First Quarter of Fiscal Year ending June 2024 Financial Results
October 31, 2023 Lasertec Corporation
Agenda
Results of the First Quarter of Fiscal Year Ending June 2024 (FY2024 Q1)
Yutaro Misawa
Director, Executive Officer & CFO
Business Environment and Forecast for Fiscal Year Ending June 2024 (FY2024)
Osamu Okabayashi
Representative Director, President & CEO
1
Agenda
Results of the First Quarter of Fiscal Year Ending June 2024 (FY2024 Q1)
Yutaro Misawa
Director, Executive Officer & CFO
Business Environment and Forecast of Fiscal Year Ending June 2024 (FY2024)
Osamu Okabayashi
Representative Director, President & CEO
2
Results in Perspective
Sales increased significantly YoY. Profit margins fell due to an unfavorable product mix in the short term.
In millions of yen
FY2023 | FY2024 | |||||
Q1 | Q2 | Q3 | Q4 | Q1 | ||
Net Sales | 25,723 | 29,376 | 24,329 | 73,401 | 47,305 | |
Gross profit | 14,448 | 15,326 | 13,297 | 40,940 | 17,087 | |
GP margin | 56.2% | 52.2% | 54.7% | 55.8% | 36.1% | |
Operating income | 8,508 | 9,616 | 9,348 | 34,815 | 10,279 | |
OP margin | 33.1% | 32.7% | 38.4% | 47.4% | 21.7% | |
6,731 | 6,851 | 7,134 | 25,447 | 7,702 | ||
Net income | ||||||
Orders | 63,216 | 31,166 | 33,729 | 58,450 | 40,767 | |
Backlog | 406,696 | 408,485 | 417,885 | 402,933 | 396,395 | |
R&D expenses | 2,415 | 3,805 | 1,858 | 2,897 | 2,354 | |
R&D margin | 9.4% | 13.0% | 7.6% | 3.9% | 5.0% | |
17,406 | 2,482 | 822 | 2,429 | 223 | ||
Capital expenditure | ||||||
Depreciation and | 698 | 922 | 907 | 957 | 1,078 | |
amortization | ||||||
YoY | QoQ |
(vs Q1) | (vs Q4) |
FY2023 | FY2023 |
+83.9% | ▲35.6% |
+18.3% | ▲58.3% |
- | - |
+20.8% | ▲70.5% |
- | - |
+14.4% | ▲69.7% |
▲35.5% | ▲30.3% |
▲2.5% | ▲1.6% |
▲2.5% | ▲18.8% |
- | - |
▲98.7% | ▲90.8% |
+54.3% | +12.6% |
3
Sales by Product Category
Sales of semiconductor-related products increased by 94.8% (JPY 20.3 billion) YoY and those of services by 29.4% (JPY 1.2 billion) YoY.
In billions of yen | 73.4 |
47.3 | ||||||||||
36.8 | 66.5 | |||||||||
27.8 | 25.7 | 29.3 | 24.3 | 41.7 | Semiconductor- | |||||
16.6 | 32.6 | related products | ||||||||
23.6 | 21.4 | 23.1 | 19.6 | |||||||
9.1 | ||||||||||
13.0 | ||||||||||
1.1 | 1.3 | 0.1 | Other products | |||||||
6.6 | 1.1 | 0.3 | 0.1 | 0.6 | ||||||
0.1 | 0.3 | 5.1 | 5.5 | 5.3 | Services | |||||
2.3 | 3.0 | 3.2 | 3.8 | 4.1 | 4.0 | |||||
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | ||
FY2022 | FY2023 | FY2024 |
4
Orders and Backlog
Customers remained cautious about making investments. Backlog continues to hover around | ||||||||
JPY 400 billion. | 406.6 | 408.4 | 417.8 | 402.9 | 396.3 | |||
In billions of yen | 340.6 | 369.2 | Backlog | |||||
277.7 | ||||||||
235.0 | ||||||||
108.3
70.5 | 79.5 | 65.3 | 63.2 | ||||||
58.4 | |||||||||
Orders | |||||||||
105.6 | |||||||||
74.7 | 31.1 | 33.7 | 40.7 | ||||||
67.2 | 59.5 | 55.9 | |||||||
50.6 | Semiconductor- | ||||||||
0.2 | 23.0 | 27.4 | 35.8 | related products | |||||
0.3 | 0.5 | 2.2 | 0.4 | 1.7 | Other products | ||||
3.8 | 1.2 | 0.1 | |||||||
2.4 | 3.0 | 4.3 | 3.5 | 6.8 | 4.3 | 5.0 | 5.9 | 4.6 | Services |
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | |
FY2022 | FY2023 | FY2024 |
5
Balance Sheet
Inventories decreased by JPY 1.9 billion from the end of FY2023, and advances received increased by JPY 4.2 billion.
Assets
In billions of yen | 263.2 | 271.5 | In billions of yen | 263.2 | 271.5 | ||||||||
255.2 | 255.2 | ||||||||||||
241.3 | 29.7 | 241.3 | |||||||||||
229.4 | 27.9 | 42.1 | Cash and deposits | 229.4 | |||||||||
21.6 | |||||||||||||
35.1 | 29.2 | 14.2 | 95.1 | ||||||||||
12.1 | Notes and accounts | 99.4 | |||||||||||
17.9 | 122.4 | Advances received | |||||||||||
Receivable-trade | 88.6 | 97.2 | |||||||||||
15.4 | 17.0 | ||||||||||||
156.8 | 152.0 | 15.3 | Accounts payable- | ||||||||||
11.1 | 14.3 | 17.3 | 49.2 | trade | |||||||||
120.0 | 133.2 | 150.1 | Work in process | 34.0 | Other current | ||||||||
55.2 | 48.6 | 0.9 | liabilities | ||||||||||
39.6 | 1.0 | Non-current | |||||||||||
0.7 | 0.8 | 0.9 | liabilities | ||||||||||
24.0 | 26.2 | 27.6 | 109.1 | 105.3 | Net assets | ||||||||
24.0 | 12.2 | Other current assets | 73.6 | 80.3 | 82.9 | ||||||||
26.0 | 26.4 | 28.4 | Property, plant and | ||||||||||
26.0 | 28.0 | equipment | |||||||||||
8.6 | 10.8 | 11.5 | 12.0 | 10.4 | Other non-current | ||||||||
Q1 | Q2 | Q3 | Q4 | Q1 | assets | Q1 | Q2 | Q3 | Q4 | Q1 | |||
FY2023 | FY2024 | FY2023 | FY2024 |
6
Cash Flows
Cash inflow from operating activities amounted to JPY 14.5 billion with net profit and the decrease in notes and accounts receivable-trade surpassing the cash used for the payment of income tax.
In billions of yen | |||||||||||||||||||
FY2022 | FY2023 | FY2024 | |||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | |||||||||||
Cash on hand | 23.1 | 18.9 | 24.0 | 23.4 | 35.1 | 29.2 | 27.9 | 29.7 | 42.1 | ||||||||||
Operating CF | Investing CF | Financing CF | FCF | 14.7 | 14.5 | ||||||||||||||
13.3 | 14.1 | ||||||||||||||||||
9.9 | 12.9 | 13.2 | |||||||||||||||||
7.5 | 6.6 | ||||||||||||||||||
7.3 | 5.7 | ||||||||||||||||||
5.9 | |||||||||||||||||||
2.7 | 5.0 | ||||||||||||||||||
0.0 0.10.0
▲2.6 | ▲4.5 | ▲0.2 | ▲2.5 | ▲4.0 | ▲0.6 | ▲1.7 | ▲0.6 | ▲1.2 |
▲2.8 | ▲1.5 | |||||||
▲4.9 | ▲4.6 | ▲5.0 | ||||||
▲9.0 | ▲11.6 | ▲10.0 | ||||||
▲17.4 | ▲14.6 | |||||||
7
R&D Expenses, Capital Expenditure, and Depreciation
These expenditures are being made as planned.
In billions of yen | ||||||||||||||||||||
R&D expenses | Capital expenditure*1 | Depreciation and amortization | ||||||||||||||||||
20.0 | CapEx for acquisition of | |||||||||||||||||||
18.0 | 17.4 | new R&D facility | 【Reference】 | |||||||||||||||||
FY2024 Forecast | ||||||||||||||||||||
16.0 | (In billions of yen) | |||||||||||||||||||
14.0 | R&D | 12.0 | ||||||||||||||||||
expenses | ||||||||||||||||||||
12.0 | Capital | 1.8 | ||||||||||||||||||
10.0 | expenditure | |||||||||||||||||||
8.0 | Depreciation | 4.5 | ||||||||||||||||||
and | ||||||||||||||||||||
6.0 | 3.8 | amortization | ||||||||||||||||||
2.4 | 2.4 | 1.8 | 2.8 | 2.4 | ||||||||||||||||
4.0 | 0.9 | 0.8 | 0.9 | 0.9 | 2.3 | 1.0 | ||||||||||||||
2.0 | 0.6 | 0.2 | ||||||||||||||||||
0.0 | ||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Q1 | ||||||||||||||||
FY2023 | FY2024 | |||||||||||||||||||
*1. Including intangible assets | 8 |
Agenda
Results of the First Quarter of Fiscal Year Ending June 2024 (FY2024 Q1)
Yutaro Misawa
Director, Executive Officer & CFO
Business Environment and Forecast of Fiscal Year Ending June 2024 (FY2024)
Osamu Okabayashi
Representative Director, President & CEO
9
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Disclaimer
Lasertec Corporation published this content on 31 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 October 2023 07:31:52 UTC.