Presentation Material (162KB)

Performance Briefings
1Q of Fiscal Year March, 2012
TDK Corporation
July. 28, 2011
1
◆Consolidated 1Q Results of FY March, 2012
Takakazu Momozuka
Corporate Officer, General Manager, Finance & Accounting Department
◆Passive Components Business
Shinichi Araya
Director, Senior Vice President
◆Recording Device Business
Atsuo Kobayashi
General Manager, Senior Vice President
2
Consolidated 1Q Results of FY March, 2012
Takakazu Momozuka
Corporate Officer,
General Manager of
Finance & Accounting Department
3
Consolidated 1Q Results of FY March, 2012
(Yen billions)
Net Sales
FY March 2011
1Q Results
FY March 2012
1Q Results
Change
Yen billions
%
221.9
206.8
(15.2)
-6.8
20.2
5.6
(14.6)
-72.1
9.1%
2.7%
-6.4pt
-
Income before Income Taxes
18.8
3.3
(15.5)
-82.3
Net Income
14.5
2.4
(12.1)
-83.3
112.59
18.78
Operating Income
Operating Income Margin
Earning Per Share (JPY)
Ex-rate
US$
Yen 92.01
Yen 81.74
EURO
Yen 117.03
Yen 117.62
-
Appreciation by 11.2%
Depreciation by 0.5%
Ex-rate impact to
Net sales & Operating Income
Net sales:Lowered about 18.5 billion Yen
Operating income:Lowered about 5.9 billion Yen
Earthquake impact to
Net sales & Operating Income
Net sales:Lowered about 4.6 billion Yen
Operating income:Lowered about 3.0 billion Yen
A one-off charge of approximately ¥3.1 billion at the operating income level associated with the
change of the pension plan is incurred in the first quarter.
4
Features in 1Q results of FY March, 2012
◆Electronics market trend
●Output of smartphones and tablet devices increased
●Output of flat-screen TVs, notebook PCs and HDDs was around the same level as the
corresponding period of the previous fiscal year
●Recovery of the Japanese automotive market accelerated after 2Q onward
◆TDK’s business overview
●Sales of passive components decreased 2.9% year on year
・Steady sales of inductive devices for use in communications and automotive market
・Higher sales of aluminum electrolytic capacitors and film capacitors for use in renewable energy
and industrial equipment
・Lower sales of high-frequency components for use in smartphones
・Lower sales of ceramic capacitors for use in IT home electronics applications
●Sales of magnetic application products decreased 17.5% year on year
・Recording devices sales declined, affected by production cutbacks in the HDD market, the yen’s
appreciation and the sales price decline (decreased 22.9% year on year)
●Other businesses increased 32.0% year on year
・Sales of rechargeable batteries significantly increased for mainly tablet devices
●Impact by one-off charge
・Operating income decreased about 6.1 billion yen totally
-The Great East Japan Earthquake, the subsequent aftershocks and blackouts : about 3.0 billion yen
-Charge associated with the change of the pension plan : about 3.1 billion yen
5
Quarterly Results (1Q of FY 2011 vs. 1Q of FY 2012)
FY March 2011
1Q Results
Yen billions
FY March 2012
1Q Results
%
Yen billions
Change
%
Yen billions
%
Net Sales
Capacitors
38.0
17.1
36.1
17.5
(1.9)
-5.0
Inductive devices
32.1
14.5
32.9
15.9
0.7
2.3
Other Passive Components
34.6
15.6
32.8
15.8
(1.8)
-5.3
(3.0)
-2.9
Passive Components
104.7
47.2
101.7
49.2
Recording devices
71.7
32.3
55.2
26.7
(16.4)
-22.9
Other Magnetic Application Products
28.6
12.9
27.4
13.3
(1.2)
-4.1
Magnetic Application Products
100.3
45.2
82.7
40.0
(17.6)
-17.5
Other
17.0
7.6
22.4
10.8
Total
221.9
206.8
100.0
Operating Income
Passive Components
Magnetic Application Products
Other
Corporate and eliminations
Total
100.0
5.4
32.0
(15.2)
-6.8
6.3
6.0
3.8
3.7
(2.5)
-39.6
16.1
16.0
7.6
9.1
(8.5)
-53.0
1.0
5.8
1.5
6.7
0.5
53.1
(7.2)
(3.1)
20.2
9.1
5.6
2.7
(4.1)
-
(14.6)
-72.1
6
Breakdown of Operating Income Changes
Operating Income : - 14.6 billion yen
Rationalization, Cost reduction・
Purchased materials savings
+3.7 billion yen
Changes in sales and
Products mix
+8.5 billion yen
SG&A expenses
increase
(including decrease
in restructuring
cost by 400 million yen)
-2.3 billion yen
20.2
billion yen
Sales price
reduction
(-5.5%)
-12.5 billion yen
Impact by
big earthquake
-3.0 billion yen
Impact by
change of
pension plan
-3.1 billion yen
5.6
billion yen
Exchange fluctuation
(US$=Yen 81.74)
-5.9 billion yen
1Q of
FY 2011
1Q of
FY 2012 7
Quarterly Results (4Q of FY 2011 vs. 1Q of FY 2012)
4Q results of FY 2011
1Q results of FY 2012
(2011.1.1~2011.3.31)
(2011.4.1~2011.6.30)
Yen billions
%
Yen billions
%
Q on Q change
Yen billions
%
105.0
49.1
101.7
49.2
(3.3)
-3.1
Magnetic Applicatons Products
85.2
39.9
82.7
40.0
(2.5)
-2.9
Other Passive Components
23.4
11.0
22.4
10.8
(1.0)
-4.3
Total
213.6
100.0
206.8
100.0
(6.8)
-3.2
Passive Components
4.8
4.6
3.8
3.7
(1.0)
-20.8
Magnetic Application Products
6.8
8.0
7.6
9.1
0.8
11.8
Other Magnetic Application Products
1.0
4.4
1.5
6.7
0.5
50.0
Passive Components
Net sales
Operating Income
Corporate and eliminations
Total
(3.2)
9.4
(7.2)
4.4
5.6
2.7
(4.0)
-
(3.8)
-40.4
8
Passive Components Business
Shinichi Araya
Director, Senior Vice President
9
Passive Components Business Quarterly Overview(4Q vs. 1Q)
Sector
Net sales in 4Q
Net sales in 1Q
Change %
Capacitors
34.5 billion yen
36.1 billion yen
+4.6%
Inductive devices
31.9 billion yen
32.9 billion yen
+3.1%
Other
38.6 billion yen
32.8 billion yen
-15%
Sales status
●Ceramic capacitors
Decreased sales for IT home electronics applications such as flat-screen TVs
and PCs, and automobiles
Increased sales for distributors
●Aluminum & Film capacitors
Increased sales for industrial equipment and renewable energy equipment
Lower sales for AV equipment and PCs
Steady sales for other applications
●High-frequency components
Lower sales of high-frequency components for mobile devices
●Piezoelectric materials products, circuit protection components
Higher sales of actuator for mobile devices
10
Recording Device Business
Atsuo Kobayashi
General Manager,
Senior Vice President
11
Recording Device Business
●HDD Head shipment index
Index
1Q
100
FY March'11
2Q
3Q
100
102
4Q
95
FY March'12
1Q
2Q
95
100
Index transition based on shipment volume in 1Q of FY March 2011 as 100
●Sales projections in FY March 2012
Results in FY March 2011
Results and projections in FY March 2012
1Q 71.7 billion yen
1Q 55.2 billion yen
(Results)
2Q 65.3 billion yen
2Q 56.0 billion yen (Projections)
1st half total
137.0 billion yen
1st half total
111.2 billion yen (Projections)
2nd half total
120.5 billion yen
2nd half total
108.9 billion yen (Projections)
257.5 billion yen
Full year total
220.1 billion yen (Projections)
Full year total
12
Supplementary Data
13
Full Year Projections in FY March 2012
Term
Item
Net Sales
Operating Income
Income before income taxes
Net income attributable to TDK
Capital expenditures
Depreciation and amortization
Research and development
FY2012
FY2012
FY2011
(April 1, 2011 March 31, 2012)
(April 1, 2011 March 31, 2012)
(April 1, 2010 March 31, 2011)
Forecast in
July'11
(Yen billions)
Forecast in
June'11
(Yen billions)
890.0
67.0
65.0
50.0
85.0
85.0
53.0
890.0
67.0
65.0
50.0
85.0
85.0
53.0
vs. FY2011
Changes
Actual
(Yen billions)
(Yen billions)
%
875.7
63.8
60.1
45.3
78.6
77.6
53.0
14.3
3.2
4.9
4.7
6.4
7.4
-
1.6
5.0
8.2
10.4
8.1
9.5
-
Average Ex-rate projections from 2Q of FY March 2012 onward
US$=80 yen
EURO=110 yen
14
Dividends Forecast of FY March 2012
‹Dividend forecast per a common share
Interim dividend
40 yen
Year-end dividend
Annual dividend
50 yen
90 yen
15
Expenses
(Yen billions)
FY2011
1Q Results
FY2012
1Q Results
Change
Yen billions
%
Capital expenditures
13.9
26.8
12.9
93.3
Depreciation and amortization
18.8
(0.1)
-0.6
Research and development
12.8
18.7
13.6
0.8
6.2
16
Quarterly Results (1Q vs. 1Q)
Yen billions
1Q of FY 2011
Apr 1- Jun 30, 2010
(A)
(4Q vs. 1Q)
4Q of FY 2011
Jan 1- Mar 31, 2011
(C)
1Q of FY 2012
Apr 1- Jun 30, 2011
(C)
YoY Change
(C)-(A)
Yen billions
QoQ Change
(C)-(B)
%
Yen billions
%
221.9
213.6
206.8
(15.2)
-6.8
(6.8)
-3.2
105.0
85.2
101.7
82.7
(3.0)
-2.9
(3.3)
-3.1
Magnetic Application
Products
104.7
100.3
(17.6)
-17.5
(2.5)
-2.9
other
17.0
23.4
22.4
5.4
32.0
(1.0)
-4.3
20.2
9.4
5.6
(14.6)
-72.1
(3.8)
-40.4
Passive Components
6.3
4.8
(2.5)
-39.6
(1.0)
-20.8
Magnetic Application
Products
16.1
6.8
3.8
7.6
(8.5)
-53.0
0.8
11.8
other
1.0
(3.2)
1.5
(7.2)
0.5
53.1
0.5
50.0
Corporate and
eliminations
1.0
(3.1)
(4.1)
-
(4.0)
-
Operating Income Margin
9.1%
4.4%
2.7%
△6.4pt
-
△1.7pt
-
Net Sales
Breakdown
Passive Components
Operating Income
Breakdown
Ex-rate
US$
Yen 92.01
Yen 82.31
Yen 81.74
EURO
Yen 117.03
Yen 112.66
Yen 117.62
17
Quarterly Sales and Operating Income by Segment
FY March 2011
Yen billions
Net Sales
Passive Components
Capacitors
Breakdown
Inductive Devices
Other Passive Components
Magnetic Application Products
Recording Devices
Other Magnetic Application Products
Other
Operating Income
Passive Components
Breakdown
Magnetic Application Products
Other
Sub-total
Corporate and Eliminations
Ex-rate
¥/USD
¥/EURO
FY March 2012
1Q
2Q
3Q
4Q
Total
1Q
221.9
220.3
219.9
213.6
875.7
206.8
104.7
38.0
32.1
34.6
100.3
71.7
28.6
17.0
108.7
37.7
33.6
37.5
92.2
65.3
26.9
19.3
107.1
35.2
32.6
39.3
90.8
63
27.7
22.0
105.5
34.5
31.9
38.6
85.2
57.5
27.7
23.4
425.6
145.4
130.2
150.0
368.5
257.5
111.0
81.7
101.7
36.1
32.9
32.8
82.7
55.2
27.4
22.4
20.2
17.0
17.2
9.4
63.8
5.6
6.3
16.1
1.0
23.3
(3.1)
92.01
117.03
7.3
12.5
1.7
21.5
(4.5)
85.88
110.67
6.2
11.5
2.0
19.7
(2.6)
82.65
112.20
4.8
6.8
1.0
12.6
(3.2)
82.31
112.66
24.5
46.9
5.7
77.1
(13.3)
85.73
113.12
3.8
7.6
1.5
12.8
(7.2)
81.74
117.62
2Q
3Q
4Q
Total
18
19
20
Cautionary Statements with Respect to
Forward-Looking Statements
This
Thismaterial
materialcontains
containsforward-looking
forward-lookingstatements,
statements,including
includingprojections,
projections,plans,
plans,policies,
policies,
management
managementstrategies,
strategies,targets,
targets,schedules,
schedules,understandings
understandingsand
andevaluations,
evaluations,about
aboutTDK
TDKor
orits
its
group
groupcompanies
companies(TDK
(TDKGroup).
Group). These
Theseforward-looking
forward-lookingstatements
statementsare
arebased
basedon
onthe
thecurrent
current
forecasts,
estimates,
assumptions,
plans,
beliefs
and
evaluations
of
TDK
Group
in
light
forecasts, estimates, assumptions, plans, beliefs and evaluations of TDK Group in lightofof
information
informationcurrently
currentlyavailable
availabletotoit,it,and
andcontain
containknown
knownand
andunknown
unknownrisks,
risks,uncertainties
uncertaintiesand
and
other
factors.
TDK
Group
therefore
wishes
to
caution
readers
that,
being
subject
to
risks,
other factors. TDK Group therefore wishes to caution readers that, being subject to risks,
uncertainties
uncertaintiesand
andother
otherfactors,
factors,TDK
TDKGroup’s
Group’sactual
actualresults,
results,performance,
performance,achievements
achievementsor
or
financial
financialposition
positioncould
couldbe
bematerially
materiallydifferent
differentfrom
fromany
anyfuture
futureresults,
results,performance,
performance,
achievements
or
financial
position
expressed
or
implied
by
these
forward-looking
achievements or financial position expressed or implied by these forward-lookingstatements,
statements,
and
TDK
Group
undertakes
no
obligation
to
publicly
update
or
revise
any
forward-looking
and TDK Group undertakes no obligation to publicly update or revise any forward-looking
statements
statementsafter
afterthe
theissue
issueofofthis
thismaterial
materialexcept
exceptas
asprovided
providedfor
forininlaws
lawsand
andordinances.
ordinances.
The
electronics
markets
in
which
TDK
Group
operates
are
highly
susceptible
to
The electronics markets in which TDK Group operates are highly susceptible torapid
rapidchanges.
changes.
Risks,
Risks,uncertainties
uncertaintiesand
andother
otherfactors
factorsthat
thatcan
canhave
havesignificant
significanteffects
effectson
onTDK
TDKGroup
Groupinclude,
include,but
but
are
arenot
notlimited
limitedto,
to,shifts
shiftsinintechnology,
technology,fluctuations
fluctuationsinindemand,
demand,prices,
prices,interest
interestand
andforeign
foreign
exchange
rates,
and
changes
in
economic
environments,
conditions
of
competition,
exchange rates, and changes in economic environments, conditions of competition,laws
lawsand
and
regulations.
Also,
since
the
purpose
of
these
materials
is
only
to
give
readers
a
general
outline
regulations. Also, since the purpose of these materials is only to give readers a general outlineofof
business
businessperformance,
performance,many
manynumerical
numericalvalues
valuesare
areshown
shownininunits
unitsofofaabillion
billionyen.
yen.Because
Because
original
originalvalues,
values,which
whichare
aremanaged
managedininunits
unitsofofaamillion
millionyen,
yen,are
arerounded
roundedoff,
off,the
thetotals,
totals,
differences,
differences,etc.
etc.shown
shownininthese
thesematerials
materialsmay
mayappear
appearinaccurate.
inaccurate.IfIfdetailed
detailedfigures
figuresare
are
necessary,
please
refer
to
our
financial
statements
and
supplementary
materials.
necessary, please refer to our financial statements and supplementary materials.
21