ダイフク（6383） – Presentation Consolidated Financial Results

Consolidated Financial ResultsFiscal Year Ended March 31, 2022(April 1, 2021 – March 31, 2022)May 13, 2022DAIFUKU CO., LTD.Contents1Financial HighlightsEarnings ForecastTopicsp. 2p. 18p. 22© 2022 Daifuku Co., Ltd.Back to contentsFinancial Highlights2© 2022 Daifuku Co., Ltd.(Billion yen)3 Orders and sales reached new record highs. Income remained favorable, driven by intralogistics systems in Japan.Fiscal 2021 Highlights (April 1, 2021 – March 31, 2022)FY2020FY2021Y/Y changeY/Y rateOrdersSalesOperating incomeOrdinary incomeNet income attributable to shareholders of the parent companyComprehensive income451.0473.944.545.832.333.3589.0+138.0+30.6％512.2+38.3+8.1％50.251.235.846.3+5.6+5.4+3.4+12.8％+11.8％+10.8％+13.0+39.1％Net income per share257.13 yen284.71 yen+27.58 yen© 2022 Daifuku Co., Ltd.Increase/Decrease in Operating Income(Billion yen)[Reference] Effect of exchangeSales: +14.7 billion yen4Decrease in grossmargin ratioDecrease in SG&A expenses-0.340.72Effect of exchangerate changes0.93Increase in sales4.40Exchange rateFY2020FY2021US dollar106.44 yen110.39 yen50.2Euro121.97 yen130.36 yenChinese yuan15.42 yen17.13 yenWon0.0905 yen0.0963 yen44.5FY2020FY2021© 2022 Daifuku Co., Ltd.Results by Reportable SegmentOrders(Orders from external customers)Net sales(Sales to external customers)(Billion yen) Daifuku: Segment income(Net income attributable to shareholders of the parent company)FY2020FY2021FY2020FY2021FY2020FY2021Y/YchangeY/YChangeY/YchangeDaifuku184.1262.4+78.3199.3225.0+25.626.028.6+2.6Contec15.319.6+4.216.215.7-0.41.2+0.0119.4135.1+15.7137.1140.4+3.37.5+1.431.036.7+5.630.528.6-1.82.0-0.6Other101.0134.9+33.989.6104.8+15.23.7+1.4－－－0.9-2.5-3.5-5.9-7.3-1.3Total451.0589.0+138.0473.9512.2+38.332.335.8+3.4Daifuku North AmericaClean FactomationConsolidated adjustment and other1.16.02.72.35Orders increased significantly in every business. Sales remained favorable, underpinned by an order backlog from the end of the previous fiscal year. Daifuku North America: Orders were favorable in cleanroom systems for the semiconductor sector and automotive systems. Clean Factomation: Orders increased year on year, mainly due to the vigorous investment of semiconductor manufacturers.© 2022 Daifuku Co., Ltd.Consolidated Balance SheetsMarch 31, 2021March 31, 2022ChangeMarch 31, 2021March 31, 2022Change Total assets: Current assets350.6381.3+30.7Current liabilities149.1173.6+24.4Cash on hand and in banksNotes andaccounts receivableInventoriesOtherNon-current assetsProperty, plant and equipmentIntangible assetsGoodwillOtherInvestments and other assets94.1118.7+24.6211.9208.936.38.194.849.510.04.25.835.241.212.3102.055.210.73.96.736.0-2.9+4.9+4.1+7.1+5.6+0.7-0.2+0.9+0.7Total assets445.4483.3+37.8(Billion yen)76.1+12.122.475.017.63.913.7191.2+6.9+5.3-16.6-15.6-0.9+7.8279.2+23.931.8－227.6+25.219.711.51.2-1.2+9.7-3.66Increased ¥37.8 billion[Factors]Increase: ¥24.6 billion in cash on hand and in banks, ¥4.9 billion in inventories Liabilities: Increased ¥7.8 billion[Factors]Increase: ¥12.1 billion in notes and accounts payable Decrease: ¥8.7 billion in short-term borrowings and long-term borrowings (combined total) Net assets: Increased ¥30.0 billion[Factors]Increase: ¥25.2 billion in retained earnings262.0292.0+30.0445.4483.3+37.8© 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 FlowsFY2020FY2021Y/Y changeCash flows from financing activities-27.5-18.6Cash flows from operating activitiesCash flows from investing activitiesFree cash flowsEffect 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 year38.2-6.132.0-8.9-0.722.470.80.794.056.6-9.846.84.824.194.00.4118.6(Billion yen)7 Cash provided by operating activities: ¥56.6 billion [Factors]Income before income taxes and non-controlling interests: ¥50.9 billion Decrease in notes and accounts receivables and contract assets: ¥12.7 billion+18.4-3.6+14.7 Cash used in investing activities: ¥9.8 billion[Factors]Payments for purchase of property, plant and equipment: -¥10.4 billion+5.6 Cash used in financing activities: +1.7+23.1-0.3+24.5¥27.5 billion[Factors]Payments of cash dividends: -¥10.7 billion Repayment of short-term borrowings: -¥8.3 billion Payments from changes in ownership interests in subsidiaries: -¥5.6 billion© 2022 Daifuku Co., Ltd.Orders, Sales, and Operating Margin(Billion yen)8OrdersSalesOperating margin11.9%9.1%9.4%503.3459.4483.1443.6473.9451.09.8%589.0512.2FY2018FY2019FY2020FY2021© 2022 Daifuku Co., Ltd.Orders by DestinationFY2018FY2019FY2020FY2021OrdersCompositionOrdersCompositionOrdersCompositionOrdersCompositionRegionJapan170.434.6%170.035.2%152.533.8%220.537.4％+68.0Non-Japan329.365.4%313.164.8%298.566.2%368.562.6％+69.9North America111.022.0%140.529.1%120.526.7%131.122.3％+10.6Asia182.236.2%152.131.5%144.632.1%204.634.8％+60.0ChinaSouth KoreaTaiwanOtherEuropeLatin AmericaOtherTotal12.1%12.2%63.110.7％+7.988.950.127.615.414.29.412.417.7%10.0%5.5%3.0%2.8%1.9%2.5%58.339.242.412.09.40.99.98.1%8.8%2.5%2.0%0.2%2.0%55.245.034.010.316.22.614.510.0%9.8％+12.857.856.527.117.69.6％+22.54.6％+16.73.0％3.00.5％12.02.0％+1.4+0.4-2.47.6%2.3%3.6%0.6%3.2%503.3100.0%483.1100.0%451.0100.0%589.0100.0％+138.0(Billion yen) Japan:Y/Y changeOrders were driven by 9intralogistics systems and cleanroom systems for the semiconductor sector. South Korea and Taiwan:Orders remained strong in cleanroom systems for the semiconductor sector.© 2022 Daifuku Co., Ltd.Sales by DestinationFY2018FY2019FY2020FY2021SalesCompositionSalesCompositionSalesCompositionSalesCompositionY/Y changeSales were driven by intralogistics RegionJapan127.627.8%155.034.9%163.934.6%182.735.5％+18.7Non-Japan331.872.2%288.665.1%309.965.4%332.064.5％+22.1Sales were strong in cleanroom Japan:systems. Taiwan:systems.(Billion yen)10North America99.121.6%99.622.5%138.929.3%136.726.6％-2.2Asia204.644.5%163.436.8%144.030.4%164.331.8％+20.3China111.324.2%15.8%12.6%57.211.1％South Korea12.3%56.721.115.312.86.09.2－－4.6%3.4%2.8%1.3%2.0%－－70.243.537.112.59.26.29.9－－9.8%8.4%2.8%2.1%1.4%2.3%－－59.543.330.510.413.34.19.3－－9.2%6.5%2.1%2.8%0.9%2.0%－－46.549.011.415.85.29.9-2.59.5％+18.4-2.2+3.2+0.9+2.4+1.0+0.69.0％2.2％3.1％1.0％2.0％TaiwanOtherEuropeLatin AmericaOtherSubtotalConsolidated adjustment and other*Total459.4100.0%443.6100.0%473.9100.0%512.2514.8100.0％+40.9－－-2.5+38.3* 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 by Industry(Billion yen)11Demand for capital investment for semiconductors is brisk. Commerce, retail: Orders were driven by systems for the e-commerce sector in Japan.FY2018FY2019FY2020FY2021OrdersCompositionOrdersCompositionOrdersCompositionOrdersCompositionY/Y change Electronics: IndustryAutomobile, auto partsElectronicsCommerce, retailTransportation, warehousingMachineryChemicals, pharmaceuticalsFoodIron, steel, nonferrous metalsPrecision equipment, printing, office equipmentAirportOtherTotal68.7171.395.143.513.915.212.65.811.947.917.113.7%34.0%18.9%8.7%2.8%3.0%2.5%1.2%2.4%9.5%3.3%89.9146.294.527.411.118.417.05.47.647.617.518.6%30.3%19.6%5.7%2.3%3.8%3.5%1.1%1.6%9.9%3.6%49.0129.5136.323.312.013.917.33.76.146.013.310.9%28.7%30.2%5.2%2.7%3.1%3.8%0.8%1.4%10.2%3.0%57.59.8%+8.4233.439.6%+103.8156.926.6%+20.530.68.022.216.15.25.433.220.05.2%1.4%3.8%2.7%0.9%0.9%5.7%3.4%+7.3-4.0+8.2-1.1+1.5-0.6-12.7+6.6503.3100.0%483.1100.0%451.0100.0%589.0100.0%+138.0© 2022 Daifuku Co., Ltd.Sales by IndustryFY2018FY2019FY2020FY2021SalesCompositionSalesCompositionSalesCompositionSalesComposition(Billion yen)Y/Y changeIndustryAutomobile, auto partsElectronicsCommerce, retailTransportation, warehousingMachineryChemicals, pharmaceuticalsFoodIron, steel, nonferrous metalsPrecision equipment, printing, office equipmentAirportOtherSubtotalConsolidated adjustment and other*Total68.6189.971.729.09.314.111.84.56.435.518.0－459.414.9%41.3%15.6%6.3%2.0%3.1%2.6%1.0%1.4%7.7%4.1%68.4144.186.228.513.515.313.15.311.441.915.315.4%32.5%19.4%6.4%3.1%3.4%3.0%1.2%2.6%9.5%3.5%80.1137.0115.523.511.218.317.74.48.741.215.816.9%28.9%24.4%5.0%2.4%3.9%3.7%0.9%1.8%8.7%3.4%59.011.5％151.329.4％155.130.1％32.811.517.620.03.56.243.713.66.4％2.2％3.4％3.9％0.7％1.2％8.5％2.7％-21.0+14.3+39.6+9.2+0.2-0.7+2.3-0.9-2.4+2.4-2.2459.4100.0%443.6100.0%473.9100.0%514.8100.0％+40.9－－－443.6－－－473.9－－-2.5512.2－－-2.5+38.312 Automobile, auto parts:Sales fell, given a reactionary fall from the previous fiscal year when results benefited from sales for a large project. Electronics: Sales were driven by cleanroom systems for the semiconductor sector. Commerce, retail: Sales were driven by systems for the e-commerce sector in Japan and North America.* The contents of the table have been partially changed due to the application of accounting standards related to revenue recognition.© 2022 Daifuku Co., Ltd.Service Sales(Billion yen)13Service salesRatio to net sales23%107.925%108.925%119.427%136.0 Year-on-year increase/decrease: +¥16.6 billionFY2018FY2019FY2020FY2021© 2022 Daifuku Co., Ltd.Liabilities, Fixed Cost, Employees (Consolidated)(Billion yen)14FY2018FY2019FY2020FY2021Y/Y change11.721.633.415.519.635.122.43.926.319.4 20.5 40.0 0.18D/E ratio* (times)0.14 0.14 0.09 Fixed cost119.3117.6117.4120.4Short-termLong-termTotalPersonnelexpensesEmployees(year-end)76.880.283.188.19,85710,86311,69712,436Outside Japan6,4597,3128,0458,643*Debt-Equity ratio = interest-bearing liabilities / shareholders’ equity (year-end)+6.9-15.6-8.7－+2.9+5.0+739+598© 2022 Daifuku Co., Ltd.Financial ConditionNet assetsD/E ratio222.8 0.18 times237.3 262.0 0.14 times0.14 times0.09 times15(Billion yen)292.0 Net assets: Favorable growth D/E ratio: Favorable level at below 0.1ROE*1) Return on sales2) Total asset turnover 3) Financial leverage (times)(times)FY2018FY2019FY2020FY202119.5%8.61%1.171.8712.4%6.32%1.081.7613.2%6.83%1.111.7313.1%7.00%1.101.66 ROE: Secure 10% or higher (three-year business plan target)*ROE ＝ net income / shareholders’ equity (average of beginning and end of year) × 100 ＝ 1) Return on sales × 2) Total asset turnover × 3) Financial leverage ＝Net incomeSales××SalesTotal assets (average of beginning and end of year)Equity (end of year)Total assets (end of year) © 2022 Daifuku Co., Ltd.Quarterly Orders, Sales, and Operating MarginOrdersSalesOperating margin10.6%9.6%9.3%6.7%11.4%(Billion yen)12.1%10.0%9.2% 8.9%7.9%8.7%8.0%1613. 0%11. 0%9.0 %7.0 %5.0 %3.0 %1.0 %-1.0%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4FY2019FY2020FY2021Orders100.4113.8123.7145.0104.984.4149.4112.3138.4128.8174.1147.6Sales96.1112.5110.0124.8113.9116.0116.7127.1120.2123.2126.0142.7© 2022 Daifuku Co., Ltd.Order Backlogs362.7 364.0377.7397.9 388.8389.9375.0393.2 398.9357.2(Billion yen)447.0 451.817Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4FY2019FY2020FY2021© 2022 Daifuku Co., Ltd.Back to contentsEarnings Forecast18© 2022 Daifuku Co., Ltd.Fiscal 2022 Forecast (Consolidated)(Billion yen)19FY2021H1H1(Forecast)FY2022FY2022Y/Y changeY/Y rateY/Y changeY/Y rateFY2021FY(Forecast)267.2380.0+112.7+42.2%589.0600.0+10.9+1.9%243.4275.0+31.5+13.0%512.2565.0+52.7+10.3%OrdersNet salesOperating income20.327.5+7.1+35.3%50.256.5+6.2+12.4%Ordinary income20.528.0+7.4+36.3%51.257.5+6.2+12.2%Net income attributable to shareholders of the parent company13.918.5+4.5+32.9%35.839.6+3.7+10.4%Net income per share 110.46 yen146.81 yen+36.35 yen－ 284.71 yen314.24 yen+29.53 yen－© 2022 Daifuku Co., Ltd.(Yen)20Dividends140120100806040200906030InterimYear-endConsolidated payout ratio28.6%33.6%31.1%31.6%75453080503090553540. 0%30. 0%20. 0%10. 0%0.0 %-10.0%-20.0%-30.0%-40.0%-50.0%33.4%1056540FY2022(Plan)FY2018FY2019FY2020FY2021© 2022 Daifuku Co., Ltd.Capital Investment, Depreciation, R&D Expenses (Consolidated)21Capital investmentDeprecation & amortizationR&D expensesRatio to net sales(Billion yen)(Billion yen)17.81.9%2.0%1.9%2.1%2.1%10.911.513.211.58.68.99.17.94.57.46.45.67.37.620181614121086420FY2018FY2019FY2020FY2021FY2018FY2019FY2020FY2021FY2022(Plan)FY2022(Plan)© 2022 Daifuku Co., Ltd.Back to contentsTopics22© 2022 Daifuku Co., Ltd.ESG External Evaluation23Paying attention to human rights, the environment, and other environmental, social and governance (ESG) factors as a company committed to resolving social issues, the Daifuku Group works to carry out sustainability management with a view to realizing a sustainable society and to increasing corporate value.EvaluatorEvaluationFY2020FY2021MSCI (U.S.A.)FTSE Russell (U.K.)CDP Worldwide (U.K.)(Climate Change Questionnaire)A3.1BAA3.4A-Sustainalytics (The Netherlands)30.7（High Risk）23.0（Mid Risk）* The Inclusion of Daifuku Co., Ltd. in any MSCI Index, and the use of MSCI logos, trademarks, service marks or index name herein, do not constitute a sponsorship, endorsement or promotion of Daifuku Co., Ltd. by MSCI or any of its affiliates. The MSCI indexes are the exclusive property of MSCI. MSCI and the MSCI index names and logos are trademarks or service marks of MSCI or its affiliates.© 2022 Daifuku Co., Ltd.Capital InvestmentU.S.A. (Jervis B. Webb Company)U.S.-based Group company Jervis B. Webb is constructing a new plant to produce airport systems in Boyne City, Michigan. The plant, which is scheduled to be completed in August 2022, will consolidate production sites that have been operated in multiple locations, increasing productivity.China (Daifuku (Suzhou) Cleanroom Automation Co., Ltd.)Daifuku (Suzhou) Cleanroom Automation is constructing a new plant to produce systems for semiconductor and flat-panel display production lines in Suzhou City, Jiangsu. The plant is scheduled to be complete in June 2023. Looking ahead to the future expansion of the Chinese semiconductor market, we will increase production capacity. The new plant will be equipped with a showroom to be used in promotional activities for customers.In addition, we are proceeding with redevelopment including capacity expansion at the Shiga Works, Japan and Clean Factomation, Inc. in South Korea.24© 2022 Daifuku Co., Ltd.Daifuku Remains No. 1 in Global Sales for the 8th Straight Year25Top 20 Materials Handling Systems Suppliers 2021(Sales units: US$1,000,000)4,3904,299 3,732 2,940 2,600 1,840 1,780 1,500 1,242 1,177 1,120 1,000 924 737 664 514 426 372 327 322 uukkufuiaDfiaD)INOK( citameDpuorG refeahcSppanKllewyenoHdetargilletnIednalrednaV)*GLAT(iyrenhcaM ataruMgnildnaH lairetaMsmetsySNORTIWlxuaceM ekalretnI)XULACEM(puorG remueBscitsigoL snemeSipuorG scitsigoL WGT)AKUK( golssiwSscitsigoartnlI seviF)puorG seviF(xedraKlsnoituoS naitsaB)*GLAT(08 cirtteElerotSotuAscitsigoL metsyS*TALG: Toyota Advanced Logistics Group(Source: Modern Materials Handling – May 2022)© 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.