fy2009 financial results · 2017. 1. 27. · fy2009 financial results 5 Ⅰ-2. fy2009 summary a...

FY2009Financial Results

February 15, 2010Tamron Co., Ltd. (Code: 7740)

2FY2009 Financial Results

Contents

Ⅰ. FY2009 Financial Results 1. Business Briefing 2. FY2009 Summary　

3. FY2009 Quarterly Financial Results 　 4. FY2009 Financial Results 5. FY2009 Quarterly Results by Business Segment 6. FY2009 Results by Business Segment 7. Financial Summary 8. Capital Investment / Depreciation / Research & Development

9. Cash Flow Statement 10. Inventories / Liabilities with Interests

Ⅱ. FY2010 Financial Forecast 1． FY2010 Forecast 2． FY2010 Net Sales Forecast 3. FY2010 Operating Income Forecast 4. FY2010 Forecast by Business Segment 5. FY2010 Sales Forecast by Business Segment 6. FY2010 OP Forecast by Business Segment 7. Capital Investment & Depreciation 8. Research & Development 9. Outlook for Cash Dividends

10. Referential Data 1) Key Performance Measures 2) Effect of Exchange Rate Fluctuation

Ⅲ. Mid-Term Strategy 1. Corporate Tagline 2. Mid-Term Management Goals for FY2012 3. Strategy Towards FY2012 by Segment 1) Photographic Products 2) Optical Components 3) Commercial / Industrial-use Optics 4) New Business 4. Issues on Mid-to Long-Term Management

P.4P.5P.6P.7P.8P.9P.10P.11P.12P.13

P.15Ｐ.16P.17P.18P.19P.20P.21P.22P.23

P.24P.25

P.27P.27

P.28P.29P.30P.31P.32


Ⅰ．FY2009 Financial Results


Ⅰ-1. Business Briefing

Total Subsidiaries Overseas : 6

/ Liaison Offices : 2 (India, Russia)　

Domestic Offices : 4 / Sales Offices : 7　

ISO9001, ISO14001 Certified

ISO/TS16949 Certified

Consolidated Net Sales : ¥49,892 million (As of December 31, 2009)

Consolidated Number of Employees : 5,472 (As of December 31, 2009)

Consolidated Total Assets : ¥47,391 million (As of December 31, 2009)

Company Profile Photographic Products

Interchangeable lenses for 35mm / Digital SLR camera

Optical Components

Camcorder lenses　　Digital still camera lenses　　Cellular phone camera lenses

Commercial / Industrial-use Optics

CCTV camera lenses　　Surveillance camera lenses 　Automotive lenses　　Injection molds, parts & components Test Plates　　Optical devices

Business Segment

Net Sales¥49,892 million

Net Sales¥49,892 million

PhotographicProducts

¥29,422 millionOptical

Components¥12,956 million

Commercial /Industrial-use¥7,513 million

Net Sales by Business Segment (As of December 31, 2009)


Ⅰ-2. FY2009 Summary

A slow recovery out of deep slump

Throughout the year Yen appreciated against US dollar and Euro

A robust recovery in 4Q

A record high quarterly sales and operating profit of Tamron brandinterchangeable lenses in 4Q resulted increased sales of Photographic Productsbusiness segment YoY.

Mainstay product AF18-270mm VC won EISA award - 4 years in a row.

Launched new AF17-50mm F/2.8 with Tamron's unique proprietary VibrationCompensation (VC) system.

Acquired ISO / TS16949 certification for automotive quality management system

Business Environments

FY2009 Results

Topics

Average exchange rate 2008 2009

USD 103.47yen　 → 93.65yen

Euro 152.65yen　→　130.38yen


Ⅰ-3. FY2009 Quarterly Financial Results

3.6%

474

13,101

20093Q

3.7%

452

12,400

20092Q

2,2951,845(485)OperatingIncome

4.6%12.2%(5.2%)OperatingIncome Ratio

9,252

20091Q

48,89215,137Net Sales

2009Annual

20094Q

（millions of yen）

9 ,252

12,400 13,10115,137

1,845

474452

(485)(5 ,000)

0

5,000

10,000

15,000

20,000

1Q 2Q 3Q 4Q

（Net Sales/millions of yen）

(500)

0

500

1,000

1,500

2,000

(Operating Income/millions of yen)

Net Sa les Operati ng Income


Ⅰ-4. FY2009 Financial Results

91.8%(204)37.0%(3,903)2,2952,5006,198OperatingIncome

-(0.3%)-(5.3%)4.6%4.9%9.9%OperatingIncome Ratio

3,029

9.3％

5,842

62,537

ActualFY 2008

(a)

21.2%

-

38.7%

79.8%

%

(2,386)

(4.8%)

(3,578)

(12,645)

(c)-(a)

Change

OrdinaryIncome

58.4%(457)6421,100Net Income

-(0.4%)4.5%4.9％Ordinary

Income Ratio

90.5%(236)2,2632,500

97.8%(1,107)49,89251,000Net Sales

%(c)-(b)

ChangeActualFY 2009

(c)

ForecastFY 2009

(b)



Ⅰ-5. FY2009 Quarterly Results by Business Segment


3.9%

71

1,824

3.1%

95

3,121

10.0%

745

7,454

20092Q

7.7%

142

1,855

0.9%

31

3,561

10.1%

775

7,684

20093Q

9.7%15.4%10.7%OperatingI n c o m eR a t i o

Commercial /Industrial-use

Optics

0.3%8.3%(14.6%)OperatingI n c o m eR a t i o

OpticalComponents

11.7%18.2%4.2%OperatingI n c o m eR a t i o


7,5132,1781,654Net Sales

12,9563,6012,672Net Sales

29,4229,3574,926Net Sales

177

(389)

204

20091Q

334

298

1,702

20094Q

726

37

3,428

2009Annual

OperatingI n c o m e




Ⅰ-6. FY2009 Results by Business Segment（millions of yen）

15.7%

1,344

8,585

14.0%

3,506

25,014

(1,830)

(4,090)

-

-

90

(110)

-

(430)

(1,260)

-

(1,490)

(2,720)

Foreximpact

-(0.4%)-(6.0%)9.7%10.1%O p e r a t i n gIncome Ratio

Commercial/ Industrial-use Optics

-1.1%-(13.7%)0.3%(0.8%)O p e r a t i n gIncome Ratio

OpticalComponents

-(1.0%)-(0.4%)11.7%12.7%12.1%O p e r a t i n gIncome Ratio

Photographic Products

37.0%

79.8%

-

54.0%

87.5%

1.1%

51.8%

97.9%

101.7%

%

(3,903)

(12,645)

256

(617)

(1,072)

(3,469)

(12,057)

(72)

484

(c)-(a)

Change

%

Change

95.1%(386)7,5137,900N e t S a l e s

103.7%45612,95612,500N e t S a l e s

96.2%(1,177)29,42230,60028,938N e t S a l e s

6,198

62,537

(2,153)

3,500

ActualFY2008

(a)

2,500

51,000

(2,100)

800

(100)

3,900

ForecastFY2009

(b)

2,295

49,892

(1,896)

(204)

(1,107)

203

(73)

137

(471)

(c)-(b)

O p e r a t i n gI n c o m e

Net Sales 97.8%

726

37

3,428

ActualFY2009

(c)

-Elimination and/or Corporate

91.8%-

90.8%Operating Income

Both sales and profits fell due to slowdown in equipment spending.

Total

Secured profit although sales fell by almost half due to severe pricing pressure and slump of mid-to-high end DSC market.

-Operating Income

Sales increased driven by Tamron brand lens sales overseas while profit slightly eroded due to forex impact.

87.9%Operating Income


Ⅰ-7. Financial Summary

(1,784)47,39149,176Total Liabilities andShareholders’ Equity

67.4％

33,126

16,049

2,680

13,369

49,176

19,112

1,8527,959

9,499

10,752

FY2008(a)

2.1％69.5％Equity Ratio

(197)32,929Total Shareholders’Equity

(1,586)14,462Total Liabilities

(121)2,558Total Long-TermLiabilities

Mainly due to a decrease in reserves for withdrawalloss from pension fund and Income taxes payable(1,465)11,904Current Liabilities

(1,784)47,391Total Assets

Decreased due to scheduled depreciation andcutback in new investments(2,276)16,836Fixed Assets

1962,049Other Current Assets

(907)7,051Inventories

679,566Notes and AccountsReceivable, trade

1,13411,887Cash and CashEquivalents

Main Factor for ChangeChange(b)-(a)

FY2009(b)



Ⅰ-8. Capital Investment / Depreciation / Research & Development

2,753

3,963

1,774

FY2009

Decreased due to cutback ingeneral expenditure whileratio to sales increased by 0.3%

(469)3,222Research &Development

(136)4,100Depreciation

Decreased due to a curtailmentof capital expenditure(2,997)4,772Capital Investment

Main Factor for ChangeChangeFY2008

（million yen）


Ⅰ-9. Cash Flow Statement

1,897

6,947

3,727

(5,773)

(1,829)

1,174

(3,100)

(801)

-6,000

-4,000

-2,000

0

2,000

4,000

6,000

8,000FY2008 FY2009 Operating CF

Investing CF

Free Cash Flow

Financing CF


2.86

11,887

(801)

1,897

(1,829)

3,727

FY2009

1,174Free Cash Flow

FY2008

10,752Cash and Cash Equivalents at Year End

2.06Liquidity (Months)

(3,100)Cash Flow from Financing Activities

(5,773)Cash Flow from Investing Activities

6,947Cash Flow from Operating Activities


Ⅰ-10. Inventories / Liabilities with Interests

7,0517,959

7,065

1.2

1 .5

1 .7

0

2,000

4,000

6,000

8,000

10,000

0.0

0 .5

1 .0

1 .5

2 .0

Inventories 7,065 7,959 7,051

InventoryTurnover

1.2 1.5 1.7

FY2007 FY2008 FY2009

6,311 6,056 6,396

13.512.312.1

0

2,000

4,000

6,000

8,000

10,000

0.0

5 .0

10.0

15.0

20.0

Liability withInterest

6,311 6,056 6,396

Loan-to-Asset 12.1 12.3 13.5

FY2007 FY2008 FY2009

Liabilities with InterestsInventories(millions of yen) (millions of yen)(Month) （％）

* (A):Actual (F):Forecast


Ⅱ．FY2010 Financial Forecast


1,800

10.7%

3,100

11.3%

3,300

29,100

Forecast2H

FY2010

1,319

8.2%

2,304

8.2%

2,324

28,239

Actual2H

FY2009

-3.6%8.1%5.0%4.5%(0.2%)OrdinaryincomeRatio

(677)

(40)

(0.1%)

(29)

21,653

Actual1H

FY2009

190.0%2,0364,3001,2002,263OrdinaryIncome

800

5.4%

1,300

23,900

Forecast1H

FY2010

-4.1%8.7%4.6%Operating

IncomeRatio

404.6%1,9572,600642Net Income

200.4%2,3044,6002,295OperatingIncome

106.2%3,10753,00049,892Net Sales

(b)/(a)(b)-(a)

ChangeForecastFY2010

(b)

ActualFY2009

(a)

Ⅱ-1. FY2010 Forecast


* Based on the assuming foreign exchange rates of 90 yen/USD and 125 yen/Euro


Ⅱ-2. FY2010 Net Sales Forecast

1H 1H1H 1H

2H2H

2H2H

0

20,000

40,000

60,000

80,000

FY2007(A) FY2008(A) FY2009(A) FY2010(F)

79.8%49,89228,23921,653

106.2%91.7%107.1%YoY

29,10032,21634,8012H

23,90030,32133,4031H

53,00062,53768,204Annual



53,000

68,20462,537

49,892


Ⅱ-3. FY2010 Operating Income Forecast

1H1H

2H

2H

2H

2H

1H

0

2,000

4,000

6,000

8,000

10,000

FY2007(A) FY2008(A) FY2009(A) FY2010(F)

37.0%2,2952,324(29)

200.4%70.5%132.7%YoY

3,3002,7734,2592H

1,3003,4244,5291H

4,6006,1988,788Annual


4,600

8,788

6,198

2,295


1st Half


Ⅱ-4. FY2010 Forecast by Business Segment

Sales and profits are expected to grow in line with the recovery of capital investment.

-(403)(2,300)(1,896)Elimination and/orCorporate

106.2%3,10753,00049,892N e t S a l e sTotal

-0.1%9.8%9.7%Operating Income Ratio

Commercial /Industrial-use

Optics

ChangeYoY

Change(b)-(a)

ForecastFY2010(b)

ActualFY2009(a)

Cost cut efforts enable increase in profit despite of possible sales decline.

Sales and profits are expected to grow in line with the market expansion.

4,600

800

8,200

8.2%

900

11,000

15.4%

5,200

33,800

2,304

73

686

7.9%

862

(1,956)

3.7%

1,771

4,377

200.4%

110.1%

109.1%

-

2429.7%

84.9%

-

151.7%

114.9%

2,295Operating Income Ratio

0.3%Operating Income Ratio

OpticalComponents

11.7%Operating Income Ratio


7,513N e t S a l e s

12,956N e t S a l e s

29,422N e t S a l e s

726

37

3,428

O p e r a t i n g I n c o m e





Ⅱ-５. FY2010 Net Sales Forecast by Business Segment


Commercial Commercial Commercial Commercial

OpticalOptical

Optical Optical

PhotoPhoto

Photo Photo

0

20,000

40,000

60,000

80,000

FY2007(A) FY2008(A) FY2009(A) FY2010(F)

Net Sales

8,2007,5138,5857,802Commercial

33,80029,42228,93825,345Photo

11,00012,95625,01435,056Optical

107.1%

68,204

91.7%

62,537

79.8%

49,892 53,000Total

106.2%YoY* (A):Actual (F):Forecast

53,00049,892

62,53768,204

37.2%46.3%

59.0% 63.8%

51.4%40.0% 26.0% 20.7%

11.4% 13.7% 15.0% 15.5%


Ⅱ-6. FY2010 OP Forecast by Business Segment（millions of yen）

Commercial Commercial Commercial

Optical Optical

Photo

Photo

Photo

Photo

CommercialOptical Optical

0

2000

4000

6000

8000

10000

12000

FY2007(A) FY2008(A) FY2009(A) FY2010(F)

Operating Income

6,9004,1928,35110,638Total

8007261,344752Commercial

5,2003,4283,5004,988Photo

900373,5064,887Optical

4,6002,2956,1988,788Total

YoY

Elimination and/orCorporate

132.7%

(1,839)

200.4%37.0%70.5%

(2,300)(1,896)(2,153)


2,295

6,198

8,788

4,600

46.9%

41.9%

81.8%

37.2%46.0% 42.0%

17.3%11.6%7.1% 16.1% 0.9%

13.0%


Ⅱ-7. Capital Investment & Depreciation

Net Income4,772

Net Income3,029

Net Income642

Net Income2,600

Amortization3,106

Amortization3,963

Amortization4,100

Amortization3,800

CapitalInvestment

1,774

CapitalInvestment

3,300

CapitalInvestment

4,772

CapitalInvestment

4,338

0

2,000

4,000

6,000

8,000

Amortization 3,106 4,100 3,963 3,800Net Income 4,772 3,029 642 2,600Capital Investment 4,338 4,772 1,774 3,300

FY2007(A) FY2008(A) FY2009(A) FY2010(F)




Ⅱ-8. Research & Development

3,052 3,2222,753

3,300

6.2

5.55.2

4.5

0

500

1,000

1,500

2,000

2,500

3,000

3,500

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

R&D 3,052 3,222 2,753 3,300

Ratio 4.5 5.2 5.5 6.2

FY2007(A) FY2008(A) FY2009(A) FY2010(F)

（％）

*R&D cost/Net sales ratio




Ⅱ-9. Outlook for Cash Dividends

46.1%

50.00

25.00

25.00

ActualFY2008

40.0050.00Total

170.9%29.6%DividendPayout Ratio

25.00

15.00

ForecastFY2009

35.00

15.00

ActualFY2007

Year End

Interim

（yen）


169.19

108.41

23.41

94.71

7.6

1.9

8.9

14.3

15.2

8.7

11.5

4.7

0

100

200

300

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

EPS 169.19 108.41 23.41 94.71

ROE 14.3 8.9 1.9 7.6

ROA 15.2 11.5 4.7 8.7

FY2007(A) FY2008(A) FY2009(A) FY2010(F)

（％）

ROE＝Net Income/Net assets (average for FY)ROA＝Ordinary Income/Total assets (average for FY)

（Yen）

1) Key Performance Measures

Ⅱ-10. Referential Data



Actual FY2009

Total

EuroUSD

EffectExchange Rate

(4,090) Million Yen

(1,470) Million Yen

(2,620) Million Yen

Net Sales

(1,830) Million Yen--

(1,290) Million Yen

(540) Million Yen

Operating Income

152.65Yen

103.47Yen

ActualFY2008

130.38Yen

93.65Yen

ActualFY2009

Total

Euro

USD

One yen change impact for FY2010Exchange Rate

340Million Yen

70Million Yen

270Million Yen

Net Sales

60 Million Yen-

60 Million Yen

-

Operating Income

125Yen

90Yen

AssumptionFY2010

Forecast FY2010

2) Impact of Exchange Rate Fluctuation

Ⅱ-10. Referential Data


Ⅲ．Mid-Term Strategy


Ⅲ‐２. Mid-Term Management Goals for FY2012

Ⅲ-１. Corporate Tagline

Net Sales： ¥68.3 billion

Operating Income： ¥6.9 billion(Operating Income ratio 10.1%)


Ⅲ-３. Strategy Towards FY2012 by Segment

1) Photographic Products

SP AF10-24mm F/3.5-4.6 Di Ⅱ

(Model Ｂ001)

AF18-270mm F/3.5-6.3 Di II VC

(Model B003)

EISA 2009-2010 Award Winner

SP AF60mm F/2

Di ⅡMacro 1:1

(Model G005)

Ultra High Power Zoom Lens High-Speed Zoom Lens Ultra Wide-Angle ZoomLlens Macro lens

2012Mid-Term

Target

Tamron, as a pioneer of All-In-One Zoom lenses, leading the industry in the field of highpower zoom

Enhancing development of new lenses with the proprietary VC (Vibration Compensation)mechanism　　Aimed to win EISA award in a row

Penetrate emerging markets by establishing sales offices India (Jul, 09) Russia (Nov, 09)

Optimization of business management structure for OEM clients(cost efficiency, responsiveness as well as quality)

Net Sales ： 41,600 million (60.9% of Net Sales)

SP AF17-50mm F/2.8 XR Di II VC （Model B005）


2) Optical Components


2012Mid-Term

Target

Diversify ultra compact zoom lens for cell phone camera into various DSC/DVCapplications (i.e. new pocket cam market.)

Secure profit through cost reduction efforts by enhancing in-house productioncapacity and promotion of local procurement in China.

Promote marketing of fixed focal length lens for higher mega-pixel imagers and ultracompact zoom lens by incorporating in-house high-precision plastic lens technologyalong with the development of VC system for cell phone camera applications.

Implementation of continued technological innovation as a leading supplier in theindustry to enhance company’s overall competence and value added business model


Fixed focal length lens for high-mega pixel Ultra compact 3X zoom for 8 MP


3) Commercial / Industrial-use Optics


2012Mid-Term

Target

Expanding product lineup integrating VC technology

Strengthening the development of “Flat Field Mega Pixel” lens for CCTV cameras

Expanding product for CCTV camera lenses offerings both in lens and camera unit

Enhancing new business development in the field of automotive applications


"Flat Field Mega Pixel LensSeries"

Automotive lenses

Certified ISO/TS16949

For Automotive Quality

Management

I n d o o r M i n i - D o m e C a m e r aWith Built-in High-Quality Vari-Focal Lens


4) New Business


2012Mid-Term

Target

Entering automotive head lamp business

　　Demand for LED headlamps will grow steadily

Entering far infrared rays optical system

　　Business alliance with NEC Avio Infrared Technologies Co., Ltd. - New product development fusing optical camera lens and infrared technologies

Entering panorama view camera market　　Entering new market by combining advanced optical technology for more than 180 degree angle of view and Image processing technology


Ⅲ-４. Issues on Mid-to Long-Term Management

1. Enhancing corporate governance based on CSR management system coupledwith internal control and risk management.

2. Implementing management streamline with speedy response and actions withprocess innovation across the company.

3. Strengthening company-wide resource investment focused on boosting sales ofTamron-brand interchangeable lenses for DSLR.

4. Innovating product realization process to further improvement of product qualityand reliability.

5. Achieving further reduction in cost by means of enhancing in-house productionratio of critical parts and components while deploying strategic logistics.

6. Expansion in mobile phone business, automotive business, far infrared rays opticalbusiness and new business.

7. Enhancement in R & D activities in core technology development revolving aroundoptics and taking proactive stance in IP strategy.


Disclaimer

1. The purpose of this material is to provide information on the“FY2009 Financial Results” and future business strategies. It isnot an offer or a solicitation of an offer to buy or sell securities.

2. This material and the information provided verbally in ourpresentation are based on the data that are obtainable at thetime of the presentation in compliance with our managementpolicies and certain premises that are deemed reasonable by us.

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

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

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