Annual Report 2014

MISSION

We at Tamron are advancing with our corporate philosophy to guide our mission.
Corporate Philosophy
With its firm commitment to developing high-quality, innovative

Customers

and technologically advanced products that satisfy customer needs,
Tamron is securing a leading position in the worldwide opticalindustry.

Corporate
Philosophy

Our primary objective is to sustain strong corporate growth
based on a high level of customer satisfaction achievedby providing superior products at the right price, thus also
contributing to the prosperity of our shareholders andEmployees

employees.

TABLE OF CONTENTSMESSAGE FROM THE PRESIDENT & CEO.......................................................

1
FINANCIAL HIGHLIGHTS............................................................................... 2
BUSINESS SEGMENT.................................................................................... 3
CORPORATE GOVERNANCE......................................................................... 4
MANAGEMENT’S DISCUSSION AND ANALYSIS.............................................. 5
CONSOLIDATED STATEMENTS OF INCOME/CONSOLIDATED STATEMENTS
OF COMPREHENSIVE INCOME....................................................................

9
CONSOLIDATED BALANCE SHEETS............................................................... 10
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS......................... 12
CONSOLIDATED STATEMENTS OF CASH FLOWS........................................... 13
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.................................... 14
INDEPENDENT AUDITORS’ REPORT.............................................................. 26
COMPANY PROFILE/STOCK OVERVIEW......................................................... 27
Note: In the 2014 annual report, amounts of less than the unit indicated, for example, one million yen or one thousand dollars, have been omitted.

Shareholders

MESSAGE FROM THE PRESIDENT & CEOFirst of all, I would
like to thank ourshareholders forthe valuable support extended toour company.
It is my pleasure to report on
our financial performance for the
past 68th fiscal
year (from January
1 through December 31, 2014) andthe business environment.
Summing up
the global economy throughout
the past year, theU.S. sustained a
relatively steadyrecovery, supported by favorable consumer spending
as employment and income continued to gradually
improve. The European economy started to show signsof gradual recovery in the beginning of the year, but itchanged to indicate a gradual slowdown as Germany,
the driving force for the European economy, began toshow a downturn in business sentiment. The Russian
economy continued to remain stagnant due to the depreciation of the ruble and decline in oil prices thatform the base of the economy. In China, consumer
spending remained steady, but investment and production grew sluggishly due to the real estate market cooling down, resulting in the slowdown of the economic
growth rate.
The Japanese economy showed signs of moderate
recovery along with improvements in employment andincome backed by corporate earnings growth. However,consumer confidence declines began to be observed
following concerns about rising prices due to the sharp
weakening of the yen and anticipated increase in the
consumption tax rate.
As for the digital camera segment that Tamron is
engaged in, the compact digital still camera market
segment significantly shrank over 40% year-on-year ona shipment basis. As for lens-interchangeable cameras,
although the shipment of the “mirrorless-type” cameras remained relatively stable, that of DSLR cameras
decreased about 20% year-on-year due to delay indemand rebounding, despite some signs of recovery
in the Chinese market. Shipment of interchangeable
lenses also declined by about 10%, affected by thedecrease of DSLR cameras.

Under the circumstances, the business performanceof Tamron and our group companies remained favorable at home and abroad, due mainly to our launching
new interchangeable lenses under our own brand. Ourgroup posted a record high sales revenue of ¥73.621
billion, up 7.6% year-on-year, primarily attributable tothe launch, coupled with the depreciation of the yen
against the US dollars and the euro.
As for profits, our group gross profit rate improved
due to introducing new products under our own brandas already mentioned, coupled with exchange rate
effects. Consequently, our operating profit increased
16.1% year-on-year to 6.076 billion yen, ordinary profit
rose 19.3% to ¥6.2 billion, and current net profit grew
20.3% year-on-year to ¥3.846 billion. Thus, both sales
and profit increased.
As for the economy at home and abroad in the new
fiscal year of 2015, we expect a continued moderate
upswing in general. Still, we must carefully watch consumer sentiment in the domestic market and exchange
fluctuations, geopolitical risks and the effects of oil
prices oversea, and the outlook of the economy ofChina and other emerging markets.
In the digital camera market where our group is
involved, we anticipate continuous market shrinkage
concerning lens-integrated compact digital cameras,
but we also expect gradual recovery in the demand
for lens-interchangeable cameras. We plan to expand
our business performance in photographic lenses byintroducing epoch-making new products under ourown brand, while working hard on business recovery
in industrial optics, especially in the Chinese market.
For the new fiscal year of 2015, we aim for increases
both in sales and profit for the second consecutive
year. Our management goals are consolidated net salesof 78.5 billion yen, an increase of 6.6% year-on-year, operating profit of ¥ 6.6 billion, up 8.6%, and net incomeof ¥4.2 billion, an increase of 9.2% year-on-year. The
exchange rates are assumed at ¥115 to the US dollar
and ¥135 to the euro.
The year-end dividend was determined as ¥30 per
share. Thus, the aggregate annual dividend turned out
to be ¥50 (with ¥20 as the interim dividend), the sameas the previous fiscal year, marking a consolidated
payout ratio of 35.7%. We plan to deliver an annual
dividend of ¥55 per share for the year 2015.
We sincerely appreciate the continued support,
warm advice and guidance of our shareholders.
President & CEO
Morio Ono

Tamron Co., Ltd.

1

FINANCIAL HIGHLIGHTS
Tamron Co., Ltd. and Consolidated Subsidiaries

Thousands of
U.S. Dollars

Millions of Yen

Years ended December 31

2014

2013

2012

2011

2010

2014

¥  73,621¥  68,452¥  64,353¥  58,507¥  56,650$695,921

6,076

5,233

5,503

5,687

5,476

57,436

For the Year:Net sales
Operating income
Operating income ratio

8.3%

7.6%

6,200

Ordinary income
Ordinary income ratio

8.6%

5,196

8.4%

5,377

7.6%

8.4%

9.7%

—

9.6%

5,702

58,608

5,476

9.7%

—

9.7%

3,846

3,197

3,894

3,804

3,689

36,362

Total assets¥  69,906¥  64,704¥  58,058¥  51,898¥  50,120$660,803

Net assets

51,99547,08740,80536,13433,996

491,494

Number of employees

2,694

2,545

2,295

6,005

7,198

—

Net income¥  140.14¥  116.48¥  141.86¥  138.61¥  134.40$ 1.32

Shareholders’ equity

1,894.14

1,715.37

1,486.52

1,316.33

1,238.45

17.90

50.00

50.00

50.00

50.00

50.00

0.47

Return on assets (ROA)

9.2

8.5

9.8

11.2

11.2

—

Return on equity (ROE)

7.8

7.3

10.1

10.9

11.0

—

Equity ratio

74.4

72.8

70.3

69.6

67.8

—

Net income

At Year-End:Per Share Data (in yen, dollars):

Cash dividends

Ratios (%):

Notes: 1. U.S. dollar amounts are translated from yen, for convenience only, at the rate of ¥105.79=US$1.
2. ROA=Ordinary income/Total assets
3. ROE=Net income/Net assets

NET SALES(Millions of Yen)
64,353

OPERATING INCOME(Millions of Yen)
68,452

73,621
5,476

5,687

6,076
5,503

56,650 58,507

10

2

11

12

Tamron Co., Ltd.

13

14

10

11

12

NET INCOME(Millions of Yen)
3,689

3,804 3,894

5,233

13

3,846
3,197

14

10

11

12

13

14

BUSINESS SEGMENT

Our main business drivers are the following three segments, Photographic Products, Optical Components, andCommercial/Industrial-use Optics.
Business Segment

Main BusinessPhotographic ProductsInterchangeable lenses for 35mm/Digital SLR cameras
Interchangeable lenses for non-Reflex type cameras

Optical Components

Camcorder lenses
Digital still camera lenses
Optical device units

Commercial/Industrial-use Optics

Lenses for CCTV cameras
Automotive lenses

Mid-Term Management Goals for FY 2017
NET SALESOPERATING INCOME

ROE¥95,000
Million¥9,500Million10%
or more(10% operating income margin)
Strategy Towards FY2017 by Segment
Photographic Products• Sequential introduction of epoch-making new products in our own-brand lens range• Establishment of efficient new product development framework• Strengthening sales organizations in emerging markets for bigger market share• Enhancing brand power (performance, design), strengthening measures for stimulating latentdemandInterchangeable Lenses for Digital SLR
CamerasOptical Components• Increased focus on higher value-added products, to secure profits and avoid cost cuttingcompetition• Creating new markets by leveraging our own advantages in special fields• Cost reduction of far-infrared range optical systems and stronger sales efforts
R Joint development with leading camera makers

Digital Still Camera Lenses

Commercial / Industrial-use Optics

CCTV Camera Lenses• Stronger sales operations in the worldwide market through technological innovation in surveillance camera lenses• Promoting new businesses through co-creation• Putting Automotive camera lens businesses on the track by working harder on sensing application lenses• Strengthening business operations in new fields including outdoor and night surveillance• Development and introduction of new products for the Chinese market while working onstronger sales organization establishment
Tamron Co., Ltd.

3

CORPOR ATE GOVERNANCE

We are committed to fair and transparent management practices as well as enhancing corporate value, whichis achieved by strengthening corporate governance to build up trust with shareholders and investors.
1. Basic Policy
We at Tamron have constantly pursued fair and transparent management practices under our management
philosophy and in line with our brand message, “New Eyes for Industry” as well as by respecting the rights
and equality of our shareholders and working diligently to maintain a sound relationship with all stakeholders.
2. Corporate Governance System Overview
Tamron has employed the Executive Officer System to speed up decision making and improve efficiencies,
which has enabled it to establish a management structure capable of making accurate and strategic decisions.
External Directors with expertise in their respective field carefully monitor and advise the company regarding
its execution of operations from an independent and fair standpoint. At the same time, Independent Auditorswith expert knowledge of finance, accounting and legal affairs as well as Corporate Auditors well versed in
Tamron’s operations work together with the Accounting Auditor and Internal Audit & Supervision Board tocarry out rigorous audit programs. Tamron appoints 15 Directors, of which 2 are Independent Directors, and
4 Corporate Auditors, of which 3 are Independent Corporate Auditors.
(1) Board of Directors
Meetings of the Board of Directors are held twice a month, in principle, attended by all Directors and Corporate
Auditors, for reviewing the execution of duties by the Directors and deciding on important issues as set forthin the basic policy of the company and related laws and regulations. In 2014, Board of Directors met 24 times.
(2) Audit & Supervisory Board
The Audit & Supervisory Board audits the processes of decision making by the Board of Directors and the execution of duties of Directors by attending the Board of Director meetings and checking approval documents.
The Audit & Supervisory Board meets monthly, in principle. In 2014, Audit & Supervisory Board met 15 times.
(3) Executive Officer System

General Meeting of Shareholders

Tamron has employed the Executive Officer System to ensure separation between management
and the execution of operations. Executive Officers carry out their duties and responsibilities
following the basic policy determined by theElection/Dismissal

Election/Dismissal

Audit & Supervisory Board

Election/Dismissal

Coordinate

Independent Auditor

Board of Directors.
Financial
Audit

Supervise(4) Internal Control through Committee Meetings

Coordinate

We regularly hold monthly management (MAC)
meetings attended by all Directors, full-time

Board of Directors

Coordinate

Corporate Auditors and Executive Officers to
discuss management issues and respond to thefast-changing management environment.
(5) Accounting Auditor
Tamron has concluded an auditing agreement

CSR Implementation &Administration Board

President & CEO

CSR Committee

Corporate Management
Committee (MAC)

Compliance Committee

Executive Officer

Internal Audit

with Wako Audit Corporation and receives audit from this firm in its capacity as accounting
auditor.
4

Tamron Co., Ltd.

Internal Audit &Supervision Board

Divisions and Subsidiaries

M ANAGEMENT’S DISCUSSION AND ANALYSIS

Operating Result
Term Overview(Photographic Products)
The global photographic products market continued
to face a severe business environment. Given thesecircumstances, we were pleased to increase sales inall major markets such as Japan, Europe, the UnitedStates and China in local currencies, thanks mainly tothe favorable sales of the five new products that welaunched from the 4th quarter of 2013 through 2014
under our own brand. As a result, both our consolidated sales and profits increased, even after exchange
fluctuations.
Two new products we launched and simultaneously

rapid smartphone spread. As a result, our sales in themarket segment also dropped, but we kept the decline
to a minimum, compared to total market decline. Ouroperating profit stood at ¥664 million, down 29.2%
year-on-year, on total sales of ¥7.032 billion, down 7.8%.

received the EISA Awards: the SP 150-600mm VC USD(A011) ultra telephoto zoom lens supporting the full size
format and the 16-300mm VC PZD (B016) ultra highpower zoom lens that presented the high zoom ratioof 18.8X for the first time in the world. These products
sold very well around the world, driving the performance. In addition, in December 2014, we launched
the SP 15-30mm F/2.8 VC USD (A012) incorporating
Vibration Compensation (VC) for the first time in theworld in the F/2.8 class of fast ultra wide-angle lenses
supporting the full size format.
As a result, the total sales of the photographic products
business unit grew 11.2% year-on-year to ¥53.932 billion,
and the operating profit rose 36.7% to ¥5.853 billion.
We will continue to work on introducing more newinterchangeable lenses under our own brand for pursuing further growth in the segment.

year-on-year to ¥12.656 billion, but the operating profit
dropped 9.8% to ¥2.190 billion.

(Commercial / Industrial-use Optics)
Our industrial optic sales were especially weak in the
Chinese market due to increased competition, but weposted increased sales in other major markets thanks
to global market expansion of surveillance cameras due
to our work to expand sales of lenses for surveillancecameras supporting network cameras. As a result, theindustrial optics business unit’s total sales grew 2.6%

Cash Flow
Cash and cash equivalents at the fiscal year end totaled¥15.915 billion, a year-on-year increase of ¥1.618 billion.
While the increase in trade receivables reached¥2.415 billion, the current net income before income
and other taxes stood at ¥6.11 billion, the depreciation
cost at ¥3.812 billion and the decrease in inventory at¥1.214 billion. As a result, net cash flow from operations
totaled ¥6.28 billion (compared to the net cash of ¥9.62
billion for the previous consolidated fiscal year).
Net cash used in investing totaled ¥2.351 billion(compared to ¥6.041 billion for the previous consolidated fiscal term), mainly due to the acquisition of
tangible fixed assets amounting to ¥2.25 billion.
While the proceeds from long-term loans reached¥1.0 billion, the decrease in short-term loans stoodat ¥1.23 billion, the spending for repayment of longterm loans at ¥1.432 billion and the dividend spendingat ¥1.373 billion. As a result, the net cash flow fromfinancial activities totaled ¥3.09 billion (compared to¥1.324 billion for the previous consolidated fiscal term).

(Optical Components)
The severe business environment also continued in the
global optical component business, affected by the
sharp decline of the total market for compact digital
cameras and digital video cameras because of the

R & D EXPENDITURE(Millions of Yen)
3,292 3,304

3,492

CAPITAL EXPENDITURE(Millions of Yen)
3,699

NUMBER OF EMPLOYEES
7,198

6,130

3,217

6,005
4,386
3,656
3,102
2,429

10

11

12

13

14

10

11

12

13

14

2,295

10

11

12

2,545 2,694

13

14

Tamron Co., Ltd.

5

M ANAGEM ENT’S DISCUSSION AND ANALYSIS

Research and Development

That for Optical Components business totaled ¥127

During the term under review total R&D expenses

million, reflecting major investment in infection molds

amounted to ¥3.699 billion, resulting mainly from de-and production equipment for digital still camera lenses.

velopment of new interchangeable lenses for digitalThat for Commercial/Industrial-use Optics business

SLR cameras and surveillance camera lenses as welltotaled ¥413 million, reflecting mainly in injection molds

as development of lenses for automotive application

to support new product development for CCTV camera

and Far-IR camera future business expansion.

lenses.

As for Photographic Products business, we worked
on developing new products such as the 16-300mm VC

There is no sale or retirement of great importancein fiscal year 2014.

PZD (B016), an ultra high power zoom lens offering thehigh zoom ratio of 18.8X for the first time in the world,

Issues on Mid-to Long-Term Management

the 28-300mm VC PZD (A010), a high power zoom

1. Strengthening CSR management and internal control,

lens supporting the full size format, and the 14-150mm

while working on enhancing capital efficiency(C001), another high power zoom lens designed for the

2. Aiming at shortening the lead time from develop-

Micro Four Thirds format cameras for the first time at
Tamron. As a result, R&D expenses for photographic
products totaled ¥2.499 billion.
In Optical Components business, we proceeded todevelop new products such as digital camera lenses
with high added value, and optical 3X zoom lenses
for IR cameras. As a result, R&D expenses for opticalcomponents amounted to ¥357 million.

ment to production launch.
3. C ontinued efforts for further business expansion
through measures to enhance brand power, improving new product development efficiency andstrengthen marketing operations
4. Materializing further cost reduction to meet demand
increases by defining role of each production facility.
5. Facilitating new business development by collab-

In Commercial/Industrial-use Optics business, we

orative relationship management with third-party

worked on developing new products such as vari-focal

partners, expanding the scope of “New eyes forlenses for mega-pixel security cameras, zoom lenses

industry”

for surveillance cameras, lenses for ultra high perfor-

6. Accelerating activities in core technology develop-

mance FA/machine vision cameras, and camera lenses

ment revolving around optics and taking proactive

for automotive applications. As a result, R&D expenses

stance in IP strategy.

for this business totaled ¥842 million.
B USINESS & O THER R ISKSC APITAL I NVESTMENT

Items listed in this annual report regarding business

Consolidated capital investment amounted to ¥6,130

and financial conditions that may potentially impact

million, reflecting major investment in plant buildings

investor decisions are including but not limited to theand machinery and equipment for TAMRON OPTICAL

following risk factors. Forward-looking statements con-

(VIETNAM) Co., LTD. in Vietnam as well as an increase

tained herein are based upon judgments made by thein the extensions of headquarters.

Company as of March 27, 2015.

Capital investment for Photographic Products business totaled ¥1,762 million, reflecting major investment

1. Reliance on a Few Selected Customers

in injection molds for new interchangeable lenses for

A high degree of our consolidated sales depends on

digital SLR cameras.

Nikon Corporation with approximately 21% of our business and a Sony group company with approximately
17% (in FY 2014 which ended in December 2014). Consequently, a change in the business strategies and directions of either of the clients, it could significantly
impact the overall performance of our company.

6

Tamron Co., Ltd.

2. 
E xpanding

Business

Segments

andEntering

New Businesses

5. Risk Surrounding Overseas Subsidiaries
The Company owns sales outlets in the United Sates,

The Company plans to expand the scope of its busi-

Germany, France, and in Shanghai (China), and in Rus-

ness by automotive application and Far-IR cameras.

sia. A distribution and sales company in Hong Kong,

Because of the anticipated growth of those businessand a production company in Foshan, China and insegments, several companies are expected to comeVietnam.

into play, which will cause severe price competition as

Following is a list of several inherent risks arisingwell as putting continuous pressure for technologicalfrom the Company’s activities in overseas markets. In

innovation, coping with rapid changes in the custom-cases where such events occur, the Company results

ers’ needs.

may be affected thereby.
(1) Unexpected changes to laws and regulations

3. Procurement of Raw and Other Materials
While the Company has numerous sources from which(2) Unexpected and unfavorable changes in political or
economic conditions

to procure most of the necessary raw materials and(3) Unfavorable changes in tax policies or tax rates

parts it requires, in the case of glass materials, the(4) Terrorism, war, natural disaster, epidemics or other

Company relies on a limited number of suppliers. As afactors contributing to social upheaval

results, if for various reasons raw materials and otherparts cannot be obtained according to plans regarding volume or price, the Company may have difficulty

6. C oncentration of Domestic Production Facilities
in Aomori Prefecture

achieving its planned production volume. In such cases,

The Company’s three production facilities in Japan are

the Company may not be able to fulfill delivery obliga-

concentrated in the Tsugaru region of Aomori Prefec-

tions to its customers, which in turn may affect results.

ture. In the event of an earthquake or other natural
disaster, the Company’s production facilities could be

4. Defective Products

damaged, and production operations may be severely

All of the Company’s domestic and overseas develop-

impacted.

ment and production facilities have obtained ISO9001
certification for quality management system and7. Intellectual Property

ISO14001 certification for environmental management

In order to avoid difficulties surrounding intellectual

systems, indicating the Company’s excellent framework

property, the Company conducts surveys and nego-

regarding quality assurance. However, the Company

tiations, and actively applies for intellectual property

cannot fully guarantee that no product may at somerights. At present, there are no instances in which the

future point be subject to a recall or product liability

Company is thought to be in violation of another par-case. In the event that the defective product is thety’s intellectual property rights. However, this does not

object of a large-scale recall or product liability case,indicate that the risk of being caught up in litigations

significant expenses could be incurred, or serious dam-at some future point is nonexistent. In the event ofage could be done to the Company’s credibility. In suchunfavorable litigation, fiscal results may be affected.

case, the Company results may be affected. For yourinformation, a market recall is in progress for somecustomers’ products using optical components madeby our group. We may be asked to bear part of theexpenses involved.

Tamron Co., Ltd.

7

8. Environmental Regulations

10. Impact of Currency Exchange Fluctuation

The Company has implemented an environmental man-Transactions between the Company and its overseas

agement system that conforms to ISO environmental

subsidiaries and with certain domestic and overseas

standards, and is working actively to implement envi-

customers are conducted either in full or in part in for-ronmental reforms.

eign currencies. Fluctuations in currency exchange rates

Regarding the ground contamination found during

affect the competitiveness of the Company’s products

the voluntary investigation conducted December 2003

in foreign markets and the profitability of its exports.

at the Company’s head office, the Company completed

Accordingly, the Company’s results may be affected.

the construction which it proposed to Saitama City in
its “Plan to Halt the Spread of Groundwater Contami-

11. Research and Development Costs

nation.”The Company is investing in new technology for fur-

The Company conducted survey at other domestic

ther expansion of our business and we will continue

facilities such as Hirosaki plant, Namioka plant, andto invest in R&D. However, some R&D projects may

Owani plant has been confirmed that all domestic fa-

not progress as planned, or the Company’s new tech-cility environment is accordance with environmental

nology may be eclipsed by some other technology

regulation levels. However, as environmental laws andintroduced by our competitors in the market. In such

regulations are revised, the Company may discovercases, recovering the investment may pose a problem,

instances of violations under new regulations. In suchconsequently affecting the Company results.

cases, Company results may be affected by related
clean-up costs.

9. Disposal of Inventories and Valuation Loss
The Company makes every effort to be thorough inquality control of products and parts, compliance withenvironmental standards, and inventory management.
However, changes in environmental standards, market
and technology trends, rapid transitions in productlife cycles and other factors may lead to unavoidable
variations in the valuation of products and partiallyfinished goods. As a result, the Company may needto dispose of inventories, expense valuation losses toincome, and adopt other measures. In such cases, theCompany’s results may be affected.

8

Tamron Co., Ltd.

CONSOLIDATED STATEMENTS OF INCOME
Tamron Co., Ltd. and Consolidated Subsidiaries

Thousands of
U.S. Dollars

Millions of Yen

2014

2013

2014

Net sales¥73,621¥68,452$695,921

Cost of sales

50,05347,510473,135

Gross profit

23,56820,941

222,785

Advertising expenses

1,654

1,612

15,634

Promotion expenses

1,097

792

10,378

11

16

111

4,459

3,966

42,150Years ended December 31

Selling, general and administrative expenses:

Provision of allowance for doubtful accounts
Salaries and bonuses
Retirement benefit expenses

116

156

1,099

Technical research expenses

3,619

3,159

34,225

6,533

6,004

61,749		Total selling, general and administrative expenses

17,492

15,708165,349

Operating income

6,076

5,233

57,436

Interest income

53

19

505

Dividends income

42

36

404

Rent income

23

25

223

Subsidy income

35

7

335

Other

179

201

1,700

335

290

3,167
607

Other

Non-operating income:		
Total non-operating income
Non-operating expenses:
Interest expenses

6487Foreign exchange losses

19

129

179

Loss on retirement of noncurrent assets

106

76

1,010

20

32

198

211

326

1,995

6,200

5,196

58,608—

Other
		Total non-operating expense
Ordinary income
Extraordinary loss:
Loss on retirement of noncurrent assets—

32

License fee for prior periods

—

332

—

Loss on disaster

89

—

847

		
Total extraordinary loss
Income before income taxes and minority interests

89
6,110

364
4,831

847
57,760

Income taxes–current

2,163

1,562

20,455

Income taxes–deferred

99

72

942

2,263

1,634

21,397

Total income taxes
Income before minority interests
Net income

3,846

3,197

36,362¥ 3,846¥ 3,197$ 36,362

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Tamron Co., Ltd. and Consolidated Subsidiaries
Thousands of
U.S. Dollars

Millions of Yen

Years ended December 31

2014

2013

2014

Income before minority interests
Other comprehensive income	
Net change in unrealized gain on investment
securities
Foreign currency translation adjustments
		 Total other comprehensive income
Comprehensive income	Comprehensive income attributable toshareholders’ of parent¥3,846¥3,197$36,362

96
2,489
2,585
6,432

275
4,181
4,457
7,654

907
23,53024,43860,800

6,432

7,654

60,800Tamron Co., Ltd.

9

CONSOLIDATED BALANCE SHEETS
Tamron Co., Ltd. and Consolidated Subsidiaries

Thousands of
U.S. Dollars

Millions of Yen

2014

2013

2014

Cash and deposits¥15,915¥14,297$150,448

Notes and accounts receivable–trade

18,653

14,898176,323

Finished goods

5,989

6,485

56,619Work in process

2,888

3,022

27,305

Raw materials and supplies

1,658

1,547

15,675

481

528

4,549

1,412

1,027

13,356

(44)

(50)

(418)

46,95541,758443,859

		 Buildings and structures

13,513

12,778

127,740

			Accumulated depreciation(6,396)(5,640)(60,462)

			 Buildings and structures, net

7,117

7,137

67,278

		 Machinery, equipment and vehicles

20,821

19,363

196,819

			Accumulated depreciation(13,441)(12,048)(127,053)

			 Machinery, equipment and vehicles, net

7,380

7,314

69,765

		 Tools, furniture and fixtures

17,764

17,181

167,920

			Accumulated depreciation(15,394)(14,444)(145,523)

			 Tools, furniture and fixtures, net

2,369

2,736

22,397

		Land

1,063

1,042

10,054

883

811

8,352

18,814

19,042

177,847

866

771

8,188

		 Investment securities

2,394

2,138

22,631		 Deferred tax assets

474

476

4,487

		Other

517

614

4,894

		 Allowance for doubtful accounts

(116)

(97)

(1,105)

			 Total investments and other assets

3,269

3,131

30,907

			 Total noncurrent assets

22,95022,945

216,943

			Total assets¥69,906¥64,704$660,803

As of December 31

AssetsCurrent assets:

Deferred tax assets
Other
Allowance for doubtful accounts
		 Total current assets

Noncurrent assets:
Property, plant and equipment

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

10

Tamron Co., Ltd.

Thousands of
U.S. Dollars

Millions of Yen

2014

2013

2014

Accounts payable–trade¥ 5,855¥ 5,051$ 55,350

Short-term loans payable

2,327

3,634

22,001

918

512

8,681

5,501

4,945

52,004

14,602

14,144

138,037

1,771

2,080

16,742

—

1,201

—

1,342

—

12,694

194

190

1,834

			Total noncurrent liabilities

3,308

3,471

31,271

			Total liabilities

17,911

17,616

169,308

Capital stock

6,923

6,923

65,441

Capital surplus

7,432

7,432

70,255Retained earnings

31,60929,135

298,796

(81)

(81)

(768)

45,88343,409433,724

Unrealized gain on investment securities

466

370

4,408

Foreign currency translation adjustments

5,797

3,308

54,801Remeasurements of defined benefit plans

(152)

—

(1,439)

			 Total accumulated other comprehensive income

6,111

3,678

57,770			 Total net assets

51,99547,087

491,494

			Total liabilities and net assets¥69,906¥64,704$660,803

As of December 31

Liabilities
Current liabilities:

Income taxes payable
Other
			Total current liabilities

Noncurrent liabilities:
Long-term loans payable
Provision for retirement benefits
Net defined benefit liability
Other

Net assets
Shareholders’ equity:

Treasury stock			Total shareholders’ equity

Accumulated other comprehensive income:Tamron Co., Ltd.

11

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS
Tamron Co., Ltd. and Consolidated Subsidiaries

Millions of Yen
Stockholders’ equity

Year ended December 31

Balance of January 1, 2014
Changes in term
Dividends from surplus
Net income
Purchase of treasury stock
Net change of items other than stockholders’ equity
Total change in the term
Balance of December 31, 2014

Total
shareholders’equityCommonstock

CapitalsurplusRetainedearnings

Treasurystock¥6,923¥7,432¥29,135¥(81)¥43,409—¥(81)(1,372)
3,846
—
—
2,474
¥45,883(1,372)
3,846—¥6,923—¥7,432

2,474¥31,609
Millions of Yen

Changes in accumulated other comprehensive income

Year ended December 31

Balance of January 1, 2014
Changes in term
Dividends from surplus
Net income
Purchase of treasury stock
Net change of items other than stockholders’ equity
Total change in the term
Balance of December 31, 2014

Unrealized
gain (loss) on

Foreigncurrency

investment
securities

translation
adjustments¥370¥3,3089696¥466

Remeasurements

2,489
2,489
¥5,797

Total
accumulatedof defined benefit
other
plans
comprehensive
incomeTotal net
assets—¥3,678¥47,087

(152)
(152)
¥(152)

—
—
—
2,433
2,433
¥6,111(1,372)
3,846
—
2,433
4,907
¥51,995

Thousands of U.S. Dollars
Stockholders’ equity

Year ended December 31

Balance of January 1, 2014
Changes in term
Dividends from surplus
Net income
Purchase of treasury stock
Net change of items other than stockholders’ equity
Total change in the term
Balance of December 31, 2014

Commonstock

CapitalsurplusRetainedearnings

Treasury
stock

Total
shareholders’equity$65,441$70,255$275,407$(768)$410,336—$(768)(12,974)
36,362——
23,388$433,724(12,974)
36,362—$65,441—$70,255

23,388$298,796
Thousands of U.S. Dollars

Changes in accumulated other comprehensive income

Year ended December 31

Balance of January 1, 2014
Changes in term
Dividends from surplus
Net income
Purchase of treasury stock
Net change of items other than stockholders’ equity
Total change in the term
Balance of December 31, 2014

12

Tamron Co., Ltd.

Unrealized
gain (loss) on
investment
securities

Foreigncurrencytranslation
adjustments$3,501$31,270907
907$4,40823,53023,530$54,801

Total
Remeasurements
accumulatedof defined benefit
other
plans
comprehensive
incomeTotal net
assets—$34,771$445,107(1,439)(1,439)$(1,439)———
22,99822,998$57,770(12,974)
36,362—
22,99846,386$491,494

CONSOLIDATED STATEMENTS OF CASH FLOWS
Tamron Co., Ltd. and Consolidated Subsidiaries

Thousands of
U.S. Dollars

Millions of Yen

2014

2013

2014

¥ 6,110¥ 4,831$57,760

Depreciation and amortization

3,812

3,440

36,036

Decrease in provision for retirement benefits(1,201)

43(11,353)

Increase (decrease) in net defined benefit liability

1,104

—

10,437

Interest and dividend income

(96)

(55)

(910)

Interest expense

64

87

607

Loss on retirement of property, plant and equipment

106

109

1,010

(2,415)

2,927(22,831)

1,214

3,071

11,481(695)(2,815)(6,576)

Other–net

(25)

(171)

(237)

		
Sub total

7,979

11,46875,423

Interest and dividend income received

97

55

924

Interest expenses paid

(65)

(86)

(617)

(1,803)(1,835)(17,047)

6,208

9,602

58,683(2,250)(5,753)(21,270)

Purchase of intangible assets

(214)

(168)

(2,028)Purchase of investment securities

(391)

(43)

(3,699)Proceeds from redemption of investment securities

300

—

2,835

Payments of loans receivable

(45)

(16)

(432)

Collection of loans receivable

26

11

252

Other–net

223

(71)

2,115

(2,351)(6,041)(22,228)

Net decrease in short-term loans payable(1,203)(707)(11,375)

Proceeds from long-term loans payable

1,000

2,060

9,452

Repayment of long-term loans payable(1,432)(1,304)(13,539)

Cash dividends paid

(1,373)(1,372)(12,981)

(0)

(0)

(7)

		
Net cash used in financing activities(3,009)(1,324)(28,451)

Effect of exchange rate changes on cash
and cash equivalents

771

1,238

7,292

Net increase (decrease) in cash and cash equivalents

1,618

3,474

15,295

Cash and cash equivalents at beginning of year

14,297

10,822

135,152

Cash and cash equivalents at the end of year

¥15,915¥14,297$150,448

Years ended December 31

Cash flows from operating activities:
Income before income taxes and minority interests	Decrease (increase) in notes and accounts
receivable–trade
Increase in inventories
	Increase (decrease) in notes and accounts payable–trade

Income taxes paid
		 Net cash provided by operating activities
Cash flows from investing activities:
Purchases of property, plant and equipment

		Net cash used in investing activities
Cash flows from financing activities:

Other–net

Tamron Co., Ltd.

13

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Tamron Co., Ltd. and Consolidated Subsidiaries

BASIS OF PRESENTING CONSOLIDATEDFINANCIAL STATEMENTS

The financial statements of Tamron Co., Ltd. (the “Company”) and its consolidated subsidiaries have been preparedin accordance with the provisions set forth in the Financial
Instruments and Exchange Law and Corporate Law and in
conformity with accounting principles generally accepted inJapan. Therefore, application and disclosure requirements aredifferent from International Financial Reporting Standards incertain respects.
Amounts in U.S. dollars are included solely for the convenience of the reader. The rate of ¥105.79 = US$1 prevailing on December 31, 2014 has been used in translating theconsolidated financial statements expressed in Japanese yen
into U.S. dollars. Such translations should not be construed
as representations that the Japanese yen amounts could bereadily converted, realized or settled in U.S. dollars at this rate.
1. Scope of Consolidation
All subsidiaries are consolidated.
Number of consolidated subsidiaries: 9
TAMRON USA, Inc.
TAMRON Europe GmbH.
TAMRON France EURL.
TAMRON (Russia) LLC.
TAMRON OPTICAL (VIETNAM) CO., LTD.
TAMRON INDIA PRIVATE LIMITED
TAMRON INDUSTRIES (HONG KONG) LIMITED
TAMRON OPTICAL (FOSHAN) CO., LTD.
TAMRON OPTICAL (SHANGHAI) CO., LTD.
2. Application of the Equity Method
Investment in an affiliated company KOEISHA Corporation isstated at cost, due to immateriality in terms of net income
and retained earnings, and accounting for above affiliatedcompany under equity method would not give significant
influences on the Company’s consolidated financial statements, as a whole.
3. Fiscal Term
The fiscal year end of TAMRON INDIA PRIVATE LIMITED is
March 31, and those of other consolidated subsidiaries are thesame as the fiscal year end of the Company. In the preparation of consolidated financial statements, financial statementsof TAMRON INDIA PRIVATE LIMITED as of the said date wasused, and with respects to significant transaction that occurred between the said date and the consolidated bookclosing, adjustments necessary for consolidation are made.
4. Accounting Policies(1) Methods for valuation of significant assets
a. Investments in securities
With market quotations: stated at fair market value. Unrealized gains and losses on these securities are reported, netof applicable income taxes, as a separate component of the
net assets. Realized gains and losses on the sale of suchsecurities are computed using the moving-average cost.
Without market quotations: stated at cost using the moving-average method.
b. Derivatives
Derivatives financial positions are stated at fair value.
c. Inventories
Inventories of the Company and its consolidated subsidiaries are valued at cost, as determined mainly by themonthly moving-average method, with balance sheet inventory amounts calculated using lowered book values,
reflecting a potential decline in profitability.
14

Tamron Co., Ltd.

(2) Depreciation of fixed assets
a. Tangible assets (excluding leased assets)
The Company: depreciation of depreciable assets other thanbuildings (excluding facilities attached) is principally computed
using the declining-balance method, while the straight-line
method is applied for buildings (excluding facilities attached)acquired on or after April 1, 1998.
The estimated useful lives are as follows:
Buildings and structures
10 to 40 years
Machinery and equipment
5 to 10 years
b. Intangible assets (excluding leased assets)
Depreciation of intangible assets is computed by thestraight-line method. In-house use software is amortizedover a five-year period based on the assumed useful life.
c. Leased assets
The company uses the straight-line method over the termsof their respective leases with a zero residual value.
Finance lease transactions not involving transfer of ownership commencing on or before December 31, 2008 are
accounted for based on methods applicable to ordinary
rental transactions.
(3) Reserves
Reserves for doubtful accounts
Reserves for doubtful accounts are generally provided
based on actual collection losses incurred in the past.
Additionally, for accounts receivable considered at risk(bankruptcy, companies under rehabilitation plan), an allowance is provided based on an estimation of the uncollectible amount, on a case-by-case basis.
(4) Employee Retirement and Severance Benefits
a. Imputation method for retirement benefit estimates
In computing its retirement benefit obligation, the Company
applies straight-line attribution as the method for imputing
its retirement benefit estimates through the end of the fiscal year under review.
b. Method for the recognition of a portion of its actuarial
gains and losses as income or expense
The actuarial gains (losses) will be recognized in expenses(income), in equal amounts, over a five-year period, which isshorter than the average remaining service years of eligible
employees, commencing with the next year of the accrual.
(5) F oreign currency translation of significant assets
and liabilities
Foreign currency-denominated assets and liabilities heldby the Company are translated into Japanese yen using
exchange rates prevailing on the balance sheet date; andgains and losses on translation are charged to income.
Relevant assets and liabilities held by subsidiaries are translated into Japanese yen using exchange rates prevailing on
the balance sheet date; and revenues and expenses aretranslated using the average exchange rates during theterm. Gains and losses on translation are charged to net
assets under “Foreign currency translation adjustments.”

(6) Hedging
a. Hedge accounting
Derivative financial instruments are stated at fair value andchanges in the fair value are recognized as gains or losses,
unless derivative financial instruments are used for hedging
purposes. If derivative financial instruments are used ashedges and meet certain hedging criteria, the Company
defers recognition of gains or losses, resulting from changes
in fair value of derivative financial instruments, until the
related losses or gains on the hedged items are recognized.
b. Hedge instruments and assets and liabilities being hedged
Hedge instruments are foreign exchange forward contracts
and foreign currency option contracts. Assets and liabilities
being hedged are foreign currency receivables and payables
and future foreign currency transactions.
c. Hedge transaction policies
The Company engages in derivative transactions with theaim of hedging risk on foreign exchange fluctuations inaccordance with in-house regulations.
d. Assessment of effectiveness of hedging
The Company has realized a high correlation coefficient
between market fluctuations and cash flows (assets andliabilities being hedged) and hedge instruments: it thereby
highly evaluates the effectiveness of the derivatives transactions in question.
(7) S cope of cash and cash equivalents in thestatement of cash flows
In preparing the consolidated statements of cash flows, cashon hand, available deposits and short-term highly liquid investments, with readily maturity not exceeding three months
at the time of purchase, are considered to be cash and cash
equivalents.

[New accounting standards and related guidance not
yet adopted](a) A new Accounting Standard for retirement Benefits (Statement No.26) and its guidance (Guidance No .25), both areissued by the Accounting Standards Board of Japan (ASBJ)
on May 17, 2012.
(b) Above Statement and guidance are established from theview point of improvements to financial reporting and international convergence, mainly focusing on (i) how actuarial gains
and losses and past service costs should be accounted for, (ii)how retirement benefit obligations and current service costs
should be determined and (iii) enhancement of disclosures.
(c) Schedule for the adoption of above Statement and Guidance.
Relating to determination of retirement benefit obligations
and current service costs.
On or after January 1, 2015.
(d) The Company is currently evaluating the effects ASBJ
Statement No.26 and its guidance No.25 will have on its
consolidated financial statements.
[Additional information]
For your information, a market recall is in progress for somecustomers’ products using optical components made by ourgroup. We may be asked to bear part of the expenses involved.

(8) O ther significant accounting policies for preparing
consolidated financial statements
Consumption tax:
Consumption tax is not included.
[Changes in Accounting Policies](Application of Accounting Standard for Retirement
Benefits, etc.)
From the end of fiscal 2014, the Company has applied the “Accounting Standard for Retirement Benefits” (Standard No.26),
and “Guidance on Accounting Standard for Retirement Benefits” (Guidance No.25), both are issued by the AccountingStandards Board of Japan (ASBJ) on May 17, 2012, (excluding, however, content stipulated in paragraph 35 of Standard
No.26 and stipulated in paragraph 67 of Guidance No.25.
Accordingly, the Company has changed the accounting
method to one in which it records the amount calculated
by deducting pension assets from retirement benefits obligations as net defined benefit liability or net defined benefit
asset, and it records unrecognized actuarial differences as
a net defined benefit liability or net defined benefit asset.
Application of Standard No.26 is handled in line with thetransitional process stipulated in paragraph 37 of Standard
No.26. Consequently, at the end of fiscal 2014, the Company
added or subtracted any impact from this accounting change
to “Remeasurements of defined benefit plans” listed under“Accumulated other comprehensive income.”
As a result of this accounting change, the Company recorded a net defined benefit liability of 1,342 million yen asof end of fiscal 2014, In addition, accumulated other comprehensive income decreased 152 million yen, and net assets
per share at the end of fiscal 2014 decreased 5.54 yen.
Tamron Co., Ltd.

15

NOTES TO CONSOLIDATED FINANCIAL STATEM ENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(CONSOLIDATED BALANCE SHEETS)Assets pledged as collateral as of December 31, 2014
(1) Property, plant and equipment
Buildings and structures

Millions of Yen¥  583

Machinery, equipment and vehicles

640

Tools, furniture and fixtures

220

Land

96

Intangible assets
Total(2) Other
Buildings and structures—¥1,540Millions of Yen¥2,977
96

Land
Total

(3) Loans secured by the above assets
Short-term loans payable
Long-term loans payable (including loans due within one year)
Total¥3,073

Millions of Yen¥  832
2,029¥2,861(CONSOLIDATED STATEMENTS OF INCOME)

1. Research and development expenses included in selling, general and administrative expenses and manufacturing costs totaled¥3,699 million.
2. The ending inventory balance represents after write-down of book value when their carrying amounts become unrecoverable. The inventory gains of ¥55 million, net of reversal of the balance of reserve at end of fiscal 2013.

(CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME)(Changes in reclassification adjustments and those tax effects for the year ended December 31, 2014)

Millions of Yen

Unrealized gain on available securities
Gain arising during the year¥  148

Reclassification adjustment—  Amount before income tax

148  Tax effect

(52)

  Net

96

Foreign currency translation adjustments
Translation adjustments arising during the year
Total other comprehensive income(CONSOLIDATED STATEMENTS OF CASH FLOWS)
Year ended December 31, 2014
Cash and deposits
Cash and cash equivalents

2,489¥2,585

Millions of Yen¥15,915
15,915(LEASES)

Finance lease that do not transfer ownership
1. Leased assets
Mainly a lens production facility
2. Depreciation method for leased assets
It is described in “Basis of Presenting Consolidated Financial Statements” (4. Accounting Policies, (2) Depreciation of fixed assets, c. Leased assets).
Regarding finance lease that do not transfer ownership, for which the starting date for the lease transaction is prior to December 31, 2008, lease payments are recognized as expenses. Details are as follows.

16

Tamron Co., Ltd.

(1) Acquisition cost, accumulated depreciation and net book value of lease assets
Millions of Yen

Machinery, equipment and vehicles
Tools, furniture and fixtures
Total

Acquisition cost

Accumulated depreciation

Netbook value

¥17

¥14

¥2

—

—

—

¥17

¥14

¥2

(2) Obligation under finance leases
Millions of Yen

Due within one year
Due after one year
Total

¥2
1
¥3

(3) Lease expenses, depreciation and interest expenses
Millions of Yen

Lease expenses¥2

Depreciation cost equivalent

1

Interest expenses equivalent¥0(4) Method of calculating depreciation
Depreciation expense on leased assets is calculated by using the straight-line method, over the lease period and has aresidual value of zero.
(5) Method of calculating interest expense
The difference between total lease expense and acquisition cost of leased assets, is considered as the interest portion, andthe allocation of this interest is calculated by the interest method.

(FINANCIAL INSTRUMENTS)

Year ended December 31, 2014
1. Overview of financial instruments(1) Policy on the handling of financial instruments
In principle, the Company obtain funds from banks for thecapital needed to execute operations. Any temporary surplus
is invested in highly secured bank deposits. The Company
adheres to a policy under which derivatives are used to avert
the risks outlined below and not for speculative purposes.
(2) Financial instruments and inherent risks and its management
Notes and accounts receivable�����������������������������
–����������������������������
trade are exposed to customers’ credit risks. To reduce customers’ credit risks, the Company has established credit policies under which monitoringof, due dates and remaining balance of note and accountreceivable–trade and of credit condition, by each customer.
Receivables denominated in foreign currencies, which arisein the process of business activities undertaken overseas, areexposed to market risks arising from fluctuations in foreign
currency exchange rates. The Company manages these risks
by entering into foreign currency exchange forward contracts.
Investments in securities consist mainly of the equity securities of corporations with which the Company has business
relations, are exposed to the risk of fluctuations in market
prices. The Company manages this risk by periodically examining market prices and the financial condition of the issuingentities.

Accounts payable–trade is all due within one year. Someare denominated in foreign currencies and are therefore exposed to risks arising from changes in foreign currency exchange rates. The Company manages these risks by entering
into foreign exchange forward contracts.
The Company execute and manage derivative transactions which are foreign currency forward exchange contracts
used to reduce risk exposure arising from which changes
in exchange rates applied to foreign-currency-denominatedreceivables and payables. Accounting policies for hedges,
specifically hedge accounting, hedge instruments and assets
and liabilities being hedged, hedge transaction policies, assessment of effectiveness of hedging, are described in thesection “4. Accounting Policies (6) Hedging.”
In the execution and monitoring of derivative transactions,the Company is guided by internal rules. In derivative transactions, the Company only enter into transactions with financial
institutions having high credit ratings, thereby significantly
mitigating potential losses arising from credit risk.
Accounts payable–trade and loans payable are exposed
to liquidity risks. The Company and each of its consolidated
subsidiaries, prepares a cash flow plan and keeps its in financially sound conditions.
(3) Additional information for fair values of financial instruments
Fair values of financial instruments are based on fair markets
value. If the fair markets value is not available, other rational valuation methods are used instead. These estimates
include variable factors, and are subject to fluctuations due
to changes in the underlying assumptions.

Tamron Co., Ltd.

17

NOTES TO CONSOLIDATED FINANCIAL STATEM ENTS

2. Fair Value of Financial Instruments
Fair value and variances with carrying amounts as of December 31, 2014 are as follows.
Investment securities those fair values can not be measured reliably, are not included in the following table. (Refer to Note 2)
Millions of Yen(1) Cash and time deposits(2) Notes and accounts receivable

Carrying amounts

Fair value

Difference¥15,915¥15,915¥—

18,65318,653—(3) Investment securities:
2,181

2,181

—

Total assets¥36,750¥36,750¥—(1) Accounts payable¥ 5,855¥ 5,855

¥—

2,327

2,327

—

918

918

—

1,771

1,771

0

¥10,872¥10,872

¥0

—

—

—

  Other securities(2) Short-term loans payable(3) Income taxes payable(4) Long-term loans payable
Total liabilities
Derivative instruments

Note 1: Method for calculating the fair value of financial instruments and information about investments in securities andderivative transactions
Assets(1) Cash and time deposits; (2) Notes and accounts receivable
The carrying amounts approximate fair value because of the short maturity of these instruments.
(3) Investments in securities
Market prices on stock exchanges are used to determine the fair value of these securities. Prices quoted by financial institutions are used to determine the fair value of bonds.
Liabilities(1) Accounts payable; (2)Short-term loans payable; (3) Income taxes payable
The carrying amounts approximate fair value because of the short maturity of these instruments.
(4) Long-term loans payable
The fair value of long-term loans payable in estimated by discounting future cash flows using rates currently available forloans similar terms and remain maturities.
Derivative instruments
Please refer to (DERIVATIVE TRANSACTIONS) below
Note 2: Carrying amount of financial instruments those fair values cannot be reliably determined.

Millions of Yen
As of December 31, 2014

¥212

Unlisted stocks

Note: U nlisted stocks are not included in investment securities (Note 1-(3) above), because its extremely difficult to estimates those fair values, both, due to their markets prices are not available and to the difficulty in estimating future
cash flows relating to the stocks.
Note 3: The following schedule shows the maturities of financial instruments (assets) as of December 31, 2014
Millions of Yen

More than 1 year
and up to 5 years

Up to 1 year

Cash and deposits¥15,915¥ —Notes and accounts receivable

18,653—

Investment securities:   Securities with maturity in other investment securities account
Total

—

300

¥34,569¥300

Note 4: The aggregate annual maturities of Corporate bond, long-term borrowings, lease obligations and other interestbearing debt at December 31, 2014.
Please refer to (Schedule of borrowings)
Up to 1 year

Millions of Yen
More than 2 year
and up to 3 years

More than 3 year
and up to 4 years

More than 4 year
and up to 5 years

Short-term loans payable¥1,132

¥—

¥—

¥—

¥—

Long-term loans payable

1,195

889

605

241

35

0

0

—

—

—

¥2,328

¥890

¥605

¥241

¥35

Lease obligations
Total
18

More than 1 year
and up to 2 years

Tamron Co., Ltd.

(INVESTMENTS IN SECURITIES)Millions of Yen
As of December 31, 2014

Type of securities

Securities whose carrying amounts
on consolidated balance sheets
exceed their acquisition costs

Carrying amount

Acquisition costs

Difference¥1,887¥1,159¥727(2) Debt securities

—

—

—

(3) Others

—

—

—

   Total

1,887

1,159

727

(1) Stocks

—

—

—

(2) Debt securities

—

—

—

294

300

(5)

(1) Stocks

Securities whose carrying amounts
on consolidated balance sheets
does not exceed their acquisition
costs(3) Others

294

300

(5)

¥2,181¥1,459¥721   Total

Total(DERIVATIVE TR ANSACTIONS)
Derivative transactions with the hedge accounting is applied
Currency-related transactions
Year ended December 31, 2014
Hedge accounting method

Designation method

Type of transactions

Forward foreign exchange
contracts
Sell  U.S. dollar

Millions of Yen

Primary hedged

Contract

items

amount, etc.

Accounts
receivable

Portion withmaturity over

Fair value

one year¥4,468—(See Note)

1,531

—

(See Note)   Hong Kong dollar

50—(See Note)  Ruble64—(See Note)  EuroNote: Under Japanese GAAP, forward foreign exchange contracts as a derivative financial instrument and accounts receivableas hedged items are considered as a pair of transaction and if hedge accounting such as the designation method isapplied to derivative financial instruments, fair valuation of such derivative financial instruments itself, is not required.

(RETIREMENT BENEFITS)

Year ended December 31, 2014
1. Outline of retirement and severance benefit plans adopted
The Company and certain consolidated subsidiaries have defined benefit pension plans and lump-sum payment plans aswell as defined contribution pension plans. There are occasions where officers other than directors receive special lump–sum payments at retirement.
2. Defined benefit plans(1) Reconciliation of beginning and ending balances of the benefit obligations
Benefit obligations at beginning of year
Service cost

Millions of Yen¥2,614174

Interest cost

51

Actuarial loss

327

Befits paid

(211)
3

Other
Benefit obligations at end of year

(2) Reconciliation of beginning and ending balances of the plan assets
Plan assets at beginning of year

¥2,961Millions of Yen¥1,396

Actual return on plan assets

26

Actuarial gain

107

Plan participants’ contribution

213

Benefits paid

(126)

Plan assets at end of year

¥1,618

Tamron Co., Ltd.

19

NOTES TO CONSOLIDATED FINANCIAL STATEM ENTS

(3) Reconciliation of year–end balance of benefit obligations and plan assets to net benefit obligation in the consolidatedbalance sheet.
Millions of Yen

Benefit obligations on the funded defined benefit plan

¥2,936

Plan assets(1,618)Net of above

1,318
24

Unfunded defined benefit obligations
Net benefit obligation in the consolidated balance sheet¥1,342

Liability for retirement benefits¥1,342—

Asset for retirement benefits
Net amount of liabilities and assets recognized in the consolidated balance sheet(4) Components of net periodic benefits expenses
Service cost

¥1,342Millions of Yen¥174

Interest cost

51

Expected return on plan assets(26)
1

Recognized actuarial gain
Net periodic benefits expenses¥202(Note) Benefits expenses of consolidated subsidiaries which adopt simplified method are included in the service cost.
(5) Remeasurements recognized in accumulated other comprehensive income before deduction of tax effect at end of year.
Millions of Yen

Unrecognized actuarial loss

¥235(6) Information relating to plan assets
aThe percentage that each major category constitutes of the total plan assets at end of year.
Asset category
General accounts

67%

Equity securities

22%

Debt securities

10%
1%

Other
Total plan assets

100%(Note) Above total plan assets includes 7% of pension trust fund for the defined benefit plans.
bThe method for estimation of the expected long–term rate of return.
The expected return on assets has been estimated based on the anticipated allocation to each asset class and the expectedlong-term returns on assets held in each category.
(7) Main actuarial assumptions used at end of the year
Discount rate

0.878%

Expected long–term rate of return

2.00%(Note) Discount rate of 2.00% was used at beginning of the year, however, the year–end rate was changed to 0.878% dueto the Company’s re–evaluation of the rate.
3. The contributions for defined contribution plans.
The contributions for defined contribution plans of the company and its subsidiaries were ¥165 million for fiscal 2014.

20

Tamron Co., Ltd.

(ACCOUNTING FOR DEFERRED INCOME TA X)
Year ended December 31, 2014
1. Breakdown of the major components for deferred tax assets and liabilities

Millions of Yen

Deferred Tax Assets
Reserve for doubtful accounts¥   46

Unrealized intercompany profits291

Net defined benefit liability

498

Long-term accounts payable

49

Loss on devaluation of inventories

33

Loss on disposal of fixed assets

28

Depreciation and amortization

26

Lump-sum depreciable assets

34
2

Unrealized loss on investment securities

278

Other
Total of deferred tax assets¥1,290Millions of Yen

Deferred Tax Liabilities
Reserve for deduction entries¥    (41)(257)

Unrealized gain on investments in securities
Other

(35)

Total of deferred tax liabilities(334)

Net deferred tax assets¥   956

Note: Net deferred tax assets as of December 31, 2014 are reflected in the following accounts in the consolidated balance
sheets.
Millions of Yen
2014

Current assets – deferred tax assets¥481

Fixed assets – deferred tax assets

474

2. Reconciliation of the statutory tax rate and the effective tax rate
Effective statutory tax rate

37.8%

(Adjustments)
Entertainment expense and others that are not deductible permanently

0.7

Exclusion of loss related to a donation

0.0

Inhabitant tax on per capita basis

0.3

Provision for directors’ bonuses

1.0

Tax credits(5.0)

Differences of tax rates for overseas consolidated subsidiaries(6.6)

Dividend income and others that are not taxable permanently(22.0)

Effect of dividend income eliminated for consolidation

22.0

Special tax rate on retained earnings of family corporation

0.9

International withholding income tax

6.2

OthersActual tax rate

1.7
37.0%

3. Revision of the amount of deferred tax assets and liabilities due to a change in the rate of corporation tax, etc.
The “Act for Partial Amendment of the Income Tax Act, etc.” (Act No. 10 of 2014) was promulgated on March 31, 2015
and, as a result, the company is no longer subject to the Special Reconstruction Corporation Tax effective for fiscal 2015.
As a result, the effective statutory tax rate used to measure the company’s deferred tax assets and liabilities was changed
from 38.01% to 35.64% for the temporary differences expected to be realized or settled from fiscal 2015. Above announced
reduction of the effective statutory tax rate did not have a material effects on the estimates of the deferred tax assets andliabilities and the temporary differences.

Tamron Co., Ltd.

21

NOTES TO CONSOLIDATED FINANCIAL STATEM ENTS

SEGMENT INFORMATION

1. Outline of reporting segments
The Company’s reporting segments are business units for which abstracted financial data is available and periodicallyreviewed by the Board of Directors to determine resource allocation and evaluate business performance. The Company
has its business units identified by products. Each business unit plans its comprehensive domestic and overseas strategy
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 Lenses for CCTV cameras and Automotive lenses.
2. Calculating reporting segment sales, income, assets and other items
Accounting policies used to financial results of reporting segments are the same as those used for the preparation of theCompany’s consolidated financial statements. Reporting segment income corresponds to operating income.
3. Information on sales, income, assets, liabilities and other items by reporting segment
Millions of Yen
2014
Photographic
products

Opticalcomponents

Commercial/
Industrial-use
opticsEliminations
and/orcorporate

Consolidated¥53,932¥7,032¥12,656———¥73,621—¥73,621——53,932

7,032—

12,65673,621—

73,621

Operating income¥ 5,853

Assets¥44,354¥  664¥ 2,190¥ 8,708¥ (2,632)¥ 6,076¥4,723¥10,609¥59,687¥10,218

Depreciation expenses¥69,906

2,674

270

590

3,535

277

Capital expenditures

3,812

1,762

127

413

2,303

125

2,429

Total

Net sales:
Sales to external customers
Intersegment sales
		TotalNotes:
1. Adjustments (eliminations and/or corporate) are as follows.
(1) Adjustment of segment profit totaled ¥(2,632) million is due to unallocated operating expenses consisted principally of
expenses related to general affairs, accounting and other departments of the Company.
(2) Total assets included in adjustments of segment assets mainly represent cash, long-term investments funds (investments
in securities), and assets related to the administration department.
2. Segment profit is adjusted to operating profit of consolidated statements of income.

RELATED INFORMATION
Year ended December 31, 2014

1. Information by geographical area
(1) Sales

Millions of Yen

Japan

North America

Europe

Asia

Other

Total

¥15,761¥8,526¥15,597¥32,140¥1,594¥73,621

Note: Sales are grouped by country or region, based on customer location.
(2) Property and equipment

Millions of Yen

Japan

North America

Europe

Asia

Total

¥7,592¥285¥346¥10,590¥18,814

2. Information by major customer

22

Millions of Yen

Name of company

Net sales

Nikon Corporation¥15,340

Tamron Co., Ltd.

Relevant segments

Photographic Products

RELATED PARTY TRANSACTIONSYear ended December 31, 2014
1. Transactions between the Company and related parties.
Name of company

Millions of Yen

Paid in capital

Transaction

Amount per year

Year end balance

JPY

Sale of DSC lenses¥5,298¥1,456

Sony Digital Products (Wuxi) Co., Ltd.

485,584 thousand RMB

Sale of DSC lenses

4,724

735

Shanghai Suoguang Electronics Co., Ltd.

118,696 thousand RMB

Sale of DSC lenses

1,214

390

Sony Technology (Thailand) Co., Ltd.

570,880 thousand THB

Sale of DSC lenses

904

115

Sony EMCS Corporation

100

millionNotes: 1. Sales prices are based on the arms’ length transaction basis.
2. Consumption tax is not included in the amount of transaction but included in the amount of year-end balance.

PER SHARE INFORMATION
Year ended December 31, 2014
Net assets per share

1,894.14 Yen

Net income per share

140.14 Yen

Information for diluted net income per share is omitted because potentially dilutive securities are not issued.
Note: The basis for calculating net income per share is as follows.
2014

Net income (Millions of Yen)
Amount not belong to ordinary shareholders (Millions of Yen)
Net income for ordinary shares (Millions of Yen)
Average number of shares outstanding during the term (Shares)¥3,846—
3,846
27,450,636

SUBSEQUENT EVENTSAt the Board of Directors meeting held on February 27, 2015, Tamron resolved to acquire outstanding stocks of Kouyu Kosan
Co., Ltd. (hereinafter referred to as “Kouyu Kosan”), making it to a 100% owned subsidiary of Tamron Co., Ltd. (hereinafterreferred to as the “Transaction”)
Kouyu Kosan, the party to acquire the stocks from, is an asset managing company owned by the family of the founder of
Tamron Co., Ltd. with the vast majority of its assets being comprised of stocks of the company, and it is under the consideration of Tamron to buy them back at some point in the future to retain as the treasury stock. Under those circumstances
and in order to keep fairness to our shareholders and investors while ensuring transparency of the Transaction, it is deemed
appropriate to initiate the procedures in a manner equivalent to acquiring the company’s own stocks retained by specificshareholders in conformity with the provisions of Paragraph 1 of the Article 156, Paragraph 1 of the Article 160 and the
Article 161 of the Companies Act, while making it as a premise to validate the Transaction by means of obtaining a majority
vote at the General Shareholders Meeting, excluding those stocks owned by certain individuals related to the shareholdersof Kouyu Kosan.
For reasons aforementioned, it has been validated by the Shareholders approval at the 68th ordinary General Shareholders Meeting on March 27, 2015, proceed with the execution.
1. Background of the stock acquisition
The founder’s family as stated above made a proposal to the company, offering to sell the stocks in possession by Kouyu
Kosan. The number of stocks retained as of February 27, 2015 stands at 1,529,826, representing 5.56% of the total numberof shares issued by Tamron Co., Ltd.: e.g. 27,500,000. In addition, the offer came with a certain discount rate applicable tothe purchase cost of the stocks owned by Kouyu Kosan coupled with the prevailing market value.
Tamron took a proactive stance to identify an equitable option with its financial position carefully taken into accountin order to mitigate potential downfall of the stock value when such substantial number of stocks were put into market
in case Tamron were to decline to take the offer, causing an undesirable negative impact to the benefit of the company’s
shareholders.
To avoid the undesirable negative impact to the benefit of the company’s shareholders, the Board of Directors meeting
resolved to acquire outstanding stocks of Kouyu Kosan and make it to the 100% owned subsidiary of Tamron.
Since Mr. Hiroaki Arai, Managing Director of our company, is a shareholder of Kouyu Kosan, he has specific interest associated with this Transaction. Accordingly, he did not participate in the deliberation and resolution concerning this planned
Transaction.

Tamron Co., Ltd.

23

NOTES TO CONSOLIDATED FINANCIAL STATEM ENTS

2. Name of acquired company , business lines and scale.
(1) Company name(2) Address(3) Representative, office(4) Main businesses

Kouyu Kosan Co., Ltd.
388-3, Higashi-monzen, Minuma-ku, Saitama-shi, Saitama
Takeo Arai, Representative Director
Selling/buying of valuable securities
Selling, buying, leasing, renting, operation and management of real estate(5) Capital
20 million yen(6) Established
August 12, 1971
(7) Main shareholders and their holding ratio
Mr. Takeo Arai, the representative director and his family (total 4) own 100% of
issued stocks (excluding common treasury stocks)(8) Relationship between the company and listed companies Capital
5.56% of Tamron stocks owned by the company.
Personal
Nothing in particularTransaction
Nothing in particular

3. Name of the company of which stocks being planned to acquire:
Representative director of Kouyu Kosan Mr. Takeo Arai and his 3 family members
4. Number of stocks to be acquired and Ratio of equity interests after acquisition:
36,890 stocks (ratio of voting rights eligible: 100.0%)
5. The total amount of Monies, etc. that will be delivered in exchange for the acquisition of the shares:
Money
6. The amount of consideration payable to acquire stocks
For valuation of the company’s stocks currently retained by Kouyu Kosan, a scheme was set to compare (1) the value obtained by multiplying 0.93 on the average closing price at Tokyo Stock Exchange Market for the three consecutive months
from November 27, 2014 through February 26, 2015, which comes up to Yen 2,155, and (2) the closing price at TSE as ofMarch 26, 2015, namely one day prior to the date of the 68th ordinary General Shareholders Meeting of the company, thenadopt the lower of the two, which shall be taken as the per share value of the stocks for acquisition.
For finalizing the total acquisition cost of the stocks at Kouyu Kosan, it is planned to rely on a third-party appraisal valuation for stock assets other than those of Tamron, and the afore-mentioned scheme shall be applied for the stocks of Tamron
respectively.
For your information, the approximate acquisition value as stated above is thought to be the approximate evaluated valueof stocks Kouyu Kosan has in our company. In this case, the value is obtained by multiplying the average closing price ofstocks of our company during three months from November 27, 2014 through February 26, 2015 at TSE.
7. Period applicable to acquisition
From March 27, 2015, the day of the ordinary General Shareholders Meeting of our company, through March 31, 2015
8. Other remarks
In executing the Transaction, pertinent procedures shall be taken in line with cases equivalent to the acquisition of our own
stocks from specific shareholders. As for the evaluated value of stocks of our company held by Kouyu Kosan among its assets, as stated in the remarks of the above 6 “The amount of consideration payable to acquire stocks”, it does not exceed
the value obtained by the method specified in the Article 161 of the Companies Act and the Item 1 of the Article 30 of theOrdinance for Enforcement of the Companies Act. Accordingly, sellers’ claim right as specified in the Paragraphs 2 and 3 of
the Article 160 of the Companies Act will not occur on the side of our shareholders other than the party of this Transaction.

CONSOLIDATED FINANCIAL STATEMENT SCHEDULES(Schedule of borrowings)

Year ended December 31, 2014

Millions of yen
Balance at end ofprior year

Balance at end ofcurrent year

Average interest rate (%)

Maturity

Short-term borrowings

2,347

1,132

0.8

—

Current portion of long-term borrowings

1,287

1,195

1.3

—

0

0

6.0

—

2,080

1,771

1.0

2016 to 2019

1

1

6.0

2016 to 2019

5,717

4,100

—

—

Category

Current portion of lease obligations
Long-term borrowings (excluding current portion)
Lease obligations (excluding current portion)
Total

Notes:
1. The average interest rate represents the weighted-average rate applicable to the year-end balance.
2. The following table shows the aggregate annual maturities of long-term borrowings (excluding the current portion) andlease obligations (excluding the current portion) for 5 years subsequent to December 31, 2014.

24

Tamron Co., Ltd.

Millions of yen
Category

Long-term borrowings
Lease obligations

Due withinfiscal 2015

Due withinfiscal 2016

Due withinfiscal 2017

Due withinfiscal 2018

889

605

241

35

0

0

—

—

(Other)Quarterly financial information for the year ended December 31, 2014
Millions of yen, excluding earnings per share

1Q

2Q

3Q

For the year ended
December 31, 2014

14,132

32,77051,12073,621

Income before income taxes and minority interests

749

2,638

4,415

6,110

Net income

457

1,820

2,740

3,846

16.65

66.33

99.84

140.14

Net sales

Earnings per share

Note: Amount per each quarter is accumulated amount.
Yen

Earnings per share

1Q

2Q

3Q

4Q

16.65

49.68

33.51

40.30

Tamron Co., Ltd.

25

INDEPENDENT AUDITORS’ REPORTTo the Board of Directors of Tamron Co., Ltd.
Based on the provision of Article 193-2(1) of Financial Instruments and exchange Law, we have audited theaccompanying consolidated financial statements of Tamron Co., Ltd. and its subsidiaries, which comprisethe consolidated balance sheet as at December 31, 2014, and the consolidated statement of income,comprehensive income, changes in net assets and cash flows for the year then ended, and a summary ofsignificant accounting policies, other explanatory notes and financial statement schedules.
Management’s Responsibility for the Consolidated Financial Statements
Management is responsible for the preparation and fair presentation of these consolidated financial
statements in accordance with accounting principles generally accepted in Japan and for such internal control
as management determines is necessary to enable the preparation of consolidated financial statementsthat are free from material misstatement, whether due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express an opinion on these consolidated financial statements based on our
audit. We conducted our audit in accordance with auditing standards generally accepted in Japan. Thosestandards require that we plan and perform the audit to obtain reasonable assurance about whether the
consolidated financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
consolidated financial statements. The procedures selected depend on the auditor’s judgment, including
the assessment of the risks of material misstatement of the consolidated financial statements, whether due
to fraud or error. In making those risk assessments, the auditor considers internal control relevant to theentity’s preparation and fair presentation of the consolidated financial statements in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on
the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of accounting estimates made by management, as well
as evaluating the overall presentation of the consolidated financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis forour audit opinion.
OpinionIn our opinion, the consolidated financial statements present fairly, in all material respects, the financial
position of Tamron Co., and its subsidiaries as at December 31, 2014, and their financial performance andcash flows for the year then ended in accordance with accounting principles generally accepted in Japan.
Emphasis of matterAs more fully described in the note “SUBSEQUENT EVENT” to the consolidated financial statements, apurchase of all of the outstanding equity securities of Kouyuu Kousann, Co., Ltd. was proposed by the
Board of Directors held on February 27, 2015 and it was approved at the ordinary shareholders’ meeting
held on March 27, 2015.
Our audit opinion does not affected by this matter.
The United States dollar amounts shown in the consolidated financial statements have been translated
solely for convenience. We have reviewed this translation and, in our opinion, the consolidated financial
statements expressed in Japanese Yen have been translated into United States dollars on the basis describedin the preface at BASIS OF PRESENTING FINANCIAL STATEMENTS.
Tokyo, Japan March 27, 2015

Wako Audit Corporation

26

Tamron Co., Ltd.

COMPANY PROFILE
Overview (As of December 31, 2014)
Company Name:
Tamron Co., Ltd.

Capital:¥6,923 million

Established:
November 1, 1950
Incorporated:
October 27, 1952
Headquarters:
1385, Hasunuma, Minuma-ku, Saitama-shi, Saitama 337-8556
JAPANManagement (As of March 28, 2015)

Board of Directors

Audit and Supervisory Board Member

Executive Officers

President and CEO
Morio Ono

Standing Corporate Auditors
Tsugio Tsuchiya
Takayuki Namiki2

Senior Executive Officers
Yasuki Kitazume
Michiko Chiyoda
Shenghai Zhang
Hiroshi Otsuka
Hans Peter Rosenthal
Takashi Inoue

Corporate Vice Presidents
Yoshihiro Shirai
Hisaaki Nagashima
Shiro Ajisaka
Senior Managing Directors
Hiroaki Arai
Tadahiro Shimura
Hideyo Ohse

Corporate Auditors
Tadahiro Tone2
Yasuhiko Nishimoto2
Notes: 1
 . Independent director
2. Independent corporate auditor

Managing Directors
Kenichi Hamada
Takashi Ichikawa
Hiroshi Kawanabe
Directors
Masayuki Abo
Shogo Sakuraba
Koji Masunari
Hideo Shimizu1
Mikio Yokose1

Executive Officers
Kunio Wada
Makoto Otani
Yoshinori Narita
Hideyuki Nonaka
Tomohide Okayasu
Takao Yamamoto
Tsutomu Tezuka
Chaitang Ho
Jie Chen
Emiko Ushida

STOCK OVERVIEW
Corporate Stock Summary (As of December 31, 2014)
Number of shares issued:
27,500,000 shares

Principal Shareholders (As of December 31, 2014)

Number of shares per unit:
100 shares

Shareholders

Number of
Shares Held
Percentage of(Thousands of Shares) Shares Held1

New Well Co., Ltd.

4,898

17.81%

Number of shareholders:
5,595 shareholders

2

3,129

11.38%

1,880

6.83%

Balance date:
December 31

4Sony Corporation
BNP PARIBAS SEC SERVICES LUXEMBOURG/JASDEC/ ABERDEEN GLOBAL CLIENT ASSETS
Kouyu Kosan Co., Ltd.

1,529

5.56%

5

JP MORGAN CHASE BANK 385174

1,524

5.54%

Scheduled Annual Shareholders Meeting:
March

6

Saitama Resona Bank Limited.

1,122

4.08%

7

Japan Trustee Services Bank, Ltd. (trust account)

595

2.16%

Eligibility date for year-end dividend payments:
December 31

8

Nippon Life Insurance Company

580

2.10%

9

The Master Trust Bank of Japan, Ltd. (trust account)

486

1.76%

Eligibility date for interim dividend payments:
June 30

10 Sompo Japan Nipponkoa Insurance Inc.

Transfer Agent:
Sumitomo Mitsui Trust Bank, Limited

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
the two parties.

3

Total

329

1.19%

16,07858.46%

Tamron Co., Ltd.

27

Tel:+81-48-684-9111
Fax:+81-48-683-8289
http://www.tamron.co.jp
ISO9001/ISO14001 Certified
ISO/TS16949 Certified

GROUP NETWORK

Production Facilities

Subsidiaries Overseas

Hirosaki Plant
3-2, Shimizu 3-chome, Hirosaki-shi,
Aomori 036-8254
JAPAN
Tel:+81-172-34-1144
Fax:+81-172-33-2340

TAMRON USA, INC.
10 Austin Boulevard, Commack, NY 11725
USA
Tel:+1-631-858-8400
Fax:+1-631-543-3963

Namioka Plant
64-1, Shimoshimada, Kitanakano,
Namioka, Aomori-shi,
Aomori 038-1325
JAPAN
Tel:+81-172-62-9555
Fax:+81-172-62-9302
Owani Plant
31-1, Maeda, Hachimandate, Owani-machi,
Minamitsugaru-gun,
Aomori 038-0243
JAPAN
Tel:+81-172-47-6713
Fax:+81-172-47-6715
TAMRON OPTICAL (FOSHAN) CO., LTD.
West of Langbao Road City-West Industrial
Development Zone Foshan, Guangdong,
CHINA
Tel:+86-757-82982222
Fax:+86-757-82203443
TAMRON OPTICAL (VIETNAM) CO., LTD.
Plot No. 69B&70A, Noi Bai Industrial
Zone, Mai Dinh Commune, Soc Son
District, Hanoi,
VIETNAM
Tel:+84-43762-1759
Fax:+84-43762-1758

TAMRON Europe GmbH.
Robert Bosch-Str. 9, 50769 Cologne,
GERMANY
Tel:+49-221-970325-0
Fax:+49-221-970325-4
TAMRON France EURL.
5, avenue Georges Bataille, F-60330
Le Plessis-Belleville Boite postale 31,
FRANCE
Tel:+33-3-44-60-73-00
Fax:+33-3-44-60-23-34

TAMRON (Russia) LLC.
Unikon Business Center 5F
No. 9, Plekhanova Street 4a,
Moscow, 111123,
RUSSIAN FEDERATION
Tel:+7-495-970-0112
Fax:+7-495-970-0112
TAMRON INDIA PRIVATE LIMITED
801, 8th Floor, Time Tower,
M.G Road, Sector-28,
Gurgaon-122002, Haryana,
INDIA
Tel:+91-124-41-168-12
Fax:+91-124-40-822-72

TAMRON INDUSTRIES(HONG KONG) LIMITED
Unit 908, 9/F, Elite Center,
22 Hung To Road, Kwun Tong, Kowloon,
HONG KONG
Tel:+852-2721-7797
Fax:+852-2620-1631
TAMRON OPTICAL (SHANGHAI) CO., LTD.
Room 1707, Ruijin Building,
No. 205, Maoming South Road,
Shanghai 200020,
CHINA
Tel:+86-21-5102-8880
Fax:+86-21-5466-0229

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