Bridgestone Corporation · TSE:5108
Bridgestone — H1 2022 Earnings Presentation
21 slides from Bridgestone's earnings presentation, Aug 10, 2022
Slide 1: Financial Results for 1st Half of Fiscal 2022
Financial Results for 1st Half of Fiscal 2022 Bridgestone Corporation August 10, 2022
Slide 2: Business and Financial Performance; Consolidated Projections
1. Business and Financial Performance ･･･ 2 for 1st Half of Fiscal 2022 2. Consolidated Projections for Fiscal 2022 ･･･ 13 1/19
Slide 3: 1. Business and Financial Performance for 1st Half of Fiscal 2022
1. Business and Financial Performance for 1st Half of Fiscal 2022 2/19
Slide 4: Consolidated Results for 1st Half of Fiscal 2022
Consolidated Results for 1st Half of Fiscal 2022 (Yen in billions) 2021 1H Results * 2022 1H * vs. PY (%) Before After Results Reclassification Reclassification 1Q vs. PY (%) 2Q vs. PY (%) (disclosed last year) Revenue 1,568.8 1,510.4 891.0 +23 995.3 +27 1,886.3 +25 Adjusted 176.2 182.4 101.1 +19 10
Slide 5: Overview of the Performance for 1st Half of Fiscal 2022
Overview of the Performance for 1st Half of Fiscal 2022 Business and Financial Highlights Sales of all products, which include PS/LT, TB, OR exceeded those of the previous year while the Group faced management risks that were a strong headwind against its tire sales, including the suspension of do
Slide 6: Business Environment Surrounding Bridgestone Group
Business Environment Surrounding Bridgestone Group for 1st Half of Fiscal 2022 Both USD and EUR appreciated against JPY compared with PY Currency 1H: 1USD = 123 yen, 1EUR = 134 yen (2Q: 1USD = 130 yen, 1EUR = 138 yen) Exchange (Reference) 1H’21: 1USD = 108 yen, 1EUR = 130 yen Raw Material: Nat
Slide 7: Tire Sales Growth (vs. PY / vs. 2019)
Tire Sales Growth for 1st Half of Fiscal 2022 (vs. PY / vs. 2019) PSR/LTR TBR ORR vs. PY vs. 2019 vs. PY vs. 2019 vs. PY vs. 2019 Global 102% 92% Global 104% 101% Ultra-Large 111% 100% OE OE (only REP) Global 95% 78% Global 102% 91% Large 111% 116% Japan 89% 75% Japan 84% 93% OE 150% 136% N. America
Slide 8: Analysis of Adjusted Operating Profit
Analysis of Adjusted Operating Profit for 1st Half of Fiscal 2022 (Yen in billions) (*2) Conversion (*3) Volume Cost Operating +33.0 (17.0) Expenses LA Currency Discontinued (*1) Mix (52.0) Currency Depreciation Others Operations Reclassification Raw Material Price +18.0 +28.0 (8.0) +7.2 206.6 176.2
Slide 9: Consolidated Financial Results by Segment
Consolidated Financial Results by Segment for 1st Half of Fiscal 2022 (Yen in billions) 2021 1H 2022 1H vs. PY (%) Results Results Consolidated Revenue 1,510.4 1,886.3 +25 Japan 397.4 465.3 +17 Americas 669.8 891.1 +33 Europe, Russia, Middle East, India and Africa 330.7 422.0 +28 China, Asia-Pacific
Slide 10: Consolidated Financial Results by Product (Tire Business)
Consolidated Financial Results by Product for 1st Half of Fiscal 2022 (Tire Business) (Yen in billions) 2021 1H 2022 1H vs. PY (%) Results Results Revenue 789.4 1,004.8 +27 Adjusted OP 112.1 119.1 +6 PS/LT * incl. retail and credit card business Margin 14.2% 11.8% (2.4) pp Revenue 370.0 484.7 +31 Ad
Slide 11: Consolidated Financial Results by Business (Diversified Products)
Consolidated Financial Results by Business for 1st Half of Fiscal 2022 (Diversified Products Business – Continuing Operations) (Yen in billions) Sports / Cycle Biz - Revenue: 38.7 - Adjusted OP: 1.2 - Margin: 3.0% Diversified Products Business Chemical & Industrial Products Biz - Revenue: 134.2 - Re
Slide 12: B/S and C/F Highlights
B/S and C/F Highlights for 1st Half of Fiscal 2022 (Yen in billions) 2021 Results 2022 1H Results vs. Dec. 31, 2021 (as of Dec. 31, 2021) (as of Jun. 30, 2022) Total Assets 4,574.9 5,009.5 +434.6 Total Equity 2,675.4 3,004.6 +329.2 Equity Ratio (%) 57.5% 59.0% +1.5pp Interest-Bearing Debt 〈Net〉 23.6
Slide 13: Adjustment Items and Loss from Discontinued Operations
Adjustment Items and Loss from Discontinued Operations for 1st Half of Fiscal 2022 2022 1H Results (Yen in billions) 1) Adjustment Items (Yen in billions) Revenue 1,886.3 Adjustment Items 32.6 Main Items Adjusted Operating Profit 206.6 Impairment losses and loss Losses related to Russian business 16
Slide 14: 2. Consolidated Projections for Fiscal 2022
2. Consolidated Projections for Fiscal 2022 13/19
Slide 15: Consolidated Projections for Fiscal 2022 (Revised)
Consolidated Projections for Fiscal 2022 (Revised) Revenue / GP Margin Adjusted OP / Profit(Loss) from Continuing Operations Profit(Loss) from *2 Revenue[B.JPY] GP Margin[%] Adjusted OP[B.JPY] Continuing Operations[B.JPY] Adjusted OP Margin[%] 3,950.0 3,790.3 517.2 3,507.2 3,650.0 3,246.1 450.0 425.
Slide 16: Consolidated Projections for Fiscal 2022 (Revised)
Consolidated Projections for Fiscal 2022 (Revised) (Yen in billions) 2022 Projections 2022 Projections vs. Feb. 2021 Results vs. PY (%) (Disclosed in Feb.) (Revised) Projections (%) Revenue 3,246.1 3,650.0 3,950.0 +8 +22 Adjusted Operating Profit 394.3 425.0 450.0 +6 +14 Margin 12.1% 11.6% 11.4% (0.
Slide 17: Business Environment Assumptions for Fiscal 2022
Business Environment Assumptions for Fiscal 2022 Currency 2H Assumptions: 1USD = 125 yen, 1EUR = 128 yen Exchange (Reference) February assumptions: 1USD = 112 yen, 1EUR = 127 yen Raw Material Raw materials: Natural rubber prices are expected to rise moderately. Crude oil prices are expected to r
Slide 18: Tire Sales Growth Projections for Fiscal 2022
Tire Sales Growth Projections for Fiscal 2022 PSR/LTR TBR ORR vs. PY vs. PY vs. PY Global 101~105% Global 101~105% Ultra-Large 106~110% OE OE (only REP) Global 106~110% Global 100% Large 111~115% Japan 106~110% Japan 100% OE 131~135% N. America 106~110% N. America 90~94% REP 101~105% Europe 101~105%
Slide 19: Analysis of Adjusted Operating Profit for Fiscal 2022
Analysis of Adjusted Operating Profit for Fiscal 2022 Russia: production/export suspension (8.0) China: lockdowns (9.0) (Yen in billions) Americas: cyberattack incident (21.0) Conversion Volume Cost One-off factors (38.0) Operating Mix +45.0 (50.0) Expenses LA Currency Price +26.0 Currency Depreciat
Slide 20: Consolidated Projections by Segment for Fiscal 2022 (Revised)
Consolidated Projections by Segment for Fiscal 2022 (Revised) (Yen in billions) 2022 Projections 2021 Results vs. PY (%) (Revised) Consolidated Revenue 3,246.1 3,950.0 +22 Japan 873.0 1,000.0 +15 Americas 1,454.6 1,895.0 +30 Europe, Russia, Middle East, India and Africa 693.9 800.0 +15 China, Asia-P
Slide 21: Forward-looking statements disclaimer
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