TOKYO ELECTRON
Summary of Consolidated Financial Results for the Year Ended | ||
March 31, 2021 (Japanese GAAP) | April 30, 2021 | |
Name of Listed Company: | Tokyo Electron Limited | Stock Exchange Listing: Tokyo |
Security Code: | 8035 | |
URL: | https://www.tel.com | |
Representative: | Toshiki Kawai, Representative Director, President & CEO | |
Contact: | Ken Sasagawa, Vice President of Accounting Dept. | |
Telephone: +81-3-5561-7000 |
Scheduled start date of dividends payment: May 28, 2021
Preparation of supplementary materials for the financial results: Yes
Earnings release conference: Yes (for investors and analysts)
Note: Amounts are rounded down to the nearest million yen.
1. Consolidated Financial Results for the Year Ended March 31, 2021 (April 1, 2020 to March 31, 2021)
(1) Consolidated Operating Results
Note: Percentages indicate changes from the same period of the previous fiscal year.
Year ended | ||||||
March 31, 2020 | March 31, 2021 | |||||
% | % | |||||
Net sales (Millions of yen) | 1,127,286 | (11.8) | 1,399,102 | 24.1 | ||
Operating income (Millions of yen) | 237,292 | (23.6) | 320,685 | 35.1 | ||
Ordinary income (Millions of yen) | 244,979 | (23.8) | 322,103 | 31.5 | ||
Net income attributable to owners of parent (Millions of yen) | 185,206 | (25.4) | 242,941 | 31.2 | ||
Net income per share of common stock (Yen): | ||||||
Basic | 1,170.57 | 1,562.20 | ||||
Diluted | 1,164.02 | 1,553.29 | ||||
Return on equity (%) | 21.8 | 26.5 | ||||
Ordinary income to total assets (%) | 19.3 | 23.8 | ||||
Operating income to net sales (%) | 21.0 | 22.9 | ||||
Comprehensive income: | Year ended March 31, 2021: | 305,801 million yen, | 63.5% | |||
Year ended March 31, 2020: | 187,084 million yen, | (22.9)% | ||||
Profit (loss) on equity method: | Year ended March 31, 2021: | 1,110 million yen | ||||
Year ended March 31, 2020: | 794 million yen |
(2) Consolidated Financial Position
As of
Total assets (Millions of yen) Total net assets (Millions of yen) Equity ratio (%)
Net assets per share (Yen)
Equity: 1,012,977 million yen (as of March 31, 2021) 819,301 million yen (as of March 31, 2020)
(3) Consolidated Cash Flows
Cash flows from operating activities Cash flows from investing activities Cash flows from financing activities
Cash and cash equivalents at end of period
March 31, 2020 | March 31, 2021 |
1,278,495 | 1,425,364 |
829,692 | 1,024,562 |
64.1 | 71.1 |
5,267.96 | 6,512.18 |
Year ended
March 31, 2020 | March 31, 2021 |
253,117 | 145,888 |
15,951 | (18,274) |
(250,374) | (114,525) |
247,959 | 265,993 |
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TOKYO ELECTRON
2. Dividends
Year ended | Year ending |
March 31, 2022
March 31, 2021
3. Financial Forecasts for the Year Ending March 31, 2022 (April 1, 2021 to March 31, 2022) Note: Percentages indicate changes from the same period of the previous fiscal year.
- Changes in accounting policies, changes in accounting estimates and restatements
- Changes in accounting policies along with changes in accounting standards: None
- Other changes of accounting policies besides the number 1 above: None
- Changes in accounting estimates: None
- Restatements: None
- Number of shares issued and outstanding (common stock)
- Number of shares issued and outstanding (including treasury stock)
As of March 31, 2021: | 157,210,911 | shares | ||
As of March 31, 2020: | 157,210,911 | shares | ||
2. | Number of shares of treasury stock | |||
As of March 31, 2021: | 1,659,611 | shares | ||
As of March 31, 2020: | 1,685,556 | shares | ||
3. | Average number of shares outstanding | |||
Year ended March 31, 2021: | 155,511,991 | shares | ||
Year ended March 31, 2020: | 158,219,782 | shares |
(Forecast)
Note: The number of shares of treasury stock includes the Company's shares held by "Executive compensation Board Incentive Plan (BIP) trust"
and "share-delivering Employee Stock Ownership Plan (ESOP) trust". (615,237 shares as of March 31, 2021, 472,030 shares as of March 31, 2020)
In addition, these Company's shares are included in the treasury stock which is deducted in calculating the average number of shares.
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TOKYO ELECTRON
(Reference) Non-consolidated Financial Results for the Year Ended March 31, 2021 (April 1, 2020 to March 31, 2021)
(1) Operating results | |||||
Note: Percentages indicate changes from the same period of the previous fiscal year. | |||||
Year ended | |||||
March 31, 2020 | March 31, 2021 | ||||
% | % | ||||
Net sales (Millions of yen) | 1,029,433 | (11.1) | 1,292,883 | 25.6 | |
Operating income (Millions of yen) | 101,737 | (30.4) | 164,015 | 61.2 | |
Ordinary income (Millions of yen) | 209,769 | (40.5) | 260,109 | 24.0 | |
Net income (Millions of yen) | 177,514 | (43.2) | 211,449 | 19.1 | |
Net income per share of common stock (Yen): | |||||
Basic | 1,121.95 | 1,359.70 | |||
Diluted | 1,115.68 | 1,351.94 | |||
(2) Financial position | |||||
As of | |||||
March 31, 2020 | March 31, 2021 | ||||
Total assets (Millions of yen) | 1,005,178 | 1,034,506 | |||
Total net assets (Millions of yen) | 479,859 | 625,913 | |||
Equity ratio (%) | 46.7 | 59.4 | |||
Net assets per share (Yen) | 3,018.59 | 3,949.36 | |||
Equity: | 614,327 million yen (as of March 31, 2021) | ||||
469,467 million yen (as of March 31, 2020) |
* Status of implementation of audit procedures
This Summary of Consolidated Financial Results is outside the scope of external auditor's audit procedures under the Financial Instruments and Exchange Act.
* Explanation of the appropriate use of financial forecast:
The financial forecasts and estimates in this Summary of Consolidated Financial Results are based on information available to the Company at the time of report issuance and certain assumptions judged to be reasonable by the Company, and therefore are not guarantees of future performance. Consequently, actual results may differ substantially from those described in this Summary of Consolidated Financial Results. Please refer to "1. Overview of Operating Results and Consolidated Financial Conditions (3) "Future Forecast" on page 7. The Company plans to hold an online conference for investors and analysts on April 30, 2021. Supplementary materials to be used at the conference will be posted on the Company's website.
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TOKYO ELECTRON
1. Overview of Operating Results and Consolidated Financial Conditions
(1) Overview of Operating Results
(i) Business Environment during the Fiscal Year Ended March 31, 2021
During the fiscal year under review, although the global economy was affected by the novel coronavirus (COVID-19) pandemic, there are signs of a return to positive economic growth, driven by the implementation of economic stimulus policies by national governments. In the electronics industry, where the Tokyo Electron (TEL) Group operates, the market for semiconductor production equipment is expanding as demand for semiconductors increases, driven by the transition to a data society due to the expansion of the use of communications technologies such as IoT, AI and 5G. Although it will be necessary to continue to monitor the impact of COVID-19, the market for semiconductor production equipment is expected to grow further.
(ii) Overview of Profit and Loss during the Fiscal Year Ended March 31, 2021
In this environment, the consolidated business results for the fiscal year under review are as follows.
Net sales for the fiscal year increased 24.1% from the previous fiscal year to 1,399,102 million yen. Domestic net sales increased 22.1% from the previous year to 197,566 million yen, while overseas net sales increased 24.5% to 1,201,535 million yen to account for 85.9% of net sales.
Cost of sales increased 23.5% to 834,157 million yen and gross profit increased 25.0% to 564,945 million yen. As a result, the gross profit margin expanded by 0.3 points to 40.4%.
Selling, general and administrative (SG&A) expenses increased 13.8% to 244,259 million yen, while the ratio to consolidated net sales declined by 1.6 points to 17.5%.
As a result, operating income increased 35.1% to 320,685 million yen and operating profit ratio increased 1.9 points to 22.9%. After netting of non-operating income of 5,492 million yen and non-operating expenses of 4,074 million yen, ordinary income increased 31.5% to 322,103 million yen.
Income before income taxes was 317,038 million yen (year-on-year growth of 29.6%) and net income attributable to owners of parent was 242,941 million yen (year-on-year growth of 31.2%).
As a result, net income per share was 1,562.20 yen compared to net income per share of 1,170.57 yen in the previous fiscal year.
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TOKYO ELECTRON
(iii) Overview of Operations by Business Segment during the Fiscal Year Ended March 31, 2021 The overview of each business segment is as described below.
Semiconductor Production Equipment
Due to the expanded use of communications technologies mentioned above, capital investment in semiconductors for logic/foundries has been robust in a wide range of areas, from the cutting-edge to mature generations of semiconductors. In addition, capital investment in NAND flash memory increased significantly during the current fiscal year, reflecting the transition to a data society. Furthermore, capital investments in DRAM that had been adjusted also started to recover due to an improvement in the balance between supply and demand toward the second half of the fiscal year. Consequently, net sales to external customers in this segment during the fiscal year under review were 1,315,200 million yen (year-on-year growth of 24.0%).
Flat Panel Display (FPD) Production Equipment
The FPD production equipment market underwent positive growth year-on-year, with an increase in capital investment in small to medium-sized OLED panels for mobile devices in addition to robust capital investment in large-sized LCD panels for televisions. Consequently, net sales to external customers in this segment during the fiscal year under review were 83,772 million yen (year-on- year growth of 26.8%).
Other
Net sales to external customers in this segment during the fiscal year under review totaled 129 million yen (year-on-year decrease of 34.1%).
(For reference) | ||||||||||
Consolidated Operating Results | (Millions of yen) | |||||||||
Year ended | Year ended March 31, 2021 | |||||||||
March 31, | ||||||||||
First | Second | Full Year | ||||||||
2020 | ||||||||||
1Q | 2Q | Half | 3Q | 4Q | Half | |||||
Net Sales | 1,127,286 | 314,823 | 353,337 | 668,160 | 291,725 | 439,216 | 730,942 | 1,399,102 | ||
Semiconductor Production Equipment | 1,060,997 | 303,772 | 331,684 | 635,457 | 264,305 | 415,438 | 679,743 | 1,315,200 | ||
Japan | 159,141 | 49,150 | 56,852 | 106,002 | 36,149 | 53,669 | 89,819 | 195,821 | ||
North America | 205,772 | 42,343 | 86,352 | 34,501 | 65,704 | 152,057 | ||||
44,009 | 31,202 | |||||||||
Europe | 58,899 | 15,774 | 16,311 | 32,086 | 12,797 | 18,619 | 31,416 | 63,502 | ||
South Korea | 151,577 | 67,013 | 72,199 | 139,213 | 39,318 | 101,407 | 140,725 | 279,938 | ||
Taiwan | 256,401 | 50,926 | 53,914 | 104,840 | 52,513 | 88,283 | 140,796 | 245,637 | ||
China | 193,667 | 73,957 | 79,123 | 153,081 | 70,541 | 102,222 | 172,763 | 325,844 | ||
Southeast Asia, and Others | 35,537 | 4,605 | 9,274 | 13,880 | 18,483 | 20,033 | 38,516 | 52,397 | ||
FPD Production Equipment | 66,092 | 11,013 | 21,623 | 32,636 | 27,388 | 23,747 | 51,135 | 83,772 | ||
Others | 197 | 37 | 29 | 66 | 31 | 31 | 63 | 129 | ||
Operating Income | 237,292 | 73,849 | 73,579 | 147,429 | 62,868 | 110,388 | 173,256 | 320,685 | ||
Ordinary Income | 244,979 | 75,089 | 73,138 | 148,228 | 62,424 | 111,451 | 173,875 | 322,103 | ||
Net Income Attributable to Owners of Parent | 185,206 | 56,452 | 55,559 | 112,012 | 46,167 | 84,761 | 130,928 | 242,941 |
Note: Intersegment sales or transfers are eliminated.
5
TOKYO ELECTRON
-
Overview of Consolidated Financial Conditions
(i) Financial Conditions
Current assets at the end of the current fiscal year were 1,015,696 million yen, an increase of 53,212 million yen compared to the end of the previous fiscal year. This was mainly due to an increase of 41,566 million yen in trade notes and accounts receivable, an increase of 36,632 million yen in cash and deposits, an increase of 23,279 million yen in inventories, and a decrease of 63,485 million yen in short-term investments included in securities.
Tangible fixed assets increased by 21,387 million yen from the end of the previous fiscal year, to 196,967 million yen. Intangible fixed assets increased by 6,241 million yen from the end of the previous fiscal year, to 17,163 million yen. Investments and other assets increased by 66,026 million yen from the end of the previous fiscal year, to 195,536 million yen. As a result, total assets increased by 146,868 million yen from the end of the previous fiscal year, to 1,425,364 million yen.
Current liabilities decreased by 54,917 million yen from the end of the previous fiscal year, to 327,661 million yen. This was largely due to a decrease in customer advances of 53,603 million yen.
Long-term liabilities increased by 6,915 million yen from the end of the previous fiscal year, to 73,140 million yen.
Net assets increased by 194,870 million yen from the end of previous fiscal year, to 1,024,562 million yen. This was largely due to an increase of 242,941 million yen in net income attributable to owners of parent, a decrease resulting from the payment of 109,542 million yen in year-end dividends for the previous fiscal year and an interim dividend for the current fiscal year, and an increase of 45,998 million yen in net unrealized gains on investment securities. As a result, the equity ratio was 71.1%.
(ii) Cash Flows
Cash and cash equivalents at the end of the current fiscal year increased by 18,033 million yen compared to the end of the previous fiscal year, to 265,993 million yen. The combined balance including 45,559 million yen in time deposits and short-term investments with maturities of more than three months that are not included in cash and cash equivalents was 311,553 million yen, a decrease of 26,853 million yen from the end of the previous fiscal year. The overall situation regarding cash flows for the fiscal year was as described below.
Cash flows from operating activities were positive 145,888 million yen, a decrease of 107,229 million yen compared to the same period of the previous fiscal year. The major positive factors were 317,038 million yen in income before income taxes, 33,843 million yen in depreciation and amortization. The major negative factors were 87,772 million yen in payment of income taxes, a decrease in customer advances of 54,851 million yen, an increase in trade notes and accounts receivable of 37,736 million yen, and an increase in inventories of 17,226 million yen.
Cash flows from investing activities were negative 18,274 million yen compared to positive 15,951 million yen in the same period of the previous fiscal year. This was largely due to the payment of 53,806 million yen for the purchase of fixed assets, and an inflow of 35,000 million yen from a decrease in short-term investments.
Cash flows from financing activities were negative 114,525 million yen compared to negative 250,374 million yen in the same period of the previous fiscal year. This was largely due to the payment of 109,542 million yen in dividends.
6
TOKYO ELECTRON
(3) Future forecast
Although it will be necessary to continue to monitor the impact of COVID-19, the market for semiconductor production equipment is expected to undergo further growth in the future with the robust increase in demand for semiconductors set against the backdrop of the transition to a data society due to the expansion of use of communications technologies such as IoT, AI, 5G. Based on the current business and economic environment, the consolidated financial forecasts for next fiscal year (the year ending March 31, 2022) are expected to see an increase in revenue and earnings as set out below.
From the beginning of the year ending March 31, 2022, the Company applies "Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29). Financial forecasts include the effects of the new standards. Accordingly, percentages of changes from the same period of the previous fiscal year are not indicated.
Consolidated Forecast | (Billions of yen, Y/Y change) | ||||||
Year ending March 31, 2022 | Interim | Full Year | |||||
Net Sales | 840.0 | - | 1,700.0 | - | |||
Semiconductor Production Equipment | 814.0 | - | 1,643.0 | - | |||
FPD Production Equipment | 26.0 | - | 57.0 | - | |||
Operating Income | 218.0 | - | 442.0 | - | |||
Ordinary Income | 218.0 | - | 442.0 | - | |||
Net Income Attributable to Owners of Parent | 163.0 | - | 330.0 | - |
Note: Intersegment sales or transfers are eliminated.
Note: The financial forecasts and estimates stated in this announcement are based on certain assumptions judged to be reasonable by the Company in light of information currently available concerning economic conditions in Japan and overseas, fluctuations in foreign exchange rates, and other factors that may have an impact on performance. The company does not promise that the forecasts or estimates will be accurate.
They are therefore susceptible to the impact of many uncertainties, including market conditions, competition, the launching of new products (and their success or failure), and global conditions in the semiconductor related industry. Consequently, actual sales and profits may differ substantially from the projections stated in this announcement.
(4) Basic Policy on Profit Allocation and Payment of Dividends for the Current and Next Fiscal Years
TEL utilizes capital reserves to raise corporate value through earnings growth and provide returns directly to shareholders by concentrating investment in high-growth areas and linking dividend payments to business performance.
Basic policy concerning shareholder return is as follows.
Shareholder Return Policy
-
Our dividend policy is to link dividend payments to business performance on an ongoing basis and a payout ratio is around 50% based on net income attributable to owners of parent, with the conditions that an annual dividend per share is not less than 150 yen.
Note: A dividend policy review is required if TEL does not generate net income for two consecutive fiscal years. - TEL will flexibly consider share buybacks.
7
TOKYO ELECTRON
The year-end dividend for the current fiscal year (the year ended March 31, 2021) is scheduled to be 421 yen per share. The dividend for the full year will be 781 yen per share, which includes the interim dividend of 360 yen per share.
Dividends are forecasted for the next fiscal year (the year ending March 31, 2022) to be 1,061 yen per share for the entire year which consists of an interim dividend of 524 yen and year-end dividend of 537 yen, in accordance with the above consolidated forecast for net income attributable to owners of parent for the next fiscal year pursuant to the stated dividend policy.
Dividend per share | |||
2Q-end | Year-end | Total | |
Current fiscal year | 360 yen | 421 yen | 781 yen |
(ended March 31, 2021) | |||
Next fiscal year | 524 yen | 537 yen | 1,061 yen |
(ending March 31, 2022) | |||
2. Basic philosophy on the selection of accounting standards
The consolidated financial statements of TEL group have been prepared in conformity with accounting principles generally accepted in Japan. In regard to the application of IFRS, we will pay close attention to domestic and international implementation adoption trends and respond accordingly.
8
TOKYO ELECTRON | ||
Consolidated Balance Sheets | ||
(Millions of yen) | ||
As of | As of | |
March 31, 2020 | March 31, 2021 | |
ASSETS | ||
Current assets | ||
Cash and deposits | 149,906 | 186,538 |
Trade notes and accounts receivable | 150,134 | 191,700 |
Securities | 188,500 | 125,014 |
Merchandise and finished goods | 267,625 | 269,772 |
Work in process | 69,514 | 80,742 |
Raw materials and supplies | 54,924 | 64,828 |
Prepaid consumption tax | 69,034 | 82,704 |
Others | 12,949 | 14,493 |
Allowance for doubtful accounts | (105) | (99) |
Total current assets | 962,484 | 1,015,696 |
Long-term assets | ||
Tangible fixed assets | ||
Buildings and structures | 179,379 | 208,475 |
Accumulated depreciation | (107,139) | (113,679) |
Buildings and structures, net | 72,239 | 94,795 |
Machinery and carriers | 138,555 | 159,634 |
Accumulated depreciation | (102,844) | (119,554) |
Machinery and carriers, net | 35,710 | 40,080 |
Land | 26,298 | 26,929 |
Construction in progress | 29,413 | 22,391 |
Others | 39,089 | 44,350 |
Accumulated depreciation | (27,172) | (31,579) |
Others, net | 11,917 | 12,770 |
Total tangible fixed assets | 175,580 | 196,967 |
Intangible fixed assets | ||
Others | 10,921 | 17,163 |
Total intangible fixed assets | 10,921 | 17,163 |
Investments and other assets | ||
Investment securities | 38,374 | 105,065 |
Deferred tax assets | 64,729 | 53,128 |
Net defined benefit assets | 5,837 | 12,021 |
Others | 21,980 | 26,728 |
Allowance for doubtful accounts | (1,413) | (1,407) |
Total investments and other assets | 129,509 | 195,536 |
Total long-term assets | 316,011 | 409,667 |
Total assets | 1,278,495 | 1,425,364 |
9
TOKYO ELECTRON | ||
Consolidated Balance Sheets | ||
(Millions of yen) | ||
As of | As of | |
March 31, 2020 | March 31, 2021 | |
LIABILITIES | ||
Current liabilities | ||
Trade notes and accounts payable | 95,938 | 90,606 |
Income taxes payable | 52,654 | 49,272 |
Customer advances | 135,326 | 81,722 |
Accrued employees' bonuses | 29,139 | 34,254 |
Accrued warranty expenses | 14,534 | 14,415 |
Others | 54,986 | 57,389 |
Total current liabilities | 382,578 | 327,661 |
Long-term liabilities | ||
Net defined benefit liabilities | 60,635 | 62,137 |
Others | 5,588 | 11,002 |
Total long-term liabilities | 66,224 | 73,140 |
Total liabilities | 448,802 | 400,801 |
NET ASSETS | ||
Shareholders' equity | ||
Common stock | 54,961 | 54,961 |
Capital surplus | 78,011 | 78,011 |
Retained earnings | 702,990 | 835,240 |
Treasury stock, at cost | (29,310) | (30,744) |
Total shareholders' equity | 806,652 | 937,468 |
Accumulated other comprehensive income | ||
Net unrealized gains (losses) on investment securities | 20,126 | 66,124 |
Net deferred gains (losses) on hedging instruments | (52) | (79) |
Foreign currency translation adjustments | (4,111) | 10,441 |
Accumulated remeasurements of defined benefit plans | (3,313) | (978) |
Total accumulated other comprehensive income (loss) | 12,648 | 75,508 |
Share subscription rights | 10,391 | 11,585 |
Total net assets | 829,692 | 1,024,562 |
Total liabilities and net assets | 1,278,495 | 1,425,364 |
10
TOKYO ELECTRON | ||
Consolidated Statements of Income | ||
(Millions of yen) | ||
Year ended | Year ended | |
March 31, 2020 | March 31, 2021 | |
Net sales | 1,127,286 | 1,399,102 |
Cost of sales | 675,344 | 834,157 |
Gross profit | 451,941 | 564,945 |
Selling, general & administrative expenses | ||
Salaries and allowances | 25,197 | 26,174 |
Research and development expenses | 120,268 | 136,648 |
Others | 69,183 | 81,436 |
Total selling, general and administrative expenses | 214,649 | 244,259 |
Operating income | 237,292 | 320,685 |
Non-operating income | ||
Dividend income | 802 | 778 |
Share of profit of associates accounted for using the equity method | 794 | 1,110 |
Revenue from grants | 1,330 | 1,130 |
Foreign exchange gain | 2,539 | - |
Others | 2,985 | 2,472 |
Total non-operating income | 8,452 | 5,492 |
Non-operating expenses | ||
Foreign exchange loss | - | 3,147 |
Commission for purchase of treasury stock | 174 | - |
Others | 591 | 926 |
Total non-operating expenses | 765 | 4,074 |
Ordinary income | 244,979 | 322,103 |
Unusual or infrequent profit | ||
Gain on sales of fixed assets | 34 | 24 |
Gain on change in equity | 136 | - |
Total unusual or infrequent profit | 171 | 24 |
Unusual or infrequent loss | ||
Loss on disposal and sales of fixed assets | 483 | 1,354 |
Provision for loss on liquidation of subsidiaries and associates | - | 3,327 |
Others | 41 | 408 |
Total unusual or infrequent loss | 524 | 5,090 |
Income before income taxes | 244,626 | 317,038 |
Provision for income taxes and enterprise taxes | 65,177 | 82,568 |
Deferred income taxes | (5,757) | (8,471) |
Total income taxes | 59,419 | 74,096 |
Net income | 185,206 | 242,941 |
Net income attributable to owners of parent | 185,206 | 242,941 |
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TOKYO ELECTRON
Consolidated Statements of Comprehensive Income
Net income
Other comprehensive income (loss)
Net unrealized gains (losses) on investment securities Net deferred gains (losses) on hedging instruments Foreign currency translation adjustments Remeasurements of defined benefit plans
Share of other comprehensive income of associates accounted for using the equity method
Total other comprehensive income (loss) Comprehensive income
(Breakdown)
Comprehensive income attributable to owners of parent
(Millions of yen) | |
Year ended | Year ended |
March 31, 2020 | March 31, 2021 |
185,206 | 242,941 |
7,099 | 45,982 |
6 | 32 |
(8,461) | 14,536 |
3,278 | 2,266 |
(45) | 41 |
1,878 | 62,860 |
187,084 | 305,801 |
187,084 | 305,801 |
12
Consolidated Statements of Changes in Net Assets
Year ended March 31, 2020 | (Millions of yen) | ||||
Shareholders' equity | |||||
Common stock | Capital surplus | Retained earnings | Treasury stock | Total shareholders' | |
equity | |||||
Balance at beginning | 54,961 | 78,011 | 748,827 | (11,821) | 869,977 |
of period | |||||
Changes of items during | |||||
the period | |||||
Cash dividends | (95,513) | (95,513) | |||
Net income attributable | 185,206 | 185,206 | |||
to owners of parent | |||||
Repurchase of treasury | (154,096) | (154,096) | |||
stock | |||||
Disposal of treasury | (1,616) | 2,684 | 1,067 | ||
stock | |||||
Cancellation of treasury stock | (133,922) | 133,922 | - | ||
Others | 10 | 10 | |||
Net changes except for | |||||
shareholders' equity | |||||
Total changes of items | - | - | (45,836) | (17,488) | (63,325) |
during the period | |||||
Balance at end of period | 54,961 | 78,011 | 702,990 | (29,310) | 806,652 |
Accumulated other comprehensive income | |||||
Net unrealized gains | Net deferred gains | Foreign currency | Accumulated | Total accumulated | |
(losses) on | (losses) on hedging | translation | remeasurements of | other comprehensive | |
investment securities | instruments | adjustments | defined benefit plans | income (loss) | |
Balance at beginning | 13,024 | (34) | 4,366 | (6,585) | 10,770 |
of period | |||||
Changes of items during | |||||
the period | |||||
Cash dividends | |||||
Net income attributable | |||||
to owners of parent | |||||
Repurchase of treasury | |||||
stock | |||||
Disposal of treasury | |||||
stock | |||||
Cancellation of treasury stock | |||||
Others | |||||
Net changes except for | 7,102 | (17) | (8,478) | 3,271 | 1,878 |
shareholders' equity | |||||
Total changes of items | 7,102 | (17) | (8,478) | 3,271 | 1,878 |
during the period | |||||
Balance at end of period | 20,126 | (52) | (4,111) | (3,313) | 12,648 |
TOKYO ELECTRON
Share subscription | Total net assets |
rights | |
7,368 | 888,117 |
(95,513) | |
185,206 | |
(154,096) | |
1,067 | |
- | |
10 | |
3,022 | 4,900 |
3,022 | (58,424) |
10,391 | 829,692 |
13
Consolidated Statements of Changes in Net Assets
Year ended March 31, 2021 | (Millions of yen) | ||||
Shareholders' equity | |||||
Common stock | Capital surplus | Retained earnings | Treasury stock | Total shareholders' | |
equity | |||||
Balance at beginning | 54,961 | 78,011 | 702,990 | (29,310) | 806,652 |
of period | |||||
Changes of items during | |||||
the period | |||||
Cash dividends | (109,542) | (109,542) | |||
Net income attributable | 242,941 | 242,941 | |||
to owners of parent | |||||
Repurchase of treasury | (4,339) | (4,339) | |||
stock | |||||
Disposal of treasury | (1,149) | 2,906 | 1,757 | ||
stock | |||||
Net changes except for | |||||
shareholders' equity | |||||
Total changes of items | - | - | 132,249 | (1,433) | 130,816 |
during the period | |||||
Balance at end of period | 54,961 | 78,011 | 835,240 | (30,744) | 937,468 |
Accumulated other comprehensive income | |||||
Net unrealized gains | Net deferred gains | Foreign currency | Accumulated | Total accumulated | |
(losses) on | (losses) on hedging | translation | remeasurements of | other comprehensive | |
investment securities | instruments | adjustments | defined benefit plans | income (loss) | |
Balance at beginning | 20,126 | (52) | (4,111) | (3,313) | 12,648 |
of period | |||||
Changes of items during | |||||
the period | |||||
Cash dividends | |||||
Net income attributable | |||||
to owners of parent | |||||
Repurchase of treasury | |||||
stock | |||||
Disposal of treasury | |||||
stock | |||||
Net changes except for | 45,998 | (26) | 14,553 | 2,335 | 62,860 |
shareholders' equity | |||||
Total changes of items | 45,998 | (26) | 14,553 | 2,335 | 62,860 |
during the period | |||||
Balance at end of period | 66,124 | (79) | 10,441 | (978) | 75,508 |
TOKYO ELECTRON
Share subscription | Total net assets |
rights | |
10,391 | 829,692 |
(109,542) | |
242,941 | |
(4,339) | |
1,757 | |
1,194 | 64,054 |
1,194 | 194,870 |
11,585 | 1,024,562 |
14
TOKYO ELECTRON
Consolidated Statements of Cash Flows
(Millions of yen) | ||
Year ended | Year ended | |
March 31, 2020 | March 31, 2021 | |
Cash flows from operating activities | ||
Income before income taxes | 244,626 | 317,038 |
Depreciation and amortization | 29,107 | 33,843 |
Amortization of goodwill | 196 | 199 |
Increase (decrease) in accrued employees' bonuses | (3,802) | 4,612 |
Provision for loss on liquidation of subsidiaries and associates | - | 3,327 |
Decrease (increase) in trade notes and accounts receivable | (5,370) | (37,736) |
Decrease (increase) in inventories | (44,065) | (17,226) |
Increase (decrease) in trade notes and accounts payable | 22,337 | (8,255) |
Decrease (increase) in prepaid consumption tax | (19,508) | (13,549) |
Increase (decrease) in accrued consumption tax | 6,140 | (5,699) |
Increase (decrease) in customer advances | 58,630 | (54,851) |
Others | 4,387 | 10,289 |
Subtotal | 292,679 | 231,990 |
Receipts from interest and dividends | 2,326 | 1,669 |
Income taxes paid or refund (paid) | (41,888) | (87,772) |
Net cash provided by operating activities | 253,117 | 145,888 |
Cash flows from investing activities | ||
Payment into time deposits | (10,449) | (568) |
Proceeds from time deposits | - | 10,506 |
Payment for purchase of short-term investments | (90,000) | (45,000) |
Proceeds from redemption of short-term investments | 170,000 | 80,000 |
Payment for purchase of fixed assets | (49,369) | (53,806) |
Payment for acquisition of intangible assets | (3,383) | (7,124) |
Others | (845) | (2,281) |
Net cash provided by (used in) investing activities | 15,951 | (18,274) |
Cash flows from financing activities | ||
Payment for purchase of treasury stock | (154,096) | (4,339) |
Dividends paid | (95,513) | (109,542) |
Others | (764) | (643) |
Net cash used in financing activities | (250,374) | (114,525) |
Effect of exchange rate changes on cash and cash equivalents | (3,369) | 4,946 |
Net increase (decrease) in cash and cash equivalents | 15,324 | 18,033 |
Cash and cash equivalents at beginning of period | 232,634 | 247,959 |
Cash and cash equivalents at end of period | 247,959 | 265,993 |
15
TOKYO ELECTRON
Notes
Going concern: None
Changes in accounting policies, changes in accounting estimates and restatements: None
16
TOKYO ELECTRON
Segment information
(i) General information about reportable segments
A reportable segment is a component or an aggregated component of TEL Group. For each of the components, discrete financial information is available and the operating result is regularly reviewed by management to make decisions about resources to be allocated to the segment and assess its performance.
The operation of TEL Group consists of segments by products and services based on business units (BUs), and TEL Group identifies as a reportable segment, "semiconductor production equipment (SPE)" and "flat panel display (FPD) production equipment". Products of the SPE segment consist of coater/developers, etch systems, deposition systems, cleaning systems, wafer probers used in the wafer testing process and other semiconductor production equipment such as wafer bonders/debonders.
The SPE segment principally develops, manufactures, sells such products and provide services on them.
Products of the FPD production equipment segment consist of coater/developers, etch/ash systems used in the manufacture of flat panel displays and inkjet printing systems used in the manufacture of OLED displays. The FPD production equipment segment principally develops, manufactures, sells such products and provide services on them.
(ii) Means to measure net sales and profit or loss in each reportable segment
The method used to account for each reportable segment is similar to those applied to prepare consolidated financial statements. Intersegment revenues or transfers are based on prevailing market prices.
(iii) Net sales and profit or loss in reportable segments | ||||||
Year ended March 31, 2021 | (Millions of yen) | |||||
Reportable Segments | ||||||
Semiconductor | FPD Production | Others *1 | Total | Adjustments *2 | Consolidated *3 | |
Production | ||||||
Equipment | ||||||
Equipment | ||||||
Sales | ||||||
Sales to external customers | 1,315,200 | 83,772 | 129 | 1,399,102 | - | 1,399,102 |
Intersegment sales or transfers | - | - | 21,952 | 21,952 | (21,952) | - |
Net sales | 1,315,200 | 83,772 | 22,082 | 1,421,055 | (21,952) | 1,399,102 |
Segment profit (loss) | 362,526 | 8,823 | 534 | 371,884 | (54,846) | 317,038 |
Notes:
*1. "Others" includes all other operating segments which are not included in the reportable segments, including group-wide logistic services, facility maintenance and insurance.
*2. "Adjustments" for segment profit (loss) totaling (54,846) million yen mainly consists of research and development costs of (21,669) million yen pertaining to the fundamental research and element research of TEL, provision for loss on liquidation of subsidiaries and associates of (3,327) million yen, and other general and administrative costs that do not belong to reportable segments.
*3. Segment profit (loss) is adjusted against income before income taxes in Consolidated Statements of Income.
17
TOKYO ELECTRON
- Impairment loss on fixed assets in reportable segments None
- Amortization and balance of goodwill in reportable segments
As of and for the year ended March 31, 2021 | (Millions of yen) | ||
Semiconductor | FPD Production | Total Reportable | |
Production Equipment | Equipment | Segment | |
Amortization | 199 | - | 199 |
Balance at end of the period | 733 | - | 733 |
- Income related to negative goodwill in reportable segments None
18
TOKYO ELECTRON
Per share information
Year ended
March 31, 2021
Net assets per share (Yen)
Net income per share (Yen)
Fully diluted net income per share (Yen)
Notes:
1. Net income per share and fully diluted net income per share are calculated based on the following elements. Net income per share (Yen)
Net income attributable to owners of parent (Millions of yen)
Net income not pertaining to owners of common stock (Millions of yen)
Net income attributable to owners of parent pertaining to common stock (Millions of yen)
The average number of common stock (Thousands of share)
Fully diluted net income per share (Yen)
The adjustments to net income attributable to owners of parent (Millions of yen)
Increase in common stock (Thousands of share)
[Share subscription rights (Thousands of share)]
Details of dilutive shares, not included in the computation of fully diluted- net income per share as there is no dilution effect.
6,512.18
1,562.20
1,553.29
242,941
-
242,941
155,511
-
892
[892]
2. The shares of the Company held by "Executive compensation Board Incentive Plan (BIP) trust" and "share-delivering Employee Stock Ownership Plan (ESOP) trust", which are recorded in "Treasury stock, at cost" under shareholders' equity, are included in the treasury stock which is deducted from the number of shares issued and outstanding as of the end of the period when calculating net assets per share. The shares held by the trusts are also included in the treasury stock which is deducted from the number of shares used to calculate the average number of shares outstanding in the period when calculating net income per share and fully diluted net income per share.
The number of treasury shares deducted in the calculation of net assets per share was 615 thousand shares as of the end of this fiscal year, and the average number of treasury shares deducted in the calculation of net income per share and fully diluted net income per share was 568 thousand shares in this fiscal year.
Significant subsequent event
None
19
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TEL - Tokyo Electron Ltd. published this content on 30 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 April 2021 06:31:02 UTC.