today's explanation contents · 2018. 5. 25. · today's explanation contents 1. greeting...

Copyright 2018 Taikisha Ltd., All Rights Reserved.

FY2017 Financial Results Briefing

May 18,2018

This photo shows the world heritage of Vietnam with our overseas affiliate.It is a Ha Long Bay.


Today's explanation contents

1. GreetingRepresentative Director, President Corporate Officer

Toshiaki Shiba

2. Explanation about the settlement of accounts

Managing Corporate Officer, Chief Executive, Administrative Management Headquarters

Masanori Nakagawa

3. Questions and answers

Copyright 2018 Taikisha Ltd., All Rights Reserved. 3

１．Achievements in FY2017

２．Earnings Forecast for FY2018

３．Priority issues in FY2018


Consolidated performance

Orders-received and Sales: Favorable industrial HVAC business in Japan contributed to the increase in orders and sales greatly.Ordinary income: The impact of the unprofitable project in the Paint finishing business in the first half was compensated for favorable industrial HVAC business in Japan due to its significant increase of orders-received and sales.

Achievements in FY20171

（Hundred millions of yen）Original

expectationResults ofFY2017 Difference

Orders-received 2,046 2,198 152

2,132 2,318 186

123 130 7（Ratio） 5.8% 5.6% -0.1%

71 72 1

（Ratio） 3.3% 3.1% -0.2%

Profit attributable toowners of parent

Net sales of completedconstruction contracts

Ordinary income


Aim to achieve targets of the Mid-Term Business Plan by promoting the “Priority issues in FY2018”.

Earnings Forecast for FY20182Consolidated performance

（Hundred millions of yen）

FY2018(Mid-Term

Bussiness Plan)a

FY2017(Results)

b

FY2018(Expectation)

c

Differencec-a

Differencec-b

Orders-received 2,130 2,198 2,150 20 -48

2,081 2,318 2,200 119 -118

130 130 130 0 0

（Ratio） 6.2% 5.6% 5.9% -0.3% 0.3%

75 72 75 0 2

（Ratio） 3.6% 3.1% 3.4% -0.2% 0.3%



Ordinary income


① Business in Japan• Promote “keeping existing customers and developing new customers”

by further reducing costs and technology proposal activities aiming at “securing stable orders-received”.

② Business overseas• Expand orders-received from local companies and European and U.S

companies.• Improve management and business structure of overseas affiliates

according to changes in business environment.

③ New Business / Peripheral Business• Strengthen plant factory business and environmental business.

6

Priority issues in FY2018Green Technology System Division ３


Priority issues in FY2018Paint Finishing System Division３

① Business overseas• Strengthen the governance system for overseas affiliates.

② Strengthen technological capabilities in the existing business• Respond to the further advanced needs of customers in the paint

finishing system for automobiles.

③ New Business• Establish Taikisha-brand by expanding automated system in the paint

finishing system for aircraft and railway cars, etc.• Establish the Integrated Development Center.

④ Further strengthen the alliances with Geico S.p.A and Encore Automation LLC

• Promote business development to European and U.S companies by reinforcing synergy with Geico and Encore.


Priority issues in FY2018３【Respond with Work Style Reform】

Reducing the work load of on-site operations is the top priority

① Secure manpower

② Enhance support by assistant teams aiming at leveling the work load of on-site operations.

③ Utilize outsource, IT and system support for construction site support.

【Strengthen management base】

① Develop human resource• Introduce a new personnel system and strengthen skill enhancement

support of employees.

② Strategic investment to strengthen the business base• Introduce a new core system.


Explanation about FY2017

① Highlight of FY2017 ④ Main projects in Order/ Sales / Carried forward

② Results of Green Technology System Division

⑤ Earnings Forecast for FY2018

③ Results of Paint Finishing System Division

⑥ Shareholders Returns

1. The mention numerical value is in principle consolidated basis. In the case of non-consolidated basis, it is noted on the title of the page.

2. Achievements numerical value is in principle a business amount of money for the external customers. Only about operating income and ordinary income according to the segment, it becomes the numerical value including the intersegment turnover.

3. The forecasted figures are based on available information as of the date of this announcement. It includes economic trends, intense competition in the industry, market demand, exchange rate, reforms of the tax system and various systems, and various other risks and uncertainties. Therefore, please note that actual results may differ from our expectations.


Highlight of FY20171

2018.3results

Paint(Overseas)

Industrial(Overseas)

Industrial(Japan)

Building

Paint(Japan)

Component

610(27.8%)

405(18.4%)

436(19.8%)

633(28.8%)

113(5.1%)

2017.3results

（Green Technology System Division）• In the Industrial HVAC business in Japan, orders-received from the field of Electronic

and electrical product manufacturing factory increased significantly. （Paint Finishing System Division）

• A reactionary fall after the large-scale project in North America in the previous fiscal year.

Paint(Overseas)


Industrial(Japan)

Building

Paint(Japan)

746(34.2%)

354(16.2%)

487(22.3%)

462 (21.2%)

132(6.1%)

１-①. Orders-received by Division （previous year comparison）

（Hundred millions of yen）2017.3 2018.3 Change

Orders-received 2,183 2,198 15（Japan） (1,082) (1,182) (99)（Overseas） (1,100) (1,015) (-84)

Green Technology 1,304 1,475 170Building HVAC 487 436 -51Industrial HVAC 816 1,038 222（Japan） (462) (633) (171)（Overseas） (354) (405) (51)Paint Finishing 878 723 -155（Japan） (132) (113) (-19)（Overseas） (746) (610) (-135)


Original expectation

599(29.3%)

393 (19.2%)

527(25.8%)

Paint(Overseas)



Component

383(18.7%)

Industrial(Japan)

Building

Paint(Japan)

144(7.0%)

（Green Technology System Division）• Industrial HVAC business in Japan significantly exceeded original forecasts.

2018.3results

Paint(Overseas)


Industrial(Japan)

Building

Paint(Japan)

610(27.8%)

405(18.4%)

436(19.8%)

633(28.8%)

113(5.1%)

１-②. Orders-received by Division （Expected comparison）



Orders-received 2,046 2,198 152（Japan） (1,054) (1,182) (128)（Overseas） (992) (1,015) (23)

Green Technology 1,303 1,475 172Building HVAC 527 436 -90Industrial HVAC 776 1,038 262（Japan） (383) (633) (250)（Overseas） (393) (405) (12)Paint Finishing 743 723 -19（Japan） (144) (113) (-31)（Overseas） (599) (610) (11)


621(31.0%)

366(18.3%)

440(22.0%)

138(6.9%)

438(21.9%)

12


Component

Paint(Overseas)


Industrial(Japan)

Building

Paint(Japan)

Paint(Overseas)


Industrial(Japan)

Building

Paint(Japan)

2018.3results

2017.3results

（Green Technology System Division）• In the Industrial HVAC business in Japan, sales also increased due to impact of

favorable orders-received.（Paint Finishing System Division）

• Increased due to a large-scale automobile painting project by Geico and North American affiliate.

789(34.1%)

371(16.0%)

458(19.8%)

569(24.5%)129

(5.6%)

２-①. Sales by Division （previous year comparison）

（Hundred millions of yen）2017.3 2018.3 Change

2,006 2,318 312

（Japan） (1,017) (1,157) (139)（Overseas） (988) (1,161) (173)

Green Technology 1,245 1,399 153Building HVAC 438 458 19Industrial HVAC 807 940 133（Japan） (440) (569) (128)（Overseas） (366) (371) (5)Paint Finishing 760 919 159（Japan） (138) (129) (-8)（Overseas） (621) (789) (167)




Component

704(33.0%)

387(18.2%)

478(22.4%)

430(20.2%)133

(6.2%)

Paint(Overseas)


Industrial(Japan)

Building

Paint(Japan)

Original expectation

Paint(Overseas)


Industrial(Japan)

Building

Paint(Japan)

2018.3results

789(34.1%)

371(16.0%)

458(19.8%)

569(24.5%)129

(5.6%)

２-②. Sales by Division （Expected comparison）



2,132 2,318 186

（Japan） (1,041) (1,157) (116)（Overseas） (1,091) (1,161) (70)

Green Technology 1,295 1,399 104Building HVAC 478 458 -19Industrial HVAC 817 940 123（Japan） (430) (569) (139)（Overseas） (387) (371) (-15)Paint Finishing 837 919 82（Japan） (133) (129) (-3)（Overseas） (704) (789) (85)


（Green Technology System Division）• In the industrial HVAC business in Japan, sales also exceeded forecasts on the

grounds that its orders-received exceeded original forecasts.



３-①. Profit by Division （previous year comparison）（Hundred millions of yen）

2017.3 2018.3 ChangeOperating income 84 121 37（Ratio） 4.2% 5.3% 1.0%

Green Technology 97 115 18（Ratio） 7.8% 8.3% 0.5%Paint Finishing -10 9 19（Ratio） -1.3% 1.1% 2.4%

Ordinary income 98 130 32（Ratio） 4.9% 5.6% 0.7%

Green Technology 99 118 19（Ratio） 8.0% 8.5% 0.5%Paint Finishing -1 11 12（Ratio） -0.2% 1.3% 1.4%

（Green Technology System Division）• Significant increase of orders-received and sales in the industrial HVAC business in

Japan contributed to the increase in profit. （Paint Finishing System Division）• Affected by the profit deterioration of the project in the U.S from the end of FY2016

to the first half of FY2017.



３-②. Profit by Division （Expected comparison）


expectationA

＊Newexpectation

B

ResultsC

DifferenceC-A

DifferenceC-B

Operating income 117 117 121 4 4（Ratio） 5.5% 5.5% 5.3% -0.2% -0.2%

Green Technology 98 113 115 17 2（Ratio） 7.6% 8.8% 8.3% 0.7% -0.5%Paint Finishing 27 9 9 -17 0（Ratio） 3.2% 1.1% 1.1% -2.2% 0.0%

Ordinary income 123 123 130 7 7（Ratio） 5.8% 5.8% 5.6% -0.1% -0.1%

Green Technology 100 116 118 18 2（Ratio） 7.7% 9.0% 8.5% 0.8% -0.5%Paint Finishing 28 8 11 -16 3（Ratio） 3.3% 1.0% 1.3% -2.1% 0.3%

＊The earnings forecast was revised in the 2Q• The impact of the unprofitable project in the Paint finishing business in the first half was

compensated for favorable industrial HVAC business in Japan due to its significant increase of orders-received and sales.



2,124 2,006

2,318

15.3%14.0% 14.1%

6.0%

4.2%5.3%

5.8%4.9% 5.6%

7.6%6.8% 7.2%

0%

5%

10%

15%

20%

0

500

1,000

1,500

2,000

2,500

2016.3 2017.3 2018.3SalesGross profit on completed construction contracts ratio （%）Operating income ratio （%）Ordinary income ratio （%）ROE（%）

４. Consolidated Income Statements

（Hundred millions of yen）（Hundred millions of yen）

2016.3 2017.3 2018.3

2,124 2,006 2,318

325 281 327

（Ratio） 15.3% 14.0% 14.1%

198 196 205

（Ratio） 9.3% 9.8% 8.9%Operating income 127 84 121（Ratio） 6.0% 4.2% 5.3%Ordinary income 123 98 130（Ratio） 5.8% 4.9% 5.6%

70 63 72

（Ratio） 3.3% 3.1% 3.1%ROE 7.6% 6.8% 7.2%


Net sales of completedconstruction contractsGross profit on completedconstruction contracts

Selling, general andadministrative expenses



2017.3 2017.3 2018.32016.3 2016.32018.3

Green Technology System Division Paint Finishing System Division

1,348 1,245

1,399

89 99

118

0

20

40

60

80

100

120

0

300

600

900

1,200

1,500

6.6% 8.0% 8.5%

776 760 919

35

-1

11

‐20

0

20

40

60

80

100

(300)

0

300

600

900

1,200

1,500 4.5%-0.2%

1.3%

Sales Ordinary income ― Ordinary income ratio


５. Net sales of completed construction contracts / Ordinary income by Division



Building


Industrial(Japan) Paint(Overseas)

Paint(Japan)

775 746 610

115 132 113

428 354 405

461 462 633

437 487 436

0

500

1,000

1,500

2,000

2,500

2016.3 2017.3 2018.3

662 621 789

113 138 129

515 366 371

396440

569

436438

458

0

500

1,000

1,500

2,000

2,500

2016.3 2017.3 2018.3

621 683 513

71 66 49

226 188 230

190 212276

495 544 522

0

500

1,000

1,500

2,000

2,500

2016.3 2017.3 2018.3

1,6941,606

2,1982,217 2,183

19.8%

18.4%

28.8%

27.8%

5.1%

22.3%

16.2%

21.2%

34.2%

6.1%

19.7%

19.3%

20.8%

35.0%

5.2%

2,124 2,006

21.9%

18.3%

22.0%

31.0%

6.9%

20.5%

24.3%

18.7%

31.2%

5.3%

32.1%

11.1%12.5%

40.3%

3.9%

30.9%

14.1%

11.8%

38.7%

4.5%

19.8%

16.0%

24.5%

34.1%

5.6%

32.8%

14.5%

17.4%

32.2%

3.1%

2,318

1,592

6. Orders-received / Net sales of completed construction contracts / Construction carried forward


Orders-received Sales Carried forward


55.5% 49.3% 50.1%

19

1178 988 1161

9451017

1157

0

400

800

1,200

1,600

2,000

2,400

2016.3 2017.3 2018.3

115 289 419 216 175

224 341 206

200 230 152 110

173 84

100 85

65 81

14

13

23

0

200

400

600

800

1,000

1,200

1,400

2016.3 2017.3 2018.3North America Other Southeast AsiaThailand ChinaOthers IndiaOther East Asia

2,318 1,1782,124 1,1612,006


988

７. Overseas net sales of completed construction contracts by Region


OverseasJapan ― Overseas ratio

●Main countries and regions ※The numerical value does not include the internal trading.・Other Southeast Asia -- Singapore, Malaysia, Indonesia, Philippines, Vietnam, others・Other East Asia --Taiwan, Korea ・North America --USA, Canada, Mexico ･Others -- Russia, South America, others



101178 196

050

100150200250300350

2016.3 2017.3 2018.3

178

29 15 24

102 90 67

050

100150200250300350

2016.3 2017.3 2018.3

106271185 154

69

1935

050

100150200250300350

2016.3 2017.3 2018.3

205

91131

190

341

196

101

1 5 352 45 510

50100150200250300350

2016.3 2017.3 2018.3

51

8 8 7

155 186 310

050

100150200250300350

2016.3 2017.3 2018.3

194

318

54 55

164

8. Sales of overseas main five companies（Hundred millions of yen）

Wu-Zhou Taikisha Engineering Co., Ltd. Group（China）

Taikisha （Thailand） Co.,Ltd. Group（Thailand）

TKS Industrial Company Group （USA）

Taikisha Engineering India Private Ltd.（India）

Geico S.p.A. Group(Italy）

Paint Finishing System

Industrial HVAC

The numerical value does not include the internal trading.



（Hundred millions of yen）9. Consolidated Balance Sheet

2017.3 2018.3 Change1,529 1,611 82

Cash and deposits 422 471 48Notes receivable, Accountsreceivable from completedconstruction contracts and other

1,009 1,0199

Securities 0 - -0Costs on uncompletedconstruction contracts・ Rawmaterials and supplies

22 24 2

Other 78 101 22Allowance for doubtful accounts -4 -5 -0

461 558 96Property, plant and equipment 127 155 28Investment securities 256 307 50Other 77 95 17Allowance for doubtful accounts -0 -0 -0

1,990 2,169 179

Non-current assets

Total assets

Current assets

2017.3 2018.3 Change886 937 51

Notes payable, accounts payablefor construction contracts andother

552 605 53

Advances received onuncompleted constructioncontracts

155 118-36

Provision for loss on constructioncontracts

7 4 -3

Other 169 208 38102 125 23988 1,063 74

1,001 1,106 104Capital stock 64 64 0Capital surplus ・ Retainedearnings

852 859 7

Treasury shares, at cost -61 -24 36Valuation difference on available-for-sale securities

99 132 32

Deferred gains or losses onhedges

-1 0 1

Foreign currency translationadjustment

3 11 7

Accumulated remeasurements ofdefined benefit plans

-0 8 8

Non-controlling interests 44 54 101,990 2,169 179

Current liabilities

Non-current liabilities

Total liabilities and net assets

Total liabilitiesTotal net assets


428 354 405

461462

633

437 487

436

0

300

600

900

1,200

1,500

2016.3 2017.3 2018.3

32.3% 27.2% 27.5%

22

38.3%29.4% 26.6%

2

1,4751,327 1,304

29.6%

42.9%

27.5%

37.4%

35.5%

27.2%

32.9%

34.7%

32.3% 515 366 371

396440

569

436438

458

0

300

600

900

1,200

1,500

2016.3 2017.3 2018.3

1,3481,245

35.2%

35.4%

29.4%

32.3%

38.3%

29.4%


1,399

32.8%

40.7%

26.6%

１. Orders-received / Net sales of completed construction contracts

Orders-received Sales

― Overseas ratioBuilding HVAC Industrial HVAC (Overseas)Industrial HVAC (Japan)

Results of Green Technology System Division


221 230

140

6335 40 41

86 68

450

261

8733 28 24 21

74 67

0

100

200

300

400

500

600

7002017.3

2018.3

2

Others(Building HVAC)

Others(Industrial HVAC)



Electronic and electrical

industry

Office building

Pharmacy Medical and social

welfare

Food, fisheries

Culture, entertainment,

religion

Commercial

2. Order of the market classification（Non-consolidated）


331263

161

4776 63 40

259

60

599

307

11243 36 36 24

245

68

0

100

200

300

400

500

600

7002017.3

2018.3

2

Uncategorized orders-

received by small-scale

affiliates



3. Order of the market classification（Consolidated）

Electronic and electrical

industry

Office building

Pharmacy Food, fisheries

Medical and social

welfare

OthersCommercial facility

culture, entertainment,

religion


287 245 271

149 193 187

382 392 366

530415 574

0

200

400

600

800

1,000

1,200

259 307 223

178180

213

407 403 372

482413

666

0

200

400

600

800

1,000

1,200

2

437

54%

889

2018.32016.3 2017.32018.32016.3 2017.3

912

436

58%

34%

436

1,038

41%

64%

49%

487

816

438

807

37%

51%

44%

51%


458

940

61%

41%


4. Renewal construction（Consolidated）

Orders-received Sales （％: Renewal ratio）

Building HVAC（Renewal） Industrial HVAC（Renewal）

Building HVAC（New） Industrial HVAC（New）


87.1%

84.9% 84.4%

26

3

775 746 610

115 132

113

0

200

400

600

800

1,000

2016.3 2017.3 2018.3

723

890 878

84.4%

15.6%

84.9%

15.1%

87.1%

12.9%

85.4%

81.8%

85.9%

662 621 789

113 138

129

0

200

400

600

800

1,000

2016.3 2017.3 2018.3

776 760

81.8%

18.2%

85.4%

14.6%


919

85.9%

14.1%

Results of Paint Finishing System Division

１. Orders-received / Net sales of completed construction contracts

SalesOrders-received

Paint Finishing (Overseas)Paint Finishing (Japan) ― Overseas ratio


309491

235

581387

488

0

200

400

600

800

1000

2016.3 2017.3 2018.3

34.8%56.0%

32.4%

890

3

723

878


Results of Paint Finishing System Division

２. Order ratio from non Japanese customers

Japanese customerNon Japanese customer

― Non Japanese ratio

＊The order of the overseas Japanese-joint venture (including all of Japanese customer investment companies) is included in the total value of the Japanese customer.


4

Number of projects over 1 billion yen / construction, market classification

Orders-received

34 projects

739 hundred millions of yen

Japan348 hundred millions of yen

18projects

Office building 5Medical and social welfare 1Accommodation 1School, educational institution １Electronic and electrical industry ７Automobile 2Other vehicle 1

Overseas391 hundred millions of yen

16projects

Office building 1Electronic and electrical industry 1Automobile 12Aircraft 1Railway 1

Main projects in Order/ Sales / Carried forward１. Order project more than 1 billion yen


4

Number of projects over 1 billion yen / construction, market classification

Sales

28 projects

816 hundred millions of yen

Japan257 hundred millions of yen

14projects

Office building 3Medical and social welfare 1Accommodation 1Electronic and electrical industry 5Pharmacy 1Automobile 2Aircraft 1

Overseas559 hundred millions of yen

14projects

Commercial 1Electronic and electrical industry 1Automobile 12

Main projects in Order/ Sales / Carried forward2. Sales project more than 1 billion yen


4

Number of projects over 1 billion yen / construction, market classification Planned project to be completed in FY2018

Carried forward

39 projects

857 hundred millions of

yen

Japan444 hundred

millions of yen

22projects

Office building 10 2Medical and social welfare 2 1School, educational institution 1 ーAccommodation 1 1Culture, entertainment 1 ーAdministrative facility 1 ーElectronic and electrical industry 4 4Automobile 1 ーOther 1 ー

Overseas412 hundred

millions of yen

17projects

Commercial 1 1Electronic and electrical industry 1 1Pharmacy 1 ーAutomobile 13 5Railway 1 ー

Main projects in Order/ Sales / Carried forward3. Carried forward project more than 1 billion yen


5


※ In the earnings forecast for FY2018, Influence when all exchange rates fluctuate by 1%⇒ Orders/Sales： Approximately 10 hundred millions of yen, Ordinary income： Approximately 0.5 hundred millions of yen

Earnings Forecast for FY2018

Earnings Forecast by Division※ Change in breakdown among segments in operating income and ordinary income(figures in parentheses are different from original forecasts)

② FY2017 Results:1US$=¥112.39, 1€=¥126.84, 1THB=¥3.31① FY2016 Results:1US$=¥110.30, 1€=¥121.41, 1THB=¥3.12 Effects of foreign exchange differences between ① and ② on

Sales : 32 hundred millions of yen, Ordinary income: -0.1 hundred millions of yen

③ FY2018 Estimation:1US$=¥105.00, 1€=¥130.00, 1THB=¥3.33

H1(E) H2(E) Total(E) H1(E) H2(E) Total(E) H1(E) H2(E) Total(E)

Orders 1,304 878 2,183 1,475 723 2,198 570 830 1,400 360 390 750 930 1,220 2,150

Sales 1,245 760 2,006 1,399 919 2,318 660 740 1,400 300 500 800 960 1,240 2,200

Operatingincome

97 -10 84 115 9 121 41 64 105 2 24 26 41 82 123

（ratio） 7.8% -1.3% 4.2% 8.3% 1.1% 5.3% 6.2% 8.6% 7.5% 0.7% 4.8% 3.3% 4.3% 6.6% 5.6%

Ordinaryincome 99 -1 98 118 11 130 43 64 107 3 24 27 46 84 130

（ratio） 8.0% -0.2% 4.9% 8.5% 1.3% 5.6% 6.5% 8.6% 7.6% 1.0% 4.8% 3.4% 4.8% 6.8% 5.9%

Netincome - - 63 - - 72 - - - - - - 28 47 75

（ratio） - - 3.1% - - 3.1% - - - - - - 2.9% 3.8% 3.4%

2017.3 2018.3 2019.3TotalGreen

TechnologyPaint

FinishingTotal Green

TechnologyPaint

FinishingTotal Green Technology Paint Finishing


Orders-received5

（Green Technology System Division）• In the building HVAC business, the situation with plentiful projects is likely to continue mainly in redevelopment in

central Tokyo in the current term as well as continuing from the previous fiscal year. • A reactionary fall is expected for industrial HVAC business in Japan due to substantial investments from the field of

Electronic and electrical product manufacturing factory in the previous fiscal year. However, investments from this field is likely to continue at a high level due to expectation of expansion of demand for IOT, AI, and automatic automobile system, etc. in the future.

• In the industrial HVAC business overseas, investments by Japanese customers will remain uncertain.（Paint Finishing System Division）• Demand for renewal in the U.S and expansion of investments in China and India are likely to continue actively.



FY2018(Mid-Term

Bussiness Plan)a

FY2017(Results)

b

FY2018(Expectation)

c

Differencec-a

Differencec-b

Orders-received 2,130 2,198 2,150 20 -48（Japan） (1,053) (1,182) (1,185) (132) (2)（Overseas） (1,077) (1,015) (965) (-112) (-50)

Green Technology 1,379 1,475 1,400 21 -75Building HVAC 534 436 530 -4 93Industrial HVAC 845 1,038 870 25 -168（Japan） (386) (633) (505) (119) (-128)（Overseas） (459) (405) (365) (-94) (-40)Paint Finishing 751 723 750 -1 26（Japan） (133) (113) (150) (17) (37)（Overseas） (618) (610) (600) (-18) (-10)


Sales5

（Paint Finishing System Division）• A reactionary fall is expected due to completion of two large-scale projects in

the U.S in the previous fiscal year.



FY2018(Mid-Term

Bussiness Plan)a

FY2017(Results)

b

FY2018(Expectation)

c

Differencec-a

Differencec-b

2,081 2,318 2,200 119 -118

（Japan） (1,038) (1,157) (1,131) (93) (-26)（Overseas） (1,043) (1,161) (1,069) (26) (-92)

Green Technology 1,319 1,399 1,400 81 0Building HVAC 423 458 470 47 11Industrial HVAC 896 940 930 34 -10（Japan） (447) (569) (546) (99) (-23)（Overseas） (449) (371) (384) (-65) (12)Paint Finishing 762 919 800 38 -119（Japan） (168) (129) (115) (-53) (-14)（Overseas） (594) (789) (685) (91) (-104)



Profit5

（ Company-level ）• Costs will increase due to the expansion of investment including introduction of new personnel system and new

core system, etc.

（Green Technology System Division）• Fixed costs will increase due to the expansion of recruitment aiming at strengthening technological capabilities of

construction and responding to Work Style Reform in Japanese business.

（Paint Finishing System Division）• Profitability will remain difficult due to the tough competition environment in the Chinese markets and cost-increase

in the U.S markets, etc.• Increase due to recovery from losses caused by automobile painting project in the U.S in the previous fiscal year.


（Hundred millions of yen）FY2018(Mid-Term

Bussiness Plan)a

FY2017(Results)

b

FY2018(Expectation)

c

Differencec-a

Differencec-b

Ordinary income 130 130 130 0 0（Ratio） 6.2% 5.6% 5.9% -0.3% 0.3%

Green Technology 90 118 107 17 -11（Ratio） 6.8% 8.5% 7.6% 0.8% -0.9%Paint Finishing 44 11 27 -17 15（Ratio） 5.8% 1.3% 3.4% -2.4% 2.1%

75 72 75 0 2

（Ratio） 3.6% 3.1% 3.4% -0.2% 0.3%



746 610 600

132 113 150

354 405 365

462 633 505

487 436 530

0

500

1,000

1,500

2,000

2,500

2017.3 2018.3 2019.3(E)

5

2,1982,183

19.8%

18.4%

28.8%

27.8%

5.1%

621 789 685

138 129

115 366

371 384

440569

546

438

458470

0

500

1,000

1,500

2,000

2,500

2017.3 2018.3 2019.3(E)

2,006

35


22.3%

16.2%

21.2%

34.2%

6.1%

21.9%

18.3%

22.0%

31.0%

6.9%

2,150

24.7%

17.0%

23.5%

27.9%

7.0%

2,318

19.8%

16.0%

24.5%

34.1%

5.6%

2,200

21.4%

17.5%

24.8%

31.1%

5.2%

Building HVAC

Industrial HVAC (Overseas)

Industrial HVAC (Japan) Paint Finishing (Overseas)

Paint Finishing (Japan)


Earnings Forecast by Division



397 509 436

445501 524

988 1,161 1,069

10171157

1131

0

500

1,000

1,500

2,000

2,500

2017.3 2018.3 2019.3(E)

1,010

643 508 446

616605

4841,100 1,015 965

1,082 1,182 1,185

0

500

1,000

1,500

2,000

2,500

2017.3 2018.3

50.4%

45.7%

5

2019.3 (E)

51.0 %

1,260

842

2,150

47.1%

2,183 2,198

44.9%

2,006

49.3%

1,114

50.4%



36

48.0%

46.2%

9,300

2,2002,318

48.6%

45.4%

50.1%

960

（%: Overseas ratio）

Total（Japan/Overseas）


H1 Total H1 TotalH1 Total H1 Total H1 TotalH1 Total

JapanOverseas


167 161 186

390 440 474

366 371 384

8791027 1016

0

500

1,000

1,500

2018.3 2019.3(E)2017.3

156 215 146

517537

424354 405 365

9491069

1035

0

500

1,000

1,500

2018.32017.3

5

2019.3(E)

23.3% 26.9%

673558

30.0%

1,304

27.2%

1,245

29.4%

752

28.6%

602

37


1,400

25.6%

570

26.1%

1,475

27.5%

1,400

28.2%

660

27.4%

1,399

26.6%

Green Technology System Division （Japan/Overseas）


JapanOverseas



H1 TotalH1 TotalH1 Total H1 TotalH1 TotalH1 Total


229347

250

54

60

50

621

789

685

138

129

115

0

500

1,000

2017.3 2018.3 2019.3(E)

486

293 300

99

67 60

746610

600

132

113 150

0

500

1,000

2017.3 2018.3

5

2019.3(E)

83.0%

283

80.8%

586

878

84.9%

760

81.8%

81.2% 85.1%

408361

38


750

83.3%

360

80.0%

723

84.4%

800

83.3%

30085.6%

919

85.9%



Paint Finishing System Division （Japan/Overseas）

JapanOverseas


H1 TotalH1 TotalH1 Total H1 TotalH1 TotalH1 Total


６

DateNumber(thou

sand)

Unit Price(yen)

Amount(million yen)

2005/12 40 1,933 77

2006/2 597 1,780 1,062

2006/7 500 1,401 700

2011/8 300 1,576 472

2012/11 600 1,614 968

2013/12 800 2,170 1,736

2015/5 680 3,245 2,206

2016/11 356 2,805 999

2017/11,12 136 3,654 499

Date Number(thousand)

Unit Price(yen)

Amount(million yen)

2008/8 1,200 1,593 1,912

2018/2 1,700 2,443 4,154

Date number(thousand)

Unit Price(yen)

Amount(million yen)

2013/2 180 1,860 334

Shareholders Returns Purchase / Retirement / Disposal of Treasury Shares

Disposal Record

Purchase Record Retirement Record

（by ESOP）


2010.3 2011.3 2012.3 2013.3 2014.3 2015.3 2016.3 2017.3 2018.32019.3

（E）Net income(hundred millions of yen) 36.6 37.0 43.7 62.0 41.5 60.8 70.8 63.0 72.5 75.0

Cash dividends per share(yen) 30 30 35 50 45 52 67 70 75 77

Dividend payout ratio(%) 30.1 29.8 29.3 29.2 38.8 30.1 32.8 38.2 35.3 35.1

0

5

10

15

20

25

30

35

40

45

0

10

20

30

40

50

60

70

80

90

６

（%）

40

（Hundred millions of Yen / Yen）

The basic policy is to implement steady dividends by targeting a consolidated dividend payout ratio of 35%.

Shareholders Returns Net Income per Share & Cash Dividends per Share


Precaution about Forward Perspective The data and future prospect in this material is based on the judgment on the announcement date and the available information. They are possible to change by various kinds of factors and can not guarantee the achievement of goals and future performance. This information is subject to change without notice.We therefore recommend that you use this information with checking and confirming other information as well. Taikisha assumes no responsibility whatsoever for any damages resulting from the use of this material.

Contact information for inquiry about this materialInvestor Relations Section, Administrative Management Headquarters,

Taikisha Ltd.TEL：+81-3-5338-5052 FAX：+81-3-5338-5195

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