Upload
others
View
0
Download
0
Embed Size (px)
Citation preview
FY2018 3QFinancial ResultsJanuary 30, 2019TOPCON CORPORATIONDirector and Executive Officer, CFOGeneral Manager of Accounting & Finance Div. Haruhiko Akiyama
©2019 Topcon Corporation 1
Ⅰ. FY2018 3Q Financial Results
Ⅱ. FY2018 Full Year Plan
Ⅲ. Appendix
FY2018 3Q Financial Results
Contents
©2019 Topcon Corporation 2
Ⅰ. FY2018 3Q Financial Results
Ⅰ-1. FY2018 3Q Financial Results
Ⅰ-2. Overview of Each Business
©2019 Topcon Corporation 3
¥6.8B
¥103.1B
+9%
+1%
0
1
2
3
4
5
6
7
8
9
10
0
10
20
30
40
50
60
70
80
90
100
110
120
FY20151-3Q
FY20161-3Q
FY20171-3Q
FY20181-3Q
Net Sales Operating Income
91.5
4.44.2
87.4
101.7
6.2
103.1
6.8
FY2018 3Q Overview
- Growth in sales and profit
YoY
Net Sales
Operating Income
(Sales Record)
(unit : billion yen)
©2019 Topcon Corporation 4
1-3Q Actual 1-3Q Actual YoY YoY(%)
Net Sales 101,660 103,106 1,446 +1%Gross Profit(Gross Profit Ratio)
51,894 (51.0%)
54,707 (53.1%)
2,813
SGA 45,667 47,948 2,281
Operating Income (Operating Income Ratio)
6,227(6.1%)
6,758 (6.6%)
531 +9%
Non-Operating Income (Expenses) -908 -1,147 -239
Ordinary Income 5,319 5,611 292 +5%Extraordinary Income (Loss) -125 -730 -605Income Before Income Taxes and Minority Interests 5,193 4,880 -313
Net Income 2,946 2,518 -428 -15%
Exchange Rate
USD ¥111.82 ¥110.82 -¥1.00EUR ¥128.59 ¥129.38 ¥0.79
FY2017 FY2018
FY2018 3Q Financial Results [Consolidated](unit:million yen)
(Average)
©2019 Topcon Corporation 5
1-3Q Actual 1-3Q Actual YoY YoY(%)
Net Sales
Positioning 52,589 53,645 1,056 +2%Smart Infrastructure 25,506 26,055 549 +2%
Eye Care 32,828 33,338 510 +2%Others 1,592 1,301 -291 -18%Elimination -10,857 -11,232 -375Total 101,660 103,106 1,446 +1%
Operating Income
(Operating Income Ratio)
Positioning 4,485(8.5%)
4,496(8.4%)
11 +0%
Smart Infrastructure
2,680(10.5%)
3,933(15.1%)
1,253 +47%
Eye Care 1,207 (3.7%)
1,310 (3.9%)
103 +9%
Others -81 (-5.1%)
-46 (-3.5%)
35 -
Elimination -2,064 -2,935 -871
Total 6,227(6.1%)
6,758(6.6%)
531 +9%
FY2017 FY2018
FY2018 3Q Financial Results by Business [Consolidated]
(unit:million yen)Both Sales and Profits grew across all business segments
©2019 Topcon Corporation 6
FY2018 3Q Operating Income YoY Breakdown
6.2
2.0
0.7-1.9 -0.2
6.8
0
2
4
6
8
10
FY20171-3Q
Sales Volume,Product Mix
Cost Reduction Fixed Cost FX Effects FY20181-3Q
(unit : billion yen)
(Main Factor)・Positioning
R&D cost increase(Advanced technology)・Eye Care
IoT related expenses
©2019 Topcon Corporation 7
I-1. FY2018 3Q Financial Results
I-2. Overview of Each Business
Ⅰ. FY2018 3Q Financial Results
©2019 Topcon Corporation 8
• IT Construction / IT Agriculture: Deceleration of Construction and Agriculture market conditions in US
• Continue investments for future business growth(Advanced technology development)
• IT Construction:Strengthen of sales by launching strategic new products
• Promotion of the market development in emerging countries
Topics
FY2017 FY20181-3Q Actual 1-3Q Actual YoY %
Net Sales 52,589 53,645 1,056 +2%Operating Income(Operating Income Ratio)
4,485(8.5%)
4,496(8.4%) 11 +0%
Overview of Each Business Positioning
Growth in sales, profit leveling off
Review of 3Q Financial Results
(unit: million yen)
©2019 Topcon Corporation 9
Features
✔ Autonomous Operationsaccording to the designed data
✔ Autonomous deep-diggingprevention function
✔ Correspond to “MICHIBIKI”(correspond to multiple GNSS)
Market size and penetration rate of IT Construction
FY2016actual
FY2017actual
FY2018plan
ExcavatorDozer
Penetration Rate
PenetrationRate
-Present penetration rate is low-Much room for growth
Excavator machine control system (auto)
Prevention of deep-digging
Sales of Excavator system(unit: sales)
IT Construction:Strengthen of sales by launching strategic new products Positioning
*Expected useful life is 8 years(Topcon’s estimated number)
©2019 Topcon Corporation 10
ChinaMiddleEast
Bauma China 2018
Technology Days Middle East 2018
Southeast Asia/ India
Establishment of an IoT joint venturewith Sumitomo Corporation
Exhibited at the largest exhibition of construction machinery in Asia
(Shanghai, China November, 2018)
IT Construction hands-on session held for the first time in the Middle East region
(Dubai, UAE December, 2018) (Jakarta, Indonesia November, 2018)Collaborate in telematics business and IT agriculture in growing Southeast Asian and Indian markets.
X
PT. Weeo Solutions Frontier(Joint Venture)
(3,000 exhibitors and 200,000 visitors)
(Participants: users, dealers total 140 people)
Promotion of the market developmentin emerging countries Positioning
IT Construction / IT Agriculture : Active enlightenment activities in undeveloped emerging countries
©2019 Topcon Corporation 11
• Expansion of Infrastructure market in Japan
FY2017 FY20181-3Q Actual 1-3Q Actual YoY %
Net Sales 25,506 26,055 549 +2%Operating Income(Operating Income Ratio)
2,680(10.5%)
3,933(15.1%) 1,253 +47%
Smart InfrastructureOverview of Each Business
Growth in sales and significant growth in profit(unit: million yen)
• Robust core business (Total Station)• Steady growth in i-Construction related sales• Continuing sales growth of IT Agriculture in Japan
*”i-Construction” is a registered trademark of National Institute for Land and Infrastructure Management, MLIT, Japan.
Review of 3Q Financial Results
Topics
©2019 Topcon Corporation 12
1,203 1,327
1,503
0
500
1,000
1,500
FY20163Q actual
FY20173Q actual
FY20183Q actual
(number of order)
i-ConstructionNumber of order
i-Construction
✔ The scale of the project is approx. ¥7 trillion in 3 yearsContribute to the expansion of infrastructure market in Japan
National resilience (Three-years emergency measure: Cabinet decision on December 14, 2018)
Emergency measures such as reinforcement of river banks
Emergency measures such asreinforcement of road side slope
(unit:sales)
Sales plan ofIT construction in Japan
✔ "Year of Deepening” (3rd year )✔ Number of i-Construction work
contracts increase steadilyMarket expansion continues
FY2016actual
FY2017actual
FY2018plan
Expansion of Infrastructure market in Japan
Source:the Ministry of Land, Infrastructure and Transport Source:the Ministry of Land, Infrastructure and Transport
*”i-Construction” is a registered trademark of National Institute for Land and Infrastructure Management, MLIT, Japan.
Levee Strengthening
Floodway excavatingMain stream
Branch stream
Smart Infrastructure
Expected range of flooding
Levee raising
©2019 Topcon Corporation 13
(単位:百万円)FY2017 FY2018
1-3Q Actual 1-3Q Actual YoY %
Net Sales 32,828 33,338 510 +2%Operating Income(Operating Income Ratio)
1,207(3.7%)
1,310(3.9%) 103 +9%
Eye CareOverview of Each Business
Growth in sales and profit
Topics
Review of 3Q Financial Results
(unit: million yen)
• Steady sales growth of 3D OCT Maestro/Triton• Continuing aggressive investments on IoT
for Screening business expansion
• Screening business getting started• Expansion of business in China
©2019 Topcon Corporation 14
Screening business getting started
FY2016actual
FY2017actual
FY2018plan
Maestro &
TRC-NW400
Global sales plan of screening equipment
- Major optical chain in ANZ, Specsaversaccelerates deployment of Maestro
NW400 sold to US IDx Technologies Inc.Pioneering the general practitioner market
Launching an autonomous AI diagnosis system
Expect 300+ storesDeployment also in Scandinavian country
*SpecsaversGlobal optical chain having 1,600 stores in 10 countries
*
Effect Early detection, early treatment / Improvement of medical efficiency and quality
Eye Care
(unit: sales)
Fully automatic
“Easy-to-Operate” OCT
Sales growth for optical chain
©2019 Topcon Corporation 15
FY2018plan
FY2021plan
Expansion of business in China
(Topcon (Beijing) Medical Technology Co., Ltd. Business start: Jan. 23, 2019)
Sales plan to China market
●China : 2.8
(million)Source : Diabetes Atlas 8th Edition
2x Salesin 3years
●United States : 15.7
●Japan : 11.2
Source : MarketScope 2018
New sales company established in China
8 8 8 9 10 12 13
30 73
114
0 50 100 150
PakistanGermany
EgyptRussia
IndonesiaMexicoBrazil
United StatesIndiaChina
Eye Care
(unit: sales)
✔ Focus on strengthening salescapabilities in the rapidly growing Chinese healthcare market
✔ Pioneering diabetic screening market
100M+
Opening Ceremony
Beijing
Number of Diabetes Top10 Countries Ophthalmologists per 100,000 population
The number of diabetes is the largest in the world, while in shortage of ophthalmologists
reference
©2019 Topcon Corporation 16
Ⅱ. FY2018 Full Year Plan
©2019 Topcon Corporation 17
Full YearActual
Full YearPlan
YoY(%)
Announced on October 31st
Net Sales 145,558 150,000 +3% 150,000
Operating Income(Operating Income Ratio)
12,073(8.3%)
15,000(10.0%)
+24% 15,000(10.0%)
Ordinary Income 10,674 13,000 +22% 13,000
Net Income 6,028 7,000 +16% 7,000
ROE 9.7% 11% 11%
ROIC 7.1% 9% 9%
Dividends ¥20 ¥24 ¥24
Exchange Rate (Average)
USD ¥110.81 ¥105
EUR ¥129.45 ¥130
FY2017 FY2018
FY2018 Full Year Plan [Consolidated]
No change from initial forecasts
Assumed FX rate for 4Q( )
(unit:million yen)
©2019 Topcon Corporation 18
Full YearActual
Full YearPlan
YoY(%)
Announced on October 31st
Net Sales
Positioning 74,945 79,000 +5% 79,000Smart Infrastructure
36,626 38,000 +4% 38,000
Eye Care 46,515 48,000 +3% 48,000Others 2,493 1,500 -40% 1,500Elimination -15,023 -16,500 -16,500Total 145,558 150,000 +3% 150,000
Operating Income
(Operating Income Ratio)
Positioning 8,018(10.7%)
9,500(12.0%)
+18% 9,500(12.0%)
Smart Infrastructure
5,102(13.9%)
6,000(15.8%)
+18% 6,000(15.8%)
Eye Care 2,038(4.4%)
2,500(5.2%)
+23% 2,500(5.2%)
Others 88(3.5%)
0(0.0%)
- 0(0.0%)
Elimination -3,173 -3,000 -3,000
Total 12,073(8.3%)
15,000(10.0%)
+24% 15,000(10.0%)
FY2017 FY2018
FY2018 Full Year Plan by Business [Consolidated]
(unit:million yen)
©2019 Topcon Corporation 19
Topcon for Human Life 医・食・住
©2019 Topcon Corporation 20
Ⅲ. Appendix
©2019 Topcon Corporation 21
9.2 8.5
11.1
8.2
10.0
7.8
0.81.1
2.4
0.9
2.0
1.1
0
1
2
3
0
5
10
FY17/2Q 3Q 4Q FY18/1Q 2Q 3Q
Net Sales Operating Income (unit:billion yen)
12.3 11.413.7
10.011.8 11.5
1.00.7 0.8
0.20.4
0.7
△ 1
△ 1
0
1
1
2
2
0
5
10
15
FY17/2Q 3Q 4Q FY18/1Q 2Q 3Q
Net Sales Operating Income (unit:billion yen)
18.716.7
22.418.4 18.6
16.6
2.2
0.6
3.5
1.81.9
0.80
1
2
3
4
0
5
10
15
20
25
FY17/2Q 3Q 4Q FY18/1Q 2Q 3Q
Net Sales Operating Income (unit:billion yen)
36.533.6
43.9
33.436.9 32.8
3.21.7
5.8
1.93.4
1.50
2
4
6
8
0
10
20
30
40
50
FY17/2Q 3Q 4Q FY18/1Q 2Q 3Q
Net Sales Operating Income (unit:billion yen)
Financial Results (Quarterly)
Consolidated Positioning
Smart Infrastructure Eye Care
©2019 Topcon Corporation 22
57.9 70.4 68.0
77.5 70.3
79.7
3.8 5.8
4.6
7.5 5.3
9.7
0.0
5.0
10.0
15.0
0
20
40
60
80
100
FY16/1H FY16/2H FY17/1H FY17/2H FY18/1H FY18/2H
Net Sales Operating Income (unit:billion yen)
15.0 18.1 17.0
19.6 18.2
19.8
1.4
2.5 1.6
3.5 2.9 3.1
0.0
2.0
4.0
0.0
10.0
20.0
FY16/1H FY16/2H FY17/1H FY17/2H FY18/1H FY18/2H
Net Sales Operating Income (unit:billion yen)
27.2 33.4 35.9
39.1 37.0 42.0
2.5 3.1 3.9 4.1 3.7
5.8
0.0
2.0
4.0
6.0
0.0
10.0
20.0
30.0
40.0
FY16/1H FY16/2H FY17/1H FY17/2H FY18/1H FY18/2H
Net Sales Operating Income (unit:billion yen)
19.6 23.5
21.4 25.1
21.8 26.2
1.3 1.3 0.5
1.5
0.6
1.9
0.0
2.0
4.0
0.0
10.0
20.0
30.0
FY16/1H FY16/2H FY17/1H FY17/2H FY18/1H FY18/2H
Net Sales Operating Income (unit:billion yen)
Financial Results and Plan (Semiannually)
Consolidated Positioning
Smart Infrastructure Eye Care
©2019 Topcon Corporation 23
YoY+1%
FY2017/3Q FY2018/3Q
21%
29%25%
25%22%
30%25%
23%
Sales by region
¥101.7B ¥103.1B
Japan¥20.8B
North America¥29.6B
Europe¥25.8B
Asia / Others¥25.4B
Japan¥22.2B
Asia / Others¥24.1B
North America¥30.8B
Europe¥26.0B
©2019 Topcon Corporation 24
4.45.1
5.5
FY16 FY17 FY18
4.75.4 5.5
FY16 FY17 FY18
10.413.0
14.5
FY16 FY17 FY18
Capital Expenditure and R&D / Forex Sensitivity
*Excluding Goodwill Amortization
Capital expenditure Depreciation* R&D
(unit:billion yen) (unit:billion yen)(unit:billion yen)
Projections
USD:Operating income ¥0.15B~¥0.2BEUR:Operating income ¥0.07B~¥0.1B
Forex Sensitivity(impact by ¥1 change)
planactualactual planactualactual planactualactual
©2019 Topcon Corporation 25
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 January 30, 2019 at 15:30(UTC+9)
Inquiries: Corporate Communication Div.Corporate Communication Dept. TOPCON CORPORATIONTel: +81-3-3558-2532E-mail: [email protected]: https://global.topcon.com/invest/
Cautionary Note regarding Forward-Looking Statements