Financial Results...For full year) 3. Net sales and operating income 4. Balance sheet (Summary) Mar....
Transcript of Financial Results...For full year) 3. Net sales and operating income 4. Balance sheet (Summary) Mar....
Financial Results
for the First Half of FY2017
(April 1, 2017 - September 30, 2017)
1. Statement of income (Summary)
(Amount: million yen, comparison: %)
1H FY2016ended Sept. 30, 2016
1H FY2017ended Sept. 30, 2017
AmountComposition
ratioAmount
Composition
ratioComparisonwith last year
Net sales 11,050 100.0 12,408 100.0 12.3
Cost of sales 8,486 76.8 9,334 75.2 10.0
Gross profit 2,564 23.2 3,074 24.8 19.9
Selling, general and administrative expenses 1,487 13.5 1,543 12.4 3.7
Operating income 1,076 9.7 1,530 12.3 42.2
Non-operating income 50 0.5 51 0.4 3.0
Non-operating expenses 118 1.1 7 0.1 △93.9
Ordinary income 1,008 9.1 1,575 12.7 56.2
Extraordinary income 0 0.0 0 0.0 -
Extraordinary losses 10 0.1 18 0.1 65.1
Income taxes 309 2.8 437 3.5 41.4
Net income 688 6.2 1,120 9.0 62.7
2. Sales and profit factors
• Thermistor sensors for air conditioners increased greatly and thermistor
elements for automobiles continued strong.
Thermistor sensors for other application also increased evenly.
• The Group continued to conduct aggressive marketing activities targeting
automotive manufacturers, energy-saving and green-oriented manufacturers.
• Sales increase
• Plants full operation
• Cost reduction effect
Net sales 12,408 mil. yen +12.3% (year-to-year)
Operating income 1,530 mil. yen +42.2% (year-to-year)
Operating income margin 12.3 % 9.7%
16,490
14,546 13,099
16,548 17,086 16,143
18,757
20,113
21,261 22,071
12,408
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
25,000
FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017
Net sales Operating income
(Mil. Yen) (Mil. Yen))25,000
3,000(Outlook For full year)
3. Net sales and operating income
4. Balance sheet (Summary)
Mar. 31,
2017
Sept. 30,
2017Change
Current liabilities 6,581 7,343 762
Account payable 3,296 3,945 678
Short-term loan
payable709 689 △19
Others 2,569 2670 101
Noncurrent liabilities 1,189 991 △198
Long-term loan
payable772 547 △224
Others 417 433 16
Total liabilities 7,770 8,334 564
Net assets 19,343 20,029 685
Total liabilities and
net assets27,113 28,363 1,250
Mar. 31,
2017
Sept. 30,
2017Change
Current assets 18,901 19,704 802
Cash and deposits 6,348 5,808 △540
Account receivable 6,472 6,606 913
Inventory assets 5,091 5,484 393
Others 989 826 △163
Noncurrent assets 8,212 8,659 447
Property, plant and
equipment7,300 7,720 420
Intangible assets 138 130 △7
Other assets 773 807 34
Total assets 27,113 28,363 1,250
Assets Liabilities and shareholders’ equity (Mil. yen)
14,334 15,971 18,126 18,441 19,343
20,029
68.2 68.8 68.1 70.6 70.9 70.2
0
10
20
30
40
50
60
70
80
0
10,000
20,000
End of Mar. 2013 End of Mar. 2014 End of Mar. 2015 End of Mar. 2016 End of Mar. 2017 End of Sept. 2017
5. Balance sheet items
20,828 22,998 26,462 25,987 27,113
28,363
0
10,000
20,000
30,000
End of Mar. 2013 End of Mar. 2014 End of Mar. 2015 End of Mar. 2016 End of Mar. 2017 End of Sept. 2017
3,878 3,786 4,340 4,799 5,091 5,484
0
2,000
4,000
6,000
End of Mar. 2013 End of Mar. 2014 End of Mar. 2015 End of Mar. 2016 End of Mar. 2017 End of Sept. 2017
Total assets
Inventory assets
Shareholders’ equity and equity ratio
(Mil. yen)
(Mil. yen)
(Mil. yen)
6. Cash flows
-638 -430
-899
-336 -702 -900
0
900
-1,047
-497 -518 -706 -968
967 1,151 940 1,574
1,144
-80 654422
868 176
-1,400
-900
-400
100
600
1,100
1,600
Free cash flow
Cash flow used in financing activities
(Mil. yen)
(Mil. yen)
End of Sept. 2015 End of Mar. 2016 End of Sept. 2016 End of Mar. 2017 End of Sept. 2017
End of Sept. 2015 End of Mar. 2016 End of Sept. 2016 End of Mar. 2017 End of Sept. 2017
958 995 1,076 1,217 1,392 1,235 637 0
500
1,000
1,500
2,000
End of Mar. 2012 End of Mar. 2013 End of Mar. 2014 End of Mar. 2015 End of Mar. 2016 End of Mar. 2017 End of Mar. 2018
7. Capital expenditure, depreciation, R&D expenditure
1,305 2,625 1,409 1,769 1,562 1,214 0
1,000
2,000
3,000
End of Mar. 2012 End of Mar. 2013 End of Mar. 2014 End of Mar. 2015 End of Mar. 2016 End of Mar. 2017 End of Mar. 2018
219 326 331 445 435 326 0
100
200
300
400
500
End of Mar. 2012 End of Mar. 2013 End of Mar. 2014 End of Mar. 2015 End of Mar. 2016 End of Mar. 2017 End of Mar. 2018
Outlook
Outlook
Outlook
2,600
1,500
500
438
956
Capital expenditure
Depreciation
Research and development expenditure
(Mil. yen)
(Mil. yen)
(Mil. yen)
2,757
3,151
3,468
896 936
1,105
2,065
2,197
2,640
1,726
1,752
1,826
1,099
941 968
606
629
701 1,074
1,119 1,213
343 320
482
0
1,000
2,000
3,000
4,000
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素子 住設機器 空調機器 家電 OA 産業機器 自動車 計測器他
8. Sales by application (based on 1H, ended September 30)
(Mil. Yen)
Thermistorelements
Householdequipment
Airconditioners
Home appliances
OA Industrial equipment
Automobiles Others
Automobiles 29.4%
Air conditioners 22.1%
HomeAppliances
16.6%
Householdequipment
OA
Industrialequipment
Others
9. Sales by application
10. FY2017 (ending March, 2018) business outlook
H1 FY2017
results
H2 FY2017
outlook
FY2017 full year
outlook
Net sales12,408 12,592 25,000
(12.3) (14.3) (13.3)
Operating income1,530 1,470 3,000
(42.2) (11.5) (25.3)
Ordinary income1,575 1,425 3,000
(56.2) (△2.1) (21.8)
Net income
attributable to
owners of the parent
1,120 1,160 2,280(62.7) (2.7) (25.4)
(Amount: mil. yen, comparison: %)
( ): Year-to-year comparison
Plant and Equipment Investment
for the 1st half of FY2017
11. Plant and equipment investment for the 1st half of FY2017
(1) The plant in the adjacent area to Fukushima
Shibaura Electronics was reconstructed in April
2017
(3) The third building of Kakunodate Shibaura
Electronics was completed in September 2017
(2) The third building of Tohoku Shibaura
Electronics was completed in November 2017
(4) The sixth building of Thai Shibaura Denshi
will be completed at the end of April 2018
Shibaura’s
Challenges for the Future
12. Shibaura’s challenges for the future 1/2 | Achievements up to FY2016
Net sales: 20 billion yenOperating income margin: 10%
Thai Shibaura Denshi:
Completed nos. 3, 4 and 5 bldgs.
Fukushima Shibaura:
Manufacturing capacity of 30 million pieces
Fukushima Shibaura:
Thermistor elements
for high temperatures
(Matsukawa Plant)
Automatization, robots
and
for automotive field
Sales
Production capacity
Development
Technology
13. Shibaura’s Forthcoming Challenges 2/2 | Shibaura 3 years from now
Internal factors
• Further improvement of management capability
• Human resource development
• Basic development
• Application development
• Technological capability(IT systems)
• Manufacturing capability(AI and robots)
External factors
• Changes in automotive industry
• Changes in markets
(Market shrinkage in Japan)
• Communication with investors
• Supply chain
Thank you very much.
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.
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 thermal stability, 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.)
<Reference>
Household
equipment
Solar system Shower toilet Water heaterHighly efficient hot
water supply system
1- 3 2 - 3 2 - 5 10 - 20
Air
conditioners
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
OAPrinter Copy machine
Multi-functionalcopier
2 - 3 2 - 3 3 - 5
Industrial
equipment
Fire alarm Machine, robot Freezing showcase Freezing container
2 1 - 2 2 - 5 5 - 10
AutomobilesCar A/C Intake air, exhaust gas, water, fuel, oil Hybrid system
4 - 5 8 - 10 8 - 10
Number of thermistors installed in a product
<Reference>
22
1,000℃
Applications
Glass coated thermistors Glass coated thermistors for
(Existing products) high temperatures
Shibaura’s thermistors cover from -50℃ to 1,000℃
Applications for various temperature ranges<Reference>
(Tuna) stock freezer
Refrigerator
Air conditioner
EcoCute(CO2 heat pomp)
Hot-water supply
Dishwasherdryer
Automobile(Water temp.)
Rice cooker
Microwave oven
Automobile(HV & EV motors)
Copy machine
IH cooker
Fan heater
Automobile(EGR)
Oven
Household(Gas flame)
Automobile(DPF)
-50℃