2018年3月期 決算説明会資料
© TOPPAN FORMS CO.,LTD. 2017 : CONFIDENTIAL © TOPPAN FORMS CO., LTD. 2019: CONFIDENTIAL
November 7, 2019
Financial Results Presentation for
the First Half of the Year Ending
March 31, 2020
Securities Code: 7862
2018年3月期 決算説明会資料
© TOPPAN FORMS CO.,LTD. 2017 : CONFIDENTIAL © TOPPAN FORMS CO., LTD. 2019: CONFIDENTIAL
1
Material for the Financial Results Presentation for the First Half of the Fiscal 2020
Million yen
* The method of calculating the depreciation of property, plant and equipment was changed from the declining-balance method to
the straight-line method in the year ending March 31, 2020.
As a result, operating income, ordinary income, and income before income taxes increased by 405 million yen, respectively.
Consolidated Financial Results
First half of the year
ended
March 31, 2019
First half of the year
ending
March 31, 2020
YoY
Change Rate of change
Net sales 110,780 112,827 +2,046 +1.8%
Operating income 2.3 2,501 3.7 4,218 +1,717 +68.7%
Ordinary income 2.5 2,808 3.7 4,214 +1,405 +50.1%
Profit attributable to
owners of parent 1.5 1,633 1.9 2,128 +495 +30.3%
2018年3月期 決算説明会資料
© TOPPAN FORMS CO.,LTD. 2017 : CONFIDENTIAL © TOPPAN FORMS CO., LTD. 2019: CONFIDENTIAL
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Material for the Financial Results Presentation for the First Half of the Fiscal 2020
Million yen
First half of the year
ended March 31, 2019
First half of the year
ending March 31, 2020 Change
Net sales Operating
income Net sales
Operating
income Net sales
Operating
income
Data & Document 75,204 3,839 78,392 5,429 +3,188 +1,589
IT Innovation 14,121 1,443 14,308 1,359 +186 (84)
Business Products 13,700 (122) 13,426 (100) (273) +21
Global 7,753 112 6,699 315 (1,053) +203
Elimination of inter-
company transaction (2,773) (2,784) (11)
Consolidated total 110,780 2,501 112,827 4,218 +2,046 +1,717
+4.2
+1.3
(2.0)
(13.6)
+41.4
(5.9)
–
+180.3
+1.8 +68.7
事業別実績 Business Performance by Business Segment
2018年3月期 決算説明会資料
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Material for the Financial Results Presentation for the First Half of the Fiscal 2020
Net sales increased due in part to a steady increase in contracts for transactional communication and direct mail, capturing of demand for DPS and BPO related to economic measures associated with the hike in the consumption tax rate, increased sales of digital solutions, and temporary demand in BF reflecting the anticipated change of imperial era name and the hike in the consumption tax rate.
Operating income increased significantly due to reductions in manufacturing costs including IT costs and the change in depreciation method, in addition to increase attributed to sales increase, offsetting the impact of increase in SG&A that resulted from upfront investment in growth fields.
Data & Documents Business
Net sales increased but operating income declined, despite expansion of payment services, due in part to the impact of a decline in sales from system operation management services and an increase in manufacturing costs related to IoT and cards.
IT Innovation Business
Net sales decreased but profitability improved thanks in part to the rush demand for information equipment before the consumption tax hike, offsetting the impact of falling revenue from office supply products such as copy paper and a rise in their purchase prices.
Business Products Business
Net sales decreased significantly due to a decline in sales attributable to the liquidation of a subsidiary in Hong Kong, which offset growth in orders for DPS, BPO and cards mainly from financial institutions in Hong Kong. On the other hand, operating income increased significantly thanks in part to profit improvement attributed to subsidiary liquidation and manufacturing cost reduction in Thailand.
Global Business
Earnings Highlights by Business Segment
2018年3月期 決算説明会資料
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Material for the Financial Results Presentation for the First Half of the Fiscal 2020
Operating income increased thanks to an increase in profit due to structural reform and the impact of the
change in depreciation method, in addition to an increase in net sales from the Data & Document
Business and the reduction of manufacturing costs including IT costs.
2,501 2,501 2,256 2,256
3,056
3,856 3,968 4,218
405 650 800
800
250
First half of the year
ended March 31, 2019
Million yen
Increase in
net sales
First half of the year
ending March 31, 2020
Cost
increases
Cost
reductions
Decrease of
SG&A and
others
Impact of
change in
depreciation
method
Up ¥1,717 million
112
Analysis of Change in Operating Income Increase in
profit due to
structural
reform
2018年3月期 決算説明会資料
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Material for the Financial Results Presentation for the First Half of the Fiscal 2020
国内市場
市場環境
It is becoming apparent that system integrators and data processing centers terminate or transfer print
outsourcing services after re-establishing core systems or replacing printers, although a digital shift is
occurring to business forms and digital printing services with increasing speed.
More advanced technologies such as AI and RPA are being used and more business processes are being
outsourced, reflecting the efforts of concentrating resources on core operations.
IoT is being used more broadly by a range of industries, including manufacturing and logistics.
The electronic payment market continues to enjoy rapid growth reflecting a variety of incentive measures
and brisk demand from inbound tourists.
Demand for ID cards is expected to grow due to the requirements of the health insurance certificate and
security businesses.
While mainstay supply products are being commoditized, demand for labor saving products, those related to
information security, and disaster-related products is expected to increase.
Domestic Market
Demand for color prints in DPS remains steady despite a rapid digital shift taking place in business forms
and digital printing services.
Digitalization is making rapid progress in Singapore.
The BPO market continues to grow despite an increase in personnel costs.
Demand for cards for financial institutions is solid, at least during the year under review.
Hong Kong and ASEAN Market
Market Environment Surrounding the Company
2018年3月期 決算説明会資料
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Material for the Financial Results Presentation for the First Half of the Fiscal 2020
Establish presence as a
DigitalHybridTM Company.
市場環境
Setting our business on a growth trajectory again by creating new value
1
Create new businesses and
develop new markets.
2
Implement structural reforms
decisively on a group-wide
basis.
3
Facilitate the implementation
and continuous improvement
of CSR activities.
4
Aim to create a strong company while simultaneously nurturing a corporate
culture that embraces innovations.
Basic Policy
2018年3月期 決算説明会資料
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Material for the Financial Results Presentation for the First Half of the Fiscal 2020
Consumers execute procedures with financial
institutions individually using application forms,
online services, or applications.
Consumers Financial
institutions Consumers
Financial
institutions
Notifications
(Address change, etc.)
Direct debit registration
Reporting the latest
transaction information
(Anti-money laundering
measures)
Toppan Forms
Conventional procedures Procedures through AIRPOST
The Company creates forms,
develops applications, and
implements other tasks.
Accepting platform
usage fees
Consumers can execute procedures with multiple financial
institutions at once by accessing AIRPOST via +Message.
Measures to strengthen from Digital Solutions - 1
AIRPOST, a platform for standardized procedure
We will launch AIRPOST, a platform for standardized procedure which enables to execute procedures
with multiple companies at once, in March 2020.
Enhancement of procedures that can be executed on the platform, such as changes of address, direct
debit registration, and online identification, and expansion of financial institutions participating in the
platform, are planned to be implemented subsequently.
2018年3月期 決算説明会資料
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Material for the Financial Results Presentation for the First Half of the Fiscal 2020
Company
Representative of the outsourcing
services
Mobile phone carriers Consumers Toppan Forms
Outsourcing
the delivery Via API Delivering
messages
to mobile
phone
numbers
• Creation of data for communication
• Creation of content including
images and personalized videos
• Creation and management of
scenarios for automatic responses
to consumers
• Aggregating and reporting
message delivery logs
Measures to strengthen from Digital Solutions - 2
Solution for optimizing message delivery
Make effective use of +Message with this solution for optimizing message delivery, which enables
bidirectional communication between companies and consumers. This service will be launched in January
2020.
The Company helps improve the appeal of messages by providing outsourced multi-channel
communication services, including the creation and delivery of personalized videos, that delivers variable
video to individuals as well as hybrid delivery of such videos with DPS (paper communication) and the
provision of services coupled to call centers.
2018年3月期 決算説明会資料
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Material for the Financial Results Presentation for the First Half of the Fiscal 2020
シンカクラウドへの接続端末台数の推移
2018/3末 2018/9末 2019/3末 2019/9末 2020/3末
160,000
Expected to increase by
approx. 8 times in 2 years
60,000
20,000
QR code-based payment on a vending machine
Reinforcing the Foundation of Payment Services
Growth of demand reflecting progress in the spread of cashless payments
The number of terminals connected to Thincacloud cloud-based payment platform is expected to increase
approx. eight times in two years from March 31, 2018 to March 31, 2020.
Promote measures to increase manpower, equipment, and other elements, aiming for safer, smoother
operation of the platform as a cashless payment infrastructure
Full-scale operation of QR code-based payment services
Start to provide the services in the second half of the year ending March 31, 2020 and expand the
services to vending machines, amusement equipment, and others, subsequently, for full-scale operation.
End of
Mar. 2018
End of
Sep. 2018
End of
Mar. 2019
End of
Sep. 2019
End of
Mar. 2020
Number of terminals connected to Thincacloud
2018年3月期 決算説明会資料
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Material for the Financial Results Presentation for the First Half of the Fiscal 2020
• Accurately detects target items only
• Reads multiple tags quickly at once
• Space-saving and lightweight
• No need for installation construction
Collaboration with a drone business operator
• Collaboration with Blue innovation Co., Ltd., a drone system developer
• Developed a solution for labor savings when taking warehouse
inventories by having drones read RFID tags
Examples of introduction
are increasing in the
medical industry.
Promoting Expansion of IoT Solutions
Capturing the growing demand for RFID
Due to the spread of IoT, the applications of RFID are being expanded beyond management in closed
environments such as warehouses to applications in open environments, including management after
shipment.
Continue to develop new projects targeting medical, manufacturing, and logistics industries.
Create demand, with a focus on applications including process/inventory management, by introducing
highly functional media and equipment and sharing introduction examples horizontally.
Developing solutions in new domains
Focus efforts on developing solutions which combine RFID, LPWA, sensors, drones, and others.
Gate-type RFID reader
2018年3月期 決算説明会資料
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Material for the Financial Results Presentation for the First Half of the Fiscal 2020
About RDS
Company name PT. Reycom Document Solusi
Location Jakarta (Indonesia)
Established 2003
Capital 32,500,000,000 Indonesian rupiah (Approx. 250,000,000 yen)
Sales 3,450,000,000 yen (2018/Consolidated)
Number of
employees
1,662 (As of December 31, 2018/Total number of employees
of all eight group companies)
Business
descriptions DPS, BPO, system development, general printing services
Business
locations
Indonesia, Vietnam, Singapore (including business locations
of group companies)
Signing ceremony with RDS
Entry to a New Region
Market development in the ASEAN region, where economic growth continues
The Company acquired shares in PT. Reycom Document Solusi (RDS), a company engaged in DPS,
BPO, system development, and other businesses in Indonesia and other areas in the ASEAN region. As a
result, RDS became an equity method affiliate of the Company.
Take advantage of system development capability of RDS and its competitive edge in businesses in
financial and insurance industry in Indonesia to strengthen DPS and BPO of overseas Group companies
and promote development of infrastructure for digital solutions.
2018年3月期 決算説明会資料
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Material for the Financial Results Presentation for the First Half of the Fiscal 2020
Due to these structural reforms, profit amounting to ¥3.0 billion is expected to be generated
by the year ending March 31, 2022.
• Advanced security environment including vein authentication and
turnstiles
• First Toppan Forms Group facility in Japan to have a day-care center
for employees’ children on the premises
• Business continuity ensured by its disaster-resistant location featuring
firm ground, high altitude, and others
Implementation of Structural Reforms
Reorganization of the BPO promotion structure
On October 31, the BPO business of J-SCube Inc. was integrated into Toppan Forms. The Company aims to
expand operations and improve profitability by strengthening solutions and consolidating overlapping
functions.
At the same time, the Company promotes the structural reform of the BPO business through initiatives
including the strengthening of earnings and process management, the reorganization of offsite centers, and
quality improvement.
Consolidation of manufacturing bases
Fukuroi Factory, which consolidates six bases including ones in the Tokai area, was completed on October
31.
Strive to improve BF production efficiency, enhance the production system for IoT-related products, and
improve logistics efficiency.
2018年3月期 決算説明会資料
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Material for the Financial Results Presentation for the First Half of the Fiscal 2020
San-eki Ichijo
- Tria Juncta in uno -
Contributions
DigitalHybrid®
Management Philosophy
People-Friendly Digitalization “No one will be left behind”
Business Activities in Line with the Founder’s Spirit
Achieve sustainable growth by practicing the management philosophy of
“San-eki Ichijo - Tria Juncta in uno - Contributions.”
Constant improvement of CSR activities
• Since 2010, the Company has continued to implement the Tokyo Greenship Action, activities
in coordination with the Tokyo Metropolitan Government and non-profit organizations for the
protection of the woodland near Takiyama Factory.
• The city government of Fukuroi and Toppan Forms Tokai have concluded an agreement on
emergency support in the event of a disaster.
Creation of innovation businesses aimed at solving social issues
Health issues (healthcare)
• The Company supported the establishment of a Hirotsu Bio Science Inc. inspection center,
aiming to commercialize a cancer screening test.
• The Company is implementing a monitoring survey aimed at commercializing Watashi-no-
Ondo, a healthcare IoT service of measuring body temperature rhythms.
Environmental issues (countermeasures against waste plastics)
• The Company promotes the use of biodegradable plastics in its products and also research
and development for the realization of marine biodegradation with its proprietary technologies.
2018年3月期 決算説明会資料
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Material for the Financial Results Presentation for the First Half of the Fiscal 2020
Million yen
市場環境 Performance Forecast for Fiscal 2020
Year ended
March 31, 2019
Year ending
March 31, 2020
YoY
Change Growth
rate
Net sales 225,810 223,000 (2,810) (1.2%)
Operating income 3.0 6,706 3.8 8,500 +1,793 +26.7%
Ordinary income 3.2 7,206 3.9 8,700 +1,493 +20.7%
Profit attributable to
owners of parent 1.6 3,567 2.0 4,400 +832 +23.3%
2018年3月期 決算説明会資料
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Material for the Financial Results Presentation for the First Half of the Fiscal 2020
6,706
8,500
1,000 1,200
500
306
700
1,500
600
Year ended
March 31, 2019
Impact of
exchange
rates, etc.
Increase in
profit due to
structural
reform
Million yen
Change in
composition
of sales
Year ending
March 31, 2020
Cost
increases
Cost
reductions
Increase in
SG&A
Impact of
change in
depreciation
method
Up ¥1,793 million
Forecast for Change in Operating Income
2018年3月期 決算説明会資料
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Material for the Financial Results Presentation for the First Half of the Fiscal 2020
Compound
Average
Growth Rate
+0.3%
+0.3%
+7.7%
+0.5% 153,208 151,000 153,000 155,500
28,456 31,000 32,500 35,000
29,755 29,000 29,500
30,000
14,390 12,000 13,000
14,500
100,000
150,000
200,000
250,000
Result for the yearended March 31, 2019
Forecast for the yearending March 31, 2020
Forecast for the yearending March 31, 2021
Forecast for the yearending March 31, 2022
Data & Document Business IT Innovation Business
Business Products Business Global Business
Million yen
225,810 223,000 228,000
235,000
Three-Year Outlook of Net Sales
2018年3月期 決算説明会資料
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Material for the Financial Results Presentation for the First Half of the Fiscal 2020
6,706
8,500
10,000
11,500
3.0%
3.8%
4.4%
4.9%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
Result for the yearended March 31, 2019
Forecast for the yearending March 31, 2020
Forecast for the yearending March 31, 2021
Forecast for the yearending March 31, 2022
Operating income
Operating income margin
* The forecasts for the year ending March 31, 2020 and beyond include the impact of the change in the method of depreciation.
Million yen
Three-Year Outlook of Operating Income
2018年3月期 決算説明会資料
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Material for the Financial Results Presentation for the First Half of the Fiscal 2020
We will allocate profits primarily to research and development, capital expenditures,
and business investments, aiming for a sustained improvement in corporate value.
For dividends, we will attach importance to continuity and stability and will keep the
amount unchanged even in a difficult business environment.
Shareholder Returns
Interim dividend: ¥12.5 (Planned amount of annual dividend: ¥25.0)
We will set a budget of 30 billion yen and promote investments continuously.
We will target a wide range of domains with a focus on IT and the Frontier Business.
We will continue business investments in accordance with the growth strategy,
including minor investments in start-ups .
Business Investments
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Reference
2018年3月期 決算説明会資料
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Material for the Financial Results Presentation for the First Half of the Fiscal 2020
Reference
Management Philosophy
“San-eki Ichijo - Tria Juncta in uno - Contributions”
A philosophy that states benefits to our social community, our company, and
our personal happiness must be regarded as if they were a single benefit
(ichijo), without prioritization, and without the absence of any of them.
To Our Social Community
Let us always be pioneers in Information Handling, and play an important role in the
growth of local economy.
To Our Company
Let us always be pioneers in information Handling and devote ourselves to the
prosperity of our company.
To Our Personal Happiness
Let us always be pioneers in Information Handling and endeavor to achieve happiness
of our own.
About the Management Philosophy “San-eki Ichijo - Tria Juncta in uno - Contributions”
2018年3月期 決算説明会資料
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Material for the Financial Results Presentation for the First Half of the Fiscal 2020
Reference
080-xxxx-xxxx
User is Identified at the time of
the conclusion of the contract
with the carrier.
SIM card on which the
mobile phone number is
written
The service can be used only
with the mobile phone number
on the SIM card.
A high level of security Compliant with RCS
* GSMA, or GSM Association, is the largest mobile communications industry association, established in 1995 for the purpose of
spreading GSM, a 2G mobile phone system. It consists of more than 1,000 companies from 220 countries, including approx. 800
mobile phone carriers.
About +Message
+Message is a service featuring evolved functions of Short Message Service (SMS), which
permits NTT Docomo, KDDI, and SoftBank mobile phone users to exchange messages
based solely on their mobile phone numbers. It complies with Rich Communication
Services (RCS), a global standard set by GSMA*. It began to be used for message
exchanges between individuals in May 2018. Official account service for corporate
customers began to be launched subsequently in June 2019.
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Material for the Financial Results Presentation for the First Half of the Fiscal 2020
Million yen
Million yen
Reference
Financial Status and Cash Flows
Total Assets and Net Assets
Status of Cash Flows
First half of the year
ended March 31, 2019
First half of the year
ending March 31, 2020 Change
Net cash provided by
operating activities 6,703 7,366 +662
Net cash used in
investing activities (5,426) (10,192) (4,765)
Net cash used in
financing activities (1,429) (1,748) (319)
Cash equivalents 63,622 54,509 (9,112)
March 31, 2019 September 31, 2019 Change
Total assets 224,103 221,848 (2,254)
Net assets 171,830 171,716 (114)
Equity ratio 75.4% 76.2% +0.8p
2018年3月期 決算説明会資料
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Material for the Financial Results Presentation for the First Half of the Fiscal 2020
Result for first half of the year
ending March 31, 2020
Forecast for the year
ending March 31, 2020
Capital
Expenditure 7,240 million yen
* Excluding business investments
14,000 million yen * Excluding business investments
Depreciation 2,988 million yen
* Including 405 million yen reflecting the impact of
change in depreciation method
6,800 million yen * Including 1,000 million yen reflecting the impact of change
in depreciation method
Major capital
expenditures
• Reorganization of manufacturing facilities including the construction of the Fukuroi Plant: ¥5.2 billion
• Improvement of production facilities in the Data & Document Business ¥0.4 billion
• Infrastructure related to digital solutions ¥0.2 billion
• Reorganization of manufacturing facilities including the construction of the Fukuroi Plant: ¥6.2 billion
• Improvement of production facilities and digital solution infrastructure in the Data & Document Business ¥5.0 billion
• Infrastructure development and production equipment in IT Innovation Business ¥1.3 billion
• Investment in IT system equipment for business infrastructure development ¥0.5 billion
• Improvement of information system infrastructure for the optimization of business management ¥0.6 billion
Reference
Capital Expenditure and Depreciation
2018年3月期 決算説明会資料
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Material for the Financial Results Presentation for the First Half of the Fiscal 2020
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0.00
5.00
10.00
15.00
20.00
25.00
30.00
99/3 00/3 01/3 02/3 03/3 04/3 05/3 06/3 07/3 08/3 09/3 10/3 11/3 12/3 13/3 14/3 15/3 16/3 17/3 18/3 19/3 20/3
Dividend Consolidated Payout Ratio
Yen
Reference
Amount of Annual Dividend and Consolidated Payout Ratio
2018年3月期 決算説明会資料
© TOPPAN FORMS CO.,LTD. 2017 : CONFIDENTIAL © TOPPAN FORMS CO., LTD. 2019: CONFIDENTIAL 25 Material for the Financial Results Presentation for the First Half of the Fiscal 2020
Note on Forward-Looking Statements
Please note that performance forecast and future outlook contained
in this presentation material are forward-looking statements made
by the Company based on currently available information, and its
actual business performance may differ from such statements
depending on the future business environment.