earnings presentation for 3q fy2012 - citizenearnings presentation for 3q fy2012 feb 13, 2013 the...

Earnings Presentation for 3Q FY2012

Feb 13, 2013

The estimates and projection in this presentation are forward-looking statements based on

the information available at the time of the announcement. Actual results may differ materially

depending on a variety of factors.

Figures less than 1 billion yen have been rounded down.

2

1. 3Q12 Results

(3 months ended Dec. 31, 2012)

2. 3Q12 Results


Supplementary Information

3. FY12 Forecast

3

3Q12 (3 months ended Dec. 31, 2012) Summary

3Q11 3Q12 YoY Change

(billion yen) Results% to net

salesResults

% to net

salesAmount %

Net sales 76.5 - 71.1 - ▲5.4 ▲7.1%

Operating

income6.6 8.7% 3.6 5.1% ▲3.0 ▲45.4%

Ordinary

income7.1 9.3% 5.0 7.1% ▲2.1 ▲29.6%

Net income 2.3 3.0% 3.6 5.1% +1.3 +56.8%

Exchange

rate

¥77/USD ¥80/USD +¥3/USD

¥104/EURO ¥103/EURO ▲¥1/EURO

Annual effect of

exchange rate

(1 weaker yen)

Net sales Operating income

USD +1,200 million yen +400 million yen

EURO +120 million yen +50 million yen

4

Quarterly Results

67.576.5 65.2

2.36.6 3.2

70.4

4.4

67.1

3.6

71.1

0.6

(billion yen)

Net sales

Operating

income

(billion yen)

3Q12 Results (3 months) ・4Q12 Forecast

5

41.7 32.5 31.2 34.8 40.7 35.1 5.7 1.8 2.0 3.4 4.3 2.1

Watches and Clocks

(billion yen)

Sales Operating income

(billion yen)


3Q12 Results (Compared to 3Q11）

Net sales ▲¥1.0B Operating income ▲¥1.3B

• Domestic market: Steady sales in high-end products and robust sales during

the year-end shopping season

• Overseas market: Decrease in revenue due to the European market slump and

the slowing economy in China

• Movement: Stagnant state continues in Europe and China

6

9.6 11.9 9.5 10.6 6.3 8.9 1.1 1.7 1.0 1.1 ▲0.2 ▲0.4

Machine Tools


(billion yen) (billion yen)




• Domestic: Continuing market down trend and decrease in revenue due to changes

such as a decline in motivation for capital expenditures

• Asia: Decrease in revenue due to the slowing growth of China and stagnant market after

the post-flood reconstruction in Thailand.

• U.S.: Increase in revenue due to steady sales in automobiles and medical products

• Europe: Stagnant without improvement in motivation for capital expenditures

7

15.4 14.1 15.3 16.1 14.1 14.2 0.1 ▲0.3 0.6 0.6 ▲0.1 ▲0.0

Devices and Components






• LED: Solid sales in lighting and in-vehicle LED while stagnant in mobile device market

• Quartz crystals: Increase in revenue through recovery in quartz crystal blank

• Micro display: Decrease in revenue due to production adjustment by customers, etc.

• Automobile components: Increase in revenue with a steady transition

8

4.9 5.8 4.8 5.4 5.5 5.5 0.0 0.3 0.0 0.0 0.1 0.1

Electronic Products





Net sales +¥0.5B Operating income +¥0.0B

• POS printer and label printer: Increase in revenue due to solid sales in the U.S. market

• Dot printer: Increase in revenue due to solid sales in the Chinese market.

9

4.6 3.0 4.3 3.2 4.2 3.1 0.2 ▲0.2 0.3 ▲0.0 0.2 ▲0.0

Other Products





Net sales ▲¥0.4B Operating income +¥0.0B

• Jewelry: Decrease in revenue due to decline in sales of high-end products that

have boosted the overall sales

• Pachinko-related products: Decrease in revenue due to reduced investment

by customers experiencing economic uncertainty.

10

1. 3Q12 Results


2. 3Q12 Results



3. FY12 Forecast

11

3Q12 (9 months ended Dec. 31, 2012) Summary

1-3Q11 1-3Q12 YoY Change

(billion yen) Results% to net

salesResults

% to net

salesAmount %

Net sales 212.2 - 206.8 - ▲5.4 ▲2.5%

Operating

income14.1 6.7% 11.3 5.5% ▲2.8 ▲20.0%

Ordinary

income13.2 6.2% 11.9 5.8% ▲1.2 ▲9.7%

Net income 6.7 3.2% 8.1 3.9% +1.3 +20.0%

Exchange

rate

¥79/USD ¥80/USD +¥1/USD

¥112/EURO ¥101/EURO ▲¥11/EURO

Annual effect of

exchange rate

(1 weaker yen)

Net sales Operating income

USD +1,200 million yen +400 million yen

EURO +120 million yen +50 million yen

12

Operation Results

14.8

215.9 212.2 206.8

14.1 11.3

Net sales

▲¥5.4B

3Q12 Results (9 months)

Sales

Operating

Income

(billion yen)

(billion yen)

Operating income

▲¥2.8B

1-3Q12 Results

(Compared to 1-3Q11）

1-3Q12 Results

(Compared to 1-3Q11）

13

106.5 106.8 12.3 11.2106.8 9.8

Watches and Clocks



1-3Q12 Results (Compared to 1-3Q11）



14

Machine Tools

26.1 30.0 1.6 3.326.5 1.9

Operating income


Sales




15

55.3 47.2 2.7 1.345.7 1.1

Devices and Components






16

Electronic Products

15.9 16.7 0.4 0.515.9 0.2

Operating income


Sales




17

Other Products

11.8 11.4 ▲0.0 ▲0.111.8 0.5

Operating income


Sales



Net sales +¥0.3B Operating income +¥0.6B

18

1. 3Q12 Results


2. 3Q12 Results



3. FY12 Forecast

19

FY2012 Forecast

FY12 FY11

(billion yen)2/12

Forecast

% to net

sales

11/7

Forecast

% to net

salesResults

% to net

sales

FY

Net sales 274.0 - 280.0 - 279.7 -

Operating

income12.0 4.4% 14.5 5.2% 16.5 5.9%

Ordinary

income13.0 4.7% 13.5 4.8% 16.7 6.0%

Net income ▲6.0 ▲2.2% 8.5 3.0% 7.6 2.8%

Exchange rate¥83/USD ¥80/USD ¥79/USD

¥107/EURO ¥101/EURO ¥110/EURO

2H

Net sales 138.2 - 144.2 - 144.0 -

Operating

income4.2 3.1% 6.7 4.6% 8.9 6.2%

Ordinary

income6.0 4.4% 6.5 4.5% 10.6 7.4%

Net income ▲10.4 ▲7.6% 4.0 2.8% 3.2 2.3%

Exchange rate¥85/USD ¥80/USD ¥78/USD

¥112/EURO ¥100/EURO ¥104/EURO

20

Full-year Results

Net sales

Operating

income

(billion yen)

284.9 279.7 280.0

14.5(billion yen)

274.0

16.7 16.5 12.0

21

1. 3Q12 Results


2. 3Q12 Results



3. FY12 Forecast

22

R&D

Supplementary

(billion yen)

23

Capex / Depreciation

25.1

8.7

20.021.4

20.1

14.9 14.4 14.2

16.0

19.5

13.9

17.2

0

4

8

12

16

20

24

28

32

FY07 FY08 FY09 FY10 FY11 FY12E

Capex

Depreciation

Supplementary

(billion yen)

24

<summary> Consolidated Statement of Cash Flow

1-3Q/FY11 1-3Q/FY12

Cash flows from operating activities 11,582 12,118

Cash flows from investing activities ▲10,786 ▲19,661Cash flows from financing activities ▲3,196 1,910

Effect of exchange rate changes on cash and

cash Equivalents▲3,454 1,892

Net increase in cash and cash equivalents ▲5,854 ▲3,739Cash and cash equivalents at beginning of

term68,201 68,937

Cash and cash equivalents at end of term 63,365 65,198

（reference）

Depreciation 10,236 11,149

Capex 11,551 14,429

（million yen）

Supplementary

25

Free Cash Flow

26.3

14.6

33.4

21.9 19.5

58.6

30.6

6.4

14.4 15.1

26.97.5 4.4

▲▲▲▲16

▲▲▲▲32.2

0

15

30

45

60

FY07 FY08 FY09 FY10 FY11

Free cash flow

Cash flow from investing activities

Cash flow from operating activities

13.7

▲▲▲▲ 31.1▲▲▲▲ 5.2 ▲▲▲▲ 0.1▲▲▲▲ 1.6

▲ 40

▲ 20

0

20

40


Net cash flow


Supplementary

(billion yen)

(billion yen) ※Net cash flow=Cash and cash equivalents + Marketable securities-Interest bearing debt

26

346,840,088

324,004,850322,120,471320,257,278

333,777,359

300,000,000

325,000,000

350,000,000

375,000,000

400,000,000


Average number of outstanding shares during term

EPS

Supplementary

（billion yen）

（shares）

（Yen）

※excluding treasury stock

12.1

▲▲▲▲ 25.8

3.5 5.17.6

¥11.01¥15.90

▲▲▲▲¥77.32

¥23.76¥35.14

▲ 27

▲ 18

▲ 9

0

9

18

27


▲ 90

▲ 60

▲ 30

0

30

60

90

Net income

EPS(right axis)

27

12.15.13.5

▲▲▲▲ 25.8

7.6

4.9%

▲▲▲▲12.3%

2.0% 2.8%4.2%

▲ 26

▲ 13

0

13

26


▲16%

▲8%

0%

8%

16%

Net income

ROE (right axis)

247.3

210.6

180.8 182.7 185.2

150

175

200

225

250


Net assets

ROE

Supplementary

（billion yen）

（billion yen） ※average of the beginning and end of the term

28

▲▲▲▲ 25.8

5.17.6

3.3 2.2 2.2 2.5

20.0

3.5

▲ 26

▲ 13

0

13

26

FY09 FY10 FY10

Purchases for treasury stock

Total dividends paid

Net income

（billion yen）

Dividends

per share

(Full Year)

Ratio of Return to Shareholders

30%

FY08 FY09 FY10 FY11

¥10.00 ¥7.00 ¥7.00 ¥8.00 ¥8.00E

Supplementary

29

Group Employees (consolidated)

8,737 8,779 9,021 8,916 8,753

16,34814,946 15,473 15,317

14,223

0

5,000

10,000

15,000

20,000

25,000

30,000

2011/12 2012/3 2012/6 2012/9 2012/12

Overseas

Japan

(person)

25,085 22,97623,725 24,494 24,233

Supplementary

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