consolidated financial result digest fy10/11 financial results · sales from pwb materials 25.3...
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ZXCV
Copyright © 2011 TAIYO HOLDINGS CO.,LTD. All Rights Reserved. 0
Consolidated Financial Result DigestFY10/11 Financial Results
ZXCVMay 20, 2011
Any information incorporated in this document is not intended for suggestion of purchase or sale of equity share of the company . All the description and projection are based on the company's own analysis at the time of compilation , and their accuracy is not guaranteed . These data may be revised without prior announcement . The company will neither assume nor compensate any loss of anybody resulting from decision based on information provided here .
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Classification
SR(Solder Resist)
White SR For Touch Panel
Silver Silver Paste,etcPaste,etc..
PWB Materials
For Rigid PWB
For PKGPWB
For FlexiblePWB
For B/UPWB
FPD FPD MaterialsMaterials
For PDP
New Products
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Terminology
Word Implication
“PWB Materials”(Printed Wiring Board)
Chemical Products for Printed Wiring Boards
“FPD Materials“(Flat Panel Display)
Chemical Products for Flat Panel Display Panels
“PDP Materials” (Plasma Display Panel) Chemical Products for Plasma Display Panels
"SR" Solder Resist Ink or Solder Mask
“PKG Materials”(Package)
Chemical Products for IC Package Substrates
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INDEX
1. FY10/11 Results
2. Forecast for FY11/12
3. Progress of Mid-term management plan
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FY10/11 Actuals
FY09/10 FY10/11 Diff.Change in
%Estimated
Nov.10
Sales 35,056 40,366 5,310 15.1% 39,500
Ope. Income 4,843 5,380 537 11.1% 5,500Ordinary Income 4,787 5,316 529 11.1% 5,500
Net Income 3,010 3,402 391 13.0% 3,700<Ave. Exchange Rate>
USD 93.0 85.8 △7.2 △7.8% 84.8
(JPY millions)Sales of over 4 billion yen in the first time
since FY07/08
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FY10/11 Factors for sales increase (vs. FY09/10)
2.7
3.9
4.1
35.0
40.3FY10/11 actuals
FX rate fluctuation
Changes in product mix
Sales volume increment
FY09/10 actuals
Sales( JPY billions )
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5.3
0.9
1.6
1.4
1.6
4.8
FY10/11 actuals
Fixed cost increment
FX rate fluctuation
Contribution init priceincrement
Contribution marginincrement due to
increase
FY09/10 actuals
Ope.Income( JPY billions )
FY10/11 Factors for profit increase (vs. FY09/10)
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Sales from PWB materials
25.3
19.9 21.222.9
6.8
5.15.6
5.6
1.3
0.91.1
1.2
0
5
10
15
20
25
30
35
FY07/08 FY08/09 FY09/10 FY10/11
Rigid PKG&Flexible Build-up
Sales
Sales of PWB materials for smartphones and Tablet PCs robust
Sales volume posted a Record in high volume (Consolidated, China, Korea, ASEAN)
Sales volume increased about 13% year on year and China market increased about 18% year on year.Ave. Selling price fell due to a strong yen.Showed somewhat slowdown during 2H.
299279259
336
( JPY billions )
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10.2
5.6 6.0
9.4
0.0
2.0
4.0
6.0
8.0
10.0
12.0
FY07/08 FY08/09 FY09/10 FY10/11
Sales
Sales volume close to the new record due to solid Plasma TV sales.
Higher average selling price in 2 H thanks to an increase in the price of silver, a key raw material.
Sales increased for China market.
Sales from FPD materials
( JPY billions )
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Results by segment for FY10/11
18.4
11.9
4.4
13.7
3.0
0.0
4.0
8.0
12.0
16.0
20.0
24.0
Japan China Taiwan Korea Others
0.9
0.5
2.8
0.2
1.0
5.5%
23.6%
11.6%
7.1% 7.8%
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
Japan China Taiwan Korea Others
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
Sales
Ope.Income & Ratio
( JPY billions )
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Impact of the 3/11 earthquake in Japan
No Damage
There was no injury to our employees and no property damage.So there was no impact on production.
Raw material procurement situation
Competitors spread rumors that Taiyo couldn’t secure vital important raw materials but in fact there was no such issue.
Rolling blackout during summer
We will be adjusting our working hours to maintain production level.
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Return to shareholder
30
60
90 90 9025
55
25
3.9%
8.1%
6.5%6.8%
8.6%
0
20
40
60
80
100
120
140
FY06/07 FY07/08 FY08/09 FY09/10 FY10/11
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
Ordinary Special DOE
(¥/Share)
55
115
9090
115
Commemorative dividend for 10th anniversary of listing
Projection
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• Electronics market will grow in China and emerging market.
• Concern of the impact of the earthquake during 2H.– Rolling power shortage.– Disruption in the global supply chain due to
shortage of semiconductor materials .– Recovery status of the affected companies.
• Our customers accelerating searching for second source suppliers.
• In China market, price competition continue to be fierce.
Business environment
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Forecast for FY11/12
FY10/11FY11/12
ForecastDiff.
Change in%
Sales 40,366 44,500 4,634 10.2%
PWB+ 30,909 33,000 2,091 6.8%
FPD 9,455 11,500 2,545 21.6%
Ope.Income 5,380 5,600 420 4.1%
Ordinary Income 5,316 5,600 484 5.3%
Net Income 3,402 3,800 598 11.7%
<Foreign Exchange Rate>
USD 85.8 80.0 △5.8 △6.8%
Considered partly uncertain factors from the earthquake effect. (JPY millions ))
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FY11/12 Forecast factors for sales increase
2
2
5.1
40.3
45FY11/12 forecast
FX rate fluctuation
Changes in product mix
Sales volume increment
FY10/11 actuals
Sales ( JPY billions )
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5.6
0.4
1.5
0.2
2.0
5.3
FY11/12 forecast
Contribution unit pricedecrease
FX rate fluctuation
Fixed cost decrease
Contribution marginincrease due to sales
volume increase
FY10/11 actuals
Ope.Income ( JPY billions )
FY11/12 Forecast factors for profit increase
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Investment & depreciation expense
0
500
1,000
1,500
2,000
2,500
3,000
FY07/08 FY08/09 FY09/10 FY10/11 FY11/12
Investment Depreciation(Projection)
¥1.6 billion investment for Taiyo Zhongshan
(JPY millions)
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3. Progress of Mid-term management plan
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Strategy for Chinese Market
zhongshan
To develop “Low price + α” products
To develop “Low price + α” products to increase market share in China.
“Low price +α” products under development in cooperation with Taiyo ink (Japan) and Taiyo Suzhou.
Setting up a new factory and sales office
Began sales of Taiyo Shenzhen in Jan 2011.
Opening a China strategy office in Apr 2011.
Taiyo Zhongshan under construction to be operated in Oct 2012.
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New product development strategyNew product development strategy
New products sales
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
FY09/10 FY10/11 FY11/12 FY12/13
About ¥2.0 billion in FY10/11
Sales target ¥4.0 billion in FY12/13 Black SRBlack SR
Carbon pasteCarbon paste
Inkjet markingInkjet marking
( JPY billions )
(Forecast) (Projection)
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White Resist
New product development strategyNew product development strategy
Over ¥0.5billion in FY10/11.
Low cost products have been developing for China, Taiwan and Korea.
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Target of Mid-term management plan
41.945.3
32.635.0
40.3
44.548.0
7.9 8.8
3.34.8 5.3 5.6
7.7
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
50.0
FY06/07 FY07/08 FY08/09 FY09/10 FY10/11 FY11/12 FY12/13
Sales Ope.Income(JPY Billion)
GBP2010
(Forecast) (Projection)