Consolidated Financial Highlights - eizo global
Consolidated Financial Highlights First Half Financial Results of Fiscal 2016
Disclaimer Regarding Forward-looking Statements Any statements in this document, other than those of historical fact, are forward-looking statements about the future performance of EIZO and its group companies, which are based on management’s assumptions and beliefs in light of information currently available, and involve risks and uncertainties. Actual results may differ materially from these forecasts. Note: “16F1” appearing in this presentation means “First Half Fiscal Year 2016”. 11.2016 Consolidated Financial Highlights First Half Financial Results of Fiscal 2016
(6737)
© 2016 EIZO Corporation. All Rights Reserved.
Consolidated Statements of Income (JPY Millions) 15F1
16F1
Amount
(%)
Amount
15F1 to 16F1 change (%)
Amount
(%)
Net Sales
34,754
100.0
39,532
100.0
+4,778
+13.7
Cost of Goods Sold
24,675
71.0
26,808
67.8
+2,133
+8.6
Gross Profit
10,078
29.0
12,724
32.2
+2,645
+26.2
Selling, general and administrative expenses
8,340
24.0
8,252
20.9
- 88
- 1.1
Operating Income
1,738
5.0
4,471
11.3
+2,733
+157.2
671
1.9
- 502
- 1.3
- 1,173
-
Ordinary Income
2,409
6.9
3,969
10.0
+1,559
+64.7
Income before income taxes
2,409
6.9
3,969
10.0
+1,559
+64.7
Net income attributable to EIZO Corporation’s stockholders
1,742
5.0
3,112
7.9
+1,370
+78.6
Non-operating income/expenses
Average of exchange rate: USD
JPY121.88
JPY105.20
- JPY16.68
Average of exchange rate: EUR
JPY135.11
JPY118.04
- JPY17.07
Foreign exchange sensitivity (impact on Operating Income by Yen appreciation) :USD JPY90 million (Positive) , EUR JPY160 million (Negative)
Consolidated Financial Highlights First Half Financial Results of Fiscal 2016
1
© 2016 EIZO Corporation. All Rights Reserved.
Net Sales （JPY Billion）
Results per half year
Visual Display Systems
Amusement Monitors
Results by year Visual Display Systems
Others
80.0
80.0
Change (Y on Y)
60.0
60.0
+13.7％
42.1 5.6
40.0
30.4 3.2 5.6
9.4
34.7 3.3 7.5
40.1 1.6 7.7
39.5 1.6
40.0
21.5
20.0
27.0
23.9
58.2 6.3
72.5 8.8
74.8 4.9 15.2
21.9
Others
77.0 5.0 13.5
15.1
Achievement ratio 51.3％
18.0
39.5 1.6
12.7
20.0
30.6
73.6 5.9
Amusement Monitors
45.7
48.5
54.6
58.5
33.8
12.7
25.1
25.1 0.0
0.0 14F1
14F2
15F1
15F2
Consolidated Financial Highlights First Half Financial Results of Fiscal 2016
12F
16F1 2
13F
14F
15F
16F Plan
16F1
© 2016 EIZO Corporation. All Rights Reserved.
Net Sales: Visual Display Systems - Total （JPY Billion） F1
F2
- Overseas sales maintained year-on-year. Sales volume successfully increased, which offset negative foreign currency impacts. - Japanese domestic sales increased by 17.1% year-on-year. System integration business for Healthcare system contributed.
54.6 45.7 33.8
48.5 27.0
25.8
Overseas：16.6
Overseas：14.9
Japan：10.4
58.5
Change + 7.1％
25.1
Change + 5.1％
30.6 Overseas：17.7 Japan：12.9
Japan：10.8
19.8 Overseas：11.1 Japan：8.7
19.8
Overseas：12.8
14.0
Japan：7.0
21.5
Overseas：14.2 Japan：7.2
23.9 Overseas：15.8 Japan：8.0
Overseas：7.5
Overseas：15.6 Japan：9.4
Achievement ratio 43.0％
Japan：6.5
12F
(actual)
13F
Consolidated Financial Highlights First Half Financial Results of Fiscal 2016
14F 3
15F
16F Plan © 2016 EIZO Corporation. All Rights Reserved.
Net Sales: Visual Display Systems - B&P （JPY Billion） F1
F2
- Overseas sales decreased by 6.3% year-on-year. This was due to negative foreign currency movement, despite a strong sales momentum of ultra-slim monitors. - Japanese domestic sales decreased by 16.3% year-on-year due to the decreasing sales for office-use, partially offset by increasing sales of large screen monitors.
17.9 15.5
9.5
13.7
8.9
7.7
Overseas：5.9
Overseas：4.9
7.4
Change - 9.2％
9.7
Overseas：6.4 Japan：3.2
Japan：2.8
5.6
8.2
Japan：2.0
6.0
Overseas：4.0 Japan：1.9
6.6 Overseas：4.5
Overseas：5.8 Japan：2.3
Japan：2.1
13F
Consolidated Financial Highlights First Half Financial Results of Fiscal 2016
(actual) Overseas：5.4 Japan：1.9
Achievement ratio 41.3％
Japan：1.9
12F
Change + 0.6％
Japan：2.9
Overseas：3.6
3.8 Overseas：1.8
18.1
14F 4
15F
16F Plan © 2016 EIZO Corporation. All Rights Reserved.
Net Sales: Visual Display Systems - V&S Total V&S: Healthcare, Creative Work and Industry markets. (More information on Pages 6 to 8)
（JPY Billion） F1
F2
40.4 36.6 31.9 18.0 24.3
Overseas：10.0 Japan：8.0
32.9 18.1 Overseas：10.6
Change + 10.3％
20.9 Overseas：11.3 Japan：9.6
Japan：7.4
14.1
Overseas：7.5 Japan：6.6
13.8
10.2
Overseas：5.6
Overseas：8.8 Japan：5.0
14.8 Overseas：9.7 Japan：5.1
15.7 Overseas：9.9 Japan：5.7
(actual)
Change + 12.6％
Overseas：10.1 Japan：7.4
Achievement ratio 43.8％
Japan：4.5
12F
17.6
13F
Consolidated Financial Highlights First Half Financial Results of Fiscal 2016
14F 5
15F
16F Plan © 2016 EIZO Corporation. All Rights Reserved.
Net Sales: V&S - Healthcare （JPY Billion） F1
F2
- Overseas sales increased by 1.9% year-on-year. This was driven by continued sales growth in diagnosis and operating rooms in the US and gain in replacement projects for diagnosis applications in Europe. - Japanese domestic sales increased by 66.1% year-on-year. This was driven by the contribution of system integration business for healthcare systems, in addition to increasing sales for operating rooms.
25.7 21.6 16.5
12.4 Overseas：6.5 Japan：5.8
9.5
23.4 20.7 11.3
Overseas：6.3
Change + 9.8％
13.8
Overseas：6.7 Japan：7.0
Japan：4.9
Overseas：4.8 Japan：4.7
11.8
9.2 6.9
Overseas：3.6
Overseas：5.6 Japan：3.5
9.4
9.5
Overseas：6.2
Overseas：6.2
Japan：3.2
Japan：3.3
13F
Consolidated Financial Highlights First Half Financial Results of Fiscal 2016
Overseas：6.3 Japan：5.4
Achievement ratio 46.1％
Japan：3.2
12F
(actual)
Change + 24.2％
14F 6
15F
16F Plan © 2016 EIZO Corporation. All Rights Reserved.
Net Sales: V&S - Creative Work （JPY Billion） F1
F2
- Overseas sales decreased by 8.5% year-on-year. This was due to negative foreign currency impacts despite increasing sales volumes in particular of 4k monitors for professional use. - Japanese domestic sales were flat due to decreasing sales for entry-level users while there were increasing sales for professional users.
6.7
Change + 5.4％
Overseas：2.1
2.5 (actual)
Change - 7.1％
Japan：0.6
Overseas：1.9
6.3 5.2 4.1 2.4
5.5 3.0
2.8
Overseas：2.3
Overseas：1.8
Japan：0.6
3.5 Overseas：2.8 Japan：0.7
Japan：0.9
Overseas：1.5 Japan：0.8
2.3
1.7
Overseas：1.7 Japan：0.6
2.5 Overseas：1.8 Japan：0.6
2.7
Japan：0.6
Overseas：1.0
Achievement ratio 38.7％
Japan：0.7
12F
13F
Consolidated Financial Highlights First Half Financial Results of Fiscal 2016
14F 7
15F
16F Plan © 2016 EIZO Corporation. All Rights Reserved.
Net Sales: V&S - Industry （JPY Billion） F1
F2
- Overseas sales increased by 17.1% year-on-year. This was due to the growing sales for Security & Surveillance and to increasing sales for ATC in the US and Europe. - Japanese domestic sales decreased by 22.4% year-on-year because of large-scale project sales in the same period of the previous year.
6.6 3.7 5.0 2.8
3.6 2.1
Change - 3.7％
Overseas：1.7 Japan：1.7
Japan：1.7
2.8
2.2 Overseas：1.4
Overseas：1.6
3.3 Overseas：1.6
(actual)
Japan：1.7
Overseas：1.8
Japan：1.2
Japan：1.3
Japan：0.7
Achievement ratio 40.6％
Japan：0.5
12F
3.2
6.8 3.4
Japan：1.2
Japan：1.0
1.5
Change + 16.4％
Overseas：1.5
Overseas：1.0
Overseas：0.9
Overseas：1.9
8.0
13F
Consolidated Financial Highlights First Half Financial Results of Fiscal 2016
14F 8
15F
16F Plan © 2016 EIZO Corporation. All Rights Reserved.
Net Sales: Amusement Monitors （JPY Billion） F1
F2
- Amusement monitors increased by 69.8% year-on-year. EIZO’s business model with crosssourcing / production efficiency among different segments successfully enabled production of a large quantity of products in a short-period to meet the temporary replacement demand.
21.9 18.0 10.1 6.8
15.1
9.4 11.2
13F
Consolidated Financial Highlights First Half Financial Results of Fiscal 2016
14F 9
13.5
Change - 11.6％
12.7
Change + 69.8％
7.7
11.8 5.6
12F
15.2
7.5
15F
(actual) Achievement ratio 94.5％
16F Plan © 2016 EIZO Corporation. All Rights Reserved.
Operating Income F1
（JPY Billion）
F2
Operating Income/Net sales
6.8
8
10.0% 9.3%
5.7 5.0
6
4.4 3.6
7.4%
8.0%
6.8%
6.2%
6.0%
4
3.3
3.5%
2
3.4
2.0 0.6
4.0%
4.4 (actual)
3.1
1.3
1.7
1.0
0 12F
13F
2.0%
0.0%
14F
15F
16F Plan
ROA （％）
4.0
9.3
4.7
5.4
5.7
ROE （％）
2.7
8.3
4.5
5.3
5.5
DOE （％）
1.8
1.8
1.7
1.9
2.1
EBITDA
4.4
9.7
6.7
7.7
8.3
(JPY Billion)
ROA (Return on Assets): Ordinary Income/Total Assets ROE (Return on Equity): Net Income/ Equity DOE (Dividends on Equity): Dividends/ Equity EBITDA: Earnings before interest, tax, depreciation and amortization Consolidated Financial Highlights First Half Financial Results of Fiscal 2016
10
© 2016 EIZO Corporation. All Rights Reserved.
Selling, General and Administrative Expenses （JPY Billion）
F1
F2
SG&A/Net sales
- SG&A decreased by 1.1% year-on year. This was due to a reorganization of the Amusement Monitor business and cost reduction through promotion of lean operations. In parallel, EIZO strengthened the sales organization overseas and increased R&D investment in the V&S business.
20
16
12
23.8% 26.2%
15.2
8.0
22.2%
16.3
8.6
17.3
8.9
22.6%
16.9
22.9%
30.0%
17.6 25.0% 20.0%
8.5
15.0%
8 10.0%
4
7.2
7.7
8.3
8.3
8.2
(actual)
5.0% 0.0%
0
12F
13F
Consolidated Financial Highlights First Half Financial Results of Fiscal 2016
14F 11
15F
16F Plan © 2016 EIZO Corporation. All Rights Reserved.
R&D （JPY Billion）
F1
F2
R&D/Net sales
- R&D decreased by 4.1% year-on-year due to R&D reorganization of the Amusement Monitor business while continuous R&D investment was made in the V&S Markets for Operating room, Maritime and MIL, etc.
8
10.0%
9.1% 7.9%
6
4
5.3 2.5
5.7
2.9
8.3% 7.2%
6.0
5.3
7.5%
5.8
8.0%
6.0%
3.0 2.6
4.0%
2 2.8
2.8
3.0
2.7
2.6
2.0%
(actual)
0.0%
0
12F
13F
Note: Includes manufacturing costs for R&D Consolidated Financial Highlights First Half Financial Results of Fiscal 2016
14F 12
15F
16F Plan © 2016 EIZO Corporation. All Rights Reserved.
CAPEX （JPY Billion） CAPEX
Depreciation
* Including Molding
16F CAPEX Plan - Production line: JPY0.3B (Completed) - Test and Evaluation Center for MIL: JPY0.8B (Construction began Sep, 2016) - Building for integrated admin., R&D and manufacturing in Germany: JPY1.7B (Plan)
4.8
2.1
1.5
12F
1.3 1.6
1.4
13F
14F
Consolidated Financial Highlights First Half Financial Results of Fiscal 2016
13
2.0
4.5 2.2
2.0
15F
16F Plan © 2016 EIZO Corporation. All Rights Reserved.
Consolidated Balance Sheets 15F Amount
16F1 （％）
Amount
(JPY Millions) Difference
（％）
Amount
Cash and Equivalents
20,221
19.3
21,753
20.5
+ 1,532
Notes and Accounts receivable
17,138
16.4
18,339
17.2
+1,201
Inventories
23,911
22.8
23,978
22.5
+66
3,501
3.3
2,482
2.3
- 1,019
64,772
61.8
66,553
62.6
+1,781
Tangible Assets
11,001
10.5
11,278
10.6
+276
Others
29,018
27.7
28,524
26.8
- 493
Fixed Assets
40,019
38.2
39,802
37.4
- 217
104,792
100.0
106,356
100.0
+1,563
5,994
5.7
8,877
8.3
+2,883
11,487
11.0
9,685
9.1
- 1,802
17,482
16.7
18,563
17.5
+1,081
9,298
8.9
8,802
8.3
- 496
78,011
74.4
78,990
74.3
+978
104,792
100.0
106,356
100.0
+1,563
Others
Current Assets
Total Accounts Payable Others
Current liabilities Long term liabilities Shareholders’ Equity Total
Consolidated Financial Highlights First Half Financial Results of Fiscal 2016
14
© 2016 EIZO Corporation. All Rights Reserved.
Plans for 16F (JPY Millions)
* Announced on 9th May 2016.
15F
16F Plan *
15F to 16F Change
Amount
(%)
Amount
(%)
74,878
100.0
77,000
100.0
+2,121
+2.8
Operating Income
5,081
6.8
5,700
7.4
+618
+12.2
Ordinary Income
5,698
7.6
6,100
7.9
+401
+7.0
Net Income
4,202
5.6
4,400
5.7
+197
+4.7
Net Sales
Amount
Exchange rate：USD
JPY120.16
JPY110.00
- JPY10.16
Exchange rate：EUR
JPY132.60
JPY120.00
- JPY12.60
Consolidated Financial Highlights First Half Financial Results of Fiscal 2016
15
(%)
© 2016 EIZO Corporation. All Rights Reserved.
Basic policy on profit distribution to shareholders （JPY / Share）
Basic policy on profit distribution to shareholders Returning profit to shareholders is a key management concern for EIZO Corporation, and we have followed a basic policy of stable dividend payment in line with corporate growth. We return profit to shareholders on the basis of an overall consideration of securing retained profit for capital investments and R&D expenditures required for business expansion, financial status and future performance.
Year-end Dividend
Our target shareholder return ratio is 40% to 50% of net income.
Annual Dividend
50 25
60
55
30
30
70 35
35
Interim Dividend
80 40
40
25
25
30
12F 12F
13F 13F
14F 14F
15F 15F
16F予想 16F Plan
Dividend Payout Ratio
66.7%
21.6%
38.5%
35.5%
38.8%
Shareholder Return Ratio
66.7%
21.6%
38.5%
35.5%
38.8% Note: Consolidated base
Consolidated Financial Highlights First Half Financial Results of Fiscal 2016
16
© 2016 EIZO Corporation. All Rights Reserved.
Disclaimer Regarding Forward-looking Statements Any statements in this document, other than those of historical fact, are forward-looking statements about the future performance of EIZO and its group companies, which are based on management’s assumptions and beliefs in light of information currently available, and involve risks and uncertainties. Actual results may differ materially from these forecasts. Note: “16F1” appearing in this presentation means “First Half Fiscal Year 2016”. 11.2016 Consolidated Financial Highlights First Half Financial Results of Fiscal 2016
(6737)
© 2016 EIZO Corporation. All Rights Reserved.
Consolidated Statements of Income (JPY Millions) 15F1
16F1
Amount
(%)
Amount
15F1 to 16F1 change (%)
Amount
(%)
Net Sales
34,754
100.0
39,532
100.0
+4,778
+13.7
Cost of Goods Sold
24,675
71.0
26,808
67.8
+2,133
+8.6
Gross Profit
10,078
29.0
12,724
32.2
+2,645
+26.2
Selling, general and administrative expenses
8,340
24.0
8,252
20.9
- 88
- 1.1
Operating Income
1,738
5.0
4,471
11.3
+2,733
+157.2
671
1.9
- 502
- 1.3
- 1,173
-
Ordinary Income
2,409
6.9
3,969
10.0
+1,559
+64.7
Income before income taxes
2,409
6.9
3,969
10.0
+1,559
+64.7
Net income attributable to EIZO Corporation’s stockholders
1,742
5.0
3,112
7.9
+1,370
+78.6
Non-operating income/expenses
Average of exchange rate: USD
JPY121.88
JPY105.20
- JPY16.68
Average of exchange rate: EUR
JPY135.11
JPY118.04
- JPY17.07
Foreign exchange sensitivity (impact on Operating Income by Yen appreciation) :USD JPY90 million (Positive) , EUR JPY160 million (Negative)
Consolidated Financial Highlights First Half Financial Results of Fiscal 2016
1
© 2016 EIZO Corporation. All Rights Reserved.
Net Sales （JPY Billion）
Results per half year
Visual Display Systems
Amusement Monitors
Results by year Visual Display Systems
Others
80.0
80.0
Change (Y on Y)
60.0
60.0
+13.7％
42.1 5.6
40.0
30.4 3.2 5.6
9.4
34.7 3.3 7.5
40.1 1.6 7.7
39.5 1.6
40.0
21.5
20.0
27.0
23.9
58.2 6.3
72.5 8.8
74.8 4.9 15.2
21.9
Others
77.0 5.0 13.5
15.1
Achievement ratio 51.3％
18.0
39.5 1.6
12.7
20.0
30.6
73.6 5.9
Amusement Monitors
45.7
48.5
54.6
58.5
33.8
12.7
25.1
25.1 0.0
0.0 14F1
14F2
15F1
15F2
Consolidated Financial Highlights First Half Financial Results of Fiscal 2016
12F
16F1 2
13F
14F
15F
16F Plan
16F1
© 2016 EIZO Corporation. All Rights Reserved.
Net Sales: Visual Display Systems - Total （JPY Billion） F1
F2
- Overseas sales maintained year-on-year. Sales volume successfully increased, which offset negative foreign currency impacts. - Japanese domestic sales increased by 17.1% year-on-year. System integration business for Healthcare system contributed.
54.6 45.7 33.8
48.5 27.0
25.8
Overseas：16.6
Overseas：14.9
Japan：10.4
58.5
Change + 7.1％
25.1
Change + 5.1％
30.6 Overseas：17.7 Japan：12.9
Japan：10.8
19.8 Overseas：11.1 Japan：8.7
19.8
Overseas：12.8
14.0
Japan：7.0
21.5
Overseas：14.2 Japan：7.2
23.9 Overseas：15.8 Japan：8.0
Overseas：7.5
Overseas：15.6 Japan：9.4
Achievement ratio 43.0％
Japan：6.5
12F
(actual)
13F
Consolidated Financial Highlights First Half Financial Results of Fiscal 2016
14F 3
15F
16F Plan © 2016 EIZO Corporation. All Rights Reserved.
Net Sales: Visual Display Systems - B&P （JPY Billion） F1
F2
- Overseas sales decreased by 6.3% year-on-year. This was due to negative foreign currency movement, despite a strong sales momentum of ultra-slim monitors. - Japanese domestic sales decreased by 16.3% year-on-year due to the decreasing sales for office-use, partially offset by increasing sales of large screen monitors.
17.9 15.5
9.5
13.7
8.9
7.7
Overseas：5.9
Overseas：4.9
7.4
Change - 9.2％
9.7
Overseas：6.4 Japan：3.2
Japan：2.8
5.6
8.2
Japan：2.0
6.0
Overseas：4.0 Japan：1.9
6.6 Overseas：4.5
Overseas：5.8 Japan：2.3
Japan：2.1
13F
Consolidated Financial Highlights First Half Financial Results of Fiscal 2016
(actual) Overseas：5.4 Japan：1.9
Achievement ratio 41.3％
Japan：1.9
12F
Change + 0.6％
Japan：2.9
Overseas：3.6
3.8 Overseas：1.8
18.1
14F 4
15F
16F Plan © 2016 EIZO Corporation. All Rights Reserved.
Net Sales: Visual Display Systems - V&S Total V&S: Healthcare, Creative Work and Industry markets. (More information on Pages 6 to 8)
（JPY Billion） F1
F2
40.4 36.6 31.9 18.0 24.3
Overseas：10.0 Japan：8.0
32.9 18.1 Overseas：10.6
Change + 10.3％
20.9 Overseas：11.3 Japan：9.6
Japan：7.4
14.1
Overseas：7.5 Japan：6.6
13.8
10.2
Overseas：5.6
Overseas：8.8 Japan：5.0
14.8 Overseas：9.7 Japan：5.1
15.7 Overseas：9.9 Japan：5.7
(actual)
Change + 12.6％
Overseas：10.1 Japan：7.4
Achievement ratio 43.8％
Japan：4.5
12F
17.6
13F
Consolidated Financial Highlights First Half Financial Results of Fiscal 2016
14F 5
15F
16F Plan © 2016 EIZO Corporation. All Rights Reserved.
Net Sales: V&S - Healthcare （JPY Billion） F1
F2
- Overseas sales increased by 1.9% year-on-year. This was driven by continued sales growth in diagnosis and operating rooms in the US and gain in replacement projects for diagnosis applications in Europe. - Japanese domestic sales increased by 66.1% year-on-year. This was driven by the contribution of system integration business for healthcare systems, in addition to increasing sales for operating rooms.
25.7 21.6 16.5
12.4 Overseas：6.5 Japan：5.8
9.5
23.4 20.7 11.3
Overseas：6.3
Change + 9.8％
13.8
Overseas：6.7 Japan：7.0
Japan：4.9
Overseas：4.8 Japan：4.7
11.8
9.2 6.9
Overseas：3.6
Overseas：5.6 Japan：3.5
9.4
9.5
Overseas：6.2
Overseas：6.2
Japan：3.2
Japan：3.3
13F
Consolidated Financial Highlights First Half Financial Results of Fiscal 2016
Overseas：6.3 Japan：5.4
Achievement ratio 46.1％
Japan：3.2
12F
(actual)
Change + 24.2％
14F 6
15F
16F Plan © 2016 EIZO Corporation. All Rights Reserved.
Net Sales: V&S - Creative Work （JPY Billion） F1
F2
- Overseas sales decreased by 8.5% year-on-year. This was due to negative foreign currency impacts despite increasing sales volumes in particular of 4k monitors for professional use. - Japanese domestic sales were flat due to decreasing sales for entry-level users while there were increasing sales for professional users.
6.7
Change + 5.4％
Overseas：2.1
2.5 (actual)
Change - 7.1％
Japan：0.6
Overseas：1.9
6.3 5.2 4.1 2.4
5.5 3.0
2.8
Overseas：2.3
Overseas：1.8
Japan：0.6
3.5 Overseas：2.8 Japan：0.7
Japan：0.9
Overseas：1.5 Japan：0.8
2.3
1.7
Overseas：1.7 Japan：0.6
2.5 Overseas：1.8 Japan：0.6
2.7
Japan：0.6
Overseas：1.0
Achievement ratio 38.7％
Japan：0.7
12F
13F
Consolidated Financial Highlights First Half Financial Results of Fiscal 2016
14F 7
15F
16F Plan © 2016 EIZO Corporation. All Rights Reserved.
Net Sales: V&S - Industry （JPY Billion） F1
F2
- Overseas sales increased by 17.1% year-on-year. This was due to the growing sales for Security & Surveillance and to increasing sales for ATC in the US and Europe. - Japanese domestic sales decreased by 22.4% year-on-year because of large-scale project sales in the same period of the previous year.
6.6 3.7 5.0 2.8
3.6 2.1
Change - 3.7％
Overseas：1.7 Japan：1.7
Japan：1.7
2.8
2.2 Overseas：1.4
Overseas：1.6
3.3 Overseas：1.6
(actual)
Japan：1.7
Overseas：1.8
Japan：1.2
Japan：1.3
Japan：0.7
Achievement ratio 40.6％
Japan：0.5
12F
3.2
6.8 3.4
Japan：1.2
Japan：1.0
1.5
Change + 16.4％
Overseas：1.5
Overseas：1.0
Overseas：0.9
Overseas：1.9
8.0
13F
Consolidated Financial Highlights First Half Financial Results of Fiscal 2016
14F 8
15F
16F Plan © 2016 EIZO Corporation. All Rights Reserved.
Net Sales: Amusement Monitors （JPY Billion） F1
F2
- Amusement monitors increased by 69.8% year-on-year. EIZO’s business model with crosssourcing / production efficiency among different segments successfully enabled production of a large quantity of products in a short-period to meet the temporary replacement demand.
21.9 18.0 10.1 6.8
15.1
9.4 11.2
13F
Consolidated Financial Highlights First Half Financial Results of Fiscal 2016
14F 9
13.5
Change - 11.6％
12.7
Change + 69.8％
7.7
11.8 5.6
12F
15.2
7.5
15F
(actual) Achievement ratio 94.5％
16F Plan © 2016 EIZO Corporation. All Rights Reserved.
Operating Income F1
（JPY Billion）
F2
Operating Income/Net sales
6.8
8
10.0% 9.3%
5.7 5.0
6
4.4 3.6
7.4%
8.0%
6.8%
6.2%
6.0%
4
3.3
3.5%
2
3.4
2.0 0.6
4.0%
4.4 (actual)
3.1
1.3
1.7
1.0
0 12F
13F
2.0%
0.0%
14F
15F
16F Plan
ROA （％）
4.0
9.3
4.7
5.4
5.7
ROE （％）
2.7
8.3
4.5
5.3
5.5
DOE （％）
1.8
1.8
1.7
1.9
2.1
EBITDA
4.4
9.7
6.7
7.7
8.3
(JPY Billion)
ROA (Return on Assets): Ordinary Income/Total Assets ROE (Return on Equity): Net Income/ Equity DOE (Dividends on Equity): Dividends/ Equity EBITDA: Earnings before interest, tax, depreciation and amortization Consolidated Financial Highlights First Half Financial Results of Fiscal 2016
10
© 2016 EIZO Corporation. All Rights Reserved.
Selling, General and Administrative Expenses （JPY Billion）
F1
F2
SG&A/Net sales
- SG&A decreased by 1.1% year-on year. This was due to a reorganization of the Amusement Monitor business and cost reduction through promotion of lean operations. In parallel, EIZO strengthened the sales organization overseas and increased R&D investment in the V&S business.
20
16
12
23.8% 26.2%
15.2
8.0
22.2%
16.3
8.6
17.3
8.9
22.6%
16.9
22.9%
30.0%
17.6 25.0% 20.0%
8.5
15.0%
8 10.0%
4
7.2
7.7
8.3
8.3
8.2
(actual)
5.0% 0.0%
0
12F
13F
Consolidated Financial Highlights First Half Financial Results of Fiscal 2016
14F 11
15F
16F Plan © 2016 EIZO Corporation. All Rights Reserved.
R&D （JPY Billion）
F1
F2
R&D/Net sales
- R&D decreased by 4.1% year-on-year due to R&D reorganization of the Amusement Monitor business while continuous R&D investment was made in the V&S Markets for Operating room, Maritime and MIL, etc.
8
10.0%
9.1% 7.9%
6
4
5.3 2.5
5.7
2.9
8.3% 7.2%
6.0
5.3
7.5%
5.8
8.0%
6.0%
3.0 2.6
4.0%
2 2.8
2.8
3.0
2.7
2.6
2.0%
(actual)
0.0%
0
12F
13F
Note: Includes manufacturing costs for R&D Consolidated Financial Highlights First Half Financial Results of Fiscal 2016
14F 12
15F
16F Plan © 2016 EIZO Corporation. All Rights Reserved.
CAPEX （JPY Billion） CAPEX
Depreciation
* Including Molding
16F CAPEX Plan - Production line: JPY0.3B (Completed) - Test and Evaluation Center for MIL: JPY0.8B (Construction began Sep, 2016) - Building for integrated admin., R&D and manufacturing in Germany: JPY1.7B (Plan)
4.8
2.1
1.5
12F
1.3 1.6
1.4
13F
14F
Consolidated Financial Highlights First Half Financial Results of Fiscal 2016
13
2.0
4.5 2.2
2.0
15F
16F Plan © 2016 EIZO Corporation. All Rights Reserved.
Consolidated Balance Sheets 15F Amount
16F1 （％）
Amount
(JPY Millions) Difference
（％）
Amount
Cash and Equivalents
20,221
19.3
21,753
20.5
+ 1,532
Notes and Accounts receivable
17,138
16.4
18,339
17.2
+1,201
Inventories
23,911
22.8
23,978
22.5
+66
3,501
3.3
2,482
2.3
- 1,019
64,772
61.8
66,553
62.6
+1,781
Tangible Assets
11,001
10.5
11,278
10.6
+276
Others
29,018
27.7
28,524
26.8
- 493
Fixed Assets
40,019
38.2
39,802
37.4
- 217
104,792
100.0
106,356
100.0
+1,563
5,994
5.7
8,877
8.3
+2,883
11,487
11.0
9,685
9.1
- 1,802
17,482
16.7
18,563
17.5
+1,081
9,298
8.9
8,802
8.3
- 496
78,011
74.4
78,990
74.3
+978
104,792
100.0
106,356
100.0
+1,563
Others
Current Assets
Total Accounts Payable Others
Current liabilities Long term liabilities Shareholders’ Equity Total
Consolidated Financial Highlights First Half Financial Results of Fiscal 2016
14
© 2016 EIZO Corporation. All Rights Reserved.
Plans for 16F (JPY Millions)
* Announced on 9th May 2016.
15F
16F Plan *
15F to 16F Change
Amount
(%)
Amount
(%)
74,878
100.0
77,000
100.0
+2,121
+2.8
Operating Income
5,081
6.8
5,700
7.4
+618
+12.2
Ordinary Income
5,698
7.6
6,100
7.9
+401
+7.0
Net Income
4,202
5.6
4,400
5.7
+197
+4.7
Net Sales
Amount
Exchange rate：USD
JPY120.16
JPY110.00
- JPY10.16
Exchange rate：EUR
JPY132.60
JPY120.00
- JPY12.60
Consolidated Financial Highlights First Half Financial Results of Fiscal 2016
15
(%)
© 2016 EIZO Corporation. All Rights Reserved.
Basic policy on profit distribution to shareholders （JPY / Share）
Basic policy on profit distribution to shareholders Returning profit to shareholders is a key management concern for EIZO Corporation, and we have followed a basic policy of stable dividend payment in line with corporate growth. We return profit to shareholders on the basis of an overall consideration of securing retained profit for capital investments and R&D expenditures required for business expansion, financial status and future performance.
Year-end Dividend
Our target shareholder return ratio is 40% to 50% of net income.
Annual Dividend
50 25
60
55
30
30
70 35
35
Interim Dividend
80 40
40
25
25
30
12F 12F
13F 13F
14F 14F
15F 15F
16F予想 16F Plan
Dividend Payout Ratio
66.7%
21.6%
38.5%
35.5%
38.8%
Shareholder Return Ratio
66.7%
21.6%
38.5%
35.5%
38.8% Note: Consolidated base
Consolidated Financial Highlights First Half Financial Results of Fiscal 2016
16
© 2016 EIZO Corporation. All Rights Reserved.
