2018_1q_omron_e
9/30 - Evolution of Earnings Structure (vs. FY2014 Q1)
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00:07:47.6
At the outset, I noted that we hit record high profit margin levels in Q1. Using the next two slides, I will compare Q1 FY2017 results with Q1 FY2014, when we recorded our previous record highs, to highlight how our profit and business structures have changed. I will start with the evolution of our profit structure. Despite a headwind of a generally appreciating yen, we were able to improve our GPM 1.6 percentage points (pp) through our own ongoing internal efforts to reform and improve the profit structures of our businesses and the broad adoption of ROIC management throughout the organization. We believe that we have clearly improved our ability to generate profits. Improved operational efficiencies have allowed us to lower the SG&A ratio by 0.1 pp. However, we are not satisfied with the 10-basis point reduction and will continue to pursue further efficiencies. The improved GPM and strong discipline in controlling SG&A has allowed us to generate funds for investment. We have allocated funds toward investments to enhance our core technologies and product development. As a consequence, R&D spend as a percentage of sales has increased by 0.6 pp. We view these investments as necessary to build for our future. As a result of all this, although we are increasing R&D spend, our OPM has improved by 1.1 pp. As you can see, the record high Q1 results in FY2017 reflect the significant evolution and improvement to our profit structure versus our previous Q1 FY2014.
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