summary of financial results for · current liabilities 5,897 6,581 683 account payable 3,134 3,296...
TRANSCRIPT
Summary of Financial Results
for
FY2016 Ended March 31, 2017
(April 1, 2016 – March 31, 2017)
Japanese economy
Consumer spending continued to be stagnant, while
corporate performance and the employment environment
improved.
Global economy
continued moderate growth due to steady consumer spending.
showed a moderate recovery trend despite uncertainty due to
the UK’s vote to leave the EU.
staved off the slowdown in its economic growth and showed
a sign of recovery.
USA
EU
China
1. Business environment
Net sales 22,071 mil. yen +3.8% (year-to-year)
Operating income 2,394 mil. yen +43.9% (year-to-year)
Operating income margin 10.8% 7.8%
ROE 9.7% 6.7%
Dividend 60 yen (outlook) 55 yen
2. FY2016 sales and profit factors
• Thermistor sensors for air conditioners and thermistor elements
for automobiles were strong.
• Pro-active sales activities were maintained, targeting at automotive,
energy-saving and green-oriented fields.
FY2015 (ended Mar. 31, 2016) FY2016 (ended Mar. 31, 2017)
Amount Composition
ratio Amount
Composition
ratio
Comparison
with last year
Net sales 21,261 100.0 22,071 100.0 3.8
Cost of sales 16,773 78.9 16,722 75.8 △0.3
Gross profit 4,487 21.1 5,349 24.2 19.2
Selling, general and
administrative expenses 2,823 13.3 2,955 13.4 4.6
Operating income 1,663 7.8 2,394 10.8 43.9
Non-operating income 69 0.3 84 0.4 22.2
Non-operating expenses 22 0.1 15 0.1 △31.5
Ordinary income 1,710 8.0 2,463 11.2 44.0
Extraordinary income 113 0.5 0 0.0 -
Extraordinary loss 119 0.6 17 0.1 △85.6
Income taxes and other 479 2.3 617 2.8 28.7
Net income attributable to
owners of the parent 1,213 5.7 1,818 8.2 49.8
(Amount: mil. yen, comparison: %)
3. Statement of income (Summary)
16,490
14,546
13,099
16,548 17,086 16,143
18,757
20,113 21,261
22,071
2,457
1,214 869
2,055
1,778
849
1,366
1,889 1,663
2,394
0
1,000
2,000
3,000
4,000
5,000
0
5,000
10,000
15,000
20,000
FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 Outlook
Net sales Operating income
24,500
2,650
(Mil. yen) (Mil. yen)
4. Net sales and operating income
5. Balance sheet (Summary)
Assets Liabilities and shareholders’ equity
Mar. 31
2016
Mar. 31
2017 Change
Current liabilities 5,897 6,581 683
Account payable 3,134 3,296 161
Short-term loan
payable 923 709 △213
Other 1,839 2,569 737
Noncurrent assets 1,649 1,189 △460
Long-term loan payable
1,241 772 △469
Other 408 417 9
Total liabilities 7,546 7,770 223
Net assets 18,441 19,343 902
Total liabilities and
net assets 25,987 27,113 1,125
(Mil. yen)
Mar. 31
2016
Mar. 31
2017 Change
Current assets 17,930 18,901 970
Cash and deposits 6,381 6,348 △32
Account
receivable 5,860 6,472 612
Inventory assets 4,799 5,091 291
Other 889 989 100
Noncurrent assets 8,057 8,212 154
Property, plant and
equipment 7,217 7,300 82
Intangible assets 143 138 △5
Investments and
other assets 695 773 77
Total assets 25,987 27,113 1,125
13,441 14,334 15,971 18,126 18,441
19,343
61.4 68.2 68.8 68.1 70.6 70.9
0
10
20
30
40
50
60
70
80
0
10,000
20,000
2012 2013 2014 2015 2016 2017 End of March
21,688 20,828 22,998 26,462 25,987
27,113
0
10,000
20,000
2012 2013 2014 2015 2016 2017 End of March
3,672 3,878 3,786 4,340 4,799 5,091
0 1,000 2,000 3,000 4,000 5,000
2012 2013 2014 2015 2016 2017 End of March
6. Balance sheet items
Total assets
Inventory assets
Shareholders’ equity and equity ratio
(Mil. yen)
(Mil. yen)
(Mil. yen)
-2,506
-1,127 -1,169 -1,544 -1,224
2,151 2,006 2,042 2,108 2,514
-354 879 873 564 1,290
-3,000
-2,000
-1,000
0
1,000
2,000
3,000
-753 -314
308
-1,068 -1,235 -1,250
0
1,250
2013 2014 2015 2016 2017
2013 2014 2015 2016 2017
7. Cash flows
Free cash flow
Cash flow used in financing activities
(Mil. yen)
(Mil. yen)
End of March
End of March
Cash flow from operating activities
Cash flow used in investing activities
Free cash flow
958 995 1,076 1,217 1,392
1,235
0
500
1,000
1,500
2,000
2012 2013 2014 2015 2016 2017 2018 Outlook
End of March
1,305 2,625 1,409 1,769 1,562
1,214
0
1,000
2,000
3,000
2012 2013 2014 2015 2016 2017 2018 Outlook
End of March
219 326 331 445 435 0
100
200
300
400
500
2012 2013 2014 2015 2016 2017 2018 Outlook
End of March
2,600
1,500
500 438
8. Capital expenditure, depreciation, R&D expenditure
Capital expenditure
Depreciation
Research and development expenditure
(Mil. yen)
(Mil. yen)
(Mil. yen)
4,715
5,736
6,167
6,800
1,805
1,917
2,036
2,300 3,429
3,810
4,363
4,900
3,823
3,349
3,316
3,500
2,193
2,219
1,971
2,250
1,153
1,269
1,361
1,500 2,204
2,253
2,283
2,550
791 708 575
700
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
FY2
01
4
FY2
01
5
FY2
01
6
FY2
01
7*
FY2
01
4
FY2
01
5
FY2
01
6
FY2
01
7*
FY2
01
4
FY2
01
5
FY2
01
6
FY2
01
7*
FY2
01
4
FY2
01
5
FY2
01
6
FY2
01
7*
FY2
01
4
FY2
01
5
FY2
01
6
FY2
01
7*
FY2
01
4
FY2
01
5
FY2
01
6
FY2
01
7*
FY2
01
4
FY2
01
5
FY2
01
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FY2
01
7*
FY2
01
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FY2
01
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FY2
01
6
FY2
01
7*
素子 住設機器 空調機器 家電 OA 産業機器 自動車 計測器 他
9. Sales amount by application
(Mil. yen)
Thermistor elements
Household equipment
Air conditioning
Home appliances
OA Industrial equipment
Automotive Other
*FY2017
shows
outlook
Automotive 30.0%
Air conditioning
20.3%
Home appliances
17.3%
Household equipment
10.9%
OA 9.2%
Industrial equipment
6.8% Other 5.5%
10. Sales by application
Key initiatives
1. Operating activities by a united team of Engineering & Sales staff
2. Aggressive capital investment preparing for increase in orders
3. Continuous efforts for cost reduction including investment in
automation
4. Further enhanced study & development system
11. FY2017 (ending Mar. 31, 2018) business outlook (Summary)
Year-to-year basis
Net sales 24,500 mil. yen +11.0%
Operating income 2,650 mil. yen +10.7%
H1 FY2017
outlook
H2 FY2017
outlook
FY2017
full year
outlook
Net sales 12,000 12,500 24,500
(8.6) (13.4) (11.0)
Operating income 1,250 1,400 2,650
(16.1) (6.2) (10.7)
Ordinary income 1,250 1,400 2,650
(23.9) (△3.7) (7.6)
Net income
attributable to
owners of the parent
920 1,040 1,960 (33.6) (△7.9) (7.8)
12. FY2017 (ending March, 2018) business outlook
( ): Year-to-year comparison
(Amount: mil. yen, comparison: %)
65.05
151.22
212.07
156.10
235.05
5.3
7.3
9.4
7.8
10.8
0.0
5.0
10.0
15.0
0.00
50.00
100.00
150.00
200.00
250.00
FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 Outlook
EPS (earnings per share)
Operating profit margin
(Yen) (%)
10.8
253.34
13. Management indices
Business Deployment
Aggressive investment toward market share
expansion
Increased sales in overseas markets
Targeting “green-oriented”, “energy-saving”
and “safety-related” fields
Further enhanced study & development system
14. Business deployment
Aggressive investment toward market share expansion
15. Business deployment: Aggressive investment toward market share expansion 1/4
Sept 2012 Sannohe constructed its 3rd building
Shanghai moved to expand floor space
Dec 2013
Apr 2014
Apr 2015
Apr 2017
May 2017
Nov 2017
Fukushima constructed its 2nd factory (Matsukawa) Iwate absorbed Ichinohe
Thai constructed its 5th building
Fukushima acquired the adjacent land for renovation
Tohoku started construction of its 3rd building
Thai will start construction of its 6th building
Apr 2017 Fukushima Shibaura acquired the adjacent land for renovation
16. Business deployment: Aggressive investment toward market share expansion 2/4
May 2017 Tohoku Shibaura started construction of its 3rd building
17. Business deployment: Aggressive investment toward market share expansion 3/4
Nov 2017 Thai will start construction of its 6th building
18. Business deployment: Aggressive investment toward market share expansion 4/4
19. Business deployment: Increased sales in overseas markets
Increased sales in overseas markets
Germany: Shibaura Electronics Europe GmbH
was established in Dec 2013
USA: Shibaura Electronics of America Corporation
was established in Sept 2015
Enhanced sales network
Active utilization of distributors
Green-oriented, energy-saving and safety-related fields
World trends
Green-oriented, energy-saving,
highly-functional, safety-related
Expanding
applications Larger share in growing fields
Thermistor elements
High quality Large supply Wide temperature range
Housing equipment
Green-oriented
Energy- saving
Safety-related Housing
equipment
Home appliances
Green-oriented
Energy- saving
All electrification
Highly-functional
Emerging countries
OA Colorization Highly-functional (Non-contact)
Industrial equipment
Green-oriented
Energy- saving
Capital investment
Automotive Green-oriented
Energy- saving
Hybrid EV Clean diesel
Air conditioning
Green-oriented
Energy- saving
Inverter Europe & Emerging Countries
20. Business deployment: Target fields
1. Development of new & improved products
2. Improvement of existing products
3. Improvement of production efficiency – automatization
4. Collaborative research with academia
Further enhanced study & development system
21. Business deployment | Further enhanced study & development system
Disclaimer regarding forward-looking statements
The foregoing statements regarding future results reflect the Company‘s expectations based on
information available at the time of announcement. The information contains certain forward-
looking statements that are subject to known and unknown risks and uncertainties that could
cause actual results to differ materially from those expressed or implied by such statements.
Thank you very much.
References
Definition of terms
A thermistor is a thermally sensitive resistor generally composed of semiconductor materials, and its resistance varies significantly with temperature.
Thermistors are economical and stable, and operate in the temperature range that covers the whole range necessary for ordinary temperature control. They therefore are used in a wide range of applications.
Shibaura produces NTC (negative temperature coefficient) thermistors only.
They exhibit decreasing resistance with increasing temperature, and are used in temperature detection sensors. There are also PTC (positive temperature coefficient) and CTR (critical temperature resistor) thermistors.
Thermistor
PSB thermistor element
Shibaura independently developed glass-encapsulated thermistors. With excellent heat-resisting property, mechanical strength and stability, they are now Shibaura’s main products.
PSB thermistors are formally patented products in major countries (Japan, the
U.S., the U.K., Germany, France, Canada, Italy and Switzerland.)
Household
equipment
Solar system Shower toilet Water heater
Highly efficient hot
water supply
system
1- 3 2 - 3 2 - 5 10 - 20
A/C Fan heater Room A/C Industrial A/C
2 - 3 2 - 5 5 - 15
Home
appliances
Microwave oven Rice cooker Refrigerator IH cooker
2 - 3 2 - 3 2 - 8 5 - 15
OA Printer Copy machine
Multi-functional
copier
2 - 3 2 - 3 3 - 5
Industrial
equipment
Fire alarm Machine, robot Freezing showcase Freezing container
2 1 - 2 2 - 5 5 - 10
Automotive Car A/C Intake air, exhaust gas, water, fuel, oil Hybrid system
4 - 5 8 - 10 8 - 10
Number of thermistors installed in a product
Glass coated thermistors Glass coated thermistors for
(Existing products) high temperatures
29
-50℃ 1,000℃ Shibaura’s thermistors cover from -50℃ to 1,000℃
Applications
Applications for various temperature ranges
0℃ 50℃ 100℃ 300℃ 500℃
(Tuna) stock freezer
Refrigerator
Air conditioner
EcoCute (CO2 heat pomp)
Hot-water supply
Dishwasher (Drying)
Automotive (Water)
Rice cooker
Microwave oven
Automotive (HV & EV motors)
Copy machine
IH cooker
Fan heater
Automotive (EGR)
Oven
Household (Gas flame)
Automotive (DPF)
29