Chapter 2Material Issues and Values Provided

Material Issues

Medium-term Management Plan

Material Issues Crucial to Tokyo Electron’s Sustainable Growth

Overview and State of Progress of the Financial Model

As a manufacturer of semiconductor and flat panel display
production equipment, we have identified “ProductCompetitiveness”, “Customer Responsiveness” and “Higher
Productivity” as three items to be enhanced in the Medium-termManagement Plan. We have defined these three items, as well as“Management Foundation” that supports all our businessactivities, as high-priority material issues we must tackle in order
to both expand our medium- to long-term profit and continueenhancing corporate value.
To appropriately respond to changes in the businessenvironment surrounding our company, our management team,including our CEO, identifies material issues and reviews them ona regular basis by evaluating
Productrisks and opportunities as well as
Competitivenessengaging with our stakeholders.
Additionally, continuing our
support of the Sustainable
Customer
HigherDevelopment Goals (SDGs),
ResponsivenessProductivity
which are globally shared goals
Management
to be achieved by 2030, weFoundation
have identified appropriate
SDGs initiatives through ourbusiness for each material issue and are conducting these
initiatives throughout the entire Group.

SDGs Initiatives

Product
Competitiveness

Customer
Responsiveness

HigherProductivity

Management
Foundation

By jointly creating technology roadmaps spanning multiple generations to respond to therequirements of technological innovation, we are promoting leading-edge research anddevelopment on a global level. It is important for us to utilize our expertise as an equipment
manufacturer and all of our management resources to continuously create high-value-added,
next-generation products based on innovative technology on a timely basis.
We are strengthening our ability to make technical suggestions by integrating thedevelopment departments with the production departments. We are also providing
equipment suitable to various applications by improving the performance of individual
products and merging the wide variety of technologies we possess.
We are striving to further enhance customer satisfaction, which is a key management
theme we have tackled since our founding, aiming to be the sole strategic partner forcustomers. We help customers manufacture leading-edge semiconductor devices anddisplays by maintaining an accurate and prompt grasp of customer needs and providing
innovative technologies for future generations.
As an equipment manufacturer with a diverse product lineup, we propose optimal
solutions contributing to value creation for customers. Making full use of leading-edge AI,
digital technologies, and knowledge management tools, we help customers stably
operate various generations of equipment by providing high-value-added services.
To enhance corporate value, it is important for us to improve our business operations,
implement quality-first management and improve operational efficiency continually.
Through taking steps such as integrating business systems in each division and unifying
databases, we are striving to standardize and improve business operations throughout
the entire Group, promote automation and improve productivity along the entire value
chain. At the same time, we are utilizing AI and promoting digital transformation.
Additionally, we are also working to optimize our production operations by formulating
detailed production plans, procuring parts and materials, and leveling production andinstallation based on assessment and analysis of technological and market trends.
To ensure continued growth in business activities, building a strong and soundmanagement foundation that supports them is vital. To ensure that operational
decision-making and supervisory functions are exercised sufficiently, we are striving tobuild a highly effective corporate governance system, and further strengthen complianceand risk management.
Through our business, we are also working to preserve the global environment, ensure
respect for human rights and build a sustainable supply chain. Furthermore, based on abelief that employees both create and fulfill company values, we are striving to further
improve employee engagement by respecting diversity and building a workplaceenvironment replete with dreams and vitality that enables employees to realize theirfull potential.

• Create innovativetechnologies by promoting
innovation and providing
environment-friendly
products and services to help
develop a sustainable society

We are aiming for sustained growth in corporate value through amanagement base with global-standard strength. As thesemiconductor production equipment industry enters a newstage in its development, our business activities in focus areas
are progressing smoothly, with our sales far outpacing themarket as one example of our progress.
It is in this environment that we have set our sights onachieving our financial model as the goal of the Medium-termManagement Plan toward our further growth.
In the Medium-term Management Plan that was revised in
May 2019, we added a model that aims to achieve net sales of 2
trillion yen and an operating margin of 30% or more. At the sametime, the model—which we target to achieve by fiscal 2024—
aims to achieve a return on equity (ROE) of 30% or more. Ourfinancial model seeks not to anticipate the scope of our future
sales but to optimize the business management that we shouldseek to achieve for each kind of sales scope anticipated. By•Pursue productivity
improvement, continually
improve operational efficiency
and promote sustainableproduction-consumption mode,
to contribute to thedevelopment of the industry andsociety and to economic growthFiscal 2021 (Actual)

Fiscal 2022 (Estimates)¥1,399.1 billion¥1,850.0 billion¥1,500.0 billion¥1,700.0 billion¥2,000.0 billion

Operating Margin

22.9%

27.5%

26.5%

28.0%

>30.0%

ROE

26.5%

—

Financial Model (by Fiscal 2024)>30.0%

Principal Initiatives to Achieve the Financial Model• To create the Best Products, operate business in the fields ofsemiconductor and flat panel display (FPD) production
equipment where we have strength and can leverage ouraccumulated technologies and management know-how• Introduce state-of-the-art technological products with highadded value required by customers into the market ahead ofothers and provide the Best Technical Service• Continue to make proactive research and development
investments using our solid financial foundation to maintain andenhance our world-leading technological innovation capabilities• Expand revenues in the after-sale market through theprovision of sophisticated field solutions based on ourworld-leading installed base
• Provide highly efficient, high-value-added services throughthe use of equipment data and AI

Trends in R&D Expenses and Capital Investment(Billions of yen)

165.0

R&D expenses

200• Build a solid managementfoundation that achieves
sustainable growth, respecthuman rights, takeenvironment-conscious
actions and promote value
creation in the supply chain* Net sales and operating margin for fiscal 2022 are estimates as of August 16, 2021.

Actual Performance in Fiscal 2021, Estimates for Fiscal 2022* and Financial Model of the Medium-term Management Plan

Net Sales•Contribute to customer
innovation generation andvalue creation by proposing
optimal solutions, providing
high-value-added services,
ensuring equipment safety, andtaking environment-conscious
actions

realizing this financial model, we intend to improve operational
efficiency and profitability as well as secure resilience to market
fluctuations.
In addition, through continuous efforts such as securing andgenerating resources necessary for growth investment andproactive returns to shareholders, we are working to improve
capital efficiency by implementing appropriate balance sheet
management with a view of medium- to long-term growth.
In fiscal 2021, Tokyo Electron’s net sales reached 1,399.1 billion yen
with an operating margin of 22.9% and ROE of 26.5%. We achieved
net sales of over 1 trillion yen, an operating margin of over 20% and
ROE of over 20% for the fourth consecutive year. For fiscal 2022, weare planning for net sales of 1,850 billion yen with a 27.5% operating
margin*, and we are making smooth progress toward the financial
model of our Medium-term Management Plan. We will continue toaim for world-class operating margins and ROE.

billion yen(Billions of yen)

150

75

100

50

50

25

0

2017.32018.32019.32020.32021.32022.3(estimates)

Capital investment

100

0

64.0

billion yen

2017.32018.32019.32020.32021.32022.3(estimates)

For information about the material issues’ identification process and the annual goals, please refer to the Tokyo Electron Sustainability Report 2021. www.tel.com/csr/report

17

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18

Chapter 2Material Issues and Values Provided

Various External Collaboration toward Achieving Technological Innovations
Through collaboration with various external organizations,
In addition to the development of leading-edge technologies at
we strive to establish our unique, innovative technologies andlocations in Japan and overseas, such as in the United States,
continue to create leading-edge semiconductor and FPD
South Korea and Taiwan, we cooperate with customers in andproduction equipment.
outside Japan as well as international research institutions topursue research for next-generation semiconductor
manufacturing technologies in order to further strengthen our
product competitiveness. Furthermore, we undertake
collaboration with academia in a wide range of fields within ourbusiness areas—including a joint research bidding system with
Academia
Outside(universities,
Consortiums
universities and research institutions in Japan—to discoverresearch institutions,companies
etc.)
advanced fundamental technologies. We also make investments
in outside companies through TEL Venture Capital toward
development of new technologies necessary for further
business growth and application of our advanced technologies
in other industries.

Technological Capabilities
Our Approach to Increasingly Advanced Manufacturing Technologies
More complex structures and new materials are being adopted towith plasma modules that are excellent in processing uniformity
achieve evolution of semiconductors and displays that support theand energy efficiency, development and evaluation of inkjet
development of information and communication technologies
printing systems, which have strong advantages in handling(ICT). Production equipment manufacturers are required to havelarger sizes and material efficiency, are also accelerating toward
comprehensive capabilities that respond to all kinds of technologies.
adoption for mass production.
We have a rich product lineup that includes equipment
We are also actively working to improve unit area
capable of the series of four key processes—deposition, coater/
productivity and energy consumption of our equipment.
developer, etch and cleaning—required to achieve higher
Positioning environmental performance as part of ourperformance and lower power consumption of leading-edge
equipment’s basic specification, we reflect it in our productsemiconductor devices. We are undertaking the development ofroadmaps of major models. We are promoting the reduction ofequipment with innovative and extreme processing
CO2 emissions that include reducing the usage of energy, water,
performance, centered on (1) deposition systems that can handle
process gases and chemical substances, reducing productnew materials and structure while utilizing batch, semi-batch
footprint, volume and weight, reducing frequency of partsand single-wafer characteristics and allow optimal film thickness
maintenance and increasing lifespan, and even shortening theand film quality control; (2) coater/developers for leading-edgetime for equipment installation.
EUV lithography; (3) etch systems that achieve precision
In addition, for the equipment we have shipped, which
processing of fine structure and processing of deep holes andamounts to a cumulative total of 76,000 units, we will carry out
trenches with high selectivity; and (4) cleaning systems thatmaintenance, inspection and continuous improvement towardremove particles and residues—which are causes of lower
stable operation. At the same time, through our field solutions
yields—without causing the collapse of fine patterns. We also
business, we will strive to reflect customer requirements in thehave a range of other equipment, such as wafer probers used indevelopment of next-generation technologies. We are
the wafer testing process and wafer bonders/debonders used forcontributing to our customers’ manufacturing of semiconductor
3D integration of semiconductor devices.
devices and displays by conducting high-value-added upgrades
The wide range of our product coverage allows us to propose
and providing re-engineered equipment*, including thesolutions for issues faced by customers from a variety ofstrengthening of services such as through promoting digital
approaches, including process integration based on antransformation (DX).
understanding of upstream and downstream processes. SpecificIn the development and production of semiconductor andexamples include proposals for processing methods in the
FPD production equipment, it is important to fuse technologies
deposition and etch of hard masks necessary for the processing ofby specialists in various fields—process, hardware, software,
ultra-fine patterns as well as proposals for cleaning methods
quality management, manufacturing and field engineering. Our
according to the residues generated after deep-hole etching andemployees’ creativity, sense of responsibility and strong
deposition methods—including preprocessing—according to theteamwork that achieve this fusion form the core of oursurface state after cleaning. We strive to accurately understandtechnological capabilities. Using our rich technologicalthe characteristics of our customers’ devices and peripheral steps
capabilities developed over many years, we will continue toof processing and provide optimal solutions.
pursue the Best Products and Best Technical Service together
In the field of flat panel displays (FPDs), the patterningwith our employees who both create and fulfill company values.
precision is becoming more advanced and progress is being* Re-engineered equipment: Equipment that replaces old units and parts with new ones
while maintaining compatibility with existing processes to offer performance at themade in technologies related to OLEDs. Under such conditions, insame level as the latest equipment
addition to the increasing deployment of PICPTM etch systems
Logic
3D NAND

CMOS image sensor

Maximization of Equipment Performance through the Promotion of DX
based on using AI to analyze data on the states of operation and
To meet the diverse technological needs of customers, we areprocesses monitored through multiple sensors installed insidestrengthening DX toward early realization of aspects such as theequipment—and TELeMetricsTM, a remote maintenance service
establishment of performance and productivity improvementof our equipment and co-optimization of several process steps
for equipment that has been installed at customers’ fabs.
of manufacturing.
Through these initiatives, we will provide functions and services
We are promoting the realization of smart equipment—
meeting the needs of customers, such as improvement of
which helps improve performance by controlling equipment
equipment uptime, improvement of productivity and upgrades.

Monitoring

Data analysis

OurEngineers
engineers
TEL

Control
Products
Our
products

Development of Technological Development Strategy with a View of the Future
Together with the appearance of new technologies and services
and people’s values, we are constantly holding discussions onamid progress in building a “Digital × Green” society, lifestyles andtechnological development strategies toward our sustainablebusiness models are changing significantly. Manufacturing
growth. We share our medium- to long-term vision across thetechnologies for semiconductors and displays, which support
entire Group so that every employee can quickly grasp thesuch movements, are also becoming more advanced and diverse.
changes of the times and respond flexibly and appropriately.
Based on insights regarding changes in future social structure–2020

Bonder/DebonderTM

Customers
Customers

DRAM

FurnaceTELeMetrics
TELeMetricsTM Remote
Maintenance Service

Realization of Smart Equipment

Diversification

202X– Expansion of IoT technologies

Cloud server

2030 To the world where people and societies are linked all together

Smart Manufacturing
Smart Transport
Diversification

Integration
Smart Health Care

ALD
CVD**

Coater/Developer

Plasma etch

Gas chemical
etchSingle wafer
cleaning

Batchcleaning

Wafer
proberSmart phone

PC

Smart Energy* CVD: Chemical Vapor Deposition

19

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20

Chapter 2Material Issues and Values Provided

Value Creation Model
We will make the most of the capital we own and continue to provide new value that contributes to the resolutionof issues and development of industry and society through our business activities in research and development,
procurement and manufacturing, sales and installation and maintenance services in our value chain.

INPUT (investment capital) Fiscal 2021

OUTPUT (value created through business activities) Fiscal 2021

Financial capital

Net sales

Net assets
Equity ratio

1,024.5 billion yen
71.1 %

Corporate Philosophy

1,399.1 billion yen
22.9 %
242.9 billion yen
26.5 %
121.9 billion yen (payout ratio: 50%)

Operating margin
Net income
ROE
Total annual dividend

Manufactured capitalManagement Policies

9

Manufacturing sites total(6 in Japan and 3 overseas)

Cumulative number of equipment installations Approximately(annual shipment volume of approximately 4,000 units)

Manufacturing-related capital investment, such as
new plant buildings and manufacturing equipment
Many years of know-how and proven performance inmanufacturing operations

TEL Values

12 total (6 in Japan and 6 overseas)
R&D investment 136.6 billion yen
R&D sites

Broad-ranging knowledge and technologicalcapabilities in semiconductor and flat panel display(FPD) manufacturing processes

Installation and
Maintenance Services
Support the stable
operation of equipment
and provide prompt andaccurate high-valueadded service

Number of employees
Proportion of engineers

14,47966.9 %

0.27• Contributing to customers' fab utilization rate andResearch andDevelopment
Continuously strengthening
research and development tocreate innovative and unique
technologies in a timely
manner• Providing leading-edge technologies to contributeto technological innovation and manufacturing insemiconductors and FPDs

Building a product portfolio with technical superiority
Number of patents owned

18,692• Operating fair and sound business that respects

intellectual property rights

Semiconductor production equipment
Product lineup with No. or market share

1 2

Procurement andManufacturing

Sales

Efficiently manufacturinghigh-quality products
backed by a sustainablesupply chain

Employee skill upgrade programs andhuman resource development

Foundation for business activities in local
communities
Relationship of mutual trust with customers built
through many years of performance records
Solid cooperative working relationships with
suppliers• Providing new value to industry and society

through technological innovation

2.5 %Average service years 17 years and 4 months (Japan)
Improvement in engagement score 12 points (compared to fiscal 2016)
Turnover rate

Improvement in desire for growth and demonstration of the challenge spirit
in employees, who both create and fulfill company values

Percentage of respondents who selected “Very Satisfied” or“Satisfied” in the customer satisfaction survey

The driving forces behind our company

Abundant technological capabilities
cultivated as an industry leader

Trust from customers
based on our reliable technical services

94,640 kL
Water consumption 1,397 km
3

21TOKYO ELECTRON Integrated Report 2021

Rate of improvement after supply chain CSR assessment
Number of TEL FOR GOOD programs

Natural capital
Energy consumption

yield improvement through the Best Technical Service

Intellectual capital

Innovative and unique technologies

Personnel able to perform globally

Social and relationship capital

Manufactured capital

Value Chain

Propose optimal
solutions as the sole
strategic partner

Human capital• Continuing proactive investment for growth

Observing equipment delivery and installation schedules

Customer needs and equipment-related dataobtained from installed equipment base
Infrastructure for promoting digital transformation(enterprise system/database/talents and skills)• Building a solid financial foundationand the growth of semiconductor and FPD markets
through the Best Products* TCIR: Total Case Incident Rate. The number of workplace incidents per 200,000 work hours.

Production capacity and capabilities that can respondto increases in demand• Returning generated profit to stakeholders• Contributing to customers' product manufacturing

Contributing to customers‘ productivity enhancement
Safety-first operation (TCIR*)

Financial capital

76,000 units

High-quality and high-reliability products incorporating
leading-edge technologies

Vertical transfer system, from development to mass
production

Intellectual capital

OUTCOME (value provided to industry and society)96.7 %
23.1 %
136

Human capital• Creating fulfilling workplace environments that

motivate employees• Improving value provided to stakeholders bycultivating employees with a high level ofengagement• Building a sustainable operation

Social and relationship capital• Maintaining soundness and strengthening

competitiveness throughout the entire supply chain• Contributing to customer value creation by

providing the Best Products and Best Technical
ServiceCreating employment opportunities in and paying taxes to local
municipalities and nations where we carry out business activities• Contributing to the revitalization of and

16 % reduction (compared to fiscal 2014)
Renewable energy consumption 7,763 MWh

Natural capital

Per-wafer CO2 emissions

Challenging spirit of our employees,

Energy consumption at plants
and offices per net sales

who are capable of flexibly and rapidly adapting to changes in the environment

Waste material recycling rate

10 % reduction (compared to fiscal 2020)
98.8 %

sustainable development in local communities• Implementing products and business activities thathave a low environmental impact and help topreserve the global environment• Providing technologies that help customers

manufacture semiconductors and FPDs that havea low environmental impact

TOKYO ELECTRON Integrated Report 2021

22

Chapter 2Material Issues and Values Provided

Stakeholder Engagement

The Driving Forces behind Our Company

Actively providing opportunities for engagement with our stakeholders and promoting mutual communication
allows us to accurately comprehend their requirements and reflect them in our business activities. We strive to build
a solid relationship of mutual trust with all the stakeholders surrounding our company and respond to each of their
expectations, so that we can fulfill our roles and responsibilities in society.

We are striving to enhance our medium- to long-term corporate value. As the driving forces behind further growth,
we are utilizing our abundant technological capabilities cultivated over many years and the customer trust gained
based on reliable technical services and relying on our employees and their spirit of challenge.

Main Engagement
Opportunities

Stakeholders

Relationship with Stakeholders

Value Provided to Stakeholders

Shareholders/
Investors• Shareholders and investors support ourcompany’s business expansion from a financial
aspect and participate in company managementby exercising their voting rights, etc.
• We share our management vision and growthscenario with shareholders and investors, andincorporate the feedback received from themthrough constructive dialogue into
management decision-making in an effort toenhance our corporate value• Return of profit generated from businessactivities• Realization of medium- to long-term
growth and enhancement in corporate
value• Customers purchase the semiconductor andflat panel display (FPD) production equipment
our company provides and also utilize services
necessary for maintaining that equipment• We not only provide products and services but
also create technology roadmaps spanning
multiple generations and carry out joint
technology development with customers
toward developing next-generation devices
and processes• Best Products with world-leading
performance that incorporate
leading-edge technologies• High-value-added Best Technical Service• Environment-friendly products andservices with a focus on safety andquality• Solutions that satisfy a variety of
application needs• Suppliers supply the parts, materials andhuman resources necessary for our company’sequipment manufacturing, and also perform
customs clearance and logistics operations• We improve and enhance the quality of our
products and services collaboratively with our
suppliers, audit their business environments asneeded, and promote improvement activities.
In this way, we build a sustainable supply
chain that takes into account labor, theenvironment, health and safety and ethics• Maintaining soundness andstrengthening competitivenessthroughout the entire supply chain• Further improving added value of
products and services throughcollaboration with our company• Providing business opportunities in thesemiconductor and FPD production
equipment market• Production update briefing• TEL Partners Day• STQA* audit• Employees help enhance corporate value by
utilizing their individual abilities andknow-how, and by improving their skills
through training• We strive to improve employee engagement
so our employees can realize their fullpotential• A workplace environment replete withdreams and vitality that enables employees
to demonstrate a challenge spirit• Opportunities for career development
and skill improvement• Fair performance review and remunerationcommensurate with results• Employee meeting• Global engagement survey• Career interest survey(Japan)• We strive to advance together with the local
communities where we carry out businessactivities. We create employment
opportunities, develop local industries andadvance environmental preservation
initiatives as well as pay taxes in line with theprofit generated by our business activities• Provision of employment opportunities• Promotion of environmental preservationin communities• Financial contributions, such as tax
payments• Community contribution
activities• Tours of plants and offices• Environmental debriefing• In the markets where we carry out ourbusiness activities, we work to accurately
comprehend societal needs by collaboratingwith highly relevant internationalorganizations, industry associations, initiatives
and NGOs, contributing to the resolution ofissues faced by the industry and society, as
well as to further development• Solutions that help solve industrial andsocietal issues• Equipment technology that increases
environmental performance as well as
CO₂ emission reduction in our products,
plants and offices• Business development based on respectfor human rights

Customers

Suppliers

Employees

Local
Communities

Governments/
Associations

23 TOKYO ELECTRON Integrated Report 2021

• Earnings release conference,
Medium-term Management
Plan briefing, non-financial
briefing (IR Day)
• IR conference, IR roadshow*, individual IR
interview• Shareholders’ Meeting* IR road show: IR activities presented
directly to shareholders and investors• Technology conference• Customer satisfaction
survey• Joint development* Refer to Initiatives with Suppliers on
p. 30

Driving Force1

Abundant technologicalcapabilities cultivated as anindustry leader

Driving Force

2

Trust from customers
based on our reliable
technical services• Industry group activities• Collaboration with global
initiatives

Major Initiatives

Related Data

• Creating innovative and varied technologies throughjoint development with customers who are leadingin the semiconductor and flat panel display (FPD)
market and collaboration with world-leading
consortiums• Accurately comprehending customer needs toachieve early market introduction of next-generation
products possessing overwhelmingly high added
value and the level of performance that will be
required in the future• Executing proactive R&D investment aimed atcreating leading-edge technologies• Strengthening development capabilities and productcompetitiveness by promoting digitaltransformation, which utilizes data and AI• Proposing optimal processes that take advantage ofa wide variety of product lineup• Semiconductor production equipment
Product lineup with No. 1 or 2 market
share(Example: 100% share in EUV-compatible
coater/developers)• R&D investment: More than 400 billion
yen over three years from fiscal 2020
• Number of patents owned: 18,692• Carrying out activities to improve the customer
satisfaction level and build a relationship of mutual
trust with the aim to be the sole strategic partner
for customers• Contributing to customers’ manufacturing ofsemiconductors and displays by providing advanced
field solutions that achieve steady operation ofvarious generations of equipment and productivity
improvement• Providing high-efficiency, high-value-added
services, such as remote maintenance services thatutilize AI and digital technology, and predictive
maintenance that utilizes equipment operation data
• Building a global service structure that responds tocustomer needs in a timely manner andstrengthening the skills of front-line engineers* whowork directly with customers• Business expansion: 76 sites located in
18 countries and regions of the world• Number of field engineers:
Approximately 4,000• Percentage of respondents who
selected “Very Satisfied” or “Satisfied” inthe customer satisfaction survey: 96.7%* Refer to Enhancing Front-line Engineers on p. 34

Driving Force

3

Challenging spirit of ouremployees, who are capable offlexibly and rapidly adapting
to changes in the environment• Sharing with our employees the “TEL Values”, whichsummarize the corporate culture cherished since
our company’s founding and the codes of conduct
for all employees• Focusing on strengthening human resource
development and enhancing employee motivation
to maximize “Employee capabilities and motivation”• Setting management goals that increase thepromise of our company’s future, providing
opportunities for taking on challenges without fearof failing, providing a system for fair performance
reviews commensurate with results, and creating aworkplace environment conducive to teamwork
and open communication• Enhancing productivity throughout the entire value
chain and building a relationship of mutual trustwith stakeholders by addressing issues andimplementing policies based on a regular employee
global engagement survey• Improvement in the engagementscore: 12 points (compared to fiscal 2016)• High employee retention rate*:
94.1% (Japan)* Retention after three years of joining the Company,
average over the past five years• Low turnover rate: 2.5%

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24