fy2019 financial results briefing · 2018 2019 2020 automobile smartphone tablet digital appliances...
Post on 11-Aug-2020
3 Views
Preview:
TRANSCRIPT
FY2019Financial Results Briefing
May 21, 2020
(Securities Identification Code: 6787)
This presentation contains forward-looking statements concerning Meiko Group’s future plans, strategies and performance. However, Meiko does not publish this presentation as a disclosure document based on the Financial Instruments and Exchange Act of Japan.
These forward-looking statements are not historical facts, rather they represent assumptions and beliefs based on comprehensive data currently available.
Furthermore, the Printed Circuit Board business is subject to a number of risks and uncertainties that relate to raw material price, conditions of customers’ market, technological trends, change of foreign exchange , change of tax rules and regulations, disasters, international conflicts and other factors. Meiko therefore wishes to caution that actual results may differ materially from our expectations.
3
1
2
FY2019 Results
FY2020 Plan
3 Future Endeavor
4
・Net sales decreased by 3.4 billion yen year on year to 115.5billion yen.→The impact of Wuhan and Guangzhou Plants suspension
due to COVID-19 was 2.9 billion yen in the sales drop.・’Automotive’ decreased 2.4% year on year to 53.4 billion yen ・’Smartphones’ decreased 23.4% year on year to 24.9 billion yen ・’Sales in other fields’ increased 17.4% year on year to 37.2
billion yen
Profit
Financial Results Highlights in FY2019
Netsales
・Operating income declined by 3.7 billion yen from FY2018 to 5.2billion yen.
→Wuhan and Guangzhou Plants suspension due to COVID-19 resulted the opportunity loss of 0.6 billion yen.
・Ordinary income declined by 3.8 billion yen from FY2018 to 4.8billion yen.
・Net income declined by 4.1 billion yen from FY2018 to 2.6 billion yen. →Extraordinary loss amounting to 1.2 billion yen was posted in relation
to the suspension of Wuhan and Guangzhou Plants due to COVID-19.
5
FY2018results
FY2019results
Year-on-year
difference %
N e t s a l e s 1,189 1,155 -34 -2.9%
Operating income 89 52 -37 -41.9%7.5% 4.5%
Ordinary income 86 48 -38 -44.4%7.2% 4.1%
N e t i n c o m e 67 26 -41 -61.6%5.6% 2.2 %
Average Exchangerate(Yen/USD) 111.04 108.93
FY2019 Consolidated Business Performance(100 million yen)
6
FY2019 Revenue by Product Applications
FY2018 FY2019 Difference
SalesOperatingi n c o m e Sales
Operatingi n c o m e Sales Operat ing
i n c o m e
% % % %
Automotive 547 39 534 29 -13 -10
7.1% 5.4% -2.4% -25.6%
Smartphones 325 38 249 18 -76 -20
11.7% 7.2% -23.4% -52.6%
Others 317 12 372 5 55 -7
3.8% 1.3% 17.4% -58.3%
Total 1,189 89 1,155 52 -34 -37
7.5% 4.5% -2.9% -41.9%
(100 million yen)
7
255277 280 274
303315
298
273292 299 307
257
15
24
1917
25
32
26
7
17 17 16
2 0
10
20
30
40
0
100
200
300
17Q1 17Q2 17Q3 17Q4 18Q1 18Q2 18Q3 18Q4 19Q1 19Q2 19Q3 19Q4
4.2%
7.4%
6.0%6.5%
5.9%
8.5%
6.8% 6.2%
8.2%
10.1%
8.7%
2.5%5.9% 5.7%
5.1%
0.8%
Quarterly Financial ResultsNet Sales
(100 million yen)
OperatingincomeNet sales Operating
incomeOperatingMargin(Total)
8
Analysis of operating profit change (PCB only) FY2018→FY2019
FY2018 results(Exchange rate 111.04yen/us$)
Increase in selling expensesDecrease
in variable
cost
Impact of FX rates
Decrease in fixed
cost
(100 million yen)
FY2019 results(Exchange rate 108.93yen/us$)
Decrease in Sales
9
547
534
325
249
44
60
13
26
65
55
46
40
21
15
76
80
52
96
0 200 400 600 800 1000 1200
FY2018
FY2019
Automotive Smartphones IoT・AIAmusement Storage Office equipmentDigital home appliances Other substrates EMS
(1.8%)
(46.2%) (21.6%)
(1.3%)
(3.5%)
(2.3%)
(46.0%) (27.3%)
(5.5%)
(3.9%)
(6.3%)
(4.8%)
1,155
1,189
Revenue by Product Application (100 million yen )
-34(-2.9%)
(6.8%)
(1.1%)
+55(17.4%)
(5.2%)
(3.7%) (4.4%)
(8.3%)
-76(-23.4%)
-13(-2.4%)
10
76
65
300
264
222
222
485
451
18
14
13
15
23
28
52
96
0 200 400 600 800 1000 1200
FY2018
FY2019
Double-sided PCB Four-layerPCB Six layers or moreHDI PCB High Dissipation PCB Flexible PCBOther substrates EMS
(5.6%) (22.9%) (19.2%) (1.3%)
(6.4%) (25.2%) (18.7%)
(39.1%)
-34(-7.0%)
(8.3%)
(40.8%)
(1.9%)
(2.4%)
(1.1%)(4.4%)
Sales by Product Specification (100 million yen )
(1.5%)
(1.2%)
-36(-12.0%)
+44(84.6%)
1,155
1,189
-34(-2.9%)
11
1
2
FY2019 Results
FY2020 Plan
3 Future Endeavor
12
Assumption: The effects of the new coronavirus will be resolved after summer and gradually recover from the second half of FY2020.
→ 3.6 billion yen drop of sales is expected due to the transposition of orders and others as a result of Wuhan Plant suspension caused by coronavirus.
• ‘Automotive’ decreases 18.4% year on year to 43.6 billion yen • ‘Smartphone/Tablet’ increases 2.8% year on year to 25.6 billion yen • ‘IoT/AI/Amusement’ increases 14.0% year on year to 9.8 billion yen • ‘EMS’ increases 59.4% year on year to 15.3 billion yen • ‘Sales in other fields’ decreases 17.4% year on year to 15.7 billion yen→Net sales in FY2020 is expected to be 110 billion yen, decreases 4.8%
year on year
Operatingincome
The prospects of FY2020
Net sales
• Operating income is expected to be 3.5 billion yen, declined by 1.7 billion yenfrom FY2019
• Ordinary income is expected to be 2.5 billion yen, declined by 2.3 billion yenfrom FY2019
• Net income is expected to be 1.7 billion yen, declined by 0.9 billion yen from FY2019
13
FY2018 FY2019Difference
increase %
N e t S a l e s 1,155 1,100 -55 -4.8%
O p e ra t i n gi n c o m e
52 35 -17 -32.7%4.5% 3.2%
O r d i n a r yi n c o m e
48 25 -23 -47.9%4.1% 2.3%
N e ti n c o m e
26 17 -9 -34.6%2.2% 1.5%
E x c h a n g e ra t e( Y e n / U S D ) 108.93 108.00
Consolidated Financial Prospect for FY2020(100million yen)
14
FY2019 FY2020 Difference
SalesOperatingi n c o m e
(%)Sales
Operatingi n c o m e
(%)Sales
Operatingi n c o m e
(%)
Automotive 534 29 436 10 -98 -195.4% 2.3% -18.4% -65.5%
SmartphoneTablet 249 18 256 20 7 2
7.2% 7.8% 2.8% 11.1%
IoT・AI・Amusement 86 7 98 8 12 1
8.1% 8.2% 14.0% 14.3%
Other substrates(R & D expenses included) 190 -2 157 -5 -33 -3
-1.1% -3.2% -17.4% 150.0%
EMS 96 0 153 2 57 20.0% 1.3% 59.4% -
Total 1,155 52 1,100 35 -55 -174.5% 3.2% -4.8% -32.7%
FY2020 Revenue by Product Applications (100million yen)
15
534
436
249
256
60
70
26
28
55
34
40
31
15
12
80
80
96
153
0 200 400 600 800 1000 1200
FY2019
FY2020
Automotive Smartphone/Tablet IoT・AIAmusement Storage Office equipmentDigital home appliances Other substrates EMS
(1.3%)
(39.6%) (23.3%)
(1.1%)
(2.8%)
(2.5%)
(46.2%) (21.6%)
(4.8%)
(3.5%)
(6.8%)
(3.1%)
Sales Forecast by Product Application in FY2020 (100million yen)
(7.3%)
(2.3%)
(6.4%)
(5.2%) (8.3%)
(13.9%)
-98億円(-18.4%)
+7(2.8%)
-33(-17.4%)
+57(59.4%)
+12(14.0%)
1,100
1,155
-55(-4.8%)
16
65
43
264
204
222
187
451
455
14
16
15
19
28
23
96
153
0 200 400 600 800 1000 1200
FY2019
FY2020
Double-sided PCB Four-layerPCB Six layers or moreHDI PCB High Dissipation PCB Flexible PCBOther substrates EMS
(3.9%) (18.5%) (17.0%) (1.7%)
(5.6%) (22.9%) (19.2%)
(41.4%)
-35(-15.8%)
(13.9%)
(39.1%)
(2.4%)
(8.3%)
(2.1%)
(1.3%)
Sales Forecast by Product Specification in FY2020(100million yen)
1,100
1,155
(1.2%)
(1.5%)
-55(-4.8%)
-60(-22.7%)
+4(0.9%)
+57(59.4%)
17
1
2
FY2019 Results
FY2020 Plan
3 Future Endeavor
18
Initiatives for an AFTER COVID-19 societyInitiatives in China: Surgical Mask production
Initiatives in Vietnam: Artificial Respirator production
・ Co-development with NIMEC of Vietnam Ministry of Health(NATIONAL INSTITUTE OF MEDICAL DEVICE AND CONSTRUCTION)
↓Design/develop the medical equipment including artificial respirator anticipatingfuture mass production
・ Surgical mask production had been started in a clean room in the Guangzhou Plantamid difficulties to procure them for internal use. (producing 2 million pieces per month)
19
150 120
100
50
FY2019 plan FY2019 results FY2020 plan FY2021 plan
3 billion yenreduction
Investment policy
Depreciation 68 75
(100million yen)
76
Capital investment• FY19: Completed investment in Vietnam Plant (new building and first-phase
construction)• From FY2020: Place emphasis on ROIC and continue strategic investment such as
5G / module
20
Strengthening 5G businessContinue investment in smartphone production plants with a view to 5G market expansion
Wuhan Factory Vietnam factory
■Expansion of Any Layer line forhigh-definition high-end 5G smartphones
■Additional investment in the factory #3coping with increasing orders for high-end 5G smartphones
Printed circuit board market trends
RF Module RF ModuleLow Transmission Loss Any Layer
5G priority areas
02018
10
2020 2023 20250
50
2019 2020 2023 2025
World smartphone production World self-driving car production
Unit: 100 million Unit: million units5G Others Level1-3 Level4-5
※According to our survey as of January 2020
server
Communication carrier
optical line
Wi-Fi routerCPE
Wi-Fi
Small cell
Macro cell
Heavy Copper PCBHeat dissipating board
PCB: - Low transmission loss- MLB/HDI
PCB: - HDI- Memory Package
21
Strengthening Module PCB business
Vital PCB segments
Automobile Smartphone Module
Strengthening area
Thang Long Plant (Vietnam) Ishinomaki Factory (Japan)
Mainly for customers in China Continuing module productionFocusing on Automotive devices
Guangzhou Plant (China)
Promote multi-fabrication for development and mass production of module PCB
Strengthen module PCB business following automobile and smartphone PCB, and establish products which have effects on entire IC products.
Heavy Copper Buildup HDIBuildup
Dedicated plant for module PCB
NAND PKG FEM
22
Strengthening EMS・FPC BusinessEMS Business FPC Business
Vietnam Plant
(unit:100 million yen)
100
50
0
150
2018 2019 2020
Automobile
SmartphoneTablet
DigitalAppliances
IoT・AI
others
・Initiative for co-development(medical equipment, health care, AGV, etc.)delevlopment→design→PCB→mounting・assembly→distribution
・Increasing orders for both PCB and mounting→discover PCB demand from EMS business
(unit:100 million yen)20
10
02018 2019 2020
Expansion offactory #1
第1工場第2工場
第3工場
Expanded factory #1 of Vietnam Plant in order to bolster FPC・EMS business
2019.7月完成
top related