Transcript
＜Abridged Version＞
Securities ID code:6859
ESPEC CORP. Results Briefings for Fiscal Ending March 2011 Maｙ 25, 2011
www.espec.co.jp Copyright (C) 2011 ESPEC CORP. All rights reserved
1
Table of Contents Summary Summaryof ofESPEC ESPECBusiness Business Business BusinessResult Resultfor forFiscal FiscalEnding EndingMarch March2011 2011 Analysis Analysisper perSegment Segmentfor forFiscal FiscalEnding EndingMarch March2011 2011 Management Managementpolicy policyand andBusiness BusinessPlan PlanMarch March2012 2012 Reference Reference
Copyright (C) 2011 ESPEC CORP. All rights reserved
2
Summary of ESPEC Business
Individual Business Market / Use Main Products
Market
Use
Sales composition (2011/3)
Equipment Business Service Business
Environmental Test Chambers
・Temperature & humidity chamber ・Walk-in type temperature & humidity chamber ・Thermal shock chamber ・Vibration combined environmental test system ・HAST chamber
Semiconductor Equipment
・Burn-in system ・Semiconductor evaluation system ・Instrumentation system
・Semiconductor market ・Automobile market
・For production (inspection) ※ Instrumentation system is for development and evaluation
FPD Equipment
・Single processing system vertical clean oven ・Equipment for inspecting recharge batteries
・LCD market ・PDP market
・ For production (Annealing, baking, drying)
After-sales Service and Engineering
・ After-sales service ・Construction around equipment
・Electronic component and equipment market ・Automobile market ・Semiconductor market ・Communication market and others
・For R & D ・For credibility and evaluation ※ Partially used for production and inspection
・Semiconductor market ・FPD market ・Automobile market ・Communication market and others
Other Business
Commissioned Tests and Facility Rentals
・Commissioned tests ・Resale ・Equipment rental ・Calibration
Environmental Protection Business
Growth of forest, creation of waterfront, urban greening
７９％
――
１７％ ・For R & D ・For credibility and evaluation ※ Partially used for production and inspection
４％
Vegetation factories, developing and creating new businesses as a major source of
New Business Copyright (C) 2011 ESPEC CORP. All rights reserved profit
3
Business Result for Fiscal Ending March 2011
Copyright (C) 2011 ESPEC CORP. All rights reserved
4
Business Result for Fiscal Ending March 2011
Consequences of the Great East Japan Earthquake Damage and impact of the earthquake on the ESPEC Group ■No ■Noloss lossof oflife/injury life/injurywas wassustained sustainedby byany anyof ofthe theemployees employeesof ofthe theESPEC ESPECGroup Groupor ortheir theirfamily family members. members. ■The ■TheSendai SendaiSales SalesOffice Officeand andthe theUtsunomiya UtsunomiyaTechnocomplex Technocomplexhave haveboth bothalready alreadyrecovered recoveredfrom from the physical damage caused by the disaster and resumed operation. the physical damage caused by the disaster and resumed operation. The asits itsmajor major Thedisaster disastercaused causedno nodirect directdamage damageto tothe theESPEC ESPECproduction productionactivities, activities,as production facilities are located outside of the affected areas. production facilities are located outside of the affected areas. ■ESPEC ■ESPECpersonnel personnelassisted assistedcustomers customersininensuring ensuringtheir theirbusiness businesscontinuity continuityby bytaking takingprompt prompt action to cope with the damage incurred to ESPEC products owned by customers and by action to cope with the damage incurred to ESPEC products owned by customers and by quickly quicklyresponding respondingto tocustomer customerneeds needsfor forthe therelocation, relocation,replacement, replacement,and andinstallation installationof ofESPEC ESPEC products. products. ■Though ■Thoughsome somecustomers customersrequested requestedthat thatthe thedelivery deliveryof oftheir theirESPEC ESPECproducts productsbe bepostponed, postponed,the the disaster caused only limited impact on business performance during the period under review. disaster caused only limited impact on business performance during the period under review.
Expected impact during the next period ■While ■Whilethe thepotential potentialimpact impactof ofthe theearthquake earthquakeand andthe thenuclear nuclearpower powerplant plantaccident accidentremain remain uncertain, the company has formulated a business plan for the next fiscal year on the uncertain, the company has formulated a business plan for the next fiscal year on the assumption assumptionthat thatthe theaffected affectedareas areasand andcompanies companieswill willrecover recoverfrom fromthe thedamage damageand andthat thatthe the nuclear power plant problem will be settled as scheduled at present. nuclear power plant problem will be settled as scheduled at present. ■Currently, ■Currently,no noserious seriousimpact impactisisbeing beingfelt feltby bythe thecompany companyininterms termsof ofproduction productionand andmaterial material procurement activities. procurement activities. Copyright (C) 2011 ESPEC CORP. All rights reserved
5
Business Result for Fiscal Ending March 2011
Financial Highlights Backed by improvement in capital spending among major customers, the company posted an increase in income and restored profitability
Profit (Loss) ■The ■Thecompany companyposted postedaasharp sharpincrease increaseininboth boththe thesales salesand andamount amountof oforders ordersreceived, received,and and restored profitability against the backdrop of the improvement in capital spending in the restored profitability against the backdrop of the improvement in capital spending in the semiconductor/battery semiconductor/batteryindustries industriesand andininthe therecovery recoveryininR&D R&Dinvestment investmentby bymanufacturers manufacturersof of electronic components, electronic equipment, and automobiles. electronic components, electronic equipment, and automobiles. ■A ■Adrastic drasticdecline declineininextraordinary extraordinaryloss, loss,coupled coupledwith withthe thefavorable favorabletax taxeffects, effects,led ledto toaasharp sharp increase in net income during the period under review. increase in net income during the period under review.
Balance Sheet and Cash Flow ■Total ■Totalassets assetsincreased increasedby byapprox. approx.33billion billionyen, yen,reflecting reflectingthe theincrease increaseininnotes notesand andaccounts accounts receivable-trade, as well as deferred tax assets. receivable-trade, as well as deferred tax assets. ■While ■Whilethe thecompany companyalso alsoregistered registeredan anincrease increaseininnet netassets, assets,the theequity equityrate ratedropped droppedby by3.7 3.7 percentage points because of the drastic increase in total assets. percentage points because of the drastic increase in total assets. ■Cash ■Cashrose roseby byapprox. approx.440 440million millionyen yendue dueto tothe theincrease increaseininoperating operatingcash cashflow. flow.
Dividends ■The ■Theannual annualdividend dividendisisexpected expectedto tobe be15 15yen yenper pershare, share,with withan aninterim interimdividend dividendof of55yen yenand andaa year-end year-enddividend dividendof of10 10yen yen(scheduled). (scheduled). Copyright (C) 2011 ESPEC CORP. All rights reserved
6
Business Result for Fiscal Ending March 2011
Summary of Profits and Losses 2010/3 (millions of yen, %)
2011/3
Composition
Rate of Change
Composition
Net sales
２３，７７５
１００．０
２９，５８９
１００．０
２４．５％
Cost of Sales
１７，１４８
７２．１
２０，３７０
６８．８
１８．８％
Gross profit Selling, general and administrative expenses
６，６２６
２７．９
９，２１９
３１．２
３９．１％
７，３６５
３１．０
７，８２７
２６．５
６．３％
Operating income (loss)
△７３８
△３．１
１，３９１
４．７
−％
２７０
１．１
３５７
１．２
３２．１％
９７
０．４
６４
０．２
△３３．６％
△５６５
△２．４
１，６８３
５．７
−％
１
０．０
６３
０．２
６，３００．０％
９５３
４．０
８５
０．３
△９１．０％
Loss before income taxes and minority interests
△１，５１７
△６．４
１，６６１
５．６
−％
Net Income (loss)
△２，６３０
△１１．１
１，６５４
５．６
−％
Non-operating income Non-operating expenses Ordinary income (loss) Extraordinary income Extraordinary expenses
■ ■Sales Salesgrew grewdrastically drasticallydue duemainly mainlyto tothe theincreased increasedearnings earningsfrom fromenvironmental environmentaltest testchambers chambers
and andsemiconductor semiconductorequipment equipmentininthe theequipment equipmentbusiness businesssegment. segment. ■ The cost-to-sales ratio fell by 3.3 percentage points, reflecting ■The cost-to-sales ratio fell by 3.3 percentage points, reflectingsuccessful successfulcost costimprovement improvement measures and expenditure reduction efforts. measures and expenditure reduction efforts. ■ Net ■Netincome incomefor forthe theperiod periodunder underreview reviewincreased increasedsharply, sharply,backed backedby bythe thedrastic drasticdecline declineinin extraordinary extraordinaryloss, loss,as aswell wellas asby bythe theeffect effectof ofthe theincome incometax taxand andother otheradjustment. adjustment. Copyright (C) 2011 ESPEC CORP. All rights reserved
7
Business Result for Fiscal Ending March 2011
Analysis of Operating Income Increase and Decrease Factor
Equipment Business Service Business Other Business＋Elimination
(millions of yen)
Increase and decrease of the gross profit by the fluctuation of the net sales
1,729
872 1,748
Increase and decrease of the gross profit by the fluctuation of the cost rate
△44 Other selling and administrative expenses
406
△222 R&D Expenses
29
△206
△9
Selling, administrative, and personnel expenses
△48
476
1,391
△462
△738
Increase of selling, general and administrative expenses
＋2,129 １１／３
１０／３ Copyright (C) 2011 ESPEC CORP. All rights reserved
8
Business Result for Fiscal Ending March 2011
Changes in Balance Sheets Assets 693
34,837
3,068
１１／３
１０／３
943 Net assets
37,905
Other current liabilities
1,725
△107 Noncurrent liabilities
508 Notes and accounts payable-trade
Investment and other assets
Intangible assets
Property, plant and equipment
１０／３
Cash and deposits
34,837
Notes and accounts receivable-trade
941
Liabilities and equity
△252 △139 △375
Other current assets
2,204
(millions of yen)
37,905
3,068
１１／３
■Total ■Totalassets assetsgrew grewby byapprox. approx.3.1 3.1billion billionyen yendue duetotothe theincrease increaseininnotes notesand andaccounts accountsreceivable-trade, receivable-trade, products, raw materials, and goods in process. products, raw materials, and goods in process. ■While ■Whilethe thecompany companyalso alsoregistered registeredan anincrease increaseininnet netassets, assets,the theequity equityrate ratedropped droppedby by3.6 3.6percentage percentagepoints points toto72.4% because of the increase in total assets. 72.4% because of the increase in total assets. Copyright (C) 2011 ESPEC CORP. All rights reserved 9
Business Result for Fiscal Ending March 2011
Cash in
712
Increase in funds Effect of exchange rate change on
cash and cash equivalents
Total financial cash flow
Purchase of treasury stock Cash dividends paid
Increase and decrease in short-term loans payable
Total investment cash flow
Proceeds from sales of investment securities Purchase of property, plant and equipment and intangible assets Increase and decrease in trust beneficiary right
Others
Total operating cash flow
△262 △157
Increase and decrease in notes and accounts receivable-trade
Increase and decrease in notes and accounts payable-trade Increase and decrease in notes and accounts payable-trade
△2,353
10
Depreciation and amortization Income before income taxes and minority interests
Cash out
Copyright (C) 2011 ESPEC CORP. All rights reserved
△188 △149 △327△130 30
△230 Equity in earnings of affiliates
△842
444 293
188 △161
1,133 1,823 1,661
(millions of yen)
Statement of Cash Flow
Analysis per Segment for Fiscal Ending March 2011
Copyright (C) 2011 ESPEC CORP. All rights reserved
11
Analysis per Segment for Fiscal Ending March 2010
Analysis of Variance between Planned and Actual Results
Equipment Business Service Business Other Business＋Elimination
(millions of yen)
Net sales 27
Operating income 58
2,529 △77 213 452
29,589 27,000
1,391 800
+2,589 Initial forecast
Initial forecast
Full year results
■ ■The Thecompany companyposted postedan anincrease increaseininsales salesagainst against
the thebackdrop backdropof ofthe thecontinued continuedimprovement improvementinin capital capitalspending spendingininthe thesemiconductor/battery semiconductor/battery markets and in the recovery markets and in the recoveryininR&D R&Dinvestment investment by major customers. by major customers.
Copyright (C) 2011 ESPEC CORP. All rights reserved
12
＋591
Full year results
■ ■The Theincreased increasedincome, income,reduced reducedfixed fixed
cost cost(which (whichexceeded exceededthe theinitially initially projected figures), and improved projected figures), and improved cost-to-sales cost-to-salesratio ratioled ledto toaadrastic drastic growth of operating income. growth of operating income.
Analysis per Segment for Fiscal Ending March 2011
Equipment Business Environmental Test Chambers ■Energy-saving models of major products, such as thermal shock chambers and temperature and humidity chambers, were developed. Battery production equipment and other products were newly developed and launched in the market. ■Customer contact channels in the domestic market were enhanced through the consolidation of two subsidiary companies. The sales force was reinforced to better meet R&D needs in the battery industry. ■New customer bases were developed in the Korean and Taiwanese markets. Intensive sales promotional measures were taken in China and other emerging countries in Asia. ■Both the sales and amount of orders received exceeded the initially projected figures, increasing largely from the previous period. ■Operating income exceeded the initially projected figure, allowing the company to return to the black.
Semiconductor Equipment ■Burn-in systems posted a sharp increase from the previous period in both the sales and amount of orders received. ■Profitability was restored thanks to the increased sales of burn-in systems.
FPD Equipment ■Both the sales and amount of orders received declined from the previous period, due to profitability-oriented sales efforts. ■While the reduction of fixed cost led to the improvement in operating income, the company still posted an operating loss due to sluggish sales.
Copyright (C) 2011 ESPEC CORP. All rights reserved
13
Analysis per Segment for Fiscal Ending March 2011
Equipment Business (millions of yen)
２０１１／３
２０１０／３
Initial forecast
The Initial forecast ratio
Orders- Received
１７，０６６
２４，５５７
１１５．８％
２１，２００
Net Sales
１８，２１５
２３，５２９
１１２．０％
２１，０００
△１，３２０ ［−％］
１，２０２ [５．１％]
１６０．３％
７５０ ［３．６％］
Operating Income [Profit ratio (%)]
Copyright (C) 2011 ESPEC CORP. All rights reserved
14
Analysis per Segment for Fiscal Ending March 2011
Service Business (millions of yen) Orders- Received Net Sales
Operating Income [Profit ratio (%)]
２０１１／３
２０１０／３
The Initial forecast ratio
Initial forecast
５，１８９
５，３２０
１０６．４％
５，０００
５，０５７
５，０２７
１００．５％
５，０００
３１４ ［６．２％］
２６３ [５．２％]
５２６．０％
５０ ［１．０％］
After-sales Service and Engineering ■The amount of orders received increased from the previous period backed by the successful after-sales service campaign and by the offering of communication network systems, while sales remained almost unchanged from the previous period. ■Though the successful reduction of the stock of parts allowed the company to meet the target of the first plan, the hiring of additional service personnel resulted in an increase in personnel cost and eventually a fall of income. Commissioned Tests and Facility Rentals ■New test menus were developed and intensive sales promotional activities were carried out in cooperation with product sales personnel. ■Both the sales and amount of orders received fell from the previous period, though the target of the first plan was met. Operating income largely increased due to the reduction of fixed cost, allowing the company to restore profitability. Copyright (C) 2011 ESPEC CORP. All rights reserved
15
Analysis per Segment for Fiscal Ending March 2011
Other Business (millions of yen) Orders- Received Net Sales Operating Income [Profit ratio (%)]
２０１１／３
２０１０／３
The Initial forecast ratio
Initial forecast
９４２
１，１７０
１３０．０％
９００
１，０５１
１，１５８
１０５．３％
１，１００
１５ ［１．４％］
△７７ [−％]
−％
０ ［−％］
Environmental Engineering, New Business ■The vegetation factory business remained solid, and both the sales and amount of orders received increased from the previous period, exceeding the target of the first plan. ■The company posted an operating loss due mainly to the increase in the cost incurred in promoting the sales of vegetation factories. ＜Topic＞ In January and February, the company jointly organized a tasting event with Teppan Dining Takitei—a restaurant that had introduced the company’s PLANTCELLAR on a trial basis. The event featured vegetables grown in the PLANTCELLAR, which were received favorably by visitors.
The “PLANTCELLAR” mini plant factory Copyright (C) 2011 ESPEC CORP. All rights reserved
16
Analysis per Segment for Fiscal Ending March 2011
Breakdown of Sales by Market Non-consolidated Other markets Automobile market Flat panel display market Electronic device and equipment market Semiconductor market
100%
100% 13
14 24
80%
15
24
27
13
16
6
5
49
49
2
3
2010/3
2011/3
14
17 23
29 80%
17 12
60%
Breakdown of sales in Environmental Test Chambers by market
20
9
40%
60%
40%
38 37
42 40
20%
20% 16
0% 2008/3
9 2009/3
5 2010/3
Copyright (C) 2011 ESPEC CORP. All rights reserved
11
0% 2011/3
18
Analysis per Segment for Fiscal Ending March 2011
Sales by Region Regional sales composition ratio in segment
Sales by Region Others Europe/America Korea China/Hong Kong Taiwan Japan
(millions of yen)
45,000 40,000 35,000 30,000 25,000
34,914 34,914 1,334 3,863
9.9
23,775 23,775
20,000 15,000
China/Hong Kong Korea Europe/America
9.7
2,923 988 2,872 2,157
767 2,803 1,135 2,237 986
Taiwan
4.1
1,449
2,027 3,174
Japan
4.9
29,589 29,589
3,332
10,000
Overseas sales ratio：35.1%
11/3
4.2
64.9
< Non-consolidated > 10/3
21,181 15,843
19,200
5,000 0 09/3
10/3
Japan
Others
11/3
Taiwan
11/3 (yen)
(yen)
U.S. ollar
93.62
87.83
Euro
13.72
12.99
Won
12.08
11.31
0.0739
0.0762
Yen
China/Hong Kong
Korea
Europe / America
Others
11/3
121.2%
218.8%
128.4%
87.0%
104.3%
188.9%
10/3
△25.2％
△70.4％
△29.5％
△44.0％
△27.4％
△42.5％
Copyright (C) 2011 ESPEC CORP. All rights reserved
19
Management policy and Business Plan March 2012
Copyright (C) 2011 ESPEC CORP. All rights reserved
20
Management policy and Business Plan March 2012
Business Climate Surrounding ESPEC While the Japanese economy is faced with many uncertainties, investment in green innovation is likely to grow. Major changes in the business climate ■The ■Theincreasing increasingglobalization globalizationof ofJapanese Japanesemanufacturers manufacturerswill willaccelerate acceleratethe thehollowing hollowingout outof ofthe the Japanese manufacturing industry. Japanese manufacturing industry. ■Emerging ■Emergingcountries, countries,especially especiallyChina, China,will willenjoy enjoyfurther furtherdevelopment developmentas asaadriving drivingforce forceof ofthe the global economy. global economy. ■Environmental ■Environmentalproblems problems(e.g., (e.g.,energy, energy,food, food,and andwater) water)will willgrow growmore moreserious. serious.
Business Environment ■Domestic ■Domesticdemand demandfor forconventional conventionalenvironmental environmentaltesting testingwill willdecrease, decrease,while whiledemand demandfor fornew new testing will emerge instead. testing will emerge instead. ■ ■The TheJapanese Japanesemarket marketwill willsee seehuge hugepotential potentialreplacement replacementdemand. demand. ■ ■Developed Developedcountries countrieswill willaccelerate acceleratethe therelocation relocationof oftheir theirproduction productionand andR&D R&Dbases basesto toChina China and other parts of Asia. and other parts of Asia. ■ ■There Therewill willbe beaarapid rapidincrease increaseininR&D R&Dinvestment investmentamong amongChinese Chinesecompanies companieswith withan anaim aimto to develop high-quality products and to export products of their own brands. develop high-quality products and to export products of their own brands. ■ ■As Asaaglobal globalcenter centerof ofindustry, industry,Asia Asiawill willsee seeincreasing increasingand andmore morediversified diversifieddemand demandfor for environmental testing. environmental testing. ■ ■Green Greeninnovation innovation(technical (technicalinnovation innovationfor fortransition transitionto toaalow-carbon low-carbonsociety) society)will willbe bean an essential part of the national strategies of each respective country, leading to the emergence essential part of the national strategies of each respective country, leading to the emergenceof of huge investment opportunities. huge investment opportunities. Copyright (C) 2011 ESPEC CORP. All rights reserved
21
Management policy and Business Plan March 2012
Management Policy Basic policy Creation of “Powerful Products” and “Powerful Factories”
Key Strategies Promote Promotethe thesales salesof ofproducts productsthat thatare arebetter bettertailored tailoredto tonew new customer customerneeds needsand andenhance enhancethe theability abilityto tomeet meetthe theincreasing increasing need needfor forcustomized customizedproducts products Increase sales in the green technology market Establish the basis of the plant factory business Improve Improvethe theability abilityto tomeet meetcustomer customerneeds needsby bycapitalizing capitalizingon onthe the consolidation consolidationof ofthe thetwo twosubsidiary subsidiarycompanies. companies.Meanwhile, Meanwhile, increase increaseprofit profitby bystreamlining streamliningthe thebusiness businessprocesses processes Increase Increasesales salesby bypromoting promotingaabusiness businessstrategy strategygeared gearedtoward towardthe the growing growingmarkets marketsininChina Chinaand andother otherparts partsof ofAsia Asia Copyright (C) 2011 ESPEC CORP. All rights reserved
22
Management policy and Business Plan March 2012
Key Strategies ① Promote the sales of products that are better tailored to new customer needs and enhance the ability to meet the increasing need for customized products The company will promote the sales of the energy-saving models of its thermal shock chambers and temperature and humidity chambers in response to the increasing customer need for higher energy-efficient products, while enhancing the ease of customization to achieve greater efficiency in factory operation. ■Stimulate replacement need among existing customers by offering energy-saving models. ■ Introduce a process for easier customization to enhance manufacturing efficiency at factories. ■ Build a new system and mechanism covering the entire process of product development, from design and procurement to manufacturing, in order to better meet the increasing demand for customized chamber products. ■ Launch company-wide efforts involving sales, service, and accounting personnel.
Copyright (C) 2011 ESPEC CORP. All rights reserved
23
Management policy and Business Plan March 2012
Key Strategies ② Increase sales in the green technology market The company will promote the sales of products and services for development, evaluation, production, and inspection processes in the green technology market, the market for secondary and solar batteries, and power semiconductors. ■Increase the sales of environmental test chambers in the green technology market. ■ Take intensive sales promotional measures for newly developed battery production equipment.
Key Strategies ③ Establish the basis of the plant factory business The company will work toward the expansion, growth, and development of new business to cultivate the seeds of other new core businesses. ■Increase the public recognition of the plant factory business and secure a foothold in the market. ■ Develop new products and services satisfactory to customers and establish a firm basis of business.
Copyright (C) 2011 ESPEC CORP. All rights reserved
24
Management policy and Business Plan March 2012
Key Strategies ④ Improve the ability to meet customer needs by capitalizing on the consolidation of the two subsidiary companies. Meanwhile, increase profit by streamlining the business processes The company will maximize the synergies from the consolidation of the two subsidiary companies to better meet customer need. ■ Simplify the area- and segment-specific revenue management process. ■ Place greater importance on visits to key customers.
Key Strategies ⑤ Increase sales by promoting a business strategy geared toward the growing markets in China and other parts of Asia ■ Strengthen customer contact channels through the effective use of local sales networks. ■ Intensify promotional activities to increase the sales of new products. ■ Make greater efforts to sell products in the green technology market. ■ Make preparations for the renovation of the foreign distributor system to reinforce the sales force. Copyright (C) 2011 ESPEC CORP. All rights reserved
25
Management policy and Business Plan March 2012
Full Fiscal Year Plan March 2012 2011/3 (Results)
2012/3 (Plan) Second Quarter
Fiscal
Second Quarter
Fiscal
Orders-received
１５，１０１
３０，９２４
１５，５００
１０２．６％
３１，０００
１００．２％
Net sales
１２，９１６
２９，５８９
１４，５００
１１２．３％
３１，５００
１０６．５％
Gross profit [Profit ratio (%)]
４，１２４ ［３１．９％］
９，２１９ [３１．２％]
４，６１０ [３１．８％]
１１１．８％
９，８００ [３１．１％]
１０６．３％
Operating income (loss) [Profit ratio (%)]
５５０ ［４．３％］
１，３９１ [４．７％]
４００ [２．８％]
△２７．３％
１，３００ [４．１％]
△６．５％
Ordinary income (loss) [Profit ratio (%)]
６８０ ［５．３％］
１，６８３ [５．７％]
５００ [３．４％]
△２６．５％
１，４５０ [４．６％]
△１３．８％
Net Income [Profit ratio (%)]
７７６ ［６．０％］
１，６５４ [５．６％]
４００ [２．８％]
△４８．５％
１，４００ [４．４％]
△１５．４％
Capital expenditures
１１４
４２１
４００
３５０．９％
６００
１４２．５％
Depreciation expenses
３７１
７０３
３４０
△８．４％
７４０
１０５．３％
R&D expenditures
５１９
１，０９２
６００
１１５．６％
１，０６０
△２．９％
３２．７０
７０．０３
１７．０５
△４７．９％
５９．６７
△１４．８％
(millions of yen)
Profit Per Share (yen)
Copyright (C) 2011 ESPEC CORP. All rights reserved
2Q on 2Q ratio
26
Year on year ratio
Management policy and Business Plan March 2012
Equipment Business Environmental Test Chambers ■Stimulate replacement demand among existing customers by launching the energyefficient models of major products. ■ Enhance the ease of customization and improve the cost-to-sales ratio. ■ Put special focus on markets in China and other emerging countries in Asia.
Energy Device Equipment ■Increase the sales of energy devices and continue sales promotional activities.
Semiconductor Equipment ■Promote the sales of measurement evaluation systems by facilitating a more proactive approach to customers in the growing power device and eco device (EV/HEV, LED, PV, and LIB) markets. ■ Explore next-generation methods for evaluating flash memories.
FPD Equipment ■Promote the sales of clean ovens in the market for small liquid crystal displays for organic EL devices and smartphones.
Copyright (C) 2011 ESPEC CORP. All rights reserved
27
Management policy and Business Plan March 2012
Equipment Business 2011/3 (Result)
2012/3 (Plan) Second Quarter
Fiscal
Second Quarter
Fiscal
OrdersReceived
１１，９９６
２４，５５７
１２，４００
１０３．４％
２４，４００
△０．６％
Net sales
１０，２８４
２３，５２９
１１，６００
１１２．８％
２５，０００
１０６．３％
Operating income [Profit ratio (%)]
４３３ ［４．２％］
１，２０２ ［５．１％］
３５０ [３．０％]
△１９．２％
１，１００ [４．４％]
△８．５％
(millions of yen)
2Q on 2Q ratio
Copyright (C) 2011 ESPEC CORP. All rights reserved
28
Year on year ratio
Management policy and Business Plan March 2012
Service Business 2011/3 (Result) (millions of yen)
Second Quarter
Fiscal
2012/3 (Plan) Second Quarter
Fiscal
2Q on 2Q ratio
Year on year ratio
OrdersReceived
２，７１１
５，３２０
２，６５０
△２．３％
５，５００
１０３．４％
Net sales
２，３２２
５，０２７
２，６００
１１２．０％
５，４００
１０７．４％
１４７ ［６．３％］
２６３ [５．２％]
１７０ [６．５％]
１１５．６％
３５０ [６．５％]
１３３．１％
Operating income [Profit ratio (%)]
After-sales Service and Engineering ■Apply a maintenance contract to new products and enhance the maintenance services offered under the contract. ■ Work with sales personnel to propose to customers the upgrading of existing models, in order to reduce energy consumption, and encourage users to sign a new maintenance contract.
Commissioned Tests and Facility Rentals ■Develop and offer new test menus concerning power devices and eco devices. ■ Promote sales by reinforcing testing facilities and use test centers as showrooms.
Copyright (C) 2011 ESPEC CORP. All rights reserved
29
Management policy and Business Plan March 2012
Other Business 2011/3 (Result)
(millions of yen)
Second Quarter
2012/3 (Plan) Second Quarter
Fiscal
Fiscal
2Q on 2Q ratio
Year on year ratio
Orders-Received
４６３
１，１７０
５５０
１１８．８％
１，３００
１１１．１％
Net sales
３８１
１，１５８
４００
１０５．０％
１，３００
１１２．３％
△３２ ［−％］
△７７ ［−％］
△１２０ [−％]
−％
△１５０ [−％]
−％
Operating income [Profit ratio (%)]
Environmental Engineering ■Promote sales in the sectors of forest and waterfront recovery and offer rooftop/wall greening systems using moss.
New Business ■Strengthen the sales of plant factories at home/abroad and establish the business basis. ■ Develop new business by leveraging the company’s core technologies and strengths.
Copyright (C) 2011 ESPEC CORP. All rights reserved
30
Management policy and Business Plan March 2012
Dividends Dividend policy Recognizing that passing on profits to our shareholders is a key priority and that raising corporate value on a lasting basis is fundamental to raising shareholder value, dividends are decided taking into account sustainability and the dividend payout ratio.
Dividend per share
Net income and total cash dividend *Consolidated dividend payout ratio in parentheses.
*Includes special dividend of 2 yen to commemorate the 60th anniversary of ESPEC Corp.
（yen）
Full year
30
（millions of yen） 3,000
2Q
24 ※ 20
2,000 (forecast)
12
15
14
5
10 12
Net income Total cash dividend
9
15
1,654 1,216
1,000
568
(forecast)
332
189
8 3
10
5
5
08/3
10 △ 1,000
5
09/3 △ 561
10/3
(46.7%)
10/3
353
11/3
12/3 △ 3,000
Copyright (C) 2011 ESPEC CORP. All rights reserved
31
11/3
(21.3%)
△ 2,000
09/3
1,400
353
0
0 08/3
(plan)
△ 2,630
12/3
(25.1%)
Management policy and Business Plan March 2012
Toward Sustained Growth and Development Take green innovation as a golden business opportunity to affect a shift to more “proactive management.” Global recession
FY2008
FY2009
FY2010
the Great East Japan Earthquake
Period of emergency action
NEW ESPEC
Restructuring of business base and preparation for next step forward through reform
Establishing overwhelming business competitiveness
Key themes: -Business and revenue structure reform -Preparation for mid-term growth
through the concentration of cross-group synergy and innovation
FY2011 proactive management
Creation of “Powerful Products” and “Powerful Factories”
■ ■The Themid-term mid-termmanagement managementplan planwill willbe berevised revisedand andmade made
public publicwhen whenfuture futureprospects prospectsbecome becomeclearer. clearer.
Copyright (C) 2011 ESPEC CORP. All rights reserved
32
New midterm management plan
These Thesematerials materialscontain containforward-looking forward-lookingstatements, statements,including includingthe the Company’s Company’spresent presentplans plansand andforecasts forecastsof ofperformance, performance,that that reflect the Company’s plans and forecasts based on the reflect the Company’s plans and forecasts based on the information informationpresently presentlyavailable. available.These Theseforward-looking forward-lookingstatements statements are arenot notguarantees guaranteesof offuture futureperformance, performance,and andplans, plans,forecasts, forecasts, and andperformance performanceare aresubject subjectto tochange changedepending dependingon onfuture future conditions conditionsand andvarious variousother otherfactors. factors.
INQUIRIES: ESPEC CORP. 3-5-6, Tenjinbashi, Kita-ku, Osaka 530-8550, Japan TEL: 81-6-6358-8820 FAX: 81-6-6358-6382 E-mail:
[email protected] Keiji Oshima General Manager General Affairs & Personnel Department Yo Hirao Corporate Services Group General Affairs & Personnel Department Copyright (C) 2011 ESPEC CORP. All rights reserved
33
Reference
Copyright (C) 2011 ESPEC CORP. All rights reserved
1
Company and Business Profile
Copyright (C) 2011 ESPEC CORP. All rights reserved
2
Company Profile
Company Profile Name
ESPEC CORP.
Head Office
3-5-6, Tenjinbashi, Kita-ku, Osaka
Represented By
Masaaki Ishida
Established
July 25,1947
Incorporated
January 13,1954
Paid-up Capital
¥6,895Million
Shares Issued
23,781,394 Shares
Employees
1,298 (consolidated)
Main Business
Manufacture and Sales of Environmental Test Chambers, Semiconductor Equipment, FPD Equipment and Vegetation Factories, After-sales Service and Commissioned Tests （As of March 31, 2011）
Copyright (C) 2011 ESPEC CORP. All rights reserved
3
Company Profile
Global Network
U.S.A. U.S.A.
EU EU
●ESPEC ●ESPEC NORTH NORTH AMERICA, AMERICA, INC. INC.
△ESPEC △ESPEC EUROPE EUROPE GmbH GmbH
ASIA ASIA
JAPAN JAPAN
●SHANGHAI ●SHANGHAI ESPEC ESPEC ENVIRONMENTAL ENVIRONMENTAL EQUIPMENT CORP. EQUIPMENT CORP. ○GUANGZHOU ○GUANGZHOU ESPEC ESPEC ENVIRONMENTAL ENVIRONMENTAL EQUIPMENT EQUIPMENT CO., CO., LTD. LTD. ●ESPEC ENVIRONMENTAL ●ESPEC ENVIRONMENTAL EQUIPMENT EQUIPMENT (SHANGHAI) (SHANGHAI) CO., CO., LTD. LTD. △ESPEC △ESPEC TEST TEST TECHNOLOGY TECHNOLOGY (SHANGHAI) (SHANGHAI) CO., CO., LTD. LTD. ●ESPEC ●ESPEC （CHINA） （CHINA） LIMITED LIMITED ●ESPEC KOREA CORP. ●ESPEC KOREA CORP. △ESPEC △ESPEC （MALAYSIA） （MALAYSIA） SDN. SDN. BHD BHD
●ESPEC ●ESPEC CORP. CORP. ●ESPEC ●ESPEC TECHNO TECHNO CORP. CORP. ●ESPEC KYUSHU CORP. ●ESPEC KYUSHU CORP. ●ESPEC ●ESPEC MIC MIC CORP. CORP. △MIC FARM OHGUCHI △MIC FARM OHGUCHI CORP. CORP.
●: Consolidated Subsidiaries ○: Equity Method Applied Affiliated Companies △：Unconsolidated Subsidiaries
(As of March 31, 2011) Copyright (C) 2011 ESPEC CORP. All rights reserved
4
Environmental Test Business
History of Environmental Test What is Environmental Test Test to analyze and evaluate effects of environmental factors such as temperature, humidity, pressure, and light on various industrial products like electronic components in order to ensure product quality.
Environmental test was standardized in the United States for stabilizing and improving quality of military supplies.
Environmental test was JIS standardized in Japan for stabilizing and improving quality of consumer products.
Demand for environmental test has increased due to increased use of electronic parts, shortened development period, and pursuit for lower cost and higher quality.
Japan's Japan's First First Environmental Environmental Test Test Chamber Chamber
To To domestic domestic market market share share No. No. 11
OTHER 42%
Low temperature & humidity chamber "Lucifer" (1961) Copyright (C) 2011 ESPEC CORP. All rights reserved
ESPEC 58%
※Based on company estimates (2009)
5
Temperature & humidity chamber "Platinous K series" (1997)
Equipment Business
[Equipment Business] Usage Case with Environmental Test Chamber Car Navigation (GPS) ＥＣＵ
ＣＣＤ Secondary Cell
Compact Size Motor
Secondary Cell (Battery) Power Device In-vehicle Sensor
ＬＥＤ ＥＣＵ Representative Examples for Environmental Testing Device
Process/Test Condition
【Power Device】 Inspection
【In-vehicle Sensor】
Inspection
Evaluation
【CCD／CMOS】
In-vehicle Sensor
Production
Evaluation
Inspection
Our Products
■Thermal shock test：−40℃⇔＋125℃
Thermal shock chamber
■left under high temperature：＋175℃、＋85℃
（Compact size） Oven
■Burn-in test
Burn-in chamber
■Temperature cycle test of board：−40℃⇔＋110℃
Temperature & humidity chamber （Platinous） /Oven
■ Temperature characteristic test after soldering： Linear change between -30℃ and +85℃
Burn-in chamber, Rapid-rate thermal cycle chamber
■ Thermal shock test ： −30℃⇔RT⇔＋80℃、 −55℃⇔＋155℃
Thermal shock chamber
■ Diffusion Test: +150℃
Compact size Oven
■ Drying after cleaning: +85℃
Clean Oven
■Screening：＋85℃
Temperature chamber (Platinous）／Burn-in chamber
■Temperature and humidity test：＋85℃／＋85％ｒｈ、＋60℃／90％ｒｈ
Temperature & humidity chamber （Platinous）
■Acceleration test：＋120℃／100％ｒｈ
HAST chamber
Thermalreserved shock test ：−40℃⇔＋125℃、−20℃⇔＋85℃ Copyright (C) 2011 ESPEC CORP. All■rights 6
Thermal shock chamber
Equipment Business
[Equipment Business] Usage Case with Semiconductor Equipment Screening Used for inspection in the manufacture of semiconductor devices to ensure product reliability suitable for mass production Semiconductors
Heat load
Burn-in chamber
× × ×
Elimination of latent early failures
Reliability Evaluation Used to evaluate basic failure patterns to ensure reliability in the development of new technologies Example of defect in soldered joint PCB
Heat cycle load
Crack in solder
Electrical evaluation of reliability of joints in electronic parts Copyright (C) 2011 ESPEC CORP. All rights reserved 7 Conductor resistance evaluation system
Equipment Business
[Equipment Business] Usage Case with FPD Equipment
Orientation film baking process
Drying/Anneal Transparent electrode formation process Bake Protection film formation process Pre bake /Post bake
R,G,B Process Pre bake /Post bake
BM Process
Drying
Resist spreading process
Pre bake
Exposure and Development process
Pre bake
TFT process
Anneal
Seal stiffening process
Module Process
Assembly Process
Completion Completion
Cleaning process
8 【 CORP. ArrayAllProcess 】 Copyright (C) 2011 ESPEC rights reserved
TFT TFT substrate substrate Source Source Glass Glass
Lamination CF substrate Source Source Glass Glass
【Cell Process】 【 Color Filter Process 】
【Single Loading Plate Processing System Vertical Clean Oven】
Service Business
[Service Business] After Service and Engineering Preventive maintenance of products, maintenance service, and the upgrading/improvement and installation/relocation of products ■ Well-developed domestic and overseas networks ■ Technical service available around-the-clock
Commissioned Test and Facility Rental Commissioning of testing, analysis, and evaluation; consulting; equipment rental; sales of used products; calibration of test equipment, etc. ■ The company has four commissioned test centers in Japan (Utsunomiya, Toyota, Kariya and Kobe). - These centers are IECQ-approved independent testing laboratories that meet ISO/IEC17025 standards. -The centers are also recognized as official calibration facilities under the Japan Calibration Service System (JCSS).
【 Test conducted by a staff member】
【Commissioned test center in Kobe】 Copyright (C) 2011 ESPEC CORP. All rights reserved
9
Other Businesses
[Other Business] Forest Recovery
Waterfront Recovery
■Seedling-based forest recovery technology
■Bestmann plant-based waterfront recovery system
Recovery of local forest by selecting species and planting out seedlings using potential natural vegetation data.
Reconstruction of natural environment, development of vegetative revetments, and water quality improvement using aquatic plants.
Urban Greening ■ Unit greening system Provision of roof and wall greening systems that use moss to effectively alleviate heat island effect.
１１
Copyright (C) 2011 ESPEC CORP. All rights reserved
Plant Factory ■Plant production and propagation system Provision of various cultivation environments employing advanced environmental control １１ temperature, humidity, technologies to control light, carbon dioxide, etc.
10
Other Businesses
[Other Business] Usage Case with plant factory Plant factories are attracting greater attention against the backdrop of the growing awareness of food safety/security among consumers and because of concern over the increase of extreme weather, which is considered a by-product of global warming.
Vegetable Vegetable growing growing system system “PLANTCELLAR” “PLANTCELLAR” ■This product employs a hydroponic culture system that grows vegetables in a cleaner environment without soil. ■ Due to its compact size, this product fits comfortably into limited space within a restaurant or store. ■ Vegetables of uniform quality can be easily grown even without specialized knowledge. Cool air unit
Control panel Stirring fan Cultivation tray - Vegetables are cultivated hydroponically through use of liquid fertilizers. - This product can be also used for organic cultivation using a soil medium.Stirring fan Artificial lighting - Fluorescent lamp + LED lighting (blue, red, white…)
Liquid fertilizer tank Magnetic pump Copyright (C) 2011 ESPEC CORP. All rights reserved
11
Artificial lighting: Fluorescent lamp + LED lighting (red)
Vegetables that can be grown using the PLANTCELLAR -Leafy vegetables, such as leaf lettuce and Boston lettuce - Herbs, such as basil and Italian parsley
Achievement and Financial Data
Copyright (C) 2011 ESPEC CORP. All rights reserved
12
Achievement and Financial Data
Trends in Orders Received (Segment) Other Business Service Business(Electronic Device Business)
(millions of yen)
40,000
Equipment Business(Environmental Test Business) Elimination
43,248 493 （1％） 12,092 （28％）
30,000
Segment Change
40,761 1,049 （3％） 9,141 （22％）
1,104 （3％） 6,294 （20％）
20,000 10,000 0
30,891 （72％）
30,711 （75％）
△ 229
△ 140
07/3
08/3
24,894 （78％）
△ 10,000 Copyright (C) 2011 ESPEC CORP. All rights reserved
30,924
32,106
13
22,989 942 （4％） 2,755 （12％）
1,170 （4％） 5,320 （17％）
19,499 （84％）
24,557 （79％）
△ 187
△ 209
△ 124
09/3
10/3
11/3
Achievement and Financial Data
Trend in Sales (Segment) Other Business Service Business(Electronic Device Business) Equipment Business(Environmental Test Business) (millions of yen)
40,000
42,595 911 （2％） 11,780 （28％）
30,000
40,918
Elimination
1,002 （3％） 9,590 （22％）
34,914 980 （3％） 8,208 （24％）
20,000 10,000 0
30,277 （71％）
30,463 （75％）
△ 374 07/3
△ 138 08/3
25,911 （74％）
△ 186 09/3
△ 10,000 Copyright (C) 2011 ESPEC CORP. All rights reserved
14
Segment Change
29,589 23,775 1,052 （4％） 3,927 （17％） 18,978 （79％） △ 182 10/3
1,158 （4％） 5,027
23,529 （79％） △ 125 11/3
Achievement and Financial Data
Trends in Operating Income and Operating Income to Sales (Segment) Other Business
Service Business(Electronic Device Business) Equipment Business(Environmental Test Business) Elimination
(millions of yen)
4,000
3,930 397
2,000
3,129
9.2 3,538
1,000 Elimination
2 △7
Other
Elimination
△1
509 39 1.5 747 △ 275
24
08/3
Copyright (C) 2011 ESPEC CORP. All rights reserved
1,391 263 △738 Other 15 Elimination △ 0 △ 533
Elimination
△ 1,000 07/3
12.0
Segment Change
7.6 2,914
0
16.0
Other
43 171
3,000
（％）
Operating income to sales (full year)
09/3 15
4.7 1,202 Elimination Other △
△ 3.1
1
4.0 0.0
77
△ 220
10/3
8.0
△ 4.0
11/3
Achievement and Financial Data
Trends in Ordinary Income and Ordinary Income to Sales （％）
(millions of yen)
Ordinary Income
5,000 4,000
Ordinary Income to sales
4,049
16.0 2,971
3,000 2,000
20.0
9.6
12.0 1,683 5.7
7.3 766
1,000
8.0 4.0
2.2
0
0.0 △ 2.4 △ 565
△ 1,000 07/3
08/3
Copyright (C) 2011 ESPEC CORP. All rights reserved
09/3
16
10/3
△ 4.0 11/3
Achievement and Financial Data
Trends in Net Income and Net Income Ratio (millions of yen)
3,000
2,523
2,000 5.9
1,000
（％）
Net Income Net Income Ratio
15.0 1,654 5.6
1,216
5.0
3.0
0
0.0
△ 1.6 △ 561
△ 1,000 △ 2,000
△ 5.0 △ 10.0
△ 11.1 △ 2,630
△ 3,000 07/3
08/3
Copyright (C) 2011 ESPEC CORP. All rights reserved
10.0
09/3
17
10/3
△ 15.0 11/3
Achievement and Financial Data
Trends in Orders by Quarter （Segment） O t h e r Bu sin e ss S e r vic e Bu sin e ss(Ele c t r o n ic De vic e Bu sin e ss) Equ ipme n t Bu sin e ss(En vir o n me n t al Te st Bu sin e ss)
(millions of yen)
1 6 ,0 0 0 1 4 ,0 0 0 1 1 ,5 9 5
1 2 ,0 0 0 1 0 ,0 0 0 8 ,0 0 0 6 ,0 0 0 4 ,0 0 0 2 ,0 0 0 0
1 2 ,5 0 3 226
Segment Change
12,176 222
1 1 ,0 3 2 11 ,20 3 152 271 3 ,5 7 9 9 ,8 5 8 9 ,4 1 8 9 ,4 4 1 22 0 4 ,6 3 5 4 ,1 1 7 3 ,2 0 0 2 56 3 1 7 8 ,9 6 0 8 ,3 7 8 285 3 ,3 7 6 1 , 3 9 91 , 7 0 2 2 ,3 5 1 164 1 ,5 1 0 9 1 8 7 ,0 7 6 291 694
8 ,4 9 0 7 ,3 3 2 7,871 402 7 ,2 2 9 6 ,4 6 1 21 3 1,235 304 6 ,1 2 0 6,0 48 1 , 3 9 72 5 0 1 ,3 1 3 1 ,3 7 3 1 7 8 2 0 6 44 71 07 835 720 4 ,4 7 3 4 ,3 6 0 426 8 ,7 2 3 7 ,6 8 8 7 ,8 7 3 7 ,4 4 3 7 ,3 4 5 4 8 71 24 91 7 ,7 9 3 7 ,5 3 7 7 ,3 0 8 7 ,3 0 6 7 ,2 3 7 6,886 6 ,2 8 7 6 ,1 1 1 5 ,6 7 5 5 , 5 9 5 5 , 1 7 75 , 1 7 1 5 ,7 0 8 4 , 1 3 13 , 5 5 5
△186
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 07/3
09/3
08/3
Copyright (C) 2011 ESPEC CORP. All rights reserved
18
10/3
11/3
Achievement and Financial Data
Trends in Sales by Quarter （Segment） O th e r Bu sin e ss (millions of yen)
S e r vic e Bu sin e ss(Ele c tr o n ic De vic e Bu sin e ss)
16,000
Equ ipme n t Bu sin e ss(En vir o n me n t al Te st Bu sin e ss)
14,369 420
14,000 12,000
151
7,813
2 ,5 61
172
7,767
6,000
10,516 2,636 335 2 ,2 96
4,000
5 ,40 1
6 ,2 35
9,333
2,366
469
518
187 1 ,8 0 4
7,337 2 ,4 84 182 1 ,5 5 3
2 ,2 50
5,154
5,009
4,279 1 0 6 1 4 9
1 0 ,18 2 8 ,4 5 9
9,175
7,885
1 ,8 83
2 ,39 2
141
9,290
2,775
8,923
Segment Change
278
218
3 ,0 1 5
158
11,352
3,812
182
10,000 8,000
12,462
11,536
8,523 5 ,7 71
379
9,470
6 ,6 99
8,031 5 ,9 0 5
6 ,3 61 5 ,6 1 2
278 537
759 6 ,6 33
4 ,7 07 4,159 3 ,4 7 8
2,000
10,112 588
7,974 214
1 ,52 7
1 , 2 8 3 6,560 188 4,942 1,178 166 1 ,0 3 9 8 ,02 0 6 ,5 1 7 5,224 3 ,7 6 7
0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 07/3
08/3
Copyright (C) 2011 ESPEC CORP. All rights reserved
09/3
19
10/3
11/3
Achievement and Financial Data
Trends of financial ratios （％）
15.0
Return on equity ROE
1.5
ROA
1.2
6.1
6.7
0.92
8.3
1.9
3.9
0.0
△ 1.5
0.9
4.6
0.81
0.65
0.3
△ 9.5
△ 10.0 △ 15.0
0.0 07/3
08/3
09/3
10/3
11/3
07/3
Liquidity ratio/Current ratio Quick assets to current liabilities ratio
70
315.5 278.3
300
Fixed assets ratio
60
233.5
69.1
11/3
Shareholders equity ratio 76.0
70.6
72.4
54.0
267.1 48.1
50
45.9
225.3
45.4 41.0
195.9
40
07/3
150 07/3
10/3
312.4 277.8
200
09/3
75.0
362.2
336.6
350
80
08/3
Fixed assets ratio Shareholders’ equity ratio
（％）
Liquidity ratio/Current ratio Quick assets to current liabilities ratio
250
0.85
0.96
0.6
△ 1.9
△ 5.0
（％）
Total assets turnover
（Times）
9.2
10.0 5.0
Return on assets
08/3
09/3
10/3
Copyright (C) 2011 ESPEC CORP. All rights reserved
11/3
20
08/3
09/3
10/3
11/3
Achievement and Financial Data
Trends of investment index Price to earnings ratio Price to book value ratio （Times）
PER
40
（Yen）
PBR
30
2.0
Cash dividends per share ※This contain 2 yen as commemorative dividend 24 ※
22
1.5
30
1.1 20
10
15
14
19.6 0.8
1.0
0.7
10
0.6
0.4
13.9
※
20
8
（計画）
0.5
9.9 Net loss
0 07/3
08/3
09/3
60
46.7
07/3
11/3
Dividend payout ratio
（％）
0
0.0 10/3
(millions of yen)
40,000
35,114
30,000
23,614
20.6 21.4
20
10/3
11/3
23,701
23,731
24,000
23,731
18,913
20,000
23,890
(Thousands of share) 26,000
Total market value Number of shares outstanding (After treasury stock subtraction)
50,000
40
09/3
Total market value Number of shares outstanding
60,000
60 Dividend paid despite net loss
08/3
23,460
16,258
10,000 10,679
0
0 07/3
08/3
09/3
10/3
07/3
11/3
Copyright (C) 2011 ESPEC CORP. All rights reserved
21
08/3
09/3
22,000
10/3
11/3
Achievement and Financial Data
Trends of investment (millions of yen)
Capital expenditures
Depreciation expenses
(millions of yen) 1,200
2,000
1,534
1,000
1,097
1,098
955
866
1,500 800
1,051 1,000
703
600
784
500
317
400
421
200
0
0 07/3
08/3
09/3
10/3
(millions of yen)
07/3
11/3
08/3
R&D expenditures
3,000
2,543 2,500
1,988
2,000
1,506
1,500
870
1,000
1,092
500 0 07/3
Copyright (C) 2011 ESPEC CORP. All rights reserved
08/3
22
09/3
10/3
11/3
09/3
10/3
11/3
