Post on 05-Feb-2018
transcript
Results for the first half of FY2014
ended September 30, 2014
Domestic economy
has remaining influence of consumption tax increase,
however, it is making a gradual recovery.
Overseas economies
remains strong with growth mainly in consumer spending.
has a slowdown in recovery, facing political instability caused by the Ukraine problem. is still in slower growth.
USA
Europe
China
1. Business environment
14,360
15,872 16,490
14,546
13,099
16,548 17,086
16,143
18,757
10,234
1,783
2,180 2,457
1,214
869
2,055 1,778
849
1,366
0
1,000
2,000
3,000
4,000
5,000
0
5,000
10,000
15,000
20,000
FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
Net sales Operating income
1,850
2. Net sales and operating income
Outlook
(Million yen) (Million yen)
1H FY2013 ended Sept. 30, 2013
1H FY2014 ended Sept. 30, 2014
Amount Composition
ratio Amount
Composition
ratio
Comparison
with last year
Net sales 9,147 100.0 10,234 100.0 11.9
Cost of sales 7,337 80.2 7,784 76.1 6.1
Gross profit 1,809 19.8 2,450 23.9 35.4
Selling, general and
administrative expenses 1,307 14.3 1,339 13.1 2.5
Operating income 502 5.5 1,111 10.9 121.3
Non-operating income 141 1.6 38 0.4 △72.8
Non-operating expenses 13 0.1 18 0.2 36.4
Ordinary income 630 6.9 1,131 11.1 79.4
Extraordinary income 55 0.6 372 3.6 576.3
Extraordinary loss 7 0.1 17 0.2 142.3
Income taxes and others 239 2.6 458 4.5 91.6
Net income in the first half 439 4.8 1,028 10.0 134.0
3. Statement of income (Summary)
(Amount: million yen, comparison: %)
Net sales 10,234 mil. yen (Year-over-year basis: 11.9%)
Operating income 1,111 mil. yen (Year-over-year basis: 121.3%)
Operating income margin 10.9 % (Year-over-year basis: 5.5%)
• Increased demands from both domestic and overseas customers.
• Thermistor elements for small appliances, air conditioners, automotives increased significantly on a year-over-year basis.
• Improved production efficiency in the overseas factories along with increased sales.
• Cost-reduction efforts by the Group as a whole.
4. Statement of income
5. Balance sheet (Summary)
Assets Liabilities and shareholders’ equity
Mar. 31 2014
Sept. 30 2014
Change
Current liabilities 5,406 6,700 1,293
Account payable 2,613 3,283 670
Short-term loan payable
966 1,033 66
Others 1,826 2,383 556
Noncurrent assets 1,620 1,711 91
Long-term loan payable
1,199 1,313 113
Others 421 398 △22
Total liabilities 7,027 8,412 1,358
Net assets 15,971 16,512 540
Total liabilities and net assets
22,998 24,924 1,926
(Million yen)
Mar. 31 2014
Sept. 30 2014
Change
Current assets 15,344 17,275 1,930
Cash and deposits 5,569 6,718 1,148
Account receivable 5,348 5,626 278
Inventory assets 3,786 4,238 452
Others 640 691 50
Noncurrent assets 7,654 7,649 △4
Property, plant and equipment
6,786 6,767 △18
Intangible assets 159 127 △31
Other assets 708 753 45
Total assets 22,998 24,924 1,926
11,589 12,493 13,441 14,334 15,971
16,512
64.4 64.3 61.4 68.2 68.8 65.7
0
10
20
30
40
50
60
70
80
0
10,000
20,000
End of March, 2010 End of March, 2011 End of March, 2012 End of March, 2013 End of March, 2014 End of September, 2014
6. Balance sheet items
Total assets
Inventory assets
Shareholders’ equity and equity ratio
17,702 19,258 21,688 20,828 22,998
24,924
0
10,000
20,000
End of March, 2010 End of March, 2011 End of March, 2012 End of March, 2013 End of March, 2014 End of September, 2014
(Million yen)
2,899 3,353 3,672 3,878 3,786 4,238
0
2,000
4,000
End of March, 2010 End of March, 2011 End of March, 2012 End of March, 2013 End of March, 2014 End of September, 2014
(Million yen)
(Million yen)
7. Cash flows
Free cash flow
Cash flow used in financing activities
-1,322 -1,183
-866
-261
242
1,503
648 822
1,184 1,087
181
-535
-44
923
1,329
-1,500
-1,000
-500
0
500
1,000
1,500
-372 -380 -120 -193 -131
-1,000
-500
0
500
1,000
1H FY2012 2H FY2012 1H FY2013
2H FY2013 1H FY2014
(Million yen)
(Million yen)
1H FY2012 2H FY2012 1H FY2013
2H FY2013 1H FY2014
848 827 958 995 1,076 535 0
500
1,000
1,500
FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
8. Capital expenditure, depreciation, R&D expenditure
Capital expenditure
Depreciation
Research and development expenditure
568 851 1,305 2,625 1,409 433 0
1,000
2,000
FY2009
FY2010
FY2011
FY2012
FY2013
FY2014
138 117 219 326 331 194 0
100
200
300
FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
Outlook
1,800
1,250
300
2Q FY2014
(Million yen)
(Million yen)
(Million yen)
Outlook
Outlook
9. Sales amount by application - 1 Results for the first half
1,738
1,993
2,270
673
879
891 1,537
1,789
1,907
1,881
1,740
2,051
1,012 964
1,069
441 493
538 822
1,022
1,104
261 263
402
0
1,000
2,000
3,000
FY2
01
2
FY2
01
3
FY2
01
4
FY2
01
2
FY2
01
3
FY2
01
4
FY2
01
2
FY2
01
3
FY2
01
4
FY2
01
2
FY2
01
3
FY2
01
4
FY2
01
2
FY2
01
3
FY2
01
4
FY2
01
2
FY2
01
3
FY2
01
4
FY2
01
2
FY2
01
3
FY2
01
4
FY2
01
2
FY2
01
3
FY2
01
4
Thermistor element
Household equipment
Air conditioning
Home appliance
OA Industrial equipment
Automotive Measuring & others
(Million yen)
1,031 1,188
1,411
187
243
221
120
152
175
270
261
293
0
1,000
2,000
1H FY2012 1H FY2013 1H FY2014
Others
OA
Air conditioning
Industrial equipment
Household equipment
Home appliance
Automobile
10. Sales amount by application - 2 Thermistor element
(Million yen)
Automotive
24.5%
Other applications
Sensor
Thermistor element
11. Proportion of automotive sales to total sales
12. Sales amount by application - 3 Results and outlook for full year
2,270
891
1,907 2,051
1,069
538
1,104
402
0
1000
2000
3000
4000
FY2
01
2
FY2
01
3
FY2
01
4
FY2
01
2
FY2
01
3
FY2
01
4
FY2
01
2
FY2
01
3
FY2
01
4
FY2
01
2
FY2
01
3
FY2
01
4
FY2
01
2
FY2
01
3
FY2
01
4
FY2
01
2
FY2
01
3
FY2
01
4
FY2
01
2
FY2
01
3
FY2
01
4
FY2
01
2
FY2
01
3
FY2
01
4
素子 住設機器 空調機器 家電 OA 産業機器 自動車 計測器 他
3,379
4,043
1,501
1,900
2,754
3,312 3,466 3,514
1,905
2,046
862
1,141
1,758
2,156
515 645
4,400
2,050
3,600 3,700
2,150
1,250
500
2,350
(Million yen)
Thermistor element
Household equipment
Air conditioning
Home appliance
OA Industrial equipment
Automotive Measuring & others
13. FY2014 business outlook
H1 FY2014 results
H2 FY2014 outlook
FY2014 full year outlook
Net sales 10,234 9,766 20,000
(11.9) (1.6) (6.6)
Operating income 1,111 739 1,850 (121.3) (△14.5) (35.4)
Ordinary income 1,131 739 1,870
(79.4) (△19.6) (20.7)
Net income 1,028 512 1,540 (134.0) (△30.4) (31.0)
(Amount: million yen, comparison: %)
※( ): Year-to-year comparison
Topics
14. Matsukawa Factory (2nd factory in Fukushima)
Started its full-scale operations in July, 2014.
15. PSB thermistor elements : average monthly production
100 103 109
127 140
156
171
150
136
174 172 165
176
200
10,169 10,334 10,925
12,850 14,360
15,872 16,491
14,547 13,100
16,549 17,086 16,144
18,757
0
5,000
10,000
15,000
20,000
25,000
0
50
100
150
200
FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 H1 FY2014
2002年3月期の生産量を100とした場合の … 売上高
Sales (Million yen)
100 = production volume in FY2001 Sales
Production volume (index)
Bldg. 5
Land purchased
16. Thai Shibaura Denshi
The building No. 5 will be completed in the spring of 2015.
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-sealed 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, USA, England, Germany, France, Canada, Italy and Switzerland.)
<Reference>
Household 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 appliance
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 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
<Reference>
Glass coated thermistors Glass coated thermistors for
(Existing products) high temperatures
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-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)
<Reference>
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