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Results Briefings for
Fiscal 2014 Ended March 2015
May 21, 2015
Securities ID code:6859
www.espec.co.jp
ESPEC CORP.
Table of Contents
Company Profile
Analysis per Segment for the Fiscal 2014 Ended March 31, 2015
Financial Result for the Fiscal 2014 Ended March 31, 2015
Management Plan for the Fiscal Ending March 31, 2016
Reference
Priority Strategies for the Fiscal Ending March 31, 2016
1
Company Profile
Head office
Industry-leading manufacturer of environmental test chambers; 68th year since company was founded in Osaka
2
Name
Head Office
Represented By
Established
Incorporated
Paid-up Capital
Shares Issued
Employees
Main Business
ESPEC CORP.
3-5-6, Tenjinbashi, Kita-ku, Osaka
Masaaki Ishida
July 25,1947
January 13,1954
¥6,895Million
23,781,394 Shares
1,338 (consolidated)
Manufacture and Sales of Environmental Test Chambers, Energy Device Equipment, Semiconductor Equipment, FPD Equipment and Plant Factory. After-sales Service, Commissioned Tests and others.
(As of March 31, 2015)
●ESPEC CORP. ●ESPEC TEST SYSTEM CORP. ●ESPEC KYUSHU CORP. ●ESPEC MIC CORP. △ MIC FARM OHGUCHI CORP.
●SHANGHAI ESPEC ENVIRONMENTAL EQUIPMENT CORP. ●ESPEC ENVIRONMENTAL EQUIPMENT (SHANGHAI) CO., LTD. ●ESPEC TEST EQUIPMENT (GUANGDONG) CO., LTD. △ ESPEC TEST TECHNOLOGY (SHANGHAI) CO., LTD. ●ESPEC (CHINA) LIMITED ●ESPEC KOREA CORP. △ ESPEC SOUTH EAST ASIA SDN. BHD ESPEC ENGINEERING(THAILAND)CO.,LTD※
△ESPEC EUROPE GmbH
●: Consolidated Subsidiaries △: Non-consolidated Subsidiaries
JAPAN
ASIA
E U ●ESPEC NORTH AMERICA, INC.
U.S.A.
Global Network
Consolidated Subsidiaries 10 companies
Global Network
43countries 33companies
Business facilities in Japan:26 Domestic agencies in Japan:48
会社概要
3
※ESPEC ENGINEERING(THAILAND)CO.,LTD
(As of March 31, 2015)
Servicing products, inspection & maintenance, calibration & other technological support ・Established in March 2015 ・Planned to become operational in July 2015
TOPICS
Espec included in “Global Niche Top Companies Selection 100” of the Ministry of Economy, Trade and
Industry (METI)
* A METI initiative to support companies that excel in developing business overseas and are leading Japan’s economy, so as to provide direction for other enterprises and contribute to improving the global competitiveness of Japanese enterprises.
4
Testimonial
Environmental Test Chambers
Global market share 30% or more
Temperature (& Humidity) Chambers
“Platinous J series”
Main Products Market Use Sales composition
(FY2014 )
Equip
ment B
usine
ss
Environmental Test Chambers
・Temperature & humidity chamber
・Walk-in type temperature &
humidity chamber
・Thermal shock chamber
・Vibration combined environmental test system
・Bench-top type temperature & humidity chamber
・HAST chamber
・Electronic component
and equipment market
・Automobile market
・Semiconductor market
・ Medicine, Cosmetics,
Foods and others
・For R & D
・For credibility
and evaluation
・For production
and inspection
Energy Device Equipment
・Advanced battery tester
・LIB electrode oven
・LIB safety evaluation system
・Solar battery evaluation system
・Next generation
automobile
・Secondary batteries
・Power semiconductors
・Fuel cells
・Solar battery
・For R & D
・For credibility
and evaluation
・Safety evaluation
・For production
Semiconductor Equipment
・Burn-in system
・Semiconductor evaluation system
・Instrumentation system
・Semiconductor market
・Automobile market
・For production
and inspection
・For development
and evaluation
FPD Equipment ・Single processing system vertical clean oven
・Low Oxygen Clean Oven (Temperature
Property: Maximum 500℃ )
・LCD market
・ Organic Electro-Luminescence market
・ For production
(Annealing, baking,
drying)
Servic
e
Busine
ss
After-sales Service and Engineering
・ After-sales service
・Construction around equipment ・Electronic component
and equipment market
・Automobile market
・Semiconductor market
――
・For R & D
・For credibility
and evaluation
Commissioned Tests and Facility
Rentals
・Commissioned test ・Resale
・ Equipment rental ・Calibration
Oth
er
Busine
ss
Environmental Engineering Business
Reforestation (Tree planting), Waterfront biotope restoration, urban greening
New Business Plant factory, developing and creating new businesses as a major source of profit
16%
80%
Summary of ESPEC Business (Per Market / Use)
4%
5
Financial Result for the Fiscal 2014 Ended March 31, 2015
6
■Orders received increased year on year in all business segments
■Net sales increased year on year in both domestic and overseas markets
・In Japan, highly versatile standard products sold strongly
Customized products were unable to reach the level achieved in the previous fiscal year,
when they sold briskly
・Overseas, China and Asia exports were firm, and sales at Chinese subsidiaries also increased
In Europe and the U.S., exports to Europe were firm, and U.S. subsidiary reached the level
achieved in the previous fiscal year, when sales were brisk
■Operating income rose 27.3% year on year due to a robust performance
by standard products with high earnings ratios
■Year-end dividend is ¥19 per share, a ¥6 increase from that initially planned; accordingly,
the annual dividend is ¥26 per share
7
Financial Highlights
FY 2013 FY 2014 Rate of
Change
Orders-Received 31,760 36,287 14.3%
Net sales 32,099 33,661 4.9%
Cost of Net Sales 21,367 (66.6%)
21,567 (64.1%)
0.9%
Gross profit 10,731 12,094 12.7%
SG & A 8,654 9,450 9.2%
Operating income 2,077 2,643 27.3%
Ordinary income 2,370 3,044 28.5%
Net income 1,570 2,118 34.9%
Summary of Profits and Losses
(millions of yen)
8
Analysis of Operating Income Increase and Decrease Factor
FY 2013
(millions of yen)
414 139
△247
△432
FY 2014
Sellin
g,
adm
inistra
tive, a
nd
perso
nnel e
xpense
s
Sellin
g, g
enera
l and a
dm
inistra
tive
expense
s
566
Increase and decrease of the
gross profit by the fluctuation of the
net sales
577
Increase and decrease of the gross profit by
the fluctuation of the cost rate
783
Increase of selling, general
and administrative expenses
857
2,643
38
23
Equipment Business
Service Business
Other Business+Elimination
2,077 △796
△113
Com
missio
n
△116
9
Analysis of Assets and Liabilities Increase and Decrease Factor
Assets Liabilities and equity
(millions of yen)
316
798
723
642
2,640
Cash
and d
eposits
Note
s and
accounts re
ceiva
ble
-tra
de
Oth
er c
urre
nt a
ssets
Noncurre
nt a
ssets
Inta
ngib
le a
ssets
In
vestm
ent a
nd o
ther a
ssets
Note
s and a
ccounts
paya
ble
-tra
de
O
ther c
urre
nt lia
bilitie
s
Noncurre
nt lia
bilitie
s
Net a
ssets
3,761
876 196
46,792
386
Merc
handise
and
finish
ed g
oods
221 281
117
43,031
319
Raw
mate
rials
46,792
43,031
3,761
10
FY 2014 FY 2013 FY 2014 FY 2013
Statement of Cash Flow
645
1,818
Incre
ase
in n
ote
s and
accounts p
aya
ble
-tra
de
Oth
er
Tota
l opera
ting c
ash
flow
△463
Cash
divid
ends p
aid
Oth
er
△508
Tota
l financia
l cash
flow
1,314
297 O
ther
△293
Tota
l inve
stment c
ash
flo
w
Effe
ct o
f exchange ra
te c
hange
on c
ash
and c
ash
equiva
lents
(millions of yen)
Depre
cia
tion
△44 Incom
e b
efo
re in
com
e ta
xes
Incre
ase
in in
vento
ries
△62
3,309
△561
Incre
ase
in n
ote
s and
accounts re
ceiva
ble
-tra
de
△799
10 Purc
hase
of p
roperty,
pla
nt a
nd e
quip
ment
and in
tangib
le a
ssets
△728 △784
496
Net d
ecre
ase
in tim
e d
eposits
Incre
ase
in fu
nds
11
Ca
sh
in
Ca
sh
ou
t
Analysis per Segment for the Fiscal 2014 Ended March 31, 2015
12
Segment FY 2013
FY 2014
Rate of Change
Equipment Business
Orders-Received 25,271 29,399 16.3%
Net Sales 25,831 26,992 4.5%
Operating Income 1,625 2,178 34.0%
Service Business
Orders-Received 5,288 5,589 5.7%
Net Sales 5,168 5,541 7.2%
Operating Income 504 430 △14.6%
Other Business
Orders-Received 1,375 1,527 11.1%
Net Sales 1,267 1,350 6.5%
Operating Income △52 34 ー
Elimination
Orders-Received △174 △227 ー
Net Sales △168 △223 ー
Operating Income △0 0 ー
Total
Orders-Received 31,760 36,287 14.3%
Net Sales 32,099 33,661 4.9%
Operating Income 2,077 2,643 27.3%
Performance by Segment (millions of yen)
13
14
FY 2014 Results and FY 2013 Applicable Products
FY 2013
32,099
1,161
373 82
FY 2014
33,661
1,562
Net Sales
2,643
2,077
+566
Operating Income
■ Net sales increased in all businesses ■ The Equipment Business significantly
contributed to the increased operating income
Equipment Business
Service Business
Other Business
FY 2013 FY 2014
553 △73 86
(millions of yen)
Semiconductor Equipment
■In the Japanese market, net sales increased
・With highly versatile standard products, orders-received and net sales both increased from the previous fiscal year
・With customized products, orders-received increased year on year but net sales were unable to reach the level
achieved in the previous fiscal year
■In the overseas market, net sales increased
・Exports to China and other parts of Asia were firm, and sales at Chinese subsidiaries also increased
・Exports to Europe were firm, and the U.S. subsidiary was at about the same level as the previous fiscal year
■ Orders-received and net sales both increased
FPD Equipment
Energy Device Equipment ■Orders won for charge-discharge evaluation systems for secondary batteries for automobiles and for safety
testing equipment
■Power device evaluation systems performed firmly, and orders-received and net sales both increased
■Despite the orders received from certain semiconductor manufacturers and automotive-related manufacturers,
orders-received declined and net sales were mostly unchanged
■There were few large business deals, and orders-received were mostly unchanged, and net sales declined
15
Equipment Business Environmental Test Chambers
FY 2013
FY 2014
Rate of Change
Orders- Received
25,271 29,399 16.3%
Net Sales 25,831 26,992 4.5%
Operating Income
[Profit ratio (%)]
1,625 [6.3%]
2,178
[8.1%] 34.0%
(millions of yen)
Equipment Business
16
Service Business
FY 2013
FY 2014
Rate of Change
Orders- Received 5,288 5,589 5.7%
Net Sales 5,168 5,541 7.2%
Operating Income
[Profit ratio (%)]
504 [9.8%]
430
[7.8%] △14.6%
Commissioned Tests and Facility Rentals
■ The mainstay test consulting business saw growth in the automobile market, and both orders-
received and net sales increased
After-sales Service and Engineering
■ Both orders-received and net sales were mostly unchanged
(millions of yen)
17
Other Business
FY 2013 FY 2014
Rate of Change
Orders- Received 1,375 1,527 11.1%
Net Sales 1,267 1,350 6.5%
Operating Income
[Profit ratio (%)]
△52 [△4.1%]
34
[2.5%] -
■Environmental engineering in reforestation (tree planting) and the plant factory business
performed strongly
■Both orders-received and net sales increased, and earnings also improved from the
previous fiscal year, resulting in the posting of operating profit
Environmental Engineering and Plant Factory
(millions of yen)
18
19
11 12 10 10 10
42 4241 39 41
9 55 5 3
14 1618 22 23
24 24 26 24 23
0%
20%
40%
60%
80%
100%
FY 2010 FY 2011 FY 2012 FY 2013 FY 2014
Other markets
Automobile market
Flat panel display
market
Electronic device and
equipment market
Semiconductor market
Breakdown of Sales by Market
Non-consolidated (Equipment business)
Sales by Region
Overseas sales ratio:38.2%
Total: 33,661million yen
(Overseas sales:13,609million yen)
FY 2013 FY 2014
Overseas sales ratio:40.4%
Total: 32,099million yen
(Overseas sales:12,252million yen)
20
14.1%
3.8%
14.5%
3.1%
1.3%
61.8%
1.3%
FY2013
3.5%
3.5%
2.1%
15.4%
59.6%
1.8%14.1%Taiwan
China
Korea
Europe &AmericaSouth EastAsiaOther
Japan
FY2014
Management Plan for the Fiscal Ending March 31, 2016
21
22
Targets for Consolidated Revenues and Earnings for the Fiscal Ending March 31, 2016
FY 2014 Results FY 2015 Target
Net Sales 33,661 35,000
Operating Income 2,643 2,800
Operating Income Ratio 7.9% 8.0%
(millions of yen)
Business Plan for the Fiscal Ending March 31, 2016
FY 2014 FY 2015 (Plan)
Fiscal
(Results) 2Q Second half Fiscal
Year on Year
(%)
Orders-received 36,287 18,000 18,500 36,500 0.6%
Net sales 33,661 16,000 19,000 35,000 4.0%
Gross profit
[Profit ratio (%)] 12,094
(35.9%) 5,740 (35.9%)
6,660 (35.1%)
12,400 (35.4%)
2.5%
Operating income (loss)[Profit ratio(%)]
2,643 (7.9%)
1,000 (6.3%)
1,800 (9.5%)
2,800 (8.0%)
5.9%
Ordinary income (loss)[Profit ratio(%)]
3,044 (9.0%)
1,100 (6.9%)
1,900 (10.0%)
3,000 (8.6%)
△1.5%
Net Income
[Profit ratio (%)] 2,118
(6.3%) 750
(4.7%) 1,350
(7.1%) 2,100
(6.0%) △0.9%
Capital expenditures 954 790 570 1,360 42.6%
Depreciation expenses 637 392 422 814 27.8%
R&D expenditures 1,013 590 460 1,050 3.7%
Profit Per Share (yen) 91.19 32.47 58.44 90.91 △0.3%
(millions of yen)
23
FY 2014 FY 2015(Plan)
Fiscal (Results)
2Q Second half Fiscal Year on Year
(%)
Orders-received 29,399 14,600 14,900 29,500 0.3%
Net sales 26,992 12,900 15,300 28,200 4.5%
Operating income
[Profit ratio (%)]
2,178
[8.1%] 850
[6.6%] 1,450
[9.5%] 2,300
[8.2%] 5.6%
(millions of yen)
24
Equipment Business
Service Business
FY 2014 FY 2015(Plan)
Fiscal
(Results) 2Q Second half
Fiscal
Year on Year
(%)
Orders-received 5,589 2,900 3,100 6,000 7.4%
Net sales 5,541 2,700 3,100 5,800 4.7%
Operating income
[Profit ratio (%)]
430
[7.8%]
200 [7.4%]
300 [9.7%]
500 [8.6%]
16.1%
(millions of yen)
25
Other Business
FY 2014 FY 2015(Plan)
Fiscal
(Results) 2Q Second half
Fiscal
Year on Year
(%)
Orders-received 1,527 600 600 1,200 △21.4%
Net sales 1,350 500 700 1,200 △11.1%
Operating income
[Profit ratio (%)]
34
[2.5%]
△ 40 [△8.0%]
50 [7.1%]
10 [0.8%]
△70.9%
(millions of yen)
26
15
20
2628
18
9777
50
10
20
30
FY2011 FY2012 FY2013 FY2014 FY2015
Full year 2Q
Dividend per share
(yen)
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.
1,929
1,219
1,570
2,118 2,100
419 348465
605 651
0
1,000
2,000
3,000
FY2011 FY2012 FY2013 FY2014 FY2015
Net income
Total cash dividend
(millions of yen)
Net income and total cash dividend
( 21.9%) (28.6%) (29.6%) (28.5%) (30.8%)
(forecast)
(forecast)
(plan)
8
19
13 13
19
Dividends
27
*Consolidated dividend payout ratio in parentheses.
28
Priority Strategies for the Fiscal Ending March 31, 2016
Priority Strategies for the Fiscal Ending March 31, 2016
Investment of management resource
Strengthen Group alliances to increase sales in overseas markets centered on China
and ASEAN countries
Priority Strategy1
Expand business domains targeting growing and
strategic markets
Priority Strategy2
Provide comprehensive technological services that are useful in increasing the efficiency of the testing business, and develop new products to take the
lead domestically
Priority Strategy3
29
1-1. Increase sales in overseas markets
★Further cultivate the ASEAN market
by strengthening the technological
support of the new Thai company
ASEAN countries
★At the new Thai company
Preparing to start commissioned
testing services in fiscal 2016
ESPEC CORP.
ESPEC SOUTH EAST ASIA(Sales)
★
30
★
★Open a sales base (Turkey)
1-2. Global Support
31
ASEAN technical center (Thailand)
Global Support Desk
ASEAN Europe
India Mexico
ASEAN Support Desk
Offer Japanese-language technical support for Japanese customers
2013~
2015~
1-3. Expand sales in overseas markets
ESPEC CORP.
★Strengthen production capacity and
expand sales of ESPEC TEST
EQUIPMENT (GUANGDONG) CO., LTD
★Expand sales by rebuilding sales system
(Acquire 100% ownership of SHANGHAI
ESPEC ENVIRONMENTAL EQUIPMENT
CORP.)
China
★
32
ESPEC ENVIRONMENTAL EQUIPMENT (SHANGHAI) CO., LTD.(Sales)
SHANGHAI ESPEC ENVIRONMENTAL EQUIPMENT CORP.(Manufacturing)
ESPEC TEST EQUIPMENT (GUANGDONG) CO.,LTD (Manufacturing)
2-1. Expand business domains in growth strategy markets
<Existing Business>
Mainly electronics or automotive
Aerospace
Biomedicine (training rooms,
etc.)
Equipment for pharmaceuticals, cosmetics and food
Medical equipment
Energy device equipment
Materials
33
Enviro
nm
enta
l cre
atio
n te
chnolo
gy
Market:secondary batteries, power
semiconductors, fuel cells, Solar battery
Energy Device Equipment
・Expand the lineup of secondary battery
evaluation equipment
・Enhance commissioned test services
・Expand commission testing services and
verification services at ESPEC's Energy
Device Environmental Test Center
NEW NEW
secondary battery evaluation equipment
LIB safety evaluation system
2-2. Expand business domains in growth strategy markets
34
2-3. Business alliance with TÜV SÜD Japan
35
Secondary batteries for eco cars at ESPEC’s Energy Device Environmental Test Center
One-stop provision of testing and verification services compliant with UN-agreed regulations
Contract date: October 10, 2014
Start full-fledged operation : October 2015
Signing ceremony Energy Device Environmental Test Center
・Expand sales of stability test chambers and walk-in
stability test chambers used for pharmaceuticals
・Expand sales of low-temperature (&humidity)
chambers suitable for preservation testing of foods
2-4. Expand business domains in growth strategy markets
NEW
Low Temperature(&Humidity)Chamber
NEW
36
Food and Drug markets
Market:Pharmaceuticals, Cosmetics, Foods,
medical equipment
Walk-in Stability Test Chamber
2-5. Expand business domains in growth strategy markets
Aerospace related
・Expand sales of customized products
・Bolster commissioned testing services
Replicating the changes in pressure, vibration and temperature
Temperature(Humidity)&Vibration Combined Environmental Test Chamber
Replicating the changes in pressure, vibration and temperature to control pressure
37
3. Win to survive in the domestic environmental testing business
Work on initiatives with other companies to expand the scope of support
for customized products
Responding to customization needs
Enhance customer value
・Strengthen competitiveness through original products and services
・Provide maintenance contracts, inspection, calibration & other general
technological services
38
39
40
These materials contain forward-looking statements, including the Company’s present plans and forecasts of performance, that reflect the Company’s plans and forecasts based on the information presently available. These forward-looking statements are not guarantees of future performance, and plans, forecasts, and performance are subject to change depending on future conditions and various other factors.
INQUIRIES:
ESPEC CORP.
3-5-6, Tenjinbashi, Kita-ku, Osaka 530-8550, Japan
E-mail: [email protected]
Jyunko Nishitani
General Manager
Corporate Communication Department
Natsuko Okawa
Corporate Communication Department
41
Reference
History of 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.
What is Environmental Test
<Today> Demand has been growing in new energy sectors such as secondary batteries and solar batteries.
<1970s–1990s> “Reliability” and “quality control” became important issues in product development. Demand increased dramatically due to a rapid shift toward computerization and the use of electronic components.
<1950s> The environmental test was JIS-standardized in Japan for consumer products.
1961 Japan's First Environmental Test Chamber
To Domestic Market Share No.1
【 Low temperature & humidity
chamber "Lucifer" 】
【 Temperature & humidity chamber
"Platinous J series"
】 42
ESPEC60%
Others40%
Transition in Business Expanding business based on the “environmental creation technology” refined during the course of developing environmental test chambers
Integrated circuit
1965 1975 1985 1995 2005 2015
surface mount
package
large scale integration
LCD
Plug-in Hybrid Electric Vehicle
storage of electricity generation of electricity
43
Busin
ess
expansio
n
1986 Launching the FPD Equipment business
1994 Launching the evaluation system business
2011 Launching the energy device equipment business
1982 Launching the semiconductor equipment business
[Equipment Business] Usage Case with Environmental Test Chambers
44
45
[Equipment Business] Introduction of New Products
Release Date
Name of product Features
2015/2
Low Temperature(&Humidity) Chamber Preservation testing of foods Long-term refrigerated storage testing of pharmaceuticals and cosmetics
2014/11 Thermal Shock Chamber TSA series Build in state-of-the-art controllers to improve operability
2014/11 Advanced Safety Tester Conduct three types of safety testing of rechargeable batteries on one platform
2014/11 Advanced Battery Chamber Next
Constant-temperature bath that can control the temperature of the charge-discharge testing of rechargeable batteries with even higher precision
2014/7 Constant Climate Cabinet ・100 V/15 A usable
2014/7 Compact Ultra Low Temperature Chamber ・Precise control from -85℃ to 180℃
2014/5 Stability Test Chamber/ Walk-in Stability Test Chamber
・Total lineup of 9 models ・Complies with international standards
2013/11 Bench-Top Type Temperature (& Humidity) Chamber
・ Ease of system configuration ・ Enhanced network-based functions
2012/12 Advanced Battery Tester Enhance the product lineup
・Charge-discharge evaluation systems for Secondary batteries ・ Increasing test processing volume and test current
[Equipment Business] TOPICS
Bench-top Type Temperature (and Humidity) Chamber wins 2014 Good Design Award
The Bench-top Type Temperature (and Humidity)
Chamber has followed on from the Platinous J series of
temperature and humidity chambers and won a Good
Design Award.
Design features rated highly were incorporating the
features in a compact body, thereby making the
environmental testing chamber accessible to the
researchers or engineers who use it, and the sense
unified design between the main device and numerous
optional extras.
46
[Equipment Business] Usage Case with Energy Device Equipment
Equipment for ensuring the reliability and safety of lithium-ion secondary
batteries for next-generation vehicles (e.g., hybrid and electric vehicles)
Charge-discharge Cycle Evaluation Equipment
Charge-discharge Cycle Evaluation Equipment Evaluating the performance and life of secondary batteries
Charge-discharge cycle load
Secondary Batteries
Checking the charge-discharge characteristics of secondary batteries
47
[Equipment Business] Usage Case with Semiconductor Equipment
Burn-in chamber
×
Heat load
Elimination of latent early failures
× Semiconductors
Eliminate defective products to maintain initial-period quality at the final
inspection stage of semiconductor device manufacturing
Screening
×
× ×
Conductor resistance evaluation system
Electrical evaluation of reliability of joints in electronic parts
Used to evaluate basic failure patterns to ensure reliability in the development
of new technologies
Reliability Evaluation
Heat cycle load
Example of defect in soldered joint
48
Crack in solder
PCB
[Equipment Business] Usage Case with FPD Equipment
49
Completion
CF substrate
TFT substrate
Pro
tectio
n film
fo
rmatio
n p
rocess
R,G
,B P
rocess
BM
Pro
cess
TFT p
rocess
Exp
osu
re a
nd
Deve
lopm
ent p
rocess
Resist sp
reading
pro
cess
Cle
anin
g p
rocess
Orie
nta
tion film
baking
pro
cess
Asse
mbly P
rocess
Module
Pro
cess
Seal stiffe
ning
pro
cess
Source Glass Lamination
Source Glass
【 Color Filter Process 】
【 Array Process 】
【Cell Process】
Tra
nspare
nt ele
ctro
de
form
atio
n p
rocess
【Single Loading Plate Processing System Vertical Clean Oven】
Dryin
g
Pre
bake
Pre
bake
Anneal
Pre
bake /
Post b
ake
Pre
bake /
Post b
ake
Bake
Dryin
g/Anneal
[Service Business] After–sales Service and Engineering
Commissioned Tests and Facility Rentals
Preventive maintenance of products, maintenance service, and the upgrading/improvement and
installation/relocation of products
■ Speedy response via one of the most extensive networks in Japan
■ Launching new services by utilizing the network function mounted in the equipment
■ Extending support through a full-fledged global framework, with distributors located in many countries
Commissioning of testing, analysis, and evaluation; consulting; equipment rental; sales of used products; calibration of test equipment, etc.
■ Meeting new test needs whenever they arise
・Newly built the industry-first Energy Device Environmental
Test Center (Exclusively for secondary batteries, power
semiconductors, and solar batteries)
・October 2014: Independent German test verification agency
Business alliance with TÜV SÜD Japan to test the safety
and verify services of secondary batteries used in cars
■ 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).
【Energy Device Environmental Test Center】
50
[Service Business] TOPICS
Start the industry-first "5-year Product Guarantee"
51
Temperature & Humidity Chamber
Platinous J Series
Bench-Top Type
Temperature(&Humidity)Chamber
Thermal Shock Chamber
TSA Series
In January 2015, ESPEC started a free 5-year product
guarantee service based on the two key concepts of
“making connections” and “reliability” to build even
stronger relationships of trust with our customers
●Applicable products
[Service Business] TOPICS
The Energy Device Environmental Test Center was established with the latest “first-in-the-world”
equipment developed in-house.
In November 2013, the test center was established at the Utsunomiya Test Center.
This commissioned test center specializes in reliability and safety testing of energy devices.
(energy devices: secondary batteries, power semiconductors, and solar batteries)
External short-circuit testing equipment Capable of handling up to 24 kA current
(the first in the world)
Nail penetration/crush testing equipment Capable of handling cells and battery packs
<Examples of equipment introduced>
52
[Other Business] Environmental Engineering Business
1
■Urban greening
Provision of roof and wall greening systems that use moss to effectively alleviate heat island effect.
■Waterfront biotope restoration
Reconstruction of natural environment, development of vegetative revetments, and water quality improvement using aquatic plants.
Environmental Engineering Business
■Reforestation (Tree planting)
Recovery of local forest by selecting species and planting out seedlings using potential natural vegetation data.
1
Container plant factory
Plant factory
Provision of various cultivation environments employing advanced environmental control technologies to control light, temperature, humidity, carbon dioxide, etc.
Phyto-toron
53
[Other Business] TOPICS
The plant growth facility (100% artificial lighting type) was delivered by ESPEC MIC CORP. in collaboration with other manufacturers. Production of vegetables started to revitalize agriculture and create jobs in the disaster-stricken area.
Toward the reconstruction of areas affected by the earthquake,
Kawauchi Highlands Agricultural Plant Growth Facility started operation
in Kawauchi Village, Fukushima Prefecture.
54
55
Achievement and Financial Data
15,101 16,303 16,137 15,551 17,418
30,924 31,692 30,412 31,760 36,287
0
10,000
20,000
30,000
40,000
50,000
FY 2010 FY 2011 FY 2012 FY 2013 FY 2014
2Q Full year
56
Trends in Orders Received
(million yen)
Trends in Sales
12,916 14,306 14,290 14,039 14,196
29,589 31,906 30,799 32,099
33,661
0
10,000
20,000
30,000
40,000
50,000
FY 2010 FY 2011 FY 2012 FY 2013 FY 2014
2Q Full year
57
(million yen)
550 569
850680
837
1,391
1,828 1,8662,077
2,643
4.75.7
6.1 6.5
7.9
0.0
4.0
8.0
12.0
16.0
0
1,000
2,000
3,000
4,000
FY 2010 FY 2011 FY 2012 FY 2013 FY 2014
2Q
Full year
Operating income to sales (full year)
(%)
58
(million yen)
Trends in Operating Income (loss) and Operating Income to Sales
680 636
876 811953
1,683
2,076 2,1622,370
3,044
5.76.5
7.0 7.4
9.0
0.0
4.0
8.0
12.0
16.0
20.0
0
1,000
2,000
3,000
4,000
FY 2010 FY 2011 FY 2012 FY 2013 FY 2014
2Q
Full year
Ordinary Income to sales (full year)
(%)
59
(million yen)
Trends in Ordinary Income (loss) and Ordinary Income to Sales
776
521618
503 590
1,654
1,929
1,219
1,570
2,118
5.66.0
4.04.9
6.3
0.0
4.0
8.0
12.0
16.0
0
500
1,000
1,500
2,000
2,500
3,000
FY 2010 FY 2011 FY 2012 FY 2013 FY 2014
2Q
Full year
Net Income Ratio (full year)
(%)
60
(million yen)
Trends in Net Income (loss) and Net Income Ratio
6 ,287 5 ,703 7 ,490
5 ,839
6 ,879 6 ,513 6 ,687
5 ,471 6 ,295 6 ,680 6 ,279
4 ,796
6 ,305 6 ,377 6 ,404 6 ,185
6 ,421
7 ,583
7 ,153
8 ,241
1 ,397 1 ,313
1 ,235
1 ,373
1 ,358 1 ,341 1 ,323
1 ,298
1 ,293 1 ,332
1 ,280
1 ,264
1 ,238 1 ,255 1 ,476 1 ,319 1 ,470
1 ,390 1 ,276
1 ,452
213
250
402
304
175 98
341
339 258
353 400
311
251 213 371
540 446
232 260
588
7,871
7,229
8,490
7,396
8,376
7,927
8,320
7,068
7,808 8,329
7,928
6,347
7,757 7,794
8,206
8,003
8,269 9,149
8,637
10,231
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
FY 2011 FY 2013 FY 2010 FY 2012 FY 2014
61
(million yen)
Trends in Orders by Quarter (Segment)
Other Business Service Business Equipment Business
3 ,767
6 ,509 5 ,885
8 ,725
5 ,123 6 ,462 6 ,008
8 ,295
4 ,954 6 ,465
5 ,473
7 ,476
4 ,167
7 ,153
5 ,540
8 ,971
4 ,270
6 ,896
5 ,801
10,023 1 ,039
1 ,283
1 ,178
1 ,527
1 ,060
1 ,426 1 ,199
1 ,614
1 ,133
1 ,312
1 ,228
1 ,528
1 ,036
1 ,270
1 ,197
1 ,665
1 ,177
1 ,417
1 ,274
1 ,672
166
214
188
588
162
128
181
374
140
351
171
702
261
235
190
581
158
395
253
544
4,942
7,974
6,560
10,113
6,317
7,989 7,356
10,244
6,201
8,089
6,837
9,672
5,434
8,605
6,895
11,165
5,573
8,623
7,287
12,177
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
FY 2011 FY 2013 FY 2010 FY 2012 FY 2014
62
Other Business Service Business Equipment Business
(million yen)
Trends in Sales by Quarter (Segment)
0.750.780.790.830.81
0.0
0.3
0.6
0.9
1.2
1.5
FY 2010 FY 2011 FY 2012 FY 2013 FY 2014
(%)
(%)
6 .1
6 .9
4 .15 .0
6 .3
4 .6
5 .4
5 .5 5 .7
6 .8
0.0
2.0
4.0
6.0
8.0
10.0
FY2010 FY2011 FY2012 FY2013 FY2014
ROE ROA
(%)
63
Trends of financial ratios
Return on equity Return on assets Total assets turnover
Liquidity ratio/Current ratio
Quick assets to current liabilities ratio
Fixed assets ratio
Shareholders’ equity ratio
(Times)
Trends of investment index
28.5
21.4
21.9
28.6 29.6
0
20
40
60
FY 2010 FY 2011 FY 2012 FY 2013 FY 2014
9.90 9.43
11.85
13.43 13.18
0.62
0.79
0.540.59 0.57
0
5
10
15
FY 2010 FY 2011 FY 2012 FY 2013 FY 2014
0.0
0.5
1.0
1.5PER PBR
16,25818,050
16,375 18,607 27,957
23,46023,260 23,259 23,259 23,259
22,000
24,000
0
10,000
20,000
30,000
40,000
50,000
60,000
FY 2010 FY 2011 FY 2012 FY 2013 FY 2014
Total market value Number of shares outstanding
(%)
1518
15
20
26
5 57 7 7
0
10
20
30
FY 2010 FY 2011 FY 2012 FY 2013 FY 2014
Full year2Q
(Yen)
64
Price to earnings ratio Price to book value ratio Cash dividends per share
Dividend payout ratio
Total market value
Number of shares outstanding
(Times)
(million yen)
(Thousands
of share)
421
654
794
1 ,115
954
114
343520
276
548
0
500
1,000
1,500
FY 2010 FY 2011 FY 2012 FY 2013 FY 2014
Full year 2Q
703 740
486 562
637
371 347
238 267301
0
200
400
600
800
1,000
1,200
FY 2010 FY 2011 FY 2012 FY 2013 FY 2014
Full year 2Q
1 ,092
1 ,358 1 ,143
951 1 ,013
519
713
485 487585
0
500
1,000
1,500
2,000
FY 2010 FY 2011 FY 2012 FY 2013 FY 2014
Full year 2Q
65
Trends of investment
Capital expenditures Depreciation expenses
R&D expenditures
(million yen) (million yen)
(million yen)