Slide 1: 2nd Quarter FY2019 Financial Results
2nd Quarter FY2019 Financial Results August 5, 2019 Tamron Co., Ltd. (Code: 7740) Tamron Co., Ltd.
Slide 2: Contents
Contents Ⅰ. FY 2019 Summary Ⅳ. Reference Data 1. 1st Half FY2019 Summary 1. Financial Summary 2. FY2019 Overview 2. Capital Investment, Depreciation, and Research & Development Expenses 3. Cash Flow Situation Ⅱ. 2nd Quarter FY2019 Financial Results 4. Cash Dividends Outlook and 1. 1st Half FY2019 Fi
Slide 3: Ⅰ. FY 2019 Summary
Ⅰ．FY 2019 Summary 3 Copyright © Tamron Co., Ltd. All rights reserved.
Slide 4: Ⅰ-1. 1st Half FY2019 Summary
Ⅰ-１. 1st Half FY2019 Summary 【Business Environment】 (comparison from the previous year) Economic Situation : Digital camera markets has shrunk sharply • Lens-interchangeable cameras: 29% down in quantity-base, 24% down in money-base. • Interchangeable lenses : 25% down in quantity-base, 13% down i
Slide 5: Ⅰ-2. FY2019 Overview
Ⅰ-２. FY2019 Overview 【Business Environment from 2 n d Half】 Economic Situation : The Digital camera market are expected to shrink continuously. • Mirrorless cameras are expected to increase in place of Digital SLR cameras. (The ratio of Mirrorless cameras in lens-interchangeable camera markets mar
Slide 6: Ⅱ. 2nd Quarter FY2019 Financial Results
Ⅱ．2nd Quarter FY2019 Financial Results 6 Copyright © Tamron Co., Ltd. All rights reserved.
Slide 7: Ⅱ-1. 1st Half FY2019 Financial Results
Ⅱ-１. 1st Half FY2019 Financial Results （millions of JPY） Original Actual Actual Inc / Dec Inc / Dec Forecast 1st H FY18 1st H FY19 1st H FY19 (a) (c) (c)-(a) % (c)-(b) % (b) Net Sales 28,572 28,600 29,016 443 101.6% 416 101.5% Gross profit 9,661 － 10,421 759 107.9% － － (% Sales) 33.8% － 35.9% 2.1% －
Slide 8: Ⅱ-2. 1st Half FY2019 Performance Variation Factors
Ⅱ-２. 1st Half FY2019 Performance Variation Factors （millions of JPY） 2500 2,252 1,959 2000 △200 823 1500 △550 220 1000 500 0 Actual FX rate Increase Increase Gross Actual 1st H Impact of of Sales profit 1st H FY18 Expenses margin FY19 up, etc. R&D Expense +590 Millions of JPY Advertising/Sales promo
Slide 9: 1st Half FY2019 Results by Segment: Photographic Products
Ⅱ-３. 1st Half FY2019 Results by Segment 1) Photographic Products （millions of JPY） Original Actual Actual Inc / Dec FX Impact Inc / Dec Forecast 1st H FY18 1st H FY19 vs. 1st H 1st H FY19 FY18 (a) (c) (c)-(a) % (c)-(b) % (b) Net Sales 21,650 20,800 20,353 (1,297) 94.0% (290) (446) 97.9% Operating 3,
Slide 10: 1st Half FY2019 Results by Segment: Optical Components
Ⅱ-３. 1st Half FY2019 Results by Segment 2) Optical Components （millions of JPY） Original Actual Actual Inc / Dec FX Impact Inc / Dec Forecast 1st H FY18 1st H FY19 vs. 1st H 1st H FY19 FY18 (a) (c) (b) (c)-(a) % (c)-(b) % Net Sales 1,209 1,400 1,199 (10) 99.2% 50 (200) 85.7% Operating 13 39 － (36) 2
Slide 11: 1st Half FY2019 Results by Segment: Commercial / Industrial-Use Optics
Ⅱ-３. 1st Half FY2019 Results by Segment 3) Commercial / Industrial-Use Optics （millions of JPY） Original Actual Forecast Actual Inc / Dec FX Impact Inc / Dec 1st H FY18 1st H FY19 vs. 1st H 1st H FY19 FY18 (a) (c) (b) (c)-(a) % (c)-(b) % Net Sales 5,711 6,400 7,463 1,751 130.7% 20 1,063 116.6% Opera
Slide 12: Ⅲ. FY2019 Financial Forecast
Ⅲ．FY2019 Financial Forecast 12 Copyright © Tamron Co., Ltd. All rights reserved.
Slide 13: Ⅲ-1. FY2019 Financial Forecast
Ⅲ-１. FY2019 Financial Forecast （millions of JPY） Net Sales 1H 2H Actual Forecast Inc / Dec 80,000 FY18 FY19 (a) (b) (b)-(a) % 60,000 33,243 35,983 33,583 Net Sales 61,815 65,000 3,184 105.2% 40,000 Operating 5,900 475 108.8% 5,424 20,000 Income 26,912 28,572 29,016 (% Sales) 8.8% 9.1% 0.3% － 0 FY17
Slide 14: FY2019 Forecast by Segment: Photographic Products
Ⅲ-２. FY2019 Forecast by Segment 1) Photographic Products （millions of JPY） Original Revised Actual Inc / Dec Inc / Dec Forecast Forecast FY18 FY19 FY19 (a) (c) (c)-(a) % (c)-(b) % (b) Net Sales 45,640 46,500 47,100 1,459 103.2% 600 101.3% Operating 7,113 7,150 7,600 486 106.8% 450 106.3% Income (% S
Slide 15: Photographic Products - New Models
2 more new models to come in 2nd Half, FY2019 Photographic Products - New Models Category Launched in 2017 Launched in 2018 Launched in 2019 Fixed Launched Focal in June SP 35mm F/1.4 USD（F045） Launched Launched Wide in Mar. in Sep. Zoom 10-24mm VC HLD (B023) 17-35mm SP 15-30mm F/2.8 F/2.8-4 OSD (A0
Slide 16: FY2019 Forecast by Segment: Optical Components
Ⅲ-２. FY2019 Forecast by Segment 2) Optical Components （millions of JPY） Original Revised Actual Inc / Dec Inc / Dec Forecast Forecast FY18 FY19 FY19 (a) (b) (c) (c)-(a) % (c)-(b) % Net Sales 3,436 2,900 2,300 (1,136) 66.9% (600) 79.3% Operating 80 150 100 19 123.5% (50) 66.7% Income (% Sales) 2.4％ 5
Slide 17: FY2019 Forecast by Segment: Commercial / Industrial-Use Optics
Ⅲ-２. FY2019 Forecast by Segment 3) Commercial / Industrial-Use Optics （millions of JPY） Original Revised Actual Inc / Dec Inc / Dec Forecast Forecast FY18 FY19 FY19 (a) (b) (c) (c)-(a) % (c)-(b) % Net Sales 12,738 15,600 15,600 2,861 122.5% － 100.0% Operating 813 1,400 1,100 286 135.3% (300) 78.6% I
Slide 18: Ⅳ. Reference Data
Ⅳ．Reference Data 18 Copyright © Tamron Co., Ltd. All rights reserved.
Slide 19: Ⅳ-1. Financial Summary
Ⅳ-１. Financial Summary （millions of JPY） Inventories Dec 31, Jun 30, Inventries Turnover Change （Month） 2018 2019 15,000 2.2 2.5 (b)-(a) (a) (b) 2.0 2.0 12,000 2.0 Cash & Deposits 22,438 24,905 2,467 9,000 1.5 Notes & Accounts 13,407 12,525 (882) 6,000 1.0 Receivable 10,296 10,811 9,450 Inventories
Slide 20: Ⅳ-2. Capital Investment, Depreciation, & Research & Development Expenses
Ⅳ-２. Capital Investment, Depreciation, & Research & Development Expenses Capital Investment & Depreciation Research & Development Expenses (Ratio of R&D Expenses /Net Sales) （millions of JPY） （millions of JPY） Capital Ivestment Depreciation 4,900 5,000 5,000 10.0% 4,373 4,052 4,111 4,002 4,000 3,654
Slide 21: Ⅳ-3. Cash Flow Situation
Ⅳ-３. Cash Flow Situation （millions of JPY） 1st H FY18 FY18 1st H FY19 10,000 7,523 Operating CF 8,000 Investing CF 6,000 5,321 5,030 Free CF 4,558 3,877 3,806 Financing CF 4,000 2,000 0 (2,000) (680) (1,123) (1,017) (1,223) (2,202) (1,861) (4,000) (6,000) 1st H FY18 FY18 1st H FY19 Cash Flow from Op
Slide 22: Ⅳ-4. Cash Dividends Outlook & Key Performance Indicators
Ⅳ-４. Cash Dividends Outlook & Key Performance Indicators （JPY） Cash Dividends Key Performance Indicators （JPY） 96.2% 200 10.0% 100 100.0% 9.1% 8.9% Anniversary dividend EPS Year-End Dividend ROE Interm Dividend 7.6% 8.0% 80 80.0% ROA 8.6% Dividend Payout Ratio 150 6.6% 8.0% 7.9% 6.0% 60 60.0% 5 4.5%
Slide 23: Ⅳ-5. Impact of Foreign Exchange Rate Fluctuations
Ⅳ-５. Impact of Foreign Exchange Rate Fluctuations Actual 1st Half FY2019 (JPY) （millions of JPY） Exchange Rate Impact Actual Actual Operating Net Sales 1st H FY18 1st H FY19 Income USD 108.68 110.07 130 10 EUR 131.58 124.35 (230) (190) Others - - (120) (20) Total - - (220) (200) (Impact on previous
Slide 24: Disclaimer
Disclaimer 1. The purpose of this material is to provide information on the actual results for 1st Half of FY2019 and future business strategies. It is not an offer or a solicitation of an offer to buy or sell securities. 2. This material and the information provided verbally in the companyʼs presen