JCU Corporation · TSE:4975
JCU — FY3/23 Earnings Presentation
34 slides from JCU's earnings presentation, May 11, 2023
Slide 1: Financial Results Briefing Material for the Fiscal Year Ended March 2023
Financial Results Briefing Material for the Fiscal Year Ended March 2023 JCU CORPORATION TSE Prime (Stock Code: 4975) May 11, 2023 Financial Results Briefing Material for FY3/23 1
Slide 2: Summary of Consolidated Financial Results for FY3/23
Summary of Consolidated Financial Results for FY3/23 Accounting Period of FY3/23 JCU (non-consolidated): April 1 to March 31, 2023 Overseas subsidiaries: January 1 to December 31, 2023 ◼ China: As a result of the stagnation of consumer spending and the ending of stay-at-home demand, demand for PWBs
Slide 3: Summary of Financial Results for FY3/23
Summary of Financial Results for FY3/23 (Millions of yen) FY3/21 FY3/22 FY3/23 YoY Results Results Forecasts Results % Change Net sales 21,192 24,256 26,500 27,137 11.9% Operating profit 6,799 8,990 9,100 9,285 3.3% Ordinary profit 6,922 9,231 9,100 9,369 1.5% Profit attributable to owners of parent
Slide 4: Summary Consolidated Balance Sheet
Summary Consolidated Balance Sheet (Millions of yen) FY3/22 FY3/23 Current assets 32,507 36,646 Cash and deposits 19,519 24,180 Notes and accounts receivable-trade 8,501 8,526 Inventories 3,632 2,852 Non-current assets 8,385 8,255 Property, plant and equipment 5,459 6,081 Investments and other asset
Slide 5: Foreign Exchange Rates
Foreign Exchange Rates Foreign exchange sensitivity (as at the consolidated year): Changes of about 90 million yen in consolidated operating profit with 1% change in major currency rates listed below (Yen) FY3/23 FY3/24 FY3/22 (Initial 1Q 2Q 3Q 4Q (Forecast) forecast) Chinese yuan (CNY) 17.03 17.20
Slide 6: Changes in Consolidated Operating Profit for FY3/23
Changes in Consolidated Operating Profit for FY3/23 (Millions of yen) ◼ Positive factors (YoY change) ◼ Negative factors +295 10,000 465 (411) (534) 1,447 83 (755) 8,000 from the Machine Business Increase in gross profit SG&A currencies to JPY) (due to conversion from local Effects of exchange rates
Slide 7: Forecasts for FY3/24
Forecasts for FY3/24 (Millions of yen) FY3/23 FY3/24 YoY% Change Results Forecasts Net sales 27,137 25,000 (7.9)% Operating profit 9,285 7,000 (24.6)% Ordinary profit 9,369 7,000 (25.3)% Profit attributable to owners of parent 6,013 4,800 (20.2)% Net income per share 232.62 yen 187.30 yen - Financia
Slide 8: Changes in Consolidated Operating Profit (Forecast for FY3/24)
8 (YoY change) Operating Profit 7,000 -2,285 (forecast) FY3/24 Changes in Consolidated Operating Profit (Forecast for FY3/24) Exchange rate impact of gross profits presented in financial statements of 7 overseas subsidiaries Increase in SG&A expenses (271) (incl. exchange differences) Financial Resu
Slide 9: Annual Consolidated Financial Results (By Segment)
Annual Consolidated Financial Results (By Segment) 28,000 27,137 60 0 24,866 2,608 25,000 35 24,256 1 23,120 0 2,499 22,319 1,307 1,718 50 4,796 27 21,192 1,435 Net Sales (Millions of yen) 3,194 1,680 Operating Margin (%) 21,000 2,936 9 2,035 1,345 1,429 1,324 1,092 37.1 40 34.2 32.1 30.1 28.4 28.2
Slide 10: Quarterly Consolidated Financial Results
Quarterly Consolidated Financial Results (Millions of yen) 8,000 3,000 2,640 2,660 2,410 7,000 2,364 2,500 2,276 1,965 2,032 2,035 2,020 1,940 6,000 1,848 2,000 1,782 1,726 1,701 1,613 1,641 1,596 Operating Profit 1,539 5,000 1,377 1,500 Net sales 1,278 4,000 1,000 3,000 500 2,000 0 1Q 1Q 2Q 3Q 4Q 1
Slide 11: Quarterly Consolidated Financial Results (By Segment)
Quarterly Consolidated Financial Results (By Segment) 8,000 7,584 70.0 6,957 6,599 6,479 6,471 60.0 6,298 6,414 6,434 6,137 6,187 6,160 6,000 5,836 5,751 5,767 5,391 5,517 50.0 5,317 4,921 Net Sales (Millions of yen) 4,793 4,751 Operating Margin (%) 40.0 4,000 39.3 38.2 36.8 36.7 35.3 35.2 34.8 32.3
Slide 12: Consolidated Segment Results for FY3/23
Consolidated Segment Results for FY3/23 (Millions of yen) 27,000 27,000 24,528 22,948 前期4Q累計 FY3/22 (Breakdown) (Breakdown) Plating machines 869 Plating machines 2,359 2023年3月期4Q累計 FY3/23 20,000 Plasma system 296 20,000 123 Plasma system Solar power related 142 Solar power related 127 13,000 13,000
Slide 13: Annual Sales of Chemicals in Japan and Overseas
Annual Sales of Chemicals in Japan and Overseas (Millions of yen) 20,000 100% 77% 78% 78% 78% 79% 80% 16,000 80% 12,000 60% 44% 8,000 40% 4,000 20% 0 0% 2010/3 FY3/10 2018/3 FY3/18 2019/3 FY3/19 2020/3 FY3/20 2021/3 FY3/21 2022/3 FY3/22 2023/3 FY3/23 国内 Japan 海外 Overseas 海外比率 Overseas Sales Ratio Fi
Slide 14: Annual Sales of Chemicals for POP and Via Filling
Annual Sales of Chemicals for POP and Via Filling POP: Planting on Plastics, mainly for automotive components (Millions of yen) Via Filling: Additive for copper planting for printed-wiring boards, mainly for smartphones and PCs 12,000 10,000 9,407 9,624 8,055 8,005 8,000 7,675 6,098 6,000 5,571 5,17
Slide 15: Quarterly Sales of Chemicals for POP and Via Filling
Quarterly Sales of Chemicals for POP and Via Filling POP: Planting on Plastics, mainly for automotive components (Millions of yen) 3,000 Via Filling: Additive for copper planting for printed-wiring boards, mainly for smartphones and PCs 2,517 2,515 2,519 2,516 2,500 2,345 2,270 2,244 2,179 2,179 2,1
Slide 16: Quarterly Sales of Chemicals by Region
Quarterly Sales of Chemicals by Region (Millions of yen) 3,000 2,500 2,000 1,500 1,000 500 0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2019/3 2020/3 2021/3 2022/3 2023/3 FY3/19 FY3/20 FY3/21 FY3/22 FY3/23 日本 Japan 1,041 986 1,107 927 968 975 967 944 842 866 1,071 1,073 1,092 1,152
Slide 17: Quarterly Sales of Chemicals by Category
Quarterly Sales of Chemicals by Category (Millions of yen) Consolidated YoY (6)% QoQ (10)% 5,000 4,304 4,304 (Chemicals for Electronic Components) Core 4,219 4,129 3,991 Products: Via filling 3,829 3,862 4,000 3,590 3,580 3,528 3,513 PWBs, connectors, surface treatment 3,342 3,359 (plating) chemical
Slide 18: Quarterly Sales of Chemicals by Region: Japan
Quarterly Sales of Chemicals by Region (Millions of yen) Japan YoY (6)% 1,000 vs.FY3/22 QoQ (13)% (1)% 800 743 752 733 744 707 674 654 622 633 626 617 608 578 600 558 538 545 547 542 527 518 400 474 466 466 433 445 432 426 419 408 409 421 409 406 418 409 412 399 384 339 297 vs.FY3/22 200 QoQ (9)% 4%
Slide 19: Quarterly Sales of Chemicals by Region: Overseas
Quarterly Sales of Chemicals by Region (Millions of yen) Overseas YoY (7)% 4,500 QoQ (10)% vs.FY3/22 4,000 6% 3,559 3,597 3,467 3,474 3,500 3,258 3,245 3,086 2,957 2,954 2,920 2,783 2,820 2,839 3,000 2,678 2,674 2,598 2,547 2,581 2,366 2,500 2,187 YoY 7% 2,000 QoQ (16)% 1,500 1,000 1,350 vs.FY3/22 1
Slide 20: Quarterly Sales of Chemicals by Region: China
Quarterly Sales of Chemicals by Region YoY (9)% (Millions of yen) China QoQ (14)% 2,000 vs.FY3/22 1,742 1,749 1,662 1,649 2% 1,492 1,535 1,509 1,491 1,465 1,447 1,404 1,500 1,337 1,315 1,200 1,198 1,227 1,171 1,171 YoY (5)% 1,017 973 1,000 QoQ (19)% 861 855 772 772 729 729 695 664 646 500 600 580 61
Slide 21: Quarterly Sales of Chemicals by Region: Taiwan
Quarterly Sales of Chemicals by Region (Millions of yen) Taiwan 1,400 vs.FY3/22 1,152 19% 1,200 1,101 1,055 1,049 1,050 1,013 949 1,000 830 860 QoQ (5)% 796 785 800 689 697 705 728 642 659 604 YoY (1)% 589 600 480 400 YoY (10)% QoQ (27)% vs.FY3/22 200 (8)% 25 42 54 51 17 23 24 17 23 3 4 5 4 4 5 4 4
Slide 22: Quarterly Sales of Chemicals by Region: South Korea
Quarterly Sales of Chemicals by Region (Millions of yen) South Korea 800 YoY (19)% vs.FY3/22 676 657 (5)% QoQ (17)% 574 573 564 600 546 550 553 516 523 503 487 482 470 478 451 459 412 431 426 400 YoY (10)% QoQ (11)% 200 127 129 97 106 113 107 109 97 vs.FY3/22 90 86 84 87 76 77 73 85 74 92 85 91 (1)%
Slide 23: Financial Results since Listing
Financial Results since Listing (Millions of yen) 28,000 27,100 10,000 25,000 Operating Profit & Profit 9,200 8,000 Net Sales 22,000 7,000 Upgraded to TSE 1st 6,000 Section in 16,000 Mar. 2007 6,000 4,800 Listed on TSE 4,000 2nd Section in Dec. 2005 10,000 2,000 4,000 0 06/3 FY3/06 07/3 FY3/07 08/3
Slide 24: Capital Expenditures, Depreciation and R&D Expenses
Capital Expenditures, Depreciation and R&D Expenses Capital expenditures Depreciation R&D expenses and ratio of R&D expenses to net sales 2,000 1,000 1,600 10.0% 1,825 R&D Expenses 研究開発費 1,800 900 1,400 研究開発費比率 Ratio of R&D expenses 1,600 800 to net sales 8.0% 1,200 1,400 700 676 1,061 606 619 998 1
Slide 25: FY3/24 Dividend Forecast
FY3/24 Dividend Forecast Dividends per share Interim dividend: 35 yen Plans to increase dividends for (Forecasts) Year-end dividend: 35 yen 14 consecutive fiscal years 80 中間 Interim 期末 Year-end 70 70 66 60 57 +¥2 48.5 50 50 45 42.5 40 32.5 30 30 22.5 +¥2 20 13.75 10 10 6.75 7.125 7.5 0 We will conti
Slide 26: Efforts in Addressing ESG Challenges
Efforts in Addressing ESG Challenges JCU aims to become a global company that continues to grow in a sustainable fashion by addressing ESG challenges through its business activities. Environment Development of environmentally responsible products ‒ Hexavalent chromium-free process for automotive com
Slide 27: Reference
Reference ⚫ Company Profile ⚫ Surface Treatment Technology in Future ⚫ Major Distribution Channels ⚫ Major Products ⚫ Usages of Chemicals and Typical Final Products Financial Results Briefing Material for FY3/23 27
Slide 28: Company Profile
Company Profile Founded in : December 1957 Established on : April 1, 1968 Capital stock : 1,255 million yen Non-consolidated: 12.6 billion yen / Consolidated: 27.1 billion yen Annual sales : (For the fiscal year ended March 31, 2023) Head office : TIXTOWER UENO 16F, 8-1 Higashiueno 4-chome, Taito-ku
Slide 29: Surface Treatment Technology in Future —Electronic Components—
Surface Treatment Technology in Future —Electronic Components— Target Next-generation IC-PKG boards for high-performance electronic devices, communications technology infrastructure, car electronics, etc. (1) Improve within wafer non-uniformity (2) Improve via filling for thin-film layer Schematic d
Slide 30: Surface Treatment Technology in Future —Decoration & Function—
Surface Treatment Technology in Future —Decoration & Function— Target Automotive components (front grilles, door handles, emblems, etc.) technology Faucet parts (showerheads, drain plugs, etc.) (1) Restricted substance-free alternatives (2) Eco-friendly decorative copper plating process Surface trea
Slide 31: Major Distribution Channels
31 High-performance electronic Automobile manufacturers device manufacturers Manufacturers of Customers (sold-to) Substrate manufacturers automobile parts (Tier 1 , (in Japan, China, Taiwan, Tier 2) South Korea, etc.) Specialist plating Financial Results Briefing Material for FY3/23 companies Our ov
Slide 32: Major Products
Major Products Chemicals Business For decoration and Automotive parts (front grilles, door handles, emblems, etc.) rust-proofing Faucet parts (water supply equipment, showerheads, drain plugs, etc.) (Key chemicals) Construction materials (bolts, nuts, etc.) For electronic PWBs (reversible and multil
Slide 33: Usages of Chemicals and Typical Final Products
Usages of Chemicals and Typical Final Products Description of term Final products Surface treatment (plating) chemicals for decorative and rust-proofing purposes Automotive parts, faucet parts Key chemicals such as those for providing a metal appearance and preventing rust. and construction material
Slide 34: Forward-looking statements and contact
This material contains current plans and forecasts of future performance of JCU CORPORATION. These plans and forecast figures are prepared by the Company based on currently available information. This material does not give any assurance or guarantee of the Company’s future financial performance and