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Topcon Investor Relations 2010
FY2010 2Q Financial Results
October 29, 2010TOPCON CORPORATIONDirector Takayuki Ogawa
(*In this presentation, “FY2010” refers to the year ending March 31, 2011. In addition, “FY2010 2Q” refers to the period from April 1 to September 30, 2010.)
Topcon Investor Relations 2010
Consolidated FY2010 Six-Month ResultsConsolidated FY2010 SixConsolidated FY2010 Six--Month ResultsMonth Results2009/9 Actual
2009/9 Actual
Dividends(¥)DividendsDividends((¥¥)) ¥2 ¥2
Net SalesNet SalesNet Sales
2010/9 Actual
2010/9 Actual
YoY (%)
YoY (%)
Operating Income (Loss)Operating Income (Loss)Operating Income (Loss)
OP Ratio
(billion yen)
Point (YoY)
PointPoint ((YoYYoY))
2
Ordinary Income (Loss)Ordinary Income (Loss)Ordinary Income (Loss)
Gross Income on SalesGross Income Gross Income
on Saleson Sales
SGASGASGA
Net Income (Loss)Net Income (Loss)Net Income (Loss)
Non-Operating ExpensesNonNon--Operating Operating
ExpensesExpenses
Loss Before Income Taxes and Minority InterestsLoss Before Income Taxes Loss Before Income Taxes
and Minority Interestsand Minority Interests
Extraordinary Income (Loss)
Extraordinary Income Extraordinary Income (Loss)(Loss)
+ Increased Sales Volume(U.S., China, Japan)
- Yen Strength
+ Increased Sales Volume- Yen Strength
43.3 115%115%
(1.8)(4) %(4) % 0%0%
―%―%
49.6
0
(2.3) ―%―%(0.7)
114%114%17.6 20.0
103%103%
(2.3) ―%―%(1.2)
(0.5) (0.8)
―%―%
19.4 19.9
―%―%(0.3) (0.4)
(2.6) (1.2)
Topcon Investor Relations 2010
Financial Results by SegmentFinancial Results by SegmentFinancial Results by Segment
3
(billion yen)
43.3
2010/9Actual2010/9Actual
2009/9Actual2009/9Actual
49.6
7.07.0
2010/7/30
Announcement
4848.0.0
YoY
(%)YoY
(%)
112%112%
97%97%
173%173%
16.016.0
25.025.0
115%115%
5.4
14.9
22.9
9.3
14.5
25.7
Net SalesNet Sales (Consolidated)
(1.8) 0 00
2010/9Actual2010/9Actual
2009/9Actual2009/9Actual
Operating IncomeOperating Income (Consolidated)
YoY
(%)YoY
(%)
(billion yen)
PositioningPositioning Eye CareEye Care FinetechFinetech
(0.9)
(1.1)
0.3 0.20.1
(0.3) (0.4)(0.2)0.6
2010/7/30
Announcement
Topcon Investor Relations 2010
10.412.5
11.2 15.0
13.911.8
1.0
(0.9)
2.1
(0.9)
0
(1.1)0
10
20
FY09/1Q FY09/2Q FY09/3Q FY09/4Q FY10/1Q FY10/2Q(2.0)
(1.0)
0.0
1.0
2.0
3.0Net Sales Operating Income
Financial Results (Quarterly)Financial Results Financial Results (Quarterly)(Quarterly)
27.721.920.920.1
23.2
30.5
(1.8)0
(1.5)
4.7
(1.5)
1.5
0
10
20
30
40
FY09/1Q FY09/2Q FY09/3Q FY09/4Q FY10/1Q FY10/2Q(5.0)
0.0
5.0Net Sales Operating Income
Operating Income (billion yen)Net Sales (billion yen)
4
7.1 7.7 7.1
9.4
6.77.7
0 0.2(0.1)
1.8
(0.3)0
0
5
10
15
FY09/1Q FY09/2Q FY09/3Q FY09/4Q FY10/1Q FY10/2Q(1.0)
0.0
1.0
2.0Net Sales Operating Income
6.0 6.0
3.32.92.4 2.4
(0.7)(0.2) (0.4)
0.8
(0.3)
0.5
0
5
10
FY09/1Q FY09/2Q FY09/3Q FY09/4Q FY10/1Q FY10/2Q(1.0)
0.0
1.0Net Sales Operating Income
1.Consolidated1.Consolidated 2.Positioning2.Positioning
3.Eye Care3.Eye Care 4.Finetech4.Finetech
Net Sales (billion yen)
Net Sales (billion yen) Net Sales (billion yen)
Operating Income (billion yen)
Operating Income (billion yen) Operating Income (billion yen)
Topcon Investor Relations 2010
Analysis of Gain and Loss in Operating Income (YoY)Analysis of Gain and Loss in Operating Income (Analysis of Gain and Loss in Operating Income (YoYYoY))
5
Topcon Investor Relations 2010
Impact from Currency Exchange in FY2010 1H (Compared with Original Plan) Impact from Currency Exchange in FY2010 1HImpact from Currency Exchange in FY2010 1H (Compared with Original Plan)(Compared with Original Plan)
Exchange Rate in FY2010 Total Amount of Impact(Compared with Original Plan)
Assumed Rate for FY2010
(Original Plan)
Exchange Rate for 2Q
(July to Sept)
Average Exchange Rate Net Sales Operating
Income
US$ ¥90 ¥90 ¥88.85 (¥0.3 billion) (¥0.1 billion)
EUR ¥120 ¥110 ¥114.82 (¥0.5 billion) (¥0.2 billion)
Total (¥0.8 billion) (¥0.3 billion)
6
Topcon Investor Relations 2010
Domestic and Overseas Sales (YoY)Domestic and Overseas Sales Domestic and Overseas Sales ((YoYYoY))
North AmericaNorth AmericaJapanJapan
Six-Month Results of
FY2009
EuropeEurope
ChinaChina Asia & OceaniaAsia & Oceania OthersOthers
7
¥¥44..5 5 billionbillion
¥¥66..3 3 billionbillion
¥¥55..3 3 billionbillion
¥¥66..0 0 billionbillion
¥¥10.6 10.6 billionbillion
¥¥12.9 12.9 billionbillion
¥¥4.4 4.4 billionbillion
¥¥44..77 billionbillion
¥¥10.7 10.7 billionbillion
¥¥10.1 10.1 billionbillion
Six-Month Results of
FY2010
¥¥7.57.5 billionbillion
¥¥9.9.44 billionbillion
Six-Month Results of
FY2009
Six-Month Results of
FY2010
Six-Month Results of
FY2009
Six-Month Results of
FY2010
Six-Month Results of
FY2009
Six-Month Results of
FY2010
Six-Month Results of
FY2009
Six-Month Results of
FY2010
Six-month Results of
FY2009
Six-Month Results of
FY2010
122%125%
95%
137% 114% 106%
Topcon Investor Relations 2010
Consolidated Cash FlowsConsolidated Cash FlowsConsolidated Cash FlowsCash Flows (billion yen)
2.1
(0.03)
(2.1)
2008/92008/9 2009/92009/9 2010/92010/9
8
10.0
5.0
(10.0)
(5.0)
0
3.8
(2.0)
1.7
100
50
0
D/E Ratio (%)
81.5%
132.2%153.7%
1.1
(6.2) (5.1) C/F from Operating Activities
C/F from Investment Activities
Free Cash Flow
D/E Ratio
150
Topcon Investor Relations 2010
CAPEX / Depreciation R&D
CAPEX
Depreciation
Positioning
R&D Expense to Sales Ratio
Eye CareFinetech
2009/9 2010/92008/9 2009/9 2010/92008/9
R&D Expense to Sales Ratio (%)
R&D (billion yen)
(billion yen)
2.7
66..22
9
1.3
0.7
6
4
2
0
10
5
2
1
1.5
0.5
1.6
2.3
4.0
1.3
0.79.4%
10.7%2.0
1.0
44..77
CAPEX / Depreciation / R&DCAPEX / Depreciation / R&DCAPEX / Depreciation / R&D
1.61.6
2.9
1.6
0.8
5.35.3
11.0%
Topcon Investor Relations 2010
FY20101H 2H
11
Business Trends by Region and MarketBusiness Trends by Region and Market
America America
Europe Europe
Japan Japan
FY20101H 2H
Construction Construction
Precision Agriculture
Precision Agriculture
Surveying/GIS Surveying/GIS
3DMeasurement
3DMeasurement
▶
Negative impact of high Yen in all regions, in addition to overall soft market in North America, Europe and Japan
▶
Steady growth in Emerging countries
▶
Negative impact of high Yen in all regions, in addition to overall soft market in North America, Europe and Japan
▶
Steady growth in Emerging countries
▶
Construction market was slower than expected, though it showed some stability & solidity
▶
Steady growth in Precision Ag and Measurement
▶
Construction market was slower than expected, though it showed some stability & solidity
▶
Steady growth in Precision Ag and Measurement
✔ Slight growth in Europe while North America & Japan arestable
✔ Steady growth in Emerging countries
✔ Slight growth in Europe while North America & Japan arestable
✔ Steady growth in Emerging countries
✔ Construction & Survey/GIS markets continue to be soft, but can be pushed up with new products
✔ Precision Ag and Measurement markets continue to grow
✔ Construction & Survey/GIS markets continue to be soft, but can be pushed up with new products
✔ Precision Ag and Measurement markets continue to grow
EmergingCountries
EmergingCountries
《Overview of 1H 》
《Forecast for 2H》
《Overview of 1H 》
《Forecast for 2H》
By Region
By Market
Topcon Investor Relations 201012
▶
Strong Japanese Yen weakens cost competitiveness to overseas market
▶
Capital investment freeze in U.S. and Europe▶
Asia: Steady Chinese growth; major impact on oil producing nations
▶
Strong Japanese Yen weakens cost competitiveness to overseas market
▶
Capital investment freeze in U.S. and Europe▶
Asia: Steady Chinese growth; major impact on oil producing nations
✔ U.S. experiencing gradual recovery. Facilitating IT investment✔ E.U. Restructuring healthcare investment. ✔ Upgrades in Japanese exam market have run course; further growth
in facilities adopting OCT✔ China and India continue to grow. Emerging health screening
market
✔ U.S. experiencing gradual recovery. Facilitating IT investment✔ E.U. Restructuring healthcare investment. ✔ Upgrades in Japanese exam market have run course; further growth
in facilities adopting OCT✔ China and India continue to grow. Emerging health screening
market
▶
Ophthalmic facilities hold off on investment; bid projects decreased▶
Freeze in eyeglass capital investment ▶
Growth in screening market
▶
Ophthalmic facilities hold off on investment; bid projects decreased▶
Freeze in eyeglass capital investment ▶
Growth in screening market
✔ Recovering in ophthalmology capital investment (budgets to invest in more efficient diagnosis/treatment)
✔ Eyeglass market will rebound from bottom; new stores opening, mainly in emerging countries
✔ Screening market will maintain strength; expansion in China andIndia
✔ Recovering in ophthalmology capital investment (budgets to invest in more efficient diagnosis/treatment)
✔ Eyeglass market will rebound from bottom; new stores opening, mainly in emerging countries
✔ Screening market will maintain strength; expansion in China andIndia
Ophthalmic Market
Optometric Market
Diabetes and Glaucoma Screening Market
By Region
By Market
FY20101H 2H
FY20101H 2H
《Overview of 1H 》
《Forecast for 2H》
《Overview of 1H 》
《Forecast for 2H》
Business Trends by Region and MarketBusiness Trends by Region and Market
America America
Europe Europe
Japan Japan
Asia Asia
Topcon Investor Relations 2010
▶
Steady growth in semiconductor market after Lehman’s fall▶
Activation in electronic industry by new application▶
Started out to construct new LCD factories in China successively▶
Increased demand on PJ for Business in emerging countries
▶
Steady growth in semiconductor market after Lehman’s fall▶
Activation in electronic industry by new application▶
Started out to construct new LCD factories in China successively▶
Increased demand on PJ for Business in emerging countries
✔ Launch of new electric devices with the latest concept to drive the market
✔ Oversupply of LCD panels caused by excessive investment in new LCD factories in China
✔ Expected high demand along with conversion of digital broadcasting in Japanese market
✔ Rapid expansion of touch screen panel market
✔ Launch of new electric devices with the latest concept to drive the market
✔ Oversupply of LCD panels caused by excessive investment in new LCD factories in China
✔ Expected high demand along with conversion of digital broadcasting in Japanese market
✔ Rapid expansion of touch screen panel market
▶
Resumption of investments by Korean, Taiwanese, Chinesemanufactures
▶
Slow recovery in Japan, but not proactive to resume capital investment
▶
Resumption of investments by Korean, Taiwanese, Chinesemanufactures
▶
Slow recovery in Japan, but not proactive to resume capital investment
✔ Investments in Chinese and Asian markets continues to be good
✔Speed of recovery at Japanese manufactures slows down by high Yen
✔ Investments in Chinese and Asian markets continues to be good
✔Speed of recovery at Japanese manufactures slows down by high Yen
13
BusinessBusiness Trends by Region and MarketTrends by Region and Market
By Market
By Region FY20101H 2H
FY20101H 2H
North AmericaNorth America
EuropeEurope
JapanJapan
SemiconductorSemiconductor
FPDFPD
Optical DeviceOptical Device
《Overview of 1H 》
《Forecast for 2H》
《Overview of 1H 》
《Forecast for 2H》
AsiaAsia
Topcon Investor Relations 2010
[Consolidated] FY2009FY2009 FY2010FY2010
1H1H Full YearFull Year 1H1H Full YearFull Year
ActualActual ActualActual ActualActualYoYYoY
(%)(%) ForecastForecastYoYYoY
(%)(%)
Net SalesNet Sales 43,33843,338 94,86294,862 49,649,68888 114.114.77%% 10104,04,00000 109.6%109.6%
Operating Income (Loss)Operating Income (Loss) (1,836)(1,836) 1,4051,405 1111 --%% 2,7002,700 192.2%192.2%
Ordinary Income (Loss)Ordinary Income (Loss) (2,364)(2,364) 545545 (792)(792) --%% 1,4001,400 256.8%256.8%Current Term (MidCurrent Term (Mid--Term) Term) Net Income (Loss)Net Income (Loss) (2,369)(2,369) 133133 (1,295)(1,295) --%% 200200 150.4%150.4%
ROEROE 0.3%0.3% 0.5%0.5%
DividendsDividends ¥¥22 ¥¥44 ¥¥22 ¥¥44
Exchange RateExchange Rate((AverageAverage))
US$ ¥¥95.2795.27 ¥¥93.93.0404 ¥¥88.8588.85 ¥¥84.7784.77
EUR ¥¥132.73132.73 ¥¥130.62130.62 ¥¥114.82114.82 ¥¥112.60112.60
Full Year Business ForecastFull Year Business ForecastFull Year Business Forecast(million yen)
14
*Assumed exchange rate, after October 2010, will be 80 yen per U.S. dollar and 110 yen per Euro
Topcon Investor Relations 2010
[Consolidated] FY2009FY2009 FY2010FY2010
1H1H Full YearFull Year 1H1H Full YearFull Year
ActualActual ActualActual ActualActualYoYYoY
(%)(%) ForecastForecastYoYYoY
(%)(%)
Net Net SalesSales
PositioningPositioning 22,99722,997 49,35049,350 25,25,767767 112.0112.0%% 52,00052,000 105.4%105.4%
Eye CareEye Care 14,92914,929 31,56131,561 14,53314,533 97.3%97.3% 31,00031,000 98.2%98.2%
FinetechFinetech 5,4115,411 13,95013,950 9,3879,387 173.5%173.5% 21,00021,000 150.5%150.5%
TotalTotal 43,33843,338 94,86294,862 49,68849,688 114.114.77%% 104,000104,000 109.6%109.6%
Operating Operating Income Income (Loss)(Loss)
PositioningPositioning (1,173)(1,173) 66 109109 --%% 700700 --%%
Eye CareEye Care 326326 1,9631,963 (316)(316) --%% 900900 45.8%45.8%
FinetechFinetech (990)(990) (564)(564) 218218 --%% 11,,110000 --%%
TotalTotal (1,836)(1,836) 1,4051,405 1111 --%% 2,7002,700 192.2%192.2%
Business Forecast by SegmentBusiness Forecast by SegmentBusiness Forecast by Segment(million yen)
15
Topcon Investor Relations 2010
11.69.38.5
5.4
9.012.0
0.90.20.4
(0.9)
(3.3)
0
0
10
20
08/1H 08/2H 09/1H 09/2H 10/1H 10/2H(4.0)
(2.0)
0.0
2.0Net Sales Operating Income
54.349.643.3
51.546.965.7
2.7
0
3.2
(1.8)
(9.9)
3.0
0
20
40
60
80
08/1H 08/2H 09/1H 09/2H 10/1H 10/2H(10.0)
(5.0)
0.0
5.0Net Sales Operating Income
18.415.0 14.9
16.6 16.414.5
1.8
(0.1)0.3
1.6
(0.3)
1.2
0
10
20
30
08/1H 08/2H 09/1H 09/2H 10/1H 10/2H(1.0)
1.0
Net Sales Operating Income
16
Financial Results and Forecast (Semiannually)Financial Results and Forecast Financial Results and Forecast (Semiannually)(Semiannually)
Net Sales (billion yen)
Operating Income (billion yen)
35.122.8
22.9
26.3 25.7 26.2
1.1
(6.4)
(1.1)
1.10.1 0.6
0
10
20
30
40
08/1H 08/2H 09/1H 09/2H 10/1H 10/2H(8.0)
(6.0)
(4.0)
(2.0)
0.0
2.0Net Sales Operating Income
1.Consolidated1.Consolidated 2.Positioning2.Positioning
3.Eye Care3.Eye Care 4.Finetech4.Finetech
Operating Income (billion yen)
Operating Income (billion yen) Operating Income (billion yen)Net Sales (billion yen)
Net Sales (billion yen) Net Sales (billion yen)
Topcon Investor Relations 201017
Analysis of Gain and Loss in Operating Income (Analysis of Gain and Loss in Operating Income (YoYYoY))
Topcon Investor Relations 2010
Impact from Currency Exchange (After FY2010 2H)Impact from Currency ExchangeImpact from Currency Exchange (After FY2010 2H)(After FY2010 2H)
Exchange Rate Impact from Fluctuation by ¥1 (after FY2010 2H)
Assumed Rate for FY2010 2H Net Sales Operating
Income
US$ ¥80 ¥0.25 billion ¥0.1 billion
EUR ¥110 ¥0.1 billion ¥0.05 billion
18
Topcon Investor Relations 201019
Promotion of Business RestructuringPromotion of Business RestructuringPromotion of Business Restructuring1
Fixed-Cost Reduction, Enhancement of Organizational Efficiency1
Fixed-Cost Reduction, Enhancement of Organizational Efficiency
Optimize Staffing Allocation in Topcon Group■■
Promote Business Process Restructuring■■
Restructure Organization, Review Position’s Allocation ■■
2
Cost Reduction2
Cost Reduction
■■ Reduce Distribution Cost
Strengthen *VA/CD Activities (increase oversea procurement)
*Value Analysis / Cost Down■■
Improve the Ratio of Direct Cost and Overhead Cost (reduce indirect personnel)
■■
Reorganize Production Bases in Japan■■
3
Improvement of Cash Flow3
Improvement of Cash Flow
■■ Reduce Accounts Receivable (aim to promote collection of long term debts)
Reduce Inventories (promote *PSI process) *Supply Chain Management■■
Topcon Investor Relations 2010
Forward-looking StatementsForwardForward--looking Statementslooking Statements
20
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.
Inquiries:Corporate Communication Dept.IR AffairsTOPCON CORPORATIONTel:+81-3-3558-2532E-mail:[email protected]URL: http://global.topcon.com/invest/