Presentation Material (PDF: 177KB)

Consolidated Results
May 8, 2009
Mr. Seiji Enami
Director & Executive Vice President
CFO
1
FY March 2009 (May 8, 2009)
Cautionary Statements with Respect to
Forward-Looking Statements
This
Thismaterial
materialcontains
containsforward-looking
forward-lookingstatements,
statements,including
includingprojections,
projections,plans,
plans,policies,
policies,
management
strategies,
targets,
schedules,
understandings
and
evaluations,
about
management strategies, targets, schedules, understandings and evaluations, aboutTDK
TDKand
anditsits
group
groupcompanies
companies(TDK
(TDKGroup).
Group). These
Theseforward-looking
forward-lookingstatements
statementsare
arebased
basedon
onthe
thecurrent
current
forecasts,
forecasts,estimates,
estimates,assumptions,
assumptions,plans,
plans,beliefs
beliefsand
andevaluations
evaluationsofofTDK
TDKGroup
Groupininlight
lightofof
information
informationcurrently
currentlyavailable
availabletotoit,it,and
andcontain
containknown
knownand
andunknown
unknownrisks,
risks,uncertainties
uncertaintiesand
andother
other
factors.
factors.TDK
TDKGroup
Grouptherefore
thereforewishes
wishestotocaution
cautionreaders
readersthat,
that,being
beingsubject
subjecttotorisks,
risks,uncertainties
uncertainties
and
andother
otherfactors,
factors,TDK
TDKGroup’s
Group’sactual
actualresults,
results,performance,
performance,achievements
achievementsororfinancial
financialposition
position
could
couldbe
bematerially
materiallydifferent
differentfrom
fromany
anyfuture
futureresults,
results,performance,
performance,achievements
achievementsororfinancial
financial
position
positionexpressed
expressedororimplied
impliedby
bythese
theseforward-looking
forward-lookingstatements,
statements,and
andTDK
TDKGroup
Groupundertakes
undertakes
no
noobligation
obligationtotopublicly
publiclyupdate
updateororrevise
reviseany
anyforward-looking
forward-lookingstatements
statementsafter
afterthe
theissue
issueofofthis
this
material
materialexcept
exceptas
asprovided
providedfor
forininlaws
lawsand
andordinances.
ordinances.
The
Theelectronics
electronicsmarkets
marketsininwhich
whichTDK
TDKGroup
Groupoperates
operatesare
arehighly
highlysusceptible
susceptibletotorapid
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
exchangerates,
rates,and
andchanges
changesinineconomic
economicenvironments,
environments,conditions
conditionsofofcompetition,
competition,laws
lawsand
and
regulations.
regulations.
2
FY March 2009 (May 8, 2009)
Main Features of Earnings, FY Mar. 2009
◆Electronics markets
Downturn in demand for high-performance electronic devices such
as video-related equipment, PCs, HDD and mobile phones.
Steep declines in productions of electronic devices.
◆TDK Group
¾ Steep and sudden declines in demand for electronic components
¾ Inventory adjustments, lower operation in 4Q
¾ Implementation of structural reforms
¾ Strong negative impact by JPY appreciation
¾ Consolidation of EPCOS group in 3Q
3
FY March 2009 (May 8, 2009)
Consolidated results
(excl. EPCOS group)
(Unit : Yen billions)
Electronic Materials
Electronic Devices
Recording Devices
Others
Total sales
FY March '08
200.1
209.1
334.7
122.4
866.3
Operating Income
87.2
(40.4)
(EPCOS group)
(Unit : Yen billions)
Sales
Operating Income
FY March '08
-
FY March '09
68.0
(13.9)
4
FY March 2009 (May 8, 2009)
FY March '09
145.1
166.2
247.2
100.9
659.4
Change
(55.0)
(42.9)
(87.5)
(21.5)
(206.9)
Change(%)
-27.5
-20.5
-26.1
-17.5
-23.9
(127.6)
-
Statements of income
Term
Item
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Gain on business transfer to Imation Corp.
Restructuring cost
Operating income (loss)
Other income (deductions):
Interest and dividend income
Interest expense
Equity in earnings of affiliates
Loss (gain) on securities, net
Foreign exchange gain (loss)
Other-net
Total other income (deductions)
Income (loss) before income taxes
Income taxes
Income (loss) before minority interests
Minority interests
Net income (loss)
FY2008
(April 1, 2007 March 31, 2008)
(Yen
millions)
%
866,285 100.0
73.4
635,529
230,756
26.6
158,921
18.3
(15,340)
-1.8
87,175
10.1
8,284
(218)
1,969
(2,081)
(3,670)
46
4,330
FY2009
(April 1,2008 March 31,2009)
(Yen
millions)
%
Change
(U.S.$
thousands)
(Yen
millions)
727,400 100.0 7,422,449
605,943
83.3 6,183,092
121,457
16.7 1,239,357
159,878
22.0 1,631,408
15,884
2.2
162,082
(54,305)
-7.5 (554,133)
(138,885)
(29,586)
(109,299)
957
15,340
15,884
(141,480)
-16.0
-4.7
-47.4
0.6
-
(4,304)
(2,118)
(18,980)
(4,307)
(1,722)
(224)
(31,655)
-
0.5
3,980
(2,336)
(17,011)
(6,388)
(5,392)
(178)
(27,325)
-3.7
40,612
(23,836)
(173,582)
(65,184)
(55,020)
(1,816)
(278,826)
91,505
10.6
(81,630)
-11.2
(832,959)
(173,135)
-
19,948
2.4
(17,041)
-2.3
(173,888)
(36,989)
-
71,557
8.2
(64,589)
-8.9
(659,071)
(136,146)
-
96
0.0
(1,429)
-0.2
(14,581)
(1,525)
-
71,461
8.2
(63,160)
-8.7
(644,490)
(134,621)
-
* U.S.$1=Yen 98, for convenience only.
5
FY March 2009 (May 8, 2009)
Change(%)
Breakdown of Operating Income Changes
FY March 2009
(Unit:Yen billions)
-141.5
[ Changes in operating income Total]
Changes in sales and product mix
-58.5
Rationalization and cost reductions and Purchased materials saving
25.8
SG & A expenses decrease
10.8
Exchange fluctuations(1U.S.$=Yen 114.4 -> 100.7)
-18.9
Sales price discounts(5.7%)
-40.1
Restructuring cost
-31.4
"Gain on business transfer to Imation Corp." decrease
-15.3
-8.0
EPCOS group
6
Restructuring cost
-0.7
Goodwill and others
-5.2
FY March 2009 (May 8, 2009)
Comparison with our projections on Feb. 9
FY March 2009 FY March 2009 Difference between
the projections and
[Projections
[Results]
on Feb. 9]
the results
(Unit:Yen billions)
Incl. EPCOS group in 2H
[Projections
[Results]
on Feb. 9]
Net sales
741.0
727.4
(13.6)
68.0
68.0
Operating loss
(38.0)
(54.3)
(16.3)
(12.0)
(13.9)
Income before loss taxes
(46.0)
(81.6)
(35.6)
(14.0)
(14.4)
Net loss
(42.0)
(63.2)
(21.2)
(14.0)
(12.6)
100
101
Exchange rate (U.S.$=Yen)
7
FY March 2009 (May 8, 2009)
Balance sheets (Assets)
ASSETS
Term
As of March 31, 2009
(Yen
millions)
Item
Current assets
Cash and cash equivalents
Short-term investments
Marketable securities
Net trade receivables
Inventories
Other current assets
Noncurrent assets
Investments in securities
Net property, plant and equipment
Other assets
TOTAL
As of March 31, 2008
Change from
As of Dec. 31, 2008
March 31, 2008
(Yen
millions)
(U.S.$
thousands)
(Yen
millions)
4,909,765
1,690,867
244,827
183,347
1,252,153
1,078,408
460,163
462,820
166,105
1,179
3,986
157,118
88,816
45,616
49.5
18,337
(400)
22,814
13,982
(34,407)
16,868
(520)
515,020
177,207
8,099
1,001
143,482
128,059
57,172
45.3
(33,863)
(11,502)
15,894
16,967
(20,771)
(22,375)
(12,076)
6,325,296
357,623
3,557,602
2,410,071
100.0 11,235,061
472,713
68,714
267,149
136,850
935,533
50.5
621,228
147,166
55,653
(33,667)
355,881
81,496
209,694
99,337
165,503 1,136,248
54.7
(1,349)
(20,606)
(7,236)
26,493
(35,212)
%
481,157
165,705
23,993
17,968
122,711
105,684
45,096
43.7
619,879
35,047
348,645
236,187
1,101,036
56.3
%
100.0
(Yen
millions)
Change from
Dec. 31, 2008
%
(Yen
millions)
100.0
* U.S.$1=Yen 98, for convenience only.
8
FY March 2009 (May 8, 2009)
Balance sheets
(LIABILITIES AND STOCKHOLDERS' EQUITY)
LIABILITIES AND STOCKHOLDERS' EQUITY
Term
(Yen
millions)
As of March 31, 2008
Change from
As of Dec. 31, 2008
March 31, 2008
(U.S.$
thousands)
(Yen
millions)
199,621
71,049
3,497
50,970
63,314
1,942
8,849
18.1
2,036,949
724,990
35,684
520,102
646,061
19,816
90,296
161,961
8,898
294
76,391
63,834
7,660
4,884
17.3
37,660
62,151
3,203
(25,421)
(520)
(5,718)
3,965
407,280
233,217
17,473
70,833
71,581
2,532
11,644
35.8
(207,659)
(162,168)
(13,976)
(19,863)
(8,267)
(590)
(2,795)
Noncurrent liabilities
Long-term debt,
excluding current installments
338,374
30.8
3,452,796
53,311
5.7
285,063
85,056
7.5
253,318
210,083
2,143,704
152
209,931
7,163
202,920
Retirement and severance benefits
98,007
14,284
16,000
537,995
48.9
1,000,072
145,755
163,265
5,489,745
33,990
5,998
13,171
215,272
23.0
64,017
8,286
2,829
322,723
57,531
6,278
14,084
492,336
43.3
40,476
8,006
1,916
45,659
8,823
0.8
90,030
3,684
0.4
5,139
8,469
0.8
354
32,641
64,257
20,772
605,622
333,071
655,684
211,959
6,179,816
32,641
63,887
19,510
688,719
370
1,262
(83,097)
32,641
64,172
20,519
667,054
85
253
(61,432)
(162,741)
(1,660,622)
(81,583)
(81,158)
(142,609)
(20,132)
(6,333)
554,218
1,101,036
(64,622)
50.3 5,655,286
100.0 11,235,061
Current liabilities
Short-term debt
Current installments of long-term debt
Trade payables
Accrued expenses
Income taxes payables
Other current liabilities
Deferred income taxes
Other noncurrent liabilities
Total liabilities
Minority interests
Common stock
Additional paid-in capital
Legal reserve
Retained earnings
Accumulated
other comprehensive income (loss)
Treasury stock
Total stockholders' equity
TOTAL
FY March 2009 (May 8, 2009)
%
(6,597)
716,577
76.6
935,533 100.0
(Yen
millions)
(Yen
millions)
Change from
Dec. 31, 2008
%
Item
9
As of March 31, 2009
(6,334)
264
(162,359) 635,443
165,503 1,136,248
%
55.9
100.0
(Yen
millions)
1
(81,225)
(35,212)
*U.S.$1=Yen 98, for
convenience only.
Consolidated results in 4Q
(excl. EPCOS group)
(Unit : Yen billions)
Electronic Materials
Electronic Devices
Recording Devices
Others
Total sales
4Q of FY08
45.9
51.4
87.9
22.7
207.9
Operating Income
13.3
(EPCOS group)
(Unit : Yen billions)
Sales
Operating Income
10
4Q of FY08
-
FY March 2009 (May 8, 2009)
4Q of FY09
20.9
29.0
38.8
18.2
107.0
(52.7)
4Q of FY09
32.1
(10.9)
Change
(25.0)
(22.3)
(49.1)
(4.5)
(100.9)
Change(%)
-54.5
-43.5
-55.8
-19.6
-48.5
(66.0)
-
Comparison of 3Q & 4Q
(excl. EPCOS group)
(Unit : Yen billions)
Electronic Materials
Electronic Devices
Recording Devices
Others
Total sales
3Q of FY09
32.0
38.4
58.4
27.1
155.9
4Q of FY09
20.9
29.0
38.8
18.2
107.0
Change
(11.1)
(9.4)
(19.5)
(8.9)
(48.9)
Change(%)
-34.7
-24.4
-33.5
-32.8
-31.4
Operating Income
(2.1)
(52.7)
(50.5)
-
(EPCOS group)
(Unit : Yen billions)
Sales
Operating Income
3Q of FY09
35.9
(3.0)
4Q of FY09
32.1
(10.9)
Change
(3.8)
(7.9)
Change(%)
-10.5
-
11
FY March 2009 (May 8, 2009)
Capital expenditures, Depreciation and amortization, Research and development
May 8, 2009
Unit:Yen billions
FY March 2008
[Results]
FY March 2009
[Results]
Capital
expenditures
84.3
100.0
Depreciation and
amortization
71.3
89.6
95.6 :TDK
4.4 :EPCOS
75.9 :TDK
8.4 :EPCOS
FY March 2010
Projections on May 8, '09
41.0
81.0
5.2 :Goodwill
Research and
development
(Share of net sales)
<Net sales>
12
57.4
57.6
6.6%
7.9%
866.3
FY March 2009 (May 8, 2009)
727.4
52.1 :TDK
5.5 :EPCOS
53.0
7.4%
717.8
Capital expenditures
(excl. EPCOS group)
(Unit : Yen billions)
Cash flow basis
1Q of FY09
2Q of FY09
31.1
36.6
3Q of FY09
4Q of FY09
16.3
FY March 2009
11.6
95.6
(excl. EPCOS group)
(Unit : Yen billions)
Approval basis
1Q of FY09
2Q of FY09
5.8
20.7
3Q of FY09
4Q of FY09
12.3
FY March 2009
5.7
The capital expenditure plan was modified due to a sudden and steep decline
in electronic components demand
Original Plan : 70.0 billion JPY
Results : about 44.6 billion JPY
13
FY March 2009 (May 8, 2009)
44.6