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Copyright 2018 TSUGAMI CORPOTRATION All rights reserved.
Briefing on Financial Statementsfor the First Half of the Year Ending March 2019
November 12, 2018http://www.tsugami.co.jp
1
1. Business performance for the First Half of the Year Ending March 31, 2019 P. 2 - 7(1) Business Results (2) Sales situation breakdown(3) Net Sales by Business Segment(4) Net Sales by Geographic Segment(5) Balance Sheets(6) Cash flows
2. Business Conditions and Outlook P. 8 - 11(1) Outlook for Fiscal Year Ending March 31, 2019(2) R&D Expenditures, Capital Investment and Depreciation
3. Shareholder Returns P. 12 - 13(1) Shareholder Returns(2) Acquisition of Treasury Stock
4. Reference P. 14 - 15Net Sales by Machinery CategoryOrders Received and Order Backlogs
2
FY2018/3 (2017/4 - 2018/3) 1H of FY2019/3 (2018/4 – 2018/9)
1H 2H Full-year 1H Year-on-Year Initial forecasts
Difference from initial forecasts
Net sales 27.4 30.2 57.6 35.1 +7.7 33.5 +1.6
Gross profit 7.1 7.5 14.6 10.6 +3.5 -- --(to sales ratio) (26.0%) (24.6%) (25.3%) (30.1%) (+4.1%) ( -- ) ( -- )
Operating income 3.3 3.6 6.9 5.5 +2.2 4.6 +0.9(to sales ratio) (12.2%) (11.9%) (12.1%) (15.7%) (+3.5%) (13.7%) (+2.0%)
Ordinary income 3.0 3.5 6.5 5.5 +2.5 4.5 +1.0(to sales ratio) (10.8%) (11.7%) (11.3%) (15.6%) (+4.8%) (13.4%) (+2.2%)Net income attributable to owners of the parent 2.3 1.9 4.2 3.1 +0.8 2.5 +0.6
(to sales ratio) (8.4%) (6.2%) (7.2%) (8.8%) (+0.4%) (7.5%) (+1.3%)
Net income per share 39.62 yen 35.09 yen 74.71 yen 58.56 yen +18.94 yen 47.16 yen +11.40 yen
1. Business performance for the First Half of the Year Ending March 31, 2019(1) Business Results
Overview of First half of FY2019/3[Net sales] +7.7bn yen (+28%) YoY; +1.6bn yen (+5%) vs. Initial forecast
The Domestic and overseas markets kept steady growth.
[Income] Operating income: +2.2 (+65%) YoY; +0.9 (+20%) vs. Initial forecastNet income attributable to owners of the parent: +0.8 (+35%) YoY; +0.6 (+24%) vs. Initial forecast
Mainly effects of increased sales.Billion yen
0
10
20
30
40
50
60
FY2008/3
FY2009/3
FY2010/3
FY2011/3
FY2012/3
FY2013/3
FY2014/3
FY2015/3
FY2016/3
FY2017/3
FY2018/3
FY2019/3
3
Launched new products for auto parts in the 3Q of FY2014/3 and expanded the business base.
For HDD-related, signs of replacement demand.
For Smartphone-related is uncertain.
(2) Sales situation breakdownBillion yen
(Forecast)
Reconstruction demandafter the Thai flooding
Smartphone-related
HDD-related
General demand (stable market)
0
5
10
15
20
25
30
35
1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H
27.4
30.2
15.616.6
29.7
24.4
21.119.0
18.4
22.7
4
0
10
20
30
40
50
60
FY2014/3 FY2015/3 FY2016/3 FY2017/3 FY2018/3
57.654.1
32.2
40.1 41.1
35.1
(3) Net Sales by Business Segment
Full-year Six-monthBillion yenBillion yen
IT
Automobile
Other (hydraulic and pneumatic equipment,medical equipment and others)
FY2015/3 FY2016/3FY2014/3 FY2017/3 FY2018/3 FY2019/3
5
2.84.5 4.1 5.6 5.4 5.9 5.0 5.3 5.8 6.9 5.61.51.9 1.4
1.7 2.1 1.6 1.8 1.4 1.61.8
1.92.3
1.8 1.82.0 1.5 2.0 1.8 1.5
1.81.8 3.0
9.08.5
22.315.2
12.19.5 9.8
14.5
18.219.7
24.6
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0
5
10
15
20
25
30
35
1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H
30.2
15.6
16.6
29.7
24.4
21.1
19.0
27.4
7.3 9.7 11.3 10.3 12.73.3
3.23.6 3.2
3.44.1
3.8 3.53.3
3.6
17.5
37.4
21.7 24.3
37.9
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0
10
20
30
40
50
60
FY2014/3 FY2015/3 FY2016/3 FY2017/3 FY2018/3
57.654.1
32.2
40.141.1
18.4
22.7
35.1
(4) Net Sales by Geographic Segment
Full-year Six-monthBillion yenBillion yen
U.S.A.Domestic demand
AsiaEurope
Export Ratio
FY2015/3 FY2016/3FY2014/3 FY2017/3 FY2018/3 FY2019/3
2017/9E 2018/3E 2018/9E Difference from 2018/3E
Total assets 58.0 62.4 65.9 +3.5Current assets 39.3 43.7 47.9 +4.2
Cash and deposits 10.4 10.3 8.3 -2.0Trade notes and accounts receivable 10.2 14.5 16.0 +1.5Inventories 17.1 17.4 22.0 +4.6Other 1.6 1.5 1.6 +0.1
Non-current assets 18.7 18.7 18.0 -0.7Property, plant and equipment 8.7 9.1 9.4 +0.3Intangible assets 0.6 0.7 1.1 +0.4Investments and otherassets 9.4 8.9 7.5 -1.4
Total liabilities 21.3 24.9 27.5 +2.6Current liabilities 19.1 22.9 25.7 +2.8
Trade notes and accounts payable 12.4 14.0 16.7 +2.7
Short-term loans payable 2.6 3.2 4.0 +0.8Advances received 0.9 2.2 1.9 -0.3Other 3.2 3.4 3.1 -0.3
Non-current liabilities 2.2 2.0 1.8 -0.2Total net assets 36.7 37.5 38.4 +0.9
Common stock, Capital surplus 15.3 15.1 15.1 0.0Retained earnings 19.1 13.3 15.5 +2.2Treasury stock -6.9 -1.8 -2.4 -0.6Valuation difference on available-for-sale securities 3.8 4.1 3.2 -0.9Foreign currency translation adjustment and others 1.2 1.0 0.6 -0.4Non-controlling interests 4.2 5.8 6.4 +0.6
Capital adequacy ratio 54.7% 49.8% 47.9% -1.9%(before non-controlling interest ) (61.9%) (59.1%) (57.6%) (-1.5%) 6
*1
*3
*3
Japan: +0.1 (Production machines)China: +0.8 (Factory No.4 rebuilding, etc.)Korea, India: +0.1 (Production machines)Depreciation and others: -0.6Effect of exchange rate: -0.1
Stock price fluctuation
*1
*2New factory in Anhui: +0.2 (Land use right)Introduction of new ERP system: +0.2 (SAP)
*2
(5) Balance SheetsBillion yen
7
FY2017 2H(2017/4 -2017/9)
FY2017 2H(2017/10 -2018/3)
FY2018 1H(2018/4 -2018/9)
Cash flows from operating activities 5.3 1.5 0.3Income before taxes, depreciation and
amortization 3.6 3.9 6.0
Gross working capital 2.3 -2.5 -4.1Other -0.6 0.1 -1.6
Cash flows from investing activities 0.1 -0.7 -1.2Capital investment in factories -0.2 -1.0 -1.1Introduction of new ERP system -- -- -0.2Other 0.3 0.3 0.1
Cash flows from financing activities 0.3 -1.3 -1.1Short-term loans payable -1.8 0.7 0.8Dividends paid -0.5 -0.5 -0.5Treasury stock -4.1 -2.5 -1.2Dividends paid to non-controlling interests -- -- -0.2
associated with theIPO of the subsidiary
Payment for IPO commission fee -0.1 -0.3 --
Proceeds from sale of shares 2.3 -- --
Proceeds from share issuance 4.5 1.3 --Effect of exchange rate change on cash and cash equivalents 0.1 -0.2 0.1
Net increase (decrease) in cash and cash equivalents 5.8 -0.7 -1.9Increase in cash and cash equivalents from newly consolidated subsidiary -- 0.5 --
Cash and cash equivalents at the end of the term 10.3 10.2 8.3
*3
*1
*2
*4
*3
*5
Income taxes paid: -1.66
(6) Cash flowsBillion yen
Income before taxes: 5.48Depreciation and amortization: 0.51
*1
Notes and accounts receivable: -18.7Notes and accounts payable: 29.6Inventories: -47.9Other current assets: -3.6
*2
*4Japan: -0.1 (Production machines)China: -0.8 (Factory No.4 rebuilding, etc.)New factory in Anhui:-0.2 (Land use right)
Purchase: -1.21,077 thousand shares purchased
*5
Semi-annually Full-year
FY20171H
FY20172H
FY20181H
FY20182H
ReleasedNov. 12
FY2017 FY2018Revised
ForecastsYear-on-year
FY2018Initial
forecasts
Difference from initial forecasts
Net sales 27.4 30.2 35.1 28.0 57.6 63.1 +5.5 61.5 +1.6
Operating income 3.3 3.6 5.5 3.4 6.9 8.9 +2.0 8.0 +0.9
(to sales ratio) (12.2%) (11.9%) (15.7%) (12.1%) (12.1%) (14.1%) (+2.0%) (13.0%) (+1.1%)
Ordinary income 3.0 3.5 5.5 3.3 6.5 8.8 +2.3 7.8 +1.0
(to sales ratio) (10.8%) (11.7%) (15.6%) (11.9%) (11.3%) (13.9%) (+2.6%) (12.7%) (+1.2%)
Net income attributable to owners of the parent
2.3 1.9 3.1 1.8 4.2 4.9 +0.7 4.3 +0.6
(to sales ratio) (8.4%) (6.2%) (8.8%) (6.5%) (7.2%) (7.8%) (+0.6%) (7.0%) (+0.8%)
Net income per share 39.62 yen 35.09 yen 58.56 yen 34.33 yen 74.71 yen 92.89 yen +18.18 yen 81.13 yen +11.76 yen
8
Billion yen
Outlook for FY2019/3Although the markets remained strong during FY2018 1H, the recent marketssuch as the Chinese market is in an adjusting phase slightly.
We have unchanged the forecasts for FY2018 2H from initial.
2. Business Conditions and Outlook(1) Outlook for Fiscal Year Ending March 31, 2019
9
1.28 1.19 1.32 1.32
2.40
FY2015/3 FY2016/3 FY2017/3 FY2018/3 FY2019/3 (forecast)
R&D Expenditures
1.73
0.60 0.31
1.66
3.10
1.16 1.09 0.99 1.01 1.04
FY2015/3 FY2016/3 FY2017/3 FY2018/3 FY2019/3 (forecast)
0.32
2.05
0.930.33
Capital Investment and Depreciation
1H1.45
1H1.37
1H0.51
Capex plan (Total amount) for FY2019/3
Japan Introduction of new ERP system, etc. 1.5 0.8
China (i) Rebuilding of factory No.4, production machines etc. 1.4 1.4
China (ii) New factory in Anhui province 3.4 0.3
India (iii) Factory No.2, etc. 1.5 0.6Total 7.8 3.1
(2) R&D Expenditures, Capital Investment and Depreciation
Capital InvestmentInvestment inoverseas subsidiaries Depreciation
Billion yen
Long-term loans to Indian production subsidiary Long-term loans to
Indian production subsidiary
10
Capital Investment: Factories in China(i) PRECISION TSUGAMI (CHINA) CORPORATION
To increase production capacity, maintain strong output of metal castings and expand the PRC market
(ii) New factory through establishing Precision Tsugami (Anhui) Corporation
[Future schedule]Factory will be completed in June 2020. Production will start at the beginning of 2021. Capacity - Metal castings: 1,500 tons / month
Machine tools assembly: 100 units / month
Capex : ¥1.4bn (for FY2019/3: ¥1.4bn) - Factory No.4 etc.Capex: ¥3.4bn (for FY2019/3: ¥0.3bn)
7号棟
FoundryFactory
Sheet-metalFactory
No.7 No.8
Factory No. 3Shinagawa Precision Machinery (Zhejiang)
No.6
Factory No. 2 Factory No. 4 rebuilding
Factory No. 1
river
river
PRECISION TSUGAMI (CHINA) Precision Tsugami (Anhui)About 4 hours by car on expressway.
⇔
11
Factory No.2(by lease)
As of September 2018 Capacity of assembly: 70 units / month
Newfactory
Assembly and
parts manufacturing
Newfactory
Foundry Painting building+
Add land and buildings.Production machines planned to be transferred from Factory No.2.
Capital Investment: Factories in India(iii) TSUGAMI PRECISION ENGINEERING INDIA Pvt. Ltd.
Factory No.1assembly building Sheet-metal
buildingSheet-metal
building
Capex : ¥1.5bn (for FY2019/3: ¥0.6bn) – Add new Factories for machine tools assembly, parts manufacturing and foundry(Transfer from current rented Factory No.2 to new factory)
[Future schedule]
Capacity - Metal castings: 1,000 tons / monthMachine tools assembly: 200 units / month
Planning to complete construction and start production in FY2020/3.
-0.9
2.8
5.5
3.4
1.6 -0.9 -0.2
2.8 2.3
4.2
0.3
5.3
0.9
2.6
4.2
4.9
1.0
2.2 2.5
3.3
2.6
0.8 0.5
1.2 0.7 0.9
1.6
2.8 3.3
4.8
7.8
-1
0
1
2
3
4
5
6
7
8
FY2004/3
FY2005/3
FY2006/3
FY2007/3
FY2008/3
FY2009/3
FY2010/3
FY2011/3
FY2012/3
FY2013/3
FY2014/3
FY2015/3
FY2016/3
FY2017/3
FY2018/3
FY2019/3
Net income attributable to owners of the parent Total return
0.4 0.6 0.7 0.7 0.70.3
0.7 0.7 0.9 0.9 1.0 1.1 1.1 1.0 1.0
-
12
( Dividends paid )
1H3.1
1.2 1HTreasury stockpurchased
2.2
3. Shareholder Returns(1) Shareholder Returns
FY04/3 FY05/3 FY06/3 FY07/3 FY08/3 FY09/3 FY10/3 FY11/3 FY12/3 FY13/3 FY14/3 FY15/3 FY16/3 FY17/3 FY18/3 FY19/3(forecast)
Dividends paid 0.0 0.4 0.6 0.7 0.7 0.7 0.3 0.7 0.7 0.9 0.9 1.0 1.1 1.1 1.0 1.0(Full-year per share) (0 yen) (5 yen) (8 yen) (10 yen) (10 yen) (10 yen) (5 yen) (10 yen) (10 yen) (12 yen) (12 yen) (14 yen) (16 yen) (16 yen) (18 yen) (18 yen)Purchase oftreasury shares 1.0 1.8 1.9 2.6 1.9 0.1 0.1 0.6 0.0 0.0 0.7 1.8 2.2 3.7 6.8 --
Total return 1.0 2.2 2.5 3.3 2.6 0.8 0.4 1.3 0.7 0.9 1.6 2.8 3.3 4.8 7.8 --Dividend payout ratio -- 14.1% 11.2% 21.6% 43.4% -- -- 23.4% 29.5% 21.0% 254.2% 18.8% 122.7% 38.2% 24.1% 19.4%Total return ratio -- 76.7% 44.5% 95.9% 160.2% -- -- 44.0% 30.6% 21.0% 453.5% 53.5% 380.2% 181.5% 187.6% --
Billion yen
Billion yen
(forecast)
-1
235.7 224.0
216.1 213.4
243.4
306.5
322.7 319.5
289.1 294.3
331.4
372.2
427.9 428.2
522.9
473.8 510.4
585.6
13.3
-4.8
-10.2 -10.7
35.0
71.4
46.4
23.0
-12.9
-3.7
42.7
33.9
57.2
4.7
74.4
13.0
41.9
74.7
92.9
--
-
-
-
-
-
-
0
100
200
300
400
500
600
2001/3E2002/3E2003/3E2004/3E2005/3E2006/3E2007/3E2008/3E2009/3E2010/3E2011/3E2012/3E2013/3E2014/3E2015/3E2016/3E2017/3E2018/3E2019/3E
5.8%
-5.0%
15.5%
26.2%
14.8%
7.2%
-4.2%
-1.2%
13.7%14.3%
1.1%
15.7%
2.6%
8.4%13.5%
89,019
79,019
68,019
74,919
89,014
67,888 65,879
73,536
59,98953,082
52,60150,00055,00060,00065,00070,00075,00080,00085,00090,00095,000
100,000
Outstanding shares
Outstanding shares (excluding treasury shares)
64,919
55,000
13
6
13,099
131 2,1415,285
8,023
4,9301,918
2,3990
10,000
20,000
2001/3E2002/3E2003/3E2004/3E2005/3E2006/3E2007/3E2008/3E2009/3E2010/3E2011/3E2012/3E2013/3E2014/3E2015/3E2016/3E2017/3E2018/3E2018/9E
(2) Acquisition of Treasury Stock
Thousand shares
Treasury shares
Retirement
RetirementRetirement
Retirement
New issue
EPS (Earnings per share, excluding treasury shares)
ROE (Return on equity)
BPS (Book-value per share, excluding treasury shares) Yen, %
(Forecast)
(forecast)
14
12.5 13.3
26.6
17.5 16.6 15.0 15.119.1
22.325.6
30.61.6 1.6
1.4
1.8 1.92.5 1.6
1.8
1.8
2.4
2.2
0.8 0.8
0.7
0.80.4
0.2 0.3
0.2
0.2
0.1
0.2
0.50.8
0.8
4.1
2.11.2
1.3
1.5
2.9
1.9
1.9
0.2 0.2
0.2
0.1
0.10.1 0.1
0.2
0.2
0.2
0.2
0
5
10
15
20
25
30
35
1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H
30.2
27.4
15.616.6
29.7
24.421.1
19.0
18.4
22.7
35.1
25.8
44.2
31.6 34.2
47.93.2
3.2
4.43.4
4.2
1.5
1.5
0.60.5
0.3
1.4
4.9
3.32.7
4.8
0.3
0.3
0.2 0.3
0.4
0
10
20
30
40
50
60
FY2014/3 FY2015/3 FY2016/3 FY2017/3 FY2018/3
57.654.1
32.2
40.141.1
4. ReferenceNet Sales by Machinery Category
Rolling machines and specialized machines
Automatic lathes
Machining centersGrinding machines
Other businesses
FY2015/3 FY2016/3FY2014/3 FY2017/3 FY2018/3 FY2019/3
Billion yen
Six-monthBillion yen
Full-year
0
5
10
15
20
Apr-11May-11
Jun-11Jul-11Aug-11Sep-11Oct-11Nov-11Dec-11Jan-12Feb-12Mar-12
Apr-12May-12
Jun-12Jul-12Aug-12Sep-12Oct-12Nov-12Dec-12Jan-13Feb-13Mar-13
Apr-13May-13
Jun-13Jul-13Aug-13Sep-13Oct-13Nov-13Dec-13Jan-14Feb-14Mar-14
Apr-14May-14
Jun-14Jul-14Aug-14Sep-14Oct-14Nov-14Dec-14Jan-15Feb-15Mar-15
Apr-15May-15
Jun-15Jul-15Aug-15Sep-15Oct-15Nov-15Dec-15Jan-16Feb-16Mar-16
Apr-16May-16
Jun-16Jul-16Aug-16Sep-16Oct-16Nov-16Dec-16Jan-17Feb-17Mar-17
Apr-17May-17
Jun-17Jul-17Aug-17Sep-17Oct-17Nov-17Dec-18Jan-18Feb-18Mar-18
Apr-18May-18
Jun-18Jul-18Aug-18Sep-18
Foreign Demand Domestic Demand
15
012345678
Apr-11May-11
Jun-11Jul-11Aug-11Sep-11Oct-11Nov-11Dec-11Jan-12Feb-12Mar-12
Apr-12May-12
Jun-12Jul-12Aug-12Sep-12Oct-12Nov-12Dec-12Jan-13Feb-13Mar-13
Apr-13May-13
Jun-13Jul-13Aug-13Sep-13Oct-13Nov-13Dec-13Jan-14Feb-14Mar-14
Apr-14May-14
Jun-14Jul-14Aug-14Sep-14Oct-14Nov-14Dec-14Jan-15Feb-15Mar-15
Apr-15May-15
Jun-15Jul-15Aug-15Sep-15Oct-15Nov-15Dec-15Jan-16Feb-16Mar-16
Apr-16May-16
Jun-16Jul-16Aug-16Sep-16Oct-16Nov-16Dec-16Jan-17Feb-17Mar-17
Apr-17May-17
Jun-17Jul-17Aug-17Sep-17Oct-17Nov-17Dec-18Jan-18Feb-18Mar-18
Apr-18May-18
Jun-18Jul-18Aug-18Sep-18
Foreign Demand Domestic Demand
11/9E
12/3E
12/9E
13/3E
13/9E
14/3E
14/9E
15/3E 15/9E
16/3E16/9E 17/3E 17/9E
18/3E 18/9E
Orders Received and Order BacklogsBillion yen
Order backlogs
Orders
Copyright 2018 TSUGAMI CORPOTRATION All rights reserved.
The content in this material is premised on various assumptions and does not ensure or guarantee the realization of the planned figures and/or future policies stated herein.