Access Co., Ltd. · TSE:4813
Access — FY2004 Earnings Presentation
24 slides from Access's earnings presentation, March 2005
Slide 1: Overview for Financial Results (Feb. 2004 - Jan. 2005)
Overview for Financial Results (Feb. 2004 - Jan. 2005) ACCESS Co., Ltd. March 2005
Slide 2: Disclaimer
Disclaimer All the financial numbers for the future business(Revenue, Profit etc.) included in this presentation are estimated by ACCESS based on the available information which we can gather at this moment. These numbers of the future business includes various uncertain factors, so actual resul
Slide 3: Summary for Year-end results
Summary for Year-end results ・ Consolidated Result : YTD; Sales 11,347M yen, Ordinary Income 2,258M yen Q4 ; Sales 3,928M yen, Ordinary Income 1,170M yen z The consolidated result is more than forecasted in sales revenue, ordinary income, and net income on a consolidation basis. ・ Non consolidated R
Slide 4: Highlight of Year-to-date
Highlight of Year-to-date Consolidation Actual Forecast Actual （ M yen） Assumption Un-confirmed Elements Comments (2004) (2004) (2003) ：Estimation of International ・Degree of penetration for ・Sales revenue, ordinary income, Net Sales 11,347 10,228 8,793 ・ASE ｉ-mode sales is same as last Internationa
Slide 5: 4th Qtr & Year-to-date Results (consolidation)
4th Qtr & Year-to-date Results (consolidation) ●Subsidiary Companies: 14 Companies, Affiliated Company: 1 Company （M yen） 04/4Qtr 03/4Qtr Y-to-Y 04/YTD 03/YTD Y-to-Y Net Sales 3,928 3,422 14.7％ 11,347 8,793 29.0％ Gross Margin 2,318 1,900 22.0％ 6,623 5,078 30.4％ SG & A Expenses 1,127 765 47.3％ 4,351
Slide 6: Highlight by Qtr (Consolidation)
Highlight by Qtr (Consolidation) ●Subsidiary Companies: 14 Companies, Affiliated Company: 1 Company （M yen） 04/1Qtr 04/2Qtr 04/3Qtr 04/4Qtr 04/YTD 03/YTD Y-to-Y Net Sales 2,736 2,304 2,378 3,928 11,347 8,793 29.0％ Gross Margin 1,560 1,303 1,440 2,318 6,623 5,078 30.4％ SG & A Expenses 1,008 1,156 1,0
Slide 7: Results by Each Subsidiary Company (4th Qtr)
Results by Each Subsidiary Company (4th Qtr) ●ASE：ACCESS SYSTEMS EUROPE GmbH ●ASC：ACCESS CHINA Inc. ●AH：ACCESS Hokkaido Co., Ltd. ●AP：ACCESS Publishing Co., Ltd. ●CV：C-Valley Inc. ●RZ：RedZero Inc. Consolida- （M yen） ACCESS ASE ASC AH AP CV RZ Adjust. tion Net Sales 3,403 240 106 38 366 1 - ▲228 3,92
Slide 8: Results by Each Subsidiary Company (YTD)
Results by Each Subsidiary Company (YTD) ●ASA：ACCESS SYSTEMS AMERICA Inc. ●ASE：ACCESS SYSTEMS EUROPE GmbH ●ASC：ACCESS CHINA Inc. ●AH：ACCESS Hokkaido Co., Ltd. ●AP：ACCESS Publishing Co., Ltd. ●CV：C-Valley Inc. ●RZ：RedZero Inc. Consolida- （M yen） ACCESS ASA ASE ASC AH AP CV RZ Adjust. tion Net Sales 9
Slide 9: Profits by Qtr (Consolidation)
Profits by Qtr (Consolidation) Sales Gross Margin SG & A Expenses (M yen) （ ）R&D Expenses (％) 4,500 Operating Income Ordinary Income GM% 70 64.9 3,928 4,000 60.6 59 60 57.1 3,422 57.1 56.6 3,500 55.5 53.4 3,000 50 2,736 2,378 2,500 2,304 2,318 2,074 40 1,887 1,900 2,000 1,560 1,408 1,440 30 1,500 1,
Slide 10: 4th Qtr & Year-to-date Results (Non-consolidation)
4th Qtr & Year-to-date Results (Non-consolidation) （M yen） 05/4Qtr 04/4Qtr Y-to-Y 04/YTD 03/YTD Y-to-Y Net Sales 3,403 2,903 17.2％ 9,313 7,089 31.3％ Gross Margin 2,042 1,555 31.2％ 5,747 4,273 34.4％ % 60.0％ 53.6％ - 61.7％ 60.3％ - SG & A Expenses 833 817 1.8％ 3,502 3,008 16.4％ Operating Income 1,209 73
Slide 11: Profits by Qtr (Non-consolidation)
Profits by Qtr (Non-consolidation) （M yen） 04/1Qtr 04/2Qtr 04/3Qtr 04/4Qtr 04/YTD 03/YTD Y-to-Y Net Sales 2,077 1,889 1,942 3,403 9,313 7,089 31.3％ Gross Margin 1,264 1,181 1,259 2,042 5,747 4,273 34.4％ % 60.9％ 62.5％ 64.9％ 60.0％ 61.7％ 60.3％ - SG & A Expenses 821 968 879 833 3,502 3,008 16.4％ Operati
Slide 12: Profits by Qtr (Non-consolidation)
Profits by Qtr (Non-consolidation) (M yen) Sales Gross Margin SG & A Expenses （ ）R&D Expenses (％) Operating Income Ordinary Income GM% 4,000 80 3,500 3,403 70 65.3 66 64.9 63.4 62.5 2,903 60.9 3,000 60 60 53.6 2,500 50 2,077 1,889 1,942 2,000 40 1,617 1,511 1,500 30 1,209 1,057 968 1,000 829 817 821
Slide 13: Sales & Gross Margin Results (Non-consolidation)
Sales & Gross Margin Results (Non-consolidation) Product Royalty (M yen) 3,403 (M yen) GM (Total) 3,500 10,000 9,313 3,000 2,903 9,000 8,000 2,500 7,089 7,000 2,077 1,942 2,288 67% 5,509 59% 1,889 6,000 Sales 2,000 1,997 1,617 1,511 69%1,017 5,000 4,502 64% mix 1,500 4,000 1,057 49%1,047 1,155 1,000
Slide 14: Sales by Category (Non-consolidation)
Sales by Category (Non-consolidation) Wireless(Royalty） Wireless(Product） Wired（Royalty） Wired(Product） SDK+Others（Royalty＋Product） (M yen) (M yen) 3,600 10,000 3,403 9,313 3,000 2,903 913 8,000 3,135 7,089 647 2,400 6,000 1,899 2,074 7,458 2,800 1,800 1,427 5,223 1,887 4,000 4,322 3,323 1,200 232 2
Slide 15: Contracted orders/Backlogs for NRE Fee (Non-consolidation)
Contracted orders/Backlogs for NRE Fee (Non-consolidation) Wireless Wired (M yen) (M yen) Others 6,000 3,000 5,204 4,842 2,561 2,490 5,000 2,500 4,000 2,019 2,102 2,000 1,821 3,000 4,146 3,702 1,500 2,155 2,201 1,601 1,752 2,000 1,000 1,576 1,000 500 979 1101 489 401 78 38 263 280 217 0 0 3 10 4 8 2
Slide 16: Employees Transition
Employees Transition Non-consolidation Consolidation 378 384 387 573 376 Managing Director, 11 11 11 11 Auditor 530 17 RZ 48 48 Management 45 CV 317 48 44 479 485 34 33 AP 11 444 30 32 13 AH 284 49 Sales 31 11 54 53 52 25 10 12 33 38 ASC 10 48 12 24 29 384 21 36 38 36 40 ASE 45 64 68 R&D 20 36 40 65
Slide 17: Consolidated Balance Sheet
Consolidated Balance Sheet （M yen） End of Jan. 05 End of Jan. 04 Y-to-Y Ⅰ． Current Assets Cash and Time Deposits 7,460 5,445 2,015 P-Note & A/R 3,100 2,365 734 Inventory 691 833 ▲141 Others 549 306 243 Ⅱ． Non-Current Assets Fixed Assets 729 722 6 Intangible Assets 602 545 57 Investment & Others 467
Slide 18: Balance Sheet (Non-consolidation)
Balance Sheet (Non-consolidation) （M yen） End of Jan. 05 End of Jan. 04 Y-to-Y Ⅰ. Current Assets Cash and Time Deposit 6,494 4,865 1,628 P-Note & A/R 2,855 2,098 757 Inventory 577 724 ▲147 Others 468 343 124 Ⅱ．Non-Current Assets Fixed Assets 625 651 ▲26 Intangible Assets 433 402 31 Investment & Othe
Slide 19: Consolidated Cash Flow
Consolidated Cash Flow Q1 Q2 Q3 Q4 YTD YTD Apr. 2004 Jul. 2004 Oct. 2004 Jan. 2005 This period Last period （M yen) Ⅰ. Operating Activities 550 844 ▲160 255 1,489 1,250 II. Investing Activities ▲331 119 ▲50 222 ▲38 ▲876 III. Financing Activities 207 412 84 363 1,067 1,135 IV. Increase (Decrease) in C
Slide 20: Forecast of Financial Results (Feb. 2005 - Jan. 2006)
Forecast of Financial Results (Feb. 2005 - Jan. 2006)
Slide 21: Forecast of Financial Results (Consolidation)
Forecast of Financial Results (Consolidation) 1st Half Total Last Term （M Yen） Difference（％） (Forecast) (Forecast) (Actual) 3,593～4,593 Net Sales 5,390～5,750 14,940～15,940 11,347 （31～40%up） 1,442～1,942 Ordinary Income 770～900 3,700～4,200 2,258 （63～86%up） 673～973 Net Income 430～500 2,240～2,540 1,567
Slide 22: Forecast of Financial Results by Each Subsidiary Company
Forecast of Financial Results by Each Subsidiary Company ●ASE：ACCESS SYSTEMS EUROPE GmbH ●ASC：ACCESS CHINA Inc. ●AH：ACCESS Hokkaido Co., Ltd. ●AP：ACCESS Publishing Co., Ltd. ●CV：C-Valley Inc. ●RZ：RedZero Inc. Consoli- （M yen） ACCESS ASE ASC AH AP CV RZ Adjust. dation 12,380～ 1,250～ 380～ 1,160～ 14,94
Slide 23: Forecast of Financial Results (Non-Consolidation)
Forecast of Financial Results (Non-Consolidation) 1st Half Total Last Period Difference （M yen） (Forecast) (Forecast) (Actual) （％） 3,067～3,767 Net Sales 4,280～4,520 12,380～13,080 9,313 （32～40%up） 1,596～1,966 Ordinary Income 880～1,020 3,830～4,200 2,234 （71～88%up） 1,099～1,269 Net Income 500～580 2,370～
Slide 24: Guideline for 1st Qtr
Guideline for 1st Qtr C o n so l i dat i o n （ M ye n ） Ran ge Assu m pt i o n Un c o n fi r m e d El e m e n t s 1 st Qt r （ Last Pe r i o d） ：Estimation of International ・Degree of penetration for Ne t S al e s 2,520 ～ 2,620 （2,736） ・ASE ｉ-mode sales is same International ｉ-mode Sales as last peri