ダイフク（6383） – Presentation Consolidated Financial Results

Consolidated Financial ResultsFirst Three Quarters of the Fiscal Year Ending March 31, 2022(April 1, 2021 – December 31, 2021)February 4, 2022DAIFUKU CO., LTD.Contents1Financial HighlightsEarnings ForecastTopicsp. 2p. 15p. 18© 2022 Daifuku Co., Ltd.Back to contentsFinancial Highlights2© 2022 Daifuku Co., Ltd.Fiscal 2021 3Qs Highlights (April 1, 2021 – December 31, 2021)FY2020 3QsFY2021 3QsY/Y changeY/Y rate441.4+102.6+30.3％(Billion yen)3 Orders and sales reached new record highs for the first three quarters of the fiscal year. Income remained favorable, steady improvements in the +9.7％operating margin.369.4+22.7+6.5％reflecting increased sales and OrdersSalesOperating incomeOrdinary incomeNet income attributable to shareholders of the parent companyComprehensive income338.7346.730.030.922.021.532.933.923.830.5+2.9+3.0+1.7+9.0+9.7％+8.0％+41.9％Net income per share175.33 yen189.30 yen+13.97 yen© 2022 Daifuku Co., Ltd.Increase/Decrease in Operating Income(Billion yen)[Reference] Effect of exchangeSales: +8.7 billion yen4Increase in salesDecrease in grossmargin ratioDecrease in SG&A expensesEffect of exchangerate changes0.562.52-1.401.2430.032.9Exchange rateFY2020 3QsFY2021 3QsUS dollar107.26 yen109.13 yenEuro121.13 yen130.28 yenChinese yuan15.31 yen16.87 yenWon0.0893 yen0.0961 yenFY2020 3QsFY2021 3Qs© 2022 Daifuku Co., Ltd.Results by Reportable Segment (April 1, 2021 – December 31, 2021)Orders(Orders from external customers)Net sales(Sales to external customers)(Billion yen) Daifuku: Segment income(Net income attributable to shareholders of the parent company)FY2020 3Qs FY2021 3QsFY2020 3Qs FY2021 3QsFY2020 3Qs FY2021 3QsY/YchangeY/YchangeY/YchangeDaifuku131.9199.8+67.8143.0159.2+16.212.814.6+1.8 Daifuku North America: Contec11.515.1+3.612.211.398.7100.0+1.2104.3103.625.223.8-1.421.522.4+0.9Other71.2102.5+31.364.673.5+8.9-0.9-0.60.74.23.12.31.0+0.24.7+0.52.12.2-1.0-0.1－－－0.9-0.9-1.8-1.2-1.0+0.2Daifuku North AmericaClean FactomationConsolidated adjustment and otherTotal338.7441.4+102.6346.7369.4+22.722.023.8+1.75Orders remained favorable in each business. Sales were favorable, underpinned by the order backlog.Orders were strong in cleanroom systems for the semiconductor sector and automotive systems. Intralogistics systems remained unchanged from the previous fiscal year when the performance was strong, but airport systems fell short of the results of a year ago.© 2022 Daifuku Co., Ltd.Consolidated Balance SheetsMarch 31, 2021December 31, 2021ChangeMarch 31, 2021December 31, 2021Change Total assets: Current assets350.6377.7+27.1Current liabilities149.1169.3+20.1Cash on hand and in banksNotes andaccounts receivableInventoriesOtherNon-current assetsProperty, plant and equipmentIntangible assetsGoodwillOtherInvestments and other assets94.1110.3+16.1211.9211.5-0.3+7.8+3.5+2.7+3.4-0.0-0.1+0.1-0.644.111.797.653.09.94.05.934.636.38.194.849.510.04.25.835.2Total assets445.4475.4+29.9(Billion yen)76.9+12.919.872.524.110.413.7+4.3+2.8-10.0-9.1-0.8193.5+10.0268.5+13.231.8－215.5+13.221.07.95.4+0.0+6.1+0.46Increased ¥29.9 billion[Factors]Increase: ¥16.1 billion in cash on hand and in banks, ¥7.8 billion in inventories Liabilities: Increased ¥10.0 billion[Factors]Increase: ¥12.9 billion in notes and accounts payableDecrease: ¥4.8 billion in short-term borrowings and long-term borrowings Net assets: Increased ¥19.8 billion[Factors]Increase: ¥13.2 billion in retained earnings262.0281.8+19.8445.4475.4+29.9© 2022 Daifuku Co., Ltd.Notes and accounts payableShort-term borrowings Non-current liabilitiesLong-term borrowings OtherOtherTotal LiabilitiesShareholders’ equityCommon stockRetained earningsOtherAccumulated other comprehensive incomeNon-controlling interestsTotal net assetsTotal liabilitiesand net assets63.915.569.634.219.614.6183.4255.231.8202.321.01.74.9Consolidated Statements of Cash FlowsFY2020 3QsFY2021 3QsY/Y changeCash flows from operating activitiesCash flows from investing activitiesFree cash flowsCash flows from financing activitiesEffect of exchange rate change on cash and cash equivalentsNet increase in cash and cash equivalentsCash and cash equivalents at beginning of yearCash and cash equivalents resulting from change in scope of consolidationCash and cash equivalents at end of year27.2-5.821.35.8-2.025.270.80.796.837.0-6.530.5-17.42.715.794.00.4110.2(Billion yen)7-23.3 Cash used in investing activities: ¥6.5 billion Cash provided by operating activities: ¥37.0 billion [Factors]Income before income taxes and non-controlling interests: ¥33.7 billion Increase in notes and accounts payable: ¥9.8 billion Increase in inventories: -¥6.8 billion[Factors]Purchase of property, plant and equipment: -¥6.6 billion Cash used in financing activities: ¥17.4 billion[Factors]Payments of cash dividends: -¥10.7 billion Repayment of short-term borrowings: -¥5.8 billion© 2022 Daifuku Co., Ltd.+9.8-0.6+9.2+4.7-9.4+23.1-0.3+13.4Orders and Sales by Destination (April 1, 2021 – December 31, 2021)Orders(Billion yen)Sales Japan:FY2020 3QsFY2021 3QsFY2020 3QsFY2021 3QsOrders remained favorable in each OrdersCompositionOrdersCompositionSalesCompositionSalesCompositionY/Y changeY/Y changebusiness.8South Korea36.510.8%41.19.3％+4.635.69.6％Sales fell with a reactionary fall in RegionJapan111.733.0%164.137.2％+52.3118.634.2%130.335.2％+11.7Non-Japan227.067.0%277.262.8％+50.2228.165.8%240.064.8％+11.9North America100.729.7%94.221.4％-6.4107.030.9%100.327.1％-6.6Asia104.330.8%152.434.6％+48.1102.129.4%115.931.2％+13.8China38.011.2%49.311.2％+11.243.112.5%38.610.4％TaiwanOtherEuropeLatin AmericaOtherSubtotalConsolidated adjustment and other*9.6％+19.64.5％+12.522.67.013.81.76.3－－6.7%2.1%4.1%0.5%1.9%－－42.219.616.13.7％2.70.6％11.62.5％－－－－+2.2+1.0+5.2－－Total338.7100.0%441.4100.0％ +102.6346.7-4.5+6.2-0.4+3.0+1.5+0.134.29.2％+12.67.42.0％12.13.3％4.27.31.2％2.0％8.6%6.2%2.1%2.6%0.8%2.1%346.7100.0%370.3100.0％+23.629.421.67.99.02.77.1－Sales were driven by intralogistics systems. North America:Orders fell short of the results of a year ago when airport systems were strong.automotive systems, which had benefited from sales for a large project in the previous fiscal year. Asia:Orders and sales were strong in cleanroom systems.－－-0.9369.4－－-0.9+22.7* The contents of the table have been partially changed due to the application of accounting standards related to revenue recognition.© 2022 Daifuku Co., Ltd.Orders and Sales by Industry (April 1, 2021 – December 31, 2021)(Billion yen)9OrdersSales Automobile, auto parts:FY2020 3QsFY2021 3QsFY2020 3QsFY2021 3QsOrdersCompositionOrdersCompositionSalesCompositionSalesCompositionY/Y changeY/Y changeAutomobile, auto parts10.4%45.410.3%17.5%42.711.6%28.6%161.836.7%28.4%107.729.1%104.130.7%131.029.7%24.3%112.330.3%+28.125.65.8%+10.922.96.2%+6.1IndustryElectronicsCommerce, retailTransportation, warehousingMachineryChemicals, pharmaceuticalsFoodIron, steel, nonferrous metalsPrecision equipment, printing, officeequipmentAirportOtherSubtotalConsolidated adjustment and other*35.196.914.75.610.014.12.94.340.410.2－－+10.3+64.9+26.8+0.7+5.5-4.9+0.6-14.8+2.8－－60.798.684.116.79.013.714.42.96.629.610.0－4.3%1.7%3.0%4.2%0.9%1.3%11.9%3.0%－－6.41.5%15.53.5%9.13.54.125.613.0－－2.1%0.8%5.8%2.9%－－0.9%-0.2Total338.7100.0%441.4100.0%+102.6346.74.8%2.6%4.0%4.2%0.9%1.9%8.5%2.9%11.714.32.24.433.710.23.2%3.9%0.6%1.2%9.1%2.7%Orders bounced back from the same period of the previous year when business negotiations were stagnant. Sales fell, given a reactionary fall from the previous fiscal year when results benefited from sales for a large project.The Group received large orders from the semiconductor sector. Sales benefited from orders received during the previous fiscal year. Commerce, retail: Orders and sales were driven by systems for the e-commerce sector in Japan and North America.-17.9+9.1-1.3-1.9-0.0-0.6-2.1+4.1+0.1346.7100.0%370.3100.0%+23.6－－-0.9369.4－－-0.9+22.7* The contents of the table have been partially changed due to the application of accounting standards related to revenue recognition.© 2022 Daifuku Co., Ltd.7.62.1% Electronics: Quarterly Orders, Sales, and Operating MarginOrdersSalesOperating margin10.6%9.6%9.3%6.7%11.4%(Billion yen)10.0%9.2% 8.9%7.9%8.7%8.0%1013. 0%11. 0%9.0 %7.0 %5.0 %3.0 %1.0 %-1.0%Q1Q2Q3Q4Q1Q2Q3Q4Q1FY2019FY2020Orders100.4Sales96.1113.8112.5123.7110.0145.0124.8104.9113.984.4116.0149.4116.7112.3127.1138.4120.2Q2FY2021128.8123.2Q3174.1126.0© 2022 Daifuku Co., Ltd.Order Backlogs362.7 364.0377.7397.9 388.8389.9375.0393.2 398.9357.2(Billion yen)447.0 445.011Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4FY2019FY2020FY2021© 2022 Daifuku Co., Ltd.Service SalesService salesRatio to net sales24% 24%23%26%22%26% 27%25%24%(Billion yen)28%27%1232.6 34.5 32.9 34.8 28.7 30.5 28.9 27.2 26.6 25.5 22.4 Q1Q2Q3Q4Q1Q2Q3Q4Q1Q3SalesFY2019108.9FY2020119.4Q2FY2021136.5 (Full-year forecast)© 2022 Daifuku Co., Ltd.32%27%22%17%12%7%2%-3%Orders by Industry(Billion yen)13FY2021Q3(b)Y/YChange(b-a)IndustryAutomobile, auto partsElectronicsCommerce, retailTransportation, warehousingMachineryFoodChemicals, pharmaceuticalsIron, steel, nonferrous metalsPrecision equipment, printing, office equipmentAirportOtherTotalFY2019FY2020Q3(a)Q1Q2Q3Q4Q1Q2Q4Q1Q2Composition13.036.816.88.22.55.02.81.31.68.93.015.243.122.18.53.63.86.31.60.94.14.046.928.416.84.22.15.21.41.71.214.637.838.66.52.74.26.30.63.715.131.327.76.32.43.22.51.21.211.423.010.53.96.43.18.830.818.65.40.93.17.70.91.82.93.011.134.857.72.92.23.63.80.81.226.93.913.932.532.28.66.33.93.10.71.75.63.115.344.940.112.51.54.34.81.61.17.73.917.041.643.54.23.95.82.20.91.71.75.813.07.5%+1.875.343.2%+40.447.327.2%-10.48.70.85.32.10.95.1%+5.80.5%-1.43.0%+1.71.2%-1.70.6%+0.11.20.7%-0.016.09.2%-10.93.21.8%-0.7100.4113.8123.7145.0104.984.4149.4112.3138.4128.8174.1100.0%+24.7© 2022 Daifuku Co., Ltd.Q1Q2Q3Q4Q1Q2Q4Q1Q2CompositionSales by IndustryIndustryAutomobile, auto partsElectronicsCommerce, retailTransportation, warehousingChemicals, pharmaceuticalsMachineryFoodIron, steel, nonferrous metalsPrecision equipment, printing, office equipmentAirportOtherSubtotal12.837.116.37.12.62.81.71.12.18.93.2FY201916.341.721.16.32.84.22.51.52.59.33.915.535.123.37.03.83.13.81.23.19.83.723.730.125.37.94.15.04.91.43.513.84.418.433.325.55.53.94.36.20.71.910.43.2FY2020Q3(a)20.731.032.34.92.64.64.81.02.18.53.021.534.226.26.12.44.73.31.22.510.53.719.338.331.36.82.24.53.31.42.011.65.813.740.037.26.02.03.93.00.51.59.52.896.1112.5110.0124.8113.9116.0116.7127.1120.7123.2126.3100.0%Consolidated adjustment and other－－－－－－－－-0.5-0.0-0.3Total96.1112.5110.0124.8113.9116.0116.7127.1120.2123.2126.0(Billion yen)14FY2021Q3(b)Y/YChange(b-a)13.931.940.97.82.43.86.50.91.49.93.315.011.9%35.728.3%34.127.1%9.03.14.04.70.87.1%2.5%3.2%3.7%0.6%14.211.2%4.03.3%1.41.1%-1.1-6.4+1.4+7.9+2.8+0.7-0.7+1.4-0.3+3.6+0.3+9.5-0.3+9.2－－© 2022 Daifuku Co., Ltd.Back to contentsEarnings Forecast15© 2022 Daifuku Co., Ltd.Fiscal 2021 Forecast (Consolidated)(Billion yen)16FY2020(a)Announced on May 11, 2021 Revised on August 5, 2021 Change(c-b)Y/Y rate((c-a)/a)FY2021 (Forecast)Revised on November 5, 2021 (b)Revised on February 4, 2022 (c)Orders451.0520.0525.0565.0575.0+10.0 +27.5%Net sales473.9500.0500.0500.0505.0+5.0+6.6%Operating income44.547.047.045.048.5+3.5+8.8%Ordinary income45.847.947.946.050.0+4.0+9.1%Net income attributable to shareholders of the parent company32.334.034.032.535.5+3.0+9.6%Net income per share 257.13 yen 269.91 yen 269.91 yen 257.90 yen 281.71 yen +23.81 yen© 2022 Daifuku Co., Ltd.Dividends140120100806040200704525InterimYear-endConsolidated payout ratio29.7%28.6%33.6%31.1%31.9%(Yen)17 Planned to increase FY2021 year-end dividend by 5 yen per share. 90603075453080503040. 0%30. 0%20. 0%10. 0%0.0 %-10.0%-20.0%-30.0%-40.0%-50.0%905535FY2021(Plan)FY2017FY2018FY2019FY2020© 2022 Daifuku Co., Ltd.Back to contentsTopics18© 2022 Daifuku Co., Ltd.Daifuku Wins Corporate Governance of the Year 2021 Prize19Daifuku received a special METI* Minister’s Award for Corporate Governance of the Year 2021, sponsored by the Japan Association of Corporate Directors (JACD). The METI Minister’s Award recognizes a company particularly in terms of its selection and succession of presidents and CEOs, the planning of which are fundamental for corporate governance.JACD website: www.jacd.jp/en* METI: Ministry of Economy, Trade and IndustryState Minister of Economy, Trade and Industry Kenichi Hosoda and Daifuku’s president and CEO Hiroshi GeshiroPresident Geshiro speaking on receiving the award© 2022 Daifuku Co., Ltd.Daifuku Ad Wins Award from Japanese Newspaper20Our corporate advertisement for systems for semiconductor production lines won the Excellence Award at the 48th Nikkei Sangyo Shimbun’s advertising awards. The advertisement was posted in the Nihon Keizai Shimbun, Nikkei Sangyo Shimbun, and other papers on June 25, 2021, and was selected from among 1,106 works.Comment from the host: In response to the global semiconductor shortage we are facing, this ad showcases Daifuku’s solutions in an easy-to-understand manner. It is a work that suggests an advertisement of a B2B company.© 2022 Daifuku Co., Ltd.Cautionary Statement with Respect to Forward-Looking StatementsThe strategies, beliefs and plans related to future business performance as described in this document are not established facts. They are business prospects based on the assumptions and beliefs of themanagement team judging from the most current information, and therefore, these prospects are subject to potential risks and uncertainties. Due to various crucial factors, actual results may differmaterially from these forward-looking statements. These crucial factors that may adversely affect performance include 1) consumer trends and economic conditions in the Daifuku Group’s operatingenvironment; 2) the effect of yen exchange rates on sales, assets and liabilities denominated in U.S. dollars and other currencies; 3) the tightening of laws and regulations regarding safety and othermatters that may lead to higher costs or sales restrictions; and 4) the impact of natural disasters and intentional threats, war, acts of terrorism, strikes, and plagues. Moreover, there are other factors thatmay adversely affect the Group’s performance.© 2022 Daifuku Co., Ltd.