Highlights of Financial Results 2022

Year ended March 31, 2022

Financial Highlights
Year ended March 31,2022

2021

2020

2019

2018

(Millions of yen)

Consolidated￥ 49,272
70,880Net sales
Orders received￥ 44,794 ￥ 47,141 ￥ 53,090 ￥ 49,257
41,969 		 46,632 		 51,021 		 53,355

Operating income
Net income

5,050 		 2,957 		 3,123 		 4,000 		 2,498
2,983 		 1,970 		 1,944 		 2,481 		 1,747

Depreciation and amortization
Capital expenditures
R&D expenses

1,892
2,135
2,636

1,667
1,242
2,494

1,389
2,231
2,729

1,556
1,717
2,743

1,406
1,1262,492

Total assets

68,85458,29457,421

61,96759,939Net assets

24,614

21,855

19,72018,36916,129(yen)Net income per share￥ 675.41￥ 446.18￥ 440.73￥ 562.90￥ 365.82

Number of employees

1,204

1,224

1,260

1,221

1,207

Note : With an effective date of October 1, 2018, the Company conducted a stock consolidation at a ratio of one share for every 10 shares of common stock.
Net income per share is calculated on the assumption that the share consolidation took place in April 2017.

Net Sales(¥Billions)

Orders Received(¥Billions)Operating Income(¥Billions)

Net Income(¥Billions)

70.9

49.3

53.1

47.1

49.3

53.4

51.0

44.8

5.1
46.6

42.0

4.0
3.1

3.0

3.0

2.5

2.5
1.7

'18

01

'19

'20

SHIBAURA MECHATRONICS CORPORATION
Annual Report 2022

'21

'22

'18

'19

'20

'21

'22

'18

'19

'20

'21

'22

'18

'19

1.9

2.0

'20

'21

'22

To Our Shareholders

Cutting-edge technologies and solutions from our understanding ofmanufacturing equipment contribute to our customers’ value creation.
In the business environment in which Shibaura Mechatronics
Group operated in fiscal year 2021, the semiconductor
industry continued to see strong demand from IoT, 5G, AI andother areas, and from continuing capital investments in logic
and foundries, memories, power devices, and wafers. In theFPD industry, some customers have made moves to resume
investment plans. However, instability in parts and parts supply
remains a concern.
In these circumstances, fiscal year 2021 business results wereas follows.
Sales against the previous fiscal year saw an increase in thesemiconductor business, along with a decrease in the FPD
business, and rose to 49,272 million yen.
In terms of profit, operating income was 5,050 million yen, an
increase from the previous fiscal year that reflects higher sales
in the semiconductor business and an improved profit margin.
Net income attributable to owners of the parent company
recorded a year-on-year increase to 2,983 million yen, eventhough we posted an extraordinary loss of 613 million yen in
the first quarter for the demolition of an aging building, part of
the redevelopment of our Yokohama Operations.
O r d e r s r e c e i v e d w e r e s t r o n g, a s c u s t o m e r s i n t h esemiconductor industry committed to investments in both frontend and back-end processes, and were particularly buoyant
in the third quarter. In the FPD industry, demand for the front-end process was subdued, but more favorable in the back-endprocess. As a result, orders received in fiscal year 2021 were up
against the previous year, at 70,880 million yen.
While there are concerns that fiscal year 2022 will see further
instability in the supply of parts and components, we anticipate
continued strong demand from the semiconductor industry inrespect of IoT, 5G, AI, etc., and capital investment is expected
to remain favorable for logic and foundries, memories, powerdevices and wafers. We also expect to see solid investment in
the FPD industry, primarily for monitors and in-vehicle use.
In this age of IoT, 5G, AI and ever-expanding data growth, wewill continue to contribute to our customers’ value creation with
cutting-edge technologies and solutions for semiconductor andFPD manufacturing equipment, from design and development
through to service.

Keigo ImamuraRepresentative Director
President and Chief Executive Officer

SHIBAURA MECHATRONICS CORPORATION
Annual Report 202202Financial Review
Results Summary

18,454 million yen, a year-on-year increase of 103.1%.

In FY2021 Shibaura Mechatronics recorded net sales of 49,272

sustained by continued investment, and equipment for

million yen (a year-on-year increase of 10.0%), operating

advanced packages, FO-PLP, display driver ICs, and otherincome of 5,050 million yen (a year-on-year increase ofequipment, all performed well, generating a significant

70.8%), ordinary income of 4,877 million yen (a year-on-yearincrease over the previous fiscal year. Although sales fromincrease of 73.0%), net income of 2,983 million yen (a year-on-equipment for large panels and for small- and medium-year increase of 51.5%), and orders received of 70,880 million

sized panels were healthy, they were lower than in theyen (a year-on-year increase of 68.9%).

year-earlier period, the impact of some customers pushing

The results for each business segment were as follows:back their investment plans. In vacuum equipment, sales

Sales in the semiconductor back-end process werefor electronic components were firm. In the final result,

1. Fine Mechatronics Segment
Net sales were 31,402 million yen, a year-on-yearincrease of 5.9%, segment income was 2,978 million yen,a year-on-year increase of 49.4%, and orders received was47,907 million yen, a year-on-year increase of 64.3%.
Sales of equipment for the semiconductor front-end
process increased year-on-year, on steady sales ofequipment for logic and foundries, power devices, and Si
wafer cleaning. At the same time, equipment for the FPD
front-end process saw a decrease, the result of sluggish
orders since the previous fiscal year. Overall segment sales
recorded an increase over the previous fiscal year.
Segment income increased, a result that reflected
increased sales in equipment for the semiconductor frontend process, and a decrease in sales of equipment for theFPD front-end process.
A strong performance in orders received in thesemiconductor front-end process centered on Si wafer
cleaning equipment and equipment for power devices,and particularly exceeded expectations in the third quarter,
as customers committed to strong investments. Orders for
the FPD front-end process remained at a low level, both inequipment for large panels and for small- and mediumsized panels. We did receive a good number of orders for
inkjet tablet printing equipment in the healthcare field. As
a result, the segment as a whole recorded a year-on-yearincrease.
2. Mechatronics Systems Segment
Net sales were 13,803 million yen, a year-on-year increaseof 22.3%, segment income was 2,045 million yen, a yearon-year increase of 158.1%, and orders received was

03

SHIBAURA MECHATRONICS CORPORATION
Annual Report 2022

sales for the segment as a whole were higher than in theprevious fiscal year.
Segment income increased significantly due to an increasein sales of equipment for semiconductor back-end
processes, and an improved profit margin.
Orders received were strong due to continued orders
for equipment for advanced packages and equipment
for FO-PLP in the semiconductor back-end process. The
FPD back-end process also performed steadily, centeredon equipment for large panels, and orders for mediumsized panels increased for in-vehicle applications. In
vacuum equipment, orders for equipment for electronic
components increased. As a result, overall segment orders
received where higher than in the previous fiscal year.

3. Vending Machines and Systems Segment
Although there was a gradual recovery from the impactsof the COVID-19 pandemic, and orders were strong, parts
shortages caused prolonged lead times. In the final result,net sales were 2,186 million yen (up 11.9% year-on-year)
and segment income was 53 million yen (up 537.4% yearon-year).
4. Real Estate Leasing Segment
Rental income from real estate was largely in line withplans, with net sales of 1,882 million yen, a 1.5% decreaseyear-on-year, and segment income of 529 million yen, a
7.2% decrease year-on-year.

Research and Development Expenditure

In ticket vending machines, we have promoted theThe Shibaura Mechatronics Group as a whole recorded

support cash and cashless payments.

development of expanded model configurations that

research and development costs of 2,636 million yen, including
development costs of 549 million yen for basic technologies that
could not be appropriated to any specific segment.

Financial Condition

R&D is advanced by the development and design departments

Total assets at the end of the current fiscal year showed ain business divisions, the Research and Development Division,

year-on-year rise of 10,559 million yen, to 68,854 million

and by the technology divisions in our consolidated subsidiaryyen. This was mainly due to an increase of 6,715 million

companies. In addition, we are pushing forward efficient research

yen in cash and deposits and 2,396 million yen in notesand development and the commercialization of advanced

receivable, accounts receivable and contract assets.

technologies by strengthening our relations and collaborations

Liabilities showed a year-on-year rise of 7,800 million yen,with Toshiba Group and business partners.

to 44,210 million yen. This was mainly due to an increase in

Research and development expenses and research results fornotes payable, accounts payable and electronically recorded

each segment are as follows:

debt of 3,576 million yen, and advance payments of 3,179
million yen.

1. Fine Mechatronics Segment
R&D expenses for the segment totaled 1,133 million yen.
In semiconductor equipment we continued to work on
the development of wet cleaning equipment for next
generation devices, single-wafer nitride-film wet-etchingequipment, single Si wafer cleaning equipment, wetcleaning equipment for masks, and dry-etching equipment
for masks.
In flat panel manufacturing equipment, we have developed
a wet process equipment for high-definition small- andmedium-sized panels, and a high-vacuum clean oven for
flexible OLED.

Net assets increased by 2,759 million yen to 24,614 million
yen. This was mainly due to an increase of 2,983 million yen,
the result of recording net income attributable to owners ofparent company.

Cash FlowsThe balance of cash and cash equivalents (hereinafter referredto as “cash”) at the end of the period was 26,301 million yen,a year-on-year increase of 6,715 million yen.
Net cash from operating activities increased by 8,297 millionyen (following an increase of 7,669 million yen in the previous
fiscal year). This was mainly due to an increase in funds from

2. Mechatronics Systems Segment
R&D expenses for the segment totaled 769million yen.
In semiconductor assembly equipment, we developed
high-speed, high-accuracy bonding equipment for FOWLP / PLP, 2.5D package, and μLED.
In liquid crystal and OLED module assembly equipment,
we worked on the development of OLB equipment forsmall- and medium-sized panels, and for large-sized highdefinition panels.
In vacuum equipment, we are working on the developmentof sputtering equipment for electronic components.

recording income before income taxes, and increases in trade
payables and advance payments.
Cash from investment activities decreased by 507 million yen(following a decrease of 258 million yen in the previous fiscalyear). This was mainly due to a decrease in cash following theacquisition of fixed assets.
Free cash flow, the aggregate of cash flow from operations
and cash flow from investment activities, increased by 7,790
million yen (following an increase of 7,411 million yen in theprevious fiscal year).
Cash from financing activities decreased by 1,205 million yen(following a decrease of 553 million yen in the previous fiscal

3. Vending Machines and Systems Segment
R&D expenses for the segment totaled 184million yen.

year). This was mainly due to a decrease in funds as a resultof repaying short-term loans, and the payment of dividends.

SHIBAURA MECHATRONICS CORPORATION
Annual Report 202204

Directors, Vice Presidents and Auditors
As of June 23, 2022

Directors and Vice Presidents
Keigo Imamura

Hisashi Shindo

Representative Director

Executive Vice President

President and Chief Executive Officer

Executive General Manager of Marketing & Sales Division

Kenichi Ikeda

Tomomi HaranoDirectorVice President

Executive Vice President and Chief Financial Officer

Deputy Executive General Manager of Fine Mechatronics

Executive General Manager of Corporate Management Division

Division

Yoshiaki Kurokawa

Shigeru Sakata

Director

Vice President

Senior Vice President

Deputy Executive General Manager of Mechatronics System

Executive General Manager of Fine Mechatronics Division

Division		Kazutoshi Horiuchi

Shinichi Ogimoto

Director

Vice President

Senior Vice President

Executive General Manager of Production & Procurement

Executive General Manager of Mechatronics System Division

Division		

Tomoko Inaba
Outside Director

Hiroshi Nishimura
Vice President
Executive General Manager of Technology & Development

Yuichiro Takada

Division

Outside DirectorAuditors
Yasuhiko YamatoAuditor

Kazuya Kaneko
Outside Auditor

05

SHIBAURA MECHATRONICS CORPORATION
Annual Report 2022

Kazumasa Uchida
Outside Auditor

Hiroyuki Matsumoto
Outside Auditor

Investor Information
As of March 31, 2022

Date Established

October 12, 1939

Capital6,762Million-Yen

Number of Employees

Consolidated

Common Stock: 1,204

Authorized			: 10,000,000 shares

Issued and outstanding : 5,192,619 shares

Number of Shareholders

5,115

Stock Listings

The Tokyo Stock Exchange (Code : 6590)

Transfer Agent for
Common Stock

Sumitomo Mitsui Trust Bank, Limited

Independent AuditorPricewaterhouseCoopers Aarata LLC

Headquarters

2-5-1, Kasama, Sakae-ku, Yokohama, Kanagawa Pref. 247-8610, Japan
TEL : +81-45-897-2421 FAX : +81-45-897-2470
https://www.shibaura.co.jp/

1-4-1, Marunouchi, Chiyoda-ku, Tokyo, Japan

Common Stock Price Range (The Tokyo Stock Exchange)
Year ended March 31,High (yen)Low (yen)

2022
10,020
5,500

2021
6,050
2,050

2020
4,655
2,052

2019
4,350(484)3,040(334)

2018
528
240

Note : With an effective date of October 1, 2018, the Company conducted a stock consolidation at a ratio of one share for every 10 shares of common stock. Stock prices
for March 2019 list the highest and lowest stock prices recorded after the stock consolidation, and figures in parentheses indicate the highest and lowest stock prices
prior to the share consolidation.

Principal Shareholders

Toshiba Corporation
The Master Trust Bank of Japan, Limited (trust accounts)
Shin-Etsu Engineering Co., Ltd.
NuFlare Technology, Inc.

Number of shares hold

Percentage of total shares outstanding(thousand shares)

(%)

519
453
259
259

11.73
10.24
5.86
5.86

SHIBAURA MECHATRONICS CORPORATION
Annual Report 202206

2-5-1, Kasama, Sakae-ku, Yokohama, Kanagawa Pref.
247-8610, JAPANTEL ：+81-45-897-2421
FAX ：+81-45-897-2470
https://www.shibaura.co.jp/SKB0324A 2207
EDC220048