Toyobo Co., Ltd. · TSE:3101
Toyobo — FY2022 Earnings Presentation
24 slides from Toyobo's earnings presentation, May 11, 2023
Slide 1: Presentation to Investors for Year Ended March 31, 2023
May 11, 2023 Presentation to Investors for Year Ended March 31, 2023 TOYOBO CO., LTD.
Slide 2: Highlights
Highlights FY 3/23 Results Although sales increased because we proceeded with product price revisions, profit declined due to the considerable impacts of higher raw material and fuel prices, along with deteriorating market conditions for industrial film and increasing expenses to launch new equipmen
Slide 3: External Environment – FY 3/23 reviews and FY 3/24 assumptions
Reference: External Environment – FY 3/23 reviews and FY 3/24 assumptions FY 3/23 The global economy slowed down - Rising raw material and fuel prices stemming from the impact of the situation in Ukraine, among others. - Monetary tightening policies in Europe and the United States and China’s zero-C
Slide 4: Summary of Results: P&L
Summary of Results: P&L (¥ bn.) YOY Previous FY 3/21 FY 3/22 FY 3/23 forecasts Amount % (Feb. 2023) Net sales 337.4 375.7 399.9 +24.2 + 6.4% 400.0 Operating profit 26.7 28.4 10.1 - 18.4 - 64.6% 11.0 (Ratio to sales) 7.9% 7.6% 2.5% - - 2.8% Ordinary profit 20.7 23.1 6.6 - 16.5 - 71.5% 7.5 Extraordina
Slide 5: Analysis in Changes in Operating Profit
Analysis in Changes in Operating Profit Raw material and fuel costs 30.0 - 17.0 Prices Volume 25.0 +11.9 - 7.0 20.0 Others - 6.2 (¥bn.) 15.0 28.4 10.0 - Industrial film (-) - Expenses to launch - VOC recovery equipment (+), etc. new equipment 10.1 - Responses to FDA 5.0 - Development of (- 18.4) the
Slide 6: Summary of Results: BS
Summary of Results: BS (B) (A) (¥ bn.) Mar. 31, 2021 Mar. 31, 2022 Mar. 31, 2023 (A)-(B) Total assets 491.2 517.8 588.9 +71.1 Cash and deposits 34.7 27.2 60.7 +33.5 Inventories 76.3 96.0 121.9 +25.9 Property, plant and equipment 224.6 227.6 240.2 +12.7 Net assets 188.6 197.1 221.4 +24.3 Shareholder'
Slide 7: Summary of Results: CF, etc.
Summary of Results: CF, etc. (¥ bn.) FY 3/22 FY 3/23 YOY Cash flows from operating activities 17.1 7.8 - 9.3 Cash flows from investing activities - 24.6 - 36.0 - 11.4 Free cash flows - 7.5 - 28.2 - 20.7 Cash flows from financing activities - 1.7 61.3 +63.0 Others 1.1 0.7 - 0.5 Net increase (decrease
Slide 8: Summary of Results: Segment
Summary of Results: Segment (¥ bn.) Net sales Operating profit Previous forecasts FY 3/22 FY 3/23 FY 3/22 FY 3/23 YOY (Feb. 2023) Films and Functional Materials 170.3 170.0 19.9 4.6 - 15.3 5.2 Mobility 44.7 49.3 - 1.8 - 4.5 - 2.7 - 4.0 Lifestyle and Environment 114.3 129.9 3.5 3.0 - 0.5 2.5 Life Sci
Slide 9: Films and Functional Materials
Films and Functional Materials (¥ bn.) Previous FY 3/22 FY 3/23 YOY forecasts H1 H2 Full year H1 H2 Full year Amount % Feb. 2023 Net sales 85.9 84.4 170.3 86.7 83.3 170.0 - 0.3 - 0.2% 171.0 Operating profit 12.2 7.7 19.9 4.2 0.4 4.6 - 15.3 - 76.7% 5.2 (Ratio to sales) 14.2% 9.1% 11.7% 4.9% 0.5% 2.7%
Slide 10: Mobility
Mobility (¥ bn.) Previous FY 3/22 FY 3/23 YOY forecasts H1 H2 Full year H1 H2 Full year Amount % Feb. 2023 Net sales 21.6 23.2 44.7 24.1 25.2 49.3 +4.6 +10.3% 51.0 Operating profit - 0.9 - 0.9 - 1.8 - 2.0 - 2.5 - 4.5 - 2.7 ‐ - 4.0 (Ratio to sales) - - - - - - ‐ ‐ - Engineering plastics - In Japan, p
Slide 11: Lifestyle and Environment
Lifestyle and Environment (¥ bn.) Previous FY 3/22 FY 3/23 YOY forecasts H1 H2 Full year H1 H2 Full year Amount % Feb. 2023 Net sales 54.7 59.6 114.3 64.6 65.3 129.9 +15.6 +13.6% 127.0 Operating profit 1.9 1.6 3.5 1.2 1.8 3.0 - 0.5 - 13.2% 2.5 (Ratio to sales) 3.4% 2.7% 3.0% 1.9% 2.7% 2.3% ‐ ‐ 2.0%
Slide 12: Life Science
Life Science (¥ bn.) Previous FY 3/22 FY 3/23 YOY forecasts H1 H2 Full year H1 H2 Full year Amount % Feb. 2023 Net sales 16.3 18.7 35.0 19.3 18.8 38.1 +3.1 +8.9% 39.0 Operating profit 4.6 4.0 8.7 5.4 3.8 9.2 +0.6 +6.4% 9.4 (Ratio to sales) 28.2% 21.7% 24.7% 28.0% 20.2% 24.2% ‐ ‐ 24.1% Biotechnology
Slide 13: Forecasts for FY 3/24
Forecasts for FY 3/24 We forecast operating profit of ¥15.0 bn. (approx. 1.5x increase YOY) and net profit of ¥4.0 bn., reflecting not only a recovery in market conditions for industrial film, etc., but further price revisions and implementation of measures for businesses requiring improvement. FY 3
Slide 14: Analysis in Changes in Operating Profit
Analysis in Changes in Operating Profit 25.0 Volume Others Prices +2.3 - 5.4 20.0 +4.0 Raw material and fuel costs 15.0 +4.0 (¥bn.) 10.0 Industrial film (+) 15.0 Reagents for PCR testing (-) (+4.9) 10.1 - R&D expenses 5.0 - Depreciation 0.0 FY 3/23 FY 3/24 FY 3/23 FY 3/24 Exchange rate (\/US$) 135 1
Slide 15: Reference: Product price revisions for rising raw material and fuel prices
Reference: Product price revisions for rising raw material and fuel prices (thousand ¥/kl) 100 Naphtha price in Japan 75 50 25 0 3/16 3/17 3/18 3/19 3/20 3/21 3/22 3/23 (FY) 2015 2016 2017 2018 2019 2020 2021 2022 ($/t) Coal prices 500 (Australian thermal coal 400 market prices) 300 200 100 0 3/16 2
Slide 16: Reference: Recovery in market conditions for industrial film
Reference: Recovery in market conditions for industrial film Mold releasing film for MLCC Global shipment volume of mold releasing film for MLCC (YOY) 25.0% Market 20.0% - FY 3/23: Slowing growth rate - FY 3/24: Forecasting more than 10% YOY increase 15.0% FY 3/24 10.0% - Full operations of processi
Slide 17: Forecasts by Segment
Forecasts by Segment FY 3/23 Results (Old segment) FY 3/24 Forecasts (New segment) (¥ bn.) Operating Net sales Net sales Operating profit profit FY 3/23 FY 3/23 FY 3/24 FY 3/23 FY 3/24 Results Results Forecasts Results Forecasts Films and 170.0 4.6 Films 167.0 1.6 8.8 Functional Materials Mobiliy 49
Slide 18: Reference: Change of Business Segments
Reference: Change of Business Segments ～ FY 3/23 FY 3/24 ～ Packaging film Packaging film Films and Films Functional Industrial film Industrial film Materials Functional materials Biotechnology Engineering plastics Medical materials Life Science Mobility Airbag fabrics Pharmaceuticals Environmental s
Slide 19: Main actions by businesses
Main actions by businesses Pillar of income. Recovery of income - Packaging film: Improve OP margin by further price revisions. Full-fledged launch of new production line and new product. Films - Mold releasing film for MLCC: Respond to customers’ production increase following a recovery in market c
Slide 20: Please Note
Please Note The business performance forecasts and targets included in the business plans contained in this presentation are based on information known to the Company’s management as of the day of presentation. Please be aware that the content of the future forecasts may differ significantly from ac
Slide 21: ©️ TOYOBO CO., LTD. All rights reserved.
©️ TOYOBO CO., LTD. All rights reserved.
Slide 22: Appendix
TOYOBO Appendix
Slide 23: Business performance
Business performance (¥ bn.) FY 3/22 FY 3/23 Net sales Q1 Q2 Q3 Q4 Full year Q1 Q2 Q3 Q4 Full year Films and Functional Materials 45.7 40.2 41.4 43.0 170.3 45.3 41.4 41.6 41.7 170.0 Mobility 11.1 10.5 10.6 12.6 44.7 11.8 12.3 13.1 12.1 49.3 Lifestyle and Environment 27.7 27.0 27.7 31.9 114.3 32.1 32
Slide 24: Major indicators
Major indicators (¥ bn.) FY 3/19 FY 3/20 FY 3/21 FY 3/22 FY 3/23 FY 3/24 Results Forecasts Net sales 336.7 339.6 337.4 375.7 399.9 430.0 Operating profit 21.7 22.8 26.7 28.4 10.1 15.0 (Ratio to sales) 6.5% 6.7% 7.9% 7.6% 2.5% 3.5% EBITDA*1 37.5 39.8 45.8 48.5 29.1 36.7 EPS（\） -6.8 155.1 47.3 144.8 -