Date post: | 06-Mar-2015 |
Category: |
Documents |
Upload: | yukiko-motohashi |
View: | 14 times |
Download: | 2 times |
First-half Financial Results for FY2011
Results for the period April 1, 2010—September 30, 2010
Takata Corporation IR officeTEL: 03-3582-9228November 12, 2010
■ Disclaimer
The information provided on these materials is not intended to be and should not be construed as an inducement to purchase or sell stock in Takata Corporation. You should make any investment decisions relating to the stock in Takata Corporation on the basis of your own assessment and judgment. The information in these materials includes forward-looking statements and forecasts, as well as historical results.Please be informed that such forward-looking statements and forecasts are not guarantees of future results, but rather are inherently risky and uncertain and therefore actual results may be materially different. Takata Corporation does not assume any responsibility for any damage resulting from the use of the information contained in these materials.
1
Contents
Pages:
2- 6
7-13
14-19
20-25
26-33
■ FY2011 first-half review ・・・・・
■ First-half consolidated financial highlights ・・・・・
■ Revised full-year forecasts and outlook ・・・・・
■ Investment highlights ・・・・・
■ Automobile and airbag production volumes ・・・・・
2
Review: Stronger competitiveness and revenue base
■ FY2009: Automobile production plunges in economic crisis■ FY2009: Automobile production plunges in economic crisis
Began comprehensive restructuring to reflect reduced demand (closed 1 U.S. plant)
Reduced personnel, SG&A, R&D and other fixed costs
Strengthened financial foundation
■ FY2010: OEM bankruptcies in US, Europe; growth in developing markets
Closed 1 European plant, 2 North American plants
Completed rationalization to enable profitability on sales of ¥300 billion
Carefully controlled capex
■ FY2011 first half: Output recovery in U.S and sustained growth in BRIC countries
Further efficiencies in cost of goods sold and expenses
Recovery in automobile production and Takata production volumes
New plants and overseas development to grow market share
3
Review: Financial performance
■ Operating profit margin : recovery to FY2008 levels
Net SalesUnit::100mill yen
Op marginUnit:%
2,439 2,582 2,402
1,5941,933
1,452
2,579 2,576
1,915
7.9%
7.1%
0.7%
6.9%
4.2%
0
1,000
2,000
3,000
4,000
5,000
6,000
'07/3 '08/3 '09/3 '10/3 '11/3 2Q
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%Second halfFirst halfOperating margin5,018 5,158
3,8543,509
Trends in consolidated sales and OP margin
4
Review: Higher efficiency and productivity
■ SG&A expenses (fixed costs) have continued to fall
FY2010 SG&A 36% lower than FY2008
■ Global employees numbers lower than FY2008
FY2010 employees 9% lower than FY2008
■ Higher gross profit per employee
Added value per employee trending upward (like-for-like currency basis)
31,600
30,000
28,400
33,000
35,00035,00035,900
20,000
25,000
30,000
35,000
40,000
'07/3 '08/3 2Q '08/3 '09/3 2Q '09/3 '10/3 2Q '11/3 2Q
0
100
200
300
400
500
600
700
800
'06/3 '07/3 '08/3 '09/3 '10/3 '11/ 2Q
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
SG&A expense
Sales to SG&A %
SG&A trends
2Q
Global employees
5
Review: Vehicle production and Takata product growth rates
■ Production now approaching 2008 levels (FY2008 = 100%)
■Vehicle output recovering after bottoming out in 2H 2009
40%
60%
80%
100%
120%
140%
08/3 1H 08/3 2H 09/3 1H 09/3 2H 10/3 1H 10/3 2H 11/3 1H
Vehicle Production: Global
Takata Global AB volume
Takata Global SB volume
6
Review: Market development in emerging economies
The Americas
■ Constructing new sled crash test facility
■ Opened third plant in Brazil
Europe
■ Began preparations for Russian plant
■ Opened plant in Morocco
Asia
■ Began construction of Tianjin, China plant
■ Began operations at plant in Northern
India
159
202
122
6846 56
70
118104
106
9489
8580
1019998
84
0
50
100
150
200
250
07 1H 07 2H 08 1H 08 2H 09 1H 09 2H 10 1H 10 2H 11 1H0
20
40
60
80
100
120CAPEX Depreciation
Entry into Russia
Test facility in Michigan, U.S.
Unit:100milCapex and depreciation
Plant at Neemrana, India
Construction at Tianjin CY2011
CY2012
CY2011
Planned opening
Tianjin plant
Russian plant
U.S. sled test facility
CAPEX item
7
FY2011 first–half consolidated financial highlights
8
Summary of first-half resultsUnit: 100 million yen
rounded down
197364.7%10213128Ordinary income
128-10299-3Net income
190386.1%10513227Operating income
-
-
21.4%
Change in %
162.33-113.82133.21Euro/Yen
119.40-88.9195.53US$/Yen
2,5813401,9331,593Net sales
08/3First half
For referenceChange in yen
(B-A)
11/3 First half
(A)
10/3 First half
(A)
Net sales
YoY exchange rate effect : ¥15.1 billion
2,5812,402
1,5931,933
151
0
500
1,000
1,500
2,000
2,500
08/3 2Q 09/3 2Q 10/3 2Q 11/3 2Q
Exchange rate effect
9
Unit: 100 million yen rounded downPrior to eliminations
Sales by region
151
-
-
21
86
60
-
Exchange rate effect
1,933
(351)
2,285
394
505
805
578
FY2011 First half
(B)
2,58121.4%3401,593Total
477--(321)Eliminations
3,05819.4%3701,914Subtotal
33916.5%55339Asia
70112.3%55450Europe
1,25624.2%156648Americas
76021.5%102476Japan
FY2008First half
For referenceChange
in %
Change in yen(B-A)
FY2010 First half
(A)
760 741476 578
1,256979
648805
701
749
450
505
339400
339
394
0
1,000
2,000
3,000
4,000
'08/3 2Q '09/3 2Q '10/3 2Q '11/3 2Q
Japan Americas Europe Asia
Sales composition by region
(prior to eliminations)
10
Sales by productExternal Sales
Unit: 100 million yen,rounded down
100%
24.9%
45.7%
29.4%
Composition
340
89
156
94
Change in yen(B-A)
1,933
481
882
569
11/3 First half
(B)
100.0%2,58121.4%100%1,593Total
27.8%71622.8%24.6%392Other
43.8%1,13121.6%45.6%726Airbag
28.4%73319.8%29.8%475Seat belts
Composition08/3
First half
For referenceChange
in %Composition
10/3 First half
(A)
Sales by product (external sales)
569
475
724
733
882
726
1,042
1,131
481
392
635
716
0 500 1000 1500 2000 2500
11/3 2Q
10/3 2Q
09/3 2Q
08/3 2Q
Seat belts Airbag Other
11
Operating income by regionUnit: 100 million yen, rounded down
Prior to eliminations
190386.1%10513227Total
10--(1)(1)Eliminations
180372.4%10513328Subtotal
4447.3%165235Asia
23-11100Europe
80-4817(30)Americas
32122.1%295323Japan
08/3 First half
For referenceChange in %
Change in yen(B-A)
11/3 First half(B)
10/3 First half(A)
Operating income by region
1.7%
3.9%
7.4%7.8%
6.9%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
'07/3 2Q '08/3 2Q '09/3 2Q '10/3 2Q '11/3 2Q
Operating income margin
3253
80
24
17
24
14
10
44
56
35
52
23
-3 -30
0
-50
0
50
100
150
'08/3 2Q '09/3 2Q '10/3 2Q '11/3 2Q
Japan Americas Europe Asia
12
OP margin by region
■ Contribution to operating income led by Asia and Japan
Unit:%
-10%
-5%
0%
5%
10%
15%
'08/3 1H '08/3 2H '09/3 1H '09/3 2H '10/3 1H '10/3 2H '11/3 1H '11/3 2H予
Japan N.A. Europe Asia
13
FY2011 first half operating income analysis
140
11
25
15 6
27
132
FY2010 FirstHalf
Sales impact Rationalization R&D Depreciation FX Rates FY2011 FirstHalf
■ Major contribution from higher sales
■ Negative impact on rationalization from increased in fixed costs (personnel, SG&A)
Unit: 100 million yen, rounded down
14
Revised full-year forecasts and outlookFY ending March 31, 2011
15
Summary of revised full-year forecasts
3,5093,7003,700
323
3,000
3,200
3,400
3,600
3,800
4,000
4,200
10/3 Full year 11/3 Full year(Previous forecast)
Nov. 4 Revision
Net sales
Exchange rate effect
--80 *9092.89FX rate US$/yen
--110 *120131.18FX rate Euro/yen
37.1%4617012469Net income
29.0%55245190156Ordinary income
25.0%50250200146Operating income
-03,7003,7003,509Net sales
Change in %
Change in yen(B-A)
11/3 Full year (B) (Revised Nov. 4)
11/3 Full year (A) (Previous forecast)
10/3 Full year
Unit: 100 million yen,rounded down
* 11/3 Second half forecast rate
YoY exchange rate effect : 32.3 billion yen
16
FY2011 forecasts: Sales by region
-03,7003,7003,509Total
---700(689)(698)Eliminations
0.3%114,4004,3894,208Sub total
1.1%9810801727Asia
(2.6%)(26)970996981Europe
0.5%81,4801,4721,433Americas
1.8%201,1401,1201,065Japan
Change in %
Change in yen(B-A)
11/3 Full year (B) (Revised Nov. 4)
11/3 Full year (A) (Previous forecast)10/3 Full year
Unit: 100 million yen,rounded down
Sales by region
(prior to elimination)
1,065 1,120
1,433 1,472
981 996 970
727801 810
1,140
1,480
0
1,000
2,000
3,000
4,000
5,000
'10/3 Full year '11/3 Full year(Previous forecast)
11/3 Full year(Revised Nov. 4)
Japan Americas Europe Asia
17
FY2011 forecasts: Operating income by regionUnit: 100 million yen,
rounded down
250
(3)
253
105
26
34
88
11/3 Full year (B) (Revised)
200
0
200
98
26
26
50
11/3 Full year (A) (Previous forecast)
50
-
53
7
0
8
38
Change in yen
(B-A)
25.0%
-
26.5%
7.1%
-
30.8%
76.0%
Change in %
(3)Eliminations
84Asia
150Sub total
146Total
13
(17)
70
10/3 Full year
Americas
Europe
Japan
Operating income by region (prior to eliminations)
7050
-17
2613
26
2684
98
105
88
34
-20
80
180
10/3 Full year 11/3 Full year(Previous forecast)
FY11/3 Full year(Revised)
Asia AmericasEurope Asia
18
FY2011 forecasts: Operating income analysisUnit: 100 million yen,
rounded down
■ Large contribution from higher sales:
¥19.1 bn YoY sales growth and exchange rate effect of approximately ¥32.3 bn
122
2110 13
36 250
146
10/3 Actual Sales impact Rationalization R&D Depreciation FX rates 11/3 Forecast
19
FY2011 forecasts: R&D, capex and depreciation expenses■ 11/3 Full-year forecast
愛知川
(30)
(30)
-
(20)
Change in yen
(B-A)
(23)
(22)
(12)
Net change w/o exchange
rate effect
150180174Depreciation and Amortization
170200102Capex
4.3%4.9%4.0%R&D ratio
160180141R&D expense
11/3 Full year (B)
(Revised)
11/3 Full year (A)
(Prev. forecast)10/3 Full year
Unit: 100 million yen rounded down
4.3%4.0%
4.4%4.9%
4.4% 4.3%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
FY06 FY07 FY08 FY09 FY10 FY11F
R&D Ratio
150
170
4.3%
160
11/3 Full year (B)
(Revised)
48%
34%
ー
48%
Progress (a/B)
7289Depreciation and Amortization
5846Capex
4.0%4.4%R&D ratio
7770R&D expense
11/3 First half (a)
10/3 First half
■ 11/3 1H actual
Capex is calculated on the basis of acquired fixed and intangible assets as recorded on consolidated statements of cash flow from investing activities.
20
INVESTMENT HIGHLIGHTS
A pioneer in automotive safety systems for more than 50 years
High market share as global Top 3 specialist automotive safety systems suppliers
Supplying global automakers, with overseas sales ratio of around 80%
Vertically integrated R&D, purchasing, manufacturing and sales structure in three global regions
High credit ratings: JCR: A Moody’s: A3
21
Takata: No. 2 worldwide
■ World’s 2nd largest specialist automotive safety systems supplier
■ Approximate 20% global market share in seat belts and airbags
Global Market Share
0 500 1,000
Company B (Jpn)
Company A (Jpn)
TRW(U.S.)
Takata
Autoliv (Eur.)
Automotive safety business
Other business
Source: Takata, March 2010Notes:
1)FY2009 amounts for Autoliv and TRW as disclosed in annual reports, converted to yen at US$1 = 83yen(end Sept. 2010)2)Results for Takata and other Japanese companies are consolidated sales for the year ended March 31, 20103)Automotive safety business includes airbags, seat belts, steering wheels and related products
Unit: billion yen
Other80%
Takata20%
Other80%
Takata20%
Seat belts
Airbags
Sales comparison with industry peers*Most recent disclosed results (converted to yen)
22
Takata: Forecast global vehicle production shows steady growth(IHS data)
■ FY2013 first-half production forecast up 16% on FY2008 first-half
■ China and other BRICs countries expected to grow, with recovery of production in North America and other mature markets
Unit: 1,000 vehicles
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
'08/3 1H '08/3 2H '09/3 1H '09/3 2H '10/3 1H '10/3 2H '11/3 1H '11/3 2H '12/3 1H '12/3 2H '13/3 1H '13/3 2H
Source: IHS (excluding trucks, as of November 2010)
23
Takata: Global customer base (FY2011 first half)
■ Consolidated sales composition by top customers
52% 48%
Sales composition by Japanese vsnon-Japanese customers
JapaneseNon-Japanese
100%
48%
52%
Daimler
Ford
Toyota
Honda
‘09/3
100%
51%
49%
Daimler
Ford
Toyota
Honda
‘10/3
100%100%Total
53%49%Other
47%51%Top 4
NissanGM4
FordFord3
ToyotaToyota2
HondaHonda1
‘11/3 2Q‘08/3Rank
0%
50%
D3 Other
■ U.S. D3 (Chrysler, Ford, GM) : Takata sales composition in Americas
■ Europe G3 (BMW, Daimler, VW Group): Takata sales composition in Europe
0%
50%
G3 Other
24
Takata: Overseas sales ratio 80%; limited FX impact
■ Overseas sales ratio at around 80%, with R&D and local production structure in three regions
■ Optimal regional production with high in-house supply
●●
●●
●●●
●
●
● ▲ ■●
●
●●
●
●
●
●
●
▲
●●●●▲
●
●
●
●
Overseas sales ratio 79%
Japan21.0%
Americas39.3%
Europe23.5%
Asia16.2%
46 plants in 17 countriesEmployees: 31,657
●
(FY2011 first half)
25
Takata: Airbags high proportion of product segments
Other 24.9%Airbags 45.7%Seat belts 29.4%
(FY2011 first half)
26
Looking ahead:
Global vehicle production growth and Takata’s airbag sales
27
Forecast vehicle production growth FY2008—FY2011
■ Recovery in North America; growth in South America, China
■ Lower domestic sales in Germany but strong exports; variable but moderate
recovery in Japan
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
China North America South America Germany Japan
'08/3'09/3'10/3'11/3 F'12/3 F'13/3 F
Source: IHS (excl. trucks, as of November 2010); South America refers to Brazil and Argentina
Unit: 1,000 vehicles
28
Takata: Product segments driving growth
■ Airbag market is expanding (airbag sales composition up 8 percentage points)
Side AirbagFrontal AirbagInflator Curtain Airbag
Other25%
Seat belts30%
Airbags45%
FY2011 first half
Change in sales composition by product segment
FY2006
Airbags37%
Seat belts33%
Other30%
29
Takata: Growth in curtain & side airbag production
■ Chart shows growth rates in global vehicle production and Takata airbag production where FY2008 = 100
■ Side and curtain airbag production growth is ahead of recovery in vehicle production
40%
60%
80%
100%
120%
140%
160%
'08/3 1H '08/3 2H '09/3 1H '09/3 2H '10/3 1H '10/3 2H '11/3 1H
Global vehicle production
Takata front airbag production
Takata side airbag production
Global vehicle production volumes and Takata airbag production (Data: Takata)
Source: Global vehicle production IHS (excl. trucks, as of November 2010)
30
Americas: Airbag regulations in North & South America
North America: Side, curtain airbag adoption ratesNorth America
AmericaRevision of Federal Motor Vehicle Safety
Standard 214Stricter side airbag regulations
(offset pole impact testing, etc.)
From Sept. 1 2010(2011MY):20%From Sept. 1 2011(2012MY):40%From Sept. 1 2012(2013MY):60%From Sept. 1 2013(2014MY):80%From Sept. 1 2014(2015MY):100%
※ Vehicles under 3,855kg
200
250
300
350
400
CY2010 F CY2011F CY12F CY13F CY14F
0%
20%
40%
60%
80%
100%
120%
Vehicle production (left)
Frontal airbag adoption (right)
Brazil: Frontal airbag adoption rate
50%
60%
70%
80%
90%
100%
CY08F CY09F CY10F CY11F CY12F
Side AB
Curtain AB
Unit: 10,000 vehicles
Source: Takata estimates from IHS data (excl. trucks, as of November 2010)
South AmericaBrazilCompulsory fitting of frontal airbags in
passenger and light commercial vehicles(Legalized in April 2009)
From Jan. 1 2010 Progressive application to existing models
From Jan. 1 2011 Progressive application to new models
From Jan. 1 2014 100% application to all models
ArgentinaCompulsory fitting of frontal airbags in
passenger and light commercial vehicles(Legalized in November 2009)
From Jan. 1 2010 Progressive application to all models
From Jan. 1 2014 Applicable to all modelsSource: IHS (vehicle production excl. trucks, as of Nov. 2010): Takata estimates (adoption rates)
31
Americas: Vehicle production and Takata airbag production
■ Americas: Chart shows growth rates in vehicle production and Takata airbag production where FY2008 = 100
• North America: Takata airbag volumes growing with recovery of vehicle production
• South America: Takata airbag volumes expected to grow with compulsory airbag adoption in Brazil and Argentina
20%
40%
60%
80%
100%
120%
140%
160%
'08/3 1H '08/3 2H '09/3 1H '09/3 2H '10/3 1H '10/3 2H '11/3 1H '11/3 2He
Americas: Vehicle production
Takata: Americas f rontal airbag production
Takata: Americas side airbag production
Americas: Growth rates in vehicle production and Takata airbag production (Data: Takata)
Source: Vehicle production IHS (excl. trucks, as of November 2010)
32
China: Safety standards and forecast airbag production
■ China: Airbag adoption rates expected to grow concomitant with higher safety consciousness
■ China New Car Assessment Program discloses results of safety appraisals
Forecast total airbag production and frontal airbag
adoption rates in ChinaChina New Car Assessment Program
CNCAP
Aim is to lift safety based on publishing results of impact tests
Appraisal items include front impact, side impact and safety equipment levels
Overall points and star rating published on the internet
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
50,000
CY10F CY11F CY12F CY13F CY14F60%
62%
64%
66%
68%
70%
72%
74%
76%
78%
80%
China: Airbag production
Passenger airbag adoption rate
Driver airbag adoption rate
Source: Takata estimates from IHS data (excl. trucks, as of November 2010)
33
China: Vehicle production and Takata airbag production
■ Chart shows growth rates in vehicle production and Takata airbag production where FY2008 = 100
50%
100%
150%
200%
250%
300%
350%
400%
450%
'08/3 1H '08/3 2H '09/3 1H '09/3 2H '10/3 1H '10/3 2H '11/3 1H '11/3 2He
China: Vehicle production
Takata: China f rontal airbag production
Takata: China side airbag production
Source: Vehicle production IHS (excl. trucks, as of November 2010)
Growth rates in vehicle production and Takata airbag production (Data: Takata)
34
Message for the future
Our mission – your safety.
We embrace the pioneer spirit of our founder and are motivated by the preciousness of life.
PhilosophyPhilosophy
Our DreamOur Dream
To communicate openly and effectively.To adhere to Sangen-shugi. To be committed in everything we do.
A society with zero fatalities from traffic accidents.
Takata WayTakata Way