JTEKT Corporation · TSE:6473
JTEKT — Q3 FY2022 Earnings Presentation
38 slides from JTEKT's earnings presentation, Feb 7, 2023
Slide 1: Financial results for the 3rd quarter of FY2022, ending March 2023
Financial results for the 3rd quarter of FY2022, ending March 2023 February 7, 2023 1 JTEKT CORPORATION
Slide 2: Overview of Financial Results
Overview of Financial Results ✔ Revenue increased YoY due to the market recovery from the easing of the impact of COVID-19 and impact of foreign exchange rate. Results ✔ Despite negative impacts from cost inflation of materials, logistics, and energy, business profit increased with cost reduction ac
Slide 3: Contents
Contents １．Results for the 3 rd Quarter of FY2022, Ending March 2023 P4 ２．Forecasts for FY2022, ending March 2023 P9 ３．Appendix P14 3 JTEKT CORPORATION
Slide 4: 1-1) 3Q results - Consolidated Performance
1-1）3Q results - Consolidated Performance ✔ Revenue increased YoY due to the recovery of automotive production and the effect of foreign exchange rate. ✔ Negative impact with cost inflation of materials, logistics, and energy, however, business profit increased YoY with sales increase, foreign excha
Slide 5: 1-2) Business profit Analysis
1-2）Business profit Analysis Unit: Billion of yen 5 JTEKT CORPORATION
Slide 6: 1-3) Results by Region
1-3）Results by Region Revenue Business profit Unit: Billion of yen FY2021 3Q FY2022 3Q Unit: Billion of yen (Ratio to revenue) FY2021 3Q FY2022 3Q 462.0 18.5 18.1 (9.6%) 414.3 (3.9%) 14.4 13.5 (9.9%) 13.0 (9.4%) (9.7%) 9.4 (2.3%) 286.8 210.7 193.8 143.9 138.1 115.4 134.5 146.8 -1.8 (-0.6%) -3.8 -6.4
Slide 7: 1-4) Results by Business unit
1-4）Results by Business unit Revenue Business profit Unit: Billion of yen FY2021 3Q FY2022 3Q Unit: Billion of yen (Ratio to revenue) FY2021 3Q FY2022 3Q 585.5 12.2 11.8 498.4 (5.3%) 10.8 (9.0%) (4.1%) 7.1 (1.2%) 6.4 (6.2%) 243.9 262.0 5.1 228.5 (1.0%) 190.3 3.0 1.9 (1.2%) 131.9 (1.0%) 103.8 0.7 1.4
Slide 8: Contents
Contents １．Results for the 3 rd Quarter of FY2022, Ending March 2023 P4 ２．Forecasts for FY2022, ending March 2023 P9 ３．Appendix P14 8 JTEKT CORPORATION
Slide 9: 2-1) Forecasts - Consolidated Performance
2-1）Forecasts - Consolidated Performance ✔ Despite the risk of a decline in demand in the automotive industry and cost inflation, we are maintaining the same forecast disclosed. ✔ Although there are negative impacts from regional demand fluctuation and cost inflation, we will promote cost reduction
Slide 10: 2-2) Forecasts - Business profit Analysis
2-2）Forecasts - Business profit Analysis Unit: Billion of yen 10 JTEKT CORPORATION
Slide 11: 2-3) Forecasts by Region
2-3）Forecasts by Region Revenue Business profit Unit: Billion of yen FY2021 3Q FY2022 3Q Unit: Billion of yen (Ratio to revenue) FY2021 3Q FY2022 3Q 637.0 32.0 582.4 (5.0%) 27.0 21.4 (9.9%) 20.3 (10.2%) (3.5%) 16.4 15.5 395.0 (9.1%) (7.8%) 294.7 274.0 4.0 (1.0%) 196.0 198.0 160.3 181.2 209.5 -4.7 (-
Slide 12: 2-4) Forecasts by Business unit
2-4）Forecasts by Business unit Revenue Business profit Unit: Billion of yen FY2021 3Q FY2022 3Q Unit: Billion of yen (Ratio to revenue) FY2021 3Q FY2022 3Q 817.0 690.3 20.0 (2.4%) 17.5 16.3 (5.0%) 16.0 (5.3%) (8.7%) 347.0 350.0 12.0 (8.0%) 275.0 311.5 8.5 8.4 (2.4%) (1.2%) 6.2 (2.3%) 184.0 149.4 2.0
Slide 13: Contents
Contents １．Results for the 3 rd Quarter of FY2022, Ending March 2023 P4 ２．Forecasts for FY2022, ending March 2023 P9 ３．Appendix P14 13 JTEKT CORPORATION
Slide 14: 3-1) Management indicators
3-1）Management indicators Cash Flow statement ROE / ROA Upper row Cash flow from operating activities FCF ROE ROA Lower row Cash flow from investing activities 28.9 39.2 41.7 28.7 5.0 104.1 91.7 Unit: Billion of yen 3.9 -29.4 67.0 3.3 62.3 62.7 2.1 1.8 0.2 1.5 -0.3 -25.2 -34.0 0.1 -52.5 - 0.7 -75.2
Slide 15: 3-1) Management indicators
3-1）Management indicators Capital expenditures Depreciation and amortization R&D expenses Upper row Jan-Mar Unit: Billion of yen Ratio to revenue Lower row Apr-Dec Unit: Billion of yen 4.2% 4.6% 4.2% 3.3% 3.1% 75.2 75.0 Unit: Billion of yen 64.6 63.0 66.9 65.0 64.3 65.0 63.6 64.7 24.6 21.1 17.5 12.5
Slide 16: 3-1) Management indicators
3-1）Management indicators Inventories Interest bearing debt / Cash reserves Inventory turnover month Left bar Interest bearing debt NET DE ratio Right bar Cash reserves 1.6 1.8 1.7 1.8 1.4 0.39 Unit: Billion of yen 254.8 0.30 0.26 Unit: Billion of yen 229.0 328.1 0.21 0.20 286.2 185.5 190.8 273.4 18
Slide 17: 3-2) Financial statements
3-2）Financial statements Assets Liabilities and equity Unit: Billion of yen Unit: Billion of yen FY2021 FY2022 Liabilities FY2021 FY2022 Assets Change Change End 3Q End and equity End 3Q End Cash and cash Trade and other equivalents 124.2 120.1 - 4.1 payables 317.6 331.8 +14.2 Trade and other Intere
Slide 18: 3-2) Financial statements
3-2）Financial statements Consolidated Statement of Profit or Loss Consolidated Statement of Cash Flows Unit: Billion of yen Unit: Billion of yen FY2021 FY2022 FY2021 FY2022 Change Change 3Q 3Q 3Q 3Q Cash flows from Revenue 1,021.9 1,224.9 +202.9 operating activities 55.3 62.7 +7.4 Cash flows from Bu
Slide 19: 3-3) Performance Comparison - Results (Region)
3-3）Performance Comparison - Results (Region) Unit: Billion of yen FY2021 FY2022 Foreign FY2022 Change excluding Region Change 3Q 3Q exchange 3Q foreign exchange Japan 414.3 462.0 ＋47.6 +11.5% - 462.0 ＋47.6 +11.5% Europe 115.4 138.1 ＋22.7 +19.7% ＋9.7 128.4 ＋13.0 +11.3% Revenue North America 210.7 28
Slide 20: 3-3) Performance Comparison - Results (Business unit)
3-3）Performance Comparison - Results (Business unit) Unit: Billion of yen FY2021 FY2022 Foreign FY2022 Change excluding Business Change 3Q 3Q exchange 3Q foreign exchange Steering 498.4 585.5 ＋87.0 +17.5% ＋58.1 527.4 ＋28.9 +5.8% Drivelines 190.3 243.9 ＋53.6 +28.2% ＋13.9 230.0 ＋39.6 +20.8% Automotive
Slide 21: 3-4) Quarterly Result Trend
3-4）Quarterly Result Trend Revenue Business profit Unit: Billion of yen Unit: Billion of yen ● Ratio to revenue 432.8 420.3 406.4 4.2% 3.6% 3.3% 2.6% 371.6 2.1% 2.7% 357.8 0.7% 344.1 319.9 17.0 15.4 14.0 9.7 8.9 6.5 2.6 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY2021 FY2022 FY2021 FY2022 21 J
Slide 22: 3-4) Quarterly Result Trend - Japan
3-4）Quarterly Result Trend - Japan Revenue Business profit Unit: Billion of yen Unit: Billion of yen ● Ratio to revenue 6.5% 6.0% 2.8% 4.4% 168.1 2.2% 1.9% 164.0 159.8 0.9% 138.7 140.2 135.3 138.1 10.8 9.8 7.0 3.7 3.0 2.5 1.2 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY2021 FY2022 FY2021 FY202
Slide 23: 3-4) Quarterly Result Trend - Europe
3-4）Quarterly Result Trend - Europe Revenue Business profit Unit: Billion of yen Unit: Billion of yen ● Ratio to revenue -4.4% -4.7% -4.5% -7.1% -7.1% -8.1% -8.2% 49.6 42.8 44.9 44.2 44.3 39.5 33.1 -1.8 -1.8 -2.2 -2.6 -3.1 -3.1 -3.6 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY2021 FY2022 FY202
Slide 24: 3-4) Quarterly Result Trend - North America
3-4）Quarterly Result Trend - North America Revenue Business profit Unit: Billion of yen Unit: Billion of yen ● Ratio to revenue 0.1% 101.3 -0.6% -1.1% -0.9% 96.1 89.3 -1.2% -1.4% 84.0 -3.6% 73.3 71.9 65.4 0.0 -0.4 -1.0 -0.9 -1.0 -0.8 -2.3 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY2021 FY2022
Slide 25: 3-4) Quarterly Result Trend - China
3-4）Quarterly Result Trend - China Revenue Business profit Unit: Billion of yen Unit: Billion of yen ● Ratio to revenue 11.6% 11.4% 10.4% 9.3% 7.9% 54.0 7.2% 52.3 46.6 5.9 5.8% 43.7 46.4 5.6 5.3 43.4 38.4 4.0 3.3 3.0 2.5 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY2021 FY2022 FY2021 FY2022 25
Slide 26: 3-4) Quarterly Result Trend - Asia & Others
3-4）Quarterly Result Trend - Asia & Others Revenue Business profit Unit: Billion of yen Unit: Billion of yen ● Ratio to revenue 10.8% 11.1% 10.4% 69.0 10.0% 9.7% 68.2 8.7% 8.4% 62.6 56.5 6.9 7.1 53.8 6.6 47.6 45.4 5.3 5.1 4.7 3.9 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY2021 FY2022 FY2021 F
Slide 27: 3-4) Quarterly Result Trend - Automotive
3-4）Quarterly Result Trend - Automotive (Steering + Drivelines) Revenue Business profit Unit: Billion of yen Unit: Billion of yen ● Ratio to revenue 1.8% 2.8% 2.3% 2.2% 285.0 285.4 1.5% 276.5 258.9 237.3 245.5 -0.5% -1.0% 205.8 7.7 6.5 6.2 4.2 3.7 -0.9 -2.6 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
Slide 28: 3-4) Quarterly Result Trend - Industrial & Bearings
3-4）Quarterly Result Trend - Industrial & Bearings Revenue Business profit Unit: Billion of yen Unit: Billion of yen ● Ratio to revenue 6.1% 97.3 5.0% 4.1% 4.3% 88.2 5.1% 4.9% 82.9 4.0% 77.3 77.1 74.0 76.3 4.4 4.1 3.9 4.0 3.7 3.7 3.0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY2021 FY2022 FY20
Slide 29: 3-4) Quarterly Result Trend - Machine tools
3-4）Quarterly Result Trend - Machine tools (Machine tools & others) Revenue Business profit Unit: Billion of yen Unit: Billion of yen ● Ratio to revenue 10.5% 8.9% 7.0% 50.4 46.8 46.6 8.2% 5.3% 40.0 4.8% 35.1 36.2 4.9 1.7% 4.5 29.3 3.8 2.8 1.9 1.7 0.4 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Slide 30: 3-4) Quarterly Result Trend - Steering
3-4）Quarterly Result Trend - Steering Revenue Business profit Unit: Billion of yen Unit: Billion of yen ● Ratio to revenue 1.8% 1.8% 2.4% 2.8% 205.9 1.1% 191.8 202.5 -1.9% 5.6 179.6 177.0 170.6 4.8 -0.1% 148.1 3.3 3.3 1.9 -0.1 -3.4 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY2021 FY2022 FY2021
Slide 31: 3-4) Quarterly Result Trend - Drivelines
3-4）Quarterly Result Trend - Drivelines Revenue Business profit Unit: Billion of yen Unit: Billion of yen ● Ratio to revenue 5.1% 3.5% 2.1% 0.6% 1.0% 0.6% 84.6 81.9 82.9 79.0 -1.4% 66.7 65.9 4.3 57.7 2.3 1.6 0.8 0.4 0.5 -0.8 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY2021 FY2022 FY2021 FY2022
Slide 32: 3-4) Quarterly Result Trend - Machine tools
3-4）Quarterly Result Trend - Machine tools (Others excluded) Revenue Business profit Unit: Billion of yen Unit: Billion of yen ● Ratio to revenue 12.3% 10.1% 8.9% 50.0 46.0 9.5% 45.6 6.0% 6.8% 39.8 35.8 2.7% 34.7 5.5 29.2 5.0 4.3 3.5 2.4 2.0 0.7 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY2021
Slide 33: 3-5) Business profit Analysis - Steering / Drivelines
3-5）Business profit Analysis - Steering / Drivelines Unit: Billion of yen +4.2 +4.4 Steering +3.7 +0.7 - 0.5 -7.7 -2.7 Unit: Billion of yen +1.0 +1.4 +0.1 +0.9 Drivelines - 0.1 - 2.0 - 0.2 33 JTEKT CORPORATION
Slide 34: 3-5) Business profit Analysis - Industrial & Bearings / Machine tools
3-5）Business profit Analysis - Industrial & Bearings / Machine tools Unit: Billion of yen +2.0 Industrial & Bearings +6.2 +2.8 - 0.2 - 7.2 - 1.1 - 3.9 Unit: Billion of yen ※ Others excluded +7.5 +1.3 Machine tools - 2.6 - 0.1 - 1.9 +2.4 - 1.2 34 JTEKT CORPORATION
Slide 35: 3-6) Performance Comparison - Forecasts (Region)
3-6）Performance Comparison - Forecasts (Region) Unit: Billion of yen Foreign Change excluding Region FY2021 FY2022 Change exchange FY2022 foreign exchange Japan 582.4 637.0 ＋54.5 +9.4% - 637.0 ＋54.5 +9.4% Europe 160.3 196.0 ＋35.6 +22.2% ＋13.8 182.2 ＋21.8 +13.6% Revenue North America 294.7 395.0 ＋100
Slide 36: 3-6) Performance Comparison - Forecasts (Business unit)
3-6）Performance Comparison - Forecasts (Business unit) Unit: Billion of yen Foreign Change excluding Business FY2021 FY2022 Change exchange FY2022 foreign exchange Steering 690.3 817.0 ＋126.6 +18.4% ＋69.0 748.0 ＋57.6 +8.4% Drivelines 275.0 347.0 ＋71.9 +26.2% ＋15.9 331.1 ＋56.0 +20.4% Automotive 965.3
Slide 37: 4-7) Return to Shareholders
4-7）Return to Shareholders Dividend payout ratio (%) 685.2 55.4 Return to Shareholders 26.3 27.4 29.6 30.3 29.7 29.8 30.2 30% - line Upper row Year-end dividend Lower row Interim dividend 42 42 43 44 38 34 Unit: yen per share 21 21 22 22 16 22 18 20 16 18 11 11 21 21 21 22 22 8 10 14 8 8 11 7 FY2013
Slide 38: Note on forward-looking statements
[Note on forward-looking statements] This report contains forward-looking statements pertaining to future plans and strategies. These forward-looking statements include risks, uncertainties and other factors, and actual results and business results may differ from those stated. 38