Current Situation and Future Direction

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1 Yokogawa Electric Corporation Current Situation and Future Direction November 4, 2015 Takashi Nishijima President and Chief Executive Officer <2015/11/4> - 0 -

2 目次 1. Current Situation 2. Progress of TF FY15 Forecast, Future Direction 4. Closing (Corporate governance/dividend) 5. Appendix (TF2017 Business Plan/Financial Policy) P.2 P.7 P.10 P.14 P.18 <2015/11/4> - 1 -

3 Current Situation Operating income at a record high Near-term uncertainty due to prediction of prolonged downturn in energy prices We will not revise the FY15 forecast. <2015/11/4> - 2 -

4 Analysis of good results 1. Business: Expansion of solution service 2. Industry: Strong in downstream area 3. Geographic location: Strong in Middle East and Japan (Not dependent on any one market) 4. Customer investment: CAPEX OPEX shift 5. Currency: Depreciating yen <2015/11/4> - 3 -

5 Industry data DCS market share in 2014 Global market share (market size US$15.86bn) Chemical market share (market size US$3.23bn) Yokogawa Yokogawa Source: ARC Distributed Control Systems Worldwide Outlook MARKET ANALYSIS AND FORECAST THROUGH 2019 Yokogawa DCS sales: billion yen (+6.7 billion yen) Downstream portion is more than half Half of the upstream 20.3% is LNG related Pulp & Paper Metals & Mining 2.7% Water & Wastewater 3.4% 4.4% Others 11.1% Power 7.7% Petrochemical & Chemical Refining 15.2% 35.2% LNG, Oil & Gas (Upstream) 20.3% Source: Company data <2015/11/4> - 4 -

6 Control sales/ros ratio trend - Shift to OPEX from CAPEX - 7.2% 7.2% Control ROS ratio % 11.6% 12.1% 9.9% % 9.6% % 7.7% Japan 6.3% 6.3% % 7.2% Outside Japan 6.1% 6.1% % 7.6% 7.2% 7.6% (Billion ) 8.7% 8.7% FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 <Exchange rate> FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 forecast FY15 forecast US dollar (Yen) <2015/11/4> - 5 -

7 Summary of current situation - Control business - Thanks to sales and profit growth, ROS and ROE are improving. Outside Japan Uncertainties exist in the near term, but long-term prospects for growth are good. Japan Becoming more profitable due to transformation of business model and optimization of cost structure <2015/11/4> - 6 -

8 Progress of TF2017 Our efforts to transform our business <2015/11/4> - 7 -

9 TF2017: three reforms While focusing on the control business, 1 transform from being product-centered to being focused on the customer 2 transform to create new value by taking advantage of ICT 3 transform by becoming more efficient than ever (ROE 11%, with top priority on ROIC of control business) <2015/11/4> - 8 -

10 Efforts to transform our business Structural reforms that prepare the way for growth Item Expansion of lifecycle service business Expansion of advanced solution business Challenges Increasing number of service engineers Investing in security business Recruiting business development managers and proposal engineers Development and strengthening of new business Development of infrastructure Develop products for upstream Alliance due-diligence expenses Investment in CRM and knowledge management systems <2015/11/4> - 9 -

11 FY15 Forecast, Future Direction Despite uncertainties in the macro environment, we are not revising the FY15 forecast. We are proceeding one step at a time to transform into a highly efficient company. <2015/11/4>

12 Strong gas demand top-class LNG market share = sustainable growth Due to rising populations/energy demand, we expect sustainable growth LNG carriers Liquefaction trains LNG liquefaction Liquefaction 64 trains LNG transportation LNG carrier 66 vessels Regasification plants LNG regasification Regasification 44 terminals Source: Company data <2015/11/4>

13 Analysis of operating income (FY14/FY15) Increase in gross profit from higher sales (up 7.2 billion, excluding impact of exchange rate) Lower gross margin Impact of reduction of fixed costs Exchange rate ( ) FY14 FY15 forecast US$ (Billion ) Forecast of foreign exchange sensitivity: approx. 0.3 billion yen for each 1 change (year)* +3.0 (2.0) +5.0 (2.8) Increase in costs Strategic investments: ( 4 billion) SG&A expense reduction: 1.2 billion 36.0 FY14 operating income *Foreign exchange sensitivity has changed from approx. 0.4 billion yen to approx. 0.3 billion yen FY15 operating income forecast <2015/11/4>

14 Business plan by segment Sales Control FY FY15 forecast FY (Billion ) Difference FY CAGR FY % Measurement % Aviation & Other ±0 - Total % Operating income Control FY Exchange rate:1$=120 yen FY15 forecast 33.0 Exchange rate:1$=110 yen FY (Billion ) Difference FY Measurement Aviation & Other (0.1) Total Exchange rate:1$=120 yen Exchange rate:1$=110 yen <2015/11/4>

15 Closing Corporate governance, dividend <2015/11/4>

16 Year Enhancing corporate governance Action in Directors Auditors Officers outside Outside % in outside 2003 Introduced outside directors % Abolished retirement bonuses for directors % % Introduced one year tenure system for directors and 2006 revised articles of incorporation to reduce number of directors (25 15) % Increased number of outside directors 2007 Introduced takeover defense measures % % Increased number of outside directors 2009 Renewed takeover defense measures % % Renewed takeover defense measures Sold shares of a listed affiliate % % % Established Nomination and Compensation Committee (voluntary advisory body) Discontinuation (non-renewal) of takeover defense 2014 measures % Introduced standards to ensure independence of outside directors Established Nomination Advisory Committee and Compensation Advisory Committee (voluntary advisory bodies) 2015 Conducting outside evaluation of Board of Directors NEW: Established Yokogawa Corporate Governance Guidelines % (doubling as board member) <2015/11/4>

17 Dividend Regular dividend 7.5 yen + commemorative dividend 5 yen 30% payout ratio target in Dividend trend - 15 *Record high dividend per share (2015) <2015/11/4>

18 Closing Working Together, the Future is Ours to Create Expect great things from <2015/11/4>

19 Appendix: -Mid-term Business Plan, Financial Strategy - <2015/11/4>

20 Mid-term Business Plan Business plan FY14 FY17 Increase ROE (% ) or more 2.4 pts or more ROA (% ) or more 2.2 pts or more Sales (billion yen) Operating income (billion yen) % 51.0% ROS(%) pts EPS (yen) Exchange rate:1$=110 yen or more 49.5% or more <2015/11/4>

21 Financial Strategy, Capital Policy Cash generation/ business expansion cycle Operational cash flow (FY15-FY17) Total: 100 billion yen + Cash Priority 90 billion yen (including strategic investment) Ⅰ Investment Strategic investment (50 billion yen from FY15 to FY17) Regular capital investment (to cover capital depreciation) Ⅱ Finances Ensure the sound finances needed to undertake business expansion (enhance ability to raise funds and manage risk) Ⅲ Return to shareholders Stable and sustainable dividend payment While allocating funds for investment and maintaining a sound financial footing, will aim for a 30% dividend ratio Optimum capital structure Maintain ability to generate the funds needed to invest for growth Keep single A credit rating with Japanese rating agencies <2015/11/4>

22 Disclaimer The information pertaining to our business plans and forecasts that has been provided in this presentation and at analyst meetings contains forward-looking statements that are based on our management s current knowledge and require the making of assumptions about future events. As such, it cannot be guaranteed that these statements will not differ materially from actual results. IR Group, Corporate Communications Department Yokogawa Electric Corporation Phone: URL: <2015/11/4>

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