FY2011 Financial Forecast and Basic Management Policy

Transcription

1 FY2011 Financial Forecast and Basic Management Policy Hiroshi Takenaka, President & CEO May 12,

2 FY2010 Review 26

3 FY2010 Initial Financial Estimates vs. Results (Billions of yen) Net sales Initial estimates (May 14, 2009) FY2010 Results Increase Operating income Ordinary income EBIT Net income

4 Short-term response Response to drastic market changes Achieved 30 billion YonY reduction in fixed costs Medium-term actions FY2010: Achievements Maintained high level of R&D investment R&D expenses 54 billion (16% of SPE/FPD/PVE sales) Invested in existing SPE, RLSA, 3DI, SiC Epi, and other new areas Reorganized and optimized organization and facilities ahead of next stage in growth Reorganized sales and service structure Consolidated domestic development and manufacturing locations, established and enhanced technology centers in Taiwan and the U.S. Decided to restart plan to construct new Miyagi plant Implemented One-grade up Program for employees 28

5 Business Environment 29

6 Business Environment SPE capex Global economic recovery has led to a strong surge in demand for semiconductors and a rapid recovery in orders A large number of new lines are planned in the second half of CY2010 and first half of CY2011 WFE* investment in CY2010 expected to be up more than 90% FPD capex Sustained boom in demand for flat screen TVs, mainly in China; continuing investment in new line construction PV capex Crystal silicon and compound (Cd-Te) performing well due to price advantage, thin film silicon sluggish but expected to grow in medium/long term *Wafer Fab Equipment 30

7 SPE WFE* Capex by Segment ($B) Logic& Foundry (CY) (E) 2011(E) NAND DRAM 2010/2011: Major growth in in WFE CAPEX *Wafer Fab Equipment Source: Gartner DataQuest, TEL Marketing 31

8 Quarterly SPE+FPD/PVE Orders (Billions of Yen) 250 FPD/PVE order SPE order Jan-Mar/2010 SPE (+14%) FPD/PVE 10.6 (+372%) Total: (+21%) ( ): change from Oct-Dec/2009 % is calculated using full amounts / / /01 4-6/01 7-9/ /01 1-3/02 4-6/02 7-9/ /02 1-3/03 4-6/03 7-9/ /03 1-3/04 4-6/04 7-9/ /04 1-3/05 4-6/05 7-9/ /05 1-3/06 4-6/06 7-9/ /06 1-3/07 4-6/07 7-9/ /07 1-3/08 4-6/08 7-9/ /08 1-3/09 4-6/09 7-9/ /09 1-3/10 32

9 SPE Orders by Application (Equipment only) 100% 80% 60% 40% 20% % 05/ /1-3 06/4-6 06/7-9 06/ /1-3 07/4-6 07/7-9 07/ /1-3 08/4-6 08/7-9 08/ /1-3 09/4-6 09/7-9 09/ /1-3 Logic & Others (MPU, System LSI, Others) Logic Foundry Flash DRAM (TEL estimate) 33

10 FY2011 Financial Estimates 34

11 FY2011 Financial Estimates (Billion yen) FY2010 FY2011 Net sales SPE FPD/PVE EC/CN Others Operating income Ordinary income Full year (-0.5) 2.5 ( 0.6) 1H (E) (10.5) 34.0 (10.8) 2H (E) (13.3) 46.0 (13.3) Full year (E) (12.0) 80.0 (12.1) YoY change +58% +91% -3% +7% EBIT -7.7 (-1.9) 34.0 (10.8) 46.0 (13.3) 80.0 (12.1) Net income -9.0 (-2.2) 22.0 ( 7.0) 33.0 ( 9.6) 55.0 ( 8.3) Dividend (yen) In principle, export sales of Tokyo Electron s mainstay semiconductor and FPD/PV cell production equipment are denominated in yen. While some settlements are denominated in dollars, exchange risk is hedged as forward exchange contracts are made individually at the time of booking. Accordingly, the effect of exchange rates on profits is negligible. 1, SPE: Semiconductor Production Equipment, FPD/PVE: Flat Panel Display and Photovoltaic Cell Production Equipment, EC/CN: Electronic Components and Computer Networks 2. Numbers shown in ( ): profit ratios 3. YoY changes and profit ratios are calculated using full amounts, before rounding. 35

12 Net Sales, Operating Income, Operating Margin (Billions of Yen) 1, Estimates for this FY % 16.9% 10.1% 11.2% 4.2% % % 18.6% % -0.5% % 79.0 FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11(E) Net Sales Operating Income Operating Margin

13 Aiming for New Growth 37

14 Corporate Philosophy As a leader in cutting-edge fields, provide high value technology and services globally to help people realize high quality, sound lifestyles Help create a society with a vision, and take a strong lead in meeting environmental challenges Share a sense of mission among all employees, and realize our dreams as a bright and active company full of vitality 38

15 Global R&D and Manufacturing Bases Imec (Belgium ) TEKS (Korea) TEL VC (U.S.A.) TTCA (U.S.A.) TDC: Technology Development Center LPDC: Leading-edge Process Development Center TDI: Tokyo Electron Technology Development Institute TELAT: Tokyo Electron AT TKL: Tokyo Electron Kyushu TTL: Tokyo Electron Tohoku TEKS: Tokyo Electron Korea Solution TTCA: TEL Technology Center, America TTCT: TEL Technology Center, Taiwan TEL VC:TEL Venture Capital TTCT (Taiwan) Timbre Technology (U.S.A.) R&D framework closely linked to to cutting-edge technologies TEL Epion (U.S.A.) TDC, LPDC, TDI, TELAT, TKL, TTL (Japan) 39

16 R&D Expenses and CAPEX R&D R&D Expenses R&D Expenses % to SPE+FPD/PV sales (Billion Yen) % 10% CAPEX Depreciation 18.1 CAPEX (Billion Yen) % 10 0 FY08 FY09 FY10 FY11(E) 0% 0 FY08 FY09 FY10 FY11(E) Main Main use: use: Etch Etch system system (Poly (Poly Etch, Etch, etc.) etc.) Single Single wafer wafer cleaning cleaning system system RLSA RLSA application application expansion expansion New New area area (3DI, (3DI, FPD, FPD, PV, PV, etc.) etc.) Main Main use: use: New New Miyagi Miyagi plant plant related related Evaluation Evaluation and and measuring measuring equipment equipment Environment-related Environment-related FY2011 R&D budget is is TEL s largest ever 40

17 New Product - Tactras RLSA Etch Dielectric plate Microwave (2.45GHz) Plasma generation area Plasma diffusion area wafer Radial Line Slot Antenna Tactras RLSA Etch RLSA plasma advantage Less plasma damage High selectivity Application Poly Etch Si Etch CVD, etc. RLSA soon be be adopted for for volume production at at a key customer 41

18 SPE Business: Status and Objectives SPE SPEbusiness Product Share (FY2010) TEL share Coater/ Developer Etching Thermal processing Single wafer CVD Cleaning Prober (Share: TEL estimates) Grow share in the poly etch market Promote new models worldwide Grow share in single wafer cleaning Raise productivity Develop differentiated technology Focus our efforts particularly on on etching and cleaning systems 42

19 FPD/PV Business: Status and Objectives FPD FPD business Expand product position Thorough cost reductions Accelerate organic EL and other new technology development FY2010 Product share FPD Etcher FPD Coater/ developer Share: TEL estimates PV PV business Collaboration with Sharp; Alliance with Oerlikon From a long term perspective, foster PV based around thin film as a core business Respond flexibly to to environmental changes 43

20 Achieving sustained growth: Key medium-term issues 1. Exploit growth opportunities in existing businesses 2. Use differentiated technology to create high profit businesses 3.Expand field solutions businesses 4.Further enhance our manufacturing strengths 5.Cultivate new businesses based on core technologies 44