Results for the Six Months Ended September 30, 2018...2. Statement of income (Summary) 1H FY2017...
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November 27, 2018
Results for the Six Months Ended September 30, 2018 (April 1, 2018 to September 30, 2018)
Financial Results
for the First Half of FY2018
(April 1, 2018 - September 30, 2018)
1. FY2018 2Q sales and profit factors
Net sales 13,622 mil. yen +9.8% (year-to-year)
Operating income 1,555 mil. yen +1.6% (year-to-year)
Operating income margin 11.4% 12.3%
(same period last year)
• Sales increased for each application.
• Products for air conditioners and for automobiles were in good shape.
• Cost increased in order to meet a rapid increase in demand for
thermistor sensors for air conditioners and it caused reducing
operating income margin from the same period last year.
2. Statement of income (Summary)
1H FY2017
ended Sept. 30, 2017
1H FY2018
ended Sept. 30, 2018
AmountComposition
ratioAmount
Composition
ratio
Comparison
with last year
Net sales 12,408 100.0 13,622 100.0 9.8
Cost of sales 9,334 75.2 10,378 76.2 11.2
Gross profit 3,074 24.8 3,244 23.8 5.5
Selling, general and
administrative expenses1,543 12.4 1,689 12.4 9.5
Operating income 1,530 12.3 1,555 11.4 1.6
Non-operating income 51 0.4 36 0.3 −29.0
Non-operating expenses 7 0.1 30 0.2 321.3
Ordinary income 1,575 12.7 1,561 11.5 −0.9
Extraordinary income 0 0.0 0 0.0 0.0
Extraordinary losses 18 0.1 22 0.2 27.6
Income taxes and others 437 3.5 439 3.2 0.4
Net income attributable to
owners of the parent1,120 9.0 1,099 8.1 −1.9
(Amount: mil. yen, comparison: %)
3. Net sales and operating income
14,546
13,099
16,548 17,086 16,143
18,757
20,113
21,261
22,071
25,289
13,622
1,214
869
2,055 1,778
849
1,366
1,889
1,663
2,394
3,045 3,170
0
2,500
5,000
0
15,000
30,000
FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018
Outlook
Net sales Operating income 27,500
（Mil. yen） （Mil. yen）
4. Balance sheet (Summary)
Mar. 31
2018
Sept. 30
2018Change
Current liabilities 7,760 8,890 1,129
Account payable 3,749 4,115 366
Short-term loan
payable831 805 −25
Others 3,180 3,969 788
Noncurrent liabilities 1,503 1,220 −282
Long-term loan
payable1,167 854 −313
Others 335 366 30
Total liabilities 9,263 10,111 847
Net assets 21,468 21,770 302
Total liabilities and
net assets30,732 31,881 1,149
Mar. 31
2018
Sept. 30
2018Change
Current assets 21,047 20,798 −249
Cash and
deposits7,130 6,223 −907
Account
receivable7,373 7,691 318
Inventory assets 5,699 6,282 582
Others 844 601 −242
Noncurrent assets 9,684 11,083 1,399
Property, plant
and equipment8,477 9,758 1,280
Intangible assets 132 129 −2
Investments and
other assets1,074 1,195 120
Total assets 30,732 31,881 1,149
Assets Liabilities and
shareholders’ equity
(Mil. yen)(Mil. yen)
18,126 18,441 19,343
21,468 21,770
68.170.6 70.9
69.4 68.2
0
10
20
30
40
50
60
70
80
0
10,000
20,000
Mar. 31,
2015
Mar. 31,
2016
Mar. 31,
2017
Mar. 31,
2018
Sep. 30,
2018
26,462 25,987 27,113
30,732
31,881
Mar. 31,
2015
Mar. 31,
2016
Mar. 31,
2017
Mar. 31,
2018
Sep. 30,
2018
4,340
4,799
5,091
5,699
6,282
Mar. 31,
2015
Mar. 31,
2016
Mar. 31,
2017
Mar. 31,
2018
Sep. 30,
2018
*
*
*Applied the “Partial Amendments to Accounting Standard for Tax Effect Accounting” (ASBJ Statement No. 28, February 16, 2018).
5. Balance sheet items
Total assets Inventory assetsShareholders’ equity and
equity ratio
(Mil. yen) (Mil. yen)(Mil. yen)
-899
-336
-702
698
-914
End of Sept.
2016
End of Mar.
2017
End of Sept.
2017
End of Mar.
2018
End of Sept.
2018
-518 -706
-968 -962
-1,715
940
1,574
1,144
1,557 1,749
422
868
176
594
33
-2,000
-1,000
0
1,000
2,000
End of
Sept.
2016
End of
Mar.
2017
End of
Sept.
2017
End of
Mar.
2018
End of
Sept.
2018
6. Cash flows
Cash flow used in financing activitiesFree cash flow
(Mil. yen) (Mil. yen)
1,217
1,392
1,282
1,369
726
1,769 1,562
1,214
1,941
1,689
445 435 438
724
190
750
4,500
1,700
7. Capital expenditure, depreciation, R&D expenditure
Capital expenditure DepreciationResearch and development expenditure
(Mil. yen) (Mil. yen)(Mil. yen)
3,151
3,468
3,690
2,197
2,640
3,157
1,752
1,826
1,996
1,119 1,213
1,449
936 1,105
1,144
941 968
1,001
629 701
861
320 482
320
Sep
t. 2
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Sep
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Sep
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Sep
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素子 空調機器 家電 自動車 住設機器 ＯA 産業機器 計測器他
8. Sales by application(based on 1H, ended September 30)
(Mil. yen)
Thermistor
elements
Air
conditioners
Home
appliancesAutomotive Household
equipment
Industrial
equipmentOA Measuring
instruments,
and others
Automotive
Air conditioners
Home appliances
Household equipment
OA
Industrial equipment
Others29.5%
22.1%16.7%
Automotive
Air conditioners
Home appliances
Household equipment
OA
Industrial equipment
Others29.1%
23.7%17.0%
10.4%
8.0%
6.3%
9.9%
7.6%
7.1%
9. Sales by application
FY2017 1HEnded September 30, 2017
FY2018 1HEnded September 30, 2018
FY2017
Actual
1H FY2018
Actual
2H FY2018
Outlook
FY2018
Full year
outlook
Net sales25,289 13,622 13,877 27,500
（14.6） （9.8） （7.7） （8.7）
Operating income3,045 1,555 1,615 3,170
（27.2） （1.6） （6.6） （4.1）
Ordinary income3,071 1,561 1,608 3,170
（24.7） （−0.9） （7.5） （3.2）
Net income
attributable to
owners of the parent
2,280 1,099 1,270 2,370
（25.4） （−1.9） （9.5） （3.9）
10. FY2018 (ending March 31, 2019) business outlook
(Amount: mil. yen, comparison: ％)
( ): Year-to-year comparison
Topics (Factory Expansion)
11. Thai Shibaura Denshi
The 6th building was completed in Thai Shibaura Denshi, Shibaura’s biggest thermistor sensor factory.
-Area of the factory: Two-story building, approx. 9,600㎡ (The total floor area increased by 30%.)
123
4
5
6
-Completion: June 2018
-Start of operation: August 2018 (Operating successfully)
12. Motomiya Factory of Fukushima
Rendering of the 10th building
-Floor area: Three-story building, approx. 4,551㎡
-Start of construction: October 2018
-Estimated time of completion:
①③②
⑨
⑧ ④⑤ ⑥
⑦
⑩
May 2019
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
[Reference] Definition of terms
Thermistor
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.
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 formerly patented in major countries (Japan, the U.S., the U.K., Germany, France,
Canada, Italy and Switzerland.)
[Reference] Applications by temperature
-50℃ 0℃ 50℃ 100℃ 300℃ 500℃ 1,000℃
Application
Shibaura’s thermistors cover from -50℃ to 1,000℃
Existing products(Glass coated thermistors)
high-value-added products(Glass coated thermistors for high temperature)
Shibaura’s original technology
●(Tuna) stock
freezer
●Refrigerator
●Air conditioner
●EcoCute(CO2 heat pomp)
●Hot-water supply
●Automotive(Water)
●Dishwasher(Drying)
●Rice cooker
●Microwave oven
●Automotive(HV & EV motors)
●Copy machine
●IH cooker
●Fan heater
●Automotive(EGR)
●Oven●Household equipment(Gas flame)
●Automotive(DPF)
[Reference] Number of thermistors installed in a product
Household
equipment
Solar system Shower toilet Water heaterHighly efficient hot
water supply system
[ 1 to 3] [ 2 to 3 ] [ 2 to 5 ] [ 10 to 20 ]
A/C
Fan heater Room A/C Industrial A/C
[ 2 to 3 ] [ 2 to 5 ] [ 5 to 15 ]
Home
appliances
Microwave oven Rice cooker Refrigerator IH cooker
[ 2 to 3 ] [ 2 to 3 ] [ 2 to 8 ] [ 5 to 15 ]
OA
Printer Copy machineMulti-functional
copier
[ 2 ] [ 2 to 3 ] [ 3 to 5 ]
Industrial
equipment
Fire alarm Machine, robot Freezing showcase Freezing container
[ 2 ] [ 1 to 2 ] [ 2 to 5 ] [ 5 to 10 ]
Automotive
Car A/C Intake air, exhaust gas, water, fuel, oil Hybrid system
[ 4 to 5 ] [ 8 to 10 ] [ 8 to 10 ]
[ ] :Number of thermistors in a product
