Business Report - Investor Relations | Wacominvestors.wacom.com/media/files/investor-relations/2015-english/E-2... · Business Report Apr. 2014 to Mar. 2015 (FY 03/2015) ... DTU-1031

Business ReportApr. 2014 to Mar. 2015

(FY 03/2015)

Wacom Co., Ltd.

(TSE Sec.1 6727)

All Rights Reserved. Copyright © 2015 Wacom Co., Ltd. 2

Contents Index3-4 FY 03/15 Results Overview5-6 Consolidated P/L by Business Line

7-8 Consolidated Sales/Profit Comparison

9 Operating Expenses Comparison

10 Business Categories

11-18 Business Highlights

19-21 Sales by Product Line

22-24 Sales by Region, Sales Changes for Local Currencies

25-26 Consolidated B/S, C/F

27-30 FY 03/16 Basic Policy, Business Strategies, and Business Segment

31-32 Assumptions for FY 03/16 Forecast

33-39 Forecast of Results for FY 03/16

40-41 Dividend Forecast for FY 03/16, Dividends per Share

42-44 Our Branding

45 Disclaimer


FY03/15 Results OverviewOperating environment Global economy recovery continued led by economic expansion in the U.S. Japan saw a steady

economic recovery after a consumption tax rise triggered a slowdown. On the other hand, there were concerns of a slowdown in the Eurozone due to the Russia-Ukraine conflict. The JPY was weaker than the previous fiscal year.

As cloud computing, mobile products, and SNS rapidly expand, the IT industry faces intensified competition and structural change. The market trends surrounding the company are changing rapidly.

Performance overview In Brand product Business, sales grew steadily and marked a record high for the whole fiscal period

owing to expansion in the Vertical Market Business, sales growth of our mobile products, and favorable sales in Asian markets as well as successful global holiday campaigns.

In Comp. Business, sales for smartphones showed rapid recovery in 3Q from a stagnation caused by the delay in mass production of customers’ new products. However, this decelerated rapidly in March. Sales for tablet devices decreased substantially due to declining orders in major customer models. As a result, overall sales decreased YOY.

OP and NP declined compared to the previous fiscal year due to the decrease in sales, the increase in investment for IT infrastructure, and extraordinary loss.

Dividend per share was JPY 18.00, the payout ratio was 86.3% for FY 03/15 (JPY 17.50, 55.9% for FY 03/14).


Average Forex rate FY03/15 YOY

1 USD 110.03 JPY +10.0% (Weak JPY)

1 EURO 138.68 JPY +3.5% (Weak JPY)

FY03/15 Results Overview Financial Summary

Business Performance FY03/15 YOY

Sales 74.56 bn -5.2％

Operating Profit 6.14 bn -29.1％

Recurring Profit 6.07 bn -26.8％

Net Profit aft. Tax 3.47 bn -33.8％

Financial Indices FY03/15 FY03/14

EPS 20.86 JPY 31.31 JPY

BPS (Book Value per Share) 202 JPY 196 JPY

ROE 10.5% 17.0%

(For reference)

(JPY)


Consolidated P/L FY 03/14 FY 03/15 YOY Change

04/13-03/14 04/14-03/15 Amount Ratio

Sales 78,615 74,557 -4,058 -5.2%

Gross Profit 29,931 30,050 119 0.4%

GPM 38.1% 40.3%

SG&A 21,268 23,908 2,640 12.4%

Operating Profit 8,663 6,143 -2,520 -29.1%

OPM 11.0% 8.2%

Recurring Profit 8,282 6,065 -2,218 -26.8%

Net Profit aft. Tax 5,249 3,473 -1,776 -33.8%

• Effects of Forex exchange for FY：Stronger dollar (10.03 JPY) Sales +4,710 mil, OP +50 milStronger Euro (8.37 JPY) Sales +490 mil, OP +320 mil

• Extraordinary loss：Business structure improvement expenses 167 milLoss on sales of noncurrent assets (company-owned houses) 461 mil:

(Unit: Million JPY)


Consolidated P/L by Business LineFY 03/14 3Q FY 03/15 YOY Change

04/13-03/14 04/14-03/15 Amount Ratio

Sales 78,615 74,557 -4,058 -5.2%

Brand Product biz 38,960 43,625 4,665 12.0%

Component Biz 39,002 30,277 -8,725 -22.4%

Other biz 653 655 2 0.2%

Operating Profit 8,663 6,143 -2,520 -29.1%

Brand Product biz 5,214 5,965 751 14.4%

Component Biz 6,667 4,642 -2,025 -30.4%

Other biz 123 55 -68 -55.0%

Corp. and others -3,340 -4,519 -1,179 35.3%

OPM 11.0% 8.2%

(Unit: Million JPY)


Consolidated Sales Comparison

(Unit: Million JPY)

38,96043,625

39,002 30,277

653655

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

FY 03/14 FY 03/15

Brand Product biz Component biz Other biz

+0.2%

+12.0%

-22.4%

-5.2%78,615 74,557

Change

Ratio


Consolidated Profit Comparison

8,663

6,143

8,282

6,065

5,249

3,473

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

FY 03/14 FY 03/15

Operating Profit Recurring Profit Net Profit

-29.1%

-26.8%

-33.8%

(Unit: Million JPY)


Operating Expenses Comparison

FY 03/14 FY 03/15 YOY Change

04/13-03/14 04/14-03/15 Amount Ratio

Personnel 7,271 8,541 1,270 17.5%

R&D 2,863 3,180 317 11.1%

Ad. & Promo. 3,541 3,333 -208 -5.9%

Others 7,593 8,853 1,260 16.6%

Total 21,268 23,908 2,640 12.4%

SG&A Ratio 27.1% 32.1%

Key changes in increases

Expenses for next-generation global IT infrastructure (refer to the next page)

Increase in the number of employees FY 03/14 1,036 FY 03/15 1,072

Others including office relocation, travel expenses, and cost originated with IT investment.

SG&A increased by 930 mil due to higher costs at subsidiaries from forex changes.

(Unit: Million JPY)


Operating Expenses Comparison

FY 03/14 FY 03/15 YOY Change

04/13-04/14 04/14-03/15 Amount

Reconstruction of

global SCM structure304 1,603 1,299

Global HR Project 85 282 197

WILL Project 0 63 63

Total 389 1,948 1,559

Expenses for major projects (Unit: Million JPY)

Reconstruction of global SCM (supply chain management) structure Support of e-commerce and centralization of ordering system, production management, and logistics

management for all Wacom groups Promotion of rapid decision-making by real-time information sharing and global ERP system integration

Global HR project Transition to a global organization by business category and integration of human resource management

system

WILL (Wacom Ink Layer Language) project Establishment of digital ink standard and expansion of the ink application


Business Highlights:

Brand Product Business

Creative Business 36.48 bn +9.4%

Pen Tablet 21.98 bn +6.4%

Intuos Pro was well received for its high value-added features

for professional use, and maintained stable sales especially in

Europe, U.S. and Asia.

Intuos (former Bamboo tablet) showed a recovery from brand

confusion and favorable sales owing to global holiday

campaigns.

Local initiatives drove the expansion of the emerging market

model sales from China to India, etc.

The situation in Russia and Ukraine had a negative impact on

sales in both countires.

43.63 bn +12.0%

Emerging market

model (One)

(Unit: JPY)



Creative Business

Mobile 3.91 bn +36.2%

Cintiq Companion and Cintiq Companion Hybrid, Wacom’s first

mobile tablet product maintained steady sales owing to their solid

reputation, but fell short of target.

Launched the next generation Cintiq Companion 2 in February,

which was highly appraised for its QHD display and light body.

Launched Inutos Creative Stylus 2 for iPads in September. Gained

a positive reputation, which contributed to a sales increase.

companion


companion hybrid

companion 2

(Unit: JPY)



Creative Business

Display 10.59 bn +8.1%

Cintiq 22HD contributed steadily to sales expansion. On the

other hand, Cintiq 13HD lost sales momentum after two years

since its release and sales of Cintiq 24HD also stagnated in the

fourth year after being launched.

Launched large-sized Cintiq 27 QHD in February, which gained

a positive reputation for its high-definition display and full glass

screen as our flagship model for professional use. 13HD


27 QHD touch

22HD touch

13HD touch

27 QHD

(Unit: JPY)



Consumer 1.55 bn -8.1%

Sales of existing stylus products were impacted by

intensifying price-based competition. Bamboo Pad, a wireless

touch pad for PCs also showed a sales slowdown.

Launched Bamboo Stylus fineline for iPads with advanced

1.9mm thin tip in September, which contributed to sales. The

pen creates the natural writing experience of pen on paper.

The 3rd generation Bamboo Stylus solo & Bamboo Stylus

duo were released, which contributed to sales increase

thanks to their unique carbon fiber nibs and premium design.

Launched Wacom Cloud services.

Business Highlights: (Unit: JPY)

Wacom Cloud Dropzone


DTU-1031DTU-1141


Vertical Market Business 5.59 bn +42.1%

Demand for paperless workflow and improved data security

continued to grow globally.

Adoption of the STU series, signature pen tablets, expanded in

credit card transaction and counter services in the financial

sector. The light-weight STU-530 and STU-430 showed

favorable sales.

DTU-1031 for counter services contributed to sales. Launched

DTU-1141 with encryption processing function in March.


STU Series

DTH-2242

(Unit: JPY)


Business Highlights:Component Business

Pen Sensor System

for Smartphones 18.33 bn -17.4%

Sales showed a rapid recovery in 3Q owing to favorable shipments

for Samsung’s Galaxy Note 4, which had stagnated due to the

delay in mass production. However, its sales decelerated rapidly in

March.

Pen Sensor System

for Tablets 8.54 bn -23.0%

Pen adoption for Windows tablets and for educational tablets

have both expanded. However, sales decreased substantially

due to declining shipments in major customer models such as

Samsung.

30.27 bn -22.4%

Tablet models

Smartphone models

4Edge

(Unit: JPY)


Component Business

Pen Sensor System

for Notebook PCs 3.40 bn -40.4%

Along with the model shift from notebook PCs to tablets with

removable keyboards, demand for pens also shifted to tablets.

Due to the influence of manufacturer model transitions, our

sales decreased.

Business Highlights:Notebook PC models

Development of Active ES (Electrostatics) Pen Technology

To meet diversifying customer needs for pen technology solutions, Active ES Pen Technology

was developed based on Wacom’s original technology, and began mass production of

customers’ new models.

By incorporating both multi-touch and pen input functions into the touch panel, we eliminated

the need for a dedicated pen sensor board and achieved a low cost solution.

Newly developed one chip controller enables high performance pen functions.

(Unit: JPY)



Other Business

CAD software and others 0.66 bn +0.2%

Replacement demand contributed to steady sales.

Along with the sales of major product ECAD dio 2015, we have developed a new product

with key functions targeted toward machinery and robotics.

0.66 bn +0.2%

F&A (Corporate)

Continued to invest in business infrastructure for growth and operational efficiency.

Major projects include development of global SCM system infrastructure for e-

commerce, Global HR system, etc.

Developed WILL (Wacom Ink Layer Language) as a new framework to standardize

digital ink, and started partnership development activities.

Shifted the regional-based organization to a global and customer segment-based one.

The new organization started in April, 2015.

(Unit: JPY)


Sales by Product Line in Brand Product

20,664 21,981

2,8713,909

9,79910,590

1,691

1,5543,935

5,591

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

FY 03/14 FY 03/15

Creative・Pen tablet Creative・Mobile Creative・Display Consumer VM

36.2%

9.4%

8.1%

42.1%

43,625

38,960

+12.0%(Unit: Million JPY)

Change

Ratio

-8.1%

Creative

biz

33,334

Creative

biz

36,480

+9.4%


Sales by Product Line in Component

22,19018,331

11,096

8,542

5,716

3,404

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

FY 03/14 FY 03/15

Pen for Smartphone Pen for Tablet Pen for Notebook PC, etc.

-40.4%

-23.0%

-17.4%

30,277

39,002-22.4%(Unit: Million JPY)

Change

Ratio


0

5,000

10,000

15,000

20,000

25,000

12/4-6 12/7-9 12/10-12 13/1-3 13/4-6 13/7-9 13/10-12 14/1-3 14/4-6 14/7-9 14/10-12 15/1-3

Professional Creative Consumer(Bamboo tablet, etc.) Consumer(Stylus, etc.) Business(VM) Comp. CAD, etc.

Quarterly Trend by Product Line

10,058

12,684

19,188 19,138

15,414

19,026

23,389

20,786

13,669

18,342

24,954

17,592

(Unit: Million JPY)


Sales by Region

39,00230,277

7,578

7,132

12,493

13,914

12,668

14,532

6,8748,702

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

FY 03/14 FY 03/15

Comp. Japan U.S. Germany Asia Oceania

26.6%

11.4%

-5.9%

-22.4%

( 1.0%)

14.7%( 12.6%)

( ) % growth based

on local currency

-5.2%78,615 74,557

(Unit: Million JPY)Change

Ratio

(Note) There are no regional segments in the Component business.


Sales Changes for Local Currencies

Region CurrencyYOY

Change Ratio

Japan(excluding Component biz)

JPY -6.5％

U.S. USD 1.0％

Europe EUR 12.6％

China CNY 17.5％

Korea KRW 15.9％

Australia AUD -6.9％

Singapore USD -4.5％

Hong Kong USD -11.7％


0

5,000

10,000

15,000

20,000

25,000

12/4-6 12/7-9 12/10-12 13/1-3 13/4-6 13/7-9 13/10-12 14/1-3 14/4-6 14/7-9 14/10-12 15/1-3


Quarterly Trend by Region

10,058

12,684

19,188 19,138

15,414

19,026

23,389

20,786

13,669

18,342

24,954

17,592

(Unit: Million JPY)



Consolidated B/SAssets

・ Increase in intangible fixed assets 2,220(increase in software suspense account forglobal IT infrastructure, etc.)

・ Increase in cash and cash equivalents 1,293 (operating cash-flow increase)

・ Decrease in notes and accountsreceivable-trade -1,445(sales decrease in Component biz)

・ Decrease in investment and other assets(sales of investment securities) -1,013

Liabilities

・ Decrease in income tax payable -1,315

・ Increase in accrued expenses 610

Net Assets

・ Increase in shareholders’ equity 679

(03/14 31,939 ⇒ 03/15 32,618)

End of Mar. 2014

End of Mar. 2015

Change

Current Assets 40,073 40,188 114

Noncurrent Assets 10,786 11,269 484

Total Assets 50,859 51,457 598

Current Liabilities 16,239 15,880 -359

Noncurrent Liabilities 1,820 1,718 -103

Total Liabilities 18,060 17,598 -462

Minority Interest in

Subsidiaries0 0 0

Net Assets 32,799 33,859 1,060

Total Liabilities and Net Assets 50,859 51,457 598

Equity Ratio 64.2% 65.4% 1.2%

(Unit: Million JPY)


Consolidated C/FMajor Activities in FY03/15

C/F from operating activities

・ Net profit before tax 5,107

・ Increase in depreciation 1,970

・ Decrease in notes and accountsreceivable-trade 1,804

・ Income tax paid -2,457

C/F from investing activities

・ Purchase of fixed assets -3,338(global IT infrastructure, etc.)

C/F from financing activities

・ Cash dividends paid -2,904

FY 03/14 FY 03/15YoY

Change

04/13

-03/14

04/14

-03/15Amount

C/F from operating

activities734 6,782 6,048

C/F from investing

activities-4,416 -3,278 1,138

C/F from financing

activities-3,255 -2,850 406

Effect of change in

exchange rate 735 638 -97

Increase-decrease of

cash & cash equivalent-6,202 1,293 7,495

Beginning balance of

cash & cash equivalent21,596 15,394 -6,202

Ending balance of cash

and cash equivalent15,394 16,687 1,293

(Unit: Million JPY)

FY 03/2016

Basic Policy and

Business Focus


Business Environment for FY 03/16

Despite some uncertainties, the global economy is expected to maintain a recovery trend, led by US economic expansion, financial policies in major countries and low oil price. While Asian countries are expected to maintain their growth rate, the LATAM region is expected to show no growth.

The creative market is expected to continue to expand with acceleration in the mobile product category, 3D design and 3D printing evolution in advanced countries and digital design expansion in emerging markets.

In the UI field, Pen & Ink is expected to gain momentum as the need for personal digital contents increases among mobile consumers.

Integration of Consumer stylus, application and starts to offer new user values.

Mobile workflow and security will become critical in enterprise markets, anddigital signature is expected to expand to the mobile space.

Wearables will start creating a new ecosystem for our products.


Basic Strategies and Initiatives

Drive growth through the new user-centric global business unit.

Integrate branding, marketing and sales for higher customer value.

Extend mobile product offers and reach new users in 3D and emerging markets

Create a new digital stationery category by integrating hardware, software and Cloud.

Establish fully-integrated global business infrastructure.

Establish AES and WILL as the global digital pen and ink standard.

Build a new framework for future innovations in technology and products.

Enhance corporate governance and processes for improving corporate value.


Business Segment by User Category

Technology Solution Business UI technology solutions for mobile systems EMR, AES Components & modules (feelTM)

Other Business Engineering solution・ECAD dio

Consumer business Makes daily lives more creative and enjoyable

Bamboo Stylus, Bamboo Pad, etc.

Business solution Serves society by providing innovative solutions

STU (Signature Tablet), DT (Display Tablet) series, etc.

Creative business Serves the passion of professional and consumer creativity

Intuos, Intuos Pro, Cintiq Companion, Cintiq

Bra

nd

Pro

du

ct

Bu

sin

es

s

Platform &application

Provides

technology,

apps and

platforms

WILL,

Bamboo

Paper,

Sign&

Save


Assumptions for FY 03/16 Forecast

Market demand based on review (mid-April, 2015)

(Note) Due to risks and uncertainties involved in the forecast of market and customer trends of the Technology Solution business (former Component Business), forward-looking statements may materially differ from actual results in the short-term.

• Forex rate assumptions for FY 03/16

1USD = 110 JPY （YOY +0.03 JPY, week JPY）1EURO = 130 JPY （YOY -8.68 JPY, strong JPY）

Forex exchange sensitivity: 12-month forecast

Currencies USD EURO

Unit of sensitivity JPY 1 JPY 1

Sales 550 120

Operating Profit 0 90

＊A stronger yen has a negative effect while a weaker yen has a positive effect.

(Unit: Million JPY)


Assumptions for FY 03/16 Forecast

Capital expenditure

5.20 bn (YOY +27.4％)

• Key items: IT systems to form global organizations and molds, etc

Depreciation

2.50 bn (YOY 26.9％)

R&D expense

4.00 bn (YOY 25.8％)

• Key items: Development of new products in Brand business, developmentof next generation ICs, and basic technology research, etc.


Summary for FY 03/16 Forecast1H FY 03/15 1H FY 03/16 YOY

04/14-09/14 04/15-09/15 Growth rate

Sales 32,011 34,800 8.7%

OP 1,826 5.7% 0 0.0% -100%

RP 1,761 5.5% -50 -0.1% -102.8%

NP 1,147 3.6% -50 -0.1% -104.4%

FY 3/15 FY 3/16 YOY

04/14-03/15 04/15-03/16 Growth rate

Sales 74,557 84,000 12.7%

OP 6,143 8.2% 5,500 6.5% -10.5%

RP 6,065 8.1% 5,350 6.4% -11.8%

NP 3,473 4.7% 3,530 4.2% 1.6%

ROE 10.5% 10.4% -0.1%

• We forecast an operating loss

in Q1 but expect OP to break-

even in 1H due to the

increase of SG&A, including

expenses for the launch of

new IT infrastructure and

R&D costs, which will raise

the SG&A ratio.

• We forecast an YOY growth of

OP in 2H owing to higher sales

in both Brand and Technology

Solution businesses driven by

new products and business

seasonality.

• We forecast NP to stay at the

same level as the previous

fiscal year since we are not

currently expecting any

extraordinary losses or gains.

(Unit: Million JPY)


Forecast of Results by Business SegmentFY 3/15

(actual)

FY 3/16

(forecast)YOY Change

04/14-03/15 04/15-03/16 Amount Ratio

Sales 74,557 84,000 9,443 12.7%


Tech. Solution Biz 30,277 33,000 2,723 9.0%

Other biz 655 700 45 6.9%

Operating Profit 6,143 5,500 -643 -10.5%


Tech. Solution Biz 4,642 4,570 -72 -1.5%

Other biz 55 60 5 8.8%

Corp. and others -4,519 -8,410 -3,891 86.1%

OPM 8.2% 6.5%

(Unit: Million JPY)


Forecast of Results by Business Segment

The Brand Product business expects the growth in both Sales and Profit with

planned new product launches as well as contribution of the products

launched during FY32. And, it also reflects the reassignment of OP items

between Business Unit and Corporate Functions due to the global

organizational changes.

The Technology Solutions business forecasts sales recovery as smartphone

segment demand at the same level as FY32 and Tablet market expands with

Active ES pen technology shipment. Profitability stays at he level of the

previous fiscal year with higher price pressure across the categories.

Corporate functions expects 2.5B JPY OP increase including 700MJPY

increase due to the start of depreciation of new global IT infrastructure and

related expenses, reassignment of OP items between the Branded Product

business and Corporate functions.


Sales Forecast by Business Segment

43,62550,300

30,277

33,000

655

700

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

FY 03/15 (actual) FY 03/16 (forecast)

Brand Product biz Tech. Solution biz Other biz

+6.9%

+15.3%

+9.0%

12.7%

74,557

84,000(Unit: Million JPY)

Change

Ratio


Sales Forecast by Product line in Brand Product

21,981 23,300

3,9095,400

10,590

12,4001,554

2,3005,591

6,900

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

50,000


Creative・Pen tablet Creative・Mobile Creative・DisplayConsumer Business Solution

48.0%

38.1%

6.0%

17.1%

23.4%

50,300

43,6250

+15.3%(Unit: Million JPY)

Change

Ratio

Creative

biz

34,480

Creative

biz

41,100

+12.7%


Sales Forecast by Product line in Tech. Solution

18,331 18,500

8,54210,500

3,404

4,000

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000


Pen for Smartphone Pen for Tablet Pen for Notebook PC, etc.

17.5%

22.9%

0.9%

33,000

30,277

9.0%(Unit: Million JPY)

Change

Ratio


Sales Forecast by Region

30,277 33,000

7,1327,960

13,91416,550

14,532

15,4208,702

11,070

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000



27.2%

18.9%

11.6%

9.0%

6.1%

12.7%

74,557

84,000(Unit: Million JPY)

Change

Ratio



Dividend Forecast for FY 03/16

Dividend policy

Continue steady dividend payout to shareholders while maintaining a stable financial base necessary for future business development.

Target payout ratio maintains approximately 40% or more to attract global investment.

Dividend per share

JPY 18.00 per share for FY 03/16 (JPY 18.00 for FY 03/15)

Payout ratio 85.0% (86.3% for FY 03/15)


Dividends per Share

0.00

2.50

5.00

7.50

10.00

12.50

15.00

17.50

20.00

FY 03/12 FY 03/13 FY 03/14 FY 03/15 FY 03/16

Specialdividend pershare

Ordinaydividend pershare

54.9%

37.7%

55.9%

86.3% 85.0%

Payout ratio

7.50

11.25

18.0017.50 18.00

(Unit: JPY)

(Forecast)

(Forecast)

(Forecast)


our vision

All Rights Reserved. Copyright © 2015 Wacom Co., Ltd. 43our mission


our brand

DisclaimerForward-looking statements regarding future events and

performance contained in this presentation are based on currently

available information and involve risks and uncertainties, including

macroeconomic conditions, trends of the industry in which the

company is engaged and progress in new technologies. Please

note that actual results could materially differ from those expressed

or implied by the forward-looking statements in this presentation

due to these risks and uncertainties.

Investor Relations Inquiries

TEL: +81-3-5337-6502 FAX: +81-3-5337-6519

Wacom Co., Ltd.

Sumitomo Fudosan Shinjuku Grand Tower 31F,

8-17-1 Nishi-Shinjuku, Shinjuku-ku, Tokyo

160-6131, Japan

Wacom Co., Ltd.

http://www.wacom.com

Documents

Business Report - Investor Relations | Wacominvestors.wacom.com/media/files/investor-relations/2015-english/E-2... · Business Report Apr. 2014 to Mar. 2015 (FY 03/2015) ... DTU-1031