Presentation Material (PDF: 272KB)

Consolidated 1Q Results
of FY March, 2014
Takakazu Momozuka
Corporate Officer
Copyright© 2013 TDK Corporation. All rights reserved.
Performance Briefings 1Q of Fiscal Year March, 2014
July 31, 2013
-1-
Consolidated 1Q results of FY March 2014
(Yen billions)
Net Sales
FY March 2013
1Q Results
FY March 2014
1Q Results
208.7
236.5
9.2
Change
Yen billions
%
27.9
13.4
4.0
(5.2)
-56.8
4.4%
1.7%
-3.0pt
-
Income before Income Taxes
8.8
4.5
(4.3)
-48.9
Net Income
4.5
0.4
(4.1)
-91.7
35.52
2.96
-
-
Operating Income
Operating Income Margin
Earning Per Share (JPY)
Ex-rate
US$
Yen 80.27
Yen 98.74
EURO
Yen 103.18
Yen 128.96
Ex-rate impact to
Net sales & Operating Income
Copyright© 2013 TDK Corporation. All rights reserved.
Deppreciated by 23.0%
Deppreciated by 25.0%
Net sales:Increased by about 40.0 billion Yen
Operating income:Increased by about 5.9 billion Yen
Performance Briefings 1Q of Fiscal Year March, 2014
July 31, 2013
-2-
Features in 1Q results of FY March 2014
◆Consolidated sales increased 13.4%, operating income decreased 56.8%
●Sales to the automotive and industrial equipment markets continued to increase after bottoming out in the third
quarter of FY March 2013
●Passive components was profitable for the first time in 6 quarters
・Sales increased to the automotive, industrial equipment and communication equipment markets (*)
(For details, please see pages 21-22
・Reflects the benefits of restructuring centered on ceramic capacitors and yen depreciation
●Consolidated sales of magnetic application products declined 2.3% year on year, and operating income
dropped 68.5%
・Reflects lower demand for HDD heads (There was a recovery in demand in the first quarter of FY March 2013
related to the Thai floods)
・Sales of magnets decreased sharply year on year due to rare earth material price decline and other factors
(*) For details about sales transition by market applications, please see pages18-21
Copyright© 2013 TDK Corporation. All rights reserved.
Performance Briefings 1Q of Fiscal Year March, 2014
July 31, 2013
-3-
Breakdown of Operating Income Changes
(Yen billions)
Operating Income
-5.2 billion yen
Changes in sales
9.2
(5.0)
SG&A expenses
increase
(including
restructuring
Benefits from
cost increase
restructuring
by 0.5)
2.4
Sales price
reduction
(7.9)
Exchange
fluctuation
(US$=Yen 98.74)
5.9
Rare earth
material price
fluctuation
(1.6)
Rationalization,
cost reduction
4.0
2.6
(1.6)
1Q of FY 2013
9.2 billion yen
Copyright© 2013 TDK Corporation. All rights reserved.
1Q of FY 2014
4.0 billion yen
Performance Briefings 1Q of Fiscal Year March, 2014
July 31, 2013
-4-
Segment Information
(Yen billions)
(FY2013 1Q vs.FY2014 1Q, FY2013 4Q vs. FY2014 1Q)
1Q of FY 2013
Apr 1- Jun 30, 2012
(A)
4Q of FY 2013
Jan 1- Mar 31, 2013
(B)
1Q of FY 2014
Apr 1- Jun 30, 2013
(C)
YoY Change
(C)-(A)
Yen billions
QoQ Change
(C)-(B)
%
Yen billions
%
Net Sales
Capacitor
31.4
30.7
33.7
2.3
7.3
3.0
9.8
Inductive Device
28.2
31.2
35.0
6.8
24.1
3.8
12.2
Other Passive Comp
31.8
42.5
48.3
16.5
51.9
5.8
13.6
91.5
104.4
117.0
25.5
27.9
12.6
12.1
59.9
28.3
88.2
23.2
5.8
208.7
57.6
24.5
82.1
28.6
5.4
220.5
60.2
26.0
86.2
28.6
4.7
236.5
0.3
0.5
2.6
4.5
(2.3)
-8.1
1.5
6.1
(2.0)
-2.3
4.1
5.0
5.4
23.3
0.0
0.0
(1.1)
-19.0
(0.7)
27.8
13.3
16.0
7.3
-
6.7
155.6
Passive Components
Recording Divices
Other Magnetic Application Products
Magnetic Application Products
Film Application Products
Other
Total
-13.0
Operating Income
Passive Components
(2.9)
(3.9)
2.8
5.7
Magnetic Application Products
14.6
2.1
(0.4)
13.4
(4.2)
9.2
1.8
1.7
(0.3)
(0.8)
(3.0)
(3.8)
4.6
1.6
(0.8)
8.2
(4.2)
4.0
(10.0)
-68.5
2.8
(0.5)
-23.8
(0.1)
-5.9
(0.4)
-
(0.5)
-
(5.2)
-38.8
9.0
-
(1.2)
-
(5.2)
-56.5
7.8
-
4.4%
-1.7%
1.7%
-2.7pt
-
3.4pt
-
Film Application Products
Other
Sub total
Corporate and Eliminations
Total
Operating Income margin
Ex- US$
rate
EURO
Copyright© 2013 TDK Corporation. All rights reserved.
Yen 80.27
Yen 92.20
Yen 98.74
Yen 103.18
Yen 121.74
Yen 128.96
Performance Briefings 1Q of Fiscal Year March, 2014
0.0
-
July 31, 2013
-5-
Financial Position
(Yen billions)
March End,
2013
June End,
2013
(Ref. June End,
2012)
Change
1,169.6
1,224.0
54.4
1,047
Total Liability
589.0
615.0
26.0
562
Stockholders's Equity
561.2
588.7
27.5
471
(comprehensive income)
(159.0)
(127.0)
32.0
(258)
Stockholders's Equity ratio
48.0%
48.1%
+0.1pt
45.0%
Cash and Cash equivalents(*1)
223.5
244.8
21.3
171
Interest-bearing Debt(*2)
295.6
304.4
8.8
281
Net Cash(*3)
(72.1)
(59.6)
12.5
(110)
Total Asset
*1: Cash and Cash equivalents + Short-term investments
*2: Short-term debt + Current installments of long-term debt + Long-term debt, excluding current installments
*3: Cash and Cash equivalents - Interest-bearing Debt
FY March 2013
1Q Results
FY March 2014
1Q Results
Capital Expenditures
23.9
14.4
(9.5)
Depreciation and amotization
17.9
20.7
2.8
(Yen billions)
Copyright© 2013 TDK Corporation. All rights reserved.
Change
Performance Briefings 1Q of Fiscal Year March, 2014
July 31, 2013
-6-
Full Year Projections of FY March 2014
(Yen billions)
FY March 2013
Full Year Results
FY March 2014
Full Year Projections
Change
%
Yen billions
851.6
930.0
78.4
9.2
21.6
30.0
8.4
38.9
2.5%
3.2%
0.7pt
-
18.9
28.0
9.1
48.1
Net Income
1.2
13.0
11.8
983.3
Earning Per Share (JPY)
9.50
103.34
-
-
Net Sales
Operating Income
Operating Income Margin
Income before income taxes
●No change in full year projections for FY March 2014 compared with that of April 26, 2013
●Average yen exchange rates forecast from 2Q of FY March 2014 onward
US$: ¥90 (same as previous assumption)
EURO: ¥118 (same as previous assumption)
Copyright© 2013 TDK Corporation. All rights reserved.
Performance Briefings 1Q of Fiscal Year March, 2014
July 31, 2013
-7-
Cautionary Statements with Respect to Forward-Looking Statements
This material contains forward-looking statements, including projections, plans, policies,
management strategies, targets, schedules, understandings and evaluations, about TDK or its
group companies (TDK Group). These forward-looking statements are based on the current
forecasts, estimates, assumptions, plans, beliefs and evaluations of TDK Group in light of
information currently available to it, and contain known and unknown risks, uncertainties and
other factors. TDK Group therefore wishes to caution readers that, being subject to risks,
uncertainties and other factors, TDK Group’s actual results, performance, achievements or
financial position could be materially different from any future results, performance,
achievements or financial position expressed or implied by these forward-looking statements,
and TDK Group undertakes no obligation to publicly update or revise any forward-looking
statements after the issue of this material except as provided for in laws and ordinances.
The electronics markets in which TDK Group operates are highly susceptible to rapid changes.
Risks, uncertainties and other factors that can have significant effects on TDK Group include,
but are not limited to, shifts in technology, fluctuations in demand, prices, interest and foreign
exchange rates, and changes in economic environments, conditions of competition, laws and
regulations. Also, since the purpose of these materials is only to give readers a general outline
of business performance, many numerical values are shown in units of a billion yen. Because
original values, which are managed in units of a million yen, are rounded off, the totals,
differences, etc. shown in these materials may appear inaccurate. If detailed figures are
necessary, please refer to our financial statements and supplementary materials.
Copyright© 2013 TDK Corporation. All rights reserved.
Performance Briefings 1Q of Fiscal Year March, 2014
July 31, 2013
-8-
Text data including Q&A of performance briefing will be uploaded on following site
http://www.global.tdk.com/ir/ir_events/conference/2014/1q_1.htm