Semiconductor Equipment - Berenberg Bank

More documents

Recommendations

Info

Tokyo Electron Ltd Technology Hardware Profit and loss account Year-end March (¥ bn) 2011 2012 2013E 2014E 2015E Sales 633.1 497.3 549.2 595.5 593.1 Cost of sales 421.6 338.5 375.2 397.0 405.9 Gross profit 211.4 158.7 174.0 198.5 187.1 Administrative and selling expenses 69.5 73.0 83.6 71.5 60.0 General and administration - - - - - Research and development 81.5 73.2 73.0 74.0 75.0 Impairment charges - - - - - EBIT 60.4 12.5 17.4 53.0 52.1 Interest income 4.1 6.1 6.1 6.1 6.1 Interest expenses -0.5 -2.0 -2.0 -2.0 -2.0 Income on ordinary activities before taxes 64.0 16.7 21.5 57.2 56.3 Extraordinary income/loss -3.4 1.1 0.0 0.0 0.0 EBT 60.6 17.8 21.8 57.5 56.6 Taxes 23.4 11.4 6.5 17.2 17.0 Net income from continuing operations 37.2 6.4 15.0 40.0 39.3 Income from discontinued operations (net of tax) - - - - - Net income 37.2 6.4 15.0 40.0 39.3 Minority interest 0.5 0.3 0.3 0.8 0.8 Net income (net of minority interest) 36.7 6.1 14.7 39.2 38.5 Source: Company data, <strong>Berenberg</strong> estimates 134
Tokyo Electron Ltd Technology Hardware Balance sheet Year-end March (¥ bn) 2011 2012 2013E 2014E 2015E Intangible assets 4.7 59.9 56.1 52.3 48.5 Property, plant and equipment 126.9 135.7 122.7 109.2 95.7 Financial assets 45.0 58.4 58.4 58.4 58.4 Fixed Assets 176.6 254.0 237.2 219.9 202.6 Liquid assets 211.8 190.5 190.5 190.5 190.5 Financial investments 35.4 49.6 59.7 84.1 130.8 Inventories 149.5 135.7 150.5 163.2 162.5 Accounts receivable 150.3 100.5 111.3 120.7 120.2 Other current assets 60.1 45.2 44.2 48.0 47.8 Other accruals - - - - - Current Assets 607.1 521.5 556.3 606.4 651.8 TOTAL 783.6 775.5 793.5 826.3 854.4 Shareholders' equity 587.9 594.4 600.2 625.7 650.8 Minority interest 10.7 10.7 10.7 10.7 10.7 Bonds (Long term) 0.0 0.0 0.0 0.0 0.0 Long-term debt 0.0 0.0 0.0 0.0 0.0 Pensions provisions 54.6 56.6 56.6 56.6 56.6 Other liabilities 5.6 7.1 7.9 8.3 8.5 Non-current liabilities 587.9 594.4 600.2 625.7 650.8 Short-term debt 0.0 0.0 0.0 0.0 0.0 Accounts payable 47.0 36.3 40.1 42.4 43.4 Other current liabilities 0.0 0.0 0.0 0.0 0.0 Other liabilities 77.8 70.4 78.0 82.6 84.4 Current liabilities 124.8 106.7 118.1 125.0 127.8 TOTAL 783.6 775.5 793.5 826.3 854.4 Source: Company data, <strong>Berenberg</strong> estimates 135
Page 1 and 2:
BERENBERG EQUITY RESEARCH Semicondu
Page 3 and 4:
Table of contents Shrinkage brings
Page 5 and 6:
Semiconductor Equipment Technology
Page 7 and 8:
Page 9 and 10:
Page 11 and 12:
Page 13 and 14:
Page 15 and 16:
Page 17 and 18:
Page 19 and 20:
Page 21 and 22:
Page 23 and 24:
Page 25 and 26:
Page 27 and 28:
Page 29 and 30:
ASML Holding NV Technology Hardware
Page 31 and 32:
Page 33 and 34:
Page 35 and 36:
Page 37 and 38:
Page 39 and 40:
Page 41 and 42:
Page 43 and 44:
Page 45 and 46:
Page 47 and 48:
Page 49 and 50:
Page 51 and 52:
Page 53 and 54:
ASM International NV Small/Mid-Cap:
Page 55 and 56:
Page 57 and 58:
Page 59 and 60:
Page 61 and 62:
Page 63 and 64:
Page 65 and 66:
Page 67 and 68:
Page 69 and 70:
Page 71 and 72:
Page 73 and 74:
Page 75 and 76:
Suess Microtec AG Small/Mid-Cap: Te
Page 77 and 78:
Page 79 and 80:
Page 81 and 82:
Page 83 and 84: Suess Microtec AG Small/Mid-Cap: Te
Page 93 and 94: Applied Materials Inc Technology Ha
Page 117 and 118: Tokyo Electron Ltd Technology Hardw
Page 133: Tokyo Electron Ltd Technology Hardw
Page 137 and 138: Semiconductor Equipment Technology
Page 139 and 140: Semiconductor Equipment Technology
show all

Semiconductor Equipment - Berenberg Bank

Create successful ePaper yourself

Delete template?

Save as template?