V-technology Co., Ltd.TSE: 7717

FY2025 Q1 Financial Announcement (Supplementary Material)

Aug 9, 2024 at 6:06 AM UTC · Issued by V-technology Co., Ltd.

V Technology Co., Ltd.

FY2025/3(28th) Q1

Financial results

supplementary information

From April 1,2024 to July 30 ,2024

August 9, 2024

1．Consolidated performance summary

Losses increased despite a significant increase in sales.
- Mainly because the timing of sales for some projects was extended during this current fiscal year due to customer reasons.

(Million JPY)	FY24/3 Q1	FY25/3 Q1	YoY

Sales	5,749	9,523	＋3,774
＋65.6%

Operating profit (△loss)	△641	△948	△307
(Margin％)	ー	ー	ー

Ordinary income(△loss)	△410	△759	△349
（Margin％）	ー	ー	ー

Net profit (△loss)	△406	△656	△250
(attributable to shareholders of the parent company)

(Margin％)	ー	ー	ー

2． Sales and profit by segment	3
（Million JPY）

In the semiconductor and photomask equipment business, losses increased due to the postponement of high-profit projects during this current fiscal year for reasons attributable to customers.
In the FPD equipment business, sales increased significantly, while profits remained flat due to the impact of high-profit margin projects recorded in the previous year.

Semiconductor and photomask equipment business

		FY24/3 Q1	FY25/3 Q1	YoY
Sales		1,377	1,495,	＋8.6％

△	loss)	△204	△554	△350
Operating profit(	(－%)	(－%)	(－％)
(Margin of segment)

				14,052

Sales

Operating profit

			9,262
8,500							7,328

		4,207
	3,069					3,397

1,322					1,377			1,234	1,495
(197)	(89)	(237)		254	(204)		(200)

23Q1	Q2	Q3	Q4		24Q1	Q2	Q3	Q4	25Q1
(1,500)							(1,017)		(554)

FPD equipment business

		FY24/3 Q1	FY25/3 Q1	YoY
Sales		4,133	7,639	＋84.8％

△	loss)	△347	△334	＋13
Operating profit(	(－％)	(－％)	(－％)
(Margin of segment)

39,000
	Sales		32,927

	Operating profit
29,000
			24,954
								22,258
19,000		15,706

							11,017
9,000						8,436			7,639
6,187

					4,133
	697	759	515	980	(347)	(544)	(862)	(25)	(334)


(1,000)	23Q1	Q2	Q3	Q4	24Q1	Q2	Q3	Q4	25Q1

Semiconductor and photomask equipment business:Consists of development, design, manufacture, sales and related services for manufacturing equipment, inspection equipment and photomask equipment in the

semiconductor manufacturing process, as well as equipment for PCBs. FPD equipment business:Consists of development, design, manufacture, sales and related services for manufacturing and inspection equipment in the FPD manufacturing process, as well as materials and components such as deposition masks for OLEDs.

3． Quarterly sales and profit

（Million JPY）

Gross margins fell due to the impact of postponement and a deteriorating mix
SG&A (variable costs) increased in line with higher sales.

		FY21/3			FY22/3			FY23/3			FY24/3		FY25
18,500
																		30.0%
8,500
(1,500)	21Q1	Q2	Q3	Q4	22Q1	Q2	Q3	Q4	23Q1	Q2	Q3	Q4	24Q1	Q2	Q3	Q4	25Q1	0.0%
	（Margin）
Sales	10,297	17,923	13,278	13,688	13,094	14,033	9,690	14,601	7,795	11,494	10,603	13,254	5,749	6,485	6,869	18,232	9,523

Gross profit	3,173	4,161	4,312	4,058	3,687	3,622	3,215	4,962	2,582	2,501	2,121	3,742	1,870	1,935	1,196	5,603	1,773
Operating profit	1,169	1,771	2,052	1,612	1,312	1,230	772	2,147	452	133	▲ 466	867	▲ 641	▲ 239	▲ 1,197	2,923	▲ 948
GPM	30.8%	23.2%	32.5%	29.6%	28.2%	25.8%	33.2%	34.0%	33.1%	21.8%	20.0%	28.2%	32.5%	29.8%	17.4%	30.7%	18.6%
OPM	11.4%	9.9%	15.5%	11.8%	10.0%	8.8%	8.0%	14.7%	5.8%	1.2%	-4.4%	6.5%	-11.1%	-3.7%	-17.4%	16.0%	-10.0%

4． Sales by region

（Million JPY）

With regard to China, sales of FPDs (G8.6-related products) increased mainly

China ratio increased to 17.4 percentage points

10,000

5,000

	FY24/3 Q1		FY25/3 Q1					9,523

	7,983
	Sales						5,749	Sales
							increased
	increased							＋65.6％
	＋109.0％
3,819
Margin	Margin
of sales	of sales			1,305	1,132
(66.4 )	(83.8％)
％
		570	208			55	200

China		Taiwan	Japan	Korea/others	Total

5． Selling, general and administrative expenses

（Million JPY）

Shipping and product warranty-related costs rise in line with increased sales.

FY24/3 Q1		FY25/3 Q1	2,722


	2,511	YoY
			△211

971 994

779	729	555
	585

		85	180		264
				91
0
Personel	Shiping	R&D	Product warranty-related	Others	Total

6．Balance sheet	7
（Million JPY）

Cash and deposits ・・・・・・・・・・・・・・Increased by JPY 1,967 million, mainly due to a decrease in notes and accounts receivable.

Notes and accounts receivable ・・・Decreased by JPY 4,384 million, due to progress in the collection of accounts receivable, mainly as a result of accelerated acceptance inspection work.

Assets

75,606

8,560

3,702

15,531

24,716

23,096

74,397

8,860

3,734

16,408

20,332 ②

25,063 ①

Liabilities and net assets

75,606	74,397
1,116		1,168
20,425
	19,632

19,424	19,755

34,639	33,841

As of March 31, 2024		As of July 30, 2024
Cash & Deposits		Note and accounts receivable

Inventories		Other current assets

Fixed assets

As of march 31, 2024		As of June 30, 2024
Net assets		Other current liabilities


Borrowings（short/long）		Other fixed liabilities

7． Orders received and backlog

（Million JPY）

Semiconductor and photomask equipment business: orders received mainly for wafer inspection and DI exposure systems; photomask-related orders extended into Q2
FPD equipment business: orders for China increased

Group

	FY24/3 Q1	FY25/3 Q1	YoY
Backlog	40,162	37,456	△6.7％

Orders(3month)	9,264	9,879	＋6.6％

Semiconductor and photomask equipment business

	FY24/3 Q1	FY25/3 Q1	YoY
Backlog	15,958	17,959	＋12.5％

Orders(3month)	2,592	2,254,	△13.0％

FPD equipment business

	FY24/3 Q1	FY25/3 Q1	YoY
Backlog	24,204	19,497	△19.5％

Orders(3month)	6,433	7,237	＋12.5％

50,000	Backlog	Quartly orders
44,841	44,787	44,734

25,000

Backlog

Quartly orders

20,000	19,809

40,000

Backlog

Quartly orders

35,000 32,738

40,000	41,123	37,456

17,287	17,959
18,162
15,784

30,000

24,978 26,571

35,298	36,647 40,162	37,100
30,000

20,000			14,604
				10,598
10,000	9,914				11,210
			9,264				9,879
	7,777	4,777		6,716

0
23Q1	Q2	Q3	Q4	24Q1	Q2	Q3	Q4	25Q1

15,000	14,742	15,958	17,200

10,000	12,103

5,428

5,872

5,763

5,000

4,882	2,641		2,510	2,592	2,283		2,254
0
23Q1	Q2	Q3	Q4	24Q1	Q2	Q3	Q4	25Q1

25,000	25,338	21,904	24,204			19,497
20,000
				19,899
15,000		18,010

			11,868
							7,237
10,000						5,077
5,000	4,747
			6,433	4,174
					4,569
0		2,120	1,919
23Q1	24Q1	Q2	Q3	Q4	25Q1
	Q2	Q3	Q4

8. FY2025/3 Earnings and dividend forecast

No change from the earnings and dividend forecasts disclosed on 13 May 2024.

		FY2024/3	FY2025/3 Earnings and dividend
		forecast

(Million JPY)		amount	amount		YoY
Sales		37,335	47,000		＋25.9％

Operating profit		846	1,600		＋89.1％
(margin)		2.3％	2.5％


Ordinary income		1,112	1,400		＋25.9％
(margin)		3.0％	2.1％


Net profit (attributable to shareholders of the parent company)	778	1,000		＋28.5%
(Margin)		2.1％	1.4％


EPS(Yen)		80.65	103.90		＋23.25

Dividend(Yen)	1st half	30(actual)	40		＋10
2nd half	30(planed)	40		＋10

9. Regarding Repurchase of Own Shares

With medium- and long-term business growth expected, the Company has decided to repurchase its own shares, considering the current share price level and shareholder return policy.

1. Type of shares to be repurchased

：Shares of common stock

2. Total number of shares to be repurchased ：Up to 198,000 shares （Ratio to the shares outstanding：2.06%）

3.	Total amount of repurchase price	：Up to 500 million yen
4.	Repurchase period	：From August 13 ,2024 to September 30 ,2024
5.	Method of acquisition	：Market purchase on the Tokyo Stock Exchange
6.	Reference information	：Total number of shares outstanding at end-June 2024: 9,626,214
		(excluding 431,386 treasury shares).

Mid-term management plan

373

470

570

1,000

670

The plan is based on business growth in the semiconductor sector, with the aim of achieving sales of JPY 100 billion in FY2029.
Focus on business expansion in the fast- growing semiconductor field, while FPDs will work to secure market share and improve profitability.

Sales transition and forecast(100Million JPY）