Latest Business Results

Business Results

(million of yen)

2018/12

2019/12

Increase/ Decrease

Increase/ Decrease

Net Sales

61,815

63,285

1,469

2.4%

Operating Income

5,424

6,982

1,558

28.7%

Ordinary Income
5,877
7,403
1,525
26.0%
Net Income

4,330

5,330

1,000

23.1%

In the consolidated fiscal year under review, the U.S. economy maintained its growth trend, with strong consumer spending despite a decline in exports and imports, due chiefly to the trade dispute with China, and a slowdown in capital investment following weaker business sentiment. Europe saw its economy grow at a slow pace due to sluggish exports. China faced a slide in its growth rate as a result of its trade war with the United States and a slowdown in consumer spending. In Japan, the last-minute demand ahead of the consumption tax hike helped increase domestic demand, whereas the slowdown in the overseas economy led to shrinkage in foreign demand and the stagnation of corporate earnings. As a result, the Japanese economy only attained a mild recovery.

Among the markets related to the Tamron Group, the interchangeable lens camera market contracted after a sharp dip in sales of SLR cameras centered on entry-level models, despite the bullishness of full-size mirrorless cameras. The market of interchangeable lenses also fell, as did that of interchangeable lens cameras. The shrinkage in compact digital camera sales continued, although its magnitude narrowed. Meanwhile, the markets of surveillance cameras, automotive cameras and other products for industrial use continued to expand.

According to the average foreign exchange rates, the U.S. dollar was down by around 1 yen and the euro was down by 8 yen against the Japanese yen year on year.

Under these circumstances, the Tamron Group’s consolidated net sales for the fiscal year under review rose 2.4% year on year, to 63,285 million yen, due chiefly to sales growth in its mainstay Photographic Products Business and in the Commercial/Industrial-use Optics Business.

Among the income-related figures, the gross margin ratio rose by 2.9 percentage points and the gross margin surged significantly as a result of cost-cutting efforts and strong sales of interchangeable lenses under the Tamron brand. This occurred despite the negative impacts of the stronger yen against the euro and other foreign exchange factors and soaring sales, general and administrative expenses due to the strengthening of research and development activities. This resulted in operating income of 6,982 million yen, up 28.7% year on year, ordinary income of 7,403 million yen, up 26.0% year on year, and profit attributable to owners of parent of 5,330 million yen, up 23.1% year on year.

The Group therefore achieved a sales and profit increase for the third consecutive fiscal year and the highest net sales in its history.

For details, please refer to Financial Report.