FY2013 Financial Results

Transcription

1 FY2013 Financial Results Fujikura Ltd. May 12,

2 Ⅰ. Strategies for FY2014 Yoichi Nagahama, President & C.E.O. Ⅱ. FY2013 Financial Results Hideo Shiwa, Managing Executive Officer 2

3 Ⅰ. Strategies for FY FY2013 Business Results 2. FY2014 Projection and its business environments 3. FY2014: Final Approach to FY2015 Mid-term Goal 3 3

4 1. FY2014 Business Results 4 The Company worked on the following strategies in FY2013 under the recognition that FY2013 was the critical year for our 2015 Mid-term Plan. Reforms of organization and business structure Restoration of Electronics business Acceleration of Globalization Establishment of overseas business sites for infrastructure business Establishment of world three regional headquarters system for automotive products business New Business development Fiber Lasers, High Temperature Superconducting Wires, etc. Financial Results: Net Sales Operating Income : JPY Billions : JPY 20.3 Billions

5 5 2. FY2014 Projection and its business environment Business Environments Continuous downturn in Japan s power utility market Intensifying competition of the optical fiber market Worldwide growth in automotive market FY2014 Projection Net Sales : JPY Billions Operating Income : JPY 23.0 Billions

6 3. FY2014: Final Approach to FY2015 Mid-term Goal In-house Company Name (Unit:JPY in Billions) Net Sales OP (%) Net Sales OP (%) Infrastructure Unit Optical Fiber Unit Power & Telecommunication Systems FY2014 Plan 2015 Mid-term Plan % % Electronics Business % % Automotive Products % % Real Estate and others % % Total % % The above figures reflect revision of Electronics business segment for mid-term business plan. Issues to achieve the 2015 Mid-term Goal is in the infrastructure and the electronics business. 6

7 1 Contents 1.FY2013 Financial results and FY2014 Projection 2.Information by Segment 3. Shareholder Return

8 1. FY2013 Financial results and FY2014 Projection 2

9 FY2013 Financial Results 3 (Unit: JPY in Billions) FY2012 FY2013 Gap between FY2012 and FY2013 Net Sales Operating Income (Loss) ( 単位 : 億円 ) Operating Income Margin (%) Equity Method Income (Loss) (0.7) (2.1) (1.3) Ordinary Income (Loss) Net Income (Loss) Net Income per Share (JPY) Dividend per share (JPY) Exchange Rate(JPY/USD) Cu Base('000 JPY/ton)

10 4 Summary of FY2013 Business Results Net Sales and Operating Profit Net sales and operating profit increased compared to the previous fiscal year due to effects of JPY depreciation, recovery of electronics business and increase of sales of automotive products. Ordinary Income Ordinary income increased compared to the previous fiscal year because of significant increase of operating profit despite increase of equity method loss. Net Income Net income slightly increased, although we recorded large amounts of extraordinary losses concerning structural reforms.

11 5 FY2013 Net Sales by Factor(year-on-year basis) Net Sales (Unit:JPY in Billions) Effects of JPY depreciation Cu Price Change +8.1 Recovery of Electronics Business Net Changes higher than FY2012

12 FY2013 Changes in Operating Income by Factor (year on year comparison basis) Operating Income (Unit :JPY in Billions) Recovery of Electronics Business Net Changes Effects of JPY Depreciation Cu Price Change Structural Reforms (0.4) Figure after recording fixed cost during the suspended period (JPY3.3 billions for FY2012) as extraordinary loss 13.8 higher than FY2012 6

13 FY2013 Extraordinary Profit and Loss Extraordinary Profit and Loss (Unit:JPY in Billions) FY2012 FY2013 Operating Income Equity Method Income (0.7) (2.1) Ordinary Income Extraordinary Gains Extraordinary Losses Income before Income Taxes and Minority Interests Total Income Taxes Minority Interests in Income Recording extra ordinary losses related structural reforms of both domestic and overseas business sites (JPY5.3 billions for impairment loss of assets, JPY1.1 billions for early retirenment program)jpy 2.0 billions/year is expected to be reduced in fixed costs from next fiscal year. Net Income

14 Consolidated B/S (1) 8 (Unit:JPY in Billions) As of March 31, 2013 As of March 31, 2014 Gap Assets Current Assets Cash and Deposits Notes and Account Receivable (3.2) Increase of current assets due to sales increase Inventories Fixed Assets (11.8) Tangible Fixed Assets Intangible Fixed Assets (2.4) Sub Total (0.6) Total Investments and Other Assets (11.1)

15 9 (Unit:JPY in Billions) Consolidated B/S (2) As of March 31, 2013 As of March 31, 2014 Gap Total Liabilities Notes and Account Payable Interest - bearing Debts Other Current Liabilities (4.7) Net Assets Shareholder's Equity Total Valuation and Translation Adjustment (3.4) Repurchase of own shares: JPY6.0 Billions Minority Interests (0.0)

16 FY2014 Projection 10 (Unit:JPY in Billions) FY2014 FY2014 FY2013 First Half (Projection) (Projection) Gap between FY 2013 and FY2014 Net Sales Operating Income (Loss) Operating Income Margin (%) Equity Method Income (Loss) (2.1) Ordinary Income (Loss) Net Income (Loss) Net Income per Share (JPY) Dividend per share(jpy) Exchange Rate(JPY/USD) Cu Base('000 JPY/ton)

17 11 FY2014 Projection Net Sales Net Sales is estimated to be JPY630.0 billions which increased by JPY 39.1 billions compared to the last fiscal year, due to sales increase of Power & Telecommunication Systems and Automotive Products, recovery of Electronics Business mainly for FPCs and others. Incomes Operating income is estimated to be JPY23.0 billions, ordinary income is to be JPY19.0 billions and net income estimates JPY11.0 billions due to sales increase, effects of the structural reforms and others.

18 12 Net Sales (Unit:JPY in Billions ) Factors affecting to Net Sales (FY2013 Results vs. FY2014 Projection) Automotive Products Company Real Estate Company Others Power & Telecommunication Company Electronics Business Company (0.7) higher than FY2013

19 13 Factors affecting to Operating Income (FY2013 Results vs. FY2014 Projection) Operating Income (Unit:JPY in Billions ) Structural reforms +2.0 Impact of Sales of Real Estate (0.5) Net Changes higher than FY2014 FY2013 Results FY2014 Projection

20 2. By Segment 14

21 Financial Records and Projection by Segment (Unit:JPY in Billions) Net Sales Operating Income & Margin Segment FY2012 FY2013 1st Half 2014 Power & Telecommunication Systems Company Electronics Business Company FY2014 FY2012 FY2013 1st Half 2014 FY % 4.4% 3.6% 4.0% (9.7) (3.9) 0 0 (12.6%) (3.8%) 0.0% 0.0% Automotive Products Company Real Estate Business Company Others % 4.2% 3.5% 4.1% % 48.4% 46.6% 46.6% (1.0) (1.7) (1.2) (2.0) (28.6%) (35.4%) (42.0%) (27.6%) Total % 3.4% 3.2% 3.6% Figure after recording fixed cost during the suspended period (JPY3.3 billions for FY2012) as extraordinary loss 15

22 Power & Telecommunication Systems Company 16 In FY2013, sales and profit increased due to effects of depreciation of yen. In FY2014, profit is estimated to slightly decrease due to intensive competition, product mix and etc. despite sales increase of overseas FTTH related business, effects of structural reforms and others. Net Sales and Operating Income Margin (Unit:JPY in Billions) Infrastructure Unit Optical Fiber Unit Operating Income Margin % % 4.0% FY2012 FY2013 FY2014 Infrastructure Unit In FY2013, sales increased due to effects of depreciation of yen, good performance of overseas engineering business and others. In FY2014, sales is estimated to increase due to sales increase concerning overseas FTTH related business and others. Optical Fiber Unit In FY2013, sales increased by sales increase of optical fibers, splicers and others by effects of depreciation of yen in addition to progress of enhancement in overseas production sites, good performance of optical components business and others. In FY2014, sales is estimated to increase due to sales increase of optical components and others. Comments Above: FY2013 Results(Compared to the previous year) Below: FY2014 Projection

23 17 FPC Connector Others Operating Income Electronics Business Company In FY 2013, deficit shrunk because of sales increase as a whole due to recovery of business of FPC and others after recovery from Thai flood damage. In FY2014, profitability is estimated to be improved to be zero due to sales increase by increasing sales recovery of FPC business and others. Net Sales & Operating Income Margin FPC (Unit:JPY in Billions. ) In FY2013, net sales increased due to gradual recovery from the flood damage in Thailand. In FY2014, net sales is expected to increase by further recovery from the flood and sales for smartphones. Connector % 0.0% 12.6% FY2012 FY2013 FY2014 In FY2013, net sales decreased due to intensified price competition for smartphones. In FY2014, net sales is expected to be the same level as FY2013 under the same market conditions. Others In FY2013, net sales increased due to parts for HDD, micro coax and others. In FY2014, net sales is expected to decrease by product mix of parts for HDD etc. Comments Above: FY2013 Results(Compared to the previous year) Below: FY2014 Projection

24 Automotive Products Company 18 In FY2013, net sales and profits increased due to expansion of overseas demands and effects of yen depreciation. In 2014, net sales is expected to continue to increase by expansion of demands mainly in foreign countries. (Unit:JPY Net Sales in Billions) & Operating Income Margin 87.8 Operating Income Automotive In FY2013, net sales increased due to overseas demand increase mainly in EU and US, recovery of sales for Japanese customers in China and effects of depreciation of yen. In 2014, net sales is expected to increase by effects of launching new models. 2.3% 4.2% 4.1% Comments Above: FY2013 Results(Compared to the previous year) Below: FY2014 Projection FY2012 FY2013 FY2014

25 19 Real Estate Company Revenues of leasing real estate properties centered on " Fukagawa Gatheria" continue to contribute to operating income. (Unit:JPY in Billions) Net Sales & Operating Income Margin Operating Income Real Estate Although net sales will slightly decrease by sale of Gotanda building, stable rental revenues are expected throughout FY % 48.4% 46.6% FY2012 FY2013 FY2014 ( 参考値 )

26 CAPEX and Depreciation Cost (Unit:JPY in Billions) FY2012 FY2013 FY2014 Projection CAPEX (excluding the budget for recovery from Thai flood damage) (for manufacturing business) (for real estate business) Depreciation Cost (for manufacturing business) (for real estate business) The above figures include leasing costs. Budgets for recovery from the Thai flood damage: FY2012 JPY17.5 billions, FY2013, JPY3.6 Billions. 20

27 21 Interest-bearing Debts, Net Financial Profit and Free Cash Flow (Unit: JPY in Billions) FY2012 FY2013 1st Half 2nd Half Fiscal Year 1st Half 2nd Half Fiscal Year Interest-bearing Debts Net Financial Profit/Loss (0.9) (0.8) (1.7) (1.0) (1.0) (2.0) Free Cash Flow (20.6) (10.2) (30.8) (15.2) Free Cash Flow = Cash Flow by Operating Activities + Interest Paid + Investing Cash Flow

28 3. Shareholder Return 22

29 23 Shareholder Return Dividend per Share FY2012 JPY5.0/share FY2013 1H JPY3.0/share Share Repurchase FY2012 Total: 19.0 millions shares / JPY4.9 billions FY2013 Total: 14.7millions shares / JPY6.0 billions Dividend Policy and Results Dividend Policy Total Return Ratio 30% and above FY2012~14 Total Dividend Payout Ratio 33% (estimated figures) Total Return Ratio 105% FY2013 2H: JPY3.0/share (Year Total JPY6.0/share) FY2013 Dividend pay out plan: JPY 7.0/share (1H JPY 3.5/share, 2H JPY3.5/share)

30 Special Notes: Statements in this presentation that relate to future results and events (including statements regarding Fujikura s revenue and earnings guidance) are based on Fujikura s current expectations. Actual results in future periods may differ materially from those currently expected because of a number of risks and uncertainties. These factors include the effects of general economics on the level of demand for Fujikura s products and services, and on Fujikura s ability to manage supply and delivery logistics; the level and intensity of competition in the electronic and telecommunication equipment industries, the pricing pressures that result, the ability of Fujikura to timely and effectively manage product transitions, component/material availability and cost; the ability of Fujikura to develop new products based on new or evolving technology; and the ability of Fujikura to manage its inventory levels to minimize excess inventory. Contact Investor Relation Group TEL: FAX: wwwadmin@fujikura.co.jp 24

31 FY2013 Appendix Trends of Net Sales and Operating Income by Segment Net Sales Records and Projection by Segment Unit: JPY in Billions FY2012 FY2013 FY2014 Projection 1Q 2Q 3Q 4Q 上期下期年度 1Q 2Q 3Q 4Q 上期下期年度上期下期年度 Infrastructure Unit Optical Fiber Unit Power & Telecommunication Systems Company FPC Connector Others Electronics Business Company Automotive Products Company Real Estate Company Others Total Operating Income Records and Projection by Segment Power & Telecommunication Systems Company Electronics Business Company Automotive Products Company Real Estate Company Others 合計 (1.6) (2.5) (2.5) (3.3) (4.1) (5.8) (9.7) (2.0) (0.0) (0.6) (1.3) (2.0) (1.9) (3.9) (0.3) (0.2) (0.2) (0.3) (0.5) (0.5) (1.0) (0.5) (0.3) (0.4) (0.5) (0.8) (0.9) (1.7) (1.2) (0.8) (2.0) Fujikura Ltd.