Financial Results for the First Half of the Fiscal Year Ending March 31, 2017

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1 Second Quarter Financial Results for the First Half of the Fiscal Year Ending March 31, 2017 NOK CORPORATION (7240 / TSE1) November 9, 2016 Disclaimer Any plans, targets, forecasts, strategies, policies and opinions relating to NOK CORPORATION or NOK Group companies or other information contained in these materials that are not historical facts constitute forward-looking statements. The content of such statements is based on the best information available to management at the time of publication. Actual performance may differ substantially from projections due to changes in a number of important factors implying risk and uncertainty with the potential to affect results, including economic conditions across operating regions, prices and foreign exchange rates. While every effort has been made to ensure the accuracy of the content of these materials, NOK provides no assurances to that effect. NOK assumes no liability whatsoever for harm related to any errors that may be caused to persons attending this presentation. NOK Corporation retains the copyright on these materials: unauthorized reproduction or duplication is prohibited. 2

2 Table of Contents Page 4 Financial Results for the First Half of the Fiscal Year Ending March 31, 2017 Page 11 Page 19 Page 30 Page 42 Financial Results by Business Segment for the First Half of the Fiscal Year Ending March 31, 2017 Financial Forecasts and Financial Forecasts by Business Segment for the Fiscal Year Ending March 31, 2017 Business Overview by Industry and by Region References 3 Financial Results for the First Half of the Fiscal Year Ending March 31, 2017

3 The Market Trend Surrounding the NOK Group Motor Vehicle Unit Production Smartphone Worldwide Unit Shipments Domestic Export Overseas Production (Thousands of units) (Millions of units) 13,219 13,793 13,635 13, ,772 9,052 9,223 9, ,231 2,352 2,256 2,100 2,216 2,389 2,156 2,400 Apr-Sep Oct-Mar Apr-Sep Oct-Mar Jan-Jun CY2015 Jul-Dec CY2015 Jan-Jun CY2016 Jul-Dec CY2016 Source: Estimates by NOK CORPORATION 5 NOK Business Overview for the First Half of the Fiscal Year Ending March 31, 2017 NOK Business Overview Seal Business Demand from automobile manufacturers was weak in Japan, but robust in North America. Demand increased in China and Southeast Asia as well. Moreover, revenue rose, with signs of a recovery in demand from manufacturers of general industrial machinery. Operating income grew due to higher sales. Electronic Device Product Business Demand for automobile applications was solid, but sales fell due to a decline in sales volumes for smartphones, delays in launching new models, and the impact of exchange rates. Income fell sharply due mainly to reduced sales and changes in our product lineup (operating loss). Roll Business Sales declined due to a drop in new orders for printers and copiers. Despite the effect of lower expenses, operating income fell due to the impact of exchange rates. 6

4 Financial Results for the First Half of the Fiscal Year Ending March 31, 2017 [vs. ] [Net Sales] 40 [Income] Net Sales Ordinary Income Profit attributable to owners of parent % % Margin Average Exchange Rate($/Yen) Financial Forecasts for the Fiscal Year Ending March 31, 2017 [vs. ] [Net Sales] [Income] Net Sales 40 6 Ordinary Income % % Profit attributable to owners of parent Margin (Revised Forecasts on Nov.9) Average Exchange Rate($/Yen)

5 Interim Dividend for the Fiscal Year Ending March 31, 2017 Dividend Dividend Payout Ratio Interim % Term-end % Interim Dividend Term-end Dividend (plan) (plan) Dividend Dividend Payout Ratio Interim Term-end (plan) 91.8 % 40.7 % (plan) FY2012 FY2013 FY

6 Financial Results by Business Segment for the First Half of the Fiscal Year Ending March 31, 2017 Financial Results by Business Segment for the First Half of the Fiscal Year Ending March 31, 2017 (\ billion) YoY Changes Actual Actual Amount Ratio Seal Business Electronic Device Product Business Roll Business Others Total Net Sales % Operating Income % Net Sales % Operating Income Net Sales % Operating Income % Net Sales % Operating Income % Net Sales % Operating Income % 12

7 Seal Business: Financial Results [vs. ] [Net Sales] Net Sales [Operating Income] Results 20 Margin Net Sales bn (+ 2.4 bn YoY) Sales of vehicles were solid in North America, China, and other areas. Sales to manufacturers of general industrial machinery such as construction machinery, recovered % 10.4% 1 Sales of vehicles completed in Japan (light vehicles, etc.) decreased. Exchange rate fluctuations had a negative impact. Capital Investment Depreciation 9.7 bn 8.3 bn 12.8 bn 8.1 bn 15.7 bn (+ 1.4 bn YoY) Operating income increased on the back of increased sales. Personnel and SG&A expenses increased. No. of Employees 18,975 19, Seal Business: Changes in [vs. ] Impact of Net Sales Raw Materials Cost Cost of Sales Reduction Personnel and SG&A Expenses Depreciation Impact of FX bn

8 Electronic Device Product Business: Financial Results [vs. ] [Net Sales] Net Sales [Operating Income] Results 30 Margin Net Sales bn ( 48.9 bn YoY) Sales were sluggish for smartphones. Sales for automobile applications were strong Sales were sluggish for hard disk drives and digital 6.4% cameras. 5.6 Exchange rate fluctuations had a negative impact. 5.6 ( 19.3 bn YoY) 10 1 Operating income decreased on the back of reduced sales. Changes in our product lineup. Capital Investment 24.8 bn 22.7 bn Depreciation increased. Depreciation 10.7 bn 11.1 bn No. of Employees 29,650 25, Electronic Device Product Business: Changes in [vs. ] 13.7 Impact of Net Sales Yield Rate Cost of Sales Reduction Personnel and SG&A Expenses Depreciation Impact of FX 19.3 bn

9 Roll Business: Financial Results [vs. ] [Net Sales] 2 Net Sales Margin [Operating Income] 2.0 Results Net Sales 11.8 bn ( 2.9 bn YoY ) Demand for multifunction copiers/printers remained flat, and the demand for printers decreased Sales declined due to a decrease in new product orders. Exchange rate fluctuations had a negative impact % 5.0% 0.6 bn ( 0.3 bn YoY) Operating income decreased due to lower sales. Exchange rate fluctuations had a negative impact. Cost of sales reduced. Capital Investment 0.3 bn 0.3 bn Depreciation 0.6 bn 0.5 bn No. of Employees 2,592 2, Roll Business: Changes in [vs. ] Impact of Net Sales Raw Materials Cost Cost of Sales Reduction Personnel and SG&A Expenses Depreciation Impact of FX bn

10 Financial Forecasts and Financial Forecasts by Business Segment for the Fiscal Year Ending March 31, 2017 Revised Financial Forecasts for the Second Half and Full Year of the Fiscal Year Ending March 31, 2017 [vs. Previous Forecasts on July 14] (\ billion) Full Year 2H Full Year Changes vs. Previous Forecasts on July 14 Previous Forecasts on July 14 Revised Forecasts on Nov. 9 Actual Amount Ratio Net Sales % % Ordinary Income % Profit attributable to owners of parent % Margin 5.3% 3.4% 5.8% 4.6% 0.7pt - Capital Investment Depreciation Average Exchange Rate* ($/Yen) No. of Employees 45,941 47,399 46,203 46, * Positive with weakening of the yen, negative with appreciation of the yen 20

11 Revised Financial Forecasts for the Fiscal Year Ending March 31, 2017 [vs. ] (\ billion) YoY Changes Actual Actual Revised Forecasts on Nov. 9 2H Full Year 2H Full Year 2H Full Year Amount Ratio Amount Ratio Amount Ratio Net Sales % % % % 0.2% % Ordinary Income % % % Profit attributable to owners of parent % % % Margin 7.6% 5.2% 6.5% 3.4% 5.8% 4.6% 4.3pt - 0.5pt - 1.9pt - Capital Investment Depreciation Average Exchange Rate* ($/Yen) No. of Employees 51,381 46,869 46,869 47,399 46,203 46,203 3, * Positive with weakening of the yen, negative with appreciation of the yen 21 Revised Forecasts by Business Segment for the Fiscal Year Ending March 31, 2017 [vs. ] (\ billion) YoY Changes Actual Actual Revised Forecasts on Nov. 9 2H Full Year 2H Full Year 2H Full Year Amount Ratio Amount Ratio Amount Ratio Seal Business Electronic Device Product Business Roll Business Net Sales % % % Operating Income % % % Net Sales % % % Operating Income Net Sales % % % Operating Income % % % Others Net Sales % % % Operating Income % % % Total Net Sales % % % Operating Income % 0.2% % 22

12 Seal Business: Financial Forecasts [vs. ] [Net Sales] 40 Net Sales Margin () (2H) [Operating Income] 6 Forecasts % % Net Sales bn (+ 1.9 bn YoY) Increase in motor vehicle unit production. Sales to manufacturers of general industrial machinery such as construction machinery are expected to show a sign of recovery. Exchange rate fluctuations are expected to have a negative impact bn ( 1.5 bn YoY) Operating income is expected to increase on the back of increasing sales. Personnel and SG&A expenses are expected to increase. Capital Investment Depreciation No. of Employees 22.0 bn 16.9 bn 18, bn 16.9 bn 19,352 Exchange rate fluctuations are expected to have a negative impact. 23 Seal Business: Changes in [vs. ] Impact of Net Sales Raw Materials Cost Cost of Sales Reduction Personnel and SG&A Expenses Depreciation Impact of FX bn

13 Electronic Device Product Business: Financial Forecasts [vs. ] [Net Sales] Capital Investment Depreciation No. of Employees Net Sales Margin [Operating Income] () (2H) % 37.6 bn 21.9 bn 25, bn 22.3 bn 24, Forecasts Net Sales bn ( 78.5 bn YoY) Sales for smartphones are expected to decline. Sales for automobile applications are expected to increase. Sales are expected to be sluggish for hard disk drives and digital cameras. Exchange rate fluctuations are expected to have a negative impact. 2.6 bn ( 16.2 bn YoY) Operating income is expected to decrease on the back of decreasing sales. Product lineup is expected to change. Depreciation is expected to increase. 25 Electronic Device Product Business: Changes in [vs. ] Impact of Net Sales Yield Rate Cost of Sales Reduction Personnel and SG&A Expenses Depreciation Impact of FX bn

14 Roll Business: Financial Forecasts [vs. ] [Net Sales] 4 [Operating Net Sales Margin Income] () (2H) 4.0 Forecasts Net Sales 22.2 bn ( 5.3 bn YoY) Demand for multifunction copiers/printers are expected to remain flat, and the demand for printers are expected to drop. Sales are expected to decline due to a decrease in new product orders Exchange rate fluctuations are expected to have a negative impact. 4.4% Full Year 3.1% Full Year 0.7 bn ( 0.5 bn YoY) Operating income is expected to decrease on the back of decreasing sales. Capital Investment 0.7 bn 1.3 bn Exchange rate fluctuations are expected to have a negative impact. Depreciation 1.1 bn 1.0 bn Cost of sales is expected to be reduced. No. of Employees 2,180 2, Roll Business: Changes in [vs. ] Impact of Net Sales Raw Materials Cost Cost of Sales Reduction Personnel and SG&A Expenses Depreciation Impact of FX bn

15 29 Business Overview by Industry and by Region

16 Consolidated Net Sales Trend by Industry (by Quarter) Net Sales by Industry Automotive Industry (AI) Electronic Industry (EI) General Industry (GI) Q 2Q 3Q 4Q 1Q 2Q 31 Consolidated Net Sales Trend by Industry (by Half Year) Net Sales by Industry Automotive Industry (AI) Electronic Industry (EI) General Industry (GI) H 2H 32

17 Consolidated Net Sales Trend by Region (by Quarter) Net Sales by Region Japan China Other Asia Other Q 2Q 3Q 4Q 1Q 2Q 33 Consolidated Net Sales Trend by Region (by Half Year) Net Sales by Region Japan China Other Asia Other H 2H 34

18 Net Sales Trend for Seal Business by Region (by Quarter) Seal Business: Net Sales by Region 10 Japan China Other Asia Other Q 2Q 3Q 4Q 1Q 2Q 35 Net Sales Trend for Seal Business by Region (by Half Year) Seal Business: Net Sales by Region Japan China Other Asia Other H 2H 36

19 Net Sales Trend for Electronic Device Product Business by Region (by Quarter) Electronic Device Product Business: Net Sales by Region Japan China Other Asia Other Q Q 3Q Q 1Q Q 37 Net Sales Trend for Electronic Device Product Business by Region (by Half Year) Electronic Device Product Business: Net Sales by Region Japan China Other Asia Other H 2H 38

20 Trend of Capital Investment by Region (by Half Year) Capital Investment Japan China Other Asia Europe / the U.S FY2014 2H FY2014 * Capital investment includes the acquisition of intangible assets. 2H 2H 39 Trend of Depreciation by Region (by Half Year) Depreciation 3 Japan China Other Asia Europe / the U.S FY2014 2H FY H H 40

21 41 References

22 Corporate History 1939 Edogawa Seiki Co., Ltd. founded 1941 Japan Bearing Production Co., Ltd. founded in Kobe Tokyo Oil Seal Industry Co., Ltd. merges with Nippon Yushi Industry Co., Ltd., and the company name changed to Nippon Oil Seal Industry Co., Ltd Subsidiary NOK KLUEBER CO., LTD. established 1978 Equity stake taken in Pyung Hwa Oil Seal Industry Co., Ltd. (South Korea) 1995 Subsidiary Wuxi NOK-Freudenberg Oilseal Co., Ltd. established in China 1996 Subsidiary named P.T. NOK Indonesia established in Indonesia; subsidiary named NOK Asia Co., Ptd. Ltd. established in Singapore 2013 Neopt Corporation s business transferred to Eagle Industry Co., Ltd Capital participation agreement concluded with Carl Freudenberg KG (Germany) Listed on the Tokyo Stock Exchanges 1968 NOK-USA, Inc. established (changes its name to NOK INC. in 1980) 1969 Subsidiary NIPPON MEKTRON, LTD. established 1985 Company name changed from Nippon Oil Seal Industry Co., Ltd. to NOK CORPORATION 1988 Subsidiary named THAI NOK CO., LTD. established in Thailand 1989 FREUDENBERG-NOK G.P. established as an affiliate company in the U.S. Net Sales Trend 2000 SIGMA FREUDENBERG NOK PVT. LTD. established as an affiliate company in India 2002 Subsidiary named UNIMATEC CO., LTD. established 2004 Subsidiary named VIETNAM NOK CO., LTD. established in Vietnam 2007 Subsidiary named SYNZTEC CO., LTD % 5.6% % 12.5% 12.0% 1% % 8.7% Net Sales Operating Margin % 3.1% % 6.1% % % % FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2013 (Reference)* * From FY2014, NOK has unified the accounting period of the overseas business and changed its depreciation method so the values are calculated and used for reference purposes % % % 30.3 FY % 14.0% 12.0% 1% 8.0% 6.0% 4.0% 2.0% % Global Deployment 44

23 NOK Group Strengths NOK Group companies make up a Group of Compound Technology Manufacturers like one firm connected to each division, an enterprise group sharing core technologies. Each company boasts its individual strengths while sharing a common vision, and conducts business operations to handle any and all client requirements. 45 NOK s R&D The Shonan Development Center aggregates all of NOK s advanced technologies, and was established with the aim of accelerating the development process. This development system removes barriers between each division, and provides a self contained comprehensive approach from product design through shipment inspections. The center actively promotes merging R&D and production technologies, churning out products with unique cutting edge technology that can t be imitated by others. POINT NOK s Shonan Development Center was opened in 2005 as a think tank concentrating all the company s advanced technologies, striving to be global No. 1 technology creator. The Center has functional abilities in materials technologies, evaluation analysis technologies and production technologies, making possible self contained operations execution. NOK responds to the needs of society, and will further pursue R&D in order to continue supplying products that contribute to daily living convenience and the environment. 46

24 NOK Major Products: Oil Seals Oil seals are a functional part to seal oil. For moving parts of machinery, revolving and vertical up and down motion etc, oil seals prevent leakage of lubricant oils, water, chemical solutions, gas etc, and also prevent outside particulates from getting in. They are indispensable parts for a wide range of machinery types including automobiles, ships, planes, air conditioners, washing machines, water works etc. (Example of Use) POINT NOK s history is the history of oil seals. The road to becoming Japan s No. 1 oil seal maker began in 1960, when the company concluded a technology partnership agreement with Carl Freudenberg KG of the former West Germany. After that the company built a production plant in the US when there was still only one Japanese auto manufacturer located there, eventually supplying oil seals to the US Big 3. Today the company boasts top shares domestically of 70% and globally 50%, recognized for its reliability and actual performance results. 47 NOK Major Products: Flexible Printed Circuits (FPC) Flexible printed circuits (FPC) are flexible circuit boards based on films. Thanks to the functionality of flexible printed circuit boards, compact cellular phones became a reality. Applications are not limited to cell phones, but also cover many areas including digital cameras and notebook PCs. (Example of Use) POINT This is electronics business of NOK Group company NIPPON MEKTRON, LTD. These thin and light circuit boards are used in smartphones. FPCs which have the characteristics of being thin, lightweight and flexible, are expected to see further increased functionality in the future. NOK has the No. 1 domestic and global shares. 48

25 NOK Products in Automobiles 青線に変更写真配置変更文字拡大 49 Market Trends by Sector: Motor Vehicle Unit Production (by Half Year, Fiscal Year) Motor Vehicle Unit Production (Thousands of units) Domestic Export Overseas Production 15,000 12,000 13,347 13,452 13,219 13,793 13,635 13,800 9,000 8,564 8,644 8,772 9,052 9,223 9,300 6,000 3, ,236 2,255 2,231 2,352 2,256 2,100 2,547 2,553 2,216 2,389 2,156 2,400 Apr-Sep FY2014 Oct-Mar FY2014 Apr-Sep Oct-Mar Apr-Sep Oct-Mar * The value for Overseas Production includes completed vehicle units produced overseas in addition to knock-down units. Source: Estimates by NOK CORPORATION 50

26 NOK Products in General Industrial Machinery 51 Market Trends by Sector: Construction Machinery Domestic Unit Production (by Half Year, Fiscal Year) (Units) Construction Machinery Domestic Unit Production 100,000 80,000 60,000 75,504 72,018 40,000 49,602 52,906 51,182 54,000 20,000 0 Apr-Sep FY2014 Oct-Mar FY2014 Apr-Sep Oct-Mar Apr-Sep Oct-Mar Source: Estimates by NOK CORPORATION 52

27 NOK Products in IT Electronic Devices Boasting the top global share of flexible circuits (FPC), these are used in a wide range of advanced electronic devices. Also, multilayer flexible boards (Flex-Boards) made with advanced technology is indispensable for the miniaturization and high functionality of IT electronic devices. They are also widely used in waterproof electronic devices. FPC for Smartphones Flex-Boards for Digital Cameras FPC for Tablet PC FPC for Hard Disk Drives 53 Market Trends by Sector: Mobile Phone Worldwide Unit Shipments (by Half Year, Calendar Year) Mobile Phone Worldwide Unit Shipments (Millions of units) 1,500 Smartphones Other 1, Jan-Jun CY2014 Jul-Dec CY2014 Jan-Jun CY2015 Jul-Dec CY2015 Jan-Jun CY2016 Jul-Dec CY2016 Source: Estimates by NOK CORPORATION 54

28 Market Trends by Sector: Hard Disk Drives Worldwide Unit Production (by Half Year, Calendar Year) (Millions of units) Hard Disk Drives Worldwide Unit Production Jan-Jun CY2014 Jul-Dec CY2014 Jan-Jun CY2015 Jul-Dec CY2015 Jan-Jun CY2016 Jul-Dec CY2016 Source: Estimates by NOK CORPORATION 55 Market Trends by Sector: Digital Camera Worldwide Unit Production (by Half Year, Calendar Year) Digital Camera Worldwide Unit Production (Millions of units) 60 Single-Lens Reflex-type Compact-type Jan-Jun CY2014 Jul-Dec CY2014 Jan-Jun CY2015 Jul-Dec CY2015 Jan-Jun CY2016 Jul-Dec CY2016 Source: Estimates by NOK CORPORATION 56

29 Market Trends by Sector: Tablet PC Worldwide Unit Shipments (by Half Year, Calendar Year) (Millions of units) 150 Tablet PC Worldwide Unit Shipments Jan-Jun CY2014 Jul-Dec CY2014 Jan-Jun CY2015 Jul-Dec CY2015 Jan-Jun CY2016 Jul-Dec CY2016 Source: Estimates by NOK CORPORATION 57 58

30

31 Segment Information: Fiscal Year 2016 Results and Fiscal Year 2016 Forecasts 09, Nov 2016 NOK Corporation (Millions of yen) Segment Fiscal (Results) Fiscal 2H, Results & Forecasts Year-on-Year Year-on-Year Year-on-Year Fiscal % Change Fiscal 2H % Change Change Change Change % Change Seal Business External sales 146, , , ,040 2, % 149, % 298,040 1, % Inter-seg sales 1,733 1,198 2,931 1, , , Net sales 148, , , ,607 2, , ,798 1,677 14,278 18,253 32,531 15,717 1, % 15,282 2, % 31,000 1, % Profit Margin 9.6% 12.1% 10.9% 10.4% 0.8pt 10.2% 1.9pt 10.3% 0.6pt Capital Investment 9,668 12,328 21,996 12,805 3,137 23,995 11,667 36,800 14,804 Depreciation 8,289 8,651 16,940 8, , , No. of Personnel 18,975 18,863 18,863 19, , , External sales 216, , , ,253 48, % 164,000 29, % 331,253 78, % Inter-seg sales Electronic Net sales 216, , , ,261 48, ,000 29, ,261 78,505 Device 13, ,618 5,560 19,309-3,000 3,131-2,560 16,178 - Product Profit Margin 6.4% -0.1% 3.3% 3.3% 9.7pt 1.8% 1.9pt -0.8% 4.1pt Business Capital Investment 24,756 12,838 37,593 22,690 2,066 10,210 2,627 32,900 4,693 Depreciation 10,656 11,271 21,927 11, , , No. of Personnel 29,650 25,660 25,660 25, ,416 1,244 24,416 1,244 External sales 14,782 12,793 27,575 11,837 2, % 10,400 2, % 22,237 5, % Inter-seg sales Net sales 14,782 12,793 27,575 11,837 2,945 10,400 2,393 22,237 5,338 Roll , % % % Business Profit Margin 6.2% 2.3% 4.4% 5.0% 1.2pt 1.0% 1.3pt 3.1% 1.3pt Capital Investment , Depreciation , , No. of Personnel 2,592 2,180 2,180 2, , , External sales 6,046 6,610 12,656 6, % 5,600 1, % 12, % Inter-seg sales Net sales 6,186 6,761 12,947 7, , , Other % % 1, % Business Profit Margin 5.3% 6.3% 5.8% 7.5% 2.2pt 10.3% 4.0pt 8.7% 2.9pt Capital Investment 54 1,028 1, Depreciation No. of Personnel Elimination of Inter-seg sales 1,877 1,383 3,260 1, , , External sales 383, , , ,015 48, % 329,000 33, % 664,016 82, % Inter-seg sales Net sales 383, , , ,015 48, ,000 33, ,016 82,131 Consolidated 29,317 18,941 48,258 11,326 17, % 18, % 30,300 17, % Profit Margin 7.6% 5.2% 6.5% 3.4% 4.3pt 5.8% 0.5pt 4.6% 1.9pt Capital Investment 34,758 26,641 61,399 35,855 1,097 35,845 9,204 71,700 10,301 Depreciation 19,577 20,579 40,156 19, , , No. of Personnel 51,381 46,869 46,869 47, , , Note: The above forecasts are based on currently available information. Actual financial results may differ significantly due to various factors. Year-on-Year change of number of personnel is calculated by comparing with the result of FY 2015.

32 Contact: NOK CORPORATION CORPORATE PLANNING OFFICE CORPORATE COMMUNICATION DEPT. Phone: HP:

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