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Notification of Revision to Business Forecast and Dividend Forecast

Based on recent business performance, DISCO Corporation ("the Company") has decided to revise the Company's business forecasts for the full year results of the year ending March 31, 2018, released on November 6, 2017, and to disclose the forecasts for April to June (the first quarter of the year ending March 31, 2019,and which have not been disclosed before.

The company also decided to disclose its dividend forecasts for October to March (the second-half) of the fiscal year ending March 31, 2018, which have also not been disclosed before.

1. Business forecast revision

Revised consolidated forecast for the year ending March 31, 2018

(April 1, 2017 - March 31, 2018) (Millions of yen)
Net sales Operating income Ordinary income Net income Net income per share
(yen)
Previous forecast (A) 158,300 45,600 45,900 32,700 911.51
Revised forecast (B) 164,300 50,100 50,200 35,100 977.14
(B)-(A) 6,000 4,500 4,300 2,400
% change 3.8 9.9 9.4 7.3
(Reference)
Results for the previous fiscal year
(the year ending March 31, 2017)
134,204 31,341 31,726 24,203 675.82

Revised non-consolidated forecast (accumulated) for the year ending March 31, 2018

(April 1, 2017 - March 31, 2018) (Millions of yen)
Net sales Operating income Ordinary income Net income Net income per share
(yen)
Previous forecast (A) 135,200 35,000 37,300 27,400 763.77
Revised forecast (B) 139,900 38,700 41,100 29,400 818.46
(B)-(A) 4,700 3,700 3,800 2,000
% change 3.5 10.6 10.2 7.3
(Reference)
Results for the previous fiscal year
(the year ending March 31, 2017)
113,297 21,744 24,276 19,361 540.64
2. Business forecasts for April to Jun
(the 1st quarter of the fiscal year ending March 31, 2019)

Consolidated forecast for the 1Q of the year ending March 31, 2019

(April 1, 2018 - June 30, 2018) (Millions of yen)
Net sales Operating income Ordinary income Net income Net income per share
(yen)
Forecast 47,100 15,800 15,900 11,100 309.01
(Reference)
Results for the 1Q of the previous fiscal year
(1Q of the year ending March 31, 2018)
44,414 15,107 14,929 10,672 297.55

Non-consolidated forecast for the 1Q of the year ending March 31, 2019

(April 1, 2018 - June 30, 2018) (Millions of yen)
Net sales Operating income Ordinary income Net income Net income per share
(yen)
Forecast 40,500 12,800 24,000 20,100 559.56
(Reference)
Results for the 1Q of the previous fiscal year
(1Q of the year ending March 31, 2018)
37,645 11,392 13,172 9,758 272.06

Reason for the revisions

The forecast for the fiscal year ending March 31, 2018, released on November 6, 2017, was revised due to the market environment of the semiconductor and electronic component industry, and business results and trends in the company’s performance.

For reference, the Company has also decided to disclose the business forecasts for April to Jun (the 1st quarter of the fiscal year ending March 31, 2019), which have not been disclosed before.

Note: The above forecast of financial results is based on certain information available to the Company at the time of announcement, and actual operating results may differ from the forecast due to various factors.

3. Revised dividend forecasts
(yen) Dividend per share
1Q-end 2Q-end 3Q-end Year-end dividend Annual dividend
Previous forecast
Released on November 6, 2017
- - - 157.00 298.00
Revised forecast - - - 191.00 332.00
Results for this year - 141.00 -
(Reference)
Results for previous year
- 83.00 - 291.00 374.00

Reason

The final dividend forecast consists of ¥105, which is equivalent to 25% of the consolidated net income for the second half of the fiscal year, as stated in our dividend policy, together with an additional ¥86, representing one-third of the balance of cash and deposits in excess of the amount required as of the end of the fiscal year. This brings the total year-end dividend to ¥191 per share.

Note: The above forecast for the final dividend is based on certain information available to the Company at the time of announcement, and actual payments of the final dividends may differ from the forecast due to actual operating results and projected funding requirements.

DISCO's dividend policy
To improve the transparency of the Company’s stance prioritizing the return of profits to shareholders, the dividend payout ratio is set at 25% of the consolidated net income.

However, notwithstanding this net income linked-benchmark, the Company will strive to maintain a reliable dividend of 10 yen per half-year.

Except when there is a loss, if the year-end balance of cash and deposits after payment of dividends and income taxes is greater than the projected funding requirements for the acquisition of technology resources, (such as through patent purchases and investment in venture businesses, facility expansion, the retirement of interest-bearing debt and other purposes), one-third of that surplus will be added to dividends.

Furthermore, the ¥20 payout stipulated in our stable dividend policy may be reviewed if there are consolidated net losses in three consecutive years.
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