NIPPON STEEL NISSHIN CO., LTD. (Presentation Materials) （１／３）
28-Apr-16
Nisshin Steel Co., LTD.
Ⅰ. Consolidated Financial Results for the Fiscal Year Ended March 31, 2016 (FY2016)
Consolidated Operating Results
No
FY2016
FY2015
(Actual) c
(Actual)
a
(Forecastl)
b
Net sales
1
547.0
549.0
617.5
Operating income
2
10.0
11.0
21.0
Ordinary income
Ordinary steel / Special steel
3
17.2
17.0
16.1
Stainless steel
4
(11.0)
(10.5)
3.5
Total
5
6.2
6.5
19.6
Profit attributable to owners of parent
6
(6.6)
1.0
16.9
Inventory evaluation
Ordinary steel / Special steel
7
(4.5)
(6.0)
(2.5)
Stainless steel
8
(9.0)
(8.0)
2.5
Total
9
(13.5)
(14.0)
0.0
Other Information
Difference
（ⅰ）
a-b
（ⅱ）
a-c
(2.0)
(70.5)
(1.0)
(11.0)
0.2
1.1
(0.5)
(14.5)
(0.3)
(13.4)
(7.6)
(23.5)
1.5
(2.0)
(1.0)
(11.5)
0.5
(13.5)
（Billions of yen）
No
FY2016
FY2015
(Actual) c
(Actual)
a
(Forecastl)
b
Crude steel production
(10,000tons)
Ordinary steel / Special steel
1
314
319
327
Stainless steel
2
65
66
71
Total
3
379
385
398
Sales volume
(10,000tons)
Ordinary steel / Special steel
4
306
304
321
Stainless steel
5
52
53
60
Total
6
358
357
381
Average sales price of steel products(1,000yen/tons)
7
117
118
127
Export ratio(monetary basis;%)
8
15
15
17
Export exchange rate(yen/US$)
9
120
121
109
Difference
（ⅰ）
a-b
（ⅱ）
a-c
(5)
(13)
(1)
(6)
(6)
(19)
2
(15)
(1)
(8)
1
(23)
(1)
(10)
0
(2)
(1)
11
FY2016(Forecast)
6.5
Breakdown
(10.5)
Sales related
(1.5)
Price difference (1.0), Volume and composition difference (0.5)
(0.5)
Purchasing price
0.5
Nickel 0.5
0.5
Cost improvement, etc.
0.2
0.5
Subsidiaries, etc.
0.0
0.0
Inventory evaluation
0.5
(14.0)→(13.5) （Of which, stainless steel (8.0)→(9.0))
(10.0)
Total
(0.3)
(0.5)
FY2016(Actual)
6.2
(11.0)
Breakdown of Differences in Ordinary Income ⅰ）FY2016(Forecast) vs FY2016(Actual)
ⅱ）FY2015(Actual) vs FY2016(Actual)
（Billions of yen） (Of which stainless steel)
（Billions of yen） (Of which stainless steel)
FY2015(Actual)
19.6
Breakdown
3.5
Sales related
(36.0)
Price difference (34.0), Volume and composition difference(8.0),
Export exchange difference 6.0
(14.0)
Purchasing price
41.5
Iron ore 25.0, Coking coal 4.5, Oil 10.5, Nickel 19.0,
Import exchange difference (22.5)
16.0
Cost improvement, etc.
0.6
Rationalization, etc.
0.5
Subsidiaries, etc.
(6.0)
Consolidated subsidiaries, etc.(6.0)
(5.5)
Inventory evaluation
(13.5)
0.0→(13.5) （Of which, stainless steel 2.5→(9.0))
(11.5)
Total
(13.4)
(14.5)
FY2016(Actual)
6.2
(11.0)
（２／３）
Cash Dividends
We have decided to pay year-end cash dividends of ¥25.0 per share considering stable shareholder returns and consolidated results and earnings forecasts for the current FY. As a result, overall annual cash dividends will be ¥40.0 per share.
Financial Status, etc.
ⅰ）Consolidated Balance Sheet（Summary）
vs Mar 31,2015 | ||
Cash on hand and in banks | 31.4 | 5.1 |
Accounts receivable | 77.5 | (1.4) |
Inventories | 124.7 | (19.4) |
Other current assets | 25.6 | (5.2) |
Tangible and intangible fixed assets | 278.8 | 1.0 |
Investments in securities, etc. | 169.9 | (42.4) |
Total assets | 708.1 | (62.4) |
ⅱ）Consolidated Cash Flows
vs Mar 31,2015 | ||
Interest-bearing debt Other liabilities | 279.5 210.6 | (10.3) 1.9 |
Total liabilities | 490.1 | (8.4) |
Common stock and additional paid-in capital | 106.3 | (14.7) |
Retained earnings | 78.2 | 4.0 |
Treasury stock, at cost | (0.5) | (0.0) |
Accumulated other comprehensive income | 27.6 | (40.5) |
Non-controlling interests | 6.2 | (2.7) |
Total net assets | 217.9 | (54.0) |
Total liabilities and net assets | 708.1 | (62.4) |
（Billions of yen）
（Billions of yen）
FY 2016 | Main factor | ||
Cash flows from operating activities | 50.5 | Income before provision for income taxes | (1.4) |
Depreciation and amortization Accounts receivable (Decrease) Inventories (Decrease) | 26.5 1.0 19.1 | ||
Accounts payable (Decreace) | (0.6) | ||
Cash flows from investing activities | (28.2) | Acquisition of property, plant and equipment | (24.8) |
Cash flows from financing activities | (16.5) | Decrease in interest-bearing debt Cash dividends | (10.3) (6.0) |
Cash and cash equivalents at end of year | 31.3 | ||
FY 2015 |
39.3 |
(29.3) |
(26.0) |
26.1 |
Ⅱ．Consolidated Earnings Forecasts for the Fiscal Year Ending March 31, 2017 (FY2017)
Consolidated Earnings Forecasts
（Billions of yen）
No
FY2017(Forecast)
FY2016
(Actual) d
1st half
a
2nd half
b
c
Net sales
1
254.0
267.0
521.0
547.0
Operating income
2
9.0
16.5
25.5
10.0
Ordinary income
Ordinary steel / Special steel
3
7.5
14.0
21.5
17.2
Stainless steel
4
(2.5)
1.0
(1.5)
(11.0)
Total
5
5.0
15.0
20.0
6.2
Profit attributable to owners of parent
6
3.0
11.5
14.5
(6.6)
Difference
（ⅰ） c-d
(26.0)
15.5
4.3
9.5
13.8
21.1
Inventory evaluation
Ordinary steel / Special steel
7
(3.5)
(1.5)
(5.0)
(4.5)
Stainless steel
8
(2.0)
(0.5)
(2.5)
(9.0)
Total
9
(5.5)
(2.0)
(7.5)
(13.5)
(0.5)
6.5
6.0
（３／３）
Other Information
No
FY2017(Forecast)
FY2016
(Actual) d
1st half
a
2nd half
b
c
Crude steel production
(10,000tons)
Ordinary steel / Special steel
1
163
161
324
314
Stainless steel
2
35
33
68
65
Total
3
198
194
392
379
Sales volume
(10,000tons)
Ordinary steel / Special steel
4
150
157
307
306
Stainless steel
5
27
30
57
52
Total
6
177
187
364
358
Average sales price of steel products(1,000yen/tons)
7
110
111
110
117
Export ratio(monetary basis;%)
8
15
15
15
15
Export exchange rate(yen/US$)
9
110
110
110
120
Difference
（ⅰ） c-d
10
3
13
1
5
6
(7)
0
(10)
FY2016(Actual)
6.2
Breakdown
(11.0)
Sales related
(29.0)
Price difference (28.5), Volume and composition difference 4.5,
Export exchange difference(5.0)
(12.0)
Purchasing price
32.5
Iron ore 6.5, Coking coal 1.5, Oil 3.0, Nickel 5.0,
Import exchange difference 11.0
13.0
Cost improvement, etc.
5.3
Rationalization, etc.
2.5
Subsidiaries, etc.
(1.0)
Consolidated subsidiaries, etc.(1.0)
(0.5)
Inventory evaluation
6.0
(13.5)→(7.5) （Of which, stainless steel (9.0)→(2.5))
6.5
Total
13.8
9.5
FY2017(Forecast)
20.0
(1.5)
Breakdown of Differences in Ordinary Income ⅰ）FY2016(Actual) vs FY2017(Forecast)
〔Reference〕
FY 2014 | FY 2015 | FY 2016 | |
Capital expenditures (Tangible) | 21.1 | 30.1 | 28.8 |
Depreciation and amortization | 22.1 | 24.1 | 26.5 |
ⅰ）Capital Expenditures (Tangible)/ Depreciation and Amoritization
ⅱ） Interest-Bearing Dept and Net D/E Ratio
（Billions of yen） (Of which stainless steel)
(Billions of yen)
31-Mar-14 | 31-Mar-15 | 31-Mar-16 | |
Cash on hand and in banks(Billions of yen) | 40.8 | 26.3 | 31.4 |
Interest-bearing debt(Billions of yen) | 323.5 | 289.8 | 279.5 |
Net D/E ratio | 1.36 | 1.00 | 1.17 |
〃 (based on the credit rating) ※ | 1.11 | 0.86 | 0.98 |
※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 at the end of March of 2014,
as well as 50% of 40 billion yen each at the end of March of 2015 and 2016 entered as capital respectively)
END
Nisshin Steel Co. Ltd. published this content on 28 April 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 11 May 2016 10:47:03 UTC.
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