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    Information Meeting Information Meeting Information Meeting Information Meeting Information Meeting Information Meeting Document Transcript

    • October 26, 2004 1st Half FY2004 Information Meeting October 26, 2004 Financial Results for 1H/FY2004 1. and Forecast for FY2004 2. Review of Operations and Outlook NOTE •Prepared in accordance with US GAAP •Values in charts are rounded down and may not equal totals 1
    • October 26, 2004 Cautionary Statement with Respect to Forward-Looking Statements Forward- This presentation contains “forward-looking statements” that are based on Advantest's current expectations, estimates and projections. These statements include, among other things, a discussion of Advantest’s business strategy, outlook and expectations as to market and business developments, production and capacity plans. These forward-looking statements can be identified by use of forward- looking terminology are subject to known and unknown risks, uncertainties and other factors that may cause Advantest’s actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. These factors include: (i) changes in demand for the products and services produced and offered by Advantest’s customers, including semiconductors, communications services and electronic goods; (ii) circumstances relating to Advantest’s investment in technology, including its ability to develop in a timely fashion products that meet the changing needs of semiconductor manufacturers and communications network equipment and component makers and service providers; (iii) significant changes in the competitive environment in the major markets where Advantest purchases materials, components and supplies for the production of its products or where its products are produced, distributed or sold; and (iv) changes in economic conditions, currency exchange rates or political stability in the major markets where Advantest procures materials, components and supplies for the production of its principal products or where its products are produced, distributed or sold. A discussion of these and other factors which may affect Advantest’s actual results, levels of activity, performance or achievements is contained in the “Operating and Financial Review and Prospects”, “Key Information - Risk Factors” and “Information on the Company” sections and elsewhere in Advantest’s annual report on Form 20- F, which is on file with the United States Securities and Exchange Commission. 2004-1-27 Financial Results for 1H/FY2004 1. and Forecast for FY2004 2
    • October 26, 2004 Achievement and Forecast n Billions of Yen FY2003 FY2004 Year On Year 1st Half 1st Half ("X" times) (Forecast) Net Sales 62.2 174.2 146.5 2.4 X 250.0 Gross Profit 30.4 88.7 78.3 2.6 X 134.0 Operating Income 4.4 30.9 45.4 10.2 X 70.0 Income Before Tax 3.7 28.8 46.8 12.6 X 71.0 Net Income 2.4 17.3 28.5 11.6 X 43.0 2004-1-27 Orders, Sales, and Backlog In billions of yen FY2003 FY2004 Year On Year 1st Half FY 1st Half ("X" times) (Forecast) Orders 80.2 208.9 125.2 1.6 X 230.0 Semiconductor and Component Test Sy stem Mechatronics Sy stem Serv ices, Support, and Other Sales 62.2 174.2 146.5 2.4 X 250.0 Semiconductor and Component Test Sy stem Mechatronics Sy stem Serv ices, Support, and Other Backlog 34.7 51.4 30.1 -13.2% 31.4 Note:Total includes Elimination of Intersegment Sales 2004-1-27 3
    • October 26, 2004 Quarterly Order Trends In billions of yen 77.6 68.2 60.4 48.3 47.5 31.8 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 2004-1-27 Orders by Business Segment In billions of yen Semiconductor and Component Test System Business Mechatronics System Business Services, Support and Others 230.0 1H YoY Change 208.9 FY Forecast YoY Change Semiconductor and Component +39.8 bil. Yen (1.7 X) 125.2 175.0 154.0 +20.9 bil. Yen (1.1 X) Mechatronics 80.2 + 8.4 bil. Yen (1.5 X) 96.1 + 4.5 bil. Yen (1.1 X) Services and Other 56.3 39.4 44.0 + 0.3 bil. Yen (+ 4%) 24.6 - 1.1 bil. Yen ( - 6%) 16.2 9.6 20.1 10.0 19.0 1H FY 1H FY(Forecast) FY2003 FY2004 Notice:Total includes Elimination of Intersegment Sales 2004-1-27 4
    • October 26, 2004 Quarterly Sales Trends In billions of yen 74.5 72.0 68.2 43.6 35.1 27.1 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q FY1999 FY2000 FY2001 FY2002 Fy2003 FY2004 2004-1-27 Sales by Business Segment In billions of yen Semiconductor and Component Test System Business 250.0 Mechatronics System Business 1H YoY Change Services, Support and Others FY Forecast YoY Change 174.2 Semiconductor and Component 146.5 190.0 +72.2 bil. Yen (2.8 X) +66.5 bil. Yen (1.5 X) 123.4 Mechatronics 113.1 +14.8 bil. Yen (2.1 X) 62.2 +13.7 bil. Yen (1.4 X) Services and Other 40.9 34.2 48.0 +0.9 bil. Yen (+ 9%) 28.1 - 0.4 bil. Yen ( - 2%) 13.2 20.4 20.0 9.9 10.8 1H FY 1H FY(Forecast) FY2003 FY2004 Notice:Total includes Elimination of Intersegment Sales 2004-1-27 5
    • October 26, 2004 Sales Semiconductor and Component Test System Business In billions of yen 190.0 Memory SoC Other 1H YoY Change 123.4 FY Forecast YoY 113.1 132.0 Change Memory +51.6 bil. Yen (3.0 X) +44.2 bil. Yen (1.5 X) 87.7 77.5 SoC +19.2 bil. Yen (2.5 X) 40.9 +21.9 bil. Yen (1.7 X) Other 52.0 25.8 +1.2 bil. Yen (1.5 X) 30.0 31.9 +0.2 bil. Yen (+ 5%) 12.7 5.7 2.4 3.6 6.0 1H FY 1H FY(Forecast) FY2003 FY2004 2004-1-27 Sales by Region Overseas Sales Ratio 80 In billions of yen 74.3 73.2 % 66.7 70 60.2 60 250.0 1H YoY Change Japan Americas FY Forecast YoY Europe Change 67.0 South Korea Japan +12.8 bil. Yen (1.5 X) Taiwan 174.2 +9.0 bil. Yen (1.2 X) Rest of Asia 23.0 Americas +9.6 bil. Yen (3.5 X) 146.5 13.0 +6.7 bil. Yen (1.4 X) 57.9 Europe +3.0 bil. Yen (1.7 X) 37.6 34.0 +2.5 bil. Yen (1.2 X) 16.2 13.4 South +7.3 bil. Yen (1.8 X) 10.4 7.5 53.0 Korea +5.3 bil. Yen (1.2 X) 62.2 28.6 16.2 Taiwan +26.7 bil. Yen (4.4 X) 24.8 34.6 +21.1 bil. Yen (1.7 X) 31.8 3.8 4.5 60.0 Rest of +24.7 bil. Yen (3.0 X) 8.8 Asia 7.8 29.1 37.0 +30.8 bil. Yen (2.1 X) 12.3 1H FY 1H FY(Forecast) FY2003 FY2004 2004-1-27 6
    • October 26, 2004 Operating Income and Net Income In billions of yen Operating Income 70.0 Net Income 43.0 45.4 1H YoY Change FY Forecast YoY Change 30.9 28.5 Operating Income +40.9 bil. Yen (10.2 X) +39.0 bil. Yen ( 2.3 X) 17.3 Net Income +26.1 bil. Yen (11.6 X) 4.4 2.4 +25.6 bil. Yen ( 2.5 X) 1H FY 1H FY(Forecast) FY2003 FY2004 2004-1-27 Operating Profit and Loss by Business Segment In billions of yen Semiconductor and Component 57.0 Test System Business Mechatronics System Business Services, Support and Others 37.7 1H YoY Change FY Forecast YoY Change 28.6 Semiconductor and Component +34.1 bil. Yen (10.5 X) +28.3 bil. Yen ( 2.0 X 15.0 Mechatronics 11.2 9.9 +6.7 bil. Yen ( 3.1 X) 3.6 +3.7 bil. Yen ( 1.3 X) 3.1 2.0 Services and Others +0.1 bil. Yen ( 1.3 X) 0.7 +4.5 bil. Yen ( - ) 0.5 -2.5 1H FY 1H FY(Forecast) FY2003 FY2004 03 2004-1-27 7
    • October 26, 2004 Balance Sheet In billions of yen Mar. 2003 Mar. 2004 Sep. 2004 Current Assets Cash & Cash Equivalent Accounts Receivable Inventories Fixed & Other Assets Total Assets 281.2 330.8 349.9 Current Liabilities Fixed & Other Liabilities Shareholders’ Equity % of total assets 74.9% 67.0% 7 .4% Liabilities & Equity 281.2 330.8 349.9 2004-1-27 Cash Flow In billions of yen 78.9 Business CF Investment CF 68.9 Free CF 1H YoY Change 44.5 FY Forecast YoY 39.2 Change Business CF +31.1 bil. Yen 3.3 X) 28.2 +50.6 bil. Yen 2.8 X 23.1 Investment CF 13.3 11.0 -3.0 bil. Yen -2.3 X -4.9 bil. Yen -2.0 X Free CF +28.1 bil. Yen 3.5 X +45.7 bil. Yen 3.0 X -2.2 -5.0 -5.3 -10.0 1H FY 1H FY (Forecast) FY2003 FY2004 2004-1-27 8
    • October 26, 2004 CAPEX and Depreciation In billions of yen CAPEX 10.9 Depreciation 10.0 9.3 9.0 7.5 5.6 5.1 1H 4.0 (Result) FY2002 FY2003 FY2004(Forecast) 2004-1-27 R&D Expense 30 % of Net Sales % 24.1 20 12.4 10.0 In billions of yen 10 25.0 23.6 21.6 1H (Result) FY2002 FY2003 FY2004(Forecast) 2004-1-27 9
    • October 26, 2004 10
    • October 26, 2004 2. Review of Operations and Outlook SoC Tester (Digital Consumer Products ) Japan LCD Driver Tester (LCD Panel Drivers) Memory Tester (DRAM, Flash Memory) SoC Tester (PC-Related) Americas Memory Tester (Flash Memory) South Korea Memory Tester (Flash Memory) Taiwan LCD Driver Tester (LCD Panel Drivers) SoC Tester (PC-Related) Rest of Asia Memory Tester (DRAM, Flash Memory) 2004-1-27 11
    • October 26, 2004 Performance Forecast for FY2004 Orders 230 billion yen Sales 250 billion yen Operating Income 70 billion yen Net Income 43 billion yen 2004-1-27 Stable Weak Digital Consumer DRAM SoC Tester Products Japan Memory Tester Flash-Memory LCD Driver LCD Panel Tester Drivers Americas SoC Tester (PC-Related) Memory Tester (DRAM) DRAM LCD Driver LCD Panel Taiwan Memory Tester Flash-Memory Drivers Tester South DRAM Memory Tester Flash-Memory Korea 2004-1-27 12
    • October 26, 2004 Investment moves to DDR2 CAPEX for 300mm plants CAPEX in Taiwan Increasing range of applications 2004-1-27 Rising Oil prices The conditions of American economy Trends of Semiconductor prices Demand for PCs 2004-1-27 13
    • October 26, 2004 Semiconductors Shipment and Growth Rate Growth Rate (6months moving average) Shipment Value 98 99 00 01 02 03 04 year 2004-1-27 Factors of Increasing Profit Increasing Profit Restructuring of Continuous Manufacturing Expanding R&D Operations Sales and Market Share Reduced Further Increase Timely Lead Times in Share Release of and of Memory Market New and Inventories Products Target Share of SoC Market: 20% 2004-1-27 14
    • October 26, 2004 Lead Time Reduction From 3 Months to 1 Month Inventory Reduction From 49.4 billion yen to 32.6 billion yen Reorganization of Manufacturing Operations Introduction of the Store Production System 2004-1-27 Memory Tester DRAM Front End DRAM Front End DRAM Back End DRAM Back End SoC/AS Digital Consumer Products Digital Consumer Products T2000 Modules T2000 Modules Mixed Signal Mixed Signal LCD Driver IC LCD Driver IC Image Sensors Image Sensors R F Test Systems R F Test Systems Optical Test Systems Optical Test Systems Other Handlers Handlers EB Lithography EB Lithography FY2003 FY2003 FY2004 Forecast) FY2004 Forecast) New Product Ratio 26% 26% 27% 27% Number of New Products 15 15 25 25 Memory Tester Memory Tester 4 4 4 4 SoC // AS SoC AS 11 11 14 14 Other Other 7 7 2004-1-27 15
    • October 26, 2004 Expanding Sales and Market Share Memory Tester SoC Tester 61% 11% $1.1billion Size of Market, Year 2003 $2.3billion (Estimated by Advantest 2004-1-27 [Mbps] 2500/5000 1250/2500 Graphic DRAM 1000/2000 1000/2000 SGRAM 1000/2000? 1000/2000 T5593+Option AZUSA 800/1600 800/1600 750/1500 700/1400 750/1500 600/1200 SSRAM 600/1200 RLDRAM 667/1333 500/1000 600/1200 500/1000 500/1000 400/800 533/1066 450/900 400/800 400/800 DDRIII SDRAM 300/600 333/667 250/500 266/533 200/400 200/400 DDRII SDRAM 166/333 T5593 DDR SDRAM year (Estimated by Advantest 2004-1-27 16
    • October 26, 2004 Flash-Memory Market In billions of dollars Sales Trends 16 14 12 NAND 10 8 6 4 NOR 2 0 98 99 00 01 02 03 04 05 year projected In billions of bits Bit Count Trends 7 6 5 NAND 4 3 2 1 NOR 0 98 99 00 01 02 03 04 05 year Source: Nikkei Business Publications, Inc projected 2004-1-27 The T2000 Today Expanded Lineup Development of Modules for a Low Cost Wide Variety of Mainframe Applications Reduced Footprint 2004-1-27 17
    • October 26, 2004 300mm Equipment Investment Predicted for Coming Years <EU> 2 Lines <North America> 3 Lines 2 Lines <Japan> 6 Lines 9 Lines 3 Lines <Asia> 8 Lines 10 Lines Upper Level scheduled Lower Level operating (Projected figures: Advantest 2004-1-27 PC Cellular Phones Automobiles Servers (Projected figures: Advantest 2004-1-27 18
    • October 26, 2004 19