LASERTEC CORPORATION Consolidated Financial Results for the First Quarter Ended September 30, 2014 (Japanese GAAP)
October 31, 2014
Company name: Lasertec Corporation Stock exchange listing: Tokyo Stock Exchange Code: 6920
URL: http://www.lasertec.co.jp/ Representative: Osamu Okabayashi
Representative Director and President
Contact for inquiries: Shu Uchiyama
Managing Director and Chief Administrative Officer
Phone: +81-45-478-7111
Date of filing the securities report: November 12, 2014
Preparation of supplementary materials
for financial results: Yes
Financial results briefing: No
(Figures less than a million yen are rounded down.)
1. Consolidated financial results for the three months ended September 30, 2014
(1) Consolidated operating results
(The percentage figures indicate changes from the previous fiscal year.)
Net sales | Operating income(loss) | Ordinary income(loss) | Net income(loss) | |||||
Three months ended September 30, 2014 September 30, 2013 | Million yen 1,747 970 | % 80.0 (73.6) | Million yen 86 (508) | % -- -- | Million yen 132 (511) | % -- -- | Million yen 82 (326) | % -- -- |
(Note) Comprehensive income: Three months ended September 30, 2014: 136 million yen [--%]
Three months ended September 30, 2013: (246) million yen [--%]
Net income (loss) per share | Net income per share, fully diluted | |
Three months ended September 30, 2014 September 30, 2013 | Yen 3.66 (14.47) | Yen 3.65 -- |
(2) Consolidated financial position
Total assets | Net assets | Equity ratio | Net assets per share | |
September 30, 2014 June 30, 2014 | Million yen 20,286 21,687 | Million yen 16,991 17,463 | % 83.6 80.4 | Yen 752.33 773.26 |
(Reference) Equity: September 30, 2014: 16,959 million yen June 30, 2014: 17,431 million yen
2. Dividends
Dividends per share | |||||
End of 1Q | End of 2Q | End of 3Q | Year-end | Total | |
Fiscal year ended June 30, 2014 Fiscal year ending June 30, 2015 | Yen -- 0.00 | Yen 0.00 | Yen -- | Yen 27.00 | Yen 27.00 |
Fiscal year ended June 30, 2014 Fiscal year ending June 30, 2015 | Yen -- 0.00 | ||||
Fiscal year ending June 30, 2015 (Forecast) | 0.00 | 0.00 | 34.00 | 34.00 |
(Note) Revision to forecast of dividends since the last announcement: None
3. Forecast of consolidated financial results for the year ending June 30, 2015
(The percentage figures indicate changes from the same period of the previous fiscal year.)
Net sales | Operating income | Ordinary income | Net income | Net income per share | |||||
First 2Qs Annual | Million yen 5,600 15,000 | % 2.3 10.2 | Million yen 500 3,200 | % (40.9) 3.3 | Million yen 500 3,200 | % (45.8) 1.2 | Million yen 300 2,150 | % (50.8) 9.2 | Yen 13.31 95.37 |
(Note) Revision to forecast of financial results since the last announcement: None
※ Notes
(1) Significant changes of subsidiaries during the period (changes of specified subsidiaries accompanying changes in the scope of consolidation): None
Number of subsidiaries added to consolidation: None (Company names: --), Number of subsidiaries excluded from consolidation: None (Company names: --)
(2) Application of special accounting procedures for compiling quarterly financial statements: None
(3) Changes in accounting policy, changes or restatement of accounting estimates (a) Changes in accounting policy due to revision of accounting standards: None (b) Changes in accounting policy other than (a): None
(c) Changes in accounting estimates: None
(d) Restatement due to revision: None
(4) Number of issued shares (common stock):
(a) Number of issued shares at the end of the period (including treasury stock)
(b) Number of treasury stock at the end of the period
(c) Average number of shares during
the period ended
(Shares)
※ Disclosure regarding the status of auditing of this report
This summary of financial results and its related materials are not subject to auditing under the Financial Instruments and Exchange Act of Japan. As of the date of this report, auditing of the consolidated financial statements based on the Financial Instruments and Exchange Act has not been completed.
※ Cautionary statement for proper use of forecast of financial results and other special notes
The forecast of financial results provided in this summary and its related materials is based on information available to the management at the time of announcement and on assumptions it has judged to be reasonable. Lasertec makes no guarantees about achieving the forecast provided herein. Actual results may differ materially from the forecast due to various factors.
Contents of Supplementary Material
Lasertec Corporation (6920)
1. Qualitative information concerning this quarterly report --------------------------------------------------------2 (1) Qualitative information concerning consolidated results --------------------------------------------------2 (2) Qualitative information concerning consolidated financial position -------------------------------------2 (3) Qualitative information concerning forecast of consolidated financial results ----------------------3
2. Statement concerning "Notes on the summary" ------------------------------------------------------------------3 (1) Significant changes of subsidiaries during the cumulative quarter -------------------------------------3 (2) Application of special accounting procedures to the preparation of consolidated
financial statements -------------------------------------------------------------------------------------------------3 (3) Changes in accounting policy and changes or restatement of accounting estimates -------------3
3. Consolidated financial statements------------------------------------------------------------------------------------4 (1) Consolidated balance sheet --------------------------------------------------------------------------------------4 (2) Consolidated statement of income and consolidated statement of comprehensive income -----6
Consolidated statement of income (First three months of the fiscal year) ----------------------6
Consolidated statement of comprehensive income (First three months of the
fiscal year) -------------------------------------------------------------------------------------------------------7
(3) Consolidated statement of cash flows -------------------------------------------------------------------------8 (4) Notes on consolidated financial statements ------------------------------------------------------------------9 (Note on going concern)--------------------------------------------------------------------------------------------9 (Note on significant changes in the amount of shareholders' equity)-----------------------------------9
4. Supplementary information------------------------------------------------------------------------------------------- 10 (1) Production by category------------------------------------------------------------------------------------------- 10 (2) Orders by category ------------------------------------------------------------------------------------------------ 10
(3) Sales by category ------------------------------------------------------------------------------------------------- 10
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1. Qualitative information concerning this quarterly report
(1) Qualitative information concerning consolidated results
Lasertec Corporation (6920)
During the three-month period ended September 30, 2014, the prospect of the global economy remained uncertain overall. The US economy had clear signs of robust recovery, but a long-lasting recession lingered in Europe and there were signs of slower growth in China and other emerging economies.
As for the Japanese economy, corporate capital expenditures increased during this quarterly period. However, concerns grew larger about slowing down of the economic growth that lasted since last fiscal year. Consumer spending was not recovering as anticipated after it had plunged due to consumption tax hike.
In the semiconductor industry, which constitutes our main business sector, this quarter was a period of transition from 20nm node to 14/16nm node. Capital expenditures by large foundries, therefore, remained at a low level. As a result, our operating activities remained low.
The business environment of other industries related to the remainder of our business is summarized as follows: in the FPD industry, we saw resumption of significant capital expenditures, after several slow years, for photomasks used in the production of high definition panels for smartphones; in the photovoltaic cell industry, the level of capital expenditures remained low, and; the market of lithium ion batteries was steadily growing.
Under the circumstances, our consolidated net sales in the three-month period ended September 30,
2014, was 1,747 million yen, up 80.0% from the same period of the previous year.
Looking at the consolidated net sales by product segment, semiconductor-related systems accounted for
97 million yen (down 80.8%), other products for 1,222 million yen (up 2,442.0%), and services for 427 million yen (up 2.9%).
As for consolidated income for the three-month period of this quarterly report, we recorded an operating profit of 86 million yen (an operating loss of 508 million yen in the same period of the previous year), an ordinary profit of 132 million yen (an ordinary loss of 511 million yen in the same period of the previous year), and a net profit of 82 million yen (a net loss of 326 million yen in the same period of the previous year).
(2) Qualitative information concerning consolidated financial position
① Financial position
Total assets at the end of the quarter amounted to 20,286 million yen, down 1,401 million yen from the end of the previous fiscal year. This is mainly due to a 2,429 million yen decrease in cash and deposits whereas work-in-process increased by 756 million yen and notes and accounts receivable-trade increased by 613 million yen.
Liabilities at the end of the quarter amounted to 3,295 million yen, down 929 million yen from the end of the previous fiscal year. This is mainly due to a 669 million yen decrease in income taxes payable, a 139 million yen decrease in notes and accounts payable-trade, and a 114 million yen decrease in provision for directors' bonuses whereas provision for bonuses increased by 180 million yen.
Net assets, which consist of shareholders' equity, accumulated other comprehensive income, and subscription right to shares, amounted to 16,991 million yen with capital-asset ratio of 83.6%.
② Cash flows
Cash and cash equivalents at the end of the quarter amounted to 3,688 million yen, down 2,431 million yen from the end of the previous fiscal year. Following is the status of cash flows and their contributing factors during the three-month period.
For operating activities, 1,840 million yen was used (up 223.4% from the same period of the previous
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Lasertec Corporation (6920)
year). This is mainly because the sum of cash payment such as a 811 million yen increase in inventories,
725 million yen spent for income taxes paid and a 575 million yen increase in notes and accounts receivable-trade, exceeded the sum of cash receipt such as a 180 million yen increase in provision for bonuses, a 162 million yen increase in notes and accounts payable-trade and a 132 million yen income before income taxes and minority interests.
For investment activities, 14 million yen was used (down 20.6% from the same period of the previous year). This is due to 14 million yen used for purchase of property, plant and equipment.
For financing activities, 608 million yen was used (down 15.1% from the same period of the previous year). This is mainly due to 608 million yen used for cash dividends paid.
(3) Qualitative information concerning forecast of consolidated financial results
We make no revision to our forecast of operating results for the full year ending June 30, 2015, which we announced on August 8, 2014.
2. Statement concerning "Notes" on the summary
(1) Significant changes of subsidiaries during the cumulative quarter
None
(2) Application of special accounting procedures to the preparation of consolidated financial statements
None
(3) Changes in accounting policy and changes or restatement of accounting estimates
None
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3. Consolidated Financial Statements
(1) Consolidated balance sheet
Lasertec Corporation (6920)
(In thousands of yen)
Previous
(As of
Current
(As of
June 30, 2014) September 30, 2014)
Assets
Current assets
Cash and deposits 6,190,316 3,760,977
Notes and accounts receivable-trade 1,926,290 2,539,492
Work in process 3,566,295 4,323,158
Raw materials and supplies 713,541 773,014
Deferred tax assets 933,245 950,228
Other 980,376 590,970
Allowance for doubtful accounts (6,226) (2,866) Total current assets 14,303,838 12,934,975
Noncurrent assets
Property, plant and equipment
Buildings and structures, net 2,014,685 1,988,845
Machinery, equipment and vehicles, net 12,039 11,056
Tools, furniture and fixtures, net 216,192 206,848
Leased assets, net 6,380 6,050
Land 4,254,773 4,254,773
Construction in progress 8,014 8,509
Total property, plant and equipment 6,512,085 6,476,083
Intangible assets 591 594
Investments and other assets
Investment securities 531,718 543,710
Long-term accounts receivable-other 220,002 220,002
Deferred tax assets 58,446 70,138
Other 61,375 41,406
Allowance for doubtful accounts (228) (228) Total investments and other assets 871,313 875,028
Total noncurrent assets 7,383,990 7,351,707
Total assets 21,687,828 20,286,682
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Lasertec Corporation (6920)
(In thousands of yen)
Previous
Current
(As of June 30, 2014) (As of September 30, 2014)
Liabilities
Current liabilities
Notes and accounts payable - trade 655,796 516,291
Income taxes payable 753,058 83,740
Advances received 1,580,425 1,497,308
Provision for bonuses -- 180,321
Provision for directors' bonuses 126,000 11,557
Provision for product warranties 410,949 315,177
Other 471,049 451,758
Total current liabilities 3,997,281 3,056,154
Noncurrent liabilities
Net defined benefit liability 198,047 209,646
Other 29,281 29,488
Total noncurrent liabilities 227,328 239,135
Total liabilities 4,224,609 3,295,289
Net assets
Shareholders' equity
Capital stock 931,000 931,000
Capital surplus 1,080,360 1,080,360
Retained earnings 16,267,648 15,741,430
Treasury stock (978,041) (978,041) Total shareholders' equity 17,300,966 16,774,749
Accumulated other comprehensive income
Valuation difference on available-for-sale
securities 237,994 241,695
Foreign currency translation adjustment (107,424) (56,733) Total accumulated other comprehensive
income 130,569 184,961
Subscription rights to shares 31,682 31,682
Total net assets 17,463,218 16,991,393
Total liabilities and net assets 21,687,828 20,286,682
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Lasertec Corporation (6920)
(2) Consolidated statement of income and consolidated statement of comprehensive income
(Consolidated statement of income)
(In thousands of yen)
Previous
(July 1, 2013 thru
Current
(July 1, 2014 thru
September 30, 2013) September 30, 2014)
Net sales 970,874 1,747,178
Cost of sales 701,977 794,232
Gross profit 268,897 952,945
Selling, general and administrative expenses 777,703 866,076
Operating income(loss) (508,806) 86,869
Non-operating income
Interest income 499 404
Foreign exchange gains -- 43,529
Other 1,862 2,045
Total non-operating income 2,361 45,980
Non-operating expenses
Interest expenses 3,251 668
Foreign exchange losses 1,556 -- Other -- 49
Total non-operating expenses 4,807 717
Ordinary income(loss) (511,252) 132,131
Income(loss) before income taxes and minority
interests (511,252) 132,131
Income taxes-current 18,841 83,407
Income taxes-deferred (203,781) (33,714)
Total income taxes (184,940) 49,693
Income(loss) before minority interests (326,311) 82,438
Net Income(loss) (326,311) 82,438
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(Consolidated statement of comprehensive income)
Lasertec Corporation (6920)
(In thousands of yen)
Previous
(July 1, 2013 thru
Current
(July 1, 2014 thru
September 30, 2013) September 30, 2014)
Income(loss) before minority interests (326,311) 82,438
Other comprehensive income
Valuation difference on available-for-sale
securities 66,174 3,700
Foreign currency translation adjustment 13,945 50,691
Total other comprehensive income 80,119 54,392
Comprehensive income (246,191) 136,830
Comprehensive income attributable to owners
of the parent (246,191) 136,830
Comprehensive income attributable to minority
interests -- --
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(3)Consolidated statement of cash flows
Lasertec Corporation (6920)
(In thousands of yen)
Previous
(July 1, 2013 thru
Current
(July 1, 2014 thru
September 30, 2013) September 30, 2014)
Cash flows from operating activities
Income (loss) before income taxes and minority interests | (511,252) | 132,131 |
Depreciation and amortization | 52,058 | 50,407 |
Increase (decrease) in allowance for doubtful accounts | (27,577) | (3,375) |
Increase (decrease) in provision for bonuses | 141,772 | 180,321 |
Increase (decrease) in provision for director's bonuses | (111,000) | (114,443) |
Increase (decrease) in provision for product warranties | (44,849) | (94,653) |
Increase (decrease) in provision for retirement benefits | (2,260) | -- |
Increase (decrease) in net defined benefit liability | -- | 11,361 |
Interest and dividends income | (499) | (404) |
Interest expenses | 3,251 | 668 |
Foreign exchange losses (gains) | 5,460 | (25,614) |
Decrease (increase) in notes and accounts receivable-trade | 944,658 | (575,596) |
Decrease (increase) in inventories | (550,530) | (811,012) |
Decrease (increase) in accounts receivable-other | 4 | (681) |
Increase (decrease) in notes and accounts payable-trade | (252,372) | 162,354 |
Increase (decrease) in advances received | 430,406 | (84,670) |
Other, net | (213,403) 58,022 | |
Subtotal | (136,133) (1,115,183) | |
Interest and dividends income received | 469 703 | |
Interest expenses paid | (3,283) (668) | |
Income taxes paid | (430,172) (725,197) | |
Net cash provided by (used in) operating activities | (569,120) (1,840,345) |
Cash flows from investment activities
Purchase of property, plant and equipment (18,133) (14,592) Other, net (236) -- Net cash provided by (used in) investment activities (18,369) (14,592)
Cash flows from financing activities
Repayment of long-term loans payable (176,500) -- Cash dividends paid (540,979) (608,655) Other, net -- (330) Net cash provided by (used in) financing activities (717,479) (608,985)
Effect of exchange rate change on cash and cash
equivalents 1,578 32,064
Net increase (decrease) in cash and cash equivalents (1,303,390) (2,431,858)
Cash and cash equivalents at beginning of period 3,967,601 6,120,176
Cash and cash equivalents at end of period 2,664,211 3,688,317
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(4) Notes on consolidated financial statements
(Note on going concern) None
(Note on significant changes in the amount of shareholders' equity) None
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Lasertec Corporation (6920)
4. Supplementary information
(1) Production by category
Production by category for the first three months of the fiscal year is as follows.
(In thousands of yen)
(July 1, 2014 thru September 30, 2014)
Category Previous Current Year-on-year
comparison (%)
Finished goods
Semiconductor-related systems 1,873,048 1,145,428 61.2
Other products 106,031 1,044,217 984.8
Subtotal 1,979,080 2,189,645 110.6
Services 415,674 427,769 102.9
Total 2,394,754 2,617,415 109.3
(Notes)
1. Numbers shown above are based on sales prices.
2. Consumption taxes are excluded.
(2) Orders by category
Orders and backlog by category for the first three months of the fiscal year are as follows.
(In thousands of yen)
(July 1, 2014 thru September 30, 2014)
Category Orders
Previous
Orders
Current
Year-on-year comparison (%)
Backlog
Previous
Backlog
Current
Year-on-year comparison (%)
Finished goods
Semiconductor-related systems 790,363 1,778,337 225.0 4,326,445 7,135,110 164.9
Other products 195,733 201,854 103.1 250,113 191,679 76.6
Subtotal 986,096 1,980,191 200.8 4,576,558 7,326,789 160.1
Services 406,415 361,512 89.0 238,807 244,136 102.2
Total 1,392,512 2,341,703 168.2 4,815,366 7,570,925 157.2
(Notes)
1. Numbers shown above are based on sales prices.
2. Numbers reflect adjustment for cancellation and other changes.
3. Consumption taxes are excluded.
(3) Sales by category
Sales by category for the first three months of the fiscal year are as follows.
(In thousands of yen)
(July 1, 2014 thru September 30, 2014)
Category Previous Current Year-on-year
comparison (%)
Finished goods
Semiconductor related systems 507,119 97,178 19.2
Other products 48,080 1,222,230 2,542.0
Subtotal 555,200 1,319,408 237.6
Services 415,674 427,769 102.9
Total 970,874 1,747,178 180.0
(Note) Consumption taxes are excluded.
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