fy2018 1 quarter consolidated financial results - aisin … · fy2018 1st quarter consolidated...
TRANSCRIPT
FY2018 1st Quarter
Consolidated Financial Results
July 28th, 2017
AISIN SEIKI Co., Ltd.
1.Consolidated Operating Results
(FY2018 1st Quarter)
2.Consolidated Operating Forecast
(FY2018 2nd Quarter- 6 months)
3.Reference Information
1
Contents
P.2-7
P.8-13
P.14-20
1.Consolidated Operating Results
(FY2018 1st Quarter)
2
1. Revenue increased compared to last year due to
favorable AT and Body parts sales, and the contribution
of newly consolidated Art Metal Mfg. Co., Ltd. group.
2. Operating profit decreased , due to the rise in material
price and the increase of depreciation cost, in spite of
the increase of sales. In addition, we had extraordinary
gain from stock swap with SHIROKI Corporation last
year.
3. Regarding 1st half forecast, revenue and profit are
revised upward due to favorable 1Q result and FX rate
tendency. With respect to the annual forecast, it's not
revised from the original one. 3
FY2018 1st Quarter Overview of Financial Results
(Billion yen)
FY2017 1Q FY2018 1Q Change
Results Rate to
sales % Results
Rate to
sales % Amount %
Revenue 838.6 - 917.0 - +78.4 +9.3
Operating Profit 59.0 7.0 53.5 5.8 -5.5 -9.3
Profit before income
taxes 56.9 6.8 60.0 6.6 +3.1 +5.6
Profit for the period * 41.7 5.0 31.4 3.4 -10.3 -24.6
EPS 144.58
yen -
112.82 yen
- -31.76
yen -22.0
FX Rate USD 108 yen USD 111 yen +3 yen +2.8
CNY 16.5 yen CNY 16.2 yen -0.3 yen -1.8
Toyota
production (10,000 Unit)
226 217 -9 -4.0
AT sales (10,000 Unit)
204 233 +29 +14.2
4
Consolidated Operating Results (FY2018 1st Quarter)
Pre
-conditio
ns
* Profit for the period attributable to Owners of the parent
73.6 69.9
22.5 26.0
19.5 23.7 20.7 23.3 20.3 19.5 16.4 18.6 15.6
18.3 16.0 17.6 4.2 17.6
11.6
13.5 78.7
100.7
0
50
100
150
200
250
300
350
400
FY2017 1Q FY2018 1Q
FY2017 1st Quarter Revenue
FY2018 1st Quarter Revenue (+ 78.4)
Other Auto Makers sales breakdown
+3.5
-0.8
+2.2
+2.7
+1.6
+1.9
+13.4
+4.2
917.0
5
299.1
Chinese OEMs Total
24.3⇒49.7(+25.4)
VW&Audi -3.7
Guangzhou Automobile
+2.6
Sales by Customer (FY2018 1st Quarter)
(Billion yen) (Billion yen)
(Billion yen)
838.6
Toyota
Group
511.8 (61.0%)
Toyota
Group 540.6
(59.0%)
Other
Auto Makers 348.7
(38.0%)
Other
Auto Makers
299.1 (35.7%)
Life & others
Life & others
27.6 (3.3%)
27.7 (3.0%)
348.7
+49.6 A/M &
Others
+22.0
VOLVO
NISSAN
HONDA
BMW
PSA
GM
SUZUKI
Mitsubishi
470.7
142.4
79.1 83.6 62.8
533.5
148.4
83.3 87.2 64.4
0
100
200
300
400
500
600
Japan NorthAmerica
Europe China Asia& Others
FY2017 1Q FY2018 1Q
Revenue (+ 78.4)
35.6
6.0
0.7
13.1
3.0
32.9
3.1 1.6
13.2
1.3
0
10
20
30
40
Japan Northamerica
Europe China Asia& Others
FY2017 1Q FY2018 1Q
FX
Impact
Other
factors
Japan - +62.8
North
America +3.9 +2.1
Europe +0.0 +4.2
China -1.4 +5.0
Asia &
Others +3.3 -1.7
Total +5.8 72.6
FX
Impact
Other
factors
Japan +0.8 -3.5
North
America +0.0 -2.9
Europe +0.0 +0.9
China -0.2 +0.3
Asia &
Others +0.0 -1.7
Elimination - +0.9
Total +0.7 -6.2
+62.8
+6.0
+4.2 +3.6 +1.6
-2.7
-2.9
+0.9
+0.1
-1.7
6
Operating Profit (- 5.5)
(Billion yen) (Billion yen)
Segment Information (FY2018 1st Quarter)
Sale
s flu
ctu
atio
n
59.0 +16.5
+6.0 -5.0
-19.5 +0.7
-4.6
+4.9
FY2017 1Q
FY2017 1Q / FY2018 1Q
53.5
44.4
7
-4.5 52.8
Fluctuations for Operating Profit (FY2018 1st Quarter)
Op
era
ting
Pro
fit
Bu
sin
es
s
reo
rgan
izatio
n*
Lo
ss
from
e
arth
qu
ak
es
(FY
2017)
(FY2017) Non-ordinary factors -14.6 billion yen
*Gain from stock swap
with SHIROKI Corporation -19.5
FY2018 1Q
Op
era
ting
Pro
fit (E
xc
ep
t
no
n-o
rdin
ary
fac
tors
)
(FY
20
17
)
FY
20
17
Co
st s
tructu
re
imp
rovem
en
t
Ch
an
ge o
f m
ate
rial p
rice
Dep
recia
tion
R&
D o
thers
Op
era
ting
Pro
fit (E
xc
ep
t
no
n-o
rdin
ary
fac
tors
)
FX
imp
act
Op
era
ting
Pro
fit
Ordinary factors +8.4 billion yen
-5.5 Billion yen
(FY2018) Non-ordinary factors +0.7billion yen
(Billion yen)
FY
20
18
8
2.Consolidated Operating Forecast
(FY2018 2nd Quarter- 6 months)
FY2017 2Q FY2018 2Q Change
Results Rate to
sales % Forecast
Rate to
sales % Amount %
Revenue 1,697.5 - 1,840.0 - +142.5 +8.4
Operating Profit 94.8 5.6 103.0 5.6 +8.2 +8.6
Profit before
income taxes 90.7 5.3 110.0 6.0 +19.3 +21.2
Profit for the
period * 54.7 3.2 54.0 2.9 -0.7 -1.4
EPS 190.06
yen -
193.65 yen
- +3.59
yen +1.9
FX Rate
USD 105 yen USD 111 yen +6 yen +5.7
CNY 15.9 yen CNY 16.2 yen +0.3 yen +1.9
Toyota
production (10,000 Unit)
457 439 -18 -3.9
AT sales (10,000 Unit)
411 475 +64 +15.5
9
FY2018 2Q
Disclosed on Apr 28th
Rate to
sales %
1,780.0 -
96.0 5.4
103.0 5.8
48.0 2.7
171.83 yen
-
USD 105 yen
CNY 16.0 yen
440
477
Consolidated Operating Forecast (FY2018 2nd Quarter- 6 months)
(Billion yen)
Pre
-conditio
ns
* Profit for the period attributable to Owners of the parent
141.7 140.2
43.8 51.7
41.0 51.2 35.5
43.3 36.9
38.5 31.8 37.6 33.6 37.2 33.4 36.0 10.2
35.4 23.4
26.4 167.1
204.5
0
200
400
600
800
FY2017 2Q FY2018 2Q
VW&Audi
GM
PSA
VOLVO
A/M &
Others
+37.4
FY2017 2Q Revenue
FY2018 2Q Revenue (+ 142.5)
Other Auto Makers sales breakdown
598.4
702.0
-1.5
+7.9
+10.2
+7.8
+1.6
+5.8
+3.6
+25.2
+3.0
BMW
+2.6
+103.6
10
Forecast of Sales by Customer (FY2018 2nd Quarter- 6 months)
Toyota
Group
Toyota
Group
1,039.9 (61.3%)
1,077.0 (58.5%)
Other
Auto Makers
Other
Auto Makers
598.4 (35.3%)
702.0 (38.2%)
1,840.0
1,697.5
Life & others
Life & others
59.2 (3.4%)
61.0 (3.3%)
Chinese OEMs Total
52.4⇒103.5(+51.1)
MITSUBISHI
NISSAN
SUZUKI
HONDA
Guangzhou Automobile
(Billion yen)
(Billion yen)
(Billion yen)
987.7
275.0
146.1 168.1
120.5
1,082.0
290.0
160.0 169.0
139.0
0
200
400
600
800
1,000
1,200
Japan NorthAmerica
Europe China Asia& Others
FY2017 2Q FY2018 2Q
52.8
11.1
0.9
25.3
5.3
63.9
4.2 2.2
26.0
6.7
0
10
20
30
40
50
60
70
Japan NorthAmerica
Europe China Asia& Others
FY2017 2Q FY2018 2Q
Revenue (+142.5) Operating Profit (+ 8.2)
FX
Impact
Other
factors
Japan - +94.3
North
America +13.6 +1.4
Europe +1.6 +12.3
China +2.6 -1.7
Asia &
Others +7.4 +11.1
Total +25.5 +117.0
FX
Impact
Other
factors
Japan +4.3 +6.8
North America +0.1 -7.0
Europe +0.0 +1.3
China +0.3 +0.4
Asia & Others +0.4 +1.0
Elimination - +0.8
Total +5.4 +2.8
+94.3
+15.0
+0.9 +18.5
+11.1
-6.9
+1.3
+0.7
+1.4 +13.9
11
Forecast of Segment Information (FY2018 2nd Quarter- 6 months)
(Billion yen) (Billion yen)
Sale
s flu
ctu
atio
n
FY2017 2Q / FY2018 2Q (Forecast)
103.0
94.8
+21.0
+14.0 -11.5
-11.1 +0.3
-19.5 +9.6
+5.4
12
97.6
84.9
Forecast of Fluctuations for Operating Profit (FY2018 2nd Quarter- 6 months)
(Billion yen)
Op
era
ting
Pro
fit
Bu
sin
es
s
reo
rga
niz
atio
n*
Lo
ss
from
e
arth
qu
ak
es
(FY
20
17
)
(FY
20
17
)
(FY2017) Non-ordinary factors -9.9 billion yen
*Gain from stock swap
with SHIROKI Corporation -19.5
Co
st s
tructu
re
imp
rovem
en
t
Ch
an
ge o
f m
ate
rial p
rice
Dep
recia
tion
R&
D o
thers
Ordinary factors +12.7 billion yen
(FY2018) Non-ordinary factors +5.4billion yen
Op
era
ting
Pro
fit (E
xc
ep
t
no
n-o
rdin
ary
fac
tors
) F
Y2
01
7
Op
era
ting
Pro
fit (E
xc
ep
t
no
n-o
rdin
ary
fac
tors
) F
Y2
01
8
FX
imp
act
Op
era
ting
Pro
fit
(Fo
recast)
FY2017 2Q FY2018 2Q
(forecast)
+8.2 Billion yen
Sale
s flu
ctu
atio
n
FY2018 2Q / FY2018 2Q
103.0
96.0
+6.5 -1.0
-2.9 +4.4
98.6
13
Forecast of Fluctuations for Operating Profit (FY2018 2nd Quarter- 6 months)
(Forecast in April) (Forecast)
Op
era
ting
Pro
fit
(Fo
recast in
Ap
r)
FY2018 2Q
(Forecast in April)
FY2018 2Q
(Forecast)
Ch
an
ge o
f m
ate
rial p
rice
Oth
er fix
ed
exp
en
se
Op
era
ting
Pro
fit (E
xc
ep
t
no
n-o
rdin
ary
fac
tors
)
Ordinary factors +2.6 billion yen
+7.0 Billion yen
Non-ordinary factors +4.4billion yen
FX
imp
act
Op
era
ting
Pro
fit
(Fo
recast)
(Billion yen)
14
3. Reference Information
30 31 44 43 29 29
45 42 31 38
43 34 46
46
0
50
100
150
200
FY2015 FY2016 FY2017 FY2018
AT Sales
168 180 204 233
172 172 207 242 176 194
224 171 191
234
0
200
400
600
800
1,000
FY2015 FY2016 FY2017 FY2018
Navigation System Sales
MT Sales
36 37 42 42
35 41 39 37
36 43 45 37
39 39
0
50
100
150
200
FY2015 FY2016 FY2017 FY2018
Navigation Soft Sales
869 737
687 165 160
144
178
144 124
15 15 16 13
15 19 14 12
15 13 12
15 14 13
0
20
40
60
80
FY2016 FY2016 FY2017 FY2018
25
61 60 55
15
475 79
85
Sales Number
(2Q forecast) (2Q forecast)
(10,000 Unit)
(10,000 Unit) (10,000 Unit)
(10,000 Unit)
(2Q forecast) (2Q forecast)
33.2
31.8
0
30
60
90
120
150
180
15.1 11.9
0
30
60
90
120
150
378.8
381.2
0
600
1,200
1,800◆
414.4
406.6
0
500
1,000
1,500
2,000
1,402.5 1,503.0 1,641.9
48.1
70.8 80.5
1,127.2 1,276.6
89.7 101.0
122.9
821.0
27.0
1,431.1
760.0 65.0
16
FY2015 FY2016 FY2017 FY2018
1Q
2Q
1Q
2Q
◆
◆
◆
◆
3.4% 4.7% 4.9%
3.3%
◆ ◆
◆ 8.0% 7.9% 8.6% 8.6%
Financial Results of the Main Consolidated Companies Ⅰ * The results of FY2015 are based on JGAAP and the others are based on IFRS.
AISIN SEIKI Group
AISIN AW Group
(2Q forecast)
(Billion yen) (Billion yen)
(Billion yen) (Billion yen)
FY2015 FY2016 FY2017 FY2018 (2Q forecast)
1.0 1.3
0
2.5
5
7.5
10
2.1 2.3
0
10
20
30
33.7
38.4
0
50
100
150
200
68.9
68.1
0
100
200
300
400
11.2 8.8
126.4 133.9
137.8
2.3 2.6
0.0
1.3
263.8 275.9 273.0
17
12.3 137.0
72.1
4.4
◆
◆
◆
◆
4.3% 3.2%
4.5%
3.2%
◆
◆
◆
◆
2.1%
1.0%
3.2%
0.0%
1Q
2Q
1Q
2Q
* The results of FY2015 are based on JGAAP and the others are based on IFRS.
FY2015 FY2016 FY2017 FY2018 (2Q forecast)
FY2015 FY2016 FY2017 FY2018 (2Q forecast)
(Billion yen) (Billion yen)
AISIN TAKAOKA Group
AISIN AI Group
(Billion yen) (Billion yen)
Financial Results of the Main Consolidated Companies Ⅱ
1.1 1.9
0
5
10
15
20
141.1
137.8
0
200
400
600
800
18
527.3
9.6
551.6
555.4
9.2
6.1 278.9
3.0
◆ ◆
◆ ◆
1.8% 1.7%
1.1%
1.1%
1Q
2Q
* The results of FY2015 are based on JGAAP and the others are based on IFRS.
ADVICS Group
(Billion yen) (Billion yen)
FY2015 FY2016 FY2017 FY2018 (2Q forecast)
Financial Results of the Main Consolidated Companies Ⅲ
707.0 727.8 756.4 773.2 771.2 792.2 843.5 838.9 838.6 858.8 907.5
957.5 917.0 923.0
223 231 223 222 220 232 220 215 226 231 227 225 217 222
0
50
100
150
200
250
0
200
400
600
800
1,000
1,200
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
Revenue
Operating profit
38.4 32.0
44.9 50.5
33.1 43.7
62.0 53.7
59.0
35.7
67.3 66.4
53.5 49.5
5.4%
4.4%
5.9% 6.5%
4.3%
5.5%
7.4%
6.4% 7.0%
4.2%
7.4% 6.9%
5.8% 5.4%
0.0%
2.0%
4.0%
6.0%
8.0%
0.0
30.0
60.0
90.0
120.0
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
FY2015 FY2016 FY2017 FY2018
19
(Billion yen) (10,000 Unit)
Quarterly Performance * The results of FY2015 are based on JGAAP and the others are based on IFRS.
(forecast)
(Billion yen)
FY2015 FY2016 FY2017 FY2018 (forecast)
25 35 45 50 50
50 60 50 50
75
125
27.3% 29.7%
34.6%
28.2% 28.1% 30.1%
0%
5%
10%
15%
20%
25%
30%
35%
0
50
100
150
200
FY2013 FY2014 FY2015 FY2016 FY2017 FY2018
FY2013 FY2014 FY2015 FY2016 FY2017 FY2018
(Forecast)
Interim 25 35 45 50 50 -
Year-end 50 60 50 50 75 -
Total 75 95 95 100 125 125
Dividend Payout Ratio 27.3% 29.7% 34.6% 28.2% 28.1% 30.1%
Repurchase of Treasury
Stock (billion yen) 0 0 0 0 490 700
Total return Ratio*2 27.3% 29.7% 34.6% 28.2% 66.5% 89.4%
75
95 95 100
125 125
20
(*1)
(*1)Repurchasing of common stock is authorized by the board of directors’ meeting held in May 2017
Dividend per Share * The results before FY2015 are based on JGAAP and the others are based on IFRS.
Div
ide
nd
(ye
n)
(*2) Total return Ratio= (Cash dividend paid + repurchase of treasury Stock) / Profit for the period
(Forecast)