中期経営計画（2022年 ４⽉-2025年 3⽉）

進捗と今後の⾒通しについて
Progress and Outlook of Medium-term Business Plan
(April 2022 - March 2025)

株式会社 図 研
Zuken Inc.

東証プライム市場

2024年 7 ⽉ 1 7 ⽇
July 17, 2024

証券コード 6947

Tokyo Stock Exchange, Prime Market
Securities code: 6947

3か年計画の進捗と今後の⽅針（総括）Summary of Progress and Outlook

1

3か年計画の進捗と最終年度の⾒通しProgress of the Three-Year Plan and outlook for the final year①

2年⽬は、売上、営業利益ともに計画を上回り、3期連続で過去最⾼を更新、全ての地域、ソリューションで対前年売上増

In the second year of the 3-year plan, sales and operating income both exceeded projections, reachingrecord highs for the third consecutive year with YoY sales growth in all regions and solutions②③

世界的に堅調なスマートエンジニアリング向けIT投資は、最終年度も継続を予測

Strong global IT spending for smart engineering is expected to continue in the final year of the 3-year plan

国内MBSEビジネスは、PoC（概念実証 / コンセプト実証プロジェクト）が増加し、売上増に貢献するも、機能開発項⽬増加

In the domestic MBSE business, PoC (Proof of Concept/Proof of Concept) projects increased and contributed
to sales, while functional development items increased④

最終年度の計画は、売上410億円（プラス10億円）、営業利益はMBSE関連の損益計画⾒直しにより55億円（マイナス5億円）に修正

Revised final year plan to sales of 41.0 billion yen (plus 1.0 billion yen) and operating income of 5.5 billionyen (minus 0.5 billion yen), taking into account revised MBSE-related profit/loss plan2

トピックスTopics

図研エルミックに対する公開買付けを実施、100%⼦会社化へ
Conducted tender offer for Zuken Elmic to make it a wholly-owned subsidiary

親⼦上場（図研エルミック社は東証スタンダード市場に上場）の関係を解消へ

To dissolve the parent-subsidiary listing relationship (Zuken Elmic is listed on the Tokyo Stock ExchangeStandard Market)

販売先が限定され、売上安定性を⽋いていたソフトウェアIPの販売モデルから、専⾨性を活かした受託開発モデルへの移⾏を実施、図研グループ各社と協調して顧客基盤を強化⽬指すShift from a software IP sales model, which had limited customers and lacked sales stability, to acontract development model that leverages expertise and strengthens the customer base incooperation with Zuken Group companies

2024年6⽉24⽇、応募が公開買付け成⽴の予定数の下限を上回り終了、7⽉1⽇応募全株券の買付けを実施

On June 24, 2024, the number of shares tendered exceeds the minimum number of shares expected tobe purchased through the tender offer, and the offer is closed

32年⽬業績の詳細と最終年度の⾒通しDetails of 2nd-year performance and forecast for the final year4

中期計画 年度別売上・営業利益⽬標Three-year Plan Targets and Progress Overview

売上⾼百万円Millions of JPY百万円

Millions of JPY

Sales

50,0007,000

45,000

営業利益

Operating Profit

6,000

40,000↑40,00035,00030,000

5,000
4,000

25,00020,0003,000

15,0002,000

10,000

3か年年平均伸び率: 9.2%
CAGR

5,000

1,000

00

FY3/22

FY3/23

FY3/24

FY3/25

FY3/22

FY3/23

FY3/24（Plan）
計画※

24年3⽉期平均レート Ave. exchange rate FY3/24
25年3⽉期前提レート Assumed for FY3/25

FY3/25（Plan）
計画

planplan

144 yen/USD, 156 yen/EUR
140 yen/USD, 155 yen/EUR

2年⽬︓売上・営業利益とも計画を上回り過去最⾼を更新
2nd Year: Sales and operating income both exceeded projections and reached record highs

56,000↓受注残⾼の推移
Changes in Order Backlog
百万円
Millions of JPY

16,00014,00012,000クライアントサービス（保守）Client Services

YoY

＋6.9%

ソリューション
Solutions

10,0008,000＋31.3%

6,000
4,000
2,000
0

受注残⾼は過去最⾼の⽔準
Record-high Order Backlog

6営業利益の実績と⾒通しFactors of Changes in actual and projected operating profit

原価率変動
Changein gross margin ratio

単位 百万円Millions of JPY▲123

⼈件費・経費増
Personnel and other expenses
increase
売上増▲1,006
Sales increase
為替影響による経費増+2,316
Cost increase due to FX（内、為替影響 +772）(including FX effect)

4,428

FY3/23

原価率変動
Changein gross margin ratio+242 ⼈件費・経費増
Personnel
and other expenses
increase
売上増▲807
Sales increase▲818

4,796+368

FY3/24▲454+1,721▲500

その他経費増Increasein other expenses

GENESYS
ビジネスプラン修正

Revised Business Planof “GENESYS”
ライセンス販売 ▲360
Decrease in license revenue
開発先⾏投資増 ▲260
Increase in R&D cost

5,500+703

FY3/25
計画Plan7【参考】 製品区分と主な製品について
Major Products of Each Category

短信等での製品区分

主な製品

Categories Used in Financial Reports

Major Products

デザインオートメーション

基板設計ソリューション

Design Automation

Printed Circuit Board design solutions

プリント基板PCB(EDA)

CR-8000 Design Gateway

回路設計ソリューション
Circuit design solutions

ITソリューション

CR-8000 Design Force
CR-8000 DFM Center

ワイヤハーネス
Wire-Harness

E3.series/E3.infinite
Cabling Designerシリーズ

データマネジメント
Data Management

IT solutions

クライアントサービス
Client Services

DS-2 シリーズ
GENESYS
FortiGate
PreSight/visual BOM

上記各ソリューション振分け
Divided among the above categories

クライアントサービス︓ライセンスの保守・アップデート（更新）のリカーリング収益

8

Client services are recurring revenue from the maintenance and updates of licenses.

製品分野別売上
Sales by Product Category vs. FY3/23

百万円

Millions of JPY

製品分野FY3/23

FY3/24

YoY

YoY(%)

デザイン・オートメーション

20,88722,441+1,554+7.4％（内、ワイヤハーネス設計）（7,032）（7,714）+682+9.7％

データマネジメント

14,186

16,024+1,838+13.0％

売上計

35,07338,466+3,392+9.7％

Product Category

Design Automation(of which WH Design)

Data Management

Total Sales

9【参考】 短信等で開⽰しているソリューション区分での販売実績
Reference: Sales by Solution Category in the Earnings Report

百万円
Millions of JPY

製品分野

Solution Category

基板設計ソリューション
Printed Circuit Board
design solutions

回路設計ソリューション
Circuit design solutions

ITソリューション
IT solutions

クライアントサービス
Client Services

売上計

Total Sales

10

FY3/23FY3/24

YoY

4,123

4,698+574

7,817
8,290

8,456
9,354+639+1,063

14,841

15,957+1,115

35,07338,466+3,392

デザイン・オートメーション

Design Automation

データマネジメント
Data Management
クライアントサービス
は上2つに分類“Client Services”
are divided into
the above twocategories

製品分野別 販売実績
Changes in Sales by Product Category

データマネジメント

百万円
Millions of JPY

EDA(PCB)系
PCB design+871

35,073ワイヤハーネス系

Data Management

Wire Harness design+1,838+682

デザインオートメーション
Design Automation

Acceleration of CR-8000
migration both in Japan andoverseas アジアで⼤型CR-8000
移⾏プロジェクト受注

Received large-scale orders
for CR-8000 migrationprojects in Asia

1138,466
FY3/24

FY3/23
 国内外ともCR-8000化が加速+3,392

 製造スマート化投資にともなう産業機器、⼯場向けが好調
Strong sales for industrial
equipment and factories
due to investment insmarter manufacturing 新製品E3.infiniteの導⼊も進展
Progress made in
introducing the new
E3.infinite IT投資堅調を受けセキュ
リティ、データマネジメント
ともに好調持続Both security and data
management performed
well on the back of strong
IT investment.

 MBSE関連PoCプロジェ
クト増加
Increase in MBSE-related
PoC projects

【重点分野①】 モデルベース開発関連の販売動向

Growth Sector (1) Sales Associated with Model-based Development

概況 Overview

 国内MBSE導⼊PoCが様々な業種で増加

モデルベース関連売上⾼百万円 Model-based Development Related Sales

Millions of JPY

YoY+29.0%

Increase in domestic MBSE
implementation PoCs in variousindustries エレクトロニクス設計要求管理を、既存CR製品と連携させるニーズも増加（GENESYS-CR）
Increased inquiries and installations ofsolutions for electronics design
requirements management (GENESYSCR) 防衛関連（調達等）での今後の需要に期待
Expect future demand in defenserelated (procurement, etc.)

12

FY3/22

FY3/23

FY3/24

【重点分野②】 課題解決型コンサルティングビジネスの販売動向
Growth Sector (2) Consulting-driven Customer Engagement Business Sales

概況 Overview

 国内は、業種問わず基幹システム（ERP）更新などをトリガーにした設計製造部⾨のIT投資が堅調

百万円

PDMビジネス売上⾼

Millions of JPY

PDM business sales

YoY+13.1%

In Japan, IT investment in the design
and manufacturing sector is strong,
triggered by ERP system updates,
regardless of industry.

 ワイヤハーネス製造の効率化・⾃動化需要を背景にワイヤハーネス
設計⽤データマネジメントへの投資が増加
Increased investment in data
management for wire harness designon the back of demand for more
efficient and automated wire harness
manufacturing

13FY3/22

FY3/23

FY3/24

地域別販売状況

Changes in Sales by Region
百万円
Millions of JPY

⽇本
Japan+2,144

海外事業
Overseas+246+2.2%

為替影響
FX impact+1,001+3,392+8.9%
35,073

⽇本 Japan 24,116
欧州 Europe 6,331
⽶国 Americas 2,807
アジア Asia
1,818

38,466

FY3/23

FY3/2423.3期累計期間の平均為替レート
24.3期累計期間の平均為替レート

1USドル＝135円 1ユーロ＝141円
1USドル＝144円 1ユーロ＝156円

FY3/23 Ave. exchange rates: 135 yen/USD and 141 yen/EUR.
FY3/24 Ave. exchange rates: 144 yen/USD and 156 yen/EUR.

14

販売先業種の状況（国内・クライアントサービス除く）
Industries of top 10 customers in Japan excluding “Client Services” revenue

FY3/24

1 事務⽤機器

FY3/23

FY3/22

FY3/21

⾞載エレクトロニクス

総合電機

総合電機

通信機器

事務⽤機器

⾃動⾞

電⼦部品

4 ⾞載エレクトロニクス

⾞載エレクトロニクス

事務⽤機器

事務⽤機器

5 電⼦部品

検査機器

建設機械

コンシューマー6 コンシューマー

⾞載エレクトロニクス

7 ⾞載エレクトロニクス

⾃動⾞

8 ⾃動⾞

電⼦部品

9 ⾃動⾞

Business Machines

2 ⾞載エレクトロニクス
In-vehicle Electronics

3 総合電機General Electronics
In-vehicle Electronics

Electronic Components

Consumer Electronics
In-vehicle Electronics

⾃動⾞

Automobile

電⼦部品Electronic Components
Business Machine
In-vehicle Electronics
Test Equipment
In-vehicle Electronics
Automobile

In-vehicle Electronics
General Electronics
Automobile
Business Machine
Construction Machinery

General Electronics
Telecommunication
Electronic Components

Business Machine
Consumer Electronics

産業機器

⾞載エレクトロニクス

Industrial Machinery

In-vehicle Electronics

事務⽤機器

コンシューマーBusiness Machine

Consumer Electronics

コンシューマーコンシューマー⾃動⾞

⾃動⾞

Automobile

Automobile

建設機械

10 コンシューマー

建設機械

コンシューマー⾃動⾞

Automobile

Consumer Electronics

15Electronic Components

Construction Machinery

Consumer Electronics
Construction Machinery
Consumer Electronics

Consumer Electronics
Automobile
Automobile

海外地域別 販売状況
Changes in Overseas Sales
百万円
Millions of JPY

アジア

⽶国（中国向け直販含む）
Asia (inc. China)+46+25+174+0.7%+0.9%

欧州

Europe10,956

Americas

欧州 Europe 6,331
⽶国 Americas 2,807
アジア Asia 1,818

+9.6%

為替影響

FX impact+1,001+1,248

12,204

現地通貨ベース
Changes in Local Currency Base

FY3/24

FY3/23 E3.seriesの主要顧客である産業機械メーカーからのデータマネジメントを含む受注が堅調

2416

Solid orders including datamanagement fromindustrial machinery
manufacturers, a major
customer of E3.series

 TBL案件中⼼であり収益は安定

Revenue is stable due to thefocus on TBL projects

 nVent 経由の販売開始に遅れ
Delayed start of sales via
nVent 韓国・インドなどを中⼼に投資回復の兆し
Signs of investment
recovery mainly in South
Korea and India 中国はEV関連を除き全
般的には引続き低調
China remains generally
sluggish except for EV

事業分野の今後の⾒通しについて
Outlook for Business Area

データマネジメントとの組合せにより、CR-8000へのマイグレーションをプロセス改⾰につなげ、案件の⼤型化をはかるCombined with data management, CR-8000 migration will lead to process reform and larger
projects

産業機械向けのワイヤハーネス設計ソリューションとしてE3.seriesの拡販強化

Strengthen sales expansion of E3.series as a wiring harness design solution for industrialmachinery

ワイヤハーネス設計情報活⽤により⼿作業の多いワイヤハーネスエンジニアリン
グのDXを訴求Appeal for DX in wire harness engineering, which involves a lot of manual work, by utilizing
wire harness design information

国内市場で、既存顧客を中⼼にさらなるMBSE導⼊メリット認知を⽬指すImplement measures to further increase awareness of the benefits of MBSE introduction in
the domestic market, particularly among existing customers

17

資本政策と利益還元の基本⽅針

Basic Policy on Capital Management and Profit Sharing

資本コストや株価を意識した経営の実現に向けた対応
Actions to achieve cost of capital and stock price conscious management

機動的な成⻑投資
を可能にする
財務基盤の維持 累進的な配当政策
 資本効率に留意した
事業運営

Maintain a financial base that allows
for agile growth investments

 Progressive dividend policy Business operations withattention to capital efficiency

業績推移、事業環境などを総合的に判断して、随時最善の株主還元策を実施

18Implement the best shareholder return policy fromtime to time based on a comprehensive
assessment of business performance trends,
business environment, and other factors.

【参考】 資本効率（ROE）と株主還元の推移(Reference) ROE and Shareholder return90
Unit: Yen
80
70
60
50403020
100

単位︓円

12.0%

9.5%
7.8%

8.0%
6.0%

530

3245

32.6%

FY3/22

FY3/23

記念配当・特別配当
Special Dividend
28.6%

32.7%

⾃⼰株式取得Total Payout Ratio

1960

4.0%
2.0%

FY3/24ROE

FY3/25(Plan)
計画
plan

32.1%

33.4%

4,000 ※

Share Repurchase

総還元性向

55

0.0%

配当⾦
Dividend
Dividend Payout Ratio

8.1%

5.8%

FY3/21

連結配当性向

10.0%

32.6%

※ 百万円 Millions of JPY

28.6%

32.7%

135.5%

33.4%

Corporate Profile

Provided E3.series to GreenGT of Switzerland,
contributing to more efficient development of hydrogen fuel cell vehicles
https://www.zuken.com/en/resource/green-gt/

20

Corporate Profile

ZUKEN Inc.
Established:
Capital:Employees:

December 17, 1976
10,117,065,000 yen
434 (non-consolidated)
1,578 (consolidated)(As of March 31, 2024)

Tokyo Stock Exchange, Prime Market
Securities code: 6947
 A Japanese engineering software vendor with global presence More than 40 years of experience in the electronic design automationindustry (Backed by a consistently sound financial position) In-house development of technologies along with the use of alliances,
M&A and other measures to acquire new technologies quickly as needed21History
December 1976

Established as Zukei Shori Gijutsu Kenkyusho Inc.

June 2009

Announced the release of “PreSight,” a new product of PLM Solutions.

June 1978

Developed Japan's first CAD/CAM system "Create 2000" for the design ofprinted circuit boards.

May 2010

Concluded an equity alliance with Lattice Technology Co., Ltd., making Zuken
the second-largest shareholder after Toyota.

November 1983

Established ZUKEN AMERICA Inc. (now ZUKEN USA Inc.) in the United States.

June 2011Announced the release of "visual BOM" that integrated bill of materials
technology with the ultra lightweight 3D format XVL.

January 1988

Developed a new CAD system "CR-3000."

October 2011

Announced worldwide the release of the "CR-8000," a new generationelectronic device design platform.

October 1991

Registered in the Second Section of the Tokyo Stock Exchange as a first EDA corporation.

December 2014

Concluded a capital and business alliance with Toyo Business Engineering
Corporation (now Business Engineering Corporation).

January 1992

Established ZUKEN EUROPE GmbH (now ZUKEN GmbH) in Germany.

March 2015

Established ZUKEN INDIA Pte. Ltd. in India.

January 1992

Established ZUKEN KOREA Inc. in Seoul.

July 2015

Took over YDC Corporation's CADVANCE business (CAD and PDM operations).

August 1992

Established ZUKEN SINGAPORE Pte. Ltd. in Singapore.

April 2016

The PreSight Division was spun off as Zuken PreSight Inc.

April 1994

Developed EDA vertical integration solution "CR-5000."

December 2017

Acquired all the shares of Alfatech Inc. (now Zuken Alfatech Inc.).

June 1994

Acquired all the shares of Racal-Redac Group (11 companies) of the United Kingdom.

August 2019

Acquired all the shares of Vitech Corporation (now Zuken Vitech Inc.) of USA.

September 1994

Moved up to the First Section of the Tokyo Stock Exchange.

October 2019

Established ZUKEN Modelinx Inc.

March 2000

Acquired all the shares of INCASES Engineering GmbH of Germany.

November 2021

Business Engineering Corporation became an equity-method affiliate
following an additional investment by ZUKEN.

March 2002

Started provision of a wire harness design environment for the automotiveindustry.

April 2022

Stock listing was moved to the Prime Market because of the restructuring ofthe Tokyo Stock Exchange into new market segments.

June 2002

Established Shanghai Technical Center in Shanghai.

February 2004

Announced the release of "ePLM Platform DS-2," a PLM solution speciallydesigned for the electrical and electronics industries.

August 2005

Established ZUKEN TAIWAN Inc. in Taiwan.

May 2006

Acquired all the shares of CIM-TEAM (now ZUKEN E3 GmbH) of Germany.

June 2007

Released "V54EE" based on "Catia V5."

22

Global Locations and Affiliates in Japan
Head Office/Central Research Facility: Tsuzuki-ku, Yokohama
Locations in Japan:

Yokohama, Osaka and Nagoya

Overseas Locations:

21 locations, including 6 R&D sites

Domestic Affiliates:

7 (Zuken Tec Inc., Zuken Netwave Inc., Zuken Elmic Inc., Zuken PreSight Inc.,
Zuken Alfatech Inc., Zuken Modelinx Inc., Business Engineering Corporation)

EUROPEUK, Germany, Switzerland,France, Italy, Netherland, Poland

AMERICAS

Korea

Japan
China:Sales OfficeTaiwanAsia

India
Singapore23

Zuken Group
Zuken Tec
Overseas subsidiaries
EuropeNorth America
Asia

Technology services(including support for modelbased development activities)

24

Design/manufacturing link

3D mechanicaldesigns

Knowledge/AI

BIM

Security

Telecommunications

Storage

Embedded softwarePrecautions
Information in this presentation includes forward-looking statements about results ofoperations and other items. These statements are judgments of the Zuken Group basedon information available when this presentation was prepared and include potential risks
and uncertainties. Therefore, actual results of operations and other aspects of future
performance may differ greatly from these forward-looking statements. Risk factors that
may affect the Zuken Group’s performance include, but are not limited to, changes in theeconomies of various countries, capital expenditures of the group’s customers, changes
in the demand for the group’s products, progress with the development of new products,
competition with other companies, and foreign exchange rate movements.
The performance targets in this presentation are not forecasts or current outlooks forfuture results of operations. These figures are goals that the Zuken Group will attempt toreach by implementing its business strategies.

25Contact

ZUKEN Inc.
Corporate Marketing Division
2-25-1, Edahigashi Tsuzuki-ku, Yokohama
Tel: +81-45-942-1511