Summary of Financial Statement for the 2nd Quarter of ...
Transcript of Summary of Financial Statement for the 2nd Quarter of ...
Summary of Financial Statement
for the 2nd Quarter of Fiscal
Year 2017
November 10 , 2017
TABUCHI ELECTRIC CO., LTD (Security code:6624)
Copyright(C) Tabuchi Electric Co., Ltd. All rights reserved. 2
Main point of FY2017 2Q Result
(Power Supply・Energy solution business )The domestic PV power generation market has delayed the accreditation procedure after the implementation of the revised FIT, and This also had a big impact on our business. With regard to the sales expansion of North American market, installation had been just started, and we try to implement all measures to expand sales targets towards the second half in the future.
(Power Supply・Power Supply & Device business)Adapters for amusement machine have responded to increased demand in full production from the first quarter, greatly contributing to increased sales.
(Transfomer・Power Supply & Device business)The demand for air conditioner reactors increased in Japan and ASEAN countries, but overall sales remained steady as the Chinese business stagnated.
Copyright(C) Tabuchi Electric Co., Ltd. All rights reserved. 3
Consolidated Operating Result
FY2016
2Q
FY2017
2QDifference
Sales 12,984 13,751 767
Operating
Profit▲1,096 ▲2,171 ▲1,074
Current Profit ▲1,364 ▲2,144 ▲780
Net
Profit▲912 ▲4,426 ▲3,514
Along with an increase of AC adaptor for amusement machine, stagnation of domestic PV market and a delay of oversea expansion, sales is slightly increased. Cost reduction achieved as planned, executed Loss on inventory valuation and impairment.
(Unit: MJPY)
Copyright(C) Tabuchi Electric Co., Ltd. All rights reserved. 4
Operating Result by Segment
F Y 2 0 1 6 - 2 Q F Y 2 0 1 7 - 2 Q D i f f e r e n c e
Sales Operating Profit Sales Operating Profit Sales Operating Profit
Power
Supply8,139 ▲1,223 8,837 ▲2,137 697 ▲914
Trans-
former4,844 234 4,913 68 69 ▲166
Adj. - ▲108 - ▲102 - +6
Total 12,984 ▲1,096 13,751 ▲2,171 767 ▲1,074
(Unit: MJPY)
Copyright(C) Tabuchi Electric Co., Ltd. All rights reserved. 5
Summary for Sales by Segment
Power Supply Business Transformer Business
+8.6%(vs FY2016-2Q) +1.4%(vs FY2016-2Q)
Continued weakness in domestic PV generation market stagnation and slow start of overseas sales
Power supply for amusement machine is full production capacity
Reactor for air conditioner expands to ASEAN
Various high frequency transformers increased by more than 10% to ASEAN market
Copyright(C) Tabuchi Electric Co., Ltd. All rights reserved. 6
Quarterly Sales Trend by Segment
8,242 8,754
6,148 6,799
3,702 4,437
3,180
5,444
4,506 4,331
2,344 1,995
2,425
2,392
2,627
2,216
2,201
2,345
2,624 2,289
0
2,000
4,000
6,000
8,000
10,000
12,000
15-1Q 15-2Q 15-3Q 15-4Q 16-1Q 16-2Q 16-3Q 16-4Q 17-1Q 17-2Q
Power Supply Transformer
FY2016FY2015
(Unit: MJPY)
FY2017
Copyright(C) Tabuchi Electric Co., Ltd. All rights reserved. 7
Consolidated Operating Result Quarterly Trend
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
-4,000
-3,000
-2,000
-1,000
0
1,000
2,000
3,000
4,000
15-1Q 15-2Q 15-3Q 15-4Q 16-1Q 16-2Q 16-3Q 16-4Q 17-1Q 17-2Q
Operating Profit Current Profit Net Profit Sales
Opera
ting, o
rdin
ary, a
nd n
et pro
fit (bar ch
art)
)
Sales
(line ch
art)
FY2016FY2015 FY2017
(Unit: MJPY)
Copyright(C) Tabuchi Electric Co., Ltd. All rights reserved. 8
5,009
6,561
0
2,000
4,000
6,000
8,000
122.4%
172.9%
0.0%
50.0%
100.0%
150.0%
200.0%
Consolidated Financial Position
Asset ‘17/3/E ’17/9/ELiabilities
&Equity’17/3/E ’17/9/E
Cash & EQV. 4,365 3,102 Acc. Payables 4,434 4,260
Acc. Receivables 5,268 4,651 Short-term debt 7,065 7,513
Inventories 9,064 8,546 Others (current) 3,177 2,995
Others (current) 1,024 1,376 Long-term debt 2,309 2,150
Fixed asset 12,121 9,633 Others (NC) 4,951 4,791
Deferred asset 0 0 Equity 9,905 5,599
Total 31,844 27,310 Total 31,844 27,310
Equity ratio Fixed asset/Equity ratio
’17/3/E ’17/9/E
Net Interest-bearing debt
’17/3/E ’17/9/E
31.1%
20.5%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
’17/9/E’17/3/E
(Unit: MJPY)
(Unit: MJPY)
Copyright(C) Tabuchi Electric Co., Ltd. All rights reserved. 10
Unit: Million Yen
*Foreign exchange rate : JPY110/USD
FY2016FY2017
FH LH Total
Sales 26,156 13,751 14,549 28,300
Operating
Profit▲3,333 ▲2,171 171 ▲2,000
Operating
Profit ratioー ー 1.2% ー
Current Profit ▲3,415 ▲2,144 44 ▲2,100
Net
Profit▲5,782 ▲4,426 126 ▲4,300
Dividend
per share
Yearly8JPY
At-half
0JPYYear end
0JPYYearly0JPY
<Forecast> Consolidated Income
Copyright(C) Tabuchi Electric Co., Ltd. All rights reserved. 11
First half results
Sales
Amusement power supply continues full production Significant increase in sales
Transformer business has been steady, including small power transformer switching transformer
Inverter declined due to stagnation due to delays in FIT re-certification of domestic solar power generation market and delays in overseas sales expansion
Ordinary Profit
In addition to a decline in gross profit due to a decline in inverter sales and a fall in selling prices, inventory reduction was reduced
Net Profit
Impairment of fixed assets of energy solution business
Points of first-half results
Copyright(C) Tabuchi Electric Co., Ltd. All rights reserved. 12
Second Half Forecast
Sales and Ordinary Profit
The amusement power supply and transformer business is expected to remain strong
In the domestic market of PV inverters, FIT recertification procedures also proceed, and the penetration of residential hybrid systems, industrial low-voltage interconnections and medium capacity products is expected to prosper, sales are bottoming out
In addition to reduction of fixed costs, implementation of additional cost reduction measures and commissioned development of onboard power supply for electric car started
Points of second-half performance forecast
Copyright(C) Tabuchi Electric Co., Ltd. All rights reserved. 13
2016 shipment down 34%prospect more than 20% down in 2017 (5~6GW)
Particularly in 1 to 2 Q, FIT re-certification procedures* are stalled, new installation has declined greatly, and recovery falls in the second half
Market prospect for domestic PV
Data:JEMA*Revised FIT(Execute form April 2017)
2,805,593
4,455,129 4,948,156
3,312,189 3,054,798
488,010
793,290 707,942
640,559 1,207,496 1,573,535
4,480,747
5,426,928
7,302,183
3,161,632
0
2,000,000
4,000,000
6,000,000
8,000,000
10,000,000
12,000,000
2012 2013 2014 2015 2016 2017
PV inverter shipment (kW)
~10kW 10~100kW 100kW~
Forecast
7.4GW(△34%)
Copyright(C) Tabuchi Electric Co., Ltd. All rights reserved.
Global expansion
・Launch products that feature market to industrial and residential, mainly in the United States, India and other regions, where the market is expanding・PV+Storage hybrid systemHawaii, California, Canada as a priority sales expansion
region, working together with local leading EPCs, making full-scale sales in the second half・In Japan, we began selling small hybrid systems with a storage capacity of 4.0 kWh (Half EIBS)
ResidentialPV+Storage
system
Tabuchi America(San Jose)Sorce:RTS
Industial25/33kWInverter
0
5
10
15
20
25
30
35
40
Europe Japan China USA India Other
PV Regional Market(GW)
2015 2016 2017(STD) 2017(High)
ResidentialPV+Storage
systemHalf_EIBS(wall-mounted inverter
with 4.0kWh Battery)
Copyright(C) Tabuchi Electric Co., Ltd. All rights reserved. 15
Potential management improvement measures
Leverage the power electronics technology and know-how cultivated in our multi-year solar power generation system for EV power supply products such as "DC-DC converter" and "car charger"
In addition to large passive components such as transformers and reactors, we also incorporate power electronics equipment as an automotive equipment business and will also work toward future development of inverters for drive motors
We will build the automotive equipment business into the third main business division following the power supply and device business and energy solution business
Development consignment in automotive power supply business field
Part of the development work of power supply equipment for electric vehicles and hybrid vehicles from TDK Corporation
Copyright(C) Tabuchi Electric Co., Ltd. All rights reserved. 16
Potential management improvement measures
Optimize management and indirect costs of domestic bases
Optimize overseas sales baseClosure of Thai · Bangkok office, reduction of fixed costs by narrowing down priority sales areas in North America
Transfer of production, cost reduction through acceleration of consolidation
Reduction in amortization cost due to impairment of fixed assets
Additional fixed cost reduction measuresIn addition to reducing the fixed costs by default, implement new cost reduction measures
Along with streamlining these business systems, we will realize a more efficient promotion system for power supply device business and energy solution businesses through globalization of technology development system (utilization of development base in Bangkok / Hanoi / Shanghai)
Copyright(C) Tabuchi Electric Co., Ltd. All rights reserved. 17
16,996
12,948
8,139 8,625 8,837 10,149
4,339
4,818
4,844 4,547 4,913
4,400
0
5,000
10,000
15,000
20,000
25,000
FH LH FH LH FH LH
Power Supply Transformer
14,549
FY2016 FY2017FY2015
21,336
17,767
12,984 13,172
13,751
<Forecast> Sales Trend by Segment
Unit: Million Yen
*Please note that the statements contained in this document are based on variousassumptions from presently available information and never constitute any guaranteethat projections of the performance will actually realize.
Contact
<Headquarters>Nissay-shinosaka Bldg., 3-4-30 Miyahara,Yodogawa-ku, Osaka 532-0003, JAPAN
<Tokyo Branch>Kinsan Bldg., 3-18-3 Kanda Nishiki-cho,Chiyoda-ku, Tokyo 101-0054, JAPAN
<Investor Relations>℡ +81 3 5259-6250(Osamu Inoue in Business Strategy Dept.)