Post on 11-Jun-2018
Copyright © 2013 TAIYO HOLDINGS CO.,LTD. All Rights Reserved.
ZXCV
Consolidated Financial Result Digest
FY12/13
ZXCV
May 9 ,2013
Any information incorporated in this document is not intended for suggestion of purchase
or sale of equity share of the company . All the description and projection are based on the
company's own analysis at the time of compilation , and their accuracy is not guaranteed .
These data may be revised without prior announcement. The company will neither assume
nor compensate any loss of anybody resulting from decision based on information
provided here .
Copyright © 2012 TAIYO HOLDINGS CO.,LTD. All Rights Reserved.
ZXCV
1
SR(Solder Resist)
For Touch Panels
For PKG
PWBs
Classification
PWB Materials
For Flexible
PWBs
For Rigid PWBs
For B/U
PWBs
FPD Materials
For PDPs
Silver Paste, etc.
White SR
New Products
Copyright © 2012 TAIYO HOLDINGS CO.,LTD. All Rights Reserved.
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2
Term Definition
“PWB Materials”
(Printed Wiring Board) Printed Wiring Boards
“FPD Materials“
(Flat Panel Display) Flat Panel Display Panels
“PDP Materials” (Plasma Display Panel)
Plasma Display Panels
“SR”(Solder Resist) Solder Resist Ink or Solder Mask
“PKG Materials”
(Package) Package Substrates
Terminology
Copyright © 2012 TAIYO HOLDINGS CO.,LTD. All Rights Reserved.
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3
INDEX
1. Summary of FY 12/13 Financial Results
(April 1, 2012 - March 31, 2013)
2. Forecasts for FY13/14
3. Review of Medium-term Business Plan
4. Long-term Target
5. Other topics
Copyright © 2013 TAIYO HOLDINGS CO.,LTD. All Rights Reserved.
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4
1. Summary of FY 12/13 Financial Results
(April 1, 2012 - March 31, 2013)
Copyright © 2013 TAIYO HOLDINGS CO.,LTD. All Rights Reserved.
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5
FY11/12 FY12/13 Diff. Change in
% Forecasts
Sales 39,797 36,184 (3,613) (9.1%) 36,500
Operating
Income 4,040 4,385 345 8.5% 4,500
Ordinary
Income 4,027 4,743 717 17.8% 4,500
Net Income 2,502 3,367 865 34.6% 3,200
<Ave. Exchange Rate>
JPY/USD 79.3 83.2 3.9 - 80.0
FY12/13 (Actuals)
(JPY millions)
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6
Factors of Sales Decrease
Sales (JPY billions)
39.7 36.1
FY11/12 Actuals FY12/13 Actuals
FX rateappreciation&changes inproduct mix
&others
+1.3-4.3
-0.6
Silver pricedecrease
Sales volumedecrease
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ZXCV
7
Factors of Profit Increase
Operating Income (JPY billions)
+0.8 -0.5
Sales volumedecrease
4.0 4.3
FY11/12 Actuals FY12/13 Actuals
FX rateappreciation
&others
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ZXCV
8
14.3 17
9.1 8.8
4.2 3.6
12.9 14.6
0
5
10
15
20
25
30
35
40
45
3/31/12 3/31/13
Fixed Assets Other Current Assets
Inventories Cash
FY12/13 Summary of Balance Sheet
33.4 36.8
7.2 7.2
0
5
10
15
20
25
30
35
40
45
3/31/12 3/31/13
Equity Liabilities
Assets
Cash increased.
Investments in securities increased because
of M&A.
Foreign currency translation adjustments
improved.
Retained earnings increased.
40.7 44.0
40.7
44.0
Liabilities and Equity
(JPY billions) (JPY billions)
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2.7
6.1
-4
-2
0
2
4
6
8FY11/12 FY12/13
FY12/13 Summary of Cash Flows
Profit increased.
Account receivables
decreased.
Inventories decreased.
-1.3 -2.4
-4
-2
0
2
4
FY11/12 FY12/13
-2.9 -2.3
-4
-2
0
2
4
FY11/12 FY12/13
Payment increased because
of M&A.
Payment increased in
FY11/12 because of
commemorative dividend.
Operating CF Investing CF Financing CF
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Sales of PWB Materials
Although the sales of the
products for PC and AV
decreased, sales of the products
for cars and amusement was
robust.
High-end PKG products for
smartphones and tablets
increased.
27.9 26.7
Sales
(JPY billions)
20.2 20.2
5.4 6.7
10.9
0
5
10
15
20
25
30
FY11/12 FY12/13
Rigid PKG&Flexible Build-up
Copyright © 2013 TAIYO HOLDINGS CO.,LTD. All Rights Reserved.
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11
Sales of FPD Materials
12.3
7.3
0
2
4
6
8
10
12
FY11/12 FY12/13
A unit selling price fell because it is
linked to the silver price, the main raw
material of the FPD materials.
Sales volume decreased due to
shrinkage of the PDP TV market.
Sales
(JPY billions)
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12
Result by Segment for FY12/13
11.7 10.6
3.7
16.6
2.6
13
10.8
3.9
11.7
2.8
0
4
8
12
16
20
Japan China Taiwan Korea Others
FY11/12
FY12/13
Sales
Operating Income
(JPY billions)
0.9
1.7
0.40.6
0.2
1.61.5
0.40.5
0.3
0
0.4
0.8
1.2
1.6
2
Japan China Taiwan Korea Others
Copyright © 2013 TAIYO HOLDINGS CO.,LTD. All Rights Reserved.
ZXCV Trend of Quarterly Performance
13
-0.4
0.0
0.4
0.8
1.2
1.6
2.0
-2.0
0.0
2.0
4.0
6.0
8.0
10.0
12.0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Sales(left axis) Operating Income(right axis)
FY09/10 FY10/11 FY11/12 FY12/13
(JPY billions) (JPY billions)
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ZXCV
45 45 45 45 45
45 45 45 45 45
25 306.8%
8.6%
6.9%6.6%
8.3%
0
20
40
60
80
100
120
140
FY9/10 FY10/11 FY11/12 FY12/13 FY13/140.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
Interim Year-End Memorial DOE
14
Return to shareholders
(Estimated)
90
115
90
FY12/13 dividend forecasts remains unchanged.
A commemorative dividend (in addition to an interim
dividend) is planned in FY13/14.
(JPY)
(Estimated)
90
120
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Forecasts for FY13/14
FY12/13
Results
FY13/14
Forecast Diff.
Change in
%
Sales 36,184 40,000 3,816 10.5%
PWB+ 28,866 34,000 5,134 17.8%
FPD 7,316 6,000 (1,316) (18.0%)
Operating
Income 4,385 6,800 2,415 55.0%
Ordinary
Income 4,743 6,800 2,057 43.3%
Net Income 3,367 4,700 1,333 39.6%
<Foreign Exchange Rate>
JPY/USD 83.2 95.0 11.8 -
(JPY millions)
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ZXCV Forecasts for FY13/14 Overview
17
PWB
FPD
Price reduction in the low-ended products has stopped because of the
M&A activities.
Sales of the products for PKG for smart-phones and tablets is expected to
continue robust.
Stable profit would be secure after competitors withdraw from the market.
With the technology and know-how for PDP materials, developing and
sales of the touch panel materials would be focused on.
Copyright © 2013 TAIYO HOLDINGS CO.,LTD. All Rights Reserved.
ZXCV Trend of Consolidated Sales from PWB+ and FPD
Sales
Forecast
1.0 1.0 1.0 1.5 0.9 0.9 0.9 0.7 0.8 0.8
3.1 6.5 9.5 10.2
5.6 6.0 6.0 12.3
7.3 11.0
23.5
27.7
30.9 33.6
26 26.0
29.9 26.7
27.9 33.2
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
50.0
Others FPD Materials PWB Materials
40.3
35.0
39.7
32.6
45.3 41.9
35.3
27.7
40.0
36.1
(JPY billions)
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ZXCV
25.7 27.7
35.3
41.9
45.3
32.6 35
35.0 39.7
36.1
40
4.0 4.7 6.6
7.9 8.8
3.3 4.8 5.3
4 4.0
6.8
2.7 2.9 4.2
5.5 6.1
1.9 3 3.0 2.5 3.3 4.7
0
5
10
15
20
25
30
35
40
45
50
FY03/04 FY04/05 FY05/06 FY06/07 FY07/08 FY08/09 FY09/10 FY10/11 FY11/12 FY12/13 FY13/14
Sales Ope. Income Net Income
Trend of Consolidated Performance
Forecast
(JPY billions)
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Investment & Depreciation Expense
0
500
1,000
1,500
2,000
2,500
FY11/12 FY12/13 FY13/14
Investment Depreciation(JPY millions)
Forecast
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3. Review of Medium-term Business Plan
(GBP2010)
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FY12/13 Medium-term
Business Plan Change
Sales 36.1 48.0 (11.9)
PWB+ 28.8 38.5 (9.7)
FPD 7.3 9.5 (2.2)
Operating
Income 4.4 7.7 (3.3)
Operating
Income Ratio 12.1 16.0% (4.9%)
Sales of New product and
fields 3.4 4.0 (0.6)
Sales and Operating income targets were not achieved.
Differences between Results and the Original Targets
(JPY billions)
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0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
FY06/07 FY07/08 FY08/09 FY09/10 FY10/11 FY11/12 FY12/13
Original forecast Results(FY12/13 is forecast)
(tons)
Differences
about 9.000 tons
“Lehman Shock”
European debt
crisis
SR Market trend in China
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24
Review of Mid-term Plan(GBP2010)
Sales of the strategically low-end products to certain customers was successful to some extent since we increased market share.
Our market share in China reached 50% as a result of the acquisition of OTC.
Development of new touch panel materials started in FY12/13. Sales is expected to increase in the near future.
Research and development strategies were clearly redefined, based on the time line. Basic research capability was improved. Manufacturing and sales structure for the new products were strengthened.
The policy of the human resources management was adopted. The system of human resources training was established such as systematic education and training programs including sending chemists to universities and research institutes.
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Long-term target
Sales and Profit
Share and
New products
No.1 market share of SR
→Strongly influenced by the
market trend
Over 80% of the total sales is
overseas sales.
→Strongly influenced by
FX rate
As a result,
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Strategy
Strengthening of R&D structure
Rapid commercialization of new products
Encouraging initiative in talent
Development of measures to reduce foreign currency risk
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Status of Acquiring of OTC
Signed an LOI to acquire a 51.0% stake of Onstatic
Technology Co., Ltd. on August 9, 2012.
Acquired a 25.5% stake with NTD 899 million (JPY 2,511
million) on November 22, 2012.
Pricing negotiation to acquire the remaining 25.5% stake
is under way.
After the acquisition of the 51.0% stake, the balance of
49.0% stake is also planned to be acquired.