08 31-12 citizen rd-q1_2

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08 31-12 citizen rd-q1_2

  1. 1. Earnings Presentation for 1Q FY 2012 Aug 10, 2012 The estimates and projection in this presentation are forward-looking statements based on the information available at the time of the announcement. Actual results may differ materially depending on a variety of factors. Figures less than 1 billion yen have been rounded down.
  2. 2. 1. 1Q12 Results and FY 12 Forecast2. 1Q12 Results and FY 12 Forecast (Business segments) Supplementary Information 2
  3. 3. 1Q12 Results 1Q11 1Q12 YoY change % to net % to net(billion yen) Results Results Amount % sales salesNet sales 63.6 - 65.2 - +1.6 +2.6%Operating income 2.5 4.0% 3.2 5.0% +0.7 +30.3%Ordinary income 2.4 3.8% 2.6 4.1% +0.2 +9.9%Net income 2.3 3.7% 2.0 3.1% ▲0.3 ▲15.7% USD ¥82 ¥81 ▲¥1Exchangerate EURO ¥117 ¥106 ▲¥11 Annual effect of Net sales Operating income exchange rate USD +1,200 million yen +400 million yen (1 weaker yen) EURO +120 million yen +50 million yen 3
  4. 4. Quarterly Results (billion yen) 63.6 72.1 76.5 67.5 65.2 76.2 Net salesOther productsElectronic productsDevices and componentsMachine toolsWatches and clocks 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12E 2.5 5.0 6.6 2.3 3.2 5.7 Operating income 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12E 4
  5. 5. FY 12 Forecast FY 11 FY 12 % to net Forecast Forecast % to net (billion yen) Results sales sales 5/11E 8/10E Net sales 135.7 - 140.0 141.5 - Operating income 7.5 5.6% 9.0 9.0 6.4% Ordinary income 6.1 4.5% 8.0 8.0 5.7%1H Net income 4.4 3.3% 5.0 5.0 3.5% Exchange USD ¥80 ¥80 ¥81 rate EURO ¥115 ¥105 ¥103 Net sales 279.7 - 292.0 295.0 - Operating income 16.5 5.9% 20.5 20.5 6.9% Ordinary income 16.7 6.0% 20.0 20.0 6.8%FY Net income 7.6 2.8% 12.0 12.0 4.1% Exchange USD ¥79 ¥80 ¥80 rate EURO ¥110 ¥105 ¥102 5
  6. 6. 1. 1Q12 Results and FY 12 Forecast2. 1Q12 Results and FY 12 Forecast (Business segments) Supplementary Information 6
  7. 7. 1Q12 Results・2Q12 Forecast Watches and Clocks Sales Operating income(billion yen) 30.3 34.7 41.7 32.5 31.2 38.7 (billion yen) 1.9 3.5 5.7 1.8 2.0 4.7 48 8 20% Operating margin 36 6 15% 13.7% 24 4 12.3% 10% 10.4% 12 2 6.5% 5% 6.3% 5.6% 0 0 0% 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12E 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12E Watches Clocks 1Q12 Results (Compared to 1Q11) Net sales +¥0.8B Operating income +¥0.1B • Sales in▲¥0.3B Net sales the Japanese market income ¥B Operating were strong. • Net Overseas, sales fell in European markets but those for markets in other regions were strong. 7
  8. 8. FY12 Forecast Watches and Clocks Sales Operating income(billion yen) (billion yen) 65.0 74.3 70.0 77.0 5.5 7.5 6.8 8.7 80 12 20% Operating margin 60 9 15% 40 6 10% 11.3% 10.1% 9.7% 8.5% 20 3 5% 0 0 0% 1H11 2H11 1H12E 2H12E 1H11 2H11 1H12E 2H12E Watches Clocks 1H12 Forecast (Compared to 1H11) Net sales +¥5.0B Operating income +¥1.3B 8
  9. 9. 1Q12 Results・2Q12 Forecast Machine Tools Sales Operating income(billion yen) 9.3 10.9 9.6 11.9 9.5 12.4 (billion yen) 0.8 1.3 1.1 1.7 1.0 1.5 15 1.8 15% Operating margin 14.3% 10 12.4% 12.7% 1.2 11.9% 10% 10.6% 9.4% 5 0.6 5% 0 0.0 0% 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12E 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12E 1Q12 Results (Compared to 1Q11) Net sales +¥0.1B Operating income +¥0.1B • Japan: Sales, of automotive components in particular, were firm. • Asia: Sales in Asian markets were strong, but Chinese market was stagnant. • U.S.: Sales in the U.S. market were solid. • Europe: European markets as a whole were sluggish, despite firm sales of automotive components. 9
  10. 10. FY12 Forecast Machine Tools Sales Operating income(billion yen) 20.3 21.6 22.0 23.0 (billion yen) 2.1 2.9 2.6 2.4 25 3.5 Operating margin 15% 20 2.8 12% 13.4% 11.8% 15 2.1 10.7% 9% 10.4% 10 1.4 6% 5 0.7 3% 0 0.0 0% 1H11 2H11 1H12E 2H12E 1H11 2H11 1H12E 2H12E 1H12 Forecast (Compared to 1H11) Net sales +¥1.7B Operating income +¥0.5B 10
  11. 11. 1Q12 Results・2Q12 Forecast Devices and Components Sales Operating income(billion yen) 15.5 16.2 15.4 14.1 15.3 16.6 (billion yen) 0.5 0.6 0.1 ▲0.3 0.6 0.4 20 1.5 12% Operating margin 15 1.0 8% 10 0.5 2.4% 4% 3.5% 3.7% 3.9% 5 0.0 1.3% 0% ▲ 2.7% 0 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12E ▲ 0.5 ▲4% Opto devices Quartz devices 1Q11 2Q11 3Q11 4Q11 1Q12 2Q11E Other parts 1Q12 Results (Compared to 1Q11) Net sales ▲¥0.1B Operating income +¥0.0B • Sales of lightning LEDs were healthy, despite a sales decline of mobile phone LEDs. • Sales of micro display devices rose thanks to demand recovery from the aftermath of floods in Thailand. • Sales of automotive components increased thanks to share expansion and positive effects of eco-car tax break. 11
  12. 12. FY12 Forecast Devices and Components Sales Operating income(billion yen) 31.8 29.5 32.0 33.5 (billion yen) 1.1 ▲0.1 1.0 1.2 40 2.0 20% 32 Operating margin 1.5 15% 24 1.0 10% 16 3.6% 3.1% 3.6% 0.5 5% 8 ▲ 0.6% 0 0.0 0% 1H11 2H11 1H12E 2H12E ▲ 0.5 ▲5% Opto devices Quartz devices Other parts 1H11 2H11 1H12E 2H12E 1H12 Forecast (Compared to 1H11) Net sales +¥0.2B Operating income ▲¥0.1B 12
  13. 13. 1Q12 Results・2Q12 Forecast Electronic Products Sales Operating income (billion yen)(billion yen) 5.6 6.1 4.9 5.8 4.8 5.6 0.4 0.2 0.2 0.0 0.3 0.0 0.1 8% 8 Operating margin 0.3 6% 6 0.2 5.2% 4% 4 4.6% 4.0% 2 0.1 0.9% 2.7% 2% 0.7% 0 0 0% 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12E 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12E Healthcare equipment Printers, calculators 1Q12 Results (Compared to 1Q11) Net sales ▲¥0.7B Operating income ▲¥0.1B • Sales of thermal printers in the U.S. markets is healthy, but stagnant in the Japanese and European markets. • Sales of dot printers in China fell due to slowdown in the introduction of the taxation system. 13
  14. 14. FY12 Forecast Electronic Products Sales Operating income(billion yen) 11.7 10.8 10.5 12.0 (billion yen) 0.5 0.3 0.2 0.6 12 0.8 8% Operating margin 9 0.6 6% 6 0.4 5.0% 4% 4.3% 3 0.2 3.1% 2% 1.9% 0 0 0% 1H11 2H11 1H12E 2H12E 1H11 2H11 1H12E 2H12E Healthcare equipment Printers, calculators 1H12 Forecast (Compared to 1H11) Net sales ▲¥1.2B Operating income ▲¥0.3B 14
  15. 15. 1Q12 Results・2Q12 Forecast Other Products Sales Operating income(billion yen) 2.7 3.9 4.6 3.0 4.3 2.6 (billion yen) ▲0.3 ▲0.0 0.2 ▲0.2 0.3 ▲0.1 6 0.6 16% 7.8% Operating margin 0.3 8% 4 ▲ 0.1% 4.8% 0.0 ▲ 5.1% 0% 2 ▲ 8.9% ▲ 0.3 ▲ 12.2% ▲8% 0 ▲ 0.6 ▲16% 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12E 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12E Other Pachinko-related products Jewelry 1Q12 Results (Compared to 1Q11) Net sales + ¥1.5B Operating income +¥0.6B • Jewelry: Sales slightly increased thanks to solid business for event planning of various types. • Pachinko-related products : Sales rose thanks to major customers’ demand for replacing existing equipment. 15
  16. 16. FY12 Forecast Other Products Sales Operating income(billion yen) 6.7 7.6 7.0 8.0 (billion yen) ▲0.3 ▲0.0 0.1 0.2 10 0.8 10% 8 Operating 0.4 margin 2.5% 5% 6 1.4% ▲ 0.6% 0.0 0% 4 ▲ 5.1% 2 ▲ 0.4 ▲5% 0 ▲ 0.8 ▲10% 1H11 2H11 1H12E 2H12E 1H11 2H11 1H12E 2H12E Other Pachinko-related products Jewelry 1H12 Forecast (Compared to 1H11) Net sales +¥0.3B Operating income +¥0.4B 16
  17. 17. 1. 1Q12 Results and FY12 Forecast2. 1Q12 Results and FY12 Forecast (Business segments) Supplementary Information 17
  18. 18. Supplementary R&D(billion yen) 18 6% R&D 15 % to net sales 5% 12 3.5% 4% 3.4% 3.2% 2.9% 2.9% 9 2.7% 3% 6 2% 10.8 10.5 8.4 8.2 8.0 8.0 3 1% 0 0% FY07 FY08 FY09 FY10 FY11 FY12E 18
  19. 19. SupplementaryCapex / Depreciation (billion yen)32 Capex28 Depreciation24 25.120 21.4 19.5 20.1 20.016 17.2 16.0 14.912 13.9 14.4 14.28 8.740 FY07 FY08 FY09 FY10 FY11 FY12E 19
  20. 20. Supplementary<summary>Consolidated Statements of Cash Flow (million yen) 1Q11 1Q12 Cash flows from operating activities 7,302 9,204 Cash flows from investing activities ▲3,811 ▲10,077 Cash flows from financing activities ▲1,835 ▲620 Effect of exchange rate changes on cash and cash Equivalents ▲1,210 ▲1,614 Net increase in cash and cash equivalents 444 ▲3,107 Cash and cash equivalents at beginning of term 68,201 68,937 Cash and cash equivalents at end of term 69,670 65,830 (reference) Depreciation 3,205 3,274 Capex 2,730 4,136 20
  21. 21. Supplementary Free Cash Flow 60 Free cash flow Cash flow from investing activities(billion yen) Cash flow from operating activities 45 ▲ 32.2 30 58.6 ▲ 16 26.9 33.4 7.5 4.4 15 30.6 26.3 21.9 19.5 14.6 14.4 15.1 6.4 0 FY07 FY08 FY09 FY10 FY11 FY07 FY08 FY09 FY10 FY11 40(billion yen) Net cash flow ※Net cash flow=Cash and cash equivalents + Marketable securities-Interest bearing debt 20 13.7 0 ▲ 5.2 ▲ 1.6 ▲ 0.1 ▲ 31.1 ▲ 20 ▲ 40 FY07 FY08 FY09 FY10 FY11 21
  22. 22. Supplementary EPS 27 90(billion yen) (Yen) 18 60 ¥35.14 ¥23.76 9 ¥11.01 ¥15.90 30 12.1 7.6 3.5 5.1 0 0 FY07 FY08 FY09 FY10 FY11 ▲9 ▲ 30 ▲ 25.8 Net income ▲ 18 ▲ ¥77.32 ▲ 60 EPS(right axis) ▲ 27 ▲ 90 400,000,000 Average number of outstanding shares during term ※excluding treasury stock(shares) 375,000,000 346,840,088 350,000,000 333,777,359 322,120,471 324,004,850 320,257,278 325,000,000 300,000,000 FY07 FY08 FY09 FY10 FY11 22
  23. 23. Supplementary ROE 26 16%(billion yen) Net income ROE (right axis) 13 4.9% 8% 3.9% 2.0% 2.7% 12.1 3.5 5.1 7.6 0 0% FY07 FY08 FY09 FY10 FY11 ▲ 13 ▲ 25.8 ▲8% ▲ 12.3% ▲ 26 ▲16% 300(billion yen) Shareholders equity ※average of the beginning and end of the term 250 200 247.3 213.5 191.5 197.1 187.8 150 FY07 FY08 FY09 FY10 FY11 23
  24. 24. Supplementary Ratio of Return to Shareholders 120% Ratio of return to shareholders 90% 63.6% 44.0% 60% 33.7% 27.0% 30% 30% 0% FY08 FY09 FY10 FY11 FY12EDividends per share ¥10.00 ¥7.00 ¥7.00 ¥8.00 ¥10.00E(Full Year) (billion yen) 26 Purchases for treasury stock Total dividends paid Net income 13 20.0 5.1 7.6 3.3 3.5 2.2 2.2 2.5 0 FY09 FY10 FY10 FY08 FY09 FY10 FY11 ▲ 13 ▲ 25.8 ▲ 26 24
  25. 25. Supplementary Group Employees (consolidated)(person) 30,000 26,549 25,442 25,085 23,725 24,494 25,000 20,000 17,629 16,632 Overseas 16,348 14,946 15,473 15,000 Japan 10,000 5,000 8,920 8,810 8,737 8,779 9,021 0 2011/6 2011/9 2011/12 2012/3 2012/6 25

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