Highlights of Financial Results 2021
Year ended March 31, 2021

Financial Highlights
Year ended March 31,2021

2020

2019

2018

2017

(Millions of yen)

Consolidated￥ 44,794
41,969Net sales
Orders received￥ 47,141 ￥ 53,090 ￥ 49,257 ￥ 42,737
46,632 		 51,021 		 53,355 		 42,651

Operating income
Net income

2,957 		 3,123 		 4,000 		 2,498 		 1,500
1,969 		 1,944 		 2,481 		 1,747 		
931

Depreciation and amortization
Capital expenditures
R&D expenses

1,667
1,241
2,494

1,389
2,231
2,729

1,556
1,717
2,743

1,406
1,126
2,492

1,566
1,222
2,210Total assets

58,29457,421

61,96759,93953,721

Net assets

21,854

19,72018,36916,12916,533(yen)

Net income per share￥ 446.18￥ 440.73￥ 562.90￥ 365.82￥ 188.44

Number of employees

1,224

1,260

1,221

1,207

1,202

Note : With an effective date of October 1, 2018, the Company conducted a stock consolidation at a ratio of one share for every 10 shares of common stock.
Net income per share is calculated on the assumption that the share consolidation took place in April 2015.

Net Sales

49.3(¥Billions)

Orders Received

53.4

53.1
47.142.7

44.8(¥Billions)Operating Income(¥Billions)

Net Income(¥Billions)

51.0
46.6

42.7

42.0

4.0
3.1

3.0

2.5

2.5
1.7

1.5

1.9

2.0

'20

'21

0.9

'17

01

'18

'19

SHIBAURA MECHATRONICS CORPORATION
Annual Report 2021

'20

'21

'17

'18

'19

'20

'21

'17

'18

'19

'20

'21

'17

'18

'19

To Our Shareholders

Cutting-edge technologies and solutions from our understanding of
manufacturing equipment contribute to our customers’ value creation.
In the business environment surrounding Shibaura
Mechatronics Group in fiscal 2020, the semiconductor industrysaw strong demand generated by IoT, 5G, AI, and otherfactors, and there was steady progress in capital investments
in logic and foundries, memories, power devices, andother products. In the FPD industry, customers delayed theirinvestment plans.
In these circumstance, our fiscal 2020 business results were asfollow.
Net sales were higher against the previous fiscal year in
the semiconductor business, but lower in the FPD business,
resulting in total sales of 44,794 million yen.
While operating income saw a year-on-year decrease to 2,957
million yen, reflecting lower net sales, ordinary income of 2,820
million yen and net income attributable to owners of the parent
company of 1,969 million yen were at levels almost equivalent
to the previous fiscal year.

In the FPD industry, some customers are expected to move
forward with delayed investment plans, particularly for OLEDs(organic EL). Beyond this, advances in IoT, 5G, AI and otherareas are expected to spur demand for semiconductors andFPDs, and capital investment is expected to increase in themedium to long term.
In this age of IoT, 5G, AI and ever-expanding data growth,
we contribute to our customers’ value creation with cuttingedge technologies and solutions for semiconductor and FPD
manufacturing equipment, from design and development
through to service.

Keigo Imamura
Representative Director
President and Chief Executive Officer

The business outlook for fiscal year 2021 remains uncertain,
due to the continuing impact of the coronavirus pandemic,
but demand for semiconductors is strong, and the industry
is expected to remain favorable to investments in logic andfoundries, memories, and power devices.

SHIBAURA MECHATRONICS CORPORATION
Annual Report 202102

Financial Review
Results Summary

Overall results in vacuum application equipment were also

In FY2020 Shibaura Mechatronics recorded net sales of 44,794

Overall segment sales were lower than in the previous

million yen (a year-on-year decrease of 5.0%), operating

fiscal year. Segment income declined on the impact of theincome of 2,957 million yen (a year-on-year decrease of 5.3%),

lower sales.

sluggish.

ordinary income of 2,820 million yen (a year-on-year increaseof 1.8%), and net income of 1,969 million yen (a year-on-yearincrease of 1.3%).
Orders received increased in the semiconductor business, butdecreased in the FPD business, and the overall figure stood at41,969 million yen (a year-on-year decrease of 10.0%).
The results for each business segment were as follows:

1. Fine Mechatronics Segment
Net sales were 29,644 million yen, a year-on-year increaseof 6.7%, and segment income was 1,993 million yen, a35.9% improvement over the previous fiscal year.
In front-end process equipment for semiconductors,investments in logic and foundries and in wafers remained
at a high level, as planned, and sales improved over theprevious fiscal year.
In front-end process equipment for FPDs, higher year-onyear sale mainly reflected an increase in equipment forsmall- and medium-sized panels in the first half of the
fiscal year, and firm sales of equipment for large panels.
Sales for the segment as a whole were higher than in theprevious fiscal year. Segment income increased on the
improved sales and a decrease in SG&A expenses.

3. Vending Machines and Systems Segment
Net sales were 1,953 million yen, down 13.2% year-onyear, and segment income was 8 million yen, a significant
186.2% improvement over the previous fiscal year.
The prolonged impact of the coronavirus pandemic
resulted in sluggish overall sales of ticket vending
machines, though sales did pick up on special demand
from large customers, and segment income increased.
4. Real Estate Leasing Segment
Rental income from real estate was largely in line withplans, with net sales of 1,910 million yen, a 0.2% decreaseyear-on-year, and segment income of 569 million yen, a
1.3% increase.

Research and Development Expenditure
Shibaura Mechatronics Group as a whole recorded research anddevelopment costs of 2,494 million yen, including development
costs of 446 million yen for basic technologies that could not beappropriated to any specific segment.
R&D is advanced by the development and design departments
in business divisions, the Research and Development Division,

2. Mechatronics Systems Segment
Net sales were 11,286 million yen, down 25.7% year-onyear, and segment income also fell to 792 million yen, a
43.6% decrease.
In back-end process equipment for semiconductors, sales
for advanced packages were firm, but overall sales werelower than in the previous fiscal year, despite a recovery indemand for equipment for display driver ICs in the second
half of the fiscal year.
In back-end process equipment for FPDs, customers
pushed back implementation of investment plans, andsales for large panels and small- and medium-sized panels
remained sluggish, resulting in lower year-on-year sales.

03

SHIBAURA MECHATRONICS CORPORATION
Annual Report 2021

and by the technology divisions in our consolidated subsidiarycompanies. In addition, we are pushing forward efficient researchand development and the commercialization of advanced
technologies by strengthening our relations and collaborations
with Toshiba Group and business partners.
Research and development expenses and research results foreach segment are as follows:

1. Fine Mechatronics Segment
R&D expenses for the segment totaled 1,127 million yen.
In flat panel manufacturing equipment, we have developed
a wet process equipment for high-definition small- andmedium-sized panels and a high-vacuum clean oven forflexible OLED.

parent company.

In semiconductor equipment we continued to work on
the development of wet cleaning equipment for next
generation devices, single-wafer nitride-film wet-etchingequipment, and dry-etching equipment for masks.

Cash FlowsThe balance of cash and cash equivalents (hereinafter referred
to as “cash”) at the end of the period was 19,586 million yen,

2. Mechatronics Systems Segment
R&D expenses for the segment totaled 775 million yen.
In liquid crystal and OLED module assembly equipment,
we worked on the development of OLB equipment forsmall- and medium-sized panels, and for large-sized highdefinition panels.
In semiconductor assembly equipment, we developed
high-speed, high-accuracy bonding equipment for FOWLP / PLP and μLED.
In the field of vacuum equipment, we are working on thedevelopment of sputtering equipment for optical thin films
and for electromagnetic wave shielding films.

a year-on-year increase of 6,876 million yen.
Net cash from operating activities increased by 7,669 million
yen (following an increase of 1,279 million yen in the previous
fiscal year). This was mainly due to increased funds resulting
from recording net income before adjustments for taxes and adecrease in trade receivables, thought there was a decrease in
cash due to a decrease in trade payables.
Cash from in investment activities decreased by 258 million
yen (following a decrease of 900 million yen in the previous
fiscal year). This was mainly due to a decrease in cash
following the acquisition of fixed assets.
Free cash flow, the aggregate of cash flow from operations
and cash flow from investment activities, increased by 7,411

3. Vending Machines and Systems Segment
R&D expenses for the segment totaled 145 million yen.
In the field of ticket vending machines, we have promoted
the development of cashless machines that, alongside
cash, can handle payments by credit cards, electronicmoney, and QR codes.

million yen (following an increase of 378 million yen in theprevious fiscal year).
Cash from financing activities decreased by 553 million yen(following a decrease of 826 million yen in the previous fiscalyear). This was mainly due to a decrease in cash from thepayment of dividends.

Financial Condition
Total assets at the end of the current fiscal year showed ayear-on-year rise of 873 million yen, to 58,294 million yen.
This was largely due to an increase of 6,876 million yen in
cash and deposits, a decrease of 4,779 million yen in notes
and accounts receivable, and a decrease of 434 million yen
in construction in progress.
Liabilities were 1,261 million yen lower than at the end of theprevious fiscal year, and stood at 36,439 million yen. This was
mainly due to decreases of 588 million yen in bills payable, of
541 million yen in accrued expenses, and of 659 million yen
in liabilities related to retirement benefits.
Net assets increased by 2,134 million yen to 21,854 million
yen. This was mainly due to an increase of 1,944 million yen,
the result of recording net income attributable to owners ofSHIBAURA MECHATRONICS CORPORATION
Annual Report 202104

Directors, Vice Presidents and Auditors
As of June 24, 2021

Directors and Vice Presidents
Keigo Imamura

Hisashi Shindo

Representative Director

Senior Vice President

President and Chief Executive Officer

Deputy Executive General Manager of Mechatronics SystemDivision

Yoshitsugu Ogawa
Director

Kazuhiko Okui

Executive Vice President

Advanced Vice President

Executive General Manager of Mechatronics System Division

Executive General Manager of General Affairs & Human		

Resources Division

Kenichi Ikeda
Director

Kazutoshi Horiuchi

Executive Vice President and Chief Financial Officer

Vice President

Executive General Manager of Corporate Management Division

Deputy Executive General Manager of Fine Mechatronics
Division

Yoshiaki Kurokawa
Director

Tomomi Harano

Senior Vice President

Vice President

Executive General Manager of Fine Mechatronics Division

Deputy Executive General Manager of Fine Mechatronics
DivisionTomoko Inaba
Outside Director

Shigeru Sakata
Vice President

Yuichiro Takada
Outside Director

Deputy Executive General Manager of Mechatronics System
Division

Shinichi Ogimoto
Vice President
Executive General Manager of Production & Procurement
Division

Auditors
Yasuhiko Yamato
AuditorKazuya Kaneko
Outside Auditor

05

SHIBAURA MECHATRONICS CORPORATION
Annual Report 2021

Kazumasa Uchida
Outside Auditor

Hiroyuki Matsumoto
Outside Auditor

Investor Information
As of March 31, 2021

Date Established

October 12, 1939

Capital6,761Million-Yen

Number of Employees

Consolidated

Common Stock: 1,224

Authorized			: 10,000,000 shares

Issued and outstanding : 5,192,619 shares

Number of Shareholders

4,783

Stock Listings

The Tokyo Stock Exchange (Code : 6590)

Transfer Agent for
Common Stock

Sumitomo Mitsui Trust Bank, Limited

Independent Auditor

PricewaterhouseCoopers Aarata LLC

Headquarters

2-5-1, Kasama, Sakae-ku, Yokohama, Kanagawa Pref. 247-8610, Japan
TEL : +81-45-897-2421 FAX : +81-45-897-2470
https://www.shibaura.co.jp/

1-4-1, Marunouchi, Chiyoda-ku, Tokyo, Japan

Common Stock Price Range (The Tokyo Stock Exchange)
Year ended March 31,High (yen)Low (yen)

2021
6,050
2,050

2020
4,655
2,052

2019
4,350(484)3,040(334)2018
5282402017317
179

Note : With an effective date of October 1, 2018, the Company conducted a stock consolidation at a ratio of one share for every 10 shares of common stock. Stock prices
for March 2019 list the highest and lowest stock prices recorded after the stock consolidation, and figures in parentheses indicate the highest and lowest stock prices
prior to the share consolidation.

Principal Shareholders

Toshiba Corporation
The Master Trust Bank of Japan, Limited (trust accounts)
Shin-Etsu Engineering Co., Ltd.
NuFlare Technology, Inc.

Number of shares hold

Percentage of total shares outstanding(thousand shares)

(%)

519
281
259
259

11.73
6.35
5.86
5.86

SHIBAURA MECHATRONICS CORPORATION
Annual Report 202106

2-5-1, Kasama, Sakae-ku, Yokohama, Kanagawa Pref.
247-8610, JAPANTEL ：+81-45-897-2421
FAX ：+81-45-897-2470
https://www.shibaura.co.jp/SKB0323A 2107
EDC210040