02 24-14 ntn results-q3
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Transcript of 02 24-14 ntn results-q3
2014/2/5 1
Consolidated Financial Results
for the Third Quarter of FY2013
February 5, 2014
NTN Corporation
This presentation and comments made in this conference or during the following Q&A session include forward-looking
statements about management expectations for future performance and future business strategies. These statements
represent the best judgment of the management of the company based on the information currently available. However,
there can be no assurance that future results will meet any expectation, estimate or projection conveyed by these
statements or comments. Actual results may differ materially from management projections depending on various
factors such as changes in product demand, exchange rates and interest rates.
Contents
2014/2/5 2
★Financial Results for the Third Quarter of FY2013 Key Factors
1. Consolidated Statements of Operation 2.Net Sales by Region 3.Net Sales and Operating Income by Business Sector 4.Results by Business Sector (Quarterly Trend) 5.Analysis of Operating Income (3Q Results) 6.Net Sales and Operating Income by Region (1)Japan, Americas (2)Europe, Asia & Others 7.Inventories 8.Interest-Bearing Debt 9.Capital Expenditure and Depreciation 10.Cash Flows
Financial Results for the Third Quarter of FY2013 : Key Factors
◇Net sales was revised to 630 billion yen (previously 600 billion yen), and operating
income was revised to 32 billion yen (previously 30 billion yen)
◇The exchange rate for 4Q was changed to 1US$ = 100 yen (previously 95 yen),
1EURO = 140 yen (previously 120 yen)
FY2013 3Q Results
FY2013 Full Year Forecast
◇Net sales was 463.6 billion yen, 18.1% increase year-on-year
・The aftermarket applications increased 15.9% year-on-year
・The industrial machinery applications increased 4.7% year-on-year
・The automotive applications increased 22.2% year-on-year
◇Operating income was 20.6 billion yen, 13-fold year-on-year
◇27 billion yen is reported in extraordinary loss as “provision for surcharge
payments under the Antimonopoly Act” in nine months ended December 31, 2013
◇Net loss for the period was 19.6 billion yen (net loss for the same period the
previous year was 600 million yen)
3 2014/2/5 3
2014/2/5
(100 million yen)
3Q 1-3Q Full year 3Q 1-3Q Full yearResults Results Results Results Results Forecast
① ② ③ ④ ③-① ④-②
1,259 3,925 5,396 1,565 4,636 6,300 712 904
- 6 15 73 76 206 320 191 247
(- 0.5%) (0.4%) (1.3%) (4.8%) (4.4%) (5.1%) (4.1%) (3.7%)
2 - 14 25 78 181 260 195 235
19 12 - 164 - 271 - 287 - 290 - 299 - 126
11 - 6 - 142 - 230 - 196 - 150 - 189 - 8
US$ 81.1 80.0 82.9 100.4 99.4 99.5 19.4 16.6
EURO 105.1 102.0 106.8 136.6 132.2 134.1 30.1 27.3
Exchangerate
FY2012 FY2013 Year on year
Net income
Extraordinaryincome/loss
Ordinary income
Operating income
Operating margin
Net sales
FY2013Full year
FY20131-3Q
4
1.Consolidated Statements of Operation
2014/2/5
< Net Sales by Region > (100 million yen)
3Q 1-3Q Full year 3Q 1-3Q Full year
Results Results Results Results Results Forecast Volume Forex Volume Forex
427 1,360 1,775 452 1,303 1,750 - 57 0 - 25 0
325 1,003 1,416 412 1,266 1,735 20 243 35 284
285 877 1,248 394 1,192 1,635 46 268 55 332
221 684 958 306 875 1,180 29 162 41 181
1,259 3,925 5,396 1,565 4,636 6,300 38 674 107 797 Total
Americas
Europe
Year on year
FY2013 Full yearFY2013 1-3Q
FY2013FY2012
Japan
Asia &Others
5
2. Net Sales by Region
2014/2/5
<Net Sales by Business Sector> (100 million yen)
3Q 1-3Q Full year 3Q 1-3Q Full year
Results Results Results Results Results Forecast Volume Forex Volume Forex
200 644 892 251 746 1,030 - 12 114 0 137
207 683 937 232 715 970 - 60 92 - 78 110
852 2,598 3,566 1,082 3,175 4,300 110 467 184 550
1,259 3,925 5,396 1,565 4,636 6,300 38 674 107 797 Total
Industrialmachinery
Automotive
FY2013FY2012 Year on year
FY2013 Full year
Aftermarket
FY2013 1-3Q
<Operating Income by Business Sector> (100 million yen)
3Q 1-3Q Full year 3Q 1-3Q Full year
Results Results Results Results Results Forecast
28 101 147 42 124 175
- 1 9 15 3 17 30
- 33 - 95 - 90 31 66 115
- 6 15 73 76 206 320
FY2013FY2012
FY2013 1-3Q
Aftermarket
Total
Industrialmachinery
Automotive
22
247 191
160
8
Year on year
FY2013 Full year
28
15
205
6
3. Net Sales and Operating Income by Business Sector
919 828 852 968 1058 1035
1082
247
229 207
255 240 243
232 223
221 200
248 242 254 251 1,389
1,277 1,259
1,471 1,541 1,531
1,565
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800(100 million yen)
7 2 -1 5
7
28 31
-27 -34 -33
7 4
10 3 40
34 28
46 38
44 42 20
2 -6
57 49
81 76
3.0% 1.0% -0.4%
2.6% 1.6% 4.0%
1.3%
17.8% 15.3% 13.9%
18.5% 15.7% 17.2% 16.8%
-3.0% -4.1% -3.9% 0.5% 0.7%
2.7%
2.8%
-40
-20
0
20
40
60
80
100
120(100 million yen)
’14/3-1Q ’13/3-1Q 2Q 3Q 4Q ’14/3-1Q ’13/3-1Q 2Q 3Q 4Q 2Q 2Q
2014/2/5
3Q 3Q
7
4.Results by Business Sector (Quarterly Trend)
Net Sales
Automotive Industrial machinery Aftermarket
Operating Income/ Operating Margin
FY2012 1-3Q < Results > vs
FY2013 1-3Q < Results >
2014/2/5 8
Exchange
rates
Sales price levels
Expenses etc.
(Depreciation : -3, Other : -13)
Positive factors ( 256 )
Negative factors( 65 )
+191
16
FY2012 1-3Q
Operating
Income
15
27 24 Decrease in personal costs
179
Decrease in
variable costs
Scale merits
22
FY2013 1-3Q
Operating
Income
206
53
5.Analysis of Operating Income (FY2013 3Q ) *All figures in 100 million yen.
2014/2/5 9
849 821 773 716 757 799 831
0
200
400
600
800
1,000
1Q 2Q 3Q 4Q 1Q 2Q 3Q
FY2012 FY2013
347 315 317 405 421 417 407
0
200
400
600
1Q 2Q 3Q 4Q 1Q 2Q 3Q
FY2012 FY2013
FY2012 FY2013 FY2012 FY2013
6. Net Sales and Operating Income by Region
《 Japan 》 《 Americas 》
Net Sales Net Sales
Operating Income Operating Income
(100 million yen) (100 million yen)
2014/2/5 10
349 297 312
408 461
415 433
0
200
400
600
1Q 2Q 3Q 4Q 1Q 2Q 3Q
FY2012 FY2013
207 206 199 245 267 277 298
0
100
200
300
400
500
1Q 2Q 3Q 4Q 1Q 2Q 3Q
FY2012 FY2013
6. Net Sales and Operating Income by Region
Net Sales Net Sales
Operating Income Operating Income
(100 million yen) (100 million yen)
《 Europe 》 《 Asia & Others 》
FY2012 FY2013 FY2012 FY2013
2014/2/5
December 2013 increased by +18.1 billion yen (including 8.5 billion yen for physical quantity) compared to the end of September.
11
(100 million yen)
Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14
Results Results Results Results Results Results Results Results Forecast
1,551 1,557 1,586 1,759 1,633 1,644 1,645 1,826 1,670
(977) (953) (996) (1,176) (1,102) (1,093) (1,098) (1,253) (1,146)
(574) (604) (590) (584) (530) (552) (547) (573) (524)
3.5 3.6 3.4 3.0 3.3 3.7 3.7 3.4 3.8
Inventories
JapanInventory turnover
rat io (t imes)
Overseas
574 604 590 584 530 552 547 573 524
977 953 996 1,176 1,102 1,093 1,098 1,253 1,146
1,551 1,557 1,5861,759 1,633 1,644 1,645
1,8261,670
3.5 3.63.4
3.03.3
3.7 3.73.4
3.8
0.0
1.0
2.0
3.0
4.0
0
750
1,500
2,250
3,000
Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14
Inve
nto
ry turn
ove
r ra
tio (t
imes)
Inve
nto
ries
(100 m
illio
n ye
n)
Japan Overseas Inventory turnover ratio (times)
7.Inventories
2014/2/5
Increased in December 2013 due to increase in cash on hand and the effects of exchange rates.
12
(100 million yen)
Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14
Results Results Results Results Results Results Results Results Forecast
2,720 3,033 3,162 3,472 3,608 3,697 3,759 3,793 3,800
(924) (941) (1,024) (1,220) (1,322) (1,363) (1,347) (1,445) (1,442)
(1,796) (2,093) (2,138) (2,252) (2,286) (2,334) (2,412) (2,348) (2,358)
39.2% 43.0% 44.6% 46.1% 47.0% 46.6% 46.4% 44.7% 45.4%
Interest-bearing debt
JapanInterest-bearing debt
ratio(%)
Overseas
1,796 2,093 2,138 2,252 2,286 2,334 2,412 2,348 2,358
924 941 1,024
1,220 1,322 1,363 1,347 1,445 1,442 2,7203,033 3,162
3,4723,608 3,697 3,759 3,793 3,800
39.2%43.0% 44.6% 46.1% 47.0% 46.6% 46.4%
44.7% 45.4%
0%
10%
20%
30%
40%
50%
0
1,000
2,000
3,000
4,000
5,000
Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14
Inte
rest
-be
arin
g de
bt rat
io (%)
Inte
rest
bear
ing
debt
(100 m
illio
n y
en)
Japan Overseas Interest-bearing debt ratio(%)
8.Interest-Bearing Debt
2014/2/5
FY2012 FY2012 FY2013 FY2013①1-3Q ②Full year ③1-3Q ③-① ④Full year forecast ④-②
Capital e xpenditu re 412 490 243 -169 370 -120Overseas (292) (357) (186) (-106) (270) (-87)
Japan (120) (133) (57) (-63) (100) (-33)
FY2012 FY2012 FY2013 FY2013①1-3Q ②Full year ③1-3Q ③-① ④Full year forecast ④-②
Depreciation 253 348 289 35 393 44Overseas (115) (161) (164) (49) (222) (61)
Japan (138) (188) (125) (-13) (171) (-17)
Full year forecast is 37 billion yen, or within the scope of depreciation.
(100 million yen)
13
9.Capital Expenditure and Depreciation
FY2013 FY2013
1Q Resu lts 2Q Resu lts 3Q Resu lts 4Q Resu lts 1Q Resu lts 2Q Resu lts 3Q Resu lts
0 0FY2012 FY2012 FY2012 FY2012 FY2013
200 200
100 100
43
56
99
60
4850 44
37
48
41
899181
158
18
73
50
45
9578
14
6552
111
46
38
84
163
93105
22
83
40
53
42
54
9678
23
55
108
12
Depreciation (Overseas)Investment (Japan) Investment (Overseas) Depreciation (Japan)
①1-3Q Full year ②1-3Q ②-①
Ⅰ.Cash flow from operating
activities
Ⅱ.Cash flow from investing
activities
Ⅲ.Cash flow from financing
activities
Ⅳ.Effect of exchanging rate translation
on cash and cash equivalents
Ⅴ.Net increase in cash and
cash equivalents
FY2012 FY2013
134 413547205
328 335 299 -29
-5 0 9 14
647 696 -1 -647
-447 -566 -256 191
134 205
547
- 447 - 566
- 256 - 313 - 361
291
-700
-350
0
350
700
FY2012 1-3Q FY2012 Full year FY2013 1-3Q
CF from operating activities CF from investing activities Net CF
2014/2/5
(100 million yen)
Sales cash flow improved compared to the previous year due to a cut backs in operating funds.
14
10.Cash Flows
2014/2/5 15