23
FY3/2017 Financial Results Presentation May 23, 2017 The Nisshin OilliO Group, Ltd. 1
FY3/2017
Financial Results Presentation
May 23, 2017
The Nisshin OilliO Group, Ltd.
1
Summary of Financial Results for FY3/2017 and
Plans for FY3/2018
Takao Imamura President and Representative Director
2
Net sales 324,909 327,836 -0.9% 337,148 -3.6%
Operating income 10,234 7,129 +43.6% 5,103 +100.5%
Ordinary income 10,334 7,370 +40.2% 5,058 +104.3%
Net income
attributable to the
parent's shareholders7,569 5,020 +50.8% 2,276 +232.6%
FY3/2017
Change (%)
FY3/2016
Change (%)
FY3/2014
(Million yen)
Consolidated Financial Results for FY3/2017
3
2013年度 2014年度 2015年度 2016年度
Trend in Operating Income • Continuous earnings growth was achieved over the three years covered by the Medium-Term Management Plan through FY3/2017
Key Point
5.1 5.6
10.2
4.7
4.2
1.3
7.1
3.0
3.0
1.1
2.8
2.2
0.5
2.5
2.0
0.6
(Billion yen) Segment Initial goal Results
Oil and Meal Business, and Processed Food Business
Domestic Oil and Fat
Achievement of stable earnings
Made progress in structure reforms by deploying high value-added products, improving earnings in standard oils category, and reducing costs
Healthy Foods and Others
Create new businesses and global brands in the medium-chain triglycerides business
Expanded lineup of health-related products that use MCT, and develop market for elderly and nursing care
Processed Oil and Fat Business
Steady expansion of earnings as second pillar after the domestic oil and fat business
Fortified a global platform for growth centered on Intercontinental Specialty Fats (ISF), Daito Cacao Co., Ltd., and T.&C. Manufacturing Co., Pte. Ltd.
Fine Chemical Business
Further expansion in business scale and advancement of globalization
Expanded sales of raw materials for cosmetics in China through the establishment of a local subsidiary
Review of Medium-Term Management Plan (FY3/2015 to FY3/2017)
FY3/2014 FY3/2015 FY3/2016 FY3/2017
Fine Chemical Processed Oil and Fat
Oil, meal, and processed food, and others
4
「2016年度までの3年間の意味になるように修正してください。」との
ことでしたが、ネイティブに確認したところ、その意味になっていますとのことでした。
和文：2016年度までの3年間の中期経営計画では、連続した増益を達成
5
2013年度 2014年度 2015年度 2016年度
Trend in Profit in High Value-Added Categories
Fine Chemical Processed Oil and Fat
Oil, meal, and processed food
Profit in high value-added categories increased 22% from FY3/2014
* Profit represents profit on sales, a profit indicator for internal management purposes, calculated as gross profit less direct operating expenses and certain other items.
Key Point
100 110
122
Results from FY3/2015 to FY3/2017, with results for FY3/2014 indexed as 100.
High value-added products as a percentage of consolidated profit FY3/2017 Results
56%
Standard products and others
18%
17%
9%
High value-added products as a percentage of profit from household-use products FY3/2017 Results
62%
Standard products and others
38% High value-added categories
42
37
21
44
42
24
48
48
26
43
37
21
101
FY3/2014 FY3/2015 FY3/2016 FY3/2017
Business Structural Reform through Nurturing of High Value-Added Categories
下線部英文ご確認ください。
6
Net sales 340,000 324,909 +15,090 +4.6%
Operating income 10,000 10,234 -234 -2.3%
Ordinary income 10,000 10,334 -334 -3.2%
Net income
attributable to the
parent's shareholders6,500 7,569 -1,069 -14.1%
FY3/2018 Forecasts
YoY
Change % Change
FY3/2017 Results(Million yen)
FY3/2018 Consolidated Earnings Forecasts
Factors Impacting Operating Income
販売数量の増加
市況変動など
販管費・その他
子会社利益の増減
＋１６.0
△１０.０
△０．５
国内加工油脂
海外加工油脂
連結調整
加工油脂
△４.０
＋０.０
＋０.０
２０１６年度
営業利益 １０２.５億円△２.５億円
ﾌｧｲﾝｹﾐｶﾙ
＋１.５
その他・調整
＋１.０
＋０.５
△６.５
△４.５
２０１7年度
営業利益 １００.０億円
油脂・油糧および加工食品
＋０.５
販売単価 ＋６５.０ 原価変動 △７５.０
販売数量増加に伴う物流費・販促費等の増加
インドネシア合弁事業での費用増加など
付加価値カテゴリーでの拡販など
FY3/2017 Operating income
10.25 Billion yen FY3/2018 Operating income
10.00 Billion yen - 0.25
Billion yen
Other/Corporate
Fine Chemical
Processed Oil and Fat
Oil and Meal and processed food
7
Increase in sales volume
Changes in market conditions, etc.
SG&A expenses and others
Change in subsidiaries’ profit
Expand sales in high value-added categories, etc.
Unit sales prices +6.50 Cost fluctuations - 7.50
Increases in logistics, sales promotion and other expenses in line with increased sales volume
Domestic processed oil
and fat Overseas processed oil and fat
Consolidation adjustment
Increase in expenses in the Indonesian joint venture business, etc.
+ 1.60
+ 0.15
+ 0.05
+ 0.0
- 1.00
- 0.65
- 0.45
+ 0.00
+ 0.00
+ 0.05
+ 0.10
- 0.40
Operating income 10.2 10.0 13.0 Billion
ROE 6.3 5.2 7.0 %
EPS growth rate 222 190 300 Yen per
share
Operating cash
flow13.7 11.5 50.0 Billion
FY3/2018 FY3/2021FY3/2017
Four-year total through FY3/2021
CAGR of 8%
Targets
8
* The Company plans to consolidate its shares of common stock at the ratio of five shares to one share as of October 1, 2017. For 2017, the Company plans to pay an interim dividend of 6 yen per share and a year-end dividend of 30 yen per share after the consolidation of its shares.
In order to appropriately return the benefits of earnings growth to shareholders, we have adopted a dividend payout ratio of 30% and have set an annual dividend of 12 yen per share for FY3/2018, an increase of 2 yen.
Net income
Dividend payout ratio
Billion yen
Dividend Policy
0%
30%
60%
90%
0
20
40
60
80
2014年度 2015年度 2016年度 2017年度
(計画)
FY3/2015 FY3/2016 FY3/2017 FY3/2018 Annual
dividend
9
¥10 per share ¥10 per share ¥10 per share ¥12 per share*
Summary of Financial Results for FY3/2017
(Year Ended March 31, 2017)
Nobuyuki Watanabe General Manager, Financial Department
10
Summary of Consolidated Financial Results for FY3/2017 (Year Ended March 31, 2017)
Net sales 324,909 327,836 -2,926 -0.9%
Operating income 10,234 7,129 +3,104 +43.6%
Ordinary income 20,334 7,370 +2,963 +40.2%
Net income
attributable to the
parent's shareholders7,569 5,020 +2,549 +50.8%
FY3/2017YoY
Change % Change
FY3/2016(Million yen)
11
Consolidated Results by Business Segments
Oil and Meal 209.4 5.1 217.9 3.1 -3.9% +65.2%
Processed Oil and Fat 87.6 4.1 83.2 2.9 +5.3% +41.3%
Fine Chemical 16.8 1.2 15.5 1.1 +8.4% +15.4%
Healthy Foods 7.2 -0.3 7.2 0.0 +0.4% -
Other / Corporate 3.5 -0.0 3.8 -0.0 -6.0% -
Consolidated total 324.9 10.2 327.8 7.1 -0.9% +43.6%
Percentage of overseas sales 21.0% 19.5% +1.5%
% Change
Net SalesOperatingincome
FY3/2016
Net SalesOperatingincome
FY3/2017
Net SalesOperating
income(Billion yen)
12
Factors Impacting Operating Income (Results)
販売数量の増加
市況変動など
販管費・その他
子会社利益の増減
＋５.５
△０．５
油脂・油糧
＋２０.５
国内加工油脂
海外加工油脂
連結調整
加工油脂
＋１２.５
＋１.５
＋２.５
＋１１.５
搾油採算の改善、
コストに見合う適正価格での販売
減価償却費、広告費等の増加
欧州向け付加価値型パーム製品の拡販
化粧品原料および中鎖脂肪酸油の販売好調
中鎖脂肪酸の事業強化に向けた通販関係の販促費増加など
オリーブオイル、ごま油などの付加価値商品の拡販
２０１５年度
営業利益 ７１.５億円 ＋31.０億円
ﾌｧｲﾝｹﾐｶﾙ
ﾍﾙｼｰﾌｰｽﾞ
＋２３.０
ﾏｰｶﾞﾘﾝ、ﾁｮｺﾚｰﾄ油脂等の拡販、製菓原料(調整品)の利益減
△３.５
２０１６年度
営業利益 １０２.５億円
その他・調整
△１.0
＋０.０
△２.０
△7.0
FY3/2017 Operating income 10.25 Billion yen + 3.10 Billion yen
Other/Corporate
Fine Chemical
Processed Oil and Fat
Oil and Meal
FY3/2016 Operating income 7.15 Billion yen
Healthy Foods
13
Increase in sales volume
Changes in market conditions, etc.
SG&A expenses and others
Change in subsidiaries’ profit
Expanded sales of high value-added products such as olive oil and sesame oil
Improved oil extraction profits, sales at optimal prices in line with costs
Increases in depreciation and amortization, advertising costs and other expenses
Domestic processed oil and fat
Overseas processed oil and fat
Consolidation adjustment
Expanded sales of margarine, specialty fats, and other products, while profit decreased for confectionery ingredients (premix products)
Expanded sales of high value-added palm oil products for Europe
Solid sales of raw materials for cosmetics and medium-chain triglycerides
Increase in sales promotion expenses related to the mail order business to strengthen the medium-chain triglycerides business, etc.
+ 2.30
- 0.70
+ 0.55
- 0.10
- 0.20
+ 1.15 + 0.25
+ 0.15
- 0.35
+ 2.05
+ 1.25
下線部英文ご確認ください。
+0.00
Source: Bloomberg
Source: The Daily “Yushitokuhou” Source: Bloomberg
14
Status of Oil and Meal (1)
Status of Oil and Meal (2)
15
Status of Processed Oil and Fat
16 Source: Bloomberg
Status of Fine Chemical and Healthy Foods
17
Status of Balance Sheet
18
19
Status of Cash Flows
[Reference materials]
20
* Figures for The Nisshin OilliO Group, Ltd.
21
Trends in Raw Materials and Meal Prices: Soybean
Soybean raw material prices (USD/t) Soybean raw materials prices (¥/t) Soybean meal selling prices (¥/t)
Indexed with April-September 2011 set as 1.0.
22
Rapeseed raw materials prices (USD/t) Rapeseed raw materials prices (¥/t) Rapeseed meal selling prices (¥/t)
Indexed with April-September 2011 set as 1.0.
Trends in Raw Materials and Meal Prices: Rapeseed
* Figures for The Nisshin OilliO Group, Ltd.
23
Trends in Selling Prices for Main Oil and Fat Products
Indexed with April-September 2011 set as 1.0.
* Figures for The Nisshin OilliO Group, Ltd.
