fy2020 2 quarter consolidated financial results...+1.2 53.4 -3.3 ost & s fy2020 2q (forecast in...
TRANSCRIPT
FY2020 2nd Quarter
Consolidated Financial Results October 31st, 2019
AISIN SEIKI Co., Ltd. The forecasts included in this document are based on information that the Company has obtained at the time of this disclosure and certain assumptions
that the Company considers reasonable. The Company does not guarantee the predicted outcome of the forecasts. Actual results may differ significantly
from the forecast due to a variety of factors, such as exchange rates and conditions of the global market.
1/27
Contents
1.Consolidated Financial Results
(FY2020 2nd Quarter)
2.Consolidated Financial Forecast
(FY2020 2nd Half- 6 months)
3.Consolidated Financial Forecast
(FY2020 - 12 months)
4.Reference Information
P.2-8
P.9-11
P.12-17
P.18-27
2/27
1.Consolidated Financial Results
(FY2020 2nd Quarter)
1. Revenue for FY2020 2nd Quarter decreased due to
unfavorable Automatic Transmission sales in China.
2. Operating profit for FY2020 2nd Quarter decreased due to
the decrease of sales and increase of depreciation cost
by advanced investment, in spite of cost structure
improvement and cost reduction by Structural reforms
etc.
3/27
FY2020 2nd Quarter Overview of Financial Results
3. Although results for 1st Half was as estimated, we revise
the annual forecast downward, since AT sales for 2nd Half
is expected to be lower than the original 2nd Half plan
which had not been revised in July, and also reflecting
loss on business liquidation.
(Billion yen)
FY2019 2Q FY2020 2Q Change
Results Rate to
Revenue % Results
Rate to
Revenue % Amount %
Revenue 1,994.4 - 1,913.7 - -80.7 -4.0
Operating Profit 123.2 6.2 53.4 2.8 -69.8 -56.6
Profit before
income taxes 132.2 6.6 54.4 2.8 -77.8 -58.8
Profit for the
period * 64.5 3.2 30.3 1.6 -34.2 -52.9
EPS 239.53
yen -
112.74
yen - -126.79
yen -52.9
FX Rate USD 110 yen USD 109 yen -1 yen -0.9
CNY 16.7 yen CNY 15.6 yen -1.1yen -6.6
Toyota
production (10,000 Unit)
446 461 +15 +3.3
AT sales (10,000 Unit)
506 446 -60 -11.8
FY2020 2Q
Disclosed
forecast in
July
Rate to
Revenue
%
1,910.0 -
50.0 2.6
52.0 2.7
31.0 1.6
115.03
yen -
USD 107 yen
CNY 15.6 yen
462
445
4/27
Consolidated Financial Results (FY2020 2nd Quarter)
* Profit for the period attributable to Owners of the parent
150.9 122.7
66.2 69.2
49.9 50.2
51.0 47.7
48.4 46.5
45.6 34.3
32.0
32.4
37.0
29.9
28.6
28.9
43.5
18.5
18.9
16.4
238.0
157.8
0
200
400
600
800
FY2019 2Q FY2020 2Q
VW&Audi
BMW
MITSUBISHI
SUZUKI
FCA
NISSAN
Others
VOLVO
PSA
GM
ISUZU
5/27
Sales by Customer (FY2020 2nd Quarter)
FY2019 2nd Quarter Revenue
FY2020 2nd Quarter Revenue (- 80.7)
1,994.4
Toyota
Group
1,124.2 (56.4%)
Other
Auto Makers 810.0
(40.6%)
Life & others 60.2
(3.0%)
1,913.7 Toyota
Group
1,196.2 (62.5%)
Other
Auto Makers 654.5
(34.2%)
Life & others 62.9
(3.3%)
(Billion yen)
(Billion yen)
Other Auto Makers sales breakdown
810.0
HONDA
654.5
-155.5
-28.2
+3.0
+0.3
-3.3
-1.9
-11.3 +0.4 -7.1 +0.3
-25.0
-2.5
-80.2
Chinese OEMs Total
139.8 ⇒ 66.8 (-73.0)
(Billion yen)
1,153.2
293.4
164.8 211.1 171.8
1,111.1
304.9
167.2 159.3 171.0
0
200
400
600
800
1,000
1,200
Japan NorthAmerica
Europe China Asia &Others
FY2019 2Q FY2020 2Q
70.4
0.2 3.2
33.1
15.7
23.8
0.2 2.2
14.0 13.5
0
10
20
30
40
50
60
70
80
Japan NorthAmerica
Europe China Asia &Others
FY2019 2Q FY2020 2Q
FX
Impact
Other
factors
Japan - -42.1
North
America -4.6 +16.1
Europe -2.4 +4.8
China -10.7 -41.1
Asia &
Others +1.1 -1.9
Total -16.7 -64.0
FX
Impact
Other
factors
Japan -3.6 -43.0
North America ±0.0 ±0.0
Europe -0.1 -0.9
China -0.9 -18.2
Asia & Others +0.2 -2.4
Elimination - -0.9
Total -4.4 -65.4
-42.1
+11.5
-51.8 -0.8
-46.6
-1.0
-19.1
-2.2 +2.4
+0.0
6/27
Segment Information (FY2020 2nd Quarter)
Revenue (-80.7)
(Billion yen) (Billion yen)
Operating Profit (-69.8)
-10.2
7/27
Depreciation
Production Preparation cost
R&D cost
Fluctuations for Operating Profit (FY2020 2nd Quarter)
FY2019 2Q / FY2020 2Q (Billion yen)
Op
era
ting
Pro
fit
Sale
s flu
ctu
atio
n
Co
st s
tructu
re
imp
rovem
en
t
+14.0
-51.5
123.2
+3.1
FX
imp
act
-4.4 +2.8 C
han
ge o
f m
ate
rial p
rice
-2.5
-0.8
Fix
ed
co
st
& o
thers
-20.3
53.4
Op
era
ting
P
rofit
FY2020 2Q FY2019 2Q
-69.8 Billion yen
Stru
ctu
ral re
form
s
8/27
Depreciation
+0.4
Fluctuations for Operating Profit (FY2020 2ndQuarter)
FY2020 2Q(Forecast in July)
/ FY2020 2Q(Result)
50.0 Op
era
ting
Pro
fit (F
ore
cast)
Sale
s flu
ctu
atio
n
Co
st s
tructu
re
imp
rovem
en
t
Ch
an
ge o
f m
ate
rial p
rice
FX
imp
act
+1.0 -0.5 +1.6
+1.3 +1.2
+3.4 Billion yen
+0.5
+1.2
Op
era
ting
Pro
fit
53.4
-3.3
Fix
ed
co
st
& o
thers
FY2020 2Q
(Forecast in July) FY2020 2Q
(Billion yen)
Stru
ctu
ral re
form
s
Production Preparation cost
R&D cost
9/27
2.Consolidated Financial Forecast
(FY2020 2nd Half- 6 months)
(Billion yen)
FY2019 2H FY2020 2H Change
Results Rate to
Revenue
% Forecast
Rate to
Revenue
% Amount %
Revenue 2,048.7 - 1,926.3 - -122.4 -6.0
Operating Profit 82.3 4.0 21.6 1.1 -60.7 -73.8
Profit before
income taxes 85.2 4.2 23.6 1.2 -61.6 -72.3
Profit for the
period * 45.6 2.2 9.7 0.5 -35.9 -78.7
EPS 169.11
yen -
35.68
yen -
133.43
yen -78.9
FX Rate USD 112 yen USD 105 yen -7 yen -6.3
CNY 16.3 yen CNY 14.8 yen -1.5 yen -9.2
Toyota
production (10,000 Unit)
460 444 -16 -3.5
AT sales (10,000 Unit)
493 479 -14 -2.8
FY2020 2H
Forecast in
April
Rate to
Revenue
%
2,060.0 -
110.0 5.3
115.0 5.6
55.0 2.7
204.09
yen -
USD 110 yen
CNY 16.4 yen
446
540
10/27
Consolidated Financial Forecast (FY2020 2nd Half- 6 months)
* Profit for the period attributable to Owners of the parent
Pre
-conditio
ns
11/27
Lo
ss o
n
bu
sin
ess
liqu
idatio
n
+0.8 Depreciation
R&D cost
+1.8
-0.4
Forecast of Fluctuations for Operating Profit (FY2020 2nd Half- 6 months)
FY2020 2H (Forecast in April)
/ FY2020 2H (Forecast)
FY2020 2H (Forecast in April)
FY2020 2H (Forecast)
Op
era
ting
Pro
fit
(Fo
recast in
Ap
ril)
110.0
-33.5
-1.5 +1.4 -8.8 +2.2 -4.4
-14.0
-32.0
21.6
Sale
s flu
ctu
atio
n
Co
st s
tructu
re
imp
rovem
en
t
Fix
ed
co
st
& o
thers
Op
era
ting
P
rofit
(Fo
reca
st)
FX
imp
act
Op
era
ting
Pro
fit (E
xc
ep
t no
n-o
rdin
ary
fac
tors
)
67.6
Ordinary factors -42.4 billion yen
-88.4 Billion yen
Non-ordinary factors
-46.0 billion yen
Ch
an
ge o
f m
ate
rial p
rice
Stru
ctu
ral re
form
s
Qu
ality
-rela
ted
c
os
ts
Production Preparation cost
(Billion yen)
12/27
3.Consolidated Financial Forecast
(FY2020 - 12 months)
(Billion yen)
FY2019 FY2020 Change
Results Rate to
Revenue
% Results
Rate to
Revenue
% Amount %
Revenue 4,043.1 - 3,840.0 - -203.1 -5.0
Operating Profit 205.5 5.1 75.0 2.0 -130.5 -63.5
Profit before
income taxes 217.4 5.4 78.0 2.0 -139.4 -64.1
Profit for the
period * 110.1 2.7 40.0 1.0 -70.1 -63.7
EPS 408.64 yen
- 148.42
yen - -260.22
yen -63.7
FX Rate USD 111 yen USD 107 yen -4 yen -3.6
CNY 16.5 yen CNY 15.1 yen -1.4 yen -8.5
Toyota
production (10,000 Unit)
906 905 -1 -0.1
AT sales (10,000 Unit)
999 925 -74 -7.4
FY2020
Forecast
in July Rate to
Revenue %
3,970.0 -
160.0 4.0
167.0 4.2
86.0 2.2
319.11 yen
-
13/27
Pre
-conditio
ns
* Profit for the period attributable to Owners of the parent
Consolidated Financial Forecast (FY2020 - 12 months)
286.5 267.0
130.7 159.7
116.0 119.6
105.4 103.1
106.0 97.5
87.7 67.2
65.4 63.8
74.0 62.3
54.1 54.5
74.1 35.2
80.1 34.6
419.0
326.5
0
200
400
600
800
1,000
1,200
1,400
1,600
FY2019 FY2020
HONDA
FCA
BMW
Others
NISSAN
-19.5
+29.0
+3.6
-2.3
-8.5
-20.5
-1.6
+0.4 -38.9
-11.7
-92.5
14/27
GM
-45.5
FY2019 Revenue
FY2020 Revenue (- 203.1)
Life & others
Other
Auto Makers
1,599.0
(39.6%)
127.2 (3.1%)
Toyota
Group 2,316.8 (57.3%)
4,043.1
(Billion yen)
Toyota
Group 2,323.0 (60.5%)
3,840.0
Other
Auto Makers
1,391.0
(36.2%)
Life & others 126.0 (3.3%)
(Billion yen)
1,599.0
1,391.0
-208.0
Chinese OEMs Total
258.7 ⇒135.2(-123.5)
Other Auto Makers sales breakdown
(Billion yen)
VW&Audi
PSA
SUZUKI
VOLVO
MITSUBISHI .
Guangzhou Automobile
Forecast of Sales by Customer (FY2020 - 12 months)
2,376.3
585.4
350.0 377.5 353.7
2,208.0
585.0
375.0 331.0 341.0
0
500
1,000
1,500
2,000
2,500
Japan NorthAmerica
Europe China Asia &Others
FY2019 FY2020
122.9
- 2.5
5.5
45.2
32.2
45.0
- 11.0
5.0 10.0
26.0
(12)
94
Japan NorthAmerica
Europe China Asia &Others
FY2019 FY2020
FX
Impact
Other
factors
Japan - -168.3
North
America -22.3 +21.9
Europe -6.0 +31.0
China -28.5 -18.0
Asia &
Others -3.0 -9.7
Total -60.0 -143.1
FX
Impact
Other
factors
Japan -13.5 -64.4
North America +0.4 -8.9
Europe -0.4 -0.1
China -0.8 -34.4
Asia & Others +0.1 -6.3
Elimination - -2.0
Total -14.2 -116.3
-168.3
-0.4
-46.5 -12.7
-0.5
-35.2
-6.2 +25.0
-77.9
-8.5
15/27
Revenue (-203.1) Operating Profit (- 130.5)
(Billion yen) (Billion yen)
Forecast of Segment Information (FY2020 - 12 months)
Op
era
ting
Pro
fit
FX
imp
act
205.5 F
ixed
co
st
& o
thers
16/27
Operating Profit (Forecast)
Quality-related costs
Depreciation
Production Preparation cost
R&D cost
Sale
s
fluctu
atio
n
Co
st s
tructu
re
imp
rovem
en
t
Ch
an
ge o
f m
ate
rial p
rice
Stru
ctu
ral re
form
s
Op
era
ting
Pro
fit (F
ore
ca
st)
(Ex
ce
pt n
on
-ord
ina
ry
fac
tors
for F
Y
)
+26.2 231.7
-96.0
+34.5
+7.0 -14.2
+1.0 -18.6
-7.5
-4.9 -2.5 130.5
-23.5
-32.0
75.0
Ordinary factors -101.2 billion yen
-130.5 Billion yen
Non-ordinary
factors for FY2020
-55.5 billion yen
Non-ordinary
factors for FY2019
+26.2 billion yen
FY2019 / FY2020
qu
ality
-rela
ted
c
osts
for F
Y 2
01
9
Op
era
ting
Pro
fit (Fo
recast)
(Ex
ce
pt n
on
-ord
ina
ry fa
cto
rs fo
r FY
) 2
01
9
FY2019 FY2020 (Forecast)
20
20
(Billion yen)
Forecast of Fluctuations for Operating Profit (FY2020 - 12 months)
Loss on business liquidation
17/27
FY2020 (Forecast in July)
Op
era
ting
Pro
fit (F
ore
cast)
160.0
-32.5
Sale
s
fluctu
atio
n
Co
st s
tructu
re
imp
rovem
en
t
Stru
ctu
ral re
form
s
-2.0 +3.0 -7.5
FX
imp
act
Ch
an
ge o
f m
ate
rial p
rice
+3.4
Depreciation +2.0
Production Preparation cost +2.3
R&D cost ±0
-3.5
Fix
ed
co
st
& o
thers
Op
era
ting
Pro
fit (Fo
recast)
(Ex
ce
pt n
on
-ord
ina
ry fa
cto
rs )
125.2 -18.2
qu
ality
-rela
ted
c
osts
-32.0
Op
era
ting
Pro
fit (F
ore
ca
st)
75.0
FY2020 (Forecast)
FY2020 (Forecast July)
/ FY2020 (Forecast) (Billion yen)
Ordinary factors -34.8 billion yen
-85.0 Billion yen
Non-ordinary factors
-50.2 billion yen
Forecast of Fluctuations for Operating Profit (FY2020 - 12 months)
loss o
n
bu
sin
ess
liq
uid
atio
n
18/27
4.Reference information
82.2 88.5 92.7 99.4
68.5 73.1
76.8 95.5 15.3
18.3 22.6
25.1
FY2017 FY2018 FY2019 F2020(Forecast)
72.0 74.5 81.0 82.7
69.2 80.3
92.0 98.0 18.0
20.1 22.3 22.6
FY2017 FY2018 FY2019 FY2020(Forecast)
Others
ADS-G
AW-G
AISIN SEIKI-G
102.8 122.5
169.0 126.3
72.3
87.3
144.9
123.5 39.7
19.0
32.9
38.8
FY2017 FY2018 FY2019 FY2020(Forecast)
19/27
(Billion yen)
237.4
389.9
260.3
Capital Expenditure Depreciation
320.0
197.1 213.4
226.4 245.0
167.7 182.9
202.1 (4.7%) (5.0%)
(4.7%) 207.0 (5.4%)
AW-G of
FY2020(Forecast)
amount includes
AISIN AI Group by
integration.
(): Rate to sales
Capital Expenditure/Depreciation/ R&D Expenditure
R&D Expenditure
73 74 73 85
83 76 73 84
76 81 79 79
81 83 90 80
FY2017 FY2018 FY2019 FY2020
4Q
3Q
2Q
1Q
153 143 151 148
148 147 149 144
151 151 155 147
144 137 136 138
FY2017 FY2018 FY2019 FY2020
226 217 224 233
231 223 222 228
227 232 234 226
225 220 226 218
FY2017 FY2018 FY2019 FY2020
20/27
Toyota car production
313 314 315 328
Toyota Domestic production
Toyota Oversea production
Toyota global production
(Forecast) (Forecast)
596 578 591 577
906 909 892 905
(Forecast)
(10,000 Unit)
44 43 46 41
45 45 43 37
43 47 41
46 46 40
67
0
50
100
150
200
FY2017 FY2018 FY2019 FY2020
204 233 260 226
207 234 246 220
224 258 246
234 258 247
479
0
200
400
600
800
1,000
FY2017 FY2018 FY2019 FY2020
42 42 43 28
39 34 39 29
45 48 36
39 40 33
57
0
50
100
150
200
FY2017 FY2018 FY2019 FY2020
16 13 17 23
14 13 18
19 12 13
20 13 14
17 35
0
20
40
60
80
FY2017 FY2018 FY2019 FY2020
21/27
Sales Number
AT sales
Navigation System sales
MT sales
Navigation Soft sales
178 170 181 145
(Forecast)
869 999 983 925
(Forecast)
(10,000 Unit)
(10,000 Unit)
165 151
164
114
2nd H (10,000 Unit)
(10,000 Unit)
(Forecast)
(Forecast)
53
72
55
77
119 130 129
118
109 111 111 107 80
100
120
140
EUR
USD
16.5 15.1 16.1 16.8
3.4 3.5 3.1 3.4
0.0
10.0
20.0
FY2017 FY2018 FY2019 FY2020(Forecast)
CNY
THB
FY2017 FY2018 FY2019 FY2020(Forecast)
USD 1.34 1.13 1.13 1.00
EUR 0.17 0.19 0.17 0.16
THB * 0.81 1.26 1.55 1.55
CNY * 0.79 0.81 0.76 0.58
Rate after Oct
USD 105
EUR 115
THB 3.4
CNY 14.8
22/27
Foreign Currency Exchange Rate
Foreign Exchange Rate
(Billion yen)
Impacts on
Operating Profit Forex Impact on Operating
profit per 1(or 0.1) yen
* Impacts of THB and CNY are per 0.1yen.
(yen)
30.1
3.1
0
30
60
90
1201,782.6
1,641.9 80.5
1,776.2
78.0
FY2017 FY2018 FY2019 FY2020(Forecast)
◆ ◆ 4.9% 4.4%
3.8%
33.2
861.3
838.7
0
500
1,000
1,500
2,000
2H
1H
18.0
10.0
0
60
120
180
802.2
842.8
0
600
1,200
1,800
◆
1.7%
8.1% 8.6%
6.1% ◆
◆
◆
2H
1H
23/27
67.0
◆
1,700.0
◆ 2.0%
Financial Results of the Main Consolidated Companies Ⅰ
(Billion yen)
AISIN SEIKI Group
AISIN AW Group (after integration with AISIN AI Group)
1,542.1
124.2
1,738.1
150.1
1,799.2
110.2
1,645.0
28.0
(Billion yen)
FY2017 FY2018 FY2019 FY2020(Forecast)
(Billion yen)
(Billion yen)
1H
2H
1H
2H
5.0
4.0
0
10
20
30
161.8
152.5
0
100
200
300
400
◆ ◆
◆
2H
1H
- 0.7 7.0
-5
0
5
10
15
20
25
297.2
288.6
0
200
400
600
800◆
◆ ◆
◆
2H
1H
◆
24/27
AISIN Takaoka Group
Financial Results of the Main Consolidated Companies Ⅱ
ADVICS Group
273.0
12.3
295.7
11.9
320.7
13.5
4.2% 4.5% 4.1% (Billion yen)
FY2017 FY2019 FY2018 FY2020(Forecast)
314.3
2.9%
9.0
(Billion yen)
(Billion yen)
FY2017 FY2019 FY2018 FY2020(Forecast)
555.4
6.1
586.5
10.1
2.0%
1.1% 1.7%
600.4
11.8
585.8
6.3
(Billion yen)
1.1%
1H
2H
1H 2H
838.6 858.8 907.5 957.5 917.0 938.0
1,023.5 1,030.2 1,007.9 986.5 1,018.9 1,029.7 963.0 950.7
226 231 227 225
217 223 232
220 224 222 234 226 233
228
0
50
100
150
200
250
0
600
1,200
1,800
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
59.0
35.7
67.3 66.4
53.5 54.4
77.6 68.1 64.8
58.3
38.1 44.1
25.5 27.9
7.0%
4.2%
7.4% 6.9%
5.8% 5.8%
7.6% 6.6% 6.4%
5.9%
3.7% 4.3%
2.7% 2.9%
0.0%
2.0%
4.0%
6.0%
8.0%
0
30
60
90
120
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q25/27
Quarterly Performance
Operating Profit
Revenue
FY2017 FY2018 FY2019 FY2020
FY2017 FY2018 FY2019 FY2020
(Billion yen)
(Billion yen)
(10,000 Unit)
94.8
133.8
108.0
145.7 123.2
82.3
53.4 21.6
5.6%
7.2%
5.8%
7.1%
6.2%
4.0%
2.8%
1.1%
0.0%
2.0%
4.0%
6.0%
0
30
60
90
120
150
180
210
1H 2H 1H 2H 1H 2H 1H 2H
1,697.5 1,865.0 1,855.1 2,053.8 1,994.4 2,048.7 1,913.7 1,926.3
457 452 440 452 446 460 461 444
0
120
240
360
480
0
600
1,200
1,800
2,400
3,000
1H 2H 1H 2H 1H 2H 1H 2H (Forecast)
26/27
Half Yearly Performance
Operating Profit
Revenue
(Billion yen)
(Billion yen)
FY2017 FY2018 FY2019 FY2020
(10,000 Unit)
FY2017 FY2018 FY2019 FY2020 (Forecast)
45 50 50 60 60 60
50 50 75 90 90
60
34.7% 28.2% 28.1% 30.6% 36.7%
80.9%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
80%
0
50
100
150
200
250
300
FY2015 FY2016 FY2017 FY2018 FY2019 FY2020(Forecast)
FY2015 FY2016 FY2017 FY2018 FY2019 FY2020
(Forecast)
Interim 45 50 50 60 60 60
Year-end 50 50 75 90 90 60
Total 95 100 125 150 150 120
Dividend Payout
Ratio 34.7% 28.2% 28.1% 30.6% 36.7% 80.9%
Repurchase of
Treasury Stock
(billion yen) 0.0 0.0 49.0 59.4 0.0 -
Total return Ratio(*) 34.7% 28.2% 66.5% 74.5% 36.7% -
27/27
Dividend per Share * The results of FY2015 are based on JGAAP and the others are based on IFRS.
Div
ide
nd
(ye
n)
(*) Total return Ratio= (Cash dividend paid + repurchase of treasury Stock) / Profit for the period
95 100 125
150 150 120