consolidated financial result digest fy11/12...2012/05/30 · copyright © 2012 taiyo holdings...
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Copyright © 2012 TAIYO HOLDINGS CO.,LTD. All Rights Reserved.
ZXCV
Consolidated Financial Result Digest
FY11/12
ZXCV
May 14,2012
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 .
(April 1,2011-March 31,2012)
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) Chemical Products for Printed Wiring Boards
“FPD Materials“
(Flat Panel Display) Chemical Products for Flat Panel Display Panels
“PDP Materials” (Plasma Display Panel)
Chemical Products for Plasma Display Panels
"SR" Solder Resist Ink or Solder Mask
“PKG Materials”
(Package) Chemical Products for IC Package Substrates
Terminology
Copyright © 2012 TAIYO HOLDINGS CO.,LTD. All Rights Reserved.
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INDEX
1. Summary of FY 11/12 Consolidated Financial
Results (April 1, 2011 - March 31, 2012)
2. Forecasts for FY12/13 (Consolidated)
3. Progress of Medium-term Business Plan
Copyright © 2012 TAIYO HOLDINGS CO.,LTD. All Rights Reserved.
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1. Summary of FY 11/12 Consolidated Financial
Results (April 1, 2011- March 31, 2012)
Copyright © 2012 TAIYO HOLDINGS CO.,LTD. All Rights Reserved.
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FY10/11 FY11/12 Change Change in
%
2/7/2012
Forecast
Sales 40,366 39,797 (569) (1.4 %) 40,300
Operating
Income 5,380 4,040 (1,340) (24.9%) 4,300
Ordinary
Income 5,316 4,027 (1,289) (24.3%) 4,200
Net Income 3,402 2,502 (900) (26.5%) 2,500
<Ave. Exchange Rate>
JPY/USD 85.8 79.3 (6.5) (7.6%) 78.7
FY11/12 Consolidated Results
(JPY millions)
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FY11/12 Factors for Sales Decrease (vs. FY10/11)
2.8
3.3
2.1
3.4
40.3
39.7FY11/12 Actuals
Fluctuation in exchange rates
Change in sales volume
Change in product mix of PWB
Materials,etc.
Increase in selling prices of FPD
Materials
FY10/11 Actuals
Sales (JPY billions)
Copyright © 2012 TAIYO HOLDINGS CO.,LTD. All Rights Reserved.
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FY11/12 Factors for Profit Decrease (vs. FY10/11)
4.0
0.9
1.3
0.9
5.3
FY11/12 Actuals
Fluctuation in
exchange rates
Change in sales
volume
Changes in
product mix
FY10/11 Actuals
Operating Income (JPY billions)
Copyright © 2012 TAIYO HOLDINGS CO.,LTD. All Rights Reserved.
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15.1 14.3
9.5 9.1
4.1 4.2
13.9 12.9
0
5
10
15
20
25
30
35
40
45
3/31/11 3/31/12
Fixed Assets Other Current Assets
Inventories Cash
FY11/12 Summary of Balance Sheet
34.1 33.4
8.6 7.2
0
5
10
15
20
25
30
35
40
45
3/31/11 3/31/12
Equity Liabilities
Assets
Decrease in cash and deposits.
Decrease in fixed assets due to depreciation
and loss on valuation of investment in capital
of subsidiaries and affiliates.
Decrease in liabilities due to decrease in trade
payables, accounts payable-other, income tax
payable, etc.
Decrease in equity due to dividend payment
exceeding net income.
42.8 40.7
42.8 40.7
Liabilities and Equity
(JPY billions) (JPY billions)
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4.5
2.7
-4
-2
0
2
4
FY10/11 FY11/12
FY11/12 Summary of Cash Flows
Decrease in liabilities such
as trade payables, etc.
Decrease in Operating
income.
0.7
-1.3
-4
-2
0
2
4
FY10/11 FY11/12
-3.6 -2.9
-4
-2
0
2
4
FY10/11 FY11/12
Decrease due to deposit of
time deposits.
FY11/12 maintains the same
level of investment as in the
FY10/11.
Own shares purchase for 1.3
billion in FY10/11.
Increase in dividend for 0.5
billion due to commemorative
dividend.
Operating CF Investing CF Financing CF
Copyright © 2012 TAIYO HOLDINGS CO.,LTD. All Rights Reserved.
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22.9 20.2
5.6
5.4
1.2 1.0
0
5
10
15
20
25
30
35
FY10/11 FY11/12
Rigit PKG&Flexible Build-up
10
Sales of PWB Materials
Demand of smartphones and
tablet PCs remained strong, on
the other hand, general PC and
TV were sluggish.
Sales volume of low-priced
products (for China Market) was
increased about 20% year on
year.
Sales volume in Korea was
relatively strong.
26.7 29.9
Sales
(JPY billions)
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Sales of FPD Materials
9.4
12.3
0
2
4
6
8
10
12
FY10/11 FY11/12
Sales of FPD materials reached at a
record high due to stable high price of
silver.
Sales volume increased in China.
Sales
(JPY billions)
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Result by Segment for FY11/12
18.4
11.9
4.4
13.7
3.0
11.7 10.6
3.7
16.6
2.6
0
4
8
12
16
20
Japan China Taiwan Korea Others
FY10/11
FY11/12
1.0
2.8
0.5
0.9
0.2
0.9
1.7
0.4 0.6
0.2
0.0
0.5
1.0
1.5
2.0
2.5
3.0
Japan China Taiwan Korea Others
Sales
Operating Income
(JPY billions)
Copyright © 2012 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
2.4
-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)
FY08/09 FY09/10 FY10/11 FY11/12
(JPY billions) (JPY billions)
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Due to the changes to business environment in China,
ROI reassessed far below than when planned.
Posted “Loss on valuation of investment in capital of subsidiaries and affiliates” as extraordinary loss for 421 million yen.
TAIYO INK (SUZHOU) meets increasing future demand.
We are developing a plan(BCP) to minimize risk
concentration to TAIYO INK (SUZHOU).
Cancellation of the Construction of TAIYO INK (ZHONGSHAN)
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Return to shareholders
60
90 90 90 90
55
25
8.1%
6.5% 6.8%
8.6%
6.9%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
0
20
40
60
80
100
120
140
FY07/08 FY08/09 FY09/10 FY10/11 FY11/12
Ordinary Commemorative/Special DOE(Projection)
115
90 90
115
90
Dividend policy remains unchanged.
(JPY)
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2. Forecasts for FY12/13 (Consolidated)
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Forecasts for FY12/13 (Consolidated)
FY11/12
Result
FY12/13
Forecast Change
Change in
%
Sales 39,797 40,500 703 1.8%
PWB+ 27,490 29,500 2,010 7.3%
FPD 12,307 11,000 (1,307) (10.6%)
Operating
Income 4,040 4,500 460 11.4%
Ordinary
Income 4,027 4,500 473 11.7%
Net Income 2,502 3,200 698 27.9%
<Foreign Exchange Rate>
JPY/USD 79.3 80.0 0.7 0.9%
(JPY millions)
Copyright © 2012 TAIYO HOLDINGS CO.,LTD. All Rights Reserved.
ZXCV Forecasts for FY12/13 Overview
18
PWB
FPD
Market demand expected to recover mainly in China, ASEAN.
Recovery of sales volume about 10% equal to FY10/11 level.
Raising our market share of low-priced products.
Focusing on Hole plugging ink, Marking, Flexible, etc.
Sales in PDP Materials expected to increase chiefly in China.
Korean market expected to shrink, but sales volume to be maintained due
to raising market share.
For Touch panel materials, we have launched a new organization unit
consolidating R&D, production and sales to increase sales.
Copyright © 2012 TAIYO HOLDINGS CO.,LTD. All Rights Reserved.
ZXCV Trend of Consolidated Sales from PWB+ and FPD
Sales
Forecast
1.3 1.0 1.0 1.4 1.5 0.9 0.9 0.9 0.7 0.6
1.5 3.1
6.5 9.5 10.2
5.6 6.0 9.4 12.3 11.0
22.9 23.5
27.7
30.9 33.6
26.0 27.9
29.9 26.7 28.9
0
5
10
15
20
25
30
35
40
45
50
Others FPD Materials PWB Materials
40.3
35.0
39.7
32.6
45.3 41.9
35.3
27.7 25.7
40.5
(JPY billions)
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23.1 25.7
27.7
35.3
41.9
45.3
32.6 35.0
40.3 39.7 40.5
4.0 4.8 4.7 6.6
7.9 8.8
3.3 4.8 5.3 4.0 4.5
2.1 2.7 2.9 4.2
5.5 6.1
1.9 3.0 3.4 2.5 3.2
0
5
10
15
20
25
30
35
40
45
50
FY02/03 FY03/04 FY04/05 FY05/06 FY06/07 FY07/08 FY08/09 FY09/10 FY10/11 FY11/12 FY12/13
Sales Ope. Income Net Income
Trend of Consolidated Performance
Forecast
(JPY billions)
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Investment & Depreciation Expense
0
200
400
600
800
1,000
1,200
FY10/11 FY11/12 FY12/13
Investment Depreciation
(Projection)
(JPY millions)
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3. Progress of Medium-term Business Plan
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FY12/13
Forecast
Medium-term
Business Plan Change
Sales 40,500 48,000 (7,500)
PWB+ 29,500 38,500 (9,000)
FPD 11,000 9,500 1,500
Operating
Income 4,500 7,700 (3,200)
Operating
Income Ratio 11.1% 16.0% (4.9%)
Sales of New product and
fields 3,800 4,000 (200)
Now difficult to achieve the target. However, achievement rate of new
product sales is high.
Gap between FY12/13 Forecast and Medium-term Business Plan
(JPY millions)
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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
Forecast when planning Results(FY12/13 is forecast)
(tons)
Difference about
8,000 tons
“Lehman Shock”
European debt
crisis
SR Market trend in China
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Strategy for Chinese market
• Converted some customers from the competitors by the low-priced products.
• Market share was slightly increased in FY11/12. some target customers are evaluating our products. Increase in share is expected in and after FY12/13.
• Increase in sales force helps provide better services to our customers.
Strategy for “Local production for Local consumption”
• The earthquake in Japan accelerated production transfer from Japan to overseas subsidiaries.
• The local supply rate of the raw materials increased in subsidiaries.(about 50% in FY11/12)
• Will promote to export raw materials to Japan, taking advantage of the stronger yen.
Progress of Strategies
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Strategy for new products development
• Sales of new products in FY11/12 was JPY 2.5 billion.(Sales target was JPY 2.4 billion for FY11/12.)
• Sales of white SR, black SR, silver paste for through holes were increased.
• Sales target for the final year of the Business Plan (FY12/13) is JPY 3.8 billion.
Strategy for Global talent management
• Will promote local employees to managers and executives at local subsidiaries.
• Will promote highly qualified local talent to Board members for Taiyo Holdings.
Progress of Strategies
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Development of New Medium-term business plan
Working on a new Medium-term Business Plan
covering up to FY16/17.
Developing new growth strategy with the
keyword; “Speed & Communication”
Active promotion of M&A
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