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Summary of Financial Results
for
FY2014 Ended March 31, 2015
(April 1, 2014 – March 31, 2015)
Japanese economy
is still affected by the tax increase in last April, however,
shows gradual recovery with government’s economic
package including monetary easing.
Global economy
maintains steady recovery.
clearly shows decrease in growth rate and economic slowdown. is still soft with some signs of a recovery.
US
China
EU
1. Business environment
14,360
15,872 16,490
14,546
13,099
16,548 17,086
16,143
18,757
20,113
1,783
2,180 2,457
1,214
869
2,055 1,778
849
1,366
1,889
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 FY2015
Net sales Operating income
(Million yen) (Million yen)
21,000
2,000
Outlook
2. Net sales and operating income
FY2013 (ended Mar. 31, 2014) FY2014 (ended Mar. 31, 2015)
Amount Composition
ratio Amount
Composition
ratio
Comparison
with last year
Net sales 18,757 100.0 20,113 100.0 7.2
Cost of sales 14,788 78.8 15,581 77.5 5.4
Gross profit 3,968 21.2 4,532 22.5 14.2
Selling, general and
administrative expenses 2,602 13.9 2,642 13.1 1.5
Operating income 1,366 7.3 1,889 9.4 38.3
Non-operating income 209 1.1 67 0.3 △67.5
Non-operating expenses 25 0.1 31 0.2 22.4
Ordinary income 1,549 8.3 1,926 9.6 24.3
Extraordinary income 213 1.1 404 2.0 90.0
Extraordinary loss 10 0.1 24 0.1 120.5
Income taxes and others 576 3.1 658 3.3 14.2
Net income 1,175 6.3 1,648 8.2 40.2
(Amount: million yen, comparison: %)
3. Statement of income (Summary)
Net sales 20,113 million yen +7.2% (year-to-year)
Operating income 1,889 million yen +38.3% (year-to-year)
Operating income margin 9.4% 7.3%
ROE 9.1% 7.4%
• Brisk operating activities focusing around energy-saving and
green-oriented markets
• Thermistor sensors for home appliances & OA equipment and
thermistor elements for automotive are strong
• Improved production efficiency associated with increased sales
at overseas factories
• Group-wide efforts for cost reduction
4. FY2014 sales and profit factors
Assets Liabilities and shareholders’ equity
Mar. 31
2014
Mar. 31
2015 Change
Current liabilities 5,406 6,217 811
Account payable 2,613 2,956 343
Short-term loan
payable 966 1,082 116
Others 1,826 2,178 351
Noncurrent assets 1,620 2,118 498
Long-term loan payable
Others
1,199
421
1,740
377
541
△43
Total liabilities 7,027 8,336 1,309
Net assets 15,971 18,126 2,154
Total liabilities and
net assets 22,998 26,462 3,464
(Million yen)
Mar. 31
2014
Mar. 31
2015 Change
Current assets 15,344 17,757 2,413
Cash and deposits 5,569 6,957 1,388
Account
receivable 5,348 5,603 254
Inventory assets 3,786 4,340 553
Others 640 856 216
Noncurrent assets 7,654 8,704 1,050
Property, plant and
equipment 6,786 7,740 953
Intangible assets 159 139 △19
Investment s and
other assets 708 824 116
Total assets 22,998 26,462 3,464
5. Balance sheet (Summary)
11,589 12,493 13,441 14,334 15,971
18,126
64.4 64.3 61.4 68.2 68.8 68.1
0
10
20
30
40
50
60
70
80
0
10,000
20,000
2010 2011 2012 2013 2014 2015
Total assets
Inventory assets
Shareholders’ equity and equity ratio
17,702 19,258 21,688 20,828 22,998
26,462
0
10,000
20,000
2010 2011 2012 2013 2014 2015
(Million yen)
2,899 3,353 3,672 3,878 3,786
4,340
0
2,000
4,000
2010 2011 2012 2013 2014 2015
(Million yen)
(Million yen)
End of March
End of March
End of March
6. Balance sheet items
Free cash flow
Cash flow used in financing activities
-820 -1,240
-2,506
-1,127 -1,169
1,872
1,455
2,151
2,006 2,042 1,052 215 -354
879 873
-3,000
-2,000
-1,000
0
1,000
2,000
3,000 (Million yen)
-457
588
-753 -314
308
-1,000
-500
0
500
1,000 (Million yen)
2011 2012 2013 2014 2015
2011 2012 2013 2014 2015
7. Cash flows
End of March
End of March
848 827 958 995 1,076
1,217
0
500
1,000
1,500
2010 2011 2012 2013 2014 2015 2016
568 851 1,305 2,625 1,409
1,769
0
1,000
2,000
2010 2011 2012 2013 2014 2015 2016
138 117 219 326 331 0
100
200
300
400
2010 2011 2012 2013 2014 2015 2016
Outlook
1,850
1,450
450 445
Capital expenditures
Depreciation
Research and development expenditures
(Million yen)
(Million yen)
(Million yen)
Outlook
Outlook
8. Capital expenditure, depreciation, R&D expenditure
End of March
End of March
End of March
3,379
4,043
4,715
5,200
1,501
1,900
1,805 1,850
2,754
3,312
3,429
3,500
3,466
3,514
3,823
3,850
1,905
2,046
2,193
2,300
862
1,141
1,153 1,200
1,785
2,156
2,204
2,300
515 645
791 800
0
1,000
2,000
3,000
4,000
5,000 F
Y2
01
2
FY
20
13
FY
20
14
FY
20
15
*
FY
20
12
FY
20
13
FY
20
14
FY
20
15
*
FY
20
12
FY
20
13
FY
20
14
FY
20
15
*
FY
20
12
FY
20
13
FY
20
14
FY
20
15
*
FY
20
12
FY
20
13
FY
20
14
FY
20
15
*
FY
20
12
FY
20
13
FY
20
14
FY
20
15
*
FY
20
12
FY
20
13
FY
20
14
FY
20
15
*
FY
20
12
FY
20
13
FY
20
14
FY
20
15
*
素子 住設機器 空調機器 家電 OA 産業機器 自動車 計測器 他
(Million yen)
*FY2015 shows
outlook
Thermistor elements
Household equipment
Air conditioning
Home appliances
OA Industrial equipment
Automotive Others
9. Sales amount by application – 1
1,978
2,449
2,929
383
446
472
258
317
356
510
538
643
0
1,000
2,000
3,000
4,000
2013 2014 2015
Others
OA
Air conditioning
Industrial equipment
Household equipment
Home appliances
Automotives
10. Sales amount by application – 2 Thermistor elements
(Million yen)
End of March
Automotive 25.5%
Other
applications
Sensors
Elements
11. Proportion of automotive sales to total sales
Year-to-year basis
Net sales 21,000 million yen +4.4%
Operating income 2,000 million yen +5.9%
Further enhanced study & development system
Operating activities by a unit of Engineering and Sales Teams
for bigger market share
Continuous efforts for cost reduction on a group-wide basis
12. FY2015 (ending Mar. 31, 2016) business outlook (summary)
H1 FY2015
outlook
H2 FY2015
outlook
FY2015 full year
outlook
Net sales 10,300 10,700 21,000
(0.6) (8.3) (4.4)
Operating income 900 1,100 2,000
(△19.0) (41.3) (5.9)
Ordinary income 900 1,100 2,000
(△20. 5) (38.3) (3.8)
Net income 620 760 1,380
(△39.7) (20.8) (△16.3)
13. FY2015 (ending March, 2016) business outlook
(Amount: million yen, comparison: %)
( ): Year-to-year comparison
Business Deployment
14. Business deployment | Strategic pillars
Aggressive business activities to gain market share
Accelerated expansion in overseas businesses
Focusing on “environment”, “energy-saving” and
“safety”
Enhanced engineering & development capabilities
15. Business deployment: Aggressive business activities 1/3
Aggressive business activities to gain larger share
Sept 2012 Sannohe Shibaura: building no. 3 completed
Shanghai Shibaura: moved to larger space
Apr 2014 Ichinohe Shibaura: merged into Iwate Shibaura
Dec 2013 Fukushima Shibaura: Matsukawa Factory completed
Apr 2015 Thai Shibaura: building no. 5 completed
The new building no. 5 completed
in April, 2015.
Thai Shibaura Denshi Co., Ltd.
16. Business deployment: Aggressive business activities 2/3
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
20,113
0
5,000
10,000
15,000
20,000
25,000
0
50
100
150
200
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
100 = production volume in FY2001
Sales
End of March
Sales
(Million yen)
Production volume (index) PSB thermistor elements : average monthly production
17. Business deployment: Aggressive business activities 3/3
Accelerated expansion of overseas businesses
Germany: Shibaura Electronics Europe GmbH was established
in 2012
Enhanced sales network
18. Business deployment | Overseas businesses
Focusing on “environment”, “energy-saving” and “safety”
World trends
Environment, energy-saving,
high functionality, safety
Expanding
applications
Larger share in growing
fields
Thermistor
elements high quality
large
supply Wide temperature range
Housing
equipment Environment
Energy-
saving Safety
Home
appliances Environment
Energy-
saving
All
electrification
High-
functionality
Emerging
countries
OA Colorization High-functionality
(Non-contact)
Industrial
equipment Environment
Energy-
saving
Facility
investment
Automotive Environment Energy-
saving Hybrid EV
19. Business deployment | Focus
Enhanced engineering & development capabilities
Thermistor elements
Thermistor sensors
Element technology
Analytical abilities
Enhanced subsidiaries
Strengthened human resources
20. Business deployment | Engineering & development
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
28
-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>
28
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