Consolidated Financial Highlights
Consolidated Financial Highlights First Half Financial Results of Fiscal 2015 Change in Sales Disclosure Information A re-characterization from “Computer use monitors” to “Visual Display Systems” has been implemented from this financial year (15F). The sales disclosure information has also been aligned in parallel. The Net Sales of peripherals, such as QC software, graphics boards, monitor managers and other accessories are reclassified from “Others” to “Visual Display Systems”. Sales disclosure information in the previous financial years has also been adjusted for comparable purposes.
Note： “15F1” appearing in this presentation means “First Half Fiscal Year 2015”. 11.2015
(6737)
Consolidated Statements of Income
Amount
14F1 to 15F1 Change
15F1
14F1
(JPY Million)
（％）
Amount
（％）
Amount
（％）
Net Sales
30,437
100.0
34,754
100.0
+4,316
+14.2
Cost of Goods Sold
21,027
69.1
24,675
71.0
+3,647
+17.3
Gross Profit
9,409
30.9
10,078
29.0
+669
+7.1
Selling, general and administrative expenses
8,359
27.5
8,340
24.0
-18
-0.2
Operating Income
1,050
3.5
1,738
5.0
+688
+65.5
82
0.2
671
1.9
+589
+715.9
Ordinary Income
1,132
3.7
2,409
6.9
+1,277
+112.8
Income before income taxes
1,132
3.7
2,409
6.9
+1,277
+112.8
815
2.7
1,742
5.0
+926
+113.6
Non-operating Income/expenses
Net income attributable to EIZO Corporation’s stockholders
Consolidated Financial Highlights First Half Financial Results of Fiscal 2015
1
© 2015 EIZO Corporation. All Rights Reserved.
Net Sales （JPY Billion）
Results per half year
Visual Display Systems
Amusement Monitors
50.0
Results by year Others
Visual Display Systems
73.6
-5.7％
40.0
Change (Y on Y) + 14.2％
5.6 34.7
30.0
30.4 3.2
9.4
3.3
5.9 39.7 3.7
60.0
58.2 6.3
5.4
7.5 40.0
5.6
Others Change + 2.6％
80.0
Change (Y on Y)
42.1
Amusement Monitors
72.5 8.8
74.5 7.1 13.0
21.9
15.1
45.7
48.5
18.0
20.0
27.0 10.0
21.5
30.4 20.0
23.9
54.4
33.8
0.0
0.0 14F1
14F2
15F1
Consolidated Financial Highlights First Half Financial Results of Fiscal 2015
12F
15F2 Plan 2
13F
14F
15F Plan
© 2015 EIZO Corporation. All Rights Reserved.
Net Sales : Visual Display Systems - Total （JPY Billion）
F1
F2 Change + 12.0％
54.4 48.5
45.7 33.8
27.0
25.8
Overseas：16.6
Overseas：14.9
Japan：10.4
30.4 Overseas：19.8
Change + 12.5％
Japan：10.6
Japan：10.8
19.8 Overseas：11.1 Japan：8.7
21.5
19.8
Overseas：12.8
14.0
Japan：7.0
23.9
Overseas：14.2
(actual) Overseas：15.8
Japan：7.2
Japan：8.0
Change + 11.3％
Overseas：7.5 Japan：6.5
12F Consolidated Financial Highlights First Half Financial Results of Fiscal 2015
13F
14F 3
15F Plan © 2015 EIZO Corporation. All Rights Reserved.
Net Sales : Visual Display Systems - B&P *EIZO has renamed the category of “General use monitors” to “Business & Plus” for professional business enterprise and high end personal users.
（JPY Billion）
F1
F2
- Monitors designed by ultra-slim bezels contributed to sales growth worldwide. Change + 11.0％
17.3 13.7
15.5
9.0
8.9
Overseas：5.7
Overseas：5.9
7.7
Change + 1.3％
Japan：3.3
Japan：2.9
Overseas：4.9
9.5
Japan：2.8
5.6
Overseas：3.6
8.2
Japan：2.0
6.6
6.0
Overseas：4.5
Overseas：4.0
3.8
Japan：2.1
(actual)
Change + 24.0％
Overseas：5.8 Japan：2.3
Japan：1.9
Overseas：1.8 Japan：1.9
12F Consolidated Financial Highlights First Half Financial Results of Fiscal 2015
13F
14F 4
15F Plan © 2015 EIZO Corporation. All Rights Reserved.
Net Sales : Visual Display Systems - Vertical Markets Vertical Markets : Medical,Graphics and Industrial Markets
（JPY Billion）
F1
F2
- Successful market development into the Media & Entertainment market as well as the entry-level CS-series accelerated sales growth in the Overseas Graphics market. - The Industrial markets: Maritime, Railways and Security & Surveillance brought sales increase for the Japanese domestic market. Change + 12.5％
37.1 32.9
31.9
18.1
18.0 24.3
21.3 Overseas：14.1
Change + 18.0％
Japan：7.2
Overseas：10.6
Overseas：10.0
Japan：7.4
Japan：8.0
14.1
Overseas：7.5 Japan：6.6
14.8
13.8
10.2
Overseas：9.7
Overseas：8.8
Japan：5.1
Japan：5.0
15.7 (actual)
Change + 5.6％
Overseas：9.9 Japan：5.7
Overseas：5.6 Japan：4.5
12F Consolidated Financial Highlights First Half Financial Results of Fiscal 2015
13F
14F 5
15F Plan © 2015 EIZO Corporation. All Rights Reserved.
Net Sales : Amusement Monitors （JPY Billion）
F1
F2
- Sales of Amusement monitors increased, due to favorable sales of new products.
21.9 18.0
Change - 14.1％
10.1
15.1
6.8
13.0 9.4
11.2
12F Consolidated Financial Highlights First Half Financial Results of Fiscal 2015
5.4
11.8
13F 6
7.5
5.6
(actual)
14F
15F Plan
Change - 41.9％
Change + 32.1％
© 2015 EIZO Corporation. All Rights Reserved.
Operating Income F1
（JPY Billion） 8
F2
Operating Income/Net sales
6.8
10.0% 9.3%
6
4.4
6.2%
4.9 6.6%
3.6 4
6.0%
2.0
3.1
3.5%
2
0.6
8.0%
4.0%
3.4
2.0%
3.1
1.3 0 12F
13F
1.7
1.0
(actual)
14F
15F Plan
0.0%
ROA （％）
4.0
9.3
4.7
4.7
ROE （％）
2.7
8.3
4.5
4.5
DOE （％）
1.8
1.8
1.7
1.9
EBITDA
4.4
9.7
6.7
7.3
(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 2015
7
© 2015 EIZO Corporation. All Rights Reserved.
Selling, General and Administrative Expenses （JPY Billion） F1
20
16
12
26.2%
15.2
8.0
F2
22.2%
16.3
SG&A/Net sales 23.8%
23.6%
17.3
17.6
30.0% 25.0%
8.9
8.6
20.0%
9.2
15.0%
8 10.0%
4
7.2
8.3
7.7
8.3
(actual)
5.0% 0.0%
0
12F Consolidated Financial Highlights First Half Financial Results of Fiscal 2015
13F
14F 8
15F Plan
© 2015 EIZO Corporation. All Rights Reserved.
R&D （JPY Billion） F1
8
F2
9.1%
8.9%
4
5.3 2.5
10.0%
8.3%
7.9%
6
R&D/Net sales
6.6
8.0%
6.0
5.7
3.0
2.9
6.0%
3.7
4.0%
2 2.8
3.0
2.8
2.0%
2.8
(actual)
0.0%
0
12F
13F
14F
15F Plan
Note: Includes manufacturing costs for R&D Consolidated Financial Highlights First Half Financial Results of Fiscal 2015
9
© 2015 EIZO Corporation. All Rights Reserved.
CAPEX （JPY Billion）
CAPEX
Depreciation
* Including Molding
7.1
2.1
1.5
12F
1.3
1.6
1.4
13F
14F
2.1
2.0
15F Plan
Note:15F Plan includes the plan to invest 4.4 billion ,mainly in a new manufacturing factory to increase its capacity for business growth, in particular monitors for vertical markets. Consolidated Financial Highlights First Half Financial Results of Fiscal 2015
10
© 2015 EIZO Corporation. All Rights Reserved.
Consolidated Balance Sheets （JPY Million） 14F Amount
15F1 （％）
Amount
Difference （％）
Amount
6,522
6.1
6,770
6.4
+247
Notes and Accounts receivable
17,502
16.4
11,975
11.2
-5,527
Inventories
25,006
23.5
28,126
26.4
+3,120
Others
14,396
13.5
19,145
18.0
+4,749
63,428
59.5
66,018
62.0
+2,589
7,983
7.5
8,110
7.6
+126
Others
35,107
33.0
32,349
30.4
-2,758
Fixed Assets
43,091
40.5
40,459
38.0
-2,632
106,519
100.0
106,477
100.0
-42
5,854
5.5
7,481
7.0
+1,627
Current liabilities
15,855
14.9
16,716
15.7
+860
Long term liabilities
11,370
10.7
10,682
10.0
-687
Shareholders’ Equity
79,293
74.4
79,078
74.3
-215
106,519
100.0
106,477
100.0
-42
Cash and Equivalents
Current Assets Tangible Assets
Total Accounts Payable
Total
Consolidated Financial Highlights First Half Financial Results of Fiscal 2015
11
*
Note: *An increase in negotiable certificates of deposits © 2015 EIZO Corporation. All Rights Reserved.
Plans for 15F 14F
（JPY Million）
15F Plan
14F to 15F Change
Amount
(%)
Amount
(%)
Amount
72,576
100.0
74,500
100.0
+1,923
+2.6
Operating Income
4,472
6.2
4,900
6.6
+427
+9.6
Ordinary Income
4,704
6.5
5,200
7.0
+495
+10.5
Net Income
3,321
4.6
3,600
4.8
+278
+8.4
Net Sales
Amount
(%)
Amount
Visual Display Systems
48,576
66.9
54,400
Amusement Monitors
15,127
20.9
8,872 72,576
Net Sales
Others Total
(%)
(%)
Amount
(%)
73.0
+5,823
+12.0
13,000
17.5
-2,127
-14.1
12.2
7,100
9.5
-1,772
-20.0
100.0
74,500
100.0
+1,923
+2.6
Note: 15F Plan has not been changed from May 2015. Consolidated Financial Highlights First Half Financial Results of Fiscal 2015
12
© 2015 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, and we strive to strengthen our profit base to ensure we achieve this goal.
Annual Dividend
Interim Dividend
70 50
50
50
55
60 30
35
25
25
25
30
25
25
25
25
30
10F
10F
11F 11F
12F 12F
13F 13F
14F 14F
15F予想 15F Plan
Dividend Payout Ratio *1
31.5%
67.5%
66.7%
21.6%
38.5%
41.5%
Shareholder Return Ratio *2
31.5%
168.0%
66.7%
21.6%
38.5%
41.5%
Consolidated Financial Highlights First Half Financial Results of Fiscal 2015
13
Note: 1: Consolidated base 2: Share buybacks 1.6Billion in 11F
35
© 2015 EIZO Corporation. All Rights Reserved.
Note： “15F1” appearing in this presentation means “First Half Fiscal Year 2015”. 11.2015
(6737)
Consolidated Statements of Income
Amount
14F1 to 15F1 Change
15F1
14F1
(JPY Million)
（％）
Amount
（％）
Amount
（％）
Net Sales
30,437
100.0
34,754
100.0
+4,316
+14.2
Cost of Goods Sold
21,027
69.1
24,675
71.0
+3,647
+17.3
Gross Profit
9,409
30.9
10,078
29.0
+669
+7.1
Selling, general and administrative expenses
8,359
27.5
8,340
24.0
-18
-0.2
Operating Income
1,050
3.5
1,738
5.0
+688
+65.5
82
0.2
671
1.9
+589
+715.9
Ordinary Income
1,132
3.7
2,409
6.9
+1,277
+112.8
Income before income taxes
1,132
3.7
2,409
6.9
+1,277
+112.8
815
2.7
1,742
5.0
+926
+113.6
Non-operating Income/expenses
Net income attributable to EIZO Corporation’s stockholders
Consolidated Financial Highlights First Half Financial Results of Fiscal 2015
1
© 2015 EIZO Corporation. All Rights Reserved.
Net Sales （JPY Billion）
Results per half year
Visual Display Systems
Amusement Monitors
50.0
Results by year Others
Visual Display Systems
73.6
-5.7％
40.0
Change (Y on Y) + 14.2％
5.6 34.7
30.0
30.4 3.2
9.4
3.3
5.9 39.7 3.7
60.0
58.2 6.3
5.4
7.5 40.0
5.6
Others Change + 2.6％
80.0
Change (Y on Y)
42.1
Amusement Monitors
72.5 8.8
74.5 7.1 13.0
21.9
15.1
45.7
48.5
18.0
20.0
27.0 10.0
21.5
30.4 20.0
23.9
54.4
33.8
0.0
0.0 14F1
14F2
15F1
Consolidated Financial Highlights First Half Financial Results of Fiscal 2015
12F
15F2 Plan 2
13F
14F
15F Plan
© 2015 EIZO Corporation. All Rights Reserved.
Net Sales : Visual Display Systems - Total （JPY Billion）
F1
F2 Change + 12.0％
54.4 48.5
45.7 33.8
27.0
25.8
Overseas：16.6
Overseas：14.9
Japan：10.4
30.4 Overseas：19.8
Change + 12.5％
Japan：10.6
Japan：10.8
19.8 Overseas：11.1 Japan：8.7
21.5
19.8
Overseas：12.8
14.0
Japan：7.0
23.9
Overseas：14.2
(actual) Overseas：15.8
Japan：7.2
Japan：8.0
Change + 11.3％
Overseas：7.5 Japan：6.5
12F Consolidated Financial Highlights First Half Financial Results of Fiscal 2015
13F
14F 3
15F Plan © 2015 EIZO Corporation. All Rights Reserved.
Net Sales : Visual Display Systems - B&P *EIZO has renamed the category of “General use monitors” to “Business & Plus” for professional business enterprise and high end personal users.
（JPY Billion）
F1
F2
- Monitors designed by ultra-slim bezels contributed to sales growth worldwide. Change + 11.0％
17.3 13.7
15.5
9.0
8.9
Overseas：5.7
Overseas：5.9
7.7
Change + 1.3％
Japan：3.3
Japan：2.9
Overseas：4.9
9.5
Japan：2.8
5.6
Overseas：3.6
8.2
Japan：2.0
6.6
6.0
Overseas：4.5
Overseas：4.0
3.8
Japan：2.1
(actual)
Change + 24.0％
Overseas：5.8 Japan：2.3
Japan：1.9
Overseas：1.8 Japan：1.9
12F Consolidated Financial Highlights First Half Financial Results of Fiscal 2015
13F
14F 4
15F Plan © 2015 EIZO Corporation. All Rights Reserved.
Net Sales : Visual Display Systems - Vertical Markets Vertical Markets : Medical,Graphics and Industrial Markets
（JPY Billion）
F1
F2
- Successful market development into the Media & Entertainment market as well as the entry-level CS-series accelerated sales growth in the Overseas Graphics market. - The Industrial markets: Maritime, Railways and Security & Surveillance brought sales increase for the Japanese domestic market. Change + 12.5％
37.1 32.9
31.9
18.1
18.0 24.3
21.3 Overseas：14.1
Change + 18.0％
Japan：7.2
Overseas：10.6
Overseas：10.0
Japan：7.4
Japan：8.0
14.1
Overseas：7.5 Japan：6.6
14.8
13.8
10.2
Overseas：9.7
Overseas：8.8
Japan：5.1
Japan：5.0
15.7 (actual)
Change + 5.6％
Overseas：9.9 Japan：5.7
Overseas：5.6 Japan：4.5
12F Consolidated Financial Highlights First Half Financial Results of Fiscal 2015
13F
14F 5
15F Plan © 2015 EIZO Corporation. All Rights Reserved.
Net Sales : Amusement Monitors （JPY Billion）
F1
F2
- Sales of Amusement monitors increased, due to favorable sales of new products.
21.9 18.0
Change - 14.1％
10.1
15.1
6.8
13.0 9.4
11.2
12F Consolidated Financial Highlights First Half Financial Results of Fiscal 2015
5.4
11.8
13F 6
7.5
5.6
(actual)
14F
15F Plan
Change - 41.9％
Change + 32.1％
© 2015 EIZO Corporation. All Rights Reserved.
Operating Income F1
（JPY Billion） 8
F2
Operating Income/Net sales
6.8
10.0% 9.3%
6
4.4
6.2%
4.9 6.6%
3.6 4
6.0%
2.0
3.1
3.5%
2
0.6
8.0%
4.0%
3.4
2.0%
3.1
1.3 0 12F
13F
1.7
1.0
(actual)
14F
15F Plan
0.0%
ROA （％）
4.0
9.3
4.7
4.7
ROE （％）
2.7
8.3
4.5
4.5
DOE （％）
1.8
1.8
1.7
1.9
EBITDA
4.4
9.7
6.7
7.3
(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 2015
7
© 2015 EIZO Corporation. All Rights Reserved.
Selling, General and Administrative Expenses （JPY Billion） F1
20
16
12
26.2%
15.2
8.0
F2
22.2%
16.3
SG&A/Net sales 23.8%
23.6%
17.3
17.6
30.0% 25.0%
8.9
8.6
20.0%
9.2
15.0%
8 10.0%
4
7.2
8.3
7.7
8.3
(actual)
5.0% 0.0%
0
12F Consolidated Financial Highlights First Half Financial Results of Fiscal 2015
13F
14F 8
15F Plan
© 2015 EIZO Corporation. All Rights Reserved.
R&D （JPY Billion） F1
8
F2
9.1%
8.9%
4
5.3 2.5
10.0%
8.3%
7.9%
6
R&D/Net sales
6.6
8.0%
6.0
5.7
3.0
2.9
6.0%
3.7
4.0%
2 2.8
3.0
2.8
2.0%
2.8
(actual)
0.0%
0
12F
13F
14F
15F Plan
Note: Includes manufacturing costs for R&D Consolidated Financial Highlights First Half Financial Results of Fiscal 2015
9
© 2015 EIZO Corporation. All Rights Reserved.
CAPEX （JPY Billion）
CAPEX
Depreciation
* Including Molding
7.1
2.1
1.5
12F
1.3
1.6
1.4
13F
14F
2.1
2.0
15F Plan
Note:15F Plan includes the plan to invest 4.4 billion ,mainly in a new manufacturing factory to increase its capacity for business growth, in particular monitors for vertical markets. Consolidated Financial Highlights First Half Financial Results of Fiscal 2015
10
© 2015 EIZO Corporation. All Rights Reserved.
Consolidated Balance Sheets （JPY Million） 14F Amount
15F1 （％）
Amount
Difference （％）
Amount
6,522
6.1
6,770
6.4
+247
Notes and Accounts receivable
17,502
16.4
11,975
11.2
-5,527
Inventories
25,006
23.5
28,126
26.4
+3,120
Others
14,396
13.5
19,145
18.0
+4,749
63,428
59.5
66,018
62.0
+2,589
7,983
7.5
8,110
7.6
+126
Others
35,107
33.0
32,349
30.4
-2,758
Fixed Assets
43,091
40.5
40,459
38.0
-2,632
106,519
100.0
106,477
100.0
-42
5,854
5.5
7,481
7.0
+1,627
Current liabilities
15,855
14.9
16,716
15.7
+860
Long term liabilities
11,370
10.7
10,682
10.0
-687
Shareholders’ Equity
79,293
74.4
79,078
74.3
-215
106,519
100.0
106,477
100.0
-42
Cash and Equivalents
Current Assets Tangible Assets
Total Accounts Payable
Total
Consolidated Financial Highlights First Half Financial Results of Fiscal 2015
11
*
Note: *An increase in negotiable certificates of deposits © 2015 EIZO Corporation. All Rights Reserved.
Plans for 15F 14F
（JPY Million）
15F Plan
14F to 15F Change
Amount
(%)
Amount
(%)
Amount
72,576
100.0
74,500
100.0
+1,923
+2.6
Operating Income
4,472
6.2
4,900
6.6
+427
+9.6
Ordinary Income
4,704
6.5
5,200
7.0
+495
+10.5
Net Income
3,321
4.6
3,600
4.8
+278
+8.4
Net Sales
Amount
(%)
Amount
Visual Display Systems
48,576
66.9
54,400
Amusement Monitors
15,127
20.9
8,872 72,576
Net Sales
Others Total
(%)
(%)
Amount
(%)
73.0
+5,823
+12.0
13,000
17.5
-2,127
-14.1
12.2
7,100
9.5
-1,772
-20.0
100.0
74,500
100.0
+1,923
+2.6
Note: 15F Plan has not been changed from May 2015. Consolidated Financial Highlights First Half Financial Results of Fiscal 2015
12
© 2015 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, and we strive to strengthen our profit base to ensure we achieve this goal.
Annual Dividend
Interim Dividend
70 50
50
50
55
60 30
35
25
25
25
30
25
25
25
25
30
10F
10F
11F 11F
12F 12F
13F 13F
14F 14F
15F予想 15F Plan
Dividend Payout Ratio *1
31.5%
67.5%
66.7%
21.6%
38.5%
41.5%
Shareholder Return Ratio *2
31.5%
168.0%
66.7%
21.6%
38.5%
41.5%
Consolidated Financial Highlights First Half Financial Results of Fiscal 2015
13
Note: 1: Consolidated base 2: Share buybacks 1.6Billion in 11F
35
© 2015 EIZO Corporation. All Rights Reserved.
