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Fiscal Year 2017/18 –Annual Results
May 25, 2018
1. Corporate Info
Corporate name SHIBAURA ELECTRONICS CO., LTD.
Start of operation March 3, 1953
Head office Kamiochiai, Chuo-ku, Saitama City, Saitama, Japan
Representative Hiroyuki Hashikura, President
BusinessManufacturing and sales of thermistor elements and applied products using them
(temperature sensors, humidity sensors, hygrometers, temperature controllers,
anemometers, etc.)
Capital 2,144 million yen (as of March 31, 2018)
Net sales 25.2 billion yen (FY2017 / Consolidated)
Ordinary income 3 billion yen (FY2017 / Consolidated)
Manufacturing
Sites6 sites in Japan, 3 overseas sites in Thailand and China
Number of employees
Approx.4,300 (as of March 31, 2018 / Consolidate)
Stock exchange
listingJASDAQ Standard, Tokyo Stock Exchange (Code number : 6957)
Share unit 100 shares
Head office of Shibaura Electronics Co., Ltd.
2. Thermistors and applied products using them
From -50℃ to 1,000℃. Thermistor technology produces high added value.
Shibaura’s thermistors cover from -50℃ to 1,000℃
Existing products(Glass coated thermistors)
high-value-added products(Glass coated thermistors for high temperature)
-50℃ 0℃ 50℃ 100℃ 300℃ 500℃ 1,000℃
Temperature range of consumer products
Shibaura’s original technology
●(Tuna) stock freezer●Refrigerator
●Air conditioner●EcoCute(CO2 heat pomp)
●Hot-water supply●Automotive(Water)●Dishwasher(Drying)●Rice cooker●Microwave oven●Automotive(HV & EV motors)
●Copy machine●IH cooker●Fan heater
●Automotive(EGR)
●Oven●Household equipment(Gas flame)
●Automotive(DPF)
3. Shibaura’s world shareNo. 1 share in the world. Shibaura’s thermistor temperature sensors are selected all over the world.
Source: Paumanok estimates
26%
The estimated market share in 2013 for NTC thermistor suppliers
Shibaura
Company A18%
CompanyB
14%
Company C
13%
Company D10%
Others
15%Company E4%
4. Consistent production systemVarious functions of the group
Shibaura Electronics
Research, development and
designing
-Fukushima
Thermistor element factory
Research on thermistor elements,
Basic research
-Tohoku -Iwate
-Kakunodate -Aomori
-Miharu
Mother factory
Technologies developmentNew & value-added products
Guidance for overseas factories
-Thai
-Shanghai
-Dongguan
Overseas manufacturing sites
Mass production
-Tohoku
-Iwate
-Fukushima
Test centers
Quality assurance
Design verification
Summary of Financial Results for FY2017 Ended March 31, 2018
(April 1, 2017 – March 31, 2018)
5. FY2017 sales and profit factors
Net sales 25,289 mil. yen +14.6% (year-to-year)Operating income 3,045 mil. yen +27.2% (year-to-year)Operating income margin 12.0 % 10.8% (previous period)ROE 11.2 % 9.7% (previous period)Dividend 75 yen (outlook) 60 yen (previous period)
• Sales increased for each application.
• Thermistor sensors for air conditioners and thermistor elements for
automobiles were in good shape.
• Factories were full operation.
• Cost decreased.
6. Statement of income (Summary)
FY2016 (ended Mar. 31, 2017) FY2017 (ended Mar. 31, 2018)
Amount Compositionratio Amount Composition
ratioComparisonwith last year
Net sales 22,071 100.0 25,289 100.0 14.6
Cost of sales 16,722 75.8 19,102 75.5 14.2
Gross profit 5,349 24.2 6,186 24.5 15.6
Selling, general and administrative expenses 2,955 13.4 3,141 12.4 6.3
Operating income 2,394 10.8 3,045 12.0 27.2
Non-operating income 84 0.4 88 0.3 4.8
Non-operating expenses 15 0.1 62 0.2 313.3
Ordinary income 2,463 11.2 3,071 12.1 24.7
Extraordinary income 0 0.0 0 0.0 ―
Extraordinary loss 17 0.1 36 0.1 111.8
Income taxes and others617 2.8 744 2.9 20.6
Net income attributable to owners of the parent 1,818 8.2 2,280 9.0 25.4
ROE(%) 9.7 ― 11.2 ― ―
(Amount: mil. yen, comparison: %)
7. Sales amount by applicationConducting aggressive marketing activities targeting automotive manufacturers as well as domestic and overseas energy-saving and green–oriented manufacturers
5,736
6,167
7,099
3,810
4,363
5,053
3,349 3,316 3,771
2,253 2,283 2,612
1,917 2,036 2,355 2,219
1,971 2,061
1,269 1,361 1,525
708 575 813
FY 2015
FY 2016
FY 2017
FY 2015
FY 2016
FY 2017
FY 2015
FY 2016
FY 2017
FY 2015
FY 2016
FY 2017
FY 2015
FY 2016
FY 2017
FY 2015
FY 2016
FY 2017
FY 2015
FY 2016
FY 2017
FY 2015
FY 2016
FY 2017
素子 空調機器 家電 自動車 住設機器 OA 産業機器 計測器 他
(Mil. yen)
Thermistorelements
Airconditioners
Home appliances
Automotive Householdequipment
Industrial equipment
OA Measuringinstruments,and others
8. Sales by application
Automotive
Air conditioners
Home appliances
Household
equipment
OA
Industrial equipment
Others
FY 2016Ended Mar. 31, 2017
30.0%
20.3%17.3%
Automotive
Air conditionersHome
appliances
Household
equipment
OA
Industrial equipment
Others29.6%
20.7%17.1%
FY 2017Ended Mar. 31, 2018
9. Balance sheet (Summary)
Mar. 312017
Mar. 312018 Change
Current liabilities 6,581 7,760 1,179
Account payable 3,266 3,749 483
Short-term loan payable 709 831 122
Others 2,604 3,180 576
Noncurrent liabilities 1,189 1,656 467
Long-term loanpayable 772 1,167 395
Others 417 488 71
Total liabilities 7,770 9,416 1,646
Net assets 19,343 21,468 2,125
Total liabilities and net assets 27,113 30,885 3,772
Mar. 312017
Mar. 312018 Change
Current assets 18,901 21,387 2,486
Cash and deposits 6,348 7,130 782
Account Receivable 6,472 7,373 901
Inventory assets 5,091 5,699 608
Others 989 1,183 194
Noncurrent assets 8,212 9,498 1,286
Property, plant and equipment 7,300 8,477 1,177
Intangible assets 138 132 -6
Investments and other assets 773 888 115
Total assets 27,113 30,885 3,772
Assets Liabilities and shareholders’ equity
(Mil. yen)(Mil. yen)
15,971
18,126 18,441 19,343
21,468
68.8 68.170.6 70.9 69.4
0
10
20
30
40
50
60
70
80
0
10,000
20,000
Mar. 31, 2014
Mar. 31, 2015
Mar. 31, 2016
Mar. 31, 2017
Mar. 31, 2018
10. Balance sheet items
Total assets
22,998
26,462 25,987 27,113
30,885
Mar. 31, 2014
Mar. 31, 2015
Mar. 31, 2016
Mar. 31, 2017
Mar. 31, 2018
3,786
4,340
4,799 5,091
5,699
Mar. 31, 2014
Mar. 31, 2015
Mar. 31, 2016
Mar. 31, 2017
Mar. 31, 2018
Inventory assetsShareholders’ equity and
equity ratio
(Mil. yen) (Mil. yen)(Mil. yen)
11. Cash flows
-314
308
-1,068 -1,235
-4
FY2013 FY2014 FY2015 FY2016 FY2017
Cash flow used in financing activities
-1,127 -1,169 -1,544
-1,224
-1,931
2,006 2,042 2,108
2,514 2,701
879 879 564
1,290 770
-3,000
-2,000
-1,000
0
1,000
2,000
3,000
FY2013 FY2014 FY2015 FY2016 FY2017
Free cash flow(Mil. yen) (Mil. yen)
1,217
1,392 1,282
1,369
1,700
1,769 1,562
1,214
1,941
4,500
12. Capital expenditure, depreciation, R&D expenditure
Capital expenditure Depreciation Research and development expenditure
445 435 438
724 750
(Mil. yen) (Mil. yen)(Mil. yen)
FY2018 Ending March 31, 2019Business outlook
(April 1, 2018 – March 31, 2019)
13. FY2018 (ending March 31, 2019) business outlook
FY2017Actual
H1 FY2018outlook
H2 FY2018outlook
FY2018 full yearoutlook
Net sales25,289 13,500 14,000 27,500
(14.6) (8.8) (8.7) (8.7)
Operating income3,045 1,570 1,600 3,170
(27.2) (2.5) (5.6) (4.1)
Ordinary income3,071 1,500 1,670 3,170
(24.7) (-4.8) (11.6) (3.2)
Net incomeattributable to owners of the parent
2,280 1,120 1,250 2,370
(25.4) (-0.0) (7.8) (3.9)
(Amount: mil. yen, comparison: %)
( ): Year-to-year comparison
14. Net sales and operating income
14,546 13,099
16,548 17,086 16,143
18,757
20,113 21,261
22,071 25,289
27,500
1,214
869
2,055 1,778
849
1,366
1,889 1,663
2,394
3,045 3,170
0
2,500
5,000
0
15,000
30,000
FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 Outlook
Net sales Operating income
(Mil. yen) (Mil. yen)
15. Sales amount by application
5,736 6,167 7,099
8,100
3,810
4,363 5,053
5,800
3,349 3,316 3,771 3,800
2,253 2,283
2,612 2,800
1,917 2,036 2,355 2,500
2,219 1,971 2,061
2,100
1,269 1,361 1,525 1,600
708 575 813 800
FY2015
FY2016
FY2017
FY2018*
FY2015
FY2016
FY2017
FY2018*
FY2015
FY2016
FY2017
FY2018*
FY2015
FY2016
FY2017
FY2018*
FY2015
FY2016
FY2017
FY2018*
FY2015
FY2016
FY2017
FY2018*
FY2015
FY2016
FY2017
FY2018*
FY2015
FY2016
FY2017
FY2018*
素子 空調機器 家電 自動車 住設機器 OA 産業機器 計測器 他
(Mil. yen)
*FY2018 shows outlook
Thermistorelements
Airconditioners
Home appliances
Automotive Householdequipment
Industrial equipment
OA Measuringinstruments,and others
Business Deployment
16. Growth strategy
Further enhancement of research & development system
Focus on “green-oriented”, “energy-saving” and “safety-related” fields
Aggressive expansion into overseas markets
Enhancement of production system
Aggressive investment toward market share expansion
17. Enhancement of production systemAggressive investment toward
market share expansionAomori constructed its 3rd building.Shanghai moved to expand floor space.
Thai constructed its 5th building.
Fukushima constructed its 2nd factory (Matsukawa).
Fukushima renovated the acquired adjacent factory.
Kakunodate constructed its 3rd building.
Tohoku constructed its 3rd building.
Fukushima will start construction of its 10th building.
Sep. 2012
Dec. 2013
Apr. 2015
Jul. 2017
Sep. 2017
Dec. 2017
2018
Thai will complete the construction of its 6th building.Jun. 2018
18. Enhancement of production system (The 6th building of Thai Shibaura Denshi)
The 6th building of Thai Shibaura Denshi will become Shibaura’s biggest thermistor sensor factory, which is proud of high production capability to ensure responding customers’ various orders.
1. Total investment:
Shibaura’s biggest thermistor sensor factoryThai Shibaura Denshi
The 6 building of Thai Shibaura Denshi will be completed soonIt’s production space increases by 30 %
Investment outline of the 6 building of Thai Shibaura Denshi
Approx. 800 million yen
4. Start of operation: July 2018
2. Purpose: To construct a factory next to the existing one (adjacent area)
3. Area of the factory:
Two-story building,approx. 9,600㎡
19. Aggressive expansion into overseas markets 1/2
Automotive Home appliances, Household equipment, Air conditioners
Overseas competitors
(America, Europe, China and other Asian
countries)
European, American, Japanese, and Chinese thermistor manufacturers, andEuropean and American platinum sensor manufacturers
European, American, Japanese and Chinese thermistor manufacturers
Market environment Increasing demand for HV & EVStill demand for application for engine car
Home appliances: Rice cockers for China, coffee maker, IH cocker, microwave oven are mainly manufactured in China.China: Increasing demand for sensors due to computerization promoted by domestic production, high-tech trends, and measures for PM 2.5 in accordance with “Made in China 2025”strategy.
Strategies
To expand sales of related products in America, Europe, and China expecting demand for HV & EV.- For motor, battery, power semiconductor, and
charging inlet- To respond demand (in America, Europe, and
China) by each region’s OEM and suppliers of any tier. To continue to expand sales of productsrelated to engine car.
- To focus on change of product portfolio (demand fluctuation, such as ATF, application for engine car) associated with transition from engine car to HV & EV.
China: To expand sales in collaboration with distributors.
20. Aggressive expansion into overseas markets 2/2
Sales Division
Overseas Sales Department
Japan
China
Shanghai Shibaura Electronics*
Dongguan Shibaura Electronics*
Shibaura Electronics Hong Kong
Collaborate with a distributor
*Sales divisions of the manufacturing sites
Shibaura Electronics of America Corporation
Collaborate with a sales representative
Established in September 2015
America
Sales network in Europe, America, and China
Shibaura Electronics Europe (Germany)
Collaborate with a distributor
Europe
21. Focus on “green-oriented”, “energy-saving” and “safety-related” fields
Responding to the environmental needs which continue to increase globally
Larger share in growing fieldsExpanding applications
<<World trends>>Green-
orientedenergy-saving
highly-functional
safety-related
Thermistor elements
Household equipment
Air conditioners
Home appliances
OA
Industrial equipment
Automotive
-Colorization -Highly-functional (Non-contact)
-Green-oriented -Energy-saving -Safety-related
-Green-oriented -Energy-saving -Europe & Emerging Countries -Safety-related
-Green-oriented -Energy-saving -All electrification -Highly-functional -Emerging countries
-High quality -Wide temperature range -Large supply
-Green-oriented -Energy-saving -Production automatization -Robot
-Green-oriented -Energy-saving -Hybrid -EV
22. Further enhancement of study & development system
Enhancing study & development system further
Improvement of existing products
2
Collaborative research with academia
4
Development of new & improved products
1
Improvement of production efficiency –
automatization
3
23. Shareholder return
25 30 35 40 40 50 55 60
75 75
23.417.3 20.7
61.4
26.5 23.6 35.2
25.5 25.3 24.4
-100
-80
-60
-40
-20
0
20
40
60
0
10
20
30
40
50
60
70
80
90
100
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 (Outlook)
Stable dividend
Dividend payout ratio (%)
Dividend (yen)
Thank you very much.
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
[Reference] Definition of terms
ThermistorA 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.
PSB thermistor elementShibaura independently developed glass-encapsulated thermistors. With excellent heat-resisting property, mechanical strength and stability, they are now Shibaura’s main products.
PSB thermistors were patented in major countries (Japan, the U.S., the U.K., Germany, France, Canada, Italy and Switzerland.)
[Reference] Number of thermistors installed in a product
Householdequipment
Solar system Shower toilet Water heater Highly efficient hot water supply system
[ 1 to 3] [ 2 to 3 ] [ 2 to 5 ] [ 10 to 20 ]
A/CFan heater Room A/C Industrial A/C
[ 2 to 3 ] [ 2 to 5 ] [ 5 to 15 ]
Homeappliances
Microwave oven Rice cooker Refrigerator IH cooker
[ 2 to 3 ] [ 2 to 3 ] [ 2 to 8 ] [ 5 to 15 ]
OAPrinter Copy machine Multi-functional
copier
[ 2 ] [ 2 to 3 ] [ 3 to 5 ]
Industrialequipment
Fire alarm Machine, robot Freezing showcase Freezing container
[ 2 ] [ 1 to 2 ] [ 2 to 5 ] [ 5 to 10 ]
AutomotiveCar A/C Intake air, exhaust gas, water, fuel, oil Hybrid system
[ 4 to 5 ] [ 8 to 10 ] [ 8 to 10 ][ ] :Number of thermistors in a product