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FY2014 2Q Financial Results In this presentation, “FY2014” refers to the fiscal year ending March 31, 2015.
October 31, 2014 TOPCON CORPORATION President & CEO Satoshi Hirano
©2014 Topcon Corporation
CONTENTS
FY2014 2Q Financial Results
FY2014 Full Year Forecast
Ⅲ Appendix
Ⅰ FY2014 2Q Financial Results
Ⅱ
1
©2014 Topcon Corporation
Ⅰ. FY2014 2Q Financial Results Ⅰ- 1. FY2014 1H Financial Results
Ⅰ- 2. Overview of Each Company
2
©2014 Topcon Corporation
118% vs Announcement
166% vs Announcement
60.0
5.0
4.3
2.1
113%
143%
140%
209%
131% vs Announcement
59.4
5.9
5.6
3.5
3
Sales
Operating Income
Ordinary Income
Net Income
Announcement Actual YoY Comment
Achievement of 1H FY2014 <Grow at a steady pace>
(unit: billion yen)
Close to the target
Upward revision
Upward revision
©2014 Topcon Corporation
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
5.0
6.0
0
10
20
30
40
50
60
70
FY2008/1H FY2009/1H FY2010/1H FY2011/1H FY2012/1H FY2013/1H FY2014/1H
5.9
4.1 +1.8 Billion Yen
4
Net Sales (billion yen)
Operating Income (billion yen)
Trends of 1H Financial Results
Topic <Maintain the growth in sales and profit>
Net Sales Operating Income
・Execution of Growth Strategy ・Effects of New Businesses ・Steady US Market Conditions
©2014 Topcon Corporation
FY2014 1H Financial Results <Drastic improve on YoY basis>
[Consolidated] FY2013/1H FY2014/1H July 31, 2014
Actual Actual YoY Announcement
Net Sales 52,795 59,402 6,607 60,000
Gross Profit (Gross Profit Ratio)
24,986 (47.3%)
29,566 (49.8%) 4,580
SGA 20,842 23,660 2,818
Operating Income (Operating Income Ratio)
4,143 (7.8%)
5,905 (9.9%) 1,762 5,000
(8.3%)
Non-Operating Expenses -103 -265 -162
Ordinary Income 4,040 5,640 1,600 4,300
Extraordinary Income (Loss) -597 0 597
Income (Loss) Before Income Taxes and Minority Interests 3,442 5,640 2,198
Net Income (Loss) 1,673 3,489 1,816 2,100
Dividends ¥5 ¥8 ¥3 ¥8
Exchange Rate
(Average)
US$ ¥97.99 ¥103.51 ¥5.52 ¥101.22
EUR ¥128.79 ¥139.07 ¥10.28 ¥137.86
5
(unit: million yen)
©2014 Topcon Corporation
FY2014 1H Company Financial Results <All companies made significant growth in profit >
[Consolidated] FY2013/1H FY2014/1H July 31, 2014
Actual Actual YoY Announcement
Net Sales
Positioning 22,352 27,383 5,031 27,000 Smart Infrastructure 15,887 15,639 -248 17,000
Eye Care 17,072 18,582 1,510 19,000 Others 3,175 3,493 318 3,000 Elimination -5,692 -5,697 -5 -6,000 Total 52,795 59,402 6,607 60,000
Operating Income
(Operating Income Ratio)
Positioning 1,830 (8.2%)
2,929 (10.7%) 1,099 2,400
(8.9%)
Smart Infrastructure
1,975 (12.4%)
2,242 (14.3%) 267 2,000
(11.8%)
Eye Care 1,251 (7.3%)
1,462 (7.9%) 211 1,400
(7.4%)
Others 16 (0.5%)
136 (3.9%) 120 100
(3.3%)
Goodwill Amortization -928 -866 62 -900
Total 4,143 (7.8%)
5,905 (9.9%) 1,762 5,000
(8.3%)
6
(unit: million yen)
©2014 Topcon Corporation
¥5.3B
FY2013/1H
FY2013/1H
FY2013/1H
FY2013/1H FY2013/1H
FY2013/1H FY2014/1H FY2014/1H
FY2014/1H FY2014/1H FY2014/1H
FY2014/1H
- Steady performance in all companies - SIC: Sales grew by special reconstruction works
- SIC: Slow Chinese market
¥3.0B ¥5.6B
¥14.4B ¥14.5B ¥13.1B 91億円
¥3.1B ¥5.6B ¥5.5B
124% 123% 111%
100% 97%
7
97%
¥10.6B ¥11.8B ¥13.1B
Domestic and Overseas Sales (YoY) <Strong advanced countries>
Japan North America
Europe
China Asia/Oceania Others
・ POC=Positioning Company/ SIC=Smart Infrastructure Company/ ECC=Eye Care Company ・ Net sales of former Finetech business are excluded from figures above.
- ECC: Good sales of 3D OCT
©2014 Topcon Corporation
Ⅰ. FY2014 2Q Financial Results Ⅰ- 1. FY2014 1H Financial Results
Ⅰ- 2. Overview of Each Company
8
©2014 Topcon Corporation
FY2013/1H Actual
FY2014/1H Actual YoY FY2014
Forecast Net Sales 22,352 27,383 +5,031 57,000 Operating Income (Operating Income Ratio)
1,830 (8.2%)
2,929 (10.7%) +1,099 6,200
(10.9%)
ー Negative factor Delayed recovery of the European markets
Positive factors IT Automated construction sales keeping strong (YoY 160%) Reorganized distribution channel resulting in expanded china business
(YoY340%) North American construction markets showing growth (YoY 130%)
9
Overview of Each Company <Reinforcing IT construction sales and Asian markets>
(unit: million yen)
Review of FY2014 1H Financial Results
©2014 Topcon Corporation
ー Negative factors Sluggish market in Russia Sluggish market in China
Positive factors Accelerated Reconstruction Works in Japan (YoY 120%) Recovery of US Market
Review of FY2014 1H Financial Results
FY2013/1H Actual
FY2014/1H Actual YoY FY2014
Forecast Net Sales 15,887 15,639 -248 37,000 Operating Income (Operating Income Ratio)
1,975 (12.4%)
2,242 (14.3%) +267 5,900
(15.9%)
10
Overview of Each Company <Strong sales in Japan and North America>
(unit: million yen)
©2014 Topcon Corporation
ー Negative factor Stagnant South-East Asian Market
Positive factor Steady European and US Market Rapid Growth of Fundus Camera for Screening Market (YoY 240%) Strong Sales of 3D OCT-1 Maestro
FY2013/1H Actual
FY2014/1H Actual YoY FY2014
Forecast Net Sales 17,072 18,582 +1,510 42,000 Operating Income (Operating Income Ratio)
1,251 (7.3%)
1,462 (7.9%) +211 5,500
(13.1%)
11
Overview of Each Company <Strong OCT sales>
Review of FY2014 1H Financial Results
(unit: million yen)
©2014 Topcon Corporation
Ⅱ. FY2014 Full Year Forecast
Ⅱ-1. FY2014 Full Year Forecast
Ⅱ-3. Summary Ⅱ-2. Strategic Plans for 2H
12
©2014 Topcon Corporation
[Consolidated]
FY2013 FY2014
Full Year Full Year July 31, 2014
Actual Forecast YoY(%) Announcement
Net Sales 116,685 130,000 111% 130,000
Operating Income (Operating Income Ratio)
11,730 (10.1%)
16,000 (12.3%)
136% 16,000 (12.3%)
Ordinary Income 11,300 14,500 128% 14,500
Net Income 5,963 8,300 139% 8,300
ROE 11.7% 15% 15%
ROIC 7.9% 11% 11%
Dividends ¥10 ¥16 ¥16
Exchange Rate (Average)
US$ ¥100.00 ¥101.89 ¥100.66
EUR ¥134.01 ¥137.19 ¥136.54
13
FY2014 Full Year Forecast (unit: million yen)
Assumed exchange rate after October 2014 is ¥100/US$, ¥135/EUR
©2014 Topcon Corporation
[Consolidated]
FY2013 FY2014
Full Year Full Year July 31, 2014
Actual Forecast YoY(%) Announcement
Net Sales
Positioning 48,959 57,000 116% 57,000
Smart Infrastructure 34,621 37,000 107% 37,000
Eye Care 38,736 42,000 108% 42,000
Others 6,625 7,000 106% 7,000
Elimination -12,258 -13,000 -13,000
Total 116,685 130,000 111% 130,000
Operating Income
(Operating Income Ratio)
Positioning 4,514 (9.2%)
6,200 (10.9%) 137% 6,200
(10.9%)
Smart Infrastructure 5,201 (15.0%)
5,900 (15.9%) 113% 5,900
(15.9%)
Eye Care 4,003 (10.3%)
5,500 (13.1%) 137% 5,500
(13.1%)
Others -205 (-3.1%)
300 (4.3%) ―% 300
(4.3%)
Goodwill Amortization -1,782 -1,900 -1,900
Total 11,730 (10.1%)
16,000 (12.3%) 136% 16,000
(12.3%)
14
FY2014 Company Full Year Forecast (unit: million yen)
©2014 Topcon Corporation
(unit: model)
Company FY2014
FY2014 1H FY2014 2H Plan
Positioning 4 11 Smart Infrastructure 5 8
Eye Care 3 7 Total 12 26
15
New Products Launch
©2014 Topcon Corporation
Ⅱ. FY2014 Full Year Forecast
Ⅱ-1. FY2014 Full Year Forecast Ⅱ-2. Strategic Plans for 2H
Ⅱ-3. Summary
16
©2014 Topcon Corporation
■ Continued share growth in the strong North American construction market
1. Positioning
Continue to propel IT automation in construction ■
Strategic Plans for 2H <Securing profit from increased sales>
0.0
1.0
2.0
3.0
0
5
10
15
20
25
30
FY11/1H FY11/2H FY12/1H FY12/2H FY13/1H FY13/2H FY14/1H
2.9
0.5
17
Dodge Construction Index
NA Construction investment amount
Net Sales Operating Income
Net Sales (billion yen)
Operating Income (billion yen)
1.8
©2014 Topcon Corporation
1H 2H 1H 2H 1H 2H
FY2012 FY2013 FY20141H 2H 1H 2H 1H 2H
FY2012 FY2013 FY2014
Expansion of IT Automation
• Striking growth for the whole business
• Expecting further growth from new excavator system
IT Construction Sales Trend
Precision AG Sales Trend
• Market continues global expansion
18
180%
2H Frcst
2H Frcst
200%
©2014 Topcon Corporation 19
Future IT Excavators
IT Dozers
Future
Dozers
Excavators
IT Dozers IT Dozers
Global Market
IT Excavators
• IT automation market continues a steady growth • Potential market expands with the launch of IT excavators
FY13
FY13
Global Market
Global Market
The Growth and Expansion of IT Market <Market forecast>
FY14
FY14
Global Market
Global Market
Global Market
©2014 Topcon Corporation
Expanding business fields with revolutionary technology
Business Fields
R&D
20
10 Years Ago 5 Years Ago
Today
IT Construction
Mobile Mapping
Network Survey
Precision AG
Mining
GIS
Survey Unmanned Aerial Survey
High precision handheld GNSS receiver
Powerful Product Launch <Disruptive innovation>
©2014 Topcon Corporation
GPS
MC & AG*
Apr Mar Jan 2014 2015
* MC= Machine Control AG= Agriculture
Jul Oct
C-63 Compaction Management System
GCX2 Revolutionary GNSS Receiver
21
Magnet for AG Magnet Application specializing for precision agriculture
NET-G5 448 Channel QZS・Beidou compatible
Apollo ECU Application Controller
SGIS Enterprise Farm Management Software
New Product Launch <Reinforcing each field with advanced technology>
©2014 Topcon Corporation
Strategic Plans for 2H <Expand new business & maintain steady domestic business>
2. Smart Infrastructure
0.0
1.0
2.0
3.0
0
5
10
15
20
FY11/1H FY11/2H FY12/1H FY12/2H FY13/1H FY13/2H FY14/1H
Net Sales Operating Income
1.5
2.2
22
Maintain steady core business and IT Construction business in domestic market with expanding demand
■ Expand sales channels for BIM market by business alliance with Autodesk
Launch new and competitive Mobile Mapping System ■
■
2.0
Net Sales (billion yen)
Operating Income (billion yen)
©2014 Topcon Corporation
BIM
23
Growth Strategy: Expanding Business Domain
Shifting from 2D to 3D Measurement and Construction Business
High-Precision 3D Measurement and
Construction Business
Maintenance Surveying Construction
Smart sensing of aging infrastructure
Expanding Business Domain
Existing Business
Business alliance
©2014 Topcon Corporation
Penetrating into BIM Market <Enhance alliance with Autodesk>
24
Autodesk: Released the “BIM 360 Layout”, an exclusive field software for LN-100
Exhibited at Intergeo 2014 (Germany)
※ on Oct,/13, 2014
©2014 Topcon Corporation
1H 2H 1H 2H
LN-100
1H 2H 1H 2H
3D Laser Scanner
25
Sales Expansion in BIM Market <Launching new products>
Unit Sales
Unit sales
1H 2H 1H 2H Forecast
FY2014 FY2013
1H 2H 1H 2H Forecast
FY2014 FY2013
©2014 Topcon Corporation
Expanding IT Construction Market
Sept, 2014 Opened renewed
“Shirakawa Training Center” Opening ceremony attendees : 138 persons Guest : MLIT (Ministry of Land Infrastructure, Transport and Tourism) , Policy Bureau Fukushima Pref., Kennan Regional Develop Bureau Komatsu Ltd, Nishio Rent All Co.,Ltd.
26
75
193
358
612 686
1114 Topcon’s Action ・ Provide Personnel Training ・ Enhance User Support System
● Number of Projects utilized IT Execution Technique 1,200 1,000 800 600 400 200 0
2008 2009 2010 2011 2012 2013 Source: Nikkei BP
River Construction Civl Construction Paving Construction Others
Prepare for Paradigm
Shift
x15
©2014 Topcon Corporation
Expanding Mobile Mapping System Market <Launching a new product>
IP-S3 1/2 Size Ultra Compact and Light Weight design !
x5 Higher Density To obtain High resolution 3D model ! Speedy and Easy Data Check Can be done at the site !
※ Estimated by Topcon
Mobile Mapping System
IP-S3 Previous Model
NEW
27
x2
Mobile Mapping System Market
(Amount)
©2014 Topcon Corporation
Higher Density
28
Previous Model IP-S3 NEW
©2014 Topcon Corporation
型
ES/CX-P
GLS-2000
ScanMaster
DS-200i
29
IP-S3
Mobile Master
SiteHunter
New Product Launch <Enhancing product line for growing business>
Apr Jul Mar Oct Jan 2014 2015
Total Stations and others
3D Measurement and others
©2014 Topcon Corporation
Strategic Plans for 2H <Sales expand for 3D OCT/ Screening/ Treatment Product>
3. Eye Care
Treatment Market: Sales expansion by launching new products (Synthesis TwinStar・ALADDIN)
3D OCT: Expansion of targeting market by new model release to OCT lineup
Screening Market: Global sales expansion of Screening device to clinic & chain stores (1H YoY 240%)
FDA Approval: Continuous follow up by FDA special team (Main product for Screening market TRC-NW400 FDA Approved in September )
■
■
■
■
0.0
0.5
1.0
1.5
2.0
2.5
0
5
10
15
20
25
FY11/1H FY11/2H FY12/1H FY12/2H FY13/1H FY13/2H FY14/1H
0.4
1.5
30
1.3
Net Sales (billion yen)
Operating Income (billion yen)
Net Sales Operating Income
©2014 Topcon Corporation
1H 2H 1H 2H見込 上期 下期 上期 下期
3D OCT Screening
Strategic Plans for 2H <3D OCT/ Screening sales transition>
(unit: qty) (unit: qty)
Full Auto
Operating with only one finger OCT
Full Auto
Easy Capturing Fundus Camera
TRC-NW400 FDA Approved In September
31
FY2013 FY2013 FY2014 FY2014 1H 2H 1H 2H 見込
Sales Launch in US
Forecast Forecast
©2014 Topcon Corporation
Ophthalmologist・R&D Market
R&D (University
Hospital, etc..)
Clinical (University Hospital・
Clinic)
Screening (Clinic, Medical Check-Up)
New Product Launch <Expansion of targeting market>
TRC-NW400 Maestro
Ophthalmologist・Screening Market
FY2014 2H New Product
Launch DRI OCT-1 Atlantis
Stable Existing Market
Expansion of Targeting Market
“Highly Functional Premium Products”
“Easy-To-Operate, Full Auto Function”
FDA Approved in Sept
32
©2014 Topcon Corporation
Expansion of Business Field
Current Business Field
Sales & Profit Strategy <Sales expansion in the Screening/ Treatment market>
TRC-NW400
Maestro
FDA Approved in June
ALADDIN (Diagnosis Products for Pre
Cataract Surgery)
Full Auto
Full Auto
FDA Approved
in Sept
33
TwinStar (PASCAL
Laser)
Strengthen Preventive Medicine and Treatment Segment by Enhancing the Strong Competitive of Examination/Diagnosis Segment
Preventive Medicine/ Physical check-up
Treatment/ Prognostic
Management Examination Diagnostic
Ophthalmic IT
Expand Business Field
Sharing data with Cloud System and providing regional Medical cooperation service
Easy Capturing Fundus Camera
Operating with only one finger OCT
New Product Launch into Treatment Market
©2014 Topcon Corporation
上期 下期 上期 下期
Treatment Market <Sales expansion in Treatment market>
ALADDIN Global Launch
Synthesis TwinStar Launch
上期 下期 上期 下期
PASCAL Sales Transition
ALADDIN Sales Transition
(unit: qty)
ALADDIN: Pre Cataract Surgery Diagnosis Products = Axial Length Measuring Device
FDA Approved in June
34
FY13/1H FY13/2H FY14/1H FY14/2H Forecast
(unit: qty)
FY13/1H FY13/2H FY14/1H FY14/2H Forecast
Sales in Europe
Global Launch
©2014 Topcon Corporation
Examination/Diagnosis
Treatment
FDA Approval (Forecast)
35
CT-800
SL-D701
TRC-NW400
CL-200Touch
ALADDIN
PASCAL Synthesis TwinStar
FDA Approved
FDA Approved
FDA Approved
FDA Approved
TRC-NW8F Plus
New Products Launch <New products in 2H>
Apr Jul Mar Oct Jan 2014 2015
Acquiring approval one after another
©2014 Topcon Corporation
Ⅱ. FY2014 Full Year Forecast
Ⅱ-1. FY2014 Full Year Forecast Ⅱ-2. Strategic Plans for 2H
Ⅱ-3. Summary
36
©2014 Topcon Corporation
Operating Income (billion yen)
0.0
2.0
4.0
6.0
8.0
0.0
10.0
20.0
30.0
40.0
50.0
60.0
FY11/1H FY11/2H FY12/1H FY12/2H FY13/1H FY13/2H FY14/1H FY14/2H
37
7.6
4.1
52.8 5.9
59.4 63.9
Summary <Steady implementation of growth strategy>
Trends of Financial Results (Semiannually)
Net Sales Operating Income
Net Sales (billion yen)
1.5
©2014 Topcon Corporation
We will strive to increase the corporate value to reach the target of ROE20% by FY2015
We will accelerate revenue growth and high profitability furthermore
then implement our growth strategy
Summary
38
©2014 Topcon Corporation
Appendix Ⅲ.
39
©2014 Topcon Corporation
6.8
9.1 7.5
11.2
6.8
8.9
0.4
1.5
0.9
2.3
0.8
1.4
0.0
0.5
1.0
1.5
2.0
2.5
0.0
5.0
10.0
15.0
FY13/1Q 2Q 3Q 4Q FY14/1Q 2Q
Net IncomeOperating Income
7.5
9.6
9.1
12.6
7.9
10.7
0.02
1.2
0.8
2.0
0.3
1.2
0.0
0.5
1.0
1.5
2.0
0.0
5.0
10.0
15.0
FY13/1Q 2Q 3Q 4Q FY14/1Q 2Q
Net IncomeOperating Income
10.7 11.7 10.8
15.8 13.0
14.3
0.8 1.1
0.4
2.3
1.2
1.8
0.0
0.5
1.0
1.5
2.0
2.5
0.0
5.0
10.0
15.0
20.0
FY13/1Q 2Q 3Q 4Q FY14/1Q 2Q
Net SalesOperating Income
24.1 28.7 26.5
37.4
26.4
33.0
0.7
3.4
1.6
6.0
1.7
4.2
0.0
2.0
4.0
6.0
0.0
10.0
20.0
30.0
40.0
FY13/1Q 2Q 3Q 4Q FY14/1Q 2Q
Net SalesOperating Income
40
Financial Results (Quarterly) 1. Consolidated 2. Positioning
3. Smart Infrastructure 4. Eye Care
Net Sales (billion yen) Operating Income (billion yen) Net Sales (billion yen) Operating Income (billion yen)
Net Sales (billion yen) Operating Income (billion yen) Net Sales (billion yen) Operating Income (billion yen)
©2014 Topcon Corporation
46.1 51.2 52.8
63.9 59.4 70.6
1.5
3.7 4.1
7.6
5.9
10.1
0.0
5.0
10.0
15.0
0.0
20.0
40.0
60.0
80.0
FY12/1H FY12/2H FY13/1H FY13/2H FY14/1H FY14/2H
Net SalesOperating Income
13.7 16.1 15.9
18.7
15.6 21.4
1.5
2.7
2.0
3.2
2.2
3.7
0.0
1.0
2.0
3.0
4.0
0.0
5.0
10.0
15.0
20.0
25.0
FY12/1H FY12/2H FY13/1H FY13/2H FY14/1H FY14/2H
Net SalesOperating Income
17.4 20.4 22.4
26.6 27.4 29.6
0.5 0.9
1.8 2.7 2.9
3.3
0.0
1.0
2.0
3.0
4.0
0.0
10.0
20.0
30.0
40.0
FY12/1H FY12/2H FY13/1H FY13/2H FY14/1H FY14/2H
Net SalesOperating Income
14.5 16.6 17.1
21.7 18.6
23.4
0.4 1.1
1.3
2.8
1.5
4.0
0.0
1.0
2.0
3.0
4.0
5.0
0.0
5.0
10.0
15.0
20.0
25.0
FY12/1H FY12/2H FY13/1H FY13/2H FY14/1H FY14/2H
Net SalesOperating Income
41
Financial Results and Forecast (Semiannually) 1. Consolidated 2. Positioning
3. Smart Infrastructure 4. Eye Care
Net Sales (billion yen) Operating Income (billion yen) Net Sales (billion yen) Operating Income (billion yen)
Net Sales (billion yen) Operating Income (billion yen) Net Sales (billion yen) Operating Income (billion yen)
©2014 Topcon Corporation
These materials contain forward-looking statements, including projections of future operating performance. Such statements are based on management’s best judgment, given the materials available to them at the time these statements are made. However, please be aware that actual performance may differ from projected figures owing to unexpected changes in the economic environment in which we operate, as well as to market fluctuations. The original disclosure in Japanese was released on October 31, 2014 at 16:30(UTC+9).
Inquiries: General Accounting & Finance Div. Public & Investor Relations Dept. TOPCON CORPORATION Tel: +81-3-3558-2532 E-mail: [email protected] URL: http://global.topcon.com/invest/
Cautionary Note regarding Forward-Looking Statements