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  • 1. Consolidated Financial Results for the Third Quarter of FY2013 February 5, 2014 NTN Corporation This presentation and comments made in this conference or during the following Q&A session include forward-looking statements about management expectations for future performance and future business strategies. These statements represent the best judgment of the management of the company based on the information currently available. However, there can be no assurance that future results will meet any expectation, estimate or projection conveyed by these statements or comments. Actual results may differ materially from management projections depending on various factors such as changes in product demand, exchange rates and interest rates. 2014/2/5 1
  • 2. Contents ★Financial Results for the Third Quarter of FY2013 Key Factors 1. Consolidated Statements of Operation 2.Net Sales by Region 3.Net Sales and Operating Income by Business Sector 4.Results by Business Sector (Quarterly Trend) 5.Analysis of Operating Income (3Q Results) 6.Net Sales and Operating Income by Region (1)Japan, Americas (2)Europe, Asia & Others 7.Inventories 8.Interest-Bearing Debt 9.Capital Expenditure and Depreciation 10.Cash Flows 2014/2/5 2
  • 3. Financial Results for the Third Quarter of FY2013 : Key Factors FY2013 3Q Results ◇Net sales was 463.6 billion yen, 18.1% increase year-on-year ・The aftermarket applications increased 15.9% year-on-year ・The industrial machinery applications increased 4.7% year-on-year ・The automotive applications increased 22.2% year-on-year ◇Operating income was 20.6 billion yen, 13-fold year-on-year ◇27 billion yen is reported in extraordinary loss as “provision for surcharge payments under the Antimonopoly Act” in nine months ended December 31, 2013 ◇Net loss for the period was 19.6 billion yen (net loss for the same period the previous year was 600 million yen) FY2013 Full Year Forecast ◇Net sales was revised to 630 billion yen (previously 600 billion yen), and operating income was revised to 32 billion yen (previously 30 billion yen) ◇The exchange rate for 4Q was changed to 1US$ = 100 yen (previously 95 yen), 1EURO = 140 yen (previously 120 yen) 2014/2/5 3
  • 4. 1.Consolidated Statements of Operation (100 million yen) FY2012 1-3Q Results Full year Results ① ② 1,259 3,925 5,396 -6 15 73 3Q Results Net sales Operating income Operating margin (- 0.5%) (0.4%) (1.3%) FY2013 1-3Q Results Full year Forecast FY2013 1-3Q FY2013 Full year ③ ④ ③-① ④-② 1,565 4,636 6,300 712 904 76 206 320 191 247 (4.4%) (5.1%) (4.1%) (3.7%) 3Q Results (4.8%) Year on year 2 - 14 25 78 181 260 195 235 Extraordinary income/loss 19 12 - 164 - 271 - 287 - 290 - 299 - 126 Net income 11 -6 - 142 - 230 - 196 - 150 - 189 -8 81.1 80.0 82.9 100.4 99.4 99.5 19.4 16.6 105.1 102.0 106.8 136.6 132.2 134.1 30.1 27.3 Ordinary income Exchange rate US$ EURO 2014/2/5 4
  • 5. 2. Net Sales by Region < Net Sales by Region > (100 million yen) FY2012 FY2013 3Q 1-3Q Full year 3Q Results Results Results Results Japan 427 1,360 1,775 452 1,303 1,750 - 57 0 - 25 0 Americas 325 1,003 1,416 412 1,266 1,735 20 243 35 284 Europe 285 877 1,248 394 1,192 1,635 46 268 55 332 Asia & Others 221 684 958 306 875 1,180 29 162 41 181 1,259 3,925 5,396 1,565 4,636 6,300 38 674 107 797 Total 2014/2/5 1-3Q Year on year Full year Results Forecast FY2013 1-3Q Volume FY2013 Full year Forex Volume Forex 5
  • 6. 3. Net Sales and Operating Income by Business Sector <Net Sales by Business Sector> (100 million yen) FY2012 FY2013 3Q 1-3Q Full year 3Q Results Results Results Results Aftermarket 200 644 892 251 746 1,030 - 12 114 0 137 Industrial machinery 207 683 937 232 715 970 - 60 92 - 78 110 Automotive 852 2,598 3,566 1,082 3,175 4,300 110 467 184 550 1,259 3,925 5,396 1,565 4,636 6,300 38 674 107 797 Total 1-3Q Year on year Full year Results Forecast FY2013 1-3Q Volume FY2013 Full year Forex <Operating Income by Business Sector> FY2012 Volume Forex (100 million yen) Year on year FY2013 3Q 1-3Q Full year 3Q Results Results Results Results Aftermarket 28 101 147 42 124 175 22 28 Industrial machinery -1 9 15 3 17 30 8 15 Automotive - 33 - 95 - 90 31 66 115 160 205 -6 15 73 76 206 320 191 247 Total 2014/2/5 1-3Q Full year Results Forecast FY2013 1-3Q FY2013 Full year 6
  • 7. 4.Results by Business Sector (Quarterly Trend) Automotive Net Sales ( 1,800 1 0 0 1,600 m i 1,400 l l i o 1,200 n y 1,000 e n ) 800 Industrial machinery 1,471 1,389 223 1,541 1,531 1,565 242 1,277 1,259 221 200 247 229 254 240 243 248 255 251 232 ( 120 1 0 0 100 m i l 80 l i o n 60 y e 40 n ) 207 Aftermarket Operating Income/ Operating Margin 17.8% 3.0% 968 400 919 828 1058 1035 1082 0 852 -20 200 0 ’13/3-1Q 2Q 2014/2/5 3Q 4Q ’14/3-1Q 2Q 1.0% -0.4% -3.0% -4.1% -3.9% 2.6% 0.5% 15.7% 17.2% 16.8% 1.6% 4.0% 2.8% 0.7% 2.7% 1.3% 81 44 49 20 2 -6 40 34 7 28 2 46 7 -1 5 10 38 7 4 28 76 42 3 31 -27 -34 -33 -40 3Q 18.5% 57 20 600 15.3% 13.9% ’13/3-1Q 2Q 3Q 4Q ’14/3-1Q 2Q 3Q 7
  • 8. 5.Analysis of Operating Income (FY2013 3Q ) *All figures in 100 million yen. Negative factors ( 65 ) Positive factors ( 256 ) Decrease in variable costs Decrease in personal costs Exchange rates 179 16 53 22 Expenses etc. (Depreciation : -3, Other : -13) Sales price levels 27 24 Scale merits FY2013 1-3Q Operating Income 206 +191 FY2012 1-3Q Operating Income 15 FY2012 1-3Q < Results > vs FY2013 1-3Q < Results > 2014/2/5 8
  • 9. 6. Net Sales and Operating Income by Region 《 Americas 》 《 Japan 》 (100 million yen) Net Sales 1,000 800 849 821 773 799 831 716 757 600 400 600 400 (100 million yen) Net Sales 347 315 317 405 421 417 407 200 200 0 1Q 2Q 3Q FY2012 4Q 1Q 2Q FY2013 Operating Income FY2012 2014/2/5 3Q 0 1Q 2Q 3Q FY2012 4Q 1Q 2Q 3Q FY2013 Operating Income FY2013 FY2012 FY2013 9
  • 10. 6. Net Sales and Operating Income by Region 《 Europe 》 《 Asia & Others 》 (100 million yen) Net Sales 600 400 (100 million yen) Net Sales 500 349 408 461 415 433 297 312 400 300 200 200 207 206 199 298 245 267 277 100 0 0 1Q 2Q 3Q FY2012 4Q 1Q 2Q FY2013 Operating Income FY2012 2014/2/5 3Q 1Q 2Q 3Q FY2012 4Q 1Q 2Q 3Q FY2013 Operating Income FY2013 FY2012 FY2013 10
  • 11. 7.Inventories  December 2013 increased by +18.1 billion yen (including 8.5 billion yen for physical quantity) compared to the end of September. Inventories (100 million yen) 3,000 Overseas Inventory turnover ratio (times) 3.7 3.5 3.6 3.4 2,250 1,551 1,557 1,586 3.0 1,759 3.8 3.7 3.4 3.3 4.0 3.0 1,633 1,644 1,645 1,826 1,670 1,500 2.0 977 953 996 1,176 1,102 1,093 1,098 1,253 1,146 750 1.0 574 604 590 584 530 552 547 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 (100 million yen) Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Results Results Results Results Results Results Results Results Forecast Inventories 1,551 Overseas (977) Japan (574) 1,557 (953) (604) 1,586 (996) (590) 3.6 3.4 Inventory turnover ratio (times) Japan 0 In ve n t o r y t u r n o ve r r at io (t im e s) 2014/2/5 3.5 573 524 0.0 1,759 1,633 1,644 1,645 1,826 1,670 (1,176) (1,102) (1,093) (1,098) (1,253) (1,146) (584) (530) (552) (547) (573) (524) 3.0 3.3 3.7 3.7 3.4 3.8 11
  • 12. 8.Interest-Bearing Debt  Increased in December 2013 due to increase in cash on hand and the effects of exchange rates. 5,000 4,000 3,000 2,000 1,000 0 Overseas Interest-bearing debt ratio(%) 46.1% 47.0% 46.6% 46.4% 43.0% 44.6% 44.7% 45.4% 39.2% 3,793 3,800 3,608 3,697 3,759 3,472 3,162 3,033 1,347 1,445 1,442 2,720 1,220 1,322 1,363 924 941 1,024 50% 40% 30% 20% 1,796 2,093 2,138 2,252 2,286 2,334 2,412 2,348 2,358 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Interest-bearing debt ratio (%) Interest bearing debt (100 million yen) Japan Mar-14 10% 0% (100 million yen) Mar-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Results Interes t-bea ri ng debt Jun-12 Results Results Results Results Results Results Results Forecast 2,720 3,033 3,162 3,472 3,608 3,697 3,759 3,793 3,800 Overseas (924) (941) (1,024) (1,220) (1,322) (1,363) (1,347) (1,445) (1,442) Japan (1,796) (2,093) (2,138) (2,252) (2,286) (2,334) (2,412) (2,348) (2,358) Interes t-bea ri ng debt ra ti o( %) 2014/2/5 39.2% 43.0% 44.6% 46.1% 47.0% 46.6% 46.4% 44.7% 45.4% 12
  • 13. 9.Capital Expenditure and Depreciation  Full year forecast is 37 billion yen, or within the scope of depreciation. Investment (Japan) Investment (Overseas) Depreciation (Japan) Depreciation (Overseas) 200 200 158 100 163 108 111 81 37 50 44 52 84 38 46 0 91 73 18 89 41 95 78 45 65 48 F Y2012 F Y2012 F Y2012 1 Q Re su lt s 2 Q Re su lt s 3 Q Re su lt s 14 50 105 96 93 99 78 53 83 40 22 55 23 60 54 48 42 12 100 56 43 0 F Y2012 F Y2013 F Y2013 F Y2013 4 Q Re su lt s 1 Q Re su lt s 2 Q Re su lt s 3 Q Re su lt s (100 million yen) FY2012 ①1-3Q Overseas Japan Depreci a ti on Overseas Japan 2014/2/5 FY2013 ③1-3Q FY2012 ①1-3Q Capital e xpe n ditu r e FY2012 ②Full year FY2012 ②Full year FY2013 ③1-3Q 412 (292) (120) 253 (115) (138) 490 (357) (133) 348 (161) (188) 243 (186) (57) 289 (164) (125) FY2013 ③-① -169 (-106) (-63) ④Full year forecast 370 (270) (100) ④-② -120 (-87) (-33) FY2013 ③-① 35 (49) (-13) ④Full year forecast 393 (222) (171) ④-② 44 (61) (-17) 13
  • 14. 10.Cash Flows  Sales cash flow improved compared to the previous year due to a cut backs in operating funds. FY2012 FY2013 (100 million yen) ①1-3Q Full year ②1-3Q ②-① Ⅰ.Cash flow from operating activities 134 205 547 413 Ⅱ.Cash flow from investing activities -447 -566 -256 191 Ⅲ.Cash flow from financing activities 647 696 -1 -647 -5 0 9 14 328 335 299 -29 Ⅳ.Effect of exchanging rate translation on cash and cash equivalents Ⅴ.Net increase in cash and cash equivalents 700 CF from operating activities 350 CF from investing activities Net CF 547 291 205 134 0 -350 -700 2014/2/5 - 447 FY2012 1-3Q - 313 - 361 - 256 - 566 FY2012 Full year FY2013 1-3Q 14
  • 15. 2014/2/5 15