Canon Marketing Japan / 8060
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1 esearch eport by Shared esearch Inc. This PDF document is an updated note on the company. A comprehensive version of the report on the company, including this latest update, is available on our website and various professional platforms. On uary 29, 219, Canon Marketing Japan Inc. (CMJ) announced earnings results for Full-year. Cumulative FY3/16 FY3/17 FY3/18 FY3/18 (JPYmn) Q2 Q3 Q4 Q2 Q3 Q4 Q2 Q3 Q4 % of FY FY Est. Sales 1,996 36,236 43,77 629,313 12,817 33,67 46,24 632,189 1,82 3,23 447, ,91 99.% 62,.4% -2.% -3.4% -2.6% -2.% -.8%.6%.% -1.3% -1.% -1.8% -1.7% -1.1% Gross profit 4,869 19, , ,7 3,682 17,76 162,8 223,771 1,983 14,991 17,34 218,173 1.% -1.9% -3.4% -3.% -2.2% -2.% -.7% -1.% -3.2% -2.6% -3.4% -2.% GPM 3.2% 3.9% 36.1% 3.9% 3.1% 3.% 3.6% 3.4% 34.% 34.9% 3.1% 3.1% SG&A expenses 49,672 99, , ,331 48,21 96, ,17 193,36 48,267 9, , , % -3.8% -3.9% -3.9% -3.3% -2.8% -2.% -2.%.% -1.% -2.1% -2.1% SG&A-to-sales ratio 31.8% 32.% 32.6% 31.% 31.4% 31.9% 31.6% 3.6% 32.% 31.7% 31.% 3.4% Operating profit,197 1,31 1,849 27,676,661 1,961 18,49 3,46 3,71 9,664 1,899 28, % 28, 49.8% 21.% 1.% 3.9% 8.9% 6.3% 16.2% 9.9% -34.4% -11.8% -13.6% -4.8% -6.3% OPM 3.3% 3.4% 3.% 4.4% 3.7% 3.6% 4.% 4.8% 2.% 3.2% 3.% 4.7% 4.6% ecurring profit,372 11,221 16,869 28,717,738 11,829 19,334 31,491 4,11 1,996 17,36 3, % 3, 43.1% 17.1% -.2% 2.4% 6.8%.4% 14.6% 9.7% -28.% -7.% -1.% -3.1% -4.7% PM 3.4% 3.7% 3.7% 4.6% 3.8% 3.9% 4.2%.% 2.7% 3.7% 3.9% 4.9% 4.8% Net income 2,976 6,641 9,994 18,161 3,991 8,37 12,1 2,679 2,29 7,436 11,1 2, % 2,2 61.% 3.9% 8.% 1.9% 34.1% 26.1% 2.2% 13.9% -36.6% -11.2% -7.7%.7% -2.3% Net margin 1.9% 2.2% 2.2% 2.9% 2.6% 2.8% 2.7% 3.3% 1.7% 2.% 2.6% 3.4% 3.2% Quarterly FY3/16 FY3/17 FY3/18 (JPYmn) Q2 Q3 Q4 Q2 Q3 Q4 Q2 Q3 Q4 Sales 1,996 1,24 147,471 17,66 12,817 1,84 12,88 17,944 1,82 149, ,4 173,668.4% -.3% -.1% -.% -2.%.4% 3.%.2% -1.3% -.7% -3.4% -1.3% Gross profit 4,869,74 3,771 62,293 3,682 4,78 4,82 61,191 1,983 3,8 2,43 61,139 1.% -4.8% -6.3% -2.% -2.2% -1.8% 2.% -1.8% -3.2% -2.% -.1% -.1% GPM 3.2% 36.7% 36.% 3.% 3.1% 3.9% 3.9% 34.8% 34.% 3.4% 3.3% 3.2% SG&A expenses 49,672 49,96 48,236,467 48,21 48,777 47,372 49,19 48,267 47,9 4,88 48,97-2.3% -.3% -4.% -4.1% -3.3% -2.4% -1.8% -2.%.% -3.% -3.3% -2.2% SG&A-to-sales ratio 31.8% 33.3% 32.7% 28.7% 31.4% 32.3% 31.% 28.% 32.% 31.4% 31.1% 27.7% Operating profit,197,118,34 11,827,661,3 7,448 11,997 3,71,949 6,23 13, % 1.3% -22.9% 8.% 8.9% 3.6% 34.6% 1.4% -34.4% 12.2% -16.3% 8.7% OPM 3.3% 3.4% 3.8% 6.7% 3.7% 3.% 4.9% 6.8% 2.% 4.% 4.2% 7.% ecurring profit,372,849,648 11,848,738 6,91 7, 12,17 4,11 6,89 6,31 13, %.3% -22.7% 6.3% 6.8% 4.1% 32.9% 2.6% -28.% 13.2% -1.9% 8.7% PM 3.4% 3.9% 3.8% 6.7% 3.8% 4.% 4.9% 6.9% 2.7% 4.6% 4.3% 7.6% Net income 2,976 3,66 3,33 8,167 3,991 4,384 4,14 8,164 2,29 4,97 4,11 9,27 61.% 13.6% -19.7% 27.3% 34.1% 19.6% 23.%.% -36.6% 11.9% -.6% 13.6% Net margin 1.9% 2.4% 2.3% 4.7% 2.6% 2.9% 2.7% 4.6% 1.7% 3.3% 2.8%.3% Source: Shared esearch based on company data Quarterly sales (JPYmn) Quarterly operating profit (JPYmn) 7, 6,, 4, 629, , ,91 17,66 17, , ,471 12,88 147,4 3, 3, 2, 2, 27,676 11,827 3,46 11,997 28,941 13,42 3, 2, 1, 1,24 1,84 149,721 1,996 12,817 1,82 1, 1,, 7,448,34 6,23,118,3,949,197,661 3,71 Q2 Q3 Q4 Q2 Q3 Q4 Source: Shared esearch based on company data 1/1
2 esearch eport by Shared esearch Inc. Full-year results (out uary 29, 219) Full-year results Sales: JPY621.6bn (-1.7% ) Operating profit: JPY28.9bn (-4.8% ) ecurring profit: JPY3.bn (-3.1% ) Net income*: JPY2.8bn (+.7% ) *Net income is net income attributable to owners of the parent. Market environment: Although IT investment and other aspects of corporate capex were in an uptrend, consumer confidence remained lackluster. Against this backdrop, sales grew in CMJ s IT solutions and industrial equipment businesses, but the markets were worse than expected for digital single-lens reflex cameras and inkjet printers. Company initiatives: In uary 218, CMJ shifted to a market and customer-driven organizational structure and changed reporting segments in line with the basic strategies of its long-term management plan phase three. In order to strengthen its BPO services, from Q3 the company established a BPO headquarters and changed the reporting segment for BPO service business provider Canon BizAttenda from the Enterprise segment to the Other segment. Operating profit by segment (top) gross profit and SG&A expenses (bottom) Business Solutions IT Solutions Imaging Systems Industrial and Medical Others Consumer Enterprise Area Professional Others Gross profit GPM (right axis) SG&A expenses SG&A-to-sales ratio (right axis) 6 37% 6 36% 6 36% 2 34% 3% 48 32% 34% 44 3% 4 33% 4 28% 4 FY12/11 32% Source: Shared esearch based on company data Note: Figures may differ from company materials due to differences in rounding methods. Segment changes incorporated as appropriate (the same applies throughout) 36 FY12/11 26% 2/1
3 esearch eport by Shared esearch Inc. Segment overview Consumer Consumer (JPYmn) Q2 Q3 Q4 Q2 Q3 Q4 Act. Act. Sales 32,667 37,964 38,698 7, 26,822 34,28 3,313 3,91 Source: Shared esearch based on company data 166,289 1, % -9.9% -8.7% -.4% % Operating profit 289 2,267 3,13 7, -2,149 1,42 1,484 6,96 12,67 7, % -2.7% -.6% % OPM.9% 6.% 8.1% 12.3% -8.% 3.% 4.2% 12.9% 7.6% 4.9% Interchangeable lens digital cameras -17% -3% -21% -7% -28% -1% -7% -9% -12% - (units) Single-lens reflex % -34% -26% -36% - - Mirrorless % +47% +94% +61% - - Compact +2% -14% +39% +3% -44% +1% +19% +1% +8% - Inkjet printers +1% +2% -1% -9% -12% -23% +3% -% -3% - Inkjet printer cartridges (value) -6% -8% +7% -9% -9% -2% -14% +1% -% - Dom. Interchangeable lens digital cameras ,219 - market Single-lens reflex shipped Mirrorless units Compact ,33 - (') Interchangeable lenses ,48 - Interchangeable lens digital cameras +6.1% -8.% +3.2% -18.4% -1.4% -2.8% -.% Single-lens reflex -9.3% -26.% -14.4% -1.7% -3.% -17.9% -16.4% Mirrorless +36.% +29.4% +3.4% -21.9% +4.1% +14.6% +14.3% Compact -3.8% +2.3% +29.% -7.% -24.4% -2.% +2.9% Interchangeable lenses +22.6% -7.7% -.4% -17.4% -33.% -1.7% -1.3% Dom. Interchangeable lens digital cameras 1,86 1,841 16,776 17,41 1,216 13,68 6,618 - market Single-lens reflex 8,7 8,687 1,2 1,46 7,47 6,374 38,34 - shipped Mirrorless 6,881 7,14 6,274 6,9 8,371 7,284 27,264 - amount Compact 9,612 8,938 8,828 9,3 7,89 6,82 36,728 - (JPYmn) Interchangeable lenses 1,36 12,938 13,99 14,73 13,36 13,441 6,933 - Interchangeable lens digital cameras +9.1% +.1% +16.9% +3.2% -2.4% -13.8% +8.3% Single-lens reflex -8.9% -19.% +.% +16.1% -14.9% -26.6% -2.% Mirrorless +4.% +67.1% +44.3% -11.7% +21.6% +1.8% +28.4% Compact -.1% +11.6% +44.7% -8.6% -17.9% -23.3% +8.2% Interchangeable lenses +2.3% +.8% +6.6% -7.% -13.3% +3.9% +.3% Segment sales, JPY1.2bn (-9.6% ); operating profit JPY7.3bn (-42.1% ) Mirrorless cameras: Sales rose as the EOS Kiss M mirrorless camera achieved the No. 1 market share in Japan and the full-size mirrorless EOS was launched Interchangeable lens digital cameras: Lackluster on declining market due to shift from digital single-lens reflex (SL) to mirrorless cameras Compact cameras: Sales lackluster due to shrinking market Inkjet printers: Sales down overall. While sales were strong for business inkjet printers, the market remained sluggish due to a demand decline driven by the shrinking volume of holiday season greeting post cards. Sales also dropped for ink cartridges on falling print volume amid lower numbers of machines in operation IT products: Sales up on solid demand from game computers and mobile batteries 3/1
4 esearch eport by Shared esearch Inc. Domestic shipment volume for interchangeable lens cameras (excluding mirrorless, left), mirrorless (center), compact (right) +6% +% +4% +3% +2% +1% % -1% -2% -3% -4% -% Units shipped: single-lens reflex +3% +2% 4 +1% 3 +4% % -1% 2-2% -3% 1-4% -% (') Units shipped: non-reflex 4 +4% 4 +3% 3 +2% 3 +1% 2 % 2-1% 1 1-2% (') -3% -4% Units shipped: interchangeable lenses 1,6 1,4 1,2 1, (') Domestic sales amounts for interchangeable lens cameras (excluding mirrorless, left), mirrorless (center), compact (right) +6% +% +4% +3% +2% +1% % -1% -2% -3% -4% Amount shipped: single-lens reflex 2, +8% Source: Shared esearch based on company data +6% 2, +4% 1, +2% 1,, % -2% -4% -6% (JPYmn) Amount shipped: non-reflex 14, +6% +% 12, +4% 1, +3% 8, 6, 4, 2, +2% +1% % -1% -2% -3% -4% (JPYmn) Amount shipped: interchangeable lenses 2, 2, 1, 1,, (JPYmn) Enterprise Enterprise (JPYmn) Q2 Q3 Q4 Q2 Q3 Q4 Act. Act. Sales 44,241 44,934 41,967 46,3 47,127 47,42 44,44 48,63 177,63 187,717 Canon IT Solutions 2,39 2,62 21,1-21,9 21,6 22,73 - Other 23,81 24,314 2,97-2,227 2,942 21, Canon IT Solutions 27,4 27,3 26,2-3,6 29,9 28,7 - Other 16,8 17,6 1,8-16, 17,6 1, % +.8% +.9% +.% - +.7% Canon IT Solutions % +4.8% +8.2% Other % +6.7% +3.6% IT solutions +12% +1% +1% - Excluding IT solutions -2% - -1% - Operating profit 1,9 1,62 1,898 2,3 2,494 2,33 1,912 2,8 7,728 9,69 Canon IT Solutions 1,29 1,28 1,4-1,79 1,81 1,47 - Other % +44.8% +.7% +23.9% % Canon IT Solutions % +41.4% +.% Other % +7.4% -11.2% OPM 4.4% 3.6% 4.%.%.3% 4.9% 4.3%.9% 4.4%.1% Canon IT Solutions 6.3% 6.2% 6.7% - 8.2% 8.4% 6.% Other 2.8% 1.4% 2.4% - 2.8% 2.1% 2.% Canon ITS sales by division SI services % +7% +7% - - IT infrastructure service (data centers) % +1% +16% - - Engineering (embedded software, CAD) % +7% +2% - - Orders -3% -9% +21% +24% +8% +8% -16% +6% - Order backlog -11% -1% +7% +17% +21% +22% -1% +17% - Sales -% +% -1% +1% +7% +% +8% +2% - Source: Shared esearch based on company data Segment sales, JPY187.7bn (+.7% ); operating profit JPY9.6bn (+24.3% ) 4/1
5 esearch eport by Shared esearch Inc. Market trends: Major SI projects for credit card and securities companies were key drivers. Form design solutions for life insurance companies and cloud systems to boost efficiency of research activities for nonlife companies were solid, and CMJ received new BPO project order to reduce trust service processes for a bank Manufacturing sector: Sales up. Key drivers were production management system for electronics manufacturer and large office construction project for a chemical company. Strong sales from migration project for systems upgrade Logistics sector: Sales up on document management system for an airline and a large project on office MFPs Education sector (mainly universities): Sales down following large order in Canon IT Solutions: In addition to previously mentioned industry-specific solutions, database center services and security solutions such as ESET antivirus software and embedded automotive software were solid Office MFPs: Sales up due to demand from megabank and major distributor while laser printer sales down due to lower selling prices despite major life insurance order Area Area (JPYmn) Q2 Q3 Q4 Q2 Q3 Q4 Act. Act. Sales 68,92 63,47 62,276 64,4 66,372 63,11 61,44 6,123 27,919 2,91 Canon System & Support 32,14 28,84 29,21-3,7 29,13 28,1 - Other 3,92 34,27 33,66-3,82 33,881 32, IT solutions 1,2 13,4 13,3-1,1 14,6 13,9 - Excluding IT solutions 2,9 49,6 49, - 1,3 48,4 47, % -.1% -1.4% +1.1% - -.8% Canon System & Support % +1.% -2.4% Other % -1.% -.% IT solutions -% +9% +4% - Excluding IT solutions -3% -2% -3% - Operating profit 3,461 1,994 2,2 3,3 2,946 3,68 3,221 3,792-11,432 13,27 Canon System & Support 1, Other 2,241 1,64 1,862-2,146 2,138 2, % +3.9% +26.2% +14.9% % Canon System & Support % % +37.7% Other % +36.7% +22.% OPM.1% 3.2% 4.1%.1% 4.4% 4.9%.2%.8% 4.4%.1% Canon System & Support 3.8% 1.% 2.4% - 2.6% 3.2% 3.3% Other 6.2% 4.6%.6% - 6.% 6.3% 6.9% Source: Shared esearch based on company data Segment sales, JPY2.9bn (-.8% ); operating profit JPY13.bn (+14.% ) It Solutions: IT product sales up accompanying replacement of business PCs, strong sales of IT installation support and maintenance services, and solid sales of IT support services and antivirus software for SMEs Hardware: Office MFPs Area business, business model restructuring Solutions provided Leverage solutions built for large enterprises General Business Account Sales 3 99 Area Sales 29 or less Document solutions Security solutions Sector/processspecific solutions solutions Mission-critical Find opportunities at existing customers and expand sales IT Concierge Expand sales centering on IT solutions Inside Sales Increase sales efficiency Successively introduce business models built at Canon System & Support to partners Source: Shared esearch based on company data Note: General Business (GB) is the name for the sales team dedicated to medium-sized corporations in Canon System & Support. /1
6 esearch eport by Shared esearch Inc. Professional Professional (JPYmn) Q2 Q3 Q4 Q2 Q3 Q4 Act. Act. Sales 13,33 12,186 14,29 14,3 16,469 12,494 11,74 12,41 4,14 2,447 Canon Production Printing Systems 3,17 3,3 2,96 4,6 2,93 3,38 2,93 - Canon Lifecare Solutions 3,93 2,91 4,6-3,41 2,74 2,44 - Other 6,433,746 7,27-1,129 6,374, % +2.% -22.% -13.2% % Canon Production Printing Systems % -4.2% -1.% Canon Lifecare Solutions % -.8% -39.9% Other % +1.9% -21.6% Operating profit , Canon Production Printing Systems Canon Lifecare Solutions Other Canon Production Printing Systems Canon Lifecare Solutions Other OPM -1.7% -.9% -1.4% -4.9% 1.8% -4.1% -3.7% -2.% -3.% -1.8% Canon Production Printing Systems -7.3% -.6% -4.1% -1.7% -7.8% -1.2% -3.1% Canon Lifecare Solutions 3.8% -4.8%.2% - 4.4% 1.1% -2.% Other -2.4% -9.8% -4.% - 3.7% -7.9% -4.6% Production printing sales % -4% +1% -1% - - Industrial equipment % +2% -33% -33% - - Healthcare % -8% -32% +33% - - Video solutions % +12% -% +1% - - Source: Shared esearch based on company data Segment sales, JPY2.4bn (-3.1% ); operating loss JPY937mn (loss of JPY1.9bn in ) Production printing: Sales down due to slump in high-speed cut sheet printers and high-speed continuous feed printers Industrial equipment: Sales up due to solid semiconductor production equipment, testing and measuring equipment, and industrial component sales Imaging solutions: Sales roughly flat. Increased demand from broadcasters due to start of 4K and 8K satellite broadcasts, but network cameras down Market share by sales volume in (company estimation) Single-lens reflex market Interchangeable lens Mirrorless Single-lens reflex Entry model SL % 4% 41% 23% 61% 6% Mirrorless SL Canon Others Canon Others Canon Others Canon Others Source: Shared esearch based on company data 6/1
7 esearch eport by Shared esearch Inc. Domestic shipments of cameras with interchangeable lenses +8% +6% +4% +2% % -2% -4% 8.8-6% FY12/9 +8% +6% +4% +2% % -2% -4% -6% FY12/1 211 Amount shipped: interchangeable-lens Average selling price FY12/ Source: Shared esearch, based on Camera & Imaging Products Association data Shipment value (right axis) Domestic shipments of single-lens reflex cameras +6% Amount shipped: single-lens reflex Average selling price 2 +4% +2% % % -4% +1% +8% +6% +4% +2% % -2% -4% -6% -8% Shipment value (right axis) 21 Source: Shared esearch, based on Camera & Imaging Products Association data /1
8 esearch eport by Shared esearch Inc. Domestic shipments of mirrorless cameras +8% Amount shipped: non-reflex Average selling price 14 +6% % +2% % -2% % 2-6% +1% Shipment value (right axis) +1% 4 +% 3 % 2 -% 1-1% Source: Shared esearch, based on Camera & Imaging Products Association data Domestic shipments of interchangeable lenses for single-lens reflex cameras +6% +4% +2% % -2% Shipment value (right axis) Average selling price % FY12/9 +1% +8% +6% +4% +2% % -2% -4% FY12/1 FY12/11 Source: Shared esearch, based on Camera & Imaging Products Association data Shipment value (right axis) FY12/1-6% , 7, 6,, 4, 3, 2, 1, - (JPYmn) 8/1
9 esearch eport by Shared esearch Inc. Domestic shipments of compact digital cameras +6% 42.8 Amount shipped: compact Average selling price +4% +2% % -2% -4% % FY12/ FY12/ FY12/ % Shipment value (right axis) 14, +6% 12, +4% 1, +2% 8, % 6, -2% 4, -4% 2, -6% Source: Shared esearch, based on Camera & Imaging Products Association data (JPYmn) Full-year company forecasts FY12/19 company forecast (out uary 29, 219) The Japanese economy remains in a moderate recovery phase, but there are sources of uncertainty: in Japan, consumption tax hike; overseas, trade issues, economic developments, and fluctuations in financial markets Company forecasts sales and operating profit to be roughly unchanged Shared esearch plans to update the report after interviewing management This note is the most recent addition to the full report. 9/1
10 About Shared esearch Inc. esearch eport by Shared esearch Inc. We offer corporate clients comprehensive report coverage, a service that allows them to better inform investors and other stakeholders by presenting a continuously updated third-party view of business fundamentals, independent of investment biases. Shared esearch can be found on the web at Disclaimer This document is provided for informational purposes only. No investment opinion or advice is provided, intended, or solicited. Shared esearch Inc. offers no warranty, either expressed or implied, regarding the veracity of data or interpretations of data included in this report. We shall not be held responsible for any damage caused by the use of this report. The copyright of this report and the rights regarding the creation and exploitation of the derivative work of this and other Shared esearch eports belong to Shared esearch. This report may be reproduced or modified for personal use; distribution, transfer, or other uses of this report are strictly prohibited and a violation of the copyright of this report. Our officers and employees may currently, or in the future, have a position in securities of the companies mentioned in this report, which may affect this report s objectivity. Japanese Financial Instruments and Exchange Law (FIEL) Disclaimer The report has been prepared by Shared esearch under a contract with the company described in this report ( the company ). Opinions and views presented are ours where so stated. Such opinions and views attributed to the company are interpretations made by Shared esearch. We represent that if this report is deemed to include an opinion by us that could influence investment decisions in the company, such opinion may be in exchange for consideration or promise of consideration from the company to Shared esearch. Contact Details Shared esearch Inc Sendagi Bunkyo-ku Tokyo, Japan Phone: +81 () info@sharedresearch.jp 1/1
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