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NIKON CORPORATION
Corporate Communications & IR Dept.Aug 8
,2012
Financial Results for the First Quarter of the Year Ending March 31, 2013
Audio Conference in Tokyo (Aug 8, 2012) 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.
2
Agenda
I.
Financial Results for the First Quarter of the Year Ending March 31,2013
II. Estimation for the Year EndingMarch 31,2013
Ⅲ.Reference Data
Overall sales up 6% and operating income down 37% on previous Q1.
Precision Equipment Company-
IC steppers/scanners sales volume decreased due to the market contraction. LCD steppers/scanners maintained the sales of over 20 units.
-
Sales decreased 15%; operating income saw a slight reduction.
Imaging Company-
Suspended production due to Thai floods recovered to the normal level, being able to respond to brisk demands for digital cameras ―
interchangeable lens type and interchangeable lenses. -
Sales improved 14%; operating income suffered 38% reduction due
to
strong yen and sales expenses hike.
Instruments Company-
Flat sales, but the deficit amount increased due to strong yen.
3
Summary for the First Quarter of the Year Ending March 31, 2013
12/3 1Q(A)
13/3 1Q(B)
Change(B)-(A)
Net Sales 245.5 259.4 +13.9Operating Income 36.9
15.0%
23.39.0%
-13.6Ordinary Income 37.7
15.4%
23.49.0%
-14.3
Net Income 30.612.5%
15.76.1%
-14.9FCF 1.3 - 0.2 -1.5
Exchange RateUS$
EURO
82
yen
117yen
80yen
103yen
Impact onNet Sales: -12.4Op. Income: -4.7
4* Amounts in this statement are rounded down to the hundred million.
Financial Highlights for the First Quarter of the Year Ending March 31, 2013
Billions of yen
% vs Net Sales
% vs Net Sales
% vs Net Sales
Sales improved 6%: however, the incomes deteriorated due to strong yen and increased sales expenses.
12/3 1Q(A)
13/3 1Q(B)
Change(B)-(A)
Net Sales 61.6 52.2 -9.4Operating Income 10.6
17.2%
10.219.5%
-0.4IC Steppers & Scanners
New / Refurbished 11/7 units 6/3 units -5/ -4 units
LCD Steppers & Scanners 24 units 22 units -2
units
5
Precision Equipment Company
Billions of yen
% vs Net Sales
IC steppers/scanners started to enjoy the effect of the earning structure revamp of the previous year, which was able to reduce the ArF immersion scanner production leadtime among other benefits. LCD steppers/scanner inked a favorable sales volume, mainly those for mid/smalls-
sized panels. The Company overall maintained the high operating income ratio.
11
4
8
18
5 0
0
5
10
15
20
25
30
12/3 1Q 13/3 1Q
5
91
4
3
5
0
5
10
15
20
12/3 1Q 13/3 1Q
ArF
immersion
KrF
ⅰ-line
7G~
5G/6G
4G
18
9
2422
6
Precision Equipment CompanyIC Steppers & Scanners
Sales by Technology*Including refurbished systems
LCD Steppers & Scanners Sales by GenerationUnits Units
12/3 1Q(A)
13/3 1Q(B)
Change(B)-(A)
Net Sales 167.0 190.1 +23.1Operating Income 31.7
19.0%
19.610.3%
-12.1Digital
camera
―Interchangeable Lens Type 1,360 1,670 +310
InterchangeableLenses 2,000 2,300 +300
Compact DSC 3,950 4,430 +480
7
Imaging Company
Billions of yenCameras & Lenses(1,000 of units sold)
% vs Net Sales
Production that had been impaired by the Thai floods recovered to the normal capacity. Digital cameras ―
interchangeable lens type and interchangeable lenses sold 23% and 15% more units respectively, and the compact DSC achieved 12% sales volume hike in spite of the shrinking market. The operating income went down, affected by the strong yen and sales expenses increase.
12/3 1Q(A)
13/3 1Q(B)
Change(B)-(A)
Net Sales 11.1 10.8 -0.3Operating Income -1.9
-%
-2.4-%
-0.5
8
Instruments Company
Billions of yen
% vs Net Sales
In the strong yen environment, the sales amount maintained the level of previous year: but, the loss expanded.
50.3%48.8%
51.1%
40%
50%
60%
253.5
61.8
132.0
176.1132.4 120.2
236.3 250.7
57.776.6
248.6263.0 274.5
126.9
137.5
0
300
600
900
11/6 12/3 12/6
430.6
411.4
412.9 433.6
432.7 426.6
0
300
600
900
11/6 12/3 12/6
845.6 842.0860.2845.6 860.2 842.0
9
Balance SheetAssets Liabilities & Equity
Billions of yenBillions of yen
Capital ratio
Fixed assets
Other currentassets
Inventories
Notes & accountsReceivable-trade
Cash & Time Deposit
Total liabilities
Total Net assets
10
Agenda
I.
Financial Results for the First Quarter of the Year Ending March 31,2013
II. Estimation for the Year EndingMarch 31,2013
Ⅲ.Reference Data
Change in the assumed exchange rate will downgrade the sales and
incomes: but, the overall performance trend, sales/income increase, will not change.
Precision Equipment CompanyThe number of IC and LCD steppers/scanners sold is expected to decrease on year due to the market contraction. But, the newly launched IC stepper/scanner will secure the profitable 2nd
half. The previous forecast is unchanged: year-on-year sales down 15% and income down 41%.
Imaging CompanySales volume forecast is unchanged: however, the assumed exchange rate change forces downgrading of both sales and operating income amounts. Both sales and income are expected to improve 23% and 39% on year.
Instruments CompanyIn emerging nations such as Asian countries, the bioscience field strives to expand the share of biological microscopes for general research and clinical use,
while the industrial instruments field attempts to capture new demand from car industry, etc. The previous forecast is unchanged: sales is expected to grow 9% on year with
reduced loss.
The assumed exchange rate against Euro is changed from 105 yen to 100 yen. Estimated annual dividend per share: 41 yen (interim dividend 19 yen)
11
Summary of Estimation for the Year Ending March 31, 2013
12/3Actual (A)
1H2H
Previous est. (B) (May 10)
1H2H
New est.(C)
1H2H
Change (C)-(A)
Change (C)-(B)
1H2H
Net Sales 918.6 486.3432.3 1,030.0 485.0
545.0 1,020.0 485.0535.0 +101.4 -10.0 ±0
-10.0Operating
Income 80.08.7%
61.118.9
90.08.7%
35.055.0
85.08.3%
34.051.0 +5.0 -5.0 -1.0
-4.0
Ordinary Income 89.3
9.7%
65.124.2
94.09.1%
38.056.0
90.08.8%
37.053.0 +0.7 -4.0 -1.0
-3.0
Net Income 59.36.5%
50.48.9
65.06.3%
29.036.0
60.05.9%
27.033.0 +0.7 -5.0 -2.0
-3.0
FCF -34.0 30.0 30.0 +64.0 ±0 ―Exchange
RateUS$
EURO
79yen
109yen
80yen78yen
114yen
104yen
80yen
105yen
80yen
101yen
80yen80yen
101yen
100yen
12
Estimation for the Year Ending March 31, 2013
Billions of yen
% vs Net Sales
% vs Net Sales
% vs Net Sales
Although economy slowdown is concerned in various regions, the sales volume forecast of each Company is not changed. As the assumed exchange rate against Euro is changed, the yearly sales and income amounts are downgraded. The previous estimation is as of May 10, 2012.
12/3Actual
1H2H
Previous est. (May 10)
1H2H
New est.1H2H
Net Sales 248.1 124.8123.3 210.0 85.0
125.0 210.0 85.0125.0
Operating Income 42.717.2%
23.219.5
25.011.9%
6.019.0
25.011.9%
6.019.0
IC Steppers & Scanners
New / Refurbished55/29units
26/1629/13 46/20units 12/ 9
34/11 46/20units 12/ 934/11
LCD Steppers & Scanners 86units 48
38 42units 2814 42units 28
14IC Steppers & Scanners
Market Scale CY11/12 311units Approx. 240units Approx. 240units
LCD Steppers & Scanners
Market Scale
CY11/12109units Approx. 60units Approx. 60units
13
Estimation for Precision Equipment Company
Billions of yen
% vs Net Sales
In IC stepper/scanner division, sales of new products, ArF immersion scanner S621D and ArF scanner S320F, will be fully materialized in the 2nd
half, making a good start for further expansion in the following year. LCD stepper/scanner is to maintain steady sales of Gen. 5/6 machines for high-precision mid/small-sized panel application.
27
9
20
2735
9
28
1010
3
20
18
0
10
20
30
40
50
60
70
80
90
12/3 Actual Previous est . New est .
6
3437
6
32
34
17
2 2
0
10
20
30
40
50
60
70
80
90
12/3 Actual Previous est . New est .
84
66 66
86
42 42
14
Estimation for Precision Equipment CompanyIC Steppers & Scanners
Sales by Technology*Including refurbished systems
LCD Steppers & Scanners Sales by Generation
Units Units
i-line
KrF
ArF
ArFImmersion
4G
5G/6G
7G~
12/3Actual
1H2H
Previous est.(May 10)
1H2H New est. 1H
2H
Net Sales 587.1 324.5262.6
730.0 360.0370.0
720.0 360.0360.0
Operating Income 53.99.2%
47.46.5
80.011.0%
38.042.0
75.010.4%
37.038.0
Digital
camera
―Interchangeable
Lens Type4,740 2,730
2,0107,000 3,400
3,6007,000 3,400
3,600
Interchangeable Lens 7,130 3,930
3,20010,000 4,900
5,10010,000 4,900
5,100
Compact DSC 17,370 7,8609,510 18,000 8,400
9,600 18,000 8,4009,600
D-CILMarket Scale 16,330 19,000 19,000
ILMarket Scale 26,410 31,000 31,000
C-DSCMarket Scale 99,330 95,000 95,000
15
Estimation for Imaging CompanyBillions of yen
% vs Net Sales
Cameras & Lenses(1,000 of units sold)
In the yearly forecasts, the sales volume is unchanged while the
sales and operating income are downgraded due to a change in the assumed exchange rate.
12/3Actual
1H2H
Previous est.(May 10)
1H2H
New est.1H2H
Net Sales 56.0 24.631.4 61.0 24.0
37.0 61.0 24.037.0
Operating Income -3.1
-%
-2.3-0.8 -1.0
-%
-2.51.5 -1.0
-%
-2.51.5
0
15
30
45
60
75
12/3 Actual Previous est. New est.
53%
47%
51%
49%
53%
47%
16
Estimation for Instruments Company
Billions of yen
% vs Net Sales
Billions of yen
Bioscience
Industrial instruments
Non-contact 3D metrology tools and X-ray inspection systems of Nikon Metrology are regarded as potential products for midterm growth. Development and sales promotion are scheduled this year for future income expansion. Sales is expected to rise 9% with reduced loss.
65.0
37.5
43.4
29.7
55.9
32.9 35.9 34.032.5
42.0
0
10
20
30
40
50
60
70
09/3 10/3 11/3 12/3 13/3
CapitalExpenditure
Depreciation
61.4 60.2 60.7
68.7
77.0
7.5%7.5%
6.8%
7.7%
7.0%
0
10
20
30
40
50
60
70
80
09/3 10/3 11/3 12/3 13/3
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%R&D
Ratio of R&D
Est. Est.
Investment for equipment replacement and building repair due to Thai floods: 13B yen for FY12/313B yen for FY13/3(est.)
17
Estimation for Capital Expenditure, Depreciation and R&D[R&D][Capital Expenditure & Depreciation]
* After 09/3 : Include the amount of acquisition of Lease asset by
change of Accounting Standard for Lease Transactions
Billions of yen Billions of yen
18
Agenda
I.
Financial Results for the First Quarter of the Year Ending March 31,2013
II. Estimation for the Year EndingMarch 31,2013
Ⅲ.Reference Data
Exchange Rate Financial Impact from Fluctuation by1 yen
13/3Forecast for 2Q-4Q
Net Sales2Q-4Q
Operating Income2Q-4Q
US $ 80yen Approx.5.0
billion yen Approx.0.5
billion yen
EURO 100yen Approx.1.8
billion yen Approx.1.1
billion yen
19
Exchange Rate
13/3 Estimation
148.7 133.0172.1
142.3167.0 157.4
137.4 125.1
190.1
40.240.4
61.4
66.4
61.663.1
58.864.4
52.2
13.2
13.0
20.211.1 13.4
13.2 18.1
10.8
10.9
6.1
5.26.0
7.1
6.65.7
6.6
5.7 9.2
0
100
200
300
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q
Imaging Company Precision Equipment Company Instruments Company Other Business
11/3
12/3
13/3
20
Quarterly Net Sales by SegmentBillions of yen
* Amounts in this statement are rounded down to the hundred million: the sum of breakdown values may not match the total.
13.98.3
15.6 14.3
31.7
15.6
3.7 2.7
19.6
-0.6
10.6
12.6
8.8 10.5
10.2
-4.1
3.3 4.1
-2.4-2.5-1.5
0.3
-1.0-0.4-1.9
0.5
-1.6
0.9
2.20.8
0.7
0.3
1.21.1
1.1
0.7
-4.3 -5.0-4.4-4.3
-5.2
-20
-10
0
10
20
30
40
50
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q
Imaging Company Precision Equipment Company Instruments CompanyOther Business Corporate Expenses
11/3
12/3
13/3
21
Quarterly Operating Income by SegmentBillions of yen
* Amounts in this statement are rounded down to the hundred million: the sum of breakdown values may not match the total.