FY2019 (April 2018 March 2019) Financial Announcement · 2019. 5. 7. · CORP IR / April 26, 2019 1...
Transcript of FY2019 (April 2018 March 2019) Financial Announcement · 2019. 5. 7. · CORP IR / April 26, 2019 1...
CORP IR / April 26, 2019 1
April 26, 2019
FY2019 (April 2018 – March 2019) Financial Announcement
Agenda:
FY2019 Consolidated Financial Summary
Ken Sasagawa, Vice President, Accounting Dept.
Business Environment and Financial Estimates
Toshiki Kawai, Representative Director, President & CEO
CORP IR / April 26, 2019 2
Disclaimer regarding forward-looking statement
Forecast of TEL’s performance and future prospects and other sort of information published are made based on
information available at the time of publication. Actual performance and results may differ significantly from the
forecast described here due to changes in various external and internal factors, including the economic situation,
semiconductor/FPD market conditions, intensification of sales competition, safety and product quality management,
and intellectual property-related risks.
Processing of numbers
For the amount listed, because fractions are rounded down, there may be the cases where the total for certain
account titles does not correspond to the sum of the respective figures for account titles. Percentages are calculated
using full amounts, before rounding.
Exchange risk
In principle, export sales of Tokyo Electron’s mainstay semiconductor and FPD 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.
Forward Looking Statements
FPD: Flat panel display
CORP IR / April 26, 2019 3
April 26, 2019
Ken Sasagawa
Vice President, Accounting Dept.
FY2019 Consolidated Financial SummaryFY2019: April 1, 2018 – March 31, 2019
CORP IR / April 26, 2019 4
FY2019 (April 2018 – March 2019) Highlights
Net sales +13% YoY driven by higher competitiveness in the growing SPE*1
market and expanded share in FPD*2
New record highs for gross profit, operating income and net income attributable to owners of parent
Net Sales and Gross Profit Margin
613.1 663.9799.7
1,130.7
39.6% 40.2% 40.3%42.0% 41.2%
0
400
800
1,200
FY'15 FY'16 FY'17 FY'18 FY'19
Net sales (¥B)
Gross profit margin
88.1116.7
155.6
281.1310.5
14.4%
17.6%19.5%
24.9%
24.3%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
0
50
100
150
200
250
300
FY'15 FY'16 FY'17 FY'18 FY'19
Operating income (¥B)
Operating margin
Operating Income and Operating Margin
Net Income Attributable to
Owners of Parent and ROE
71.8 77.8
115.2
204.3
248.211.8% 13.0%
19.1%
29.0%
30.1%
0
50
100
150
200
250
FY'15 FY'16 FY'17 FY'18 FY'19
Net income attributable toowners of parent (¥B)
ROE
*1 SPE: Semiconductor production equipment *2 FPD: Flat panel display production equipment
1,278.2
CORP IR / April 26, 2019 5
Financial Summary
FY2018 FY2019YoY
Change
(Reference)
FY2019 estimates
announced on
Oct. 31, 2018
Net sales 1,130.7 1,278.2 +13.0% 1,280.0SPE 1,055.2 1,166.7 +10.6% 1,169.8
FPD 75.0 111.2 +48.2% 110.0
Gross profitGross profit margin
475.042.0%
526.141.2%
+10.8%-0.8pts
528.041.3%
SG&A expenses 193.8 215.6 +11.2% 219.0Operating incomeOperating margin
281.124.9%
310.524.3%
+10.5%-0.6pts
309.024.1%
Income before income taxes 275.2 321.5 +16.8% 315.0Net income attributable to
owners of parent204.3 248.2 +21.5% 237.0
EPS (Yen) 1,245.48 1,513.58 +21.5% 1,445.13
R&D expenses 97.1 113.9 +17.4% 116.0
Capital expenditures 45.6 49.7 +9.1% 51.0
Depreciation and amortization 20.6 24.3 +18.0% 26.0
(Billion yen)
1. In principle, export sales of Tokyo Electron’s mainstay semiconductor and FPD 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.
2. Profit ratios are calculated using full amounts, before rounding.
SPE: Semiconductor production equipment, FPD: Flat panel display production equipment
CORP IR / April 26, 2019 6
Financial Summary (Quarterly)
FY2018 FY2019
Q4 Q1 Q2 Q3 Q4vs. Q3
FY2019
Net sales 355.9 295.5 395.4 268.1 319.0 +19.0%
SPE 326.0 280.4 358.0 239.5 288.7 +20.6%
FPD 29.7 15.1 37.3 28.5 30.1 +5.6%
Gross profitGross profit margin
153.543.1%
122.441.4%
161.640.9%
109.740.9%
132.241.5%
+20.5%+0.6pts
SG&A expenses 53.7 50.0 58.6 51.0 55.8 +9.5%
Operating incomeOperating margin
99.728.0%
72.424.5%
103.026.0%
58.721.9%
76.424.0%
+30.1%+2.1pts
Income before income taxes 95.6 75.2 105.8 60.5 79.8 +31.7%
Net income attributable to
owners of parent72.9 55.7 79.5 48.8 64.1 +31.3%
R&D expenses 27.0 26.1 31.2 26.5 30.0 +13.3%
Capital expenditures 12.0 9.6 13.2 11.8 14.9 +26.6%
Depreciation and amortization 6.0 5.0 5.6 6.2 7.3 +17.2%
1. In principle, export sales of Tokyo Electron’s mainstay semiconductor and FPD 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.
2. Profit ratios are calculated using full amounts, before rounding.
(Billion Yen)
SPE: Semiconductor production equipment, FPD: Flat panel display production equipment
CORP IR / April 26, 2019 7
93 91
7 9
0%
50%
100%
FY'18 FY'19
1,055.2
1,166.7
314.6 326.7
29.8%28.0%
0%
10%
20%
30%
40%
50%
60%
0
400
800
1,200
1,600
FY'18 FY'19
Segment Information
75.0
111.2
13.2
24.2
17.7%
21.8%
0%
10%
20%
30%
40%
50%
60%
0
40
80
120
160
FY'18 FY'19
SPE
FPD
SPE(Semiconductor Production Equipment)
FPD(Flat Panel Display Production Equipment)
(Billion Yen) (Billion Yen)
Composition of Net Sales
Sales
Segment income
Segment profit margin
Sales
Segment income
Segment profit margin
1. Segment income is based on income before income taxes.
2. R&D expenses such as fundamental research and element research are not included in above reportable segments.
3. Composition of net sales figures is based on the sales to customers.
CORP IR / April 26, 2019 8
(Billion Yen)
In FY2019 in memory, steady investment for
increasing production capacity and cutting-
edge technologies accompanied strong
demand for servers
In logic/foundry, investment continued for
the 14nm and subsequent generations
SPE Division: New Equipment Sales by Application
24%25% 21%
31%11% 10%
28%
40% 38%
17%
24%31%
550.3
814.6
888.7
0
400
800
1,200
FY'17 FY'18 FY'19
DRAM
Non-volatile memory
Logic foundry
Logic & others (MPU, AP, Others)
CORP IR / April 26, 2019 9
Sales grew in FY2019 in coater/developer
and etch systems
SPE Division: New Equipment Sales by Product
2% 1% 1%6% 6% 7%11%
10% 9%22%
23% 20%
34%
40% 40%25%
20%23%
550.3
814.6
888.7
0
400
800
1,200
FY'17 FY'18 FY'19
Coater/Developer
Etch system
Deposition system
Cleaning system
Wafer prober
Others
(Billion Yen)
CORP IR / April 26, 2019 10
115.0
150.0
188.8
93.0
101.0
99.4
208.0
251.0
288.2
0
100
200
300
FY'17 FY'18 FY'19
FY2019 sales were ¥288.2 billion,
+15% YoY. Parts sales especially grew
due to an increase in installed base and
comprehensive service contracts
Field Solutions Sales
Used equipment and modification
Parts and services
(Billion Yen)
* FY2017 sales figures have been rounded.
CORP IR / April 26, 2019 11
114.3 119.1 115.4 109.5 115.615.8 17.2 17.1 9.9 9.0
125.9 131.2 139.9 142.2 150.0
69.0 28.7 42.7 55.489.0
344.0 381.6 344.0 368.2354.2
159.5 151.3 155.3 144.7146.9
373.8 355.5 423.7 341.1392.6
1,202.7 1,185.01,238.5
1,171.4
1,257.6
Q4FY'18
Q1FY'19
Q2 Q3 Q4
Balance Sheet (Quarterly)
771.5 772.3849.5 821.9
888.1
431.2 412.7388.9
349.5
369.5
1,202.7 1,185.01,238.5
1,171.4
1,257.6
Q4FY'18
Q1FY'19
Q2 Q3 Q4
Assets Liabilities & Net Assets
(Billion Yen) (Billion Yen)
* Cash and cash equivalents: Cash and deposits + Short-term investments, etc. (Securities in B/S).
From the beginning of the FY2019 Q1 accounting period the Accounting Standards Board of Japan’s “Partial Amendments to Accoun ting Standard for Tax Effect Accounting”
(ASBJ Statement No. 28, revision on February 16, 2018) has been applied. FY2018 results have been restated in the graphs in accordance with the revised accounting standard.
Liabilities
Net assets
Other current assets
Tangible assets
Intangible assets
Cash & cash
equivalents*
Inventories
Trade notes, accounts
receivables
Investment & other assets
CORP IR / April 26, 2019 12
Turnover days = inventory or accounts receivable at the end of each quarter / last 12 months sales x 365
Inventory Turnover and Accounts Receivable Turnover (Quarterly)
319.0
61 57 54 54 52
46 43 40 42
108 110 107
117 111
117
96 102
101
0
40
80
120
160
0
100
200
300
400
Q4FY'17
Q1FY'18
Q2 Q3 Q4 Q1FY'19
Q2 Q3 Q4
(Billion Yen)
Net sales
Accounts receivable turnover
Inventory turnover
(Days)
CORP IR / April 26, 2019 13
Cash Flow (Quarterly)
65.0
-14.4
50.5
-100
-80
-60
-40
-20
0
20
40
60
80
100
Q4
FY’17
Q1
FY’18
Q2 Q3 Q4 Q1
FY’19
Q2 Q3 Q4
Cash flow from operating activities 43.6 24.4 43.4 30.4 88.1 51.4 84.0 -11.0 65.0
Cash flow from investing activities*1 -4.9 -9.3 -9.4 -15.2 -12.8 -12.1 -12.2 -1.1 -14.4
Cash flow from financing activities -0.0 -36.8 -0.0 -45.7 -0.0 -56.9 -5.0 -67.8 -0.0
Free cash flow*2 38.7 15.1 34.0 15.1 75.3 39.3 71.7 -12.1 50.5
Cash on hand*3 315.3 294.6 329.9 301.2 373.8 355.5 423.7 341.1 392.6
*1 Cash flow from investing activities excludes changes in deposits with periods to maturity of over 3 months.
*2 Free cash flow = cash flow from operating activities + cash flow from investing activities excluding changes in deposits with periods to maturity of over 3 months.
*3 Cash on hand includes the total of cash + deposits with periods to maturity of over 3 months.
(Billion Yen)
-0.0
CORP IR / April 26, 2019 14
April 26, 2019
Toshiki Kawai
Representative Director, President & CEO
Business Environment and Financial Estimates
CORP IR / April 26, 2019 15
FY2019 SPE Business Highlights
Focused on growth areas, achieved highest-ever WFE share of 15%
Coater/Developer
Cleaning System
Achieved 88% share
100% share in
HVM EUV
Maintained share
established in CY’17,
which had been a significant
increase on CY’16 (+5pts)
High accolades from market for
bevel clean and pattern collapse
prevention technologies
Wafer Prober No. 1 share in probers for
second straight year
Deposition System
Grew share (+2pts vs. CY’17)
Began construction of new
production buildings at
Yamanashi and Tohoku plants
Etch System 3D NAND slit process
Achieved 30% of medium-term plan
share target (+4pts vs. CY’17)
Began operations at new logistics
and development buildings at
Miyagi plant
CORP IR / April 26, 2019 16
Achieved record-high sales and operating
profit. Accomplished medium-term plan target
operating margin of 20%
Grew sales of equipment for G10.5.
Contributed to higher sales
and profit margin
Launched new products
– Impressio™ 3300 PICP*™ G10.5
plasma etch system for high definition FPD
– Elius™ 1000 G4.5 inkjet printing system
for manufacturing OLED panels
FY2019 FPD Business Highlights
Achieved record-high sales and significantly improved profit margin
10.0%
3.3%
10.6%9.4%
17.7%
0%
5%
10%
15%
20%
25%
30%
0
20
40
60
80
100
120 ¥111.2B
Sales
(¥B)
Segment
profit margin
21.8%
FPD Coater/Developer
Exceliner™
* PICP: Plasma source for producing extremely uniform high density plasma on substrate
CORP IR / April 26, 2019 17
TEL Main Products World Market Share (CY2018)
Semiconductor Production Equipment
FPD Production Equipment (FY2019)
Source (FPD) : TEL survey
88%
30%38%
25%
Deposition System Cleaning SystemCoater/Developer Dry Etch System
47%
Wafer Prober*
27%40%
54%
ALD CVD Oxidation/Diffusion
29%
68%
FPD Coater/Developer FPD Etcher/Asher
Source
SPE (excluding Wafer Prober) : Gartner, “Market Share: Semiconductor Wafer Fab Equipment, Worldwide, 2018”, Bob Johnson,
Gaurav Gupta et al, 24 April 2019
Charts/graphics created by Tokyo Electron based on Gartner research.
Coater/Developer: Photoresist processing (Track), Dry Etch System: Dry etch, Deposition System: Tube CVD + Atomic layer
deposition tools + Oxidation/diffusion furnaces + Nontube LPCVD, ALD: Atomic layer deposition tools, CVD: Tube CVD + Nontube
LPCVD, Oxidation/Diffusion Furnaces : Oxidation/diffusion, Cleaning System: Single Wafer Processors + Wet stations +Batch Spray
processors + Other clean process
* SPE (Wafer Prober) : VLSI Research, April 2019
Charts/graphics created by Tokyo Electron based on VLSI Research
CORP IR / April 26, 2019 18
► WFE*1 capex
We expect CY2019 investment to decrease 15-20% YoY.
Despite solid investment for logic/foundry, we expect a temporary
adjustment in memory investment on a softening in demand.
However, inventory adjustments are proceeding steadily and there are
emerging signs of recoveries in NAND from the second half of the year
and in DRAM from early CY2020
►FPD production equipment capex for TFT array process*2
In 2019, we expect capex for OLED panels in mobile applications to be soft,
and investment in large panels is undergoing a temporary adjustment.
Full-year capex is forecast to decrease 30% YoY, but a recovery is expected
from H2
Business Environment (Outlook as of April 2019)
*1 WFE (Wafer fab equipment): The semiconductor production process is divided into front-end production, in which circuits are formed on wafers and inspected, and back-end production, in
which wafers are cut into chips, assembled and inspected again. Wafer fab equipment refers to the production equipment used in front-end production and in wafer-level packaging production.
*2 TFT array process: The processes of manufacturing the substrates with the electric circuit functions that drive displays
CORP IR / April 26, 2019 19
Logic/Foundry: Forecasting market growth of approx. 25% YoY
– Market environment: Increased capex on generation change. 10nm and beyond generation
to comprise 50%
– Opportunities: Business expansion in more complex patterning processes
DRAM: Approx. 30% decrease YoY. Expect a recovery from early CY2020
– Market environment: 1Y/1Znm generations to comprise over 60% of capex
– Opportunities: Combined patterning in latest generation
Non-volatile memory: Approx. 50% decrease YoY. Signs of a recovery in H2
– Market environment: Making adjustments in investment for increasing production capacity
due to improved yield, but inventories are steadily declining. 9X/12X generations to
comprise over 80% of capex.
– Opportunities: Differentiation through high value-added etch and clean
CY’19 WFE Market and Business Opportunities by Application
CORP IR / April 26, 2019 20
FY2020 Financial Estimates
CORP IR / April 26, 2019 21SPE: Semiconductor production equipment, FPD: Flat panel display production equipment
FY2019
(Actual)
FY2020 (Estimates)
H1 H2 Full yearFull year
YoY change
Net sales 1,278.2 490.0 610.0 1,100.0 -13.9%
SPE 1,166.7 450.0 580.0 1,030.0 -11.7%
FPD 111.2 40.0 30.0 70.0 -37.1%
Gross profitGross profit margin
526.141.2%
192.039.2%
249.040.8%
441.040.1%
-85.1-1.1pts
SG&A expenses 215.6 107.0 114.0 221.0 +5.3
Operating incomeOperating margin
310.524.3%
85.017.3%
135.022.1%
220.020.0%
-90.5-4.3pts
Income before income taxes 321.5 85.0 135.0 220.0 -101.5
Net income attributable to
owners of parent248.2 63.0 101.0 164.0 -84.2
Net income per share (Yen) 1,513.58 384.24 - 1,000.25 -513.33
FY2020 Financial Estimates
Market undergoing correction but continuing investmenttowards a recovery next year
(Billion yen)
CORP IR / April 26, 2019 22
504.3
384.3
319.0
444.0
0
100
200
300
400
500
FY'19 H1(Actual)
FY'19 H2(Actual)
FY'20 H1(Estimates)
FY'20 H2(Estimates)
FY2020 SPE Division New Equipment Sales Forecast
Sales by application DRAM
– Adjustments in supply and demand to
proceed through H2 CY’19
3D NAND
– Signs of a recovery in H2 FY’20
ahead of DRAM
Logic/Foundry
– Increased investment in 10nm and
subsequent generations
– Also firm investment in 28nm and
prior generations
Logic foundry
Logic & others
DRAM
Non-volatile memory(Billion yen)
Percentages on the graph show the composition ratio of new equipment sales. Field solutions sales are not included.
30%
42%
8%
20%
32%
34%
12%
22%
25%
21%
19%
35%
25%
27%
16%
32%
CORP IR / April 26, 2019 23
Oshu City, Iwate Prefecture:
approx. ¥13.0B construction cost
(Began construction in October 2018,
completion scheduled for September 2019)
FY2020 R&D Expenses, Capex Plan
R&D Expenses ¥120.0B– Continue investing based on focus areas and
sustainable growth
Capex ¥56.0B– Actively invest in advanced technologies R&D
and to meet increasing production
Depreciation ¥33.0B
Continue upfront investment with achievement of medium-term plan
and further growth in view
76.283.8
97.1113.9 120.0
0
50
100
150
FY'16 FY'17 FY'18 FY'19 FY'20 (E)
13.320.6
45.6 49.756.0
19.2 17.8 20.624.3
33.0
0
20
40
60
FY'16 FY'17 FY'18 FY'19 FY'20 (E)
New production buildings
(deposition systems, gas chemical etch systems, test systems)
Nirasaki City, Yamanashi Prefecture:
approx. ¥13.0B construction cost
(Began construction in February 2019,
completion scheduled for April 2020)
R&D expenses(Billion Yen)
(Billion Yen) Capex Depreciation
CORP IR / April 26, 2019 24
FY2020 Dividend Forecast
(Yen)Dividend per share
Dividend payout ratio: 50%
Annual DPS of not less than 150 yen
We will flexibly consider share buybacks
TEL shareholder return policy
We will review our dividend policy if the company does not generate
net income for two consecutive fiscal years
Expect to pay DPS of 502 yen, in-line with 50% dividend payout ratio
0
300
600
900
FY'15 FY'16 FY'17 FY'18 FY'19 FY'20 (E)
143 yen
237 yen
Interim
193 yen
Year-end
309 yen
624 yen
352 yen
758 yen
502 yen
CORP IR / April 26, 2019 25
Appendix
CORP IR / April 26, 2019 26
Q4
FY’18
Q1
FY’19
Q2 Q3 Q4
Net sales 355.9 295.5 395.4 268.1 319.0
Operating income 99.7 72.4 103.0 58.7 76.4
Net income attributable
to owners of parent72.9 55.7 79.5 48.8 64.1
Gross profit margin 43.1% 41.4% 40.9% 40.9% 41.5%
Operating margin 28.0% 24.5% 26.0% 21.9% 24.0%
319.0
76.4 64.1
41.5%
24.0%
0%
10%
20%
30%
40%
50%
0
100
200
300
400
500
Financial Performance (Quarterly)(Billion Yen)
CORP IR / April 26, 2019 27
326.0
280.4
358.0
239.5
288.7
100.7
78.3
105.8
60.7
81.7
30.9%
27.9%29.6%
25.4%
28.3%
0%
10%
20%
30%
40%
50%
0
80
160
240
320
400
Q4FY'18
Q1FY'19
Q2 Q3 Q4
Segment Information (Quarterly)
29.7
15.1
37.3
28.5 30.1
7.4
2.4
9.5
5.8 6.4
25.1%
16.2%
25.5%
20.5% 21.2%
0%
10%
20%
30%
40%
50%
0
8
16
24
32
40
Q4FY'18
Q1FY'19
Q2 Q3 Q4
92 95 91 89 91
8 5 9 11 9
0%
50%
100%
Q4FY'18
Q1FY'19
Q2 Q3 Q4
SPE(Semiconductor production equipment)
FPD(Flat panel display production equipment)
Composition of Net Sales
(Billion Yen) (Billion Yen)
Sales
Segment income
Segment profit margin
Sales
Segment income
Segment profit margin
SPE
FPD
1. Segment income is based on income before income taxes.
2. R&D expenses such as fundamental research and element research, etc. and other general and administrative expenses are not included in the above reportable segments.
3. Composition of net sales figures is based on the sales to customers.
CORP IR / April 26, 2019 28
Q4
FY’17
Q1
FY’18
Q2 Q3 Q4 Q1
FY’19
Q2 Q3 Q4
Japan 26.6 26.7 38.4 35.1 45.1 51.1 58.0 54.0 42.7
North America 25.4 24.0 32.0 29.1 33.9 28.4 45.9 22.7 34.7
Europe 32.9 25.3 26.9 19.6 25.0 17.7 31.3 18.6 25.3
South Korea 55.5 68.3 101.7 79.4 122.3 88.9 86.5 60.9 68.9
Taiwan 74.7 45.8 36.6 42.1 44.3 26.3 48.0 29.3 59.1
China 22.7 26.7 23.0 22.6 31.8 54.9 71.3 38.0 42.5
S. E. Asia, Others 5.3 4.6 6.7 13.2 23.4 12.7 16.8 15.6 15.2
SPE Division: Sales by Region (Quarterly)
243.5221.9
265.7241.4
326.0
280.4
358.0
239.5
288.7
0
100
200
300
400
(Billion Yen)
CORP IR / April 26, 2019 29
SPE Division: Sales by Region
145.5
206.0
0
200
400
FY'18 FY'19
119.2 131.9
0
200
400
FY'18 FY'19
96.9 93.1
0
200
400
FY'18 FY'19
371.9
305.4
0
200
400
FY'18 FY'19
169.0 162.9
0
200
400
FY'18 FY'19
104.3
206.9
0
200
400
FY'18 FY'19
48.2 60.4
0
200
400
FY'18 FY'19
14 18
11 11
9 8
35 26
16 14
10 18
5 5
0%
50%
100%
FY'18 FY'19
(Billion Yen)
Japan North America Europe Korea(Billion Yen)(Billion Yen) (Billion Yen)
Taiwan China S.E. Asia, Others Region Composition(Billion Yen) (Billion Yen) (Billion Yen)
S.E. Asia,
Others
China
Taiwan
Korea
Europe
North America
Japan
CORP IR / April 26, 2019 30
SPE Division: New Equipment Sales by Application (Quarterly)
29%
20%
30%
21%
25%
23%
27%
25%
38%
17%
22%
23%
18%
31%
32%
19%
12%
31%
32%
25%
16%
24%
34%
26%
22%
27%
27%
24%
17%
40%
16%
27%
DRAM
Non-volatile memory
Logic foundry
Logic & others
(MPU, AP, Others)
(Billion Yen)
Percentages on the graph show the composition ratio of new equipment sales. Field solutions sales are not included.
25%
23%
27%
25%
38%
17%
22%
23%
18%
31%
32%
19%
12%
31%
32%
25%
16%
24%
34%
26%
22%
27%
27%
24%
17%
40%
16%
27%
25%
35%
8%
32%
24% 27%32%
26% 19% 17%23%
18%26%
27%16%
8%12% 10%
4%
11%
9%
15%
27%40%
35%41%
43%
49%
36%
45%
24%
22%17%
25%21%
28%
30%
30%
28%
35%
185.3
169.7
204.3
181.7
258.8
219.7
284.5
169.8
214.5
0
50
100
150
200
250
300
Q4FY'17
Q1FY'18
Q2 Q3 Q4 Q1FY'19
Q2 Q3 Q4
CORP IR / April 26, 2019 31
Field Solutions Sales (Quarterly)
60.4
54.4
64.462.1
70.0
63.2
76.1 72.5 76.3
0
20
40
60
80
Q4
FY’17
Q1
FY’18
Q2 Q3 Q4 Q1
FY’19
Q2 Q3 Q4
SPE Sales 58.1 52.2 61.4 59.7 67.2 60.6 73.4 69.6 74.2
FPD Sales 2.2 2.2 2.9 2.4 2.8 2.5 2.7 2.8 2.1
(Billion Yen)
CORP IR / April 26, 2019 32