FACTBOOK 2017 DAIDO METAL CO., LTD. For the fiscal year ended March 31, Contents. Corporate Profile 1-3. Consolidated Balance Sheet 4

Transcription

1 FACTBOOK 217 For the fiscal year ended March 31, 217 Contents Corporate Profile 1-3 Consolidated Balance Sheet 4 Consolidated Statement of Income, Consolidated Statement of Cash Flows 5 Net Sales by Segment, Trends of Performance 6 Major Financial Indicators 7-9 Stock Information 1 DAIDO METAL CO., LTD. Securities Code: 7245 / TSE 1st, NSE 1st

2 Corporate Profile Company Name DAIDO METAL CO., LTD. Headquarters 13F Nagoya Hirokoji Bldg Sakae, Naka-ku, Nagoya 46-8, JAPAN Established November 4th, 1939 Capital JPY 7,273 million (as of March 31, 217) Representative Seigo Hanji, Chairman and Chief Executive Officer Kotaro Kashiyama, President and Chief Operating Officer Number of Employees 6,321 (Consolidated) / 1,255 (Non-Consolidated) (as of March 31, 217) Listed Markets TSE 1st Section, NSE 1st Section Global Network(Main Bases) Copyright 217 DAIDO METAL CO., LTD. All Rights Reserved. 1

3 Corporate Profile Company Features Daido Metal is the only comprehensive manufacturer of plain bearings in the world, engaged in the manufacturing and the sales of a wide variety of bearings for automobiles, marine engines, construction machinery, and bearings for general industrial use. Daido Metal has a global production and sales network in 5 geographic regions of Japan, North America, Europe, Asia, and China. Daido Metal is an independent company and is delivering its products globally to many customers across various industries. Daido Metal is the largest manufacturer in the world for several types of bearings, with a 32.5% market share for automobile engine bearings, 28% for turbocharger bearings (small turbo), and 45% for large ship engine bearings (according to the in-house estimation for calendar year 216). Daido Metal also boasts a significant domestic market share of bearings used in trucks, construction machinery, agricultural machinery and motorcycles, as well as bearings in automobile parts such as shock absorbers. In particular, our lead-free bearings have received high praise from the market and have been increasingly adopted by European automobile manufacturers. In addition, bearings used in turbines for electric power generation have a good reputation from our customers for their superior durability and longevity. Aiming for medium- and long-term product and business expansion, Daido Metal acquired Iino Holding Ltd. and ATA Casting Technology Japan Co., Ltd. in FY216. Products Automotive Engine Bearings Automotive (passenger cars, trucks, racing cars) engine bearings, Motorcycle engine bearings, Engine auxiliary machine (turbochargers, balancer mechanisms) bearings Automotive Non-Engine Bearings Automotive parts (transmissions, shock absorbers, compressors for air conditioning, steering, injection pumps, etc.) bearings Mechanical part bushes for front reclining seat Trunk lid bearings / engine hood bearings Thrust bearings for turbochargers Throttle body bushes Automotive Engine Bearings Floating bearings for turbochargers Piston pin bush Half bearing Pump bushes for power steering units Tip seals for air conditioners (scroll compressor) Rack and pinion steering bushes Strut-type shock absorber bushes Starter bushes Copyright 217 DAIDO METAL CO., LTD. All Rights Reserved. 2

4 Corporate Profile Non-Automotive Bearings and Products Other than Bearings Bearings for low-speed (two-cycle) diesel engines, medium to high-speed (four-cycle) diesel engines, power generation (turbines including hydraulic turbines), general industrial machinery (compressors, accelerator/reduction gears), and other products such as rotary pumps, centralized lubrication equipment (for machine tools), electrode sheets for capacitors, etc. For Construction Machinery / Small to Medium-scale Ships For Large Ships Bearings for medium to high-speed diesel engines Bearings for low-speed diesel engines For Heavy Electrical / General Industrial Machinery Others Turbomachinery bearing systems Dry bearing series Electrode sheet for capacitors Centralized lubrication equipment/ Rotary pumps Thermalloy DAISLIDE Topics Looking to achieve product and business diversification and multifaceted expansion in the medium and long term, the Company made Iino Holding Ltd. and ATA Casting Technology Japan Co., Ltd. subsidiaries. The two companies will leverage the Group's current global production and sales network to accelerate their globalization process. The Group can enhance technological and production capabilities and improve efficiency of operations through exchanging human resources and sharing technologies and expertise. Through these initiatives, we intend to establish a foundation for a new round of growth in the period of the next Medium Term Business Plan. Iino Holding Ltd. Iino Holding Ltd. manufactures and sells high-precision and highquality parts for automobile engines and transmissions such as formed pipes, knock pins, and NC milled parts. Iino Holding Ltd. s advanced technological capabilities are recognized by its clients, which are automobile manufacturers and automobile part manufacturers. ATA Casting Technology Japan Co., Ltd. ATA Casting Technology Japan Co., Ltd. manufactures and sells aluminium die cast automobile parts in Thailand. ATA Casting Technology Japan Co., Ltd. s advanced technological capabilities are recognized by its clients, which are automobile manufacturers and automobile part manufacturers. Copyright 217 DAIDO METAL CO., LTD. All Rights Reserved. 3

5 Consolidated Balance Sheet Assets Current assets 47,45 51,743 58,755 6,2 68,11 Cash and deposits 9,752 12,47 13,1 14,268 14,23 Notes and accounts receivable - trade 19,94 21,57 24,56 22,824 25,31 Electronically recorded monetary claims - operating ,34 1,91 Inventories 15,199 15,97 18,229 18,384 22,755 Other 2,512 2,729 3,467 3,22 4,2 Non-current assets 44,99 52,356 57,778 62,918 87,183 Property, plant and equipment 38,172 45,591 5,82 55,324 63,29 Buildings and structures, net 9,813 14,276 14,267 15,838 17,75 Machinery, equipment and vehicles, net 12,782 16,27 19,448 2,34 26,926 Land 8,158 9,33 11,128 1,954 9,714 Leased assets, net 1, ,652 3,376 Construction in progress 5,242 3,673 3,571 5,844 4,56 Other, net 729 1,28 1, ,6 Intangible assets 1,978 1,931 1,977 2,124 16,631 Investments and other assets 4,758 4,833 5,717 5,469 7,261 Investment securities 2,135 2,787 3,471 2,827 4,31 Other 2,622 2,45 2,246 2,641 2,96 Total assets 92,314 14,99 116, ,92 155,284 Liabilities Current liabilities 39,154 32,98 37,355 4,337 73,515 Notes and accounts payable - trade 1,972 5,938 6,727 7,3 8,696 Electronically recorded obligations - operating - 7,283 8,754 7,783 8,143 Short-term loans payable 1,616 6,687 8,623 12,485 38,1 Current portion of bonds Current portion of long-term loans payable 8,227 2,387 3,244 3,552 5,122 Lease obligations Income taxes payable 1,577 1,759 1, Other 6,85 7,342 7,79 8,325 11,783 Non-current liabilities 13,98 25,267 26,83 3,434 28,83 Bonds payable Long-term loans payable 5,92 17,667 18,454 19,817 15,623 Lease obligations 1, ,446 3,785 Other 5,985 7,148 7,264 9,17 9,394 Total liabilities 52,252 57,365 63,439 7,772 12,319 Net assets Shareholders' equity 34,215 38,386 41,85 45,729 47,249 Capital stock 7,273 7,273 7,273 7,273 7,273 Capital surplus 7,946 7,946 7,946 8,821 8,821 Retained earnings 2,4 24,578 28,51 31,55 32,576 Treasury shares (1,44) (1,411) (1,42) (1,421) (1,421) Accumulated other comprehensive income (726) 454 1,73 (1,753) (2,18) Valuation difference on available-for-sale securities , ,145 Foreign currency translation adjustment (1,452) 782 1,34 (159) (1,114) Remeasurements of defined benefit plans - (1,286) (86) (2,48) (2,49) Non-controlling interests 6,573 7,892 9,512 8,172 7,733 Total net assets 4,62 46,733 53,93 52,148 52,964 Total liabilities and net assets 92,314 14,99 116, ,92 155,284 Note: Figures presented in this FACTBOOK are rounded down to JPY million. Copyright 217 DAIDO METAL CO., LTD. All Rights Reserved. 4

6 Consolidated Statement of Income, Consolidated Statement of Cash Flows Net sales 7,886 77,35 85,15 81,4 85,73 Cost of sales 52,178 56,57 62,68 58,599 62,982 Gross profit 18,78 21,292 22,946 22,81 22,91 Selling, general and administrative expenses 12,422 13,923 15,312 15,686 16,987 Operating profit 6,286 7,368 7,633 7,114 5,13 Non-operating income 1,611 1,637 1,252 1,153 1,123 Non-operating expenses , Ordinary profit 6,935 8,63 8,129 6,796 5,427 Extraordinary income Extraordinary losses ,449 Profit before income taxes 6,982 8,942 8,565 6,999 3,178 Total income taxes 2,8 3,163 2,877 2, Profit 4,92 5,779 5,687 4,765 2,549 Profit (loss) attributable to non-controlling interests 516 1,44 1, (85) Profit attributable to owners of parent 4,385 4,735 4,459 3,919 2,635 Note: Figures presented in this FACTBOOK are rounded down to JPY million. Net cash provided by (used in) operating activities 1,928 12,975 9,763 9,372 9,81 Net cash provided by (used in) investing activities (1,169) (9,861) (9,627) (13,364) (3,821) Net cash provided by (used in) financing activities (3,213) (1,16) 626 4,989 2,679 Effect of exchange rate change on cash and cash equivalents (217) (28) Net increase (decrease) in cash and cash equivalents (2,437) 2,23 1, (548) Cash and cash equivalents at beginning of period 1,984 9,196 11,427 12,595 13,376 Increase (decrease) in cash and cash equivalents resulting from change of scope of consolidation Cash and cash equivalents at end of period 9,196 11,427 12,595 13,376 12,827 Note: Figures presented in this FACTBOOK are rounded down to JPY million. Copyright 217 DAIDO METAL CO., LTD. All Rights Reserved. 5

7 Net Sales by Segment, Trends of Performance Net Sales by Segment 1, Automotive Engine Bearings (*1) Automotive Non-Engine Bearings (*1) Non-Automotive Bearings Other Automotive Parts (*2) Others (*3) 8, 6, 4, 2, FY3/16 FY3/17 FY3/16 FY3/17 Net sales Automotive Engine Bearings (*1) 55,3 59,365 Automotive Non-Engine Bearings (*1) 12,976 12,757 Non-Automotive Bearings 11,713 9,691 Other Automotive Parts (*2) - 1,241 Others (*3) 1,77 2,17 Total 81,4 85,73 (*1) Following the review of business grouping, a part of the Automotive Non-Engine Bearings business is now included in Automotive Engine Bearings. Previous period figures appearing above are recalculated according to this new grouping. (*2) During the year ended in March 217, the Company acquired shares of Iino Holding Ltd. and ATA Casting Technology Japan Co., Ltd. Sales of these two companies and their subsidiaries are now reported under a new segment, Other Automotive Parts. (*3) Others includes real estate leasing, metallic dry bearing business, and pump related product business, and others. Note: Figures presented in this FACTBOOK are rounded down to JPY million. Trends of Performance 9, 8, 7, 68,62 Net Sales Operating Profit Margin 6,572 63,451 7,326 7,886 77,35 85,15 81,4 85, , 51, % 13.5% 12. 5, 1. 4, 8.9% 9.5% 9.% 8.7% 8. 3, 6. 2, 6.% 4. 1, 2. (1,) 1.3%.5% -.6% FY3/8 FY3/9 FY3/1 FY3/11 FY3/ Copyright 217 DAIDO METAL CO., LTD. All Rights Reserved. 6

8 Major Financial Indicators Net Sales 7,886 77,35 85,15 81,4 85,73 Operating Profit 6,286 7,368 7,633 7,114 5,13 Operaring Profit Margin 8.9% 9.5% 9.% 8.7% 6.% Ordinary Profit 6,935 8,63 8,129 6,796 5,427 Ordinary Profit Margin 9.8% 1.4% 9.6% 8.3% 6.4% Profit Attributable to Owners of Parent 4,385 4,735 4,459 3,919 2,635 Net Profit Margin 6.2% 6.1% 5.2% 4.8% 3.1% Total Assets 92,314 14,99 116, ,92 155,284 ROA 4.9% 4.8% 4.% 3.3% 1.9% Equity 33,488 38,84 43,581 43,975 45,231 ROE 14.2% 13.1% 1.8% 9.% 5.9% Total Assets Turnover Interest-bearing Debt 26,911 27,892 3,966 37,56 63,312 D/E Ratio 8.4% 71.8% 71.1% 85.3% 14.% Equity Ratio 36.3% 37.3% 37.4% 35.8% 29.1% Inventory Turnover Current Ratio 121.1% 161.2% 157.3% 148.7% 92.6% Free Cash Flows 759 3, (3,991) (21,19) Earnings per Share (JPY) Book-value per Share (JPY) , , ,136. Dividend per Share (JPY) PER (times) PBR (times) Dividend Payout Ratio Capital Expenditure 1,4 1,838 1,597 14,82 12,329 Depreciation 4,838 5,27 5,744 6,259 6,751 R&D Expenses 1,251 1,319 1,559 1,667 1,821 Operating Profit Margin=Operating Profit/Net Sales D/E Ratio=Interest-bearing Debt/Equity Ordinary Profit Margin=Ordinary Profit/Net Sales Equity Ratio=Average Equity/Average Total Assets Net Profit Margin=Profit Attributable to Owners of Parent/Net Sales Inventory Turnover=Net Sales/Average Inventories ROA=Profit Attributable to Owners of Parent/Average Total Assets Current Ratio=Average Current Assets/Average Current Liabilities Equity=Total Net Asset-Non-controlling Interests Free Cash Flows=Operating Cash Flows+Investing Cash Flows ROE=Profit Attributable to Owners of Parent/Average Equity PER=Stock Price at Term-end/Earnings per Share Total Assets Turnover=Net Sales/Average Total Assets PBR=Stock Price at Term-end/Book-value per Share Interest-bearing Debt=Short-term Loans Payable+Current Portion of Bonds Dividend Payout Ratio=Dividend per Share/Earnings per Share +Current Portion of Long-term Loans Payable+Long-term Loans Payable +Bonds Payable+Lease Obligations Note:Figures presented in this FACTBOOK are rounded down to JPY million. Ratios PER and PBR are also rounded down to one decimal point, and other ratios are rounded off. Copyright 217 DAIDO METAL CO., LTD. All Rights Reserved. 7

9 Major Financial Indicators 1, Net Sales 1, Operaring Profit Margin Operating Profit Operaring Profit Margin 15. 8, 8, 12. 6, 6, 9. 4, 4, 6. 2, 2, 3.. Ordinary Profit Margin Net Profit Margin 1, Ordinary Profit Ordinary Profit Margin 2. 8, Profit Attributable to Owners of Parent Net Profit Margin 12. 8, 16. 6, 9. 6, 12. 4, 6. 4, 8. 2, 4. 2, 3... ROA Total Assets ROA Equity ROE ROE 2, 12. 5, 4. 16, 9. 4, 3. 12, 3, , 2, 4, 3. 1, 1... D/E Ratio Interest-bearing Debt D/E Ratio 1, 25. 8, 2. 6, 15. 4, 1. 2, 5.. Copyright 217 DAIDO METAL CO., LTD. All Rights Reserved. 8

10 Major Financial Indicators Equity Ratio Free Cash Flows 4. 6, 2, 3. (2,) 2. (6,) (1,) 1. (14,) (18,). (22,) (JPY) Earnings per Share (JPY) Book-value per Share 2. 1, , (times) PER (times) PBR , Capital Expenditure / Depreciation Capital Expenditure Depreciation 12, 9, 6, 3, Copyright 217 DAIDO METAL CO., LTD. All Rights Reserved. 9

11 Stock Information Major Shareholders as of March 31, 217 Top 1 Shareholders Numer of Shares Shareholding Ratio (thousand shares) Japan Trustee Services Bank, Ltd. 5, The Master Trust Bank of Japan, Ltd. 2, Sumitomo Mitsui Trust Bank, Limited 1, Mizuho Bank, Ltd. 1, The Bank of Tokyo-Mitsubishi UFJ, Ltd. 1, Tokio Marine & Nichido Fire Insurance Co., Ltd. 1, Daido Metal Yueikai Stock Ownership 1, THE SERI WATHANA INDUSTRY CO., LTD. 73 1, 2.22 Nisshin Steel Co., Ltd Marubeni-Itochu Steel Inc Note: The Company holds 5,14 thousand shares in treasury shares and those are excluded from the above major shareholders. Breakdown by Type of Shareholders Individuals and Others Other Japanese Companies Financial Instruments Business Operators Foreign Institutions and Others Financial Institutions Treasury Shares 1.1% FY3/17 2.3% 13.5% 13.3% 4.4% 11.4%.6% FY3/ % 15.2% 13.3% 39.6% 11.4% 1.% FY3/ % 16.8% 13.3% 37.7% 11.4% % 1% 2% 3% 4% 5% 6% 7% 8% 9% 1% Stock Price and Trading Volume (thousand shares) Monthly trading volume (LHS) Stock price - month end (RHS) (JPY) 12, 1,6 1, 8, 1,4 1,2 1, 6, 8 4, 2, Mar./213 Mar./214 Mar./215 Mar./216 Mar./217 Copyright 217 DAIDO METAL CO., LTD. All Rights Reserved. 1

12 Contact DAIDO METAL CO., LTD. General Affairs Department Phone : daidometal-ir@daidometal.com URL :