for the 2nd Quarter of Fiscal Year 2016 TABUCHI ELECTRIC CO., LTD (Security code:6624)

Transcription

1 Summary of Financial Statement for the 2nd Quarter of Fiscal Year 2016 October 28th, 2016 TABUCHI ELECTRIC CO., LTD (Security code:6624)

2 FY2016 2Q Result Overview Copyright(C) Tabuchi Electric Co., Ltd. All rights reserved. 1

3 Consolidated Operating Result (Unit: MJPY) FY2015 2Q FY2016 2Q Difference Ratio Sales 21,336 12,984 8, % Operating Profit 3,614 1,096 4,710 - Current Profit 3,622 1,364 4,986 - Net Profit 2, ,390 - Copyright(C) Tabuchi Electric Co., Ltd. All rights reserved. 2

4 Operating Result by Segment (Unit: MJPY) F Y Q F Y Q D i f f e r e n c e Sales Operating Profit Sales Operating Profit Sales Operating Profit Power Supply Transformer 16,996 3,559 8,139 1,223 8,856 4,782 4, , Adj Total 21,336 3,614 12,984 1,096 8,352 4,710 Copyright(C) Tabuchi Electric Co., Ltd. All rights reserved. 3

5 Summary for Sales by Segment Power Supply Business Transformer Business 52.1% %(vs FY2015-2Q) +11.6%(vs FY201521Q) Market of domestic PV inverter has been deflated continuously, JPEA* released PV module first half shipment for small & middle range area which is less than 500 kw has been decreased by 46% against last year. Sales increased for new market with two new subsidiaries which we added last year. Sales of Reactor for airconditioner is stable. *JPEA: Japan Photovoltaic Energy Association Copyright(C) Tabuchi Electric Co., Ltd. All rights reserved. 4

6 Quarterly Sales Trend by Segment (Unit: MJPY) 16,000 FY2014 FY2015 FY ,000 2,253 12,000 2,189 10,000 2,344 1,995 8,000 2,425 2,392 6,000 4,000 9,898 13,127 8,242 8,754 6,148 6,799 2,627 2,216 2,000 3,702 4, Q 14-4Q 15-1Q 15-2Q 15-3Q 15-4Q 16-1Q 16-2Q Power Supply Transformer Copyright(C) Tabuchi Electric Co., Ltd. All rights reserved. 5

7 Consolidated Operating Result Quarterly Trend (Unit: MJPY) 4,000 FY2014 FY2015 FY ,000 3,500 Operating, ordinary, and net profit (bar chart) 3,000 2,500 2,000 1,500 1, (500) 14-3Q 14-4Q 15-1Q 15-2Q 15-3Q 15-4Q 16-1Q 16-2Q 12,000 6,000 0 Sales (line chart) (1,000) (1,500) (6,000) Operationg Profit Ordinary Profit Net Profit Sales Copyright(C) Tabuchi Electric Co., Ltd. All rights reserved. 6

8 Consolidated Financial Position Asset 16/3/E 16/9/E Liabilities &Equity 16/3/E (Unit: MJPY) 16/9/E Cash & EQV. 5,737 2,581 Acc. Payables 7,425 4,263 Acc. Receivables 6,882 5,070 Short-term debt 2,938 3,074 Inventories 9,659 9,125 Others (current) 4,010 3,570 Others (current) 2,408 1,783 Long-term debt 1,475 1,151 Fixed asset 12,133 12,268 Others (NC) 4,610 4,335 Deferred asset 1 0 Equity 16,363 14,434 Total 36,823 30,830 Total 36,823 30,830 Equity ratio Fixed asset/equity ratio Net cash 50.0% 46.0% 44.4% 46.8% 80.0% 70.0% 60.0% 74.1% 85.0% 1,500 1, ,323 (Unit: MJPY) 42.0% 50.0% % 34.0% 30.0% 16/3/E 16/9/E 40.0% 30.0% 20.0% 10.0% 0.0% 500 1,000 1,500 1,642 2,000 16/3/E 16/9/E 16/3/E 16/9/E Copyright(C) Tabuchi Electric Co., Ltd. All rights reserved. 7

9 FY2016 Forecast Copyright(C) Tabuchi Electric Co., Ltd. All rights reserved. 8

10 Revision of Operating Results Forecasts revised its consolidated operating results forecasts for the fiscal year ending March 31, 2017 (Released on October 24 th ) Forecast sales decrease in domestic PV market and price competitiveness, also the delay of the North America market entry Inverter business sales down cause profit decrease Power supply sales for new game machine will be increased and we expect the expand sales of North America in 2 nd half. Copyright(C) Tabuchi Electric Co., Ltd. All rights reserved. 9

11 <Forecast> Consolidated Income Revised last half forecast First Half FY2016 Last Half FY2016 (Unit: MJPY) Actual before Revised before Revised Sales 12,984 24,000 20,016 40,000 33,000 Operating Profit 1,096 2,000 1,096 2,000 0 Operating Profit ratio 8.4% 8.3% 5.5% 5.0% 0.0% Current Profit 1,364 1,900 1,064 1, Net Profit 912 1, , Dividend per share At-half JPY8 Year-end JPY8 Year-end JPY8 Yearly 16JPY Yearly 16JPY *Foreign exchange rate : JPY100/USD Copyright(C) Tabuchi Electric Co., Ltd. All rights reserved. 10

12 Action for Domestic PV market PV market by segment JPEA PV shipment statistics(more than 500kW,10kW-500kW, less than 10kW) 1,400,000 1,200,000 Residential (less than 10kW) Utilities (more than 500kW) Commercial (10~500kW) 1,000, , ,000 Commercial (10~500kW) Utilities (more than 500kW) Market is keeping in more than 500 kw scale 400, ,000 0 Industrial zone Residential (less than 10kW) 14-1Q 14-2Q 14-3Q 14-4Q 15-1Q 15-2Q 15-3Q 15-4Q 16-1Q Sales promote existing 25kW model Expand Mega-solar business with new line-up(25kw,33kw) Countermeasure Small scale zone Residential and small scale (less than 500kW) market has been shrunk apparently Strengthening competitive price for existing model Copyright(C) Tabuchi Electric Co., Ltd. All rights reserved. 11

13 Action for Oversea PV market PV+ storage system EIBS 3 phase inverter (25kW/33kW) Sales started from Hawaii in 1 st half. Target the area which high price of electricity or facing the difficulty of grid connection with unstable energy (PV) For middle scale market (commercial and industrial zone). Promote with Full-MPPT (Individual MPPT control each string for maximum out-put) advantage. Accelerate sales in ASEAN countries. Copyright(C) Tabuchi Electric Co., Ltd. All rights reserved. 12

14 Countermeasure for last half FY2016 forecast 20 billion yen Strategy for sales expand 1 For Domestic PV market Promote large scale PV market with new models (Triple phase input 25/33kW) 13 billion yen 2 Getting up speed North America Accelerate business start of various EPCs or distributers with PV + storage system and commercial and industrial zone inverters (new 25/33kW). 3 Power supply for new game console Sales increase for new game console. (Production start from 3 rd quarter) 1 st half 2 nd half 4 Expand with other development Copyright(C) Tabuchi Electric Co., Ltd. All rights reserved. 13

15 Cost reduction or others Promote cost reduction and optimization Reduction product cost Aggressive review of product cost and purchase price Optimize products development Speed-up global activities with universal design Pursuit product process automation Core system(erp) renewal targets not only production process automation but also optimization for indirect process. Copyright(C) Tabuchi Electric Co., Ltd. All rights reserved. 14

16 <Forecast> Sales Trend by Segment 35,000 (Unit: MJPY) FY2014 FY2015 FY2016(Forecast) 30,000 27,468 25,830 25,000 4,442 4,706 21,336 20,000 4,339 17,767 20,016 4,500 15,000 4,818 12,984 10,000 21,124 23,026 4,844 5,000 16,996 12,948 8,139 15, FH 14LH 15FH 15LH 16FH 16LH Power Supply Transformer Copyright(C) Tabuchi Electric Co., Ltd. All rights reserved. 15

17 <Forecast>Capital investment/depreciation (Unit: MJPY) Capital Investment Depreciation 3,500 3,278 4,000 3,000 3,500 2,500 2,000 1,747 2,146 Forecast 2,200 3,000 2,500 2,000 Forecast 1,800 1,500 1,587 1,000 1,500 1,000 1,081 1, Copyright(C) Tabuchi Electric Co., Ltd. All rights reserved. 16

18 Contact <Headquarters> Nissay-shinosaka Bldg., Miyahara, Yodogawa-ku, Osaka , JAPAN <Tokyo Branch> Kinsan Bldg., Kanda Nishiki-cho, Chiyoda-ku, Tokyo , JAPAN <Investor Relations> (Osamu Inoue in Business Strategy Dept.) *Please note that the statements contained in this document are based on various assumptions from presently available information and never constitute any guarantee that projections of the performance will actually realize.