Highlights of Financial Results 2020
Year ended March 31, 2020

Financial Highlights
Year ended March 31,2020

2019

2018

2017

2016

(Millions of yen)

Consolidated￥ 47,141
46,632

Net sales
Orders received￥ 53,090 ￥ 49,257 ￥ 42,737 ￥ 45,550
51,021 		 53,355 		 42,651 		 45,077

Operating income
Net income

3,123 		 4,000 		 2,498 		 1,500 		 1,292
1,944 		 2,481 		 1,747 		 931 		
743

Depreciation and amortization
Capital expenditures
R&D expenses

1,389
2,230
2,728

1,556
1,717
2,743

1,406
1,126
2,492

1,566
1,222
2,210

1,411
1,536
2,065

Total assets57,421

61,96759,93953,721

56,253

Net assets

19,72018,36916,12916,533

15,675(yen)

Net income per share￥ 440.73￥ 562.90￥ 365.82￥ 188.44￥ 150.41

Number of employees

1,260

1,221

1,207

1,202

1,177

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

45.5(¥Billions)49.3

Orders Received

53.4

53.1
47.1

42.745.1(¥Billions)Operating Income(¥Billions)

Net Income(¥Billions)

51.0
46.6

42.7

4.0
3.1
2.5
1.3

'16

01

'17'18SHIBAURA MECHATRONICS CORPORATION
Annual Report 2020

'19'20'16'17'18

'19

'20

'16

2.5

'17

1.9

1.7

1.5

'18

'19

'20

0.7

0.9

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'19'20To Our Shareholders

We will drive growth by developing and launching strong
products, and continue to reinforce our management structure.
In FY2019, the business environment of the Shibaura
Mechatronics Group became more uncertain due to the effectsof US-China trade friction and the global spread of COVID-19.

Looking at the FY2020 business environment, we anticipate
continued capital investment in the FPD industry, mainly forOLED.

The FPD (Flat Panel Display) industry saw continued capital
investment in equipment, primarily in China, for both largesize panels and small- and medium-sized panels, though there
were some cases of postponed delivery and delayed investment
decisions.

The semiconductor industry is expected to see a recovery
in capital investment for memories, and capital investment
for logic and foundry is expected to remain firm, largely for
applications in advanced fields.

In the semiconductor industry, capital investment remained
firm in such areas as logic and foundry, and in China; but one
area, memories, saw delays in investment decisions, and in therecovery of capital investment. In addition, capital investment
continued to be restrained at OSAT, a back-end contractmanufacturer.
In these circumstances, our business results for FY2019 were asfollow.
Orders received declined to ¥46,632 million, reflecting delays
in capital investment decisions and investment restraint. Net
sales decreased to 47,141 million yen, on factors that included
decreased orders. Operating income declined to 3,123 million
yen, reflecting such factors as lower sales.

A medium-to-long term increase in capital investment can beexpected, against the backdrop of expanded semiconductor and
FPD applications, in such areas as IoT, 5G communications and AI.
However, one source of concern is the continuing uncertain
outlook due to the impact of the global spread of COVID-19.
In this business environment, Shibaura Group will continue topromote the development and launch of strong products, andmake every effort to expand orders and grow the business.
We will also continue to direct effort to strengthening ourmanagement structure.

Shigeki Fujita
Representative Director
President and Chief Executive Officer

SHIBAURA MECHATRONICS CORPORATION
Annual Report 202002

Financial Review
Results Summarycomponents.

In FY2019 Shibaura Mechatronics recorded orders receivedyear. Segment income decreased on factors that includedof 46,632 million yen (a year-on-year decrease of 8.6%),

lower sales.

Orders received and net sales were both lower year-on-net sales of 47,141 million yen (a year-on-year decrease of11.2%), operating income of 3,123 million yen (a year-onyear decrease of 21.9%), ordinary income of 2,769 million yen(a year-on-year decrease of 26.8%), and net income of 1,944
million yen (a year-on-year decrease of 21.6%).
The results for each business segment were as follows:

1. Fine Mechatronics Segment
Net sales were 27,779 million yen, down 1.8% year-onyear, and segment income was 1,466 million yen, a 56.5%
improvement over the previous year.
While orders received for FPD front-end process equipment
increased, mainly for small- and medium-sized panels, net
sales declined as a result of a number of decisions to delay
deliveries and postpone investment decisions.
Net sales of equipment for semiconductor front-end
processes increased on robust orders received, mainly for
logic and foundry and wafers.
The segment as a whole saw higher orders received thanin the previous year, but net sales fell slightly. Segment
income increased, reflecting changes in the product mix,
plus higher sales of equipment for semiconductor frontend processes.

3. Vending Machines and Systems Segment
Net sales were 2,250 million yen, a year-on-year increaseof 7.5%, though segment income was 2 million yen, down
78.7%.
Net sales of ticket vending machines and fromdevelopment contracts were high and contributed tothe segment’s higher overall sales. However, segment
income decreased as a result of changes in the productcomposition and sluggish sales of services.
4. Real Estate Leasing Segment
Rental income from real estate was largely in line withplans, with net sales of ¥1,914 million, a 3.8% decreaseyear-on-year, and segment income of ¥561 million, a 1.1%
increase.

Research and Development Expenditure
The Shibaura Mechatronics Group as a whole recorded
research and development costs of 2,728 million yen, including
development costs of 407 million yen for basic technologies that
could not be appropriated to any specific segment.
R&D is advanced by the development and design departments

2. Mechatronics Systems Segment
Net sales were 15,197 million yen, down 26.6% year-onyear, and segment income also fell to 1,404 million yen, a
52.5% decrease.
In equipment for FPD back-end processes, we saw delayedinvestment decisions and investment restraint for both large
panels and for small- and medium-sized panels, Orders
were sluggish compared to the boom of the previous year.
In equipment for semiconductor back-end processes, there
was continued progress in investment in advanced fields,
but a tendency to restraint in investment in parts for mobiledevices.
In vacuum application equipment we again saw restrained
investment, particularly in automotive and electronic

03SHIBAURA MECHATRONICS CORPORATION
Annual Report 2020

in business divisions, the Research and Development Division,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 1,214 million yen.
In flat panel manufacturing equipment, we have developed
a wet process device for high-definition small and mediumsized panels and an inkjet coating device for alignment

films, and we have made progress on development of ayen. This was mainly due to an increase of 1,944 million yen,vacuum firing furnace for flexible OLED.

the result of recording net income attributable to shareholders

In semiconductor equipment we worked on theof the parent company.

development of wet cleaning equipment that can be usedin next generation devices, single wafer nitride film wet
etching equipment and dry etching equipment for masks.

Cash FlowsThe balance of cash and cash equivalents (hereinafter referred

2. Mechatronics Systems Segment
R&D expenses for the segment totaled 935 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-precision 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.

to as “cash”) at the end of the period was 12,709 million yen,a year-on-year decrease of 461 million yen.
Net cash from operating activities increased by 1,279 million
yen (following an increase of 1,461 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 900 million
yen (following a decrease of 721 million yen in the previousfiscal 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

3. Vending Machines and Systems Segment
R&D expenses for the segment totaled 171 million yen.
In the ticket vending machine field, we continued todevelop ticket vending machines that accept cash andcredit card payments. We have also developed cashlessticket machines that accept credit, electronic money, andQR code payments.

and cash flow from investment activities, increased by 378
million yen (following an increase of 740 million yen in theprevious fiscal year).
Cash from financing activities decreased by 826 million yen(following a decrease of 870 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 period were 4,545
million yen lower than at the end of the previous fiscal year,
and stood at 57,421 million yen. This was mainly due todecreases in cash and deposits of 461 million yen, in notes
and accounts receivable of 2,925 million yen, and in work inprocess of 412 million yen.
Liabilities decreased by 5,897 million yen to 37,701 million
yen. This was mainly due to decreases in notes and accounts
payable-trade of 4,026 million yen, in accrued income taxesof 1,005 million yen, and in advances received of 590 million
yen.
Net assets increased by 1,351 million yen to 19,720 million

SHIBAURA MECHATRONICS CORPORATION
Annual Report 202004

Directors, Vice Presidents and Auditors
As of June 24, 2020

Directors and Vice Presidents
Shigeki Fujita

Hisashi Shindo

Representative Director

Senior Vice President

President and Chief Executive Officer

Deputy Executive General Manager of Mechatronics SystemDivision

Yoshitsugu Ogawa
Director

Kazuyuki Yamanaka

Executive Vice President

Senior Vice President

Executive General Manager of Mechatronics System Division

Executive General Manager of Production & Procurement		Division

Keigo Imamura
Director

Yoshio Yuyama

Executive Vice President

Advanced Vice President

Executive General Manager of Fine Mechatronics Division

Deputy Executive General Manager of Mechatronics SystemDivision

Kenichi Ikeda
Director

Kazuhiko Okui

Senior Vice President

Vice President

Chief Financial Officer

Executive General Manager of General Affairs & Human
Resources Division

Tomoko Inaba
Outside Director

Yoshiaki Kurokawa
Vice President

Yuichiro Takada
Outside Director

Deputy Executive General Manager of Fine Mechatronics
Division

Kazutoshi Horiuchi
Vice President
Deputy Executive General Manager of Fine Mechatronics
Division

Auditors
Yasuhiko Yamato
AuditorKazumasa Uchida
Outside Auditor

Hiroyuki Matsumoto
Outside Auditor

05

SHIBAURA MECHATRONICS CORPORATION
Annual Report 2020

Investor Information
As of March 31, 2020

Date Established

October 12, 1939

Capital6,761Million-Yen

Number of Employees

Consolidated

Common Stock: 1,260

Authorized			: 10,000,000 shares

Issued and outstanding : 5,192,619 shares

Number of Shareholders

5,152

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)

2020
4,655
2,052

2019
4,350(484)3,040(334)

2018
528
240

2017
317
179

2016
320
170

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 CorporationShin-Etsu Engineering Co., Ltd.
NuFlare Technology, Inc.

Number of shares hold

Percentage of total shares outstanding(thousand shares)

(%)

519
259
259

11.73
5.86
5.86

SHIBAURA MECHATRONICS CORPORATION
Annual Report 202006

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/

SKB0322A 2007
EDC200027