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Copyright 2018 TSUGAMI CORPOTRATION All rights reserved. Briefing on Financial Statements for the First Half of the Year Ending March 2019 November 12, 2018 http://www.tsugami.co.jp

Briefing on Financial Statements for the First Half of the ... · 1. Business performance for the First Half of the Year Ending March 31, 2019 P.2 -7 (1)Business Results (2)Sales

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Page 1: Briefing on Financial Statements for the First Half of the ... · 1. Business performance for the First Half of the Year Ending March 31, 2019 P.2 -7 (1)Business Results (2)Sales

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

Page 2: Briefing on Financial Statements for the First Half of the ... · 1. Business performance for the First Half of the Year Ending March 31, 2019 P.2 -7 (1)Business Results (2)Sales

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

Page 3: Briefing on Financial Statements for the First Half of the ... · 1. Business performance for the First Half of the Year Ending March 31, 2019 P.2 -7 (1)Business Results (2)Sales

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

Page 4: Briefing on Financial Statements for the First Half of the ... · 1. Business performance for the First Half of the Year Ending March 31, 2019 P.2 -7 (1)Business Results (2)Sales

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)

Page 5: Briefing on Financial Statements for the First Half of the ... · 1. Business performance for the First Half of the Year Ending March 31, 2019 P.2 -7 (1)Business Results (2)Sales

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

Page 6: Briefing on Financial Statements for the First Half of the ... · 1. Business performance for the First Half of the Year Ending March 31, 2019 P.2 -7 (1)Business Results (2)Sales

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

Page 7: Briefing on Financial Statements for the First Half of the ... · 1. Business performance for the First Half of the Year Ending March 31, 2019 P.2 -7 (1)Business Results (2)Sales

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

Page 8: Briefing on Financial Statements for the First Half of the ... · 1. Business performance for the First Half of the Year Ending March 31, 2019 P.2 -7 (1)Business Results (2)Sales

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

Page 9: Briefing on Financial Statements for the First Half of the ... · 1. Business performance for the First Half of the Year Ending March 31, 2019 P.2 -7 (1)Business Results (2)Sales

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

Page 10: Briefing on Financial Statements for the First Half of the ... · 1. Business performance for the First Half of the Year Ending March 31, 2019 P.2 -7 (1)Business Results (2)Sales

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

Page 11: Briefing on Financial Statements for the First Half of the ... · 1. Business performance for the First Half of the Year Ending March 31, 2019 P.2 -7 (1)Business Results (2)Sales

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.

Page 12: Briefing on Financial Statements for the First Half of the ... · 1. Business performance for the First Half of the Year Ending March 31, 2019 P.2 -7 (1)Business Results (2)Sales

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.

Page 13: Briefing on Financial Statements for the First Half of the ... · 1. Business performance for the First Half of the Year Ending March 31, 2019 P.2 -7 (1)Business Results (2)Sales

-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

Page 14: Briefing on Financial Statements for the First Half of the ... · 1. Business performance for the First Half of the Year Ending March 31, 2019 P.2 -7 (1)Business Results (2)Sales

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)

Page 15: Briefing on Financial Statements for the First Half of the ... · 1. Business performance for the First Half of the Year Ending March 31, 2019 P.2 -7 (1)Business Results (2)Sales

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

Page 16: Briefing on Financial Statements for the First Half of the ... · 1. Business performance for the First Half of the Year Ending March 31, 2019 P.2 -7 (1)Business Results (2)Sales

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

Page 17: Briefing on Financial Statements for the First Half of the ... · 1. Business performance for the First Half of the Year Ending March 31, 2019 P.2 -7 (1)Business Results (2)Sales

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