Kureha Corporation · TSE:4023
Kureha — Q1 FY2018 Earnings Presentation
13 slides from Kureha's earnings presentation, Aug 8, 2018
Slide 1: FY2018 1Q Results
FY2018 1Q Results August 8, 2018
Slide 2: FY2018 1Q Highlights
1 FY2018 1Q Highlights (in billions of yen) [vs. FY2017 1Q] FY2017 FY2018 Change 1Q 1Q YOY • Revenue grew on higher sales volumes in Advanced Materials and Specialty Chemicals 2.1 Revenue 32.4 34.6 (6.5%) • Operating profit increased on revenue growth 1.0 driven by Advanced Materials and Specialty O
Slide 3: FY2018 1Q Highlights
2 FY2018 1Q Highlights (billions of yen) FY2017 1Q Advanced Specialty Specialty Con- Other Segment Adjustment Total Materials Chemicals Plastics struction Operations Total Revenue 9.7 5.0 11.2 3.1 3.5 32.4 ------ 32.4 Elimination 0.0 ------ Other income 0.2 ------ Other expenses 0.0 ------ Operating
Slide 4: Segment Performance: Advanced Materials
3 Segment Performance: Advanced Materials (billions of yen) FY2017 FY2018 Change FY2018 1Q vs. FY2017 1Q 1Q 1Q YOY Revenue Operating Profit Advanced Materials Advanced plastics 5.8 6.3 9% Advanced plastics Carbon products 1.1 1.3 17% • Revenue increased on higher PVDF (use as LiB binder) and PGA (fo
Slide 5: Segment Performance: Specialty Chemicals
4 Segment Performance: Specialty Chemicals (billions of yen) FY2017 FY2018 Change FY2018 1Q vs. FY2017 1Q 1Q 1Q % Revenue Operating Profit Specialty Chemicals Agrochemicals 0.9 1.3 46% Agrochemicals Pharmaceuticals 0.9 1.4 53% • Strong revenue and profit growth driven by higher fungicide volumes Ind
Slide 6: Segment Performance: Specialty Plastics
5 Segment Performance: Specialty Plastics (billions of yen) FY2017 FY2018 Change FY2018 1Q vs. FY2017 1Q 1Q 1Q % Revenue Operating Profit Specialty Plastics Home products 5.3 5.1 -2% Home products Packaging materials 1.6 1.6 -3% • Revenue decreased on lower Krewrap Revenue: Kureha Co. 6.9 6.7 -3% (p
Slide 7: Segment Performance: Construction & Other Operations
6 Segment Performance: Construction & Other Operations (billions of yen) FY2017 FY2018 Change FY2018 1Q vs. FY2017 1Q 1Q 1Q % Construction Revenue Operating Profit Construction 4.7 3.7 -21% Construction Elimination -1.7 -1.5 -- • Revenue and profit declined due to lower construction volumes, despite
Slide 8: Balance Sheet
7 Balance Sheet (billions of yen) Assets Liabilities and Equity Mar. 31 Jun. 30 Mar. 31 Jun. 30 Change Change 2018 2018 2018 2018 Cash and cash equivalents 6.5 5.6 -0.9 Trade and other payables 21.5 20.6 -0.9 Trade and other receivables 32.7 28.5 -4.2 Interest-bearing debt 48.1 47.9 -0.2 Inventories
Slide 9: Key Indicators
8 Key Indicators (billions of yen) FY2017 FY2018 Full-year 1Q Full-year 1Q Estimate* Capital expenditure 1.7 9.8 2.3 15.0 Depreciation 2.4 9.9 2.5 10.3 R&D expenses 1.2 5.0 1.2 5.8 Interest-bearing debt 67.8 48.1 47.9 49.0 Currency exchange rates Term average ¥111.1 ¥110.9 ¥109.1 ¥105.0 1USD: Term e
Slide 10: FY2018 Full-Year Forecast
9 FY2018 Full-Year Forecast *Our FY2018 full-year forecast has been unchanged since last announced on May 11, 2018. (billions of yen, except where stated) vs. FY2017 FY2017 FY2018e Change • Revenue expected to increase on YOY higher sales volumes in Advanced Full-year 1H 2H Full-year Materials 2.7 R
Slide 11: FY2018 Full-Year Forecast
10 FY2018 Full-Year Forecast Segment Performance FY2018e vs. FY2017 (billions of yen) Revenue Operating Profit 6.9 45.5 45.4 46.0 …FY17 41.6 …FY17 5.9 …FY18e …FY18e ( )…1st Half ( )…1st Half 26.2 27.5 3.9 3.4 17.4 16.8 16.5 2.7 (19.8) (22.0) (22.2) (22.5) 14.5 1.7 (3.3) 1.8 (2.8) (1.9) 1.0 1.4 (12.6
Slide 12: FY2018 Full-Year Forecast
11 FY2018 Full-Year Forecast (billions of yen) FY2017 Advanced Specialty Specialty Con- Other Segment Adjustment Total Materials Chemicals Plastics struction Operations Total Revenue 41.6 26.2 45.4 17.4 16.8 147.3 ------ 147.3 Elimination 0.2 ------ Other income *Subsidy income:¥0.3bn 0.5 ------ Oth
Slide 13: Disclaimer
Disclaimer • These materials are supplied to provide a deeper understanding of our company, and are not intended to as a solicitation for investment or other actions. • These materials have been prepared by our company based on the information available at this point in time. However, actual perform