Upload
others
View
1
Download
0
Embed Size (px)
Citation preview
1
Results for the year ended March 2016
Nihon Dempa Kogyo Co., Ltd
May 17th 2016 【Note】 Statements made in this presentation with respect to our current plans, estimates, strategies and beliefs and other statements that are not historical facts are forward-looking statements about our future performance. These statements are based on management’s assumptions and beliefs in light of information currently available to it. We caution that a number of important risks and uncertainties could cause actual results to differ materially from those discussed in the forward-looking statements, and therefore you should not place undue reliance on them. You also should not rely on the belief that it is our obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Risks and uncertainties that might affect us include, but are not limited to; fluctuation of currency exchange rates, overall supply and customer demand in the industry, product development and production capacities, performance of affiliated companies, and other risks and uncertainties.
2
Contents
1.Results for the year ended March 2016
2.Management policy & forecasts for the year ended March 2017
Results for the year ended Mar 2016
<Net sales> Main reason of Mar 2016 sales decrease compared year to year ・Mainly for mobile communication, focused on profitability and did not respond to the request for price down, which led to lower market share. ・Production adjustment at mobile phone base station market in China. ・Slow down in Smart phone market.
<Profit> Reason of profit reduction against forecast ・Delay with cost reduction activities at some AV/OA productions. ・Rapid development in yen appreciation in 4Q. ・Evaluation loss in securities investment(342 million yen). ・As for net income, 272 million yen increased due to deferred tax assets increase at consolidated subsidiaries. 3
(Million yen) ① ② ③ ③-① ③-②
Mar 2015
annual
result
Mar 2016
annual forecast
Mar 2016
annual
result
Year to year
comparison
Comparison
to forecast
Net Sales 47,730 44,500 44,850 ▲ 2,880 350
Operating income 175 700 410 235 ▲ 290
Income before tax 359 600 102 ▲ 257 ▲ 498
Net income ▲ 569 500 317 886 ▲ 183
Total comprehensive income 1,319 - ▲1,414 ▲ 2,728 -
Exchange rate
(against the U.S. dollar) ¥ 110.03 ¥ 120.75 120.16¥ ¥ 10.13 ¥ ▲0.59
4
Temporal factors (year ended Mar 2016) (\Mil.) ① ② ① ー ② ③ ④ ③ ー ④
Annual resultAnnual
result
47,730 0 47,730 44,850 0 44,850
175 311 ▲ 136 410 ▲ 372 782
359 653 ▲ 294 102 ▲ 581 683
▲ 569 ▲ 225 ▲ 344 317 ▲ 309 626
<Temporal factors included in profit>
Gain on fixed asset sales 278 156
Gain on land-use right sales 406 -
Gain on investment property sales 868 -
Impairment loss on fixed assets ▲ 1,149 -
Insurance income 646 195
Loss on valuation of inventories ▲ 738 ▲ 638
Repair expense of overseas factory - ▲ 85
◆Temporal factors in operating income 311 ▲ 372
342 ▲ 209
◆Temporal factors in income before tax 653 ▲ 581
Deferred tax assets ▲ 878 272
◆Temporal factors in net income ▲ 225 ▲ 309
Net sales
Operating income
Income before tax
Net income
Sales gain & revaluation loss on
securities investment
Exclude
temporal
factors
Mar-15 Mar-16
Temporal
factors
Exclude
temporal
factors
Temporal
factors
Decline insales price▲0.3bn¥
Decrease in sales volume
▲1.5bn¥
Mar 2016Operating
profit0.8bn¥
Mar2015Operating
profit▲0.1bn¥
Cost reductionof fixed cost
+2.0bn¥
Exchange ratefluctuation+0.5bn¥
Othercost reduction
+0.2bn¥
5
Profit variation analysis(Mar 2015→Mar 2016)
Income excluding temporal factors
+0.3bn¥
Income excluding temporal factors
▲0.4bn¥
▲ 309
675
156
▲ 347
▲ 187
191
340
66
▲ 372
636
361
▲ 266
▲ 136
190
325
▲ 277
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Result of March 2015 Result of March 2016
Operating income Income before tax
Income(Million yen)
6
・グラフ修正
In 4Q ending Mar 2016, sales and income decreased due to slow down in smart phone market and valuation loss on investment securities(¥342 mil) .
Quarterly results
11,751
12,675
11,97811,326 11,244 11,504 11,421
10,681
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Result of March 2015 Result of March 2016
Net sales(Million yen)
▲ 323
252
▲ 16 ▲ 49
118
276333
55
▲ 374
219
▲ 83▲ 57
104
247 278
54
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Result of March 2015 Result of March 2016
Operating income
Income before tax
Income excluding temporal factors (Million yen)
7
・グラフ修正
Quarterly results(temporal factors excluded)
11,751
12,675
11,97811,326 11,244 11,504 11,421
10,681
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Result of March 2015 Result of March 2016
Net sales(Million yen)
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Result of March 2015 Result of March 2016
High industrial
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Result of March 2015 Result of March 2016
AV/OA & Optical
Optical
AV/OA
8
Automotive :Annual sales has increased due to robust demand at new applications such as ADAS(Advanced driver assistance system).
High Industrial
:In 1Q of the year ended Mar 2016, production was adjusted at mobile phone base station market in China, but recovered from 2Q.
Mobile Communication
:Focused on profitability and did not respond to the request for price down which led to lower market share. Smart phone market slowed down in 4Q of the year ended Mar 2016.
AV/OA
:Sales mainly for TV, PC, home electronics and games dropped.
Sales trend at main applications ・グラフ修正(汚れ
0
1,000
2,000
3,000
4,000
5,000
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
FY2015 FY2016
(¥mil.) Automotive
0
1,000
2,000
3,000
4,000
5,000
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Result of March 2015 Result of March 2016
(¥mil.) Automotive
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Result of March 2015 Result of March 2016
Mobile
9
Content
1.Results for the year ended March 2016
2.Management policy & forecast for the year ended March 2017
0
10,000
20,000
30,000
40,000
50,000
60,000
Mar 2015results
Mar 2016results
Mar 2017forecast
Mar 2018target
Mar 2019target
(¥mil.)
Sales composition
Mass production(Mobilecommunication +AV/OA)
SAW
Sensor & others
High industrial
Automotive
10
Mid-term sales plan
■General mass produced productions(Mobile communication,
AV/OA), SAW(Especially for mobile communication)
⇒Change direction from shrinkage to growth
■High industrial, Automotive, Sensor
⇒Generate stable profits with competitive products with high
quality and strong technology Make a revival to
50bn yen company
・グラフ修正
11
Mobile communication market environment
Increasing demands to SAW devices
Diversification in communication system and emergence of new
frequency range
Increasing TCXO demands mounted in smart phones
・グラフ修正 LTE development and increase in
demand for highly accurate GPS
0
20,000
40,000
60,000
80,000
2013 2014 2015 2016 2017 2018 2019
(Mil. units)
Source:NAVIAN
SAW market
CY2015: 28.7 bn units
¥425.5 bn
↓
CY2018: 48.6 bn units
¥603.3 bn
0
500
1,000
1,500
2,000
Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
(Mil. units) TCXO demand
Source:NDK estimation
0
5,000
10,000
15,000
Mar 2015results
Mar 2016results
Mar 2017forecast
Mar 2018target
Mar 2019target
(¥Mil.)
Mobile Communicationsales
12
Mobile communication
○Refocus on TCXO market ⇒Increase sales of ultra small sized products and low cost products
Ultra small sized product 1612 size
・グラフ修正
0
5,000
10,000
Mar 2015results
Mar 2016results
Mar 2017forecast
Mar 2018target
Mar 2019target
(¥Mil.)
SAW sales
SAW automobile SAW base station SAW mobile
13
<Automotive> 〇We target to start business with SAW devices at automotive market. NDK has competitive edge on quality system in this area that has been established through long term experience of crystal unit production. <High industrial> ○Keep No.1 share for base station use.
SAW devices
<Mobile communication> ○Start business with leading module maker ○Increase sales to Taiwan/China market where supply is tight
Start mass production on a full scale from
this term
We target to enter into 1 band per year
High end smart phones mount
30 units of SAW devices
・グラフ修正
14
【Capital investment】Plan 5 billion yen in the year ended Mar 2017
mainly to increase TCXO and SAW capacity
Capital investment
Approx. 70% are invested to increase TCXO and SAW capacity
(¥Mil.)
5,699
2,631
2,107
1,709
5,000
3,425
3,923 3,8093,558
3,959
Mar-13 Mar-14 Mar-15 Mar-16 Mar-17
Capital investment Depreciation
0
4,000
8,000
Mar 2015results
Mar 2016results
Mar 2017forecast
Mar 2018target
Mar 2019target
(¥Mil.)AVOA sales
AVOA(Original)
AVOA(New products for IoT)
0
4,000
8,000
Mar 2015results
Mar 2016results
Mar 2017forecast
Mar 2018target
Mar 2019target
(¥Mil.)Optical sales
Movies, broadcast use, etc
Single-lens reflex use
15
AV/OA, Optical ・グラフ修正
<AV/OA>
No. of devices that are connected to IoT will increase and demand of crystal which has communication function will increase accordingly.
Develop and expand sales of standardized products for IoT that has price competitiveness.
Design activities for
new communication
system have been
carried out actively
for chipset makers
<Optical> ○Scale down products for low price
single-lens reflex camera ○ Expand sales of cameras for movies
and broadcasting use with incidence angle improvement coating technology
○Develop super low phase noise oscillators and
provide high reliability products in space, defence, and social infrastracture market. ⇒Apply phase noise reduction technology that has been developed for audio equipment.
16
High industrial ・グラフ修正
0
2,000
4,000
6,000
8,000
Mar 2015results
Mar 2016results
Mar 2017forecast
Mar 2018target
Mar 2019target
(¥Mil.)
High industrial sales
MVCXO・High frequency wave XO Small, high precision OCXO
Develop and expand sales of high value-added industrial products
〇The speed increased to 100Gbps, 400Gbps in the
optical communication market, where higher frequency is required for oscillators. ⇒Promote development and sales expansion of new product MVCXO(Multi Function VCXO)and
high frequency XO. ○Installation of compact base stations and spot
base stations increased in order to process mass radio wave. ⇒Promote development and sales expansion of compact and high accuracy OCXO.
Due to the increase of traffic, the
demand of mobile phone base
station and optical communication
equipment, are expanding
0
5,000
10,000
15,000
20,000
Mar 2015results
Mar 2016results
Mar 2017forecast
Mar 2018target
Mar 2019target
(¥Mil.)
Automotive sales
Total sales of TCXO,ICXO,SAW
17
Automotive market
〇Respond to increasing demand for ADAS Strengthen development and sales with highly reliable automotive products (TCXO, ICXO, SAW)
Increasing demand
to TCXO, ICXO, and SAW
Increase in demands for crystal
devices used at cameras and
radars mounted on automotive
for ADAS(Advanced Driver
Assistance System) use.
・グラフ修正
Crystalunit
TCXO ICXO SAW
Safety ABS/ESC ○Engine Control ○Transmission ○
Image Millimeter-wave radar ○ ○ ○Car-mounted camera ○ ○
Information Telematics ○ ○ ○Car audio ○ ○
Car navigation(GPS) ○ ○ ○ ○Communication RKE (2 way) ○ ○
TPMS(2 way) ○ ○WiFi/Bluetooth ○ ○ ○
Body Meter, Dashboard ○
ADAS
18
Sensor
・グラフ修正
0
1,000
2,000
Mar 2015results
Mar 2016results
Mar 2017forecast
Mar 2018target
Mar 2019target
(¥Mil.)
Senor sales
Ultrasonic devices QCM sensor
<Sensor Market> ○Sale of QCM Sensor Make efforts to commoditize products for food inspection. The production and sales will be collaborated with the partner client of this product.
<Ultrasonic Equipment> 〇Develop and sell Portable Simplified Ultrasonic Wave Sensors looking forward to demand increase in medical and nurse care.
Develop and sell products that contribute to comfortable life with health, safe and security
The ultrasonic wave image is displayed by connecting USB to tablet
In order to widely spread the
use of this sensor, NDK
produced “compact” and
“portable” mobile devices
19
Forecast for the year ended March 2017
<Reference> - Influence on net sales (Annual) ¥1 fluctuation ⇒ approx.¥200 million - Influence on operating income (Annual) ¥1 fluctuation ⇒ approx.¥50 million
(\ Mil.)
Mar-16 Mar-17
result forecast
Net sales 44,850 45,000
Operating income 410 850
Income before tax 102 750
Net income 317 650
Income before tax ratio 0.2% 1.7%
¥120.16 ¥110.00Exchange rate(against the U.S. dollar)
20
Enquiry on IR
Corporate Planning Office, Nippon Dempa Kogyo. Co., Ltd.
Mail: [email protected]
We aim to raise corporate value by satisfying our customers through delivery of high-reliable and high quality products required by customers when in need at a reasonable price. We appreciate your continued support . Thank you for your kind attention.