results briefing for the fiscal year ended march 31, 2016 · for the fiscal year ended march 31,...

Makino Milling Machine Co., Ltd

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-1--1-

Results Briefingfor the Fiscal Year Ended March 31, 2016

Makino Milling Machine Co., LtdApr. 28, 2016



-2--2-

Comparison with the same period of last year （Million yen）

External sales Exchange rate(Same period

of last year)

USD USD 392M 120.14 (109.93) 4,002 1,795

EUR EUR 102M 132.58 (138.77) -631 -190

SGD SGD 490M 86.70 (85.21) 730 53

Total 4,101 1,658

The influence of

exchange rate

fluctuations in

Sales

The influence of

exchange rate

fluctuations in

Operating income

FY2015

-2-Sales and Operating income increase by exchange rate fluctuations



-3-Consolidated Operating Resultsfor the Fiscal Year Ended March 31, 2015

FY2014 FY2015 Change

（Million yen）(From April 1, 2014to Mar. 31, 2015)

(From April 1, 2015to Mar 31, 2016)

(%)

12,473(8.3%)

12,025 14,465 2,440(8.0%) (8.9%) (20.3%)

13,252 15,390 2,138(8.9%) (9.5%) (16.1%)

11,449 12,168 719(7.7%) (7.5%) (6.3%)

Exchange rate,against USD 109.93 120.14

Exchange rate,against EUR 138.77 132.58

Exchange rate,against SGD 85.21 86.70

Net incomeattributable to owners

of the parent

Net Sales 149,506 161,979

Operatingincome

Ordinaryincome

-3--3-



-4--4-

Comparison with the forecast of FY2015 (as of Apr. 30, 2015) （Million yen）

External salesExchange

rate(Forecast as of

Apr. 30, 2015)

USD USD 392M 120.14 (115.00) 2,015 923

EUR EUR 102M 132.58 (125.00) 773 380

SGD SGD 490M 86.70 (85.00) 833 60

Total 3,621 1,363

The influence of

exchangte rate

fluctuations in Sales

The influence of

exchangte rate

fluctuations in

Operating income

FY2015

Sales and Operating income increase by exchange rate fluctuations -4-



-5-Consolidated Operating Resultsfor the Fiscal Year Ended March 31, 2016

FY2015(Forecast as of Apr. 30, 2015)

FY2015(Actual)

Change

（Million Yen）(From Apr. 1, 2015 to Mar. 31, 2016)

(From Apr. 1, 2015 to Mar. 31, 2016)

(%)

979(0.6%)

13,000 14,465 1,465(8.1%) (8.9%) (11.3%)

13,600 15,390 1,790(8.4%) (9.5%) (13.2%)

11,000 12,168 1,168(6.8%) (7.5%) (10.6%)

Exchange rateagainst USD 115.00 120.14

Exchange rateagainst EUR 125.00 132.58

Exchange rateagainst SGD 85.00 86.70

Net incomeattributable to

ownersof the parent

Net Sales 161,979161,000

OperatingIncome

OrdinaryIncome

-5--5-



-6-Segments -6-

(Million yen)FY2015

Net Sales 105,745 51,271 47,566 13,568 -56,172 161,979(Sales in foreign

currency) (573,083) (395,929) (102,339)

Operating Income 8,339 3,134 2,073 373 544 14,465FY2014


currency) (481,591) (465,048) (103,781)

Operating Income 8,291 2,514 2,482 391 -1,655 12,025FY2013


currency) (402,517) (415,872) (103,514)

Operating Income 2,039 1,274 1,938 257 -600 4,910

Ⅰ

(Japan)Ⅱ

(Asia)

Ⅰ

(Japan)Ⅱ

(Asia)Ⅲ

(America)Ⅳ

(Europe)

Ⅲ

(America)Ⅳ

(Europe)Eliminations Consolidated

Eliminations ConsolidatedⅠ

(Japan)Ⅱ

(Asia)Ⅲ

(America)Ⅳ

(Europe)

Eliminations Consolidated

-6-



-7-Sales amount by Destination -7-

(Million yen)FY2015

Net sales 46,429 50,115 47,940 14,787 2,705 161,979

Ratio 28.6% 30.9% 29.6% 9.1% 1.6%(Million yen)

FY2014

Net sales 36,761 43,656 48,839 18,906 1,343 149,506

Ratio 24.5% 29.2% 32.6% 12.6% 0.9%(Million yen)

FY2013

Net sales 34,781 31,268 40,719 15,405 1,721 123,896

Ratio 28.0% 25.2% 32.8% 12.4% 1.3%

Others ConsolidatedJapan Asia America Europe

Japan Asia

Japan Asia America Europe

Consolidated

Consolidated

America Europe Others

Others



Assets （Million yen）

Cash and deposits 43,008 52,240 9,232Notes and accounts receivable-trade 45,803 38,682 -7,121Securities 1,005 1,102 97Inventories 57,053 51,399 -5,653Other Current assets 8,660 6,301 -2,359Allowance for doubtful accounts -1,030 -806 224

Total 154,500 148,920 -5,580Property, plant and aequipment 58,914 60,063 1,149Intangible assets 1,800 1,840 40Investments and other assets 30,240 23,440 -6,800

Total 90,956 85,344 -5,612

245,456 234,264 -11,192Total assets

End of FY2014(As of Mar. 31, 2015)

End of FY2015(As of Mar. 31, 2016)

Change

Current assets

Item

Noncurrentassets

Consolidated Balance Sheets -8--8-



Liabilities and net assets （Million yen）End of FY2014 End of FY2015

(As of Mar. 31, 2015) (As of Mar. 31, 2016)

Notes and accounts payable 27,372 24,373 -2,999Short-term loans from banks 8,071 5,058 -3,013Current portion of bonds - 10,000 10,000Current portion of long-term debt 3,908 1,405 -2,503Other current liabilities 24,624 21,557 -3,067

Total 63,976 62,393 -1,583Bonds payable 10,000 - -10,000 Issue of convertible bond 12,000 11,980 -20 Long-term loans payable 28,219 29,591 1,372Other noncurrent liabilities 13,423 13,164 -259

Total 63,643 54,736 -8,907127,620 117,130 -10,490

Common stock 19,263 19,263 - Capital surplus 32,595 32,602 7 Retained earnings 54,866 65,254 10,388Treasury stock -4,794 -5,629 -835

Total 101,930 111,490 9,56015,261 4,954 -10,307

644 689 45117,836 117,133 -703245,456 234,264 -11,192

Change

Total liabilities and net assets

Shareholders'

equity

Total liabilities

Current

liabilities

Item

Noncurrentliabilities

Valuation and translation adjustmentsNon-controlling interests

Total net assets

Consolidated Balance Sheets -9--9-



Consolidated Statements of Cash Flow -10-

（Million yen）FY2014 FY2015

(From April 1, 2014to Mar. 31, 2015)

(From April 1, 2015to Mar. 31, 2016)

I. Cash flows from operating activities:Income before income taxes 13,023 15,389Depreciation and amortization 5,157 5,684(Increase) decrease in notes and accounts receivable, trade -2,841 5,614(Increase) decrease in inventories -6,494 4,306Increases (decrease) in notes and accounts payable, trade 654 -1,852Other, net 1,105 -4,262Cash flows from operating activities 10,606 24,879II. Cash flows from investing activities:Purchase of property, plant and equipment -7,062 -7,264Proceeds from sales of property, plant and equipment 245 302Other, net -3 580Cash flows from investing activities -6,820 -6,382III. Cash flows from financing activities:Increase in short-term loans payable, net -83 -2,759Repayment of finance-lease obligations -345 -302Proceeds from long-term loans payable 6,500 2,825Repayment of long-term loans payable -633 -3,930Redemption of bonds -10,000 - Payment for purchases of treasury stock -9 -848Dividends paid by the parent company -1,221 -1,777Dividends paid to minority shareholders -1 -1Cash flows from financing activities -5,794 -6,795IV. Effect of exchange rate change on cash and cash equivalents 1,602 -1,569V. Net increase (decrease) in cash and cash equivalents -405 10,132VI. Cash and cash equivalents, beginning of period 42,638 42,232VII. Cash and cash equivalents, end of period 42,232 52,364

Item

-10-



-11--11-Capital Investment (Forecast)Capital investment

(100 million yen)

87

46

90

4454

75

106

65

116

7181

102

0

40

80

120

160

FY2011 FY2012 FY2013 FY2014 FY2015 FY2016

Non-consolidatedConsolidated

(Plan)



-12--12-Depreciation (Forecast)

(Plan)

Depreciation(100 million yen)

2226 25

34 37 40

3134

36

47

5155

0

10

20

30

40

50

60

70

FY2011 FY2012 FY2013 FY2014 FY2015 FY2016




-13-Employees -13--13-

Number of employees(Persons)

1,3501,3941,405

4,1784,455

3,9924,207

0

2,000

4,000

6,000

End of FY2011 End of FY2012 End of FY2013 End of FY2014 End of FY2015


4,279

1,5071,354



-14--14-

Comparison with the forecast of FY2016 (as of Apr. 28, 2016) （Million yen）

External sales Exchange rate(Forecast as of Apr.

30, 2015)

USD USD 443M 107.00 (120.14) -5,821 -2,205

EUR EUR 102M 120.00 (132.58) -1,283 -856

SGD SGD 494M 77.00 (86.70) -4,792 -383

Total -11,896 -3,444

The influence of

exchangte rate

fluctuations in Sales

The influence of

exchangte rate

fluctuations in

Operating income

FY2016

Sales and Operating income decrease by exchange rate fluctuations -14-



Forecast of Consolidated Income Statement -15-

FY2015

(Million yen) (From Apr. 1, 2015to Mar 31, 2016)

1st half'(From Apr. 1, 2016to Sep. 30, 2016)

2nd half'(From Oct. 1, 2016to Mar. 31, 2017)

FY2016'(From Apr. 1, 2016to Mar. 31, 2017)

Change

-11,979

14,465 1,500 7,700 9,200 -5,265

(8.9%) (2.2%) (9.2%) (6.1%)

15,390 1,500 7,700 9,200 -6,190

(9.5%) (2.2%) (9.2%) (6.1%)

12,168 1,000 5,500 6,500 -5,668

(7.5%) (1.5%) (6.6%) (4.3%)

Exchange rate,against USD 120.14 107.00 107.00 107.00

Exchange rate,against EUR 132.58 120.00 120.00 120.00

Exchange rate,against SGD 86.70 77.00 77.00 77.00

Operating income

Ordinary income

Net incomeattributable to owners

of the parent

FY2016 (Forecast)

Net sales 161,979 66,700 83,300 150,000

-15-



Note

Forward-looking statements contained in this explanatory material, including results forecasts, are based on information available at the time of disclosure and contain potential risks and uncertainties. Therefore, please note that actual results may materially differ from the forecasts written in this material because of various factors. Significant factors that could have an impact on actual results include, but are not limited to, economic conditions and social developments surrounding the Company, as well as changes in relative competitiveness due to trends in demand for the products and services provided by the Company.



-17-

Reference Materials



839884

788

1,0111,057

83

16

3320

82

-50

0

50

100

150

0

300

600

900

1,200

FY2011 FY2012 FY2013 FY2014 FY2015

SalesOperating Income

-18-Net Sales and Operating Income (by Segment)Japan

（100 million yen）



321

429

331

424

512

22

32

12

25

31

0

10

20

30

40

50

0

200

400

600

FY2011 FY2012 FY2013 FY2014 FY2015

Net SalesOperating Income

-19-Net Sales and Operating Income (by Segment)

ASIA（100 million yen）



-20-Net Sales and Operating Income (by Segment)America

(100 million yen）

269

351

416

511475

1615

19

24

20

0

10

20

30

40

0

200

400

600

FY2011 FY2012 FY2013 FY2014 FY2015

Net SalesOperating Income



91107

139 144135

11

23 3

0

30

60

90

120

150

180

FY2011 FY2012 FY2013 FY2014 FY2015

Net Sales

Operating Income

-21-Net Sales and Operating Income (by Segment)Europe

(100 million yen）



-22--22-Changes in Major Items in Consolidated Balance Sheets

Total assets(100 million yen)

1,783

2,097 2,184

2,4542,342

0

500

1,000

1,500

2,000

2,500

3,000

End of FY2011 End of FY2012 End of FY2013 End of FY2014 End of FY2015(Reference)Net Sales

(100 million yen) 1,104 1,268 1,238 1,495 1,619



-23--23-

Cash and time deposits + securities(100 million yen)

Changes in Major Items in Consolidated Balance Sheets

299

580

446 440

533

0

250

500

750


(100 million yen) 1,104 1,268 1,238 1,495 1,619



310 344

403

458

386

0.0

2.0

4.0

6.0

0

200

400

600


-24--24-

(month)

Turnover of accounts receivableNotes and accounts receivable, trade(100 million yen)


(Reference)Net Sales

(100 million yen) 1,104 1,268 1,238 1,495 1,619



-25--25-

（month）

Inventory turnover Inventories(100 million yen)



(100 million yen) 1,104 1,268 1,238 1,495 1,619

491

453 474

570513

0.0

2.0

4.0

6.0

8.0

0

150

300

450

600

750




-26--26-

Notes and accounts payable, trade

(100 million yen)


218

181

244

273

243

0

70

140

210

280

350


(100 million yen) 1,104 1,268 1,238 1,495 1,619



504

736657

621580

0

300

600

900


-27--27-Changes in Major Items in Consolidated Balance Sheets

Interest-bearing debt(100 million yen)


(100 million yen) 1,104 1,268 1,238 1,495 1,619

results briefing for the fiscal year ended march 31, 2016 · for the fiscal year ended march 31,...

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