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Jul. – Aug. 2022 Tetsuya Sogo
Global Web Meeting: CFO Message
3
< Results of FY2021 & Forecast of FY2022 >
4
< How To Achieve Operating Income in FY2022 >
5
< Can We Achieve The Targets in FY2023 ? >
6
< What We Have Done So Far >
<1st Step>
Thereafter, in order to respond to significant changes in the external environment, such as
the COVID-19 pandemic, a shortage of semiconductors and a surge in prices of raw
materials, we took risk hedge measures assuming the worst-case scenario, as exemplified by
the securing of 100.0 billion yen of funds including Commitment Line
Agreements with our main banks, and the issuance of Hybrid Bonds worth 50.0
billion yen.
In doing so, we focused on thorough Fixed Cost Reduction (42.7 billion yen) in the
two-year period until the end of FY2020.
<2nd Step>
Since FY2021, we have accelerated 3 Drastic Transformation Measures and
have been aiming to reduce interest-bearing debt and resume stable distribution of dividends
through Free Cash Flow Control while implementing measures to Reduce
Variable Costs by approximately 7.0 billion yen per year and Control Fixed
Costs according to the sales volume (within 15% of an increase in sales volume).
The overview of NTN Revitalization Scenario formulated in FY2019 was provided
in the CFO Message two years ago.
7
< What We Have To Focus On >
8
< Global FP&A by Glabal Learning Organization >
<Changes in the business environment>
◆ There is significant uncertainty in the business environment, and we are no longer in the era when
a Business Plan can be implemented as planned.
◆ Therefore, even if ex-post analysis of a gap between planned values and actual results is conducted,
gaps are just filled in an ad hoc manner and new gaps continue to occur.
◆ We are in the era when, to prevent the occurrence of a gap, we need to continuously implement
measures and follow-up actions based on forecasts while keeping an eye on preconditions
(hypotheses) on which a Business Plan is based.
◆ Unless responsive measures for securing planned business value are taken promptly according to
the above method without waiting for financial reports and analysis results of financial numbers, we
cannot keep up with changes in the business environment.
<Future approach>
◆ A Business Plan represents a scenario in which each company and division in each region presents
its own business value improvement plan on its own management responsibility.
◆ Regarding preconditions (hypotheses) on which the scenario is based, it is important for each
business site to share an understanding with the head office, distinguish between internal hypotheses
and external hypotheses and clarify management commitment and accountability.
◆ It is necessary to promptly and continuously implement responsive measures for securing business
value and corporate value while keeping an eye on the gap between hypotheses and reality.
◆ If a gap occurs between a hypothesis and reality, thorough measures for KPI for achieving planned
EVA should be taken. Even if there is difficulty in maintaining EVA, an attempt should be made to
achieve planned ROIC as the minimum requirement and capital invested should be reduced.
9
< Toward Corporate Value Creation >
DRIVE
NTN100
Digitalization, Resources, Innovation, Variable cost reformation, Efficiency improvement
NTN Transformation for New 100years
10

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July-August, 2022: Global Web Meeting on CFO Message

  • 1. 1
  • 2. 2 Jul. – Aug. 2022 Tetsuya Sogo Global Web Meeting: CFO Message
  • 3. 3 < Results of FY2021 & Forecast of FY2022 >
  • 4. 4 < How To Achieve Operating Income in FY2022 >
  • 5. 5 < Can We Achieve The Targets in FY2023 ? >
  • 6. 6 < What We Have Done So Far > <1st Step> Thereafter, in order to respond to significant changes in the external environment, such as the COVID-19 pandemic, a shortage of semiconductors and a surge in prices of raw materials, we took risk hedge measures assuming the worst-case scenario, as exemplified by the securing of 100.0 billion yen of funds including Commitment Line Agreements with our main banks, and the issuance of Hybrid Bonds worth 50.0 billion yen. In doing so, we focused on thorough Fixed Cost Reduction (42.7 billion yen) in the two-year period until the end of FY2020. <2nd Step> Since FY2021, we have accelerated 3 Drastic Transformation Measures and have been aiming to reduce interest-bearing debt and resume stable distribution of dividends through Free Cash Flow Control while implementing measures to Reduce Variable Costs by approximately 7.0 billion yen per year and Control Fixed Costs according to the sales volume (within 15% of an increase in sales volume). The overview of NTN Revitalization Scenario formulated in FY2019 was provided in the CFO Message two years ago.
  • 7. 7 < What We Have To Focus On >
  • 8. 8 < Global FP&A by Glabal Learning Organization > <Changes in the business environment> ◆ There is significant uncertainty in the business environment, and we are no longer in the era when a Business Plan can be implemented as planned. ◆ Therefore, even if ex-post analysis of a gap between planned values and actual results is conducted, gaps are just filled in an ad hoc manner and new gaps continue to occur. ◆ We are in the era when, to prevent the occurrence of a gap, we need to continuously implement measures and follow-up actions based on forecasts while keeping an eye on preconditions (hypotheses) on which a Business Plan is based. ◆ Unless responsive measures for securing planned business value are taken promptly according to the above method without waiting for financial reports and analysis results of financial numbers, we cannot keep up with changes in the business environment. <Future approach> ◆ A Business Plan represents a scenario in which each company and division in each region presents its own business value improvement plan on its own management responsibility. ◆ Regarding preconditions (hypotheses) on which the scenario is based, it is important for each business site to share an understanding with the head office, distinguish between internal hypotheses and external hypotheses and clarify management commitment and accountability. ◆ It is necessary to promptly and continuously implement responsive measures for securing business value and corporate value while keeping an eye on the gap between hypotheses and reality. ◆ If a gap occurs between a hypothesis and reality, thorough measures for KPI for achieving planned EVA should be taken. Even if there is difficulty in maintaining EVA, an attempt should be made to achieve planned ROIC as the minimum requirement and capital invested should be reduced.
  • 9. 9 < Toward Corporate Value Creation >
  • 10. DRIVE NTN100 Digitalization, Resources, Innovation, Variable cost reformation, Efficiency improvement NTN Transformation for New 100years 10