Kureha Corporation · TSE:4023
Kureha — H1 FY2009 Earnings Presentation
32 slides from Kureha's earnings presentation, Nov 17, 2009
Slide 1: Kureha Corporation Reports Interim Results
Kureha Corporation Reports Interim Results April - September 2009 Tokyo, Japan – November 2009 – Leading specialty chemicals and plastic products company, Kureha Corporation (“Kureha”), has reported earnings for the half-year period ended September 30, 2009. On a consolidated basis, operating income
Slide 2: Consolidated interim performance
Consolidated interim performance (¥ million, except where stated) Division Sept. 2009 Sept. 2008 Change (%) Advanced materials Sales 13,998 20,278 -31 Operating income -911 1,377 - Specialty chemicals Sales 14,248 17,419 -18 Operating income 1,141 2,944 -61 Specialty plastics Sales 20,978 22,754 -8
Slide 3: Specialty Chemicals Division and Specialty Plastics Division
Specialty Chemicals Division Major product areas – industrial chemicals, agrochemicals, pharmaceuticals Specialty Chemicals Division sales were down 18% YoY to ¥14.2 billion, with divisional operating income declining 61% to ¥1.1 billion. Industrial chemicals demand weakens Sales of industrial chemi
Slide 4: Outlook and Other Operations Division
Outlook: For the full fiscal year, divisional sales are forecast to decline marginally to ¥42.0 billion, down from ¥43.5 billion during the previous fiscal year. Operating income is forecast to decline to ¥1.3 billion, down from ¥1.7 billion, due to an increase in depreciation and intensifying compe
Slide 5: R&D expenditure and outlook for the full year
R&D expenditure was down slightly from ¥3.0 billion to ¥2.8 billion, but is projected to reach ¥6.5 billion for the full fiscal year. Interest-bearing debt has continued to increase, although this trend is in line with Kureha’s expectations. Outlook for the full year (¥ million, except where stated)
Slide 6: Condensed interim balance sheets and income statement
Condensed interim balance sheets As of 30 September 2009 and 2008 ¥ million Sept. 2009 Sept. 2008 Assets Current assets 65,261 72,362 Cash and cash equivalents 7,480 5.633 Fixed assets 116,643 122,935 Property, plant and equipment 77.645 74,804 Intangible assets 882 1,226 Investments and other asset
Slide 7: Interim Results for the Financial Year Ending March 31, 2010
Interim Results for the Financial Year Ending March 31, 2010 November 17, 2009
Slide 8: Contents
Contents 1. Consolidated Companies (2)～(3) 2. Interim Results for the Financial Year 2009 (4) ・Financial Highlights (5)～(6) ・Key Indicators (7) ・Consolidated Net Sales and Operating Income by Segment (8)～(11) ・Balance Sheets (12) ・Analysis of Recurring Income (13)～(14) ・Breakdown of Extraordinary In
Slide 9: Consolidated Companies
Consolidated Companies （Unit :100million yen） FY2009 Interim FY2008 Interim Increase/decrease Net sales Total assets Net sales Total assets Net sales Total assets Kureha Corporation 385 1,463 453 1,512 -68 -49 Nishiki Trading Co., Ltd. and one group company 139 119 166 128 -27 -10 Advanced Kureha Co
Slide 10: Consolidated Companies
Consolidated Companies （Unit:100 million yen) FY2009 Interim FY2008 Interim Increase/decrease Net sales Total assets Net sales Total assets Net sales Total assets Other Kureha Ecology Management Co., Ltd. 16 38 27 45 -11 -7 Operations Kureha Special Laboratory Co., Ltd. 6 7 8 7 -2 0 Kureha Engineeri
Slide 11: Interim Results for the Financial Year 2009
２. Interim Results for the Financial Year 2009 (4)
Slide 12: Financial Highlights (Comparison with same period in FY2008)
Financial Highlights (Comparison with same period in FY2008) (Unit:100 million yen) FY2009 Interim FY2008 Interim Increase/decrease (Ratio) Non- Non- Non- Consolidated Ratio Consolidated Ratio Consolidated Consolidated Consolidated Ccnsolidated Net sales 597.2 384.6 1.6 736.5 452.5 1.6 -139.3 -18.9%
Slide 13: Financial Highlights (Comparison with estimates from May)
Financial Highlights (Comparison with estimates from May) (Unit:100 million yen) FY2009 Interim FY2009 Interim (as est. in May) increase/decrease (Ratio) Non- Non- Non- Consolidated Ratio Consolidated Ratio Consolidated consolidated consolidated consolidated Net sales 597.2 384.6 1.6 640.0 390.0 1.6
Slide 14: Key Indicators (Comparison with same period in FY2008)
Key Indicators (Comparison with same period in FY2008) (Unit:100 million yen) FY2009 Interim FY2008 Interim Increase/decrease (Ratio) Non- Non- Non- Consolidated Consolidated Ratio Consolidated Consolidated Ratio Consolidated consolidated Capital expenditure 66 41 1.6 85 48 1.8 -20 -23% -6 -13% Depr
Slide 15: Advanced Materials
Consolidated Net Sales and Operating Income by Segment Advanced Materials (Unit:100 million yen) FY2009 Interim FY2008 Interim Increase/decrease results results (Ratio) Carbon products 31 39 -9 -22% Kureha Advanced plastics 57 79 -22 -27% Consolidated Others 12 19 -7 -36% net sales Total 100 137 -37
Slide 16: Specialty Chemicals
Consolidated Net Sales and Operating Income by Segment Specialty Chemicals (Unit:100 million yen) FY2009 Interim FY2008 Interim Increase/ decrease results results (Ratio) Industrial chemicals 48 53 -5 -9% Kureha Agrochemicals 22 41 -19 -46% Consolidated Pharmaceuticals 44 46 -2 -5% net sales Total 1
Slide 17: Specialty Plastics
Consolidated Net Sales and Operating Income by Segment Specialty Plastics (Unit: 100 million yen) FY2009 Interim FY2008 Interim Increase/ decrease results results (Ratio) Food packaging materials 53 50 2 5% Kureha Household products 108 111 -4 -3% Fishing lines 5 5 -1 -11% Consolidated Others 5 7 -3
Slide 18: Other Operations
Consolidated Net Sales and Operating Income by Segment Other Operations (Unit: 100 million yen) FY2009 Interim FY2008 Interim Increase/ decrease results results (Ratio) Environmental engineering 22 35 -13 -38% Construction- related business 105 116 -11 -9% Consolidated Construction- net sales Kureha
Slide 19: Balance Sheets
Balance Sheets 1.Assets (Unit: 100 million yen) As of Sep.30,2009 As of Mar.31,2009 Increase/decrease Non- Non- Non- consolideted consolideted consolideted consolidated consolidated consolidated Cash and cash equivalents 75 31 73 44 2 -13 Accounts and notes receivable-trade 247 154 301 164 -55 -10 I
Slide 20: Analysis of Recurring Income (Comparison with same period in FY2008)
Analysis of Recurring Income （Comparison with same period in FY2008) (Unit: 100million yen） FY2009 Interim FY2008 Interim Change Kureha 12.8 316% 43.8 80% -31.0 Recurring Consolidated subsidiaries -1.9 -47% 14.8 27% -16.7 income Equity-method affiliates 1.5 36% 2.3 4% -0.8 Consolidation adjustments
Slide 21: Analysis of Recurring Income (Comparison with estimates from May)
Analysis of Recurring Income (Comparison with estimates from May) (Unit:100 million yen) FY2009 Interim FY2009 Interim(as est. in May) Change Kureha 12.8 316% 7.0 350% 5.8 Recurring Consolidated subsidiaries -1.9 -91% 1.0 50% -2.9 income Equity-method affiliates 1.5 36% 0.6 30% 0.9 Consolidation adj
Slide 22: Breakdown of Extraordinary Income/Losses
Breakdown of Extraordinary Income/Losses (Unit:100 million yen） FY2009 Interim FY2008 Interim Increase/decrease Non- Non- Non- Consolidated Consolidated Consolidated Consolidated Consolidated Consolidated Income from sales of 2.0 5.4 0.1 - 1.9 5.4 Extradinary investment securities income Others 1.4
Slide 23: Cashflow
Cashflow (Unit: 100 million yen) FY2009 Interim FY2008 Interim Increase/decrease Non- Non- Non- Consolidated consolidated Consolidated consolidated Consolidated consolidated Pre-depreciation profit 56 56 88 69 -32 -13 Increase/decrease in 26 4 -21 -20 47 23 Cashflow from assets and liabilities Opera
Slide 24: Estimates for the Financial Year ending March 2010
３. Estimates for the Financial Year ending March 2010 (17)
Slide 25: Estimated Figures
Estimated Figures ＜Comparison with FY2008＞ （ Unit: 100 million yen） FY2010(as est in Nov.) FY2009 Increase/decrease (Ratio) Non- Non- Non- Consolidated consolidated Ratio Consolidated consolidated Ratio Consolidated consolidated Net sales 1,320 860 1.5 1,437 866 1.7 -117 -8.2% -6 -0.7% Operating inc
Slide 26: Key Indicators
Key Indicators (Unit: 100 million yen) FY2010(as est in Nov.) FY2009 Increase/decrease (Ratio) Non- Non- Non- Consolidated consolidated Ratio Consolidated consolidated Ratio Consolidated consolidated Capital expenditure 180 89 2.0 178 117 1.5 2 1% -28 -24% Depreciation 113 90 1.3 103 80 1.3 10 10% 1
Slide 27: Advanced Materials
Consolidated Net Sales and Operatin Income by Segment Advanced Materials (Unit: 100 million yen) FY2010 FY2010 increase/decrease FY2009 increase/decrease (as est. in Nov.) (as est. in May) (Ratio) (Ratio) Carbon products 67 98 -31 -32% 78 -11 -14% Kureha Advanced plastics 116 106 10 9% 118 -2 -2% Co
Slide 28: Specialty Chemicals
Consolidated Net Sales and Operatin Income by Segment Specialty Chemicals (Unit: 100 million yen) FY2010 FY2010 increase/decrease FY2009 increase/decrease (as est. in Nov.) (as est. in May) (Ratio) (Ratio) Industrial chemicals 103 108 -5 -5% 103 0 0% Kureha Agrochemicals 67 64 3 5% 74 -7 -10% Consol
Slide 29: Specialty Plastics
Consolidated Net Sales and Operatin Income by Segment Specialty Plastics (Unit: 100 million yen) FY2010 FY2010 increase/decrease FY2009 increase/decrease (as est. in Nov.) (as est. in May) (Ratio) (Ratio) Food packaging materials 110 114 -4 -4% 100 10 10% Kureha Household products 222 225 -3 -1% 229
Slide 30: Other Operations
Consolidated Net Sales and Operatin Income by Segment Other Operations (Unit: 100 million yen) FY2010 FY2010 increase/decrease FY2009 increase/decrease (as est. in Nov.) (as est. in May) (Ratio) (Ratio) Environmental engineering business 50 59 -9 -15% 65 -15 -23% Construction-related Kureha business
Slide 31: Cashflow
Cashflow (Unit: 100 million yen) FY2009 FY2008 (as est. in Nov.) (results) Increase/decrease Non- Non- Non- Consolidated consolidated Consolidated consolidated Consolidated consolidated Pre-depreciation profit 148 120 163 122 -15 -2 Increase/decrease in -24 -24 -12 -25 -12 1 Cashflow from assets and
Slide 32: Disclaimer
Disclaimer • These materials are supplied to provide a deeper understanding of our company, and are not intended as a solicitation for investment or other actions • These materials ware prepared by our company based on the information available at this point in time, however actual performance may p