Annual Report 2017

FINANCIAL HIGHLIGHTS

Millions of Yen

Years ended December 31

2013

2014

2015

2016

2017

¥ 68,452¥ 73,621¥ 71,946¥ 59,903¥ 60,496

5,233

6,076

4,554

2,361

4,246

For the Year:

Corporate Philosophy
We at Tamron are advancing with our corporate philosophy
to guide our mission.

Net sales
Operating income
Operating income ratio

7.6%

Ordinary income

With its firm commitment to developing high-quality, innovative and tech-

Ordinary income ratio

nologically advanced products that satisfy customer needs, Tamron is

Profit attributable to owners of parent

6.3%

8.3%

5,196

5,140

6,200

7.6%

4,100

2,855

7.1%

8.4%

7.0%

3.9%

6.8%

4.8%

3,197

3,846

4,048

1,482

2,838

Total assets¥ 64,704¥ 69,906¥ 66,035¥ 60,910¥ 63,868

Net assets

47,08751,99549,00147,32149,940

Profit attributable to owners of parent¥116.48¥140.14¥153.98¥ 57.19¥ 109.51

Shareholders’ equity

1,715.37

1,894.14

1,890.45

1,825.62

1,926.65

Cash dividends

50.00

50.00

60.00

55.00

50.00

Price earnings ratio (PER)

21.9

17.0

14.6

33.9

22.1

securing a leading position in the worldwide optical industry.
Our primary objective is to sustain strong corporate growth based on ahigh level of customer satisfaction achieved by providing superior products at the right price, thus also contributing to the prosperity of ourshareholders and employees.

At Year-End:Per Share Data (Yen):TABLE OF CONTENTSCORPORATE PHILOSOPHY ……………………………………………………………… 1

Ratios:FINANCIAL HIGHLIGHTS ………………………………………………………………… 2

Return on assets (ROA)

8.5%

9.2%

7.6%

4.5%

6.6%

MESSAGE FROM THE PRESIDENT & CEO …………………………………………… 3

Return on equity (ROE)

7.3%

7.8%

8.0%

3.1%

5.8%

MANAGEMENT POLICY …………………………………………………………………… 3

Equity ratio

72.8%

74.4%

74.2%

77.7%

78.2%

BUSINESS SEGMENT INFORMATION ………………………………………………… 5
FINANCIAL SITUATION …………………………………………………………………… 7

Notes: 1. ROA=Ordinary income/Total assets
2. ROE=Profit attributable to owners of parent/Total net assets

CORPORATE GOVERNANCE …………………………………………………………… 9
BUSINESS & OTHER RISKS ………………………………………………………………… 12
CONSOLIDATED BALANCE SHEETS …………………………………………………… 13
CONSOLIDATED STATEMENTS OF INCOME/
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME……………… 15
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS ………………… 16
CONSOLIDATED STATEMENTS OF CASH FLOWS ………………………………… 17
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ………………………… 19
HISTORY ……………………………………………………………………………………… 21
COMPANY PROFILE/STOCK OVERVIEW……………………………………………… 23
GROUP NETWORK ………………………………………………………………………… 24

NET SALESOPERATING INCOME/(% NET SALES)PROFIT ATTRIBUTABLE TO OWNERS OF PARENT(% NET SALES)(Millions of Yen)

(Millions of Yen)(%)

(Millions of Yen)(%)

80,000

8,000

12

4,000

12

60,000

6,000

9

3,000

9

40,000

4,000

6

2,000

6

20,000

2,000

3

1,000

3

0

0

0

2013 2014 2015 2016 2017

0

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

0

Note: In the 2017 annual report, amounts of less than the unit indicated, for example, one million yen have been omitted.

1

Tamron Co., Ltd.

Annual Report 2017

2

MESSAGE FROM THE PRESIDENT & CEO

MANAGEMENT POLICY

We achieved a record high gross margin, increases in income
and substantial profit in 2017.
I am pleased to provide an overview of our consolidated business results forthe 71st term ( January 1, 2017 to December 31, 2017 ) as follows.
Regarding market conditions in the current fiscal year, although there was a
decline in sales of the SLR type, sales of the non-flex type increased substantially and the total of lenses for compact mirrorless system cameras turned
positive compared to the previous year. Sales of interchangeable lenses also
increased slightly. After peaking in 2012, sales of both cameras and lenses
had been falling, but the fall came to an end. Sales of cameras with built-inlenses rose slightly, and the surveillance camera market achieved stable
growth, while strong growth continued for the automotive camera market.
Under these circumstances, in the current term, net sales came to 60.496
billion yen (up 1.0% compared to the previous year) mainly due to the posi-

Mid-Term Management Plan
We aim to achieve the medium-term management plan to 2020 as well as achieving innovative change themes.
The main points of the plan
In 2020, we are aiming for a record profit for the first time in
10 years, with sales of ¥72 billion, an annual growth rate of 6%
compared to 2017, and operating income of ¥6.6 billion, about
1.5 times that of 2017. The plan is to improve profitability andcapital efficiency.
Sales of ¥63 billion (up 4.1% compared to the prior year)
and operating income of ¥4.8 billion (up 13.0% compared tothe prior year) are planned for 2018, the first year of the plan.
Reflecting back on past medium-term management plansthat we successively failed to achieve, we have decided to
manage/assess the plan as a three-year fixed plan from now
on, rather than in the conventional rolling fashion.

2017

2020

Net Sales¥60.5 billion¥72 billion

Operating
Income¥4.2 billion¥6.6 billion(% Sales)

7.0％

9.2％

ＲＯＥ

5.8％

At least 9％

tive impact of the depreciation of the yen. The Company achieved a record
high gross margin primarily thanks to effects of the launch of a new product,own-brand interchangeable lenses. Operating income stood at 4.246 billion
yen (up 79.8% compared to the previous year), ordinary income came to 4.1
billion yen (up 43.6% compared to the previous year) and profit attributableto owners of parent was 2.838 billion yen (up 91.5% compared to the previous year) because of a reduction in operating expenses. As a result, it was a

Approach by area

・Sales composition of the digital camera related area: 80% ⇒ down to the 60% level
・Sales of focus/new areas: Approx. ¥10 billion
The plan is to improve the profitability of the core business, a mature market, maintain a competitive edge overstable growth industries and achieve sales growth in the areas of focus.
The basic policy by area is as follows:＜Basic policy by area＞

year in which we saw an improvement in profitability with an increase in revenue and a substantial rise in profit.
Looking ahead at 2018, we are determined to achieve increases in revenue
and profit for the second consecutive year by actively launching new products, own-brand interchangeable lenses, and striving for sales expansion in
President & CEO
Tamron Co., Ltd.

Shiro Ajisaka

growth areas such as surveillance cameras, FA, automotive cameras anddrones.

Digital camera area
（Mature market）

1. Accelerate the global expansion of the existing
business, capture the demand of the emerging
markets, improve profitability and strengthen thebusiness foundation.
2. Increase and strengthen marketing activities, jointly
create new values, including M&A, develop new"eyes for industry" and expand the business fields.
3. Reduce the lead time from development to high-volume production and construct the system for thetimely input of new products.
4. Construct the global trilateral system for efficient
production and promote increased productivity andcost reductions through automation, labor saving
and manpower saving, among other means, with

3

Tamron Co., Ltd.

Do not assume signiﬁcant sales growth, but
prioritize improvement in proﬁtability.

Surveillance/
Maintain/secure competitiveness andFA-related area
（Stable growth market） broaden the client base for industries.
Business size expansion phase by aggressively
adding resources ⇒ Secure a position in
individual focus areas.

New area

A phase for creating new business candidates
including cooperation/M&A, etc. ⇒ Certain
preparation eyeing full-scale sales growth in
2021 and beyond.

the fourth industrial revolution in mind.
5. In addition to the development of component technologies, especially the Company's core opticaltechnologies, focus on research and development
in new technical fields, the joint creation of newvalues and other horizontal operations among
multiple companies (including collaboration among
government, industry and academia).
6. Strengthen corporate governance and increase capitalefficiency.
7. Increase work-life balance and ensure a suitable
work environment for all employees where all
workers are satisfied with their work.

■ Digital camera area

■ Surveillance/FA-related area
■ Focus/new area

2.9

Focus area *Drone/
Automotive Lenses（High growth market）

MANAGEMENT POLICY

Issues on Mid-to Long-Term Management（unit: billion yen）

9.6

10.0
12.5

48.0

49.5

2017

2020

Agendas for Transformation
Reinforce Sales & Marketing

Re-Building of R&D Process

Customer Values

New Business Development

Globalization of Sales, Production, & R&D

Corporate Management

Annual Report 2017

4

BUSINESS SEGMENT INFORMATION

Composition of Sales

Main Products

Photographic ProductsInterchangeable lenses for 35mm/Digital

74.9%

SLR cameras
Interchangeable lenses for mirrorlessinterchangeable lens cameras

Business Segment Overview
While revenue from OEM products fell, sales of and revenue from own-brandinterchangeable lenses grew mainly in the U.S., China and Japan due to the eﬀects
of launching six new product models. Regarding the own-brand new products, theCompany released the high-speed telephoto zoom lens SP70-200mm F/2.8 VC
USD G2 (A025) in February, the ultra-wide-angle zoom lens 10-24 mm VC HLD(B023) in March, the ultra-telephoto all-in-one zoom lens 18-400 mm VC HLD(B028) in July, the high-speed standard zoom lens SP 24-70 mm F/2.8 VC USD G2(A032) in August and the ultra-telephoto zoom lens 100-400 mm VC USD (A035)
in November. The Company strove to release new products constantly throughout
the year, thereby increasing demand and improving the proﬁt ratio. Favorably
received in Japan and overseas, a Company lens won the EISA award for thetwelfth consecutive year as well.
As a result, net sales for the Photographic Products business came to 45.292
billion yen (a decrease of 3.2% compared to the previous year). Operating income
grew substantially to 5.818 billion yen (an increase of 44.2% compared to theprevious year) thanks to the increase in revenue from the own-brand lens and theimprovement of the proﬁt ratio.

Net Sales

Operating Income(Losses)/(% Net Sales)(Millions of Yen)

(Millions of Yen)(%)

60,0006,000

1540,0004,000

1020,000

2,000

5

0

2015

2016

2017

0

2015

2016

2017

0

Optical Components
The substantial contraction of the compact digital camera lenses market continued.
However, the Company also saw a rise in revenue from the market due to a sharp

Camcorder lenses

5.6%%

Digital still camera lenses
Drone lenses
Optical device units(Millions of Yen)
6,000

increase in sales volume because of a reactive increase due to the Kumamoto
Earthquake in 2016. Moreover, the Company entered into a new ﬁeld with thedrone market, which the Company has been focusing on as a new business area,

4,000

commencing product shipments in the second half of the year.
As a result, net sales of the Optical Components business came to 3.375 billion
yen (an increase of 43.2% compared to the previous year). Operating losses

2,000(Millions of Yen)

(%)

300

15

200

10

100

5

0

0

dropped to 24 million yen (operating proﬁt in the previous year was 75 million yen)
due to the initial cost and prior investments associated with the entry into a new

0business area.

Commercial/
Industrial-use Optics
Sales of surveillance camera lenses rose centered on highly value-added products

2015

2016

2017

-100

2015

2016

2017

-5

(Millions of Yen)

(Millions of Yen)(%)

15,0001,500

1510,000

1,000

10

5,000

500

5

for camera makers in advanced countries, although severe conditions remained in

Surveillance camera lenses

19.5%

Machine vision/FA Lenses
Automotive lenses

the competitive environment where the Company competes with overseas makers.
In addition, revenue from automotive camera lenses grew against the backdrop ofstrong market growth and remained favorable.
As a result, net sales for the Commercial/Industrial-use Optics business came to
11.827 billion yen (an increase of 10.1% compared to the previous year).
Operating income came to 827 million yen (an increase of 12.9% compared to theprevious year), posting double-digit revenue and operating proﬁt.

5

Tamron Co., Ltd.

0

2015

2016

2017

0

2015

2016

2017

Annual Report 2017

0

6

FINANCIAL SITUATIONFINANCIAL SUMMARY

Current assets
The balance of current assets at the end of the consolidated fiscal year stood at 45.392 billion yen, up
3.802 billion yen compared to the level at the end of
the previous consolidated fiscal year. The result primarily reflected increases in cash and deposits of
3.401 billion yen and in notes and accounts receivable-trade of 642 million yen.
Non-current assets
The balance of non-current assets at the end of theconsolidated fiscal year stood at 18.476 billion yen, adecrease of 844 million yen compared to the level atthe end of the previous fiscal year. This was mainly
because of a decline in property, plant andequipment of 921 million yen.
Current liabilities
The balance of current liabilities at the end of theconsolidated fiscal year stood at 11.931 billion yen,
up 543 million yen compared to the level at the endof the previous consolidated fiscal year. This was
mainly because of a decline in short-term borrowingsof 650 million yen, an increase in accounts
payable-trade of 607 million yen and a rise inaccrued expenses of 283 million yen.
Non-current liabilities
The balance of non-current liabilities at the end of
the consolidated fiscal year stood at 1.996 billion
yen, down 204 million yen compared to the level atthe end of the previous consolidated fiscal year. Thiswas chiefly because of a decrease in long-termborrowings of 268 million yen.
Net assets
The net balance of assets at the end of theconsolidated fiscal year came to 49.940 billion yen,
an increase of 2.618 billion yen compared to thelevel at the end of the previous consolidated fiscal
year. This mainly reflected increases in retained
earnings of 1.412 billion yen and in foreign currencytranslation adjustments of 738 million yen.

CASH FLOWSFor the consolidated fiscal year, cash and cash
equivalents at the end of the year increased 3.401
billion yen compared to the level at the end of theprevious consolidated fiscal year, to 19.431 billion
yen.
The cash flows resulting from different activities
during the consolidated fiscal year were as follows.
Cash flows through operating activities
Income before income taxes and minority interests
stood at 4.222 billion yen, depreciation expenses
came to 3.562 billion yen, and the increase in notes
and accounts payable-trade stood at 543 million yen.
At the same time, the increases in accounts
receivable-trade and inventory came to 367 million
yen and 192 million yen, respectively. Because of
these and other factors, cash flows from operating
activities resulted in income of 7.661 billion yen(compared to income of 6.537 billion yen for theprevious consolidated fiscal year).
Cash flows through investing activities
With expenses of 2.390 billion yen for property, plantand equipment, etc., cash flows from investing
activities resulted in a disbursement of 2.174 billion
yen (compared to 2.540 billion yen in the previous
consolidated fiscal year).

CAPITAL INVESTMENT

In 2017, the Tamron Group made total capital
investments of 2.425 billion yen (a decrease of 2.4%
compared to the previous year) centered oninvestments in machining equipment at Tamron
Optical (Foshan) Co., Ltd. and investments in metal
molds related to new models in order to manufacture
key components internally.

RESEARCH AND DEVELOPMENT

R e g a r d i n g t h e T a m r o n G r o u p’s r e s e a r c h a n ddevelopment activities, the Opto-Science R&D Centerengages in R&D from a long-term perspective.
The Optical Design & Engineering R&D Unit, theCore Technology & Engineering R&D Unit, theIntegrated Core Technology R&D Unit and theProcess Technology & Engineering Unit develop
individual elementary technologies, which are thecore technologies of optics, production engineering,and electronics. The engineering departments of theindividual Business Units develop products.
In 2017, R&D expenses were 4.111 billion yen (up2.7% compared to the previous year).

NET ASSETSCAPITAL INVESTMENT/DEPRECIATION

R&D EXPENSES/% NET SALES(Millions of Yen)

(Millions of Yen)

(Millions of Yen)

(Millions of Yen)(%)

80,00080,000

6,000

6,000

9

60,00060,000

4,000

4,000

6

40,00040,00020,00020,000

2,000

2,000

3

0

2013

2014

2015

2016

2017

0

2013

2014

2015

2016

2017

0

2013

2014

2015

■ CAPITAL INVESTMENT

Tamron Co., Ltd.

We take R&D and capital investments, etc. into
considerat ion t o st reng th e n th e man ag e me n t
structure and develop new businesses from along-term perspective. We also strive to achieve
performance-based profit distribution by focusing on
a continuous dividend with a payout ratio of some
35%, and continue stable profit distribution to ourshareholders. That is our basic policy on dividends.
For the term ended December, 2017, the total
dividends for the year were 50 yen per share (a25-yen interim dividend and a 25-yen year-end
dividend), and the consolidated dividend payout
ratio was 45.7%.
For internal reserves, we are considering making
an effective investment in core technology &engineering and capital investments to further
reinforce cost competitiveness.

Cash flows through financing activities
There was a disbursement of 766 million yen for the
repayment of long-term borrowings and dividend
payments of 1.427 billion yen. Because of these andother factors, cash flows from financing activities
resulted in a disbursement of 2.351 billion yen(compared to 1.524 billion yen in the previous
consolidated fiscal year).

TOTAL ASSETS

7

DIVIDEND POLICY

2016

2017

■ DEPRECIATION

0

2013

2014

2015

R&D EXPENSES

2016

2017

0

% NET SALES

Annual Report 20178

CORPORATE GOVERNANCE

1. Basic Policy

advisory bodies to enhance supervisory functions. Inof duties by Directors, by attending the Board of

external director, with a majority of its members

Ever since the Company was first established, we ataddition, by establishing a Management Meeting andDirectors meetings and checking approval docu-

external officers (external directors and external audi-

Tamron have sought to forge good relationships withintroducing an Executive Officer system, we have de-ments.

tors).

all stakeholders, achieve sustainable growth and en-veloped a framework for executing business mattershance corporate value in line with our management

in a way that responds smoothly and quickly to(3) Nomination Committee and Compensation(4) Management Meeting

philosophy. In support of those goals, we have ad-changes in the external environment.

Committee

Tamron has established management meetings

opted the basic approach of ensuring fair and trans-

To the Board of Directors, Tamron appoints 12

To enhance the independence and objectivity ofattended by directors and full-time corporate audi-

parent management practices while developing a

directors (two of whom are external directors) and 4

Board of Directors functions concerning director ap-

tors to discuss and consider issues related to man-highly effective corporate governance system that

corporate auditors (three of whom are external audi-

pointment, dismissal and compensation, Tamron has

agement and the execution of duties, and to quickly

seeks to improve the speed and efficiency of deci-

tors).

established a Nominating Committee and Compensa-

respond to the changing management environment.

tion Committee. Each committee is chaired by ansion making and business execution.
(1) Board of Directors
2. Corporate Governance System Overview

Meetings of the Board of Directors are held twice a

Tamron is a company with corporate auditors andmonth, in principle, attended by all Directors andincludes a Board of Directors that functions as a

Corporate Auditors, for reviewing the execution ofbody to make important decisions and supervise theduties by the Directors and deciding on important

execution of operations, as well as an Audit & Super-issues as set forth in the basic policy of the Company

visory Board as an auditing body that is independentand the Companies Act.

Corporate Governance Structure

General Meeting of Shareholders

Election/Dismissal

Election/Dismissal

Election/Dismissalof the Board of Directors.
Tamron also appoints multiple independent exter-(2) Audit & Supervisory Board

nal directors possessing a wealth of knowledge,

Meeting once a month in principle, the Audit &expertise and independence and has set up a Nomi-

Supervisory Board audits the process of decisionnating Committee and Compensation Committee as

making by the Board of Directors and the execution

Board of Auditors(Corporate Auditors and Coordination
Independent Auditors)

Coordination

Accounting Auditor

Coordination

Board of Directors(Directors and External Directors)
Nomination
Committee

Management (As of April 1, 2018)

Audit & Supervisory Board Member

President & CEO
Shiro Ajisaka

Full-Time Corporate Auditors
Tsugio Tsuchiya
Takayuki Namiki2

Corporate Vice Presidents
Shogo Sakuraba
Masayuki Abo
Senior Managing Director
Hiroshi Kawanabe
Managing Directors
Koji Masunari
Yasuki Kitazume
Directors
Hiroshi Otsuka
Shenghai Zhang
Makoto Otani
Tomohide Okayasu
Yuichi Sato 1
Harumi Katagiri 1

9

Tamron Co., Ltd.

Compensation
Committee

President & CEO

Board of Directors

Corporate Auditors
Tadahiro Tone2
Yasuhiko Nishimoto2
Notes: 1. Independent Director
2. Independent Corporate Auditor

CSR Committee

Internal Audit &Supervision Board

Management Meeting
Internal Audit

Hideyuki Nonaka
Takao Yamamoto
Toshikuni Tateno
Yoshinori Narita
Tsutomu Tezuka
Chaitang Ho
Jie Chen
Emiko Ushida
Masato Naraoka
Mikio Kimura
Naoto Shiga
Shigehisa Arima
Takashi Sawao

Coordination

Compliance Committee

Each Department/Subsidiary

POLICY AND PROCEDURES FOR NOMINATIONOF DIRECTOR CANDIDATES AND CORPORATE
AUDITOR CANDIDATES
Nomination policy

discussions/consideration and accurate and prompt
decision-making will be undertaken and appropriate
risk management as well as business execution will
be made.

The Board of Directors shall consist of an・Regardless of gender/nationality, etc., director

appropriate number of people of up to 15 persons,candidates shall have extensive ability, knowledge,

and the viability of the Board shall be secured inexperience, results, dignity, and ethical standards.

consideration of the diversity/balance that is able to・ I n o r d e r t o a p p r o p r i a t e l y r e fl e c t e x t e n s i v ecover the individual functions and individual

experience, high-level expertise or insight in theb u s i n e s s divisions of the Company so that fullmanagement of the Company, the Company shall

Annual Report 2017 10

CORPORATE GOVERNANCE

BUSINESS & OTHER RISKS

standards of other companies of the same size, andThe following section provides an overview of the

5. Intellectual property rights

satisfy the standards set by the Company and canperformance, etc. of individuals within the range of aissues related to the business results and financial

The Group undertakes investigations, negotiations

play the role of a supervisory and advisory function

remuneration limit resolved at the General Meeting

position of the Group that may have a material effectand applications, and also takes other necessaryof Shareholders.

on the decisions of investors.

steps to protect its rights related to intellectual prop-

have multiple independent director candidates whoin its management from an independent standpoint
in addition to the standards for independence
specified by the Tokyo Stock Exchange.

・Corporate auditor candidates shall have a highThe purpose of “medium and long-term incentive

The forward-looking statements in this text repre-

erty rights and avoid any related issues. In the event

remuneration,” a performance and stock-based

sent the judgment of management as of March 28,

of a dispute over intellectual properties occurring be-

remuneration, is to clarify the link between business2018.

tween the Group and a third party, the Group’s business results may be significantly affected.

level of expertise and insight in corporate

performance, stock prices, and directors’

management, legal affairs, finance and accounting.

remuneration and further heighten awareness of

1. Dependence on specific customers

As for independent corporate auditors, the Company

contributing to the improvement of medium- andSales to Sony Corporation’s group companies and6. Laws and regulations

shall have multiple independent corporate auditor

long-term business performance and the increase of

Nikon Corporation’s group companies comprise ap-

The Group strives to comply with international andcorporate value.

proximately 24% and 11% of the Group’s sales,

domestic laws and regulations, government permits,

Regarding the system, the Trust established as arespectively (both figures are for the fiscal year

licenses, regulations and so forth that are relevant toadvisory function in its management from an

result of the monetary contribution made by theended December 31, 2017). As a result, changes in

the Group’s businesses. In the event of a violation of

independent standpoint in addition to the standards

Company acquires the Company shares and delivers

the strategies and policies and business relationships

laws or regulations or the filing of a suit due to unin-

for independence specified by the Tokyo Stock

the Company shares to directors through the Trustof these two companies may significantly affect thetended reasons, the Group’s business results may be

Exchange.

based on points awarded in accordance with theGroup’s business results.

significantly affected.

issuance rules specified by the Board of Directors

2. New businesses

7. Impairment loss

within the range of a remuneration limit resolved by

It is the Group’s policy to foster and expand new

In cases where the market value of the Group’s

the General Meeting of Shareholders. The directors

businesses. In the event that the Group decides toassets declines significantly or where the profitability

Nomination Committee with an independent director

shall be provided with the Company shares at thescale back or withdraw from a new business due toof its business deteriorates, impairment loss will beserving as the Chairman.

time of their retirement, in principle.

intensifying price competition, rapid technologicalrecorded according to the accounting standards forinnovation, drastic changes in market needs and so

impairment of assets, and this may significantly affectforth, the Group’s business results may be significant-the Group’s business results.

candidates who satisfy the standards set by theCompany and can play the role of a supervisory andposition and performance pursuant to the share
Procedures for nomination decision-making

・Director candidates shall be determined by the
Board of Directors after deliberation by the・Corporate auditor candidates shall be determinedby the Board of Directors after obtaining approval

Independent directors shall be paid the baseremuneration only.

ly affected.

from the Audit & Supervisory Board.

8. Effects of exchange rate fluctuations
3. Dependence on specific suppliers

The Group conducts transactions with overseas sub-

The Group procures raw materials, components, etc.

sidiaries in foreign currencies, and some of the trans-

The Company conducts a survey of the directors andfrom numerous external suppliers. For the procure-actions with international and domestic businesscorporate auditors regarding the composition andment of glass materials, in particular, it relies on limit-

partners in foreign currencies. Accordingly, fluctua-

for directors, and the system shall consist of “baseoperation of the Board of Directors to self-assess theed supply sources.

tions in exchange rates may significantly affect the

remuneration,” a fixed remuneration, “short-term

viability of the overall Board of Directors.

POLICY AND PROCEDURES FOR DETERMINING
DIRECTORS’ REMUNERATIONThe Company shall review the remuneration system

ANALYSIS/ASSESSMENT OF THE VIABILITY OF
THE ENTIRE BOARD OF DIRECTORS

If these raw materials, components, etc. are notcompetitiveness of the Group’s products in overseas

incentive remuneration,” a bonus in accordance withAt present, discussions that contribute to theavailable in the quantity or price that the Group has

the business performance for a single year, andsustainable growth of the business and theplanned for any reason, and the Group is unable to“medium and long-term incentive remuneration,” aenhancement of corporate value are being held. As

produce the products in the planned quantity, etc., it

9. Other risks

performance and stock-based remuneration. The

for the governance function, the supervision ofwill fail to carry out its responsibility of delivery to

In addition to the above, if there arise unanticipatedrevision of a bonus for directors was determined atbusiness execution and audit independence arecustomers, and this may significantly affect its busi-

political or economic factors, changes in tax systems

the 71st Ordinary General Shareholders’ Meeting onfunctioning effectively. We therefore acknowledge

ness results.

or tax rates that have adverse effects, or events ofMarch 28, 2018. Separately from this, thethat the viability of the entire Board of Directors is

4. Product defects

social turmoil, etc. due to acts of terrorism, wars, nat-

introduction of performance and stock-based

generally and appropriately secured.

The Group has developed advanced quality assur-

ural disasters, contagious diseases or other factors in

Based on the survey results, the Company

ance systems. In the unlikely event of the occurrence

the countries or regions where the Group conducts

recognizes shared issues and strives to review theof a defect in its products that may lead tobusiness, this may significantly affect the Group’s“short-term incentive remuneration,” a bonus incomposition and size or frequency of the Board oflarge-scale product liability, the Group may incur sig-

business results.

accordance with the business performance for a

Directors and the remuneration system.

nificant expense or lose public confidence, etc., any

remuneration was resolved at the Meeting.
“Base remuneration,” a fixed remuneration, andsingle year, shall be determined by the Board of

The Company shall continue the discussions andDirectors through the deliberation of theverification based on the survey results and commit

Compensation Committee with an independent

to further enhancing the viability of the Board of

director serving as the Chairman, considering the

Directors.

markets, its export profit, business results, etc.

of which may significantly affect its business results.

position, degree of contribution, industry standard or

11 Tamron Co., Ltd.

Annual Report 2017 12

CONSOLIDATED BALANCE SHEETSMillions of Yen
As of December 31

2016

Millions of Yen

2017

Assets2016

2017

Accounts payable–trade¥3,068¥3,675

Short-term loans payable

3,327

2,676

Accrued expenses

2,826

3,109

371

629

As of December 31

Liabilities

Current assets

Current liabilities

Cash and deposits¥16,030¥19,431

Notes and accounts receivable–trade13,41914,061Finished goods

7,023

6,392

Work in process

2,201

3,098

Raw materials and supplies

875

982

Income taxes payable

Deferred tax assets

442

360

Other

1,794

1,839

1,630

1,093

Total current liabilities

11,388

11,931(32)(28)

41,59045,392

736

468

1,403

1,298

60

230

2,200

1,996

13,58913,928

Capital stock

6,923

6,923

Capital surplus

7,432

7,432

Retained earnings

30,114

31,527(53)(53)

44,41645,829

498

846

2,475

3,214

(69)

49

2,905

4,110

47,32149,940¥60,910¥63,868

Other
Allowance for doubtful accounts
Total current assets

Non-current liabilities
Long-term loans payableNon-current assets
Property, plant and equipment
13,20013,295

Accumulated depreciation(7,088)(7,513)

Buildings and structures, net

6,112

5,781

19,195

19,385(13,682)(14,403)

5,513

4,982

19,28920,186(17,056)(18,188)

2,232

1,998

1,012

961

668

894

15,53914,618787

704

Investment securities

2,303

2,811

Deferred tax assets

340

115

Other

437

267

Allowance for doubtful accounts

(88)

(40)

2,993

3,153

19,32018,476¥60,910¥63,868

Buildings and structures

Machinery, equipment and vehicles
Accumulated depreciation
Machinery, equipment and vehicles, net

Accumulated depreciation

Land
Construction in progress
Total property, plant and equipment
Intangible assets
Investments and other assets

Total investments and other assets
Total non-current assets
Total assets

13 Tamron Co., Ltd.

Other
Total non-current liabilities
Total liabilities

Net assets
Shareholders’ equity

Treasury shares
Total shareholders’ equity

Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Total net assets
Total liabilities and net assets

Annual Report 2017 14

CONSOLIDATED STATEMENTS OF INCOMECONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

Millions of Yen
Years ended December 31

Net sales
Cost of sales
Selling, general and administrative expenses
Advertising expenses
Promotion expenses
Provision of allowance for doubtful accounts
Salaries and bonuses
Technical research expenses
Other
Total selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Dividend income
Foreign exchange gains
Rent income
Subsidy income
Other
Total non-operating income
Non-operating expenses
Interest expenses
Foreign exchange losses
Loss on retirement of non-current assets
Loss on abandonment of inventories
Other
Total non-operating expenses
Ordinary income
Extraordinary income
Surrender value of insurance
Total extraordinary income
Extraordinary losses
Loss on valuation of investment securities
Impairment loss
Total extraordinary losses
Profit before income taxes
Income taxes–current
Income taxes–deferred
Total income taxes
PlofitProfit attributable to owners of parent

Millions of Yen

2016

2017

2016

¥59,903
41,001
18,901¥60,496
39,89920,596

Shareholders’ equity

Year ended December 31

Balance at beginning of current period
1,174
853
29
4,261
147
3,946
6,126
16,539
2,361

983
753
(5)
4,450
131
4,038
5,997
16,350
4,246

34
61
348
20
38
206
709

58
45
—
14
64
149
332

42
—
88
15
69
215
2,855

42
357
36
18
23
478
4,100

—
—

122
122
—
—
—
4,222
1,276
107
1,383
2,838
¥2,838

77
35
113
2,742
987
273
1,260
1,482
¥1,482

Capitalstock

CapitalsurplusRetainedearnings

TreasurysharesTotalshareholders’equity¥6,923¥7,432¥30,187¥(53)¥44,489

Changes of items during period
Dividends of surplus(1,555)(1,555)

Profit attributable to owners of parent

1,482

1,482
—

Purchase of treasury shares—

Net changes of items other than shareholders' equity
Total changes of items during period
Balance at end of current period

—

—

(72)

—

(72)

6,923

7,432

30,114(53)

44,416

Millions of Yen
Accumulated other comprehensive income

Year ended December 31

Balance at beginning of current period

Valuationdifference on
available-forsale securities

Foreigncurrencytranslation
adjustment¥445¥4,260Remeasurementsof defined benefit
plans¥(194)

Total
accumulated
othercomprehensive
incomeTotal net
assets¥4,512¥49,001

Dividends of surplus—(1,555)

Profit attributable to owners of parent

—

1,482

Purchase of treasury shares——(1,607)

Changes of items during period

52(1,784)124(1,607)

Total changes of items during period

52(1,784)124(1,607)(1,680)

Balance at end of current period

498

2,475

(69)

2,905

47,321

Net changes of items other than shareholders' equity

Millions of Yen

2017
Shareholders’ equity

Year ended December 31

Balance at beginning of current period

Capitalstock

CapitalsurplusRetainedearnings

TreasurysharesTotalshareholders’equity¥6,923¥7,432¥30,114¥(53)¥44,416

Changes of items during period
Dividends of surplus(1,425)

Profit attributable to owners of parent

2,838(1,425)(0)Purchase of treasury shares
Net changes of items other than shareholders' equity
Total changes of items during period
Balance at end of current period

2,838
(0)
—

—

—

1,412

(0)

1,412

6,923

7,432

31,527(53)

45,829Millions of Yen

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Accumulated other comprehensive income

Millions of Yen
Years ended December 31

2016

2017

PlofitOther comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax¥1,482¥2,83852(1,784)124(1,607)
(125)
(125)

348
738
119
1,205
4,044
4,044

Total other comprehensive income
Comprehensive income
Comprehensive income attributable to owners of parent

15 Tamron Co., Ltd.

Year ended December 31

Balance at beginning of current period
Changes of items during period

Valuationdifference on
available-forsale securities

Foreigncurrencytranslation
adjustment¥498¥2,475Remeasurementsof defined benefit
plans

¥(69)

Dividends of surplus
Profit attributable to owners of parent
Purchase of treasury shares

Total
accumulated
othercomprehensive
incomeTotal net
assets¥2,905¥47,321——(1,425)

—

2,838
(0)
1,205

348

738

119

1,205

Total changes of items during period

348

738

119

1,205

2,618

Balance at end of current period

846

3,214

49

4,110

49,940Net changes of items other than shareholders' equity

Annual Report 2017 16

CONSOLIDATED STATEMENTS OF CASH FLOWSMillions of Yen

2016

2017

Profit before income taxes¥2,742¥4,222

Depreciation

3,365

3,562

Increase (decrease) in net defined benefit liability

95

(64)

Interest and dividends income

(96)

(104)

Interest expenses

42

42

Loss on retirement of property, plant and equipment

8836

Impairment loss

35—

Surrender value of insurance

—

(122)

Loss (gain) on valuation of investment securities

77—

Years ended December 31

Cash flows from operating activities

Decrease (increase) in notes and accounts receivable-trade

1,260

(367)

Decrease (increase) in inventories

2,263

(192)

Increase (decrease) in notes and accounts payable-trade(1,331)

543

Increase (decrease) in accrued expenses

(787)

204

Other, net

(193)

991

Subtotal

7,564

8,752

Interest and dividends income received

96

104

Interest expenses paid

(43)

(42)

Income taxes paid

(1,079)(1,153)

Net cash provided by (used in) operating activities

6,537

7,661

(2,286)(2,390)Cash flows from investing activities
Purchases of property, plant and equipment

(204)

(60)

Purchase of investment securities

(1)

(16)

Proceeds from cancellation of insurance funds—

260

Payments of loans receivable

(10)

(6)

Collection of loans receivable

13

13

Other, net

(49)

26

(2,540)(2,174)

Net increase (decrease) in short-term loans payable

308

(372)

Proceeds from long-term loans payable

700

216

Repayment of long-term loans payable

(977)

(766)

(1,554)(1,427)(1)(1)

Net cash provided by (used in) financing activities(1,524)(2,351)

Effect of exchange rate change on cash and cash equivalents

(635)

265

Net increase (decrease) in cash and cash equivalents

1,837

3,401

Cash and cash equivalents at beginning of period

14,192

16,030Cash and cash equivalents at end of period¥16,030¥19,431

Purchase of intangible assets

Net cash provided by (used in) investing activities
Cash flows from financing activities

Cash dividends paid
Other, net

17 Tamron Co., Ltd.

Annual Report 2017 18

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

SEGMENT INFORMATIONRELATED INFORMATION

1. Outline of reporting segments

Year ended December 31, 2017 and 2016

reviewed by the Board of Directors to determine resource allocation and evaluate business performance. The Company
for its products and operates its business activities.
Accordingly, Tamron has the following three reportable segments based on these business divisions that are categorizedaccording to products: Photographic Products, Optical Components and Commercial/Industrial-use Optics. The “Photographic Products” manufactures and sells Interchangeable lenses for SLR cameras. The “Optical Components” manufacturesand sells Camcorder lenses, Digital still camera lenses, and Optical device units. The “Commercial/Industrial-use Optics”
manufactures and sells Surveillance camera lenses and Automotive lenses.
2. Information on sales, income, assets, liabilities and other items by reporting segment for fiscal 2017 and 20162016
Photographic
products

Opticalcomponents

Total

Adjustment(Note1)

Net sales:
Sales to external customers
Intersegment sales
Total(Note2)¥2,358¥10,739¥59,903¥ −¥59,90346,805

2,358

10,73959,903−59,903

−

−

−

−

−

Operating income

4,034

75

733

4,843

(2,482)

2,361

Assets39,567

1,944

8,600

50,112

10,79760,910Depreciation

2,497

167

470

3,135

229

3,365

Impairment loss
Increase in tangible and intangible fixed assets

−

1,840

−

91

−

−

526

2,458

35

35

25

2,484

Notes:
1. (1) Adjustment of segment profit totaled (2,482) million yen is due to unallocated operating expenses consisted principally of
expenses related to general affairs, accounting and other departments of the Company.
(2) Adjustment to segment assets includes corporate level assets, which consist principally of surplus investment funds (cash anddeposits) long-term investment funds (such as marketable securities), and non-segment specific.
2. Segment profit is adjusted to operating profit of consolidated statements of income.
Millions of Yen

Opticalcomponents

Commercial/
Industrial use
opticsTotal

Net sales:

Adjustment(Note1)

Consolidated(Note2)¥45,292¥3,375¥11,827¥60,496¥ −¥60,496

45,292

3,375

11,82760,496−60,496

Operating income (loss)

5,818

(24)

827

6,622

(2,376)

4,246

Assets36,582

2,472

8,708

47,764

16,104

63,868Depreciation

2,578

235

674

3,488

73

3,562

Increase in tangible and intangible fixed assets

1,733

308

349

2,391

33

2,425

Sales to external customers
Intersegment sales
Total

−

−

−

Europe

Asia

Other

Total

2016

¥16,152¥7,759¥14,194¥20,301¥1,495¥59,9032017¥17,238¥8,897¥12,310¥20,496¥1,552¥60,496

Note: Sales are grouped by country or region, based on customer location.

(2) Property, plant and equipment

Millions of Yen

North America

−

−

−

Notes:
1. (1) Adjustment of segment profit totaled (2,376) million yen is due to unallocated operating expenses consisted principally of
expenses related to general affairs, accounting and other departments of the Company.
(2) Adjustment to segment assets includes corporate level assets, which consist principally of surplus investment funds (cash anddeposits), long-term investment funds (such as marketable securities), and non-segment specific.
2. Segment profit or loss is adjusted to operating profit of consolidated statements of income.

Asia

Total

2016

¥7,172¥260¥277¥7,829¥15,5392017¥6,965¥243¥271¥7,137¥14,618

2. Information by major customer

Millions of Yen

Name of company

Relevant segments

Net sales

Nikon Corporation
Sony Global Manufacturing & Operations Corporation

2016

2017

¥9,585¥6,578

7,439

9,403

Photographic Products
Photographic Products
Optical Components
Commercial / Industrial-use Optics

3. OtherQuarterly financial information for the year ended December 31, 2017
Millions of yen, excluding net income per share-basic

1Q

2Q

3Q

For the year ended
December 31, 2017

¥11,495¥26,912¥42,433¥60,496

Profit before income taxes

263

1,265

2,468

4,222

Profit attributable to owners of parent

175

912

1,683

2,838

Net income per share-basic (yen)

6.76

35.19

64.94

109.51

Net sales

Yen

Net income per share-basic

1Q

2Q

3Q

4Q

¥6.76

¥28.42¥29.75¥44.57IMPACT OF FOREIGN EXCHANGE RATE FLUCTUATIONS
2017

Yen

Millions of Yen

Exchange Rate

Impact2016

2017

Net Sales

USD

108.79112.17+1,000+100

EUR120.31

126.73+520+430

Others
Total

−

−

−

−

Operating Income

+130

+60

+1,650+590(Impact on 2017 Actual performance)

Forecast 2018

Yen

Exchange Rate

19 Tamron Co., Ltd.

EuropeNote: Amount per each quarter is accumulated amount.

2017
Photographic
products

North America

Consolidated¥46,805−

Millions of Yen

Japan

Japan

Millions of Yen
Commercial/
Industrial use
optics

1. Information by geographical area
(1) Sales

Millions of Yen

Impact of ¥1 appreciation

Assumption 2018

Net Sales

USD

110.00(300)

Operating Income
(10)

EUR

130.00(90)(80)

Annual Report 2017 20

HISTORY

Company History
1950

1958

1970

1979

1986

2000

2012

Taisei Optical Equipment Manufacturing is founded in Urawa
City, Saitama Prefecture

The Tamron Brand is registeredas a trademark

The Company name is changed
to Tamron Co., Ltd.

Sales subsidiary is established in
the United States

Molding plant is established in
Aomori Prefecture (Now the
Owani Plant)

Sales subsidiary in France isestablished

Sales subsidiary in Russia is establishedTamron’ s corporate symbolat the time

1982
Sales subsidiary is establishedin West Germany

1952

1969

1984

Taisei Optical Equipment Manufacturing Inc. is established withcapital of 2.5 million yen

The Hirosaki Plant is established in
Aomori Prefecture

Plant is established in Aomori
Prefecture(Now the Namioka Plant)
Tamron registers with Japan
Securities Dealers Associationfor over-the-counter trading

1995

2005

2013

Tamron acquires medium-format manufacturing and sales
company (Bronica Co., Ltd.)(subsequently subjected toabsorption-type merger)

Construction of new molding
plant (head office) is completed

Sales subsidiary in India isestablishedOrigin of the Company NameFounding member Takeyuki Arai (right)

1950

The Urawa Plant at the time

1960

The name Tamron comes from the surname of
Uhyoue Tamura, who laid the foundations of
Tamron’s optical technologies. After the namewas launched as a product, the Company
name was changed to Tamron on the occasionof the Company’s 20th anniversary. Throughout
its history, Tamron has promoted a corporate
culture that values its engineers.

1970

Production subsidiary in Vietnam isestablished

Sales subsidiary in China isestablished

1997

2006

2015

Sales subsidiary in Hong Kongis establishedTamron is listed on the 1st section of
the Tokyo Stock Exchange

Kouyu Kosan Co., Ltd. is acquired(subsequently subjected toabsorption-type merger)

Production subsidiary in China
is established2017
Toumeigiken Co., Ltd. isacquired

Uhyoue Tamura

1980

1990

2000

2010

Product History
1950

1966

1981

1992

2000

2016

Manufacture of cameras andbinocular lenses started

Production of master lenses, ultra-precision lenses
and prisms begins

Development and production of
the 6x zoom video camera lensbeginsThe AF28-200mm (71D),
the world’ s smallest andlightest all-in-one zoom
lens for single-lens reflex
cameras, is released

645 format rangefinder camera
RF645 is released

Sale of compact
camera modules
begins“Tamron Adapt-A-Matic” range
of interchangeable mountlenses is developed

1957
135mm F/4.5 lens is developedfor 35mm single lens reflex
camerasThe “T mount,” the world’s firstinterchangeable lens mount for
single-lens reflex cameras, isdeveloped

21 Tamron Co., Ltd.

1983

2006

2017

Integrated video camera
lens is developed

The Beginning of ALL-In-One Zoom Lenses

Sale of lenses for mobile phones
beginsSale of drone lenses begins

1986

The original model for the all-in-one
zoom lens was a rounded piece of graphpaper the size of a cigarette packet.
Starting with this first product, Tamron
has made successful advancements withgreater focal distances, more compact
and lighter designs and new mounting
mechanisms, establishing Tamron’s
position as the go-to manufacturer of
all-in-one zoom lenses.

Production of lenses for ITV and broadcasting
begins1969
Production of interchangeablel e n s e s f o r s i n g l e - l e n s r e fl e x
cameras, television lenses andphotocopier lenses, etc. begins

Tamron leads the industry
in the development ofvarifocal lenses for CCTVs

The graph paper serving as the original model forthe all-in-one zoom lens, featuring the signature of
top management at the time

2008
Sale of automotive lenses begins

Tamron wins EISA awards
for 12 consecutive years

Annual Report 2017 22

COMPANY PROFILE(As of December 31, 2017)

Tel:+81-48-684-9111
Fax:+81-48-683-8289
http://www.tamron.co.jp

Overview
Company Name:
Tamron Co., Ltd.

Employees:
1,067 (non-consolidated)
4,640 (consolidated)

Founded:November 1, 1950

Stock exchange:
First section, Tokyo Stock Exchange

Incorporated:
October 27, 1952
Head office:1385 Hasunuma, Minuma-ku, Saitama-shi,
Saitama 337-8556, JAPANSTOCK OVERVIEWGROUP NETWORK(As of December 31, 2017)

Production Facilities
Number of shares issued:
25,950,000 shares

Top10 Shareholders

Number of shares per unit:
100 shares

No

1

Number of shareholders:
4,465 shareholders

2
34

Balance date:
December 31

5
6Scheduled Annual Shareholders Meeting:
March

7
8

Eligibility date for year-end dividend payments:
December 31

9Number of Shares(Thousands)%

New Well Co., Ltd.

4,898

18.87

Sony Corporation

3,129

12.06

Saitama Resona Bank Limited
Japan Trustee Services Bank, Ltd. (trust account)

1,122

4.32

792

3.05

NORTHERN TRUST CO. (AVFC) RE NVI01
HAITONG INTERNATIONAL SECURITIES COMPANY LIMITED 700700

763

2.94

752

2.90

The Master Trust Bank of Japan, Ltd. (trust account)
THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD HONG KONG PRIVATE BANKING DIVISION-CLIENT ACCOUNT
Nippon Life Insurance Company

670

2.58

Name

10 GOVERNMENT OF NORWAY

Eligibility date for interim dividend payments:
June 30

Total

632

2.43

580

2.23

562

2.16

13,90453.58

Note: The 3,129 thousand shares owned by Sony Corporation are fiduciary assets trusted to Mizuho Trust& Banking Co., Ltd. In regard to the execution of voting rights and jus disposition of the shares, Sony
Corporation reserves the right to instruct pursuant to the provisions of the trust contract between thetwo parties.

Transfer Agent:
Sumitomo Mitsui Trust Bank, Limited

Hirosaki Plant
3-2 Shimizu 3-chome, Hirosaki-shi, Aomori
036-8254,
JAPAN

Namioka Plant
64-1 Shimoshimada, Kitanakano, Namioka,
Aomori-shi, Aomori 038-1325,
JAPAN

TAMRON OPTICAL (FOSHAN) CO., LTD.
No. 76 West of Langbao Road, Changcheng
District, Foshan, Guangdong,
CHINA

TAMRON OPTICAL (VIETNAM) CO., LTD.
Plot No. 69B&70A, Noi Bai Industrial
Zone, Mai Dinh Commune, Soc Son
District, Hanoi,
VIETNAM

Owani Plant
31-1 Maeda, Hachimandate, Owani-machi,
Minamitsugaru-gun, Aomori 038-0243,
JAPAN

Subsidiaries Overseas
TAMRON USA, INC.
10 Austin Boulevard, Commack, NY 11725,
USA

TAMRON Europe GmbH.
Robert Bosch-Str. 9, 50769 Cologne,
GERMANYTAMRON France EURL.
5, avenue Georges Bataille, F-60330
Le Plessis-Belleville,
FRANCETAMRON INDUSTRIES(HONG KONG) LIMITED
Unit 908, 9/F, Elite Centre, 22
Hung To Road, Kwun Tong, Kowloon,
Hong kong

TAMRON OPTICAL (SHANGHAI) CO., LTD.
Room 1707, Ruijin Building, No. 205,
Maoming South Road, Shanghai 200020,
CHINA

Tamron (Russia) LLC.
Unikon Business Center 2F No. 4,
Plekhanova Street 4a, Moscow, 111123,
Russian Federation

Composition of Shareholders
Note: Excluding odd lot.

■ Individuals and Others■ Financial Institution■ Foreign Shareholders■ Securities Firm

13.13%
27.55%

34.94%
1.11%■ Other Corporation

23.27 %

23 Tamron Co., Ltd.

TAMRON INDIA PRIVATE LIMITED
801, 8th Floor, Time Tower, M.G Road,
Sector-28, Gurgaon-122002, Haryana,
India

Annual Report 2017 24