Results Briefing for 2nd Quarter of FY2020...R&D Center T.RAD Sales Europe GmbH T.RAD Czech s.r.o...

Results Briefing for 2nd Quarter of FY2020

Copyright © T.RAD Co., Ltd. All rights reserved. 1

T.RAD Co.,Ltd.


Financial Results and Forecast

FY2019 FY2020 Increase, Decrease (-)

1st Half

Results

FY2019

Results

1st Half

Results

FY2020

Forecast

’20/1st Half-

’19/1st Half

’20Forecast-

’19Results

Amount % Amount % Amount % Amount % Amount % Amount %

Net Sales

Consolidated 66.1 100.0 130.5 100.0 48.8 100.0 108.3 100.0 -17.3 -26.2 -22.2 -17.0

Non-

Consolidated 32.6 100.0 63.5 100.0 23.9 100.0 52.8 100.0 -8.7 -26.6 -10.7 -16.8

Operating

Income

Consolidated 1.7 2.5 2.8 2.2 (1.6) -3.4 0.3 0.3 -3.3 -198.1 -2.5 -89.4

Non-

Consolidated (0.3) -0.9 (0.6) -0.9 (1.8) -7.4 (1.0) -1.9 -1.5 -510.0 -0.4 -65.8

Ordinary

Income

Consolidated 1.6 2.5 2.9 2.2 (1.6) -3.4 0.1 0.1 -3.3 -200.9 -2.8 -96.5

Non-

Consolidated 1.6 4.8 2.8 4.5 (0.5) -1.9 1.4 2.7 -2.0 -129.4 -1.4 -50.8

Profit

attributable

to owners

of parent

Consolidated 1.7 2.6 1.4 1.1 (2.5) -5.1 (1.4) -1.3 -4.2 -245.1 -2.8 -197.6

Non-

Consolidated 2.2 6.8 2.7 4.3 (1.4) -5.9 (0.7) -1.3 -3.6 -164.1 -3.4 -125.6

(Billions of Yen)


51.5 56.9 60.9 56.6

21.4

49.0

56.1

67.675.2

73.9

27.4

59.3

0.0

40.0

80.0

120.0

160.0

JAPAN Overseas & Other

107.6

124.5136.1 130.5

Net Sales(Consolidated)

(Billions of Yen)

48.8

FY2016 FY2017 FY2018 FY2019 FY2020

1st Half

FY2020

Forecast

108.3

29.5

17.8

32.421.8

34.9

21.834.3

20.4 13.2 7.6

29.3

17.6

0.0

20.0

40.0

60.0

80.0

100.0

120.0


21.627.0 30.3 26.1

22.6

75.8

88.2

97.8 98.4

For Automobile(Non-Consolidated)

For construction & industrial machine

(Non-Consolidated)

For Automobile(Consolidated)

For construction & industrial machine

(Consolidated)

Sales by Application

(Billions of Yen)

FY2016 FY2017 FY2018 FY2020

1st Half

FY2020

Forecast

36.2

10.3

FY2019

81.2

Sales by applications

For Motorcycles

2.8%(3.2%)

For Automobiles

52.3%(48.9%)

For Air Conditioners

4.2%(5.3%) Others

8.6%(8.4%)

For Construction& industrial Machines

32.1%(34.2%)

Sales by Product types

Radiators

42.2%(43.7%)Oil Coolers

17.7%(17.2%)

For Fin Coils

4.2%(5.2%)For Charge Air Coolers

11.2%(10.2%)

Others

14.2%(15.2%)

EGR Coolers

10.5%(8.5%)


Sales by Applications & Products in 1st Half of FY2020(Non-Consolidated)

*Figures in parentheses are share of sales in the same period of the previous year.

The stability that is not biased to a specific industry or product


Global Network

T.RAD Czech s.r.o. T.RAD(THAILAND)Co.,Ltd. T.RAD(Zhongshan)Co.,Ltd. T.RAD North America,Inc.

Head OfficeMain SubsidiariesMain Joint VenturesOfficeR&D Center T.RAD Sales Europe GmbH

T.RAD Czech s.r.o

TRM LLC

TATA Toyo Radiator Ltd.

TACO/T.RAD R&D Centre

Tripac International Inc.

T.RAD North America, Inc.

North America T.RAD R&D Center

Head Office

TORC Co., Ltd.

PT.T.RAD INDONESIAT.RAD(THAILAND) Co., Ltd.

T.RAD(VIETNAM) Co., Ltd.

T.RAD(Zhongshan) Co., Ltd.

T.RAD(Changshu) Co., Ltd.

Qingdao Toyo Heat-Exchanger Co., Ltd.

U.S.A EUROPE ASIA CHINA


15.9 16.6

10.8

2.3 1.3 1.0

8.7 8.6

5.7

10.5 9.9 9.4

31.4 31.1

22.6

3.7 2.9 2.8

18.6 17.7

12.9

20.6 21.2 20.6

0.0

10.0

20.0

30.0

40.0

Sales by Region

(Billions of Yen)

FY2019FY20191st Half


FY2020Forecast

FY20201st Half

Exchange Rate (June.2019⇒June.2020） USD: 107.75⇒107.74, THB: 3.51⇒3.49, CNY: 15.68⇒15.23, CZK: 4.81⇒4.52,

IDR: 0.0076⇒0.0076, VND: 0.0046⇒0.0046, EUR: 122.46⇒121.05, RUB: 1.71⇒1.53

Exchange Rate (Dec.2019⇒Dec.2020 Forecast） USD: 109.55⇒106.75, THB: 3.63⇒3.51, CNY: 15.68⇒15.12, CZK: 4.81⇒4.29,

IDR: 0.0079⇒0.0072, VND: 0.0047⇒0.0047, EUR: 122.51⇒122.85, RUB: 1.76⇒1.48

TOYOTA Group

24.4%(24.0%)

HONDA Group

23.0%(22.4%)

KOMATSU Group

7.6%(8.0%)Cummins

4.8%(5.5%)

DAIMLER Group

2.9%(3.3%)

SUZUKI Group

2.7%(2.2%)

NISSAN Group

2.4%(3.4%)

YAMAHA Group

2.4%(2.5%)

Others

27.5%(27.8%)

Independent mobility ⇒ Adopted by industry-leading enterprises


FAW Qingdao Group

2.3%(0.9%)

Sales by Customer Groups in 1st Half of FY2020(Consolidated)

*Figures in parentheses are share of sales in the same period of the previous year.

0.8 0.6 0.7

-0.6

-1.8 -1.0

1.4 1.0 1.0

-0.9

-7.4

-1.9

-2.4

-2.0

-1.6

-1.2

-0.8

-0.4

0.0

0.4

0.8

1.2

-8.0

-6.0

-4.0

-2.0

0.0

2.0

4.0

％

Operating Income Operating Income Ratio


Operating Income(Non-Consolidated)

(Billions of Yen)

FY2016 FY2017 FY2018 FY2019 FY2020

1st Half

FY2020

Forecast

3.2

5.85.1

2.8

-1.60.33.0

4.73.7

2.2

-3.4

0.3

-6.0

-3.0

0.0

3.0

6.0

9.0

-6.0

-3.0

0.0

3.0

6.0

9.0

％

Operating Income Operating Income Ratio


Operating Income(Consolidated)

(Billions of Yen)

FY2016 FY2017 FY2018 FY2019 FY2020

1st Half

FY2020

Forecast

1.9

2.7

0.6

2.7

-1.4 -0.7

6.5

8.8

1.8

8.8

-9.3

-2.3

-4.0

-2.0

0.0

2.0

4.0

-12.0

-6.0

0.0

6.0

12.0

Net Income ROE

％


Net Income & ROE(Non-Consolidated)

(Billions of Yen)

FY2016 FY2017 FY2018 FY2019 FY2020

1st Half

FY2020

Forecast

U.S.A EUROPE ASIA CHINA


0.2

-0.2

-1.0

-0.5 -0.6-0.3

1.2 1.0

0.3

1.51.3

1.0

-0.3-0.9

-1.3 -1.3 -1.0

-0.7

2.7

2.2

1.1

2.8 2.82.5

-3.0

-1.5

0.0

1.5

3.0

4.5

Operating Income by Region

(Billions of Yen)



FY2020Forecast

FY20201st Half

Exchange Rate (June.2019⇒June.2020） USD: 107.75⇒107.74, THB: 3.51⇒3.49, CNY: 15.68⇒15.23, CZK: 4.81⇒4.52,

IDR: 0.0076⇒0.0076, VND: 0.0046⇒0.0046, EUR: 122.46⇒121.05, RUB: 1.71⇒1.53

Exchange Rate (Dec.2019⇒Dec.2020 Forecast） USD: 109.55⇒106.75, THB: 3.63⇒3.51, CNY: 15.68⇒15.12, CZK: 4.81⇒4.29,

IDR: 0.0079⇒0.0072, VND: 0.0047⇒0.0047, EUR: 122.51⇒122.85, RUB: 1.76⇒1.48


-1,634

283

-296

39

-126

-734

-2,469

-3,000

-2,000

-1,000

0

1,000

Operating Income(Loss)

Profit (Loss) attributable to owners of parent

Non-operating income

Non-operating expenses

Extraordinary income

Extraordinary loss

Income taxes & other*

Non-operating Income/Expenses and Extraordinary Income / Loss for 1st Half of FY2020(Consolidated)

* Income taxes & other include Profit attributable to non-controlling interests.

(Millions of Yen)

2.0

3.7

1.71.4

-2.5

-1.4

4.98.6

3.9 3.3

-12.1

-3.4

-4.0

-3.0

-2.0

-1.0

0.0

1.0

2.0

3.0

4.0

5.0

-16.0

-12.0

-8.0

-4.0

0.0

4.0

8.0

12.0

16.0

20.0

Net Income ROE

％


Net Income & ROE(Consolidated)

(Billions of Yen)

FY2016 FY2017 FY2018 FY2019 FY2020

1st Half

FY2020

Forecast

56

60

69 72

59 57 56

63 62 63

0

20

40

60

80

日本 3,299

Capital Expenditure & Depreciation(Consolidated)


FY2016 FY2017 FY2018 FY2019 FY2020Forecast

(100 Millions of Yen)

DepreciationCapital Expenditure Capital Expenditure by region (100 millions of Yen)

Depreciation by region (100 millions of Yen)

FY2019 FY2020 Forecast

Capital

ExpenditureShare

Capital

ExpenditureShare

Japan 35.5 49.5% 32.2 54.1%

North

America16.1 22.5% 11.6 19.5%

Europe 2.1 2.9% 1.3 2.2%

China 8.6 11.9% 5.0 8.4%

Thailand 3.7 5.1% 2.6 4.4%

Indonesia 1.5 2.1% 4.0 6.7%

Vietnam 4.3 6.0% 2.8 4.7%

Total 71.8 100.0% 59.4 100.0%

FY2019 FY2020 Forecast

Depreciation Share Depreciation Share

Japan 33.3 53.4% 36.6 57.8%

North

America11.8 19.0% 12.4 19.5%

Europe 1.1 1.7% 0.6 0.9%

China 6.7 10.7% 6.2 9.8%

Thailand 5.3 8.4% 4.0 6.3%

Indonesia 3.3 5.3% 2.5 3.9%

Vietnam 0.9 1.5% 1.2 1.8%

Total 62.4 100.0% 63.3 100.0%

2.662.83 3.05 2.86 2.91

4.5% 4.6% 4.7%

4.3%

5.2%

2.5% 2.3% 2.2% 2.2%

2.7%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

0.00

1.00

2.00

3.00

4.00

5.00

R&D expenses(Consolidated) Proportion to Net Sales(Non-Consolidated) Proportion to Net Sales(Consolidated)

R&D Expenses


16

(Billions of Yen)

Copyright © T.RAD Co., Ltd. All rights reserved.

FY2016 FY2017 FY2018 FY2019FY2020

Forecast

Dividends Per Share 60 90 90 90 ―(Year-End Dividends) 30 60 50 50 ―(Interim Dividends) 30 30 40 40 0Payout Ratio(Consolidated) 23.7% 19.4% 41.3% 45.2% ―%Payout Ratio(Non-Consolidated) 25.1% 26.4% 127.9% 23.7% ―%

（Yen）

30 30 40 40

30 60

50 50

60

90 90 90

23.7%19.4%

41.3%

45.2%

0%

10%

20%

30%

40%

50%

60%

70%

0

20

40

60

80

100

Interim Dividends Year-End Dividends Payout Ratio (Consolidated)



Dividends Per Share

Year-end Dividends forecast

has not yet decided

Development of exchangers corresponding to the change of the markets and customers’ needs

18

Automobile Components

Conventional Vehicles

HEV&PHEV

EV

FCEV

2015 2020 2025 2030 2035 2040 2045 2050

(million)

200

100

0

Conventional products

Conventional automobiles

Environmentally friendly products

Environmentally friendly

products

Radiators Charge Air Coolers Engine Oil Coolers Heater Cores

EGR CoolersHeat Exchangers for Waste

Heat RecoveryFuel Coolers

Radiator for Auxiliary Heat Exchangers for Cooling Lithium-ion

BatteriesHeat Exchangersfor Motors

ATF Warmers & CVTF Oil Coolers

Heat Exchangersfor Inverter



Automobile Components

Name Function

Radiators To cool cooling water increased in temperature by the engine.

Charge Air CoolersTo cool intake air increased in temperature by being pressurized by asupercharger such as a turbocharger.

Engine Oil Coolers To cool engine oil increased in temperature by the engine

Heater CoresTo heat indoors by allowing a part of cool cooling water increased intemperature to flow.

ATF Warmers & CVTF Oil Coolers

To heat lubricants for AT and CVT during warming-up and cool down at high temperatures.

EGR Coolers To cool high-temperature exhaust gas when re-circulating a part of exhaust gas.

Heat Exchangers for Waste Heat Recovery

To recover heat within exhaust gas in HEV and reuse for heating and quick warming of the engine.

Fuel CoolersTo cool fuel increased in temperature by being pressurized by the fuel injection pump.

Radiator for AuxiliaryTo cool cooling water increased in temperature by the heat exchanger for auxiliary equipment such as an inverter.

Heat Exchangers for Motors To cool circulating oil for cooling the motor.

Heat Exchangers for Inverter To cool inverters used in HEV and EV.

Heat Exchangers for Cooling Lithium-ion Batteries

To cool lithium ion batteries used in HEV and EV.

19

Results Briefing for 2nd Quarter of FY2020...R&D Center T.RAD Sales Europe GmbH T.RAD Czech s.r.o...

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