Nikon Q1

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Nikon Q1

  1. 1. NIKON CORPORATION 株式会社ニコン Corporate Communications & IR Dept. 2006年月5月15日 Aug 5 ,2010 Financial Results for the First Quarter of the Year Ending March 31, 2011 Conference in Tokyo (Aug 5, 2010) NIKON CORPORATION Forward-looking statements for earnings and other performance data contained herein are based on information currently available to the Company, and all potential risks and uncertainties are taken into account. The Company asks that investors understand that changes in conditions may cause actual performance to significantly differ from these projections. 1
  2. 2. Agenda I. Financial Results for the First Quarter of the Year Ending March 31,2011 II. Estimation for the Year Ending March 31,2011 Ⅲ.Reference Data
  3. 3. Financial Highlights for the First Quarter of the Year Ending March 31, 2011 Change 10/3 1Q 上期 11/3 1Q 上期 Billions of yen (A) 下期 (B) 下期 (B)-(A) Net Sales Net Sales 175.1 205.2 +30.1 Operating Income Operating Income % vs Net Sales 0.7 11.3 +10.6 0.4% 5.5% Ordinary Income Ordinary Income % vs Net Sales -1.3 -% 12.7 6.2% +14.0 Net Income Net Income % vs Net Sales - 4.0 -% 8.2 +12.2 4.0% FCF FCF - 1.9 27.6 + 29.5 Exchange Rate Impact on Exchange Rate 97 yen 92 yen Net Sales: est. - 9.3 US$ US$ EURO 133 yen 117 yen Op. Income: est. - 3.3 EURO In spite of the strong yen, net sales increased 17% and operating income showed a substantial gain, turning ordinary income and net income into the black. FCF posted 27.6 2 billion yen.
  4. 4. Precision Equipment Company 10/3 1Q 上期 11/3 1Q Change 上期 Billions of yen (A) 下期 (B) 下期 (B)-(A) Net Sales Net Sales 27.3 40.3 +13.0 Operating Income Operating Income % vs Net Sales - 10.1 - 0.6 + 9.5 -% -% IC Steppers & Scanners IC Steppers & Scanners New //Refurbished New Refurbished 7/- units 10/6 units + 3/ + 6 LCD LCD Steppers & Scanners Steppers & Scanners 3 units 14 units +11 Thanks to the market recovery, both IC and LCD steppers and scanners increased the sales volume, posting near 50% profit gain and reducing operating loss dramatically. 3
  5. 5. Precision Equipment Company IC Steppers & Scanners LCD Steppers & Scanners Sales by Technology Sales by Generation Units Units 15 15 14 12 7G~ 12 4 10 9 ArF 9 7 4 immersion 5G/6G 6 6 6 4 2 KrF 3 3 3 4 i-line 2 4 ~4G 3 0 1 0 10/6 09/6 10/6 09/6 4
  6. 6. Imaging Company Billions of yen 10/3 1Q 上期 11/3 1Q Change 上期 (A) 下期 Cameras & Lenses (1,000 of units sold) (B) 下期 (B)-(A) Net Sales Net Sales 135.4 148.8 +13.4 Operating Income Operating Income 12.5 9.2% 14.0 +1.5 % vs Net Sales 9.4% Single-lens Reflex Single-lens Reflex DSC DSC 840 1,050 +210 Interchangeable Interchangeable Lenses Lenses 1,240 1,560 +320 Compact DSC Compact DSC 2,540 3,460 +920 The sales volume of SLR cameras increased 25% from the previous 1Q in proportion to the market growth. Although the compact camera market only showed a slight recovery in the 1Q from the negative growth of the previous year, Nikon was able to increase the sales volume 36% more from the previous year. This favorable sales trend contributed our market share expansion. Overall, both sales and income increased 10% and 12%, respectively, in the midst of the strong yen. 5
  7. 7. Instruments Company 10/3 1Q 上期 11/3 1Q Change 上期 Billions of yen (A) 下期 (B) 下期 (B)-(A) Net Sales Net Sales 8.2 10.9 + 2.7 Operating Income Operating Income -1.6-% - 2.6-% - 1.0 % vs Net Sales The bioscience field, which was affected by the strong yen, maintained the same level of sales. The industrial instruments field, on the other hand, showed the sales hike as the customers’ capital expenditure started to recover. The increase in operating loss, attributable mainly to the strong yen, initial costs for new products, and amortization of goodwill, are within the assumption. 6
  8. 8. Balance Sheet Assets Liabilities & Equity 55% 50% Billions of yen Billions of yen 49.1% 50.2% 48.8% 900 900 45% Capital ratio 776.0 776.0 740.6 759.5 759.5 740.6 93. 6 Cash & time 107. 7 123. 7 deposit 125.8 Notes & 600 accounts 600 394.6 113. 8 115. 2 Receivable- 388.7 Total 368. 6 Liabilities trade 263.9 207. 0 213. 8 Inventories 300 56.1 Other current 300 54. 2 62.7 assets 381.4 372. 0 370.8 Total Equity 238.6 256. 0 244. 1 Fixed Assets 0 0 09/6 10/3 10/6 09/6 10/3 10/6 7
  9. 9. Summary for the First Quarter of the Year Ending March 31,2011 Sales 17% up from the previous 1Q, increasing operating income dramatically (x16) turning ordinary income and net income into the black. Precision Equipment Company - Thanks to the recovery of customers’ capital expenditure, both IC and LCD steppers and scanners increased the sales volume. - Net sales increased 48%, shrinking operating loss dramatically. Imaging Company - Both SLR cameras and interchangeable lenses remained on a steady upturn. Brisk compact camera sales contributed to the market share expansion. - The vigorous sales absorbed the impact by strong yen, posting 10% sales increase and 12% income gain. Instruments Company - Sales increased 33%, thanks mainly to consolidated operations of the industrial instruments field and the market recovery. - Operating loss expanded, but within the assumption. 8
  10. 10. Agenda I. Financial Results for the First Quarter of the Year Ending March 31,2011 II. Estimation for the Year Ending March 31,2011 Ⅲ.Reference Data
  11. 11. Estimation for the Year Ending March 31, 2011 Previous Change Change 10/3 1H 1H New est. 1H 1H est. (B) Actual (A) 2H 2H (C) 2H ( C )-(A) ( C )-(B) 2H Billions of yen (May 11) 368.1 395.0 398.0 + 3.0 785.5 890.0 + 104.5 + 10.0 Net Sales Net Sales 417.4 880.0 485.0 492.0 + 7.0 - 19.5 7.5 13.5 + 6.0 Operating Operating -13.9 52.0 52.0 + 65.9 - Income Income 5.6 5.9% 44.5 5.8% 38.5 - 6.0 % vs Net Sales -% - 22.3 7.0 15.0 + 8.0 Ordinary Ordinary -15.3 50.0 50.0 + 65.3 - Income Income 7.0 5.7% 43.0 5.6% 35.0 - 8.0 % vs Net Sales -% - 17.7 4.0 9.0 + 42.6 + 5.0 Net Income Net Income -12.6 30.0 30.0 - % vs Net Sales -% 5.1 3.4% 26.0 3.4% 21.0 - 5.0 56.4 15.6 58.0 +1.6 +8.0 FCF FCF 50.0 40.8 96 91 Exchange Rate Exchange Rate 93 yen 90 90 yen 91 yen 90 US$ US$ EURO 131yen 133 120 yen 112 yen 114 EURO 129 110 The fiscal year sales forecast is revised 10 billion yen upward despite the higher yen rate against Euro. The operating income for the first half is revised upward, but not for the whole year due to unforeseeable outlook in the second half. 9
  12. 12. Estimation for Precision Equipment Company 10/3 1H Previous est. 1H 1H New est. 2H Billions of yen Actual 2H (May 11) 2H 66.3 80.0 83.0 Net Sales Net Sales 150.1 83.8 210.0 130.0 220.0 137.0 - 44.0 - 8.0 - 4.5 Operating Income Operating Income - 58.6 - 14.6 3.0 11.0 6.0 10.5 % vs Net Sales -% 1.4% 2.7% 18/4 17/ 9 17/12 IC Steppers & Scanners IC Steppers & Scanners 36/13 units 48/22 units 31/13 54/22 units 37/10 New //Refurbished New Refurbished 18/9 16 24 25 LCD LCD Steppers & Scanners 45 units 58 units 34 62 units 37 Steppers & Scanners 29 IC Steppers & IC Steppers & 半導体露光装置 半導体露光装置 Scanners Scanners 市場規模 市場規模 Market Scale 112 units Approx.200 units Approx.220 units Market Scale LCD Steppers & 液晶露光装置 LCD Steppers & 液晶露光装置 Scanners Scanners 市場規模 74 units Approx.110 units Approx.110 units 市場規模 Market Scale Market Scale The sales volume expects to increase both for IC and LCD steppers and scanners. Net sales and operating income for the fiscal year are revised upward partly because of service income improvement and cost reduction effects. 10
  13. 13. Estimation for Precision Equipment Company IC Steppers & Scanners LCD Steppers & Scanners Sales by Technology Sales by Generation Units Units 60 70 62 54 58 50 48 60 36 27 ArF 50 45 7G~ 40 Immersion 33 27 40 33 30 19 15 2 ArF 30 20 1 2 11 KrF 5 5G/6G 7 20 19 16 19 10 14 i-line 10 21 12 10 ~4G 4 6 0 0 10/3 Previous New 10/3 Previous New Actual Est. Est. Actual Est. Est. 11
  14. 14. Estimation for Imaging Company Billions of yen 10/3 1H Previous est. 1H 1H New est. 2H Cameras & Lenses Actual 2H (May 11) 2H (1,000 of units sold) 275.3 280.0 280.0 Net Sales Net Sales 569.5 294.2 590.0 310.0 590.0 310.0 26.5 20.0 21.0 Operating Income Operating Income 52.1 52.0 32.0 48.0 27.0 % vs Net Sales 9.1% 25.6 8.8% 8.1% Single-lens Reflex 1,660 1,900 1,950 Single-lens Reflex DSC DSC 3,670 2,010 4,200 2,300 4,250 2,300 2,450 2,800 2,850 Interchangeable Interchangeable 5,450 6,150 3,350 6,200 Lenses Lenses 3,000 3,350 5,130 5,700 6,200 Compact DSC Compact DSC 11,510 12,500 13,500 6,380 6,800 7,300 SLR-DSC SLR-DSC Market Scale Market Scale 10,880 12,000 12,200 IL IL Market Scale Market Scale 17,720 20,000 20,000 C-DSC C-DSC Market Scale Market Scale 102,740 105,000 110,000 As the exchange rate is revised, the operating income forecast for the fiscal year is revised downward: however, efforts for sales expansion and cost reduction are made to minimize the income reduction. 12
  15. 15. Estimation for Instruments Company 10/3 1H Previous est. 1H 1H New est. 2H Actual 2H (May 11) 2H Billions of yen 17.8 25.0 25.0 Net Sales Net Sales 45.1 27.3 60.0 60.0 35.0 35.0 - 2.6 - 5.5 - 4.0 Operating Income Operating Income - 9.3 - 5.0 - 4.5 % vs Net Sales -% - 6.7 -% - 0.5 -% - 0.5 Billions of yen 60 Semiconductor 5% 6% Inspection Equipment 26% Measuring In the bioscience field that is 29% 3% Instruments affected by the strong yen, the 40 18% 14% Industrial sales forecast is revised 15% 16% Microscopes downward. In the industrial instruments field, the Japanese 55% 50% 20 Biological and Asian markets started to Microscopes 63% recover, expecting the sales hike. 0 10/3 New Actual Previous est. Est. 13
  16. 16. Estimation for Capital Expenditure, Depreciation and R&D [Capital Expenditure & Depreciation] [R&D] Billions of yen Billions of yen Capital 50 Expenditure 70 R&D Ratio of R&D 10% Depreciation 43.5 61.5 60.3 39.8 60 58.4 57.0 40 37.5 9% 36.0 33.0 50 47.2 30.4 36.0 30 32.9 8% 40 7.7 7.0 25.7 30 20 22.6 7% 6.4 20 6.1 5.7 10 6% 10 0 0 5% New 07/3 08/3 09/3 10/3 New 07/3 08/3 09/3 10/3 est. est. * After 09/3 : Include the amount of acquisition of Lease asset by change of Accounting Standard for Lease Transactions 14
  17. 17. Summary of Estimation for the Year Ending March 31, 2011 The exchange rate forecast is revised from 120 yen to 110 yen against Euro. Based on the 1Q result, net sales and income of the first half of the year are revised upward: however, for the fiscal year forecast, while net sales is revised upward, income remains the same. Precision Equipment Company - More inquiries and orders are received for the immersion scanner NSR-S620D. - Both IC and LCD steppers and scanners expect to increase the sales volume. The service income improvement also contributes to upward revisions of net sales and operating income for the first half and the whole year. Imaging Company - Sales volume hike is expected mainly for good selling compact cameras. - Cost reduction will be promoted. - The operating income for the first year is revised upward based on the 1Q result: however, for the fiscal year forecast, net sales is not changed and operating income is revised downward due to the strong yen and future economic uncertainty. Instruments Company - The forecast in the bioscience field keeps the current level. But, the industrial instruments field shows the recovery mainly in Japan and Asian countries. - The operating income forecast is revised upward for the first half but unchanged for the second half. 15
  18. 18. Agenda I. Financial Results for the First Quarter of the Year Ending March 31,2011 II. Estimation for the Year Ending March 31,2011 Ⅲ.Reference Data
  19. 19. Exchange Rate 11/3 Estimation Exchange Financial Impact from Fluctuation by 1 yen Rate 11/3 Net Sales Operating Income Forecast for 2-4Q Forecast for 2-4Q Forecast for 2-4Q US$ US$ 90 yen Est. 4.0 billion yen Est. 0.7 billion yen Est. 1.2 Est. 0.8 EURO EURO 110 yen billion yen billion yen 16
  20. 20. Estimation for the Year Ending March 31, 2011 Previous est. 10/3 Actual New est. Billions of yen (May 11) Operating 1H -19.5 7.5 13.5 Income -13.9 52.0 52.0 2H 5.6 44.5 38.5 Non-operating income / expenses-net -1.4 -2.0 -2.0 Ordinary 1H -22.3 7.0 15.0 Income -15.3 50.0 50.0 2H 7.0 43.0 35.0 Extra ordinary income / expenses-net -2.3 -2.0 -5.0 Income Taxes -5.0 18.0 15.0 1H -17.7 4.0 9.0 Net Income -12.6 30.0 30.0 2H 5.1 26.0 21.0 17
  21. 21. Quarterly Net Sales by Segment Billions of yen 300 5.4 12.2 5.9 4.6 11.8 11.0 5.2 200 59.3 4.5 6.3 10.9 9.6 30.9 41.0 4.5 4.2 15.5 10.4 8.2 40.3 39.0 27.3 52.9 61.7 100 172.3 174.8 156.9 148.8 135.4 139.9 119.4 102.4 0 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 09/3 10/3 11/3 Precision Imaging Equipment Instruments Company Others 18 Company Company
  22. 22. Quarterly Operating Income by Segment Billions of yen 50 40 30 0.8 5.9 20 0.8 0.7 0.1 0.4 10 18.9 17.4 0.3 0.8 12.5 14.1 14.0 8.2 4.0 0 -0.2 -3.5 0.6 -5.3 -0.6 -0.6 -6.0 -9.2 -2.6 -0.6 -10.1 -0.9 -1.1 -10 -1.6 -5.7 -33.9 -20 -30 -1.0 -40 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 09/3 10/3 11/3 Precision Imaging Equipment Instruments Company Others 19 Company Company
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