JTEKT Corporation · TSE:6473
JTEKT — Q3 FY2021 Earnings Presentation
35 slides from JTEKT's earnings presentation, Feb 4, 2022
Slide 1: IR Presentation for the Third Quarter of Fiscal Year Ended March 2022
IR Presentation for the Third Quarter of Fiscal Year Ended March 2022 February 4, 2022 1 JTEKT CORPORATION
Slide 2: Financial points
Financial points 1. In the third quarter, despite the impact of production cuts and soaring material and distribution costs, we secured business income of 9.7 billion yen due to the effects of improving our constitution. In the cumulative third quarter, business profit increased by 31.9 billion yen
Slide 3: Agenda
１．Results for the Third Quarter of Fiscal Year Ended March 2022 P４ ２．Forecasts for Fiscal Year 2021, Ending March 2022 P１１ 3．Appendix P１６ ３-１．Management indicators P１６ ３-２．Changes in fixed costs P１８ ３-３．Financial statements P１９ ３-４．Quarterly Result Trend（by Region / Business ） P２１ ３-５．Business Profi
Slide 4: 1-1) Consolidated Performance
1-1）Consolidated Performance Increased sales and profits in all businesses and regions due to the recovery of the market environment. Even though material costs and distribution costs have increased, the constitution has steadily improved due to cost reductions and fixed cost reductions. ( ):Rat
Slide 5: 1-2) Quarterly Result Trend
1-2）Quarterly Result Trend In the third quarter, sales decreased year-on-year due to the impact of production cuts due to a shortage of semiconductors, and business income decreased year-on- year due to increases in material costs and distribution costs while the constitution is improving. Sales rev
Slide 6: 1-3) Business Profit Analysis
1-3）Business Profit Analysis External procurement costs +5.8 Unit：billion of yen Productivity improvement +4.4 Material cost -8.6 Labor cost -1.1 Logistics cost -1.7 R & D expenses ＋2.7 Repair costs -1.5 other expenses ＋1.0 Earning structure ＋6.0 6 JTEKT CORPORATION
Slide 7: 1-4) Results by Region
1-4）Results by Region Sales revenue Business profit Unit：billion of yen [Rate of change] FY20 3Q FY21 3Q Unit：billion of yen (Ratio to Revenue) FY20 3Q FY21 3Q Currency Currency Increase / Increase / decrease difference decrease difference ＋29.8 Japan ＋3.5 ＋16.8 Japan - +29.8 ＋7.8% [＋7.8%] Europe -0
Slide 8: 1-5) Results by Region (North America, Europe)
1-5）Results by Region (North America, Europe) North America Europe Even though sales recovery is sluggish and the deficit Productivity continues to deteriorate due to labor continues, the margin of decline in profit is shortages, and profitability deteriorates due to suppressed by cost reduction and
Slide 9: 1-6) Result by Business
1-6）Result by Business Sales revenue Business profit Unit：billion of yen [Rate of change] FY20 3Q FY21 3Q Unit：billion of yen (Ratio to Revenue) FY20 3Q FY21 3Q Currency Increase / Currency Increase / ＋68.5 differenc decrease differenc decrease [＋16.0%] Steering ＋24.0 ＋44.5 ＋10.4% Steering ＋2.0 ＋5.3
Slide 10: Agenda
１．Results for the Third Quarter of Fiscal Year Ended March 2022 P４ ２．Forecasts for Fiscal Year 2021, Ending March 2022 P１１ 3．Appendix P１６ ３-１．Management indicators P１６ ３-２．Changes in fixed costs P１８ ３-３．Financial statements P１９ ３-４．Quarterly Result Trend（by Region / Business ） P２１ ３-５．Business Profi
Slide 11: 2-1) Forecasts for Fiscal Year Ending March 2022
2-1）Forecasts for Fiscal Year Ending March 2022 The future is uncertain due to production cuts and recovery production due to a shortage of semiconductors. Although there are some factors that reduce profits due to changes in the external environment such as increases in material costs and distribut
Slide 12: 2-2) Forecasts - Business profit Analysis
2-2） Forecasts － Business profit Analysis Unit：billion of yen -14.0 Cost increase -4.7 -24.0 Earning structure +3.8 12 JTEKT CORPORATION
Slide 13: 2-3) Forecasts - by Region
2-3） Forecasts － by Region Sales revenue Business profit Unit：billion of yen [Rate of change] 21/3 22/3 Unit：billion of yen (Ratio to Revenue) 21/3 22/3 Currency Increase / decrease Currency Increase / differenc decrease Japan - ＋32.7 ＋6.1% Japan ＋4.5 ＋15.2 ＋32.7 Europe ＋9.5 -0.3 -0.2% Europe -0.5 -
Slide 14: 2-4) Forecasts - by Business
2-4） Forecasts － by Business Sales revenue Business profit Unit：billion of yen [Rate of change] 21/3 22/3 Unit：billion of yen (Ratio to Revenue) 21/3 22/3 Currency Currency Increase / Increase / decrease difference decrease difference ＋86.6 Steering 26.2 ＋60.4 ＋9.9% Steering ＋2.1 ＋0.3 [＋14.3%] Drive
Slide 15: Agenda
１．Results for the Third Quarter of Fiscal Year Ended March 2022 P４ ２．Forecasts for Fiscal Year 2021, Ending March 2022 P１１ 3．Appendix P１６ ３-１．Management indicators P１６ ３-２．Changes in fixed costs P１８ ３-３．Financial statements P１９ ３-４．Quarterly Result Trend（by Region / Business ） P２１ ３-５．Business Profi
Slide 16: 3-1) Inventories / Interest-bearing debt, Cash reserves
3-1）Inventories／Interest-bearing debt・Cash reserves Inventories Interest-bearing debt・Cash reserves Inventory turnover month NET DE ratio 1.6 1.8 1.8 0.38 1.4 1.4 0.29 0.29 0.30 218.6 0.22 Unit：billion of yen Unit：billion of yen 328.1 190.8 183.6 182.8 175.0 286.2 289.3 274.6 273.5 160.7 135.1 135.5
Slide 17: 3-1) Cash flows / ROE, ROA
3-1）Cash flows／ROE・ROA Cash flows ROE, ROA Upper row Sales C/F Unit：billion of yen FreeC/F ROE ROA Lower row Investment C/F 27.6 39.2 45.3 0.9 9.7 100.0 103.0 -29.4 91.7 62.3 55.3 4.6 4.2 3.7 1.9 1.6 -10.0 -0.3 0.2 0.1 -52.5 -0.8 -75.3 -99.0 -91.7 FY2017 FY2018 FY2019 FY2020 FY2021 (Forecasts) FY201
Slide 18: 3-2) Changes in fixed costs
3-2）Changes in fixed costs Depreciation and Research and Capital expenditures amortization development expenses Upper row January - March Unit：billion of yen Ratio to Revenue Unit：billion of yen Unit：billion of yen Lower row April - December 4.6% 3.8% 4.2% 4.2% 3.6% 75.2 75.0 66.6 64.3 64.6 63.0 64.
Slide 19: 3-3) Consolidated Statements of Financial Position
3-3）Consolidated Statements of Financial Position Assets Liabilities and equity Unit：billion of yen Unit：billion of yen Increase / Liabilities and Increase / Assets 21/3 21/12 21/3 21/12 decrease decrease equity Cash and cash Trade and other 118.6 157.8 +39.1 286.6 298.5 +11.9 equivalents payables T
Slide 20: 3-3) Consolidated Statements of Income / Cash flow statement
3-3）Consolidated Statements of Income ／ Consolidated cash flow statement Consolidated Statements of Income Consolidated cash flow statement Unit：billion of yen Unit：billion of yen Increase / Increase / 20/9 21/12 decrease 20/9 21/12 decrease Sales revenue 883.5 1,021.9 +138.3 Cash flows from 66.3 55
Slide 21: 3-4) Quarterly Result Trend - Japan
3-4）Quarterly Result Trend－Japan Sales revenue Business profit Unit：billion of yen Unit：billion of yen ● Ratio to Revenue 7.3% 153.4 153.1 4.5% 2.8% 140.2 1.7% 11.1 2.2% 1.9% 139.4 138.7 135.3 6.9 3.0 3.7 2.5 2.4 91.6 -22.1% -20.3 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY2020 FY2021 FY2020
Slide 22: 3-4) Quarterly Result Trend - Europe
3-4）Quarterly Result Trend－Europe Sales revenue Business profit Unit：billion of yen Unit：billion of yen ● Ratio to Revenue 0.9% -2.0% -4.7% -4.0% -4.4% 0.4 -8.1% 46.3 46.1 42.8 39.4 39.5 33.1 -0.9 -1.5 -1.8 -1.8 -2.6 18.9 -5.1 -27.0% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY2020 FY2021 FY20
Slide 23: 3-4) Quarterly Result Trend - North America
3-4）Quarterly Result Trend－North America Sales revenue Business profit Unit：billion of yen Unit：billion of yen ● Ratio to Revenue 3.5% 3.2% 73.3 1.1% 71.9 68.4 68.5 70.2 65.4 -1.4% 2.3 2.2 -0.6% 0.7 -3.6% -0.4 32.1 -1.0 -2.3 -20.2% -6.5 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY2020 FY2021 F
Slide 24: 3-4) Quarterly Result Trend - China
3-4）Quarterly Result Trend－China Sales revenue Business profit Unit：billion of yen Unit：billion of yen ● Ratio to Revenue 11.4% 10.4% 9.3% 9.5% 9.3% 7.9% 52.3 45.7 7.2% 43.7 5.9 39.6 38.4 37.2 38.1 4.7 3.7 4.0 3.4 2.7 3.0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY2020 FY2021 FY2020 FY2021 24
Slide 25: 3-4) Quarterly Result Trend - Asia & Others
3-4）Quarterly Result Trend－Asia & Others Sales revenue Business profit Unit：billion of yen Unit：billion of yen ● Ratio to Revenue 12.7% 10.8% 10.4% 10.0% 8.7% 5.8% 6.9 5.1 5.1 5.3 54.9 53.8 3.9 49.1 47.6 45.4 2.1 37.9 15.2 -3.4 -22.9% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY2020 FY2021 FY2
Slide 26: 3-4) Quarterly Result Trend - Automotive
3-4）Quarterly Result Trend－Automotive (Steering＋Drivelines, including Hub unit) Sales revenue Business profit Unit：billion of yen Unit：billion of yen ● Ratio to Revenue 256.0 246.8 245.5 237.3 5.3% 6.2% 220.2 205.8 2.5% 1.8% 1.5% 15.2 13.4 5.6 4.2 -0.5% 3.7 122.5 -0.9 -17.4% -21.3 1Q 2Q 3Q 4Q 1Q 2Q
Slide 27: 3-4) Quarterly Result Trend - Industrial & Bearings Business
3-4）Quarterly Result Trend－Industrial & Bearings Business (Hub unit not included） Sales revenue Business profit Unit：billion of yen Unit：billion of yen ● Ratio to Revenue 6.6% 6.1% 5.1% 4.9% 3.7% 5.2 79.6 77.3 -1.3% 3.9 4.4 74.6 77.1 3.7 74.0 2.7 69.3 46.6 -0.9 -16.3% -7.5 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q
Slide 28: 3-4) Quarterly Result Trend - Machine tools and others
3-4）Quarterly Result Trend－Machine tools and others Sales revenue Business profit Unit：billion of yen Unit：billion of yen ● Ratio to Revenue 7.0% 40.0 4.7% 4.9% 35.2 36.2 35.1 2.8 32.6 4.8% 29.3 1.6 1.7 1.7 26.0 1.7% 0.6% 0.4 0.1 -5.6% -1.4 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY2020 FY20
Slide 29: 3-4) Quarterly Result Trend - Steering
3-4）Quarterly Result Trend－Steering Sales revenue Business profit Unit：billion of yen Unit：billion of yen ● Ratio to Revenue 6.3% 4.6% 2.2% 1.1% 1.8% 183.8 11.2 178.0 170.6 179.6 8.5 157.8 -0.1% 148.1 3.4 3.3 1.9 -0.1 88.1 -16.2% -14.2 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY2020 FY2021 FY
Slide 30: 3-4) Quarterly Result Trend - Drivelines
3-4）Quarterly Result Trend－Drivelines （Including Hub unit) Sales revenue Business profit Unit：billion of yen Unit：billion of yen ● Ratio to Revenue 6.8% 5.7% 3.5% 3.5% 4.9 0.6% 72.1 3.9 68.7 66.7 62.4 65.9 2.1 2.3 -1.4% 57.7 0.4 34.4 -0.8 -20.4% -7.0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q F
Slide 31: 3-4) Quarterly Result Trend - Machine tools
3-4）Quarterly Result Trend－Machine tools (Others excluded) Sales revenue Business profit Unit：billion of yen Unit：billion of yen ● Ratio to Revenue 8.9% 39.8 6.5% 6.0% 35.5 5.7% 3.5 34.7 34.7 32.4 29.2 25.6 2.3 1.9 2.0 2.7% 1.5% 0.7 0.4 -3.8% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q -0.9 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY20
Slide 32: 3-5) Business profit Analysis - Steering / Drivelines
3-5） Business profit Analysis－Steering／Drivelines Unit：billion of yen Steering Earning structure ＋0.8 Unit：billion of yen ※Including Hub unit Drivelines Earning structure -1.3 ※ 32 JTEKT CORPORATION
Slide 33: 3-5) Business profit Analysis - Bearing / Machine tools
3-5） Business profit Analysis － Bearing／Machine tools Mechatronics Business Units Unit：billion of yen ※Hub unit not included Bearing Earning structure ＋7.2 ※ ※Other products not included Unit：billion of yen Mechatronics Business Machine tools Units Earning structure -0.1 ※ 33 JTEKT CORPORATION
Slide 34: 3-6) Return to Shareholders
3-6）Return to Shareholders Dividend payout ratio (%) 61.2 685.2 41.1 39.5 26.9 26.3 27.4 29.6 30.3 29.7 26.1 13.50 17.7 Shareholders - - - Return to 30% 42 42 43 44 Upper row Year-end dividend Unit：yen per share 38 Lower row Interim dividend 34 24 21 21 22 22 16 19 17 18 20 16 16 16 16 16 13 11 10 6
Slide 35: Note on forward-looking statements
【Note on forward-looking statements】 This report contains forward-looking statements pertaining to future plans and strategies. These forward-looking statements include risks, uncertainties and other factors, and actual results and business results may differ from those stated. 35 JTEKT CORPORATION