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Sharp Corp/Japan (6753 JT) - Earnings

In Billions of JPY except Per Share FY 2010 FY 2011 FY 2012 FY 2013


12 Months Ending 03/31/2010 03/31/2011 03/31/2012 03/31/2013
Revenue
Consensus Estimate 2,735,112.7 3,064,328.7 2,453,126.3 2,456,777.5
Comparable Actual 2,755.9 3,022.0 2,455.9 2,478.6
Revenue Surprise % 0.8 -1.4 0.1 0.9
GAAP Actual 2,755.9 3,022.0 2,455.9 2,478.6
Adjusted Actual 2,755.9 3,022.0 2,455.9 2,478.6

Earnings Per Share


Consensus Estimate 52.25 247.36 -3,403.84 -3,956.33
Comparable Actual 40.00 176.30 -3,417.80 -4,898.30
EPS Surprise % -23.4 -28.7 -0.4 -23.8
GAAP Actual 37.80 164.70 -3,417.80 -4,898.30
Adjusted Actual 162.98 264.80 -2,386.90 -3,452.32

EBIT
Consensus Estimate 52,015.4 80,769.2 -40,220.7 -158,088.5
GAAP Actual 51.9 78.9 -37.6 -146.3
Adjusted Actual 51.9 78.9 -37.6 -146.3

EBITDA
Consensus Estimate 301,177.1 346,001.0 201,507.2 28,645.7
GAAP Actual 316.3 351.0 210.9 31.5
Adjusted Actual 316.3 351.0 210.9 31.5

Gross Margin %
Consensus Estimate 20.58 19.60 15.80 10.90
GAAP Actual 19.1 18.8 16.8 10.5
Adjusted Actual 19.1 18.8 16.8 10.5

Pretax Income (Loss)


Consensus Estimate 12,139.8 46,058.5 -249,594.7 -373,136.4
GAAP Actual 6.1 40.9 -238.4 -466.2
Adjusted Actual 31.0 60.8 -55.4 -206.5

Net Income
Consensus Estimate 7,240.6 27,322.7 -372,041.3 -451,422.7
Comparable Actual 4.4 19.4 -376.1 -545.3
Net Income Surprise % -39.3 -29.0 -1.1 -20.8
GAAP Actual 4.4 19.4 -376.1 -545.3
Adjusted Actual 19.2 31.2 -262.6 -384.4
Source: Bloomberg
FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 Est FY 2019 Est
03/31/2014 03/31/2015 03/31/2016 03/31/2017 03/31/2018 03/31/2019

2,875,448.7 2,818,847.3 2,517,522.6 2,033,527.8 2,356.3 2,473.0


2,927.2 2,786.3 2,461.6 2,050.6
1.8 -1.2 -2.2 0.8
2,927.2 2,786.3 2,461.6 2,050.6
2,927.2 2,786.3 2,461.6 2,050.6

61.51 -191.19 -735.11 -55.72 97.07 103.04


80.90 -1,315.10 -1,546.40 -68.60
31.5 -587.8 -110.4 -23.1
78.70 -1,315.10 -1,546.40 -68.60
169.17 -946.06 -1,391.50 -29.18

98,587.4 48,595.0 -79,804.3 45,073.9 88.1 98.7


108.6 -48.1 -162.0 62.5
108.6 -48.1 -162.0 62.5

221,878.4 161,939.5 27,625.4 100,660.1 163.6 179.3


232.3 61.3 -85.2 130.7
232.3 61.3 -85.2 130.7

17.80 17.16 15.67 16.82 18.34 18.58


18.1 13.9 9.5 18.7
18.1 13.9 9.5 18.7

30,789.5 -3,696.9 -123,139.0 -4,816.1 78.5 85.5


46.0 -188.8 -231.1 -0.6
62.1 -96.5 -192.5 25.1

9,718.9 -30,628.8 -161,022.1 -25,469.5 54.8 58.7


11.6 -222.3 -256.0 -24.9
18.9 -625.9 -59.0 2.3
11.6 -222.3 -261.5 -30.2
24.8 -160.0 -235.3 -12.8
Sharp Corp/Japan (6753 JT) - Per Share
In Billions of JPY except Per Share FY 2011 FY 2012 FY 2013 FY 2014
12 Months Ending 03/31/2011 03/31/2012 03/31/2013 03/31/2014
Basic Shares Outstanding 110.0 110.0 116.6 169.1
Diluted Weighted Avg Shares 117.9 110.0 111.3 146.9
Basic Weighted Avg Shares 110.0 110.0 111.3 142.9

Per Share Data Items


Revenue 27,462.94 22,319.11 22,262.68 20,484.86
EBITDA 3,189.59 1,916.44 282.92 1,625.92
Operating Income 716.99 -341.28 -1,313.76 759.72
Net Income to Common - Basic 176.30 -3,417.80 -4,898.30 80.90
Net Income before XO - Basic 176.30 -3,417.80 -4,898.30 80.90
Normalized Net Income - Basic 283.60 -2,386.90 -3,452.32 173.87
Net Income to Common - Diluted 164.70 -3,417.80 -4,898.30 78.70
Net Income before XO - Diluted 164.70 -3,417.80 -4,898.30 78.70
Normalized Net Income - Diluted 264.80 -2,386.90 -3,452.32 169.17
Dividends 170.00 100.00 0.00 0.00

Cash Flow 1,521.68 -1,302.35 -728.22 1,392.52


Free Cash Flow -254.10 -2,376.28 -1,280.24 1,072.65

Cash & Equivalents 2,200.79 1,773.23 1,643.12 2,111.73


Book Value 9,324.64 5,688.27 1,069.01 1,154.27
Tangible Book Value 8,541.99 4,997.19 561.30 816.25
Source: Bloomberg
FY 2015 FY 2016 FY 2017 Last 12M FY 2018 Est FY 2019 Est
03/31/2015 03/31/2016 03/31/2017 06/30/2017 03/31/2018 03/31/2019
169.1 169.1 497.3 497.3
169.1 169.1 441.0 611.1
169.1 169.1 441.0 610.9

16,479.41 14,559.59 4,650.36 4,136.05


362.32 -504.19 296.37 270.63
-284.28 -957.99 141.63 137.22
-1,315.10 -1,546.40 -68.60 6.80 103.09 109.63
-1,315.10 -1,546.40 -68.60 6.80 103.09 109.63
-946.04 -1,391.50 -29.14 31.44 97.07 103.04
-1,315.10 -1,546.40 -68.60 3.00 103.09 109.63
-1,315.10 -1,546.40 -68.60 3.00 103.09 109.63
-946.06 -1,391.50 -29.18 22.86 97.07 103.04
0.00 0.00 0.00 0.00 0.00

102.55 -111.59 288.53 221.18 192.07 205.06


-191.46 -385.82 113.01 62.81

1,390.31 1,475.39 920.00 910.66


178.42 -1,585.46 139.07 185.55 551.35 655.70
-72.86 -1,831.75 53.89 100.56
Sharp Corp/Japan (6753 JT) - Stock Value
In Billions of JPY except Per Share FY 2009 FY 2010 FY 2011 FY 2012
12 Months Ending 03/31/2009 03/31/2010 03/31/2011 03/31/2012
Last Price 7,760.00 11,690.00 8,250.00 6,040.00
Period-over-Period % Change -54.19 50.64 -29.43 -26.79
Open Price 16,640.00 7,990.00 11,720.00 8,240.00
High Price 19,100.00 12,530.00 12,600.00 8,420.00
Low Price 5,540.00 7,710.00 6,260.00 4,670.00

Market Capitalization 854.0 1,286.4 907.8 664.6


Current Shares Outstanding 111.07 111.07 111.07 111.07
Equity Float 106.18 104.29 104.11 103.89
Market Cap (Listed Shares) 861,903.1 1,298,408.1 916,327.4 670,862.7
Listed Shares Outstanding 111.07 111.07 111.07 111.07
Source: Bloomberg
FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 Current
03/31/2013 03/31/2014 03/31/2015 03/31/2016 03/31/2017 10/23/2017
2,720.00 3,140.00 2,350.00 1,290.00 4,700.00 3,585.00
-54.97 15.44 -25.16 -45.11 264.34
6,060.00 2,710.00 3,140.00 2,350.00 1,270.00 3,610.00
6,070.00 6,330.00 3,410.00 2,890.00 4,720.00 3,625.00
1,420.00 2,340.00 2,190.00 1,080.00 870.00 3,585.00

317.2 530.9 397.3 218.1 2,337.1 1,786.5


114.08 170.12 170.12 170.12 498.32 498.32
105.60 155.85 150.46 150.70 155.50 159.32
573,121.1 501,858.4 219,456.7 2,342,087.8 1,786,464.9
114.08 170.12 170.12 170.12 498.32 498.32
Sharp Corp/Japan (6753 JT) - Adjusted
In Billions of JPY except Per Share FY 2011 FY 2012 FY 2013 FY 2014
12 Months Ending 03/31/2011 03/31/2012 03/31/2013 03/31/2014
Revenue 3,022.0 2,455.9 2,478.6 2,927.2
+ Sales & Services Revenue 3,022.0 2,455.9 2,478.6 2,927.2
- Cost of Revenue 2,452.3 2,043.8 2,218.0 2,396.3
+ Cost of Goods & Services 2,321.8 1,925.7 2,112.6 2,297.5
+ Research & Development 130.6 118.2 105.4 98.8
Gross Profit 569.6 412.0 260.6 530.8
+ Other Operating Income 0.0 0.0 0.0 0.0
- Operating Expenses 490.7 449.6 406.8 422.3
+ Selling, General & Admin 447.3 412.9 374.3 389.0
+ Selling & Marketing 55.0
+ General & Administrative 392.4
+ Research & Development 43.4 36.6 32.5 33.3
+ Prov For Doubtful Accts
+ Other Operating Expense 0.0 0.0 0.0 0.0
Operating Income (Loss) 78.9 -37.6 -146.3 108.6
- Non-Operating (Income) Loss 18.1 17.9 60.2 46.5
+ Interest Expense, Net 6.0 7.2 12.1 19.4
+ Interest Expense 8.0 8.6 13.2 20.7
- Interest Income 2.0 1.5 1.1 1.3
+ Other Investment (Inc) Loss
+ Foreign Exch (Gain) Loss -10.2 0.0 0.0 0.0
+ (Income) Loss from Affiliates -3.3 -0.7 1.3 -2.7
+ Other Non-Op (Income) Loss 25.7 11.5 46.8 29.8
Pretax Income (Loss), Adjusted 60.8 -55.4 -206.5 62.1
- Abnormal Losses (Gains) 19.9 183.0 259.7 16.1
+ Disposal of Assets 7.2 3.0 11.3 -1.9
+ Asset Write-Down 6.7 78.9 3.1
+ Impairment of Goodwill 8.7
+ Impairment of Intangibles
+ Gain/Loss on Sale/Acquisition of Busin 4.3
+ Legal Settlement 18.9 50.2 10.0
+ Restructuring 12.7 117.1 97.6
+ Sale of Investments -0.7 -6.0
+ Unrealized Investments 3.8 2.2
+ Other Abnormal Items 37.4 14.2
Pretax Income (Loss), GAAP 40.9 -238.4 -466.2 46.0
- Income Tax Expense (Benefit) 19.7 135.1 77.6 33.0
Income (Loss) from Cont Ops 21.2 -373.6 -543.8 13.0
- Net Extraordinary Losses (Gains) 0.0 0.0 0.0 0.0
+ Discontinued Operations 0.0 0.0 0.0 0.0
+ XO & Accounting Changes 0.0 0.0 0.0 0.0
Income (Loss) Incl. MI 21.2 -373.6 -543.8 13.0
- Minority Interest 1.8 2.5 1.6 1.4
Net Income, GAAP 19.4 -376.1 -545.3 11.6
- Preferred Dividends 0.0 0.0 0.0 0.0
- Other Adjustments 0.0 0.0 0.0 0.0
Net Income Avail to Common, GAAP 19.4 -376.1 -545.3 11.6

Net Income Avail to Common, Adj 31.2 -262.6 -384.4 24.8


Net Abnormal Losses (Gains) 11.8 113.4 161.0 13.3
Net Extraordinary Losses (Gains) 0.0 0.0 0.0 0.0

Basic Weighted Avg Shares 110.0 110.0 111.3 142.9


Basic EPS, GAAP 176.30 -3,417.80 -4,898.30 80.90
Basic EPS from Cont Ops 176.30 -3,417.80 -4,898.30 80.90
Basic EPS from Cont Ops, Adjusted 283.60 -2,386.90 -3,452.32 173.87

Diluted Weighted Avg Shares 117.9 110.0 111.3 146.9


Diluted EPS, GAAP 164.70 -3,417.80 -4,898.30 78.70
Diluted EPS from Cont Ops 164.70 -3,417.80 -4,898.30 78.70
Diluted EPS from Cont Ops, Adjusted 264.80 -2,386.90 -3,452.32 169.17

Reference Items
Accounting Standard JP GAAP JP GAAP JP GAAP JP GAAP
EBITDA 351.0 210.9 31.5 232.3
EBITDA Margin (T12M) 11.61 8.59 1.27 7.94
EBIT 78.9 -37.6 -146.3 108.6
Gross Margin 18.85 16.78 10.51 18.13
Operating Margin 2.61 -1.53 -5.90 3.71
Profit Margin 1.03 -10.69 -15.51 0.85
Current Profit 59.1 -65.4 -206.5 53.3
Sales per Employee ### ### ### ###
Dividends per Share 170.00 100.00 0.00 0.00
Total Cash Common Dividends 18.7 11.0 0.0 0.0
Personnel Expenses 124.7 133.2 122.2 132.2
Source: Bloomberg
FY 2015 FY 2016 FY 2017 Last 12M FY 2018 Est FY 2019 Est
03/31/2015 03/31/2016 03/31/2017 06/30/2017 03/31/2018 03/31/2019
2,786.3 2,461.6 2,050.6 2,133.7 2,356.3 2,473.0
2,786.3 2,461.6 2,050.6 2,133.7
2,397.7 2,228.3 1,666.8 1,730.9
2,293.4 2,128.3 1,585.3 1,730.9
104.3 100.0 81.5
388.5 233.3 383.9 402.8 432.2 459.5
0.0 0.0 0.0 0.0
436.6 395.3 321.4 320.7
399.9 365.2 296.7 215.6


36.7 30.1 24.7 105.1

0.0 0.0 0.0 0.0
-48.1 -162.0 62.5 82.1 88.1 98.7
48.5 30.5 37.4 17.5
21.5 17.8 5.5 4.0
23.2 18.7 6.4 5.2
1.7 0.9 0.9 1.1
-1.4
0.0 -5.0 3.3
-5.5 -1.5 18.7 7.0
32.5 19.2 11.2 6.1
-96.5 -192.5 25.1 64.6 78.5 85.5
92.3 38.7 25.7 25.4
-8.3 -14.0 1.1 1.4
102.2 23.6 34.4
1.8
1.1 0.3
5.5 0.0 -1.1
-2.7 -8.5 -6.3
15.8 38.2
-22.5 -1.9 -3.2
0.6 0.1 0.5

-188.8 -231.1 -0.6 39.2 78.5 85.5
31.4 22.1 23.7 21.9
-220.2 -253.2 -24.3 17.3 54.8 58.7
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
-220.2 -253.2 -24.3 17.3
2.1 2.8 0.6 0.3
-222.3 -256.0 -24.9 17.1 54.8 58.7
0.0 5.5 5.4 2.7
0.0 0.0 0.0 2.3
-222.3 -261.5 -30.2 12.1 54.8 58.7

-160.0 -235.3 -12.8 29.4 54.8 58.7


62.4 26.2 17.4 17.2
0.0 0.0 0.0 0.0

169.1 169.1 441.0 610.9


-1,315.10 -1,546.40 -68.60 6.80 103.09 109.63
-1,315.10 -1,546.40 -68.60 6.80 103.09 109.63
-946.04 -1,391.50 -29.14 31.44 97.07 103.04

169.1 169.1 441.0 611.1


-1,315.10 -1,546.40 -68.60 3.00 103.09 109.63
-1,315.10 -1,546.40 -68.60 3.00 103.09 109.63
-946.06 -1,391.50 -29.18 22.86 97.07 103.04

JP GAAP JP GAAP JP GAAP


61.3 -85.2 130.7 151.0 163.6 179.3
2.20 -3.46 6.37 7.08 6.94 7.25
-48.1 -162.0 62.5 82.1 88.1 98.7
13.94 9.48 18.72 18.88 18.34 18.58
-1.73 -6.58 3.05 3.85 3.74 3.99
-5.74 -9.33 -0.37 1.61 2.33 2.37
-96.5 -192.5 25.1 64.6 79.3 86.9
### ### ###
0.00 0.00 0.00 0.00 0.00
0.0 0.0 0.0
135.0 119.1 104.0
Sharp Corp/Japan (6753 JT) - Standardized
In Billions of JPY except Per Share FY 2008 FY 2009 FY 2010 FY 2011
12 Months Ending 03/31/2008 03/31/2009 03/31/2010 03/31/2011
Total Assets
+ Cash, Cash Equivalents & STI 391.3 336.9 348.4 242.2
+ Cash & Cash Equivalents 388.8 336.9 348.4 242.2
+ ST Investments 2.5 0.0 0.0 0.0
+ Accounts & Notes Receiv 576.1 340.5 434.9 390.1
+ Accounts Receivable, Net 79.0
+ Inventories 454.4 400.0 411.3 486.1
+ Raw Materials 71.9 76.5 87.8
+ Work In Process 148.5 170.1 206.6
+ Finished Goods 179.6 164.7 191.6
+ Other Inventory 0.0 0.0 0.0
+ Other ST Assets 220.9 224.5 223.0 404.3
+ Derivative & Hedging Assets 0.0
+ Deferred Tax Assets 60.5 64.3 93.8
+ Misc ST Assets 164.0 158.6 310.5
Total Current Assets 1,642.6 1,302.0 1,417.5 1,522.6
+ Property, Plant & Equip, Net 1,105.8 1,032.1 1,027.6 964.9
+ Property, Plant & Equip 2,943.3 2,907.7 2,963.5 3,013.8
- Accumulated Depreciation 1,837.5 1,875.6 1,935.9 2,048.9
+ LT Investments & Receivables 109.9 44.6 59.7 57.5
+ LT Investments 44.6 59.7 57.5
+ Other LT Assets 214.9 310.1 331.4 340.7
+ Total Intangible Assets 94.1 83.3 76.1 86.1
+ Goodwill 0.0 0.0 0.0
+ Other Intangible Assets 83.3 76.1 86.1
+ Deferred Tax Assets 113.3 115.7 101.3
+ Derivative & Hedging Assets 0.0
+ Prepaid Pension Costs 27.6 26.5 29.1
+ Investments in Affiliates 17.7 28.3 31.9 40.3
+ Misc LT Assets 103.0 57.6 81.3 83.9
Total Noncurrent Assets 1,430.6 1,386.8 1,418.7 1,363.1
Total Assets 3,073.2 2,688.7 2,836.3 2,885.7

Liabilities & Shareholders' Equity


+ Payables & Accruals 721.6 595.2 709.5 701.6
+ Accounts Payable 721.6 446.9 554.4 531.6
+ Accrued Taxes
+ Other Payables & Accruals 148.4 155.1 170.0
+ ST Debt 324.3 405.6 302.2 287.3
+ ST Borrowings 308.4 396.8 236.2 244.3
+ ST Capital Leases 15.9 7.2 7.8 8.8
+ Current Portion of LT Debt 1.6 58.1 34.2
+ Other ST Liabilities 385.4 189.1 212.2 257.0
+ Deferred Revenue 0.0 0.0 0.0
+ Derivatives & Hedging 0.0
+ Deferred Tax Liabilities
+ Misc ST Liabilities 385.4 189.1 212.2 257.0
Total Current Liabilities 1,431.4 1,190.0 1,223.9 1,245.9
+ LT Debt 379.6 424.1 518.0 559.9
+ LT Borrowings 351.7 408.1 500.1 542.5
+ LT Capital Leases 27.9 16.1 17.8 17.5
+ Other LT Liabilities 20.4 26.2 28.5 31.2
+ Accrued Liabilities 0.0 0.0 0.0
+ Pension Liabilities 5.7 5.5 4.6
+ Deferred Revenue 0.0 0.0 0.0
+ Deferred Tax Liabilities
+ Derivatives & Hedging 0.0
+ Misc LT Liabilities 20.4 20.4 23.1 26.6
Total Noncurrent Liabilities 400.0 450.3 546.5 591.1
Total Liabilities 1,831.3 1,640.3 1,770.4 1,837.0
+ Preferred Equity and Hybrid Capital 0.0 0.0 0.0 0.0
+ Share Capital & APIC 473.3 473.2 473.2 473.2
+ Common Stock 204.7 204.7 204.7
+ Additional Paid in Capital 268.5 268.5 268.5
- Treasury Stock 13.7 13.7 13.8 13.9
+ Retained Earnings 664.9 649.8 648.9
+ Other Equity 268.6 -85.3 -64.7 -82.2
Equity Before Minority Interest 1,231.6 1,039.1 1,044.5 1,026.0
+ Minority/Non Controlling Interest 10.3 9.3 21.4 22.6
Total Equity 1,241.9 1,048.4 1,065.9 1,048.6
Total Liabilities & Equity 3,073.2 2,688.7 2,836.3 2,885.7

Reference Items
Accounting Standard JP GAAP JP GAAP JP GAAP JP GAAP
Shares Outstanding 110.1 110.0 110.0 110.0
Number of Treasury Shares 1.0 1.0 1.0 1.0
Pension Obligations 6.6 5.7 5.5 4.6
Future Minimum Operating Lease Obligatio 3.2 9.4 65.1 74.7
Capital Leases - Total 363.7 23.3 26.3
Percent Of Foreign Ownership 29.40 19.74 19.87 20.14
Number Of Shareholders 72,486.00 110,184.00 105,948.00 114,468.00
Options Granted During Period
Options Outstanding at Period End
Net Debt 312.6 492.8 471.7 599.4
Net Debt to Equity 25.17 47.00 44.26 57.16
Tangible Common Equity Ratio 38.18 36.69 35.08 33.57
Current Ratio 1.15 1.09 1.16 1.22
Cash Conversion Cycle 23.07 32.72 36.21 38.17
Number of Employees 53,708.00 54,144.00 53,999.00 55,580.00
Source: Bloomberg
FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017
03/31/2012 03/31/2013 03/31/2014 03/31/2015 03/31/2016 03/31/2017

195.1 191.6 357.0 235.1 249.4 457.5


195.1 191.6 357.0 235.1 249.4 457.5
0.0 0.0 0.0 0.0 0.0 0.0
371.0 419.0 426.9 410.0 281.9 367.0

527.5 310.7 295.1 338.3 184.3 217.9
68.7 62.9 58.5 57.3 35.7 43.2
264.6 90.4 76.1 67.8 22.9 28.0
194.2 157.4 160.5 213.1 125.7 146.7
0.0 0.0 0.0 0.0 0.0 0.0
327.5 300.5 295.2 315.9 250.3 151.3

90.4 19.4 23.7 16.6 8.5
237.1 281.2 271.4 299.3 250.3 142.8
1,421.1 1,221.8 1,374.2 1,299.2 966.0 1,193.7
872.4 563.7 519.7 400.6 351.2 349.6
3,051.4 2,558.0 2,552.0 2,418.0 2,311.3 2,196.3
2,178.9 1,994.3 2,032.3 2,017.4 1,960.1 1,846.7
58.9 49.7 61.6 58.6 58.8 66.6
58.9 49.7 61.6 58.6 58.8 66.6
261.7 252.6 215.0 203.6 194.7 163.8
76.0 59.2 57.2 42.5 41.6 42.4
0.0 21.1 11.1 0.0 0.0 8.8
76.0 38.1 46.0 42.5 41.6 33.5
11.6 19.0 16.1 13.9

28.0 22.4 2.2 0.3
40.5 106.8 112.4 109.2 107.7 84.7
117.1 52.6 56.6 32.9 27.2 22.6
1,193.0 865.9 796.3 662.7 604.7 580.0
2,614.1 2,087.8 2,181.7 1,961.9 1,570.7 1,773.7

545.4 543.6 562.5 602.8 417.2 490.1


389.5 365.1 374.5 423.9 278.7 350.6
22.1
156.0 178.5 165.9 178.9 138.5 139.5
598.0 924.1 793.2 913.1 703.7 171.7
550.1 610.3 626.5 702.1 517.7 145.9
12.5 13.8 11.3 8.9 6.2 5.5
35.4 300.0 155.4 202.1 179.8 20.3
247.6 199.8 196.0 171.0 254.0 139.9
0.0 0.0 0.0 0.0 0.0 0.0

0.3 0.5 0.1
247.6 199.5 196.0 170.5 254.0 139.7
1,391.1 1,667.5 1,551.6 1,687.0 1,374.9 801.6
529.2 250.3 300.3 125.3 92.3 538.4
509.0 233.1 289.5 113.5 80.3 530.3
20.1 17.2 10.8 11.9 12.0 8.1
48.8 35.1 122.6 105.1 134.8 125.8
0.0 0.0 0.0 0.0 0.0 0.0
6.0 6.5 101.4 85.3 117.3 110.1
0.0 0.0 0.0 0.0 0.0 0.0
29.3 14.0 7.7 8.7

13.5 14.5 21.2 12.1 17.4 7.0
577.9 285.4 422.9 230.4 227.0 664.2
1,969.0 1,952.9 1,974.5 1,917.4 1,601.9 1,465.9
0.0 0.0 0.0 0.0 225.0 225.0
473.2 488.5 217.8 217.8 -2.0 356.8
204.7 212.3 121.9 121.9 -224.5 -220.0
268.5 276.2 96.0 95.9 222.5 576.8
13.9 13.9 13.9 13.9 13.9 13.9
259.9 -290.9 135.1 -87.4 -123.6 -148.6
-93.4 -59.1 -143.9 -86.3 -128.5 -125.1
625.9 124.7 195.2 30.2 -43.1 294.2
19.2 10.2 12.0 14.3 11.8 13.6
645.1 134.8 207.2 44.5 -31.2 307.8
2,614.1 2,087.8 2,181.7 1,961.9 1,570.7 1,773.7

JP GAAP JP GAAP JP GAAP JP GAAP JP GAAP JP GAAP


110.0 116.6 169.1 169.1 169.1 497.3
1.0 1.0 1.0 1.0 1.1 1.1
6.0 6.5 101.4 85.3 117.3 110.1
48.1 15.7 12.0 14.2 9.8 9.7
32.7 31.0 22.1 13.6
19.51 15.42 18.65 17.72 12.24 72.73
123,238.00 148,750.00 180,223.00 183,526.00 202,271.00 195,189.00
0.0 0.0 0.0
0.0 0.0 0.0
931.8 982.5 713.9 780.0 520.5 228.0
144.44 728.64 344.60 1,752.13 74.08
21.66 3.23 6.50 -0.64 -20.25 1.55
1.02 0.73 0.89 0.77 0.70 1.49
66.62 58.32 42.18 43.34 32.37 34.25
56,756.00 50,647.00 50,253.00 49,096.00 43,511.00 41,898.00
Sharp Corp/Japan (6753 JT) - Profitability
In Billions of JPY except Per Share FY 2008 FY 2009 FY 2010 FY 2011
12 Months Ending 03/31/2008 03/31/2009 03/31/2010 03/31/2011
Returns
Return on Common Equity 8.44 -11.08 0.42 1.87
Return on Assets 3.37 -4.37 0.16 0.68
Return on Capital 5.86 -6.27 0.74 1.34
Return on Invested Capital 6.09 -1.91 3.42 2.49

Margins
Gross Margin 22.09 15.97 19.10 18.85
EBITDA Margin 13.15 8.77 11.48 11.61
Operating Margin 5.37 -1.95 1.88 2.61
Incremental Operating Margin -41.92 10.15
Pretax Margin 4.75 -7.17 0.22 1.35
Income before XO Margin 3.02 -4.40 0.22 0.70
Net Income Margin 2.98 -4.42 0.16 0.64
Net Income to Common Margin 2.98 -4.42 0.16 0.64

Additional
Effective Tax Rate 36.38 0.03 48.15
Dvd Payout Ratio 30.10 425.45 96.42
Sustainable Growth Rate 5.90 -1.37 0.07
Source: Bloomberg
FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017
03/31/2012 03/31/2013 03/31/2014 03/31/2015 03/31/2016 03/31/2017

-45.53 -145.32 7.23 -197.36


-13.68 -23.20 0.54 -10.73 -14.49 -1.49
-20.08 -34.76 1.44 -17.18 -26.03 -2.24
-13.47 -21.54 3.30 -9.21 -20.89 2.33

16.78 10.51 18.13 13.94 9.48 18.72


8.59 1.27 7.94 2.20 -3.46 6.37
-1.53 -5.90 3.71 -1.73 -6.58 3.05
-20.57 56.80 -111.14 -35.08
-9.71 -18.81 1.57 -6.78 -9.39 -0.03
-15.21 -21.94 0.44 -7.90 -10.29 -1.19
-15.31 -22.00 0.39 -7.98 -10.40 -1.21
-15.31 -22.00 0.39 -7.98 -10.62 -1.47

71.75
0.00
7.23
Sharp Corp/Japan (6753 JT) - Growth
In Billions of JPY except Per Share FY 2008 FY 2009 FY 2010 FY 2011
12 Months Ending 03/31/2008 03/31/2009 03/31/2010 03/31/2011
1 Year Growth
Revenue 9.27 -16.69 -3.21 9.65
EBITDA 13.71 -44.44 26.72 10.95
Operating Income -1.52 52.01
Net Income to Common 0.20 341.23
EPS Diluted -3.43 335.71
EPS Diluted before XO -3.43 335.71
EPS Diluted before Abnormal -4.00 62.47
Dividend per Share 7.69 -25.00 -19.05 0.00

Accounts Receivable -2.32 -40.89 27.71 -10.31


Inventory 4.29 -11.97 2.82 18.19
Fixed Assets 9.10 -6.67 -0.43 -6.10
Total Assets 3.52 -12.51 5.49 1.74
Modified Working Capital 12.65 -4.91 -0.64 18.06
Working Capital -26.39 -46.99 72.89 42.87
Employees 9.77 0.81 -0.27 2.93
Accounts Payable -3.95 -38.08 24.06 -4.10
Short-Term Debt 34.74 25.07 -25.50 -4.92
Total Debt 17.03 17.88 -1.16 3.31
Total Equity 4.17 -15.58 1.66 -1.62
Capital 8.48 -3.47 0.42 0.52
Book Value per Share 3.16 -15.62 0.53 -1.76

Cash From Operations 2.99 -92.14 1,093.49 -44.84


Capital Expenditures 23.21 -34.48 -6.32 -12.29
Net Change In Cash -66.53
Free Cash Flow -442.26
Cash Flow to Firm 3.38 -44.89
Free Cash Flow to Firm

5 Year Growth
Revenue 11.28 4.75 1.65 1.56
EBITDA 13.90 -1.78 -0.25 0.05
Operating Income 13.05 -19.23 -13.58
Net Income to Common 25.81 -43.51 -26.13
EPS Diluted 24.42 -44.16 -27.26
Dividend per Share 13.30 3.13 -3.20 -5.03

Accounts Receivable 11.86 -2.77 -0.53 -4.98


Inventory 9.78 7.89 4.77 7.64
Fixed Assets 10.44 6.29 4.27 1.47
Total Assets 8.92 4.57 3.53 2.42
Modified Working Capital 3.19 5.31 2.94 6.58
Working Capital -6.27 -10.78 6.54 6.72
Employees 2.87 3.24 2.92 3.47
Accounts Payable 15.57 0.37 1.30 -2.04
Short-Term Debt 6.29 14.13 -3.11 1.29
Total Debt 7.75 14.83 11.13 11.71
Total Equity 6.39 1.96 1.02 -1.09
Total Capital 5 Year Growth 6.87 6.56 4.73 3.52
Book Value per Share 6.22 1.77 0.62 -1.53

Cash From Operations 3.77 -36.67 6.73 -8.69


Net Change In Cash -24.36 -8.42
Cash Flow to Firm 3.83

Sequential Growth
Revenue 9.27 -16.69 -3.21 9.65
EBITDA 13.71 -44.44 26.72 10.95
Operating Income -1.52 -130.20 52.01
Net Income to Common 0.20 -223.44 341.23
EPS Diluted -3.43 -231.55 335.71
EPS Diluted before XO -3.43 -231.55 335.71
EPS Diluted before Abnormal -4.00 -159.08 62.47
Dividend per Share 7.69 -25.00 -19.05 0.00

Accounts Receivable -2.32 -40.89 27.71 -10.31


Inventory 4.29 -11.97 2.82 18.19
Fixed Assets 9.10 -6.67 -0.43 -6.10
Total Assets 3.52 -12.51 5.49 1.74
Modified Working Capital 12.65 -4.91 -0.64 18.06
Working Capital -26.39 -46.99 72.89 42.87
Employees 9.77 0.81 -0.27 2.93
Accounts Payable -3.95 -38.08 24.06 -4.10
Short-Term Debt 34.74 25.07 -25.50 -4.92
Total Debt 17.03 17.88 -1.16 3.31
Total Equity 4.17 -15.58 1.66 -1.62
Capital 8.48 -3.47 0.42 0.52
Book Value per Share 3.16 -15.62 0.53 -1.76

Cash From Operations 2.99 -92.14 1,093.49 -44.84


Capital Expenditures 23.21 -34.48 -6.32 -12.29
Net Change In Cash -66.53 -319.52 -908.16
Free Cash Flow -297.75 -134.61
Cash Flow to Firm 3.38 -44.89
Free Cash Flow to Firm -232.56 -126.88
Source: Bloomberg
FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017
03/31/2012 03/31/2013 03/31/2014 03/31/2015 03/31/2016 03/31/2017

-18.73 0.93 18.10 -4.81 -11.65 -16.69


-39.92 -85.06 637.60 -73.63
-289.50 -236.97
-45.01 -17.59 88.44
-43.32 -17.59 95.56
-43.32 -17.59 95.56
-44.64 -47.08 97.90
-41.18

-4.88 12.93 1.89 -3.97 -31.23 30.18


8.52 -41.10 -5.02 14.63 -45.52 18.22
-9.58 -35.39 -7.81 -22.92 -12.33 -0.45
-9.41 -20.14 4.50 -10.07 -19.94 12.93
47.76 -28.38 -4.66 -6.67 -42.18 24.94
-89.14 60.20 -118.60 -5.45
2.12 -10.76 -0.78 -2.30 -11.38 -3.71
-26.74 -6.26 2.56 13.20 -34.25 25.79
108.12 54.53 -14.17 15.12 -22.94 -75.60
33.04 4.19 -6.89 -5.04 -23.35 -10.78
-38.48 -79.10 53.65 -78.51
-6.52 -26.13 -0.65 -16.74 -29.39 33.11
-39.00 -81.21 7.98 -84.54

43.42 -91.29
-39.53 -47.99 -25.63 8.76 -6.73 66.93
45.60 87.52 30.18
-835.12 45.49 -101.51

-4.72 -6.22 0.56 0.22 -4.02 -3.54


-11.80 -41.23 -1.43 -27.99 -9.13



-17.40 -100.00 -100.00 -100.00 -100.00 -100.00

-8.85 -6.17 4.62 -1.17 -6.29 -0.22


3.90 -7.32 -5.90 -3.83 -17.63 -16.21
-2.95 -12.61 -12.82 -17.17 -18.30 -16.71
-2.51 -7.44 -4.09 -7.11 -11.45 -7.46
13.18 3.37 3.43 2.14 -11.45 -14.37
-36.32
3.01 -1.17 -1.48 -1.89 -4.78 -5.89
-12.31 -12.74 -3.47 -5.23 -12.12 -2.08
19.96 23.30 14.35 24.75 19.62 -22.09
13.38 10.78 5.68 4.83 -1.24 -8.83
-11.56 -35.86 -27.70 -47.01 -13.76
-0.24 -7.62 -7.08 -10.50 -16.61 -10.50
-12.11 -37.48 -34.32 -54.83 -52.40

-18.73 0.93 18.10 -4.81 -11.65 -16.69


-39.92 -85.06 637.60 -73.63 -239.15
-147.60 -144.28
-2,038.44 -2,023.58
-2,175.17 -1,771.03
-2,175.17 -1,771.03
-1,001.40 -659.24
-41.18 -100.00

-4.88 12.93 1.89 -3.97 -31.23 30.18


8.52 -41.10 -5.02 14.63 -45.52 18.22
-9.58 -35.39 -7.81 -22.92 -12.33 -0.45
-9.41 -20.14 4.50 -10.07 -19.94 12.93
47.76 -28.38 -4.66 -6.67 -42.18 24.94
-89.14 -1,583.43
2.12 -10.76 -0.78 -2.30 -11.38 -3.71
-26.74 -6.26 2.56 13.20 -34.25 25.79
108.12 54.53 -14.17 15.12 -22.94 -75.60
33.04 4.19 -6.89 -5.04 -23.35 -10.78
-38.48 -79.10 53.65 -78.51 -170.11
-6.52 -26.13 -0.65 -16.74 -29.39 33.11
-39.00 -81.21 7.98 -84.54 -988.61

-185.58 -91.29 -208.81


-39.53 -47.99 -25.63 8.76 -6.73 66.93
-172.76
-121.12


Sharp Corp/Japan (6753 JT) - Credit
In Billions of JPY except Per Share FY 2008 FY 2009 FY 2010 FY 2011
12 Months Ending 03/31/2008 03/31/2009 03/31/2010 03/31/2011
Short and Long Term Debt 703.9 829.8 820.1 847.3
Short-Term Debt 324.3 405.6 302.2 287.3
Long Term Debt 379.6 424.1 518.0 559.9

Total Debt/T12M EBITDA 1.57 3.32 2.59 2.41


Net Debt/EBITDA 0.70 1.97 1.49 1.71

Total Debt/EBIT 3.83 15.80 10.74


Net Debt/EBIT 1.70 9.09 7.60

EBITDA to Interest Expense 45.13 27.29 40.59 43.87


EBITDA-CapEx/Interest Expense 8.68 1.29 12.00 19.44
EBIT to Interest Expense 18.45 -6.07 6.66 9.86

EBITDA/Cash Interest Paid 45.62 27.20 41.89 43.08


EBITDA-CapEx/Cash Interest Paid 8.77 1.29 12.39 19.09
EBIT/Cash Interest Paid 18.65 -6.04 6.87 9.68

Cash Interest Paid 9.8 9.2 7.6 8.1


Interest Expense 10.0 9.1 7.8 8.0

Common Equity/Total Assets 40.07 38.65 36.83 35.56


Long-Term Debt/Equity 30.57 40.45 48.59 53.39
Long-Term Debt/Capital 19.51 22.58 27.46 29.53
Long-Term Debt/Total Assets 12.35 15.77 18.26 19.40

Total Debt/Equity 56.68 79.14 76.95 80.79


Total Debt/Capital 36.18 44.18 43.49 44.69
Total Debt/Total Assets 22.90 30.86 28.92 29.36

Net Debt/Equity 25.17 47.00 44.26 57.16


Net Debt/Capital 20.11 31.97 30.68 36.37

EBITDA 449.3 249.6 316.3 351.0


EBITDA-CapEx 86.4 11.8 93.6 155.6
EBIT 183.7 -55.5 51.9 78.9
Source: Bloomberg
FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017
03/31/2012 03/31/2013 03/31/2014 03/31/2015 03/31/2016 03/31/2017
1,127.2 1,174.4 1,093.5 1,038.5 795.9 710.1
598.0 924.1 793.2 913.1 703.7 171.7
529.2 250.3 300.3 125.3 92.3 538.4

5.35 37.28 4.71 16.95 5.43


4.42 31.19 3.07 12.73 1.74

10.07 11.37
6.58 3.65

24.39 2.39 11.21 2.64 -4.55 20.44


10.72 -2.27 9.00 0.50 -7.03 8.33
-4.34 -11.11 5.24 -2.07 -8.65 9.77

24.60 2.42 11.15 2.64 -4.54 22.99


10.81 -2.30 8.95 0.50 -7.01 9.37
-4.38 -11.23 5.21 -2.07 -8.63 10.99

8.6 13.0 20.8 23.2 18.8 5.7


8.6 13.2 20.7 23.2 18.7 6.4

23.94 5.97 8.95 1.54 -17.07 3.90


82.03 185.64 144.96 281.54 174.93
29.86 19.12 23.09 11.57 12.07 52.90
20.24 11.99 13.77 6.39 5.87 30.36

174.72 870.99 527.83 2,332.82 230.71


63.60 89.70 84.07 95.89 104.08 69.76
43.12 56.25 50.12 52.93 50.67 40.04

144.44 728.64 344.60 1,752.13 74.08


59.09 87.93 77.51 94.60 106.38 42.55

210.9 31.5 232.3 61.3 -85.2 130.7


92.7 -30.0 186.6 11.5 -131.6 53.3
-37.6 -146.3 108.6 -48.1 -162.0 62.5
Sharp Corp/Japan (6753 JT) - Liquidity
In Billions of JPY except Per Share FY 2008 FY 2009 FY 2010 FY 2011
12 Months Ending 03/31/2008 03/31/2009 03/31/2010 03/31/2011
Cash Ratio 0.27 0.28 0.28 0.19
Current Ratio 1.15 1.09 1.16 1.22
Quick Ratio 0.68 0.57 0.64 0.51
CFO/Avg Current Liab 0.23 0.02 0.25 0.14
Common Equity/Total Assets 40.07 38.65 36.83 35.56

Long-Term Debt/Equity 30.57 40.45 48.59 53.39


Long-Term Debt/Capital 19.51 22.58 27.46 29.53
Long-Term Debt/Total Assets 12.35 15.77 18.26 19.40

Total Debt/Equity 56.68 79.14 76.95 80.79


Total Debt/Capital 36.18 44.18 43.49 44.69
Total Debt/Total Assets 22.90 30.86 28.92 29.36

CFO/Total Liabilities 17.68 1.55 17.15 9.11


CFO/CapEx 0.89 0.11 1.36 0.86
Altman's Z-Score 2.41 1.75 1.91 1.91

Total Line of Credit 0.0


Total Available Line Of Credit 0.0
Total Credit Lines Drawn 0.0

Total Commercial Paper Outstanding 158.2 335.4 165.8 139.8


Source: Bloomberg
FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017
03/31/2012 03/31/2013 03/31/2014 03/31/2015 03/31/2016 03/31/2017
0.14 0.11 0.23 0.14 0.18 0.57
1.02 0.73 0.89 0.77 0.70 1.49
0.41 0.37 0.51 0.38 0.39 1.03
-0.11 -0.05 0.12 0.01 -0.01 0.12
23.94 5.97 8.95 1.54 -17.07 3.90

82.03 185.64 144.96 281.54 174.93


29.86 19.12 23.09 11.57 12.07 52.90
20.24 11.99 13.77 6.39 5.87 30.36

174.72 870.99 527.83 2,332.82 230.71


63.60 89.70 84.07 95.89 104.08 69.76
43.12 56.25 50.12 52.93 50.67 40.04

-7.28 -4.15 10.08 0.90 -1.18 8.68


-1.21 -1.32 4.35 0.35 -0.41 1.64
1.28 0.61 1.70 1.19 0.91 2.25

351.0 0.0 64.2 64.9 52.7


Sharp Corp/Japan (6753 JT) - Working Capital
In Billions of JPY except Per Share FY 2008 FY 2009 FY 2010 FY 2011
12 Months Ending 03/31/2008 03/31/2009 03/31/2010 03/31/2011
Accounts Receivable Turnover 5.86 6.21 7.11 7.33
Days Sales Outstanding 62.43 58.75 51.35 49.82
Inventory Turnover 5.98 5.60 5.50 5.47
Days Inventory Outstanding 61.17 65.17 66.41 66.78
Accounts Payable Turnover 3.64 4.00 4.48 4.65
Accounts Payable Turnover Days 100.53 91.21 81.55 78.43

Cash Conversion Cycle 23.07 32.72 36.21 38.17


Inventory to Cash Days 123.59 123.93 117.75 116.60

Total Inventory 454.4 400.0 411.3 486.1


Inventory Raw Materials 71.9 76.5 87.8
Inventory In Progress 148.5 170.1 206.6
Inventory Finished Goods 179.6 164.7 191.6
Other Inventory 0.0 0.0 0.0
Source: Bloomberg
FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017
03/31/2012 03/31/2013 03/31/2014 03/31/2015 03/31/2016 03/31/2017
6.45 6.28 6.92 6.66 7.12 6.32
56.71 58.17 52.74 54.81 51.44 57.75
4.03 5.29 7.91 7.57 8.53 8.29
90.75 68.97 46.14 48.21 42.92 44.04
4.53 5.30 6.44 6.11 5.90 5.40
80.84 68.82 56.69 59.69 61.98 67.54

66.62 58.32 42.18 43.34 32.37 34.25


147.46 127.13 98.88 103.03 94.36 101.79

527.5 310.7 295.1 338.3 184.3 217.9


68.7 62.9 58.5 57.3 35.7 43.2
264.6 90.4 76.1 67.8 22.9 28.0
194.2 157.4 160.5 213.1 125.7 146.7
0.0 0.0 0.0 0.0 0.0 0.0
Sharp Corp/Japan (6753 JT) - Yield Analysis
In Billions of JPY except Per Share FY 2010 FY 2011 FY 2012 FY 2013
12 Months Ending 03/31/2010 03/31/2011 03/31/2012 03/31/2013
T12 Cash Flows to Equity
+ Cash From Operations 303.6 167.4 -143.3 -81.1
+ Capital Expenditures -222.8 -195.4 -118.2 -61.5
Free Cash Flow 80.8 -28.0 -261.5 -142.5
Market Capitalization 1,286.4 907.8 664.6 317.2
Free Cash Flow Yield 6.28 -3.08 -39.34 -47.07

Dividends Paid -15.4 -22.0 -13.2 -5.5


Net Share Repurchases -0.1 -0.1 0.0 -10.0
Net ST Debt Repayments -171.2 7.3 305.5 85.4
Net LT Debt Repayments 148.9 14.5 -30.6 -15.9
Other Financing Activities -1.8 -9.8 -6.4 14.1
T12 Cash to Suppliers of Capital -39.6 -10.0 255.3 68.1
Market Capitalization 1,286.4 907.8 664.6 317.2
T12 Shareholder Yield 3.08 1.11 -38.41 -21.45

- Dividends Paid -15.4 -22.0 -13.2 -5.5


- Net Share Repurchases -0.1 -0.1 0.0 -10.0
T12 Cash to Shareholders 15.5 22.1 13.2 15.5
Market Capitalization 1,286.4 907.8 664.6 317.2
T12 Shareholder Yield, Ex Debt 1.20 2.43 1.99 4.89

T12 Cash Flows to the Firm


+ Cash From Operations 303.6 167.4 -143.3 -81.1
+ Capital Expenditures -222.8 -195.4 -118.2 -61.5
+ After-Tax Interest Expense 7.8 4.1
Trailing 12M Free Cash Flow To Firm 88.6 -23.8
Periodic Enterprise Value 1,779.5 1,529.8 1,615.7 1,309.9
T12 FCFF Yield 4.98 -1.56

- Dividends Paid -15.4 -22.0 -13.2 -5.5


- Net Share Repurchases -0.1 -0.1 0.0 -10.0
- Net ST Debt Repayments -171.2 7.3 305.5 85.4
- Net LT Debt Repayments 148.9 14.5 -30.6 -15.9
- Other Financing Activities -1.8 -9.8 -6.4 14.1
T12 Cash to Suppliers of Capital -39.6 -10.0 255.3 68.1
Periodic Enterprise Value 1,779.5 1,529.8 1,615.7 1,309.9
T12 Capital Yield 2.23 0.66 -15.80 -5.20
Source: Bloomberg
FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 Est FY 2019 Est
03/31/2014 03/31/2015 03/31/2016 03/31/2017 03/31/2018 03/31/2019

199.0 17.3 -18.9 127.2 84.7 90.4


-45.7 -49.7 -46.4 -77.4
153.3 -32.4 -65.2 49.8 -33.1 -10.1
530.9 397.3 218.1 2,337.1
34.16 -8.15 -29.91 2.40

0.0 0.0 0.0 0.0


142.5 0.0 224.6 357.1
2.7 6.5 -176.9 -367.1
-70.8 -131.4 -55.3 287.7
-25.7 5.2 -15.7 -9.9
48.7 -119.7 -23.3 267.8
530.9 397.3 218.1 2,337.1
-9.18 30.13 10.68 -11.46

0.0 0.0 0.0 0.0


142.5 0.0 224.6 357.1
-142.4 -224.6 -357.1
530.9 397.3 218.1 2,337.1
-26.83 -102.98 -15.28

199.0 17.3 -18.9 127.2 84.7 90.4


-45.7 -49.7 -46.4 -77.4
5.9
159.1
1,256.8 1,191.6 975.5 2,803.8
12.66

0.0 0.0 0.0 0.0


142.5 0.0 224.6 357.1
2.7 6.5 -176.9 -367.1
-70.8 -131.4 -55.3 287.7
-25.7 5.2 -15.7 -9.9
48.7 -119.7 -23.3 267.8
1,256.8 1,191.6 975.5 2,803.8
-3.88 10.05 2.39 -9.55
Sharp Corp/Japan (6753 JT) - DuPont Analysis
In Billions of JPY except Per Share FY 2008 FY 2009 FY 2010 FY 2011
12 Months Ending 03/31/2008 03/31/2009 03/31/2010 03/31/2011
Tax Burden
Net Inc to Comn/Pre-Tax Profit % 62.82 61.63 71.62 47.46
Adjustment Factor
Normlzd Net Inc/Net Inc to Cmn 1.03 4.36 1.61
Interest Burden
Pre-Tax Profit/EBIT % 94.22 104.69 44.06 83.63
Operating Margin
EBIT/Revenue % 5.04 -6.85 0.51 1.62
Asset Turnover
Revenue/Avg Assets 1.13 0.99 1.00 1.06
Leverage Ratio
Avg Assets/Avg Equity 2.50 2.54 2.65 2.76

Adjusted Return on Equity 8.69 -5.12 1.84 3.01

5 Year Average Adj ROE 8.14 5.81 4.60 3.53


Payout Ratio 30.10 425.45 96.42
Sustainable Growth Rate 5.90 -1.37 0.07
Source: Bloomberg
FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017
03/31/2012 03/31/2013 03/31/2014 03/31/2015 03/31/2016 03/31/2017

157.73 116.98 25.14 117.75 113.12 5,132.43

2.15

103.76 102.91 68.92 113.99 108.81 -10.15

-9.36 -18.28 2.28 -5.95 -8.63 0.28

0.89 1.05 1.37 1.34 1.39 1.23

3.33 6.26 13.35 18.39

-31.80 -102.42 15.54 -141.97

-4.68 -26.90 -22.77 -51.53


0.00
7.23
Sharp Corp/Japan (6753 JT) - By Measure
In Billions of JPY except Per Share FY 2008 FY 2009 FY 2010
12 Months Ending 03/31/2008 03/31/2009 03/31/2010
Revenue 3,417.7 100.0% 2,847.2 100.0% 2,755.9 100.0%
Display Device
Busines Solutions
Health & Environment Systems
Camera Module
Electronic Devices
IoT Communication
Energy Solutions
Consumer Electronics
Device Business
LCDs
Product Business
Business Solution
Digital Home Appliance
Other
Mobile Phones & Communication Termi
LCD Color TVs
Health & Environmental
Solar Cells
Electronic Components 1,132.4 33.1% 948.3 33.3% 912.8 33.1%
LSI 163.5 4.8%
Other Electronic Components 285.9 8.4%
CCD/CMOS Imagers 123.5 3.6%
Other Electronic Components 11.0 0.3%
Solar Cells 151.0 4.4%
Other Electronic Devices 217.3 7.6% 195.4 7.1%
CCD/CMOS Imagers 81.4 2.9% 90.7 3.3%
Adjustments & Other Electronic Devices 135.9 4.8% 104.7 3.8%
Solar Cells 157.1 5.5% 208.7 7.6%
LCDs 663.3 19.4% 573.9 20.2% 508.6 18.5%
Consumer/Information Products 2,285.3 66.9% 1,899.0 66.7% 1,843.1 66.9%
Information Equipment 437.3 12.8% 351.5 12.3% 266.9 9.7%
Printers & Copiers 147.8 4.3% 127.4 4.5% 113.1 4.1%
Other Information Equipment-Mobile Dev 289.4 8.5% 224.0 7.9% 153.8 5.6%
Health & Environmental Equipment 249.8 7.3% 225.3 7.9% 244.1 8.9%
Microwave Ovens & Ovens 51.7 1.5% 39.1 1.4%
Air Conditioners 59.4 1.7% 47.8 1.7% 46.2 1.7%
Refrigerators 66.6 1.9% 65.1 2.3% 67.4 2.4%
Other Health & Environmental-Washin 72.1 2.1% 73.3 2.6% 130.5 4.7%
Audio-Visual & Communication Equipmen 1,598.2 46.8% 1,322.2 46.4% 1,332.1 48.3%
Adjustments & Other AV & Communicat -2.8
Projectors 19.4 0.6%
Facsimiles 24.4 0.7%
Color TVs 33.9 1.0%
Blu-ray Disc Player/DVD 57.8 1.7% 70.4 2.5% 62.8 2.3%
Other AV & Communication Equipment- 85.2 3.0% 148.1 5.4%
Other
Mobile Phones & Communication Termi 651.3 19.1% 437.3 15.4% 454.4 16.5%
LCD Color TVs 814.1 23.8% 729.3 25.6% 666.8 24.2%
Revenue - Supplementary Breakdown 729.3 100.0% 666.8 100.0%
Display Device
Busines Solutions
Health & Environment Systems
Electronic Components and Devices
Camera Module
IoT Communication
Energy Solutions
Adjustments
IoT Communication
Digital Home Appliance
LCD TV 729.3 100.0% 666.8 100.0%
Intersegment Revenue
Display Device
Electric Device
Busines Solutions
Camera Module
IoT Communication
Energy Solutions
Health & Environment Systems
Consumer Electronics
Device Business
Product Business
Electronic Components
Consumer/Information Products
Revenue Including Intersegment Revenu
Display Device
Busines Solutions
Health & Environment Systems
Electric Device
Camera Module
IoT Communication
Energy Solutions
Consumer Electronics
Device Business
Product Business
Electronic Components
Other Electronic Devices
Solar Cells
LCDs
Consumer/Information Products
Information Equipment
Health & Environmental Equipment
Audio-Visual & Communication Equipmen
Operating Income 183.7 100.0% -55.5 51.9 100.0%
Health & Environment Systems
Busines Solutions
IoT Communication
Electric Device
Display Device
Energy Solutions
Camera Module
Adjustments
Consumer Electronics
Device Business
Other Electronic Devices
LCDs
Product Business
Business Solution
Digital Home Appliance
Health & Environmental
Solar Cells
Adjustments 0.1 2.3 -2.2
Electronic Components 104.4 56.8% -24.0 41.5% 20.1 37.2%
LSIs 2.2 1.2%
Other Electronic Components 14.3 7.8%
Other Electronic Devices -12.0 20.7% 5.6 10.4%
Solar Cells -16.1 27.9% 3.4 6.2%
LCDs 87.9 47.9% 4.1 -7.1% 11.2 20.6%
Consumer/Information Products 79.2 43.2% -33.8 58.5% 34.0 62.8%
Information Equipment 39.0 21.3% 16.1 -27.9% 14.0 25.9%
Health & Environmental Equipment 1.9 1.0% 3.7 -6.4% 16.2 30.0%
Audio-Visual & Communication Equipmen 38.3 20.9% -53.6 92.8% 3.7 6.9%
Operating Income - Supplementary Bre
Health & Environment Systems
Busines Solutions
IoT Communication
Electronic Components and Devices
Display Device
Energy Solutions
Camera Module
Adjustments
IoT Communication
Digital Home Appliance
Revenue Growth %
Health & Environment Systems
Busines Solutions
Electric Device
Camera Module
IoT Communication
Display Device
Energy Solutions
Business Solution
Consumer Electronics
Device Business
Other Electronic Devices
LCDs
Product Business
Digital Home Appliance
Health & Environmental
Solar Cells
Electronic Components
Other Electronic Devices
Solar Cells
LCDs
Consumer/Information Products
Information Equipment
Health & Environmental Equipment
Audio-Visual & Communication Equipmen
Amount Produced 3,392.2 100.0% 2,824.0 100.0% 2,700.1 100.0%
Display Device
Busines Solutions
Health & Environment Systems
Camera Module
Electric Device
IoT Communication
Energy Solutions
Consumer Electronics
Device Business
Product Business
Electronic Components 1,109.8 32.7% 940.8 33.3% 881.4 32.6%
Consumer/Information Products 2,282.4 67.3% 1,883.2 66.7% 1,818.7 67.4%
Goodwill
Product Business
Adjustments
Electronic Components
Consumer/Information Products
Assets 3,073.2 100.0% 2,688.7 100.0% 2,836.3 100.0%
Adjustments 435.8 420.6 401.8
Intersegment Adjustment
Corporate
Display Device
Busines Solutions
Health & Environment Systems
Energy Solutions
Electric Device
IoT Communication
Camera Module
Consumer Electronics
Energy Solutions
Device Business
Product Business
Electronic Components 1,686.6 63.9% 1,398.8 61.7% 1,481.1 60.8%
Consumer/Information Products 950.9 36.1% 869.4 38.3% 953.3 39.2%
Number of Units Sold ### ### ### ###
Mobile phones & Communication Terminal 9,920,000.00 49.80% ### 50.87%
LCD TV ### 50.20% ### 49.13%
Depreciation and Amortization 276.6 100.0% 315.8 100.0% 277.3 100.0%
Display Device
Busines Solutions
IoT Communication
Health & Environment Systems
Adjustments -1.2 -0.9 -0.9
Electric Device
Camera Module
Energy Solutions
Consumer Electronics
Device Business
Product Business
Electronic Components 206.4 74.3% 200.9 63.4% 184.5 66.3%
Consumer/Information Products 71.3 25.7% 115.8 36.6% 93.6 33.7%
R&D Expenses 196.2 100.0% 195.5 100.0% 166.5 100.0%
Display Device
Busines Solutions
IoT Communication
Electric Device
Corporate
Health & Environment Systems
Energy Solutions
Consumer Electronics
Device Business
Product Business
Electronic Components 84.8 43.2% 78.2 40.0% 65.9 39.6%
Consumer/Information Products 111.4 56.8% 117.3 60.0% 100.6 60.4%
Capital Expenditures -436.2 -327.8 -286.1
Energy Solutions
Health & Environment Systems
IoT Communication
Camera Module
Electric Device
Busines Solutions
Adjustments 0.4 0.4 0.6
Display Device
Consumer Electronics
Device Business
Product Business
Electronic Components -308.4 70.6% -221.4 67.4% -212.7 74.2%
Consumer/Information Products -128.2 29.4% -106.9 32.6% -74.0 25.8%
Number of Employees 53,708.00 ### 54,144.00 ### 53,999.00 ###
Display Device
Busines Solutions
Health & Environment Systems
Electric Device
Energy Solutions
IoT Communication
Corporate 3,758.00 4,043.00 4,296.00
Camera Module
Consumer Electronics
Device Business
Product Business
Electronic Components 19,640.00 39.32% 18,617.00 37.16% 18,873.00 37.97%
Consumer/Information Products 30,310.00 60.68% 31,484.00 62.84% 30,830.00 62.03%
Source: Bloomberg
FY 2011 FY 2012 FY 2013 FY 2014 FY 2015
03/31/2011 03/31/2012 03/31/2013 03/31/2014 03/31/2015
3,022.0 100.0% 2,455.9 100.0% 2,478.6 100.0% 2,927.2 100.0% 2,786.3




294.4 9.1% 416.7



1,109.1 34.4% 1,189.7
814.7 25.3% 773.0
1,818.1 56.4% 1,596.6
318.9 9.9% 340.3
733.3 22.8% 670.3
114.0 3.5% 106.7
205.5 6.4% 193.6
413.8 12.8% 370.0
326.9 10.1% 315.0
439.0 13.6% 270.9
1,052.0 34.8% 825.3 33.6% 1,140.2 46.0%





172.1 5.7% 181.2 7.4% 229.4 9.3%
78.3 2.6% 97.5 4.0%
93.8 3.1% 83.7 3.4%
265.5 8.8% 223.9 9.1% 259.9 10.5%
614.4 20.3% 420.2 17.1% 650.8 26.3%
1,970.0 65.2% 1,630.6 66.4% 1,338.4 54.0%
273.9 9.1% 277.6 11.3% 296.8 12.0%
118.9 3.9% 114.2 4.7%
155.0 5.1% 163.4 6.7%
269.8 8.9% 292.2 11.9% 309.6 12.5%

57.4 1.9% 53.5 2.2%
79.6 2.6% 83.1 3.4%
132.8 4.4% 155.6 6.3%
1,426.2 47.2% 1,060.8 43.2% 732.0 29.5%




71.4 2.4% 53.3 2.2%
138.1 4.6% 120.4 4.9%
114.0 4.6%
413.2 13.7% 305.8 12.5% 229.6 9.3%
803.5 26.6% 581.3 23.7% 388.4 15.7%
803.5 100.0% 2,455.7 100.0% 2,478.3 100.0% 2,926.8 100.0% 2,786.0
720.9 25.6% 846.8 31.2% 991.0 31.6% 907.1
277.6 9.9% 296.9 10.9% 318.8 10.2% 340.3
292.3 10.4% 309.6 11.4% 326.8 10.4% 315.0
238.1 8.5% 270.6 10.0% 326.3 10.4% 441.4


223.9 8.0% 259.9 9.6% 439.0 14.0% 270.8
-358.1 -238.1 -208.4 -158.9

1,061.0 37.7% 732.6 27.0% 733.3 23.4% 670.3
803.5 100.0%
502.6 100.0% 358.2 100.0% 237.3 100.0% 208.4 100.0% 158.9








208.4 100.0% 158.9
0.1 0.0% 0.1
502.0 99.9% 357.7 99.9% 235.9 99.4%
0.6 0.1% 0.4 0.1% 1.3 0.6%
2,715.9 100.0% 3,135.6 100.0% 2,945.2








1,317.5 42.0% 1,348.6
1,818.2 58.0% 1,596.6
1,376.1 50.7%
269.5 9.9%
259.9 9.6%
846.7 31.2%
1,339.7 49.3%
297.4 11.0%
309.7 11.4%
732.7 27.0%
78.9 100.0% -37.6 -146.3 108.6 100.0% -48.1









44.9 31.7% 1.3
3.3 2.3% 0.7
41.6 29.4% 0.6
96.8 68.3% -12.3
30.5 21.6% 31.4
12.8 9.1% 3.1
21.0 14.8% 15.9
32.4 22.9% -62.7
-31.1 -33.9 -34.0 -33.1 -37.0
30.7 27.9% -54.7 ### -159.0 141.6%


11.5 10.5% 9.5 ### -15.5 13.8%
2.1 1.9% -22.0 595.6% -4.5 4.0%
17.1 15.5% -42.2 ### -139.0 123.8%
79.3 72.1% 51.0 ### 46.7 -41.6%
18.6 16.9% 27.7 ### 24.3 -21.7%
20.0 18.1% 29.5 ### 32.2 -28.7%
40.7 37.0% -6.2 167.8% -9.9 8.8%
-37.4 -146.0 108.4 100.0% -48.1
29.4 ### 32.2 -28.7% 21.0 14.9% 15.9
27.7 ### 24.3 -21.7% 30.5 21.6% 31.4

9.5 ### -15.5 13.8% 3.2 2.3% 0.7
-42.2 ### -138.9 123.9% 41.5 29.3% 0.6
-21.9 608.3% -4.4 3.9% 32.4 22.9% -62.7

-33.8 -33.9 -33.0 -37.0

-6.1 169.4% -9.8 8.7% 12.8 9.1% 3.1








7.40 6.70

17.90 2.40
20.60 35.30
17.00 -8.50
13.70 -12.20
0.10 -8.60
5.60 -3.60
68.90 -38.30
-21.50 38.20
26.60
16.10
54.90
-17.20 -17.90
6.90
6.00
-31.00
2,983.8 100.0% 2,427.2 100.0% 2,413.0 100.0% 2,875.2 100.0% 2,792.1








1,078.0 37.5% 1,216.9
1,797.2 62.5% 1,575.2
1,003.2 33.6% 803.2 33.1% 1,112.2 46.1%
1,980.6 66.4% 1,623.9 66.9% 1,300.7 53.9%
23.1 100.0% 21.1 100.0% 11.1 100.0% 2.5
11.1 100.0% 2.5
0.3 0.1
15.5 67.9% 15.6 74.2%
7.3 32.1% 5.4 25.8%
2,885.7 100.0% 2,614.1 100.0% 2,087.8 100.0% 2,181.7 100.0% 1,961.9
723.8 557.3 462.9 616.0 485.8
-11.5 -10.5
474.4 626.5









726.2 46.4% 698.0
839.5 53.6% 778.1
1,484.8 68.7% 1,424.4 69.3% 1,025.2 63.1%
677.1 31.3% 632.4 30.7% 599.7 36.9%
### ### ### ### ### ### ### ### ###
9,740,000.00 39.66% 7,700,000.00 38.52% 6,110,000.00 43.21% 5,510,000.00 41.37% 5,560,000.00
### 60.34% ### 61.48% 8,030,000.00 56.79% 7,810,000.00 58.63% 7,030,000.00
281.3 100.0% 247.1 100.0% 181.0 100.0% 124.6 100.0% 111.6




8.0 7.6 4.5 4.3 4.7




81.7 67.9% 57.2
38.6 32.1% 49.7
191.0 69.9% 166.0 69.3% 111.7 63.3%
82.3 30.1% 73.5 30.7% 64.7 36.7%
150.4 100.0% 137.9 100.0% 132.1 100.0% 141.0




19.7 19.3 21.2



43.4 38.5% 52.6
69.4 61.5% 67.2
56.1 37.3% 45.2 38.3%
94.3 62.7% 73.0 61.7%
-251.0 -204.7 -130.0 -82.1 -98.5






-14.9 -13.5 -8.1 -6.3 -8.2


-30.4 40.2% -37.5
-45.4 59.8% -52.8
-159.2 67.4% -123.9 64.8% -69.6 57.1%
-76.9 32.6% -67.3 35.2% -52.3 42.9%
55,580.00 ### 56,756.00 ### 50,647.00 ### 50,253.00 ### 49,096.00






4,620.00 4,718.00 4,003.00 3,970.00 3,855.00


15,304.00 33.07% 14,951.00
30,979.00 66.93% 30,290.00
19,301.00 37.87% 20,200.00 38.82% 17,151.00 36.77%
31,659.00 62.13% 31,838.00 61.18% 29,493.00 63.23%
FY 2015 FY 2016 FY 2017
03/31/2015 03/31/2016 03/31/2017
100.0% 2,461.6 100.0% 2,050.6 100.0%
701.4 28.5% 804.5 39.2%
348.5 14.2% 310.2 15.1%
281.5 13.7%
201.4 9.8%
13.0% 458.0 18.6% 186.5 9.1%
163.8 8.0%
155.4 6.3% 102.8 5.0%
798.3 32.4%
37.1%
24.1%
49.8%
10.6%
20.9%
3.3%
6.0%
11.6%
9.8%
8.5%






























100.0% 2,461.3 100.0% 2,050.3 100.0%
30.8% 1,086.6 42.1% 842.0 39.6%
11.6% 355.1 13.7% 317.7 15.0%
10.7% 298.2 11.5% 282.1 13.3%
15.0% 244.9 9.5% 208.9 9.8%
245.0 9.5% 204.7 9.6%
164.7 7.8%
9.2% 156.8 6.1% 103.6 4.9%
-122.7 -73.4
197.4 7.6%
22.8%

100.0% 122.8 100.0% 73.4 100.0%
70.2 57.2% 37.5 51.1%
32.0 26.1% 22.4 30.5%
6.7 5.5% 7.6 10.4%
3.4 4.6%
1.0 1.3%
1.4 1.2% 0.9 1.2%
0.7 0.9%
12.4 10.1%
100.0%
0.0%


100.0% 2,584.3 100.0% 2,124.1 100.0%
771.5 29.9% 842.0 39.6%
355.2 13.7% 317.8 15.0%
282.2 13.3%
490.0 19.0% 208.9 9.8%
204.7 9.6%
164.8 7.8%
156.8 6.1% 103.7 4.9%
810.7 31.4%
45.8%
54.2%








-162.0 62.5 100.0%
29.9 36.2%
35.8 -27.1% 22.5 27.3%
16.3 19.7%
1.5 -1.1% 6.7 8.2%
-129.2 97.8% 3.6 4.3%
-18.4 13.9% 2.2 2.7%
1.3 1.6%
-29.8 -20.1
-21.8 16.5%
-11.5%
-6.1%
-5.4%
111.5%
###
-27.7%
###
568.5%











-161.9 62.3 100.0%
### 11.7 -8.9% 29.9 36.3%
### 35.8 -27.1% 22.5 27.3%
16.3 19.8%
-6.1% -7.6 5.8% 6.7 8.1%
-5.4% -177.2 134.1% 3.5 4.2%
568.5% -18.4 13.9% 2.2 2.7%
9.1 -6.9% 1.3 1.6%
-29.8 -20.1
14.5 -11.0%
-27.7%

-4.90
-11.00
9.90 -13.80
-16.60
-17.00
-9.30 -20.10
-42.60 -33.90
1.50
-18.70















100.0% 2,330.9 100.0% 2,063.0 100.0%
639.8 27.4% 818.1 39.7%
350.7 15.0% 299.7 14.5%
282.3 13.7%
207.5 10.1%
450.0 19.3% 192.0 9.3%
162.4 7.9%
147.5 6.3% 100.9 4.9%
742.9 31.9%
43.6%
56.4%


100.0%
100.0%



100.0% 1,570.7 100.0% 1,773.7 100.0%
443.6 687.1


436.9 38.8% 539.4 49.6%
168.3 14.9% 155.7 14.3%
137.1 12.6%
94.5 8.7%
94.2 8.4% 65.4 6.0%
58.3 5.4%
36.1 3.3%
342.1 30.4%
85.7 7.6%
47.3%
52.7%


###
44.16%
55.84%
100.0% 77.4 100.0% 67.6 100.0%
24.1 32.7% 24.7 39.2%
14.5 19.7% 13.6 21.6%
10.9 17.3%
7.9 12.5%
3.9 4.5
4.7 6.4% 4.0 6.4%
1.5 2.4%
0.7 0.9% 0.3 0.5%
29.7 40.3%
53.5%
46.5%


100.0% 130.1 100.0% 101.6 100.0%
40.2 34.5% 36.6 39.4%
21.8 18.7% 21.9 23.5%
16.1 17.3%
14.8 12.7% 8.9 9.5%
13.5 8.7
8.3 8.9%
1.9 1.6% 1.2 1.3%
38.0 32.5%
43.9%
56.1%


-72.5 -98.9
-1.6 2.6% -0.8 1.0%
-4.5 5.3%
-7.0 8.2%
-8.7 10.3%
-1.8 2.9% -10.0 11.8%
-12.2 19.4% -10.1 12.0%
-9.5 -14.4
-24.6 39.0% -43.4 51.3%
-22.8 36.2%
41.5%
58.5%


### 43,511.00 ### 41,898.00 ###
9,611.00 23.08% 16,190.00 40.00%
11,108.00 26.67% 10,411.00 25.72%
7,411.00 18.31%
3,571.00 8.57% 2,711.00 6.70%
1,733.00 4.16% 1,647.00 4.07%
1,599.00 3.95%
1,865.00 1,424.00
505.00 1.25%
15,623.00 37.51%
33.05%
66.95%


Sharp Corp/Japan (6753 JT) - By Geography
In Billions of JPY except Per Share FY 2008 FY 2009 FY 2010
12 Months Ending 03/31/2008 03/31/2009 03/31/2010
Revenue 3,417.7 100.0% 2,847.2 100.0% 2,755.9 100.0%
China 412.5 12.1% 407.8 14.3% 365.4 13.3%
Japan 1,590.7 46.5% 1,302.3 45.7% 1,429.1 51.9%
Other 204.4 6.0% 197.7 6.9% 225.3 8.2%
Europe 584.3 17.1% 451.1 15.8% 393.2 14.3%
The Americas 625.8 18.3% 488.4 17.2% 342.9 12.4%
Overseas
Revenue by Origin 3,417.7 100.0% 2,847.2 100.0% 2,755.9 100.0%
China 191.2 5.6% 211.0 7.4% 199.3 7.2%
Japan 1,971.1 57.7% 1,637.1 57.5% 1,730.3 62.8%
Other 143.7 4.2% 132.0 4.6% 141.1 5.1%
The Americas-US & Canada 563.5 16.5% 439.7 15.4% 311.8 11.3%
Europe 548.2 16.0% 427.5 15.0% 373.4 13.5%
The Americas
Revenue - Supplementary Breakdown 2,755.9 100.0%
Overseas 1,326.9 48.1%
Consumer/Information Products 605.1 22.0%
Health & Environmental Equipment 82.8 3.0%
Information Equipment 148.9 5.4%
Audio-Visual & Communication Equipm 373.4 13.5%
Electronic Components 721.8 26.2%
Solar Cells 118.8 4.3%
Other Electronic Devices 139.1 5.0%
LCDs 463.9 16.8%
Japan 1,429.1 51.9%
Electronic Components 191.1 6.9%
LCDs 44.7 1.6%
Other Electronic Devices 56.4 2.0%
Solar Cells 90.0 3.3%
Consumer/Information Products 1,238.0 44.9%
Information Equipment 118.0 4.3%
Health & Environmental Equipment 161.3 5.9%
Audio-Visual & Communication Equipm 958.7 34.8%
Intersegment Revenue 1,115.1 100.0%
The Americas-US & Canada 10.3 0.9%
Europe 2.5 0.2%
Other-Asia, Oceania, Middle East 178.9 16.0%
China 328.6 29.5%
Japan 594.6 53.3%
Operating Income 183.7 100.0% -55.5 51.9 100.0%
The Americas-US & Canada 7.4 4.2% -1.1 2.0% 0.8 2.1%
Europe 11.3 6.4% 7.4 -13.9% 6.9 17.9%
Adjustments 6.9 -2.4 13.4
Other-Asia, Oceania, Middle East 3.7 2.1% 5.2 -9.7% 7.9 20.5%
China 9.8 5.6% 10.0 -18.8% 12.1 31.4%
Japan 144.5 81.8% -74.6 140.5% 10.8 28.0%
Amount Produced
Overseas
Japan
Property/Plant/Equipment
Japan
Other
China
Assets 3,073.2 100.0% 2,688.7 100.0% 2,836.3 100.0%
The Americas-US & Canada 175.8 6.1% 142.3 5.9% 159.5 6.1%
Europe 246.8 8.6% 151.7 6.3% 151.0 5.8%
Adjustments 206.9 281.0 226.9
Other-Asia, Oceania, Middle East 95.0 3.3% 78.8 3.3% 107.3 4.1%
China 186.9 6.5% 163.8 6.8% 178.7 6.9%
Japan 2,161.8 75.4% 1,871.2 77.7% 2,012.8 77.1%
Number of Employees 53,708.00 ### 54,144.00 ### 53,999.00 ###
Japan 29,954.00 55.77% 29,728.00 54.91% 30,188.00 55.90%
Overseas 23,754.00 44.23% 24,416.00 45.09% 23,811.00 44.10%
Source: Bloomberg
FY 2011 FY 2012 FY 2013 FY 2014 FY 2015
03/31/2011 03/31/2012 03/31/2013 03/31/2014 03/31/2015
3,022.0 100.0% 2,455.9 100.0% 2,478.6 100.0% 2,927.2 100.0% 2,786.3
517.0 17.1% 483.3 19.7% 667.9 26.9% 925.3 31.6% 1,140.9
1,592.9 52.7% 1,181.2 48.1% 1,007.3 40.6% 1,150.1 39.3% 968.4
242.1 8.0% 220.4 9.0% 539.6 21.8%
368.0 12.2% 282.6 11.5%
302.0 10.0% 288.4 11.7% 263.8 10.6% 354.5 12.1% 260.8
497.2 17.0% 416.2
2,478.6 100.0% 2,927.2 100.0% 2,786.3
667.9 26.9% 925.3 31.6% 1,140.9
1,007.3 40.6% 1,150.1 39.3% 968.4
539.6 21.8% 497.2 17.0% 416.2


263.8 10.6% 354.5 12.1% 260.8
































2,983.8 100.0%
1,727.2 57.9%
1,256.5 42.1%
872.4 100.0% 563.7 100.0% 519.7 100.0% 400.6
780.4 89.4% 461.5 81.9% 415.3 79.9% 305.9
92.0 10.6% 102.2 18.1% 104.4 20.1% 46.6
48.0







55,580.00 ### 56,756.00 ###
29,895.00 53.79% 29,387.00 51.78%
25,685.00 46.21% 27,369.00 48.22%
FY 2015 FY 2016 FY 2017
03/31/2015 03/31/2016 03/31/2017
100.0% 2,461.6 100.0% 2,050.6 100.0%
40.9% 1,085.3 44.1% 900.8 43.9%
34.8% 750.5 30.5% 654.0 31.9%
625.8 25.4% 495.9 24.2%

9.4%
14.9%
100.0% 2,461.6 100.0% 2,050.6 100.0%
40.9% 1,085.3 44.1% 900.8 43.9%
34.8% 750.5 30.5% 654.0 31.9%
14.9% 625.8 25.4% 495.9 24.2%


9.4%



































100.0% 351.2 100.0% 349.6 100.0%
76.4% 280.1 79.8% 285.5 81.7%
11.6% 34.0 9.7% 64.2 18.3%
12.0% 37.1 10.6%










Sharp Corp/Japan (6753 JT) - By Segment
In Billions of JPY except Per Share FY 2008 FY 2009 FY 2010 FY 2011
12 Months Ending 03/31/2008 03/31/2009 03/31/2010 03/31/2011
Electronic Devices
Revenue
Revenue - Supplementary Breakdown
Operating Income - Supplementary Break
Energy Solutions
Revenue
Revenue - Supplementary Breakdown
Operating Income - Supplementary Break
Busines Solutions
Revenue
Revenue - Supplementary Breakdown
Operating Income - Supplementary Break
Display Device
Revenue
Assets
Depreciation and Amortization
Capital Expenditures
Number of Employees
Revenue - Supplementary Breakdown
R&D Expenses
Amount Produced
Operating Income - Supplementary Break
Camera Module
Revenue
Operating Income
Assets
Revenue - Supplementary Breakdown
Revenue Growth %
Amount Produced
Intersegment Revenue
Operating Income - Supplementary Break
Revenue Including Intersegment Revenue
Health & Environment Systems
Revenue
Operating Income
Assets
Capital Expenditures
Number of Employees
Revenue - Supplementary Breakdown
Revenue Growth %
R&D Expenses
Amount Produced
Intersegment Revenue
Operating Income - Supplementary Break
Revenue Including Intersegment Revenue
IoT Communication
Revenue
Operating Income
Assets
Depreciation and Amortization
Capital Expenditures
Number of Employees
Revenue - Supplementary Breakdown
Revenue Growth %
R&D Expenses
Amount Produced
Intersegment Revenue
Operating Income - Supplementary Break
Revenue Including Intersegment Revenue
Adjustments
Operating Income
Energy Solutions
Operating Income
Depreciation and Amortization
Capital Expenditures
Number of Employees
Revenue Growth %
R&D Expenses
Amount Produced
Intersegment Revenue
Revenue Including Intersegment Revenue
Assets
Display Device
Operating Income
Revenue Growth %
Intersegment Revenue
Revenue Including Intersegment Revenue
Electric Device
Operating Income
Assets
Depreciation and Amortization
Capital Expenditures
Number of Employees
Revenue Growth %
R&D Expenses
Amount Produced
Intersegment Revenue
Revenue Including Intersegment Revenue
Busines Solutions
Operating Income
Assets
Depreciation and Amortization
Capital Expenditures
Number of Employees
Revenue Growth %
R&D Expenses
Amount Produced
Intersegment Revenue
Revenue Including Intersegment Revenue
Adjustments
Assets 435.8 420.6 401.8 723.8
Depreciation and Amortization -1.2 -0.9 -0.9 8.0
Capital Expenditures 0.4 0.4 0.6 -14.9
Revenue - Supplementary Breakdown
Operating Income - Supplementary Break
Operating Income 0.1 2.3 -2.2 -31.1
Goodwill
Energy Solutions
Assets
Health & Environment Systems
Depreciation and Amortization
Camera Module
Depreciation and Amortization
Capital Expenditures
Number of Employees
Corporate
Number of Employees 3,758.00 4,043.00 4,296.00 4,620.00
R&D Expenses
Consumer Electronics
Revenue
Consumer Electronics
Operating Income
Assets
Depreciation and Amortization
Capital Expenditures
Number of Employees
Revenue Growth %
R&D Expenses
Amount Produced
Intersegment Revenue
Revenue Including Intersegment Revenue
IoT Communication
Revenue - Supplementary Breakdown
Operating Income - Supplementary Break
Number of Units Sold 9,920,000.00 ### 9,740,000.00
Business Solution
Revenue Growth %
Product Business
Revenue
Operating Income
Assets
Depreciation and Amortization
Capital Expenditures
Goodwill
Number of Employees
Revenue Growth %
R&D Expenses
Amount Produced
Intersegment Revenue
Revenue Including Intersegment Revenue
Device Business
Revenue
Operating Income
Assets
Depreciation and Amortization
Capital Expenditures
Number of Employees
Revenue Growth %
R&D Expenses
Amount Produced
Intersegment Revenue
Revenue Including Intersegment Revenue
Digital Home Appliance
Revenue - Supplementary Breakdown
Operating Income - Supplementary Break
LCD TV
Number of Units Sold ### ### ###
Revenue - Supplementary Breakdown 729.3 666.8 803.5
Consumer/Information Products
Revenue 2,285.3 1,899.0 1,843.1 1,970.0
Operating Income 79.2 -33.8 34.0 79.3
Assets 950.9 869.4 953.3 677.1
Depreciation and Amortization 71.3 115.8 93.6 82.3
Capital Expenditures -128.2 -106.9 -74.0 -76.9
Goodwill
Number of Employees 30,310.00 31,484.00 30,830.00 31,659.00
Revenue Growth %
R&D Expenses 111.4 117.3 100.6 94.3
Amount Produced 2,282.4 1,883.2 1,818.7 1,980.6
Intersegment Revenue 0.6
Revenue Including Intersegment Revenue
Electronic Components
Revenue 1,132.4 948.3 912.8 1,052.0
Operating Income 104.4 -24.0 20.1 30.7
Assets 1,686.6 1,398.8 1,481.1 1,484.8
Depreciation and Amortization 206.4 200.9 184.5 191.0
Capital Expenditures -308.4 -221.4 -212.7 -159.2
Goodwill
Number of Employees 19,640.00 18,617.00 18,873.00 19,301.00
Revenue Growth %
R&D Expenses 84.8 78.2 65.9 56.1
Amount Produced 1,109.8 940.8 881.4 1,003.2
Intersegment Revenue 502.0
Revenue Including Intersegment Revenue
Source: Bloomberg
FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017
03/31/2012 03/31/2013 03/31/2014 03/31/2015 03/31/2016 03/31/2017

458.0 186.5
238.1 270.6 326.3 441.4 244.9 208.9
9.5 -15.5 3.2 0.7 -7.6 6.7

155.4 102.8
223.9 259.9 439.0 270.8 156.8 103.6
-21.9 -4.4 32.4 -62.7 -18.4 2.2

348.5 310.2
277.6 296.9 318.8 340.3 355.1 317.7
27.7 24.3 30.5 31.4 35.8 22.5

701.4 804.5
436.9 539.4
24.1 24.7
-24.6 -43.4
9,611.00 16,190.00
720.9 846.8 991.0 907.1 1,086.6 842.0
40.2 36.6
639.8 818.1
-42.2 -138.9 41.5 0.6 -177.2 3.5

201.4
1.3
36.1
245.0 204.7
-16.60
207.5
3.4
9.1 1.3
204.7

281.5
29.9
137.1
-4.5
7,411.00
292.3 309.6 326.8 315.0 298.2 282.1
-4.90
8.3
282.3
0.7
29.4 32.2 21.0 15.9 11.7 29.9
282.2

163.8
16.3
58.3
10.9
-7.0
1,599.00
164.7
-17.00
16.1
162.4
1.0
16.3
164.8

-29.8 -20.1

-18.4 2.2
0.7 0.3
-1.6 -0.8
1,733.00 1,647.00
-42.60 -33.90
1.9 1.2
147.5 100.9
1.4 0.9
156.8 103.7
85.7

-129.2 3.6
-9.30 -20.10
70.2 37.5
771.5 842.0

1.5 6.7
94.2 65.4
4.7 4.0
-1.8 -10.0
3,571.00 2,711.00
9.90 -13.80
14.8 8.9
450.0 192.0
32.0 22.4
490.0 208.9

35.8 22.5
168.3 155.7
14.5 13.6
-12.2 -10.1
11,108.00 10,411.00
-11.00
21.8 21.9
350.7 299.7
6.7 7.6
355.2 317.8

557.3 462.9 616.0 485.8 443.6 687.1


7.6 4.5 4.3 4.7 3.9 4.5
-13.5 -8.1 -6.3 -8.2 -9.5 -14.4
-358.1 -238.1 -208.4 -158.9 -122.7 -73.4
-33.8 -33.9 -33.0 -37.0 -29.8 -20.1
-33.9 -34.0 -33.1 -37.0
0.3 0.1

94.5

7.9

1.5
-8.7
505.00

4,718.00 4,003.00 3,970.00 3,855.00 1,865.00 1,424.00


19.7 19.3 21.2 13.5 8.7

798.3

-21.8
342.1
29.7
-22.8
15,623.00
-18.70
38.0
742.9
12.4
810.7

197.4
14.5
7,700,000.00 6,110,000.00 5,510,000.00 5,560,000.00

1.50

1,818.1 1,596.6
96.8 -12.3
839.5 778.1
38.6 49.7
-45.4 -52.8
11.1 2.5
30,979.00 30,290.00
13.70 -12.20
69.4 67.2
1,797.2 1,575.2
0.1 0.1
1,818.2 1,596.6

1,109.1 1,189.7
44.9 1.3
726.2 698.0
81.7 57.2
-30.4 -37.5
15,304.00 14,951.00
17.90 2.40
43.4 52.6
1,078.0 1,216.9
208.4 158.9
1,317.5 1,348.6

1,061.0 732.6 733.3 670.3


-6.1 -9.8 12.8 3.1

### 8,030,000.00 7,810,000.00 7,030,000.00


1,630.6 1,338.4
51.0 46.7
632.4 599.7
73.5 64.7
-67.3 -52.3
7.3 5.4
31,838.00 29,493.00
-17.20 -17.90
73.0
1,623.9 1,300.7
0.4 1.3
1,339.7

825.3 1,140.2
-54.7 -159.0
1,424.4 1,025.2
166.0 111.7
-123.9 -69.6
15.5 15.6
20,200.00 17,151.00
-21.50 38.20
45.2
803.2 1,112.2
357.7 235.9
1,376.1