Semiconductor Equipment - Berenberg Bank

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, Berenberg estimates
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