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FUJIBO HOLDINGS, INC.
FY 2018Financial Results
May 16, 2019Mitsuo Nakano
Representative Director, Chairman and PresidentFujibo Holdings, Inc.
COPYRIGHT FUJIBO HOLDINGS, INC. ALL RIGHTS RESERVED.
FUJIBO HOLDINGS, INC.
FY 2018 Key Results
COPYRIGHT FUJIBO HOLDINGS, INC. ALL RIGHTS RESERVED. 2
vs FY2017
Polishing Pad Business remained almost the same level as the prior period, Chemical Industrial Products Business achieved record-high Net Sales and Operating Income, and Textile Business fell below the prior period.
For Other business, Tokyo Molding Co., Ltd. joined as our group company. (as of Oct. 1, 2018)
N e t S a l e s
Operating Income
+3.4%
▲5.3%
FUJIBO HOLDINGS, INC.
3,587 3,533
2,706
3,188
3,768 3,500
5,867
2,981
4,366
3,624
6,816
3,989 3,779
50,254 47,250
38,203 33,558 35,958
36,282
40,988 39,313 41,173
38,117
40,878
35,891 37,097
0
10,000
20,000
30,000
40,000
50,000
60,000
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
2006 07 08 09 10 11 12 13 14 15 16 17 18
477 755 371 753 918 1,306
3,142
1,770
2,382
3,015
4,344
2,908 2,538
FY2018 Financial Results
COPYRIGHT FUJIBO HOLDINGS, INC. ALL RIGHTS RESERVED. 3
“Toppa” 11-13“Henshin” 06-10
(FY)
(JPY mil)
“Maishin” 14-16
Net Income Attributable to Parent Company’s Shareholders (left axis)Operating Income (left axis)Net Sales (right axis)
(JPY mil)
“Kasoku” 17-20
FUJIBO HOLDINGS, INC.
Quarterly Financials
783 1,005 992
842
2,257 2,383
1,457
717
1,053 910
1,249
776 825 920
1,302
731
9,337 9,594 9,345 9,839
10,606 10,910
10,452
8,909 8,913 8,675 9,358 8,944
8,268
9,481
10,285
9,062
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
FY151Q
FY152Q
FY153Q
FY154Q
FY161Q
FY162Q
FY163Q
FY164Q
FY171Q
FY172Q
FY173Q
FY174Q
FY181Q
FY182Q
FY183Q
FY184Q
Operating Income Net Sales
COPYRIGHT FUJIBO HOLDINGS, INC. ALL RIGHTS RESERVED. 4
(JPY Mil)
FUJIBO HOLDINGS, INC.
Net Sales by Segment
14,432
10,260
12,529
3,656
10,642 9,716
12,376
3,155
10,733 11,305 11,550
3,508
0
6,000
12,000
18,000
Polishing Pad Business Chemical IndustrialProduct Business
Textile Business Other Businesses
FY2016 FY2017 FY2018
COPYRIGHT FUJIBO HOLDINGS, INC. ALL RIGHTS RESERVED. 5
(JPY Mil)
FUJIBO HOLDINGS, INC.
Operating Income by Segment
5,593
864
169 188
2,251
606 971
160
2,081
919 636
143 0
1,000
2,000
3,000
4,000
5,000
6,000
Polishing Pad Business Chemical IndustrialProduct Business
Textile Business Other Businesses
FY2016 FY2017 FY2018
COPYRIGHT FUJIBO HOLDINGS, INC. ALL RIGHTS RESERVED. 6
(JPY Mil)
FUJIBO HOLDINGS, INC.
585 506 682 477 511 537 723 308
2,598 2,585 2,826 2,630 2,659 2,685 2,952 2,434
0
1,000
2,000
3,000
1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18 3Q'18 4Q'18
Operating Income Net Sales
Polishing Pad Business
COPYRIGHT FUJIBO HOLDINGS, INC. ALL RIGHTS RESERVED. 7
2,251 2,081
10,642 10,733
FY17 FY18
(JPY Mil)
Composition of Sales: FY2018 Increases in Sales and decrease income For LCD Glass
・Decreased due to customers’ production adjustment for panel inventory
For Hard Disks・Strong demand for server application for data center
For Silicon Wafers/CMP・Solid demand in semiconductor, mainly in memory and communication, application, etc.
Others・Boosted demand for Polishing Agents
Steadily increased until 3Q, slowed down in 4Q
For LCD glass
For hard disks
For silicone wafers
CMP
OthersNon polishing agents
FUJIBO HOLDINGS, INC.
Chemical Industrial Products Business
COPYRIGHT FUJIBO HOLDINGS, INC. ALL RIGHTS RESERVED. 8
104 177 145 17962
282201 373
2,197 2,413 2,407 2,698 1,968
3,172 3,060 3,105
0
200
400
600
800
1,000
1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18 3Q'18 4Q'18
Operating Income Net Sales
606
919 9,716
11,305
FY17 FY18
Functional Materials, Intermediates・Stable new orders driven primarily by functionalchemical materials
Full-scale operation at Yanai & Takeo plants・Chemical industry production tends to return toJapan due to the influence of environmental regulation in China
Functional Materials
Pharmaceuticalsintermediates
AgriculturalChemical intermediates
Carbon bisulphide Lime sulfur mixture
Composition of Sales: FY2018 Increases both in Sales and income
(JPY Mil)
FUJIBO HOLDINGS, INC.
Textile Business
COPYRIGHT FUJIBO HOLDINGS, INC. ALL RIGHTS RESERVED. 9
316 192388
73207 118
326
▲ 15
3,203 2,951 3,462 2,759 2,959 2,832 3,296 2,461
-200
0
200
400
600
800
1,000
1,200
1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18 3Q'18 4Q'18
Operating Income Net Sales
971
636
12,376 11,550
FY17 FY18
Textile Products (B.V.D., ANGLE) ・ Expanded via new sales channels such as online sales・ Sales decrease in men’s regular innerwear items at major retail stores
Fiber Materials・Shift to high profitable commodities・ Downscaling facilities in line with sales volume
BVD
ANGLE SpinningSynthetic fiber
SpandexWeaving, knitting
OEMDye processing
Composition of Sales: FY2018 Decrease both and in Sales and income
(JPY Mil)
FUJIBO HOLDINGS, INC.
Other Businesses
COPYRIGHT FUJIBO HOLDINGS, INC. ALL RIGHTS RESERVED. 10
47 33 33 45 45
▲ 18
51 65
914 724 661 854 680 791 975 1,060
-50
0
50
100
150
200
1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18 3Q'18 4Q'18
Operating Income Net Sales
160 143
3,155 3,508
FY17 FY18
Trading (exporting Automobile, machinery, etc.)・Stable in exporting agricultural machines, etc.・Decreased significantly in automobiles-related such as vehicles and tires
Chemical products・Strong in components for medical devices・Sales increase from Metal mold subsidiary. Expenses to acquire the subsidiary’s shares have incurred
Trading
OthersFunctional products
Chemical products
Composition of Sales: FY2018 Increase in sales and decrease in income
(JPY Mil)
FUJIBO HOLDINGS, INC.
Gross Operating Income and SGA
COPYRIGHT FUJIBO HOLDINGS, INC. ALL RIGHTS RESERVED. 11
COGS, 23,453
COGS, 24,685
Gross Operating Income, 12,438
Gross Operating Income, 12,412
FY17 FY18
Gross Operating Income Selling, general and administrative expenses
(JPY Mil) (JPY Mil)
8,448 8,632
FY17 FY18
COGS Ratio SGA Ratio
66.5%65.3% 23.3%23.6%
Net Sales35,891
Net Sales37,097
FUJIBO HOLDINGS, INC.
YoY change in Operating Income
COPYRIGHT FUJIBO HOLDINGS, INC. ALL RIGHTS RESERVED. 12
FY17 Volume COGS Sales Prices Foreignexchange
rates
Expenses FY18
(JPY Mil)
3,989
▲184
+77
▲154
+51
3,779
▲210+0
FUJIBO HOLDINGS, INC.
FY 2018 Consolidated Results
(JPY Mil) FY18 FY17 ChangeNet Sales 37,097 35,891 +1,205 +3.4%Operating Income 3,779 3,989 ▲210 ▲5.3%Net financial revenues 39 38 +0Others 163 240 ▲76
Ordinary income 3,983 4,269 ▲286 ▲6.7%Extraordinary income or loss ▲123 ▲40 ▲83
Income before income taxes 3,859 4,229 ▲369 ▲8.7%Corporation tax and others 1,320 1,321 ▲0
Net Income(attributable to shareholders of the parent) 2,538 2,908 ▲369 ▲12.7%
Profit margin on sales 10.2% 11.1% ▲0.9pt
COPYRIGHT FUJIBO HOLDINGS, INC. ALL RIGHTS RESERVED. 13
FUJIBO HOLDINGS, INC.
Details of Extraordinary Income or Loss
(JPY Mil) FY18
Extraordinary income 0
Loss on disposal of fixed assets ▲96 Facility renovation and others
Impairment loss ▲25 Decline in market value of idle asset and others
Other extraordinary loss ▲1 Expenses to support disasters and others
Total extraordinary income or loss ▲123
COPYRIGHT FUJIBO HOLDINGS, INC. ALL RIGHTS RESERVED. 14
FUJIBO HOLDINGS, INC.
Consolidated Balance Sheet
COPYRIGHT FUJIBO HOLDINGS, INC. ALL RIGHTS RESERVED. 15
Capital adequacy
ratio
Mar 2017 Mar 2018 Mar 2019
60.2% 66.4% 62.7%
27,415 29,759 32,770
5,034 5,022
5,234 8,860 8,843
9,369 8,734 4,764
4,895
Mar-17 Mar-18 Mar-19
Cash and deposits
Accounts receivable
Inventories
Others
(JPY Mil) (JPY Mil)
30,149 32,148 32,778
2,617 1,337 2,306 12,405 10,345
12,568
4,872 4,558 4,617
Mar-17 Mar-18 Mar-19
Account Payable
Others
Interest Bearing Debt
Net Asset
D/E RatioMar 2017 Mar 2018 Mar 2019
0.09 0.04 0.07
52,27050,044 48,390
52,27050,044 48,390
Assets Liabilities and Net Assets
FUJIBO HOLDINGS, INC.
Cash flow and Working Capital
COPYRIGHT FUJIBO HOLDINGS, INC. ALL RIGHTS RESERVED. 16
5545
79
3648
▲ 34
▲ 12 ▲ 8
▲ 53
▲ 33
20
32
71
▲ 16
14
FY14 FY15 FY16 FY17 FY18
Investment cash flowOperating cash flowFCF
(JPY Hundred Million) (JPY Hundred Million)
(52) (50) (48) (45) (46)
96 85 88 88 93
6058 50 50 52
10493 90 93
99
Mar-15 Mar-16 Mar-17 Mar-18 Mar-19
InventoriesAccounts receivablesAccounts payablesWorking Capital
Cash flow Working Capital
FUJIBO HOLDINGS, INC.
FY2019 Financial Outlook
COPYRIGHT FUJIBO HOLDINGS, INC. ALL RIGHTS RESERVED. 17
1H, 17,750
1H, 18,600
2H, 19,347
FY18 FY19E
Net Sales Operating Income Net Income(JPY Mil) (JPY Mil) (JPY Mil)
1H, 1,745
1H, 1,700
2H, 2,034
FY18 FY19E
1H, 1,194
1H, 1,150
2H, 1,344
FY18 FY19E
37,09738,700
3,7793,800
2,538 2,600
4.3%
0.5%2.4%
FUJIBO HOLDINGS, INC.
FY2018: Financial Outlook Summary
(JPY Mil) FY19Forecast
FY2HForecast FY18 Change
Net Sales 38,700 18,600 37,097 +1,602 +4.3%
Operating Income 3,800 1,700 3,779 +20 +0.5%
OrdinaryIncome 4,000 1,800 3,983 +16 +0.4%
Net Income 2,600 1,150 2,538 +61 +2.4%
Net Income Per Share(JPY)
227.31 100.54 221.93 +5.37
Dividend Per Share(JPY)
50.00(Estimate)
50.00(Estimate)
100.00(Planned)
-
COPYRIGHT FUJIBO HOLDINGS, INC. ALL RIGHTS RESERVED. 18
FUJIBO HOLDINGS, INC.
10,733
11,305
11,550
3,508
10,700
13,000
10,800
4,200
FY18 FY19E
2,081
919
636
143
2,000
1,000
500
300
FY19 Forecasts by Business Segment
COPYRIGHT FUJIBO HOLDINGS, INC. ALL RIGHTS RESERVED. 19
Net Sales Operating Income(JPY Mil) (JPY Mil)
Polishing Pad Business
Chemical Industrial Products Business
Textile Business
Other Businesses
FUJIBO HOLDINGS, INC.
594 291
1,239
3,711 3,616 2,768
1,350
558
522 754
215
9985
297 201
298
101231
234 204
FY14 FY15 FY16 FY17 FY18 FY19E
Polishing Pad Business Chemical Industrial Products Business Textile Business Other Businesses + Total Company
Forecast: CAPEX and Depreciation
COPYRIGHT FUJIBO HOLDINGS, INC. ALL RIGHTS RESERVED. 20
CAPEX Depreciation(JPY Mil) (JPY Mil)
4,777
3,876
1,843
665 568 544701 819
746 937 1,173 1,058 960 190 207
184 188 193 83 93
87 88 116
FY14 FY15 FY16 FY17 FY18 FY19E
2,089
1,686 1,8062,114 1,989
4,111
2,459
4,766
2,035
FUJIBO HOLDINGS, INC.
Dividend policy
88.06 127.95
294.64
151.78
204.19
260.19
379.80
254.22
221.93
0
200
400
600
800
1,000
1,200
1,400
FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18
Total Dividends EPS(JPY)
COPYRIGHT FUJIBO HOLDINGS, INC. ALL RIGHTS RESERVED. 21
(JPY Mil)
FUJIBO HOLDINGS, INC. 22
This presentation is prepared to offer reference information about Fujibo Holdings, Inc. to the investorsand is intended to generally provide investors and analysts with financial and operational informationabout Fujibo Holdings, Inc., but not to solicit or recommend any sale or purchase of stock or othersecurities of Fujibo Holdings, Inc.
Fujibo Holdings, Inc. has not verified and would assume no responsibility for the accuracy, appropriation,or completeness thereof. This presentation does not contain all relevant information relating to FujiboHoldings, Inc. or the sale of its shares.
This presentation includes forward-looking statements. These statements discuss expectations, identifystrategies, contain projections of Fujibo Holdings, Inc.’s financial condition or results of operations or stateother forward-looking information. The forward-looking statements in this presentation are subject tovarious risks, uncertainties and assumptions about Fujibo Holdings, Inc.’s business and results ofoperations. The expectations expressed in these forward-looking statements may not be achieved, andactual results could differ materially from and be worse than expectations.