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OPM declined year‐on –year because extraordinary profit from an acquisition
(of automatic doors subsidiary) increased O.P. in FY2016.
OPM improved by 0.7% year on year in core O. P. .
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Profit raised thanks to increase of sales (including M&A) and productivity improvement. Sales increased due to steady demand in precision reduction gears and favorable construction machinery demand in China for hydraulic equipment.
In the profit decline side, forex effect was limited, depreciation increase due to CAPEX increase for future growth, SG&A expense increase due to establishment of the European holding company and R&D increase.
Extraordinary profit decreased due to the peeling off of last year’s effect (automatic door subsidiary).
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Tangible fixed assets increased due to acquisition of European company in March and CAPEX increase for future growth.
Bonds and borrowings increased due to bank loan increase for the European company acquisition in March.
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Revised up full‐year forecast based on favorable results in H12017 and the business prediction.
DPS increase by 12 yen to meet the mid‐term plan commitment.
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Full‐ year CAPEX will be 21.8 billion while H1 result was 5.8 billion yen due to the acceptance inspections concentrate in 2H.
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