Financial Report. (January 1 ~ September 30, 2012) Sumitomo Rubber Industries, Ltd.

Transcription

1 Financial Report (January 1 ~ September 3, 212) Sumitomo Rubber Industries, Ltd.

2 Key Subjects rd Quarter Financial Results Summary Changes in Scope of Consolidation, Major Affiliated Companies Financial Results Summary 212 Financial Results Projection Financial Results Projection Summary Capex/Depreciation, Tire Production Capacity etc. 1 Changes in Consolidated Subsidiaries Scope of Consolidation Consolidated Subsidiaries 66 (+1) Equity-method affiliates 14 (-2) Unconsolidated Subs. 5 Affiliated companies 9 # of changed Companies Newly included 2 Excluded (1) Newly included - Excluded (2) SUMITOMO RUBBER DO BRASIL LTDA. Dunlop Hokkaido Co., Ltd. Hiroshima Rubber, Ltd. Kyoshin, Ltd. Srixon South Africa (PTY) Ltd. (Merged with Dunlop Marketing Co., Ltd.) (Merged with Dunlop Tire Chugoku Ltd.) 2

3 Sumitomo Rubber Group Major Subsidiaries Tire business business Industrial & Other Overall Control Dunlop Tire Sales HQS. OE:Dunlop Goodyear Tires GY brand:goodyear Japan Export:SRI Tire Trading Dunlop (Former SRI ) Hybrid Rubber Products HQS. Sales Manufacture Service Affiliates Domestic wholesale companies (11) Domestic wholesale companies(3) Overseas wholesale company Overseas wholesale company (U.S/EU/Asia/Russia/Thailand/China (Canada/Euro/Asia/Australia /Middle East/Latin America) /China/Hong Kong) Tire Overseas Factories: Indonesia, Thailand, China(Changshu), China(Hunan) Under construction: Brazil Dunlop Retread Service Nakata Engineering SRI USA SRITP (Holding Co.) JV:GDTE,GDTNA Naigai Rubber Tochigi SEI GSGPC,GSGTL Domestic factory: Dunlop Golf Club Overseas Factory: Roger Cleveland Golf Company Tennis ball factory:thailand SRI Engineering, SRI Systems, SRI Logistics Golf Course Wako Tennis Dunlop Home Products Sumigomu Sangyo Hong Kong Sumirubber Zhongshan Sumirubber Sumirubber Vietnam Sumirubber Malaysia 66 Subsidiaries 14 Affiliates 3 Consolidated Financial Results Jan.-Mar. Apr.-Jun. Jul.-Sep. 12 vs vs vs vs 11 Sales % % % (1.6) Operating Income (%) 16. (9.6%) 165% (9.8%) 162% (6.9%) 119% (8.7%) 149% Ordinary Income (%) 17. (1.2%) 161% (8.%) 161% (6.9%) 151% (8.4%) 158% Net Income % % % % +9.3 Equity Income.2 (.4) (.) (1.4).8 (1.7) 4

4 Net Sales / Operating Income by Industry Segment Jan.-Mar. Apr.-Jun. Jul.-Sep. 12 vs vs vs vs 11 Sales Tire Industrial & Others % 18% 97% % 18% % 112% % 14% Consolidated % % % 5. Operating Income Tire Industrial & Others Consolidated % 211% 88% 165% % 391% 1574% 162% % - 195% 119% % 332% 164% 149% 5 Consolidated Operating Income by Industry Segment () Consolidated Operating Income Tire 18.3 Industrial & Others '7 '8 '9 '1 '11 '12 6

5 Consolidated Operating Income by Geographic Area () 45 4 Sales Japan Asia Other Total ' ' ' ' ' ' Consolidated Operating Income Japan Asia 12.2 Other '7 '8 '9 '1 '11 '12 7 Overseas Sales () Overseas Sales North Europe America Asia Other '7 '8 '9 '1 '11 '12 Consolidated Sales Percentage 46% 49% 47% 51% 53% 51% of Overseas 8

6 Consolidated Ordinary Income Walk () ' Raw Material 14.7 Price (1.1) Volume & Mix.6 Natural Rubber 16.9 Pet. Related (8.8) Others.5 Direct Costs (2.8) Fixed Costs Exchange Rate USD EUR AUD (2.4) FOREX Euro / N.A. JV s Industrial & Others (5.6) Equity income (1.7) Other SGA Other income,loss.6 (4.5) ' Natural Rubber (3.4) Pet. Related (1.3) Others (.3) 15.3 '1 '11 (41.) (1.4) (1.7) (3.4) (.7).8. (2.3) Total 1.2 '9 '1 (19.) (1.7) (2.6) (4.1) Total Consolidated Results Projection () Sales Operating Income (%) Ordinary Income (%) Net Income Equity Income Proj (9.5%) 61. (8.7%) Actual (8.%) 49.9 (7.4%) '12 vs '11 14% 124% 122% 113% ROE 15.2% 14.7% +.5P Interest-bearing debt (4.2) 1

7 Consolidated Sales / Income (27 ~ 212 Proj. ) Sales % 45.1 Operating Income % 7.6% 4.2% % % Net Income 1. % Profit %, New High % % 7.9% % % 7.% Ordinary Income '7 '8 '9 '1 '11 '12 Proj. 11 Net Sales / Operating Income by Industry Segment () Proj. 212 Actual 211 '12 vs '11 Tire % Sales Industrial & Others Consolidated % 19% 14% Operating Income Tire Industrial & Others Consolidated % 137% 137% 124% 12

8 Consolidated Ordinary Income Walk (Oct. ~ Dec. Proj.) Oct.-Dec. Natural Rubber 7.6 Pet. Related 3. Others. ' Raw Material (4.7) Price (3.) (.7) Volume & Mix Natural Rubber (8.6) Pet. Related (5.7) Others.1.8 Direct Costs Fixed Costs (4.3).3 FOREX (1.4) (.2) Euro / N.A. JV s (.2). Industrial & Others (6.) Equity income.2 Other SGA Other income,loss (3.4) (2.8) ' '1Q4 '11Q4 (14.2) (1.2) (.7) (1.6) Total 6.2 '9Q4 '1Q4 (11.6) (.1) (2.4) (1.3).2 (1.8).8 1. Total (2.) 13 Consolidated Ordinary Income Walk (212 Proj.) Natural Rubber 24.5 Pet. Related (5.8) Others.5 ' Raw Material 1. Price (4.1) Volume & Mix Natural Rubber 24. Pet. Related (8.8) Others.5 Price Natural Rubber (TSR 2) WTI 1.4 Direct Costs Q 2Q 3Q 4Q Ave ($/kg) ($/bbl) (3.5) (2.1) Fixed Costs Exchange Rate USD 8 79 EUR AUD (11.5) 61. Aug.9 th Proj (3.5) (4.2) (2.1) (1.) (7.9) Total 11.1 '1 '11 (55.2) (2.6) (2.4) (2.5) (.7) 1. (.) (3.9) Total FOREX Euro / N.A. JV's Industrial & Others Other SGA Other income,loss Equity income (1.5) (2.8) (7.2) '12

9 15.7 (1.8).6 (.5) (4.3) (.8) 3.5 (vs Aug. 9 th Proj.) - (1.5).2 (1.3). (.4) (.6) (.5) Equity income (1.1) (.4).3 (3.6) Q 4Q 2Q 1Q 4Q 3Q 2Q 1Q (2.8) (3.4) (.2) (1.4).3 (.7).8 (3.) (4.7) 1.6 (4.3) 19.2 (1.8) (.2) (2.3) (.4) (.2) (1.6)...9 (.7) (1.2) (14.2) (3.9) (.) (.7) (2.5) (2.4) (2.6) (55.2) Factor vs Pre. Year Price.3 (.1) (.4) (.2) (.1) Industrial & Others (2.8).7 (.6).6. Other (4.1) Volume & Mix Direct Costs (3.5) (2.) (.8) (.9).3 Fixed Costs (2.1) (1.1) (2.2) 1.4 (.9) FOREX (.5) (1.7) (1.2) (.3) (2.5) (15.7) (14.8) (1.5) Raw Material (7.2) 61. (1.5) (.7) (.4) 8.3 (1.2) 1.6 SGA Ordinary Income Period Consolidated Ordinary Income Analysis 16 89% 67% 114% 9% 146% 46% 127% 91% 13% 76% 89% 151% 94% 115% 92% 131% 12% 11% 95% 14% 81% 114% 92% 73% 117% 99% 67% 15% 116% 16% 14% 161% Middle East 13% 95% 1% 82% 18% 98% Europe &Russia Asia North America 1% 92% 16% 14% 91% Oct-Dec 13% 15% 112% 119% 78% Jan-Mar 211 ACT 98% 99% 12% 97% 68% Apr-Jun 11% 112% 19% 119% 99% Jul-Sep 113% 1% 97% 16% Oct-Dec 14% 19% 18% 88% 212 ACT, Oct.-Dec.Proj. 98% 94% 14% 14% 1% Jul-Sep 16% 1% 93% 118% 151% Apr-Jun 13% 11% 13% 136% Jan-Mar 13% 97% 11% 115% 116% Domestic O.E. Total Overseas Rep. Domestic Rep. Overseas O.E. 26,47 21,74 21,74 24,89 26,51 94,88 24,38 22,95 23,27 97,7 Total Tire Sales(units) 53,63 46,21 99,84 Overseas Rep. Tire Sales Volume (Comparison %) 16% 11% 96% 11% 143% Jan-Jun 212 Aug.9th Proj. 15% 11% 13% 132% 12% Jul-Dec 119% 15% 11% 1% 121% 91% 9% 115% 99% 86% 128% 15% 12% 89% 15% 11% 11%

10 Tire Overseas Rep. Volume by Regional Segment units 5, 4, 3, 2, 1, Numbers shown in the bar graph are yoy % by region 117% % Third party overseas Rep. Sales by SRI / Foreign Subs. 94% N. America S. America Europe & Russia Africa Middle East '7 '8 '9 '1 '11 '12 Proj. FOREX(USD) (Rates applied for sales) 121% % Asia Oceania 17 Capex and Depreciation Tangible Assets only Capex Depreciation '7 '8 '9 '1 '11 '12 Proj. Overseas Change in depreciation methods(4.) 18

11 Tire Production Capacity yoy 19% 19% 15% 14% 13% 16% 37,3 4,7 42,65 44,45 46, 49,45 t/mth 5, 45, 4, 35, 3, 25, 2, 15, 1, 5, 1,15 4,35 4,2 2,45 9,2 5,85 1,1 3,4 5,15 4,2 2,7 9,2 5,9 1,15 3,95 5,95 4,45 2,7 9,35 6, 1,25 5,6 6, 4,45 2,7 9,35 6, 1,35 8,2 6,65 5,1 75 9,35 6, ,5 6 6,65 5,1 75 9,35 6,15 1,35 '7/12 '8/12 '9/12 '1/12 '11/12 '12/12 Proj. Overseas ratio '7 26% '8 31% '9 34% '1 36% '11 43% '12 46% Thailand Hunan China SURINDO Izumiotsu Miyazaki Nagoya Shirakawa 19 Tire Production Volume and Operating Ratio yoy 19% 19% 84% 124% 18% 12% t Operating ratio st Half Group production volume % '7 '8 '9 '1 '11. '12 Proj. 5 2

12 Sales in the Business Results & Projection Golf Clubs Golf Balls Golf Shoes, Accessories & Others Golf goods Tennis goods Licensing income goods business Other business Total 212 3Q Q '12 vs '11 124% 13% 99% 114% 1% 113% 97% 112% Proj New Technology / New Products 22

13 New factory in Turkey <New factory in Turkey> Location : Turkey Çankırı Province Start of Production : July, 215 (Projected) Business : Manufacturing & sales of radial tires Capacity : 3, tires / day (219 year end) Investment ratio : Sumitomo Rubber Industries, LTD. 8% Abdulkadir Özcan Otomotiv Lastik 2% Çankırı Province New Process Sun System Europe Russia Turkey North Africa Middle East 23 The Influence of Raw mat. Price rise & Raising of Tire Prices ( v.s '2) Raising of Tire Prices Raw mat. Price rise 19.2 (57.6) (8.) Net (38.4) (65.6) Net (37.5) (36.7) (12.3) Net (51.9) (8.1) 28.6 (73.7) Net (13.3) (3.6) (14.3) Net (35.) (55.2) (159.5) Net (42.3) (36.) 19.2 (14.3) Net (13.1) '3~ '6 '7 '8 '9 '1 '11 '12 Proj. 24

14 Market Price: Natural Rubber Naphtha /kl Q1 US /Kg Q1 Naphtha Price (prod. in Japan) 5Q1 6Q1 7Q1 8Q1 NR SICOM TSR2 (Ave.) NY Crude Oil Price 9Q1 1Q1 11Q1 12Q ' '1 '2 '3 '4 '5 '6 '7 '8 '9 '1 '11 '12 $/bbl US /Kg NR SICOM TSR2 Monthly Move Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Trend of Raising of tire prices Domestic REP: Whole Sale price for sales co. May '4 avg. 5% Sep. '5 4 ~ 4.5% Apr. '6 4 ~ 4.5% Feb. '7 5% Apr. '8 5% Sep. '8 5% Mar. '11 7% (TB) May. '11 7 ~ 1% Sep. '11 8% (TB) Overseas REP: '4 3% '5 3% '6 3% '7 3 ~ 6% '8 5 ~ 1% '9 5 ~ 1% '11 5 ~ 1% 25 END 26