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Results Briefing on February 10, 2005 Tamron Co., Ltd. Code7740 Financial Results FY2004

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Page 1: Financial Results FY20045 Financial Results FY2004 Ⅰ-2. Net Sales 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 Consolidated Non-Consolidated Consolidated 30,472

Results Briefing on February 10, 2005

Tamron Co., Ltd. (Code:7740 )

Financial Results FY2004

Page 2: Financial Results FY20045 Financial Results FY2004 Ⅰ-2. Net Sales 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 Consolidated Non-Consolidated Consolidated 30,472

2

Financial Results FY2004

CONTENTSⅠ. Financial Results FY2004 and Forecast FY2005

1. Business Briefing・・・・・・・・・・・・・・・・・・・P.42. Net Sales・・・・・・・・・・・・・・・・・・・・・・・・・ P.53. Net Sales by Segment ・・・・・・・・・・・・・・・P.64. Operating Income ・・・・・・・・・・・・・・・・・・P.75. Operating Income by Segment・・・・・・・・ P.86. Net Income ・・・・・・・・・・・・・・・・・・・・・・・P.97. Total Assets and ROA・・・・・・・・・・・・・・・P.108. Cash Flows・・・・・・・・・・・・・・・・・・・・・・・P.119. Liabilities with Interest・・・・・・・・・・・・・ P.1210. Inventories・・・・・・・・・・・・・・・・・・・・・・・P.1311. Capital Investment and Depreciation・・・P.1412. R&D Expenditure・・・・・・・・・・・・・・・・・ P.1513. Number of Employees・・・・・・・・・・・・・・P.1614. About Corporate Governance・・・・・・・・ P.1715. Result of Public Offering and

Allotment of Funds・・・・・・ P.18

Ⅱ. Mid-Term Strategy

1. Brand Message・・・・・・・・・・・・・・・・・・・P.202. Mid-Term Management Goals・・・・・・・P.203. Eyes on Diversity・・・・・・・・・・・・・・・・・P.214. Mid-Term Goals by Segment

① Photographic Products Division・・・・P.22② Optical Components Division・・・・・ P.23③ Commercial/

Industrial-Use Optics Division・・・・P.245. Pressing Issues・・・・・・・・・・・・・・・・・・・P.25

Page 3: Financial Results FY20045 Financial Results FY2004 Ⅰ-2. Net Sales 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 Consolidated Non-Consolidated Consolidated 30,472

Ⅰ. Financial Results FY2004 and Forecast FY2005

Page 4: Financial Results FY20045 Financial Results FY2004 Ⅰ-2. Net Sales 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 Consolidated Non-Consolidated Consolidated 30,472

4

Financial Results FY2004

Ⅰ-1. Business Briefing

【【ProductsProducts】】

Photographic Products

Interchangeable lenses for 35mm single lens reflex camerasMedium-format cameras

Optical Components

Video camera lenses/Digital still camera lenses

Commercial/Industrial-Use Optics

CCTV camera lenses/Projection lens units/Precision injection moldHigh-precision engineering plastic products/Test plates/Optical device units

【【Company ProfileCompany Profile】】

Subsidiaries Overseas : 5Domestic Branches 4/Domestic Sales Office 5ISO9001/ISO14001 certifiedNet Sales : ¥63,345 millionNumber of Employees (Consolidated): 3,232Total Assets : ¥40,857 million

(As of December 31,2004)

【【Net Sales by SegmentNet Sales by Segment】】

Net Sales¥63,345 millionNet Sales

¥63,345 million

Optical Components¥43,980 million

PhotographicProducts

¥10,765 million

Commercial /Industrial-Use Optics

¥8,600 million

Page 5: Financial Results FY20045 Financial Results FY2004 Ⅰ-2. Net Sales 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 Consolidated Non-Consolidated Consolidated 30,472

5

Financial Results FY2004

Ⅰ-2. Net Sales

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000 Consolidated Non-Consolidated

Consolidated 30,472 41,580 54,837 63,345 70,000 75,000 83,000

Non-Consolidated 28,425 38,916 51,959 59,267 65,000 72,000 80,000

2001 2002 2003 2004 2005(Plan) 2006(Plan) 2007(Plan)

(Millions of Yen)

Page 6: Financial Results FY20045 Financial Results FY2004 Ⅰ-2. Net Sales 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 Consolidated Non-Consolidated Consolidated 30,472

6

Financial Results FY2004

Ⅰ-3. Net Sales by Segment

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

Photographic Products 11,121 9,489 9,468 10,765 12,514 13,400 14,200 Optical Components 14,251 27,205 38,520 43,980 44,484 46,100 48,700 Commercial/Industrial-Use Optics 5,100 4,886 6,849 8,600 13,002 15,500 20,100

2001 2002 2003 2004 2005(Plan) 2006(Plan) 2007(Plan)

(Millions of Yen) ■ Photographic Products■Optical Components■ Commercial Industrial Use Optics

Page 7: Financial Results FY20045 Financial Results FY2004 Ⅰ-2. Net Sales 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 Consolidated Non-Consolidated Consolidated 30,472

7

Financial Results FY2004

Ⅰ-4. Operating Income

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

ConsolidatedNon-Consolidated

Consolidated 389 3,685 6,341 7,223 7,357 8,150 9,200 Non-Consolidated 457 2,871 5,404 5,582 5,806 6,500 7,400

2001 2002 2003 2004 2005(Plan) 2006(Plan) 2007(Plan)

(Millions of Yen)

Page 8: Financial Results FY20045 Financial Results FY2004 Ⅰ-2. Net Sales 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 Consolidated Non-Consolidated Consolidated 30,472

8

Financial Results FY2004

Ⅰ-5. Operating Income by Segment

(2,000)

0

2,000

4,000

6,000

8,000

10,000

12,000

Photographic Products (196) (306) 137 493 1,064 1,350 1,450

Optical Components 1,027 4,253 6,741 7,364 6,581 6,650 6,900

Commercial/Industrial-Use Optics 392 507 611 621 1,162 1,600 2,400

2001 2002 2003 2004 2005(Plan) 2006(Plan) 2007(Plan)

■ Photographic Products■Optical Components■Commercial/Industrial-Use Optics

(Millions of Yen)

Page 9: Financial Results FY20045 Financial Results FY2004 Ⅰ-2. Net Sales 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 Consolidated Non-Consolidated Consolidated 30,472

9

Financial Results FY2004

Ⅰ-6. Net Income

(1,000)

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000ConsolidatedNon-Consolidated

Consolidated (109) 1,864 3,347 4,474 4,800 5,200 5,800 Non-Consolidated 167 1,255 2,932 3,679 4,400 4,800 5,300

2001 2002 2003 2004 2005(Plan) 2006(Plan) 2007(Plan)

(Millions of Yen)

Page 10: Financial Results FY20045 Financial Results FY2004 Ⅰ-2. Net Sales 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 Consolidated Non-Consolidated Consolidated 30,472

10

Financial Results FY2004

Ⅰ-7. Total Assets and ROA

0

10,000

20,000

30,000

40,000

50,000

60,000

(2.0)

0.0

2.0

4.0

6.0

8.0

10.0

12.0Total Assets ROA

Total Assets 22,820 24,841 32,709 40,857 47,619 51,000 55,000

ROA (0.5) 7.5 10.2 11.0 10.1 10.2 10.5

2001 2002 2003 2004 2005(Plan) 2006(Plan) 2007(Plan)

(%)(Millions of Yen)

Page 11: Financial Results FY20045 Financial Results FY2004 Ⅰ-2. Net Sales 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 Consolidated Non-Consolidated Consolidated 30,472

11

Financial Results FY2004

Ⅰ-8. Cash Flows

5,2575,3323,2571,635CFs from operating activities

4,900968(1,331)505CFs from financing activities

(4,909)(3,333)(1,327)(1,223)CFs from investing activities

2.111.310.921.04Liquidity on hand (month)

11,1445,9983,1752,628Cash and cash equivalents

2004200320022001

1,635

3,257

5,332 5,257

(1,223) (1,327)

(3,333)

(4,909)

505

(1,331)

968

4,900

(6,000)

(4,000)

(2,000)

0

2,000

4,000

6,0002001 2002 2003 2004

CFs from operating activitiesCFs from investing activitiesCFs from financing activities

(Millions of Yen)

Page 12: Financial Results FY20045 Financial Results FY2004 Ⅰ-2. Net Sales 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 Consolidated Non-Consolidated Consolidated 30,472

12

Financial Results FY2004

Ⅰ-9. Liabilities with Interest

19.7%

8,029

3,184

4,845

2004

16.8%

7,990

3,290

4,700

2005(Plan)

27.1%32.1%41.1%Loan-to-assets

8,8777,9769,371Total

3,3132,8243,482Long-term loans payable

5,5645,1515,889Short-term loans payable

200320022001

0

2,000

4,000

6,000

8,000

10,000

2001 2002 2003 2004 2005(Plan)0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

Short-term loans payable Long-term loans payable

Loan-to-assets

(%)(Millions of Yen)

Page 13: Financial Results FY20045 Financial Results FY2004 Ⅰ-2. Net Sales 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 Consolidated Non-Consolidated Consolidated 30,472

13

Financial Results FY2004

Ⅰ-10. Inventories

1.6

8,593

2004

1.3

7,426

2005 (Plan)

1.82.03.3Turnover

8,0876,9698,423Inventories

200320022001

1.2

6,113

2004

0.9

4,764

2005(Plan)

1.31.62.5Turnover

5,6445,0435,854Inventories

200320022001

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

2001 2002 2003 2004 2005(Plan)0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

Inventories Inventory turnover (Month)

[Consolidated] [Non-Consolidated]

(Millions of Yen)

Page 14: Financial Results FY20045 Financial Results FY2004 Ⅰ-2. Net Sales 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 Consolidated Non-Consolidated Consolidated 30,472

14

Financial Results FY2004

Ⅰ-11. Capital Investment and Depreciation

0

1,000

2,000

3,000

4,000

5,000

6,000

Consolidated Non-Consolidated

Consolidated 1,613 1,220 3,142 5,587 6,886 5,060 4,259

Non-Consolidated 938 823 1,384 2,626 5,924 4,051 3,730

2001 2002 2003 2004 2005(Plan) 2006(Plan) 2007(Plan)

1,258

1,801

1,900

2,500

982

1,151

2,4001,098819840Non-Consolidated

2,9001,4681,0701,043Consolidated[Depreciation]

[Capital Investment]

(Millions of Yen)

Page 15: Financial Results FY20045 Financial Results FY2004 Ⅰ-2. Net Sales 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 Consolidated Non-Consolidated Consolidated 30,472

15

Financial Results FY2004

Ⅰ-12. R&D Expenditure

0

500

1,000

1,500

2,000

2,500

3,000

Consolidated 1,455 1,727 1,574 1,870 2,581 2,850 3,150

2001 2002 2003 2004 2005(Plan) 2006(Plan) 2007(Plan)

(Millions of Yen)

Page 16: Financial Results FY20045 Financial Results FY2004 Ⅰ-2. Net Sales 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 Consolidated Non-Consolidated Consolidated 30,472

16

Financial Results FY2004

Ⅰ-13. Number of Employees

0

1,000

2,000

3,000

4,000

5,000

6,000

Consolidated Non-Consolidated

Consolidated 1,378 1,552 2,497 3,232 5,088 5,272 5,399 Non-Consolidated 724 715 734 791 916 952 982

2001 2002 2003 2004 2005(Plan) 2006(Plan) 2007(Plan)

(Employees)

Page 17: Financial Results FY20045 Financial Results FY2004 Ⅰ-2. Net Sales 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 Consolidated Non-Consolidated Consolidated 30,472

17

Financial Results FY2004

Ⅰ-14. About Corporate Governance

Strengthening corporate governance by separating Board of Directors with corporate decision making functions and Executive Officers with business executing functions (Board of Directors:7 Executive Officers:11)

For Better Disclosure and Accountability

→ Quarterly Disclosure/Environmental Report/Addition of IR web site in English/Setting-up an information desk for individual shareholders

For Better Compliance

→ Implementation of “Personal Data Control Rules”, “Trade Secret Control Rules”, “Security Trade Control Rules” and corporate-wide education of compliance policy.

1. Introduction of Executive Officer System (effective January 1, 2005)

【Objective】

2. Actions for Corporate Governance in FY2004

Page 18: Financial Results FY20045 Financial Results FY2004 Ⅰ-2. Net Sales 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 Consolidated Non-Consolidated Consolidated 30,472

18

Financial Results FY2004

Ⅰ-15. Result of Public Offering and Allotment of Funds

We have allotted the funds from the public offering last year as follows:

8581,890Injection-molding manufacturing equipment

3,0633,1116,1746,080Total

1,7902,440Overseas

450750DomesticLens and prism processing equipment

131,000Headquarters building extension for new injection-molding plant

BalanceAmount PaidFund RaisedAmount Projected

(Millions of Yen)

Funds allotment progresses as planed.

Page 19: Financial Results FY20045 Financial Results FY2004 Ⅰ-2. Net Sales 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 Consolidated Non-Consolidated Consolidated 30,472

Ⅱ.Mid-Term Strategy

Page 20: Financial Results FY20045 Financial Results FY2004 Ⅰ-2. Net Sales 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 Consolidated Non-Consolidated Consolidated 30,472

20

Financial Results FY2004

Net Sales : ¥83,000 million

Ⅱ-1. Brand Message

Ordinary Profit : ¥8,700 million

Operating Income : ¥9,200 million(10% operating income or more)

Ⅱ-2.Mid-Term Management Goals (2007)

Cutting Edge Optical Solutions for an Array of Imaging DevicesCutting Edge Optical Solutions for an Array of Imaging Devices-Eyes on Diversity--Eyes on Diversity-

Page 21: Financial Results FY20045 Financial Results FY2004 Ⅰ-2. Net Sales 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 Consolidated Non-Consolidated Consolidated 30,472

21

Financial Results FY2004

Ⅱ-3. Eyes on DiversityOptical

Industries17.8% Electronic

Industries71.3%

Automotive Industries

Building and Construction

Apparel & Textile Industries

Food IndustriesOther Industries

Medical Services

Cosmetics

Government

Telecom & Communication

2.0%

Security Industries5.9%

Eyes on DiversityEyes on Diversity

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22

Financial Results FY2004

Positive investment in the rapidly expanding Digital SLR MarketStrengthen organization of OEM business

Photographic Products Division Photographic Products Division

【New Products in 2005】

Operating Income¥1,450 million

Net Sales¥14,200 million

2007Mid-Term Goals

SP AF11-18mm F/4.5-5.6Di II LD Aspherical [IF]

ModelA14

ModelA13

SP AF18-200mm F/3.5-6.3 XRDi II LD Aspherical [IF] MACRO

Ⅱ-4. Mid-Term Goals by Segment ①

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23

Financial Results FY2004

Optical Components DivisionOptical Components Division

Concentrate resources on the growing DSC/DVC market to maintain overwhelmingsuperiority through development ability and production capabilityImplement technology revolution to enhance competitiveness as an attractive supplierand secure 20% market sharePlan entry into market for mobile phones equipped with high resolution, zoom cameras

Operating Income¥6,900 million

Net Sales¥48,700 million

2007Mid-Term Goals

Ⅱ-4. Mid-Term Goals by Segment②

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24

Financial Results FY2004

Expand sales and profit from CCTV business by strengthening overseas productionIncrease orders for “Eyes” for various industries such as iris recognition/automotiveapplication/robots and etc.Target to hold a top share in the expanding projector business by concentration of human resources and funds

Ⅱ-4. Mid-Term Goals by Segment ③Commercial IndustrialCommercial Industrial--Use Optics DivisionUse Optics Division

Operating Income¥2,400 million

Net Sales¥20,100 million

2007Mid-Term Goals

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25

Financial Results FY2004

Ⅱ-5. Pressing Issues1. Timely launch of attractive new products by each of the four business units in line

with the corporate tag line of “Tamron – cutting-edge optical solutions for an array of imaging devices”

2. Expansion of optical components business in projection device segment and getting a foothold in the cellular phone camera market

3. Development of core technologies revolving around optics and corporate-wide campaign drive of strategic philosophies surrounding IP (Intellectual Property)

4. Structural improvement in overseas production network associated with procurement system as well as those of domestic facilities to accelerate efficient cost reduction

5. Reduction in lead time of product development cycle by virtue of establishing a new mould processing plant and innovating production engineering technologies

6. Improvement in profit structure by solidifying group company management system and improvement in social compliance philosophy among them

7. Fundamental restructuring of operations by implementing global management information system aimed at achieving optimum inventory control

8. Further improvement in cash flow management and in consolidated balance sheet9. Corporate-wide promotion of environmental preservation and protection effectively

linked with quality management system based on ISO activities

Page 26: Financial Results FY20045 Financial Results FY2004 Ⅰ-2. Net Sales 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 Consolidated Non-Consolidated Consolidated 30,472

26

Financial Results FY2004

Disclaimer

1. The Purpose of this material is to provide information on the financial results of FY2004 and future business strategy. 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 the data that are obtainable at the time of presentation in compliance with our management policies and certain premises that are deemed reasonable by us.

3. Please note that the actual result may sometimes differ from the forecasts contained herein due to various factors.

4. We are not liable in any way for any damages or losses incurred in connection with your use of any information or data contained herein or provided verbally in our presentation.