Bridgestone Corporation · TSE:5108
Bridgestone — H1 2021 Earnings Presentation
21 slides from Bridgestone's earnings presentation, Aug 10, 2021
Slide 1: Financial Results for 1st Half of Fiscal 2021
Financial Results for 1st Half of Fiscal 2021 Bridgestone Corporation August 10, 2021
Slide 2: Agenda
1. Business and Financial Performance ･･･ 2 for 1st Half of Fiscal 2021 2. Consolidated Projection for Fiscal 2021 ･･･ 13 3. Revision of Dividend Forecast ･･･ 18 1/19
Slide 3: 1. Business and Financial Performance for 1st Half of Fiscal 2021
1. Business and Financial Performance for 1st Half of Fiscal 2021 2/19
Slide 4: Overview of the Performance and Key Initiatives in 1st Half of Fiscal 2021
Overview of the Performance and Key Initiatives in 1st Half of Fiscal 2021 Overview of the Performance in 1st Half Both sales and profit increased significantly year-on-year as global tire demand recovered and sales increased mainly in REP. The impact of raw material inflation was offset by the
Slide 5: Business Environment Surrounding Bridgestone Group
Business Environment Surrounding Bridgestone Group Currency USD/JPY remained at the same level as PY, while EUR appreciated against JPY. Exchange 1USD = 108 yen, 1EUR = 130 yen (Reference) 1H’20 1USD = 108yen, 1EUR = 120yen Raw Material Natural Rubber - Inflation since last year subsided sligh
Slide 6: Tire Sales Growth for 1st Half of Fiscal 2021 (vs. PY / vs. 2019)
Tire Sales Growth for 1st Half of Fiscal 2021 (vs. PY / vs. 2019) PSR/LTR TBR ORR vs. PY vs. 2019 vs. PY vs. 2019 vs. PY vs. 2019 Global 124％ 90% Global 124％ 97% Ultra-Large 103％ 90％ (only REP) OE OE Global 131% 83% Global 145% 90% Large 129％ 104％ OE 182% 91% Japan 112% 84% Japan 125% 111% REP 118%
Slide 7: Consolidated Results for 1st Half of Fiscal 2021
Consolidated Results for 1st Half of Fiscal 2021 (Yen in billions) IFRS 2020 1H 2021 1H vs. PY (%) Results 1Q vs. PY (%)(*2) 2Q vs. PY (%) (*2) Results (*1) (*1) (*2) Revenue 1,262.9 756.9 +7 811.9 +46 1,568.8 +24 Adjusted Operating Profit 37.5 82.3 +79 93.8 - 176.2 +369 Margin 3.0% 10.9% +4.3pp 11.
Slide 8: Analysis of Adjusted Operating Profit for 1st Half of Fiscal 2021
Analysis of Adjusted Operating Profit for 1st Half of Fiscal 2021 (Yen in billions) Conversion Cost *2 Foreign Exch. +75.0 Gain Others +3.0 (5.4) 176.2 Operating LA Currency Volume Expenses *3 Depreciation +84.0 (23.0) (7.0) *2 - Effect of Improvement in Gemba operation at production sites +12.0 Imp
Slide 9: Consolidated Financial Results by Segment
Consolidated Financial Results for 1st Half of Fiscal 2021 by Segment (Yen in billions) IFRS 2020 1H Results 2021 1H Results vs. PY (%) Consolidated Revenue 1,262.9 1,568.8 +24 Japan 409.1 455.8 +11 Americas 526.3 669.8 +27 Europe, Russia, Middle East, India and Africa 241.3 330.7 +37 China, Asia-Pa
Slide 10: Consolidated Financial Results by Product (Tire Business)
Consolidated Financial Results for 1st Half of Fiscal 2021 by Product (Tire Business) (Yen in billions) IFRS 2020 1H 2021 1H vs. PY (%) Results Results Revenue 629.2 789.4 ＋25 Adjusted OP 9.8 112.1 - PS/LT * incl. retail and credit card business Margin 1.6% 14.2% ＋12.6pp Revenue 298.2 370.0 ＋24 Adju
Slide 11: Consolidated Financial Results by Product (Diversified Products Business)
Consolidated Financial Results for 1st Half of Fiscal 2021 by Product (Diversified Products Business) (Yen in billions) IFRS Sports / Cycle Biz - Revenue: 38.7 - Adjusted OP: 1.3 Diversified Products Business Chemical & Industrial - Revenue: 179.7 Diversified Products Biz Products Biz in Americas (A
Slide 12: B/S and C/F Highlights for 2nd Quarter of Fiscal 2021
B/S and C/F Highlights for 2nd Quarter of Fiscal 2021 (Yen in billions) IFRS 2020 Results 2021 2Q Results vs. Dec. 31, 2020 (as of Dec. 31, 2020) (as of Jun. 30, 2021) Total Assets 4,189.3 4,436.4 +247.1 Total Equity 2,195.3 2,624.0 +428.7 Equity Ratio (%) 51.3% 58.2% +6.9pp Interest-Bearing Debt 〈N
Slide 13: Adjusted Items and Profit from Discontinued Operations
Adjusted Items and Profit from Discontinued Operations for 1st Half of Fiscal 2021 2021 1H Results (Yen in billions) 1) Adjusted Items Revenue 1,568.8 (Yen in billions) Adjusted Operating Profit 176.2 Adjusted Items 6.5 Main Items Business and plant Expenses related to the closure and Adjusted Items
Slide 14: 2. Consolidated Projection for Fiscal 2021
2. Consolidated Projection for Fiscal 2021 13/19
Slide 15: Business Environment Assumptions for Fiscal 2021
Business Environment Assumptions for Fiscal 2021 Forecast of Business Environment Currency USD expected to appreciate against JPY compared with Feb assumption (1USD=103 yen) Exchange EUR expected to appreciate against JPY compared with Feb assumption (1EUR=126 yen) Raw Material Both natural ru
Slide 16: Tire Sales Growth Projections for Fiscal 2021
Tire Sales Growth Projections for Fiscal 2021 PSR/LTR TBR ORR Global 111~115% Global 116~120% Ultra-Large 106~110% (only REP) OE OE Large 131~135% Global 111~115% Global 131~135％ OE 216~220% Japan 111~115% Japan 126~130% REP 116~120% N. America 121~125% N. America 126~130% Small & Medium 126~130% Eu
Slide 17: Consolidated Projections for Fiscal 2021
Consolidated Projections for Fiscal 2021 (Yen in billions) 2020 2021 IFRS (Ref. Feb 16, 2021 Announcement) (*) vs. PY (%) Results Projections 2021 Projections Revenue 2,805.4 3,320.0 +18 3,010.0 Adjusted Operating Profit 194.9 360.0 +85 260.0 Margin 6.9% 10.8% +3.9pp 8.6% Profit Attributable to Owne
Slide 18: Analysis of Adjusted Operating Profit for Fiscal 2021
Analysis of Adjusted Operating Profit for Fiscal 2021 Conversion (Yen in billions) Cost +80.0 Foreign Others Exch. Gain +50.1 360.0 Volume +127.0 +17.0 Impact of the Operating LA Currency Sale of FSBP Expenses * Depreciation Raw 222.9 (28.0) Materials (89.0) (13.0) Mix 194.9 (84.0) Price +18.0 * inc
Slide 19: 3. Revision of Dividend Forecast
3. Revision of Dividend Forecast 18/19
Slide 20: Revision of Dividend Forecast
Revision of Dividend Forecast Basic Dividend Policy The Company follows a basic policy of striving to achieve continuous increases of dividend payment amount through a stable consolidated payout ratio of 40% by sustainably enhancing our corporate value, while comprehensively evaluating factors inc
Slide 21: Copyright © Bridgestone Corporation
Statements made in this presentation with respect to Bridgestone's current plans, estimates, strategies and beliefs and other statements that are not historical facts are forward-looking statements about the future performance of Bridgestone. Forward-looking statements include, but are not limited t