Seiko Epson Corp. · TSE:6724
Seiko Epson — Q1 FY2005 Earnings Presentation
24 slides from Seiko Epson's earnings presentation, Jul 27, 2005
Slide 1: PYI-LIVIVRASH
2005 2006 3 1 2005 7 27 PYI-LIVIVRASH
Slide 2: | N
| N
Slide 3: 2005 2005
2005 1 2005 3
Slide 4: 1Q results summary and EPS
1 X 2004 2005 1Q % 1Q % 3,329 - 3,401 - +72 +2.2% 327 9.8% -50 -1.5% -377 -115.4% 316 9.5% -27 -0.8% -344 -108.8% 293 8.8% -37 -1.1% -331 -112.8% 176 5.3% -70 -2.1% -246 -140.1% EPS 89.67 -35.91 USD 109.77 107.69 EUR 132.28 135.57 4
Slide 5: Quarterly sales and operating income trend
X 3,329 3,329 3,505 3,505 4,296 4,296 3,666 3,666 3,401 3,401 4,500 75 204 -17 4,000 90 82 168 3,500 96 228 1,379 79 209 204 3,000 1,239 -5 1,136 1,171 1,070 2,500 2,000 +100 1,500 2,794 2,124 2,220 2,320 2,120 1,000 500 -4 0 -172 -163 -157 -152 -173 -500 2004/1Q 2004/2Q 2004/3Q 2004/4Q 2005/1Q 5
Slide 6: Information-related equipment 1Q results
X 2,124 2,120 PC 2,124 2,120 2,600 -20 2,400 •PRJ 2,200 2,000 109 88 +25 •PTV 183 209 OEM 1,800 ‘04/1Q '05/1Q 1,600 PRJ 79% 74% 1,400 PTV 2% 19% 10% 16% •IJP MFP SFP 1,200 1,000 1,860 1,836 -24 •LP 800 600 ‘04/1Q '05/1Q •BS SIDM 400 IJP 63% 63% LP 14% 15% IJP : Ink Je t Printe r 200 SFP : Single Fun
Slide 7: Electronic devices 1Q results
X 1,070 1,070 1,171 1,171 • 1,400 -9 1,200 118 •LCD LCD--Dr S-LSI 127 ASP -125 1,000 243 •C-STN: ASP 368 ‘04/1Q '05/1Q 800 LCD--Dr. 39% LCD 33% •MD MD--TFD S - LSI 31% 31% ASP 30% 3 % 600 •a-TFT/LTPS 400 846 652 •HTPS: +193 200 ‘04/1Q '05/1Q C -STN : Color STN 0 -36 C- STN % 16% MD--TFD: Mobile Digi
Slide 8: 1,000 23.3% 20.9% .4% 20.7% 21.7% +33 800 464 600 475 -0 426 415
693 693 750 750 890 890 854 854 736 736 1,000 23.3% 20.9% 21.4% 20.7% 21.7% +33 800 464 600 475 -0 426 415 381 400 117 89 +2 59 58 59 99 86 57 71 60 200 194 193 208 201 200 +6 0 2004/1Q 2004/2Q 2004/3Q 2004/4Q 2005/1Q 8
Slide 9: X --58 --50 0 160 -106 149 150 135 100 100 -248 50 42
X 327 327 331 331 309 309 --58 58 --50 50 250 204 200 191 180 160 -106 149 150 135 100 100 -248 50 42 11 16 3 -1 0 -6 -12 -24 -26 -50 -37 -41 -34 -56 -100 -121 -9 -150 2004/1Q 2004/2Q 2004/3Q 2004/4Q 2005/1Q 9
Slide 10: ( ) +50 +16 -341 -67 -50 -39 +4 2004/1Q 2005/1Q
( ) +50 +16 327 -341 0 -67 -50 -39 +4 377 2004/1Q 2005/1Q 10
Slide 11: 15,000 10,000 12,416 11,976 12,070 12,982 12,826 5,000 2/3 2003/3 2004/3 2005/3 2005/6 2,000
15,000 10,000 12,416 11,976 12,070 12,982 12,826 5,000 0 2002/3 2003/3 2004/3 2005/3 2005/6 2,000 1,000 1,730 1,674 1,766 1,929 1,558 0 2002/3 2003/3 2004/3 2005/3 2005/6 11
Slide 12: 8,000 48.6% 51.0% 37.9% 30.4% 30.9% 4,000 6,033 6,109 4,575 3,952 3,969 0 2002/3
8,000 48.6% 51.0% 37.9% 30.4% 30.9% 4,000 6,033 6,109 4,575 3,952 3,969 0 2002/3 2003/3 2004/3 2005/3 2005/6 6,000 34.3% 36.4% 36.3% 22.6% 23.5% 4,000 2,000 4,143 4,728 4,657 2,803 2,813 0 2002/3 2003/3 2004/3 2005/3 2005/6 12
Slide 13: 2005 2005
2005 1 2005 13
Slide 14: FY2005 forecast and EPS
2005 2004 2005 % % % +1,592 +160 14,797 - 16,230 - 16,390 - +10.8% +1.0% -89 -100 909 6.1% 920 5.7% 820 5.0% -9.9% -10.9% -43 -70 853 5.8% 880 5.4% 810 4.9% -5.1% -8.0% +3 -80 736 5.0% 820 5.1% 740 4.5% +0.5% -9.8% -116 -100 556 3.8% 540 3.3% 440 2.7% -21.0% -18.5% 283.60 275.00 224.07 EPS • USD 107
Slide 15: FY2005 sales and operating income forecast
2005 ( )X 14,797 14,797 16,230 16,230 16,390 16,390 7,280 7,280 9,110 9,110 18,000 10,000 330 300 160 16,000 890 890 -45 9,000 460 345 -30 811 8,000 14,000 140 5,540 5,690 430 3,150 7,000 12,000 4,826 +78 6,000 10,000 0 2,540 5,000 8,000 4,000 +863 6,000 10,170 +150 3,000 9,460 10,150 5,670 4,000 4,
Slide 16: Information-related equipment FY2005 forecast
X 9,460 9,460 10,150 10,150 10,170 10,170 4,500 4,500 5,670 5,670 11,000 6,000 PC 10,000 500 480 5,500 260 485 -5 560 1,040 1,040 9,000 -20 5,000 907 4,500 220 8,000 4,000 480 7,000 +132 3,500 6,000 0 3,000 5,000 8,730 8,760 2,500 4,910 8,203 4,000 +556 2,000 3,850 3,000 +30 1,500 2,000 1,000 1,000
Slide 17: Printer breakdown FY2005 forecast
X 8,203 8,203 8,730 8,730 8,760 8,760 3,850 3,850 4,910 4,910 9,000 5,000 4% 4% 4% 8,000 5% 15% 15% 4,500 13% 7,000 16% ¾ SIDM POS 4,000 4% 15% 15% 3,500 15% 6,000 16% 14% 3,000 5,000 15% ¾ 2,500 4,000 MFP 2,000 3,000 68% 66% 66% 65% 1,500 6 % 2,000 ¾ 1,000 1,000 ¾ 500 0 0 FY2004 FY2005 FY2005 FY200
Slide 18: Electronic devices FY2005 forecast
X 4,826 4,826 5,540 5,540 5,690 5,690 2,540 2,540 3,150 3,150 6,000 3,500 5,500 710 710 +211 3,000 460 5,000 498 0 4,500 1,190 1,200 2,500 250 680 4,000 1,394 510 3,500 -204 2,000 -10 3,000 1,500 2,500 3,990 2,120 2,000 3,830 +821 1,000 1,870 1,500 3,168 +160 500 1,000 500 0 -90 -110 0 -234 -200 -20
Slide 19: Electronic devices breakdown FY2005 forecast
X LTPS--TFT LTPS 3,168 3,168 3,830 3,830 3, 3, 1,870 1,870 2,120 2,120 2,200 4,000 ¾ DSC 13% 2,000 3,500 14% 14% 1,800 -TFT 12% 3,000 5% 1,600 ¾ 14% 31% 3 % 34% 1,400 2,500 32% C-STN 1,200 25% 2,000 ¾ 12% 12% 1,000 10% 15% 1,500 800 MD--TFD MD 22% 600 1,000 37% 26% 2 % ¾ 28% ASP 400 500 HTPS--TFT HT
Slide 20: FY2005 forecast by segment
2005 ( )X 1,200 909 909 920 920 820 820 1,000 70 70 750 750 0 14 50 1,000 24 0 130 50 800 40 385 190 800 +25 240 0 600 600 900 -195 400 400 740 615 +60 550 200 200 10 +124 0 -160 190 -130 -160 -160 0 -50 -80 - 200 -80 -29 - 400 0 -200 FY2004 FY2005 FY2005 FY2005 FY2005 1H 2H 20
Slide 21: Capital expenditure and R&D trend
2,000 1,000 1,628 1,512 1,484 744 687 0 FY2001 FY2002 FY2003 FY2004 FY2005 2,000 1,000 1,291 1,258 1,103 1,042 1,238 0 FY2001 FY2002 FY2003 FY2004 FY2005 21
Slide 22: Cash flow trend
2,000 1,826 1,624 1,720 1,512 1,595 1,000 1,173 630 515 299 0 -653 -1,079 -993 -1,000 -1,270 -1,421 -2,000 -2,783 -3,000 FY2001 FY2002 FY2003 FY2004 FY2005 22
Slide 23: ROA, ROS, ROE
15.0 ROA / 12.6 ROS / 10.9 10.0 ROE / 8.9 6.8 6.1 5.9 4.5 5.0 3.4 5.8 5.2 4.9 1.5 3.2 0.0 1.5 % -5.0 -6.5 -10.0 FY2001 FY2002 FY2003 FY2004 FY2005 23
Slide 24: EXCEED YOUR VISION
EXCEED YOUR VISION