AUTONOMOUS CONTROL SYSTEMS LABORATORY
CONFIDENTIAL
This materials should not be used without prior consent from Autonomous Control Systems Laboratory Ltd.
Table of Contents
1 |
2 |
3 |
4 |
FY21/03 Q1 Financial Results
Business Highlights
FY21/03 Forecast
Appendix
© 2020 ACSL Ltd. All Rights Reserved. | Confidential | 2 |
FY21/03 1Q Highlights
- Despite delays in sales due to the expansion of COVID-19, ACSL continued to enhance collaboration and conduct R&D activities
- In response to growing demands for data security, NEDO1 launched a project to develop a more secure drone. ACSL was adopted with the government's aim to take procurement from next fiscal year
- Sales of 36 MM JPY in Q1
- Demonstrations and sales of platform drones decreased from the previous fiscal year due to postponement of project implementations
- Others increased from the previous fiscal year due to the booking of national projects
- Although business activities are restricted due to COVID-19, ACSL actively continued to conduct R&D with increased personnel
- Announced "ACSL Accelerate 2020", a medium-term management policy, for the future market
- With a view on significant changes in the industrial drone market environment, ACSL set goals for the next 10 years
- Medium-termmanagement policy targets 5.5 billion yen in sales and 750 million yen in profit in FY23/03 as target over the next three years
- The outlook for this fiscal year is sales of 1.4 to 1.7 billion JPY and operating loss of 2.5 to 0 JPY
- There is a risk that the spread of the COVID-19 infection may postpone projects and delay new acquisitions
- ACSL will make upfront investments, mainly in R&D, in fields where demand is expected to grow in the future
- New Energy and Industrial Technology Development Organization
© 2020 ACSL Ltd. All Rights Reserved. | Confidential | 3 |
Impact of Infection Expansion of COVID-19
Delay in booking sales in Q1 due to postponement of projects. Despite delays in project implementation, demand for unmanned and labor-saving is expected to continue in the future
Customer
Supply chain
Operation
Finance
Potential risks
- Reduction of customers' investment budget for new technologies such as drones due to economic and business downturn
- Delays in production due to the inability to procure major parts caused by delays in supply and the suspension of production
- Decrease in business development activities
- Suspension or slowdown of business activities due to spread of infections
- Decrease in cash due to lower sales
- Impairment risk caused by sluggish business activities of portfolio companies
Recent situation
- Delay in sales due to postponement of 1Q projects
- While certain risk of postponement of this year project implementation, demand will continue
- Supply chain is gradually recovering
- Expects to overcome by the end of the year, despite some delays in procurement
- Continuously recommends remote work
- Continues development and production activities while keeping the number of employees in office
- Sufficient cash holdings (approx. 3.5 billion JPY)
- Continues cost control at portfolio companies
© 2020 ACSL Ltd. All Rights Reserved. | Confidential | 4 |
Financial Highlights
Sales decreased from the previous fiscal year due to the postponement of project implementation and recorded 36 MM JPY in Q1. Profit posted a loss due to the impact of the decline in sales
[MM JPY]
FY21/03 | FY20/03 | FY20/03 | |||
1Q | 1Q | Annual | |||
Actual | YoY | Actual | Actual | ||
Increase/Decrease | |||||
Sales | 36 | ▲40.6% | 60 | 1,278 | |
Gross profit | ▲6 | - | 8 | 808 | |
Gross profit margin | ▲19.1% | ▲32.8 ppt | 13.7% | 63.2% | |
Operating income | ▲237 | - | ▲197 | 15 | |
Ordinary income | ▲180 | - | ▲80 | 231 | |
Net income | ▲214 | - | ▲81 | 239 | |
© 2020 ACSL Ltd. All Rights Reserved. | Confidential | 5 |
Sales and Operating profit by quarter
As is typical YoY, sales is small in Q1-Q3 and tend to be biased toward Q4.
The seasonality may be exacerbated this fiscal year due to the impact of COVID-19
Sales and Operating profit by quarter [MM JPY]
943
Sales Operating profit
392 | 442 | |||||||||||||||||||||
68 | 106 | 141 | 104 | 141 | 168 | 60 | 143 | 130 | ||||||||||||||
53 | 44 | 36 | ||||||||||||||||||||
144 | 124 | 154 | 118 | 143 | 88 | 142 | 197 | 102 | 126 | |||||||||||||
237 | ||||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | ||||||||||
FY03/18 | FY03/19 | FY03/20 | FY03/21 |
© 2020 ACSL Ltd. All Rights Reserved. | Confidential | 6 |
Sales transition
Demonstrations and platform drone sales decreased from the previous fiscal year due to delays in project implementations. "Other"s increased from the previous fiscal year due to national projects
Sales by STEP1
[MM JPY] | Others | 104 | |||||
Mass Production | |||||||
Demonstration | |||||||
experiment | 68 | 60 | |||||
53 | |||||||
9 | |||||||
30 | 10 | 24 | 36 | ||||
16 | 25 | 27 | 30 | ||||
6 | 1 | 4 | |||||
FY18/03 1st quarter | FY19/03 1st quarter | FY20/03 1st quarter | FY21/03 1st quarter |
1: Solution development (STEP1, 2) and Mass production (STEP3, 4) were respectively renamed as demonstration experiment and platform drone sales from this quarter.
© 2020 ACSL Ltd. All Rights Reserved. | Confidential | 7 |
Quarterly change in the demonstration experiments
As is typical YoY, sales were small in Q1, and demonstration experiments were postponed due to COVID-19, resulting in a decline in revenue from the previous fiscal year
Quarterly sales (MM JPY)
Demonstration experiment 1
Proof of Concept
- Private concept verification (PoC) of feasibility of drone use ideas
- Use of ACSL platform drones
Customized development
- Detail test designs
- Development of customized drones and systems
671 | ||||||||||||||||||
6 | 37 | 57 | 116 | 25 | 59 | 75 | 133 | 27 | 65 | 102 | 1 | |||||||
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | ||||||
FY03/18 | FY03/19 | FY03/20 | FY03/21 |
Quarterly number of deals
27 | 37 | 55 | ||||||||||||||||
19 | 16 | 22 | 22 | 21 | ||||||||||||||
8 | 14 | |||||||||||||||||
6 | 6 | |||||||||||||||||
2 | ||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | ||||||
FY03/18 | FY03/19 | FY03/20 | FY03/21 |
© 2020 ACSL Ltd. All Rights Reserved. | 1: Solution development (STEP1, 2) was renamed to "Demonstration experiment" from this quarter | Confidential | 8 |
Platform drones sales
Sales are usually small in Q1 of each year, and sales in Q1 of the current fiscal year were lower than in the previous fiscal year due to delays in shipments to customers caused by COVID-19
Platform drone sales 1
- Sales of standard and general- purpose aircraft
- Production and supply of improved aircraft to customers based on standard aircraft
Sales by quarter (MM JPY)
225 | 212 | ||||||||||||||||||
32 | 67 | 80 | 48 | ||||||||||||||||
16 | 25 | 16 | 24 | 19 | |||||||||||||||
10 | 4 | ||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | |||||||
FY03/18 | FY03/19 | FY03/20 | FY03/21 | ||||||||||||||||
Unit by quarter (Units) | |||||||||||||||||||
74 | |||||||||||||||||||
31 | 47 | ||||||||||||||||||
18 | 20 | ||||||||||||||||||
7 | 10 | 5 | 8 | 6 | 12 | 9 | 1 | ||||||||||||
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | |||||||
FY03/18 | FY03/19 | FY03/20 | FY03/21 |
© 2020 ACSL Ltd. All Rights Reserved. | 1: Mass production (STEP3, 4) was renamed to platform drone sales from this quarter | Confidential | 9 |
Others
Sales of the national project for this fiscal year was JPY21 million. Maintenance services remained at the same level as the previous year.
Others1: Maintenance services
- Sales of drone components and modules
- Repair service129
- Some national projects
Other Sales (MM JPY)
National Projects
Maintenance services, etc.
68
30 | 65 | 28 | 59 | 30 | |||||||||||||||
27 | 33 | 18 | 21 | ||||||||||||||||
16 | 14 | 12 | 10 | ||||||||||||||||
2 | 6 | 9 | 3 | 9 | 9 | 8 | |||||||||||||
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | |||||||
FY03/18 | FY03/19 | FY03/20 | FY03/21 |
1: For national projects, subsidies received are generally posted as non-operating income. On the other hand, some projects whose main purpose is to conduct commissioned experiments are recorded as sales.
© 2020 ACSL Ltd. All Rights Reserved. | Confidential | 10 |
Gross profit
Gross loss is 6 million JPY. Gross profit margin tends to remain low due to the small sales
Quarterly gross profit and gross profit margin [MM JPY]
60% | 60% | 48% | 59% | 60% | 52% | 48% | 58% | 70% | |
9% | 13% | 14% | 655 | ||||||
-19% | |||||||||
204 | ||||||||||||||||
40 | 63 | 68 | 83 | 101 | 69 | 75 | ||||||||||
4 | 13 | 8 | ||||||||||||||
-6 | ||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | ||||
FY03/18 | FY03/19 | FY03/20 | FY03/21 |
© 2020 ACSL Ltd. All Rights Reserved. | Confidential | 11 |
R&D Expenditure
Even under the influence of COVID-19, our core R&D activities continued and posted the same R&D expenditure as last year. The ratio to sales increased due to the decrease in sales
Quarterly R&D Expenses and Sales Ratio [MM JPY]
127% | 91% | 107% | 82% | 76% | 109% | 167% | |||
67% | 59% | ||||||||
57% | |||||||||
38% | |||||||||
15% | 8% | ||||||||
113 | 127 | ||||||||
80 | 85 | 94 | |||||||
76 | 78 | ||||||||
67 | 62 | 66 | |||||||
58 | 54 | 60 | |||||||
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | |||
FY03/18 | FY03/19 | FY03/20 | FY03/21 |
© 2020 ACSL Ltd. All Rights Reserved. | Confidential | 12 |
Status of projects for the current fiscal year as of the end of Jun.
As of Q1, the highly probable pipeline1 is 110 MM JPY. Promoting the acquisition of projects though development of new customers in addition to approach to existing customers
Sales and Pipelines as of end of FY21/03 1Q [MM JPY]
73
109 | ||
36 | ||
Current quarter Sales | End of current | Sales + Highly |
quarter Highly | probable pipeline | |
probable pipeline |
- Acquired approximately 109 MM JPY as projects of this fiscal year (Q2 to Q4) as of the end of Q1
- Some projects postponed from Q1 due to the spread of COVID-19infection
- As large-scale projects will be booked toward the end of the fiscal year, sales will be concentrated in the 4Q
1: Highly probable pipelines is the total amount of sales for projects with a purchase order and related documents at the end of June
© 2020 ACSL Ltd. All Rights Reserved. | Confidential | 13 |
Table of Contents
1 |
2 |
3 |
4 |
Results for FY20/03 1Q
Business Highlights
FY21/03 Forecast
Appendix
© 2020 ACSL Ltd. All Rights Reserved. | Confidential | 14 |
FY21/03 Q1 Major Business Highlights
Along with promoting partnerships with major companies in various fields, ACSL was adopted a national project and steadily expanded its business
Apr. | Jointly with Nishimatsu Construction, ACSL developed a system that automatically measures cracks in |
concrete floors. | |
Began collaboration with Sensyn Robotics to build and implement B-to-Bdrone solutions | |
Adopted in New Energy and Industrial Technology Development Organization (NEDO)'s project | |
"Development of Secure Drone Infrastructure Technology" | |
May. | Collaboration began with VFR for joint development of application-specificcommercial drone |
Jun. | Participated as the only member in the logistics field of Super City Open Laboratory |
Jul. | Started collaboration with Toko Tekko to develop and sell disaster prevention drones |
Marine litter reduction project "Debris Watchers" disclosed the development progress of a coastal drifted | |
litter detection system | |
Aug. | Developed smokestack inspection drone in collaboration with Kansai Electric Power |
Adopted in NEDO's project "Develop the operation control system for unmanned aerial vehicles and | |
collision avoidance technology" | |
© 2020 ACSL Ltd. All Rights Reserved. | Confidential | 15 |
Development of Foundational Technologies for Safe and Secure Drones
With the increasing importance of security for drones, the need for security-backed drones is rapidly growing
Growing interest in security-backed drones
- The importance of introducing drones as flying IoT with ensured cyber security is reaffirmed
- NEDO launched a project of 1.61 billion JPY1 for developing a standard infrastructure for high- security, low-coststandard drone and flight controllers intended for government procurement.
- Consortium companies:
Expansion to small aerial drone market
- In the small-scale aerial drone market, there has been only a choice of consumer drones, and large demand is expected for small- scale security-backeddrones
- ACSL can expand into markets not previously approached
- Aiming to contribute to earnings from the next fiscal year (FY03/22) after the end of this project in this fiscal year
1: The size of businesses adopted is the size of the projects of all the companies and is not ACSL sole budget
© 2020 ACSL Ltd. All Rights Reserved. | Confidential | 16 |
Inspection- Automatic Measurement of Cracks on Concrete Floors
In collaboration with Nishimatsu Construction, ACSL developed a system to automatically measure cracks in concrete floors, aiming to save labor and improve quality
Detecting cracks in concrete
- The detection of the cracks in the concrete floor is currently achieved by visual inspection, and labor cost is an issue
- Developed a system consisting of a drone that flies autonomously through a non-GPSenvironment to take pictures of the floor automatically and image analysis technology to detect cracks in concrete
- It is expected to reduce the burden on the inspector, save time, and improve the quality of the crack inspection compared to the conventional method of marking cracks in the concrete floor
Source: Nishimatsu Construction Press Release
© 2020 ACSL Ltd. All Rights Reserved. | Confidential | 17 |
Inspection- Chimney Inspection Drone with Kansai Electric Power Company
Provided PF2 as a platform drone for an autonomous drone developed with Kansai Electric Power Co. to fly in non-GPS environments for inspection inside the chimneys of thermal power plants
Chimney interior inspections
- In cooperation with KEPCO, developed an autonomous drone for inspection inside the chimney (non-GPSenvironment) to reduce inspection costs, improve work efficiency and increase safety.
- ACSL provides ACSL-PF2 as a platform aircraft in drones that autonomously fly even in non-GPSenvironments
- KEPCO and KANSO Technos Co., Ltd. will cooperate in ACSL to conduct inspections of smokestacks using this drone.
Source: Kansai Electric Power Co., Press Release
© 2020 ACSL Ltd. All Rights Reserved. | Confidential | 18 |
Disaster Prevention - Disaster prevention drones with Toko Tekko
In line with the national policy, started collaboration for disaster prevention/mitigation drone that can be used to collect and survey information in the harsh environment of large-scale natural disasters
Providing flight controllers for drone
- Provision of high-performance,multi-functional, all- weather, mission-critical drones in response to the national policy for natural disasters and accidents
- The importance of drones that can be used for lifesaving, information gathering and rescue activities at disaster sites, and the rapid increase in demand for safe and secure drones that can be used for secure management of confidential information
- Toko Tekko leverages its experience and expertise to develop a drone that is resistant to wind and dust, having a floating structure, for disaster prevention and disaster mitigation
- The airframe designed and manufactured by Toko Tekko is equipped with flight controllers developed by ACSL.
Toko Rescue Loan ® TSV-RQ1
Source: Press Release of Toko Tekko
© 2020 ACSL Ltd. All Rights Reserved. | Confidential | 19 |
Disaster Prevention - Development of Coastal Litter Detection System
Debris Watchers, an industry-academia partnership project in which ACSL participates, discloses progress on developing coastal drifting waste detection systems.
Coastal Litter Detection System
- ACSL joined the drone team of Debris Watchers an industry-academicmarine litter reduction project consisting of six companies and two universities
- Using AI to analyze images captured by a drone along the coast to verify the practicality of image recognition technology for identifying plastic and other coastal debris
- Imaging of the coast is carried out using ACSL-PF2and other equipment
© 2020 ACSL Ltd. All Rights Reserved. | Source: Debris Watchers press release | Confidential | 20 |
Started collaboration with Sensyn Robotics
Collaboration with Sensyn Robotics to develop B-to-B drone solutions and actual deployment. As a first step, completed connecting to SENSYN FLIGHT CORE and launched solutions
Cooperation to provide solutions in all phases
- Seamlessly provide all phases of drone utilization for end-userbusiness issues
Examples of applications
- Development of application-specific drone, solutions including software systems, proof-of-effectiveness testing, and implementation into actual operations and post-implementationsupport
- Logistics: Full automation of indoor inspections, such as inventory taking, and full automation of outdoor drone logistics
- Inspection: Periodic inspections through remote monitoring and remote management
Source: Sensyn Robotics Press Release
© 2020 ACSL Ltd. All Rights Reserved. | Confidential | 21 |
Collaboration with VFR for development of industrial drones
Collaboration with VFR began for the development of industrial drones for the Japanese market.
About VFR
-
Established in Mar. 2020 as a subsidiary of
VAIO Co., Ltd - Develop airframes and components and provide solutions to promote and accelerate innovation in social infrastructure through drones
- Aiming to leverage the advanced engineering and manufacturing technologies cultivated in the parent company, VAIO's PC-related business, as well as supply chain management skills in Japan and overseas
Collaboration between ACSL and VFR
- There is an urgent need to develop mass- production drones and solutions that can be deployed
- Issues can be solved by combining the knowledge and technical strengths of both companies
- VFR's computing and robotics technologies and ACSL's airframe development and autonomous control technologies are used to update ACSL's existing aircraft and jointly develop new aircraft optimized for each application
© 2020 ACSL Ltd. All Rights Reserved. | Confidential | 22 |
Table of Contents
1 |
2 |
3 |
4 |
Results for FY21/03 Q1
Business Highlights
FY21/03 Forecast
Appendix
© 2020 ACSL Ltd. All Rights Reserved. | Confidential | 23 |
Objectives of ACSL Accelerate
ACSL announced its medium-term management policy at a time when it shifted from the "demonstration phase" to the "social implementation phase" for industrial drones.
While the drone market shifts from a "Trial" phase to "Social Implementation" phase, new lifestyle and measures against infectious diseases and progression of Society 5.0 have brought great changes to our business environment.
ACSL has developed a set of mid-term management directions, goals and key milestones to ensure that all stakeholders involved, both internal and external, focus on common value creation for our clients and continuous corporate value growth:
・A Masterplan defining the "To-Be" State in 10 years, and
・A Mid-term Management Direction (FY20-22)to realize the masterplan
© 2020 ACSL Ltd. All Rights Reserved. | Confidential | 24 |
FY 21/03 Forecasts
Despite risk of a decline in sales due to COVID-19, ACSL will continue upfront investment, mainly in R&D, for business expansion in the future
FY21/03 outlook
Billions JPY
~3
~6
17 14
Sales | Risk of | Sales | COGS |
(Upper limit) COVID-19 | (After risk | ||
consideration) |
R & D
expenditure
10.5
4.1 8~
▲2.5 | +2.5~ | ||
Gross | SG&A | Operating | Excluding |
profit | cost | loss | risk |
0 0
Operating
income
© 2020 ACSL Ltd. All Rights Reserved. | Confidential | 25 |
Forecast FY20/03
Sales are expected to be 1.4 to 1.7 billion JPY, more than last fiscal year. While sales is expected to grow operating loss is expected to 0 to 250 MM JPY due to upfront investment
Sales1 | Operating income | ||||||||||||
Billions yen | 14~17 | Billions yen | |||||||||||
12.7 | FY17/03 | FY18/03 | FY19/03 | FY20/03 | FY21/03 | ||||||||
0.15 | |||||||||||||
8.0 | |||||||||||||
1.5 | 3.7 | ▲ 2.5~0 | |||||||||||
▲ 3.3 | |||||||||||||
FY17/03 | FY18/03 | FY19/03 | FY20/03 | FY21/03 |
- Including the risk of a sales decline due to the impact of COVID-19, the forecast is JPY1.4 to JPY1.7 billion
- The number of projects for demonstration experiment is expected to remain at the same level as the previous fiscal year. (112 cases) Unit price is expected to decline due to the impact of the elimination of large-scale project in FY20/03
- Platform sales are expected to increase by more than the previous fiscal year (-200 units) in line with MINI sales. Unit price is expected to decline due changes in the product mix.
▲ 5.3 ▲ 5.4
- Gross profit target of 55~60%
- R&D expenses, which are the main SG&A expenses, are expected to be 410 MM JPY
- Operating loss is expected to 250 to 0 MM JPY given COVID-19 risks
1: Solution construction (STEP1, 2) and Mass production (STEP3, 4) were renamed to Demonstration experiments and platform drone sales from the current quarter.
© 2020 ACSL Ltd. All Rights Reserved. | Confidential | 26 |
Table of Contents
1 |
2 |
3 |
4 |
FY21/03 Q1 Financial results
Business Highlights
FY21/03 Forecast
Appendix
© 2020 ACSL Ltd. All Rights Reserved. | Confidential | 27 |
Balance Sheet
[MM JPY]
FY21/03 | FY20/03 | FY20/03 | |||
End of first quarter | End of first quarter | End of the fiscal year | |||
Actual | YoY | Actual | Actual | ||
Increase/Decrease | |||||
Current Assets | 3,872 | ▲19% | 4,753 | 4,818 | |
Cash | |||||
3,482 | ▲23% | 4,531 | 3,775 | ||
Fixed Assets | |||||
1,072 | +1,499% | 67 | 449 | ||
Total Assets | |||||
4,944 | +3% | 4,820 | 5,268 | ||
Current Liabilities | 124 | ▲38% | 200 | 233 | |
Long-term Liabilities | |||||
1 | - | 0 | 0 | ||
Total Liability | |||||
126 | ▲37% | 200 | 233 | ||
Net Asset | |||||
4,818 | +4% | 4,620 | 5,034 | ||
Total Asset | |||||
4,944 | +3% | 4,820 | 5,268 | ||
© 2020 ACSL Ltd. All Rights Reserved. | Confidential | 28 |
Sales
Aiming for sales of approximately 5.5 billion yen in FY22 in conjunction with the commercialization of application-specific drones from FY20, and steadily build up a pipeline for future sales of application-specific drones after FY22.
Sales (base scenario) | Mass production and |
100 mn JPY | Aggressive Investment for | 55 | ||||||
Growth | 5 | Other | ||||||
Application-specific Drones Sales | ||||||||
Strengthening Product | ~35 | 20 | (incl. selling off and subscriptions) | |||||
- | Small Aerial drones | 1bn | ||||||
Capabilities and Market | ||||||||
- | Other drones | 1bn | ||||||
Opportunity Identification | ||||||||
12.7 | 14~17 | Development of application- | ||||||
8.0 | 30 | specific drones | ||||||
- PoC and development 2 bn | ||||||||
3.7 | ||||||||
- | Platform drone sales | 1 bn | ||||||
FY17 | FY18 | FY19 | FY20 | FY21 | FY22 |
© 2020 ACSL Ltd. All Rights Reserved. | Confidential | 29 |
Sales breakdown
Aiming for an annual shipment of more than 2,000 units by commercialization and mass production of application- specific drone toward FY22, with a significant increase in sales of drones, including subscription
FY20 | FY22 | |||||
Units | Value | Units | Value | |||
(100mn JPY) | (100mn JPY) | |||||
Sales of application-specific drones | 1300~ | 20 | ||||
Small aerial photo(low ASP) | - | - | 1,000~ | 10 | ||
Other (high ASP) | 300~ | 10 | ||||
Development of application-specific | ~200 | 12.5~15 | ~300 | 30 | ||
drones | ||||||
PoC and Development | - | 7.5~10 | - | 20 | ||
Sales of Platform/Evaluation drones | ~200 | ~5.0 | ~300 | 10 | ||
Other | - | ~1.5 | - | 5 | ||
© 2020 ACSL Ltd. All Rights Reserved. | Confidential | 30 |
KPI in the Mid-term Management Direction
Established new KPIs in the Mid-term Management Direction in order to accurately track the progress of new business models.
From
To
SummaryKPI
Drone Sales | Sales of drones | Units |
in STEP 3~4 | ||
Sales of
application -specific drones
Summary
- Sales of Development of application-specific drones (incl. selling off and subscriptions)
KPI
- Units
- Applications
Solution | PoC and custom | Projects |
development in | ||
Develop- | ||
STEP 1~2 | ||
ment | ||
Development of application -specific
drones
▪ | PoC and custom | ▪ | Projects |
development using platform | ▪ | Units of | |
drones | |||
platform | |||
▪ | Sales of platform/evaluation | drones | |
drones |
© 2020 ACSL Ltd. All Rights Reserved. | Confidential | 31 |
Numerical targets
By commercializing small aerial photo drones, ACSL aims to achieve a solid business foundation of 5.5 billion yen in sales and 750 million yen in operating income by FY22, despite a decline in profit margins due to the rapid increase in sales.
FY17 | FY18 | FY19 | FY20 | FY22 | |
Revenue [JPY] | 370 mn | 800 mn | 1.2 bn | 1.4~1.7 bn | 5.5 bn |
Gross profit | 48% | 53% | 63% | 57% | 50% |
R&D | 320 mn | 360 mn | 270 mn | 410 mn | 800 mn |
Sales profit | ▲540 mn | ▲300 mn | 10 mn | ▲250~0 mn | 750 mn |
In FY22, the commercialization of small drones for public and private sector will help build a solid sales profit, despite a decline in gross margin.
© 2020 ACSL Ltd. All Rights Reserved. | Confidential | 32 |
KPI
指標 | FY17 | FY18 | FY19 | FY20 | FY22 | |||
(18/03) | ||||||||
Sales of application-specific drones | ||||||||
Small aerial photo | Unit | 1,000~ | ||||||
Value | ||||||||
(low ASP) | 10 | |||||||
(100mn JPY) | ||||||||
- | - | - | - | |||||
Other | Unit | 300~ | ||||||
Value | ||||||||
(high ASP) | 10 | |||||||
(100mn JPY) | ||||||||
Development of application-specific drones | ||||||||
# of project | 60 | 81 | 112 | - | - | |||
PoC and Development | ||||||||
Value | 2.1 | 2.9 | 8.6 | 7.5~10 | 20 | |||
(100mn JPY) | ||||||||
Sales of | Unit | 40 | 106 | 101 | ~200 | ~300 | ||
Platform/Evaluation | Value | 9.0 | 3.8 | 3.0 | ~5.0 | 10 | ||
drones | (100mn JPY) | |||||||
© 2020 ACSL Ltd. All Rights Reserved. | Confidential | 33 |
Management Team
CEO | Dr. Hiroaki Ohta |
Ph.D. from Kyoto University. Assistant professor at Department of Aeronautics and Astronautics, Kyoto University, followed by research scientists at University of California, Santa Barbara. Also served as Technical Advisor for a start-up in Silicon Valley. McKinsey & Company from 2010. Joined ACSL as in July 2016.
President | Satoshi Washiya |
&COO | |
M.S. of Architecture from Waseda University. Served both domestic and multinational companies in corporate wide transformation projects at Tokyo and Stockholm office of McKinsey & Company. Joined ACSL in July 2016.
.
CFO | Kensuke Hayakawa |
M.S. of Management of Technology from Tokyo institute of technology. Implemented operational improvement/transformation of Portfolio companies at KKR Capstone. Joined ACSL as CFO in March 2017.
CTO | Dr. Chris Raabe |
Ph.D. from University of Tokyo. Embedded software engineer at Boeing from 2006. Assistant professor at Department of Aeronautics and Astronautics, University of Tokyo from 2014. Joined ACSL as CTO in April 2017.
External | Masanori Sugiyama | Audit & Supervisory | Akira Ninomiya | |
Director | member | |||
External | Shinichi Suzukawa | Audit & Supervisory | Hideki Shimada | |
Director | member | |||
Audit & Supervisory | Takeshi Ohnogi |
member | |
© 2020 ACSL Ltd. All Rights Reserved. | Confidential | 34 |
(Reference) Sales Recognition and Seasonality
Sales are booked upon acceptance by client (at end of project). Seasonality increases towards 4Q driven by large-scale projects, mainly from existing customers
Sales Recognition
Acceptance (Sales booked) | ||
Start project | Implementation | Complete project |
Large-scale projects and seasonality
Client A
Client B
Client C
Client D
・・・ | Q1 | Q2 | ||||
1H of fiscal year | ||||||
• | Mainly small projects | |||||
Features | • | Mainly with new customers | ||||
- Sales are booked at the time of acceptance by clients , at the end of each project
- Adopted for all projects regardless of duration or size
・・・ | |||||||||
・・・ | |||||||||
・・・ | |||||||||
Q3 | Q4 | Q1 | ・・・ | ||||||
2H of fiscal year | Next fiscal year | ||||||||
• | Mainly large projects | • | Projects become larger | ||||||
• | Many large projects are | • | No projects across year end | ||||||
booked in March | due to budget cycle | ||||||||
© 2020 ACSL Ltd. All Rights Reserved. | Confidential | 35 |
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© 2020 ACSL Ltd. All Rights Reserved. | 36 |
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Autonomous Control Systems Laboratory Ltd. published this content on 14 August 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 August 2020 06:02:03 UTC