02 05-14 daikin results-q1
Upcoming SlideShare
Loading in...5
×
 

02 05-14 daikin results-q1

on

  • 99 views

 

Statistics

Views

Total Views
99
Views on SlideShare
99
Embed Views
0

Actions

Likes
0
Downloads
0
Comments
0

0 Embeds 0

No embeds

Accessibility

Upload Details

Uploaded via as Adobe PDF

Usage Rights

© All Rights Reserved

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Processing…
Post Comment
Edit your comment

02 05-14 daikin results-q1 02 05-14 daikin results-q1 Presentation Transcript

  • Presentation of Financial Results for the First Quarter in June 2013 August 6, 2013
  • 22 Financial Results for the First Quarter in June 2013  -Summary of First Quarter Financial Results・・・・・・・・・・・・・・・・・・P.3  -Results by Segments ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・P.4-12    ・First Quarter Sales and Operating Income by Division    ・Sales by Region: Air-conditioning Business, Chemicals    ・Overall First Quarter Divisional Performance Table of Contents
  • FY12 FY13 Y/y changes 1H Y/y changes Total Y/y changes Net Sales 313.8 460.4 147% 920.0 142% 1760.0 136% Operating Income 22.3 40.4 181% 76.0 150% 125.0 141% (Percentage of income to net sales) (7.1%) (8.8%) (8.3%) (7.1%) Ordinary Income 20.0 40.6 203% 74.0 157% 120.0 128% (Percentage of income to net sales) (6.4%) (8.8%) (8.0%) (6.8%) Net Income 11.4 26.6 233% 42.0 466% 64.0 147% (Percentage of income to net sales) (3.6%) (5.8%) (4.6%) (3.6%) FX rate Yen/1USD ¥80 ¥99 ― Yen/1EUR ¥103 ¥129 ― ¥125 1Q(Apr.- Jun.) FY2013 Forecast ¥95 33 ○As sales of commercial use air conditioners sales dipped in China from lower real estate investment, Daikin shifted its focus to retailers and Daikin authorized sales dealers in the residential use market for sales of multi-split air conditioners. ○For the ASEAN region, dealer development proceeded in the important markets of India, Vietnam, and Indonesia, and sales substantially grew centering on residential use. ○In addition to replacement demand in the US residential market, Goodman also expanded sales in the new home construction market through the launch of new energy-saving products. <Reference> Despite a year-on-year decline in operating income for Chemicals, Daikin continued steady expansion of its global air conditioning business while leveraging the consolidation of Goodman, which was acquired last year, and the yen’s depreciation to achieve a significant increase in revenue and profits. (Unit:billion yen) ■Summary of First Quarter Financial Results *Numerical values for forecast results in the first half and the fiscal year remain unchanged. *Effects of FX (Year on year)  On Sales: 53.5 billion yen On Operating Income: 3.5 billion yen
  • 44 (Unit:billion yen) ■First Quarter Sales and Operating Income by Division FY2012 FY2013 FY2013 1Q Results 1Q Results Forecast Sales 313.8 460.4 147% 1,760.0 136% Operating Income 22.3 40.4 181% 125.0 141% (Percentage of income to net sales) (7.1%) (8.8%) (7.1%) Sales 278.7 422.3 152% 1,560.0 139% Operating Income 18.6 40.0 215% 103.0 145% (Percentage of income to net sales) (6.7%) (9.5%) (6.6%) Sales 27.2 29.9 110% 150.0 121% Operating Income 4.1 0.7 18% 19.5 118% (Percentage of income to net sales) (14.9%) (2.4%) (13.0%) Sales 7.9 8.2 103% 50.0 108% Operating Income ▲ 0.4 ▲ 0.3 ー 2.5 204% (Percentage of income to net sales) ― ― (5.0%) Chemicals Others Y/y Changes Y/y Changes Total Air Conditioning
  • 55  ■Sales by Region: Air Conditioning <Reference> Most recently published ※Year-on-year sales in local currency           FY2013 1Q FY2013 Forecast Europe   110%     109% China      110%     114% America     364%          289% (Excluding Goodman    118%             116%) Goodman 1Q Results Sales   72.3 billion yen (112% Y/y) Year-on-year comparison is on a local currency base. (Unit:billion yen) Japan 84% 78.0 103% 80.6 119% 95.6 105% 100.4 96% 96.0 105% 434.0 Europe 68% 59.7 96% 57.6 106% 60.8 73% 44.4 134% 59.4 127% 233.0 China 70% 21.4 145% 31.0 120% 37.1 161% 59.8 139% 83.3 131% 272.0 America 82% 19.7 103% 20.2 107% 21.7 110% 23.9 449% 107.1 331% 343.0 Asia 70% 19.4 126% 24.4 123% 30.2 109% 32.7 156% 51.0 133% 182.0 Oceania 77% 8.2 113% 9.3 86% 8.0 92% 7.4 130% 9.6 123% 44.0 Middle East 50% 3.2 142% 4.5 103% 4.7 181% 8.5 157% 13.3 124% 44.0 Africa 126% 2.4 81% 1.9 80% 1.6 99% 1.5 164% 2.5 110% 8.0 Total 75% 212.0 108% 229.5 113% 259.5 107% 278.7 152% 422.3 139% 1,560.0 Overseas sales ratio 63% 65% 63% 64% 77% 72% FX rate(USD/Yen) ¥97 ¥92 ¥82 ¥80 ¥99 ¥95  (EUR/Yen) ¥133 ¥117 ¥117 ¥103 ¥129 ¥125 FY13 ForecastFY09 1Q FY13 1QFY10 1Q FY11 1Q FY12 1Q
  • 66  ■Sales by Region: Chemicals <Reference> Most recently published(Unit:billion yen) ※Year-on-year sales in local currency          FY2013 1Q FY2013 Forecast America   94%    118% China      121%     120% Europe    89%           103% Japan 53% 6.4 157% 10.1 116% 11.7 83% 9.8 81% 7.9 96% 41.5 America 60% 4.6 146% 6.7 86% 5.8 123% 7.1 116% 8.3 135% 42.0 China 61% 2.0 182% 3.7 165% 6.0 83% 5.0 153% 7.6 138% 35.0 Asia 63% 1.5 156% 2.3 182% 4.3 54% 2.3 116% 2.6 155% 17.5 Europe 46% 1.3 172% 2.3 124% 2.9 98% 2.8 110% 3.1 121% 14.0 Others 142% 0.3 87% 0.2 123% 0.3 72% 0.2 167% 0.3 - - Total 57% 16.1 157% 25.4 122% 30.9 88% 27.2 110% 29.9 121% 150.0 Overseas sales ratio 60% 60% 62% 64% 73% 72% FX rate(USD/Yen) ¥97 ¥92 ¥82 ¥80 ¥99 ¥95  (EUR/Yen) ¥133 ¥117 ¥117 ¥103 ¥129 ¥125 FY13 ForecastFY13 1QFY09 1Q FY10 1Q FY11 1Q FY12 1Q
  • 77 ■Overall First Quarter Divisional Performance (Air-Conditioning Business) JapanJapanJapan ・In addition to a greater need for energy-saving products with the growth in the number of housing starts and widespread awareness for electric power conservation, favorable weather also contributed to the bullish shift seen in industry demand for residential use. Commercial use suffered a reversal of the increase in demand accompanying last year’s government assistance system, and industry demand fell. ・Daikin launched energy-saving, differentiated products for both residential and commercial use, and efforts were made to thoroughly maintain selling price in addition to sales promotion. ・Sales promotion greatly increased for new, differentiated products such as Urusara 7, the first product in the industry to adopt the new refrigerant R32. ・Sales promotion in commercial use also increased for energy-saving, differentiated products centering on Eco-ZEAS80 and Ve-upⅣ. Sales activities are being expanded with solutions unique to Daikin that appeal to electric power conservation and comfort.   ・Shipments for residential use increased in the tailwind of the heat wave beginning from July. Annual industry demand is expected to greatly exceed the initial projections of 8.25 million units.   <AC shipments in Japan for industry and Daikin> (1,000 units) 1Q Results Y/y FY13 Forecast Y/y Industry 2,837 102% 8,250 97% Daikin - 98% - 97% Industry 196 95% 779 100% Daikin - 97% - 97% Industry 103 93% 420 94% Daikin - 76% - 86% 96 96% 434.0 105%Sales (billion yen) Residential Commercial Eco-cute
  • 88 EuropeEuropeEurope Despite the continuing stagnation of demand in each EU country, demand in emerging markets, beginning with Turkey and the Middle East, have shifted to bullish, and sales for Europe overall exceeded the previous year. ・Efforts for residential use to improve sales of volume zone products were made centering on Southern Europe, and sales grew, particularly in Italy. The number of sales expanded significantly even in emerging countries such as Turkey and Russia and were sustained by favorable weather. ・For commercial use, together with enhanced order acceptance activities that thoroughly performed meticulous follow up to dealers, products bound for the unique volume zone market of Europe were launched. Efforts were also made to promote sales in emerging countries such as Russia and Turkey. Although the number of sales of air conditioners for shops exceeded the previous year, the impact of stagnant demand for building construction in the EU region was considerable and led to a decline in VRV sales below the previous year. ・The market was stagnant for heat pump type residential use hot water heaters in the major market of France where building construction is stagnant, but market expansion in Central Europe and such countries as Italy, Spain, and the UK advanced, and overall sales were on par with the previous year.  (including Turkey, the Middle and Near East, and Africa) ■Overall First Quarter Divisional Performance (Air-Conditioning Business) <Sales in Europe by product (volume-based )> ※SKY・・・Middle or compact size package air conditioners ※VRV・・・Multi-split system for buildings ※The forecast for Applied is based on local currency Industry Daikin 99% 122% SKY 102% 122% VRV 105% 109% 108% 115% 102% 113% 75.2 138% 285.0 126% 110% 108% 1Q Results 140% 110% 92% 98% 90% FY13 (Y/y Changes) Residential Commercial Heating Applied Sales (billion yen) Local currency
  • 99 ChinaChinaChina Despite a shift to sluggish demand for new construction projects from the impact of monetary tightening and decreased real estate investment, overall sales exceeded the previous year with even Applied experiencing market growth as attention focused on retail sales where demand is relatively bullish. ・Full model changes were executed from April of this year for all residential and commercial use products. ・ In particular, the progress made in developing the retail sales network centering on Daikin authorized sales dealers of residential use multi-split air conditioners contributed to expanded sales. ・Despite the slowdown in industry demand for Applied, Daikin experienced significant sales growth centering on air handling units and air-cooled screw type chillers. ・Cost reductions are being promoted focusing on the Suzhou Factory (such as expanding the adoption of local materials and implementing measures to cope with market softening), and efforts were made to improve profitability. ■Overall First Quarter Divisional Performance (Air-Conditioning Business) < Sales in China by product (volume-based )> ※SKY・・・Middle or compact size package air conditioners ※VRV・・・Multi-split system for buildings (includes residential use multi-split) ※The forecast for Applied is based on local currency Industry Daikin 100% 144% SKY 100% 123% VRV 100% 108% 107% 111% 83.3 139% 272.0 131% 110% 114% 125% 1Q Results FY13 (Y/y Changes) Residential Commercial 88% 109% 99% Applied (Sales) Sales (billion yen) Local currency
  • 1010 Asia/OceaniaAsia/OceaniaAsia/Oceania Sales in Australia and Thailand shifted as planned. Dealer development proceeded in the important markets of India, Vietnam, and Indonesia, and sales centering on residential use expanded. Sales in the region of Asia and Oceania largely exceeded the previous year. ・In India, year-on-year sales expanded for room air conditioners from full-fledged sales of locally-produced products. ・In Vietnam, sales centering on residential use air conditioners grew substantially due to favorable weather and sales promotion by dealer development. ・ Since establishing a sales company in April of last year in Indonesia, Daikin has proceeded with market expansion activities such as new dealer development, and sales largely exceeded the previous year. Australia 107% Thailand 101% Singapore 98% Vietnam 149% India 120% Indonesia 180% Malaysia 146% ■Overall First Quarter Divisional Performance (Air-Conditioning Business) <Year-on-year sales of main countries in Asia/Oceania (Local Currency)>
  • -Ductless ・Market has shifted to bullish for commercial use from a strengthened sales network. ・There was also a reversal of the large number of shipments achieved last year, and shipments decreased compared to the same time last year. ・Daikin intends to further expand sales and increase share by utilizing the sales network Goodman has throughout North America. -Residential Unitary ・Both sales and operating income for Goodman have largely exceeded that of the previous year. ・In addition to sales promotion in the replacement market, sales have grown in the US residential market in the recovery of new home construction market through the launch of new energy-saving products. -Applied ・Although recovery demand for the Applied market is running behind expectations, Daikin has expanded equipment sales such as for air handling units and centrifugal chillers, in addition to expansion of the after sales service business, and sales grew from increased exports to Latin America. 1111 North AmericaNorth AmericaNorth America ■Overall First Quarter Divisional Performance (Air-Conditioning Business) ※SKY・・・Middle or compact size package air conditioners ※VRV・・・Multi-split system for buildings ※The forecast for Ducted unitary for houses and Applied is   based on local currency < Sales in North America by product (volume-based )> Industry Daikin 107% 119% SKY 108% 120% VRV 111% 121% 103% 106% 101% 111% 107.1 449% 343.0 331%Sales (billion yen) FY13 Residential Commercial 100% 105% 109% 1Q Results 68% 112% Ductless (Y/y Changes) Ducted unitary for houses Applied (Sales)
  • ・In addition to increased sales of fluoropolymers used for infrastructure of railways and electricity in China, there has also been the impact received from the yen’s depreciation. This has resulted in sales exceeding the previous year. However, reductions in selling price from competition with Chinese manufacturers and production adjustment have occurred, and operating income decreased over the previous year. ・Together with striving to expand sales in favorable fields such as fluoropolymers for the volume zone market in China, Daikin is working to capture demand and increase sales in fields that appear to be bright including renewed equipment investment in the semiconductor market, expansion of demand of Japanese and American automobile manufacturers and aircraft manufacturers, and plant investment in America related to shale gas. ・Furthermore, at the same time of attempting to thoroughly maintain the selling price of fluorocarbon gas and fluoropolymers, Daikin is making utmost efforts to preserve profit by promoting total cost reductions. 1212 < Sales by fluorochemical product (sales-based)> ■Overall First Quarter Divisional Performance (Chemicals Business) Industry Daikin For all fluorochemical products 105% 121% Fluorocarbon Gas 105% 120% Polymers & Fluoroelastomers 105% 124% Fine Chemicals etc 104% 116% 29.9 110% 150.0 121% 94% 76% FY13 Sales (billion yen) Local currency 1Q Results 110% 115% 109% 99% (Y/y Changes)
  •  Notes on forecast  ○This data is compiled for informational proposes and is not to be construed as a solicitation of any action.    This data (includes management plan) was compiled by Daikin Industries., Ltd. (the Company) based on reliable information available at the time of compilation. It may include some risks and uncertainties. The Company is not responsible for its accuracy or completeness.  ○The Company asks for your own discretion in using this data. The Company accepts no liability for any loss or damage of any kind arising out of judgment for investment made solely relying on the business forecast or target figures described in the data.