Hamamatsu financial reporting Fiscal Year ended September 30, 2015 November 2015 Hamamatsu Photonics K.K. Tokyo Stock Exchange: 6965 www.hamamatsu.com Notes This material is not intended to be a solicitation to buy or sell any securities of Hamamatsu Photonics K.K. The information contained in this material is based on data available as of making it. No guarantees, promises are made as to its accuracy or completeness. Annual Consolidated Performance Fiscal Years end September 30 FY 2014 in million yen FY 2015 FY 2016 Net Sales compared with Revised Forecast 2015 5.11 previous year 112,092 109.7% 124,300 Gross Profit (%) 58,641 (52.3%) 114.5% 64,700 (52.1%) 63,109 (52.3%) 107.6% 65,600 (51.7%) 103.9% Operating Income 21,665 129.1% 25,200 23,596 108.9% 23,200 98.3% Ordinary Income 22,531 126.0% 26,100 24,658 109.4% 23,600 95.7% Net Income 15,155 131.5% 18,300 16,598 109.5% 17,200 103.6% *Net Income per share (yen) 94.26 131.5% 113.81 103.23 109.5% 106.97 103.6% ROE 9.4% - - 9.5% - - - 55 +5 **30+16(62) **30+19(68) +13 **34(68) - Actual results **Dividends (yen) exchange rate Actual results 120,691 compared with previous year 107.7% Year Plan 126,900 compared with previous year 105.1% actual rate actual rate assumption rate 1 US dollar(yen) 102.29 119.32 120 1 euro(yen) 138.76 136.78 130 * Net Income per share reflects a two-for-one stock split effected on April 1, 2015 and this effect covers FY 2014 retroactively. ** Dividends per share for FY 2015 were projected 30+16 and now are 30+19. Those correspond to 62 yen & 68 yen prior to factoring in the stock split effected on April 1, 2015. Similarly, projected dividends for FY 2016 are 34 yen per share, which are 68 yen before the stock split 1 Consolidated Income Statements Fiscal Years end September 30 FY2014 Year Net Sales FY2015 % 112,092 1st Half 100.0 62,229 2nd Half in million yen FY2016 (plan) Year % 1st Half 2nd Half Year FY2017 (plan) % 58,461 120,691 100.0 62,800 64,100 126,900 Year % 100.0 143,000 100.0 FY2018 (plan) Year % 151,300 100.0 Cost of Sales 53,451 47.7 29,196 28,385 57,582 47.7 30,300 31,000 61,300 48.3 68,300 47.8 71,200 47.1 Gross Profit 58,641 52.3 33,032 30,076 63,109 52.3 32,500 33,100 65,600 51.7 74,700 52.2 80,100 52.9 Selling, G & A Expenses 25,998 23.2 13,775 14,122 27,897 23.1 15,000 14,600 29,600 23.3 31,600 22.1 33,900 22.4 R & D Expense 10,977 5,479 6,136 11,615 9.6 6,300 6,500 12,800 10.1 13,100 9.2 19.3 13,777 9,818 23,596 19.6 11,200 12,000 23,200 18.3 30,000 21.0 Operating Income Non-Operating Income Non-Operating Expense Ordinary Income Extraordinary Income Extraordinary Expense Pre-Tax Income Income taxes etc. Net Income 21,665 9.8 12,900 8.5 33,300 22.0 1,074 1.0 918 368 1,287 1.1 300 300 600 0.5 600 0.4 600 0.4 208 0.2 113 111 224 0.2 100 100 200 0.2 200 0.1 200 0.1 20.1 14,582 10,075 24,658 18.6 30,400 21.3 22,531 20.4 11,400 12,200 23,600 33,700 22.3 13 0.0 63 643 706 0.6 0 0 0 0.0 0 0.0 0 0.0 82 0.1 49 642 691 0.6 0 0 0 0.0 0 0.0 0 0.0 20.0 14,596 10,076 24,672 20.4 11,400 12,200 23,600 18.6 30,400 21.3 7,900 5.5 13.6 22,500 15.7 22,462 7,306 6.5 4,734 3,339 8,074 6.7 3,200 3,200 6,400 15,155 13.5 9,861 6,737 16,598 13.8 8,200 9,000 17,200 ※numbers are rounded off to million yen 2 5.0 33,700 22.3 9,300 6.1 24,400 16.1 Sales & Profit (Consolidated) Sales Fiscal Years end September 30 in million yen 160,000 40,000 140,000 35,000 120,000 30,000 100,000 25,000 80,000 20,000 60,000 15,000 40,000 10,000 20,000 5,000 Profit 0 FY09 Net Sales (Left) FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 (plan） (plan） (plan） 71,976 90,958 101,858 98,067 102,156 112,092 120,691 126,900 143,000 151,300 Ordinary Income (Right) 4,794 16,059 22,216 18,350 17,883 22,531 24,658 23,600 30,400 33,700 Net Income (Right) 1,791 11,491 13,702 11,206 11,529 15,155 16,598 17,200 22,500 24,400 3 0 Capital Investment (payment based) & Depreciation Fiscal Years end September 30 in million yen 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 FY2016 FY2017 FY2018 （plan） (plan） （plan） 14,338 14,000 14,800 8,600 14,190 12,947 13,200 14,400 8,300 Depreciation (cons.) 7,396 8,561 10,300 10,800 11,400 Depreciation (non-cons.) 6,741 7,767 9,500 10,000 10,500 FY2014 FY2015 Capital Inv. (cons.) 15,499 Capital Inv. (non-cons.) 4 R & D Expense Fiscal Years end September 30 in million yen 13,500 12.0% 12,500 10.0% 11,500 10,500 8.0% 9,500 6.0% 8,500 4.0% 7,500 2.0% 6,500 5,500 FY2016 FY2017 FY2018 （plan） (plan） （plan） FY2014 FY2015 R&D(consolidated) 10,977 11,615 12,800 13,100 12,900 R&D(non-consolidated) 10,681 11,357 12,500 12,800 12,600 9.8% 9.6% 10.1% 9.2% 8.5% R&D to Sales ratio (cons.) 5 0.0% (Consolidated) Region Sales by Region Fiscal Years end September 30 FY2012 in million yen FY2013 FY2014 FY2015 compared with previous year compared with previous year compared with previous year Share Share Share Japan 35,477 32,393 91.3% 31.7% 36,823 113.7% 32.9% 37,238 101.1% 30.9% North America 24,020 28,624 119.2% 28.0% 31,101 108.7% 27.7% 35,135 113.0% 29.1% Europe 24,221 26,045 107.5% 25.5% 27,682 106.3% 24.7% 29,603 106.9% 24.5% Asia and China 13,849 14,842 107.2% 14.5% 16,248 109.5% 14.5% 18,381 113.1% 15.2% 499 249 50.1% 0.3% 235 94.4% 0.2% 333 141.2% 0.3% 98,067 102,156 104.2% 100.0 112,092 % 109.7% 100.0 % 120,691 Other Total Major countries on each region • North America: United States of America • Europe: Germany, France, U.K. • Asia and China: Israel, India, China, South Korea, Taiwan • Other: Australia 6 107.7% 100.0% Sales by Industry & Application （Consolidated） 60,000 in million yen Nuclear Medical Instrument (X-CT, Dental Imaging ,PET, Gamma Camera,etc) 50,000 Semiconductor Instrument (Failure Analysis, Stealth Dicing,etc) 40,000 30,000 Material, Water, Environment,etc 20,000 10,000 0 Medical Instrument Industrial Analytical Measuring Instrument Instrument Instrument Academic Research Transport Instrument FY2011 38,562 24,777 10,910 7,626 7,386 3,023 FY2012 35,182 23,493 11,124 9,591 6,641 3,370 FY2013 38,464 23,343 11,932 7,728 7,677 3,080 FY2014 39,729 27,293 14,803 7,908 6,840 3,892 FY2015 44,916 30,017 15,980 7,386 6,125 4,288 47,938 31,371 15,931 6,947 5,191 4,788 FY2016 (plan) 7 Sales by Industry & Application Information/Communication 1.6% Consumer 0.8% Optical Instrument 1.9% Transport Instrument(Automobile Sensor, Auto-LAN, ITS) 3.8% （Consolidated） FY 2016 Projection Others 7.3% Nuclear Medical Instrument (X-CT, PET, Gamma 28.1% Academic Research(Neutrino Detection, LHC Project) 4.1% Measuring Instrument(Radiation Monitoring, Oil Well Logging) 5.5% Analytical Instrument(Material, Water, Pollution and etc,) 12.6% Others 24.9% Medical Instrument 37.8% Analytical Instrument 12.6% Industrial Instrument 24.7% Other Industrial Instrument (Bank Note Identification) 1.5% FA Instrument (UV 7% Cure, Robotic Encorder) 4.3% in million yen Medical Inspection (DNA, Blood Analyzer) 7.8% Other Medical Instrument (Drag screening system) 1.9% Semiconductor Instrument (Failure Analysis, Plasma Process Monitor) 11.1% Non Destructive Testing 7.8% 8 Sales by Industry & Application 1/2 (Consolidated) Application Medical Instrument Nuclear Medical Instrument (X-CT, PET, Gamma Camera, Dental Imaging) Medical Inspection (DNA, Blood Analyzer) Other Medical Instrument Industrial Instrument Fiscal Years end September 30 FY2014 1st Half 2nd Half in million yen FY2015 Year % 1st Half 2nd Half FY2016 (plan) Year % 1st Half 2nd Half Year % 20,452 19,276 39,729 35.4 23,452 21,465 44,916 37.2 23,228 24,711 47,938 37.8 15,893 14,472 30,366 27.1 17,687 16,184 33,871 28.1 17,527 18,094 35,621 28.1 3,744 3,916 7,660 6.8 4,924 4,471 9,394 7.8 4,947 4,992 9,939 7.8 815 886 1,701 1.5 841 810 1,651 1.4 754 1,625 2,378 1.9 13,849 27,293 24.3 14,969 15,048 30,017 24.9 15,634 15,736 31,371 24.7 14,093 11.1 13,443 Semiconductor Instrument (Failure Analysis, Stealth Dicing) 6,746 6,589 13,336 11.9 7,365 7,079 14,444 12.0 7,364 6,728 Non Destructive Testing 3,842 3,905 7,748 6.9 4,377 4,456 8,833 7.3 4,658 5,252 9,910 7.8 Factory Automation Instrument (UV Cure, Robotic Encorder) 2,133 2,676 4,810 4.3 2,371 2,643 5,014 4.2 2,621 2,823 5,444 4.3 721 677 1,398 1.2 856 870 1,726 1.4 991 933 1,924 1.5 13.2 8,021 7,959 15,980 13.2 8,555 7,376 6.1 3,840 2,285 5.1 2,698 2,493 Other Industrial Instrument (Bank Note Identification) Analytical Instrument： Material, Water, Environment 6,778 8,025 14,803 Academic Research: Neutrino/Dark Matter Detection 4,142 2,698 Exchange Rates actual 1 US dollar (yen) 101.53 1 euro (yen) 138.62 6,840 actual actual ー 102.29 116.73 ー 138.76 138.47 9 6,125 15,931 12.6 5,191 actual assumption ー 119.32 120 ー 136.78 130 4.1 Sales by Industry & Application 2/2 (Consolidated) Application Measuring Instrument: Radiation Monitoring, Oil Well Logging Transport Instrument: Automobile Sensor,Auto-LAN, ITS Information/Communication: Optical Communication, Computer Storage,Communication Equipment Optical/Photographic Instrument: Laser Microscope Consumer Instrument: Audio Link,Auto-dimming Others/Not Classified Total Fiscal Years end September 30 FY2014 1st Half 2nd Half in million yen FY2015 Year % 1st Half 2nd Half FY2016 (plan) Year % 1st Half 2nd Half Year % 3,998 3,910 7,908 7.1 3,989 3,397 7,386 6.1 3,401 3,547 6,947 5.5 1,905 1,986 3,892 3.5 2,167 2,121 4,288 3.6 2,337 2,451 4,788 3.8 1,107 1,109 2,217 2.0 873 750 1,623 1.3 980 1,093 2,073 1.6 1,196 1,073 2,269 2.0 1,162 1,029 2,191 1.8 1,256 1,095 2,350 1.9 273 317 591 0.5 293 246 538 0.4 430 614 1,044 0.8 3,379 3,164 6,544 5.8 3,648 4,163 7,627 6.3 4,281 4,983 9,264 7.3 55,412 112,092 100.0 62,229 58,462 120,691 100.0 62,800 64,100 56,680 Exchange Rates actual 1 US dollar (yen) 101.53 1 euro (yen) 138.62 actual actual ー 102.29 116.73 ー 138.76 138.47 10 126,900 100.0 actual assumption ー 119.32 120.00 ー 136.78 130.00 SALES BY THE SEGMENT Incl. intersegment sales (Consolidated) FY2014 Year FY2015 in million yen FY2016（plan） 1st Half 2nd Half Year 1st Half 2nd Half Year FY2017 FY2018 （plan） （plan） Electron Tube 46,871 25,884 24,049 49,934 25,200 26,050 51,250 60,050 62,950 Opto-semiconductor 49,862 27,271 25,615 52,886 27,800 29,150 56,950 62,650 66,400 Imaging and Measurement Instruments 14,065 8,291 7,920 16,211 8,900 7,900 16,800 17,250 18,350 1,293 781 877 1,658 900 1,000 1,900 3,050 3,600 64,100 126,900 143,000 151,300 Other (Incl. Laser and excl. internal sales) Total 112,092 62,229 58,461 120,691 62,800 * rounded off to million yen 11 Electron Tube Photosensitive ElectronTubes, Light Sources & Image devices PMT(photomultiplier tubes): 90% share of the world market. PMT Lamp Sources Electron Multipliers Flat Panel PMT UV Spot Light Source HPD Metal Package PMT Near Infrared PMT MCP Image Intensifiers 12 Photoionizer Scintillators UV power meter Glass Products EB-CCD Opto-semiconductors Solid State Division Si Photodiodes APD ・ MPPC Photo IC Image Sensors PSD Infrared Detectors Visible sensor Color sensors LED Optical Communication devices X-ray Flat Panel Sensors Mini-spectroscope Automotive Devices LCOS-SLM Opt Semi-con. modules 13 Imaging & MeasurementInstruments Systems Division Digital Camera Device High resolution・sensitivity digital camera Drug Screening System System for Life Science NanoZoomer, digital scanner Semicon Failure Analysis Instrument Failure analysis systems for semiconductor 14 Experiments for High-Energy Physics Using Photomultiplier Tubes(PMT) start year of Number of production Detectors (plan) Name of Experiment Purpose of Experiment Place of Exp. Hyper -Kamiokande Neutrino,Proton Decay Japan 2018 99,000 25,000 LZ-7/DUSEL Dark Matter USA 2016 460/180 Super-NEMO Double Bata Decay Europe 2015 10,000 JUNO (Daya Bay Ⅱ) Neutrino China 2016 16,500 KM3NeT Neutrino Europe 2014 210,000 Baikal-GVD Neutrino Russia 2015 10,000 IceCube/PINGU Neutrino Antarctic 2018 5,000 Ground-surface CTA Gamma-Ray Space Telescope Southern and Northern Hemisphere 2015 96,000 Space JEM-EUSO Extreme energy cosmic ray particle ISS 2017 7,000 Collision experiments(Higgs) Europe 2015 3,550 Fixed target experiment Europe 2015 1,100 Underground Deep-sea Ice experiment Accelerator experiment RICH/LHC-B/CERN RICH/CBM/GSI 15 Asia HAMAMATSU PHOTONICS K.K. Headquarters HAMAMATSU PHOTONICS (CHINA)Co., Ltd. Head Office / Shanghai Branch BEIJING HAMAMATSU PHOTON TECHNIQUES INC. Head Office / Langfang Factory North America PHOTONICS MANAGEMENT CORP. HAMAMATSU CORPORATION Main Office / California Office / Chicago Office / Boston Office Europe HAMAMATSU PHOTONICS EUROPE GmbH HAMAMATSU PHOTONICS DEUTSCHLAND GmbH Main Office / Netherlands Office / Poland Office / Danish Office HAMAMATSU PHOTONICS FRANCE S.A.R.L. Main Office / Swiss Office / Belgian Office / Spanish Office HAMAMATSU PHOTONICS NORDEN AB Main Office / Russian Office HAMAMATSU PHOTONICS ITALIA S.r.l. Main Office / Rome Office HAMAMATSU PHOTONICS UK Limited Main Office / South African Office