fujibo holdings, inc. · 2017. 5. 31. · 19 61 261 172 3,739 3,466 3,735 3,185 3,029 2,980 3,620...
TRANSCRIPT
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FUJIBO HOLDINGS, INC.
FY 2016Financial Results
May 15, 2017Mitsuo Nakano
Representative Director and PresidentFujibo Holdings, Inc.
COPYRIGHT FUJIBO HOLDINGS, INC. ALL RIGHTS RESERVED.
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FUJIBO HOLDINGS, INC.
FY 2016 Key Results
COPYRIGHT FUJIBO HOLDINGS, INC. ALL RIGHTS RESERVED. 2
vs FY2015
Achieved all targets (except net sales) of mid-term management plan, “Maishin (Go for it) 14-16”, including operating income
Significant earning growth and record high operating income , driven by Polishing Pad Business and Chemical Industrial Products Business
Launch our new mid-term management plan “Kasoku (Acceleration) 17-20”“Accelerate” expansion of our corporate value with speedy business operation
N e t S a l e s
Operating Income
+7.2%
+88.1%
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FUJIBO HOLDINGS, INC.
3,587 3,533
2,706
3,188
3,768 3,500
5,867
2,981
4,366
3,624
6,816
50,254 47,250
38,203 33,558 35,958
36,282
40,988 39,313 41,173
38,117 40,878
0
10,000
20,000
30,000
40,000
50,000
60,000
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
2006 07 08 09 10 11 12 13 14 15 16E
477 755 371 753 918
1,306
3,142
1,770
2,382
3,015
4,344
FY2016 Financial Results
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“Toppa” 11-13“Henshin” 06-10
(FY)
(JPY mil)
“Maishin” 14-16
Net Income Attributable to Parent Company’s Shareholders (left axis)Operating Income (left axis)Net Sales (right axis)
(JPY mil)
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FUJIBO HOLDINGS, INC.
Quarterly Financials
681 774
1,055
469
950
1,510 1,366
538 783
1,005 992 842
2,257 2,383
1,457
717
9,514 9,576
10,749
9,472 9,832
11,038 10,689
9,613 9,337 9,594 9,345
9,839
10,606 10,910
10,452
8,909
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
FY131Q
FY132Q
FY133Q
FY134Q
FY141Q
FY142Q
FY143Q
FY144Q
FY151Q
FY152Q
FY153Q
FY154Q
FY161Q
FY162Q
FY163Q
FY164Q
Operating Income Net Sales
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(JPY Mil)
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FUJIBO HOLDINGS, INC.
Net Sales by Segment
12,072
9,613
14,883
4,603
10,418 9,766
14,126
3,806
14,432
10,260
12,529
3,656
0
6,000
12,000
18,000
Polishing Pad Business Chemical IndustrialProduct Business
Textile Business Other Businesses
FY2014 FY2015 FY2016
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(JPY Mil)
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FUJIBO HOLDINGS, INC.
Operating Income by Segment
3,612
469 235
48
2,636
694 264
26
5,593
864
169 188
0
1,000
2,000
3,000
4,000
5,000
6,000
Polishing Pad Business Chemical IndustrialProduct Business
Textile Business Other Businesses
FY2014 FY2015 FY2016
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(JPY Mil)
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FUJIBO HOLDINGS, INC.
Polishing Pad Business
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541 803 667 624 2,048 1,982
886 676
2,574 2,933 2,483 2,427
4,303 4,264 3,077 2,787
0
1,000
2,000
3,000
4,000
5,000
6,000
1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16
Operating Income Net Sales
2,636
5,593 10,418
14,432
FY15 FY16
(JPY Mil)
Composition of Sales: FY2016 Increases both in Sales and income
For LCD Glass・Production adjustment for panel inventory on customer side
For Hard Disks/Silicon Wafers・Slow down of PC sales, strong wafer market
For CMP・Recovery of semiconductor demand
Others・Boosted demand on user side for general industry application
For LCD glass
For hard disks
For silicone wafersCMP
Others
Non polishing agents
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FUJIBO HOLDINGS, INC.
Chemical Industrial Products Business
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55 157 196285
155284 266 157
1,794 2,289 2,358 3,324
2,456 2,706 2,829 2,268
0
200
400
600
800
1,000
1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16
Operating Income Net Sales
694
864
9,766 10,260
FY15 FY16
Net sales increase for 11 consecutive periods in a row, and record high operating income・Net sales increase due to order increase
Continuing stable production(Yanai factory) ・Production enhancement due to new facility in
operation(Takefu factory) ・Stable production due to facility renovation
Functional Materials
Pharmaceuticalsintermediates
AgriculturalChemical intermediates
Carbon bisulphide Lime sulfur mixture
Composition of Sales: FY2016 Increases both in Sales and income
(JPY Mil)
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FUJIBO HOLDINGS, INC.
Textile Business
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138 42 134▲ 50
19 61 261
▲ 172
3,739 3,466 3,735 3,185 3,029 2,980 3,620 2,899
-400
-200
0
200
400
600
800
1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16
Operating Income Net Sales
264 169
14,126 12,529
FY15 FY16
Product/ fabric (B.V.D., ANGLE) ・TV shopping, Internet sales growth・Sales stagnation in mass retailers and department stores・Logistics cost reduction resulting from significant inventory cutback
・Overall cost reduction due to facility scale optimization at domestic and overseas plants
・Shift to more profitable products Structural reform for constitutional improvement
BVD
ANGLE SpinningSynthetic fiber
Spandex
Weaving, knitting
OEM
Dye processing
Composition of Sales: FY2016 Decrease both in Sales and income
(JPY Mil)
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FUJIBO HOLDINGS, INC.
Other Businesses
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462
▲ 6 ▲ 16
33 53 44 56
1,230 905 768 902 818 959 924 954
-50
0
50
100
150
200
250
300
1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16
Operating Income Net Sales
26
188
3,806 3,656
FY15 FY16
Trading (Automobile & Machinery and others)・Recovery trend in automobile exports・Downward trend in machinery and tire exports
Chemical products・Expansion of devices for medical products for new applications・Recovery of devices for digital camera・Productivity improvement due to labor savings and streamlining
Purification (Solvent Purification and others)・Cost reduction in solvent regeneration
Trading
OthersFunctional products
Chemical products
Composition of Sales: FY2016 Decrease in sales and increase in income
(JPY Mil)
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FUJIBO HOLDINGS, INC.
Gross Operating Income and SGA
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COGS, 25,546
COGS, 25,591
Gross Operating Income, 12,571
Gross Operating Income, 15,286
FY15 FY16
Gross Operating Income Selling, general and administrative expenses
(JPY Mil) (JPY Mil)
8,946 8,470
FY15 FY16
COGS Ratio SG&A Ratio
62.6%67.0% 20.7%23.5%
Net Sales38,117
Net Sales40,878
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FUJIBO HOLDINGS, INC.
YoY change in Operating Income
FY15 Volume COGS Sales Prices Foreign exchange
rates
Expenses FY16
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(JPY Mil)
6,816
3,624
+1,985+409 +65 +159
+574
+3,192
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FUJIBO HOLDINGS, INC.
FY 2016 Consolidated Results
(JPY Mil) FY16 FY15 ChangeNet Sales 40,878 38,117 +2,760 +7.2%Operating Income 6,816 3,624 +3,191 +88.1%Net financial revenues 27 ▲24 +51Others 232 124 +108
Ordinary income 7,076 3,724 +3,351 +90.0%Extraordinary income or loss ▲713 35 ▲749
Income before income taxes 6,362 3,760 +2,601 +69.2%Corporation tax and others 2,017 745 +1,272
Net Income(attributable to shareholders of the parent) 4,344 3,015 +1,329 +44.1%
Profit margin on sales 16.7% 9.5% +7.2pt
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FUJIBO HOLDINGS, INC.
Details of Extraordinary Income or Loss
(JPY Mil) FY16
Extraordinary income +5 Gain on sales of noncurrent assets
Loss on disposal of fixed assets ▲109 Equipment replacement and others
Impairment loss ▲585 Reasons related to the Oyama Factory and others
Other extraordinary loss ▲23
Expenses of aid to Kumamoto earthquake
Total extraordinary income or loss ▲713
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FUJIBO HOLDINGS, INC.
Consolidated Balance Sheet
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Capital adequacy
ratio
Mar 2015 Mar 2016 Mar 2017
51.0% 57.7% 60.2%
29,715 27,295 27,415
6,070 5,856 5,034
9,652 8,566 8,860
3,239 4,139 8,734
Mar-15 Mar-16 Mar-17
Cash and deposits
Accounts receivable
Inventories
Others
(JPY Mil) (JPY Mil)
24,830 26,445 30,149
5,297 4,224 2,617
13,292 10,093 12,405
5,256 5,093
4,872
Mar-15 Mar-16 Mar-17
Account Payable
Others
Interest Bearing Debt
Net Asset
D/E RatioMar 2015 Mar 2016 Mar 2017
0.21 0.16 0.09
48,677 45,858 50,044 48,677 45,85850,044
Assets Liabilities and Net Assets
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FUJIBO HOLDINGS, INC.
Cash flow and Working Capital
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4829
5545
79
▲ 16
▲ 36 ▲ 34
▲ 12 ▲ 8
31
▲ 6
20 32
71
FY12 FY13 FY14 FY15 FY16
Investment cash flowOperating cash flowFCF
(JPY Hundred Million) (JPY Hundred Million)
(48) (51) (52) (50) (48)
107 89 96 85 88
5260 60 58 50
11198 104 99 90
Mar-13 Mar-14 Mar-15 Mar-16 Mar-17
InventoriesAccounts receivablesAccounts payablesWorking Capital
Cash flow Working Capital
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FUJIBO HOLDINGS, INC.
FY2017 Financial Outlook
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1H, 21,516
1H, 19,800
2H, 19,361
FY16 FY17E
Net Sales Operating Income Net Income(JPY Mil) (JPY Mil) (JPY Mil)
1H, 4,641
1H, 2,270
2H, 2,175
FY16 FY17E
1H, 3,060
1H, 1,530
2H, 1,284
FY16 FY17E
40,878 40,000
6,816
4,500
4,344
3,000▲2.1%
▲34.0%
▲31.0%
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FUJIBO HOLDINGS, INC.
FY2017: Financial Outlook Summary
(JPY Mil)FY17
ForecastFY2H
Forecast FY16 Change
Net Sales 40,000 19,800 40,878 ▲878 ▲2.1%
Operating Income 4,500 2,270 6,816 ▲2,316 ▲34.0%
OrdinaryIncome 4,700 2,370 7,076 ▲2,376 ▲33.6%
Net Income 3,000 1,530 4,344 ▲1,344 ▲31.0%
Net Income Per Share(JPY)
262.25 133.75 379.80 ▲117.55
Dividend Per Share(JPY)
90.00(Estimate)
- 90.00(Planned)
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FUJIBO HOLDINGS, INC.
14,432
10,260
12,529
3,656
10,800
11,000
13,500
4,700
FY16 FY17E
5,593
864
169
188
2,800
900
650
150
FY17 Forecasts by Business Segment
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Net Sales Operating Income(JPY Mil) (JPY Mil)
Polishing Pad Business
Chemical Industrial Products Business
Textile Business
Other Businesses
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FUJIBO HOLDINGS, INC.
1,252
665 594 291
1,239
511 1,263
2,768
1,350
558
326105
215
9985
471 740
298
101231
FY12 FY13 FY14 FY15 FY16 FY17E
Polishing Pad Business Chemical Industrial Products Business Textile Business Other Businesses + Total Company
Forecast: CAPEX and Depreciation
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CAPEX Depreciation(JPY Mil) (JPY Mil)
2,5632,775
3,876
583 653 665 568 544
566 674 746 937
1,173 173
195 190 207
184
5574 83
9387
FY12 FY13 FY14 FY15 FY16E FY17E
1,3791,598 1,686
1,843 1,806
3,389
2,2702,1141,989
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FUJIBO HOLDINGS, INC.
Dividend policy
34.49 70.91 88.06
127.95
294.64
151.78
204.19
260.19
379.80
0
200
400
600
800
1,000
1,200
FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16
Total Dividends EPS(JPY)
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(JPY Mil)
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FUJIBO HOLDINGS, INC. 22
This presentation is prepared to offer reference information about Fujibo Holdings, Inc. to the investorsand is intended to generally provide investors and analysts with financial and operational informationabout Fujibo Holdings, Inc., but not to solicit or recommend any sale or purchase of stock or othersecurities of Fujibo Holdings, Inc.
Fujibo Holdings, Inc. has not verified and would assume no responsibility for the accuracy, appropriation,or completeness thereof. This presentation does not contain all relevant information relating to FujiboHoldings, Inc. or the sale of its shares.
This presentation includes forward-looking statements. These statements discuss expectations, identifystrategies, contain projections of Fujibo Holdings, Inc.’s financial condition or results of operations or stateother forward-looking information. The forward-looking statements in this presentation are subject tovarious risks, uncertainties and assumptions about Fujibo Holdings, Inc.’s business and results ofoperations. The expectations expressed in these forward-looking statements may not be achieved, andactual results could differ materially from and be worse than expectations.