fy2013 earnings presentation - furusato · construction and piping products construction and piping...
TRANSCRIPT
FY2013
Earnings Presentation(April 1, 2013 to March 31,2014)
May 8, 2014
Furusato Industries Ltd.
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2
Contents
Copyright© Furusato Industries, Ltd. All Rights Reserved
FY2013 Consolidated Results
・Consolidated results P. 4
・Sales by segment P. 5
・Gross profit by segment P. 6
・SG&A Expenses P. 7
・Operating income by segment P. 8
・Segment ①Equipment and Tools P. 9
・Segment ②Machine and Facility P.11
・Segment ③Construction and Piping Products P.13
・Operating income~net income P.15
・Consolidated CF P.16
・Consolidated B/S P.17
・Capital investment and depreciation and amortization P.19
・Returns to shareholders P.20
FY2014 Forecasts
・Consolidated Forecast P.22
・Segment①Equipment and Tools P.23
・Segment②Machine and Facility P.24
・Segment③Construction and Piping Products P.25
Growth Strategy
・Industrial Equipment P.27
・Housing Equipment P.28
・Machine Tool・Factory Automation P.29
・Steel Frame Building Supplies P.30
・Piping Products P.31
Reference P.32
Non-consolidates results
Subsidiary results P.39
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Full-year FY2013
Consolidated Results
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4
Significant increase at fiscal year-end
Net sales Full-year +9.6% Y-o-YRemained flat by 3Q (+3.7% Y-o-Y), but +27.3% Y-o-Y due mainly to a last-minute surge in demand before consumption tax hike
Gross profit +10.8% Y-o-Y. Gross profit margin 14.7% (+0.2pts.) (Main factor)→Construction and Piping Products Business with high profitability
% of total sales +1.7pts., Gross profit ratio +0.5 pts.
Operating income +40.4% Y-o-Y, slight increase in SG&A Expenses
Net income Falling short of forecastNon-operating income/expenses +¥277M, Extraordinary income/loss -¥522M
Consolidated Results
+128
+896
+894
+278
+1,173
+7,240
Change
Y-o-Y
+9.9%
+36.0%
+40.4%
+3.2%
+10.8%
+9.6%
% change
(38)
+819
+757
+107
+865
+6,075
Change
vs. Forecast(As of Oct.31)
1,416
3,384
3,107
8,977
12,085
82,325
Full-year
FY13
+32.0%Ordinary income
% change+7.7%Gross profit
Net income
Operating income
SG&A expenses
Net sales
(2.6)%
+32.2%
+1.2%
+8.0%
Copyright© Furusato Industries, Ltd. All Rights Reserved
Rounded down to the nearest million yen
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5
□□□□ On the recovery trend from the bottom following Lehman shock, the Equipment and Tools Business played a leading role, but decelerated due to the end of subsidy for eco-friendly cars and anti-Japanese riot
□□□□ The Construction and Piping Products Business accelerated recovery based on a full-fledged reconstruction in the affected area by the Great East Japan Earthquake from 2H FY13
□□□□ The Equipment and Tools Business turned to be on an upward trend again.Orders received in the Machine and Facility Business showed a recovery trend from 2H FY13
□□□□ Net sales in FY13 vs.FY07 (before Lehman shock): The Equipment and Tools Business 96.9%, The Machine and Facility Business 65.5%, The Construction and Piping Business 97.8%
Consolidated Sales by Segment
Copyright© Furusato Industries, Ltd. All Rights Reserved
18,641
(-35.1%)
19,726
(+5.8%)
21,209
(+7.5%)
22,851
(+7.7%)
26,449
(+15.7%)
7,165
(-56.0%)
10,054
(+40.3%)
13,815
(+37.4%)
14,194
(+2.7%)
14,869
(+4.8%)
41,006
(+7.8%)38,039
(-1.5%)
38,600
(+11.4%)34,652
(+24.0%)27,938
(-26.6%)
82,32582,32582,32582,325
(+9.6%)75,08475,08475,08475,084
(+2.0%)
73,62573,62573,62573,625
(+14.2%)64,45464,45464,45464,454
(+19.9%)
53,77653,77653,77653,776
(-35.3%)
0
25,000
50,000
75,000
100,000
10/3 11/3 12/3 13/3 14/3
Total
Equipment and Tools
Machine and Facility
Construction and Piping Products
Construction and Piping Products Business: Double-digit growth
+15.7%26,449(32.1%)Construction
and Piping
+9.6%82,325(100%)Total
+4.8%14,869(18.1%)Machine and Facility
+7.8%41,006(49.8%)Equipment and Tools
Y-o-YNet sales(% of total)14/3
Rounded down to the nearest million yen
Figures in ( )indicates % Y-o-Y
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□□□□ Gross profit +10.8% Y-o-Y, Gross profit margin +0.2pts. Y-o-YGrowth rate of gross profit surpassed that of net sales.
□□□□ Reason for improved gross profit margin: In Construction and Piping Products Business (high profitability)
Improved in composition in total net sales (+1.7pts.) and gross profit margin (+0.5pts.)
□□□□ Gross profit margin in the Construction and Piping Products Business:+2.3 pts. vs. FY09Gradual improve in factory operating ratio from a drop following Lehman Shock
□□□□ Gross profit in FY13 91.5% vs.FY07 (before Lehman shock)
Consolidated Gross Profit by Segment
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3,794
4,106
(+8.2%)
4,731
(+15.2%)
5,084
(+7.4%)
6,007
(+18.1%)
613
846(+37.9%)
1,092(+29.1%)
1,220(+11.7%)
1,209(-1.0%)
4,871
(+5.7%)4,606
(-2.0%)
4,701
(+15.3%)
4,077
(+25.7%)
3,244
12,08512,08512,08512,085
(+10.8%)10,91210,91210,91210,912
(+3.7%)
10,52610,52610,52610,526
(+16.4%)
9,0469,0469,0469,046
(+17.9%)
7,6747,6747,6747,674
(-41.6%)
0
10,000
10/3 11/3 12/3 13/3 14/3
Figures in ( ) indicates % Y-o-Y *Y-o-Y in FY09 is not shown due to change of segment classification from FY09.
14.3%
14.0%
14.3%
14.5%
14.7%
Gross profit marginProfit increase mainly in the Construction and Piping Products Business
-(2)Adjustment
+18.1%6,007(22.7%)Construction
and Piping
+10.8%12,085(14.7%)Total
-1.0%1,209(8.1%)Machine and Facility
+5.7%4,871(11.9%)Equipment and Tools
Y-o-YGross profit (%)14/3
Rounded down to the nearest million yenEquipment and Tools Business
Machine and Facility Business
Construction and Piping Products Business
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929(-22.5%) 1,085(+16.8%) 1,038(-4.4%) 1,146(+10.4%) 1,265(+10.4%)
5,181
(-4.7%)
5,147
(-0.7%)
5,183
(+0.7%)
5,309
(+2.4%)
5,431
(+2.3%)
2,280
(+1.7%)
2,242
(+7.4%)
2,089
(+2.1%)
2,045
(-12.7%)
2,343
(-13.2%)
8,9778,9778,9778,977
(+3.2%)
8,6998,6998,6998,699
(+4.7%)
8,3118,3118,3118,311
(+0.4%)
8,2788,2788,2788,278
(-2.1%)
8,4558,4558,4558,455
(-9.5%)
0
5,000
10,000
10/3 11/3 12/3 13/3 14/3
Sales expenses Personal expenses Other SG&A Expenses15.7% 12.8% 11.3% 11.6% 10.9%% of SG&A Ex.
□□□□ Sales expenses +¥278M (+3.2%) Y-o-Y due to an increase in freightage and packing expenses along with sales growth
□□□□ SG&A Expenses to net sales: 10.9% (-0.7pts.)
Consolidated SG&A Expenses
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Figures in ( )indicates % Y-o-Y.
Slight increase mainly in variable cost
+10.4%1,265(14.1%)Sales
expenses
+3.2%8,977(100%)Total
+2.3%5,431(60.5%)Personal expenses
+1.7%2,280(25.4%)Other SG&A Expenses
Y-o-YSG&A Ex.(%)14/3
Rounded down to the nearest million yen
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□□□□ Operating income +¥894M (+40.4% Y-o-Y) Gross profit +10.8% Y-o-Y vs. FY12, SG&A Expenses to net sales -0.7pts. Y-o-Y
□□□□ Operating income to net sales 3.8% (+0.9 pts. vs. FY12)
□□□□ Operating income in FY13 vs.FY07 (before Lehman shock): 72.0%
Copyright© Furusato Industries, Ltd. All Rights Reserved
-222
130
782
(+499.9%)
940
(+20.1%)
1,691
(+79.9%)
-205
56
274(+383.5%)
384(+40.1%)
361(-6.1%)
1,009
(+12.5%)
897
(-14.3%)
1,047
(+123.4%)
468
-467
3,1073,1073,1073,107
(+40.4%)
2,2122,2122,2122,212
(-0.1%)
2,2152,2152,2152,215
(+188.7%)
767767767767
-780-780-780-780
-1,000
0
1,000
2,000
3,000
10/3 11/3 12/3 13/3 14/3
TotalEquipment and Tools BusinessMachine and Facility BusinessConstruction and Piping Products BusinessOperating income to net sales +0.9 pts.0.9 pts.
-45Adjustment
+79.9%1,691(6.4%)Construction and Piping
+40.4%3,107(3.8%)Total
-6.1%361(2.4%)Machine and Facility
+12.5%1,009(2.5%)Equipment and Tools
Y-o-YOperating income(%)14/3
Rounded down to the nearest million yen
Consolidated Operating Income by Segment
Figures in ( )indicates % Y-o-Y.
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□□□□ Equipment and Tools BusinessThe indices of industrial production tuned to increase from mid of FY13 and remained to the year-endNet sales of the Industrial Equipment Business increased due to a last-minute rise in demand
□□□□ Machine and Tools for Automotive BusinessThe indices of industrial production in transportation machine industry turned to a double-digit increase following determination of consumption tax rise.Net sales of the Machine and Tools for Automotive increased; 1H (+8.9%) →2H(+20.0%)
□□□□ Housing Equipment BusinessDemand for new housing and remodeling 1H +25.9%, 2H +25.4%
Nagoya favorable (+30.9%), Tokyo favorable start after establishment in April 2013
Segment Breakdown①Equipment and Tools Business
+2,967
+132
+18
+1,126
+699
+990
Change
Y-o-Y
+7.8%
+17.7%
+11.6%
+25.6%
+14.7%
+3.5%
% change
+2,697
+65
+5
+582
+495
+1,548
Change
vs. Forecast(As of Oct..31)
41,006
879
178
5,524
5,439
28,984
Full-year
FY13
+8.0%Other
% change+10.0%
Machine and Tools forAutomotiveTotal sales
OverseasHousing Equipment
Industrial Equipment
+7.0%
+3.1%
+11.8%
+5.6%
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Net sales increase in 2H FY13Rounded down to the nearest million yen
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+15.4%+15.4%+15.4%+15.4%
8,012
+8.1%
7,368
+0.3%
7,152
-9.2%
6,450
0
5,000
1Q 2Q 3Q 4Q13/3 14/3Industrial Equipment
+24.1%+24.1%+24.1%+24.1%
1,600+15.7%
1,391
+13.9%
1,201
+4.5%
1,245
0
1,000
1Q 2Q 3Q 4Q13/3 14/3Machine and Tools
for Automotive
+32.9%+32.9%+32.9%+32.9%
1,554
+18.4%
1,504+27.7%
1,236
+24.2%
1,229
0
1,000
1Q 2Q 3Q 4Q13/3 14/3Housing Equipment
The Indices of Industrial Production Turned to Y-o-Y increase in July
Moderate increase (Reference④)
Industrial Equipment BusinessNet sales 1H(-4.4% Y-o-Y), 2H(+11.8% Y-o-Y)Metalworking Tool (Core field) 2H (+16.9% Y-o-Y)
Transport Equipment Y-o-Y decrease by Aug., double-digit growthin Sep., remained favorable (Reference④)
Machine and Tools for Automotive Business
Net sales double-digit growth after 2Q, Significant increase in 4Q
Demand for new hosing and remodeling favorable
Housing Equipment BusinessNet sales favorable through the yearSignificant increase in 4Q
Significant rise in 4Q Machine & Tools for Automotive, Housing Equipment
Rounded down to the nearest million yen
Segment Breakdown①Equipment and Tools Business
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□□□□ Machine Tool
Domestic orders received: Turned to increase from mid of FY 13, remained double-digit Y-o-Y increase due to subsidy for capital investment
Machine Tools BusinessOrders received double-digit Y-o-Y increase in Aug., net sales significant increase in 4QAdjustment by transfer from Factory Automation +4.3% Y-o-Y
□□□□ Factory AutomationSales increase in 4Q vs.3Q +55.5%Adjustment by transfer +6.4% Y-o-Y
+675
(324)
+999
Change
Y-o-Y
+4.8%
(10.8)%
+8.9%
% change+1,612
+406
+1,206
Change
vs. Forecast(As of Oct..31)14,869
2,681
12,187
Full-year
FY13
+17.9%Factory Automation
% changeTotal sales
Machine Tool
+12.2%
+11.0%
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Rebound in orders received due to policy effect
※Transfer from a part of Factory Automation Business (¥518M) to Machine Tool Business in FY13
Rounded down to the nearest million yen
Segment Breakdown②Machine and Facility Business
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+69.4%+69.4%+69.4%+69.4%
4,733
-4.3%
2,170
-16.6%
2,750
-10.4%
2,532
0
2,500
1Q 2Q 3Q 4Q13/3 14/3Machine Tool
(Net sales)
-5.7%-5.7%-5.7%-5.7%
944
-17.5%
607
+2.5%
666
-25.0%
462
0
1,000
1Q 2Q 3Q 4Q13/3 14/3Factory Automation
Domestic orders received
Jul.-Sep. +18.9%, Oct.-Dec. +40.5%,Jan.-Mar. +25.0%(Reference⑤)
Machine Tool BusinessNet sales 4Q +69.4% Y-o-Y, Full-year +8.9% Y-o-Y
Machine Tool Business Remained at high level after Aug.
Order backlog at year-end¥3,307M (+14.4 % Y-o-Y)
Factory Automation BusinessNet sales significant increase in 4QAdjustment in partly transfer to Machine Tool Business from Factory Automation Full-year +6.4%
Order backlog at year-end ¥619M(+39.1%)
+23.3%+23.3%+23.3%+23.3%
2,980
+48.7%
3,629+22.9%
3,113-4.9%
2,574
0
2,500
1Q 2Q 3Q 4Q13/3 14/3Machine Tool
(Orders received)
High level in orders received at year-end in both businessesRounded down to the nearest million yen
Segment Breakdown②Machine and Facility Business
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□□□□ Steel Frame Building Supplies BusinessDemand for steel frame for buildings +15.9%, Steel product price moderate increaseSteel Frame Building Supplies Business +16.1%
In-house productsBrace:Volume +10.4%, Unit price +0.8%⇒Net sales +11.0%
Purchasing suppliesHigh strength bolts:Volume +25.4%, Unit price +1.0%⇒Net sales +26.7%Welding supplies:Volume +16.0%, Unit price -2.0%⇒Net sales +13.6%
□□□□ Piping Products Business1H flat (-0.1%) vs. FY13, 2H significant increase(+28.2%), Achieved ¥5B for the first time
+3,597
+640
[+2,478][+479]+2,957
Change
Y-o-Y
+15.7%
+14.2%
[+18.3%][+9.9%]+16.1%
% change
+1,765
+416
[+1,352][-4]+1,348
Change
vs. Forecast(As of Oct..31)
26,449
5,151
[15,996]
[5,301]
21,298
Full-year
FY13
+8.8%Piping Products
% change[-0.1%][In-house products]
Total sales
[Purchasing supplies]
Steel Frame Building Supplies
+7.2%
[+9.2%]+6.8%
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Steel Frame Building Supplies Business favorableRounded down to the nearest million yen
Segment Breakdown③Construction and Piping Products Business
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+11.4%+11.4%+11.4%+11.4%
1,283
+10.1%
1,476
+8.0%
1,338
+10.4%
1,203
0
1,000
1Q 2Q 3Q 4Q13/3 14/3Steel Frame
Building Supplies (In-house)
+33.8%+33.8%+33.8%+33.8%
1,476
+23.0%
1,440+2.7%
1,212-3.2%
1,021
0
1,000
1Q 2Q 3Q 4Q13/3 14/3Piping Products
Demand for steel frame used for building 5.3M ton (+15.9% Y-o-Y) Steel product price (H-beam)+¥14,000(Reference⑥)
Steel Frame Building Supplies((((In-house))))Net sale moderate increaseGross profit margin up due to factory operating ratio
Steel Frame Building Supplies ((((Purchasing))))Net sales growth in 4Q due to strong demand for steel frame for buildings and last-minute surge in demand in consumable supplies and tools
Piping Products BusinessNet sales Full-year +14.2% Y-o-Y due to sales increase in pipe fitting, flange, valve along with tools and machines, and last-minute surge in demand Achieved ¥5B for the first time
+29.9%+29.9%+29.9%+29.9%
4,123
+18.7%
4,452
+13.0%
4,001+12.0%
3,419
0
2,500
1Q 2Q 3Q 4Q13/3 14/3Steel Frame
Building Supplies(Purchasing)
Last-minute surge in demand for building supplies and piping productsRounded down to the nearest million yen
Segment Breakdown③Construction and Piping Products Business
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Impairment loss Estimated to deteriorate profitability in Chiba sales office due to shrinking sales area based on plan for establishment of new sales office(Land ¥515M, Building and others ¥20M)
Consolidated Operating Income~Net Income
Income taxes
Gain from sale of
investment securities
Impairment loss
Purchase discount
Sales discount
Item
Major item
1,445+47-535
+437-246Change
+128
+509
-
+896
+1
+894
Change
vs. FY13
1,416
2,862
-522
3,384
277
3,107
Full-year
FY2013
+21.7%Income before
income taxes
% change
+0.6%Non-operating
income/expenses
Net income
Extraordinary
income/loss
Ordinary income
Operating income
+9.9%
-
+36.0%
+40.4%
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Impairment loss recordedRounded down to the nearest million yen
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Income before income
taxes +2,862
Depreciation and
amortization +281
Impairment loss +535
Increase in notes and
accounts receivable -3,439
Increase in notes and
accounts payable +3,529
Consolidated Cash Flow
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Increase in cash and cash equivalents +¥871M
8,4048,4048,4048,404
9,2759,2759,2759,275
+2,481+2,481+2,481+2,481
-360-360-360-360
-1,248-1,248-1,248-1,248
Beginning Operating CF Investing CF Financing CF Year-end
Purchase of property,
plant and equipment-1,189
Proceeds from sale of
investment securities+84
Purchase of
treasury stock -34
Cash dividends paid-325
Rounded down to the nearest million yen
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□□□□ Cash and deposits (+11.3%), Notes and accounts receivable(+16.0%) as a result of sales growth
□□□□ Property, plant and equipment:Construction in Progress up related to G-net Tokyo branch Building
Consolidated B/S Assets
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3,054 2,5402,268 2,314
9,9929,795
9,436 9,176
4,1034,023
4,014 4,126
16,891
20,003
24,028
22,093
6,905
6,861
7,016
8,439
2,884(+24.6%)9,521(+3.8%)4,297(+4.1%)25,634(+16.0%)9,393(+11.3%)53,14753,14753,14753,147(+11.8%)
47,53247,53247,53247,53247,97847,97847,97847,978
44,53644,53644,53644,536
42,18742,18742,18742,187
0
25,000
50,000
10/3 11/3 12/3 13/3 14/3
全社Cash and deposits
Notes and accounts
receivable
Other curent assets
Property, plant and
equipment
Investment
securities
Other noncurrent
assets
Increase in notes and accounts receivable and property, plant and equipment
Figures in ( ) indicates % Y-o-Y .*1Notes and accounts receivable include Electronically recorded monetary claims in FY12 and FY13.
Rounded down to the nearest million yen
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□□□□ Notes and accounts payable due to increase in purchasing (+24.4%)
□□□□ Other current liabilities :Differed tax liabilities(+71.5%)
□□□□ Net assets to total assets 59.3% (-3.9 pts.)
Consolidated B/SLiabilities and Net Assets
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28,429 28,31529,186
30,040
11,106
13,456
15,577 14,714
31,514(+4.9%)1,588 1,258
966
838
960(+14.6%)1,064 1,505
2,2491,940
2,374(+22.4%)18,298(+24.4%)53,14753,14753,14753,147(+ 11.8%)
47,53247,53247,53247,53247,97847,97847,97847,978
44,53644,53644,53644,536
42,18742,18742,18742,187
0
25,000
50,000
10/3 11/3 12/3 13/3 14/3
全社Notes and accountspayableCurrent liabilitiesNoncurrentliabilitiesNet assets
Increase in notes and accounts payable Rounded down to the nearest million yen
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Figures in ( ) indicates % Y-o-Y .
19
□□□□ Increase in capital investment
G-net Tokyo Branch building and other (¥735M) , Acquiring commercial premises (¥235M)
□□□□ Tokyo Branch Depreciation ¥60M (FY14)
□□□□ Plan in FY14: Tokyo branch unpaid expenses (¥450M), Operating base renovation(¥150M)□□□□
Capital Investment Depreciation and Amortization
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39 116 146 1791,190
600395 341 318 357 281 3306,905 6,861 7,016 8,439 9,393
0500
1,0001,500
10/3 11/3 12/3 13/3 14/3 15/3(Forecast) 02,5005,0007,50010,000Capital investment Depreciation and amortizationCash and deposits
*Cash and deposits at the year-end
Capital investment::Up, mainly GUp, mainly G--net Tokyo Branchnet Tokyo BranchRounded down to the nearest million yen
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□□□□ Dividend payout ratio: 30% of consolidated net income□□□□ (Previous:Dividend payout ratio 25% or minimum annual dividend ¥10 )
□□□□ FY13 Annual dividend per share ¥29.5 (plan)□□□□ (2QE:¥5, Year-end: ¥24.5(plan))
□□□□ FY14 forecast: EPS ¥125.52, annual dividend ¥38
□□□□
Returns to Shareholders
Unit:Yen
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37.55 78.82 88.10 97.68 125.5210.0 20.0 22.5 29.5 38.0
26.6% 25.4% 25.5% 30.2% 30.3%
0.00100.00200.00
11/3 12/3 13/3 14/3(Plan) 15/3(Forecast) 15.0%20.0%25.0%30.0%EPSDividendDividend payout ratioDividend policy change::Dividend payout ratio Dividend payout ratio 25%⇒30%25%⇒30%
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FY2014 Forecasts
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22
Consolidated Forecast
1,820
3,180
2,880
9,221
12,101
82,300
Full-year
FY14
+80
+94
+86
+172
+258
+1,865
Change
vs. 1H FY13
+11.6%
+7.8%
+8.0%
+3.9%
+4.7%
+5.0%
% change
+403
(204)
(227)
+243
+15
(25)
Change
vs. Full-year FY13
780
1,300
1,160
4,604
5,764
39,500
1H
FY14
(6.1)%Ordinary income
% change
+0.1%Gross profit
Net income
Operating income
SG&A Expenses
Net sales
+28.4%
(7.3)%
+2.7%
(0.0)%
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Sales decrease in 2H due to special factor in 2H FY13Rounded down to the nearest million yen
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23
Consolidated Forecast by Segment①Equipment and Tools Business
(0.9)%(367)40,639
+3.2%+60319,629
Total sales
855
903
902
5,149
5,496
28,189
Full-year
FY14
+27
+3
+357
+16
+250
(24)
Change
vs. 1H FY13
+8.3%
+0.7%
+463.2%
+0.7%
+10.2%
(0.2)%
% change
(154)
+23
+723
(375)
+56
(795)
Change
vs. Full-year FY13
361
434
435
2,483
2,698
13,579
1H
FY14
+2.7%Other
% change
+1.0%
Machine and Tools for
Automotive
Operating income
Overseas
Housing Equipment
Industrial Equipment
(15.3)%
+405.2%
(6.8)%
(2.7)%
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Net sales decrease in 2H due to special factor in 2H FY13Rounded down to the nearest million yen
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+2.1%+30715,177
+15.1%+9667,379
Total sales
432
2,513
12,664
Full-year
FY14
+97
+81
+884
Change
vs. 1H FY13
+94.4%
+7.2%
+16.7%
% change
+71
(168)
+476
Change
vs. Full-year FY13
200
1,211
6,168
1H
FY14
(6.3)%Factory Automation
% change
Operating income
Machine Tool
+19.7%
+3.9%
Copyright© Furusato Industries, Ltd. All Rights Reserved
Sales increase in 1H based on order backlog at the beginning of FY14
Rounded down to the nearest million yen
Consolidated Forecast by Segment②Machine and Facility Business
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25Copyright© Furusato Industries, Ltd. All Rights Reserved
+0.1%+3426,484
+2.4%+29512,492
Total sales
1,520
5,500
20,984
Full-year
FY14
(61)
+265
+29
Change
vs. 1H FY13
(9.9)%
+11.9%
+0.3%
% change
(171)
+348
(313)
Change
vs. Full-year FY13
560
2,500
9,992
1H
FY14
+6.8%Piping Products
% change
Operating income
Steel Frame Building Supplies
(10.1)%
(1.5)%
Operating income down due to deteriorated profitability of in-house productsRounded down to the nearest million yen
Consolidated Forecast by Segment③Construction and Piping Products Business
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Growth Strategy
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Growth Strategy
Industrial Equipment::Demand expansion by providing addedDemand expansion by providing added--valuevalue
Copyright© Furusato Industries, Ltd. All Rights Reserved
Differentiation by business development with original proposal methods and enhancing convenience for users
Expanding sales area by establishing resident office
FY14 FY15
Promoting sales efficiency by improvement in function of distribution centers
Expanding business fields covered with solution proposal method
Enclosing end-users by launching EGPARTS
Reinforcing PB sales by developing overseas manufacturers
Fostering main dealers and volume up by transaction increase
Tactic・measure
Differentiation by system introduction
Advancing strategic inventory
Differentiation by original proposals
Market share up
FY16Strategy
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Housing Equipment::Tokyo fullTokyo full--fledged operation, Differentiation with original methodfledged operation, Differentiation with original method
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Differentiation by sales item expansion and market development
FY14 FY15
Enhancing options for customers by offering new brands and categories
Enhancing added-value by in-house construction
Expanding profit structure by making Tokyo base profitable
Tactic・measure
Market expansion
Developing new manufacturers
Reinforcing construction function
FY16Strategy
Growth StrategyAlways Pursuing the Best Service
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Machine ToolMachine Tool・・Factory AutomationFactory Automation::Demand expansion by market developmentDemand expansion by market development
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Differentiation by reinforcement of comprehensive proposal and original approach⇒Market share up
Expanding sales area by establishing resident office
FY14 FY15
Expanding business fields covered by solution proposal method
Enclosing end-users by launching EGPARTS
Increasing sales staff
Tactic・measure
Differentiation by original proposal
Differentiation by system introduction
Reinforcing sales function
FY16Strategy
Growth StrategyAlways Pursuing the Best Service
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Steel Frame Building Supplies::Securing stable earningsSecuring stable earnings
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Starting new product proposal system
FY14 FY15
Reinforcing inventory management efficiency by utilizing inventory system
Improving production capabilities by renewal of aging facilities
Development and sales of PB products
Launching wholesale>Alliance with retailers in uncovered area
Reinforcing upstream industry>
market development in metropolitan area⇒Setting up Tokyo sales office (FY14)
Tactic・measure
Providing new products
Developing distribution channels to remote area
Reinforcing system operation
Reinforcing production capacity
Improving brand recognition
FY16Strategy
Securing market share by restructuring added-value as core business
Growth StrategyAlways Pursuing the Best Service
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Piping Products Piping Products ・・New FieldNew Field::Establishing profit structure for sustainable growthEstablishing profit structure for sustainable growth
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Reinforcing sales structure 3.Placing sales support staff
Reinforcing sales of machine and tools for piping dealers
FY14 FY15
Fostering the 3rd pillar by setting up a project team
Increasing inventory to respond to market needs
Reinforcing sales structure 2.Increasing number of specialized stuff for sale of piping products
Reinforcing sales structure 1.Establishing sales base
Tactic・measure
Researching and fostering new business by utilizing management resources
Improving sales structure of piping products by marketing reinforcement
FY16Strategy
Realizing growth by increasing sales in Piping Products Business
and by fostering new business
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Reference
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33Copyright© Furusato Industries, Ltd. All Rights Reserved
225 234 211 175 176 194 225 207 167 166 185 166 155 166 205 223 233 223 241 152 159 170 1836 13 25 38 46 46 34 37 41 45484 379 364 451 533 599 641 625 507 331 415 487 48761 46 27 46 47
213 21051 55504 5175439 5582382382382382382382382375075075075073673673673664464464464453753753753783183183183192092092092090390390390384184184184174774774774762062062062051851851851854554554554543243243243202004006008001000
91/3 92/3 93/3 94/3 95/3 96/3 97/3 98/3 99/3 00/3 01/3 02/3 03/3 04/3 05/3 06/3 07/3 08/3 09/3 10/3 11/3 12/3 13/3 14/3 15/3
全体Gifu ShojiG-netPiping Products BusinessSteel Frame Building Supplies Business
24 23 16 7 5 7 13 8 1 1 7 4 1 8 19 23 24 20 28 1 7 93 7 17 21 25 20 104 11 101 10.8 2 2 2.4 2.610101010 3333 0000 15151515 38383838 46464646 50505050 43434343 373737377777 22222222 22222222 31313131 2828282816.9 15.211.2 10.2020
4091/3 92/3 93/3 94/3 95/3 96/3 97/3 98/3 99/3 00/3 01/3 02/3 03/3 04/3 05/3 06/3 07/3 08/3 09/3 10/3 11/3 12/3 13/3 14/3 15/3
Furusato G-net Gifu Shoji 全体
New sales(Non-consolidated base,but total net sales after FY2000 on consolidated base)
Forecast
Forecast
-7
Aiming for recovery to the level before Lehman ShockRounded down to the nearest 100 million yen
Reference①
Net Sales and Operating Income Trend
*G-net was consolidated from the second half of FY00 (¥24.6B), Gifu Shoji was consolidated from the second half of FY07 (¥3.2B)
Operating income(Non-consolidated base, but total operating income after FY2000 on consolidated base)
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4,311 5,092 5,447 4,874 4,684 5,476 5,836 5,212 5,199 5,959 6,263 5,428 5,644 6,551 7,369 6,8821,802 2,327 2,624 3,300 2,834 3,220 3,334 4,426 3,444 3,947 3,005 3,796 2,995 3,417 2,778 5,6787,749 8,822 8,709 9,370 8,744 9,429 10,228 10,198 9,513 9,356 9,553 9,615 9,163 9,862 10,548 11,43213,86913,86913,86913,869
16,24716,24716,24716,247
16,78816,78816,78816,788
17,54917,54917,54917,549
16,26216,26216,26216,262
18,12518,12518,12518,125
19,39919,39919,39919,39919,83719,83719,83719,837
18,15618,15618,15618,156
19,26319,26319,26319,26318,82318,82318,82318,823 18,84118,84118,84118,841
17,80317,80317,80317,803
19,83119,83119,83119,831
20,69620,69620,69620,696
23,99323,99323,99323,993
05,00010,00015,00020,00025,000
11/3 1Q 2Q 3Q 4Q 12/3 1Q 2Q 3Q 4Q 13/3 1Q 2Q 3Q 4Q 14/3 1Q 2Q 3Q 4Q
合計Equipment and Tools BusinessMachine and Facility BusinessConstruction and Piping Products Business
-159 98 140 51 122 241 248 170 51 304 361 222 196 425 564 505-50 11 21 73 16 75 57 124 57 133 50 142 7 95 22 235-26 152 101 242 120 249 277 400 173 248 200 275 90 243 230 445
289289289289 288288288288
396396396396
286286286286
593593593593609609609609
724724724724
308308308308
713713713713
621621621621569569569569
294294294294
779779779779
832832832832
1,2011,2011,2011,201
-207-207-207-207-25002505007501,0001,25011/3 1Q 2Q 3Q 4Q 12/3 1Q 2Q 3Q 4Q 13/3 1Q 2Q 3Q 4Q 14/3 1Q 2Q 3Q 4Q
合計AdjustmentEquipment and Tools BusinessMachine and Facility BusinessConstruction and Piping Products BusinessOperating income
Net sales
Significant increase in 4QSignificant increase in 4Q
Reference②Net Sales・Operating Income Quarterly Trend
Rounded down to the nearest million yen
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29,208 28,372 28,750 29,613 30,777-1,407 569 1,171 1,288 1,4164.4%4.1%2.0%
-4.8%4.6%
-30,000-15,000015,00030,00045,000
10/3 11/3 12/3 13/3 14/3-10.0%-5.0%0.0%5.0%10.0%15.0%Average shareholders equityNet incomeROE
ROE slight increaseROE slight increase
Reference③ ROE
Rounded down to the nearest million yen
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99.1
95.9
94.6
96.1
97.8
99.6
102.4
98.4
99.0
100.7100.8
103.6
108.0
94.1
107.9
93.4
80.0
90.0
100.0
110.0
FY12 1Q 2Q 3Q 4Q FY13 1Q 2Q 3Q 4Q
Industrial Production Transport Equipment
Production steady recovery
Year 2010=100
Reference④Indices of Industrial Production
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37Copyright© Furusato Industries, Ltd. All Rights Reserved
7315 7,208
4,113
1,890
3,5354,188
3,6284,220
7429
8,730
5,576
3,581
7,600
8,922
7,769
7,828
14,74514,74514,74514,745
12,04812,04812,04812,04811,39811,39811,39811,398
13,11113,11113,11113,111
11,13611,13611,13611,136
5,4715,4715,4715,471
9,6909,6909,6909,690
15,93915,93915,93915,939
0
5000
10000
15000
20000
FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13
Domestic order Overseas order 縦棒 3
Orders received estimated to remain on an upward trend
Reference⑤Orders Received for Machine Tool
1,061(+25.0%)1,169(+40.5%)1,104(+18.9%)884(-13.1%)849(-13.2%)832(-20.5%)928(-14.7%)1,017(-5.2%)0
1,000
FY12 1Q 2Q 3Q 4Q FY13 1Q 2Q 3Q 4Q
Domestic demand
Figures in ( ) indicates Y-0-Y %.
Rounded down to the nearest 100 million yen
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736736736736 653653653653 616616616616 410410410410 420420420420 426426426426 459459459459 53253253253276,000 80,000 74,000 68,000
82,00099,000
63,00075,000
0500
10001500
2006 2007 2008 2009 2010 2011 2012 2013 40,00050,00060,00070,00080,00090,000100,000Steel frame used for building H-beam price
*H-beam price: Tokyo high price in Dec.
Demand steady recovery//Price upward trendPrice upward trend
Unit:yen
Reference⑥Steel Frame Demand and Product Price Trend
Unit:10Kt
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39
Non-consolidated ResultsFurusato Industries
+21.7%+1,3097,346
Liabilities
+6.1%+1,67029,010
Total assets
+1.7%+36121,663
Net assets
+32.3%+136559
Net income
(-3.2P)
+769
+750
+171
+922
+3,610
Change
vs. FY12
74.7%
1,832
1,691
4,315
6,007
26,477
Full-year
FY13
+72.3%Ordinary income
% change
+18.1%Gross profit margin
Net assets to Total assets
Operating income
SG&A Expenses
Net sales
+79.9%
+4.1%
+15.8%
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Rounded down to the nearest million yen
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40
+26.5%+2,65612,686
Liabilities
+17.2%+3,41823,300
Total assets
+7.7%+76110,613
Net assets
(1.3)%(9)688
Net income
(-4.1P)
+48
+60
+145
+206
+3,084
Change
vs. FY12
45.5%
1,268
1,124
4,183
5,307
51,786
Full-year
FY13
+4.0%Ordinary income
% change
+4.0%Gross profit margin
Net assets to Total assets
Operating income
SG&A Expenses
Net sales
+5.7%
+3.6%
+6.3%
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Rounded down to the nearest million yen
Non-consolidated ResultsG-net
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41
+10.3%+1711,827
Liabilities
+14.2%+5324,261
Total assets
+17.4%+3612,433
Net assets
+13.2%+20179
Net income
(+1.6%)
+35
+27
+18
+46
+696
Change
vs. FY12
57.1%
300
246
526
772
5,441
Full-year
FY13
+13.5%Ordinary income
% change
+6.4%Gross profit margin
Net assets to Total assets
Operating income
SG&A Expenses
Net sales
+12.7%
+3.7%
+14.7%
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Rounded down to the nearest million yen
Non-consolidated ResultsGifu Shoji
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Corporate Planning Division
TEL :06-6946-9608
FAX :06-6946-9780
E-mail :[email protected]
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This material is solely for information purposes and should not be construed as a solicitation. Although this material
(including the financial forecasts ) has been prepared based
on information currently available, Furusato does not take responsibilities for any errors and omissions pertaining to the
inherent risks and uncertainties of the material presented.
FURUSATO INDUSTRIES, LTD.
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