financial results briefing for fy2019...financial results briefing for fy2019 the 96th period...

Financial Results Briefing

for FY2019The 96th period（Apr. 1st, 2019-Mar. 31, 2020)

May 20, 2020

1

Contents2

Future forecasts, including this document, were judged according to the current information. Actual financial results might be considerably different from the forecast mentioned here depending on the Japanese or international economic situation, business trends related to our company, and any risk or indefinite factors involved in fluctuation of exchange rates.

Caution in handling this document

１．Financial Results for FY2019

２．Approaches for the New

Coronavirus

3. Approaches for Mid-to-Long Term

Stamping & Molding Products Business Valve Products Business

Valve Core Tubeless Valve

TPMSTransmitter

It consists of valve products that have multiple top share products in the world, TPMS products for tire pressure monitoring systems that are in increasing demand worldwide, and forging products. We also manufacture valves for the aircraft, industrial machinery and energy industries. [USA・France・Belgium・UK・China・Taiwan・S-Korea・Thailand]

We manufacture stamping products, which have the molding technology of ultra-high-tensile material that achieves both weight reduction and high rigidity, and resin products, which provide a variety of products with film decoration technology and NV performance control technology. [USA・China・Taiwan・Thailand]

Wheel Cap Cap Center Ornament

Engine Cover

Food Hinge

Front Pillar Lower

Hybrid Battery Case

Spline PlateFor PHV

Charge Valve Relief valve

Fuel Valves Valves for Aircrafts

IndustrialValves

Parts for other than Automobiles

Car Air Conditioner Related

Tire Valve Related

Oil Pan

An Outline of Our Business and Main Products3

Founded in 1930, Ranked as ”A-Stable”, 8 Plants in Japan, 18 Companies in 8 Countries

Compressor Parts



Coronavirus


4

２-１第２Ｑ連結業績2

1-1 Consolidated ResultsSales and Operating Income increased（Record high）,

Parent company net income decreased due to extraordinary losses, Forecast for FY2020 is undecided

5

［million yen］

Gain&Loss %change Gain&Loss %change

Sales 145,030 160,000 165,969 1.8 20,939 14.4% 5,969 3.7%

Operating Income 10,307 10,000 10,511 2.0 204 2.0% 511 5.1%

Ordinary Income 11,767 11,000 11,130 1.5 △637 △5.4% 130 1.2%

※1　Parent Company

Current Net Income 8,730 8,000 7,256 1.8 △1,473 △16.9% △744 △9.3%

Operating Profit Margin 7.1% 6.3% 6.3% △0.8% 0.0%

ＲＯＥ 9.3% ― 7.5% △1.8% ―

ＲＯＡ(Operating Income Base)

5.7% ― 5.2% △0.5% ―

Net Assts per Share 1,590 ― 1,614 24 ―

※ 1.It is the abbreviation of the official name: Net Income attributable to parent companay shareholders.

2018

2019

Jan,2020

AnnouncedResults

Year-on-year rate Announced Figure LevelConsolidated/No

n-consolidated

（yen）

Record

High

Record

High

Record

High

Record

High

Record

High

Record

High

Operating Income+0.2 billion yen

1-2 Consolidated Sales & Profit Increase/Decrease Factors

Sales Expansion of New Products and Increase in Sales Volume Contributed Significantly to the Increase in Sales and Profits

6

そ

の

他

為

替

差

損

持

分

法

投

資

利

益

減

営

業

利

益

増

△8

△3 +3

+2

（億円）

117 111

19年度18年度

【経常利益】

△1

減

損

損

失

法

人

税

等

減

経

常

利

益

減

△13△6

+6

（億円）

87

72

そ

の

他

19年度18年度

【親会社株主に帰属する

当期純利益】

△10

材

料

価

格

販

売

価

格

為

替

差

損

労

務

費

増

拡

販

・

販

売

物

量

増

原

価

改

善

△20

△18

△13

△11

+57

+21

（億円）

償

却

費（型

以

外）増

103 105

△4

経

費

増

19年度18年度

【営業利益】

Ordinary Income△0.6 billion yen

Current term net profit△1.5 billion yen

Sales by Business Sales by Region

1-3 Consolidated Segments Sales for FY20197

1,138

518

2

Stamping &Molding

Valve

Others

31％

69％

777

589

292

Japan

Europe and America

Asia

47％

35％

18％

1,659 1,659

【Stamping & Molding】 Stamping & molding

products for automobiles

【Valve】Tire valves, air conditioning valves, TPMS

【Others】 Information, services

（ One hundred million yen ）


【Japan】 Chubu, Kyushu, and Tohoku

【Europe and America】 U.S. France, Belgium

【Asia】 Taiwan, S. Korea, Thailand, China

1-４ Business Segment：Stamping & Molding Business

Sales Increased Due to New Product Sales, Profit Decreased Due to the Increase in Depreciation, etc.

744 708

832

1,004

1,138

0

200

400

600

800

1,000

1,200

'15 '16 '17 '18 '19

17.6

25.4

20.4

42.7 38.7

0

10

20

30

40

50

'15 '16 '17 '18 '19

Sales Operating Income

（+172）

（△4.0）

（+133）

（+22.3）

8

2.4%3.6%

2.5%4.3% 3.4%

0%

2%

4%

6%

（One hundredmillion yen）


320 326342

442

518

0

100

200

300

400

500

'15 '16 '17 '18 '19

1-５ Business Segment：Valve Business

Sales & Profit Increased Due to the Full Year Consolidationof Schrader U.S. and France

61.1 61.2 59.4 60.0

65.7

0

10

20

30

40

50

60

70

'15 '16 '17 '18 '19


（+99）

（+75）

（+5.7）

（+0.5）

9

19.1% 18.8% 17.3%13.6% 12.7%

10%

15%

20%

25%（One hundredmillion yen）


1-６ Regional Segment: JapanSales Increased. Profit Decreased Due to the Increase in

Depreciation and Exchange Loss etc.

557 577

630

709

777

0

100

200

300

400

500

600

700

800

'15 '16 '17 '18 '19

54.6 53.9 55.8 56.8 53.0

0

10

20

30

40

50

60

'15 '16 '17 '18 '19


（+78）

（△3.7）（+0.9）

（+68）

10

9.8% 9.3% 8.9% 8.0% 6.8%

0%

5%

10%

15%

(One hundred million yen）

(One hundred million yen）

1-７ Regional Segment: Europe and America

Sales & Profit Increased Due to the Full Year Consolidationof Schrader U.S. and France

273

237

290

442

589

0

100

200

300

400

500

600

'15 '16 '17 '18 '19

11.5

17.8

13.8

19.3

22.0

0

5

10

15

20

25

'15 '16 '17 '18 '19


（+147）

（+2.7）

（+5.4）

（+152）

11

4.2%7.5% 4.8% 4.4% 3.7%

0%

5%

10%



8.4

12.9

7.2

23.1 23.5

0

5

10

15

20

25

'15 '16 '17 '18 '19

1-８ Regional Segment: AsiaProfit Slightly Increased Despite a Decrease in Sales

Due to Exchange Rate Differences

237221

257

298 292

0

50

100

150

200

250

300

'15 '16 '17 '18 '19


（+41）（△6）

（+15.8）（+0.4）

12

3.5%5.9%

2.8%

7.7% 8.1%

0%

5%

10%

15%



73.5 89.9

113.1 112.4

163.8 18.7

45.2

61.3 59.4

49.3

27.6

31.0

33.8 47.8

21.3

119.8

166.3

208.3219.7

234.5

0

50

100

150

200

250

'15 '16 '17 '18 '19

≪ Depreciation ≫≪Capital Investment≫

Japan

Asia

1-９ Consolidated Capital Investment/Depreciation

46.2 52.2 61.8

77.1 83.7

10.0 9.6

13.1

25.9

33.4

23.722.2

24.1

23.9

24.7

80.084.1

99.1

127.0

141.9

0

20

40

60

80

100

120

140

160

'15 '16 '17 '18 '19

Increased Depreciation Due to Strategic Capital Investment

13



Europe & America

1-10 Strategic Capital Investment

153.4

188.0 200.7

55.2

32.3 34.1 208.3

219.7 234.5

0

50

100

150

200

250

'17 '18 '19

≪Main Items≫(Annual)

Valve

Stamping & Molding

14

■ Stamping & Molding Business

A Large-class Press for Cold ultra High Tensile

（JPN・USA・CHN・TWN・THA）

Hot Stamping（JPN・USA）

and Other Investment for new Products

■ Valve Business

Strengthening Forging Competence（JPN）

Strengthening Aluminum Die-Casting Competence（KOR）

Extending TPMS Line（USA・CN）

SCHRADER Synergy Investment（USA・FR）

Promoted Strategic Investment such as Ultra High Tensile, TPMS etc.

（ One hundred million yen)

≪ Capital Investment ≫

1-11 Consolidated Cash Flow 15

（100 million yen）

3 Billion yen Decreased in Free Cash Flow

1-12 Returns for Stockholders

■Annual Dividend

FY2019 plan Annual：30yen（Mid-term：16yen Term end：14yen）

FY2020 plan Undecided

A dividend payout ratio increased（Undecided for FY2020）

16

17

1-13 ＜Reference＞Individual Results

［million yen］

Gain&Loss %change

Sales 83,562 89,901 6,338 7.6%

Operating Income 6,146 5,212 △934 △15.2%

Ordinary Income 7,871 7,370 △501 △6.4%

Current Net Income 5,895 4,038 △1,856 △31.5%

Dividend（per share） 33 30 △3 △9.1%

Operating Profit Margin 7.4% 5.8% △1.6%

ＲＯＥ 8.3% 5.5% △2.8%

ＲＯＡ(Operating Income Base)

4.5% 3.4% △1.1%

Net Assts per Share 1,191 1,208 16

2018

2019

ResultsYear-on-year rate

（円）

過去

最高

Record

High

Record

High

Record

High

Record

High

Record High

661717

835899

4.8%8.4%

16.5%

7.6%

-20%

-10%

0%

10%

20%

0

200

400

600

800

1,000

1,200

1,400

'16 '17 '18 '19

≪Sales & Sales Growth Rate≫

Slaes Sales Growth Rate

100 million yen

53.658.3 61.4

52.1

8.1% 8.1%7.4%

5.8%

0%

2%

4%

6%

8%

10%

0

20

40

60

80

100

'16 '17 '18 '19

≪Operating Income & Operating Income Ratio≫

Operating Income Operating Income Ratio

100 million yen



Coronavirus


18

2-1 Countermeasures Against the New Coronavirus19

■Preventing being infected

・Carrying out health management for employees and their families in Japan and overseas

・Implementing countermeasures to avoid 3C’s

■ Maintaining employment & supply chain

・Maintaining employment by making use of leave system and public funds

・Communicating with suppliers

■Production system adapted to changes

・Global mutual complement and reducing supply risk

・Simulation assuming the onset of COVID-19

Gaining a Solid Foothold GLOCALly by Preventing Being Infected and Maintaining

Our Production System as a Top Priority

2-2 Countermeasures against the new coronavirus20

■Taking future fund management into account

・Fund management by a whole group・Setting a commitment line with banks

■Cooperate with employees, their families, and

local community GLOCALly

・Close cooperation with the government

・Formulate and thoroughly establish internal action

guidelines and deepening the ties

Gaining a Solid Foothold GLOCALly by Preventing Being Infected and Maintaining Our Production System as a Top Priority



Coronavirus


21

3-1 Strategy from Short-Term Measures to Mid-to-Long term

■Cost reduction & Streamline

■Business structure reform

■Manufacturing is about

developing people

Acceleration & Prioritization

22

3-2 Efforts in Stamping & Molding Business

Strengthening Molding Techniques and

Structural Analysis Technology To a Higher Grade

23

■Expanding the forming area of weight reduction technology

・Developed cold forming and mass producing techniques for 1470MPa

materials

・Expansion of hot stamping forming techniques

・Expansion of the utilization of Aluminum Friction Stir Welding (FSW)

■Developing of crash analysis technology

・Built a crash analysis model in the state of assembling

・Optimum structure & cost reduction

(※)FSW：Friction Stir Welding

・Reducing the weight of resin parts around the engine

22

3-3 Efforts in Valve Business

Creating Synergy with Schrader and Diversifying Technologies

■Die casting: Weight reduction and development of the variable product type

■Synergy activities

・Production：Sharing a cost reduction thoroughly

・Development：Accelerating development of new products

・Sales：Building business foundation by expanding

sales channels

24

・Built an integrated manufacturing system for compressor parts

■Forge stamping: Composite technology to increase strength and reduce weight

・Developed a new method combining sheet metal forming and cold forging

3-4 Function development by deepening core technology

Deepened Functions and Their Application

25

■Resin: Application of Soundproofing &anti-vibration technologies

・Deepening NVH technology

・EV motor noise and

noise regulation in Europe

(※)NVH Performance：It is a performance that reduces Noise, Vibration and Harshness

■Deepening TPMS technology

・Next generation function and product

development

・Application of sensing and wireless technology・Load / Wear / Road surface detectionetc.

Human audible range

Booming noise

Road noise Tire pattern noise

Gear noise

Engine transmission sounds

Wind noise

Brake noise

Hig

h

Mid

Low

Utilizing Big data

3-5 Effort for Utilizing IoT & AI

■Introducing image inspection system

Image Inspection

26

■Prediction system for equipment and dies

・Analyzing load, deflection, vibration etc. by AI

・Predicting failure and production defects

Prediction System for Dies

・Automating and inlining visual inspection

・Utilizing inspection data (big data) for

structural analysis

27

3-6 Towards Mid-to-Long term

・Aim to sustainable growth

・Manufacturing is about

developing people

・Sharing with stakeholders

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financial results briefing for fy2019...financial results briefing for fy2019 the 96th period...

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