Todays Clipping - njr.com
Transcript of Todays Clipping - njr.com
Financial Results for the Fiscal Year ending March 31, 2017
May 12, 2017
Todays Clipping
2
• Consolidated resultsfor the fiscal year ending March 31, 2017
• Consolidated forecastfor the fiscal year ending March 31, 2018
• Strategy for more growth
Net Sales 50,000 48,000 48,500 48,800
Operating Income 3,200 1,200 1,300 1,750
Ordinary Income 3,250 1,100 1,250 1,850
Profit Attributable toOwners of Parent 3,000 800 △ 300 600
2017/4/10The beginning of theyear 2016/10/21 2017/1/20
Background of revision of financial result forecast
3
①Exchange rate fluctuationOriginally120.00yen/1US$→ First half results 107.07yen/1US$
Projection for the second half 105.00yen/1US$② Increase in fixed costs due to new business launch
①Second half exchange rate fluctuation 10/21 105.00yen/1US$
→ 1/20 111.00yen/1US$②Accounting for impairment loss on fixed assets
(million JPY)
10/21 Correction factor10/21 Correction factor 1/20 Correction factor1/20 Correction factor
(million JPY)Amended disclosure
(2017/1/20) Actual Difference
Net Sales 48,500 48,865 +365 Operating Income 1,300 1,792 +492
Ordinary Income 1,250 1,859 +609 Profit Attributable to
Owners of Parent △ 300 616 +916
FY2016 Correction disclosure(1/20) Difference
4
616
△ 300△ 500
0
500
1,000
263
△28
Impact of real sales fluctuation
△50357
Analysis of Profit Attributable to Owners of Parent
5
(million JPY)
1/20Revisions of financial
results forecast
Actual
Cost control
Exchange rate variation
Compensation for damages/Insurance
Gains on sales of securities
257117
Operating Income+492
Corporate tax
Ordinary Income+609
Net Sales +365million yenExchange difference △38million yen
↓Real difference +403million yen
Profit Attributable to Owners of Parent+916
Financial summary
6
2015
Actual
2016
ActualComparison
Comparison
(%)
Net Sales 47,816 48,865 +1,049 +2.2%
Operating
Income3,126 1,792 △1,334 △42.7%
ProfitAttributable to Owners of
Parent2,496 616 △1,880 △75.3%
Average exchange rate : Fiscal year ending March 31, 2016 JPY120.80/USD1Fiscal year ending March 31, 2017 JPY108.60/USD1
(million JPY)
370
1,521
1,886
△ 68
△ 605
△ 87
△ 17
301
△ 175
3,126
△ 2,000 0 2,000 4,000
△ 487
946
1,870
△ 101
△ 761
△ 126
△ 17
0
△ 275
1,049
△ 2,000 0 2,000 4,000
BIP
MOS
Contracted manufacturing
Opt devices
GaAsIC
SAW
Others
Microwave applications
Microwave tubes and radarcomponents
Total
Net sales according to the product
16,759 16,271
7,647 8,594
5,616 7,486
774 672
6,988 6,226
3,666 3,541 20
43,302 3,302
3,039 2,763
47,816 48,865
0
10,000
20,000
30,000
40,000
50,000
2015 2016
7
Comparison by item Increase and decrease Excluding foreign exchange differences
Exchange difference△2,077
JPY120.80/USD1 ↓
JPY108.60/USD1
(million JPY)
3,126
1,792
0
2,000
4,000
6,000
1,690 △1,179
△78 △313
Impact of real sales fluctuation
△1,454
Analysis of operating Income
8
2015
Personnel expenses Depreciation
expenses Other
Exchange rate variation
JPY120.80/USD1 ↓
JPY108.60/USD1
2016
(million JPY)
2,496
616
△ 500
0
500
1,000
1,500
2,000
2,500
3,000
Analysis of Profit Attributable to Owners of Parent
9
2015
98
357 23
535
△1,334
△1,559Operating income decreased
Non-operating income
Impairment loss
Gains on sales of
securities
OtherExtraordinary profit
Corporate tax & etc
2016
(million JPY)
Forecast
10
2016Actual
2017
ForecastComparison
Comparison
(%)
Net Sales 48,865 52,000 +3,135 +6.4%
Operating
Income1,792 2,500 +708 +39.5%
Profit Attributable to Owners of
Parent616 2,500 +1,884 +305.7%
Average exchange rate : Fiscal year ending March 31, 2017 JPY108.60/USD1Fiscal year ending March 31, 2018 JPY110.00/USD1
(million JPY)
2017 Budget from 2016
16,271 16,900
8,594 10,050
7,486 7,000
672 900
6,226 5,000 3,541 5,350 4
0 3,302 3,800 2,763 3,000 48,865
52,000
0
10,000
20,000
30,000
40,000
50,000
60,000
2016Actual
2017Forecast
628
1,456
△ 487
227
△ 1,227
1,809
△ 4
497
236
3,135
-2,000 0 2,000 4,000
BIP
MOS
Others
Opt devices
GaAs IC
SAW
Contract manufacturing
Microwave applications
Microwave tubes andradar components
Total
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JPY108.60/USD1 JPY110.00/USD1 ( Including exchange differences +280 )
Comparison by item Increase and decrease(million JPY)(million JPY)
1,792
2,008
200 2,500
0
2,500
5,000
Personnel
Other expenses
Exchange rate variation
Impact of real sales fluctuation
Analysis of Operating Income
12
2016
△410△390
△700Depreciation expenses
JPY108.60/USD1↓
JPY110.00/USD1
2017
(million JPY)
2,199
1,766
2,214
3,450
2,766
4,190
1,705
2,059 2,170
1,887 1,964
2,355
0
1,000
2,000
3,000
4,000
5,000
2012 2013 2014 2015 2016 2017Forecast
Capital Investment
Depreciation
2,007
1,491
155
458 79
2017 Forecast
Capital Investment
13
Facility Renewal
OthersR&D
Cost down
ProductionCapability up
4,190 million yen(47.9%)
(3.7%)
(35.6%)
(10.9%)(1.9%)
(million JPY)
40,272 36,417
42,080 45,220
47,816 48,865 52,000
11,938 13,421 12,232 12,358 13,294 13,589 13,368
3.84
4.18
3.66
3.26 3.223.30
3.11
2.00
3.00
4.00
5.00
0
10,000
20,000
30,000
40,000
50,000
60,000
2011 2012 2013 2014 2015 2016 2017Forecast
Net sales
Inventories
Inventories turnover period
Inventories turnover period
14
(million JPY)months
148
115
15 20
△ 71△ 54
△ 29△ 9
1622
47
△ 100
△ 50
0
50
100
150
200
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017Forecast
To strengthen the financial standings
56 49 50 94
59 56 51
0
20
40
60
80
100
120
140
2014 2015 2016 2017 Forecast
CMS Financial institution
(billion JPY) (billion JPY)
(billion JPY)
15
( Capital adequacy ratio ) Loan
Trends in retained earnings
115105 101 94
255
213 113 116
24 45 75
107 107 112 137
326
311
301 300
313 311
297
283 296 292 295
44%
41%
27% 28%
7%
13%
20%
27%27%
28%
32%
0.0%
20.0%
40.0%
60.0%
0
100
200
300
400
500
600
700LiabilitesEquityCapital adequacy ratio
Strategy for more Growth
16
Expand the baseline products and launch new businesses
Expand In-vehicle and Industrial
Cost down to maintain our share
Existing Product Line
17
0
10,000
20,000
30,000
40,000
50,000
60,000
2011 2012 2013 2014 2015 2016 2017Forecast
Microwavedevice
Others
Communication
Industrial
Automotive
Audio/Video
(million JPY)
Revenues by application
MarkLines
Revenue trend of Automotive products
Audio/Video
Automotive
Others
Communication
Industrial
2011年
Audio/Video
Automotive
Others
Communication
Industrial
2017年
0
10,000
20,000
30,000
40,000
50,000
2011 2017
Others
Communication
Industrial
Automotive
Audio/Video
(million JPY)
18
19
Revenues by application
Audio/Video
Automotive
Microwave device
2017 Budget
52,000M¥MarkLines
Communication
Industrial
Others
IoT
Three growth marketsMicrowave device Communication
Automotive・Industrial
Satellite communicationis speeding up
Industry4.0ADAS, V2X
20
Organization from April, 2017Corporate Internal Auditing Department
General Administration Headquarters
General Affairs Headquarters
Personnel Headquarters
Kawagoe Works
Electronic Device Division
Wireless Communication Device Division
Microwave DivisionElectronic Device Sales Headquarters
Electronic Device Development Headquarters
Electronic Device Production Headquarters
Quality Assurance Headquarters
Advanced Technology Development Department
President
21
Source : MarkLines
Measures to increase production capacity for automotive business
22
Each site totaling 2.5 billion
Test ・Inspection facility
Ensure reliability
Pre-process equipment
Capacity buildingof Package
Automotive products
0
2,500
5,000
7,500
10,000
12,500
2012 2013 2014 2015 2016 2017Forecast
Smartkey(SAW)
Communications(GaAsICs)
Foundry
ECU
Navigation
23
(million JPY)
MarkLines
Wireless Communication Device Division
※ECU : Electronic Control Unit
By Application
Power Control UnitNJW4***
Navigation systemNJW4184/4185/4186NJW4119 NJW4131/32NJW4128/4152/4154/4155NJW4196
CompressorsNJW4***
Meter panelNJW4188/11NJW4140/28NJW4381
Headlight control NJW4184
EFI ECUNJW4***
Keyless EntryNJW4184NJW4113/16
EPSNJW4113NJW4140
CameraNJW4152NJW4750
Roof LampNJW4615A
Cooler BoxNJW4305
Blower Motor NJW4822
Custom design
Std Product
NOx SensorsNJW4***
ISS PowerNJW4*** PMAP32
24
25
出展:JAMA
Ongoing project
Advanced Driver Assistance Systems
Putting into use
ADAS
Autonomous driving technology.
26
Adopted in 2011
2011 2012 2013 2014 2015 2016 2017 2018 2019
Trends in net sales ofApplication Specific Integrated Circuit
Adopted in 2012
Adopted in 2013
Adopted in 2016
Adopted in 2014
Adopted in 2015
(ITEM)
0
10
20
30
40
50
2011 2012 2013 2014 2015 2016 2017 2018 2019
New products
New Products since 2011
Industrial
27
0
2,500
5,000
2012 2013 2014 2015 2016 2017Forecast
Others
Power supply IC
Operational Amplifier /Comparator
(million JPY)
Analog Front End (AFE)The analog front end converts the sensor signal into a signal that the MCU can handle.
■ AFE Line up
項目 製品名 NJU9101 NJU9102 NJU9103
Function Low current consumption AFE
Digital fault detection IC
High gain PGA built-in AFE
Application Gas detector RCCB Pressure sensor
Operating power supply voltage +2.4V to +3.6V +4.0V to +5.5V +2.7V to +3.6V
Package EQFN24-LE DMP8 ESON8-V1/SSOP8
SensorAFE
MCUHigh precision
Op ampAD
convertersignal
processingAnalogsignal
Digitalsignal
[ Measurement ] [ Signal Conditioning ] [ Control ]
28
General purpose inverter , AC servo amplifier
Application example:General purpose inverter ・Belt conveyor drive・Elevator door opening and closing・Water supply pump /blower
Application example:AC servo amplifier ・NC equipment(Lathe etc)・Semiconductor manufacturing equipment・LCD panel related manufacturing equipment
General purpose inverter (For relatively monotonic operation)
AC servo amplifier(For fine control such as reverse rotation, acceleration, deceleration, stop etc.)
高精度オペアンプ
29
高速オペアンプ
高速オペアンプ
Awards (Industrial)
30
※VC =Value CreationProposal ECO-VC
Used for factory robot arm
Downsize 38%
Technical Development Contribution Award
Product sales for smartphone
31PA
LNASW
Filter
ANTReceiver
Transmitter
RFIC
0
5,000
10,000
15,000
2012 2013 2014 2015 2016 2017Forecast
GaAs IC
MEMS
SAW
MEMS AMP
(million JPY)
32
0
500
1,000
GaAs Ics for Automotive
NJG1144KA1 GNSS※2 LNA)
In-vehicle GNSS antenna
In-vehicle Wi-Fi module
※1 LNA : Low Noise Amplifier ( Low noise amplifier )※2GNSS : Global Navigation Satellite System
NJG1108 (2.4GHz band LNA※1)NJG1650 (Transmit / receive changeover switch )
Wireless module for vehicle
GNSS Antennas
※DCM : Data Communication Module( Vehicle communication device )
(million JPY)
33
V2X/GPSCOLLISION PREVENTIONINTER-VEHICLEROAD-VEHICLE
In developmentSupplied as chipset*Gray color are other SoC(System on a Chip) vendor’s product
PA
LNASW
SAW Filter
ANT
Receiver
Transmitter
RFIC
*SAW: Foundry Service Product
V2X (Vehicle to X)Same technology for smartphones
Examples of employing Microwave products
34
Microwaveproducts
Satellite communications
Bending machines
Drone
Radar for ship
Instrument forcancer treatment
BUC
Microwave tubes
Sensing devices
35
WaveEyes
What is WaveEyes ?Microwave sensor brand name.「 Radio eyes 」
Mobile object detection
Speedometer
DistanceMeasurementHeart rate
Respiratory rate
0
100
200
300
400
500
2014 2015 2016 2017Expectation
(million JPY)
Industrial
Lights
Home
Security
BUC※1 (ODM※2)
36
※1 BUC: Block Up Converter Transmit frequency conversion + Power amplifier Devices for satellite communication
※2 ODM: Original Design Manufacturing
Consumer KU band satellite dish
BUC
BUC (ODM)
37
Module(28 x 36 x 4 mm)
Microwave30GHz RF technology
MicroelectronicsIC Assembly technology
Thai NJR production
Application of die bonding technology in assembly process
0
500
1,000
1,500
2016 2017 2018 2019
Actual Forecast
new product
Current model
(million JPY)
Trends in net sales of "Forward" products
38
447
3,232
5,413
7,216
9,024
12,664
0
5,000
10,000
15,000
2012 2013 2014 2015 2016 2017Forecast
SAW
MEMS
Other electronic device products
Microwave products
FORWARD
(million JPY)
General purpose
automotive
Industry
Company Management by segment
39
The times change
40
<Responding to change towards 2020>- The car will be smarter (ADAS、self-driving、、、)
From domestic to WW deployment- High speed internet- It’s a small world:IoT
Automotive Business Communication device businessMicrowave
Business
< To establish a structure >-Clarification of business segmentsAutomotive・Industrial/Communication/Microwave
-Response to “Manufacturing4.0”High quality production line
Utilization of Big Data-Utilizing Group Resources
As a driving force for growth