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©2013 Topcon Corporation
July 31, 2013 TOPCON CORPORATION President & CEO Satoshi Hirano
In this presentation, “FY2013”refers to the year ending March 31, 2014.
FY2013 1Q Financial Results
©2013 Topcon Corporation 1
CONTENTS
FY2013 1Q Financial Results
FY2013 1Q Financial Results
Ⅳ Appendix
Ⅲ FY2013 Full Year Forecast
Ⅰ New Organization
Ⅱ
©2013 Topcon Corporation 2
Ⅰ. New Organization
©2013 Topcon Corporation
★内田 憲男
New Organization <Shifting from “Reform※1” to “Enhancement※2”>
TOPCON
Eye Care Company
Smart Infrastructure Company
Positioning Company
3 in-house companies
FY2013 Forecast
3
Net Sales ¥33.0 billion Operating Income ¥4.8 billion
FY2013 Forecast FY2013 Forecast
★Yasufumi Fukuma ★Shigeyuki Sawaguchi
★Satoshi Hirano
★Raymond O'Connor
Net Sales ¥43.0 billion Operating Income ¥4.0 billion
Net Sales ¥38.0 billion Operating Income ¥4.2 billion
Monitoring Diagnostic evaluation of
deteriorated infrastructure/ Disaster prevention system
Survey/Construction
Infrastructure building in emerging countries
IT Construction Automation of construction work
IT Agriculture Applied IT agriculture
and increase of productivity
Ophthalmology Total solutions in response to increase of eye diseases
caused by aging society
※1 Reform = business restructuring ※2 Enhancement = business growth
©2013 Topcon Corporation 4
Ⅱ. ・ FY2013 1Q Financial Results
・ Overview of Each Company
FY2013 1Q Financial Results
©2013 Topcon Corporation
-2
-1
0
1
2
3
0
10
20
30
FY2008/1Q FY2009/1Q FY2010/1Q FY2011/1Q FY2012/1Q FY2013/1Q
Net Sales(billion yen)
Operating Income(billion yen)
Net Sales
Operating Income
Topic <1Q resulted in profitability, both sales and profits significantly improved>
Trends of 1Q Financial Results
Contributors
5
-0.9
0.7 +1.6
・New product launch
・Business restructuring
・Fluctuation in exchange
©2013 Topcon Corporation
FY2013 1Q Financial Results <Our profitability significantly improved >
[Consolidated] FY2012/1Q FY2013/1Q
Actual Actual YoY
Net Sales 20,539 24,064 3,525 Gross Profit (Gross Profit Ratio)
8,274 (40.3%)
11,145 (46.3%) 2,871
SGA 9,169 10,437 1,268 Operating Income(Loss) (Operating Income Ratio)
-895 (-4.4%)
708 (2.9%) 1,603
Non-Operating Expenses -689 -54 635
Ordinary Income(Loss) -1,585 653 2,238 Extraordinary Income(Loss) -70 -104 -34 Income (Loss) Before Income Taxes and Minority Interests -1,655 549 2,204
Net Income -1,526 55 1,581
Exchange Rate (Average)
US$ ¥80.40 ¥97.94 ¥17.54
EUR ¥103.35 ¥127.35 ¥24.00
6
(unit: million yen)
©2013 Topcon Corporation
FY2013 1Q Financial Results by Company <All Companies made significant improvements in profitability>
[Consolidated] FY2012/1Q FY2013/1Q
Actual Actual YoY
Net Sales
Smart Infrastructure 5,950 6,759 809 Positioning 8,354 10,669 2,315 Eye Care 6,383 7,457 1,074 Others 2,341 1,574 -767 Elimination -2,490 -2,396 93 Total 20,539 24,064 3,525
Operating Income
(Operating Income Ratio)
Smart Infrastructure 160 (2.6%)
447 (6.6%) 287
Positioning -80 (-1.0%)
752 (7.0%) 832
Eye Care -370 (-5.8%)
21 (0.3%) 391
Others -218 (-9.3%)
-44 (-2.8%) 174
Goodwill Amortization -385 -468 -83
Total -895 (-4.4%)
708 (2.9%) 1,603
7
(unit: million yen)
©2013 Topcon Corporation
Domestic and Overseas Sales (YoY) 〈New product launch contributed to the sales growth〉
FY2012/1Q
FY2012/1Q
FY2012/1Q FY2013/1Q FY2013/1Q
FY2013/1Q
- POC : OEM business grew significantly (160%)
- ECC : 3D OCT sold well (130%) - POC sales increased
- SIC sales in the Middle East increased (140%) - All companies improved net sales
122% 138%
115%
8
North America
Europe
Others
¥2.3B
¥6.5B ¥5.5B ¥4.5B ¥4.7B
¥2.0B
Japan
FY2012/1Q FY2013/1Q
- SIC : Sales grew due to special reconstruction demand (120%)
¥4.1B ¥3.6B
112%
China
FY2012/1Q FY2012/1Q FY2013/1Q FY2013/1Q
- All Companies improved net sales - SIC: Products manufactured locally sold well (160%)
¥1.2B ¥2.6B ¥1.0B ¥2.1B
115% 124%
・ SIC=Smart Infrastructure Company/ POC=Positioning Company/ ECC=Eye Care Company
Asia/Oceania
・ Net sales of former Finetech business are excluded from figures above
©2013 Topcon Corporation 9
Ⅱ. ・ FY2013 1Q Financial Results
・ Overview of Each Company
FY2013 1Q Financial Results
©2013 Topcon Corporation
ー Risk factor Sluggish market in in Europe
Positive factors Domestic sales increased due to expanding procurement in special
reconstruction works in Tohoku region and popularization of IT construction (YoY 120%)
Sales and profits increased due to the improvement of cost competitiveness by manufacturing TS*1 in China
(local procurement ratio is 98%) New product launch (MDTS*2) contributed to sales increase
Overview of Each Company
FY2012/1Q Actual
FY2013/1Q Actual YoY FY2013
Full Year Forecast
Net Sales 5,950 6,759 +809 33,000 Operating Income (Operating Income Ratio)
160 (2.7%)
447 (6.6%) +287
4,800 (14.5%)
Review of FY2013 1Q Financial Results
10
(unit: million yen)
*1 TS= Total station *2 MDTS= Motor driven total station
©2013 Topcon Corporation
FY2012/1Q Actual
FY2013/1Q Actual YoY FY2013
Full Year Forecast
Net Sales 8,354 10,669 +2,315 43,000 Operating Income (Operating Income Ratio)
-80 (-1.0%)
752 (7.0%) +832
4,000 (9.3%)
ー Risk factor Sluggish market in Europe and China
Positive factors OEM business for construction fully advanced (YoY 160%) In IT Agriculture business, strong sales in OEM and new
products (YoY 140%)
11
Review of FY2013 1Q Financial Results
Overview of Each Company (unit: million yen)
©2013 Topcon Corporation
FY2012/1Q Actual
FY2013/1Q Actual YoY FY2013
Full Year Forecast
Net Sales 6,383 7,457 +1,074 38,000 Operating Income (Operating Income Ratio)
-370 (-5.8%)
21 (0.3%) +391
4,200 (11.1%)
Positive factors 3D OCT-1 Maestro sold well all over the world Some products including retinal cameras acquired FDA
approval and sales in the U.S have begun to regain Profitability improved by launching common platform products
(which lowered COGS 25%)
ー Risk factor Sluggish market in Europe and China
12
Overview of Each Company
Review of FY2013 1Q Financial Results
(unit: million yen)
©2013 Topcon Corporation 13
FY2013 Full Year Forecast Ⅲ.
Ⅲ-1. FY2013 Full Year Forecast Ⅲ-2. Strategic Plans for 2Q-4Q
Ⅲ-3. Summary
©2013 Topcon Corporation
[Consolidated]
FY2012 FY2013
1H Full Year 1H Full Year April 26,2013
Actual Actual Forecast YoY(%) Forecast YoY(%) Announcement
Net Sales 46,121 97,345 52,000 113% 110,000 113% 110,000
Operating Income (Operating income Ratio)
1,505 (3.3%)
5,214 (5.4%)
3,500 (6.7%)
233% 11,500 (10.5%)
221% 11,500 (10.5%)
Ordinary Income 486 3,471 2,800 576% 10,000 288% 10,000
Net Income (Loss) -1,221 511 1,200 ―% 5,000 978% 5,000
ROE 1.3% 10.3% 10.3%
ROIC 3.8% 9.5% 9.5%
Dividends ¥2 ¥6 ¥5 ¥10 ¥10
Exchange Rate
(Average)
US$ ¥79.43 ¥83.23 ¥94.53 ¥92.44 ¥90
EUR ¥101.12 ¥107.57 ¥124.20 ¥122.26 ¥120
14
(unit: million yen)
Assumed exchange rate after FY2013 2Q to 4Q is ¥90/US$, ¥120/EUR
Full Year Forecast
©2013 Topcon Corporation
[Consolidated] FY2012 FY2013
1H Full Year 1H Full Year April 26,2013
Actual Actual Forecast YoY(%) Forecast YoY(%) Announcement
Net Sales
Smart Infrastructure 13,734 29,839 15,000 109% 33,000 111% 33,000
Positioning 17,437 37,824 21,000 120% 43,000 114% 43,000
Eye Care 14,478 31,073 18,000 124% 38,000 122% 38,000
Others 5,728 9,262 3,000 52% 7,000 76% 7,000
Elimination -5,256 -10,653 -5,000 -11,000 -11,000
Total 46,121 97,345 52,000 113% 110,000 113% 110,000
Operating Income
(Operating Income Ratio)
Smart Infrastructure
1,472 (10.7%)
4,126 (8.8%)
1,600 (10.7%) 109% 4,800
(14.5%) 116% 4,800 (14.5%)
Positioning 538 (3.1%)
1,413 (3.7%)
1,500 (7.1%) 279% 4,000
(9.3%) 283% 4,000 (9.3%)
Eye Care 483 (3.3%)
1,563 (5.0%)
1,200 (6.7%) 248% 4,200
(11.1%) 269% 4,200 (11.1%)
Others -219 (-3.8%)
-269 (-2.9%)
0 (0%) ―% 100
(1.4%) ―% 100 (1.4%)
Goodwill Amortization -769 -1,618 -800 -1,600 -1,600
Total 1,505 (3.3%)
5,214 (5.4%)
3,500 (6.7%) 233% 11,500
(10.5%) 221% 11,500 (10.5%)
15
Business Forecast by Company (unit: million yen)
©2013 Topcon Corporation 16
FY2013 Full Year Forecast Ⅲ.
Ⅲ-1. FY2013 Full Year Forecast Ⅲ-2. Strategic Plans for 2Q-4Q Ⅲ-3. Summary
©2013 Topcon Corporation
Strategic Plans for 2Q-4Q 1. Smart Infrastructure
■ Serve for growing needs of special reconstruction works in Tohoku region Develop new products such as BIM for construction and enter into new business field
■
■ Launch new products for European and U.S. markets
0.1 0.4
17
©2013 Topcon Corporation
New Product Launch
18
Total Stations
3D Measurement and others
Jan Apr Jul Mar Oct Jan 2013 2014
DS/DX Compact and auto aimingTS※1
ES/OS Basic TS※1
RL-200 L1/RL-200 L2 Durable and accurate RL※2
※1 TS = Total Station
※2 RL = Rotating Laser
For the U.S. and European markets
For the U.S. and European markets
For the U.S. and European markets
For BIM market, Revolution in construction industry!
©2013 Topcon Corporation
■ Increase sales in the U.S. market, currently in favorable trend
2. Positioning
Accelerate OEM business for both construction and agriculture equipment manufacturers
■
Launch strategic products for Asian market (such as affordable models of GPS and MC products)
■
0
0.7
19
Strategic Plans for 2Q-4Q
90
92
94
96
98
100
Apr
May Jun
Jul
Aug
Sep
Oct
Nov
Dec Jan
Feb
Mar
Apr
May Jun
Jul
Aug
Sep
Oct
Nov
Dec Jan
Feb
Mar
Apr
May Jun
Jul
Aug
Sep
Oct
Nov
Dec Jan
Feb
Mar
Apr
May
FY2010 FY2011 FY2012 FY2013
Dodge Construction Index
Trends of construction contracts in North America
120%
FY2010 FY2011 FY2012 FY2013
©2013 Topcon Corporation
Expansion of OEM Business
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1QFY2011 FY2012 FY2013
280%
OEM Sales Trends (from FY2011 1Q to FY2013 1Q)
Construction Equipment
Agricultural Equipment
20
©2013 Topcon Corporation
GPS
MC & AG※
※ MC=Machine Control AG=Agriculture
GR-5+ GNSS receiver with advanced tracking technology
AGI-4 The world’s smallest auto steering system
21
New Product Launch
Jan Apr Jul Mar Oct Jan 2013 2014
GNSS receiver for Asian market
MC system for Asian market
©2013 Topcon Corporation
3. Eye Care
■ Maximize profitability by launching common platform products (lowered COGS 25%)
■ Increase sales of treatment products by launching new PASCAL (150%)
■ Expand 3D OCT sales all over the world ■ Acquire FDA approval sequentially and regain sales in the U.S.
-0.3 0.02
22
Strategic Plans for 2Q-4Q
©2013 Topcon Corporation
3D OCT Sales Growth
23
1Q 2Q 3Q 4Q 1Q
3D OCT Global Sales Trends (unit: Q’ty)
3D OCT-1 Maestro
User friendly! Ultimate standard device = Auto focus/ Auto shoot OCT
FY2012 FY2013
170%
Even in European market was under economic downturn, 3D OCT sales for FY2013 1Q increased 30% compared with FY2012 1Q.
The best solution for the growing checkup markets ! Target Markets ・Optometrists ・Preventive and checkup
World’s First !
(One of the common platform products)
©2013 Topcon Corporation
Examination/Diagnosis
Treatment
FDA Approval (forecast)
3D OCT Maestro Ultimate standard device
PASCAL Synthesis Treatment device for less painfull operation
TRC-NW300
TRC-NW8
PASCAL Synthesis
TRC-50DX
24
New Product Launch Jan Apr Jul Mar Oct Jan 2013 2014
Acquiring FDA approval one after another!
Common Platform
Common Platform
Common Platform Common Platform
Extend product lineup
©2013 Topcon Corporation 25
FY2013 Full Year Forecast Ⅲ.
Ⅲ-1. FY2013 Full Year Forecast Ⅲ-2. Strategic Plans for 2Q-4Q Ⅲ-3. Summary
©2013 Topcon Corporation
-2
0
2
4
0
10
20
30
FY2011/1Q 2Q 3Q 4Q FY2012/1Q 2Q 3Q 4Q FY2013/1Q
Summary <Growth by new product launch and implementation of business reform>
Trends of Financial Results (Quarterly)
-0.9
0.7
26
Net Sales (billion yen) Operating Income (billion yen) Net Sales
Operating Income
+1.6
©2013 Topcon Corporation
Summary
27
We will strive to increase the corporate value to reach the target of ROE20%
by the final year of “Mid-term Business Plan 2015.”
©2013 Topcon Corporation
Ⅳ.
28
Appendix
©2013 Topcon Corporation
5.9
7.7 6.1
10.1
6.7
0.1
1.3
0.7
2.0
0.4 0.0
0.5
1.0
1.5
2.0
0
5
10
15
FY12/1Q 2Q 3Q 4Q FY13/1Q
Net Sales Operating Income
6.3
8.0 6.9
9.8 7.4
-0.3
0.8
0.2
0.8
0.02
-0.5
0.0
0.5
1.0
0
5
10
FY12/1Q 2Q 3Q 4Q FY13/1Q
Net Sales Operating Income
8.3 9.0 8.0
12.5
10.6
0.0
0.6
-0.2
1.0 0.7
-0.5
0.0
0.5
1.0
0
5
10
15
FY12/1Q 2Q 3Q 4Q FY13/1Q
Net Sales Operating Income
20.5 25.5
20.7
30.6
24.0
-0.8
2.4
0.2
3.4
0.7
-1.0
0.0
1.0
2.0
3.0
4.0
0
10
20
30
40
FY12/1Q 2Q 3Q 4Q FY13/1Q
Net Sales Operating Income
29
Financial Results (Quarterly) 1.Consolidated
3.Positioning
2.Smart Infrastructure
4.Eye care
Operating Income(billion yen)
Operating Income(billion yen) Operating Income(billion yen) Net Sales(billion yen) Net Sales(billion yen)
Net Sales(billion yen) Operating Income(billion yen) Net Sales(billion yen)
©2013 Topcon Corporation
49.5 49.3 46.1 51.2 52.0
58.0
0.5 1.5 1.5
3.7 3.5
8.0
0.0
2.0
4.0
6.0
8.0
0
35
70
FY11/1H FY11/2H FY12/1H FY12/2H FY13/1H FY13/2H
Net Sales Operating Income
15.6 16.9 14.4
16.6 18.0 20.0
0.4
1.4
0.4
1.1 1.2
3.0
0.0
1.0
2.0
3.0
4.0
0
5
10
15
20
FY11/1H FY11/2H FY12/1H FY12/2H FY13/1H FY13/2H
Net Sales Operating Income
13.5 14.6 13.7 16.1
15.0 18.0
0.6
1.8 1.4
2.6
1.6
3.2
0.0
1.0
2.0
3.0
4.0
0
5
10
15
20
FY11/1H FY11/2H FY12/1H FY12/2H FY13/1H FY13/2H
Net Sales Operating Income
17.1 17.0 17.4 20.4 21.0 22.0
0.5
0.0
0.5
0.9
1.5
2.5
0.0
1.0
2.0
3.0
0
5
10
15
20
25
FY11/1H FY11/2H FY12/1H FY12/2H FY13/1H FY13/2H
Net Sales Operating Income
30
Financial Results and Forecast (Semiannually) 1.Consolidated
3.Positioning
2.Smart Infrastructure
4.Eye care
Operating Income(billion yen)
Operating Income(billion yen) Operating Income(billion yen) Net Sales(billion yen) Net Sales(billion yen)
Net Sales(billion yen) Operating Income(billion yen) Net Sales(billion yen)
©2013 Topcon Corporation
These materials contain forward-looking statements, including projections of future operating performance. Such statements are based on management’s best judgment, given the materials available to them at the time these statements are made. However, please be aware that actual performance may differ from projected figures owing to unexpected changes in the economic environment in which we operate, as well as to market fluctuations. The original disclosure in Japanese was released on July 31, 2013 at 16:30(GMT+9).
Inquiries: IR Affairs Corporate Communication Dept. TOPCON CORPORATION Tel: +81-3-3558-2532 E-mail: investor_info@topcon.co.jp URL: http: //global.topcon.com/invest/
Cautionary Note regarding Forward-Looking Statements
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