Upper Limit on the Cosmological - Ray Background Yoshiyuki Inoue (Stanford) Kunihito Ioka (KEK) 1.
Presented by: Shigeyuki Yawata& Yoshiyuki Honda · 2012. 2. 20. · • Strong regional sales in...
Transcript of Presented by: Shigeyuki Yawata& Yoshiyuki Honda · 2012. 2. 20. · • Strong regional sales in...
Monday, 20th
February 2012
Presented by:
Shigeyuki Yawata & Yoshiyuki HondaChief Executive Officer & Chief Financial Officer, Sumida Corporation
Agenda
2Copyright© 2012 SUMIDA CORPORATION. All rights reserved.
FINANCIAL PERFORMANCE IN 4Q & FY 2011
BUSINESS PERFORMANCE IN 4Q & FY 2011
BUSINESS OUTLOOK FOR 2012
BUSINESS PERFORMANCE IN 4Q & FY 2011
“A difficult year for all”
Presented by Shigeyuki YawataChief Executive Officer
Copyright© 2012 SUMIDA CORPORATION. All rights reserved. 3
2011: A Difficult Year for All
• Some underlying resilience and adaptability to external disruptions & volatility visible in
performance:
– Reasonable performance despite two significant disruptions and Japanese Yen appreciation against Euro
– Global operation with triple “3 division”
operation gave positive effect
• OP dropped significantly due to Copper price, increasing labour
costs & FOREX rates.Copyright© 2012 SUMIDA CORPORATION. All rights reserved. 4
Key Points on 2011 Performance
• Reasonable performance despite two significant disruptions to electronics
industry supply chain in Asia.• Significantly weak 4Q.
• Strong regional sales in Japan & US.• Reasonable sales in Europe & Rest of Asia.• Weak sales in ASEAN & G. China region due to
weak consumer market.
Copyright© 2012 SUMIDA CORPORATION. All rights reserved. 5
2011 in Review: Performance by Market
• Consumer Electronics: Remained weak due to weak market. Smartphone
and
Tablet PC related products were only products showing significant growth.
• Automotive: Boasted strong sales throughout the year
• Industrial: Increased businesses in renewable energy applications
Copyright© 2012 SUMIDA CORPORATION. All rights reserved. 6
2011 in Review: Consumer ElectronicsOBSERVATIONS:• Market growth is weak, especially for flat panel TVs.
Price competition is high.• Need to strengthen market position and profitability
by tapping into niche areas.
PRODUCT HIGHLIGHTS:• Extension to product line up for Portable Devices:
Multilayer Power Chip Inductors
High Current Power Inductors
Transformers for Power Supply
Copyright© 2012 SUMIDA CORPORATION. All rights reserved. 7
2011 in Review: AutomotiveOBSERVATIONS:• Domestic market had weak sales due to disasters.• Good performance in EU/US market. Further
business wins in EV/HEV power charging related products.
PRODUCT HIGHLIGHTS:• Further business wins in new generation models
with our main products such as Ignitor
and ABS.• Further design‐ins with OEM’s & TIER‐1 for HEV/EV
application, such as high power on board charger for EV.
Copyright© 2012 SUMIDA CORPORATION. All rights reserved. 8
2011 in Review: IndustrialOBSERVATIONS:• Built up the basis for growth in renewable energy
market with strategic partners• Further growth in medical applications
PRODUCT HIGHLIGHTS:• “High Reliability Application”
Products Development
• Further design wins in reactor and modules for Solar Inverters
• Products for energy saving LED drivers
Copyright© 2012 SUMIDA CORPORATION. All rights reserved. 9
2011 in Review: Product Category
Copyright© 2012 SUMIDA CORPORATION. All rights reserved. 10
Please note: Segmentation by product category are based on internal approximates
(in JPY, millions)2009 2010 2011Sales Sales Sales
Power Related 23,405 28,239 25,332Signal Related 4,468 5,480 5,414
Sensor & Actuators 7,371 9,006 10,342Modules 4,684 5,931 6,180
EMS 2,395 2,872 3,368Flexible Connections 1,329 1,919 2,122
BUSINESS OUTLOOK FOR 2012
“Challenging times with opportunities ahead”
Presented by Shigeyuki YawataChief Executive Officer
Copyright© 2012 SUMIDA CORPORATION. All rights reserved. 11
What We Expect in 2012+
• Key Assumption:– Global Economy is still in the process of “re‐balancing”.
– Slow growth is expected in all markets over the next 3 years.
– FOREX volatility is likely to continue making mid‐term forecasting difficult.
Market restructuring will likely happen in the Consumer Electronics Industry.
Automotive market will have stable growth and continue to have high growth in car electronics.
Industrial market will have high growth.Copyright© 2012 SUMIDA CORPORATION. All rights reserved. 12
Revised Planning Approach
• Current mid‐term business plan for 2010‐2012 now not relevant because of changed external environment.
• Critical for success in volatile environment – flexible business planning process.
• A long‐term master plan to guide a series of mid‐ term business plans with the focus on key
initiatives rather than quantitative targets for a number of years.
Copyright© 2012 SUMIDA CORPORATION. All rights reserved. 13
Sumida’s Planning Framework
• Need for a flexible yet clear vision for the company.
• Serves as a roadmap for our corporate development.
• Staged planning approach:
Stage I ‐
Realignment & Foundation Building
Stage II ‐
Market Development & Growth
Stage III ‐
Growth & Diversification
• Focus on execution: Training, implementation & benchmarking.
Copyright© 2012 SUMIDA CORPORATION. All rights reserved. 14
BP 2012-2014
Triple EX (’08-’10)
Stage II Stage III
BP 2015-2017 BP 2018 ++foundation
Stage I
Master Plan 2012-2017 & Beyond
Stage I: Business Plan 2012 to 2014 KEY INITIATIVES1.
Profitability:
Focus on productivity, strict expense control
and inventory management to speed up reduction of debt.2.
Cash Management: Repayment of debts and improvements
to multi‐currency cash flow management to revive our balance sheet.
3.
Product Management: Introduction of new products to increase the number of markets we are present in & further
development of existing successful
product lines to increase market share.
4.
Build on our existing resilience and adaptability: Geographical, market & currency diversification for hedging
risks.
Copyright© 2012 SUMIDA CORPORATION. All rights reserved. 15
Stage I: Growth in a Slow Growing Environment
Given
the
low‐growth
market
environment
for
the
next
3 years,
we
must
actively
seek
out
high
growth
market
segments:
•Automotive: Mechatronics, Safety and Comfort Electronics
•Power Related: Power conditioner and Smaller power supply related
•Industrial Market: Medical, Renewable energy, Security related
Copyright© 2012 SUMIDA CORPORATION. All rights reserved. 16
‐
Annual Business Plan 2012 ‐
Copyright© 2012 SUMIDA CORPORATION. All rights reserved. 17
2012 in Detail: Annual Business Plan
• Critical Assumption: 1 USD = 77 JPY and 1 EUR = 100 JPY
• Conservative approach on turnover, focus on profitability.
• Manufacturing Cost Control: Strict manufacturing overhead control
• Manufacturing Risk Diversification
e.g. against natural disasters
Copyright© 2012 SUMIDA CORPORATION. All rights reserved. 18
Dividend Policy
Copyright© 2012 SUMIDA CORPORATION. All rights reserved. 19
1Q 2Q 3Q 4Q Total
FY2011 (Actual) 7 JPY 7 JPY 6 JPY ‐
JPY 20
JPY
FY2012 (Plan) 5 JPY 5 JPY 5 JPY 5 JPY + α 20 JPY + α
1. Sumida dividend policyConsolidated Net Income (Forecast) × Dividend payout ratio
(25‐30%)
⇒
Target annual dividend = 20 JPY
/share
2. Year end adjustmentTarget annual dividend for 2012 + Year end adjustment (“α” )
BalanceBalance
Dividend according
to business performance Stable dividend
FINANCIAL RESULTS 4Q & FY 2011
Presented by Yoshiyuki Honda(Chief Financial Officer)
Copyright© 2012 SUMIDA CORPORATION. All rights reserved. 20
th
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4Q 2011 Performance
2011.4Q2011.4Q 2010.4Q2010.4Q YoYYoY
(%)(%) 2011.3Q2011.3Q QoQQoQ
(%)(%)
(A)(A) (B)(B) (A)/(B)(A)/(B) (C)(C) (A)/(C)(A)/(C)
Sales 11,913 12,615 94.4 13,705 86.9
Operating
Profit 300 404 74.2 530 56.7
Ordinary Profit 2 45 6.0 82 3.3
Net Income △196 415 - 1 -
Excha
nge
Rate(JPY)
USD 76.99 82.90 92.9 79.04 97.4
EURO 105.45 112.20 94.0 113.28 93.3
unit: JPY millions
22Copyright© 2012 SUMIDA CORPORATION. All rights reserved.
4Q 2011: Operating Profit ‐ 11.4Q vs.11.3Q
11.3Q
Operating Profit
530
11.4Q
Operating Profit
300
(unit: JPY millions)
23Copyright© 2012 SUMIDA CORPORATION. All rights reserved.
4Q 2011: Operating Profit – 11.4Q vs 10.4Q
10.4Q
Operating
Profit
405
11.4Q
Operating
Profit
300
(unit: JPY millions)
Copyright© 2012 SUMIDA CORPORATION. All rights reserved. 24
Copyright© 2012 SUMIDA CORPORATION. All rights reserved. 25
FY 2011 Financial Performance(unit: in JPY millions)
2011 2010 Change
Revenue 52,759 53,445 △1.3%
Operating Profit 2,110 3,569 △40.9%
Operating Profit Ratio 4.0% 6.7% △2.7%
Ordinary Profit 1,294 2,241 △42.3%
Net Income 496 2,210 △77.5%
Exchange rate – FY average
(JPY)
USD 80.25 88.32 △9.1%
EURO 111.71 118.27 △5.5%
26Copyright© 2012 SUMIDA CORPORATION. All rights reserved.
FY 2011 Operating Profit Analysis
2010
Operating
Profit
3,5692011
Operating
Profit
2,110
(unit: JPY millions)
27Copyright© 2012 SUMIDA CORPORATION. All rights reserved.
FY 2011 Extraordinary Gain/Loss Analysis
2011
Extraordinary Gains
Fixed assets 42
Reversal of impairment loss 74
Others 2
Total 119
Extraordinary Loss
Loss on sales and retirement of noncurrent
assets 19
Restructuring Expense 268
Loss on change in equity 53
Loss on disaster 136
Others 58
Total 539
Extraordinary Gain /△Loss △418
28Copyright© 2012 SUMIDA CORPORATION. All rights reserved.
FY 2011 Consolidated Balance Sheet
As of Dec 31
2011As of Dec 31
2010
Change
Difference (%)
Current Assets 26,481 27,168 △686 △2.5
Fixed Assets 20,952 22,145 △1,193 △5.4
Current Liabilities 30,613 31,318 △705 △2.3
Fixed Liabilities 9,697 9,243 454 4.9
Shareholder’s Equity 19,593 19,673 △79 △0.4
Translation Adjustment △12,914 △11,384 △1,530 13.4
Net Assets 7,186 8,848 △1,662 △8.1
Total Assets 47,497 49,410 △1,912 △3.9
Exchange
Rate(JPY)
USD 80.25 81.50
EURO 111.71 108.42
(unit: in JPY millions)
29Copyright© 2012 SUMIDA CORPORATION. All rights reserved.
30Copyright© 2012 SUMIDA CORPORATION. All rights reserved.
FY 2012 Earnings Forecast
2012
Forecast 2011
Actual Change
Sales 52,100 52,759 △1.2%
Operating Profit 1,900 2,110 △10.0%
Operating Profit Ratio 3.6% 4.0% △0.4%
Ordinary Profit 1,224 1,294 △5.4%
Net Income 665 496 33.9%
EPS(JPY) 34.61 25.85
Exchange
Rate(JPY)
Assumption
USD 77.00 80.25 △4.0%
EURO 100.00 111.71 △10.5%
(unit: in JPY millions)
31Copyright© 2012 SUMIDA CORPORATION. All rights reserved.
FY 2012 Operating Profit Forecast
2011
Operating
Profit
2,110 2012
Operating
Profit
1,900
(unit: JPY millions)
32Copyright© 2012 SUMIDA CORPORATION. All rights reserved.
APPENDIX
Copyright© 2012 SUMIDA CORPORATION. All rights reserved. 33
th
Copyright© 2012 SUMIDA CORPORATION. All rights reserved. 34
4Q 2011 Performance
2011.4Q2011.4Q 2010.4Q2010.4Q YoYYoY
(%)(%) 2011.3Q2011.3Q QoQQoQ
(%)(%)
(A)(A) (B)(B) (A)/(B)(A)/(B) (C)(C) (A)/(C)(A)/(C)
Sales 11,913 12,615 94.4 13,705 86.9
Operating
Profit 300 404 74.2 530 56.7
Ordinary Profit 2 45 6.0 82 3.3
Net Income △196 415 - 1 -
Excha
nge
Rate(JPY)
USD 76.99 82.90 92.9 79.04 97.4
EURO 105.45 112.20 94.0 113.28 93.3
unit: JPY millions
35Copyright© 2012 SUMIDA CORPORATION. All rights reserved.
4Q 2011: Operating Profit ‐ 11.4Q vs.11.3Q
11.3Q
Operating Profit
530
11.4Q
Operating Profit
300
(unit: JPY millions)
36Copyright© 2012 SUMIDA CORPORATION. All rights reserved.
4Q 2011: Operating Profit ‐ 11.4Q vs.10.4Q
10.4Q
Operating
Profit
405
11.4Q
Operating
Profit
300
(unit: JPY millions)
Copyright© 2012 SUMIDA CORPORATION. All rights reserved. 37
4Q FINANCIAL PERFORMANCE BY SEGMENT
2011.4Q2011.4Q 2011.3Q2011.3Q 2010.4Q2010.4QChangeChange
QoQ YoY
Asia PacificOperations 7,921 8,871 8,066 89.3% 98.2%
EU Operations 3,991 4,833 4,552 81.7% 87.7%
Total 11,913 13,705 12,618 86.9% 94.4%
unit: JPY millions
Note: 4Q 2010 results have been rearranged to match our current segmentation format.
Copyright© 2012 SUMIDA CORPORATION. All rights reserved. 38
4Q NON‐
OPERATING INCOME/EXPENSEunit: JPY millions
11.4Q11.4Q
Dividend & Interest Received △148
Holland Financing SubsidiaryNetting △4
JPY interestpayment △45
Derivatives from acquisitions 22
Others △121
Non‐operating Income △296
Copyright© 2012 SUMIDA CORPORATION. All rights reserved. 39
FY2011 QUARTERLY PERFORMANCE
1Q1Q((ActualActual))
2Q2Q((ActualActual))
3Q3Q(Actual(Actual))
4Q4Q((ActualActual))
Sales 13,259 13,880 13,705 11,913
Operating Income 618 661 530 300
Exchange Rate
(JPY)
USD 82.87 82.10 79.04 76.99
EURO 110.08 117.05 113.28 105.45
unit: JPY millions
Copyright© 2012 SUMIDA CORPORATION. All rights reserved. 40
PERFORMANCE BY QUARTER
02.1Q02.1Q 02.2Q02.2Q 02.3Q02.3Q 02.4Q02.4Q 03.1Q03.1Q 03.2Q03.2Q 03.3Q03.3Q 03.4Q03.4Q
Sales 8,955 9,349 8,474 8,018 7,202 7,162 8,033 8,140
Operating Income 504 592 641 433 301 571 709 813
04.1Q04.1Q 04.2Q04.2Q 04.3Q04.3Q 04.4Q04.4Q 05.1Q05.1Q 05.2Q05.2Q 05.3Q05.3Q 05.4Q05.4Q
Sales 8,187 9,179 9,519 9,361 9,424 9,700 10,225 10,317
Operating Income 764 979 1,036 832 708 704 845 926
06.1Q06.1Q 06.2Q06.2Q 06.3Q06.3Q 06.4Q06.4Q 07.1Q07.1Q 07.2Q07.2Q 07.3Q07.3Q 07.4Q07.4Q
Sales 14,806 14,953 16,587 17,162 16,888 18,402 17,885 17,035
Operating Income 1,082 1,125 1,356 608 705 1,253 1,438 1,316
08.1Q08.1Q 08.2Q08.2Q 08.3Q08.3Q 08.4Q08.4Q 09.1Q09.1Q 09.2Q09.2Q 09.3Q09.3Q 09.4Q09.4Q
Sales 14,835 15,479 14,701 10,719 8,579 10,065 12,323 12,683
Operating Income 1,042 1,051 819 △745 △1,344 △377 619 868
10.1Q10.1Q 10.2Q10.2Q 10.3Q10.3Q 10.4Q10.4Q 11.1Q11.1Q 11.2Q11.2Q 11.3Q11.3Q 11.4Q11.4Q
Sales 12,894 14,107 13,828 12,615 13,259 13,880 13,705 11,913
Operating Income 1,025 1,036 1,102 404 618 661 530 300
unit: JPY millions
Copyright© 2012 SUMIDA CORPORATION. All rights reserved. 41
PERFORMANCE BY QUARTER
Copyright© 2012 SUMIDA CORPORATION. All rights reserved. 42
Copyright© 2012 SUMIDA CORPORATION. All rights reserved. 43
FY 2011 Financial Performance(unit: in JPY millions)
2011 2010 Change
Revenue 52,759 53,445 △1.3%
Operating Profit 2,110 3,569 △40.9%
Operating Profit Ratio 4.0% 6.7% △2.7%
Ordinary Profit 1,294 2,241 △42.3%
Net Income 496 2,210 △77.5%
Exchange rate –
FY
average
(JPY)
USD 80.25 88.32 △9.1%
EURO 111.71 118.27 △5.5%
44Copyright© 2012 SUMIDA CORPORATION. All rights reserved.
FY2011 FINANCIAL PERFORMANCE BY SEGMENT
FY2011FY2011 FY2010FY2010 ChangeChange
Asia PacificOperations 33,865 34,757 97.4%
EU Operations 18,894 18,688 101.1%
Total 52,759 53,445 97.7%
unit: JPY millions
Note: FY2010 results have been rearranged to match our current segmentation format.
Copyright© 2012 SUMIDA CORPORATION. All rights reserved. 45
PERFORMANCE BY YEAR
US$ 109.29 116.28 117.65 103.42 93.68 88.32 80.25
Euro 137.17 145.77 161.29 152.33 129.58 118.27 111.71
Copyright© 2012 SUMIDA CORPORATION. All rights reserved. 46
FY 2011 Operating Profit Analysis
2010
Operating
Profit
3,5692011
Operating
Profit
2,110
(unit: JPY millions)
47Copyright© 2012 SUMIDA CORPORATION. All rights reserved.
NON‐
OPERATING INCOME/EXPENSEunit: JPY millions
FY2011FY2011
Dividend & Interest Received △471
Holland Financing SubsidiaryNetting 49
JPY interestpayment △195
Derivatives from acquisitions △70
Others △128
Non‐operating Income △816
Copyright© 2012 SUMIDA CORPORATION. All rights reserved. 48
FY 2011 Extraordinary Gain/Loss Analysis
2011
Extraordinary Gains
Fixed assets 42
Reversal of impairment loss 74
Others 2
Total 119
Extraordinary Loss
Loss on sales and retirement of noncurrent
assets 19
Restructuring Expense 268
Loss on change in equity 53
Loss on disaster 136
Others 58
Total 539
Extraordinary Gain /△Loss △418
49Copyright© 2012 SUMIDA CORPORATION. All rights reserved.
FY 2011 Consolidated Balance Sheet
As of Dec 31 2011
As of Dec 31 2010
Change
Difference (%)
Current Assets 26,481 27,168 △686 △2.5
Fixed Assets 20,952 22,145 △1,193 △5.4
Current Liabilities 30,613 31,318 △705 △2.3
Fixed Liabilities 9,697 9,243 454 4.9
Shareholder’s Equity 19,593 19,673 △79 △0.4
Translation Adjustment △12,914 △11,384 △1,530 13.4
Net Assets 7,186 8,848 △1,662 △8.1
Total Assets 47,497 49,410 △1,912 △3.9
Exchange
Rate(JPY)
USD 80.25 81.50
EURO 111.71 108.42
(unit: in JPY millions)
50Copyright© 2012 SUMIDA CORPORATION. All rights reserved.
CONSOLIDATED CASH FLOW STATEMENTS
FY2011 FY2010
Cash Flow from Operating Activities 1.536 3,095
Cash Flow from Investment Activities △2,493 △1,794
Cash Flow from Financing Activities 1,160 △2,191
Cash and Cash Equivalents 6,851 7,275
unit: JPY millions)
Copyright© 2012 SUMIDA CORPORATION. All rights reserved. 51
52Copyright© 2012 SUMIDA CORPORATION. All rights reserved.
FY 2012 Earnings Forecast
2012
Forecast 2011
Actual Change
Sales 52,100 52,759 △1.2%
Operating Profit 1,900 2,110 △10.0%
Operating Profit Ratio 3.6% 4.0% △0.4%
Ordinary Profit 1,224 1,294 △5.4%
Net Income 665 496 33.9%
EPS(JPY) 34.61 25.85
Exchange
Rate(JPY)
Assumption
USD 77.00 80.25 △4.0%
EURO 100.00 111.71 △10.5%
(unit: in JPY millions)
53Copyright© 2012 SUMIDA CORPORATION. All rights reserved.
FY 2012 Operating Profit Forecast
2011
Operating
Profit
2,110 2012
Operating
Profit
1,900
(unit: JPY millions)
54Copyright© 2012 SUMIDA CORPORATION. All rights reserved.
DEPRECIATION, CAPEX, R&D EXPENSES
FY2011FY2011 (Actual)(Actual)
FY2010FY2010 (Actual)(Actual)
FY2012FY2012(Plan)(Plan)
Depreciation 2,201 2,515 2,600
CAPEX 2,618 2,303 2,610
R&D Expense* 2,380 2,202 2,500
unit: JPY millions
* Note: R&D Expense which is included in general administrative expense and manufacturing cost.
Copyright© 2012 SUMIDA CORPORATION. All rights reserved. 55
DISCLAIMER
The
present
slides
are
provided
only
to
serve
the
purpose
of
disclosing information
in
your
evaluation
of
the
Company.
Final
decision
on
investments
or
similar
decision
is
left
to
your
absolute
discretion.
The Company
disclaims
responsibility
or
liability
for
any
or
all
results
arising
from
your
investments.
The
Company
shall
make
no
guarantees
nor assurances for the integrity and/or accuracy of the assessment figures
and
statement
of
forecasts
set
forth
in
the
present
slides
which
are
based upon
the actual and estimated figures as of the day of disclosure.
Copyright© 2012 SUMIDA CORPORATION. All rights reserved. 56