Announcement on Financial Forecast and Dividends Forecast Revision
Tokyo Electron (TEL) announced that the financial forecast and the dividends forecast announced on June 18, 2020 have been revised based on recent business trend as follows.
1. Financial Forecast Revision
Consolidated financial forecast revision for the fiscal year ending March 31, 2021 (April 1, 2020 - March 31, 2021)
| Net sales (Millions of yen) | Operating income (Millions of yen) | Ordinary income (Millions of yen) | Net income attributable to owners of parent (Millions of yen) |
Net income per share
(Yen)
|
|
|---|---|---|---|---|---|
| Previous forecast (A)(June 18, 2020) | 1,280,000 | 275,000 | 275,000 | 205,000 | 1,318.11 |
| Revised forecast (B) | 1,300,000 | 281,000 | 281,000 | 210,000 | 1,350.57 |
| Change (B-A) | 20,000 | 6,000 | 6,000 | 5,000 | |
| Change ratio (%) | 1.6 | 2.2 | 2.2 | 2.4 | |
| Results for the year ended March 31, 2020 | 1,127,286 | 237,292 | 244,979 | 185,206 | 1,170.57 |
(For reference)
Consolidated financial results for the six months ended September 30, 2020 (April 1, 2020 - September 30, 2020)
| Net sales (Millions of yen) | Operating income (Millions of yen) | Ordinary income (Millions of yen) | Net income attributable to owners of parent (Millions of yen) |
Net income per share (Yen) |
|
|---|---|---|---|---|---|
| Previous forecast (A)(June 18, 2020) | 620,000 | 127,000 | 127,000 | 95,000 | 610.83 |
| Results for the sixmonths endedSeptember 30, 2020(B) | 668,160 | 147,429 | 148,228 | 112,012 | 720.29 |
| Change (B-A) | 48,160 | 20,429 | 21,228 | 17,012 | |
| Change ratio (%) | 7.8 | 16.1 | 16.7 | 17.9 | |
| Results for the sixmonths endedSeptember 30, 2019 | 508,442 | 102,454 | 106,692 | 78,722 | 490.18 |
Reason for financial forecast revision
Net sales for the first half of the current fiscal year of our main-product semiconductor production equipment have exceeded initial projections due to earlier than anticipated recovery in customer demand, and, in terms of profit, operating income, ordinary income, and net income attributable to owners of parent each ultimately exceeded initial projections.
Furthermore, based on the most recent trends in facilities investments by our customers and the most recent trends in results, we would like to amend the consolidated results projections for the full year announced on June 18, 2020 as follows.
Note: The financial forecasts and estimates stated in this announcement are based on certain assumptions judged to be reasonable by TEL 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. TEL 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.
2. Dividends Forecast Revision
| Dividend per share | ||||||
|---|---|---|---|---|---|---|
| (Yen) | 1Q-end | 2Q-end | 3Q-end | Year-end | Total | |
| Previous forecast (June 18, 2020) | － | 306.00 | － | 354.00 | 660.00 | |
| Revised forecast | － | － | － | 315.00 | 675.00 | |
| Results for the year ending March 31, 2021 | － | 360.00 | － | |||
| Results for the year ended March 31, 2020 | － | 246.00 | － | 342.00 | 588.00 | |
Reason
The dividend policy of TEL is to link dividend payments to business performance on an ongoing basis. Its basic policy for returning profits to shareholders is to maintain a payout ratio of around 50% based on consolidated net income attributable to owners of parent. As described above, in conjunction with the revision of our consolidated forecasts, TEL has also revised our annual dividends forecast from 660 yen per share to 675 yen. (Interim dividends : 360 yen, Year-end dividends : 315 yen)
