02 15-14 screen results-q3

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02 15-14 screen results-q3

  1. 1. DAINIPPON SCREEN MFG. CO., LTD. Business Results & Forecast The Third Quarter Ended December 31, 2013 Senior Managing Director & CFO Feb. 4, 2014 Osamu Ryonai Agenda • 3Q Business Results • Business Situation • Future Approaches • FY2014 Business Forecast Cautionary statement with respect to these materials; The earnings forecasts contained in these materials and communicated verbally, are made in accordance with currently available information and rational assumptions. Dainippon Screen dose not promise that the forecasts or estimates will be accurate. Therefore, it should be noted that actual results could differ significantly due to a variety of factors. Figures have been rounded down to eliminate amounts less than ¥100 million, except per share figures.
  2. 2. Business Results 3rd Quarter Ended December 31, 2013 1
  3. 3. FY2014 3Q Business Results (consolidated) FY2013 FY2014 Result (Completion of installation basis) (Unit :Billions of JPY) 1Q 2Q 3Q Net Sales 66.6 51.6 4.8 9.9 8.9 1.0 0.1 3.1 42.8 28.0 2.0 12.5 10.7 1.8 0.1 (4.4) Other & Adjustments 3.6 0.2 (0.3) (0.4) Ordinary Income Net Income SE FE MP Graphic Arts Equip.(MT) PCB Equip. (PE) Other Operating Income SE FE MP 3Q total Result (Completion of installation basis) Y/Y 4Q 1Q 2Q 3Q 3Q total 3Q total 34.8 144.3 23.5 103.3 2.0 8.9 9.0 31.5 8.1 27.8 0.9 3.7 0.1 0.4 (4.8) (6.0) 55.4 37.3 3.0 14.7 12.3 2.3 0.2 1.2 59.3 43.3 4.1 11.6 10.0 1.5 0.1 2.2 51.8 32.3 6.8 12.4 10.4 1.9 0.2 0.8 52.1 36.7 3.3 11.7 10.1 1.6 0.2 1.5 (4.4) (0.5) 1.0 (0.4) (3.1) (0.5) (0.6) (0.4) (3.9) (0.8) 0.0 (1.3) 0.1 (0.0) 1.4 (0.3) 2.1 0.1 0.4 (0.4) 0.7 (0.1) 0.5 (0.4) 1.8 (0.2) 0.4 (0.5) 4.7 (0.2) 1.5 (1.4) 3.3 (4.7) (5.2) (6.6) 1.6 2.2 0.3 1.4 4.0 10.7 2.0 (8.9) (5.3) (12.2) 0.9 1.6 (0.1) 0.6 2.2 14.4 163.2 112.4 14.3 35.8 30.7 5.1 0.6 4.5 18.8 9.1 5.3 4.2 2.8 1.3 0.1 10.6 8.6 0.5 1.4 (0.1) * SE: Semiconductor Equipment、FE: FPD Equipment、MP: Media and Precision Technology * Amounts for FY2013 in SE and FE have been reclassified with amounts calculated applying retroactively completion of installation basis. 2
  4. 4. FY2014 3Q Business Result (over the previous Q) Net Sales 3Q JPY 52.1bn. / 2Q JPY 51.8bn. (Differential : JPY0.2bn. increase) (Unit : Billions of JPY) Segment 3Q 2Q Diff. SE 36.7 32.3 FE 3.3 6.8 MP 11.7 12.4 MT 10.1 10.4 PE 1.6 1.9 Operating Income Point Both sales of coater/developers and cleaning equipment (batch type 4.4 and single wafer) increased. By region, sales to North America decreased, but those to Taiwan substantially increased. (3.4) Investment for China went on as planned. (0.6) CTP sales decreased, but POD sales increased and ink sales remained strong. Domestic sales decreased due to seasonal factors. Sales of direct imaging system decreased in Japan but remained (0.3) strong in Korea. (0.3) 3Q JPY 1.5bn. / 2Q JPY 0.8bn. (Differential : JPY 0.7bn. increase) (Unit : Billions of JPY) Segment 3Q 2Q Diff. SE 1.8 0.7 FE (0.2) (0.1) MP 0.4 0.5 Point The marginal profit increased thanks to sales increase, even with 1.0 the effects of product mix. (0.1) The marginal profit decreased due to sales decrease, but it was partially offset with a positive effect of rising factory operating rates. The marginal profit decreased due to sales decrease, but it was (0.1) partially offset with a positive effect of rising factory operating rates toward 4Q sales. 3
  5. 5. Quarterly Net Sales and Operating Income SE FE MP Other (Consolidated) Operating Income (right) Net Sales 90.0 Operating Income 20.0 Shipment basis Completion of installation basis 13.5 8.1 7.5 60.0 10.3 9.0 14.6 9.9 7.7 2.7 6.1 10.0 6.2 11.0 5.1 0.6 12.8 9.3 11.6 3.8 4.8 3.1 55.4 49.5 14.7 (4.4) 10.6 (4.8) 12.5 10.4 30.0 1.2 54.2 48.2 2.2 4.1 3.0 0.812.4 6.8 1.5 11.7 3.3 9.0 2.0 51.6 2.0 (10.0) 43.3 37.3 36.1 32.3 28.9 28.0 36.7 23.5 0.0 (20.0) 3Q Net Sales 0.0 4Q 1Q 2Q 3Q 4Q 66.2 78.3 64.5 58.4 50.2 76.8 (Unit : Billions of JPY) FY2011 FY2012 1Q 2Q 3Q 4Q 1Q 2Q 3Q 66.6 42.8 34.8 55.4 59.3 51.8 52.1 FY2013 FY2014 * Amounts for FY2013 in SE and FE have been reclassified with amounts calculated applying retroactively completion of installation basis. 4
  6. 6. Quarterly Orders Received and Order Backlog (Consolidated) SE FE MP Other Order Backlog (right) Order Received 100.0 Order Backlog Completion of installation basis Shipment basis 104.1 102.2 75.0 96.0 91.7 13.0 91.2 83.1 78.7 84.4 10.7 50.0 9.4 70.1 69.5 12.9 12.1 6.4 6.1 13.1 25.0 1.1 53.7 43.1 39.1 80.0 10.8 10.5 13.4 2.3 12.9 2.1 4.2 7.3 8.4 0.6 45.3 80.6 12.2 11.2 11.1 75.0 15.3 58.1 2.0 2.7 120.0 32.8 40.0 6.0 38.2 29.2 35.0 25.4 35.1 4Q 1Q 40.7 45.0 29.0 0.0 0.0 3Q Order Received (Unit : Billions of JPY) 4Q 1Q 2Q 3Q 4Q 62.5 76.2 58.2 46.7 57.3 42.9 FY2011 FY2012 1Q 2Q 50.6 42.0 3Q 2Q 3Q 48.3 50.8 55.3 57.2 62.5 FY2013 FY2014 * Order backlog for FY2013 in SE and FE have been reclassified with amounts calculated applying retroactively completion of installation basis. 5
  7. 7. Semiconductor Production Equipment Quarterly Order Received Ratio by Device Application (Nonconsolidated) 3Q Order Received : JPY 45.0 bn. (consolidated) 100% Other 10% Logic 18% Memory 50% 21% DRAM: 11% Flash: 10% Foundry 50% Imaging Device 0% F Y1 1/3Q F Y1 1/4Q F Y1 2/1Q F Y1 2/2Q F Y1 2/3Q F Y1 2/4Q 3/1Q Y13/2Q Y13/3Q Y13/4Q Y14/1Q Y14/2Q Y14/3Q F F F F F Y1 F F *Parts are classified as Other from FY12/2Q FY2014 3Q orders by region (Nonconsolidated) Japan 0% Singapore Korea China USA Taiwan 20% 40% 60% 80% Other Europe 100% 6
  8. 8. FPD Production Equipment Quarterly Orders Received by Generation (Nonconsolidated) 3Q Order Received : JPY 2.1 bn. (consolidated) 100% Over G8 G7 G6 50% G5 G4 Under G3 Other 0% Q Q Q Q Q Q Q Q Q Q Q Q Q 4/3 4/2 4/1 3/4 3/3 3/2 3/1 2/4 2/3 2/2 2/1 1/4 1/3 Y1 Y1 Y1 Y1 Y1 Y1 Y1 Y1 Y1 Y1 Y1 Y1 Y1 F F F F F F F F F F F F F *Calculated by gross in FY12/4Q FY2014 3Q orders by region (Nonconsolidated) Japan 0% Taiwan Korea 20% China 40% 60% 80% 100% 7
  9. 9. Trend in B/S (consolidated) Cash & time deposits Notes & accounts receivable Inventories Other current asset Property, plant & equipment Intangible assets/investment Assets (Unit: Billions of JPY) 300 Shipment basis 238.8 216.6 232.3 39.9 37.6 200 (Unit: Billions of JPY) Completion of Installation basis 253.1 300 45.0 Shipment basis 253.1 245.2 Completion of Installation basis 238.8 232.3 81.4 60.7 40.4 81.9 44.3 245.2 216.6 35.0 31.2 70.9 Notes & accounts payable Interest-bearing debt Other current liabilities Other noncurrent liabilities Net assets Liabilities & Net Assets 200 52.3 71.9 41.0 52.0 55.5 100 49.4 61.2 78.5 80.6 77.2 73.1 26.0 1.8 100 7.2 11.3 9.8 6.9 45.4 40.6 38.6 39.9 28.9 29.1 87.6 84.0 76.8 2011/3 2012/3 2013/3 21.3 2.9 50.7 28.8 5.3 39.4 65.0 31.2 23.7 1.9 18.8 3.1 7.5 47.6 70.4 88.3 38.3 30.8 0 0 2010/3 2011/3 2012/3 Equity Ratio 2013/3 2013/12 2010/3 32.8% (2013/3)  35.8% 2013/12 (2013/12) * Amounts for 2012/3 and 2013/3 have been reclassified with amounts calculated applying retroactively completion of installation basis. 8
  10. 10. Consolidated Cash Flows 3Q Total Free Cash Flow : JPY11.5 bn. Operating CF (Unit : Billions of JPY) 25.1 21.5 20.0 10.0 Financing CF 34.2 40.0 30.0 Investing CF 15.0 11.2 6.8 0.0 (2.1) (10.0) (4.1) (9.4) (20.0) (30.0) (5.7) (15.3) (27.1) (22.2) (3.4) (19.9) (40.0) FY2010 FY2011 FY2012 FY2013 FY2014 4-12 9
  11. 11. Interest-bearing Debt (Consolidated) (Unit: Billions of JPY) Interest-bearing Debt Cash and Time Deposits Net interest-bearing debt 140.0 131.0 122.7 120.0 111.1 102.5 100.0 76.6 80.7 80.0 77.2 72.4 78.6 76.9 75.3 71.9 71.6 69.7 70.4 69.4 64.9 57.3 60.0 50.2 55.5 53.8 45.9 50.3 39.5 40.0 55.7 50.7 47.6 38.6 39.9 35.8 33.2 53.4 54.6 53.5 45.9 44.2 41.3 42.4 37.6 39.3 31.2 34.4 29.7 25.2 25.8 18.0 15.6 20.0 13.3 35.0 30.0 27.0 16.2 40.8 40.4 22.9 24.0 12.2 16.1 10.0 15.6 0.0 Mar. 200 9 Jun. Sep . Dec. Mar. 201 0 Jun. Sep . Dec. Mar. 201 1 Jun. Sep . Dec. Mar. 201 2 Jun. Sep . Dec. Mar. 201 3 Jun. Sep . Dec. 10
  12. 12. Business Area 11
  13. 13. Business Environment SE <SE> Quarterly Sales & O/P 50.0 3Q • Sales increased compared to 2Q, led by foundry • Sales of coater/developers increased, and business results of SOKUDO were improved • The quarterly operating profit ratio recovered to the 5% level • Orders received exceeded our assumption, following that orders for memory in addition to those by foundry increased 45.0 Billions of JPY 4.0 Net sales(left) 2.1 OP(right) 1.8 3.0 40.0 2.0 35.0 0.7 30.0 0.1 25.0 20.0 15.0 23.5 43.3 1.0 36.7 32.3 37.3 0.0 (1.0) (2.0) 10.0 5.0 (3.0) (3.1) (4.0) 0.0 3Q/FY13 4Q/FY13 1Q/FY14 2Q/FY14 3Q/FY14 * Amounts for FY13 have been reclassified with amounts calculated applying retroactively completion of installation basis. Outlook for 4Q and after • 4Q sales are expected to increase compared to 3Q, led by foundry and logic • 4Q orders are expected to remain at a high level owing to increasing orders for memory • Focus on “Frontier Project*,” along with expansion of in-car semiconductor *Frontier Project: Development & sales activities of products mainly targeting green devices including power semiconductor or MEMS, referring to product line where we cultivate a new field 12
  14. 14. Business Environment FE <FE> Quarterly Sales & O/P 8.0 Billions of JPY Net sales(left) 3Q • Sales decreased, but it was largely within the scope of the assumption • Sales level remained low, resulting in the continuing red at operating profit level • Expect to get large-scale orders in China while recording of orders will be postponed until 4Q 6.0 OP(right) 0.3 0.2 0.1 0.1 (0.0) 6.8 (0.1) 0.0 (0.2) (0.1) 4.0 3.0 2.0 (0.2) 4.1 3.3 2.0 (0.5) (0.3) (0.4) 0.0 (0.5) 3Q/FY13 4Q/FY13 1Q/FY14 2Q/FY14 3Q/FY14 *Amounts for FY13 have been reclassified with amounts calculated applying retroactively completion of installation basis. Outlook for 4Q and after • 4Q sales are expected to recover and earnings will be improved as well • Several large-scale business deals in China are under way. 4Q orders are expected to recover to a large degree 13
  15. 15. Business Environment MP <MP> Quarterly Sales & O/P 18.0 3Q Billions of JPY 2.0 Net sales(let) OP(right) 16.0 0.5 0.4 12.0 • As to graphic arts equipment, domestic sales 1.5 1.4 14.0 0.4 1.0 10.0 0.5 decreased, but sales in North America remained strong. POD sales increased overseas, and consumable supplies sales remained strong as well. • As to PCB related equipment, sales of direct imaging 8.0 6.0 14.7 9.0 0.0 11.6 4.0 2.0 12.4 11.7 (0.6) (0.5) (1.0) 0.0 3Q/FY13 4Q/FY13 1Q/FY14 2Q/FY14 3Q/FY14 system remained robust in Korea Outlook for 4Q and after • POD: A sales structure of inkjet label printing system will be enhanced, preparing a demonstrations environment and arranging distributors in Japan, North America and Europe. • CTP: Strengthen product line-up toward emerging countries, aimed at growing the market share in China. Try to steadily acquire orders for replacement demand in developed countries. • Direct imaging system: Focus on Taiwan and China, in addition to Korea and Japan 14
  16. 16. Future Approaches 15
  17. 17. Progress of Business Challenges and Future Direction Progress of Business Challenges ■Earnings structure reform plan ・Improving the variable cost ratio is under way ・SE: Earnings recovery in the coater/developers business is under way ・FE: Earnings recovery, Increase in orders backlog is expected toward the next fiscal year ・MP: Sales expansion of POD equipment and increase in consumable supplies business ・New Field: Get life science business on track ■Enhancement of balance sheet ・ Equity ratio: 2013/3/31 32.8% 2013/12/31 35.8% ・ Net interest-bearing debt: 2013/3/31 JPY 30.0 bn. 2013/12/31 JPY 15.6 bn. Promote & Enhance Future Focused Theme ■Accomplishing the earnings structure reform plan ■Early commercialization in new business field 16
  18. 18. Business Forecast Fiscal Year Ending March 31, 2014 17
  19. 19. Business Forecast for FY2014 4Q Forecast Rate: USD1= 100 yen, EUR1= 130 yen (Unit : Billions of JPY) FY2013 FY2014 Result (Completion of Installation) Full Net Sales SE FE MP Graphic Arts Equip. (MT) PCB Equip. (PE) Other Operating Income SE FE MP Other & Adjustments Ordinary Income Net Income Result 1st H 199.7 140.6 12.0 46.3 40.1 6.1 0.7 (4.8) (3.7) (0.8) 1.4 (1.7) (5.0) (11.3) 111.1 75.6 10.9 24.1 20.5 3.5 0.3 3.0 2.8 0.0 1.0 (0.8) 2.6 1.5 Forecast (Nov. 5) 2nd H Forecast Forecast (Feb. 4) Full Forecast 115.8 80.3 9.5 25.3 21.8 3.5 0.6 4.7 227.0 156.0 20.5 49.5 42.4 7.1 1.0 7.8 - 4.3 3.5 2nd H Forecast 119.8 83.8 9.0 26.3 22.4 3.9 0.6 5.9 - 7.0 5.1 Full Forecast 231.0 159.5 20.0 50.5 43.0 7.5 1.0 9.0 - 5.5 4.4 8.2 6.1 Forecast of annual cash dividends for FY2014 : JPY 3.00 per share (year-end cash dividend) ……………Unchanged 18
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