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The 52Nd Annual General Meeting of Shareholders

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The 52Nd Annual General Meeting of Shareholders The 52nd Annual General Meeting of Shareholders Tokyo Electron Limited June 19, 2015 The 52nd Annual General Meeting of Shareholders 1 FY2015 Financial Report (FY2015: April 1, 2014 – March 31, 2015) The 52nd Annual General Meeting of Shareholders Consolidated Statement of Income (Billion Yen) FY2014 （％） FY2015 第52期 （％） （％） Variance Net sales 612.1 100.0 6,131613.1 100.0 +0.9 Sales by division SPE 478.8 78.2 5,762576.2 94.0 +97.4 FPD 28.3 4.6 32732.7 5.3 +4.3 PVE 3.8 0.6 363.6 0.6 ▲0.1 EC/CN 16.5 100.7 SPE: Semiconductor Production Equipment FPD: Flat Panel Display Production Equipment PVE: Photovoltaic Panel Production Equipment EC/CN: Electric Components & Computer Networks The 52nd Annual General Meeting of Shareholders 3 Consolidated Statement of Income （Billion Yen） FY2014 （％） FY2015第52期 （％）（％） Variance Net sales 612.1 100.0 6,131613.1 100.0100.0 +0.9 Gross profit 201.8 33.0 2,427242.7 39.639.6 +40.8 Operating income 32.2 5.3 88.1881 14.414.4 +55.9 Ordinary 5.8 15.215.2 income 35.4 92.9929 +57.4 Unusual or infrequent profit 0.5 1.818 +1.3 Unusual or infrequent loss 47.7 8.080 ▲39.7 Income before ▲1.9 14.214.2 income tax ▲11.7 86.8868 +98.5 Net income ▲19.4 ▲3.2 71.8718 11.711.7 +91.2 The 52nd Annual General Meeting of Shareholders 4 Consolidated Balance Sheet Assets Liabilities & Net Assets (Billion Yen) (Billion Yen) 876.1 876.1 828.5 828.5 234.9 Liabilities 268.1 317.6 Cash & cash equivalents* 237.9 Trade notes, accounts 129.0 110.8 receivables Net assets 168.2 175.5 Inventories 590.6 641.1 56.0 66.7 Other current assets 112.3 106.8 Tangible assets 29.5 27.5 Intangible assets 65.1 70.8 Investment & other assets 2014/3/31 2015/3/31 2014/3/31 2015/3/31 *Cash and cash equivalents: Cash and deposits + Short-term investments, etc. (Securities in B/S). The 52nd Annual General Meeting of Shareholders 5 Consolidated Statements of Changes in Net Assets (Billion Yen) 700 Net Income Cash Dividends Disposal of treasury stock Other 0.1 changes 650 △17.9 Net Assets 71.8 △3.6 641.1 600 Net Assets 590.6 550 0 Balance Balance at end of FY2014 at end of FY2015 The 52nd Annual General Meeting of Shareholders 6 Non-consolidated Financial Statement （Billion Yen） Statement of FY2014 （％） FY2015 第52 期（％） （％） Variance Income Net sales 462.2 100.0 5,550555.0 100.0100.0 +92.8 Operating income 16.2 3.5 47.0470 8.58.5 +30.8 Ordinary income 27.8 6.0 86.5865 15.615.6 +58.6 Income before income taxes ▲26.0 ▲5.6 61.9619 11.211.2 +87.9 Net income ▲26.4 ▲5.7 63.2632 11.411.4 ＋89.6 Balance Sheet FY2014 （％） FY2015 （％） Variance Total assets 608.2 100.0 6,717671.7 100.0100.0 +63.5 Total liabilities 251.5 41.4 2,662266.2 39.639.6 +14.7 Total net assets 356.7 58.6 4,054405.4 60.460.4 ＋48.7 Total liabilities & net 100.0 100.0100.0 +63.5 assets 608.2 6,717671.7 The 52nd Annual General Meeting of Shareholders 7 FY2015 Dividends ► Annual dividend per share （Yen） 143 150 114 100 80 51 50 50 0 FY2011 FY2012 FY2013 FY2014 FY2015 Annual Total 1Q 2Q 3Q Year-end Payout ratio dividends dividends FY2015 10yen 30yen 35yen 68yen 143yen 25.6 35.7% Billion yen The 52nd Annual General Meeting of Shareholders 8 FY 2016 Financial Estimates (FY2016: April 1, 2015 – March 31, 2016) The 52nd Annual General Meeting of Shareholders Business Environment ▶ SPE Capex CY2015 WFE capex is expected to rise around 5% YoY. Especially, the growth of capex for memory is anticipated. ▶ FPD Capex CY2015 demand for LCD panel manufacturing equipment forecast to increase 20% YoY due to increase in capex for large panels and the start of investment in small/medium panels for mobile devices. The 52nd Annual General Meeting of Shareholders 10 FY2016 Consolidated Financial Estimates （Billion Yen） 1st Half 2nd Half Full通期 year YoY changes Net Sales 320.0 355.0 675.0750 +10.1% Sales by by Sales division SPE 300.0 325.0 625.06,250 +8.5% FPD 17.5 29.5 47.0470 +43.7% PVE 2.5 0.5 3.030 ▲17.1％ Operating 47.0 65.0 1,120112.0 +27.1% Income 14.7% 18.3% 16.6% +2.2pts Ordinary Income 47.0 65.0 1,120112.0 ＋20.5％ Income before income taxes 46.0 65.0 1,110111.0 +27.8% Net income 33.0 46.0 79.0790 +9.9% SPE: Semiconductor Production Equipment FPD: Flat Panel Display Production Equipment PVE: Photovoltaic Panel Production Equipment The 52nd Annual General Meeting of Shareholders 11 FY2016 Dividend Forecast ► Annual dividend per share (forecast) Interim Year-end Annual total 65yen 90yen 155yen （Yen） 143 155 150 100 90 50 65 0 FY2015 FY2016 (forecast) The 52nd Annual General Meeting of Shareholders 12 The 52nd Annual General Meeting of Shareholders 13 Pursuing Global Excellence The 52nd Annual General Meeting of Shareholders Regarding the business combination plans with Applied Materials The 52nd Annual General Meeting of Shareholders 15 Context: Sep. 24, 2013 Merger plans announced Jun. 20, 2014 Approval obtained at the Tokyo Electron Annual Shareholders Meeting Jun. 23, 2014 Approval obtained at the Applied Materials Extraordinary Shareholders Meeting Apr. 27, 2015 Termination of the business combination agreement at the Board of Directors by the two companies The 52nd Annual General Meeting of Shareholders 16 Our planned business combination terminated due to the gap unfilled between the view of the U.S. Department of Justice and our view The 52nd Annual General Meeting of Shareholders 17 Although our business integration didn’t come into reality… The 52nd Annual General Meeting of Shareholders 18 Even during the preparation phase for the merger: Management structure improved and Profit margin increased The 52nd Annual General Meeting of Shareholders 19 Through the efforts towards the merger: The strengths of Tokyo Electron reaffirmed • Enormous trust from customers • Products and technological competitiveness • Excellent teamwork The 52nd Annual General Meeting of Shareholders 20 Through the efforts towards the merger: Inspiring findings earned on ”What makes a true global company” and ”Drastic approach to profits” The 52nd Annual General Meeting of Shareholders 21 A fresh start as the new Tokyo Electron The 52nd Annual General Meeting of Shareholders 22 Contents: 1. Vision 2. Business growth 3. Increasing profitability 4. Shareholder return The 52nd Annual General Meeting of Shareholders 23 1. Vision The 52nd Annual General Meeting of Shareholders 24 Vision A true global company generating high added- value and profits through innovative technology and groundbreaking ideas with diverse integrated technologies The 52nd Annual General Meeting of Shareholders 25 Major efforts • Drastic differentiation of the key business • Shifting to anticipating customer needs • Securing a footing for growth and technological innovations • Ensuring operation efficiency • Global talent optimization The 52nd Annual General Meeting of Shareholders 26 New organization Key features of our organization reform: • New COO appointed • Capable talent newly assigned • Strengthening local responsiveness to customers Shifting to a business that “identifies latent customer needs’’ delivering more than expected The 52nd Annual General Meeting of Shareholders 27 2. Business growth The 52nd Annual General Meeting of Shareholders 28 Business circumstances 2014 2020 World population 7.2 billion 7.7 billion Number of connected things 14.5 billion 50 billion Things connected PCs, Wearables, to the internet smartphones, PAN/BAN, automobiles, tablets transportation systems, industrial machinery, etc. Forecast by CISCO Anything will be connected to internet in the near-future of IoT The 52nd Annual General Meeting of Shareholders 29 Business circumstances World IP traffic Zetta byte/year 2 CAGR 21% (2013-18) 1.5 1.6 1 0.5 0.6 0 2013 2014 2015 2016 2017 2018 Cisco Visual Networking Index（VNI）2013 ~2018 Data on the internet will continue to increase explosively Zettabyte: Unit indicating the magnitude of computer storage devices and digital data. 10^21 bytes The 52nd Annual General Meeting of Shareholders 30 Business circumstances World Semiconductor Market B$ 500 400 340B$ Industrial 300 Smart- Health- phones care 200 Auto- PCs motive Servers Environ- 100 Homes mental 0 1985 1990 1995 2000 2005 2010 2014 Increased application by paradigm shift to IoT will expand semiconductor market Source: Gartner “Forecast :Semiconductor Manufacturing Equipment, Worldwide, 1Q15 Update April 2015 The 52nd Annual General Meeting of Shareholders 31 Business circumstances CY2014 World Electronics-related industry Electronic System s m ar tp h o n US$ 1,778B e Semiconductor US$ 340B Wafer Fab Equipment US$ 32B SPE market assuming a critical role in the value chain Source：Gartner “Forecast :Semiconductor Manufacturing Equipment, Worldwide, 1Q15 Update April 2015 The 52nd Annual General Meeting of Shareholders 32 Our SPE competitiveness WFE market share: CY2013 CY2014 10.4% 13.6% Source: Gartner Significant turnaround in market share in CY2014 The 52nd Annual General Meeting of Shareholders 33 Our SPE competitiveness TEL Product market share (CY2014) Overwhelming competitiveness TEL Coater/ Etch Thermal Single wafer Cleaning Prober developer processing deposition Source: Gartner Year-on-year growth overall, particularly with rapid share expansion of the cleaning system The 52nd Annual General Meeting of Shareholders 34 Semiconductor industry at an inflection point Semiconductor technology today is facing the most critical inflection ever The 52nd Annual General Meeting of Shareholders 35 Semiconductor industry at an inflection point Blood Cell Size range of 10-3 m = 1mm LSI manufacturing ＜10μm ～ 1nm＞ 10-4 1970 10-5 1990 10-6 m = 1µm 10-7 2010 10-8 10-9 m = <10nm DNA Inflection
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