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FY2016 1Q Financial Results July 29, 2016 TOPCON CORPORATION Director and Executive Officer, CFO General Manager of Accounting & Finance Div. Haruhiko Akiyama
©2016 Topcon Corporation 1
FY2016 Full Year Plan
Ⅲ Appendix
Ⅰ FY2016 1Q Financial Results
Ⅱ
CONTENTS
FY2016 1Q Financial Results
©2016 Topcon Corporation 2
Ⅰ. FY2016 1Q Financial Results Ⅰ-1. FY2016 1Q Financial Results
Ⅰ-2. Overview of 1Q
©2016 Topcon Corporation 3
FY2016 1Q <On a recovery trend>
Net Sales
0.0
1.0
2.0
3.0
4.0
0
10
20
30
FY20131Q
FY20141Q
FY20151Q
FY20161Q
Sales declined by the strong yen but operating income remained steady
Practically, the sales and profits increased w/o FX effects
Operating Income
1.7
27.6 26.4 24.1
0.7 0.7 0.7
26.2
28.6
Net Sales w/o FX effects
Operating Income w/o FX effects
POC: - Significant improvement in operating income - Good sales of IT Construction SIB: Strong sales and profit ECB: Growth in sales and profit
1.1
1Q Sales Trend Net Sales
(billion yen) Operating Income (billion yen)
POC=Positioning Company/ SIB=Smart Infrastructure Business/ ECB=Eye Care Business
©2016 Topcon Corporation 4
FY2016 1Q Financial Results <Increased sales and profits in FY15 exchange rate>
[Consolidated]
FY2015/1Q FY2016/1Q
Actual Actual YoY FY15 Exchange Rate Conversion
Conversion YoY
Net Sales 27,593 26,228 -1,364 28,604 1,011 Gross Profit (Gross Profit Ratio)
14,594 (52.9%)
14,238 (54.3%) -355
SGA 13,830 13,502 -327 Operating Income (Operating Income Ratio)
764 (2.8%)
736 (2.8%) -27 1,159
(4.1%) 395
Non-Operating Income (Expenses) -83 -1,176 -1,092 -104 -21
Ordinary Income 680 -439 -1,120 1,053 373 Extraordinary Income (Loss) 0 -56 -56 Income Before Income Taxes and Minority Interests 680 -495 -1,176
Net Income 139 -783 -923 211 72
Exchange Rate (Average)
US$ ¥121.34 ¥109.07 ¥-12.27 ¥121.34 EUR ¥133.86 ¥122.47 ¥-11.39 ¥133.86
*The previously reported amount in FY2015 Q1 to Q3 is retrospectively adjusted by determining provisional accounting of business combination.
Exchange loss in foreign currency A/R 1.1 billion yen
Tentative valuation loss by exchange rate on June 30th (¥102.91/$)
(unit: million yen)
©2016 Topcon Corporation 5
FY2016 1Q Financial Results by Business <Profitability of Positioning is on a recovery track>
[Consolidated] FY2015/1Q FY2016/1Q
Actual Actual YoY FY15 Exchange Rate Conversion
Conversion YoY
Net Sales
Positioning 14,386 12,831 -1,554 14,214 -172 Smart Infrastructure 7,086 6,590 -495 7,103 17 Eye Care 7,887 8,799 912 9,544 1,657 Others 1,203 790 -412 809 -394 Elimination -2,969 -2,783 185 -3,065 -96 Total 27,593 26,228 -1,364 28,604 1,011
Operating Income
(Operating Income Ratio)
Positioning 561 (3.9%)
745 (5.8%) 184 818
(5.8%) 257
Smart Infrastructure 410 (5.8%)
295 (4.5%) -115 418
(5.9%) 8
Eye Care 468 (5.9%)
461 (5.2%) -6 739
(7.7%) 271
Others -69 (-5.7%)
-123 (-15.6%) -54 -123
(-15.2%) -54
Goodwill Amortization -607 -643 -36 -695 -88
Total 764 (2.8%)
736 (2.8%) -27 1,159
(4.1%) 395
(unit: million yen)
©2016 Topcon Corporation 6
Domestic and Overseas Sales (YoY, at constant currency)
FY2015/1Q
FY2015/1Q
FY2015/1Q FY2015/1Q FY2016/1Q FY2016/1Q
FY2016/1Q
FY2016/1Q
・ POC: IT Construction continues strong growth. IT Agriculture declined in YoY basis, but show signs of having bottomed out. ・ ECB: Strong sales in screening business
- ECB: Strong sales
- ECB: Increase in the glasses shop sales
8.1 8.3 4.4 4.0 8.5 7.7
2.1
111% 98% 105%
133%
1.6
- SIB: Strong sales
FY2015/1Q FY2016/1Q
3.2 3.0
107%
- SIB, ECB: Strong sales
FY2015/1Q FY2016/1Q 1.7
105%
1.6 - POC, ECB: Strong sales - SIB: Market stagnation in Middle East
Japan North America
Europe
China Asia/Oceania Others
POC=Positioning Company/ SIB=Smart Infrastructure Business/ ECB=Eye Care Business
(Billion yen) (Billion yen) (Billion yen)
(Billion yen) (Billion yen) (Billion yen)
©2016 Topcon Corporation 7
0.7
0.2 0.2
1.1
-0.4
0.7
0.0
0.5
1.0
1.5
FY2015 1Q Sales increase anddecrease,
Product mix
Fixed cost/Lowering COGS
FX Effects FY2016 1Q
(unit: Billion yen) FY2016 1Q FY2015 1Q
[Consolidated]
Substantive Operating Income
FY2016 1Q Operating Income Breakdown <The sales and profits increased practically w/o FX effects>
©2016 Topcon Corporation 8
Ⅰ. FY2016 1Q Financial Results Ⅰ-1. FY2016 1Q Financial Results
Ⅰ-2. Overview of 1Q
©2016 Topcon Corporation 9
Overview
Review of 1Q Financial Results
Positive factors Operation is on a recovery trend Reduction of fixed cost and lowering COGS are on schedule
Expecting its contribution from 2Q
ー Negative factors Impacts of strong yen - Sales decrease: -2.4 B yen, Operating income decrease: -0.4 B yen
Exchange rate (YoY): JPY/ USD… ¥12.27 higher, JPY/EURO… ¥11.39 higher
- Non-Operating Expenses (Exchange loss in foreign currency A/R): -1.1 B yen
Tentative valuation loss by exchange rate on June 30th (¥102.91/USD)
©2016 Topcon Corporation 10
Positive Factors The demands in the U.S. and European construction markets are
steadily increasing IT construction achieved strong growth due to the release of
major new products (YoY 115%)
ー Negative Factor IT Agriculture: the sales fell in year-on-year basis, but it seems it
had bottomed out
Review of 1Q Financial Results
Topic
■ Partnership with Volvo (Released on May 18) - Announced the agreement on 3D machine control solution
Overview
©2016 Topcon Corporation 11
Review of 1Q Financial Results
Positive factors Sales expansion by World’s smallest/ lightest new Total Station (YoY125%) Sales increase in growing India’s market (YoY170%)
Negative factors Deterioration of Middle East market conditions (decrease of crude oil prices/
geopolitical risk)
■Joint development for concrete deterioration diagnosis system with Maeda Corporation - Enable to estimate amount of salt particles on concrete surface by utilizing near-infrared light - Enable to observe wide area measurement effortlessly
Topics
■Opened Kobe Training Center(Japan) - Following to Fukushima, 2nd training center was opened in Kobe to promote ”i-Construction” - Planning to open 3rd training center in Kyushu by end of this year
Overview
* "i-Construction" is a registered trademark of National Institute for Land and Infrastructure Management, MLIT, JAPAN.
©2016 Topcon Corporation 12
Review of 1Q Financial Results
Overview of Each Business
Positive factors US Strong sales of screening business (115% increased) EU Sales growth of OCT in UK, France and Spain (115% increased) China Optical shop sales grew (240% increased)
■ Partnership with IBM (Press release: 24th June) - Creating charging business model in ophthalmology medical industry - Collecting data with ifa EMR+Analyzing big data with IBM Watson Health
Topic
ー Negative factors FDA clearance delay of 3D OCT-1 Maestro approved on 29th July (JST) Sluggish market in Middle East and South America
■ 3D OCT-1 Maestro - US FDA clearance on 29th July (JST)
©2016 Topcon Corporation 13
Assist on diagnosis and prescription
Forming the partnership with IBM(NYSE: IBM)
Subscription
A Subscription Business Model in Eye Care business
Advantage of Vendor Neutrality: Possible to integrate any data used in the medical sites
©2016 Topcon Corporation 14
FY2016 Full Year Plan Ⅱ.
©2016 Topcon Corporation 15
FY2015 Result Transition and FY2016 Full Year Plan
0.0
5.0
10.0
15.0
0.0
50.0
100.0
150.0
1Q 1H FullYear
1Q 1H FullYear
130.7 130.0
8.8
0.7
10.5
0.7
Target figure in FY2016 has been set as a-must figure 1Q has marked better than FY15-1Q Although facing with FX impacts, we can cover it.
61.0
26.2
62.9
27.6 3.7
Actual Plan
FY2015 FY2016
4.5
USD 121.34 121.50 120.16 109.07 109.47 109.71
EUR 133.86 134.60 132.36 122.47 123.55 124.22
Exch
ange
Rat
e
(JPY)
(1Q+2Q) (1Q+2Q)
Net Sales (billion yen)
Operating Income (billion yen)
©2016 Topcon Corporation 16
[Consolidated]
FY2015 FY2016 1H Full Year 1H Full Year
Actual Actual Plan YoY(%) Plan YoY (%)
Net Sales 62,933 130,735 61,000 97% 130,000 100%
Operating Income (Operating Income Ratio)
4,466 (7.1%)
8,803 (6.7%)
3,700 (6.1%)
83% 10,500 (8.1%)
119%
Ordinary Income 3,866 7,366 3,000 78% 9,000 122%
Net Income*1 2,272 4,197 1,400 62% 5,000 119%
ROE 6.9% 8%
ROIC 5.4% 6% Dividends ¥12 ¥24 ¥8 ¥16
Exchange Rate*2
(Average)
US$ ¥121.50 ¥120.16 ¥109.47 ¥109.71
EUR ¥134.60 ¥132.36 ¥123.55 ¥124.22
FY2016 Full Year Plan (unit: million yen)
*1 According to change in Japanese Accounting Standards, the former Net Income is shown as "Profit (loss) attributable to owners of parent" on financial statements.
*2 Assumed exchange rate after July 2016 is ¥110/US$, ¥125/EUR
©2016 Topcon Corporation 17
[Consolidated] FY2015 FY2016
1H Full Year 1H Full Year
Actual Actual Plan YoY(%) Plan YoY (%)
Net Sales
Positioning 31,445 61,977 29,000 92% 59,000 95%
Smart Infrastructure 16,231 32,989 15,500 95% 33,500 102%
Eye Care 19,510 43,834 20,000 103% 45,500 104%
Others 2,820 4,997 2,500 89% 5,000 100%
Elimination -7,073 -13,063 -6,000 -13,000
Total 62,933 130,735 61,000 97% 130,000 100%
Operating Income
(Operating Income Ratio)
Positioning 1,714 (5.5%)
2,385 (3.8%)
1,500 (5.2%) 88% 4,000
(6.8%) 167%
Smart Infrastructure
1,883 (11.6%)
3,909 (11.8%)
1,500 (9.7%) 80% 4,000
(11.9%) 102%
Eye Care 2,058 (10.5%)
4,850 (11.1%)
2,000 (10.0%) 97% 5,000
(11.0%) 103%
Others 94 (3.3%)
196 (3.9%)
0 (0.0%)
200 (4.0%) 102%
Goodwill Amortization -1,284 -2,538 -1,300 -2,700
Total 4,466 (7.1%)
8,803 (6.7%)
3,700 (6.1%) 83% 10,500
(8.1%) 119%
FY2016 Full Year Plan (unit: million yen)
©2016 Topcon Corporation 18
Topcon for Human Life 医・食・住
©2016 Topcon Corporation 19
Appendix Ⅲ.
©2016 Topcon Corporation 20
7.1
9.1
6.9
9.9
6.6
0.4
1.5
0.6
1.5
0.3 0.0
1.0
2.0
3.0
0.0
5.0
10.0
FY15/1Q 2Q 3Q 4Q FY16/1Q
Net SalesOperating Income
Net Sales (billion yen) Operating Income (billion yen)
1. Consolidated
7.9
11.6 9.8
14.5
8.8
0.5
1.6
0.5
2.3
0.5 0.0
1.0
2.0
3.0
0.0
5.0
10.0
15.0
20.0
FY15/1Q 2Q 3Q 4Q FY16/1Q
Net SalesOperating Income
Net Sales (billion yen)
2. Positioning
3. Smart Infrastructure
14.4 17.0
13.3
17.3
12.8
0.6 1.1
-0.7
1.4 0.7
-1.0
0.0
1.0
2.0
3.0
0.0
5.0
10.0
15.0
20.0
25.0
FY15/1Q 2Q 3Q 4Q FY16/1Q
Net SalesOperating Income
Net Sales (billion yen) Operating Income (billion yen)
27.6
35.3
28.6
39.2
26.2
0.7
3.6 -0.3
4.7
0.7 -1.0
1.0
3.0
5.0
7.0
9.0
0.0
10.0
20.0
30.0
40.0
FY15/1Q 2Q 3Q 4Q FY16/1Q
Net SalesOperating Income
Net Sales (billion yen) Operating Income (billion yen)
4. Eye Care
Operating Income (billion yen)
Financial Results (Quarterly)
©2016 Topcon Corporation 21
59.4 69.2 62.9 67.8
61.0 69.0
5.9
10.1
4.5 4.3 3.7
6.8
0.0
5.0
10.0
15.0
0.0
20.0
40.0
60.0
80.0
100.0
FY14/1H FY14/2H FY15/1H FY15/2H FY16/1H FY16/2H
Net SalesOperating Income
Net Sales (billion yen) Operating Income (billion yen)
15.6 18.3
16.2 16.8 15.5 18.0
2.2
3.7
1.9 2.0 1.5
2.5
0.0
2.0
4.0
0.0
10.0
20.0
FY14/1H FY14/2H FY15/1H FY15/2H FY16/1H FY16/2H
Net SalesOperating Income
Net Sales (billion yen) Operating Income (billion yen)
27.4 31.3 31.4 30.6 29.0 30.0
2.9 3.7
1.7
0.7
1.5
2.5
0.0
2.0
4.0
0.0
10.0
20.0
30.0
40.0
FY14/1H FY14/2H FY15/1H FY15/2H FY16/1H FY16/2H
Net SalesOperating Income
Net Sales (billion yen) Operating Income (billion yen)
1. Consolidated
18.6
22.7 19.5
24.3
20.0
25.5
1.5
3.6
2.1 2.8
2.0
3.0
0.0
2.0
4.0
0.0
10.0
20.0
30.0
FY14/1H FY14/2H FY15/1H FY15/2H FY16/1H FY16/2H
Net SalesOperating Income
Net Sales (billion yen)
2. Positioning
3. Smart Infrastructure 4. Eye Care
Operating Income (billion yen)
Financial Results and Forecast (Semiannually)
©2016 Topcon Corporation 23
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 July 29, 2016 at 16:30(UTC+9).
Inquiries: Corporate Communication Div. Public, Investor Relations and Shareholder 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