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Financial Resultsfor the First Half of FY2016
(April 1, 2016 - September 30, 2016)
Japanese economycontinued to face adversity due to stagnant consumer spending in spite of the steady employment and income environment, yen appreciation and economic slowdown in developing countries.
1. Business environment
Global economyGlobal economyremained on a recovery trend with consumer spending.
increased uncertainty due to Brexit.
clearly slowed down with further downside risks.
US
China
EU
1. Yen appreciation
2. Lack of manpower
3. Low price of crude oil4. Environmental issues (COP22)
Factors around Shibaura
4. Environmental issues (COP22)5. Climate change (large typhoons, earthquakes…)
6. Advancement of IT (AI, IoT, automonous driving…)7. M&A (capital and business alliance)
Net sales 11,050 mil. yen +4.6% (year-to-year)
Operating income 1,076 mil. yen +31.7% (year-to-year)Operating income margin 9.7 % 7.7%
2. Sales and profit factors
• Thermistor elements for automobiles and thermistor sensors for air
conditioners continued strong.conditioners continued strong.
• Thermistor sensors for small home appliances recovered.
• Overseas sales decreased due to unfavorable foreign exchange rates.
• Decrease in manufacturing costs.
• Product mix – increased sales of high margin products.
3. Statement of income (Summary) 1H FY2015
ended Sept. 30, 20151H FY2016
ended Sept. 30, 2016
Amount Composition ratio Amount Composition
ratioComparisonwith last year
Net sales 10,565 100.0 11,050 100.0 4.6
Cost of sales 8,333 78.9 8,486 76.8 1.8
Gross profit 2,231 21.1 2,564 23.2 14.9
Selling, general and administrative expenses 1,413 13.4 1,487 13.5 5.2
(Amount: million yen, comparison: %)
Operating income 817 7.7 1076 9.7 31.7
Non-operating income 40 0.4 50 0.5 22.5Non-operating expenses 9 0.1 118 1.1 1,150.0
Ordinary income 849 8.0 1,008 9.1 18.8
Extraordinary income 112 1.1 0 0.0 -Extraordinary losses 114 1.1 10 0.1 △90.4
Income taxes 253 2.4 309 2.8 22.1
Net income 594 5.6 688 6.2 15.9
15,872 16,490
14,546 13,099
16,548 17,086 16,143
18,757 20,113
21,261
11,050 2,457 3,000
4,000
5,000
15,000
20,000 Net sales Operating income
22,400(Mil. yen) (Mil. yen)
(Net sales) (Operating income)
4. Net sales and operating income
11,050 2,180
2,457
1,214 869
2,055
1,778
849
1,366
1,889 1,663
0
1,000
2,000
0
5,000
10,000
FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016
2,000
■ Outlook (ending Mar. 2017)■ End of Sept. 2016
(Outlook For full year)
Mar. 31, 2016
Sept. 30,2016 Change
Current liabilities 5,897 5,842 △55
Account payable 3,134 2,959 △174
Short-term loan payable 923 792 △130
Others 1,839 2,089 250
Mar. 31, 2016
Sept. 30,2016 Change
Current assets 17,930 17,243 △687
Cash and deposits 6,381 5,707 △674
Account receivable 5,860 6,211 351
Inventory assets 4,799 4,657 △141
5. Balance sheet (Summary)Assets Liabilities and shareholders’ equity (Mil. yen)
Noncurrent assets 1,649 1,399 △250
Long-term loanpayable 1,241 997 △243
Others 408 401 △6
Total liabilities 7,546 7,241 △305
Net assets 18,441 17,641 △799
Total liabilities and net assets 25,987 24,882 △1,105
Others 889 666 △222
Noncurrent assets 8,057 7,639 △417
Property, plant andequipment 7,217 6,829 △387
Intangible assets 143 143 0
Other assets 695 666 △29
Total assets 25,987 24,882 △1,105
21,688 20,828 22,998 26,462 25,987
24,882
0
10,000
20,000
End of Mar. 2012 End of Mar. 2013 End of Mar. 2014 End of Mar. 2015 End of Mar. 2016 End of Sept. 2016
4,000
6. Balance sheet items
Total assets
Inventory assets
(Mil. yen)
(Mil. yen)
13,441 14,334 15,971 18,126 18,441 17,641
61.4 68.2 68.8 68.1 70.6 70.5
0
10
20
30
40
50
60
70
80
0
10,000
20,000
End of Mar. 2012 End of Mar. 2013 End of Mar. 2014 End of Mar. 2015 End of Mar. 2016 End of Sept. 2016
3,672 3,878 3,786 4,340 4,799 4,657
0
2,000
End of Mar. 2012 End of Mar. 2013 End of Mar. 2014 End of Mar. 2015 End of Mar. 2016 End of Sept. 2016
Shareholders’ equity and equity ratio(Mil. yen)
7. Cash flows
242
-1,047
-497 -518
1,087 955 967
1,151 940
1,329
-456
-80
654 422
-500
500
1,500
Free cash flow
(Mil. yen)
-1,411 -1,500
-131
439
-638 -430 -899
-900
0
900
End of Sept. 2014 End of Mar. 2015 End of Sept. 2015 End of Mar. 2016 End of Sept. 2016
Cash flow used in financing activities
(Mil. yen)
End of Sept. 2014 End of Mar. 2015 End of Sept. 2015 End of Mar. 2016 End of Sept. 2016
1,000
1,500
8. Capital expenditure, depreciation, R&D expenditure
851 1,305 2,625 1,409 1,769 1,562 511 0
1,000
2,000
End of Mar. 2011 End of Mar. 2012 End of Mar. 2013 End of Mar. 2014 End of Mar. 2015 End of Mar. 2016 End of Mar. 2017Outlook
1,600
1,350
(Cash-flow based)Capital expenditure
Depreciation
(Mil. yen)
(Mil. yen)
117 219 326 331 445 435 198 0
100
200
300
400
500
End of Mar. 2011 End of Mar. 2012 End of Mar. 2013 End of Mar. 2014 End of Mar. 2015 End of Mar. 2016 End of Mar. 2017
827 958 995 1,076 1,217 1,392 603 0
500
1,000
End of Mar. 2011 End of Mar. 2012 End of Mar. 2013 End of Mar. 2014 End of Mar. 2015 End of Mar. 2016 End of Mar. 2017
500
End of Sept. 2016
Research and development expenditure(Mil. yen)
Outlook
Outlook
9. Sales by application (based on 1H, ended September 30)
2,270
2,757
3,151
1,907
2,065
2,197
2,051
1,726
1,752 2,000
3,000
(Mil. Yen)
891
896
936
2,051
1,069
1,099 941
538
606
629 1,104
1,074
1,119
402 343
320
0
1,000
Sep
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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Thermistorelements
Householdequipment
Airconditioners
Home appliances
OA Industrial equipment
Automobiles Others
Automobiles 29.6%
OA
Industrialequipment
Others
10. Sales by application (including thermistor element sales)
Air conditioners 20.5%
HomeAppliances
18.6%
Householdequipment
11. Sales by application: full year (outlook & 1H status for FY2016)
3,151
4,715
5,736
3,429
3,810 3,823
3,349 3000
4000
5000
6000Outlook for FY2016 (ending Mar. 31, 2017)
(Mil. Yen) 6,200
4,200
3,400
2,250 2,350
Status for 1H FY2016 (ended Sept. 30, 2016)
936
2,197
1,752
941
629
1,119
320
1,805 1,917
2,193 2,219
1,153
1,269
2,204 2,253
791 708
0
1000
2000
Mar
. 201
5
Mar
. 201
6
Mar
. 201
7
Mar
. 201
5
Mar
. 201
6
Mar
. 201
7
Mar
. 201
5
Mar
. 201
6
Mar
. 201
7
Mar
. 201
5
Mar
. 201
6
Mar
. 201
7
Mar
. 201
5
Mar
. 201
6
Mar
. 201
7
Mar
. 201
5
Mar
. 201
6
Mar
. 201
7
Mar
. 201
5
Mar
. 201
6
Mar
. 201
7
Mar
. 201
5
Mar
. 201
6
Mar
. 201
7
素子 住設機器 空調機器 家電 OA 産業機器 自動車 計測器他Thermistorelements
Householdequipment
Airconditioners
Home appliances
OA Industrial equipment
Automobiles Others
2,0002,250
1,300
700
2,350
H1 FY2016results
H2 FY2016outlook
FY2016 full yearoutlook
Net sales11,050 11,350 22,400
(4.6) (6.1) (5.4)
1,076 924 2,000
12. FY2016 (ending March, 2017) business outlook(Amount: mil. yen, comparison: %)
Operating income1,076 924 2,000
(31.7) (9.2) (20.2)
Ordinary income1,008 992 2,000
(18.8) (15.2) (17.0)Net incomeattributable to owners of the parent
688 812 1,500(15.9) (31.1) (23.6)
( ): Year-to-year comparison
Main measures to be taken during the 2nd half of FY2016during the 2nd half of FY2016
1. Enhance plant equipment for increased demand in the airconditioner market
2. Reduce cost
3. Improve product efficiency (e.g. automatization)
13. Main measures for 2H FY2016
4. Expand business in the automotive field
5. Reinforce R&D system
6. Industry-university collaboration
13-1. Sensors for air conditionersIndoor unit pipe
Room air
Outdoor unit pipe
Intake air
HV motor
Ambient air
Room air
Fuel
13-2. Sensors for automobiles
Intake air(quick response)
Water / Oil Transmission fluid
Battery
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
Thermistor<Reference>
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 elementShibaura 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.)
Householdequipment
Solar system Shower toilet Water heater Highly efficient hot water supply system
1- 3 2 - 3 2 - 5 10 - 20
Airconditioners
Fan heater Room A/C Industrial A/C
2 - 3 2 - 5 5 - 15
Homeappliances
Microwave oven Rice cooker Refrigerator IH cooker
2 - 3 2 - 3 2 - 8 5 - 15
Number of thermistors installed in a product<Reference>
appliances 2 - 3 2 - 3 2 - 8 5 - 15
OAPrinter Copy machine Multi-functional
copier
2 - 3 2 - 3 3 - 5
Industrialequipment
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
Glass coated thermistors Glass coated thermistors for(Existing products) high temperatures
-50℃ 1,000℃Shibaura’s thermistors cover from -50℃ to 1,000℃
Applications for various temperature ranges
0℃ 50℃ 100℃ 300℃ 500℃
(Tuna) stock freezer Hot-water supply IH cooker Automobile(EGR)
<Reference>
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Applications
(Tuna) stock freezerRefrigerator
Air conditioner
EcoCute(CO2 heat pomp)
Dishwasherdryer
Automobile(Water temp.)
Rice cooker
Microwave oven
Automobile(HV & EV motors)
Copy machine
Fan heater
(EGR)
Oven
Household(Gas flame)
Automobile(DPF)
24
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