Sanyo Chemical Industries, Ltd. · TSE:4471
Sanyo Chemical Industries — H1 FY2019 Earnings Presentation
54 slides from Sanyo Chemical Industries's earnings presentation, Nov 1, 2019
Slide 1: Sanyo Chemical Q2 FY2019 results
ee N —— a 2019 4-9 &H Sanyo WY Chemical Performance through Chemistry 4A71
Slide 2: IR notice and contact
2019 11 1 IR IR E-mail : pr-group@sanyo-chemical.group 2
Slide 3: Company overview
1949 24 11 1 13,051 2,076 [2019 9 30 ] 3,000 3
Slide 4: Group companies
● 13 ○ 5 ●SDP ● 5 ● ○ ● ● 9 ● ● ●Sanyo Kasei (Thailand) Ltd. ●SANAM Corp. ●Sanyo Chemical & Resins, LLC ●Sanyo Chemical Texas Industries, LLC ○Sunrise Chemical LLC ●SDP GLOBAL (MALAYSIA) SDN.BHD. ● ○ ○ ○ 4 APB SAN NOPCO (SHANGHAI) TRADING Co., Ltd. SAN NOPCO (KOREA) LIMITED DAXIANG INTERNATIONAL TRA
Slide 5: 10.0 m2 14.0 m2 1.1 m2
2.6 m2 茨 13.0 m2 10.0 m2 14.0 m2 1.1 m2 5
Slide 6: Overseas group companies
Sanyo Chemical & Resins, LLC SDP GLOBAL(MALAYSIA)SDN.BHD. Sanyo Chemical Texas Industries, LLC Sanyo Kasei (Thailand) Ltd. 6
Slide 7: Asia group companies
( ) SAN NOPCO (SHANGHAI) TRADING Co., Ltd. DaXiang International Trading (SHANGHAI) Co., Ltd. SAN NOPCO (KOREA) LIMITED Sanyo Kasei (Thailand) Ltd. SANAM Corp. 7
Slide 8: Products
&H Sanyo UY Chemical PEB UV EB
Slide 9: Sales by segment and region
11% 10% 89 82 14% 34% 14% 36% 298 106 '19 265 110 '18 4-9 4-9 14% 819 14% 779 111 107 25% 28% 208 216 9
Slide 10: Consolidated results summary
’19 4-9 ’18 ’19 4-9 4-9 % 819.5 779.4 ▲40.0 ▲5 67.9 59.0 ▲8.8 ▲13 85.7 58.9 ▲26.8 ▲31 59.4 37.9 ▲21.5 ▲36 85.9 17.5 ▲68.4 ▲80 10
Slide 11: Operating profit change factors
8.8 120 100 +11.5 ▲20.3 ▲12.6 1.4 ▲6.7 80 22.7 0.2 ▲13.8 60 67.9 40 59.0 20 0 ’18 ’19 4-9 4-9 11
Slide 12: Profit and loss details
’18 ’19 4-9 4-9 67.9 59.0 ▲8.8 8.6 1.0 ▲7.5 4.5 ▲5.3 ▲9.8 4.6 4.1 ▲0.5 85.7 58.9 ▲26.8 ▲3.8 ▲4.9 ▲1.1 0.4 0.0 ▲0.4 82.4 54.0 ▲28.4 ▲20.1 ▲15.6 4.5 2.8 0.5 ▲2.3 59.4 37.9 ▲21.5 12
Slide 13: Balance sheet
2019 2019 3 31 9 30 3 950 867 ▲83 70 7 985 962 ▲22 14 1,936 1,830 ▲106 56 525 418 ▲106 7 84 78 ▲6 7 610 497 ▲112 1,178 1,201 23 37 14 115 97 ▲18 9 32 33 1 1,326 1,332 6 1,936 1,830 ▲106 13
Slide 14: Cash flow
’18 ’19 4-9 4-9 CF 64 81 16 82 54 ▲28 43 44 1 ▲8 ▲1 7 ▲39 16 56 ▲14 ▲31 ▲17 2 ▲1 ▲3 CF ▲72 ▲54 17 ’18/1H 68 ’19/1H 45 CF ▲7 26 34 CF ▲6 ▲27 ▲20 ’18/1H 6 ’19/1H 16 0 ▲2 ▲2 ▲14 ▲3 10 173 191 17 159 188 28 14
Slide 15: Full-year forecast revisions
9/26 2019/9/26 40.5 kl 108 ,% ’19 780 830 ▲50 ▲6.0 55 71 ▲16 ▲22.5 55 79 ▲24 ▲30.4 35 52 ▲17 ▲32.7 ’19 1,600 1,700 ▲100 ▲5.9 125 145 ▲20 ▲13.8 130 160 ▲30 ▲18.8 85 105 ▲20 ▲19.0 15
Slide 16: Forecast progress
’19 4-9 捗 40.5 kl 108 ’19 ’19 4-9 ’18 * 捗 1,600.0 779.4 48.7 1,615.0 125.0 59.0 47.3 129.1 130.0 58.9 45.3 152.0 85.0 37.9 44.6 53.4 *2019 9 26 16
Slide 17: Operating profit trend
1,000 140 836 819 781 780 796 120 779 800 720 100 600 80 85.7 78.7 74.6 60 400 69.3 69.3 66.2 58.9 40 200 20 0 0 2016-1H 2016-2H 2017-1H 2017-2H 2018-1H 2018-2H 2019-1H 17
Slide 18: Profit and margin trend
% 120 12.0 10.4 100 10.0 8.3 7.8 7.7 7.5 7.3 7.6 80 8.0 75.2 60 6.0 67.9 61.2 61.2 58.8 61.1 59.0 40 4.0 20 2.0 0 0.0 2016-1H 2016-2H 2017-1H 2017-2H 2018-1H 2018-2H 2019-1H 18
Slide 19: Results by segment
’19 4-9 ’18 ’19 ’18 ’19 4-9 4-9 4-9 4-9 298.8 265.2 ▲33.6 12.5 7.5 ▲5.0 71.2 68.0 ▲3.1 227.6 197.1 ▲30.4 208.5 216.7 8.1 12.8 17.8 4.9 111.5 107.9 ▲3.5 17.8 14.4 ▲3.4 77.2 78.2 0.9 34.3 29.7 ▲4.5 110.6 106.4 ▲4.1 19.4 14.5 ▲4.9 73.8 71.1 ▲2.6 36.7 35.2 ▲1.4 89.9 82.9 ▲6.9 5.1 4.7 ▲0.3 819.5 779.4 ▲4
Slide 20: Segment sales trend
400 293 306 298 292 300 260 265 254 214 222 216 200 208 197 200 174 117 105 105 109 112 111 107 100 93 95 109 110 110 99 93 106 79 87 85 89 92 82 0 2016-1H 2016-2H 2017-1H 2017-2H 2018-1H 2018-2H 2019-1H 20
Slide 21: Segment profit trend
30.0 25.4 25.0 20.9 20.8 20.4 20.5 19.1 19.4 20.0 17.8 17.6 15.3 18.4 13.6 17.8 14.5 15.0 13.0 13.5 12.8 16.0 12.5 14.4 12.3 13.6 10.0 8.0 10.5 6.8 7.7 7.5 4.4 5.0 5.3 5.5 5.1 4.7 4.5 4.2 0.0 ▲ 0.8 ▲ 5.0 2016-1H 2016-2H 2017-1H 2017-2H 2018-1H 2018-2H 2019-1H 21
Slide 22: Regional trends
/ 130 111.5 110.7 110.3 111.6 111.1 108.6 110 105.3 90 700 50 41.1 42.3 41.8 41.0 38.5 38.3 600 35.0 40 500 23.4 24.7 23.6 23.3 24.3 30 20.6 21.4 400 20 330 349 336 320 298 278 300 277 10 48 42 40 48 43 38 200 35 148 0 134 133 149 119 144 107 100 -10 83 90 98 106 107 107 94 0 -20 2016 1H 2016 2H 201
Slide 23: Half-year trend
1,200 800 159 160 121 144 163 130 126 670 630 669 652 632 616 400 591 0 2016-1H 2016-2H 2017-1H 2017-2H 2018-1H 2018-2H 2019-1H 23
Slide 24: Half-year profit trend
100 80 11.8 5.8 60 5.1 70.3 62.9 65.2 58.8 60.5 62.5 40 57.7 20 0 ▲ 1.4 ▲ 0.9 ▲ 0.4 ▲ 4.8 ▲ 2.2 ▲ 5.6 ▲ 9.7 -20 2016-1H 2016-2H 2017-1H 2017-2H 2018-1H 2018-2H 2019-1H 24
Slide 25: 5 0 '16 '17 '18 '19 25
160 135 139 140 120 114 108 100 90 89 82 80 74 60 40 43 20 35 0 '16 '17 '18 '19 25
Slide 26: Dividends and shareholder returns
1 2016 10 1 5 1 / 160 140.0 125.0 120 110.0 100.0 70.0 85.0 65.0 80 75.0 77.5 55.0 55.0 40.0 45.0 37.5 40 70.0 55.0 60.0 37.5 37.5 40.0 45.0 0 '13 '14 '15 '16 '17 '18 '19 33.6 29.1 27.1 21.6 26.2 51.5 36.3 % 26
Slide 27: Anniversary
Sanyo ~) Chemical th Anniversary 27
Slide 28: 28
28
Slide 29: 2020NEXT New Sanyo for 2027
TechnoAmenity 2020NEXT New Sanyo for 2027 29
Slide 30: & Sanyo
& Sanyo Vy Chemical
Slide 31: Vv) Chemical
Vv) Chemical &H Sanyo 31
Slide 32: 5,000 10,000 10,000 40,000 A B C D E F G H I J
0 5,000 10,000 10,000 40,000 A B C D E F G H 11 I J 5,113 K 14 L M 3,497 N O P Q 1 R 1,616 2 32
Slide 33: CfA. Sanyo
CfA. Sanyo TY Chemical 33
Slide 34: 2019 2019 2020 2020
2 1 1 2019 5 29 2019 12 2020 6 2020 10 1 34
Slide 35: Sanyo
Sanyo Chemical 35
Slide 36: Sanyo
Sanyo Chemical c th Anniversary 36
Slide 37: & Sanyo
& Sanyo Chemical 37
Slide 38: Sanyo
Sanyo Chemical
Slide 39: Sanyo
Sanyo Chemical 39
Slide 40: ak Sanyo
ak Sanyo Chemical B E A U T Y A MNVAD KD (TES LT 40
Slide 41: &S Sanyo
&S Sanyo Vy Chemical eo og 41
Slide 42: & Sanyo
& Sanyo Chemical O A LAN
Slide 43: Sanyo
Sanyo Chemical 43
Slide 44: Quarterly trend
/kl 60 53.5 54.2 50 47.9 48.7 44.6 45.4 41.9 41.2 39.1 40.2 40 36.1 34.1 31.6 31.3 30 20 10 0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q ’16 ’17 ’18 ’19 44
Slide 45: Quarterly sales trend
600 80 429 412 406 60 394 386 387 393 407 412 371 384 392 386 400 348 50.0 40 46.5 42.4 39.2 37.9 38.1 36.5 37.9 200 31.3 28.3 28.9 29.9 28.7 20 26.9 0 0 '16/1Q '16/2Q '16/3Q '16/4Q '17/1Q '17/2Q '17/3Q '17/4Q '18/1Q '18/2Q '18/3Q '18/4Q '19/1Q '19/2Q 45
Slide 46: Quarterly margin trend
% 60 12.0 10.7 10.1 9.0 10.0 8.7 8.2 8.2 8.3 7.9 7.8 40 7.1 7.4 8.0 6.6 6.9 6.4 39.8 35.3 35.5 35.9 34.0 6.0 35.3 31.7 32.0 27.0 27.2 29.0 30.0 20 25.6 25.8 4.0 2.0 0 0.0 '16/1Q '16/2Q '16/3Q '16/4Q '17/1Q '17/2Q '17/3Q '17/4Q '18/1Q '18/2Q '18/3Q '18/4Q '19/1Q '19/2Q 46
Slide 47: Quarterly segment trend
200 158 160 152 153 148 150 148 141 139 137 131 128 132 128 121 120 110 113 109 101 99 99 103 105 103 108 107 97 87 86 80 58 57 55 58 57 52 56 53 57 54 56 53 56 53 59 51 51 53 54 56 40 50 49 50 55 53 44 45 41 41 40 42 44 44 47 43 43 47 45 41 39 43 42 0 '16/1Q '16/2Q '16/3Q '16/4Q '17/1Q '17/2Q '17/3
Slide 48: Quarterly segment profit trend
16.0 13.0 12.4 11.7 10.6 12.0 10.8 10.8 10.2 10.4 10.0 10.3 10.4 10.2 9.6 9.9 10.4 8.9 8.8 9.0 9.3 9.9 8.0 7.8 7.3 7.4 7.7 6.8 9.7 8.7 8.9 6.6 6.6 8.9 7.7 5.4 7.7 7.4 7.0 7.4 5.2 6.7 5.1 5.8 4.5 5.8 4.0 5.7 5.5 3.6 4.0 3.3 3.1 3.3 4.0 4.7 4.6 2.9 2.1 2.2 1.7 1.7 3.0 2.6 2.6 2.3 2.3 2.3 2.4 1.2 1.0 1
Slide 49: Quarterly regional trend
/ 130 113.6 111.1 111.0113.0 111.4 112.9 110.2 109.9 108.2 109.5 108.2 109.1 107.4 110 102.4 90 300 42.2 40.0 40.0 44.5 42.1 41.4 40.8 41.3 50 38.5 38.5 35.6 34.4 37.3 39.4 40 200 30 166 175 180 168 168 167 142 134 154 154 146 20 132 146 152 23 20 21 22 24 18 19 17 21 23 24 10 18 23 100 16 77 71 76
Slide 50: Quarterly trend
600 400 80 65 77 66 69 78 79 80 56 63 94 66 65 60 348 317 343 326 330 321 322 322 310 286 313 316 299 200 304 0 '16/1Q '16/2Q '16/3Q '16/4Q '17/1Q '17/2Q '17/3Q '17/4Q '18/1Q '18/2Q '18/3Q '18/4Q '19/1Q '19/2Q 50
Slide 51: Quarterly trend
50 1.0 7.1 0.1 1.8 4.7 30 4.0 1.7 3.3 37.5 32.7 30.2 35.7 29.4 32.0 34.2 29.2 32.7 29.8 27.9 26.7 26.3 33.3 10 ▲ 1.0 ▲ 0.3 ▲ 1.7 ▲ 4.9 ▲ 1.4 ▲ 3.1 ▲ 2.4 ▲ 0.2 ▲ 4.5 ▲ 1.0 ▲ 4.7 -10 '16/1Q '16/2Q '16/3Q '16/4Q '17/1Q '17/2Q '17/3Q '17/4Q '18/1Q '18/2Q '18/3Q '18/4Q '19/1Q '19/2Q 51
Slide 52: Group structure
5 70 SDP SDP 30 SNL 100 50 SCC JXTG 50 50 SA 50 B.V. 100 52
Slide 53: Group companies
8 SKN 100 SDN SDP 100 SCST 100 79 Sanyo Kasei (Thailand) Ltd. SKT VIV, 21 SANAM Corporation SANAM 100 Sanyo Chemical & Resins, SCR SANAM Corporation 100 LLC Sanyo Chemical SCTI SANAM Corporation 100 Texas Industries, LLC SDP GLOBAL (MALAYSIA) SDPM SDP 100 SDN.BHD. 53
Slide 54: Group companies
5 50 SPCC JXTG 50 SANAM Corp. Sunrise Chemical LLC 50 SRC JX 50 100 50 JXTG 50 SL 100 54
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