FY2017 Financial Results

Transcription

1 FY2017 Financial Results May 11, 2018 Press Kogyo Co., Ltd. 1

2 Agenda Ⅰ. FY2017 Business Results Ⅱ. FY2018 Business Outlook and Earnings Forecast Presenter President & CEO Hiroshige Kakudo 2

3 Ⅰ. FY2017 Business Results 3

4 Financial Results Millions of Yen FY2016 FY2017 Difference Forecast FY2017 Net Sales 186, , , % 203,000 Operating Income 8,639 11,499 +2, % 10,600 Ordinary Income 8,101 11,437 +3, % 10,500 Net Income* 5,263 5, % 6,300 Annual Dividend (Per Share) 11.0yen 12.0yen +1.0yen 12.0yen USD THB RMB SEK FY FY * Net Income Attributable to Owners of the Parent 4

5 Sales by Regions Millions of Yen FY2016 FY2017 Difference Press Kogyo Domestic Subsidiaries Thailand China Indonesia U.S.A. Sweden Elimination Total 102, ,127 +7, % 22,919 26,881 +3, % 48,196 58, , % 3,911 6,511 +2, % 1,736 2, % 22,804 23, % 4,834 6,144 +1, % 20,074 21,668 1, , , , % USD THB RMB SEK FY FY

6 Sales by Products Millions of Yen FY2016 Ratio FY2017 Ratio Difference Large Truck Parts Small Truck Parts Construction Machinery Parts Vehicle Assembly Others Total 58, % 65,528 65, % 31.0% +7,010 +7, % +12.3% 92, % 102, , % 48.4% +10,092 +9, % +10.9% 23, % 31,744 31, % 14.9% +8,560 +8, % +36.3% 6, % 6, % % 5, % 5,331 5, % 2.4% % 8.8% 186, , , % USD THB RMB SEK FY FY

7 Sales Portfolio By Customers Net Sales 212,119million By Regions Toyota Hino 2.2% Kobelco 2.4% Komatsu 2.8% GM 2.0% CAT 6.0% MMC 7.1% Sumitomo 1.7% Others 9.5% Isuzu 20.9% Nissan 13.7% Volvo Mazda UD AAT(Thai) 8.7% Ford(Thai) 12.3% Dimlar MFTBC 10.7% By Products Vehicle Assembly 3.3% Construction Machinery Parts 15.0% Others 2.5% Domestic Subsidiaries 5.6% Sweden 2.9% Domestic Subsidiaries 5.1% U.S.A. 10.9% Thailand 27.7% China 2.8% Indonesia 1.1% Press Kogyo 49.0% Large Truck Parts 30.9% Small Truck Parts 48.3% 7

8 Quarterly Net Sales & Segment Income Millions of Yen Automobile Related Business Construction Machinery Related Business Net Sales FY2016 FY2017 FY2016 FY ,356 35,099 36,156 48,464 44,224 43,175 45,932 45,811 5,956 5,839 5,715 7,682 7,981 8,940 8,661 9, Q 16-2Q 16-3Q 16-4Q 17-1Q 17-2Q 17-3Q 17-4Q 16 1Q 16 2Q 16 3Q 16 4Q 17 1Q 17 2Q 17 3Q 17 4Q Segment Income FY2016 FY2017 3,454 FY2016 2,386 2,517 3,036 3,458 FY2017 3,145 3,091 3, Q 16-2Q 16-3Q 16-4Q 17-1Q 17-2Q 17-3Q 17-4Q *Net Sales and Segment Income include Inter Segment transactions. 16-1Q 16-2Q 16-3Q 16-4Q 17-1Q 17-2Q 17-3Q 17-4Q 8

9 Analysis of Operating Income Millions of Yen 8,639 +2, Foreign Exchange Depreciation & Amortization Rationalization 11,499 Net Sales Increase and Model Mix FY2016 Operating Income +2,860 FY2017 Operating Income 9

10 Ordinary & Net Income Millions of Yen FY2016 FY2017 Difference Operating Income 8,639 11,499 +2, % Non-Operating Income & Expenses % Ordinary Income 8,101 11,437 +3, % Extraordinary Income & Losses % Net Income* 5,263 5, % *Net Income Attributable to Owners of the Parent. 10

11 Ⅱ. FY2018 Business Outlook and Earnings Forecast 11

12 Outlook For Automobile-Related Business Press Kogyo estimates that Domestic demand for heavy and medium-duty trucks in FY 2018 will remain stable due to the needs of logistics and limited influence of rush demand in 1 st half of FY 2018 by model changeovers. Total export volume will increase; - positive trend: increase of export volume to Indonesia. - negative trend: localization of emerging country models. In Thailand, production volume of pick-up trucks will increase in FY2018 due to recovery of domestic demand. Domestic Demand (Heavy-and Medium-Duty Trucks) Export (Heavy-and Medium-Duty Trucks) Thailand (Production of Pick up Trucks) (K-Unit) 100 2HF 1HF 91.1 Forecast (K Unit) 2HF 1HF *Include KD Forecast 千 (K Unit) 2HF 1,130 1HF *Include PPV Forecast 1, 'FY17 'FY18 (Source:Press Kogyo) 0 FY17 FY18 (Source:Press Kogyo) 0 F17 F18 (Source:Press Kogyo) 12

13 Outlook For Construction Machinery-Related Business Press Kogyo estimates that Global demand for hydraulic excavators in CY 2018 will remain stable due to recovering in U.S.A. and China markets. Production volume of Press Kogyo group will increase due to demand expansion in global market. Global Demand (Hydraulic Excavators) Press Kogyo Group (Production of Cabins) (K-Unit) Other Areas China Forecast Forecast CY17 CY18 CY17 CY18 (Source:Press Kogyo) 13

14 Financial Results Millions of Yen FY2017 FY2018 Forecast 1HF 2HF Total Net Sales 212, , , ,000 +1, % Operating Income 11,499 5,500 5,900 11, % Ordinary Income 11,437 5,300 5,800 11, % Net Income* 5,842 3,200 3,300 6, % Annual Dividend (Per Share) 12.0yen 6.0yen 6.0yen 12.0yen ±0.0yen Difference *Net Income Attributable to Owners of the Parent. USD THB RMB SEK FY FY

15 Sales by Regions FY2017 FY2018 Forecast 1HF 2HF Total Difference Millions of Yen Press Kogyo Domestic Subsidiaries Thailand China Indonesia U.S.A. Sweden Elimination Total 110,127 55,800 55, ,300 +1, % 26,881 13,300 13,400 26, % 58,711 28,800 29,700 58, % 6,511 4,300 3,200 7, % 2,356 1,400 1,700 3, % 23,057 11,800 10,400 22, % 6,144 2,900 2,200 5,100 1, % 21,668 11,300 9,100 20,400 +1, , , , ,000 +1, % USD THB RMB SEK FY FY

16 Sales by Products Millions of Yen FY2017 FY2018 Ratio 1HF 2HF Total Ratio Difference Large Truck Parts Small Truck Parts Construction Machinery Parts Vehicle Assembly Others 65, % 31,600 31,800 63, % 2, % 102, % 50,400 51, , % 1, % 31, % 17,600 16,700 34, % +2, % 6, % 4,000 4,600 8, % +1, % 5, % 3,400 2,900 6, % % 212, , , ,000 +1, % Total - - USD THB RMB SEK FY FY

17 Sales Portfolio Toyota Hino 2.1% Sumitomo 2.1% Kobelco 2.5% Komatsu 3.2% By Customers CAT 6.0% GM 2.0% Volvo UD 7.3% Others 11.0% MMC 7.3% Dimlar MFTBC 11.1% Isuzu 20.7% Mazda AAT(Thai) Ford(Thai) 13.6% Nissan 11.1% Net Sales Vehicle Assembly 4.0% Construction Machinery Parts 16.0% 214,000Million By Products Others 3.0% Small Truck Parts 47.4% Domestic Subsidiaries 6.0% U.S.A. 10.4% Sweden Indonesia China 2.1% 1.7% 3.4% Thailand 27.4% By Regions Press Kogyo 49.0% Large Truck Parts 29.6% 17

18 Business in Thailand Thailand Production Site ハ ンコク Bangkok IMCT TSPKK-BP 0 20km チャチューンサオ NMT IMCT TSPKK-BP チョンフ リ Chon Buri Business Environment Domestic demand will increase due to replacement. Export will be on a track due to recovery mainly for Oceania. Main Measures Business expansion toward next generation models of pick up trucks. Start up of production for new pick up car models. Proceeding automation. (Baht Mil.) Net Sales of TSPKK G Forecast (K Unit) Sales & Production of Pickup Trucks in Thailand Production Volume Sales Volume TSPKK 1163 人 レムチャハ ン TSPKK MMTh Laem Chabang TSPK-C TSPK-C AAT 15,000 10,000 1,000 1,103 1,130 Forecast 5, IMCT: Isuzu Motors Co., (Thailand) Ltd. NMT: Nissan Motor (Thailand) Co., Ltd. MMth: Mitsubishi Motors (Thailand) Co., Ltd. AAT:Auto Alliance (Thailand) Co., Ltd. 0 FY16 FY17 FY18 0 CY15 CY16 CY17 (Source:Press Kogyo) FY16 FY17 FY18 18

19 Business in China (K-Unit) Demand for Hydraulic Excavators in China *Coverage: all Construction Machinery Makers including Chinese Makers FY2016 FY2017 FY2018 Business Environment Stable recovery of domestic demand due to infrastructure, real estate development and rise of natural prices. Main Measures Production start up of newly awarded business. Creation of high volume production system and activity for productivity improvement. Proceeding business expansion activities Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec PM Cabin (PMC) Shares by Sizes in Hydraulic Excavators Market *Coverage: all Construction Machinery Makers excluding Chinese Makers Sumitomo Yanmar Onomichi 6t>X (Mini) 24.2 % 6t X 75.8 % Kobelco PK Mini Cabin(PKMC) Kubota CAT CAT Kobelco PK Manufacturing PKM (PKM) (Source:Press Kogyo) 19

20 Business in Indonesia (K Unit) Production of Full sized Trucks West of Java :Truck Maker :Construction machinery Maker Forecast CY14 CY15 CY16 CY17 CY18 (Source:Press Kogyo) Business Environment Domestic demand for trucks in FY 2018 will increase due to strong infrastructure investment and rise of natural prices. Main Measures Production start up of new models and production stabilization. Creation of production systems and productivity improvement. Production Site PKM-Indonesia KI(Komatsu) Jakarta KRM(MFTBC,MMC) AMTI(UD) Bekashi HCMI(HITACHI) Karawan MMKI(MMC) PKMI IAMI(ISZU) SHI(SUMITOMO) CAT(Caterpillar) HMMI(HINO) Bogor Purwakarta 0 20km ( Source:Press Kogyo ) 20

21 Business in U.S.A. Net Sales of PK U.S.A. ($ Mil.) Forecast Production of Main Vehicle Types (K Unit) 1,000 Forecast Business Environment While new car sales shows the trend of peakout due to strict loan assessment and inflow of off leased vehicles into used car markets, demand of light trucks and SUVs will remain stable. Main Measures Business expansion and production preparations for door reinforce parts and axle parts. Stabilization of production system. 0 FY16 FY17 FY18 Production Site CHRYSLER SUBARU GM TOYOTA TOYOTA FORD HINO NISSAN TOYOTA NISSAN US Automaker Japan Automaker 0 PK U.S.A.(Indiana) PK U.S.A.(Mississippi) CY16 CY17 CY18 (Source:Press Kogyo) PK U.S.A.(Tennessee) Product Portfolio(%) Others Axle 6% Parts Door 10% Reinforce Parts 10% Plastic Parts 17% Body Panel Parts 57% 21

22 Business in Sweden Net Sales Forecast Business Environment Demand of commercial vehicles in EU market will remain stable due to economic uptrend in EU. Decrease in sales of PK Sweden due to discontinued models. Main Measures Production stabilization and production preparation for new products(volume production from 2019). Proceed in house production and automation. Customer Portfolio(%) Main Customers of PK Sweden Xylem 6% BT 11% Other 14% Elring Klinger 14% Ålö 13% SCANIA 24% Volvo 18% PRESS KOGYO SWEDEN Ålö Xylem SCANIA BT Volvo/Renault (Source Press Kogyo) 22

23 Financial Information 1 Capital Expenditure/Depreciation and Amortization Capital Expenditure/Depreciation and Amortization Capital Expenditure by Regions Billions of Yen FY China 0.2 Sweden 0.3 U.S.A. 1.0 Thailand 2.6 Indonesia 0.1 Japan 5.3 FY Indonesia 0.2 Sweden 0.3 China 0.1 Thailand 1.4 FY16 FY17 FY18(Forecast) U.S.A. 1.7 Japan 4.0 Capital Expenditure Depreciation and Amortization 23

24 Financial Information 2 Cash Flows Billions of Yen FY2016 FY2017 FY2018 Actual Actual Forecast Cash and Cash Equivalents at Beginning of Year Income Before Income Taxes Depreciation and Amortization Others Cash Flows from Operating Activities Cash Flows from Investing Activities Free Cash Flows Cash Flows from Financing Activities Total Cash and Cash Equivalents at End of Year

25 Financial Information 3 ROE/Net Interest-bearing Debt ROE/Shareholder s Equity Ratio Net Interest Bearing Debt Net Asset Bil. ) % 48.7% % ROE Shareholder s Equity Ratio(%) 60.0% 50.0% 40.0% 30.0% Interest-Bearing Debt Cash & Time Deposits (Bil. ) Net Net Net 1.3 D/E Ratio (Times) % 7.3% 7.6% FY16 FY17 FY18(Forecast) Net Assets ROE Shareholder's Equity Ratio(%) 20.0% 10.0% 0.0% FY16 FY17 FY18(Forecast) Cash & Time Deposits Interest Bearing Debt Net D/E Ratio * Net assets exclude Non controlling Interests. 25

26 Information : IR, Disclosure and Disclaimer Top Page IR Information We recognize website to be an integral part of our information disclosure medium. We intend to publish timely information on our website in order to insure timely and fair information disclosure. Statements contained in these documents, except for historical or current facts, are based on certain assumptions and our management s judgment in light of currently available information. Therefore, these statements may be susceptible to various factors, such as uncertainty contained in the assumptions and management s judgment and economic changes in the future, which may cause to bring about different results in Press Kogyo s future earnings and operating results. While we strive to disclose any in formation on a timely manner, we request investor public not to make investment decision on performance forecast in this material only. Any reproduction of this material without explicit permission by Press Kogyo Co., Ltd. is prohibited. 26