Slide 1: FY2015 Financial Results
FY2015 Financial Results February 10, 2016 Tamron Co., Ltd. (Code: 7740)
Slide 2: Contents
Contents Ⅰ. FY2015 Financial Results 1. Business Briefing P.4 3. Research & Development Expenses P.20 2. FY2015 Summary P.5 4. Inventories / Liabilities with Interests P.21 3. FY2015 Half-Year Financial Results P.6 5. Cash Flow Situation P.22 4. FY2015 Financial Results P.7 6. Cash Dividends Outlook
Slide 3: Ⅰ. FY2015 Financial Results
Ⅰ．FY2015 Ⅰ．決算概要 Financial Results FY2015 Financial Results 3
Slide 4: Ⅰ-1. Business Briefing
Ⅰ-１. Business Briefing Company Profile Business Segment Total Subsidiaries Overseas: 9 Photographic Products Domestic Offices: 4 / Sales Offices: 5 Interchangeable Lenses for Cameras （SLR / MILC） ISO9001, ISO14001 Certified ISO/TS16949 Certified Optical Components Camcorder Lenses Net Sa
Slide 5: Ⅰ-2. FY2015 Summary
Ⅰ-２. FY2015 Summary 【 B u s i n e s s E n vi r o n m e n t 】 Global economy: US economy had been expanding, however getting slower at the end of the year European and Japanese economies had been recovering, however Japanese companies performances became lower gradually in the 2nd half Chinese econ
Slide 6: Ⅰ-3. FY2015 Half-Year Financial Results
Ⅰ-３. FY2015 Half-Year Financial Results （millions of yen） 1st H 1st H 2nd H 2nd H Change Change FY14 FY15 FY14 FY15 Net Sales 32,770 35,235 2,464 40,850 36,710 (4,139) Operating Income 2,565 2,764 199 3,510 1,790 (1,720) (% Sales) 7.8% 7.8% 0.0% 8.6% 4.9% (3.7)% Net Sales Operating Income (Operating
Slide 7: Ⅰ-4. FY2015 Financial Results
Ⅰ-４. FY2015 Financial Results （millions of yen） Actual Forecast Actual Inc / Dec Inc / Dec FX FY14 (15/8/7) FY15 Impact (a) FY15 (b) (c) (c)-(a) % (c)-(b) % vs. FY14 Net Sales 73,621 78,500 71,946 (1,675) 97.7% (6,553) 91.7% 4,400 Operating 6,076 6,600 4,554 (1,521) 75.0% (2,045) 69.0% (1,300) Incom
Slide 8: Ⅰ-5. FY2015 Results by Segment
Ⅰ-５. FY2015 Results by Segment （millions of yen） Forecast Inc / Dec Inc / Dec Actual Actual FX (15/8/7) Impact FY14 (a) FY15 (c) (c)-(a) % (c)-(b) % vs. FY14 FY15 (b) Net Sales 53,932 59,500 54,578 645 101.2% (4,921) 91.7% 2,450 Operating Income 5,853 7,200 5,498 (354) 93.9% (1,701) 76.4% (1,650) Ph
Slide 9: Ⅰ-6. FY2015 Quarterly Results by Segment
Ⅰ-６. FY2015 Quarterly Results by Segment （millions of yen） 1Q 2Q 3Q 4Q Annual FY15 FY15 FY15 FY15 FY15 Net Sales 12,495 14,171 12,992 14,918 54,578 Photographic Products Operating Income 1,668 1,391 1,047 1,391 5,498 (% Sales) 13.4% 9.8% 8.1% 9.3% 10.1% Net Sales 1,080 1,168 1,183 1,134 4,567 Optica
Slide 10: Ⅱ. FY2016 Financial Forecast
Ⅱ．2015年予想 Ⅱ．FY2016 Financial Forecast FY2015 Financial Results 10
Slide 11: Ⅱ-1. FY2016 Forecast
Ⅱ-１. FY2016 Forecast Planning 4% growth of sales and 14% growth of operating income from FY2015 （millions of yen） Actual Actual Actual Forecast Forecast Forecast Inc/Dec 1st H 2nd H FY15 1st H 2nd H FY16 FY15 FY15 (a) FY16 FY16 (b) (b)-(a) (b)/(a) Net Sales 35,235 36,710 71,946 34,200 40,800 75,000
Slide 12: Ⅱ-2. FY2016 Performance Variation Factors
Ⅱ-２. FY2016 Performance Variation Factors Planning to increase both net sales and operating income with overcoming forecasted unfavorable foreign exchange rate in FY2016 R&D expenses will be increased for the future growth of business, however will squeeze COGS and make gross margin ratio improv
Slide 13: Ⅱ-3. FY2016 Forecast (Sales/Operating Income)
Ⅱ-３. FY2016 Forecast (Sales/Operating Income) （millions of yen） Net Sales Operating Income 1st H 2nd H % Sales 10.0% 100,000 10,000 8.3% 80,000 73,621 75,000 8,000 8.0% 71,946 6.9% 6,076 6.3% 60,000 6,000 5,200 6.0% 2nd H 2nd H 2nd H 4,554 2nd H 40,000 4,000 4.0% 2nd H 2nd H 20,000 2,000 2.0% 1st H
Slide 14: Ⅱ-4. FY2016 Forecast by Segment: Photographic Products
Ⅱ-４. FY2016 Forecast by Segment １） Photographic Products （millions of yen） Net Sales Operating Income 70,000 1st H 2nd H 10,000 % Sales 15.0% 57,800 60,000 53,932 54,578 8,000 10.9% 10.7% 12.0% 50,000 10.1% 2nd H 5,853 6,200 40,000 2nd H 6,000 5,498 9.0% 2nd H 30,000 2nd H 4,000 2nd H 2nd H 6.0% 20,
Slide 15: Ⅱ-4. FY2016 Forecast by Segment: Optical Components
Ⅱ-４. FY2016 Forecast by Segment ２） Optical Components （millions of yen） Net Sales Operating Income 10,000 1st H 2nd H 1,000 % Sales 10.0% 9.4% 8,000 7,032 800 8.0% 664 6,000 2nd H 4,567 600 5.0% 6.0% 4,000 2nd H 2nd H 3,100 400 3.2% 4.0% 228 2nd H 2,000 1st H 200 2.0% 2nd H 100 1st H 1st H 1st H 2nd
Slide 16: Ⅱ-4. FY2016 Forecast by Segment: Commercial / Industrial-use Optics
Ⅱ-４. FY2016 Forecast by Segment ３） Commercial / Industrial-use Optics （millions of yen） Net Sales Operating Income 18,000 1st H 2nd H % Sales 4,000 20.0% 14,100 17.3% 15,000 12,656 12,800 3,000 15.0% 12,000 12.1% 2nd H 2,190 11.0% 2nd H 2nd H 9,000 2,000 1,700 10.0% 2nd H 1,411 6,000 2nd H 2nd H 1,0
Slide 17: Ⅲ. Financial Situation
Ⅲ．財務状況 Ⅲ．Financial Situation FY2015 Financial Results 17
Slide 18: Ⅲ-1. Financial Summary
Ⅲ-１. Financial Summary （millions of yen） FY14 FY15 Change Remarks (a) (b) (b)-(a) Cash and deposits 15,915 14,192 (1,723) Declined with acquisition of treasury of stock Notes and accounts receivable 18,653 15,804 (2,848) Due to slow sales in 4Q Increase of finished goods caused by slow sales Invento
Slide 19: Ⅲ-2. Capital Investment & Depreciation
Ⅲ-２. Capital Investment & Depreciation （millions of yen） 8,000 Capital Investment 6,000 6,130 Depreciation Depreciation Depreciation Depreciation 3,812 3,654 3,900 3,440 Capital Investment 4,000 3,200 Capital Investment Capital Investment 2,429 2,478 2,000 Net Income Net Income Net Income 3,846 3,19
Slide 20: Ⅲ-3. Research & Development Expenses
Ⅲ-３. Research & Development Expenses （millions of yen） （％） 5,000 10.0 4,400 4,052 4,000 3,699 8.0 3,217 5.9 5.6 3,000 4.7 5.0 6.0 2,000 4.0 1,000 2.0 0 0.0 FY13(A) FY14(A) FY15(A) FY16(F) R&D 3,217 3,699 4,052 4,400 Ratio 4.7 5.0 5.6 5.9 * R&D cost/Net sales ratio * (A):Actual (F):Forecast FY2015 Fi
Slide 21: Ⅲ-4. Inventories / Liabilities with Interests
Ⅲ-４. Inventories / Liabilities with Interests Inventories Liabilities with Interests (millions of yen) (Month) (millions of yen) （％） 15,000 2.5 6,000 12.0 2.1 12,000 2.0 8.8 1.8 4,500 9.0 1.5 9,000 1.5 5.9 6.1 3,000 6.0 5,714 12,875 6,000 1.0 11,055 4,098 4,035 10,536 1,500 3.0 3,000 0.5 0 0.0 FY13
Slide 22: Ⅲ-5. Cash Flow Situation
Ⅲ-５. Cash Flow Situation （millions of yen） FY14 FY15 10,000 Operating CF 8,000 Investing CF 6,208 6,214 Free cash flow 6,000 3,856 Financing CF 3,662 4,000 2,000 0 (2,000) (4,000) (2,351) (2,552) (3,009) (6,000) (5,219) (8,000) FY14 FY15 Cash flow from operating activities 6,208 6,214 Cash flow from
Slide 23: Ⅲ-6. Cash Dividends Outlook
Ⅲ-６. Cash Dividends Outlook Annually ¥10 increase (Ordinary dividend ¥5, Commemorative ¥5) in FY2015 （yen） FY12 FY13 FY14 FY15 FY16(F) Interim 20.00 20.00 20.00 25.00 25.00 Year-end 30.00 30.00 30.00 35.00 30.00 Annual 50.00 50.00 50.00 60.00 55.00 Dividends Payout Ratio 35.2% 42.9% 35.7% 39.0% 42.3
Slide 24: Ⅲ-7. Reference Data: Key Performance Index
Ⅲ-７. Reference Data １） Key Performance Index （Yen） （％） 200.00 9.2 10.0 8.5 8.0 7.7 8.0 150.00 7.8 7.6 7.3 6.0 6.8 100.00 153.98 4.0 140.14 130.01 50.00 116.48 2.0 0.00 0.0 FY13(A) FY14(A) FY15(A) FY16(F) EPS 116.48 140.14 153.98 130.01 ROE 7.3 7.8 8.0 6.8 ROA 8.5 9.2 7.6 7.7 ROE＝Net Income/Net asse
Slide 25: Ⅲ-7. Reference Data: Impact of Foreign Exchange Rate Fluctuations
Ⅲ-７. Reference Data ２） Impact of Foreign Exchange Rate Fluctuations Actual FY2015 (yen) （million of yen） Exchange Rate Impact Actual Actual Operating Net Sales FY14 FY15 Income USD 105.79 121.11 4,700 (550) Euro 140.37 134.35 (650) (550) Others - - 350 (200) Total - - 4,400 (1,300) (Impact on FY2014
Slide 26: Ⅳ. Mid-Term Strategy
Ⅳ．中期戦略 Ⅳ．Mid-Term Strategy FY2015 Financial Results 26
Slide 27: Mid-Term Management Goal for FY2018
Ⅳ-１. Brand Message Ⅳ-２. Mid-Term Management Goal for FY2018 Net Sales：¥92.0 billion Operating Income：¥8.6 billion （Operating Income Ratio 9.3%） ROE：10% or more FY2015 Financial Results 27
Slide 28: Ⅳ-3. Strategy towards FY2018: Photographic Products
Ⅳ-３. Strategy towards FY2018 by Segment 1) Photographic Products Sales target ： 66.5 billion yen （72.3% of total net sales） 2018 Timely launches of new products with strengthening design and development organization Mid-Term Enhance sales activities in emerging markets and areas whose market sha
Slide 29: Ⅳ-3. Strategy towards FY2018: Optical Components
Ⅳ-３. Strategy towards FY2018 by Segment 2) Optical Components Sales target： 3.4 billion yen （3.7% of total net sales） 2018 Focus on value-added products and secure appropriate profit Mid-Term Reduce new investment to the shrinking markets Target Entry to new categories with leveraging our stre
Slide 30: Ⅳ-3. Strategy towards FY2018: Commercial / Industrial-use Optics
Ⅳ-３. Strategy towards FY2018 by Segment 3) Commercial / Industrial-use Optics Sales target： 22.1 billion yen （24.0% of total net sales） Enhance sales with technology innovation of CCTV lenses and collaboration with camera 2018 manufactures Mid-Term Build development and sales structures which fi
Slide 31: Ⅳ-4. Development & Production Strategy
Ⅳ-４. Development & Production Strategy Advanced Establish R&D structure for advanced technology development from long- development term perspective (including establishment of new R&D center) Role-sharing Improve productivity with clear role-sharing between domestic, China and production Vietnam and
Slide 32: Disclaimer
Disclaimer 1. The purpose of this material is to provide information on the “FY2015 Financial Results” 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 our presentation are based on t