Consolidated Financial Highlights - eizo global
Consolidated Financial Highlights Fiscal Year Ended March 31, 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: “15F” appearing in this presentation means “Fiscal year 2015”, that is Fiscal year ended March 31, 2016.
May 2016
(6737)
Change in Sales Disclosure Information Name
A re-characterization from “Computer use monitors” to “Visual Display Systems” was implemented.
Reclassification
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 was adjusted for comparable purposes.
Renaming Sales Category Previous Vertical Markets Medical Graphics Industrial
New Vertical & Specific (V&S) Healthcare Creative Work Industry
Consolidated Financial Highlights Fiscal Year Ended March 31, 2016
© 2016 EIZO Corporation. All Rights Reserved.
Consolidated Statements of Income 14F
14F to 15F change
15F
Amount
(%)
Amount
(%)
Amount
(JPY Million)
15F to 16F change
16F Plan Amount
(%)
Amount
Net Sales
72,576
100.0
74,878
100.0
+2,302
77,000
100.0
+2,121
Cost of Goods Sold
50,795
70.0
52,883
70.6
+2,088
53,700
69.7
+816
Gross Profit
21,781
30.0
21,995
29.4
+213
23,300
30.3
+1,304
Selling, general and administrative expenses
17,309
23.8
16,914
22.6
-394
17,600
22.9
+685
4,472
6.2
5,081
6.8
+608
5,700
7.4
+618
232
0.3
617
0.8
+385
400
0.5
-217
Ordinary Income
4,704
6.5
5,698
7.6
+993
6,100
7.9
+401
Income before income taxes
4,704
6.5
5,639
7.5
+934
6,100
7.9
+460
Net income attributable to EIZO Corporation’s stockholders
3,321
4.6
4,202
5.6
+880
4,400
5.7
+197
Operating Income Non-operating Income/expenses
Exchange rate：USD
JPY109.76
JPY120.16
JPY110.00
Exchange rate：EUR
JPY138.69
JPY132.60
JPY120.00
Consolidated Financial Highlights Fiscal Year Ended March 31, 2016
2 © 2016 EIZO Corporation. All Rights Reserved.
Net Sales （JPY Billion） Visual Display Systems
Amusement monitors
73.6 5.9 58.2 6.3
21.9
Others
8.8
Change + 2.8%
83.0
+ 0.5%
12.0
- 43.9%
77.0 5.0
15.2
+ 1.0%
13.5
- 11.6%
54.6
+ 12.5%
58.5
+ 7.1%
74.8 4.9
72.5
Change + 3.2%
5.0
15.1
18.0
45.7
48.5
13F
14F
66.0
33.8
12F
Consolidated Financial Highlights Fiscal Year Ended March 31, 2016
15F
16F Plan
17F Mid-term plan
3 © 2016 EIZO Corporation. All Rights Reserved.
Net Sales : Visual Display Systems - Total （JPY Billion） V&S
B&P
EIZO has renamed the categories; - From “General use monitors” to “Business & Plus (B&P)” for professional business enterprise and high end personal users. - From “Vertical Markets” to “Vertical & Specific (V&S)” for Healthcare, Creative Work and Industry markets.
54.6 45.7 33.8
13.7
Change + 12.5%
48.5 17.9
15.5
+ 15.4%
58.5
Change + 7.1%
66.0 18.5
18.1
+ 0.6%
40.4
+ 10.3%
9.5
24.3
12F
31.9
32.9
36.6
13F
14F
15F
Consolidated Financial Highlights Fiscal Year Ended March 31, 2016
+ 11.0%
16F Plan
47.5
17F Mid-term plan
4 © 2016 EIZO Corporation. All Rights Reserved.
Net Sales : Visual Display Systems - B&P （JPY Billion）
Japan
Overseas
- B&P sales increased due to strong sales of monitors with ultra-slim bezels.
18.1
Change + 0.6%
18.5
+ 17.7%
12.2
- 1.0%
12.6
+ 10.8%
5.9
+ 4.1%
5.9
Change + 15.4%
12.3
17.9 15.5 13.7 9.5
8.9
10.4
5.4 4.0
4.8
5.1
5.6
12F
13F
14F
15F
Consolidated Financial Highlights Fiscal Year Ended March 31, 2016
16F Plan
17F Mid-term plan
5 © 2016 EIZO Corporation. All Rights Reserved.
Net Sales : Visual Display Systems - V&S Total * V&S: Healthcare, Creative Work and Industry markets.
（JPY Billion）
Japan
Overseas
31.9 24.3
18.8
36.6
32.9 20.4
Change + 11.0%
21.2
+ 4.2%
+ 22.2%
40.4
Change + 10.3%
23.2
+ 9.0%
17.2
+ 12.1%
47.5
31.5
13.1 11.2
13.0
12.5
15.3
12F
13F
14F
15F
Consolidated Financial Highlights Fiscal Year Ended March 31, 2016
16F Plan
16.0
17F Mid-term plan
6 © 2016 EIZO Corporation. All Rights Reserved.
Net Sales : V&S - Healthcare * EIZO has renamed the categories from “Medical” to “Healthcare”.
（JPY Billion）
Japan
Overseas
- Sales of products for Diagnostics sustained solid growth, in addition to sales of systems integration business acquired from Imation Corporation Japan.
21.6
23.4
8.5
14.1
+ 8.3%
11.6
+ 11.6%
25.2
13.0
+ 3.8%
10.3
+ 25.9%
16.6
12.5
7.9
9.4
8.2
12F
13F
14F
Consolidated Financial Highlights Fiscal Year Ended March 31, 2016
25.7
20.7
16.5 12.2
Change + 12.6%
Change + 9.8%
15F
16F Plan
8.6
17F Mid-term plan
7 © 2016 EIZO Corporation. All Rights Reserved.
Net Sales : V&S - Creative Work * EIZO has renamed the categories from “Graphics” to “Creative Work”.
（JPY Billion）
Japan
Overseas
- Creative Work sales increased. This was mainly driven by successful market development into the Media & Entertainment market as well as the sales growth of the CS-models for entry-level users overseas and 4K models of LCD monitors in Japan.
6.3 5.2
Change + 14.6%
6.7
Change + 5.4%
+ 5.0%
+ 7.0%
7.3
5.5
4.1 4.9
+ 16.7%
5.2
+ 7.7%
1.5
3.6
4.2
1.5
1.6
1.3
1.4
12F
13F
14F
15F
5.7
2.5
Consolidated Financial Highlights Fiscal Year Ended March 31, 2016
16F Plan
1.6
17F Mid-term plan
8 © 2016 EIZO Corporation. All Rights Reserved.
Net Sales : V&S - Industry -
* EIZO has renamed the categories from “Industrial” to “Industry”.
（JPY Billion）
Japan
Overseas
- The increase in sales was due to higher sales results in the Maritime and Air Traffic Control (ATC) markets in Japan.
15.0
6.8
6.6 5.0 3.6 2.0
3.3
3.6
Change + 3.3%
- 9.1%
8.0 3.9
Change + 16.4%
+ 17.5%
3.0
1.6
2.0
2.9
12F
13F
14F
Consolidated Financial Highlights Fiscal Year Ended March 31, 2016
3.5 15F
+ 18.4%
4.1
9.2
+ 15.5%
16F Plan
5.8
17F Mid-term plan
9 © 2016 EIZO Corporation. All Rights Reserved.
Net Sales : Amusement Monitors （JPY Billion）
- Sales of Amusement Monitors maintained the same level as the previous year in a shrinking market.
Change + 1.0%
Change - 11.6%
21.9 18.0
12F
13F Consolidated Financial Highlights Fiscal Year Ended March 31, 2016
15.1
15.2
14F
15F
13.5
12.0
16F Plan
17F Mid-term plan
10 © 2016 EIZO Corporation. All Rights Reserved.
Operating Income （JPY Billion）
Operating Income
Operating Income/Net sales
9.0
10.0% 9.3%
8.0
10.0%
7.0
7.4%
6.0
8.0%
6.8%
6.2%
5.0
8.3
4.0 3.0
6.8
3.5%
2.0%
2.0
0.0
0.0% 12F 12F
13F 13F
14F 14F
15F 15F
16F Plan 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
(Billions of yen)
6.0% 4.0%
5.7
5.0
4.4
2.0 1.0
12.0%
ROA (Return on Assets)： Ordinary Income/Total Assets DOE (Dividends on Equity) : Dividends/ Equity
Consolidated Financial Highlights Fiscal Year Ended March 31, 2016
17F Mid-term plan
ROE (Return on Equity)：Net Income/ Equity
EBITDA： Earnings before interest, tax, depreciation and amortization
11 © 2016 EIZO Corporation. All Rights Reserved.
Selling, General and Administrative Expenses （JPY Billion）
R&D
20.0
16.0
Intangible amortization
26.2%
15.2
Personnel
23.8% 22.2%
16.3
17.3 6.0
5.4 12.0
Others
SG&A/Net sales
22.9% 22.6%
16.9 5.7
30.0%
17.6 25.0%
5.9 20.0%
5.8 15.0%
8.0
4.0
4.3 0.1 4.8
5.5
5.3 0.2
0.2
5.3
5.5
5.9
6.1 10.0%
0.2
0.2
4.9
5.3
0.0
5.0% 0.0%
12F Consolidated Financial Highlights Fiscal Year Ended March 31, 2016
13F
14F
15F
16F Plan
12 © 2016 EIZO Corporation. All Rights Reserved.
R&D （JPY Billion）
- R&D decreased compared with the last fiscal year due to R&D reorganization of Amusement Monitors business under intense market circumstances while continuous R&D investment was made to V&S Markets.
R&D
R&D/Net sales
10.0%
6.0 5.0
9.1%
8.0%
8.3% 7.9%
7.5%
4.0 3.0
7.2%
5.3
5.7
6.0
5.3
6.0%
5.8
4.0%
2.0 2.0%
1.0 0.0
0.0% 12F
13F
14F
15F
16F Plan
* Includes manufacturing costs for R&D Consolidated Financial Highlights Fiscal Year Ended March 31, 2016
13 © 2016 EIZO Corporation. All Rights Reserved.
CAPEX （JPY Billion）
6.0
-
5.0
CAPEX
Depreciation
※ Including Molding
The increase in CAPEX in 15F was mainly due to an investment in a new manufacturing factory (JPY3.1B) in Japan. The new factory will increase capacity for business growth, particularly in the V&S markets. 16F investment plan includes an investment of a new building (JPY1.7B) in Germany for integrated administration, R&D and manufacturing, and a new building (JPY0.8B) for development of a new business sector for products compliant with Military Standard (U.S. Department of Defense).
4.0 3.0
4.8
2.0 1.0
2.1
1.5
1.3 1.6
1.4
13F
14F
2.0
4.5 2.0
2.2
0.0 12F
Consolidated Financial Highlights Fiscal Year Ended March 31, 2016
15F
16F Plan
14 © 2016 EIZO Corporation. All Rights Reserved.
Consolidated Balance Sheets 14F Amount
（JPY Million）
15F （％）
Amount
Difference Amount
（％）
6,522
6.1
7,221
6.9
+698
Notes and accounts receivable
17,502
16.4
17,138
16.4
-364
Inventories
25,006
23.5
23,911
22.8
-1,094
Others
14,396
13.5
16,501
15.7
+2,105
63,428
59.5
64,772
61.8
+1,344
7,983
7.5
11,001
10.5
+3,018
Others
35,107
33.0
29,018
27.7
-6,089 *
Fixed Assets
43,091
40.5
40,019
38.2
-3,071
106,519
100.0
104,792
100.0
-1,727
5,854
5.5
5,994
5.7
+139
Current liabilities
15,855
14.9
17,482
16.7
+1,626
Long term liabilities
11,370
10.7
9,298
8.9
-2,071 *
Shareholders’ Equity
79,293
74.4
78,011
74.4
-1,282 *
106,519
100.0
104,792
100.0
Cash and equivalents
Current Assets Tangible Assets
Total Accounts payable
Total
-1,727
* Investment securities, Deferred tax liabilities and Unrealized gain on available-forsale securities decreased due to fluctuation in the market value of shares held. Consolidated Financial Highlights Fiscal Year Ended March 31, 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.
Annual Dividend
Year-end Dividend Interim Dividend
Our target shareholder return ratio is 40% to 50% of net income.
70 50 25
50 25
55 30
80
60 30
40
35
40
35
25
25
25
30
11F
11F
12F 12F
13F 13F
14F 14F
15F15F Plan
16F予想 16F Plan
Dividend Payout Ratio *1
67.5%
66.7%
21.6%
38.5%
35.5%
38.8%
Shareholder Return Ratio *2
168.0%
66.7%
21.6%
38.5%
35.5%
38.8%
*1: Consolidated base *2: Share buybacks 1.6Billion in 11F Consolidated Financial Highlights Fiscal Year Ended March 31, 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: “15F” appearing in this presentation means “Fiscal year 2015”, that is Fiscal year ended March 31, 2016.
May 2016
(6737)
Change in Sales Disclosure Information Name
A re-characterization from “Computer use monitors” to “Visual Display Systems” was implemented.
Reclassification
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 was adjusted for comparable purposes.
Renaming Sales Category Previous Vertical Markets Medical Graphics Industrial
New Vertical & Specific (V&S) Healthcare Creative Work Industry
Consolidated Financial Highlights Fiscal Year Ended March 31, 2016
© 2016 EIZO Corporation. All Rights Reserved.
Consolidated Statements of Income 14F
14F to 15F change
15F
Amount
(%)
Amount
(%)
Amount
(JPY Million)
15F to 16F change
16F Plan Amount
(%)
Amount
Net Sales
72,576
100.0
74,878
100.0
+2,302
77,000
100.0
+2,121
Cost of Goods Sold
50,795
70.0
52,883
70.6
+2,088
53,700
69.7
+816
Gross Profit
21,781
30.0
21,995
29.4
+213
23,300
30.3
+1,304
Selling, general and administrative expenses
17,309
23.8
16,914
22.6
-394
17,600
22.9
+685
4,472
6.2
5,081
6.8
+608
5,700
7.4
+618
232
0.3
617
0.8
+385
400
0.5
-217
Ordinary Income
4,704
6.5
5,698
7.6
+993
6,100
7.9
+401
Income before income taxes
4,704
6.5
5,639
7.5
+934
6,100
7.9
+460
Net income attributable to EIZO Corporation’s stockholders
3,321
4.6
4,202
5.6
+880
4,400
5.7
+197
Operating Income Non-operating Income/expenses
Exchange rate：USD
JPY109.76
JPY120.16
JPY110.00
Exchange rate：EUR
JPY138.69
JPY132.60
JPY120.00
Consolidated Financial Highlights Fiscal Year Ended March 31, 2016
2 © 2016 EIZO Corporation. All Rights Reserved.
Net Sales （JPY Billion） Visual Display Systems
Amusement monitors
73.6 5.9 58.2 6.3
21.9
Others
8.8
Change + 2.8%
83.0
+ 0.5%
12.0
- 43.9%
77.0 5.0
15.2
+ 1.0%
13.5
- 11.6%
54.6
+ 12.5%
58.5
+ 7.1%
74.8 4.9
72.5
Change + 3.2%
5.0
15.1
18.0
45.7
48.5
13F
14F
66.0
33.8
12F
Consolidated Financial Highlights Fiscal Year Ended March 31, 2016
15F
16F Plan
17F Mid-term plan
3 © 2016 EIZO Corporation. All Rights Reserved.
Net Sales : Visual Display Systems - Total （JPY Billion） V&S
B&P
EIZO has renamed the categories; - From “General use monitors” to “Business & Plus (B&P)” for professional business enterprise and high end personal users. - From “Vertical Markets” to “Vertical & Specific (V&S)” for Healthcare, Creative Work and Industry markets.
54.6 45.7 33.8
13.7
Change + 12.5%
48.5 17.9
15.5
+ 15.4%
58.5
Change + 7.1%
66.0 18.5
18.1
+ 0.6%
40.4
+ 10.3%
9.5
24.3
12F
31.9
32.9
36.6
13F
14F
15F
Consolidated Financial Highlights Fiscal Year Ended March 31, 2016
+ 11.0%
16F Plan
47.5
17F Mid-term plan
4 © 2016 EIZO Corporation. All Rights Reserved.
Net Sales : Visual Display Systems - B&P （JPY Billion）
Japan
Overseas
- B&P sales increased due to strong sales of monitors with ultra-slim bezels.
18.1
Change + 0.6%
18.5
+ 17.7%
12.2
- 1.0%
12.6
+ 10.8%
5.9
+ 4.1%
5.9
Change + 15.4%
12.3
17.9 15.5 13.7 9.5
8.9
10.4
5.4 4.0
4.8
5.1
5.6
12F
13F
14F
15F
Consolidated Financial Highlights Fiscal Year Ended March 31, 2016
16F Plan
17F Mid-term plan
5 © 2016 EIZO Corporation. All Rights Reserved.
Net Sales : Visual Display Systems - V&S Total * V&S: Healthcare, Creative Work and Industry markets.
（JPY Billion）
Japan
Overseas
31.9 24.3
18.8
36.6
32.9 20.4
Change + 11.0%
21.2
+ 4.2%
+ 22.2%
40.4
Change + 10.3%
23.2
+ 9.0%
17.2
+ 12.1%
47.5
31.5
13.1 11.2
13.0
12.5
15.3
12F
13F
14F
15F
Consolidated Financial Highlights Fiscal Year Ended March 31, 2016
16F Plan
16.0
17F Mid-term plan
6 © 2016 EIZO Corporation. All Rights Reserved.
Net Sales : V&S - Healthcare * EIZO has renamed the categories from “Medical” to “Healthcare”.
（JPY Billion）
Japan
Overseas
- Sales of products for Diagnostics sustained solid growth, in addition to sales of systems integration business acquired from Imation Corporation Japan.
21.6
23.4
8.5
14.1
+ 8.3%
11.6
+ 11.6%
25.2
13.0
+ 3.8%
10.3
+ 25.9%
16.6
12.5
7.9
9.4
8.2
12F
13F
14F
Consolidated Financial Highlights Fiscal Year Ended March 31, 2016
25.7
20.7
16.5 12.2
Change + 12.6%
Change + 9.8%
15F
16F Plan
8.6
17F Mid-term plan
7 © 2016 EIZO Corporation. All Rights Reserved.
Net Sales : V&S - Creative Work * EIZO has renamed the categories from “Graphics” to “Creative Work”.
（JPY Billion）
Japan
Overseas
- Creative Work sales increased. This was mainly driven by successful market development into the Media & Entertainment market as well as the sales growth of the CS-models for entry-level users overseas and 4K models of LCD monitors in Japan.
6.3 5.2
Change + 14.6%
6.7
Change + 5.4%
+ 5.0%
+ 7.0%
7.3
5.5
4.1 4.9
+ 16.7%
5.2
+ 7.7%
1.5
3.6
4.2
1.5
1.6
1.3
1.4
12F
13F
14F
15F
5.7
2.5
Consolidated Financial Highlights Fiscal Year Ended March 31, 2016
16F Plan
1.6
17F Mid-term plan
8 © 2016 EIZO Corporation. All Rights Reserved.
Net Sales : V&S - Industry -
* EIZO has renamed the categories from “Industrial” to “Industry”.
（JPY Billion）
Japan
Overseas
- The increase in sales was due to higher sales results in the Maritime and Air Traffic Control (ATC) markets in Japan.
15.0
6.8
6.6 5.0 3.6 2.0
3.3
3.6
Change + 3.3%
- 9.1%
8.0 3.9
Change + 16.4%
+ 17.5%
3.0
1.6
2.0
2.9
12F
13F
14F
Consolidated Financial Highlights Fiscal Year Ended March 31, 2016
3.5 15F
+ 18.4%
4.1
9.2
+ 15.5%
16F Plan
5.8
17F Mid-term plan
9 © 2016 EIZO Corporation. All Rights Reserved.
Net Sales : Amusement Monitors （JPY Billion）
- Sales of Amusement Monitors maintained the same level as the previous year in a shrinking market.
Change + 1.0%
Change - 11.6%
21.9 18.0
12F
13F Consolidated Financial Highlights Fiscal Year Ended March 31, 2016
15.1
15.2
14F
15F
13.5
12.0
16F Plan
17F Mid-term plan
10 © 2016 EIZO Corporation. All Rights Reserved.
Operating Income （JPY Billion）
Operating Income
Operating Income/Net sales
9.0
10.0% 9.3%
8.0
10.0%
7.0
7.4%
6.0
8.0%
6.8%
6.2%
5.0
8.3
4.0 3.0
6.8
3.5%
2.0%
2.0
0.0
0.0% 12F 12F
13F 13F
14F 14F
15F 15F
16F Plan 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
(Billions of yen)
6.0% 4.0%
5.7
5.0
4.4
2.0 1.0
12.0%
ROA (Return on Assets)： Ordinary Income/Total Assets DOE (Dividends on Equity) : Dividends/ Equity
Consolidated Financial Highlights Fiscal Year Ended March 31, 2016
17F Mid-term plan
ROE (Return on Equity)：Net Income/ Equity
EBITDA： Earnings before interest, tax, depreciation and amortization
11 © 2016 EIZO Corporation. All Rights Reserved.
Selling, General and Administrative Expenses （JPY Billion）
R&D
20.0
16.0
Intangible amortization
26.2%
15.2
Personnel
23.8% 22.2%
16.3
17.3 6.0
5.4 12.0
Others
SG&A/Net sales
22.9% 22.6%
16.9 5.7
30.0%
17.6 25.0%
5.9 20.0%
5.8 15.0%
8.0
4.0
4.3 0.1 4.8
5.5
5.3 0.2
0.2
5.3
5.5
5.9
6.1 10.0%
0.2
0.2
4.9
5.3
0.0
5.0% 0.0%
12F Consolidated Financial Highlights Fiscal Year Ended March 31, 2016
13F
14F
15F
16F Plan
12 © 2016 EIZO Corporation. All Rights Reserved.
R&D （JPY Billion）
- R&D decreased compared with the last fiscal year due to R&D reorganization of Amusement Monitors business under intense market circumstances while continuous R&D investment was made to V&S Markets.
R&D
R&D/Net sales
10.0%
6.0 5.0
9.1%
8.0%
8.3% 7.9%
7.5%
4.0 3.0
7.2%
5.3
5.7
6.0
5.3
6.0%
5.8
4.0%
2.0 2.0%
1.0 0.0
0.0% 12F
13F
14F
15F
16F Plan
* Includes manufacturing costs for R&D Consolidated Financial Highlights Fiscal Year Ended March 31, 2016
13 © 2016 EIZO Corporation. All Rights Reserved.
CAPEX （JPY Billion）
6.0
-
5.0
CAPEX
Depreciation
※ Including Molding
The increase in CAPEX in 15F was mainly due to an investment in a new manufacturing factory (JPY3.1B) in Japan. The new factory will increase capacity for business growth, particularly in the V&S markets. 16F investment plan includes an investment of a new building (JPY1.7B) in Germany for integrated administration, R&D and manufacturing, and a new building (JPY0.8B) for development of a new business sector for products compliant with Military Standard (U.S. Department of Defense).
4.0 3.0
4.8
2.0 1.0
2.1
1.5
1.3 1.6
1.4
13F
14F
2.0
4.5 2.0
2.2
0.0 12F
Consolidated Financial Highlights Fiscal Year Ended March 31, 2016
15F
16F Plan
14 © 2016 EIZO Corporation. All Rights Reserved.
Consolidated Balance Sheets 14F Amount
（JPY Million）
15F （％）
Amount
Difference Amount
（％）
6,522
6.1
7,221
6.9
+698
Notes and accounts receivable
17,502
16.4
17,138
16.4
-364
Inventories
25,006
23.5
23,911
22.8
-1,094
Others
14,396
13.5
16,501
15.7
+2,105
63,428
59.5
64,772
61.8
+1,344
7,983
7.5
11,001
10.5
+3,018
Others
35,107
33.0
29,018
27.7
-6,089 *
Fixed Assets
43,091
40.5
40,019
38.2
-3,071
106,519
100.0
104,792
100.0
-1,727
5,854
5.5
5,994
5.7
+139
Current liabilities
15,855
14.9
17,482
16.7
+1,626
Long term liabilities
11,370
10.7
9,298
8.9
-2,071 *
Shareholders’ Equity
79,293
74.4
78,011
74.4
-1,282 *
106,519
100.0
104,792
100.0
Cash and equivalents
Current Assets Tangible Assets
Total Accounts payable
Total
-1,727
* Investment securities, Deferred tax liabilities and Unrealized gain on available-forsale securities decreased due to fluctuation in the market value of shares held. Consolidated Financial Highlights Fiscal Year Ended March 31, 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.
Annual Dividend
Year-end Dividend Interim Dividend
Our target shareholder return ratio is 40% to 50% of net income.
70 50 25
50 25
55 30
80
60 30
40
35
40
35
25
25
25
30
11F
11F
12F 12F
13F 13F
14F 14F
15F15F Plan
16F予想 16F Plan
Dividend Payout Ratio *1
67.5%
66.7%
21.6%
38.5%
35.5%
38.8%
Shareholder Return Ratio *2
168.0%
66.7%
21.6%
38.5%
35.5%
38.8%
*1: Consolidated base *2: Share buybacks 1.6Billion in 11F Consolidated Financial Highlights Fiscal Year Ended March 31, 2016
16 © 2016 EIZO Corporation. All Rights Reserved.
