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©2018 KITZ CORPORATION All Rights Reserved
FY2017 Results Presentation
KITZ CORPORATION
May 2018
The forecast data presented herein reflects assumed results based on conditions that are subject to change. KITZ Corporation does not make representations as to, or warrant, in whole or in part, the attainment or realization of any of the forecasted results presented in this document. Numerical figures presented herein are rounded down.
©2018 KITZ CORPORATION All Rights Reserved |2
FY2017 Results (Consolidated)
FY2016 Result
FY2017
Plan
FY2017
Result YoY Plan vs Result
Sales 114,101 123,000 124,566 10,464 9.2% 1,566 1.3%
Valve Manufacturing 91,766 97,800 98,162 6,396 7.0% 362 0.4%
Brass Bar Manufacturing 19,333 22,500 23,535 4,202 21.7% 1,035 4.6%
Operating Income 8,929
7.8%
10,000
8.1%
10,117
8.1% 1,188 13.3% 117 1.2%
Valve Manufacturing 11,444 12,700 12,798 1,354 11.8% 97 0.8%
Brass Bar Manufacturing 831 650 699 (132) (16.0%) 49 7.6%
Ordinary Income 8,799 9,700 9,733 934 10.6% 33 0.3%
Net income attributable to owners of the parent
5,400 6,300 6,518 1,117 20.7% 218 3.5%
Yen / US Dollar 109.45 110.00 112.04
Yen / Euro 120.59 120.00 127.09
Electrolytic Copper, Yen/ton 604,000 760,000 757,000
(Millions of Yen)
*Note : Total Sales and Operating Income include other segment and adjustment..
©2018 KITZ CORPORATION All Rights Reserved |3
Valve Manufacturing Business – Domestic Sales
Sales of valves for building facilities increased due to beginning of deliveries for large construction projects mainly in Tokyo metropolitan area. As for industrial valve, demand for maintenance works was firm. Demand of valves for water works was weak as municipal budget implementation has not progressed as expected. Valves for semiconductor manufacturing equipment continued to show good growth. Production capacity of valves for semiconductor increased according to schedule.
(Millions of Yen)
*Note : Sales of each market in Japan are our estimated amount.
FY2016
Result Q1 Q2 Q3 Q4
FY2017
Result YoY
Domestic Total 58,600 15,200 15,400 16,700 16,700 64,200 5,600 10%
Building Facilities 25,400 6,800 6,600 6,900 7,000 27,300 1,900 7%
Water (supply, sewer, industrial filter)
7,600 1,600 2,100 2,300 2,000 8,000 400 5%
Semiconductor 5,600 1,700 1,900 2,100 2,300 8,000 2,400 43%
Machinery 5,600 1,500 1,500 1,600 1,600 6,100 500 9%
Petrochemical 2,500 700 700 700 600 2,700 200 8%
General Chemical 2,100 500 500 600 600 2,200 100 5%
Food and Paper 3,700 900 900 1,000 1,000 3,900 200 5%
Gas 2,800 800 700 800 800 3,100 300 10%
Power Plant 600 200 200 200 200 800 200 33%
Project (LNG, etc) 2,500 400 400 300 600 1,700 (800) (32%)
©2018 KITZ CORPORATION All Rights Reserved |4
Valve Manufacturing Business – Overseas Sales
Sales of valves for semiconductor manufacturing equipment grew significantly in Korea and China. In China, demand of commercial valves especially for data center increased. In Americas (North, Middle and South America) and Europe, demand of industrial valves was still weak in Oil&Gas market, especially for downstream. In ASEAN, sales slightly increased. New marketing bases were established in that area. Delivery of valves for large project in Middle East postponed to FY2018.
(Millions of Yen)
FY2016
Result Q1 Q2 Q3 Q4
FY2017
Result YoY
Overseas Total 33,100 7,700 8,500 8,500 9,200 34,000 800 3%
ASEAN and other 11,300 2,900 3,500 3,000 3,700 13,100 1,800 16%
(for semiconductor) 1,700 600 700 500 500 2,400 700 41%
China 5,400 1,500 1,500 1,700 1,800 6,500 1,100 20%
(for semiconductor) 1,100 500 400 500 500 2,000 900 72%
Middle East 1,200 200 500 200 300 1,200 - -%
Asia total 18,000 4,600 5,500 4,900 5,800 20,800 2,800 16%
Americas 10,600 2,300 2,300 2,700 2,500 10,000 (600) (6%)
Europe 4,300 800 600 800 900 3,200 (1,100) (26%)
©2018 KITZ CORPORATION All Rights Reserved |5
Valve Manufacturing Business – Operating Income (Millions of Yen)
FY2016 Result
FY2017
Plan
FY2017
Result YoY Plan vs Result
Sales 91,766 97,800 98,162 6,396 7.0% 362 0.4%
Operating
Income 11,444 12,700 12,798 1,353 11.8% 97 0.8%
114.4億円 128.0億円
Millions of yen
FY2016 FY2017
Cost Reduction
+1,620
Material Cost
(1,250) SG&A
(1,100)
Sales Increase
+2,180
Forex
(100)
0
5,000
10,000
15,000
20,000
11,444 12,798
©2018 KITZ CORPORATION All Rights Reserved |6
Brass Bar Manufacturing Business
(Millions of Yen)
FY2016 Result
FY2017
Plan
FY2017
Result YoY Plan vs Result
Sales 19,333 22,500 23,535 4,202 21.7% 1,035 4.6%
Operating Income 831 650 699 (132) (16.0%) 49 7.6%
Electrolytic Copper, Yen/ton 604,000 760,000 757,000
■Sales Sales increased compared with the previous term due to rise in selling price arising from copper market trend, even though sales volume slightly declined. ■Operating Income Operating profit decreased 16% impacted by fluctuation in copper market in Q4, although productivity has improved as a result of enhancement of manufacturing lines.
Electric Copper (From April 2015 to March 2018)
Brass rods 400
500
600
700
800
900
15/4 15/7 15/10 16/1 16/4 16/7 16/10 17/1 17/4 17/7 17/10 18/1
¥1,000/ton
Graph1
42095
42125
42156
42186
42217
42248
42278
42309
42339
42370
42401
42430
42461
42491
42522
42552
42583
42614
42644
42675
42705
42736
42767
42795
42826
42856
42887
42917
42948
42979
43009
43040
43070
43101
43132
43160
765
808
770
724
676
680
677
639
610
573
577
602
581
555
534
548
526
525
533
629
705
700
713
704
670
671
673
713
753
773
812
813
811
826
802
766
2016.4-2017.9
【銅建値】 ドウタテネ
2013201420152016
41365750732765581
41395772748808555
41426729741770534
41456728770724548
41487745769676526
41518754783680525
41548749772677533
41579750828639629
41609785816610705
41640808746573
41671782724577
41699730763602
41730732
41760748
41791741
41821770
41852769
41883783
41913772
41944828
41974816
42005746
42036724
42064763
4月 ガツ42461581
5月 ガツ42491555
6月42522534
7月42552548
8月42583526
9月42614525
10月42644533
11月42675629
12月42705705
1月42736700
2月42767713
3月42795704
42826670
42856671
42887673
42917713
42948753
42979773
43009
43040
43070
43101
43132
43160
2016.4-2017.9
(千円/t)
2017年度当初計画前提: 680千円/t
下期前提: 760千円/t
2016年度実績
2017年度実績
2015.4-2017.12
【銅建値】 ドウタテネ
2013201420152016
41365750732765581
41395772748808555
41426729741770534
41456728770724548
41487745769676526
41518754783680525
41548749772677533
41579750828639629
41609785816610705
41640808746573
41671782724577
41699730763602
41730732
41760748
41791741
41821770
41852769
41883783
41913772
41944828
41974816
42005746
42036724
42064763
42095765
42125808
42156770
42186724
42217676
42248680
42278677
42309639
42339610
42370573
42401577
42430602
42461581
42491555
42522534
42552548
42583526
42614525
42644533
42675629
42705705
42736700
42767713
42795704
42826670
42856671
42887673
42917713
42948753
42979773
43009812
43040813
43070811
43101826
43132802
43160766
2015.4-2017.12
(千円/t)
2013~2016
【銅建値】 ドウタテネ
2013201420152016
41365750732765581
41395772748808555
41426729741770534
41456728770724548
41487745769676526
41518754783680525
41548749772677533
41579750828639629
41609785816610705
41640808746573
41671782724577
41699730763602
41730732
41760748
41791741
41821770
41852769
41883783
41913772
41944828
41974816
42005746
42036724
42064763
42095765
42125808
42156770
42186724
42217676
42248680
42278677
42309639
42339610
42370573
42401577
42430602
42461581
42491555
42522534
42552548
42583526
42614525
42644533
42675629
42705705
2013~2016
Sheet1
©2018 KITZ CORPORATION All Rights Reserved |7
Other
(Millions of Yen)
FY2016 Result
FY2017
Plan
FY2017
Result YoY Plan vs Result
Sales 3,002 2,700 2,867 (134) (4.5%) 167 6.2%
Operating
Income 59 0 (28) (87) - (28) -
KITZ subsidiary Hotel Beniya Co., Ltd. operates a resort hotel in Suwa city, Nagano pref. Sales and operating income decreased compared with the previous term. In the previous term, there was a big festival “Onbashira” in Suwa area. Also, number of inbound customers especially from Taiwan did not grow as expected.
Hotel Beniya in Suwa city, Nagano pref.
©2018 KITZ CORPORATION All Rights Reserved |8
Other income/expense Extra ordinary income / loss
FY2016
Result
FY2017
Result YoY
Note
(FY2017)
Operating Income 8,929 10,117 1,188
■Non-operating Income 768 793 24
■Non-operating Expense 898 1,177 278 Forex loss 208(FY2016 : 19)
Ordinary income 8,799 9,733 944
■Extraordinary income 2,152 883 (1,268) Gain on sales of securities 869(FY2016 : 2,097)
■Extraordinary loss 3,925 502 (3,423) Impairment loss 386(FY2016 : 3,598)
Net Income before income taxes and minority interests
7,025 10,114 3,088
Income Taxes 1,509 3,513 2,003
Net Income 5,515 6,601 1,085
Net Income attributable to non-controlling interests
115 82 (32)
Net Income attributable to owners of the parent
5,400 6,518 1,117
(Millions of Yen)
©2018 KITZ CORPORATION All Rights Reserved |9 |9
Balance Sheet
Asset March
2017
March
2018 Variance Liabilities
March
2017
March
2018 Variance
Current Asset 67,972 78,807 10,835 Current Liabilities
19,608 24,139 4,531
Fixed Asset 51,175 55,379 4,204 Fixed
Liabilities 24,647 32,656 8,008
PPE 34,722 36,799 2,076 Total Liabilities 44,255 56,796 12,540
Intangible 6,881 8,951 2,070
Investment and others
9,571 9,628 57 Net Asset 74,892 77,391 2,498
Total Asset 119,148 134,187 15,039
Total Liabilities and
Net Assets
119,148 134,187 15,039
(Millions of Yen)
Compared to March 2017, cash and deposits increased due to the 4th issuance of unsecured corporate bonds
of ¥10 billion in March 2018. Current asset increased due to expansion of sales volume and rise of material
price. Fixed asset increased due to capital investment for production capacity expansion and new IT System.
Liabilities also increased due to the issuance of corporate bonds.
©2018 KITZ CORPORATION All Rights Reserved |10 |10
Cash Flows
(Millions of Yen)
March
2017
March
2018 YoY
Operating Cash Flow 12,979 6,941 (6,038) (46.5%)
Investing Cash Flow (2,141) (7,066) (4,925) -
Free Cash Flow 10,838 (125) (10,964) -
Financing Cash Flow (6,838) 5,267 12,106 -
Cash and cash equivalents
at the end of the period 16,799 22,019 5,220 31.1%
©2018 KITZ CORPORATION All Rights Reserved |11
FY2017 Financial Highlight
Consolidated
FY2016 FY2017
Sales 114,101 124,566
Operating Income 8,929 10,117
Ordinary Income 8,799 9,733
Net Income attributable to owners of the parent
5,400 6,518
Overseas Sales Ratio 29.7% 27.9%
Total Asset 119,148 134,187
Net Asset 74,892 77,391
Interest Bearing Debt 24,787 34,302
ROE 7.3% 8.7%
Equity Ratio 61.9% 56.8%
BPS(Yen) 727.78 782.98
EPS(Yen) 51.43 65.50
(Millions of Yen)
©2018 KITZ CORPORATION All Rights Reserved |12
FY2018 Plan
FY2017
Result
FY2018 Plan
Q1+Q2 Q3+Q4 Total YoY
Sales 124,566 66,000 66,000 132,000 7,433 6.0%
Operating Income 10,117
8.1%
5,500
8.3%
5,700
8.6%
11,200
8.5% 1,083 10.7%
Ordinary Income 9,733
7.9%
5,400
8.2%
5,500
8.3%
10,900
8.3% 1,167 12.0%
Net Income attributable to owners of the parent
6,518
5.3%
3,500
5.3%
3,600
5.5%
7,100
5.4% 582 8.9%
ROE 8.7% - - 9.1% - -
EPS(Yen) 65.50 - - 72.93円 7.18円 10.9%
Yen / US Dollar 112.04 109.0
Yen / Euro 127.09 132.0
Electrolytic Copper, Yen/ton 757,000 800,000
(Millions of Yen)
©2018 KITZ CORPORATION All Rights Reserved |13
FY2018 Plan (By Segment)
Sales
FY2017 Result FY2018 Plan
Q1+Q2 Q3+Q4 Total Q1+Q2 Q3+Q4 Total
Valve 46,951 51,211 98,162 52,600 52,400 105,000
Brass Bar 11,046 12,489 23,535 11,700 12,300 24,000
Other 1,594 1,271 2,867 1,700 1,300 3,000
Total 59,592 64,974 124,566 66,000 66,000 132,000
Operating
Income
FY2017 Result FY2018 Plan
Q1+Q2 Q3+Q4 Total Q1+Q2 Q3+Q4 Total
Valve 5,606 7,191 12,797 6,700 7,200 13,900
Brass Bar 342 356 699 330 320 650
Other 56 (84) (28) 80 (30) 50
Adjustment (1,690) (1,661) (3,351) (1,600) (1,800) (3,400)
Total 4,314 5,802 10,116 5,500 5,700 11,200
(Millions of Yen)
(Millions of Yen)
©2018 KITZ CORPORATION All Rights Reserved |14
Valve Manufacturing Business Environment
【Domestic】
Try to penetrate new prices into the market.
For building facilities, delivery to large-scale projects in the metropolitan area will get into full swing. In 2H of FY2018, delivery related to Tokyo Olympics and Paralympics will be expected.
In the industrial valve market, maintenance and renewal demand will be the main focus of the business. Expect some users make capital investment for new plant.
As for semiconductor market, “super cycle” will continue and the demand of valves will be favorable.
【Overseas】
In the North American market, there is a feeling of bottoming out. Capital investment in Oil&Gas market improve and the distributors begin to increase their inventories.
In the ASEAN region, demand of valves gradually improves. Establish new marketing bases in each countries and try to develop new product based on the local needs.
In China, commercial valves for construction equipment such as data center continue to be strong. As for industrial valve, there is a feeling of bottoming out.
In Europe, the market of industrial valves will continue in severe situation. Deliveries of valves for large project in Middle East will be completed in 1H 2018.
©2018 KITZ CORPORATION All Rights Reserved |15
Valve Manufacturing Business – Domestic Sales
FY2018
Plan
Domestic Total 66,500
Building Facilities 28,400
Water (supply, sewer, industrial filter)
8,200
Semiconductor 8,200
Machinery 6,800
Petrochemical 6,000
General Chemical 2,400
Food and Paper 2,200
Gas 2,100
Project (LNG, etc) 2,200
(Millions of Yen)
©2018 KITZ CORPORATION All Rights Reserved |16
Valve Manufacturing Business – Overseas Sales
FY2017
Result
FY2018
Plan YoY YoY
Overseas Total 34,000 38,500 4,500 13%
ASEAN and other 13,100 15,200 2,100 16%
(for semiconductor) 2,400 2,800 400 17%
China 6,500 6,900 400 6%
(for semiconductor) 2,000 2,000 - -%
Middle East 1,200 3,000 1,800 150%
Asia total 20,800 24,800 4,000 20%
Americas 10,000 10,400 400 4%
Europe 3,200 3,000 (200) (6%)
(Millions of Yen)
©2018 KITZ CORPORATION All Rights Reserved |17
Valve Manufacturing Business OP YoY Change
(Millions of yen)
FY2017
Result
FY2018
Plan YoY
Operating Income 12,797 13,900 1,102 8.6%
110億円
(Millions of yen)
FY2017 FY2018
Cost Reduction
+1,500
Material Cost
(1,000) SG&A
(2,400)
Sales Increase
+2,950
Forex
+50
0
5,000
10,000
15,000
20,000
25,000
12,797 13,900
©2018 KITZ CORPORATION All Rights Reserved |18
Brass Bar Manufacturing Business Others
FY2017
Result
FY2018
Plan YoY
Brass
Bar
Sales 23,535 24,000 464 2.0%
Operating Income 699 650 (49) (7.0%)
■Copper Price :800,000 yen/ton (Average Price in FY2017 : 760,000 yen/ton)
■Domestic demand of brass bar is expected to decrease slightly compare to FY2017.
■Operating profit will decrease due to increase of depreciation and labor cost. The company will
focus on improvement of productivity and expansion of sales of value added product.
Brass Bar Manufacturing Business
■The company will strengthen online-reservation, obtain more reservation from domestic group
travelers to achieve target.
Others
FY2017
Result
FY2018
Plan YoY
Others Sales 2,867 3,000 132 4.6%
Operating Income (28) 50 78 -
(Millions of Yen)
(Millions of Yen)
©2018 KITZ CORPORATION All Rights Reserved |19
Capex and Depreciation Plan
(Millions of Yen)
FY2016
Result
FY2017
Result
FY2018
Plan
Valve Manufacturing
(Excl. IT) 4,700 5,000 6,100
Brass Bar Manufacturing 600 1,300 2,700
IT 1,800 3,200 1,500
Other 100 100 100
Total 7,300 9,800 10,500
<Capex Plan>
<Depreciation Plan> (Millions of Yen)
FY2016
Result
FY2017
Result
FY2018
Plan
Depreciation 4,100 4,200 5,000
©2018 KITZ CORPORATION All Rights Reserved |20
FY2018(Plan) Financial Highlight
Consolidated
FY2017
Result
FY2018
Plan
Sales 124,566 132,000
Operating Income 10,117 11,200
Ordinary Income 9,733 10,900
Net Income attributable to owners of the parent
6,518 7,100
Overseas Sales Ratio 27.9% 29.8%
Interest Bearing Debt 34,302 30,675
ROE 8.7% 9.1%
Equity Ratio 56.8% 58.8%
BPS(Yen) 782.98 832.00
EPS(Yen) 65.50 72.93
(Millions of Yen)
©2018 KITZ CORPORATION All Rights Reserved
For questions concerning this material, please contact: KITZ Corporation
Publicity and IR Promotion office E-mail : [email protected]
FY2017�Results Presentation FY2017 Results (Consolidated) Valve Manufacturing Business – Domestic SalesValve Manufacturing Business – Overseas Sales Valve Manufacturing Business – Operating IncomeBrass Bar Manufacturing Business Other Other income/expense�Extra ordinary income / lossBalance SheetCash Flows FY2017 Financial HighlightFY2018 PlanFY2018 Plan (By Segment)Valve Manufacturing Business EnvironmentValve Manufacturing Business – Domestic SalesValve Manufacturing Business – Overseas SalesValve Manufacturing Business OP YoY ChangeBrass Bar Manufacturing Business�OthersCapex and Depreciation Plan FY2018(Plan) Financial Highlightスライド番号 21