Slide 1: FY2023 Financial Briefing
FY2023 (Period Ended March 31st, 2024) Financial Briefing April 26th, 2024 Advantest Corporation All Rights Reserved - ADVANTEST CORPORATION
Slide 2: NOTE
NOTE Accounting Standards – Our results and outlook, described in this presentation, have been prepared in accordance with IFRS. Cautionary Statement with Respect to Forward-Looking Statements – This presentation and any information provided orally by Advantest representatives contains “forward-look
Slide 3: Financial Results for FY2023
Financial Results for FY2023 Yasuo Mihashi Senior Executive Officer, CFO & CSO (Chief Strategy Officer) Executive Vice President, Corporate Strategy Group All Rights Reserved - ADVANTEST CORPORATION
Slide 4: FY23 Results
FY23 Results • FY2023 sales, operating income, and net income were down year-on-year • However, we gained market share in both SoC and memory testers • Sales for high-performance DRAM related to generative AI increased, while the SoC tester market was slower than expected • In terms of product mix,
Slide 5: FY23 Summary of Results
FY23 Summary of Results （¥B） FY22 FY23 Forecast as vs. FY22 Results of Jan. 2024 Results Change (%) Sales 560.2 480.0 486.5 -73.7 -13.2% Operating Income 167.7 85.0 81.6 -86.1 -51.3% Operating Margin % 29.9% 17.7% 16.8% -13.1pts Income Before Tax 171.3 82.5 78.2 -93.1 -54.4% Net Income 130.4 64.5 62
Slide 6: FY23 Sales by Segment / Region
FY23 Sales by Segment / Region ＜Sales by Segment＞ ＜Sales by Region＞ 560.2 560.2 20.5 78.8 486.5 486.5 109.8 19.7 416.9 85.9 416.9 16.4 92.9 （¥B） 63.3 404.3 85.8 153.2 325.5 331.5 108.4 288.9 245.6 225.6 131.8 149.2 157.1 59.9 52.7 103.3 42.3 42.9 49.4 37.6 36.1 43.1 20.3 17.3 102.3 11.6 17.6 85.8 96
Slide 7: FY23 4Q Summary of Results
FY23 4Q Summary of Results （¥B） FY22 FY23 QoQ YoY 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Change (%) Change (%) Sales 135.9 138.9 138.0 147.4 101.3 116.2 133.2 135.8 +2.5 +1.9% -11.6 -7.9% Gross Profit 78.9 79.9 81.6 78.7 51.0 58.0 67.4 69.6 +2.2 +3.3% -9.1 -11.5% Gross Margin % 58.1% 57.5% 59.1% 53.4% 50.3% 49.9%
Slide 8: Quarterly Sales by Segment
Quarterly Sales by Segment Semiconductor & Component Test 147.4 Systems Breakdown 138.9 110.8 135.9 138.0 135.8 96.1 98.8 98.6 133.2 88.3 91.5 81.3 23.9 81.2 17.3 19.0 18.6 70.5 116.8 116.2 17.2 18.7 25.0 32.8 9.4 （¥B） 101.3 78.8 79.8 80.0 86.9 64.1 61.1 62.5 63.3 58.7 98.8 98.6 110.8 88.3 91.5 96.1
Slide 9: Quarterly Sales by Region
Quarterly Sales by Region 147.4 135.9 138.9 138.0 6.5 135.8 133.2 3.6 4.2 6.2 21.5 3.7 6.1 116.8 28.6 116.2 Japan 28.6 31.1 26.2 4.6 5.7 30.2 （¥B） 101.3 S. Korea 25.9 35.2 4.2 26.1 Taiwan 10.4 40.8 27.7 22.1 42.2 China 49.5 25.1 19.0 Americas 39.9 45.5 Europe 45.4 50.4 34.7 39.0 23.6 34.1 33.6 Other
Slide 10: Sales / Gross Profit / Operating Income
Sales / Gross Profit / Operating Income 147.4 135.9 138.9 138.0 133.2 135.8 56.7% 58.1% 59.1% 50.3% 57.5% 116.8 116.2 53.4% （¥B） 49.9% 50.6% 51.3% （¥B） 101.3 FY22 FY23 Sales 560.2 486.5 78.9 79.9 81.6 78.7 66.3 Gross Profit 319.1 246.0 67.4 69.6 32.9% Gross Margin % 57.0% 50.6% 31.1% 29.9% 58.0 28.8
Slide 11: Investments / Cash Flow
Investments / Cash Flow FY22 FY23 FY22 FY23 ＜Investments＞ R&D Expenses 60.1 65.5 ＜Cash Flow＞ Cash flows from 70.2 32.7 R&D as a % of Sales 10.7% 13.5% Cash flows from operating operating activities R&D Expenses activities Cash flows from CapEx 25.0 20.8 Cash flows from investing investing activities
Slide 12: Financial Position
Financial Position ＜ Assets ＞ ＜ Liabilities & Equity ＞ 671.2 671.2 635.0 635.0 600.2 600.2 Trade & Other 106.7 Cash & Cash 76.9 Payables 75.7 Equivalents 70.8 （¥B） （¥B） 49.3 Other Current 85.5 89.3 Liabilities Trade & Other 54.2 85.0 88.9 Receivables Short-term 13.4 75.1 Long-term borrowings borrowi
Slide 13: Second Mid-Term Management Plan (MTP2, FY21-23) Results
Second Mid-Term Management Plan（MTP2, FY21-23）Results - Sales exceeded the lower end of the target range - Profitability and capital efficiency targets were not achieved due to a more pronounced than expected slowdown of the market and a change in mix MTP1 Results Original MTP2 Targets MTP2 Targets
Slide 14: FY2024 Outlook
FY2024 Outlook Douglas Lefever Representative Director, Senior Executive Officer, Group CEO All Rights Reserved - ADVANTEST CORPORATION
Slide 15: Tester Market Trend
Tester Market Trend ✓ From MTP1 to MTP2, the tester market size in terms of a three-year average increased by 35% ✓ The market size assumption for MTP3 is currently under formulation. After having hit a bottom in CY23, tester demand will be driven by complexity growth of semiconductors triggered by
Slide 16: Our Sales Trend
Our Sales Trend ✓ From MTP1 to MTP2, our sales in terms of a three-year average increased by 68% ✓ Our sales growth outpaced the tester market mainly due to market share gains and partial FX impact MTP2 Results （¥B） Avg. of FY21-23 ¥487.9B 600 560.2 486.5 500 MTP1Results Avg. of FY18-20 416.9 400 ¥2
Slide 17: Semiconductor Tester Market and Market Share Report
Semiconductor Tester Market and Market Share Report Market Size Approx. $5.6B -6% YoY Approx. $5.2B -15% YoY Approx. $4.4B Advantest Others CY21 CY22 CY23 Overall Share Overall Share Overall Share 47% 57% 58% +10pts YoY +1pt YoY Advantest Advantest Advantest Market Size Market Size Market Size Share
Slide 18: Business Environment / Semiconductor Tester Market Trends: April 2024 Outlook
Business Environment / Semiconductor Tester Market Trends: April 2024 Outlook ＜ Business Environment ＞ – Global recessionary concerns are lingering. In addition, uncertainty remains high in CY24 due to growing geopolitical risks and the risk of sharp exchange rate fluctuations. – The semiconductor m
Slide 19: FY24 Forecast
FY24 Forecast （¥B） FY23 FY24 vs. FY23 Results Forecast Change (%) Sales*1 486.5 525.0 +38.5 +7.9% Operating Income 81.6 90.0 +8.4 +10.3% Operating Margin % 16.8% 17.1% +0.3pts Income Before Tax 78.2 89.0 +10.8 +13.9% Net Income 62.3 67.0 +4.7 +7.6% Net Income Margin % 12.8% 12.8% +0.0pts R&D Expense
Slide 20: FY24 Outlook by Segment
FY24 Outlook by Segment Semiconductor & Component Semiconductor & Component Test Systems Test Systems Sales Trends (¥B) Memory Testers 404.3 vs FY23 ＜ SoC Testers ＞ +12% SoC Testers 371.0 For HPC/AI, robust demand is expected for generative AI- 78.8 related applications. On the other hand, sales are
Slide 21: FY24 Outlook by Segment
FY24 Outlook by Segment Mechatronics Sales Trends (¥B) Mechatronics Systems – Solid sales are expected across all businesses including device interfaces, test handlers, and 59.9 52.7 55.0 vs FY23 nanotechnology products. +4% 42.3 FY21 FY22 FY23 FY24 (Forecast) Services, Support, & Others Services, S
Slide 22: Key Measures for FY24
Key Measures for FY24 • Focus on complexity-driven high growth areas with our value-added solutions and expanded supply structure ✓Expand supply of testers for high growth devices such as HBM, to meet rapidly growing demand ✓Accelerate our development of integrated test solutions, to enable our lead
Slide 23: Revision of Our Mid-/long-term Management Policy
Revision of Our Mid-/long-term Management Policy ◼ Through MTP1 and MTP2: We have reinforced foundations for growth, including an enhanced product portfolio, expanded business domain, and enriched engineering support ◼ Our Mid-/Long-Term management policy including MTP3 is currently under formulatio
Slide 24: All Rights Reserved - ADVANTEST CORPORATION
24 All Rights Reserved - ADVANTEST CORPORATION