4.7 4.42.0 0.6 (1.2) (1.6) (1.6)
8.6% 3.7%
-7.7%
-35.3% -37.7%-50%
-25%
0%
25%
50%
75%
100%
-20
-10
0
10
20
30
40
2QFY12
3Q 4Q 1QFY13
2Q
21.7 21.123.4
20.822.0
0.5 0.3 0.6 0.2 0.42.4% 1.9% 2.9% 1.0% 2.2%
-10%
0%
10%
20%
30%
40%
50%
60%
(5)
0
5
10
15
20
25
30
2QFY12
3Q 4Q 1QFY13
2Q
Segment InformationSPE(Semiconductor Production Equipment)
FPD/PVE(FPD/PV Production Equipment)
EC/CN(Electronic Components and Computer Networks)
(Billions of Yen) (Billions of Yen) (Billions of Yen)
1. R&D expenses such as fundamental research and element research are not included in above reportable segments.2. Segment income is based on income before income taxes. 3. Profit ratios are calculated using full amounts, before rounding.
Sales Segment profit marginSegment income
Sales Segment profit marginSegment income
Sales Segment profit marginSegment income
Corp IR/October 31, 2012
18
591.2 583.1 598.6 596.3 595.6
186.0 178.8 180.6 166.1 146.3
5.1 7.1 4.4 4.53.0
782.4 769.2 783.6 767.0 745.0
2QFY12
3Q 4Q 1QFY13
2Q49.7 47.9 49.6 68.1 66.7
122.8 124.5 126.8 129.3 127.1
42.8 55.5 59.6 49.1 37.0
159.1 163.5 149.4 144.1 132.9
131.2 128.1 150.3 123.594.9
276.6 249.4 247.6 252.6286.2
782.4 769.2 783.6 767.0 745.0
2QFY12
3Q 4Q 1QFY13
2Q
Balance Sheet
Liabilities & Net AssetsAssets(Billions of Yen) (Billions of Yen)
Cash & cash equivalents
Trade notes, Accounts receivables
Inventories
Other current assets
Tangible fixed assets
Debt
Other liabilities
Net assets
Other fixed assets
66.7 billion yen of other fixed assets as of 2QFY13 end includes 15.1 billion yen of goodwill on corporate acquisition, etc. Cash and cash equivalents: Cash and deposits + Short-term investments, etc. (Securities in B/S).
Corp IR/October 31, 2012
19
FY12 FY13
2Q 3Q 4Q 1Q 2Q
Cash flow from operating activities 8.6 -4.9 7.9 35.8 38.0
Cash flow from investing activities -13.7 53.3 10.8 -46.0 -38.1
Payment for corporate acquisition - - - -15.8 -Payment for purchase of property, plant, equipment and others -12.2 -14.1 -8.1 -9.2 -3.4
Term deposits over 3 months -1.4 67.4 19.0 -21.0 -34.7
Cash flow from financing activities -2.5 -7.7 -2.8 -4.8 -1.5Cash and cash equivalentsat end of term 101.1 141.4 158.7 142.8 141.6
Cash and deposits at end of term(Short-term investments, etc. included) 276.6 249.4 247.6 252.6 286.2
Cash Flow(Billions of Yen)
CORP IR/October 31, 2012
Revision of FY2013 Financial Estimatesand Major Progress in this Fiscal Year
Hiroshi Takenaka, President & CEO
October 31, 2012
CORP IR/October 31, 2012
Business Environment
Corp IR/October 31, 2012
22
Business Environment (As of October 2012)
►SPE CapexPC and smartphone demand is lower than expected due to a slow macroeconomic environment. Demand from foundries is relatively firm, but the wafer fab equipment market is expected to decline by around 20% YoYin CY2012 and full recovery is not expected until spring CY2013 or beyond.
►FPD CapexThe supply/demand balance for large TV panels is improving, but demand for new equipment is not expected to recover until the second half of next year or later. Mid- and small-sized panels are likely to be the main source of equipment demand for the time being.
►PV CapexExcess production capacity for crystalline PV panels is being adjusted, current capex is expected to remain sluggish.
Corp IR/October 31, 2012
23
Quarterly Orders
0
50
100
150
200
250
300
00/7
-910
-12
01/1
-3 4-6
7-9
10-1
202
/1-3 4-6
7-9
10-1
203
/1-3 4-6
7-9
10-1
204
/1-3 4-6
7-9
10-1
205
/1-3 4-6
7-9
10-1
206
/1-3 4-6
7-9
10-1
207
/1-3 4-6
7-9
10-1
208
/1-3 4-6
7-9
10-1
209
/1-3 4-6
7-9
10-1
210
/1-3 4-6
7-9
10-1
211
/1-3 4-6
7-9
10-1
212
/1-3 4-6
7-9
SPE Order FPD/PVE Order
(Billions of Yen) July-September/2012SPE 66.9(-12%)FPD/PVE 8.0(+186%)
Total: 75.0(-5%)( ): change from April-June/2012% is calculated using full amounts
Corp IR/October 31, 2012
24
SPE Orders by Application: Equipment only
DRAMFlashLogic foundryLogic & others (MPU, System LSI, Others)
3222 30
3955 55
45 5239
24 3222
51
29 26 24 2739
30 23 23 15 14 6 11 7 14 9
2635
37 21
16 21 33 2736
4212
8
3
10 1911
16
2224
15 18 3224
27 16 18 88
8 6
1112
47 4 6 8
15
15
12
0
9
22 49 3515 23
1828
2625
9 26 30 32 44
34 3722 28 25 17 18 15 17 19
4158
46 5233
16 22 24 2344
31 2737
5847 45 46 39
0%
20%
40%
60%
80%
100%
05/1
0-12
06/1
-3 4-6
7-9
10-1
2
07/1
-3 4-6
7-9
10-1
2
08/1
-3 4-6
7-9
10-1
2
09/1
-3 4-6
7-9
10-1
2
10/1
-3 4-6
7-9
10-1
2
11/1
-3 4-6
7-9
10-1
2
12/1
-3 4-6
7-9
CORP IR/October 31, 2012
Revision of FY2013 Financial Estimates
Corp IR/October 31, 2012
26
Revision of FY2013 Financial Estimates
FY2012
FY20131H 2H Full year
YoYchangeActual New
estimatesAdjust-ments
Newestimates
Adjust-ments
Net sales 633.0 266.0 234.4 -27.6 501.0 -29.0 -21%
SPE 477.8 214.6 178.3 -21.7 393.0 -23.0 -18%
FPD/PVE 69.8 9.2 9.7 +0.7 19.0 +1.0 -73%
EC/CN 84.8 42.4 46.0 -7.0 88.5 -7.5 +4%
Others 0.4 0.2 0.2 0.5 +0.5 -Operating incomeLower line:OP margin
60.49.5%
12.24.6%
0.30.1%
-10.2-3.9pts
12.52.5%
-7.5-1.3pts
-47.9-7.0pts
Income before income taxes 60.6 15.5 2.5 -10.5 18.0 -7.5 -42.6
Net income 36.7 6.0 1.0 -7.0 7.0 -7.0 -29.7
Lowered SPE sales forecast due to weak investment
(Billions of Yen)
1. Adjustments: changes from the figures announced on July 30, 20122. NEXX Systems (acquisition completed on May 1) and FSI International (acquisition completed on October 11) financials are
reflected in above estimates .
Corp IR/October 31, 2012
27
1. Fixed cost reduction: ¥16 billion from last FY» Cost cuts centered on subcontractor, payroll and development
expenses (materials, etc.)
2. Dividend forecast » Annual dividend of ¥51 including the commemorative dividend
3. Two acquisitions completed
Key Items of Financial Revision
Date acquisition announced
Date acquisition completed
Purchase price
Goodwill(Years of amortization)
NEXX Systems March 16, 2012 May 1, 2012 ¥15.8 billion ¥15.3 billion (10 years)*
FSI International August 13, 2012 October 11, 2012 ¥19.9 billion TBD
* Goodwill and years of amortization are provisional figures.
Corp IR/October 31, 2012
28
設備投資減価償却費
22.7 18.1
14.9
39.1 39.5
22.0 21.4 23.0 20.0 17.7
24.1 26.0
0
20
40
60
80
FY08 FY09 FY10 FY11 FY12 FY13(E)
CAPEXDepreciation
New Miyagi plant
New Miyagi plant TEL Technology Center Tsukuba Kunshan (China) plant TEL Technology Center Korea
66.0 60.9
54.0
70.5
81.5 74.0
0
25
50
75
100
FY08 FY09 FY10 FY11 FY12 FY13(E)
R&D Expenses, CAPEX, Depreciation
R&D Expenses
(Billions of Yen) (Billions of Yen)
R&D Expenses: 79.0B to 74.0B yen (revised)CAPEX: 24.0B to 22.0B yen (revised) Depreciation: 28.0B to 26.0B yen (revised)
Revised Revised
CORP IR/October 31, 2012
Major Progress in this fiscal year
Corp IR/October 31, 2012
30
Progress in the SPE Business (areas of enhancement)
► Etching systems Dielectric etch
Maintained high market share in logic BEOL and memory HARC process
Poly etchTEL successfully differentiated itself in the logic FEOL via RLSA etcher -Newly secured six POR* in US and European markets-Also introduced evaluation equipment to Asian customers
Expect to secure several new processes next FY and beyond.
FinFET
Tactras™ RLSA ™ Etch
* POR (Process of Record): Approval to use equipment in customers’ semiconductor manufacturing processes.
Corp IR/October 31, 2012
31
Progress in the SPE Business (areas of enhancement)
Single wafer cleaning-Confirmed process superiority in BEOL in customer evaluations-Expect to obtain POR for several volume production in the
near future
Dry cleaning -Certas™ maintains high market share
Expect to expand applicable processes going forward throughthe application of new materials
-Completed development of new platform with greatly improved productivity. Preparations in place for 2013 market introduction
Acquisition of FSI International (U.S.)-Enhanced product line-up with FSI SPM* technology and
dry particle removal technology
► Cleaning system
CELLESTA TM
Certas™
SPM (Sulfuric Acid & Hydrogen Peroxide Mixture ) treatment technology: A technique to remove impurities and photoresist by mixing sulfuric acid and hydrogen peroxide and further heating.
ORION™
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• Acquisition completed on October 11, 2012• Purchase price: ¥19.9 billion
Product line-up enhanced by complementary FSI products
Aims of the FSI acquisition Enhance single wafer cleaning: Acquire next generation technology needs Complementary benefits: Application/customers Expand product line-up
Batch Single wafer ScrubberWET WET DRY WET
EXPEDIUS™ CELLESTA™ ORION™ Certas™ ANTARES™ NS300
High temp SPM Particle removal
Acquired FSI International
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• Customer evaluation progressed in high-performance ALD equipment (NT333). Obtained POR for use in next generation memory
SPE Business – other highlights► Thermal processing system
• Shipped TSV processing equipment to pilot lines of several customers (Wafer bonder/debonder, Deep Si etch system, Dielectric liner deposition)
• Shipments of bonders for C-MOS sensors are strong
► 3DI
► Technology for the volume production of new memory STT-MRAM (jointly developed with Tohoku University)
• Started development of a range of production equipment for volume production from 2015
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• Strengthened cost competitiveness -Optimized scale by redeploying personnel-Begun operation of Kunshan plant in China
• Began sales of large ICP etchers for high resolution LCD/OLED backplanes
Progress made in the FPD/PV Business
► FPD production equipment
► PV production equipment• Acquiring Oerlikon Solar: Have secured approval under all relevant
countries’ anti-trust laws. In negotiations for final closing of the deal.
Market trends: Volume production of large panels for OLED TVs delayed to 2014TEL status: Started customer evaluation of ink jet system, in addition to evaporation system
OLED production equipment
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1. PC and smartphone demand lower than expected, wafer fab equipment market expected to be down around 20% YoY in CY2012. Financial forecasts revised down as 2nd half SPE sales now expected to decelerate.
2. We will implement annual fixed cost reduction of 16 billion yen in response to this environment change.
3. TEL aims to significantly enhance its technological competitiveness by actively implementing R&D investment and necessary acquisitions.
Summary
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Disclaimer regarding forward-looking statementForecast 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 numbersFor 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 RiskIn 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
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