02-24-14 ntn_results_q3

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2014/2/5 1

Consolidated Financial Resultsfor the Third Quarter of FY2013

February 5, 2014

ＮＴＮ Corporation

This presentation and comments made in this conference or during the following Q&A session include forward-looking

statements about management expectations for future performance and future business strategies. These statements

represent the best judgment of the management of the company based on the information currently available. However,

there can be no assurance that future results will meet any expectation, estimate or projection conveyed by these

statements or comments. Actual results may differ materially from management projections depending on various

factors such as changes in product demand, exchange rates and interest rates.

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Financial Results for the Third Quarter of FY2013 : Key Factors

◇Net sales was revised to 630 billion yen (previously 600 billion yen), and operatingincome was revised to 32 billion yen (previously 30 billion yen)

◇The exchange rate for 4Q was changed to 1US$ = 100 yen (previously 95 yen),1EURO = 140 yen (previously 120 yen)

FY2013 3Q Results

FY2013 Full Year Forecast

◇Net sales was 463.6 billion yen, 18.1% increase year-on-year

・The aftermarket applications increased 15.9% year-on-year

・The industrial machinery applications increased 4.7% year-on-year

・The automotive applications increased 22.2% year-on-year

◇Operating income was 20.6 billion yen, 13-fold year-on-year

◇27 billion yen is reported in extraordinary loss as “provision for surchargepayments under the Antimonopoly Act” in nine months ended December 31, 2013

◇Net loss for the period was 19.6 billion yen (net loss for the same period theprevious year was 600 million yen)

32014/2/5 3

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2014/2/5

(100 m i ll ion yen)

3Ｑ 1-3Q Fu ll year 3Ｑ 1-3Q Fu ll yearResu lts Resu lts Resu lts Resu lts Resu lts Forecast

① ② ③ ④ ③ － ① ④ － ②

1 ,259 3 ,925 5 ,396 1 ,565 4 ,636 6 ,300 712 904

- 6 15 73 76 206 320 191 247

(- 0 .5 ) (0 .4 ) (1 .3 ) (4 .8 ) (4 .4 ) (5 .1 ) (4 .1 ) (3 .7 )

2 - 14 25 78 181 260 195 235

19 12 - 164 - 271 - 287 - 290 - 299 - 126

11 - 6 - 142 - 230 - 196 - 150 - 189 - 8

US＄ 81 .1 80 .0 82 .9 100 .4 99 .4 99 .5 19 .4 16 .6

EURO 105 .1 102 .0 106 .8 136 .6 132 .2 134 .1 30 .1 27 .3

Exchange

rate

FY2012 FY2013 Year on year

Net incom e

Ex t rao rd i n a ry

i ncome/ loss

Ord inary income

Operat ing

i ncomeOpera t i ng

marg in

Net sales

FY2013

Ful l year

FY2013

1-3Q

4

１．Consolidated Statements of Operation

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2014/2/5

< Net Sales by Region > (100 million yen)

1-3Q Full year 1-3Q Full year

Results Results Results Results Results Forecast Volume Forex Volume Forex

427 1,360 1,775 452 1,303 1,750 - 57 0 - 25 0

325 1,003 1,416 412 1,266 1,735 20 243 35 284

285 877 1,248 394 1,192 1,635 46 268 55 332

221 684 958 306 875 1,180 29 162 41 181

1,259 3,925 5,396 1,565 4,636 6,300 38 674 107 797otal

Americas

Europe

Year on year

FY2013 Full yearY2013 1-3Q

FY2013Y2012

Japan

Asia &

Others

5

２． Net Sales by Region

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2014/2/5

＜Net Sales by Business Sector＞ (100 m i l lion yen)

3Ｑ 1-3Q Ful l year 3Ｑ 1-3Q Ful l year

Re su lts Resu lts Resu lts Re su lts Re su lts Fo re cas t Vo lume Forex Vo lume Forex

200 644 892 251 746 1 ,030 - 12 114 0 137

207 683 937 232 715 970 - 60 92 - 78 110

852 2 ,598 3 ,566 1 ,082 3 ,175 4 ,300 110 467 184 550

1 ,259 3 ,925 5 ,396 1 ,565 4 ,636 6 ,300 38 674 107 797otal

Industr ia l

mach inery

Automotive

FY2013Y2012 Year on year

FY2013 Fu l l year

Aftermarket

FY2013 1-3Q

＜O perating Income by Bu siness Sector＞ (100 m i l lion yen)

3Ｑ 1-3Q Ful l year 3Ｑ 1-3Q Ful l year

Re su lts Resu lts Resu lts Re su lts Re su lts Fo re cas t

28 101 147 42 124 175

- 1 9 15 3 17 30

- 33 - 95 - 90 31 66 115

- 6 15 73 76 206 320

FY2013Y2012

FY2013 1-3Q

Aftermarket

Tota l

Industr ia l

mach ine ry

Automot ive

22

24791

160

8

Year on year

FY201 3 Fu l l year

28

15

205

6

３． et Sales and Operating Income by Business Sector

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919 828 852 9681058

1035

1082

247

229 207

255

240243

232

223

221 200

248242 254

251,389

1,277 1,259

1,4711,541 1,531

1,565

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

10

0

m

i

l

l

i

o

n

y

e

n

7 2-1 5 7

28 31

-27 -34 -33

7 4

10 340

3428

4638

44 4220

2

-6

5749

8176

3.0 1.0 -0.4 2.6 1.6 4.0

1.3

17.8 15.3 13.918.5 15.7 17.2 16.8

-3.0 -4.1 -3.90.5 0.7

2.7

2.8

-40

-20

0

20

40

60

80

100

1201

0

0

m

i

l

l

i

o

n

y

e

n

’14/3-1Q’13/3-1Q 2Q 3Q 4Q ’14/3-1Q’13/3-1Q 2Q 3Q 4Q2Q 2Q

2014/2/5

3Q 3Q

7

４．Results by usiness Sector （Quarterly Trend）

Net Sales

Automotive Industrial machinery Aftermarket

Operating Income/ Operating Margin

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FY2012 1-3Q < Results >vs

FY2013 1-3Q < Results >

2014/2/5 8

Exchange

rates

Sales price levels

Expenses etc.

(Depreciation : -3, Other : -13)

Positive factors

（ 256）

Negative factors

（ 65）

＋191

16

FY2012 1-3Q

OperatingIncome

15

2724Decrease in personal costs

179

Decrease in

variable costs

Scale merits

22

FY2013 1-3Q

Operating

Income

206

53

５． Analysis of Operating Income （FY2013 3Q ）＊All figures in 100 million yen.

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849 821 773716 757 799 831

0

200

400

600

800

1,000

1Ｑ 2Ｑ 3Ｑ 4Q 1Q 2Q 3Q

FY2012 FY2013

347 315 317

405 421 417 407

0

200

400

600

1Ｑ 2Ｑ 3Ｑ 4Q 1Q 2Q 3Q

FY2012 FY2013

FY2012 FY2013FY2012 FY2013

６． Net Sales and Operating Income by Region

Japan Americas

Net Sales Net Sales

Operating Income Operating Income

(100 million yen) (100 million yen)

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2014/2/5 10

349297 312

408461

415 433

0

200

400

600

1Ｑ 2Ｑ 3Ｑ 4Q 1Q 2Q 3Q

FY2012 FY2013

207 206 199245 267 277 298

0

100

200

300

400

500

1Ｑ 2Ｑ 3Ｑ 4Q 1Q 2Q 3Q

FY2012 FY2013

６． Net Sales and Operating Income by Region

Net Sales Net Sales

Operating Income Operating Income

(100 million yen) (100 million yen)

Europe Asia & Others

FY2012 FY2013 FY2012 FY2013

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2014/2/5

December 2013 increased by +18.1 billion yen (including 8.5 billion yen forphysical quantity) compared to the end of September.

11

(100 million yen)

Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14

Results Results Results Results Results Results Results Results Forecast

1,551 1,557 1,586 1,759 1,633 1,644 1,645 1,826 1,670

(977) (953) (996) (1,176) (1,102) (1,093) (1,098) (1,253) (1,146)

(574) (604) (590) (584) (530) (552) (547) (573) (524)

3.5 3.6 3.4 3.0 3.3 3.7 3.7 3.4 3.8

Inventories

JapanInventory turnover

rat io (t imes)

Overseas

574 604 590 584 530 552 547 573 524

977 953 996 1,176 1,102 1,093 1,0981,253

1,146

1,551 1,557 1,5861,759

1,633 1,644 1,6451,826

1,670

3.5 3.63.4

3.03.3

3.7 3.7

3.4

3.8

0.0

1.0

2.0

3.0

4.0

0

750

1,500

2,250

3,000


I n v e n t o r y t u r n o v e

r r a t i o ( t i m e s )

I n v e n t o r i e s ( 1 0 0

m i l l i o n y e n )

Japan Overseas Inventory turnover ratio (times)

７．Inventories

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2014/2/5

Increased in December 2013 due to increase in cash on hand andthe effects of exchange rates.

12

(100 million yen)


Results Results Results Results Results Results Results Results Forecast

2,720 3,033 3,162 3,472 3,608 3,697 3,759 3,793 3,800

(924) (941) (1,024) (1,220) (1,322) (1,363) (1,347) (1,445) (1,442)

(1,796) (2,093) (2,138) (2,252) (2,286) (2,334) (2,412) (2,348) (2,358)

39.2% 43.0% 44.6% 46.1% 47.0% 46.6% 46.4% 44.7% 45.4%

Interest-bearing debt

JapanInterest-bearing debt

ratio( )

Overseas

1,796 2,093 2,138 2,252 2,286 2,334 2,412 2,348 2,358

924941 1,024

1,220 1,322 1,363 1,347 1,445 1,4422,7203,033 3,162

3,4723,608 3,697 3,759 3,793 3,800

39.243.0 44.6 46.1 47.0 46.6 46.4

44.745.4

0%

10%

20%

30%

40%

50%

0

1,000

2,000

3,000

4,000

5,000


I n t e r e s t -

b e a r i n g d e b t r a t i o ( % )

I n t e r e s t b e a r i n

g d e b t ( 1 0 0 m i l l i o n y e n )

Japan Overseas Interest-bearing debt ratio(%)

８．Interest-Bearing Debt

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2014/2/5

FY2012 FY2012 FY2013 FY2013

①1-3Q ②Full year ③1-3Q ③-① ④Full year forecast ④-②

Cap i t a l e x pend i t u r e 412 490 243 -169 370 -120Overseas 292 357 186 -106 270 -87Japan (120) (133) (57) (-63) (100) (-33)

FY2012 FY2012 FY2013 FY2013

①1-3Q ②Full year ③1-3Q ③-① ④Full year forecast ④-②D e p r e c i a t i o n 253 348 289 35 393 44

Overseas 115 161 164 49 222 61Japan 138 188 125 -13 171 -17

Full year forecast is 37 billion yen, or within the scope of depreciation.

(100 million yen)

13

９．Capital Expenditure and Depreciation

FY2013 FY2013

1Q Resu lts 2Q Resu lts 3Q Results 4Q Results 1Q Resu lts 2Q Results 3Q Results

0 0FY2012 FY2012 FY2012 FY2012 FY2013

200 200

100 100

43

56

99

60

4850 44

37

48

41

89181

158

18

73

50

45

95

78

14

65

52

111

46

38

84

163

9305

22

83

40

53

42

54

96

78

23

55

108

12

Depreciation （Overseas）Investment (Japan) Investment （Overseas） Depreciation （Japan）

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①1-3Q Full year ②1 3Q ②－①Ⅰ ．Cash flow from operating

activities

Ⅱ ．Cash flow from investing

activities

Ⅲ ．Cash flow from financing

activities

Ⅳ ． Effect of exchanging rate translation

on cash and cash equivalents

Ⅴ ．Net increase in cash and

cash equivalents

FY2012 FY2013

134 4134705

328 335 299 -29

-5 0 9 14

647 696 -1 -647

-447 -566 -256 191

134205

547

- 4 47- 5 66

- 2 56- 3 13 - 3 61

291

-700

-350

0

350

700

FY2012 1-3Q FY2012 Full year FY2013 1-3Q

CF from operating activities CF from investing activities Net CF

2014/2/5

(100 million yen)

Sales cash flow improved compared to the previous year due to a cut backs in operatingfunds.

14

１０．Cash Flows

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2014/2/5 15

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