Upload
others
View
4
Download
0
Embed Size (px)
Citation preview
Linkage + Technology
LINTEC
Creating the Future
with Adhesive Technologies
Sep.9, 2013
■Head Office:
Itabashi-ku, Tokyo, Japan
■Security Code:
7966 (Tokyo Stock Exchange, 1st Section)
■Established: October 15, 1934
■Common Stock: 23.2 billion yen (as of March 31, 2013)
■Number of Employees: 4,270 (as of March 31, 2013)
■Net Sales: 190.8 billion yen (as of March 31, 2013)
■Fiscal Year-End: March 31
■Business Activities: Development, manufacture, and marketing of
adhesive products and related equipment,
specialty papers, release papers and films, etc.
■Consolidated Subsidiary: 4 companies (Japan)
1
Company information
20 companies (Overseas)
2
Company history
1934: Establishment of FUJI SHIKO CORPORATION,
1960: Started production and marketing of adhesive papers
and films for labels
Subsequently expanded adhesive operations to such areas
as decorative materials for interior and exterior, motorcycle,
automobile and others.
1984: Developed UV curable dicing tape and made full-scale
entry into field of semiconductor-related products
1987: MADICO, INC. , became a subsidiary
manufacturer of gummed tape (Itabashi, Tokyo)
1990: Merged with SHIKOKU PAPER CO., LTD., and
SOHKEN KAKO CO., LTD.
Name was changed to LINTEC CORPORATION
Expanded business activities from release paper, specialty
papers to the fields of adhesive paper and films, related
equipment
*The name was changed to FSK CORPORATION in 1984
3
1991: Made full-scale entry into LCD-related operations
1993: LINTEC (TIANJIN) INDUSTRY CO., LTD.
was established
1994: PT. LINTEC INDONESIA was established
2000: LINTEC INDUSTRIES (MALAYSIA) SDN. BHD.
was established
2002: LINTEC (SUZHOU) TECH CORPORATION
was established
LINTEC SPECIALITY FILMS (KOREA), INC., was established
2003: LINTEC SPECIALITY FILMS (TAIWAN), INC., was established
2004: LINTEC KOREA, INC., was established
2011: LINTEC (THAILAND) CO., LTD., was established
Company history
4
150.8
212.7
10/3 09/3 11/3 12/3 02/3 03/3 04/3 05/3 06/3 07/3 08/3
7.3
20.9 Net sales
Operating income
Unit: Billion yen
Performance trends / Net sales, Operating income
Global
recession
01/3 13/3
The impact of financial crisis in Europe
and the Great East Japan Earthquake, etc.
190.8
10.6
Highest Results on Record
IT recession
5
Overseas
20.8 billion yen
Performance trends / Overseas sales
FY2003
Net sales
149.0
billion yen
FY2013
Net sales
190.8
billion yen
Overseas
64.3 billion yen
Japan Japan
Overseas sales have increased 43.5 billion over the last 10 years
with average annual growth of 12.0%.
(Sales in Asia have shown average annual growth of 15.1%)
14.0% 33.7% Ratio of overseas
sales to net sales
Approx. 3.1 times
6
Release paper / film●
Adhesive●
●Surface improvement Printability / imprintability,
Durability, etc.
● Substrate
(Base paper / film)
Me
eti
ng
ne
ed
s w
ith
in
-ho
us
e t
ech
no
log
ies
Basic composition of adhesive products
・Fine and Specialty Paper
Products Operations
・Converted Products
Operations
Core technologies
Surface improvement
1
2
3
4
System development
Specialty papers and
Release materials production
7
Paper and Converted Products
・Printing and Variable Information
Products Operations
・Industrial and Material Operations
Printing and Industrial Materials Products
・Advanced Materials Operations
・Optical Products Operations
Electronic and Optical Products
+
Adhesive applications
Four core technologies and operational segments
Adhesive
materials
Equipment
●Adhesive papers and films for labels
8
●Main types : Permanent, Removable, Restickable
●Properties : Printability / imprintability, Durability,
Heat resistance, Water resistance,
Cold resistance, Curved-surface adhesion,
Dimensional stability, Design and others.
Printing and Variable Information Products Operations
●Label printing machines, etc.
49.6 billion yen
26.0%
FY2013
Net sales
190.8
billion yen
9
●For commodity items ●For food packaging
●For stationery ●For distribution
・Water resistance
・Curved-surface
adhesion
・Design
・Imprintability
・ Adequacy for
affixing seals
・Cold resistance
■ Usage of LINTEC Label Materials / Required properties
Printing and Variable Information Products Operations
・Water resistance
・Curved-surface
adhesion
・Cold resistance
・Durability
・Dimensional stability
・Design etc.
●For medical and
pharmaceutical ●For industrial
・Printability / imprintability
・Chemical resistance
・Tamper-evident
・Oil- and water-
resistance
・Durability
・Heat resistance
10
Industrial and Material Operations
●Window films
●Films for outdoor signs and advertising
●Interior finishing mounting sheets
●Automobile-use adhesive products
●Industrial-use adhesive tapes
●PV backsheets
●Labeling machines, etc.
33.2
billion yen
17.4%
FY2013
Net sales
190.8
billion yen
●Paint replacement films
for door sashes
11
●Automobile-use adhesive products
Original material design increases
the passage of air and makes it simple to apply
With air bubbles With no air bubbles
●Protection films
for aluminum wheels ●Marking films
●Window films
Industrial and Material Operations
▼
▼
▼
・The sheet protects the back-side of
photovoltaic module
・Desirable features include outside durability,
efficient electricity generation through
high-reflectivity, and high dielectronic performance
12
●PV backsheets
Structure of PV module
(EVA*)
Glass
Backsheet
Light Light Light
Encapsulant Cell (Silicon)
*EVA = Ethylene-Vinyl Acetate ・Strengthen competitiveness to launch next
generation backsheets by new manufacturing method
Our Strategy
Realizing to raise durability and reduce the cost
by adopting non-adhesive structure
Durable fluorine coating layer
Durable fluorine
coating layer
PET film
Adhesive
EVA film
(Conventional Product) (New manufacturing method)
New manufacturing method layer
Durable PET film
Industrial and Material Operations
13
Advanced Materials Operations
●Semiconductor-related tapes
●Semiconductor-related equipment
●Coated films for multilayer ceramic
capacitor production
●Touch screen-related products, etc. 34.0 billion yen
17.8%
FY2013
Net sales
190.8
billion yen
14
Wafer
剥離
■ Manufacturing process for semiconductor chip
【Fabrication】
Single crystal silicon ingot
Wafer following
circuit formation
Back grinding
(wafer thinning)
Lamination of
dicing tape*
Removal of surface
protection tape*
Dicing
(wafer cutting) UV irradiation of tape* Picking up Mounting Molding
Lamination of surface
protection tape*
Wafer following
circuit formation
*Uses of our tapes and equipment
【Back-end process】
Advanced Materials Operations
●Dicing die bonding tape
●Surface protection tape for thin & high-bump wafers
Back grinding process
Surface protection tape
Stress
Wafer
Dispersing the stress
Bump
・Specially designed to prevent thin wafers from bowing
after back grinding.
・Protects the surface of wafers from contamination by
attaching to bumps formed on the surface of the circuitry.
・Prevents wafer damage by dispersing the stress placed
upon wafers during back grinding.
■ Key tape products related to semiconductors
Chips are firmly fixed Adhesive is transcribed to
the reverse side of chips
No need for
paste application during
the mounting process
Dicing process Picking up process Die bonding process
Adhesive Base film Substrate
Wafer
Advanced Materials Operations
15
●Coated films for multilayer ceramic capacitor (MLCC) production
16
Advanced Materials Operations
LINTEC’s coated film Dielectric paste (Slurry) Ceramic sheet
Coating Heat drying
Internal electrode printing Die cutting and releasing Stacking, compression
bonding and cutting
Firing and external
electrode forming
Plating
Forming several hundred
layers in a 1mm square
or less
■ Manufacturing process for MLCC
17
●Touch screen-related products
Optically clear
adhesive sheet
(OCA)
LCD
ITO film
Cover glass
Anti-shatter film
(ASF)
ITO
Polyester film
Hard coat
Hard coat
Hard coat film
for ITO
Cover glass / Touch screen
Polyester film
Hard coat
Adhesive
Structure of ASF
Advanced Materials Operations
Structure of ITO film
This is a hard coated adhesive film designed to
prevent the shattering of glass type touch screen.
This is a hard coated film ideal for the base
material of ITO film.
Primary release film
Adhesive
Secondary release film
Structure of OCA
18
Optical Products Operations
●Polarizing films and retardation films for LCDs
/ Adhesive processing
●Polarizing films for LCDs
/ Surface improvement processing
●Protection films for polarizing films, etc.
38.4
billion yen
20.1%
FY2013
Net sales
190.8
billion yen
●Protection films for polarizing films
Dirt-resistance /
Water-resistance /
Anti-static
Adhesive
19
Surface improvement
Substrate (film)
Adhesive
Adhesive
Adhesive
■ Structure of LCD
Anti-reflection / Anti-glare /
Abrasion-resistance properties
Surface improvement
Light source
Polarizing film
Polarizing film
Liquid crystal cell
Retardation film
Optical Products Operations
20
Fine and Specialty Paper Products Operations
●Color papers for envelopes
●Colored construction papers
●Lint-free paper
●High-grade printing papers
●High-grade papers for paper products, etc.
15.9 billion yen
8.3%
FY2013
Net sales
190.8
billion yen
21
Converted Products Operations
●Release papers and films for adhesive labels
●Release films for optical-related products
●Release papers for FPC* cover layers
●Casting papers for synthetic leather (release paper)
●Casting papers for carbon fiber composite
materials (release paper), etc.
19.8 billion yen
10.4%
FY2013
Net sales
190.8
billion yen
*FPC = Flexible Print Circuit
22
Consolidated financial results for first quarter FY2014
Net sales
Operating
income
Net income
Income
before
income
taxes
FY2014
1Q
results
FY2013
1Q
results
Increase
(decrease)
(Billion yen) (Billion yen)
Net sales Operating income
Income before income taxes Net income
46.9 0.9 2.0%
3.0 0.5 19.3%
3.4 0.8 35.1%
2.4 0.7 38.9%
46.0
2.5
2.6
1.7
2.5
46.0 50.1
3.2
48.3
2.8
46.5
2.1
46.9
3.0
1Q 2Q
FY2014
3Q 4Q
FY2013
1Q 1Q 2Q
FY2014
3Q 4Q
FY2013
1Q
1.7 2.6
3.1 2.4
3.1
2.2 2.1 1.3
3.4
2.4
1Q 2Q
FY2014
3Q 4Q
FY2013
1Q 1Q 2Q
FY2014
3Q 4Q
FY2013
1Q
23
Net sales / Operating income
by Operational segment
Industrial and
Material Operations
Printing and
Variable Information
Products Operations
Printing and Industrial Materials Products
Printing and
Industrial Materials
Products
Net sales
Operating
income
Increase
(decrease)
Printing and Variable Information
Products Operations sales
Industrial and Material
Operations sales
Segment operating income Segment net sales
(Billion yen)
FY2014
1Q
results
FY2013
1Q
results
(Billion yen)
12.4
8.2
20.6
0.7
0.2 1.9%
(0.7)
(8.4%)
(0.5) (2.2%)
(0.2) (38.6%)
12.6
7.5
20.1
0.5
12.4
8.2
12.8
8.7
12.4
7.9
12.0
8.3
1Q 2Q
FY2014
3Q 4Q
FY2013
1Q
12.6
7.5
1Q 2Q
FY2014
3Q 4Q
FY2013
1Q
0.7
20.6 21.5
0.8
20.3
0.5
20.4
0.3
20.1
0.5
1Q 2Q
FY2014
3Q 4Q
FY2013
1Q 1Q 2Q
FY2014
3Q 4Q
FY2013
1Q
24
8.1
8.7
Electronic and Optical Products
8.6
8.8
16.8 17.5
0.6 1.3
(Billion yen)
Electronic and
Optical Products
Advanced Materials
Operations
Optical Products
Operations
Net sales / Operating income
by Operational segment
Net sales
Operating
income
0.5 5.9%
Increase
(decrease)
0.7 4.0%
0.7 128.6%
0.1 2.2%
Advanced Materials Operations sales Optical Products Operations sales
Segment operating income Segment net sales
(Billion yen)
FY2014
1Q
results
FY2013
1Q
results
8.1 8.7 9.1 10.7
8.4 10.7
8.3 8.4 8.6 8.8
0.6
16.8 19.8
1.1
19.1
1.0
16.7
0.5
17.5
1.3
1Q 2Q
FY2014
3Q 4Q
FY2013
1Q 1Q 2Q
FY2014
3Q 4Q
FY2013
1Q
1Q 2Q
FY2014
3Q 4Q
FY2013
1Q 1Q 2Q
FY2014
3Q 4Q
FY2013
1Q
1.3
25
Paper and Converted Products
3.7
4.9
4.0
5.3
8.6 9.3
1.2
(Billion yen)
Paper and
Converted
Products
Fine and
Specialty Paper
Products
Operations
Converted
Products
Operations
Net sales / Operating income
by Operational segment
Net sales
Operating
income
0.3 7.0%
Increase
(decrease)
0.4 9.6%
0.7 8.4%
0.1 11.9%
Fine and Specialty Paper
Products Operations sales Converted Products Operations sales
Segment operating income Segment net sales
(Billion yen)
FY2014
1Q
results
FY2013
1Q
results
1.2
3.7 4.9
8.6
4.0 4.9
8.9 1.3
3.8 5.1
8.9 1.2
4.4 5.0
9.4 1.3
4.0 5.3
9.3 1.3
1Q 2Q
FY2014
3Q 4Q
FY2013
1Q 1Q 2Q
FY2014
3Q 4Q
FY2013
1Q
1Q 2Q
FY2014
3Q 4Q
FY2013
1Q 1Q 2Q
FY2014
3Q 4Q
FY2013
1Q
Net sales
26
Forecasts of consolidated financial results for FY2014
Net sales
Operating
income
Net income
Income
before
income
taxes
FY2013
full year
results
FY2014
full year
forecasts
(Billion yen)
2013
190.8 210.0
2014
10.6
15.0
10.8
15.0
7.7
10.5
Operating income
Net income Income before income taxes
Result Unit: Billion yen Forecast
FY 2013 2014 FY
2013 2014 FY 2013 2014 FY
210.0
15.0
15.0
10.5
190.8
10.6
10.8
7.7
FY2014
1Q
results
46.9
3.0
3.4
2.4
46.9 3.0
3.4 2.4
27
Capital expenditure, Depreciation & Amortization, R&D expenses
Result Forecast Unit:Billion yen
Capital expenditure Depreciation & Amortization R&D expenses
11.7 12.3
10.0 10.1 10.1
7.3 6.2
7.2
10.0
2012 2014 2013 FY FY FY 2012 2014 2013 2012 2014 2013
28
● Trend in dividends per share (yen)
Dividend
Result
Forecast
Payout ratio (%) ◆
2007 2008 2009 2010 2011
18
2012 FY
24
20
24 22.2 13.3
19.5
44.6
24.9 29.9 (Forecast)
34
40 40
34.7
2013 2014
42 33.1
All statements contained in this material, such as projected
operating results are based on assumptions regarding
economic conditions, market trends and plans as of the date
of this material.
For various reasons, it is possible that the Company’s future
results, performance, or achievements will differ from the
contents of these forward-looking statements.