Note: This is an English translation of the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.
〔Under Japanese GAAP〕
Registered Company Name: V-Technology Co., Ltd.
Code Number: 7717, Tokyo Stock Exchange URL: https://www.vtec.co.jp
May 13, 2025
Representative: Shigeto Sugimoto (President & CEO)
Contact: Shogo Yoshimura (Leader of IR Group, Office of the President) TEL: 045-338-1980
Planned Date for the General Meeting of Shareholders: June,26 2025 Planned Date for Submission of the Securities Report: June,27 2025 Planned Date for ommencement of dividend payments: June,27 2025
Supplementary materials for the financial statements: Yes Briefing session on financial results: Yes (for institute investors)
(Amounts less than one million yen have been omitted.)
- Consolidated Financial Results for the Year Ended March 31, 2025 (April 1, 2024 to March 31, 2025)
- Consolidated Results of Operations
Year ended March 31, 2024
Year ended March 31, 2025
Amount
YoY(%)
Amount
YoY(%)
Net sales (Millions of Yen)
37,335
▲13.5
46,182
23.7
Operating profit (Millions of Yen)
846
▲14.2
1,821
115.3
Ordinary profit or loss (Millions of Yen)
1,112
▲34.6
1,891
70.0
Net profit attributable to owners of the parent (Millions of Yen)
778
199.1
800
2.8
Comprehensive Income (Millions of Yen)
1,254
161.4
73
▲94.2
Net profit per share (Yen)
80.65
—
80.07
—
Diluted net profit per share (Yen)
—
—
—
—
Return on equity(%)
2.3
2.4
Ordinary income to total assets(％)
1.5
2.5
Operatiing income to net sales(％)
2.3
3.9
（Ref）Profit (loss) on equity method (Mliion of Yen)
▲187
▲309
- Consolidated Financial Position
As of March 31 ,2024
As of March 31, 2025
Total assets(Millions of Yen)
75,606
73,201
Net assets(Millions of Yen)
34,639
33,581
Equity ratio(％)
45.5
45.8
Net assets per share(Yen)
3,571.35
3,544.98
*Reference: Shareholders’ equity (Millions of Yen)
34,372
34,372
- Consolidated Cash flows
As of March 31 ,2024
As of March 31, 2025
Cash flows from operating activities
▲4,764
5,344
Cash flows from investing activities
▲440
▲1,470
Cash flows from financing activities
1,526
▲471
Cash and cash equivalents at end of period
22,893
26,124
- Consolidated Results of Operations
- Dividends
Year ended March 31 2024
Year ended March 31 2025
FY2026/3 Forecast
1Q-end dividends per share (Yen)
—
—
—
2Q-end dividends per share (Yen)
30.00
40.00
40.00
3Q-end dividends per share (Yen)
—
—
—
Year-end dividends per share (Yen)
30.00
40.00
40.00
Anual dividends per share (Yen)
60.00
80.00
80.00
- Forecast for the Fiscal Year ending March 31, 2026 (April 1, 2025 through March 31, 2026)
Amounts | YoY(％) | |
Net sales (Millions of Yen) | 56,000 | 21.3 |
Operating profit (Millions of Yen) | 4,500 | 147.0 |
Ordinary profit (Millions of Yen) | 4,200 | 122.1 |
Net profit attributable to owners of the parent (Millions of Yen) | 2,700 | 237.3 |
Net profit per share (Yen) | 285.71 | — |
Changes in significant subsidiaries during the period(April 1, 2024 through March 31, 2025) (Changes in specified subsidiaries associated with changes in scope of consolidation) : None
Changes in accounting policies, Changes in accounting estimates, or Restatement
Changes in accounting policies due to changes in accounting standards: Yes
Changes other than “i.” above: None
Changes in accounting estimates: None
Restatements: None
For details, please refer to page 12 of the attached document, “3. Consolidated Financial Statements and Notes to the Consolidated Financial Statements (5) Notes to the Consolidated Financial Statements (Notes on Changes in Accounting Policies).”
Number of Shares Outstanding (Common stock)
Items | As of | Number of shares | As of | Number of shares |
① Number of shares outstanding at end of year (Including treasury stock) | March 31, 2025 | 10,057,600 | March 31, 2024 | 10,057,600 |
② Number of treasury shares at end of year | March 31, 2025 | 607,386 | March 31, 2024 | 433,086 |
③ Average number of shares outstanding | March 31, 2025 | 9,522,482 | March 31, 2024 | 9,652,982 |
- Results of Operations
Year ended March 31, 2024
Year ended March 31, 2025
Amount
YoY(%)
Amount
YoY(%)
Net sales (Millions of Yen)
23,700
▲21.1
30,694
29.5
Operating profit or loss(▲) (Millions of Yen)
595
274.7
108
▲81.7
Ordinary profit or loss(▲) (Millions of Yen)
2,536
8.3
893
▲64.8
Net profit or loss(▲) (Millions of Yen)
▲3,154
—
248
—
Net profit per share (Yen)
▲326.82
—
26.13
—
Diluted net profit per share (Yen)
—
—
—
—
- Financial Position
As of March 31 ,2024 | As of March 31, 2025 | |
Total assets(Millions of Yen) | 61,843 | 57,916 |
Net assets(Millions of Yen) | 29,104 | 20,004 |
Equity ratio(％) | 47.1 | 48.4 |
Net assets per share(Yen) | 3,023.95 | 2,963.34 |
*Reference: Shareholders’ equity (Millions of Yen) | 29,104 | 28,004 |
The forward-looking statements in this document, including earnings forecasts, are based on information currently available to the Company and certain assumptions that the Company believes to be reasonable. Actual results may differ materially from these statements due to a variety of factors.
Refer to "1. Qualitative Information on Quarterly Results (3) Explanation of Forward-Looking Statements" on page 3 of the attached materials for the assumptions used and precautions regarding the use of earnings forecasts.
- Qualitative Information on Quarterly Results
- Explanation of Business Results
In terms of the global economic outlook for the current fiscal year, there is an escalating sense of uncertainty about the future. This is due to major changes in US foreign policy and trade and tariff policies after March 2025, as well as further escalation of tensions between the US and China.
In the United States, signs of resilience were observed in areas such as employment and retail sales. However, the overall economy has exhibited signs of a slowdown, and there is an increasing concern about an economic downturn.
China demonstrated robust performance, propelled by economic stimulus measures and a surge in exports. However, persistently low inflation remains a concern.
In Europe, while regional variations were observed, the economy expanded slightly amid ongoing monetary easing. Japan's economy has shown steady signs of recovery, bolstered by substantial capital investments.
As for the consolidated business results of V Technology group (herein after “the group” or the company) for the current fiscal year ended March, 2025, net sales amounted to 46,182 million yen (37,335 million yen for the same period last year), and operating profit amounted to 1,891 million yen (operating profit 846 million yen for the same period last year), Ordinary proft was 1,891 million(ordinary income 1,112 million yen in the same period of the previous year), Net proft attributable to owners of the parent for the current fiscal year amounted to 800 million(net profit of 778 million in the same period of the previous fiscal year).
Orders received by the Group was 52,747 million yen(37,788 million yen in the same period of the previous year). As a result, the order backlog at the end of the consolidated fiscal year under review amounted to 43,664 million yen (37,100 million yen in the same period of the previous year).
Segment results are as follows.
(FPD Equipment Business)
In the flat panel display (FPD) equipment business, capex exceeded expectations and recovered due to a recovery in the panel market.. Under these circumstances, orders received in the Group's FPD equipment business during the fiscal year ended March 31, 2025 totaled
34,716million yen (20,703 million yen in the same period of the previous year), with an order backlog of 24,807 million yen (19,899 million yen in the same period of the previous year), net sales amounted to 29,809 million yen (22,258 million yen in the same period of the previous year), and operating profit was 912 million yen (operating loss 25 million yen in the same period of the previous year).
(Semiconductor and Photomask Equipment Business)
In the semiconductor and photomask equipment business, Amid sluggish recovery in demand for finished products, AI-related business remained strong. As a result, capital investment in related areas remained below expectations.
Under these circumstances, orders received by the Group in the semiconductor and photomask equipment business during the fiscal year ended march 31 2025 totaled 16,562 million yen (16,510 million yen in the same period of the previous year), and the order backlog totaled 18,857 million yen (17,200 million yen in the same period of the previous year), net sales amounted to 14,905 million yen (14,052 million yen in the same period of the previous year), and operating profit was 1,242 million yen (operating proft 1,234 million yen in the same period of the previous year).
- Explanation of Financial Condition
BS
(Assets)
Current assets at the end of the current financial year decreased by 1,652 million to 65,392 million compared to the end of the previous financial year. This was mainly due to decreases of 1,566 million in work in progress and 4,929 million in notes and accounts receivable, and an increase of 3,575 million in cash and deposits.
Fixed assets decreased by 751 million to 7,808 million compared with the end of the previous financial year. This was mainly due to a decrease of 484 million in 'investment securities' and a decrease of 449 million in 'buildings and structures'.
As a result, assets decreased by 2,404 million to 73,201 million.
(Liabilities)
Current liabilities at the end of the current financial year decreased by 5,036 million compared to the end of the previous financial year to 24,263 million. This was mainly due to increases of 3,317 million in 'current portion of long-term loans payable' and increased of 2,625 million 'electronically recorded liabilities', and an increase of 540 million in 'advances received'.
Long-term liabilities increased by 3,689 million to 15,356 million. This was mainly due to a increase of 3,704 million in Long-term loans payable. As a result, liabilities decreased by 1,347 million to 39,619 million.
(Net assets)
Net assets at the end of the current financial year increased by 1,057 million compared to the end of the previous financial year to 33,581 million. This was mainly due to a decrease of 316 million in 'Foreign currency translation adjustments' and a decrease of 467 million in ' Acquisition of treasury stock‘ and ’disposal through a stock delivery trust‘ '.
- Explanation of Cash Flows
Cash and cash equivalents ('funds') at the end of the current financial year increased by 3,231 million compared to the end of the previous financial year to 26,124 million. The status of each cash flow is as follows.
(Cash flows from operating activities)
Funds used in operating activities amounted to 5,344 million. The acquisition of funds was mainly due to net profit before taxes and other adjustments of 1,383 million and an increase in trade payables of 4,829 million. Funds used were due to a decrease in accounts payable of 3,205 million, corporate tax payments of 602 million.
(Cash flows from investing activities)
Funds used in investing activities amounted to 1,470 million. The acquisition of funds was mainly due to proceeds from withdrawal of time deposits of 329 million, while the use of funds was mainly due to payments for purchase of property, plant and equipment of 1,010 million and payments into time deposits of 659 million.
(Cash flows from financing activities)
Funds acquired as a result of financing activities amounted to 471 million. The acquisition of funds was mainly due to proceeds from long-term borrowings of 10,762 million, while the use of funds was mainly due to repayments of long-term borrowings of 10,437 million.
- Explanation of Forward-Looking Statements
Regarding our group's business, in the FPD equipment business, we expect results for the fiscal year ending March 2025 to be slightly higher than the previous fiscal year. In the semiconductor and photomask equipment business, compared to the fiscal year ending March 2025, when the recovery in semiconductors related to consumer products was slower than expected, the fiscal year ending March 2026 is expected to see recovery and growth.
On the other hand, regarding the impact of the Trump tariffs, at this point, there are no direct effects such as order cancellations, significant changes in delivery schedules, or a sharp decline in negotiations. Regarding indirect effects caused by factors such as final product demand, we will collect and analyze information and respond appropriately.
Considering these circumstances, the forecast of consolidated results for the year ending 31 March 2026 is net sales of JPY 56,000 million (21.3% of previous year), operating income of JPY 4,500 million (147.0% of previous year), ordinary income of JPY 4,200 million (122.1% of previous year) and net income attributable to owners of the parent company of JPY 2,700 million (237.3% increase compared to the previous year).
*The outlook for future results is based on judgments made based on information available at the time of this announcement. Forecasts involve various uncertainties, and actual results may differ from forecasts due to various factors.
- Basic Policy on Profit Allocation and Payment of Dividends for the Current and Next Fiscal Years
The Company's basic policy on the appropriation of profits is to return profits in line with business performance, taking into account the stability and continuity of dividends and the dividend payout ratio, while taking into account the need for sufficient internal reserves for M&A, capital investment, R&D investment and strengthening the management base for further business expansion in the future.
Under this policy, the Company plans to pay a year-end dividend of 40.00 yen per share for the year ending 31 March 2025 (annual dividend of 40.00 yen per share including an interim dividend of 30.00 yen per share). For the year ending 2026, the Group plans to pay an annual dividend of JPY 80.00 per share.
Devidens
Interim
Year ended
Anual
FY2026/3 (Yen)
40.00
40.00
80.00
FY2025/3 (Yen)
(Actual)40.00
(Planed)40.00
80.00
- Explanation of Business Results
- Basic philosophy on the selection of accounting standards
In order to ensure comparability with other companies in the same industry in Japan, the Group has adopted Japanese GAAP for accounting standards. Regarding the application of IFRS, the Group's policy is to respond appropriately, taking into account various domestic and international circumstances.