CODE

ＷＩＮ ＰＡＲＴＮＥＲＳ
Presentation
Ｆｕｌｌ Ｙｅａｒ ｅｎｄｉｎｇ 31 Ｍａｒｃｈ 2015
WIN-Partners Co., Ltd.

3183

Ｃｏｍｐａｎｙ Ｏｖｅｒｖｉｅｗ

Ｂｕｓｉｎｅｓｓ ｍｏｄｅｌ

Independent medical device
distributor group+Product

Medical device
manufacturers

80
3!

info

Feedback ofInformation on
product usage

suppliers

Product!

info

Medicalinstitutions

370

Information on
product usage

customers

Ｃｏｍｐａｒｉｓｏｎ ｏｆ ｒａｔｉｏｓ （ＦＹ2013）
ROE
14.0%
13.0%

6.0%

.5
1417
.0%

5.0%

%

13.0%

12.0%

Operating profit margin

ROA

4.0%

7%
.3%
5.8

5.0%

3.5%

3.0%
2.0%

11.0%

10.0%

41.0%
0.0%
ウイン・パートナーズ
WIN-Partners

業界平均Industryaverage

Ｎet profit margin

ウイン・パートナーズ
WIN-Partners

業界平均Industry
average

WIN-Partners

Operating profit per head

Sales per head(¥mil)

3.0%

2.0%

140

3%.7%
2.9

130

1.6%

1.0%

137120

110
100

10690

0.0%

ウイン・パートナーズ
WIN-Partners

業界平均Industry
average80

ウイン・パートナーズ

WIN-Partners

業界平均Industry average

Debt to equity ratio

Current ratio

Industry average

7.0
6.0
5.0
4.0
3.0
2.0
1.0
0.0(¥mil)

6.8
3.0
WIN-Partners
ウイン・パートナーズ

Industry
average
業界平均

Equity ratio

300%

156%

200%
150%
100%%

50%
0%

WIN-Partners

275 %

250%%

Industry average41.7%%%

140 %

140%

ウイン・パートナーズ
WIN-Partners

業界平均Industryaverage

WIN-Partners

Industry average※Source :WIN-Partners based on Yukashoken Houkokusho of Kawanishi HD, Yamashita Medical Instruments, Hokuyaku Takeyama HD, DVX, Medius HD, Ship Healthcare, and Japan Lifeline
Adjusted figures excluding M&A related extraordinary profits for WIN-Partners.

Ｏｕｒ ｓｔｒａｔｅｇｉｅｓ ｔｏ ｓｅｃｕｒｅ ｈｉｇｈ ｐｒｏｆｉｔａｂｉｌｉｔｙ① Ｆｏｃｕｓ ｏｎ ｆａｓｔ-ｇｒｏｗｉｎｇ

ｍｉｎｉｍａｌｌｙ ｉｎｖａｓｉｖｅ
ｔｒｅａｔｍｅｎｔ ｆｅｉｌｄ(※Treatment with less fever, blood and pain etc.)② Ｏｆｆｅｒ ｐｒｏｆｅｓｓｉｏｎａｌ

ｓｅｒｖｉｃｅｓ ｔｏ ｄｏｃｔｏｒｓ
ａｎｄ ｈｏｓｐｉｔａｌｓ
Customers are Japan sleading Medical institutions
5

Ｍａｊｏｒ ｐｒｏｄｕｃｔｓ
Angina/Myocardial
infarction
Stent

Arteriosclerosis

obliterans

Peripheral
vascular stent

6

Irregular pulse

Aortic aneurysm

Pacemaker

Stent graft

Cerebral aneurysm

Diabetes

Diagnosis

Neurovascularocclusion coil

Insulinpump

MRIＯｕｒ ｖａｌｕｅ-ａｄｄｅｄ ｓｅｒｖｉｃｅ ①

Ｓｕｐｐｏｒｔ ｔｏ ｕｓｅ ｄｅｖｉｃｅｓ ｐｒｏｐｅｒｌｙ
Preoperation

During operation

Confirm operation plan

Stand by in case ofemergency

Select optimal devices
depends on clinicalcases
Explain how to use
devices properly,
determine sizes, anddeliver

7

Postoperation
Collect and return
unused devices
Invoice, replenish
and control inventory
Balloon catheter

Ｏｕｒ ｖａｌｕｅ-ａｄｄｅｄ ｓｅｒｖｉｃｅ ②

Ｓｕｐｐｏｒｔ ｔｏ ｉｎｃｒｅａｓｅ ｈｏｓｐｉｔａｌ ｖａｌｕｅ
Functional
UpgradingMarketing

Profitabilityimprovement

Proposal of the latest
technology and products

Research ofcatchment area
Proposal of target
areas and fields
Proposal of measures togather and increase
patients

Proposal for efficient
operations

Proposal of capitalspending for advanced care
Support to recruit
medical professionals

8

Proposal for cost
reductions

Ｇｒｏｗｔｈ ｓｔｒａｔｅｇｉｅｓ

1 Expand cardiac products◆ Promote new treatment methods◆ Expand new products and high-value added products

2

Expand treatment fields◆ Promote minimally invasive treatment to head, neck, abdomen, extremities

3

Expand areas and customer base
◆ Expand sales network to major cities though M&A and opening offices.

9Ｅｘｐａｎｄｉｎｇ ｍｉｎｉｍａｌｌｙ ｉｎｖａｓｉｖｅ ｔｒｅａｔｍｅｎｔ600（¥bn)

Sales trend2013 TAVI

510

Start selling

WIN International’s figures till FY 3/2013
WIN Partner’s consolidated figures after FY 3/2014
11 month figures for FY 3/1998 due to the year end change

2012
MRI conditional
pacemaker

500
50

2010

Start selling

Stent graft,Insulin pump

400
40

2006

CRTD,Peripheralvascular stent300
30

2004 DES

Start selling

Start selling

Start selling

20200

1996 ICD
1993 Stent

100
1000

10

Start selling

Start selling′93 ′94 ′95 ′96 ′97 ′98 ′99 ′00 ′01 ′02 ′03 ′04 ′05 ′06 ′07 ′08 ′09 ′10 ′11 ′12 ′13 ′14 ′15 ′16/3（E）

Ｐｅｒｃｕｔａｎｅｏｕｓ Ｃｏｒｏｎａｒｙ Ｉｎｔｅｒｖｅｎｔｉｏｎ （PCI）
PTCA Balloon Catheter

Vessel

PTCA Balloon Catheter

DES

PCI market

244,700

Drug-Eluting Stent (DES)
Stenosis
1000
procedures（Number of procedures）

260
240

Intravascular Ultrasound(IVUS) Catheter

220
200
180
160
140
120
100

11'98'99'00'01'02'03'04'05'06'07'08

'09

'10

'11

'12

'13 14(E)（Source）R&D Medical Equipment Yearbook 2014

ＰＣＩ ｍａｒｋｅｔ ｓｕｐｐｏｒｔｅｄ ｂｙ ａｇｉｎｇ ｓｏｃｉｅｔｙ① Core age group is 65-79 for PCI② Increasing population of core age group

The number of procedures for cardiac
catheter treatment by age

Estimate of population by three agegroups（mil people)

（age）

9,000

95以上

Female

Male

8,000

90～94
85～89

15 64

7,000

80～84
6,000

75～79
70～74

Actual

5,000

65～69
60～64

Estimate

4,000Over 6555～59
3,00050～54(Note)45～49628 total procedures
65-79 61% of total
Over 65 73% of total

40～44
35～39

2,00034以下

0050

100150（people）（Source）Our customer hospital （3month track record in 2010）

120-14

1,000

1990

1995

2000

20052010

2015

2020

（Source）National Institute of Population and Social Security Research,
Population projection January 2012

Ｃａｒｄｉａｃ Ｒｈｙｔｈｍ Ｓｅｇｍｅｎｔ （CRS）

Pacemaker・ICD・CRTD Implantation
PM・ICD・CRTD Market（Number of piece）

65,000PM（LEFT）
60,00011,00010,000

ICD（RIGHT)

7,390
9,000

CRTD（RIGHT）

55,000

8,000
7,000

Pacemaker
Implantable
Cardioverter
Defibrillator
ICD

61,66012,00050,000

CardiacResynchronizationTherapyDefibrillator(CRTD)

6,000

3,560

5,000

45,000

4,000
3,000

40,000

2,000
1,000

35,0000'05

Catheter Ablation
Ablation CatheterHeart'06

'07

'08

'09

'10

'11

'12

'13 '14(E）（Source）R&D Medical Equipment Yearbook 2014

70,000Ablation Catheter Market

60,000（Number of piece）

63,80050,00040,00030,00020,00010,000013

Correct heart rhythm problems
through radiofrequency energy

'98

'99

'00

'01

'02

'03

'04

'05

'06

'07

'08

'09

'10

'11

'12

'13 '14(E）（Source）R&D Medical Equipment Yearbook 2014

Ｃａｒｄｉａｃ Ｖａｓｃｕｌａｒ Ｓｅｇｍｅｎｔ （CVS）

Endovascular Aortic Repair
Stent graft

Stent
Stent graft
graft

Stent
Stent graft
graft

AorticAneurysm

Stent Graft Market (Number of piece）
6,970

Abdomen

8000
6000

9,300

Theorax

10000
8000
6000

4000

4000
2000
0

14

2000
'08

'09

'10

'11

'12

'13

'14(E）

0

'07

'08

'09

'10

'11

'12

'13

'14(E）（Source）R&D Medical Equipment Yearbook 2014

Ｃａｒｄｉａｃ Ｖａｓｃｕｌａｒ Ｓｅｇｍｅｎｔ （CVS）

Transcatheter
Aortic Valve Implantation TAVI
Insurance coverage started in October 2013
Ｔｒａｎｓｃａｔｈｅｔｅｒ Ｖａｌｖｅ Ｓｙｓｔｅｍ (reimbursement price ￥4,650,000)

Transcatheter
Aortic Valve

Transfemoral approach
Transcatheter
Aortic Valve

Transapical approach
Transcatheter
Aortic Valve

Apical15

Aorticvalve

Aorticvalve

Ｐｅｒｃｕｔａｎｅｏｕｓ Ｐｅｒｉｐｈｅｒａｌ Ｉｎｔｅｒｖｅｎｔｉｏｎ （PPI）
Dialysis Access Shunt

PPI Market

PTA Balloon
Catheter（Total number of catheter and stent）

513,350（Piece)600,000
500,000
400,000

Peripheral Arterial Disease

Peripheral
VascularStent

300,000
200,000
100,000
0'08'09'10'11'12'13（Source）R&D Medical Equipment Yearbook 2014

16'14(E）Ｄｉａｂｅｔｅｓ Ｍｅｌｌｉｔｕｓ Ｓｅｇｍｅｎｔ （DMS）

Insulin Pump Therapy
Insulin Pump

1Less than%pumps are programmedInsulin
to release small doses of insulin
continuously and control the risein blood glucose
17

Ａｒｅａ ｓｔｒａｔｅｇｉｅｓ ① Ｏｐｅｎｉｎｇｓ ｏｆ ｓａｌｅｓ ｏｆｆｉｃｅ

Establishnationwide network
Group sales offices（As of May 2015）

offices18

Win International sales offices
Win International branch offices
TESCO sales offices etc.

Ａｒｅａ ｓｔｒａｔｅｇｉｅｓ ② M&AIndustry Map

Mutou

Takeyama

WIN-Partners Group （WIN INTERNATIONAL・TESCO）
Listed companies and their group companies
Non-listed companies（Source）
WIN-Partners based on R&D Medical Equipment Yearbook 2014
Top 100 companies based on sales of treatment devices

TESCO

Kuribara Medical InstrumentsYamashita Medical Instruments Green Hospital Supply

WIN INTERNATIONAL
DVxKawanishiYagami

19

MedikitAsahi Intec J Sales
MM Corporation

Ｆｕｌｌ ｙｅａｒ ｒｅｓｕｌｔｓ ｅｎｄｉｎｇ Ｍａｒｃｈ 2015

Ｃｏｎｓｏｌｉｄａｔｅｄ Ｒｅｓｕｌｔｓ Ｓｕｍｍａｒｙ

Achieved growth
despite reimbursement price cuts
March 2014

March 2015

Sales

49,82650,558+1.5%

51,000Operating profit

2,479

2,599

+4.8%

2,573

Recurring profit

2,499

2,626

+5.1%

2,578

Net profit

1,840

1,690

▲8.1%

1,659

EPS（yen）

128.22117.78－115.59BPS（yen）

782.58872.05－－21

Ｃｏｎｓｏｌｉｄａｔｅｄ Ｉｎｃｏｍｅ Ｓｔａｔｅｍｅｎｔｓ
March 2014

March 2015(%)

Sales

49,826100.0

50,558100.0

Cost of sales

43,431

87.2

43,86286.8

Gross profit

6,395

12.8

6,695

13.2

SG&A expenses

3,915

7.9

4,096

Operating profit

2,479

5.0

2,599

8.1

5.1

20

0.0

30

0.1

0

0.0

2

Recurring profit

2,499

5.0

2,626

0.0

5.2

Extraordinary profit
Extraordinary loss

378

0.8

40.0

107

0.2

1

Ｐｒｅｔａｘ ｐｒｏｆｉｔ

2,770

5.6

2,629

0.0

5.2

929

1.9

938

1.9

1,840

3.7

1,690

3.3

Non-operating profit
Non-operating expenses

Ｔａｘｅｓ

Ｎｅｔ ｐｒｏｆｉｔ
22(%)

Ｆ Ｙ 3/2015 Ｍａｉｎ Ｔｏｐｉｃ
AprReimbursement prices revised
Integrated two sales offices in Fukushima pref.

May Altered to TSE 2nd section from JASDAQ
June Opened a branch in Hiroshima pref.
Aug

Opened a branch in Kumamoto pref.

Sept Assigned to TSE 1st section

Moved and expanded capacity of TESCO
HQ and warehouse

Nov

Opened a branch in Hakodate city

Dec

Opened a branch in Saku city, Nagano pref.

Mar23

Secondary offering of 1 million shares

Ｏｕｒ Ａｐｐｒｏａｃｈ◆Negotiated selling and procurement prices

reflecting reimbursement price cuts.
Reached agreement to maintaingross profit margin◆Implemented new procurement scheme(Bulk purchasing of PTCA balloon catheters)◆Integrated duplicated sales offices andopened branches in regional cities
24

Ｒｅｓｕｌｔｓ Ｈｉｇｈｌｉｇｈｔｓ

Sales

Sales fell short but
前期比+1.5%
achieved growth

ＹｏＹ
53,00052,800ｖｓ. ｐｌａｎ

52,60052,40052,20052,0000.9% New customer▲

51,80051,60051,40051,20051,00050,80050,600¥mil

50,40050,20050,00049,80049,60049,40049,20049,00048,80049,82650,55848,60048,400acquisition contributed
to growth

48,20048,00047,80047,60047,40047,20047,00046,80046,60046,40046,20046,00045,80045,60045,40045,20045,000前期(2014年3月期)

FY 3/201425

当期(2015年3月期)

FY 3/2015

Openings of new branches inHokkaido, Hiroshima, Nagano etc.
and marketing in existing areas

Ｏｕｔｌｉｎｅ ｏｆ Ｒｅｉｍｂｕｒｓｅｍｅｎｔ Ｐｒｉｃｅ Ｃｕｔｓ

Impact on group sales ▲5.7%
Reimbursement Prices (1,000 yen)
2012

2014

Impact on Sales（% ）Percutaneous Coronary Intervention (PCI--▲8.5

PTCA Ballon Catheter
DES Drug Eluting Stent
IVUS Intravascular Ultrasound Catheter

7967▲14.9295261▲11.5115

109▲5.2--▲4.6Cardiac Rhythm Segment

CRSPacemaker
MRI conditional pacemaker
ICD Implantable Cardioverter Defibrillator
CRT-D Cardiac Resynchronization Therapy Difibrillator
Ablation Catheter
Cardiac Vascular Segment CVS

1,000
10,5003,060

827（1,070）
2,970

▲17.3

4,090

4,040

▲1.2

158

149

▲5.7-

-

▲2.0

Stentgraft Abdomen
Transcatheter Valve system
Percutaneous Peripheral Intervention

1,520（4,530）

1,510
4,650

▲0.7--▲5.6--▲1.2--▲5.7

Brain Surgery

26TOTAL

PPI▲89.8▲2.92.6

Ｓａｌｅｓ Ｂｒｅａｋｄｏｗｎ ｂｙ Ｓｅｇｍｅｎｔ
Sales（\mil）

YoY Growth（%）
VolumeValue% of Sales（%）

Change（ppt）

Percutaneous Coronary Intervention （PCI）

21,067+2.1+1.2 41.7

▲ 0.1

Cardiac Rhythm Segment （CRS）

10,055+30.7+16.8 19.9+2.6

Cardiac Vascular Segment （CVS）

6,707 ▲ 11.8+1.6 13.3+0.1

Percutaneous Peripheral Intervention （PPI）

2,678+9.0▲ 0.3

Brain Surgery

1,568+5.6+5.0

3.1+0.1

Diabetes Mellitus Segment （DMS）

579-+12.9

1.1+0.1

Large-sized Medical Equipment

4,009- ▲ 33.9

7.9 ▲ 4.3

Others3,893-+28.4

7.7

50,558-+1.5 100.0

TOTAL

275.3 ▲ 0.1+1.6(Note: Due to accounting standard changes on Others segment, historical numbers were modified for comparisonＳｅｇｍｅｎｔ Ｒｅｖｉｅｗ （ＹｏＹ）

PCI

enjoyed demand from new customers, opening new branches.
The number of PCI procedures at our customer hospitals increased by 8.3%,absorbing lower selling prices.

CRS

posted double-digit growth supported by stronger demand for
EP ablation, MRI-conditional pacemaker, ICD, CRTD

CVS

enjoyed favorable sales of stent graft and TAVI (Trans Catheter Aortic
Valve Implantation). Decreased on-pump CABG (coronary artery bypassgraft) moderated overall growth.

PPI

enjoyed higher demand for PTA balloon catheters for dialysis
access shunts, but failed to offset lower selling prices.

Large
Equip suffered from lower demand after tax hike last year.
-mentO

enjoyed higher demand for gastrointestinal endoscopy and smaller
thers equipment etc.

28

Ｄｉｆｆｅｒｅｎｃｅ ｆｒｏｍ Ｓａｌｅｓ Ｆｏｒｅｃａｓｔｓ
¥bn

52.0

CRS

51.8
51.6

Others51.4

Brain PPI
surgeryDMS

51.2
51.0
50.8

5150.6
50.4

vs. plan

PCI▲0.9%

CVS

Large
equipment 50.5

50.2
50.0Plan29ActualＳｅｇｍｅｎｔ Ｒｅｖｉｅｗ （ｖｓ．ｐｌａｎ）

PCI suffered from delayed new customer acquisitions ▲1.5%

CRS enjoyed higher demand for EP ablation, MRI-conditional
products from existing customers +3.1%
CVS enjoyed higher sales of stent graft but delayed approvals tostart TAVI at customer hospitals ▲ 4.7%
Large suffered from customers review of capital spending plan
Equip-ment ▲11.9%

Others enjoyed higher demand for gastrointestinal endoscopies,
smaller equipment and maintenance30+14.7%

Ｒｅｓｕｌｔｓ Ｈｉｇｈｌｉｇｈｔｓ

Operatingprofit
ＹｏＹ
2,800

vs. plan
2,700

2,600

+4.8%
+1.0%

¥mil

2,599

2,500

2,400

2,479

Gross profit margin

13.2％
YoY +0.4ppt【 Positives】
・Lower sales of less profitable large equipment
・Cost cuttings by bulk purchasing of PTCA balloon catheters【Negatives】
・Higher sales of less profitable CRS

SG&A to sales

2,300

8.1%

2,200

YoY +0.2ppt
Labor cost YoY +7.5%

2,100

2,000

31

Achieved plandue to higher GPM

FY3/2014
前期

FY3/2015
実績（No. of employees： 372 as of 3/2014→399 as of 3/2015）

Ｒｅｓｕｌｔｓ Ｈｉｇｈｌｉｇｈｔｓ

Net profit

8.1%
+1.9%

前期▲

ＹｏＹ

2,200vs. plan

2,000

¥mil
1,800

1,600

1,840

1,690

1,400

1,200

1,000

800

FY3/2014
前期

32

FY3/2015
実績

Absence of mergerrelated extraordinary
profit previous year
¥ 377 mil
(Negative goodwill and valuation
profit of TESCO shares)

Ｃｏｎｓｏｌｉｄａｔｅｄ Ｂａｌａｎｃｅ Ｓｈｅｅｔ
March 2014

March 2015

Change（\mil）（%）（\mil）(%)

Current Assets

23,92288.8

24,537

88.4

614

Cash and deposits
Accounts receivable
Inventory
Other current assets

8,563
13,798
1,124
436

31.8
51.2
4.2
1.6

7,238
14,512
2,106
679

26.1
52.3
7.6
2.4

▲1,325714
982
243

Fixed Assets

3,011

11.2

Total Assets

26,934100.0

Current Liabilities

15,326

56.9

Accounts payable
Taxes payable
Other current liabilities

14,276
500
549

53.0
1.9
2.0

Fixed Liabilities

374

1.4

Total Liabilities

15,701

58.3

Net Assets

11,233

41.7

Total Liabilities,
net assets

26,934

100.0

33

11.6
3,228
27,765 100.0
53.4
14,821
13,758
499
562

49.6
1.8
2.0

1.5
427
54.9
15,24845.1
12,517
27,765 100.0（\mil）217831▲505▲51701253▲452

1,284831

Large
equipment sales
at end of year

Bulk
purchasing

Affected byhigher sales oflarge equipment
before tax hikelast year

Ｃｏｎｓｏｌｉｄａｔｅｄ Ｃａｓｈｆｌｏｗ Ｓｔａｔｅｍｅｎｔｓ
March 2014 March 2015

Cash flows from operating activities
Net profit before taxes
Depreciation
Negative goodwill
Equity valuation profit
Notes and accounts receivable
Inventories
Notes and accounts payable
Income tax paid

Cash flows from investing activities
Purchase of property and equipment

Cash flows from financing activities
Cash dividends paid

Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of the FY

2,892▲3122,7702,629240276▲1960▲1800▲1,701▲714159▲9852,635▲517▲1,048▲953▲854▲553▲828▲507▲355▲459▲355▲459
1,682 ▲1,325
4,611
8,563

Net increase in cash and cash equivalentsfrom joint share transfer

2,269

0

Cash and cash equivalents at the end of the FY

8,563

7,238

34

Large
Large
Equipment sales
equipment sales
at end of year
at end of year

Bulkpurchasing

Affected byhigher sales oflarge equipment
before tax hikelast year

Ｆｏｒｅｃａｓｔｓ ｔｏ Ｍａｒｃｈ 2016

Ｆｏｒｅｃａｓｔｓ ｔｏ Ｍａｒｃｈ 2016

Target double-digit earnings growth
YoY(%)

Sales

55,500Operating profit

2,950 +13.5

5.3

Recurring profit

2,950 +12.3

5.3

Net profit

1,930 +14.2

3.5

EPS (yen)

134.46 +14.2

DPS (yen)
36(%)

41.0

+9.8 100.0+7.9

Ｆｏｒｅｃａｓｔ Ｈｉｇｈｌｉｇｈｔｓ

Sales

60,000+9.8%•Expand customer

base in new areas（ＹｏＹ）

55,000Opened new branch in Mito city inIbaraki pref. in May¥mil

55,500

Full year contribution from branches
opened last year

50,00050,55842,346•Enhance sales activities

45,00040,000FY3/2015
FY3/2016E
2015年3月期
2016年3月期
37

focusing on growing
CRS and CVS markets

Ｓａｌｅｓ Ｆｏｒｅｃａｓｔｓ ｂｙ Ｓｅｇｍｅｎｔ（\mil）

YoY Growth（％）（％） ofsales

Percutaneous Coronary Intervention （PCI）

23,160+9.9

41.7

Cardiac Rhythm Segment （CRS）

11,630

+15.7

21.0

Cardiac Vascular Segment （CVS）

7,780

+16.0

14.0

Percutaneous Peripheral Intervension （PPI）

2,920

+9.0

5.3

Brain Surgery

1,660

+5.8

3.0730+26.0

1.3

Large-sized Medical Equipment

3,580 ▲ 10.7

6.4Others

4,040+3.8

7.3

55,500+9.8 100.0

Diabetes Mellitus Segment （DMS）

TOTAL
38

Ｆｏｒｅｃａｓｔ Ｈｉｇｈｌｉｇｈｔｓ ｂｙ Ｓｅｇｍｅｎｔ

PCI

expects higher number of procedures throughmarketing support and new customer acquisitions

CRS

expects favorable sales of EP Ablation, ICD,CRTD byincreasing sales staffs.

CVS

expects higher number of procedures at customer
hospitals that recently acquired facility approvals for
TAVI and stent graft

PPI

expects continuous demand for PTA balloon for
dialysis access shunts and new customer acquisitions

Large
Equip suffers from increasing building costs-ment39

Ｆｏｒｅｃａｓｔ Ｈｉｇｈｌｉｇｈｔｓ

Operatingprofit

3,350

Gross profit margin

13.5％+13.5%

・Cost cuttings through bulk purchasing（YoY） Expand items besides PTCA balloon catheter

3,150

YoY +0.3ppt

 Purchasing at Win-Partners group basis
・Higher rebates from manufacturers through2,950¥mil2,950

sales expansion

SG&A to sales

2,750

2,550

8.2%

2,599

YoY +0.1ppt

2,350

・SG&A expenses +10.6% due to increase in number
2,150

FY3/2015
FY3/2016 E
2015年3月期
2016年3月期
40of employeesＦｏｒｅｃａｓｔ Ｈｉｇｈｌｉｇｈｔｓ

Net profit

2,100+14.2%（YoY）

¥mil

1,930

1,800

1,700

1,690
1,600

1,500

41

Capex

¥320mil

2,000

1,900

Capex・Depreciation

FY3/2015
FY3/2016 E
2015年3月期
2016年3月期（vs. ¥503mil for FY3/2015）

Depreciation¥280mil（vs. ¥276mil for FY3/2015）

Ｄｉｖｉｄｅｎｄｓ

We aim at
Over 30% payout ratio
Dividends FY ending March 2016

41yen(vs. ¥38 including ¥3 commemorative dividends FY 3/2015)42Contact
ＷＩＮ-Ｐａｒｔｎｅｒｓ Ｃｏ.,Ｌｔｄ.
Ｉｎｖｅｓｔｏｒ Ｒｅｌａｔｉｏｎｓ
ＴＥＬ： ０３-６８９５-１２３４ ＦＡＸ：０３-５６８８-０８９１

ＨＰ：ｈｔｔｐ：//ｗｗｗ.ｗｉｎ-ｐａｒｔｎｅｒｓ.ｃｏ.ｊｐ

Disclaimer
This material was prepared based on information available and views held at the time it was made. Statements inthis material that are not historical facts, including, without limitation, plans, forecasts and strategies are“forward-looking statements”.
Forward-looking statements are by their nature subject to various risks and uncertainties, including, withoutlimitation, a decline in general economic conditions, general market conditions, technological developments,changes in customer demand for products and services, increased competition, and other important factors,
each of which may cause actual results and future developments to differ materially from those expressed orimplied in any forward-looking statement.
With the passage of time, information in this material (including, without limitation, forward-looking statements)
could be superseded or cease to be accurate. WIN-Partners Co.,Ltd. disclaims any obligation or responsibility toupdate, revise or supplement any forward-looking statement or other information in any material or generally toany extent. Use of or reliance on the information in this material is at your own risk.

ＷＩＮ Ａ ＢＥＴＴＥＲ ＱＵＡＬＩＴＹ ＯＦ ＬＩＦＥ