Semiconductor Equipment - Berenberg Bank

Tokyo Electron Ltd
Technology Hardware
Cash flow statement
¥ bn 2011 2012 2013E 2014E 2015E
Net profit/loss 36.7 6.1 14.7 39.2 38.5
Depreciation of fixed assets 24.2 26.6 30.0 30.5 30.5
Amortisation of intangible assets 0.0 0.0 3.8 3.8 3.8
Other 8.8 -12.4 0.0 0.0 0.0
Change in inventory 19.5 13.8 -14.8 -12.7 0.7
Change in accounts receivable -13.9 49.8 -10.8 -9.4 0.5
Change in Current assets -6.2 14.9 0.9 -3.7 0.2
Change in accounts payable -6.6 -10.7 3.8 2.3 1.0
Change in current liabilities -36.6 -7.4 7.6 4.5 1.9
Change in other liabilities 3.8 3.5 0.8 0.5 0.2
Non Controlling interest change 0.1 0.0 0.0 0.0 0.0
Cash flow from operating activities 29.7 84.3 36.0 55.0 77.2
Capex -39.5 -21.7 -17.0 -17.0 -17.0
Income from asset disposals 1.1 3.6 0.0 0.0 0.0
Financial investments 3.2 -13.4 0.0 0.0 0.0
Investment in Intangible assets -0.5 -1.2 0.0 0.0 0.0
Payments for acquisitions 0.0 -55.1 0.0 0.0 0.0
Other cash flow from investing activities 27.3 -109.0 0.0 0.0 0.0
Cash flow from investing activities -8.4 -141.8 -17.0 -17.0 -17.0
Long Term debt issuance 0.0 0.0 0.0 0.0 0.0
Short Term debt issuance 0.0 0.0 0.0 0.0 0.0
Purchase of own shares 0.7 0.2 0.0 0.0 0.0
Dividends paid -23.1 -9.3 -9.0 -13.6 -13.4
Other financing cash flow -4.9 -1.5 0.0 0.0 0.0
Cash flow from financing activities -27.3 -10.6 -9.0 -13.6 -13.4
Effects of exchange rate changes on cash -0.3 -5.3 0.0 0.0 0.0
Increase/decrease in liquid assets -6.3 -73.5 10.1 24.4 46.7
Liquid assets at end of period 158.7 85.3 95.3 119.7 166.4
Source: Company data, Berenberg estimates
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