09 13-12 pioneer results-q1-1
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Pioneer Corporation
Business Resultsfor First Quarter of Fiscal 2013
Susumu Kotani, President and CEOAugust 7, 2012
Main Points of Today’s Presentation2
1. Business Results for First Quarter of FY2013Sales rose and profits declined year on year in the first quarter. The primary reason is that sales and profits rose in the Car Electronics business due to recovery in car OEM sales, while sales in the optical disc business fell sharply as a result of a change in the business environment.
2. Business Forecasts for FY2013Although the Company forecasts continued favorable results in the Car Electronics business in the second quarter and beyond, the first-half and full-year business forecasts have been revised as follows, reflecting a review of the optical disc business plan and the impact of currency exchange:First-half — Net sales: ¥230.0 billion Operating income: ¥6.0 billion
Net income: ¥1.0 billionFull-year — Net sales: ¥500.0 billion Operating income: ¥20.0 billion
Net income: ¥8.5 billion
Today’s Agenda
3
1. Business Results for First Quarter of FY20132. Business Forecasts for FY20133. Topics
Cautionary Statement with Respect to Forward-Looking StatementsStatements made in this presentation with respect to our current plans, estimates, strategies and beliefs, and other statements that are not historical facts are forward-looking statements about our future performance. These statements are based on management’s assumptions and beliefs in light of the information currently available to it. We caution that a number of important risks and uncertainties could cause actual results to differ materially from those discussed in the forward-looking statements, and therefore you should not place undue reliance on them. It is not our obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. We disclaim any such obligation. Risks and uncertainties that might affect us include, but are not limited to: (i) general economic conditions in our markets, particularly levels of consumer spending, and levels of demand in the major industrial sectors which we serve; (ii) exchange rates, particularly between the Japanese yen and the euro, the U.S. dollar, and other currencies in which we make significant sales or in which our assets and liabilities are denominated; (iii) our ability to continuously design and develop and win acceptance for our products in extremely competitive markets; (iv) our ability to successfully implement our business strategies; (v) the success of our joint ventures, alliances and other business relationships with third parties; (vi) our ability to access funding; (vii) our continued ability to devote sufficient resources to research and development, and capital expenditure; (viii) our ability to ensure the quality of our products; (ix) conditions in which we are able to continuously procure key parts essential to our manufacturing operations; and (x) the outcome of contingencies.
4
1. Business Results for First Quarter of FY2013
-
-
30.7%
113.6%
% to Prior Year
1.6-1.0Ordinary Income/Loss
0.3-2.8Net Income/Loss
2.00.6Operating Income
98.1111.4Net Sales
Prior YearFY13/1Q
117.40
81.74
1 Euro
1 US$ -1.9%80.20AverageCurrency
Rate -14.1%102.91
0.4%
256.30
1.4%
0.91 -9.51-8.60Net Income per Share
-15.2%-13.8%ROE
-3.5%
236.17
-3.9%
-20.13
ROA
Book-value per Share
FY12/1Q FY13/1Q
(yen)
(yen)
(billion yen)
Operating Income
Net Sales
55.5Overseas49.7
55.9Japan48.5
98.1
111.4
2.00.6
Consolidated Results for First Quarter of FY2013
5
+2.0 +7.5 -2.8-2.7 -1.0 +0.6-2.3
Operating Income Structure Breakdown(billion yen)
Lower Gross Profit Margin
Increased SG&AImpact of Currency Exchange
6
Profit Variance due to Increased/Decreased
Net Sales
Car Electronics Home Electronics & Others
Decrease of 1.4 billion yenFY12/1Q
Operating Income
FY13/1QOperating
Income
57.581.0
30.421.310.29.0
111.498.1
FY12/1Q FY13/1Q
Segment Comparison for the First Quarter of FY2013
7
Net Sales
Car Electronics
Home Electronics
Others
Operating Income/Loss
(billion yen)
FY12/1Q FY13/1Q Change
Car Electronics 1.9 5.0 +3.1
Home Electronics 0.4 -2.8 -3.1
Others -0.5 -1.2 -0.6
Adjustments 0.3 -0.4 -0.7
Total 2.0 0.6 -1.4
Significant improvement in profitability as car OEM sales more than doubled year on year
Profitability worsened as a result of factors including a sharp decrease in sales of optical disc business due to the absence of the special demand associated with the shift to digital terrestrial broadcasting in Japan in the first quarter of FY2012Note : Operating income by segment shown in this presentation represents figures prior to elimination of transactions among
segments.
40.1 Overseas
30.4
41.0
Japan27.1
57.5
81.0
1.95.0
OEM Ratio to Net Sales: 53% (FY12/1Q: 31%)< Net Sales >
OEM car navigation systems and OEM car audio products
Increase Factors
Consumer-market car navigation systems
Decrease Factor
141% (Japan 151%, Overseas 132%)% to Prior Year
< Operating Income >
Higher profit due to increased net sales (+7.5 billion yen)
Increase Factor
Lower gross profit margin (-2.5 billion yen), increased SG&A (-1.2 billion yen), and impact of currency exchange (-0.6 billion yen)
Decrease Factors
Increase of 3.1 billion yenYear-on-Year
Note : Operating income by segment shown in this presentation represents figures prior to elimination of transactions among segments.
Main products are:Car navigation systems, Car stereos, Car AV systems, and Car speakers.
Quarterly Net sales & Operating Income: Car Electronics
8
Net Sales
Operating Income
(billion yen)
FY12/1Q FY13/1Q
12.6
Overseas15.0
8.7
Japan15.5
30.4
21.3
0.4
-2.8 Main products are:Audio systems, Audio components, DJ equipment,Equipment for cable-TV systems, Blu-ray Disc players, Blu-ray Disc drives, DVD players, DVD drives, and AV accessories.
< Net Sales >
AV receivers and AV systemsIncrease Factors
Optical disc drive-related products, and equipment for cable-TV systems
Decrease Factors
70% (Japan 56%, Overseas 84%)% to Prior Year
< Operating Income/Loss >
Lower profit due to decreased net sales (-1.2 billion yen), lower gross profit margin (-0.9 billion yen), increased SG&A (-0.6 billion yen), and impact of currency exchange (-0.4 billion yen)
Decrease Factors
Worsening of 3.1 billion yenYear-on-Year
Quarterly Net sales & Operating Income/Loss: Home Electronics
9
Net Sales
Operating Income/Loss
(billion yen)
FY12/1Q FY13/1Q
Note : Operating income by segment shown in this presentation represents figures prior to elimination of transactions among segments.
Overseas4.3
2.8
Japan 5.9
6.2
9.010.2
-1.2-0.5
Main products and services are:Factory automation systems, Speaker units, Electronic devices and parts, Organic light-emitting diode displays, Telephones, Business-use AV systems, Map software, and Licensing of patents related to laser optical disc technologies.
< Net Sales >
Map softwareIncrease Factor
Factory automation systems, and electronic devices and parts
Decrease Factors
88% (Japan 105%, Overseas 65%)% to Prior Year
< Operating Loss >
Decreased SG&A (+0.1 billion yen)Increase Factor
Lower profit due to decreased net sales (-0.2 billion yen), and lower gross profit margin (-0.5 billion yen)
Decrease Factors
Worsening of 0.6 billion yenYear-on-Year
Quarterly Net sales & Operating Loss: Others
10
Operating Loss
Net Sales
(billion yen)
FY12/1Q FY13/1Q
Note : Operating income by segment shown in this presentation represents figures prior to elimination of transactions among segments.
25.623.3
0
10
20
30
FY12/1Q FY13/1Q
11.1 10.6
0
10
20
30
FY12/1Q FY13/1Q
21.7
13.0
0
10
20
30
FY12/1Q FY13/1Q
48.555.9
0
20
40
60
80
FY12/1Q FY13/1Q
FY13/1Q compared to prior yearYen basis: 96%Local currency basis: 108%
Increase FactorsAV systems, AV receivers and OEM car audio products
Decrease FactorsConsumer-market car navigationsystems, and consumer-marketcar audio products
(billion yen)
FY13/1Q compared to prior yearYen basis: 166%Local currency basis: 170%
Increase FactorsOEM car audio products, OEMcar navigation systems, and AV receivers
Decrease FactorOptical disc drive-related products
FY13/1Q compared to prior year115%
Increase FactorsOEM car navigation systems, OEM car audio products, andelectronic devices and parts
Decrease FactorsOptical disc drive-related products, and consumer-market car navigation systems
FY13/1Q compared to prior yearYen basis: 91%Local currency basis: 96%
Increase FactorOEM car audio products
Decrease FactorsOptical disc drive-related products,and electronic devices and parts
Quarterly Net Sales by Geographic Segment
11
North AmericaJapan
Europe Other Areas
First Quarter of FY2013 : Summary of Consolidated Statements of Cash Flows(billion yen)
-0.3-1.4Foreign currency translation adjustments on cash and cash equivalents
0.80.6Interest expenses
0.30.6Increase in accrued pension and severance costs
-12.8-14.7Net increase/decrease in cash and cash equivalents
-11.8-12.8Free cash flows
0.1-0.1Loss (gain) on sales and disposal of noncurrent assets
2.89.0Trade receivables
-8.7-11.2Inventories
-5.0-3.2Accrued expenses
-1.5-3.9Trade payables
-52.5
34.7
-0.7
-4.6
-7.2
-4.2
6.2
1.9
FY2012 1Q
0.3Others
6.0Depreciation and amortization
31.2Balance of cash and cash equivalents
-57.4Net cash balance
-0.5Cash flows from financing activities
-9.7Cash flows from investing activities
-3.2Cash flows from operating activities
-1.4Income (loss) before income taxes and minority interests
FY2013 1Q
12
14.0
-7.2
18.2
-8.5 -3
.2
15.7
5.3
-4.6
-5.5
-3.8
-9.7
-7.8
-12.8-12.3
12.7
-11.8
19.3
7.8
FY11/4Q FY12/1Q FY12/2Q FY12/3Q FY12/4Q FY13/1Q
Cash Flows f rom Operating Activ ities
Cash Flows f rom Inv esting Activ ities
Free Cash Flows
75.0
63.964.167.4 66.9
62
5057
61
50
June/11 Sep./11 Dec./11 Mar./12 June/12
First Quarter of FY2013: Inventories
13
(billion yen)
(turnover days)
2. Business Forecasts for FY2013
14
10.0
20.0
24.0
525.0
PreviousForecasts
(May 10, 2012)
1.5
5.1
7.0
213.7
Prior-yearResults
2.5
5.5
7.5
245.5
Previous Forecasts
(May 10, 2012)
3.7
9.9
12.5
436.8
Prior-yearResults
Full YearFirst Half
8.516.020.0
500.0
Revised Forecasts
1.0Net Income
4.0Ordinary income
6.0Operating Income
230.0Net Sales
Revised Forecasts
10580
Previous Forecasts
(May 10, 2012)
Prior-yearResults
Revised Forecasts
79.08771 US$CurrencyRate 108.98951 Euro
Full YearPrior-yearResults
Revised Forecasts
Full Year
11.4326.47Net Income per Share
4.3%9.9%ROE
2.7%
271.28
1.2%
261.98
ROA
Book-value per Share
Consolidated Business Forecasts for FY2013(billion yen)
15
(yen) (yen)
Note :In case of 1 yen appreciation against US$ and Euro, 9months impact on: Net sales: US$: - 2,230 million yen / Euro: - 430 million yen; Operating income: US$: 160 million yen / Euro: - 270 million yen.
16
525.00
49.5141.5334.0
PreviousForecasts
OthersAdjustment
Home Electronics
Total
Car Electronics
24.00.5
04.5
19.0
PreviousForecasts
OthersAdjustment
Home Electronics
Total
Car Electronics
TotalReview of
Optical Disc Business
Impact of Currency Exchange
-4.000
-3.0-1.0
-2.000
-2.00
-2.000
-1.0-1.0
-14.000
-14.00
Review of Optical Disc
Business
-11.00
-0.5-4.0-6.5
Impact of Currency Exchange
-25.00
-0.5-18.0-6.5
Total
500.00
49.0123.5327.5
Revised Forecasts
20.00.5
01.5
18.0
Revised Forecasts
Revision of Business Forecasts for FY2013 (Full Year)
《Net Sales》
《Operating Income》
(billion yen)
Overseas134.3
174.0 167.5
Japan136.4
160.0 160.0
334.0 327.5
270.8
19.0
10.3
18.0
FY12Results
FY13PreviousForecasts
FY13Revised
Forecasts
Forecasts for FY2013: Car Electronics
17
(billion yen)
Net Sales
Operating Income
OEM Ratio to Net Sales: 50% (FY12: 43%)< Net Sales >
98% (Japan 100%, Overseas 96%)% to Prev. Forecasts
OEM car navigation systems, OEM car audio products, and consumer-market car audio products
Increase Factors
Impact of currency exchange (-6.5 billion yen)Decrease Factors
121% (Japan 117%, Overseas 125%)% to Prior Year
< Operating Income >
Decrease of 1.0 billion yen% to Prev. Forecasts
Increased SG&A (-8.2billion yen)Decrease Factor
Higher profit due to increased net sales (+13.0 billion yen), and improvement of gross profit margin (+2.9 billion yen)
Increase Factors
Impact of currency exchange (-1.0 billion yen)Decrease Factor
Increase of 7.7 billion yenYear-on-Year
< Shipment to Consumer Market >
8,040
960
FY13 Forecasts
6,980
940
FY12
Car CD Players
Car navigation systems
(thousand units)
No change from original forecast
* *
Note : Operating income by segment shown in this presentation represents figures prior to elimination of transactions among segments.
77.581.5
Overseas64.9
46.060.0
Japan58.1
123.1 123.5
141.5
1.53.6 4.5
FY12Results
FY13PreviousForecasts
FY13Revised
Forecasts
Forecasts for FY2013: Home Electronics
(billion yen)< Net Sales >
87% (Japan 77%, Overseas 95%)% to Prev. Forecasts
Impact of currency exchange (-4.0 billion yen), and optical disc drive-related products (-14.0 billion yen)
Decrease Factors
Optical disc drive-related productsDecrease Factor
Home AV products, and DJ equipmentIncrease Factors
100% (Japan 79%, Overseas 119%)% to Prior Year
< Operating Income >
Higher profit due to increased net sales (+5.2 billion yen)
Increase Factor
Decrease of 3.0 billion yenvs. Prev. Forecasts
Increased SG&A (-7.3 billion yen)Decrease Factors
Impact of currency exchange (-1.0 billion yen), and lower profit due to decreased net sales (-2.0 billion yen)
Decrease Factors
Decrease of 2.1 billion yenYear-on-Year
Net Sales
Operating Income
18
Note : Operating income by segment shown in this presentation represents figures prior to elimination of transactions among segments.
20.020.5Overseas15.5
29.029.0Japan
27.4
42.949.049.5
0
-0.3
0
FY12Results
FY13PreviousForecasts
FY13Revised
Forecasts
Forecasts for FY2013: Others
19
(billion yen)
Net Sales
Operating Loss
< Net Sales >
99% (Japan 100%, Overseas 99%)% to Prev. Forecasts
Impact of currency exchange (-0.5 billion yen)
Decrease Factor
Licensing of patentsDecrease Factor
Parts business in Brazil, factory automation systems, and cycle navigation systems
Increase Factors
114% (Japan 106%, Overseas 129%)% to Prior Year
< Operating Income/Loss >
Electronic devices, parts business in Brazil, and factory automation systems
Increase Factors
No changevs. Prev. Forecasts
Licensing of patentsDecrease Factors
Increase of 0.3 billion yenYear-on-Year
Note : Operating income by segment shown in this presentation represents figures prior to elimination of transactions among segments.
122.597.7
0
50
100
150
FY12Results
FY13Revised
Forecasts
54.049.8
0
50
100
150
FY12Results
FY13Revised
Forecasts
67.388.5
0
50
100
150
FY12Results
FY13Revised
Forecasts
235.0222.0
0
100
200
300
FY12Results
FY13Revised
Forecasts
20
North AmericaJapan (billion yen)
FY13 compared to prior yearYen basis: 107%Local currency basis: 122%
Increase FactorsHome AV products, DJ equipment,and OEM car audio products
Decrease FactorN/A
FY13 compared to prior yearYen basis: 132%Local currency basis: 134%
Increase FactorsOEM car audio products, and OEM car navigation systems
Decrease FactorLicensing of Patents
FY13 compared to prior year106%
Increase FactorsOEM car navigation systems, and Home AV products
Decrease FactorsOptical disc drive-related products, and consumer-market car navigation systems
FY13 compared to prior yearYen basis: 126%Local currency basis: 127%
Increase FactorsConsumer-market car audio products, and parts business inBrazil
Decrease FactorOptical disc drive-related products
Europe Other Areas
Forecasts for FY2013: Net Sales by Geographic Segment
29.839.343.2
24.6 28.0
(6.0)
FY09Results
FY10Results
FY11Results
FY12Results
FY13Revised
Forecasts
22.123.8
45.8 36.024.8
(9.1)
FY09Results
FY10Results
FY11Results
FY12Results
FY13Revised
Forecasts
66.959.655.184.9
63.0
424743
76
50
FY09Results
FY10Results
FY11Results
FY12Results
FY13Revised
Forecasts
54.836.0 33.0 34.6 38.0
(7.9)
7.67.99.8
8.2 7.2
FY09Results
FY10Results
FY11Results
FY12Results
FY13Revised
Forecasts
Inventories
Capital Expenditures
R&D Expenses
Depreciation and Amortization
Forecasts for FY2013:Inventories, R&D Expenses, Capital Expenditures, Depreciation & Amortization
(turnover days) (% to net sales)
21
(Three-month result)
(Three-month result) (Three-month result)
(billion yen)
Notes:1. “Cash flows from investing activities” and “Cash and Deposits” include time deposit over three months. 2. D/E Ratio=Debt ÷ (Equity – Minority Interests)
Forecasts for FY2013: Cash Flows and Financial Data
22
-0.5
21.8
-8.4
8.0
FY10 Results
43.018.237.5Cash flows from operating activities
41.3
-74.2
3.9
FY11 Results
7.5-3.6Free cash flows
-7.01.7Cash flows from financing activities
-35.5-21.8Cash flows from investing activities
FY13 Revised
Forecasts
FY12 Results
90.2
1.9
73.8
22%
90.7
FY11 Results
36.543.640.3Net Debt
47.6
1.0
27%
88.5
FY11 Results
45.046.0Cash and Deposits
0.91.1D/E Ratio (times)
28%26%Equity Ratio (%)
92.089.0Equity
FY13 Revised
Forecasts
FY12 Results
(billion yen)【Cash Flows】
【Financial Data】
3. Topics
23
Car Navigation Strategy (Including Smartphone-link Models)Pioneer recognizes smartphone-link car navigation as an opportunity to broaden demand for car navigation systems.Pioneer foresaw the expansion of smartphone-link car navigation and has already launched such products into the market. Pioneer provides an extensive product lineup that meets a variety of user needs (from smartphone-link models to cutting-edge models equipped with AR HUD units).
24
Smartphone-linkmodels
For Consumer-Market For OEM
System -Line
installation ○
HDD "Cyber Navi" Dealer Optionmodel ○
Memory "Raku Navi" Dealer Optionmodel ○
PND "Air Navi" - ○
Displayaudio Appli Unit Line
installation ○
Peripheral Navi Cradle - ○
InformationNetwork
ConnectionSupport
Productcategory
BusinessImage Photos
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