Sumida Presentation Template 2017-02-28آ  SUMIDA CORPORATION Performance Briefings February 7,...

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Transcript of Sumida Presentation Template 2017-02-28آ  SUMIDA CORPORATION Performance Briefings February 7,...

  • SUMIDA CORPORATION

    Performance Briefings

    February 7, 2017

  • Today’s Speakers

    2 Copyright© 2016 SUMIDA CORPORATION. All rights reserved.

    Representative Executive Officer & CEO Shigeyuki Yawata

    Representative Executive Officer & President Tomoharu Suseki

    Representative Executive Officer & CFO Yoshiyuki Honda

  • Today’s Program

    Copyright© 2015 SUMIDA CORPORATION. All rights reserved. 3

    1.Consolidated Financial Results for FY2016 CFO Yoshiyuki Honda 2.FY2016 Performance & FY2017 Outlook President Tomoharu Suseki 3. General Overview CEO Shigeyuki Yawata 4. Q & A Session

  • FY2016 Consolidated Financial Results (Q4 & Full Year)

    CFO Yoshiyuki Honda

    Copyright© 2017 SUMIDA CORPORATION. All rights reserved. 4

  • Copyright© 2017 SUMIDA CORPORATION. All rights reserved.

    (Million yen)

    Consolidated P/L for FY2016 Q4

    15.Q4 16.Q3 16.Q4 Change % Change %

    (A) (B) (C) (C)/(A) (C)/(B)

    S a l e s 20,537 19,876 19,651 △4.3% △1.1%

    G r o s s I n c o m e 3,193 4,235 3,824

    GI ratio 15.5% 21.3% 19.5%

    O p e r a t i n g I n c o m e 524 1,706 1,145 118.3% △32.9%

    OI ratio 2.6% 8.6% 5.8%

    O r d i n a r y I n c o m e 283 1,530 935 229.7% △38.9%

    Income Attributable to O w n e r s o f P a r e n t

    197 779 727 268.0% △6.7%

    E P S ( y e n ) 8.51 33.58 31.33

    F O

    R E X

    US$/yen 121.14 103.02 106.08

    euro/yen 132.52 114.48 115.63

    renminbi/yen 18.99 15.47 15.61

    5

    Significant profit increase in spite of decreased sales due to yen‘s appreciation

  • Operating Income Analysis 2015 Q4 → 2016 Q4

    6

    2015 Q4 Operating Income

    524

    (Million yen)

    2016 Q4 Operating Income 1,145

    Effect of foreign

    exchange 30

    Raw materials prices DOWN

    150

    China wages UP

    △150

    Others 71

    Copyright© 2017 SUMIDA CORPORATION. All rights reserved.

    Productivity UP 140

    R&D Costs Up

    △60

    Change of depreciation

    methods 230

    Sales increase /Product mix

    300

    Expenses UP △90

  • Operating Income Analysis 2016 Q3 → 2016 Q4

    Productivity DOWN △60

    7

    2016 Q3 Operating Income 1,706

    Sales DOWN /Product mix

    △180

    (Million yen)

    2016 Q4 Operating Income 1,145 Effect of

    foreign exchange

    △20

    Raw materials Prices UP

    △30

    Others △91

    Copyright© 2017 SUMIDA CORPORATION. All rights reserved.

    Expenses

    UP △60

    R&D Costs UP

    △30

    China wages UP

    △90

  • Copyright© 2017 SUMIDA CORPORATION. All rights reserved.

    (Million yen)

    Consolidated P/L for FY2016 Full Year

    2015 Full Year 2016 Full Year Change %

    (A) (B) (B)/(A)

    S a l e s 86,236 81,052 △6.0%

    G r o s s I n c o m e 14,941 16,118

    GI ratio 17.3% 19.9%

    O p e r a t i n g i n c o m e 4,237 5,696 34.4%

    OI ratio 4.9% 7.0%

    O r d i n a r y I n c o m e 3,309 4,805 45.2%

    Income Attributable to O w n e r s o f P a r e n t

    2,032 3,087 51.9%

    E P S ( y e n ) 87.55 133.02

    F O

    R E X

    US$/yen 120.78 109.31

    euro/yen 134.81 120.75

    renminbi/yen 19.24 16.51

    8

    Record-breaking profit in spite of decreased sales due to yen’s appreciation

  • Operating Income Analysis 2015 Full Year → 2016 Full Year

    9

    (Million yen) Effect of foreign

    exchange 70

    Raw materials prices DOWN

    950

    China wages UP

    △570

    Others △61

    Copyright© 2017 SUMIDA CORPORATION. All rights reserved.

    Productivity UP 420 R&D

    Costs UP △270

    Change of depreciation

    methods 610

    Sales UP /Product mix

    500

    Expenses UP △190

    2015 Full Year Operating

    income 4,237

    2016 Full Year Operating Income 5,696

  • Consolidated B/S

    2015

    Dec 31 2016

    Dec 31 Change

    Current assets 37,978 37,148 △829

    Cash & Deposits 3,569 3,577 7

    Notes & A/R 16,998 17,026 27

    Inventory 14,262 13,617 △645

    Others 3,146 2,927 △219

    Fixed Assets 29,877 29,877 0

    Tangible Assets 22,676 23,591 914

    Intangible Assets 2,912 2,608 △303

    Others 4,289 3,678 △610

    Deferred Assets 20 8 △12

    TOTAL ASSETS 67,876 67,034 △842

    2015 Dec 2016 Dec

    Current Ratio 1.48 1.40

    DE Ratio 1.78 1.51

    CCC(days) 106 100

    2015

    Dec 31 2016

    Dec 31 Change

    Current Liabilities 25,614 26,529 914

    Notes & A/P 7,042 8,221 1,178

    Loans 12,970 12,759 △211

    Others 5,601 5,548 △53

    Fixed Liabilities 23,593 20,602 △2,990

    Loans 20,200 17,256 △2,943

    Others 3,392 3,345 △46

    Total Liabilities 49,207 47,131 △2,076

    Total Net Equity 21,862 24,276 2,414

    T/A △4,525 △5,936 △1,411

    Stock Acquisition Right 73 172 98

    Minority Interests 1,258 1,391 133

    Total Net Assets 18,669 19,903 1,233

    TOTAL 67,876 67,034 △842

    US$/yen 120.38 117.05

    euro/yen 131.60 123.03

    renminbi/yen 18.53 16.82

    (Million yen)

    Copyright© 2017 SUMIDA CORPORATION. All rights reserved. 10

    CCC improved

  • Consolidated Cash Flow

    2015

    Jan - Dec

    2016

    Jan-Dec Change

    Cash Flow from Operating Activities 5,515 7,774 2,259

    Income before Taxes 2,932 4,805 1,872

    Depreciation 3,830 2,700 △1,130

    Net Working Capital △2,050 727 2,778

    Others 802 △457 △1,260

    Cash Flow from Investing Activities △4,366 △4,445 △78

    Capital Investments △4,448 △4,508 △60

    Others 81 63 △17

    Cash Flow from Financing Activities △1,054 △3,016 △1,961

    Net Interest-Bearing Debts △495 △2,262 △1,766

    Dividend Payment △464 △672 △208

    Others △94 △80 13

    Cash and cash equivalent at end of period 3,538 3,546 7

    (Million yen)

    Copyright© 2017 SUMIDA CORPORATION. All rights reserved.

    Cash flow from operating activities substantially increased

    11

  • FY2017 Forecast of Consolidated Operations

    FY2017 (IFRS basis)

    FY2017 (Mid-term Plan)

    S a l e s 86,700 100,000

    O p e ra t i n g In c o m e 5,900 5,000

    OI ratio 6.8% 5.0%

    Income Before Taxes 5,100 4,100

    Income Attributable to O w n e r s o f P a r e n t

    3,300 2,600

    E P S ( y e n ) 142.18 112.01

    Exchange rates

    US$ /yen 114.00 118.00

    euro/yen 121.00 137.00

    (Million yen)

    Copyright© 2017 SUMIDA CORPORATION. All rights reserved. 12

  • FY2016

    Actual

    5,696

    FY2017

    Forecast

    5,900

    0

    1,000

    2,000

    3,000

    4,000

    5,000

    6,000

    Up 204

    Increase Factors

    Sales increase 940

    Productivity improvement 1,020

    Costs reductions 770

    Discontinuation of goodwill depreciation

    350

    Capitalization of R&D exp. 250

    Others 173

    TOTAL 3,503

    Decrease Factors

    Product mix change 1,210

    Wages increase 700

    Welfare in China increase 620

    Increase of copper price 410

    Increase of R&D exp. 200

    Others 159

    TOTAL 3,299

    Net +204

    13

    Analysis of Operating Income Growth

    Copyright© 2017 SUMIDA CORPORATION. All rights reserved.

    () Increase Factors

    Sales increase 940

    Productivity improvement 1,020

    Costs reductions 770

    Discontinuation of goodwill depreciation

    350

    Capitalization of R&D exp. 250

    Others 173

    TOTAL 3,503

    Decrease Factors

    Product mix change 1,210

    Wages increase 700

    Welfare in China increase 620

    Increase of copper price 410

    Increase of R&D exp. 200

    Others 159

    TOTAL 3,299

    Net +204

    (Million yen)

  • Cash Conversion Cycle (CCC)

    115

    106

    100 100

    90

    100

    110

    120

    2014年 2015年 2016年 2017年(計画)

    14

    (average days)

    Through utilization of low-interest rate, CCC target is set at 100 days as an operational guideline

    Copyright© 2017 SUMIDA CORPORATION. All