The Present and The Future of TOCALO

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The Present and The Future of TOCALO
The Present and The Future
of TOCALO
TOCALO Co., Ltd.
December 4, 2007
DISCLAIMER
- This document is a translation of the original written in Japanese.
- TOCALO Co., Ltd.. provides this translation for your reference and convenience only
and without any warranty as to its accuracy or otherwise.
In the event of any discrepancy, the original file in Japanese shall prevail.
- This document has been prepared as a guide to non-Japanese investors and
contains forward-looking statements that are based on management’s estimates,
assumptions and projections at the time of publication.
A number of factors could cause actual results to differ materially from expectations.
All rights are reserved by TOCALO Co., Ltd.
Any reproduction or republication are strictly prohibited without written permission.
1
About TOCALO
Thermal
Spraying
T D
ZAC
PTA
TOCALO Co., Ltd.
■Head Office
■Representative
:13-4, 4-Chome, Fukae-Kitamachi, Higashinada-Ku, Kobe, Japan
: Mr. Akira Nakahira, Chairman and Representative Director
Mr. Kazuo Machigaki, President and Representative Director
■Established
: July 1st., 1951 (Toyo Calorizing Industry Co., Ltd. )
■Capital
: 2,658.82 Million yen ( at the End of Sep., 2007)
■Net Sales
: 23,365 Million yen ( Fiscal 2006 )
■Ordinary Profit
: 6,368 Million yen ( Fiscal 2006 )
■Net Profit
: 3,768 Million yen ( Fiscal 2005 )
■Description of Business : Surface Modification Based on Thermal Spraying
■Employee
: 480 ( at the End of Sep., 2007) 2
About Subsidiary Company Consolidated
PVD
JAPAN COATING CENTER(JCC)
■Head Office
:43-43, Komatsubara-1, Zama-City, Kanagawa –Pref. Japan
■Representative
: Mr. Shozo Yamane,
■Established
:April 1st., 1985
■Capital
:
■Net Sales
:1,927 Million yen ( Fiscal 2006 )
■Ordinary Profit
:
473 Million yen ( Fiscal 2006 )
■Net Profit
:
168 Million yen ( Fiscal 2006 )
President and Representative Director
50 Million yen ( at the End of Sep., 2007, Controlling share :100%)
■Description of Business : Surface Modification Based on PVD
■Employee
: 72 ( at the End of Sep., 2007)
Note : Become subsidiary company since Sep. 9, 2004.
Moved to present address on May 1st., 2006
3
20,000
20,000
18,000
16,000
14,000
12,000
10,000
10,000
8,000
6,000
4,000
( ¥ Million )
22,000
1951
1955
1960
1965
1970
1975
Ordinary Profit
(Right Axis)
Net Sales
(Left Axis)
1980
1985
1990
1995
Progressive era
2000
Become a Listed Company to Secondary Section
of the Tokyo Stock Exchange
◆ Listed to First Section of
Tokyo Stock Exchange
Merged with
TOB and MBO by JAFCO SIG
JAFCO SIG, Established New TOCALO
Got an Offensive of Acquisition
◆
Listed on the OTC Market
Established Thermal Spray
Technology R & D Laboratories
Foundation era
Introduced VPS System in Akashi Plant
Changed Company Name
to TOCALO
Introduced First. Plasma Spraying System in Kobe Plant
Commenced R & D of Metal thermal spraying
Commenced Sales activity of Thermal Spraying
Established Toyo Calorizing Industry Co., Ltd.
Trajectory of TOCALO
’s Development
TOCALO’s
(¥ Million)
23,365
2,000
0
7,000
6368
6,000
5,000
4,000
3,000
2,000
1,000
0
(Note 1 )Fiscal year 1990 ; 9 Months Closing Account due to Change of Account End
(Note 2 ) Fiscal year 2001 ; Sum Total of Net Sales of New/Present TOCALO and Net Sales of ex-TOCALO
because of 1st. Year of Merger.
2005
(year)
-1,000
4
Transition of Net Sales and Ordinary Income
(( Non
Non –– Consolidated
Consolidated ))
( Million yen )
10,000
9,000
Net Sales(Left Axis)
(左座標)
Ordinary Profit (Right Axis)
20,000
( Million yen )
8,000
(右座標)
7,000
15,000
6,000
5,000
10,000
4,000
3,000
5,000
2,000
1,000
0
0
Fiscal
Term
02/3
03/3
04/3
05/3
06/3
07/3
08/3
( Forecast )
Net Sales
10,726
11,966
13,947
17,720
19,340
23,365
22,000 ( Million yen )
Ordinary
Profit
724
1,574
2,657
4,485
5,153
6,368
4,530 ( Million yen )
5
Main Business
zThermal Spraying
( 82.2% )
z
Semiconductor ・Liquid Crystal Display Field
z
Industrial Machinery Field
z
Steel Mills’ Field
z
Other Fields Paper・Pulp・Petrochemistry etc.
zPeripheral Business Lines
( 17.8% )
z
TD Treatment Div.
z
ZAC Coating Div.
z
PTA Welding Div.
z
PVD Div. (JCC : Japan Coating Center Co.,Ltd. )
6
TOCALO’s
TOCALO’s Characteristics
Characteristics and
and Strong
Strong Points
Points
R
-Driven Company
R &D
&D-Driven
Company based
based on
on Thermal
Thermal Spraying
Spraying
Activity
Activity Covers
Covers Whole
Whole Japan
Japan due
due to
to Trinity
Trinity by
by Sales,
Sales, Production
Production and
and RR && DD
Fashion
Fashion Profit
Profit Organization
Organization Focusing
Focusing on
on High-Ended
High-Ended Products
Products
7
Activities by Trinity Complied by Sales, Production and R & D
Sales Activity Proposes Seeds / Ideas
Sales
Individual Needs
Clients
Production
R&D
Thermal
Thermal Spray
Spray Technology
Technology
R
R&
&D
D Laboratories
Laboratories
8
Research and Development
Development
Development of
of
Basic
Basic Technology
Technology
Trinity
Trinity by
by Sales,
Sales,
Production
Production and
and R
R&
&D
D
Development
Development of
of
Practical
Practical Application
Application
National and Public
Thermal Spraying Technology
R & D Laboratories
30 Leading Companies
Endowed Institution
Joint Research
Joint Application
of Patents
Industry-University
Joint Research
20 Universities
¾Holding Patent 194
¾Secure Business
¾Differentiations
( at March, 2007 )
9
Toward the All-Weather Management
Not overly dependent on Particular Field, Client or Product
Concentrate Management Resources on Growing Fields, Developing Technology
Continuous Development of Technology, Product and Market
Regardless to Boom-and-Bust
Various and Wide Commodity Composition
Consists of Middle or Small Sized differentiated products
To the Meaty and Middle Sized Company
with High Technology and High Profit performance
10
I V B ( Integrated Venture Business)
Semiconductor
LCD
Medical Appliance
Rapid Transport
??
Special Printing
Nuclear
Environment
Chemical
・・・
?
?
Paper・Pulp
Advanced Power Generation
Energy Strage
Steel Industry
Steel & Copper Wire
Pump・Valve
Drawing Machine
11
Principal of Thermal Spraying
衝突粒子 Formed Coating
( Thermal Spray Materials )
Metal
Alloy
Cermet
Ceramics
飛行中の溶融粒子
Collision
particles
flying droplet
Substrate
Molten droplet
Spraying Gun
( Heat Source )
Combustion Flame
Plasma
=> Video
12
Functions Achievable by Thermal Spraying
Classification
„„more
morethan
than1,000
1,000kinds
kinds
of
ofspraying
sprayingmaterials
materials
„„Limitless
LimitlessPossibility
Possibilityof
of
Application
ApplicationExpansion
Expansion
Thermal
Thermal
Spraying
Spraying
Resistance to be Added
Application
Mechanical
Mechanical
Wearing
Wearing
Erosion
Erosion
Paper
Paper Mill
Mill Rolls
Rolls
Semiconductor
Semiconductor
Physical
Physical
Build
Build up
up
seizure
seizure
Furnace
Furnace Rolls
Rolls
Thermal
Thermal
Heat/Burning
Heat/Burning
Heat
Heat insulation
insulation
Turbine
Turbine Blades
Blades
Electrical
Electrical
Chemical
Chemical
Insulation
Insulation Conductivity
Conductivity
Acid
Acid // Alkali
Alkali Corrosion
Corrosion
in
in vivo
vivo
Vio-Adapter
Vio-Adapter
Optical
Optical
Glossiness
Non Reflection
Reflection
Glossiness Non
Maintain
Contamination
Maintain DeteriorationContamination
Deterioration
Control
functions
Control
functions
Electrical
Electrical Parts
Parts
Chemical
Chemical Plants
Plants
Artificial
Artificial Bones
Bones
Artificial
Artificial Joints
Joints
Ornamentation
Ornamentation
Mechanical
Mechanical Parts
Parts
13
Application
Application Example
Example for
for
Semiconductor
Semiconductor Manufacturing
Manufacturing Equipment
Equipment
Dry Etcher (Front-end Process)
Reactive Gas
Gas Shower Plate
Cooling Water
Glow ( Plasma )
Deposition-Shield
Silicon Wafer
Electro
Electro Static
Static Chuck
Chuck
Shield
Shield
Exhaust
Cooling Water
Etcher for Semiconductor Manufacturing
Sprayed Parts
Electric Static Chuck
14
Application
Application Example
Example for
for Industrial
Industrial Machinery
Machinery
Gas
Gas Turbine
Turbine Generator
Generator
Gas Turbine
Hydro
Hydro power
power Generator
Generator
Guide Vane
Vane
Power
Power Storage(NaS
Storage(NaS Battery)
Battery)
Sodium(Na)
Runner
Sulpher(S)
NaS Battery Module
Sprayed Coating
Battery Cell Inner Structure
15
Application
Application Example
Example for
for Industrial
Industrial Machinery
Machinery
Electrical Insulating Bearings
Wind Power Generator
(Big sized Bearing)
Traction Motor –use for Shinkansen
16
Application
・Automobile
Application Example
Example for
for Steel
Steel・Automobile
Sink Roll in Molten Zinc Bath
Furnace Roll (Hearth Roll)
Press Die for Auto
Galvanizing Furnace
Entry Looper
Looper
Continuous Anealing Line
Pay-off Reel
Skin Pass Mill
Tension Leveler
Molten Zinc Bath Tension Reel
Typical Line of Continuous Galvanizing Line
17
Application
Application Example
Example for
for Paper
Paper Mill
Mill
During Spraying After Ground
WC-Cermet spraying to Paper Mill Roll
Spraying
Yankee-Dryer ( in situ job )
Grinding
Dryer Roll φ1524×2400l
Anti-Sticking Coating
18
Market Size of Thermal Spraying (Presumption )
≪Share by Job Shop≫
Market
Market Size
Size :: 45
45 Billion
Billion Yen
Yen
(Fiscal
(Fiscal Year
Year 2005)
2005)
Others
(43.5%)
Fiscal Year 2005
: April 2005 to March 2006
* Market in Japan
•Excluded Value at maker
who are spraying domestically
① TOCALO
(37.8%)
Other79 Co.,
(total 62.2%)
②
⑥
(2.7%) ⑤ ④ ③ (7.3%)
(3.0%)
(2.8%)
(2.9%)
(Source)
Assumed Values by summing up
Actual TOCALO`s Net Sales and
other Related Articles Founded on
“ The Current and Future Market of
Thermal Spraying” Published by
Digital Research Co., Ltd.
19
Peripheral Technologies
TD Treatment
■Thin Film Coating with Ultra Hardness
by Salt Bath Method
◆Mainly Utilized in Automobile,
Industrial Machinery and Steel Mills
◆Increasing Demand due to Shift to
High Strength sheet of
Automotive Steel
Pressing Dies
Nipple Die for Plastic Extrusion
CDC-ZAC
CDC-ZAC Coating
Coating
■Ceramic Coating by Chemical Densification
◆Mainly utilized in Textile and Industrial
Machinery Field
◆Wide Application Area.
Self-developed Unique Technology
Pump Impeller
Step-cone for Wire Drawing
20
Peripheral Technologies
PTA
PTA Welding
Welding Deposition
Deposition
■Plasma Deposition using Powder
Materials
◆Mainly Utilized in Steel Mill, Industrial
Machinery and
Pump Valve Industry
◆Utilize Specialty in Fields Requires
High Quality
Ball Valve
Cartridge of Pump for Nuclear
PVD
PVD Coating
Coating
■PVD
Physical Vapor
Vapor Deposition
Deposition ))
■PVD (( Physical
Ceramics
Ceramics Coating
Coating
◆JCC’s
Superior Thin
Thin Film
Film Coating
Coating
◆JCC’s Superior
Specialized
Specialized in
in Plasma
Plasma
Technlogy
Technlogy
◆High
Hardness, Ultra
Ultra Heat
Heat Oxidation
Oxidation
◆High Hardness,
Resistance,
Resistance,
Ultra
Ultra Lubricant
Lubricant
DLC (Slick-Coat S、H)
Drills with Prime-Coat
21
08/3 ;; April
April 2007
2007 to
to March
March 2008
2008
Resume of Planning
TOCALO Co., Ltd.
Forecast of Consolidated Business Result
( 08/3 ; April 2007 to March 2008 )
(07/3 ; April 2006 to March 2007 )
( Million yen )
TOCALO
JCC
Adjustment
on
Consolidation
YoY
08/3
07/3
After
Adjustment
Result
Increase or Decrease
23,790 25,212
△1,421
△5.6
(%)
22,000
1,890
△100
Operating Profit
4,483
287
△100
4,670
6,646
△1,976
△29.7
Ordinary Profit
4,530
281
△132
4,680
6,698
△2,017
△30.1
Profit before Tax
4,584
281
△132
4,734
6,537
△1,802
△27.6
Net Profit
2,757
164
△132
2,790
3,860
△1,070
△27.7
Net Sales
Note : Figures are in millions of yen, rounded down.
23
Forecast of Sectional Net Sales ( Consolidated )
Net Sales 08/3 Forecast
( Million yen )
07/3 Result
Thermal Spraying
19,638
20,714
Semicon / LCD
7,073
3,888
3,556
5,120
9,100
3,557
3,301
4,755
1,075
731
552
21,997
1,114
768
764
23,362
1,792
23,790
Industrial Machinery
Steel Mill
Others
TD
ZAC
PTA
Amount
(Non- Consolidated )
PVD(JCC)
Amount ( Consolidated )
YoY
Increase
or
Decrease
△1,076
△2,026
331
254
364
△39
△37
△212
(%)
△5.2
△22.3
9.3
7.7
7.7
△3.5
△4.8
△27.8
△1,364
△5.8
1,849
△57
△3.1
25,212
△1,421
△5.6
Note : Figures are in millions of yen, rounded down.
24
Forecast of Sectional Net Sales ( Consolidated )
7.6%
2.3%
3.1%
4.5%
PVD部門
PVD
PTA部門
PTA
ZAC部門
ZAC
17.5%
TD部門
TD
Semiconductor/LCD
29.7%
23,790
Others
( Million yen )
21.5%
82.5%
Thermal Spraying
Industrial Machinery
Steel Industry
16.3%
12.6%
25
Transition of Net Sales on Semiconductor and FPD
( Million yen )
10,000
9,000
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
9,100
Net Sales of LCD
Net Sales of Semiconductor
7,2326,969 2,268
7,073
2,116
1,787
1,266
6,832
4,527
1,137
5,181
3,232
5,116
2,523 2,216
375
97
/3
98
99
/3
0
0
2
0
/3
3,576
615
3,390
1,221
592 636
/3
5,806
2,961
01
/3
/3 3/3 4/3 5/3 6/3 7/3
2
0
0
0
0
0
0
/3
08 Q
2
/
8
0
3
(Forecast)
2Q = six months closing of account
26
Management Index ( Consolidated )
08/3
07/3
2Q
(Fiscal Year 2006)
(Fiscal Year 2007)
08/3
Forecast of
Fiscal Year 2007
Ending March 2008
Ordinary Profit to
Net Sales
26.6%
20.3%
19.7%
ROE
27.5%
9.4%
16.9%
ROA
27.7%
9.2%
17.0%
16,508 Million
yen
16,666 Million
yen
17,590 Million
yen
56.8%
61.0%
63.4%
Net Profit per Share
Yen 244.37
Yen 95.64
Yen 176.59
Book Value per Share
Yen 981.56
Yen 1,054.90
Yen 1,113.34
Net Assets
Capital Asset ratio
2Q = six months closing of account
Note : Figures are in millions of yen, rounded down.
08/3 Average Number of Shares Outstanding 15,799,422
ROE=
Net Profit
Average stockholders equity
ROA=
Ordinary Profit
Total Assets
27
Transition of Amount of Capital Investment and Depreciation
(( Non
Non –– Consolidated
Consolidated ))
( Million yen )
5,000
Amount of Capital Investment(Left Axis)
4,000
Depreciation(Right Axis)
3,000
( Million yen )
1500
2,000
1000
1,380
720
1,000
500
08/3 , 2Q
0
Fiscal Term
03/3
04/3
03/3
05/3
06/3
07/3
04/3
05/3
06/3
07/3
08/3
0
08/3
(Forecast)
Amount of
Capital
Investment
467
1,245
1,435
2,021
4,950
3,300 ( Million yen )
Depreciation
422
437
611
719
1,037
1,593 ( Million yen )
2Q = six months closing of account
28
Dividend per share and Payout Ratio (( Non
Non –– Consolidated
Consolidated ))
(Yen )
30(% )
60
Actual Dividend
50
When Assumed after
Split-ups of stocks
(左座標)
Dividend(Left Axis)
40
(右座標)
30
20
22.50
20
08/3 , 2Q
10
0
25
23.6
15
Payout Ratio (Right Axis)
Split-ups of stocks on May 20, 2005( 1share => 2shares )
04/3
05/3
06/3
07/3
10
08/3
(Forecast)
Dividend
30.00
55.00
35.00
45.00
45.00
Payout Ratio
13.3
16.0
18.0
18.9
25.8
2Q = six months closing of account
(Yen )
(% )
29
Interchanges with Foreign Country
Germany
Korea
Sulzer Metco
Coatings
Top Win Tech Corp.
U.S.A / Idaho
China / Guangzhou
China / Shanghai
東華隆:Tong Fah Rong
Tocalo and HanTai
BAO Steel Machinery
NxEdge
Taiwan
Han Tai Technology
India
Associated
Thermal Spray
China / Shenzhen
High Shine Ltd.
Licensee
Subsidiary Company
30
We are Warming Many Eggs then Many Fledglings and Baby Chicks ar
e Growing.
are
31
高品質と環境への優しさを追求
いつも、最先端。
登録事業者: トーカロ株式会社 本社
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32

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