Bridgestone Corporation · TSE:5108
Bridgestone — Q1 2024 Earnings Presentation
16 slides from Bridgestone's earnings presentation, May 13, 2024
Slide 1: Financial Results for 1st Quarter of Fiscal 2024
Financial Results for 1st Quarter of Fiscal 2024 Bridgestone Corporation Global CFO and Executive Director, G Finance Bridgestone Corporation Naoki Hishinuma May 13, 2024
Slide 2: Agenda
1. Business and Financial Performance for 1st Quarter of Fiscal 2024 ･･･ 3 2. Fiscal 2024 Guidance ･･･ 14 2/15
Slide 3: 1. Business and Financial Performance for 1st Quarter of Fiscal 2024
1. Business and Financial Performance for 1st Quarter of Fiscal 2024 3/15
Slide 4: Consolidated Financial Results for 1st Quarter of Fiscal 2024
Consolidated Financial Results for 1st Quarter of Fiscal 2024 （Yen in billions） 2023 1Q Results 2024 1Q Results vs PY (%) Revenue 1,043.5 1,064.1 +2 Adjusted Operating Profit 116.8 120.2 +3 Margin 11.2% 11.3% +0.1 pp Profit Attributable to Owners of Parent 90.5 86.6 (4) - Continuing Operations 90.7
Slide 5: Overview of the Performance for 1st Quarter of Fiscal 2024
Overview of the Performance for 1st Quarter of Fiscal 2024 Executive Summary for 1st Quarter of Fiscal 2024 ⚫ Revenue achieved a year-on-year growth. Favorable impact of sales mix improvement through expand sales of PSR REP premium tires (18”+ tires and profitable premium tire brands in each regions
Slide 6: Business Environment Surrounding Bridgestone Group
Business Environment Surrounding Bridgestone Group for 1st Quarter of Fiscal 2024 Currency ⚫ Both USD and EUR appreciated against JPY compared with PY Exchange 1USD = ¥149, 1EUR = ¥161 (c.f.) 1Q’23 1USD ＝ ¥132, 1EUR ＝ ¥142 ⚫ The 1Q feedstock prices of natural rubber increased YoY and crude oil staye
Slide 7: Tire Sales Growth (vs. PY) – PSR/LTR and PSR 18"+
Tire Sales Growth for 1st Quarter of Fiscal 2024 (vs. PY) – PSR/LTR and PSR 18”+ PSR/LTR PSR vs. PY HRD (18"+) vs. PY Global (OE+REP) 90% Global (OE+REP) 101% OE REP REP 105% Global 91% 89% / Japan 81% 78% Asia, Pacific, India and China 86% 100% N. America 102% 99% Europe 95% 87% Overview of the Per
Slide 8: Tire Sales Growth (vs. PY) – TBR and ORR
Tire Sales Growth for 1st Quarter of Fiscal 2024 (vs. PY) – TBR and ORR TBR ORR vs. PY vs. PY Global (OE+REP) 88% Ultra-Large (REP) 100% OE REP Large 97% Global 89% 88% OE 72% Japan 116% 72% REP 110% Asia, Pacific and India 88% 96% Small & Medium 100% N. America 82% 89% BS brands: 103% FS brands: 72
Slide 9: Analysis of Adjusted Operating Profit (vs. PY)
Analysis of Adjusted Operating Profit for 1st Quarter of Fiscal 2024 (vs. PY) (Yen in billions) Raw Materials Price (9.0) Mix Volume +18.0 +2.0 (26.0) Argentina Others 116.8 - incl. negative Conversion Operating Currency Subsidiary +20.4 120.2 price impact from Costs Expenses +8.0 (8.0) market-linke
Slide 10: Consolidated Financial Results by Segment
Consolidated Financial Results by Segment for 1st Quarter of Fiscal 2024 (Yen in billions) 2023 1Q Results 2024 1Q Results vs. PY (%) Revenue 300.0 288.8 (4) Japan Adjusted OP 41.5 53.4 +29 Margin 13.8% 18.5% +4.7pp Revenue 137.4 129.8 (6) Asia, Pacific, India and Adjusted OP 11.2 13.3 +19 China (*)
Slide 11: Consolidated Financial Results by Product
Consolidated Financial Results by Product for 1st Quarter of Fiscal 2024 (Yen in billions) (*) 2023 1Q Results 2024 1Q Results vs. PY (%) Revenue 568.2 593.7 +4 PS/LT Adjusted OP 57.1 64.6 +13 (incl. retail & credit card business) Margin 10.0% 10.9% +0.8 pp Revenue 248.5 234.7 (6) TB Adjusted OP 24.
Slide 12: Consolidated Financial Results by Business (Diversified Products Business)
Consolidated Financial Results by Business for 1st Quarter of Fiscal 2024 (Diversified Products Business) (Yen in billions) Sports & Cycle Biz vs. PY (%) Diversified Revenue: 17.4 +3 Products Business vs. PY (%) Adjusted OP: 0.6 (37) Chemical & Industrial Revenue: 77.9 +2 Margin: 3.4% (2.2)pp Produc
Slide 13: B/S and C/F Highlights
B/S and C/F Highlights for 1st Quarter of Fiscal 2024 (Yen in billions) 2023 Results 2024 1Q Results vs. Dec 31, 2023 (as of Dec 31, 2023) (as of Mar 31, 2024) Total Assets 5,427.8 5,591.4 +163.6 Total Equity 3,405.4 3,588.2 +182.8 Equity Ratio (%) 61.8% 63.2% +1.4pp Interest-Bearing Debt 〈Net〉 105.
Slide 14: 2. Fiscal 2024 Guidance
2. Fiscal 2024 Guidance 14/15
Slide 15: Fiscal 2024 Guidance
Fiscal 2024 Guidance (*1) Feb : The projection disclosed on Feb 16, 2024 Forecast of Business Environment Currency Exchange ⚫ JPY depreciation expected vs Feb(*1) from 2Q onward at the level of 1USD=140 yen and 1EUR=151 yen. Full-year basis: 1USD=142 yen, 1EUR=153 yen (c.f.) FY2023: 1USD=141, 1EUR=1
Slide 16: 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