Consolidated Financial Highlights - EIZO
Consolidated Financial Highlights First Half Financial Results of Fiscal 2012
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. Note1： “12F1” appearing in this presentation means “First Half Fiscal Year 2012”.
(6737)
Consolidated Statements of Income (Millions of yen)
11F1 Amount
12F1 （％）
11F1 to 12F1 change
Amount
（％）
Amount
（％）
Net Sales
27,862
100.0
28,489
100.0
+ 627
+ 2.3
Cost of Goods Sold
19,933
71.5
19,883
69.8
- 49
- 0.2
Gross Profit
7,928
28.5
8,606
30.2
+ 677
+ 8.5
Selling, general and administrative expenses
6,270
22.5
7,248
25.4
+ 978
+ 15.6
Operating Income
1,658
6.0
1,357
4.8
- 301
- 18.2
Ordinary Income
1,353
4.9
1,115
3.9
- 238
-17.6
7
0.0
-
-
-7
-
1,360
4.9
1,115
3.9
- 245
- 18.0
810
2.9
599
2.1
- 210
- 26.0
Extraordinary profit & loss Income before income taxes
Net Income
Note: Average exchange rate in 12F1, JPY79/USD, JPY100/EUR. Consolidated Financial Highlights First Half Financial Results of Fiscal 2012
1 © 2012 EIZO NANAO CORPORATION. All Rights Reserved.
Net Sales by Product （Billions of yen）
Results per half year
Monitors for Computer use
Change (Y on Y)
31.6
25.0
27.8
3.7
+ 2.3％
28.4
Monitors for Computer use
80.0
- 0.6％
31.5
Amusement Monitors
70.0
7.9
60.0 50.0
Change + 0.7％
65.2
4.3
9.4
Others
77.5 7.5
4.6
3.7 12.6
20.0
Others
Change (Y on Y)
35.0
30.0
Amusement Monitors
Results by year
59.5
60.0
7.4
9.0
20.5
20.7
31.6
30.3
11F
12F Plan
35.1 20.8
7.8 11.2
40.0
15.0 30.0 10.0
16.3
17.6
15.3
20.0
34.8
36.3
09F
10F
12.6 5.0
10.0
0.0
0.0 11F1
Consolidated Financial Highlights First Half Financial Results of Fiscal 2012
11F2
12F1
12F2 Plan
2 © 2012 EIZO NANAO CORPORATION. All Rights Reserved.
Net Sales by Product (Computer use) （Billions of yen）
12F1: - Decreased sales due to price erosion caused by weak EUR and economic slowdown in European market. - Repurchased products from Avnet Technology Solutions* as sales return on the end of June.
F1
12F2: - Expand sales and marketing activities in Europe, China and other emerging markets.
F2
- Expand industrial business in Japan by widening products line-up.
36.3
34.8
18.6
18.5
31.6
outside of Japan：10.4 outside of Japan：10.4
Change - 4.1％
15.3
Japan：8.1
Japan：8.0
outside of Japan：7.9
Change +15.6％
30.3 17.6 outside of Japan：9.7
Japan：7.3
Japan：7.9
17.7
16.3
16.3
outside of Japan：11.2
outside of Japan：9.8
outside of Japan：10.0
Japan：6.5
Japan：6.4
Japan：6.2
Change - 22.6％
12.6 (actual) outside of Japan：6.5 Japan：6.0
09F
10F
11F
12F Plan
* Avnet had represented EIZO as its exclusive distributor in 14 countries in Europe until EIZO Europe GmbH, which is EIZO group company, started its full-scale business on July 1, 2012. Consolidated Financial Highlights First Half Financial Results of Fiscal 2012
3 © 2012 EIZO NANAO CORPORATION. All Rights Reserved.
Net Sales by Product (Computer use) （Billions of yen）
F1
- General use F2
14.7 7.8 outside of Japan：4.6 Japan：3.1
14.0 6.6 outside of Japan：3.9
11.5
Japan：2.6
Change - 8.8％
10.5
5.2 outside of Japan：2.8 Japan：2.4
Change +23.0％
6.5 outside of Japan：3.9 Japan：2.5
6.9 outside of Japan：4.3 Japan：2.6
7.3 outside of Japan：4.9
6.2
Japan：2.4
outside of Japan：4.0 Japan：2.1
Change - 35.8％
3.9 (actual) outside of Japan：1.8 Japan：2.1
09F
10F
11F
12F Plan
Note: General use - - - For general company, education channel, personal use Consolidated Financial Highlights First Half Financial Results of Fiscal 2012
4 © 2012 EIZO NANAO CORPORATION. All Rights Reserved.
Net Sales by Product (Computer use) （Billions of yen）
F1
- Specific use F2
22.3
Change - 1.5％
20.1
12.0
20.0
19.8
10.7
outside of Japan：6.5
10.0
11.1
Japan：5.5
outside of Japan：5.8
outside of Japan：5.0
Japan：4.9
Japan：4.9
9.3 outside of Japan：5.5
10.3
Change +11.6％
outside of Japan：5.8 Japan：5.3
10.0
outside of Japan：6.2
outside of Japan：6.0
Japan：4.0
Japan：4.0
Japan：3.8
Change - 14.5％
8.6 (actual) outside of Japan：4.6 Japan：3.9
09F
10F
11F
12F Plan
Note: Specific use - - - For Medical, Graphic arts, Industrial, Air traffic control (ATC) use Consolidated Financial Highlights First Half Financial Results of Fiscal 2012
5 © 2012 EIZO NANAO CORPORATION. All Rights Reserved.
Net Sales by Product (Amusement Monitors) （Billions of yen）
12F1: - Increased sales by new models compared with 11F1 when sales particularly decreased due to power shortage caused by the Tohoku earthquake.
F1
F2
12F2: - Forecast to shrink the market. - Offer more exciting titles with advanced software & hardware technologies.
35.1
18.1
Change +0.8％
20.8
20.5
11.0
12.6
Change - 25.4％
20.7 9.4
16.9
09F Consolidated Financial Highlights First Half Financial Results of Fiscal 2012
9.7
7.8
10F
11F
Change +43.0％
11.2 (actual)
12F Plan
6 © 2012 EIZO NANAO CORPORATION. All Rights Reserved.
Operating Income （Billions of yen） 10
F1
F2
Operating Income/Net sales
14.0%
9.0 12.0% 8
11.6%
10.0% 6
5.1
4.9
7.4% 7.9%
4
2
8.0%
4.4 3.2
5.3%
6.0%
3.2
2.7
4.0%
1.8
4.0
2.0%
1.9
1.6
1.3
(actual)
0.0%
0 09F
10F
11F
12F Plan
ROA （％）
12.9
6.9
5.8
4.0
ROE （％）
9.2
6.1
2.8
3.2
DOE （％）
2.3
1.9
1.9
1.9
10.5
7.7
5.1
4.2
EBITDA (Billions of yen)
ROA (Return on Assets)： Ordinary Income/Total Assets ROE (Return on Shareholder’s Equity)：Net Income/ Shareholders’ Equity DOE (Dividends on Equity) : Dividends/Total Equity EBITDA： Income before income taxes, Interest payable, Depreciation and Amortization, Impairment losses Consolidated Financial Highlights First Half Financial Results of Fiscal 2012
7 © 2012 EIZO NANAO CORPORATION. All Rights Reserved.
Selling, General and Administrative Expenses （Billions of yen）
F1
F2
SG&A/Net sales
16
30.0%
14.9
14
12.7
13.6
13.2
24.9%
12
22.9%
10
6.3
8
7.0
7.6
7.3
20.3%
25.0% 20.0% 15.0%
16.4%
6
10.0%
4
6.4
6.1
6.2
7.2 (actual)
2 0
5.0% 0.0%
09F
10F
11F
12F Plan
12F1: - Increased expenses of new group companies in Europe. - Increased R&D and advertising expenses. 12F2: - Plan to increase expenses of new sales companies in Europe also in 12F2. Consolidated Financial Highlights First Half Financial Results of Fiscal 2012
8 © 2012 EIZO NANAO CORPORATION. All Rights Reserved.
R&D Expenses （Billions of yen） F1
F2
R&D/Net sales
6
5.3
5.2 5
4.7
8.9%
5.5 9.2%
10.0%
8.0%
8.0% 6.1%
4
2.7
2.7
2.6 6.0%
2.2
3
4.0% 2
2.4
1
2.5
2.4
2.8 (actual)
2.0%
0.0%
0 09F
10F
11F
12F Plan
12F1: - Increased investments to develop value-added products and new technologies - Increased investments to improve R&D efficiency for amusement software. 12F2: - Continue R&D investments to develop value-added products and new technologies.
Consolidated Financial Highlights First Half Financial Results of Fiscal 2012
9 © 2012 EIZO NANAO CORPORATION. All Rights Reserved.
CAPEX （Billions of yen）
CAPEX
Molding Investment
Depreciation
Depreciation for Molding
0.5 0.6 0.3
0.4 0.3
0.5
0.3 0.3
1.5
1.3
1.1
1.2
1.3 1.0
0.8 0.5 09F
Consolidated Financial Highlights First Half Financial Results of Fiscal 2012
10F
11F
12F Plan
10 © 2012 EIZO NANAO CORPORATION. All Rights Reserved.
Consolidated Balance Sheets （Millions of yen） 11F Amount
Increase / Decrease
12F1 （％）
Amount
（％）
Amount
7,714
10.0
7,878
10.6
+163
Notes and accounts receivable
16,742
21.7
11,983
16.2
- 4,758
Inventories
17,907
23.3
20,743
28.0
+2,836
Others
11,802
15.3
11,562
15.6
- 240
54,166
70.3
52,168
70.4
- 1,997
8,725
11.3
8,498
11.4
- 227
Others
14,140
18.4
13,471
18.2
- 669
Fixed Assets
22,866
29.7
21,969
29.6
- 896
Total
77,032
100.0
74,138
100.0
- 2,894
7,882
10.2
7,980
10.8
+97
14,487
18.8
13,332
18.0
- 1,155
4,866
6.3
4,390
5.9
- 476
Shareholders’ Equity
57,678
74.9
56,415
76.1
- 1,263
Total
77,032
100.0
74,138
100.0
- 2,894
Cash and equivalents
Current Assets Tangible Assets
Accounts payable
Current liabilities Long term liabilities
Consolidated Financial Highlights First Half Financial Results of Fiscal 2012
11 © 2012 EIZO NANAO CORPORATION. All Rights Reserved.
Plans for 12F
（Millions of yen）
11F
11F to 12F Change
12F Plan
Amount
(%)
Amount
(%)
59,559
100.0
60,000
100.0
+440
+0.7
Operating Income
4,404
7.4
3,200
5.3
-1,204
-27.4
Ordinary Income
4,479
7.5
3,000
5.0
-1,479
-33.0
Net Income
1,636
2.7
1,800
3.0
+163
+10.0
Net Sales by Products
Amount
Net Sales
(%)
Amount
(%)
Amount
Amount
(%)
(%)
Monitors for Computer use
31,611
53.1
30,300
50.5
-1,311
-4.1
Amusement Monitors
20,545
34.5
20,700
34.5
+154
+0.8
7,402
12.4
9,000
15.0
+1,597
+21.6
59,559
100.0
60,000
100.0
+440
+0.7
Others Total Consolidated Financial Highlights First Half Financial Results of Fiscal 2012
12 © 2012 EIZO NANAO CORPORATION. All Rights Reserved.
Dividend Basic Policy on Profit Distribution
（JPY / Share）
Returning profit to shareholders is a key management concern for Eizo Nanao 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 Interim Dividend
Our target shareholder return ratio is 30% to 40% of net income, and we strive to strengthen our profit base to ensure we achieve this goal.
Annual Dividend
80 70
70
55 30 15
Dividend Payout Ratio
20
40
40
30
30 25
40
50
50
50
50
25
25
25
25
25
25
25
25
40
25
30
04F 04F
05F 05F
06F 06F
07F 07F
08F 08F
09F 09F
10F 10F
11F 11F
12F 12F
14.4%
17.5%
20.6%
41.0%
229.7%
22.6%
31.5%
67.5%
59.2%
7.5 7.5
10
15
02F 02F
03F 03F
11.3%
9.5%
Consolidated Financial Highlights First Half Financial Results of Fiscal 2012
40
Plan
13 © 2012 EIZO NANAO 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. Note1： “12F1” appearing in this presentation means “First Half Fiscal Year 2012”.
(6737)
Consolidated Statements of Income (Millions of yen)
11F1 Amount
12F1 （％）
11F1 to 12F1 change
Amount
（％）
Amount
（％）
Net Sales
27,862
100.0
28,489
100.0
+ 627
+ 2.3
Cost of Goods Sold
19,933
71.5
19,883
69.8
- 49
- 0.2
Gross Profit
7,928
28.5
8,606
30.2
+ 677
+ 8.5
Selling, general and administrative expenses
6,270
22.5
7,248
25.4
+ 978
+ 15.6
Operating Income
1,658
6.0
1,357
4.8
- 301
- 18.2
Ordinary Income
1,353
4.9
1,115
3.9
- 238
-17.6
7
0.0
-
-
-7
-
1,360
4.9
1,115
3.9
- 245
- 18.0
810
2.9
599
2.1
- 210
- 26.0
Extraordinary profit & loss Income before income taxes
Net Income
Note: Average exchange rate in 12F1, JPY79/USD, JPY100/EUR. Consolidated Financial Highlights First Half Financial Results of Fiscal 2012
1 © 2012 EIZO NANAO CORPORATION. All Rights Reserved.
Net Sales by Product （Billions of yen）
Results per half year
Monitors for Computer use
Change (Y on Y)
31.6
25.0
27.8
3.7
+ 2.3％
28.4
Monitors for Computer use
80.0
- 0.6％
31.5
Amusement Monitors
70.0
7.9
60.0 50.0
Change + 0.7％
65.2
4.3
9.4
Others
77.5 7.5
4.6
3.7 12.6
20.0
Others
Change (Y on Y)
35.0
30.0
Amusement Monitors
Results by year
59.5
60.0
7.4
9.0
20.5
20.7
31.6
30.3
11F
12F Plan
35.1 20.8
7.8 11.2
40.0
15.0 30.0 10.0
16.3
17.6
15.3
20.0
34.8
36.3
09F
10F
12.6 5.0
10.0
0.0
0.0 11F1
Consolidated Financial Highlights First Half Financial Results of Fiscal 2012
11F2
12F1
12F2 Plan
2 © 2012 EIZO NANAO CORPORATION. All Rights Reserved.
Net Sales by Product (Computer use) （Billions of yen）
12F1: - Decreased sales due to price erosion caused by weak EUR and economic slowdown in European market. - Repurchased products from Avnet Technology Solutions* as sales return on the end of June.
F1
12F2: - Expand sales and marketing activities in Europe, China and other emerging markets.
F2
- Expand industrial business in Japan by widening products line-up.
36.3
34.8
18.6
18.5
31.6
outside of Japan：10.4 outside of Japan：10.4
Change - 4.1％
15.3
Japan：8.1
Japan：8.0
outside of Japan：7.9
Change +15.6％
30.3 17.6 outside of Japan：9.7
Japan：7.3
Japan：7.9
17.7
16.3
16.3
outside of Japan：11.2
outside of Japan：9.8
outside of Japan：10.0
Japan：6.5
Japan：6.4
Japan：6.2
Change - 22.6％
12.6 (actual) outside of Japan：6.5 Japan：6.0
09F
10F
11F
12F Plan
* Avnet had represented EIZO as its exclusive distributor in 14 countries in Europe until EIZO Europe GmbH, which is EIZO group company, started its full-scale business on July 1, 2012. Consolidated Financial Highlights First Half Financial Results of Fiscal 2012
3 © 2012 EIZO NANAO CORPORATION. All Rights Reserved.
Net Sales by Product (Computer use) （Billions of yen）
F1
- General use F2
14.7 7.8 outside of Japan：4.6 Japan：3.1
14.0 6.6 outside of Japan：3.9
11.5
Japan：2.6
Change - 8.8％
10.5
5.2 outside of Japan：2.8 Japan：2.4
Change +23.0％
6.5 outside of Japan：3.9 Japan：2.5
6.9 outside of Japan：4.3 Japan：2.6
7.3 outside of Japan：4.9
6.2
Japan：2.4
outside of Japan：4.0 Japan：2.1
Change - 35.8％
3.9 (actual) outside of Japan：1.8 Japan：2.1
09F
10F
11F
12F Plan
Note: General use - - - For general company, education channel, personal use Consolidated Financial Highlights First Half Financial Results of Fiscal 2012
4 © 2012 EIZO NANAO CORPORATION. All Rights Reserved.
Net Sales by Product (Computer use) （Billions of yen）
F1
- Specific use F2
22.3
Change - 1.5％
20.1
12.0
20.0
19.8
10.7
outside of Japan：6.5
10.0
11.1
Japan：5.5
outside of Japan：5.8
outside of Japan：5.0
Japan：4.9
Japan：4.9
9.3 outside of Japan：5.5
10.3
Change +11.6％
outside of Japan：5.8 Japan：5.3
10.0
outside of Japan：6.2
outside of Japan：6.0
Japan：4.0
Japan：4.0
Japan：3.8
Change - 14.5％
8.6 (actual) outside of Japan：4.6 Japan：3.9
09F
10F
11F
12F Plan
Note: Specific use - - - For Medical, Graphic arts, Industrial, Air traffic control (ATC) use Consolidated Financial Highlights First Half Financial Results of Fiscal 2012
5 © 2012 EIZO NANAO CORPORATION. All Rights Reserved.
Net Sales by Product (Amusement Monitors) （Billions of yen）
12F1: - Increased sales by new models compared with 11F1 when sales particularly decreased due to power shortage caused by the Tohoku earthquake.
F1
F2
12F2: - Forecast to shrink the market. - Offer more exciting titles with advanced software & hardware technologies.
35.1
18.1
Change +0.8％
20.8
20.5
11.0
12.6
Change - 25.4％
20.7 9.4
16.9
09F Consolidated Financial Highlights First Half Financial Results of Fiscal 2012
9.7
7.8
10F
11F
Change +43.0％
11.2 (actual)
12F Plan
6 © 2012 EIZO NANAO CORPORATION. All Rights Reserved.
Operating Income （Billions of yen） 10
F1
F2
Operating Income/Net sales
14.0%
9.0 12.0% 8
11.6%
10.0% 6
5.1
4.9
7.4% 7.9%
4
2
8.0%
4.4 3.2
5.3%
6.0%
3.2
2.7
4.0%
1.8
4.0
2.0%
1.9
1.6
1.3
(actual)
0.0%
0 09F
10F
11F
12F Plan
ROA （％）
12.9
6.9
5.8
4.0
ROE （％）
9.2
6.1
2.8
3.2
DOE （％）
2.3
1.9
1.9
1.9
10.5
7.7
5.1
4.2
EBITDA (Billions of yen)
ROA (Return on Assets)： Ordinary Income/Total Assets ROE (Return on Shareholder’s Equity)：Net Income/ Shareholders’ Equity DOE (Dividends on Equity) : Dividends/Total Equity EBITDA： Income before income taxes, Interest payable, Depreciation and Amortization, Impairment losses Consolidated Financial Highlights First Half Financial Results of Fiscal 2012
7 © 2012 EIZO NANAO CORPORATION. All Rights Reserved.
Selling, General and Administrative Expenses （Billions of yen）
F1
F2
SG&A/Net sales
16
30.0%
14.9
14
12.7
13.6
13.2
24.9%
12
22.9%
10
6.3
8
7.0
7.6
7.3
20.3%
25.0% 20.0% 15.0%
16.4%
6
10.0%
4
6.4
6.1
6.2
7.2 (actual)
2 0
5.0% 0.0%
09F
10F
11F
12F Plan
12F1: - Increased expenses of new group companies in Europe. - Increased R&D and advertising expenses. 12F2: - Plan to increase expenses of new sales companies in Europe also in 12F2. Consolidated Financial Highlights First Half Financial Results of Fiscal 2012
8 © 2012 EIZO NANAO CORPORATION. All Rights Reserved.
R&D Expenses （Billions of yen） F1
F2
R&D/Net sales
6
5.3
5.2 5
4.7
8.9%
5.5 9.2%
10.0%
8.0%
8.0% 6.1%
4
2.7
2.7
2.6 6.0%
2.2
3
4.0% 2
2.4
1
2.5
2.4
2.8 (actual)
2.0%
0.0%
0 09F
10F
11F
12F Plan
12F1: - Increased investments to develop value-added products and new technologies - Increased investments to improve R&D efficiency for amusement software. 12F2: - Continue R&D investments to develop value-added products and new technologies.
Consolidated Financial Highlights First Half Financial Results of Fiscal 2012
9 © 2012 EIZO NANAO CORPORATION. All Rights Reserved.
CAPEX （Billions of yen）
CAPEX
Molding Investment
Depreciation
Depreciation for Molding
0.5 0.6 0.3
0.4 0.3
0.5
0.3 0.3
1.5
1.3
1.1
1.2
1.3 1.0
0.8 0.5 09F
Consolidated Financial Highlights First Half Financial Results of Fiscal 2012
10F
11F
12F Plan
10 © 2012 EIZO NANAO CORPORATION. All Rights Reserved.
Consolidated Balance Sheets （Millions of yen） 11F Amount
Increase / Decrease
12F1 （％）
Amount
（％）
Amount
7,714
10.0
7,878
10.6
+163
Notes and accounts receivable
16,742
21.7
11,983
16.2
- 4,758
Inventories
17,907
23.3
20,743
28.0
+2,836
Others
11,802
15.3
11,562
15.6
- 240
54,166
70.3
52,168
70.4
- 1,997
8,725
11.3
8,498
11.4
- 227
Others
14,140
18.4
13,471
18.2
- 669
Fixed Assets
22,866
29.7
21,969
29.6
- 896
Total
77,032
100.0
74,138
100.0
- 2,894
7,882
10.2
7,980
10.8
+97
14,487
18.8
13,332
18.0
- 1,155
4,866
6.3
4,390
5.9
- 476
Shareholders’ Equity
57,678
74.9
56,415
76.1
- 1,263
Total
77,032
100.0
74,138
100.0
- 2,894
Cash and equivalents
Current Assets Tangible Assets
Accounts payable
Current liabilities Long term liabilities
Consolidated Financial Highlights First Half Financial Results of Fiscal 2012
11 © 2012 EIZO NANAO CORPORATION. All Rights Reserved.
Plans for 12F
（Millions of yen）
11F
11F to 12F Change
12F Plan
Amount
(%)
Amount
(%)
59,559
100.0
60,000
100.0
+440
+0.7
Operating Income
4,404
7.4
3,200
5.3
-1,204
-27.4
Ordinary Income
4,479
7.5
3,000
5.0
-1,479
-33.0
Net Income
1,636
2.7
1,800
3.0
+163
+10.0
Net Sales by Products
Amount
Net Sales
(%)
Amount
(%)
Amount
Amount
(%)
(%)
Monitors for Computer use
31,611
53.1
30,300
50.5
-1,311
-4.1
Amusement Monitors
20,545
34.5
20,700
34.5
+154
+0.8
7,402
12.4
9,000
15.0
+1,597
+21.6
59,559
100.0
60,000
100.0
+440
+0.7
Others Total Consolidated Financial Highlights First Half Financial Results of Fiscal 2012
12 © 2012 EIZO NANAO CORPORATION. All Rights Reserved.
Dividend Basic Policy on Profit Distribution
（JPY / Share）
Returning profit to shareholders is a key management concern for Eizo Nanao 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 Interim Dividend
Our target shareholder return ratio is 30% to 40% of net income, and we strive to strengthen our profit base to ensure we achieve this goal.
Annual Dividend
80 70
70
55 30 15
Dividend Payout Ratio
20
40
40
30
30 25
40
50
50
50
50
25
25
25
25
25
25
25
25
40
25
30
04F 04F
05F 05F
06F 06F
07F 07F
08F 08F
09F 09F
10F 10F
11F 11F
12F 12F
14.4%
17.5%
20.6%
41.0%
229.7%
22.6%
31.5%
67.5%
59.2%
7.5 7.5
10
15
02F 02F
03F 03F
11.3%
9.5%
Consolidated Financial Highlights First Half Financial Results of Fiscal 2012
40
Plan
13 © 2012 EIZO NANAO CORPORATION. All Rights Reserved.
