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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  Japan Display Inc.    6740   JP3389660006

JAPAN DISPLAY INC.

(6740)
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Japan Display : Presentation slides for Fiscal Year 2019 Consolidated Financial Results

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07/01/2020 | 12:44am EDT

1. 2Q-FY2014 Financial Results & FY2014 Forecast

2. Measures for Improving Earnings

Summary of 2Q-FY 2014 Financial Results Meeting

  • Downward revision of the financial forecast for FY2014 was made on Oct 15 1H: Net sales: ¥310.0 bn ¥285.6 bn

    OP: ¥1.0 bn a loss of ¥20.3 bn Full term: Net sales: ¥750.0 bn ¥740.0bn

    OP: ¥40.0 bn ¥6.5 bn

  • 2Q financial results fell below initial forecasts due mainly to product shipment delays, lower-than-expected Full-HD sales and a recorded inventory write-down

  • Net sales and operating profit to improve in the 2H due to recovery in production for a large customer, higher sales of Full-HD/WQHD and Pixel EyesTM to China and other Asian customers and cost-cutting measures

  • Extraordinary loss of 2.1 bn yen for provision for doubtful accounts established in 2Q

1H-FY 2014 Consolidated Operating Results

(Billion yen)

1H-FY14

1H-FY14

Increase/

1H-FY14

Increase/

Actual

Est. May 15

Decrease

Est. Oct 15

Decrease

Net sales

285.6

310.0

(24.4)

286.3

(0.7)

Operating income

(20.3)

1.0

(21.3)

(20.9)

0.6

-7.1%

0.3%

-7.3%

Ordinary income

(22.5)

(3.2)

(19.3)

(22.5)

0.0

-7.9%

-1.0%

-7.9%

Net income

(27.8)

(3.2)

(24.6)

(25.3)

(2.5)

-9.7%

-1.0%

-8.8%

EBITDA

14.2

38.3

(24.1)

-

-

5.0%

12.4%

  • • 1H and full-term forecast announced May 15 revised on October 15 due to product shipment delays in the 2Q, lower shipments of Full-HD (HD720 shipments increased) and an inventory write-down

  • • Actual results for 1H were almost the same as the estimate announced on Oct.15 except for net income because of extraordinary loss booked for accounts receivables of our overseas subsidiaries

Extraordinary Loss Taken on Accounts Receivable

  • An extraordinary loss of 2.13 bn yen was recorded in 2Q for 4.26 bn yen accounts receivable from Taiwan's Wintek Corporation, a customer of JDI's subsidiaries that has filed for corporate reorganization proceedings

  • Corporate reorganization proceeding in Taiwan may become a prolonged process. Since it is unclear how much Wintek can pay off receivables under a corporate reorganization plan, the remaining amount of accounts receivable will be addressed later

  • The distribution of products to a smartphone maker, one of our display users, was changed prior to the filing for corporate reorganization proceedings. Outstanding receivables from Wintek will not increase in future

  • For the purpose of collecting accounts receivable, negotiations with Wintek and JDI display users continue. JDI will strengthen its credit management of customers designated by our display users

Disclaimer

Japan Display Inc. published this content on 30 June 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 July 2020 04:43:01 UTC

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Financials
Sales 2020 497 B 4 633 M 4 633 M
Net income 2020 -104 869 M -977 M -977 M
Net Debt 2020 124 B 1 154 M 1 154 M
P/E ratio 2020 -0,65x
Yield 2020 -
Capitalization 37 231 M 347 M 347 M
EV / Sales 2019
EV / Sales 2020 0,32x
Nbr of Employees 8 762
Free-Float 68,2%
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Mean consensus SELL
Number of Analysts 4
Average target price 36,67 JPY
Last Close Price 44,00 JPY
Spread / Highest target -9,09%
Spread / Average Target -16,7%
Spread / Lowest Target -20,5%
EPS Revisions
Managers
NameTitle
Minoru Kikuoka President, CEO & Representative Director
Scott Anderberg Callon Chairman
Toshihiro Ueki Chief Operating Officer & Executive Vice President
Akihito Okochi Executive Officer & GM-Finance
Yoshiharu Nakajima CTO, Executive Officer, General Manager-R&D
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