NIPPON STEEL NISSHIN CO., LTD. (Presentation Materials) （１／３）
30-Oct-15
Nisshin Steel Co., LTD. Ⅰ. Consolidated Financial Results for the First Six Months of the Fiscal Year Ending March 31, 2016 (FY2016)
Consolidated Operating Results
（Billions of yen）
No
FY2016
FY2015
FY2016
1Q
(Actual) a
2Q
(Actual) b
(Actual) c
1st half
1st half
(Previous
(Actual)
forecast)
d
e
Net sales
1
137.2
139.5
276.7
310.8
280.0
Operating income
2
1.0
5.3
6.3
8.9
5.0
Ordinary income
Ordinary steel / Special steel
3
3.8
5.6
9.4
7.3
8.5
Stainless steel
4
(2.0)
(2.0)
(4.0)
1.0
(4.0)
Total
5
1.8
3.6
5.4
8.3
4.5
Profit attributable to owners of parent
6
1.2
0.8
2.0
5.2
2.5
Difference
（ⅰ） c-d
（ⅱ） b-a
（ⅲ） c-e
(34.1)
2.3
(3.3)
(2.6)
4.3
1.3
2.1
1.8
0.9
(5.0)
0.0
0.0
(2.9)
1.8
0.9
(3.2)
(0.4)
(0.5)
Inventory evaluation
Ordinary steel / Special steel
7
(1.0)
(1.0)
(2.0)
(1.5)
(2.0)
Stainless steel
8
(1.5)
(1.5)
(3.0)
2.5
(2.5)
Total
9
(2.5)
(2.5)
(5.0)
1.0
(4.5)
(0.5)
0.0
0.0
(5.5)
0.0
(0.5)
(6.0)
0.0
(0.5)
Other Information
No
FY2016
FY2015
FY2016
1Q
(Actual) a
2Q
(Actual) b
(Actual) c
1st half
1st half
(Previous
(Actual)
(forecast)
d
e
Crude steel production
(10,000tons)
Ordinary steel / Special steel
1
79
79
158
168
160
Stainless steel
2
15
19
34
39
35
Total
3
94
98
192
207
195
Sales volume
(10,000tons)
Ordinary steel / Special steel
4
74
76
150
160
148
Stainless steel
5
12
13
25
32
26
Total
6
86
89
175
192
174
Average sales price of steel products(1,000yen/tons)
7
124
120
122
127
123
Export ratio(monetary basis;%)
8
17
16
16
17
17
Export exchange rate(yen/US$)
9
121
122
122
103
121
Difference
（ⅰ） c-d
（ⅱ） b-a
（ⅲ） c-e
(10)
0
(2)
(5)
4
(1)
(15)
4
(3)
(10)
2
2
(7)
1
(1)
(17)
3
1
(5)
(4)
(1)
(1)
(1)
(1)
19
1
1
Breakdown of Differences in Ordinary Income
1st half of FY2015(Actual)
8.3
Breakdown
1.0
Sales related
(9.0)
Volume and composition difference (4.5), Price difference (9.0),
Export exchange difference 4.5
0.0
Purchasing price
15.0
Iron ore 15.0, Coking coal 1.5, Oil 6.0, Nickel 5.5,
Import exchange difference (14.0)
2.0
Cost improvement, etc.
0.6
Rationalization, etc.
0.5
Subsidiaries, etc.
(3.5)
(2.0)
Inventory evaluation
(6.0)
1.0→(5.0) （Of which, stainless steel 2.5→(3.0))
(5.5)
Total
(2.9)
(5.0)
1st half of FY2016(Actual)
5.4
(4.0)
ⅰ）1st half of FY2015(Actual) vs 1st half of FY2016(Actual)
ⅱ）1Q of FY2016(Actual) vs 2Q of FY2016(Actual)
（Billions of yen） (Of which stainless steel)
（Billions of yen） (Of which stainlesssteel)
1Q of FY2016(Actual)
1.8
Breakdown
(2.0)
Sales related
(3.0)
Volume and composition difference 0.5, Price difference (3.5)
(1.5)
Purchasing price
4.5
Iron ore 1.5, Coking coal 1.0, Nickel 1.5, Oil 0.5
1.5
Cost improvement, etc.
0.3
Rationalization, etc.
0.0
Subsidiaries, etc.
0.0
0.0
Inventory evaluation
0.0
(2.5)→(2.5) （Of which, stainless steel (1.5)→(1.5))
0.0
Total
1.8
0.0
2Q of FY2016(Actual)
3.6
(2.0)
（２／３）
ⅲ）1st half of FY2016(Previous forecast) vs 1st half of FY2016(Actual)
（Billions of yen） (Of which stainless steel)
1st half of FY2016(Previous forecast)
4.5
Breakdown
(4.0)
Sales related
0.5
Price difference 0.5
0.0
Purchasing price
1.0
Oil 0.5, Nickel 0.5
0.5
Cost improvement, etc.
0.4
Rationalization, etc.
0.0
Subsidiaries, etc.
(0.5)
0.0
Inventory evaluation
(0.5)
(4.5)→(5.0) （Of which, stainless steel (2.5)→(3.0))
(0.5)
Total
0.9
0.0
1st half of FY2016(Actual)
5.4
(4.0)
vs Mar 31,2015
Interest-bearing debt
Other liabilities
285.2
203.0
(4.5)
(5.7)
Total liabilities
488.2
(10.3)
Common stock and additional paid-in capital
106.3
(14.7)
Retained earnings
88.4
14.2
Treasury stock, at cost
(0.5)
(0.0)
Accumulated other comprehensive income
62.4
(5.7)
Non-controlling interests
7.4
(1.6)
Total net assets
264.1
(7.8)
Total liabilities and net assets
752.3
(18.1)
Consolidated Balance Sheet（September 30, 2015）
vs Mar 31,2015 | ||
Cash on hand and in banks | 23.4 | (2.8) |
Accounts receivable | 73.8 | (5.2) |
Inventories | 142.5 | (1.6) |
Other current assets | 23.7 | (7.1) |
Tangible and intangible fixed assets | 284.1 | 6.3 |
Investments in securities, etc. | 204.6 | (7.7) |
Total assets | 752.3 | (18.1) |
Ⅱ．Consolidated Earnings Forecasts for the Fiscal Year Ending March 31, 2016 (FY2016)
Consolidated Earnings Forecasts
No
FY2016
FY2016
(Previous forecast) d
1st half
(Actual) a
2nd half
(Forecast) b
(Forecast) c
Net sales
1
276.7
284.3
561.0
577.0
Operating income
2
6.3
6.2
12.5
14.5
Ordinary income
Ordinary steel / Special steel
3
9.4
9.6
19.0
18.5
Stainless steel
4
(4.0)
(5.5)
(9.5)
(6.5)
Total
5
5.4
4.1
9.5
12.0
Profit attributable to owners of parent
6
2.0
2.5
4.5
8.0
Inventory evaluation
Ordinary steel / Special steel
7
(2.0)
(2.0)
(4.0)
(3.0)
Stainless steel
8
(3.0)
(1.5)
(4.5)
(3.5)
Total
9
(5.0)
(3.5)
(8.5)
(6.5)
Other Information
（Billions of yen）
Difference
（ⅰ）
b-a
（ⅱ）
c-d
7.6
(16.0)
(0.1)
(2.0)
0.2
0.5
(1.5)
(3.0)
(1.3)
(2.5)
0.5
(3.5)
0.0
(1.0)
1.5
(1.0)
1.5
(2.0)
（Billions of yen）
No
FY2016
FY2016
(Previous forecast) d
1st half
(Actual) a
2nd half
(Forecast) b
(Forecast) c
Crude steel production
(10,000tons)
Ordinary steel / Special steel
1
158
164
322
320
Stainless steel
2
34
32
66
68
Total
3
192
196
388
388
Sales volume
(10,000tons)
Ordinary steel / Special steel
4
150
154
304
306
Stainless steel
5
25
28
53
55
Total
6
175
182
357
361
Average sales price of steel products(1,000yen/tons)
7
122
115
118
122
Export ratio(monetary basis;%)
8
16
15
16
17
Export exchange rate(yen/US$)
9
122
120
121
120
Difference
（ⅰ）
b-a
（ⅱ）
c-d
6
2
(2)
(2)
4
0
4
(2)
3
(2)
7
(4)
(7)
(4)
(1)
(1)
(2)
1
（３／３）
Breakdown of Differences in Ordinary Income
1st half of FY2016(Actual)
5.4
Breakdown
(4.0)
Sales related
(13.0)
Volume and composition difference 0.0, Price difference (13.0)
(7.0)
Purchasing price
9.5
Iron ore 2.5, Coking coal 2.0, Oil 1.0, Nickel 3.0
4.0
Cost improvement, etc.
1.7
Rationalization, etc.
1.0
Subsidiaries, etc.
(1.0)
(1.0)
Inventory evaluation
1.5
(5.0)→(3.5) （Of which, stainless steel (3.0)→(1.5))
1.5
Total
(1.3)
(1.5)
2nd half of FY2016(Forecast)
4.1
(5.5)
ⅰ）1st half of FY2016(Actual) vs 2nd half of FY2016(Forecast)
ⅱ）FY2016(Previous forecast) vs FY2016(Forecast)
（Billions of yen） (Of which stainless steel)
（Billions of yen） (Of which stainless steel)
FY2016(Previous forecast)
12.0
Breakdown
(6.5)
Sales related
(9.0)
Volume and composition difference (1.5), Price difference (7.5),
(7.0)
Purchasing price
10.5
Iron ore 2.0, Nickel 5.0, Oil 2.0
6.0
Cost improvement, etc.
0.0
0.0
Subsidiaries, etc.
(2.0)
(1.0)
Inventory evaluation
(2.0)
(6.5)→(8.5) （Of which, stainless steel (3.5)→(4.5))
(1.0)
Total
(2.5)
(3.0)
FY2016(Forecast)
9.5
(9.5)
Cash Dividends
We have decided to pay mid-term cash dividends of ¥15.0 per share considering stable shareholder returns and
consolidated results and earnings forecasts for this FY2016. The year-end cash dividends for the FY2016 are undetermined, which will be announced as soon as they are made available.
(Reference) Interest-Bearing Dept and Net D/E Ratio
31-Mar-14 | 31-Mar-15 | 30-Sep-15 | |
Cash on hand and in banks(Billions of yen) | 40.8 | 26.3 | 23.4 |
Interest-bearing debt(Billions of yen) | 323.5 | 289.8 | 285.2 |
Net D/E ratio | 1.36 | 1.00 | 1.02 |
〃 (based on the credit rating) ※ | 1.11 | 0.86 | 0.87 |
※Net D/E ratio with 50% of the principal of hybrid securities/hybrid loans,
which receive equity credit from Japan Credit Rating Agency, deemed as capital. (50% of 50 billion yen each at the end of March of 2014,
as well as 50% of 40 billion yen at the end of March of 2015 and September of 2015 entered as capital respectively)
END
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