JTEKT Corporation · TSE:6473
JTEKT — FY2018 Earnings Presentation
73 slides from JTEKT's earnings presentation, May 16, 2019
Slide 1: IR Presentation for Fiscal Year 2018, Ending March 2019
1 IR Presentation for Fiscal Year 2018, Ending March 2019 May 16, 2019 JTEKT CORPORATION
Slide 2: Results, Forecasts, Progress of Mid-term Business Plan
2 1. Results for Fiscal Year 2018, Ending March 2019 2. Forecasts for Fiscal Year 2019, Ending March 2020 3. Progress of Mid-term Business Plan JTEKT CORPORATION
Slide 3: 1-1) Consolidated Performance
3 1-1) Consolidated Performance Despite an increase in income due to increased product quantity and M&As, profit decreased due to a drop in selling price levels and large increase in expenses. The net income halved due to the effect of optimization of B/S*. *: Activities to reduce possible impairmen
Slide 4: 1-2) Operating Profit Analysis
4 1-2) Operating Profit Analysis The drop in selling price levels and large increase in expenses could not be covered by increased income and cost improvement, and profit decreased due to a temporary loss from B/S optimization, etc. Operating profit: 14.7 billion yen decrease Factors of profit decre
Slide 5: 1-3) Results by Business Units
5 1-3) Results by Business Units Mechanical Components Increased income and M&As have had positive effects however profit has decreased largely due to a drop in selling price levels, large increase in expenses, and effect of B/S optimization. Machine Tools Sales have been strong primarily in Japan,
Slide 6: 1-4) Financial Results by Company Location [1]
6 1-4) Financial Results by Company Location [1] 売上高 Sales 営業利益率 Operating Profit Ratio (OP Profit %) (billions of yen) Japan 営業利益 Operating Profit (OP Profit) Increase/ FY17 FY18 (billions of yen) Decrease 5.9% 5.2% 3.8% 4.9% 3.4% Sales 582.4 619.6 37.2 619.6 OP profit 28.2 21.3 (6.8) 559.0 559.8 5
Slide 7: 1-5) Financial Results by Company Location [2]
7 1-5) Financial Results by Company Location [2] 売上高 Sales 営業利益率 Operating Profit Ratio (OP Profit %) (billions of yen) North America 営業利益 Operating Profit (OP Profit) Increase/ FY17 FY18 (billions of yen) 4.7% 4.7% Decrease 3.8% 3.0% Sales 298.2 314.7 16.4 1.5% 328.6 OP profit 8.9 4.8 (4.1) 303.1 2
Slide 8: 1-6) Financial Results by Company Location [3]
8 1-6) Financial Results by Company Location [3] 売上高 Sales 営業利益率 Operating Profit Ratio (OP Profit %) (billions of yen) China 営業利益 Operating Profit (OP Profit) Increase/ FY17 FY18 (billions of yen) Decrease 14.4% 15.9% 15.8% 15.3% Sales 146.9 149.7 2.7 12.0% OP profit 23.2 22.8 (0.4) 146.9 149.7 130
Slide 9: 1-7) Financial Conditions
9 1-7) Financial Conditions Inventory Interest-bearing debt * Net amount of debt with interest and cash and deposits Inventory (billions of yen) Interest-bearing debt (billions of yen) Inventory turnover month Net DE ratio 1.4 1.4 1.4 1.4 0.29 0.24 0.29 0.29 183.6 175.0 156.9 158.2 130.3 139.5 138.0
Slide 10: Forecasts for Fiscal Year 2019
10 1. Results for Fiscal Year 2018, Ending March 2019 2. Forecasts for Fiscal Year 2019, Ending March 2020 3. Progress of Mid-term Business Plan JTEKT CORPORATION
Slide 11: 2-1) Forecasts for Business Environment
11 2-1) Forecasts for Business Environment World economy Unpredictability due to the protectionist policies and impact from BREXIT (Britain exiting from the EU) Concern regarding world-wide impact due to trade friction while U.S. economy would steadily grow Slowdown in Chinese economy due to t
Slide 12: 2-2) Forecasts for Fiscal Year 2019
12 2-2) Forecasts for Fiscal Year 2019 Despite negative effects relating to foreign exchange, product quantity would increase, therefore plan to increase income and profits by improving cost price. (billions of yen) FY2019 (Forecast) FY2018 Increase/ Increase/ Full year (Result) Decrease Decrease (%
Slide 13: 2-3) Operating Profit Analysis
13 2-3) Operating Profit Analysis Decline in selling price level and increased expenses will be covered by increased income and cost improvement. Plan increased profits due to the settlement of temporary loss. Operating profit: 3.4 billion yen increase Factors of profit decrease Factors of profit in
Slide 14: Progress of Mid-term Business Plan
14 1. Results for Fiscal Year 2018, Ending March 2019 2. Forecasts for Fiscal Year 2019, Ending March 2020 3. Progress of Mid-term Business Plan JTEKT CORPORATION
Slide 15: Contents
15 3. Progress of Mid-term Business Plan CONTENTS 1. Strategies of Business Units 1) Review and Measures 2) CASE and Actions for New Business 3) Steering Systems 4) Drivelines 5) Bearings 6) Machine Tools & Mechatronics 2. Actions to Achieve Higher Corporate Value JTEKT CORPORATION
Slide 16: 1) Review and Measures
16 1) Review and Measures JTEKT CORPORATION
Slide 17: 3-1-1) Review on Forecast and Results
3-1-1) Review on Forecast and Results 17 (At FY2013 mid-term plan creation) Achieved sales target, but big gap in profit Management Rate: ¥95/US$, ¥110/€, ¥16/yuan FY2018 Target (Set in FY2013) FY2018 Result Increase/Decrease Sales 1340 billion yen 1431.3 billion yen +91.3 billion yen Operating prof
Slide 18: 3-1-2) External Environment Change
3-1-2) External Environment Change 18 (1. Economic environment) Sales increased at a level higher than the automobile production volume growth rate [Major reason of automobile sales decrease] [Major reason for sales increase] • Slow down in Chinese market due to the tax cut • Selling price increased
Slide 19: 3-1-3) External Environment Change
3-1-3) External Environment Change 19 (2. Competitive environment) Cost reduction couldn't absorb the impact of decline in selling price due to the C-EPS commoditization, and resulted in lower profit rate [Major reason for decline in selling price] ※市場データに基づき • C-EPS commoditization and intensificat
Slide 20: 3-1-4) Internal Factor
20 3-1-4) Internal Factor (1. Non-achievement of planned cost after model change) Factor: Failed to achieve target cost at the launch of rack-assist EPS Measure: Improve fundamental technologies / Enhancement of production preparation and project management Factor Measure [Lost initiative in develop
Slide 21: 3-1-5) Internal Factor
3-1-5) Internal Factor 21 (2. Non-achievement of productivity improvement target) Factor: The growth of R&D costs and indirect labor’s share exceeded the sales growth Measure: Accelerate productivity improvement of plants and indirect departments with a firm resolution Factor Measure R&D costs incre
Slide 22: 3-1-6) Internal Factor
22 3-1-6) Internal Factor (3. Insufficient purchasing improvement) Factor: Material price increase exceeded cost price improvement ratio Measure: Promotion of VAVE activities together with suppliers [Main reason for increase in cost price] • Failed to absorb the increase in material purchasing price
Slide 23: 3-1-7) Internal Factor
3-1-7) Internal Factor 23 (4. Effect of B/S optimization initiatives) Promotion of full inspection of unnecessary assets and unification of management standard for maintaining an appropriate B/S, to reduce possible asset impairment risks Factor of unnecessary assets Measure [Inventory] [Thorough app
Slide 24: 3-1-8) Review: Profit & Loss Trend
24 3-1-8) Review: Profit & Loss Trend (Management rate) Business structure was improving until FY16 (except foreign exchange impact), however, the following two years resulted in income increase and profit decrease. -> In FY2019, aim to return to growth track by achieving planned value of Rack-assis
Slide 25: 3-2-1) CASE and Actions for New Business
25 3-2-1) CASE and Actions for New Business Technologies contributing to Technologies and products that support "Connected" "Autonomous" Product security enhancement STG Collaboration with STG other companies • Development of system for EVITA* J-QuAD DYNAMICS *(E-safety vehicle intrusion - A joint v
Slide 26: 3-2-2) CASE and Actions for New Business
26 3-2-2) CASE and Actions for New Business Decrease in the number of automobiles Technologies and products that due to the increase in the shared support "Electric" mobility -> Creation of new business Driveline Practical use of E-AWD J-PAS New business • Develop and offer customers • A power-assis
Slide 27: 3-2-3) CASE and Actions for New Business
27 3-2-3) CASE and Actions for New Business Challenge: To yield new profits less affected by automobile market changes Factory agent A cloud service for matching manufacturers • Simultaneous request for quotes to multiple companies • Manufacturing process progress management • Completes delivery, in
Slide 28: 3) Steering Systems
28 3) Steering Systems JTEKT CORPORATION
Slide 29: 1. FY18 Main Action Results and Response
29 1. FY18 Main Action Results and Response Development for practical use of advanced systems/ Investment in startup companies/Enhancement of rack-assist EPS business foundation/ Promotion of business enhancement in emerging countries Continue to maintain the top share for steering, and to be “No. 1
Slide 30: 2. Steering systems Mid-term Business Plan Forecast
30 2. Steering systems Mid-term Business Plan Forecast Sales and Profit Forecast from FY2019 ¥95/US$, ¥110/€, ¥16/yuan Sales: Predicts favorable increase through rack-assist EPS business expansion Profit: Aim to gain competitiveness through early achievement of planned cost and next-generation EPS m
Slide 31: 3. Strategies After 2019 (Advanced systems)
31 3. Strategies After 2019 (Advanced systems) Contribution to solving social issues in public transport/logistics fields through the practical use of autonomous driving technologies in collaboration with a startup company <Next-generation public transport system> Contribute to next-generation mobil
Slide 32: 4. Strategies After 2019 (Expansion of rack-assist)
32 4. Strategies After 2019 (Expansion of rack-assist) Expand rack-assist EPS business and improve profitability DP-EPS (Dual pinion type) RP-EPS (Rack parallel type) 1,000 pcs/year 1,000 pcs/year 30,000 32.5% 35% 30,000 17.2% 20% 30% 15% 25,000 25,000 Share 25% Share 5.9% 10% 22.1% 20,000 20,000 19
Slide 33: 5. Strategies After 2019 (Development of next-gen RP-EPS)
5. Strategies After 2019 33 (Development of next-gen RP-EPS) Development of next-generation RP-EPS for expanding rack-assist EPS business (towards the market introduction by the end of FY2021). ◆Aim of Development◆ Develop low-cost and high-performance RP-EPS to improve our competitiveness Compariso
Slide 34: 4) Drivelines
34 4) Drivelines [List of Abbreviations] AWD: All Wheel Drive CVJ: Constant Velocity Joints TCD: Torque Control Device ITCC: Intelligent Torque Controlled Coupling TORSEN: Torque Sensing Limited Slip Differential JTEKT CORPORATION
Slide 35: 1. FY18 Main Action Results and Response
35 1. FY18 Main Action Results and Response Promoting deepening driveline field, enhancing hydraulic systems and enhancing AWD systems, as a base enhancement for business expansion As a distinctive system supplier that takes advantage of strengths such as AWD and hydraulics, aim to become “No. 1 & O
Slide 36: 2. Drivelines Mid-term Business Plan Forecast
36 2. Drivelines Mid-term Business Plan Forecast Sales and Profit Forecast from FY2019 ¥95/US$, ¥110/€, ¥16/yuan Sales: Predicts steady sales increase towards 2023 Profit: Early achievement of planned cost, aims to increase profitability through productivity improvement (billions of yen) 200 Sales P
Slide 37: 3. Strategies After 2019 (Deepening of driveline field)
3. Strategies After 2019 37 (Deepening of driveline field) Promote sales expansion of products adaptable to various vehicles (EV/HV/ICE) through the enrichment of product lineup and stronger global capabilities Enrichment of lineup Stronger global capability • Organize global production structure •
Slide 38: 4. Strategies After 2019 (Strengthening of hydraulic system)
4. Strategies After 2019 38 (Strengthening of hydraulic system) Responds to various application by lineup expansion that leverage strengths Mechanical pump (MOP) Electric pump (EOP) Strength: Able to propose three pump types Strength: Design/manufacture from ECU/motor Internal gear External gear Van
Slide 39: 5. Strategies After 2019 (Strengthening of AWD system)
5. Strategies After 2019 39 (Strengthening of AWD system) As a group of AWD professionals, responds in view for electrification and mechanical AWD demands AWD electrification forecast Electric AWD systems メカＡＷＤシステム Mechanical-AWD systems Ｅ－ＡＷＤ E-AWD • Practical use of E-AWD systems (Thousand vehicle
Slide 40: 5) Bearings
40 5) Bearings (Abbreviation list) TRB: Tapered Roller Bearing HUB: Hub unit NRB: Needle Roller Bearing SBB: Single Ball Bearing LFT: Low Friction Torque JTEKT CORPORATION
Slide 41: 1. FY18 Main Action Results and Response
41 1. FY18 Main Action Results and Response Continue to create value, impress customers, and praised by customers — Lift the "Koyo" to be the leader brand in the world — Environment Intensified market Evolution of Change of market change competition technology competitiveness Establish foundation an
Slide 42: 1. Business Strategy After FY19 (Strengthen production system)
1. Business Strategy After FY19 42 (Strengthen production system) Strengthen hub unit production system <China> <Global HUB> : Sales Europe China North 2019 2023 2030 2019 2023 2030 America <Europe> <ASEAN> Japan <Japan> <North America> 2019 2023 2030 2019 2023 2030 2019 2023 2030 ASEAN, India 2019
Slide 43: 2. Business Strategy After FY19 (For electrification)
2. Business Strategy After FY19 43 (For electrification) Product development for vehicle electrification ◆SBB ◆TRB Contribute to downsizing of motor and Contribute to lower loss of driving unit reducer Less lubricant, lower viscosity, lower torque Respond to high speed rotation, improved creep resis
Slide 44: 3. Business Strategy After FY19 (For usage environment)
3. Business Strategy After FY19 44 (For usage environment) Product Development for various usage environment ◆New material (NK bearing) ◆Railway vehicle NK : new advanced knowledge • Long life, high durability • Long life, high durability • Less torque fluctuation • Compact • Improved mountability N
Slide 45: 4. Bearings Mid-term Business Plan Forecast
45 4. Bearings Mid-term Business Plan Forecast Sales and Profit Forecast from FY2019 ¥95/US$, ¥110/€, ¥16/yuan Sales: Aim for steady increase in sales towards FY23 ⇒ New product introduction (Automotive BRG: For EV use, Industrial BRG: For special environment use, etc.) Profit: Aim for profitability
Slide 46: 5. Factors and Measures for Gap Between FY18 Results and Mid-term Plan
5. Factors and Measures for Gap Between 46 FY18 Results and Mid-term Plan Sales and profit largely not achieved the initial mid-term business plan made 2014 Factor of gap Target and result of FY2018 • Less production and sales (billions of yen) Sales • Material price increase 500 Profit (%) 15% • St
Slide 47: 6. Factors and Measures for Gap Between FY18 Results and Mid-term Plan
6. Factors and Measures for Gap Between 47 FY18 Results and Mid-term Plan Key measures after FY2019 • Obeya activity* 1. Strengthen - Review activity promotion system (Board cost reduction member/Plant manager) Concrete Measures - Enhance VA/VE activity activities *Obeya activity: Multifaceted exami
Slide 48: 7. Kokubu Plant: Ongoing Structural Reform
48 7. Kokubu Plant: Ongoing Structural Reform Kokubu Plant P/L Change Sales (billions of yen/month) 売上⾼(利益計画) Sales [P/L plan] 営利率(利益計画) OP profit (%) ratio [P/L plan] OP profit (%) 50 5.0 20.0% 25 2.5 10.0% 0 0.0% 2018 2019 2020 2021 2022 2023 2030 (25) -10.0% (50) -20.0% Operation reorganization M
Slide 49: 6) Machine Tools & Mechatronics
49 6) Machine Tools & Mechatronics JTEKT CORPORATION
Slide 50: 1. FY18 Main Action Results and Response
50 1. FY18 Main Action Results and Response Offer value in all monozukuri phases - Contribute raising value of customer with our “Only one technology” - Evolution of technology Change in market Environment change • Transition to EV • Workforce decline • Evolution of AI/IoT • Intensified cost competi
Slide 51: 2. MT & M Mid-term Business Plan Forecast
51 2. MT & M Mid-term Business Plan Forecast Sales and Profit Forecast from FY2019 ¥95/US$, ¥110/€, ¥16/yuan Pursuit of required new values to contribute to raising customers’ values Promotion of structural reform for solid revenue base (billions of yen) 3,000 EV lineup enrichment 300 30% Machine/hu
Slide 52: 3. Strategy After FY19 (EV lineup enrich)
52 3. Strategy After FY19 (EV lineup enrich) Enrich product lineup for EV by leveraging our grinding and skiving strength Offer wide range between highly accurate machining roll grinder to battery production system Improve EV component machining productivity Offer battery production system Motor sha
Slide 53: 4. Strategy After FY19 (Machine/human productivity improvement)
4. Strategy After FY19 53 (Machine/human productivity improvement) Smartification of all machine tools with our 労働⼈⼝減少に対し、 accumulated machining skills Utilize data and roll out products that support maximum operation and human growth Machine tools independent from skilled worker Support human abili
Slide 54: 5. Strategy After FY19 (Structural reform)
54 5. Strategy After FY19 (Structural reform) Expansion of production volume through monozukuri reform emphasized on production lead time Strengthen revenue base through stronger product lifecycle support Just-in-Time supply Stronger product lifecycle support IoT-utilizing Kaizen (Day) (machine/mont
Slide 55: 2. Actions to Achieve Higher Corporate Value
55 2. Actions to Achieve Higher Corporate Value - Enhancement of Fundamental Basis - JTEKT CORPORATION
Slide 56: 3-2) Actions for Developing Corporate Value
56 3-2) Actions for Developing Corporate Value Follow the reliable growth trend on a medium-to long-term basis Decline in workforce Engineering innovation (AI, IoT) Environment change Higher importance on governance Work style diversity Work style reform Measure R&D Structure Improvement Enhancement
Slide 57: 3-2-1) Results of Encouraging ESG Activities
57 3-2-1) Results of Encouraging ESG Activities Inclusion to FTSE Japan Index* Our ESG activities were rated high from an internationally influential ESG rating institute FTSE *FTSE4Good Index Series and FTSE Blossom Japan Index Item JTEKT Sub Sector Country Avg.: Avg.: Japan Auto Parts ESG Rating
Slide 58: 3-2-2) Results of R&D Structure Improvement
58 3-2-2) Results of R&D Structure Improvement Received “Derwent Top 100 Global Innovators 2018” award JTEKT is elected to Clarivate Analytics sponsored “Derwent Top 100 Global Innovators 2018-19” four consecutive years which awards world’s innovative enterprises and institutes. There are four e
Slide 59: 3-2-3) Results of Work Style Reform
59 3-2-3) Results of Work Style Reform Certified to “The Health and Productivity Enterprises (White 500)” in consecutive three years JTEKT’s activities were awarded by METI and certified to the “Large enterprise category of the 2019 Certified Health & Productivity Management Outstanding Organization
Slide 60: 3-2-4) R&D Structure Improvement
60 3-2-4) R&D Structure Improvement “Construction of workplace stimulating employees’ intellectual imagination” - For activating communication and raising creativity and motivation JTEKT R&D INNOVATION CENTER G-JOIN (Ginza, Tokyo) Kariya (Kariya city, Aichi) (Ginza Jtekt Open INnovation center) • R&
Slide 61: 3-2-5) Actions for Work Style Reform
61 3-2-5) Actions for Work Style Reform Improving manufacturing (or GEMBA) capability by factory automation and multi-skill worker development Supplementing reduction of production workers and maintaining sales growth • Promote automation in production sections to implement approx. 1,000 manpower sa
Slide 62: Thank you
62 Thank you JTEKT CORPORATION
Slide 63: (Reference) Quarterly Result Trend
63 (Reference) Quarterly Result Trend OP profit (%) (billions of yen) 5.8% 5.6% 6.6% 5.5% 5.6% 5.1% 4.8% 4.5% 4.2% 3.6% 392.3 395.2 376.3 382.7 366.6 366.5 349.9 346.5 329.5 335.7 Sales 25.7 20.4 20.3 19.3 19.0 19.3 17.7 16.1 16.2 13.2 OP profit FY2015* FY2016* FY2017 1Q 2Q 3Q 4Q FY2018 1Q 2Q 3Q 4Q
Slide 64: (Reference) Sales Forecast by Business
64 (Reference) Sales Forecast by Business JTEKT CORPORATION
Slide 65: (Reference) Sales Forecast by Region
65 (Reference) Sales Forecast by Region JTEKT CORPORATION
Slide 66: (Reference) Financial Results by Business (Mechanical Components)
(Reference) Financial Results by Business 66 (Mechanical Components) Sales Quarterly Trend STG DL BRG OP Profit Quarterly Trend (billions of yen) OP profit OP profit (%) (billions of yen) 345.3 335.7 339.6 348.1 326.7 322.2 308.7 306.8 294.0 300.6 5.8% 5.8% 6.0% 5.1% 5.3% 110.2 107.3 103.4 103.1 4.8
Slide 67: (Reference) Financial Results by Business (Machine Tools & Others)
(Reference) Financial Results by Business 67 (Machine Tools & Others) Sales Quarterly Trend OP Profit Quarterly Trend (billions of yen) MT & M Others (billions of yen) OP profit OP profit (%) 46.9 47.0 44.3 11.7% 0.3 43.0 0.5 41.2 39.7 39.8 40.5 0.4 10.6% 0.4 9.6% 3.0 35.5 35.0 0.3 0.3 0.4 8.2% 8.7%
Slide 68: (Reference) Financial Results by Region (Japan)
68 (Reference) Financial Results by Region (Japan) Quarterly Trend (billions of yen) 5.2% 5.2% 6.0% 5.3% 3.8% 3.3% 4.2% 3.9% 2.7% 2.3% OP profit (%) 161.1 147.6 159.2 163.6 142.5 146.9 149.1 139.9 137.3 131.8 Sales 8.7 8.5 7.2 7.3 6.6 6.4 5.1 4.8 3.5 3.4 OP profit FY15 FY16 FY17 FY17 FY17 FY17 FY18
Slide 69: (Reference) Financial Results by Region (Europe)
69 (Reference) Financial Results by Region (Europe) Quarterly Trend (billions of yen) 3.5% 2.5% 2.0% 2.3% 0.6% 1.3% (0.3%) (0.5%) OP profit (%) (2.4%) (3.1%) 65.2 61.2 62.1 52.7 52.1 54.7 51.9 55.8 48.3 48.5 Sales 1.6 1.6 1.0 1.1 0.6 0.3 OP (0.1) (0.2) profit (1.2) (1.7) FY15 FY16 FY17 FY17 FY17 FY1
Slide 70: (Reference) Financial Results by Region (North America)
(Reference) Financial Results by Region 70 (North America) Quarterly Trend (billions of yen) 4.7% 4.7% 3.7% 4.3% 2.3% 2.8% 2.4% 1.5% 1.0% (0.2%) OP profit (%) 82.1 79.6 82.8 76.3 74.5 78.2 75.1 77.1 72.4 69.1 Sales 3.8 3.4 3.3 2.8 2.2 1.6 1.8 OP 1.0 0.8 profit (0.1) FY15 FY16 FY17 FY17 FY17 FY17 FY1
Slide 71: (Reference) Financial Results by Region [Asia/Oceania (Including India)]
(Reference) Financial Results by Region 71 [Asia/Oceania (Including India)] Quarterly Trend (billions of yen) 10.7% 11.0% OP profit (%) 9.6% 9.8% 9.7% 9.7% 10.2% 8.7% 9.0% 8.4% 45.3 46.6 46.5 43.7 41.7 43.7 41.4 37.3 33.8 33.8 Sales 5.1 4.8 4.5 4.4 4.3 4.0 3.7 3.1 3.2 2.9 OP profit FY15 FY16 FY17 FY
Slide 72: (Reference) Financial Results by Region (China)
72 (Reference) Financial Results by Region (China) Quarterly Trend (billions of yen) 17.0% 17.1% 17.0% 15.9% 15.3% 15.9% 15.3% 15.2% 14.4% OP profit (%) 41.6 11.4% 39.5 40.1 34.8 35.2 35.2 36.5 32.5 31.9 33.4 Sales 6.3 6.7 5.9 6.1 6.0 5.3 5.5 4.6 5.0 3.7 OP profit FY15 FY16 FY17 FY17 FY17 FY17 FY18
Slide 73: (Reference) Financial Results by Region [South America and Others]
(Reference) Financial Results by Region 73 [South America and Others] (billions of yen) Quarterly Trend 9.0% 8.5% 7.2% 6.4% 6.6% 6.3% 6.7% OP profit (%) 4.5% 5.1% (5.0%) 7.3 6.8 7.1 7.0 6.6 7.0 6.6 6.5 5.7 5.2 0.6 0.6 Sales 0.5 0.4 0.4 0.4 0.4 0.3 OP 0.2 profit (0.2) FY15 FY16 FY17 FY17 FY17 FY17 FY