Tsubakimoto Chain Co. FYE 2012 Settlement of Accounts Presentation Meeting May 21, 2012
1 FYE 2012 Full Year Settlement of Accounts Business Report Note: ‘ Full year,’ as referred to in this report, indicates the period from April 1 through March 31 of the next year of the applicable consolidated accounting year. (For some overseas subsidiaries, the ‘full year’ indicates the period from January 1 through December 31 of the applicable year.) FYE 2012 Settlement of Accounts Tsubakimoto Chain Co. Presentation Meeting
1. FYE 2012 Review 2 Highlights of Consolidated Settlement of Accounts ■ We achieved increases both in sales and profit despite challenges such as the appreciation of the yen and the impact of the earthquake. Operating income was 7.9% higher than expectations (as published Aug. 5, 2011). ■ D/E ratio improved to 0.30. Our financial position was further strengthened. (Yen, millions) FYE 2011 FYE 2012 Comparison with forecast Comparison with previous term Increase/decrease Full year figure (actual) Full year figure (actual) Increase/decrease Forecast (Aug. 5, 2011) Net sales 138,243 144,896 4.8% 140,000 3.5% 12,081 Operating income 11,022 9.6% 11,200 7.9% 8.0% 8.3% 8.0% Operating income margin Ordinary income 11,111 12,140 9.3% 11,100 9.4% Net income 6,093 6,814 11.8% 6,200 9.9% － － 36.60 Net income per share 32.76 33.33 ('11/11/11) － 79.07 (Exchange rates 1US$) 85.74 82.00 Changed to ¥80 － － 113.14 109.02 110.00 (Exchange rates 1EURO) 45.3% 46.9% Equity capital/total assets Shareholders' equity ratio 7.9% Return on equity (ROE) 7.4% Net income/Average return on equity during term Net D/E ratio 0.37 0.30 Interest-bearing liabilities/equity capital FYE 2012 Settlement of Accounts Tsubakimoto Chain Co. Presentation Meeting
2. FYE 2012 Review 3 Trend in Quarterly Consolidated Settlement of Accounts ■ Trend in sales and operating income margin (consolidated) (Yen, 100 millions) 億円 5 0 0 5 0 0 2 5 % 2 5 % 3 9 4 3 9 4 4 0 0 4 0 0 2 0 % 2 0 % 3 6 8 3 6 8 3 5 8 3 5 8 3 5 5 3 5 5 3 5 3 3 5 3 3 4 0 3 4 0 3 3 0 3 3 0 3 2 9 3 2 9 3 0 0 3 0 0 1 5 % 1 5 % 9 .4 % 9 . 4 % 9 . 9 .0 % 0 % 8 .8 % 8 . 8 % 2 0 0 2 0 0 1 0 % 1 0 % 8 .4 % 8 . 4 % 7 . 7 .7 % 7 % 7 . 7 .9 % 9 % 7 . 7 .1 % 1 % 6 .9 % 6 . 9 % 1 0 0 1 0 0 5 % 5 % 0 0 % 0 % 1 Q 1 Q 2 Q 2 Q 3 Q 3 Q 4 Q 4 Q 1 Q 1 Q 2 Q 2 Q 3 Q 3 Q 4 Q 4 Q FYE 2011 FYE 2012 Major exchange rates FYE 2011 FYE 2012 US$ ¥85.74 ¥79.07 Euro ¥113.14 ¥109.02 (Yen, 100 millions) : Net sales : Operating income margin FYE 2012 Settlement of Accounts Tsubakimoto Chain Co. Presentation Meeting
3. FYE 2012 Review 4 Analysis of Factors Consolidated I ncreasing/ Decreasing Operating I ncome ■ FYE 2011 vs. FYE 2012 < Factors increasing operating income> 1. Total sales increase: 5.3 billion yen • Increase in gross margin from I ncreasing Decreasing factors increase in sales factors Other fixed cost increase Labor cost Sales increase increase FYE 2012 Operating income ¥1.9 billion < Factors decreasing operating income> FYE 2011 1. Total labor cost increase: ¥5.3 billion Operating income ¥2.0 billion Effect of foreign 1.9 billion yen exchange • Staff cost increase from rise in ¥0.2 billion production • Salary and bonus increases from earnings recovery I ncrease in operating income: 2. Total increase in other fixed costs: 2.0 billion yen ¥1.0 billion • Increase in cost from rise in production • Increase in fee payments, etc. ¥12.0 3. Total effect of foreign exchange (Yen ¥11.0 billion billion favored): 0.2 billion yen * Impact of material costs: Approx. 0.1 billion yen FYE 2012 Settlement of Accounts Tsubakimoto Chain Co. Presentation Meeting
4. FYE 2012 Review 5 Breakdown by Segment and Operations ■ Significant profits achieved in Chain Operations; Power Transmission Units and Components Operations; and Materials Handling Systems Operations. Automotive Parts Operations achieved rapid recovery in the second half. (Operating income increased 32.1% year-on-year.) (Yen, millions) Comparison w ith FYE 2011 FYE 2012 Comparison with forecast prev ious term Full year figure (actual) Full year figure (actual) Increase/decrease Forecast ( Aug. 5, 2011) I ncrease/decrease Net sales *1 48,262 51,692 7.1% 50,300 2.8% Chain 2,780 3,462 24.6% 3,050 13.5% Operat ing income Operations Operating income 5.8% 6.7% 6.1% margin 21,364 Net sales *1 20,061 6.5% 20,900 2.2% Power Transmission Units 2,512 2,065 21.6% 2,130 17.9% Operat ing income and Components Operating income 11.8% Operations 10.3% 10.2% margin Net sales *1 43,303 43,509 0.5% 43,000 1.2% Automotive 5,382 4,846 -10.0% 4,530 7.0% Operat ing income Parts Operations Operating income 11.1% 12.4% 10.5% margin Materials 27,977 Net sales *1 26,340 6.2% 25,900 8.0% Handling 878 215 307.1% 820 7.1% Operat ing income Systems Operating income 3.1% 0.8% 3.2% Operations margin Net sales *1 2,689 2,911 8.3% 2,650 9.8% Other * 2 173 170 -1.8% 150 13.3% Operat ing income Operating income 5.9% 6.5% 5.7% margin *1: Sales figures include internal sales and transfers between segments. *2: "Other" is not a reportable segment. FYE 2012 Settlement of Accounts Tsubakimoto Chain Co. Presentation Meeting
5. FYE 2012 Review 6 Breakdown by Segment and Operations ■ Trends in sales and operating income margin ● ● Chain Operations Power Transmission Units and Components Operations (Yen, 100 millions) (Yen, 100 millions) 150 15% 150 15% 100 10% 100 10% 50 5% 50 5% 0 0% 0 0% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FYE 2011 FYE 2012 FYE 2011 FYE 2012 < Sales by industry> < Sales by industry> ・ Sales were brisk to the machine tool, steel and food industries. ・ Sales to the machine tool and shipbuilding industries have been < Sales by region> good. ・ Sales were good in Japan, North America, Europe and all other ・ Sales to the automotive and steel industries slowed in the second regions. half. ・ KabelSchlepp (Germany) Co., Ltd., became a consolidated ・ Sales to the LC/semiconductor industries have been stalled since subsidiary last year and achieved a turnaround, contributing to Q2. improved profitability. < Sales by region> ・ Sales in Japan, China, and other regions have been good. (Yen, 100 millions) : Net sales : Operating income margin FYE 2012 Settlement of Accounts Tsubakimoto Chain Co. Presentation Meeting
5. FYE 2012 Review 7 Breakdown by Segment and Operations ■ Trends in sales and operating income margin ● ● Automotive Parts Operations Materials Handling Systems Operations * Profit margin for Q1 of FYE 2011: -8.6% (Yen, 100 millions) (Yen, 100 millions) 150 20% 150 15% 15% 100 10% 100 10% 50 50 5% 5% 0 0% 0 0% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FYE 2011 FYE 2012 FYE 2011 FYE 2012 < Sales by region> < Sales by industry> -50 -5% • Sales in the first half declined year-on-year due to the impact of • Sales of conveyors to the machine tool industry increased 26% the earthquake but rebounded in the second half. year-on-year. • The impact of flooding in Thailand was limited. • Powder transport facilities maintained strong sales. • Sales increased slightly year-on-year in Japan, North America, • The distribution industry posted a strong showing. -100 -10% Sales were sluggish to the automotive and steel industries. Europe, Thailand, and China. • (Companies outside Japan are calculated on a local currency basis.) • The South Korean subsidiary is newly consolidated as of Q1 of this fiscal year. (Yen, 100 millions) : Net sales : Operating income margin FYE 2012 Settlement of Accounts Tsubakimoto Chain Co. Presentation Meeting
6. FYE 2012 Review 8 Segment by Region ■ Sales increased significantly in North America. Europe was profitable. Asia and Oceania declined due to the impact of the earthquake and flooding in Thailand. FYE 2011 FYE 2012 Comparison with previous term Percentage < Sales share of each region> Full year figure(actual) Full year figure(actual) increase/decrease Net sales * 108,607 112,940 4.0% Japan 8,650 9,165 6.0% Operating income Asia/ Oceania 8.0% 8.1% Operating income margin 9.0% Net sales * 24,918 25,444 2.1% North America Europe 1,077 1,338 24.3% Operating income 8.3% 5.3% 4.3% Operating income margin Net sales * 12,335 Europe 10,966 12.5% 242 － -323 Operating income North － 2.0% FYE 2012 Operating income margin America 17.1% Net sales * 13,910 12,972 7.2% Asia / Oceania 1,685 1,419 - 15.8% Operating income 13.0% 10.2% Japan Operating income margin 65.5% Net sales * 72 89 24.0% Other areas － -48 -53 Operating income － － Operating income margin 144,896 Consolidated 138,243 4.8% Net sales 12,081 11,022 9.6% Operating income • Sales share figures are calculated 8.3% 8.0% Operating income margin from sales to outside clients. * Sales figures include internal sales and transfers between segments. < Actual exchange rate> FYE 2011: US$= ¥87.54, EURO= ¥113.14, Can$= ¥84.29, A$= ¥80.73, THB= ¥2.77, NT$= ¥2.77, RMB= ¥12.96 FYE 2012: US$= ¥79.07, EURO= ¥109.02, Can$= ¥79.72, A$= ¥82.72, THB= ¥2.62, NT$= ¥2.68, RMB= ¥12.34, WON= ¥0.07 FYE 2012 Settlement of Accounts Tsubakimoto Chain Co. Presentation Meeting
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