V Technology : FY2024 results and Midterm business plan (Financial result briefing material)

V Technology Co., Ltd.

FY2024(27th)

Financial results briefing

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• Contents

1. FY2024 Financial results

1. FY2025 Earnings & Dividends forecast

1. Midterm business & management plan

2

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┃ Ⅰ . FY2024 Financial results

1. Review of the previous year
2. Consolidated performance summary
3. Sales and profit by segment
4. Quarterly sales and profit
5. Sales by region
6. Selling, general and administrative expenses
7. Balance sheet
8. Cash flow statement
9. Orders received and backlog

3

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1. Review of the previous year

Ⅰ . FY2024 Financial results

4

• At the beginning of fiscal year, sales and profits are expected to be weighted towards the second half of the year, so measures are being taken to achieve the plan.
• • To reduce the impact of the weighting towards the second half of the year, particularly towards Q4, we adjusted with our customers for bringing forward the timing of sales, and so on.
  • Q4 (3 months) sales fell short of the plan due to the unavoidable impact of the postponement of sales to some customers, but operating profit generally achieved the plan.
  • Ordinary income and net profit for the period have been revised upwards compared to the Company's plan due to foreign exchange gains, exceeding the standard for disclosure (as disclosed on 13 May).
• The semiconductor and photomask equipment business has seen strong growth in both orders and sales, partly thanks to new product launches.
• • Growth as a core business
  • Looking forward, sales of products for the advanced packaging market, on which the Group is focusing, are expected to increase in the future
• Acquisition of own shares to be carried out in November 2023
• • Based on the progress of focused businesses, the share price level at that time was judged to be optimal for improving capital efficiency and shareholder returns.
• Announcement of medium-term management plan in November last year
• • Details will be presented by our representative, Mr Sugimoto, at today's results briefing.

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2. Consolidated performance summary

• Results largely in line with plan

Ⅰ . FY2024 Financial results

5

• • Achievement rate compared to plan: sales 93.3% / operating profit 84.6% / recurring profit 130.8% / net profit 141.5
• Semiconductor and photomask equipment business has grown to become a core business.
• Net profit increased compared to FY23/3 (FY23/3: tax expenses of ¥1,434m)

	FY23/3		FY24/3
	Amount	Forecast	Amount	YoY	Year on the Forecast
(Million JPY)	(as of Feb 8 ,2024)
Revenue	43,146	40,000	37,335	▲13.5％	▲6.7％
Operating profit	986	1,000	846	▲14.2％	▲15.4％
(Margin％)	2.3％	2.5％	2.3％
Ordinary income	1,700	850	1,112	▲34.6％	＋30.8％
（Margin％）	3.9％	2.1％	3.0％
Net profit (attributable to shareholders of	260	550	778	＋199.1％	＋41.5％
the parent company)
(Margin％)	0.6％	1.4％	2.1％

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3. Sales and profit by segment

Ⅰ . FY2024 Financial results

6

• Semiconductor and photomask equipment business・・・・ growth in wafer, DI and mask businesses
• FPD equipment business・・・・sales and profit decline due to lower sales and sluggish OLED-related subsidiary business

Semiconductor and photomask equipment business

	FY23/3	FY24/3	YoY
Revenue	9,262	14,052	＋51.7％
Operating Profit	254	1,234	＋385.8％
(margin of segment)	％	(8.8%)
	(2.7 )
			14,052

			9,262
8,500							7,328
		4,207
	3,069					3,397
1,322					1,377			1,234
(197)	(89)	(237)		254	(204)	(200)
23Q1	Q2	Q3	Q4		24Q1	Q2	Q3	Q4
(1,500)		Revenue			Operating profit	(1,017)
（Million JPY）

FPD equipment business

				FY23/3			FY24/3			YoY
	Revenue			32,927	22,258	▲32.4％
	Operating Profit or loss	980		▲25	(－％)
	(margin of segment)		(3.0	％	)	(	－％	)
39,000
			32,927
29,000
			24,954
											22,258
19,000		15,706
									11,017
9,000							8,436
6,187
			4,133
	697	759	515	980		(347)	(544)		(862)	(25)
(1,000)	23Q1	Q2	Q3	Q4	24Q1	Q2			Q3	Q4
Million JPY）		Revenue		Operating profit

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.

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4．Quarterly sales and profit

Ⅰ . FY2024 Financial results

7

• Operating loss (▲2.1 billion yen) in Q1-Q3 (9 months) was covered by operating profit (2.9 billion yen) in Q4 (3 months), and the business returned to profitability for the full year.
• Q4 (3 months) sales, gross profit and operating profit were the highest in the past 16 quarters.

		FY21/3			FY22/3			FY23/3			FY24/3
18,500
Million JPY
8,500
(1,500)	21Q1	Q2	Q3	Q4	22Q1	Q2	Q3	Q4	23Q1	Q2	Q3	Q4	24Q1	Q2	Q3	Q4
Revenue	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
Gross proft	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
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
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%
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%

Margin 30.0%

0.0%

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5．Sales by region （Million JPY）	Ⅰ . FY2024 Financial results
8

• China: FPD-related sales declined
• Japan: semiconductor-related sales increased

50,000

45,000

40,000

35,000

30,000

25,000

20,000

15,000

10,000

5,000

0

	FY23/3	FY24/3					43,146
							37,335
							Revenue
							decline
26,759	23,695						▲13.5％
	Revenue
	decline
	▲11.5％
Margin	Margin			8,995
of sakes	of sales	6,568	6,934
％	％
(62.0 )	(63.5 )
		2,915	Margin	Margin	2,885	1,730
			of sales	of sales
			(16.0％)	(24.1％)
China	Taiwan	Japan	Korea/Others	Total

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6．Selling, general and administrative expenses （Million JPY）	Ⅰ . FY2024 Financial results
9

Decrease of ¥202 million due to lower shipping costs resulting from lower sales of FPD equipment and higher R&D costs associated with new product development

10,000

9,000

8,000

7,000

6,000

5,000

4,000

3,000

2,000

1,000

0

		9,960	9,758
	FY23/3		FY24/3	YoY
				▲202

								4,009	3,809
2,669	2,746			2,289	2,415
		808	465				323
					185
Personel	Shiping	R&D	Product warranty-related	Others	Total

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7．Balance sheet

Ⅰ . FY2024 Financial results

10

• Cash and deposits: Decrease of 3,633 million mainly due to increase in working capital and decrease in advances received
  ② Notes and accounts receivable: Increased by JPY 2,308m due to increased sales in FY24/3 Quarter 4
  ③ Inventories: Increased by JPY 5,442m due to an increase in work-in-progress and other items for sales in FY25/3
  ④ Other current liabilities: Increased by 1,126m, mainly as the result of an increase in work in progress

Assets

Million JPY

71,387

8,765

3,395

10,089

22,408

26,729

75,606

8,560

3,702

15,531 ③

24,716 ②

23,096 ①

Liabilities and net assets

Million JPY

71,387

917

18,286

18,298

33,884

75,606

1,116

20,425

19,424 ④

34,639

	As of March 31 2023		As of March 31 2024
	Cash and deposits		Notes and accounts receivable
	Inventories		Other current assets
	Fixed assets

As of March 31 2023		As of March 31 2024
Net assets		Other current liabilities
Borrowings（short/long)		Other fixed liabilities

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