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Fiscal Year ended June 2018
Financial Results
August 10, 2018
Osamu Okabayashi
President, Lasertec Corporation
(Tokyo Stock Exchange 6920)
Contents
1. Results of Fiscal Year ended June 2018
2. Mid-Term Business Plan
3. Forecast of Fiscal Year ending June 2019
1
2
1. Results of Fiscal Year ended June 2018
2. Mid-Term Business Plan
3. Forecast of Fiscal Year ending June 2019
Fiscal Year ended June 2018 (FY2018)
We achieved record-high sales, profits,
and orders
3
FY2018Result
YoY change<Reference>
Last forecast(August 7, 2017)
Net Sales 21,252 +23.0% 21,000
Operating Income
5,685 +16.0% 5,000
Net Income 4,366 +23.5% 3,800
Orders 42,880 +69.4% 40,000
(Consolidated, in millions of yen)
13,607 15,187 15,291
17,278
21,252
3,097
4,722 4,428 4,901 5,685
1,969 2,953 3,227 3,534 4,366
22.8%
31.1%29.0% 28.4% 26.8%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0
5,000
10,000
15,000
20,000
25,000
52期 53期 54期 55期 56期
2014年6月期 2015年6月期 2016年6月期 2017年6月期 2018年6月期
売上 営業利益 当期純利益 営業利益率
Sales and Profits in Last 5 Years
We achieved record levels of sales, operating profit, and net profit
4
(Consolidated, in millions of yen)
Sales Operating
income
Net income Operating
income margin
FY2018FY2014 FY2015 FY2016 FY2017
Forecast YoY
(Aug. 7, 2017) Change
Net sales Net Sales17,278 100.0% 21,000 21,252 100.0% 23.0%
Cost of sales Cost of sales7,808 45.2% － 9,251 43.5% 18.5%
Gross profit Gross profit 9,469 54.8% － 12,001 56.5% 26.7%
SG&A expenses
S4,568 26.4% － 6,315 29.7% 38.3%
Operating income Operating income4,901 28.4% 5,000 5,685 26.8% 16.0%
Ordinary income Ordinary income4,964 28.7% 5,000 5,706 26.9% 14.9%
Net income Net income3,534 20.5% 3,800 4,366 20.5% 23.5%
MarginActual Actual
FY2017
Margin
FY2018
17,278
21,252
4,901 5,685
0
5,000
10,000
15,000
20,000
25,000
2017年6月期 2018年6月期
売上高
営業利益
5
Sales surpassed 20 billion yen. We achieved large YoY increase in
both sales and profits.
(In millions of yen)
FY2018 Results
Net sales
Operating income
FY2017 FY2018
6
Operating Income – Comparison with FY2017
FY2018
Operating
income
5,685
YoY increase
784
0
FY2017 FY2018
(Consolidated, in millions of yen)
FY2017
Operating
income
4,901
Increase in gross
profit mainly due
to sales increase
＋2,531
Increase in
other SG&A
expenses
▲436
Increase in
R&D
expenses
▲1,311
YoY increase of 784 million yen in operating income, despite large
increase in R&D expenses
8,300 8,733
24,71929,387
0
10,000
20,000
30,000
40,000
2017年6月30日 2018年6月30日
固定資産 流動資産(In millions of yen)
7
FY2018 Financial Position
Equity Ratio 70.9%, ROE 17.0%, ROA 12.3%
Assets
Liabilities and
Net Assets
【Major changes】
Current assets
Work in process 3,777
Other 1,269
Raw materials and
supplies854
Notes and accounts
receivable-trade-1,604
(In millions of yen)
Current liabilities
Advances received 3,016
Income taxes payable -25824,479 27,053
210 288 8,328
10,779
0
10,000
20,000
30,000
40,000
2017年6月30日 2018年6月30日
純資産 固定負債 流動負債
(In millions of yen)
Noncurrent
assets
Current assets
FY2017 FY2018
Net
assets
Noncurrent
liabilitiesCurrent liabilities
FY2017 FY2018
(In millions of yen)
【Major factors】
Operating CF: Income before income taxes (5,706), Increase in advances received (3,072)
Increase in inventories (-4,637), Income taxes paid (-1,648)
Investing CF: Purchase of intangible assets (-460)
Financing CF: Cash dividends paid (-1,803)
2,916
-684-1,805
10,107
-2,000
0
2,000
4,000
6,000
8,000
10,000
12,000
営業ＣＦ合計 投資ＣＦ合計 財務ＣＦ合計 現金及び現金同等物期末残高
8
(In millions of yen)
FY2018
FY2018 Consolidated Cash Flows
Operating Cash Flow was a surplus of 2,916 million yen
Operating CF Investing CF Financing CF Cash and cash equivalents, end of year
Forecast after Q2 YoY
(Feb. 7, 2018) Change
Semiconductor-related products 12,280 71.1% 15,300 15,498 72.9% 26.2%
Other products 1,953 11.3% 2,000 1,802 8.5% -7.7%
Services 3,044 17.6% 3,700 3,951 18.6% 29.8%
Total 17,278 100.0% 21,000 21,252 100.0% 23.0%
FY2018Consolidated
(in millions of yen)
FY2017
Actual Ratio Result Ratio
17,278
21,252
0
5,000
10,000
15,000
20,000
25,000
2017年6月期 2018年6月期
サービス
その他
半導体関連装置
9
FY2018 Sales by Product Category
(In millions of yen)
Sales of semiconductor-related products surpassed 15 billion yen,
driven by the sales of semiconductor mask inspection systems
Services
Other products
Semiconductor-
related products
FY2017 FY2018
25,320
42,880
0
10,000
20,000
30,000
40,000
50,000
2017年6月期 2018年6月期
サービス
その他
半導体関連装置
Orders Backlog
FY2017 FY2017
Forecast after Q2 YoY YoY
(Feb. 7, 2018) Change Change
Semiconductor-related products 19,208 32,700 34,826 81.3% 15,137 34,466 127.7%
Other products 2,962 3,600 3,909 32.0% 2,570 4,677 82.0%
Services 3,149 3,700 4,144 31.6% 545 737 35.3%
Total 25,320 40,000 42,880 69.4% 18,253 39,881 118.5%
Consolidated
(In millions of yen)
FY2018FY2018
Actual Actual Actual Actual
10
FY2018 Orders and Backlog by Product Category
(In millions of yen)
Total orders surpassed 40 billion yen. The orders for semiconductor-related
products surpassed 30 billion yen. We achieved significant increase in orders
and backlog in all product categories.
Services
Other products
Semiconductor-
related products
FY2017 FY2018
FY2017
YoY
Change
R&D expenses 1,461 2,772 13.0% 89.7%
Depreciation and amortization 418 558 2.6% 33.3%
Capital expenditure 911 920 4.3% 1.0%
Total number of employees 288 332 － 44
(Not including the members of the board)
Consolidated
(In millions of yen)Actual Actual Margin
FY2018
11
FY2018 Other Indicators
We proactively invested in R&D and human resources for future
growth.
1212
New Products
Nov. 2017
CLIOS G10 Series FPD Photomask Inspection System, and 71PA CM Pellicle Inspection and Pellicle Mounting SystemCLIOS G10 can inspect and review Generation 10.5 photomasks with high sensitivity and high throughput. 71PA CM performs pellicle mounting in a clean environment immediately after mask inspection.
Dec. 2017
GALOIS Series GaN Wafer Inspection and Review SystemGALOIS Series uses bright-field confocal optics to enable the detection of various defects at higher speed and the observation of high-resolution defect images. It also uses machine learning algorithms, including deep learning, for defect classification.
Mar. 2018
MATRICS X8ULTRA Mask Inspection System X8ULTRA can inspect EUV masks as well as conventional semiconductor masks. It has a mask-to-mask comparison function, which keeps all initial mask image data and detects particles generated during lithography by comparing the initial images with the images taken after lithography.
FY2018 New Products
1313
Topics
Aug.
2017
Lasertec was re-selected as a constituent stock of JPX-
Nikkei Mid and Small Cap Index, which consists of 200 stocks that are highly attractive to investors.
Dec.
2017
Lasertec stock was selected as a stock eligible for stock lending and borrowing.
Jan.
2018
ABICS E120 EUV Mask Blanks Inspection and Review
System received 10 Best New Products Award “Japan Brand
Prize” from Nikkan Kogyo Shimbun (The Daily Industrial News).
June
2018
ABICS E120 EUV Mask Blanks Inspection and Review
System was awarded the grand prize of Semiconductor of
the Year 2018 by Electronic Device Industry News.
FY2018 Topics
14
1. Results of Fiscal Year ended June 2018
2. Mid-Term Business Plan
3. Forecast of Fiscal Year ending June 2019
15
Phase 0
Phase 1
July 2009
through
June 2012
July 2012
through
June 2015
Take on New Challenges・ Reinforce core business
・ Create a pillar of new business
Get Ready for New Chapter・ Focus on select business areas where we excel and
expect growth
・ Reinforce financial strength
Phase 2 July 2015
through
June 2018
Establish Solid Foundation of New Business
Core Business ・ Enhance competitive edge
・ Increase market share
New Business ・ Establish a foundation for EUV/wafer
inspection business growth
・ Find new business areas by
microscope marketing
“Focus our resources on business areas where we excel and expect high growth”
Basic Policy
Mid-Term Business Plan
16
Mid-Term Business Plan - Results of Sales and Operating Income
(1,000)
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
-2,500
0
2,500
5,000
7,500
10,000
12,500
15,000
17,500
20,000
22,500
25,000
FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018
47th 48th 49th 50th 51st 52nd 53rd 54th 55th 56th
Sales (left-hand scale)
Operating income (right-hand scale)
Phase 0 Phase 1 Phase 2
【Sales】
(Consolidated, in millions of yen)
【Operating income】
17
We have entered Phase 3, the fourth stage of Mid-Term Business Plan.
We will achieve large sales increase in this stage.
Mid-Term Business Plan – Phase 3
On Growth Trajectory with New Business
Core Business ・ Further enhance competitive edge
・ Get overwhelming market share
New Business ・ Achieve large sales growth
・ Find new applications and new
products
Service ・ Global service enhancement
Phase 3 July 2018
through
June 2021
1st year: FY2019
2nd year： FY2020
3rd year: FY2021
This year
18
Growth in Phase 3
Sales
Existing
business
New business
(wafer inspection)
Existing
business
Phase 0July 2009 to June 2012
Phase 1July 2012 to June 2015
Phase 2July 2015 to June 2018
(48th to 50th year) (51st to 53rd year) (54th to 56th year)
Existing
business
Phase 3July 2018 to June 2021
(57th to 59th year)
New business
(wafer inspection)
New business(wafer inspection)
New business
(EUVL）
New area
We aim to achieve high-quality (high-value, high-profit-margin)
growth.
＊ The images above represent our sales growth concept only. They are not to scale.
19
Strategy and Target Market
＊ Provide the best solution in a market segment that large companies find it
difficult to enter because of its small size. (If the entire market size is large,
target a segment of the market where we have competitive advantage.)
＊ Capture a large market share in the segment.
＊ Enter neighboring segments to expand the area of business.
＊ Capture multiple market segments in this manner.
This is our multiple niche strategy.
Focus on market segments where our strengths can be used
effectively, where our solutions are differentiated from others,
and where the customers appreciate the value we offer.
Target:① A market where we can differentiate our solutions from others because of the
technically demanding requirements in the area of inspection and measurement
② A market where the customers appreciate the value of inspection and measurement
solutions
③ A market with large investment potential
20
1. Results of Fiscal Year ended June 2018
2. Mid-Term Business Plan
3. Forecast of Fiscal Year ending June 2019
21
Market Trend
Pursuit of
convenience
4G→5G: 100x speed, 1000x
capacity (in 2020 and beyond)
16 ZB (in 2016) →
163 ZB (in 2025)
Jobs replaced by AI: 49%
(circa 2025 to 2035)
EV&PHV market penetration rate:
23% (in 2030)ADAS installation rate:90% or higher (in 2020)
Logic, 3D-NAND OLED,
Image SensorCPU, GPU, FPGA
CPU, GPU, FPGAImage Sensor
SiC, OLED
Massive data
storage
Innovation centered
on deep learning
Spread of electric
vehicles and self-
driving cars
CPU, GPU 3D-NAND, DRAM
Sources:＊1. NTT docomo 2014,＊2. IDC 2017,＊3. Nomura Research Institute 2015,＊4. Mizuho Bank 2018, data in 5 key areas, ＊5. MOLIT and METI 2017, target of auto braking system installation rate
＊１ ＊2 ＊3
＊4
＊5
Mobile・5G/ IoT
Data Center AutomotiveAI
22
Sem
ico
nd
ucto
r
Segment Business environment
Logic deviceA major foundry announced the downward revision of capex plan, but
investment in the cutting-edge technology node is expected to come in
the future.
MemoryAlthough there are some delays in the implementation of investment by a
major DRAM manufacturer, the demand for memory devices is high, and
high levels of investment in 3D-NAND and DRAM continues.
Image sensorThe market is expected to grow steadily, driven by the demand for image
sensors in smartphone application, then by the growth of automotive
application in the medium term.
Power device Manufacturers are accelerating efforts to promote the application of SiC
devices to electric vehicles. The market is growing.
Segment Business environment
FPDA major Korean manufacturer freezes investment in OLED for mobile
application. Investments in G10.5 large LED panels continue in China.
LiBThe consumer product market is growing slowly, driven mainly by
mobile-related applications. The market growth driven by the emerging
electric vehicle application is anticipated.
Oth
ers
Business Environment
$36.53$41.23
$56.62
$62.73$67.58
0
10
20
30
40
50
60
70
2015年 2016年 2017年 2018年予測 2019年予測
その他地域
欧州
北米
日本
中国
韓国
台湾
2018The market grows 10.8% to more than US$60 billion, surpassing the previous
record. Korea ranks No. 1 for the second year in a row, followed by China.
2019The market further grows 7.7% to set a new high. China is expected to become the
top region for the first time with significant 47% growth. Korea is No. 2, and Taiwan
No.3.
$ billion
23
Semiconductor Production Equipment Market
Source: SEMI July 2018
Others
Europe
Japan
N. America
China
Korea
Taiwan
2015 2016 2017 2018
forecast2019
forecast
24
Semiconductor Mask Inspection System - MATRICS
Promote X8ULTRA series to major customers.
Increase market share by promoting X810EX series
to customers other than the existing major customers
(the focus of promotion activity is China).
Semiconductor Mask Blanks Inspection System -
MAGICS
Promote M8650/M8651 to major mask blank manufacturers
and mask shops.
FPD Mask Inspection System - CLIOS
Step up the effort to promote CLIOS, de facto standard
inspection tool for the masks of Generation 10.5 and high-
definition panels.
SiC Wafer Inspection & Review System - SICA
Win more multiple orders for SICA88 from major customers
and increase market share.
FY2019 Goals and Actions
(1) Core Business and New Business
New
New
25
ABICS E120
EUV Mask Blanks Inspection System
- ABICS is an inspection system that has adopted the same
wavelength of EUV light with the one used in lithography
(13.5nm).
- This is the only system that can detect phase defects.
MATRICS X8ULTRA Series
Semiconductor Mask Inspection System- X8ULTRA is an inspection system for cutting-edge photomasks.
- It is designed to inspect the patterned surface of EUV masks.
BASIC Series
EUV Mask Backside Inspection & Cleaning System
- BASIC is designed to inspect the backside of EUV masks.
- It can measure the height of particles on the backside and remove
them (cleaning function).
Backside
inspection
Patterned surface
inspection
New
FY2019 Goals and Actions
(2) Promotion of EUV-related Systems
Forecast YoY
(Aug. 8, 2018) Change
Net sales 21,252 100.0% 28,000 100.0% 31.7%
Operating income 5,685 26.8% 6,500 23.2% 14.3%
Ordinary income 5,706 26.9% 6,500 23.2% 13.9%
Net income 4,366 20.5% 5,000 17.9% 14.5%
Consolidated
(in millions of yen)
FY2018 FY2019
Actual Margin Margin
21,252
28,000
5,685 6,500
0
10,000
20,000
30,000
2018年6月期
実績
2019年6月期
予想
売上高
営業利益
26
Forecast for Fiscal Year ending 2019
Aiming for record-high sales and profits again
(In millions of yen)
FY2018
Actual
FY2019
Forecast
Net sales
Operating income
27
0
(Consolidated, in millions of yen)
Increase in gross profit mainly
due to sales increase
＋2,787
Increase in
other SG&A
expenses
▲411
Increase in
R&D
expenses
▲1,562
YoY increase of 814 million yen in operating income, despite large
increase in R&D expenses
Operating Income Forecast – Comparison with FY2018
FY2018
Operating
income
5,685
FY2019
Operating
income
6,500
FY2018 Actual FY2019 Forecast
YoY increase of
814
Forecast YoY
(Aug. 10, 2018) Change
Semiconductor-related products 15,498 72.9% 18,600 66.4% 20.0%
Other products 1,802 8.5% 4,500 16.1% 149.7%
Services 3,951 18.6% 4,900 17.5% 24.0%
Total 21,252 100.0% 28,000 100.0% 31.7%
Consolidated
(in millions of yen)
FY2018 FY2019
Actual Ratio Ratio
21,252
28,000
0
10,000
20,000
30,000
2018年6月期
実績
2019年6月期
予想
サービス
その他
半導体関連装置
28
(In millions of yen)
FY2019 Forecast – Sales by Product CategoryWe aim to further increase sales. Semiconductor mask inspection
system is the main driver.
FY2018
Actual
FY2019
Forecast
Services
Other products
Semiconductor-related products
Orders Backlog
FY2018 FY2018
Forecast YoY Forecast YoY
(Aug. 10, 2018) Change (Aug. 10, 2018) Change
Semiconductor-related
products34,826 28,300 -18.7% 34,466 44,166 28.1%
Other products 3,909 3,800 -2.8% 4,677 3,977 -15.0%
Services 4,144 4,900 18.2% 737 737 0.0%
Total 42,880 37,000 -13.7% 39,881 48,881 22.6%
FY2019 FY2019Consolidated
(in millions of yen)Actual Actual
42,880
37,000
0
10,000
20,000
30,000
40,000
50,000
2018年6月期
実績
2019年6月期
予想
サービス
その他
半導体関連装置
(In millions of yen)
FY2019 Forecast – Orders and Backlog by Product Category
29
Orders decrease YoY, but we aim for a high level of orders exceeding
30 billion yen.
Services
Other products
Semiconductor-
related products
FY2018
Actual
FY2019
Forecast
10,451 10,800
14,300 13,700
3,277 2,408
3,300 3,200
0
5,000
10,000
15,000
上期（'17/7-12） 下期（'18/1-6） 上期（'18/7-12） 下期（'19/1-6）
売上高
営業利益
30
2018年6月期実績 2019年6月期予想
(In millions of yen)
FY2019 – Sales and Profits in First and Second Halves
We plan to have a high level of sales both in first and second halves.
FY2018 Actual FY2019 Forecast
First half First halfSecond half Second half
Net sales
Operating income
FY2018
Forecast YoY
(Aug. 10, 2018) Change
R&D expenses 2,772 4,335 15.5% 56.4%
Depreciation and amortization 558 533 1.9% -4.4%
Capital expenditure 920 2,383 8.5% 158.9%
Total number of employees 332 365 - 33
(Not including the members of the board)
Consolidated
(in millions of yen)
FY2019
Actual Margin
31
FY2019 – Other Indicators
We will continue to proactively invest in R&D and significantly
increase capital expenditure for product development facilities.
We will also continue to increase the number of employees.
32
History of Dividends
FY2017
FY2018 FY2019 (forecast)
Interim Year-end
(plan)
Interim Year-end
Dividend per share (yen)
28 12 22 16 23
Dividend payout ratio
35.7% 35.1% 35.2%
Dividend Policy
・Steady income distribution to shareholders and flexible payment based on performance
・35% dividend payout ratio on a consolidated basis set as guideline (since FY2015)
We plan to pay record-high annual dividend in FY2018.
We started paying interim dividend in FY2018.
Dividend Policy
33
・Hiroshi Asai
General Manager, Corporate Planning Office, Lasertec Corporation
・Phone: +81-45-478-7127
・E-mail: hiroshi.asai＠lasertec.co.jp
This presentation is compiled from information available to us as of the date of release. Actual results may differ
materially from the forecast of this presentation due to various reasons.
Contact Information
Rounding of figures in this presentation:
Figures less than a million yen are rounded down where the financial results and forecasts are presented. The sum of
component figures may not be equal to the total figure due to round-off error.
About the figures of the results of FY2017:
Due to change in accounting policy in FY2018, we revised the figures of the financial results of FY2017 retrospectively.
Previously, we converted the values of profits and losses of each overseas consolidated subsidiary to Japanese yen
using the spot rate of foreign currency exchange as of the date of account settlement by the overseas consolidated
subsidiary. We changed it to the method of using the average foreign exchange rate of the period.
1st Half 2nd Half Year 1st Half 2nd Half Year
Semiconductor-related products 7,321 8,176 15,498 10,400 8,200 18,600
Other products 1,276 526 1,802 1,600 2,900 4,500
Services 1,854 2,097 3,951 2,300 2,600 4,900
Total 10,451 10,800 21,252 14,300 13,700 28,000
Consolidated
(in millions of yen)
FY2018 Actual FY2019 Forecast
10,451 10,800
14,30013,700
0
5,000
10,000
15,000
上期 下期 上期 下期
2018年6月期実績 2019年6月期予想
サービス
その他
半導体関連装置
34
(Reference) Sales in First/Second Half by Product Category
(In millions of yen)
Services
Other products
Semiconductor-
related products
FY2019 Forecast
1st half 1st half2nd half 2nd half
FY2018 Actual
1st Half 2nd Half Year 1st Half 2nd Half Year
Semiconductor-related products 23,820 11,006 34,826 17,600 10,700 28,300
Other products 2,335 1,573 3,909 2,600 1,200 3,800
Services 1,959 2,184 4,144 2,300 2,600 4,900
Total 28,116 14,764 42,880 22,500 14,500 37,000
Consolidated
(in millions of yen)
FY2018 Actual FY2019 Forecast
28,116
14,764
22,500
14,500
0
10,000
20,000
30,000
上期 下期 上期 下期
2018年6月期実績 2019年6月期予想
サービス
その他
半導体関連装置
35
(Reference) Orders in First/Second Half by Product Category
(In millions of yen)
Services
Other products
Semiconductor-
related products
FY2019 Forecast
1st half 1st half2nd half 2nd half
FY2018 Actual
![2019年度[2020年3月期 第 四半期決算説明会 · 2018年度[2019年3月期]第2四半期 2019年度[2020年3月期]第2四半期 261 477 341 248 434 364 0 200 400 600 半導体関連材料](https://img.pdfslide.us/doc/110x75/5f9340187baac41cb36221b0/201920203oeoe-c-oece-201820193oeoec2oe.jpg)
