株式会社ニコン2006年月5月15日
Financial Results for the 3rd Quarter of the Year Ending March 31, 2011
NIKON CORPORATIONCorporate Communications & IR Dept.
Feb. 3rd ,2011
NIKON CORPORATIONForward-looking statements for earnings and other performance data contained herein are based on information currently available to the Company, and all potential risks and uncertainties are taken into account. The Company asks that investors understand that changes in conditions may cause actual performance to significantly differ from these projections.
Agenda
Ⅰ. Financial Results for the 3rd Quarterof the Year Ending March 31, 2011
Ⅱ. Estimation for the Year EndingMarch 31, 2011
Ⅲ. Reference Data
Net SalesNet Sales
Operating IncomeOperating Income
Ordinary IncomeOrdinary Income
Net IncomeNet Income
Financial Highlights for the 3rd Quarter of the Year Ending March 31,2011
* Values in this slide are rounded off to the nearest 100 million.
Impact on Op. Income:
2
10/3 (A)3Qs3Q
11/3 (B) (B)-(A)3Qs3Q 3Qs3Q
+30.4
+15.2
+14.2
+9.7
- 8.7
- 18.4
-%
94133
-16.1
591.5
3.7
1.5%
1.7%
-%
3.4
0
223.4
90133
Exchange: US$Rate (YEN) EUROExchange: US$Rate (YEN) EURO
-%-18.6
-%-17.6
- 20.6- 43.2
FCFFCF +29.236.7
5.2%
87113
33.7
651.8
7.3%
7.1%
3.8%
5.5%
35.7
3.1%20.3
65.9
17.9
18.6
9.7
253.8
83112
Impact on Net Sales:
+60.3
+49.8
+54.3
+37.9
Billions of yen
% vs Net Sales
% vs Net Sales
% vs Net Sales
Precision Equipment and Instruments businesses showed a recovery. Sales volume increase in Imaging Business repelled an impact by strong yen. Total sales and income increased year-on-year both for 3rd quarter and year-to-date results.
Net SalesNet Sales
Operating IncomeOperating Income
IC Steppers & ScannersNew / Refurbished
(units sold)
IC Steppers & ScannersNew / Refurbished
(units sold)
LCD Steppers &Scanners
(units sold)
LCD Steppers &Scanners
(units sold)
10/3 (A)3Qs3Q
11/3 (B)3Qs3Q
(B)-(A)3Qs3Q
Precision Equipment Company: 3rd Quarter
+4
+9/+4
+12.5 +51.8
+30.5 +45.0
-%
15/5 33/17
18 41
3.3 - 1.45.4%
61.4 142.2
3
+9/+12
+11
-%
6/1 24/5
14 30
- 9.2 - 53.2-%
30.9 97.2
% vs Net Sales
Billions of yen
As the market conditions improve favorably for IC/LCD steppers/scanners, the sales volume up to 3rd quarter increased about 40% from the same period last year. This quarter achieved the profitable result for the first time in the last nine quarters.
1 1
13
9
24
0
5
10
15
20
10/12 11/12
11
2
2
121
4
0
5
10
15
20
6
1514
10/12 11/12
Precision Equipment Company: 3rd Quarter
ArF
18
IC Steppers & ScannersSales by Technology
LCD Steppers & Scanners by Generation
Units Units
KrF
ArFimmersion
i-line~4G
5G/6G
7G~
4
Net SalesNet Sales
Operating IncomeOperating Income
+ 300
+ 600
8.4%
10/3(A)3Qs3Q
11/3(B)3Qs3Q
(B)-(A)3Qs3Q
Imaging Company: 3rd Quarter
Single-Lens ReflexDSC
(1,000 of units sold)
Single-Lens ReflexDSC
(1,000 of units sold)
InterchangeableLenses
(1,000 of units sold)
InterchangeableLenses
(1,000 of units sold)
Compact DSC(1,000 of units sold)
Compact DSC(1,000 of units sold) +2,380
1,250
1,850
4,900
3,150
4,800
11,600
+ 50
+ 100
+ 820
15.7 38.0 - 6.09.1%
172.2 454.0 + 3.9
9.8%
1,200
1,750
4,080
2,850
4,200
9,220
17.4 44.010.0%
174.8 450.1 - 2.6
- 1.7
Billions of yen
% vs Net Sales
5
In all categories, the record sales was marked in terms of quarterly volume. Compact DSC posted 20% hike in sales volume despite the flat 3rd quarter market growth. Third quarter ended with reduced sales and profit, while the year-to-date results showed sales hike and profit reduction, but would have been posted sales/profit increases if yen appreciation impact is disregarded.
Instruments Company : 3rd Quarter
+7.6Net SalesNet Sales
Operating IncomeOperating Income-%
10/3 (A)3Qs3Q
11/3 (B)3Qs3Q
(B)-(A)3Qs3Q
- 1.6 - 5.8 +4.1 +2.5-%
13.0 37.2 +1.2
-%- 5.7 - 8.3
-%
11.8 29.6
6
% vs Net Sales
Billions of yen
Growth in Bioscience has leveled off, while Industrial Instruments showed a recovery. Increased sales and significantly reduced loss was posted both for 3rd quarter and year-to-date results, compared from last year.
256. 0 242. 4 242. 8
56. 1 64. 1 61. 6
207. 0 236. 3 225. 5
113. 8 107. 4 139. 0
107. 7162. 6 147. 3
0
300
600
900
10/9
46.5%
50.2%
45.9% 45%
50%
55%
10/3 10/12 7
Balance Sheet : 3rd Quarter
10/910/3 10/12
740.6
Liabilities & Net assets
Billions of yen
Ratio of equity capital
Fixed assets
Other currentassets
Inventories
Notes & accountsReceivable-trade
Cash & Time Deposit
Assets
Billions of yen
373. 3 379. 6
368. 6439. 5 436. 6
372. 0
0
300
600
900812.8 816.2812.8 816.2
Total liabilities
Total Net assets
740.6
8
Summary for the 3rd Quarter of the Year Ending March 31, 2011
Both 3rd quarter and year-to-date results posted increased sales and profit year-on-year in spite of progressing yen appreciation. Free cash flow to date generated additional 65.9 billion yen.
Precision Equipment Company- Brisk sales of ArF immersion scanner and LCD steppers/scanners for large panels
contributed to the profitable quarter.- Accumulated loss to 3rd quarter was significantly reduced close to the break-even point.
Imaging Company-Single-lens reflex DSC, interchangeable lenses, and compact DSC continued to enjoy
favorable results, while Compact DSC continuously expanded the market share. -Third quarter ended with reduced sales and profit, while the year-to-date resultsshowed sales hike and profit reduction. But, sales volume increase almost offset the strong yen impact.
Instruments Company-New products including super resolution microscope, digital microscope ShuttlePix, and non-contact multi-sensor 3D metrology system were warmly received.
-Industrial instruments recovered, posting sales hike in 3rd quarter and year-to-date,and significantly shrinking the loss.
Agenda
Ⅰ. Financial Results for the 3rd Quarterof the Year Ending March 31, 2011
Ⅱ. Estimation for the Year EndingMarch 31, 2011
Ⅲ. Reference Data
Performance Estimation for the Year Ending March 31, 2011
9
Net Sales Net Sales
Operating IncomeOperating Income
Ordinary IncomeOrdinary Income
Net IncomeNet Income
Exchange: US$Rate (YEN) EURO Exchange: US$Rate (YEN) EURO
10/3
(A)3Qs4Q
Previous est.as of Nov.4
2010 (B)
1H2H
New est.
( C )( C )-(A) ( C)-(B)
870.0
5.5%
5.6%
30.0
49.0
48.0 33.714.3
85112
8780
113110
35.713.3
20.39.73.4%
3Qs4Q
+84.5
+42.6
+64.3
+61.9
-
-
-
-
591.5194.0
- 16.12.2
9491
133125
- 18.63.3
- 17.65.0
FCFFCF
870.0
5.5%
5.6%
48.0
49.0
30.0
84112
398.0472.0
15.232.8
17.831.2
10.619.4
65.08980
114110
-%
93131
785.5
- 13.9
- 15.3
- 12.6-%
-%
56.43.4%
67.0 -
% vs Net Sales
% vs Net Sales
% vs Net Sales
651.8Billions of yen
218.2
Forecasts for whole year are unchanged, as the market deterioration and fiercer competitions are expected. Cash dividend per share of common stock is 19 yen as planned (5 yen paid for interim dividend).
Estimation for Precision Equipment Company
10/3
10
Net SalesNet Sales
Operating IncomeOperating Income
IC Steppers & Scanners
New / Refurbished(units sold)
IC Steppers & Scanners
New / Refurbished(units sold)
LCD Steppers &Scanners
(units sold)
LCD Steppers &Scanners
(units sold)
Market ScaleIC Steppers & Scanners
(units sold)
Market ScaleIC Steppers & Scanners
(units sold)
3Qs4Q
Previous est.as of Nov.4
2010
1H2H New est. 3Qs
4Q
Market Scale LCD Steppers & Scanners
(units sold)
Market Scale LCD Steppers & Scanners
(units sold)
215.0
4.0
53/24
62
142.272.8- 1.45.4
33/1720/ 7
4121
1.9%
Approx. 220
Approx. 110
97.252.9
- 53.2- 5.424/512/8
3015
215.0
4.0
53/24
62
80.7134.3
- 4.78.7
18/1235/12
2339
Approx. 220
1.9%
Approx. 110
-%
150.1
- 58.6
36/13
45
112
74
Billions of yen
% vs Net Sales
Third quarter turned the bottom line into black. In 4th quarter, sales and profit growth from 3rd quarter is expected, aiming to be a profitable year and stepping up to a full-scale recovery in the next fiscal year.
Estimation for Precision Equipment Company
4
14 14
1
1 115
27 27
11
16
11
0
10
20
30
40
50
60
10/3 New est.
21
13 13
19
33 33
165
16
0
10
20
30
40
50
60
70
4536
53 62
Previous est.
53 62
LCD Steppers & Scanners by Generation
IC Steppers & ScannersSales by Technology
Units Units
10/3 New est.Previous est.
i-line
KrF
ArF
ArFimmersion
~4G
5G/6G
7G~
11
Estimation for Imaging Company
12
Net SalesNet Sales
Operating IncomeOperating Income
Single-Lens ReflexDSC
(1,000 of units sold)
Single-Lens ReflexDSC
(1,000 of units sold)
Compact DSC(1,000 of units sold)
Compact DSC(1,000 of units sold)
Market Scale SLR-DSC(1,000 of units sold)
Market Scale SLR-DSC(1,000 of units sold)
Market Scale Interchangeable Lenses
(1,000 of units sold )
Market Scale Interchangeable Lenses
(1,000 of units sold )
InterchangeableLenses
(1,000 of units sold)
InterchangeableLenses
(1,000 of units sold)
Market Scale C-DSC(1,000 of units sold)
Market Scale C-DSC(1,000 of units sold)
575.0
46.0
4,250
14,000
454.0121.0
38.08.0
3,1501,100
11,6002,400
6,350 4,8001,550
8.0%
13,000
112,00022,000
10/310/3 3Qs4Q
3Qs4Q
Previous est.as of Nov.4
2010
Previous est.as of Nov.4
20101H2H
1H2H New est.New est. 3Qs
4Q3Qs4Q
450.1119.4
44.08.1
2,850820
9,2202,290
4,2001,250
10,88017,720
569.5
52.1
3,670
11,510
5,450
9.1%
102,740
13,00022,000
575.0
46.0
4,250
14,000
281.8293.2
22.323.7
1,9002,350
6,7007,300
6,350 2,9503,400
8.0%
112,000
% vs Net Sales
Billions of yen
Sales will remain strong: however, due to concerns over weaker consumer spending and intensified competitions, the yearly forecast is not changed.
Estimation for Instruments Company
13
10/310/3
Net SalesNet Sales
Operating IncomeOperating Income
3Qs4Q
3Qs4Q
Previous est.as of Nov.4
2010
Previous est.as of Nov.4
20101H2H
1H2H New est.New est. 3Qs
4Q3Qs4Q
57.0
- 5.5
37.219.8
- 5.80.3-%
10/3 New est.0
20
40
60
63%
37%
48%
Previous est.
50%
50%52%
29.615.5
- 8.3- 1.0-%
45.1
- 9.3
60.0
- 5.0
24.235.8
- 4.1- 0.9-%% vs Net Sales
Billions of yen
Billions of yen
Bioscience
Industrial instruments
As government spending is expected to shrink worldwide, sales and profit forecasts for Bioscience are downgraded: but, 4th quarter target to achieve profitability is not changed.
Estimation for Capital Expenditure, Depreciation and R&D
37.5
33.0
43.539.8
30.4
22.625.7
32.936.0
36.0
0
10
20
30
40
50CapitalExpenditureDepreciation
47.2
58.461.5 60.3 60.0
7.7
7.0
6.15.7
6.9
0
10
20
30
40
50
60
70
5%
6%
7%
8%
9%
10%R&D
R&D ratio of Sales
07/3 07/308/3 08/309/3 09/310/3 10/311/3est.
11/3est.
14
Billions of yen Billions of yen
[R&D][Capital Expenditure &Depreciation]
* 09/3 ~: Include the amount of acquisition of Lease asset by change of Accounting Standard for Lease Transactions
Future Outlook
15
Performances of Precision Equipment and Instruments are improving as planned. Imaging Company is showing robustness against stronger yen that was unexpected at the year beginning. The business foundation is solidified to achieve continued growth in and after next fiscal year ending March 2012.
Precision Equipment Company- More ArF immersion scanners, S620D, are being sold in the 2nd half. To further expand
sales next year, efforts are made to improve performances under customer processconditions.
- Strong demands are expected for LCD steppers/scanners for high-precision mid/small-sized panels. Efforts are made to secure purchase orders.
- Leadtime reduction is pursued to prevent opportunity losses and inventory growth forcost reduction.
Imaging Company- Efforts are made to penetrate into emerging country markets and improve product
competitiveness and customer satisfaction. Targets are set to accelerate salesexpansion at higher rate than market expansion and to improve profitability by reforming the cost structure.
- New generation digital cameras are under development.
Instruments Company-It is aimed to secure sales expansion in the industrial instruments field that is in the solidrecovery process as well as in the bioscience field that is mainly driven by high-end system products, targeting at posting yearly profit in the next fiscal year.
Agenda
Ⅰ. Financial Results for the 3rd Quarterof the Year Ending March 31, 2011
Ⅱ. Estimation for the Year EndingMarch 31, 2011
Ⅲ. Reference Data
US$US$
EUROEURO
Reference Data: Exchange Rate
16
80 yen
110 yen
1.2
0.4
Financial Impact from fluctuation by 1 yenExchange Rate
0.3
0.2
11/3Estimation
Net Sales
(4Q)Operating
Income(4Q)11/3
4Q ForecastBillions of yen
1H -19.5 15.2 15.22H 5.6 32.8 32.8
1H -22.3 17.8 17.82H 7.0 31.2 31.2
1H -17.7 10.6 10.62H 5.1 19.4 19.4
30.0
Previous Forecastas of Nov. 4, 2010
NetIncome
OrdinaryIncome
Non-operatingIncome/Expenses-net
Extra ordinaryIncome/Expenses-net
Income Taxes
-15.3 49.0
-12.6 30.0
-2.3-5.0
-6.013.0
49.0
-6.013.0
1.0
Billions of yen
-1.4
11/3Estimation
10/3
-13.9 48.0OperatingIncome 48.0
1.0
Reference Data:Earning Estimation for the Year Ending March 31, 2011
17
156.9
102.4135.4 139.9
174.8
119.4148.8 133.0
172.2
41.0
61.727.3
39.0
30.9
52.9
40.340.5
61.411.0
10.4 8.29.6
11.8
15.510.9
13.3
13.07.1
5.9
4.24.5
4.66.0
5.26.34.5
0
100
200
300
3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q
09/3
Reference Data: Quarterly Net Sales by segments
10/3
18
11/3
Billions of yen
Imaging Company Precision EquipmentCompany
Instruments Company OtherBusinesses
4.0-6.0
12.5 14.1 17.48.2
14.08.3
15.7
-3.5-0.6 -10.1
-33.9
-9.2 -5.3 -0.6 -4.1
3.3
-1.6
-1.6
0.10.8
0.3
-0.9-0.6 -1.5
-1.0
-5.7-1.1
-2.6
1.20.4
0.60.8
0.71.1
-40
-30
-20
-10
0
10
20
30
40
50
3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q
Reference Data: Quarterly Operating Income by segments
09/3 10/3
19
11/3
Billions of yen
Imaging Company Precision EquipmentCompany
Instruments Company OtherBusinesses
20