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This datum is based on the data as of September 30, 2011. The opinion and forecast described here is based on our judgment at that time and may possibly be changed without notice.
November 9, 2011
Results for the First Half of Fiscal YearEnded March 31, 2012
(Supplementary explanation)
2
Subject
1. Operating results for the First Half of Fiscal Year Ended March 31, 2012
2. Forecast for the Year Ended March 31, 2012
3
1-1. Summary of Consolidated Financial Results for the Six Months Ended September/2011
( Million yen, %)
FY20111H
FY20121H
ChangeOriginal Forecast(as of 13th May)
Vs. Original Forecast(amount)Amount Ratio
Net Sales 16,159 13,096 -3,062 -19.0% 12,500 596
Operating Income 393 409 16 4.1% 150 259
( Margin ) 2.4% 3.1% - - 1.2% 1.9%Ordinary Income 211 190 -20 -9.8% 50 140
( Margin ) 1.3% 1.5% - - 0.4% 1.1%
Net Income 93 17 -75 -80.9% -150 167
( Margin ) 0.6% 0.1% - - -1.2% 1.3%
4
1-2 Highlight
◆Decrease in income and profit year on year Net sales decreased 19.0% year on year mainly due to exclusion of Motor business subsidiary, Fuji Micro Co., Ltd. and the impact of the earthquake. Although operating income increased 4.1% thanks to improved gross margin rate and reductions in SGA costs, the net income decreased 80.9% to \17 million, because of factors such as recorded extraordinary loss and the foreign exchange loss. Both sales and income performed over the original forecast.
◆Improved profit in Plastic businessAlthough it was improved after second quarter, sales in Precision Springs and Plastics (mainly in OA equipment and automotive market) decreased due to the impact of the earthquake. Profitability in Plastic business both in domestic and overseas was improved. Domestic income in Precision Springs was improved, although it was decreased in overseas.
◆Decreased loss amount due to downsizing of mobile phone handset business in Hinge Although the loss was increased compared to the forecast due to the delay of downsizing the business, it was reduced by rise in sale prices and reduction of fixed costs such as labor cost after the second quarter.
5
1-3. Trend of Sales and Income ( Consolidated )
13,096
16,159
FY2011 1H FY2012 1HFY2012 1H
( Million yen )
9317
( Million yen )
393 409
( Million yen )
FY2011 1H
Net Sales
Net Income
FY2012 1HFY2011 1H
3.12.4
11/ 3 2期第 Q 12/ 3 2期第 Q
FY2011 1H FY2012 1H
Operating Income ・ Margin(%)
FY2011 1H FY2012 1H
6
149
293
9 115
177
2Q 3Q 4Q 1Q 2Q
81857651
6,3316,765
7,648
2Q 3Q 4Q 1Q 2Q
1-4. Quarterly Transition of Sales and Income ( Consolidated )
2.0%4.3%
2.2% 1.8%0.1%
2Q 3Q 4Q 1Q 2Q
4
- 11
- 145
163
- 235
- 702Q 3Q 4Q 1Q 2Q
Operating Income ・ Margin(%)
Net Assets
Net Sales
Mar ‘11 Mar. ‘12
Mar ‘11 Mar. ‘12
Mar ‘11 Mar. ‘12
(Million yen ) (Million yen )
(Million yen )
7
2,274
7,082
5,515
1,286
6,973
4,961
1,161
00
2,500
5,000
7,500
10,000
1-5. Net Sales and Operating Income by Business Segment
Net Sales
Operating Income
< Factors for change from First Half of the previous year >
762
8912
- 476 -331
593
139
0
-500
-200
100
400
700
FY20111H
FY20121H
Precision Springs・ Sales in the OA equipment and automotive markets were decreased
due to the impact of the earthquake.・ Though domestic earnings were improved due to the increase of
profitable products, total earnings were decreased because of decreased sales and increased labor costs in overseas markets.
< Sales : -1.5%, Operating Income : \168 million decreased >
Plastics
・ Sales to automotive markets were decreased due to the impact of the earthquake.
・ Earnings were improved due to the shift to more profitable products in domestic markets and increase in product price and cost reduction in China. < Sales : -10.1%, Operating Income : \ 127 million increased >
Hinges・ Net sales were decreased due to downsizing mobile phone handset.・ Loss amount was decreased by rise in sale prices and reduction of fixed
costs such as labor cost after the second quarter. < Sales : -9.7%, Operating Loss : \ 145 million >
Motors(excluded from business segment)
As of the first quarter of this fiscal year , motor business segment is excluded because Motor business subsidiary, Fuji Micro Co., was changed consolidated subsidiary to equity method affiliate.
Precision Springs Plastics Hinges Motors
( Million Yen )
Precision Springs Plastics Hinges Motors
FY20111H
FY20121H
FY20111H
FY20121H
FY20111H
FY20121H
FY20111H
FY20121H
FY20111H
FY20121H
FY20111H
FY20121H
FY20111H
FY20121H
( Million Yen )
8
10,698
4,191
599 670
8,086
3,831628 551
0
5,000
10,000
15,000J apan Asia USA Europe
1-6. Net Sales and Operating Income by Geographical Segment
Operating Income
Net Sales < Factors for change from First Half of the previous year >
- 53
249
55
149134169
46 68
-100
0
100
200
300J apan Asia USA Europe
Japan
In addition to the decreased sales due to exclusion of Motor subsidiary, sales in Plastics decreased due to the impact of the earthquake. Hinge business was also downsized.
In Plastics, earnings were improved due to the increase of profitable products. Loss in Hinge business was decreased after 2nd quarter.
< Sales : -24.4%, Operating Profit : \188 million>
Overseas・ In Europe, sales and income were decreased due to decreased sales of Tangless Coilthread . In Asia , though earnings in Plastics were improved, sales and income in Precision Springs were decreased in Singapore and China affected by the earthquake in Japan. < Sales : -8.3%, Operating Income : -\170 million>
FY20111H
FY20121H
FY20111H
FY20121H
FY20111H
FY20121H
FY20111H
FY20121H
FY20111H
FY20121H
FY20111H
FY20121H
FY20111H
FY20121H
FY20111H
FY20121H
( Million Yen )
( Million Yen )
9
1-7. Net Sales by Market
( Million yen )Mar/2011 Mar/2012 Change
1H % 1H % Amount %
OA equipment 4,758 29.4% 3,857 29.5% -900 -18.9%
Automotive 3,242 20.1% 3,005 22.9% -236 -7.3%
PC and PC related 728 4.5% 1,108 8.5% 381 52.3%
Mobile phone and related 1,054 6.5% 813 6.2% -241 -22.9%
AV/ Home appliance 1,178 7.3% 764 5.8% -414 -35.2%
Precision Components 792 4.9% 887 6.8% 95 11.9%
Medical and Healthcare equipment 528 3.3% 409 3.1% -119 -22.5%
Household equipment 1,954 12.1% 901 6.9% -1,054 -53.9%
Others 1,925 11.9% 1,352 10.3% -573 -29.8%
Total 16,159 100.0% 13,096 100.0% -3,063 - 19.0 %
10
1-8 Consolidated Cash Flows
3,165
419 492
- 553 -551
-30
- 264
2,4642,641
1,934
-1,000
0
1,000
2,000
3,000
4,000
Operating CFInvesting CFFinancing CFBalance at beginning of the periodBalance at year end
.
< Status of CF for 1H of Mar ’12 >
Free CF -134 Free CF -59
FY20111H
Operating CF
Net cash increased 492 million yen due to increased fund from fund reserve reflecting depreciation and amortization, etc.
Investing CF
The fund decreased 551 million yen by capital investment to production sites in Japan and Asian countries.
Financing CF
The fund decreased 30 million yen by repaying of lease debts.
Cash/equiv.
FY20121H
11
2-1 Forecast for FY ended March 2012 (Consolidated )
( Million yen )
FY Ended March 2011
Forecast for FY Ended
March 2012
Y to Y Change
(amount)
Original Forecast
(as of 13th May)
Vs. Original Forecast(amount)
Net Sales 31,459 25,000 -6,459 26,000 -1,000
OperatingIncome
552 700 148 850 -150
OperatingIncome ratio
1.8% 2.8% 1.0% 3.3% -0.5%
OrdinaryIncome
326 360 34 590 -230
Net Income -152 50 202 330 -280
12
2-2 Forecast for FY ended March 2012
◆Decreased in both net sales and income for the full FY2012Although net sales and income resulted better than original forecast in 1st Half, income in the 2 nd Half of FY2012 is expected to be decreased due to decreased net sales in Precision Spring and Plastic business. Downward revision as the full FY2012 will be expected due to increased loss from the delay in downsizing Hinge business.
◆Slow down in Precision Spring business from the 3QLess orders from tablet terminator or OA equipment markets are expected both in domestic and overseas from the 3rd quarter, since customers’ production adjustment. In addition, a decrease in sales at our subsidiary in Thailand which suffered from the historical flood and customers’ production adjustment both in domestic and overseas operations given the parts shortage are expected. Thus we forecasted decrease of \500 million in net sales and \150 million in operating income.
◆Extraordinary loss from share exchange will be recordedAlthough we will record an extraordinary loss of \122 million from the share exchange to make Strawberry Corporation a wholly-owned subsidiary of Advanex in the 3 rd quarter, we also expect to record an extraordinary income from the change in employee pension plan. As a result, the influence will be reduced.
13
2.4
1.0
2.43.1
0.0
4.0
2-3 Transition of Sales and Income (Consolidated)
16,159
31,459
25,000
13,09615,299
11,904
0
10,000
20,000
30,000
Mar. '11 Mar. '12 F
1st Half 2nd Half Full Year
393 409
159291
552700
0
200
400
600
800
93 17 33
-246-152
50
-700
-450
-200
50
300
Operating Income ・ Margin(%)
1H/11 2H/11 1H/12 2H/12 F
Mar. ‘11 Mar. ’12 F
Net Income
Mar. ‘11 Mar. ’12 F
Net Sales
(%)( Million yen )
( Million yen )
( Million yen )
14
13,50013,911 13,400
9,70011,00010,696
1,5002,472 1,9004,379
0
10,000
20,000
30,000
40,000
50,000
Mar. '11 Mar. '12Forecast
Mar. '12Forecastrevision
Precision Springs Plastics Hinges Motors
2-4 Revision of segment forecast
31,459
< Reason for the revisions >
26,000Mar. '11
Mar. '12Forecast
Mar. '12Forecastrevision
VS. Forecast(Amount)
Motors 171 - - -Hinges - 1,032 - 300 - 470 - 170Plastics 93 100 190 90Precision Springs 1,309 1,050 980 - 70Total 552 850 700 - 150
25,000
Although sales and income in Precision Spring business resulted better than the original forecast, they are expected to be decreased due to the less orders from PC related and OA equipment markets from the 2nd half. In addition, decrease of \500 million in net sales and \150 million in operating income is forecasted from the historical flood in Thailand. In Plastic business, although the sales is decreased for automotive markets, profitability both in domestic and overseas will be improved. Net sales will be increased in Hinge business, due to the delay in downsizing the business, and loss will be expanded in income.
Operating Income
Net Sales (Million yen)
(Million yen)
15
( CONTACT )ADVANEX INC.
Corporate Communication Dept.
TEL : 81-3 - 3822 – 5865 FAX : 81-3 - 3822 – 5873
URL : http://www.advanex.co.jp