st Quarter Financial FY2015 5 1 1 st Quarter Financial FY201 Results ended June 30, 2014 4 Results ended June 30, 201 July July 3 31, 201 1, 2014 4 This information is the exclusive property of DENSO CORPORATION. Without their consent, it may not be reproduced or given to third parties. 0
Overview of FY2015 1 st Quarter Financial Results 1 / 12 1. Sales increased due to car production volume 1. Sales increased due to car production volume increase and Income decreased due to increase and Income decreased due to investment for strengthening future growth investment for strengthening future growth 2. Maintaining the original first-half and 2. Maintaining the original first-half and full-year forecast full-year forecast This information is the exclusive property of DENSO CORPORATION. Without their consent, it may not be reproduced or given to third parties. 1
FY2015 1 st Quarter Financial Results 2 / 12 (Ratio to Sales) (Unit: Billions of Yen) FY15 1Q FY14 1Q Change FY15 1Q FY14 1Q Change Sales 1,029.1 997.6 + 31.5 + 3.2% Sales 1,029.1 + 31.5 + 3.2% 997.6 Operating Operating 85.1 - 17.1 - 16.7% 102.1 85.1 102.1 - 17.1 - 16.7% (8.3%) Income (10.2%) Income Income before Income before 97.6 116.7 - 19.1 - 16. 3% 97.6 - 19.1 116.7 - 16. 3% (9.5%) (11.7%) Income Taxes Income Taxes Net Income 68.8 - 17.3 86.0 - 20.1% Net Income 68.8 86.0 - 17.3 - 20.1% (6.7%) (8.6%) JPY 102/$ JPY 99/$ + JPY 3 Foreign JPY 102/$ JPY 99/$ + JPY 3 Foreign Exchange Rate JPY 140/Euro JPY 129/Euro + JPY 11 Exchange Rate JPY 140/Euro JPY 129/Euro + JPY 11 (Unit: Millions of Units) Domestic Car Domestic Car 2.30 2. 18 + 0. 12 + 5.5% 2.30 2. 18 + 0. 12 + 5.5% Production Production Overseas Car Overseas Car 4.50 4.33 + 0.17 + 3.9% 4.50 4.33 + 0.17 + 3.9% Production of Japanese Production of Japanese Manufacturers Manufacturers (1.48 ） (1.40) (+ 0.08) (+ 5.7%) (1.48 ） (1.40) (+ 0.08) (+ 5.7%) (North America) (North America) This information is the exclusive property of DENSO CORPORATION. Without their consent, it may not be reproduced or given to third parties. [Overview of the consolidated financial results] We posted sales of 1,029.1 billion yen, up 31.5 billion yen from the previous year, equivalent to annual revenue growth of 3.2%. Operating income reached 85.1 billion yen, 17.1 billion yen lower than a year ago leading the operating income ratio to 8.3%. Despite the variable cost reduction and the increase in production volume, as we forecasted, the operating income decreased due to research and development expenditures and investment costs that will strength future growth. Income before income taxes reached 97.6 billion yen, down 19.1 billion yen year- on-year. We earned a net income of 68.8 billion yen after corporate and other taxes, down 17.3 billion yen from a year earlier. 2
Change in 1 st Quarter Consolidated Sales （ By Customer) 3 / 12 (Unit: Billions of Yen) OE Sales for others OE Sales for others 436.2 After-market, ( ):Change from FY14 1Q 400 450 New business&Others 399.8 106.1 123.2 10.6% Others (+7.4%) OE Toyota 114.7 Sales for Group FY14 1Q others Nissan (+10.5%) 12.6 997.6 300 16.6 Fuji (- 11.7%) 399.8 491.7 11.4 VW・AUDI (+14.1%) 21.2 49.3% 18.8 40.1% 23.6 Maｚda (+28.9%) 18.6 18.3 23.7 Ford (-0.4%) 23.8 Fiat (+7.6%) 25.0 After-market, 200 New business&Others 23.3 112.2 26.4 Suzuki (+13.6%) 10.9% 23.3 26.8 Chrysler (+27.3%) 21.1 OE Toyota ＧＭ (+11.4%) 31.4 Sales 28.2 Group FY15 1Q for 100 Hyundai/Kia (+16.0%) others 480.7 33.5 1,029.1 28.9 436.2 46.7% 72.2 Honda (+4.0%) 42.4% 69.4 0 FY14 1Q FY15 1Q '13/6 '14/6 This information is the exclusive property of DENSO CORPORATION. Without their consent, it may not be reproduced or given to third parties. [Sales by customer] Sales to the Toyota Group The domestic car production level decreased from the previous year, and it resulted in a decrease in its share. Sales to non-Toyota Group companies 1)Honda: Sales increased due to the increase in car production mainly in China. 2)Suzuki: Sales increased due to the increase in lithium battery packs as well as car production volume increase in Japan. 3)Mazda: Sales increased due to the increase in production volume and gasoline direct injection products for SKYACTIV. Sales to overseas automakers Sales went up due to, 1)HYUNDAI/KIA: increase in production volume in North America and China. 2)GM: increase in sales of common rail system 3)Chrysler: increase in production volume in North America. 3
Change in 1 st Quarter Consolidated Sales （ By Business Segment) 4 / 12 ( ):Change from FY14 1Q １,029.1 (Unit: Billions of Yen) 997.6 30.7 Others (+ 9.6%) 28.0 1,000 Small Motors (+ 5.3%) 73.6 69.9 (- 0.4%) Electronic 90.6 91.0 800 Information (- 2.5%) 147.2 151.0 & Safety Systems 600 (+ 5.2%) Thermal 324.8 308.8 400 Powertrain (+ 3.8%) 200 Control 362.2 348.9 0 FY14 1Q FY15 1Q This information is the exclusive property of DENSO CORPORATION. Without their consent, it may not be reproduced or given to third parties. [Sales by business segment] Sales of Powertrain Control products Sales increased due to an increase of sales in gasoline direct injection products. Sales of Thermal products Sales increased mainly in North America and Europe due to the sales expansion of car air conditioner products and production volume increase. Sales of Information & Safety Systems Although sales decreased in car navigation system, we are trying to regain it by expanding IVI products. 4
Change in 1 st Quarter Operating Income 5 / 12 (Unit: Billion of Yen) +6.0 +7.8 +3.5 Production Currency Variable volume exchange cost -8.7 increase gain 102.1 reduction -4.5 Labor -4.3 cost -1.0 85.1 Depre- Expense ciation Raw -15.9 Operating material cost Others Income Operating lncome ・ Mix ・ Start-up cost FY14 1Q FY15 1Q This information is the exclusive property of DENSO CORPORATION. Without their consent, it may not be reproduced or given to third parties. [Factors that contributed to increases or decreases in operating income] Negative factors: 1) Higher labor cost: An increase of 8.7 billion yen was mainly due to an increase in salaries in emerging countries and also due to strengthen R&D networks. 2) Higher depreciation cost: An increase of 4.5 billion yen was mainly due to an increase in investment costs. 3) Higher other costs: Half of an increase of 15.9 billion yen was due to an increase in start-up cost for new products. The rest was due to product mix which shifted towards compact cars. Positive factors: 1) Variable cost reduction: An increase of 7.8 billion yen was due to increased productivity and other efficiencies. 2) Production volume increase: An increase of 6.0 billion yen was due to an increase in sales. 3) Depreciation of the yen: An increase of 3.5 billion yen was due to the impact of the weak yen, which is 3 yen lower against the US dollar and 11 yen against the euro. 5
1 st Quarter Geographical Segments by Company Location 6 / 12 [ ]: Ratio to Sales ( ): Local Currency Basis (Unit: Billions of Yen) Sales Operating Income Operating Income Sales 600 700 75.3 653.6 80 58 [11.5%] 634.3 -3.0% 600 500 -26.6% 70 48 500 400 60 55.2 38 [8.7%] +5.8% -19.4% +8.3% （+6.1%） （-18.6%） 300 （+5.7%） 50 244.8 28 21.4 224.5 231.5 [9.2%] 17.2 207.3 +17.1％ +19.8% （+8.7％） [7.0%] 200 20 18 （+16.2%） +130.5% 138.1 （+117.2%） 7.5 -121.4% 117.9 6.3 -13.1% [3.3%] （-110.8%） 4.0 10 [3.0%] 8 100 （-4.1%） 1.7 [2.9%] 1.0 21.2 [1.5%] [4.5%] -0.2 18.4 [-1.1%] -2 0 FY14 FY15 日本 北米 欧州 豪亜 その他 FY14 FY15 日本 北米 欧州 豪亜 その他 1Q 1Q North Asia & 1Q 1Q Japan Europe North Asia & America Oceania Others Japan Europe America Oceania Others This information is the exclusive property of DENSO CORPORATION. Without their consent, it may not be reproduced or given to third parties. [Sales and operating income by operating region] * Based on local currency, excluding the effect of foreign exchange rates Japan • Sales decreased by 3.0% from the previous year due to the shift towards compact cars, as well as the decrease of export sales. • Operating income diminished by 26.6% from the previous year due to the decrease in production volume and the increase in labor costs and other fixed costs. Overseas • Sales and profit increased in North America and Europe thanks to the increase in car production. • Operating income decreased in Asia and Oceania and Others due to an increase in expenditure on the establishment of plants and technical centers and the increase in labor costs for strengthening future growth. 6
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