FY2016 Financial Results - Press Kogyo Co Ltd · FY2016 Financial Results. Agenda ... FY2016...
Transcript of FY2016 Financial Results - Press Kogyo Co Ltd · FY2016 Financial Results. Agenda ... FY2016...
May 12, 2017
Press Kogyo Co., Ltd.1
FY2016
Financial Results
Agenda
Ⅰ. FY2016 Business Results
Ⅱ. FY2017 Business Forecast
【Presenter】 President & CEO Hiroshige Kakudo
2
Ⅰ. FY2016 Business Results
3
・Preparation for production start-up of new model in Onomichi plant.・Proceeded business expansion activities in Japan and China by utilizing comprehensive capability in design development, production andquality assurance.
・Proceeded detail design development of “originally designed construction machinery cabin” adopted for next generation model.
FY2016 Main Measures
Japan: Preparation for mass production of new businesses andnew vehicle models in all plants.
Thailand: Focused on productivity improvement and business expansionfor next generation models.
U.S.A.: Awarded new businesses for axle tube and door reinforce partsand proceeded preparations of production start-up.
Indonesia: Awarded new business for SUV frame and proceededpreparations of production start-up.
Automobile-Related Business
4
Construction Machinery-Related Business
1Q
(Apr-Jun)
2Q
(Jul-Sep)
3Q
(Oct-Dec)
4Q
(Jan-Mar)
Construction Machinery-Related Business
FY15 FY16
Press Kogyo’s Production
5
1Q
(Apr-Jun)
2Q
(Jul-Sep)
3Q
(Oct-Dec)
4Q
(Jan-Mar)
Automobile-RelatedBusiness
FY15 FY16
1Q
(Jan-Mar)
2Q
(Apr-Jun)
3Q
(Jul-Sep)
4Q
(Oct-Dec)
Europe
FY15 FY16
1Q
(Jan-Mar)
2Q
(Apr-Jun)
3Q
(Jul-Sep)
4Q
(Oct-Dec)
U.S.A.
FY15 FY16
1Q
(Jan-Mar)
2Q
(Apr-Jun)
3Q
(Jul-Sep)
4Q
(Oct-Dec)
Indonesia
FY15 FY16
1Q
(Jan-Mar)
2Q
(Apr-Jun)
3Q
(Jul-Sep)
4Q
(Oct-Dec)
China
FY15 FY16
1Q(Jan-Mar)
2Q(Apr-Jun)
3Q(Jul-Sep)
4Q(Oct-Dec)
Thai
FY15 FY16
Overseas Production
6
Financial Results Millions of Yen
7
ForecastFY2016
195,806 186,629 △9,177 △4.7% 180,000
10,115 8,639 △1,476 △14.6% 7,400
9,208 8,101 △1,107 △12.0% 7,100
5,613 5,263 △350 △6.2% 4,300
-11.0yen 11.0yen
Difference
Net Sales
Operating Income
Ordinary Income
Net Income *
Annual Dividend (Per Share)
FY2016FY2015
* Net Income Attributable to Owners of the Parent
USD THB RMB SEKFY15 120.6 3.4 18.3 14.4FY16 116.6 3.3 16.8 12.8
442
△ 296
△ 92
184
96
238
383
15-1Q 15-2Q 15-3Q 15-4Q 16-1Q 16-2Q 16-3Q 16-4Q
FY2016FY2015
Quarterly Net Sales & Segment Income
Construction Machinery-Related Business
Millions of Yen
*Net Sales and Segment Income include Inter-Segment transactions.
Automobile-Related Business
8
45,98342,195
39,052
46,24442,356
35,099 36,156
48,464
15-1Q 15-2Q 15-3Q 15-4Q 16-1Q 16-2Q 16-3Q 16-4Q
FY2016FY2015
3,272 3,4543,049
4,213
3,454
2,386 2,5173,036
15-1Q 15-2Q 15-3Q 15-4Q 16-1Q 16-2Q 16-3Q 16-4Q
FY2016FY2015
6,5385,733
4,631
5,721 5,956 5,839 5,715
7,682
15-1Q 15-2Q 15-3Q 15-4Q 16-1Q 16-2Q 16-3Q 16-4Q
FY2016FY2015
Net Sales
Segment Income
111,777 102,303 △9,474 △8.5%
21,686 22,919 +1,233 +5.7%
47,982 48,196 +214 +0.4%
3,156 3,911 +755 +23.9%
2,131 1,736 △395 △18.5%
22,695 22,804 +109 +0.5%
5,868 4,834 △1,034 △17.6%
△19,489 △20,074 △585 -
195,806 186,629 △9,177 △4.7%
Europe
Elimination
Total
Thailand
China
Indonesia
U.S.A.
DifferenceFY2015 FY2016
Press Kogyo
DomesticSubsidiaries
Sales by Regions Millions of Yen
9
USD THB RMB SEKFY15 120.6 3.4 18.3 14.4FY16 116.6 3.3 16.8 12.8
Sales by Products Millions of Yen
10
Ratio Ratio
65,257 33.3% 58,518 31.4% △6,739 △10.3%
94,286 48.2% 92,582 49.6% △1,704 △1.8%
21,900 11.2% 23,214 12.4% +1,314 +6.0%
8,371 4.3% 6,469 3.5% △1,902 △22.7%
5,992 3.1% 5,846 3.1% △146 △2.4%
195,806 186,629 △9,177 △4.7%
Difference
Large TruckParts
Small TruckParts
ConstructionMachinery Parts
FY2016FY2015
- -
VehicleAssembly
Others
Total
USD THB RMB SEKFY15 120.6 3.4 18.3 14.4FY16 116.6 3.3 16.8 12.8
Isuzu
23 .3%
Nissan
14 .9%
Mazda・
AAT(Thai)
11 .7%Dimlar・MFTBC
10 .0%
Volvo・
UD
9.0%
MMC
7.5%
CAT
4 .8%
Toyota・Hino
2.5%
Komatsu
2.1%
Kobelco
2.0%
GM
2.0%
Sumitomo
1.5%
Others
8.7%
Sales Portfolio
Net Sales ¥186,629millionBy Customers
By Products
By Regions
11
Press Kogyo
51.4%
Thai
25.8%
U.S.A.
12.2%
Europe
2.6%
China
1.9%Indonesia
1.0%
Domestic Subsidiaries
5.1%
Small Truck
Parts 49.6%Large Truck
Parts31.4%
Construction
Machinery Parts
12 .4%
Veh icle
Assembly
3 .5%
Others 3.1%
10,115 △1,890
△91 +280+224 8,639
Model
MixDepreciation &
Amortization
Rationalization
FY2016
Operating
Income
FY2015
Operating
Income
Foreign
Exchange
Analysis of Operating Income Millions of Yen
△1,476
12
FY2015 FY2016
Operating Income 10,115 8,639 △ 1,476 △15%Non-OperatingIncome & Expenses △ 907 △ 537 +370 △41%
Ordinary Income 9,208 8,101 △ 1,107 △12%ExtraordinaryIncome & Losses △ 748 85 +833 △111%
Net Income* 5,613 5,263 △ 350 △6%
Difference
Ordinary & Net IncomeMillions of Yen
13
*Net Income Attributable to Owners of the Parent.
Ⅱ. FY2017 Business Forecast
14
Automobile-Related Business
Domestic Demand(HD & MD Trucks)
Export(HD & MD Trucks)
Thailand(Production of Pick up Trucks)
Press Kogyo estimates that・ Domestic demand for heavy and medium-duty trucks in FY 2017 will remain stable, mainly for
logistic-related trucks.・ Export volume in FY 2017 will decline due to launch of strategic trucks in emerging countries and
decrease of demand in resource-rich countries.・ In Thailand, production volume of pick-up trucks in FY 2017 will be stable.
15
42.3 45.8
46.0 52.3
88.3 98.1
0
50
100
FY15 FY16 FY17
千 2HF 1HF
(Source:Press Kogyo)
(K-Unit)
Forecast
0
100
FY15 FY16 FY17
2HF 1HF
(Source:Press Kogyo)
(K-Unit)
Forecast
*Include KD
525 583
591 520
1,116 1,103
0
500
1,000
FY15 FY16 FY17
千 2HF 1HF
(Source:Actual-Marklines,Forecast-Press Kogyo)
(K-Unit) *Include PPV
Forecast
Press Kogyo Group(Production of Cabins)
Construction Machinery-Related Business Environment
Global Demand(Hydraulic Excavators)
Press Kogyo estimates that・Global demand for hydraulic excavators in CY 2017 will increase due to recovering in China market.・Domestic production volume will increase in the 1st half of FY 2017 due to rushing demand beforethe introduction of exhaust gas regulations.
16
0
100
200
FY15 FY16 FY17
Other Areas China
(Source:Press Kogyo)
(K-Unit)
0
50
FY15 FY16 FY17
千
2HF 1HF
(Source:Press Kogyo)
(K-Unit)
ForecastForecast
CY15 CY16 CY17
Financial Results Millions of Yen
17
USD THB RMB SEKFY16 116.6 3.3 16.8 12.8FY17 110.0 3.2 16.5 12.5
FY2017 Forecast
1HF 2HF Total
Net Sales 186,629 96,000 94,000 190,000 +3,371 +1.8%
Operating Income 8,639 4,600 4,200 8,800 +161 +1.9%
Ordinary Income 8,101 4,500 4,100 8,600 +499 +6.2%
Net Income* 5,263 2,800 2,500 5,300 +37 +0.7%
Annual Dividend
(Per Share) 11.0yen 5.0yen 6.0yen 11.0yen
FY2016 Difference
*Net Income Attributable to Owners of the Parent.
Sales by Regions
18
USD THB RMB SEKFY16 116.6 3.3 16.8 12.8FY17 110.0 3.2 16.5 12.5
1HF 2HF Total
102,303 52,000 50,000 102,000 △303 △0.3%
22,919 11,600 10,700 22,300 △619 △2.7%
48,196 25,200 26,600 51,800 +3,604 +7.5%
3,911 3,000 2,900 5,900 +1,989 +50.9%
1,736 900 1,200 2,100 +364 +21.0%
22,804 11,000 11,300 22,300 △504 △2.2%
4,834 2,900 2,100 5,000 +166 +3.4%
△20,074 △10,600 △10,800 △21,400 △1,326 -
186,629 96,000 94,000 190,000 +3,371 +1.8%
Elimination
Total
Thailand
FY2016
China
Indonesia
U.S.A.
Europe
DifferenceFY2017 Forecast
Press Kogyo
DomesticSubsidiaries
Millions of Yen
Sales by Products
19
Ratio 1HF 2HF Total Ratio
58,518 31.4% 29,900 27,100 57,000 30.0% △1,518 △2.6%
92,582 49.6% 46,500 48,500 95,000 50.0% +2,418 +2.6%
23,214 12.4% 14,000 12,100 26,100 13.7% +2,886 +12.4%
6,469 3.5% 3,200 3,300 6,500 3.4% +31 +0.5%
5,846 3.1% 2,400 3,000 5,400 2.9% △446 △7.6%
186,629 96,000 94,000 190,000 +3,371 +1.8%Total - -
DifferenceFY2016FY2017
Large TruckParts
Small TruckParts
ConstructionMachineryParts
VehicleAssembly
Others
Millions of Yen
USD THB RMB SEKFY16 116.6 3.3 16.8 12.8FY17 110.0 3.2 16.5 12.5
Isuzu
21 .6%
Nissan
15 .5%
Mazda・
AAT(Thai)
13 .4%
Dimlar・MFTBC
10 .3%
Volvo・
UD
9 .0%
MMC
6.8%
CAT
5 .3%
Komatsu
2.3%
Kobelco
2.3%
Toyota・Hino
2.2%
GM
2.0%
Sumitomo
1.8%
Others
7.5%
Small Truck
Parts
50 .0%Large Truck
Parts
30 .0%
Construction
Machinery Parts
13 .7%
Vehicle Assembly
3.4%
Others
2.9%Press Kogyo
48.9%
Thai
27.3%
U.S.A.
11.8%
Domestic
Subsidiaries
5.3%
Europe
2.9%
China
2.7%Indonesia
1.1%
Sales Portfolio
Net Sales ¥190,000Million
20
By Customers
By Products
By Regions
バンコクチャチューンサオ
チョンブリ
レムチャバン
・AAT・MMTh
・IMCT
・IMCT・NMT
Business in Thailand
Production Site
TSPKKTSPK-C
TSPKK-BP
1163人TSPKK
TSPKK-BP
TSPK-C
20km0
■Bangkok
■Chon Buri
Laem Chabang■
IMCT: Isuzu Motors Co., (Thailand) Ltd. NMT: Nissan Motor (Thailand) Co., Ltd.MMth: Mitsubishi Motors (Thailand) Co., Ltd. AAT:Auto Alliance (Thailand) Co., Ltd.
・While domestic demand increases, production volume inCY 2017 will be same level as FY2016 due to decrease ofexport for resource-rich countries.
■ Business Environment
■ Main Measures・Business expansion, in-house production and automation.
21
Thailand
Net Sales of TSPKK-G Sales & Production of Pick-up Trucks in Thailand
1,116 1,103
393 383
0
500
1,000
FY15 FY16 FY17
Production Volume
Sales Volume
(K-Unit)
(Source:Actual-Marklines,Forecast-Press Kogyo)
Forecast
0
5,000
10,000
15,000
FY13 FY14 FY15 FY16 FY17
(Mil. Baht )Forecast
CY17CY15 CY16
CAT
CAT
PM Cabin (PMC)
PK Mini Cabin(PKMC)
■Business Environment
■Main Measures
・Domestic demand in FY 2017, mainly in the 1st half, will increase from FY 2016 due to public work projects.
・Re-build of production systems for productionvolume increase.
・Productivity improvement.・Business expansion for mini cabins.
PKMPK Manufacturing(PKM)
Business in China
22
Demand for Hydraulic Excavators in China
0
5
10
15
20
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
FY2015 FY2016 FY2017(K-Unit)
Shares by Sizes in Hydraulic Excavators Market
72.0
%
28.0
%
6t≦X
6t>X(Mini)
*Coverage: all Construction Machinery Makers including Chinese Makers
*Coverage: all Construction Machinery Makers excluding Chinese Makers
Sumitomo
Yanmar
KobelcoKubota
Kobelco
Onomichi
(Source:Press Kogyo)
Business in IndonesiaProduction of Full-sized Trucks
■
■Purwakarta
■Bekashi
Jakarta
■Bogor
■
20km0
Karawan
PKMI
Production Site
PKM-Indonesia
( Source:Press Kogyo )
West of Java
■Business Environment
■Main Measures
・Domestic demand for trucks in FY 2017 will increasefrom FY 2016 due to government-led infrastructureinvestment.
・Business expansion targeting needs of localization.・Preparations for production launch.
23
AMTI(UD)
KI(Komatsu)
KRM(MFTBC,MMC)
HCMI(HITACHI)
MMKI(MMC)
CAT(Caterpillar)
IAMI(ISZU)
SHI(SUMITOMO)
HMMI(HINO)
0
50
100
CY13 CY14 CY15 CY16 CY17(Source:Actual-GAIKINDO,Forecast-Press Kogyo)
(K-Unit)
Forecast
:Truck Maker:Construction machinery Maker
…US Automaker
…Japan Automaker
CHRYSLER
GM
FORD
TOYOTANISSAN
HINO
TOYOTA
SUBARU
NISSAN
TOYOTABody Panel Parts54%
Plastic Parts18%
AxleParts10%
Door Reinforce
Parts8%
Others10%
Net Sales of PK U.S.A.
Product Portfolio(%)
Production Site PK U.S.A.(Indiana)
PK U.S.A.(Mississippi)PK U.S.A.(Tennessee)
■Business Environment
■Main Measures
・While momentum shows decelerating trend,domestic demand in FY 2017 will remain stable.
・Business expansion and productionpreparations for door reinforce parts.
Production of Main Vehicle Types
Business in U.S.A.
24
0
100
200
FY13 FY14 FY15 FY16 FY17
(Mil.$)
0
1,000
CY15 CY16 CY17(Source:Actual-Marklines,Forecast-Press Kogyo)
(K-Unit)ForecastForecast
Business in Europe
Net Sales
Ålö
BT
Volvo/Renault
PRESS KOGYO
SWEDEN
Xylem
■ Business Environment
■ Main Measures
・ European commercial vehicle market inFY 2017 will remain stable.
・Preparations for production start-up ofindustrial machineries.
・ In-house production.
Main Customers of PK-Sweden
SCANIA
Customer Portfolio(%)
25
VOLVO21%
SCANIA20%
ALO15%
Others14%
ElringKlinger13%
BT11%
Xylem6%
0
200
400
FY13 FY14 FY15 FY16 FY17
(SEK Mil.)Forecast
Capital Expenditure/Depreciation and Amortization
FY169.5
FY1714.9
26
Capital Expenditure/Depreciation and Amortization Capital Expenditure by Regions
84
95
149
89 87 89
FY15 FY16 FY17(Forecast)
Capital Expenditure
Depreciation and Amortization
(Billions of Yen)
【Financial Information 1】
Billions of Yen
8.48.9
9.5
8.7
14.9
8.9
Japan
4.9
Thai
1.9
U.S.A.
1.7
Indonesia
0.6
Europe
0.3
China
0.1
Japan
7.1
Thai
5.2
U.S.A.1.9
Europe
0.4
Indonesia
0.2
China
0.1
Cash Flows
27
【Financial Information 2】
Billions of Yen
FY2015 FY2016 FY2017
Actual Actual Actual
Cash and Cash Equivalents at Beginning of Year 15.5 18.4 20.2
Income Before Income Taxes 8.5 8.2 8.5Depreciation and Amortization 8.9 8.7 8.9Others 0.1 △ 2.1 △ 6.8Cash Flows from Operating Activities 17.5 14.8 10.5
Cash Flows from Investing Activities △ 8.5 △ 9.0 △ 14.9Free Cash Flows 9.0 5.8 △ 4.4
Cash Flows from Financing Activities △ 6.1 △ 4.1 1.6
Total 2.9 1.7 △ 2.8
Cash and Cash Equivalents at End of Year 18.4 20.2 17.4
ROE/Net Interest-bearing Debt
Net
130
Net
93
* Net assets exclude Non-controlling Interests.
ROEShareholder’s
Equity Ratio(%)D/E Ratio
(Times)
Net Asset(Mil. ¥)
Interest-Bearing DebtCash & Time Deposits
(Mil. ¥)
28
Net
134
【Financial Information 3】
ROE/Shareholder’s Equity Ratio Net Interest-Bearing Debt
722767
809
7.9% 7.1% 6.7%
45.8%47.9% 49.2%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
0
100
200
300
400
500
600
700
800
900
FY15 FY16 FY17(Forecast)
Net Assets
ROE
Shareholder's Equity Ratio(%)
188 204177
318 297 311
0.18
0.12
0.17
0.00
0.02
0.04
0.06
0.08
0.10
0.12
0.14
0.16
0.18
0.20
0
50
100
150
200
250
300
350
400
FY15 FY16 FY17(Forecast)
Cash & Time Deposits
Interest-Bearing Debt
Net D/E Ratio
72.276.7
80.9
29
Information : IR, Disclosure and Disclaimer
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Statements contained in these documents, except for historical or current facts, are based on certain assumptions and our management’s judgment in light of currently available information. Therefore, these statements may be susceptible to various factors, such as uncertainty contained in the assumptions and management’s judgment and economic changes in the future, which may cause to bring about different results in Press Kogyo’s future earnings and operating results.While we strive to disclose any in formation on a timely manner, we request investor public not to make investment
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