Financial Summary Results of Nine Months of FY2012 & Forecast for FY2012

Transcription

1 Financial Summary Results of Nine Months of & Forecast for Mitsui Chemicals, Inc. February 5,, 2013 <Remarks> indicates the fiscal year starting on April 1, 2012 and ending on March 31, 2013

2 Contents 1.Results of the Nine Months of (April 1, 2012 ~ December 31, 2012) 1) Operation Topics in Nine Months of (April through December 2012) 1,2 2) Number of Subsidiaries and Affiliates 3 3) Consolidated Financial Highlights 4 4) Change in Business Segments (Sales and Operating Income/Loss FY2011 1Q-3Q) 5 5) Sales (by business segment) 6 6) Operating Income/Loss (by business segment) 7 7) Non-Operating Income and Expenses 8 8) Special Gains and Losses 9 9) Consolidated Balance Sheet 10 10) Consolidated Statement of Cash Flow 11 2.Forecast for (April 1, 2012 ~ March 31, 2013) 1) Operation Topics in (January 2013 through March 2013) 12 2) Consolidated Financial Highlights 13 3) Sales (by business segment) 14 4) Operating Income/Loss (by business segment) 15 5) Operating Income/Loss (compared with FY2011 results by business segment) 16 6) Operating Income/Loss (compared with previous forecast by business segment) 17 7) Non-Operating Income and Expenses 18 8) Special Gains and Losses 19 9) Consolidated Statement of Cash Flow Appendix 1) Trends in Main Product Prices 21 2) Comprehensive Income 22 3) Outline for Changes in Business Segments 23 4) Revised Sales & Operating Income/Loss for FY (following reclassification)

3 1. Results of Nine Months of (April 1, 2012 December 31,, 2012) 2)

4 1) Operation Topics in NineN Months of (April through December 2012) Petrochemicals Project Production Capacity 1) Establishment of new company for PP compound in Brazil 55K t/y 2) Production capacity expansion for PP compound in Mexico +13K t/y (32 45K t/y) Location Brazil (São Paulo) Mexico (Aguascalientes) Date May 2012 May ) Production capacity expansion for PP compound in Thailand 4) Establishment of new joint venture company to produce Ev olue in Singapore +18K t/y ( K t/y) 300K t/y (Planned completion date of Dec 2014) Thailand (Rayong) Singapore (Jurong Island) Nov 2012 Oct 2012 Polyurethane 5) Production capacity expansion for MDI in South Korea (Kumho Mitsui Chemicals) +45K t/y ( K t/y) South Korea (Yeosu-City) July Results of Nine Months of 1

5 1) Operation Topics in NineN Months of (April through December 2012) Project Production Capacity Location Date Functional polymeric materials 6) Establishment of joint v enture company for EPT in China 7) Establishment of new company for compounds (Milastomer and Admer ) in China, with an aim to enhance business in eastern China 75K t/y (Planned to start operation from 1Q 2014) 11K t/y (Planned to start operation from Oct 2014) China (Shanghai) China (Shanghai) May 2012 Nov 2012 Films & Sheets 8) Establishment of joint v enture company in Thailand for highly functional sealant film (T.U.X ) 15K t/y (Planned completion date of 2nd half of FY2013) Thailand (Rayong) Apr ) Completion of construction of new production facilities for solar cell encapsulants (SOLAR EVA ) in Malaysia 10K t/y Malaysia (Malacca) July Results of Nine Months of 2

6 2) ) Number of Subsidiaries and Affiliates Items Number of consolidated subsidiaries Number of nonconsolidated subsidiaries and affiliates to which the equity FY2011 (a) 1st Half (b) (c) (c)-(a) (c)-(b) Total Results of Nine Months of 3

7 3) Consolidated Financial Highlights (Billions of Yen) Items FY2011 Increase (Decrease) % Sales 1, ,007.4 (92.6) (8%) Operating income (25.1) (91%) Non-operating income/expenses 1.1 (1.1) (2.2) - Ordinary income (27.3) (95%) Special gains/losses (10.2) (5.3) Net income (loss) before income taxes and minority interests 18.5 (3.9) (22.4) - Net income (loss) (0.2) (9.7) (9.5) - Exchange Rate (Yen/US$) Domestic Standard Naphtha Price (Yen/KL) 55,200 55, Items End of End of 3Q Increase FY2011 (Decrease) % Interest-bearing liabilities % Equity (13.8) (4%) D/E Ratio(Times) Equity ratio(%) (1.2) - 1. Results of Nine Months of 4

8 4) Change in Business Segments (Sales and Operating Income/Loss FY ) (Billions of Yen) Former Business Segment FY2011 Current Business FY2011 Sales Operating income/loss Segment Sales Operating income/loss Sales Operating income/loss Petrochemicals Petrochemicals (0.3) Basic Chemicals Basic Chemicals (0.2) Polyurethane 97.7 (11.3) Polyurethane 94.0 (11.4) (3.7) (0.1) Functional Polymeric Materials Functional Polymeric Materials (0.6) Functional Chemicals Functional Chemicals Fabricated Products Films and Sheets (41.8) (0.5) Others 13.6 (1.7) Others 26.8 (1.1) Total 1, Total 1, Results of Nine Months of 5

9 5) Sales (by business segment) (Billions of Yen) Segment FY2011 Breakdown Volume Price Petrochemicals (2.2) (0.3) (1.9) Basic Chemicals (95.4) (68.3) (27.1) Polyurethane Functional Polymeric Materials (2.0) Functional Chemicals (1.9) Films and Sheets (4.2) (2.0) (2.2) Others (3.3) (3.3) 0.0 Total 1, ,007.4 (92.6) (62.1) (30.5) 1. Results of Nine Months of 6

10 6) Operating Income/Loss (by business segment) (Billions of Yen) Segment FY2011 Breakdown Volume *Price Cost s Petrochemicals (3.6) 0.9 (8.5) 4.0 Basic Chemicals 17.0 (12.6) (29.6) (10.0) (24.8) 5.2 Polyurethane (11.4) (1.8) Functional Polymeric Materials (3.3) 1.0 Functional Chemicals Films and Sheets 1.3 (2.2) (3.5) (0.5) (2.8) (0.2) Others (1.1) (1.3) (0.2) (0.2) Total (25.1) (4.4) (34.2) 13.5 *Price:including both sale and purchase price v ariances 1. Results of Nine Months of 7

11 7) Non-Operating Income and Expenses (Billions of yen) Items FY2011 Equity in earnings of non-consolidated subsidiaries and affiliates I nterest expenses, interest and div idend income (3.8) (3.4) (3.0) 0.4 Gain (loss) on foreign exchange (2.7) Other 1.7 (0.5) (2.2) Total 1.1 (1.1) (2.2) 1. Results of Nine Months of 8

12 8) Special Gains and Losses (Billions of yen) Items FY2011 Special gains (a) Gain on sales of fixed assets Gain on sales of investment securities Reversal of provision for environmental measures Insurance income Special losses (b) Loss on sales and disposal of fixed assets Impairment loss Loss on restructuring of subsidiaries and affiliates, etc. Loss on valuation of investment securities Loss on disaster Loss on explosion and Fire Others (2.4) (2.2) (15.2) (11.6) 3.6 (1.3) (2.7) (1.4) (11.5) (1.7) (1.0) (1.0) (1.0) (0.8) 0.2 (1.4) (4.8) (4.6) 0.0 (0.6) (0.6) Special gains and losses (a)+(b) (10.2) (5.3) Results of Nine Months of 9

13 9) Consolidated Balance Sheet (Billions of Yen) Items End of Mar.2012 End of Dec.2012 Items End of Mar.2012 End of Dec.2012 Current assets Liabilities Cash and cash equivalents (19.6) Notes and accounts payables Notes and accounts receivables (12.5) Interest-bearing liabilities Inventories Other liabilities (7.2) Other current assets Net assets (15.5) Fixed assets Shareholders' equity (15.8) Tangible and intangible fixed assets Investments & other non-current assets Other accumulated Comprehensiv e income (29.1) (27.1) Minority interest (1.7) Total 1, , Total 1, , Results of Nine Months of Contingent liabilities as guarantor of indebtedness

14 10) Consolidated Statement of Cash Flow (Billions of yen) Items FY2011 I. Cash flows from operating activities[a] (26.7) II. Cash flows from investing activities[b] (32.5) (41.2) (8.7) Free cash flows[a+b] 3.0 (32.4) (35.4) III. Cash flows from financing activities (28.4) IV. Others (1.1) Net incr.(decr.) in cash and cash equivalents (26.5) (19.6) Results of Nine Months of 11

15 2. Forecast for (April 1, 2012 March 31, 2013)

16 1) Operation Topics in (October 2012 through March 2013) Project Production Capacity Location Date Functional Chemicals 1) Establishment of joint venture company for electrolyte solution with Formosa Plastics Corporation +5K t/y Operation from May 2014 (tentative) China Zhejiang Ningbo Mar Forecast for 12

17 2) Consolidated Financial Highlights (Billions of yen) Items FY2011 forecast Full Year Full Year (forecast on Nov.1) Sales 1, , , , ,430.0 Operating income (loss) Non-operating income (expenses) (1.1) (2.0) (5.0) Ordinary income (loss) Special gains/losses (10.2) (6.5) (5.3) (6.0) (3.0) Net income (loss) before income taxes and minority interests (3.9) (3.0) 15.0 Net income (loss) (0.2) (1.0) (9.7) (10.0) 5.0 Exchange Rate (Yen/US$) Domestic Standard Naphtha Price (Yen/KL) 55,200 54,900 55,400 56,800 55,100 Items FY2011 FY2011 1st half Full Year 1st half Full Year Full Year Dividend (Yen /Share) Forecast for 13

18 3) ) Sales (by business segment) (Billions of Yen) Segment FY2011 Full Year (a) forecast Full Year (b) (b)-(a) (forecast on Nov 1) Petrochemicals Basic Chemicals (86.9) Polyurethane Functional Polymeric Materials Functional Chemicals Films & sheets (5.5) 73.0 Others (1.6) 35.0 Total 1, , , ,390.0 (64.0) 1, Forecast for 14

19 4) Operating Income/Loss (by business segment) (Billions of Yen) Segment FY2011 Full Year (a) forecast Full Year (b) (b)-(a) (forecast on Nov 1) Petrochemicals (0.9) 10.5 Basic Chemicals (12.6) (18.5) (27.1) (8.0) Polyurethane (11.4) (14.6) (1.8) Functional Polymeric Materials Functional Chemicals Films & Sheets (2.2) (4.0) (4.2) (3.0) Others (1.1) (1.4) (1.3) (1.5) (0.1) (2.5) Total (16.6) Forecast for 15

20 5) Operating Income/Loss oss (compared with FY2011 results by business segment) (Billions of Yen) Segment FY2011 (Forecast) Breakdown Volume *Price Costs Petrochemicals (0.9) 1.0 (6.8) 4.9 Basic Chemicals 8.6 (18.5) (27.1) (8.3) (24.3) 5.5 Polyurethane (14.6) Functional Polymeric Materials (3.3) 2.3 Functional Chemicals (1.5) (0.2) Films and Sheets 0.2 (4.0) (4.2) 0.5 (4.0) (0.7) Others (1.4) (1.5) (0.1) (0.1) Total (16.6) 0.5 (31.0) 13.9 *Price:including both sale and purchase price v ariances 2. Forecast for 16

21 6) Operating Income/Loss oss (compared with previous forecast by business segment) (Billions of Yen) Segment (forecast on Nov 1) Forecast Breakdown Volume *Price Costs Petrochemicals (2.5) (1.1) 0.7 (2.1) Basic Chemicals (8.0) (18.5) (10.5) (2.3) (6.7) (1.5) Polyurethane (0.5) (0.8) Functional Polymeric Materials (1.5) (1.1) (1.0) 0.6 Functional Chemicals (3.0) (1.0) (0.6) (1.4) Films and Sheets (3.0) (4.0) (1.0) 0.0 (0.4) (0.6) Others (2.5) (1.5) Total (18.0) (6.3) (7.8) (3.9) *Price:including both sale and purchase price v ariances 2. Forecast for 17

22 7) ) Non-Operating Income and Expenses (Billions of yen) Items FY2011 full year (a) forecast full year (b) (b)-(a) (Forecast on Nov 1) Equity in earnings of nonconsolidated subsidiaries and affiliates Interest expenses, interest and dividend income (3.5) 3.0 (3.4) (3.7) (3.0) (4.0) (0.3) (4.0) Gain (loss) on foreign exchange (2.7) (1.2) (2.6) Other (0.5) (0.7) (1.4) (1.4) Total (1.1) (2.0) (3.3) (5.0) 2. Forecast for 18

23 8) Special Gains and Losses (Billions of yen) FY2011 Forecast Items full year (a) full year (b) (b)-(a) (forecast on Nov 1) Special gains (a) Gain on sales of fixed assets Gain on sales of investment securities Reversal of provision for environmental measures Gain on contribution of securities to retirement benefit trust insurance income Others Special losses (b) Loss on sales and disposal of fixed assets Impairment loss Loss on restructuring of subsidiaries and affiliates, etc. Loss on v aluation of inv estment securities Loss on disaster Loss on explosion and Fire Others (5.5) (2.2) (2.2) (7.4) (15.2) (19.0) (11.6) (13.0) 6.0 (8.2) (1.3) (3.0) (2.7) (3.0) 0.0 (2.5) (11.5) (12.9) (1.7) (1.7) 11.2 (1.0) 0.0 (0.7) (1.0) (1.0) (0.3) (0.9) (1.0) (1.1) (0.8) (0.8) 0.3 (0.8) (1.4) (1.3) (4.8) (4.8) (4.8) (2.5) (0.6) (1.7) (1.7) (0.5) Special gains and losses (a)+(b) (10.2) (6.5) (5.3) (6.0) 0.5 (3.0) 2. Forecast for 19

24 9) ) Consolidated Statement of Cash Flow (Billions of yen) Items FY2011 (Forecast) (forecast on Nov 1) I. Cash flows from operating activities[a] (16.3) 30.0 II. Cash flows from investing activities[b] (42.5) (49.0) (6.5) (58.0) Free cash flows[a+b] 0.8 (22.0) (22.8) (28.0) III. Cash flows from financing activities (26.7) IV. Others (0.6) Net incr.(decr.) in cash and cash equivalents (26.5) (2.0) 24.5 (13.0) 2. Forecast for 20

25 3.. Appendix

26 1) Trends in Main Product Prices (Naphtha prices are Domestic Standard Naphtha Price ) (PE, PP, PH, BPA(Japan) : Change in Prices and Raw Materials Prices in Japan / BPA(China), PTA, TDI : Chinese Market Price) Year Month Jan.-Mar. Apr.-Jun. Jul.-Sep. Oct.-Dec. Jan.-Mar. Apr.-Jun. Jul.-Sep. Oct.-Dec. Jan.-Mar. Apr.-Jun. Jul.-Sep. Oct.-Dec. Naphtha (Yen/KL) PE (Yen/KG) PP (Yen/KG) PH (Yen/KG) BZ(ACP) (US$/T) BPA(Japan) (Yen/KG) BPA (China) PTA (US$/T) PX(ACP) (US$/T) TDI (US$/T) 47,700 49,700 42,700 45,200 52,400 59,000 54,900 51,700 54,100 60,600 49,800 55, Base Price of Formula (10) (10) Base Price of Formula (10) (10) (5) (5) (5) (5) (20) (20) $960 $940 $820 $920 $1,120 $1,160 $1,130 $1,000 $1,160 $1,160 $1,110 $1, (30) +25 negotiation based on BZ price and BPA market price (25) From Aug. +13 From Nov $1,690 $1,920 $2,000 $2,280 $2,430 $2,450 $2,080 $1,570 $1,730 $1,690 $1,690 $1,750 $960 $920 $880 $1,130 $1,440 $1,280 $1,250 $1,110 $1,180 $1,070 $1,030 $1,120 $1,060 $1,010 $910 $1,170 $1,550 $1,600 $1,530 $1,480 $1,560 $1,500 $1,340 $1,530 $3,100 $2,800 $2,420 $2,530 $2,430 $2,670 $2,250 $2,180 $2,560 $3,030 $2,830 $2, Appendix 21

27 2) ) Comprehensive Income (Billions of yen) Items FY2011 Net income before Minority I nterests [A] 9.5 (8.6) (18.1) Other Comprehensiv e I ncome [B] (14.4) Net unrealized holding gain on securities (3.9) Foreign currency translation adjustments (8.9) Others (1.6) Comprehensiv e I ncome[a+b] (4.9) (6.2) (1.3) (Breakdown of the total Comprehensive Income) Comprehensiv e Income for Parent company's Shareholder (12.2) (7.8) 4.4 Comprehensiv e Income for Minority Shareholder (5.7) 3. Appendix 22

28 3) Outline for changes in Business Segments Former Segments Current Segments Main Products Major Subsidiaries & Affiliates Petrochemicals Petrochemicals Ethylene, Propylene Polyethylene, Polypropylene Osaka petrochemical Industries, Ltd Prime Polymer Co., Ltd. Adv anced Composites, Inc. Keiyo Ethylene Co., Ltd. Basic Chemicals Basic Chemicals Phenol, Bisphenol A, Purified terephthalic acid, Polyethylene-terephthalate, Ethylene oxide Chiba Phenol Company,Limited Mitsui Phenols Singapore Pte Ltd. Siam Mitsui PTA Co., Ltd. Shanghai Sinopec Mitsui Chemicals,CO., LTD. P.T.Amoco Mitsui PTA Indonesia P.T.Petnesia Resindo Thai PET Resin Co.,Ltd. Polyurethane Polyurethane Polyurethanes, Coating materials Adhesiv es, Construction materials Kumho Mitsui Chemicals Polyurethane Co., Ltd Functional Polymeric Materials * Functional Polymeric Materials Elastomers, Functional compounds,specialty * polyolefins, Pellicles Mitsui Elastomers Singapore Pte. Ltd. Functional Chemicals ** Functional Chemicals Health care materials (Materials for high refractiv e- index ophthalmic lenses etc.), Functional chemicals, Specialty gases, ** Hygienic materials( Spunbonded nonwov en polypropylene fabric) Catalysts,Agrochemicals,Licensing Shimonoseki Mitsui Chemicals, Inc. Mitsui Hygiene Materials (Thailand) Co., Ltd. ACOMON AG Mitsui Chemicals Agro, INC. Fabricated Products Films and Sheets * Packing films, Electronic & optical films, Solar cell sheets Mitsui Chemicals Tohcello, Inc Pellicles;Dust proof membrane applied on photomask during lithography process 3. Appendix 23

29 4) Revised Sales & Operating Income/Loss for FY2011 (following reclassification) (Billions of yen) Former segments Sales FY2011 Operating Income/Loss FY2011 Apr - Jun 1st half Apr - Dec full year Apr - Jun 1st half Apr - Dec full year Petrochemicals Basic Chemicals Polyurethane (2.6) (7.1) (11.3) (14.4) Functional Polymeric Materials Functional Chemicals Fabricated Products Others (0.9) (1.4) (1.7) (1.9) Total , , Current segments Sales FY2011 Operating Income/Loss FY2011 Apr - Jun 1st half Apr - Dec full year Apr - Jun 1st half Apr - Dec full year Petrochemicals Basic Chemicals Polyurethane (2.6) (7.2) (11.4) (14.6) Functional Polymeric Materials Functional Chemicals Films and Sheets Others (0.6) (1.0) (1.1) (1.4) Total , , Appendix 24

30 This summary contains forward-looking statements the future plans, strategies, belief and performance of the Mitsui Chemicals Group as a whole and its individual consolidated companies. These forward-looking statements are not historical facts. They are expectations, estimates, forecasts and projections based on information currently available to the Mitsui Chemicals Group and are subject to a number of risks, uncertainties and assumptions, which, without limitation, include economic trends, fluctuations in foreign currency exchange rates, fluctuations in the price of raw materials, competition in markets where the Company is active, personal consumption, market demand, the tax system and other legislation. As such, actual results may differ materially from those projected and the Mitsui Chemicals Group cannot guarantee that these forward-looking statements are accurate or will be achieved.