JAPAN DISPLAY INC. Second Quarter of FY 2020
Financial Results
Japan Display Inc.
November 13, 2020
FY 2020 Second Quarter Summary
Six months of FY 2020 (1H)
- Sales decreased 16% YoY due to intensified competition and the impact of Covid-19.
- Losses decreased despite sales decline due to structural reform effects and various cost
reductions.
・ Gross profit: | In the black |
・ Operating loss: | JPY25.3bn improvement |
- Quarterly net loss: JPY67.9bn improvement
(lower structural reform costs)
・ EBITDA: | JPY22.1bn improvement |
FY19 | FY20 | |
1H | 1H | |
Net sales | 237.8 | 199.8 |
Gross profit (loss) | (15.7) | 5.6 |
Operating income (loss) | (35.2) | (9.9) |
Net income (loss) | (104.2) | (36.3) |
EBITDA | (24.3) | (2.2) |
Second quarter (2Q)
- Within the forecast range announced on Sept. 10: Smartphone display sales were sluggish; net sales & op. losses were near the lower limit of the forecast.
- Demand for automotive displays recovered sharply; higher OLED shipments
- Losses were reduced despite lower sales
- EBITDA in the black
- Extraordinary loss of JPY13.1bn: OLED equipment write-off and Hakusan Plant transfer costs
(Billion Yen) | |||||||
FY19 | FY20 | FY20 | FY 20 | ||||
２Q | ２Q | 2Q (9/10 est.) | 1Q | ||||
147.3 | 111.8 | 110.0-120.0 | 88.0 | ||||
1.1 | 4.6 | - | 1.0 | ||||
(8.1) | (2.9) | (3.0)-0.0 | (7.0) | ||||
(25.2) | (20.0) | - | (16.3) | ||||
(4.1) | 1.0 | - | (3.2) | ||||
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Copyright © 2020 Japan Display Inc. All Rights Reserved.
Quarterly Sales by Category
Quarterly net sales | Sales by category |
Mobile（US/EU） | ■ Mobile （US/Europe: JPY63.1bn, China/other: | ||||||||
Mobile（China/other） | JPY9.1bn, Total: -32％ YoY） | ||||||||
147.3 | 150.0 | Non-mobile | Weak due to lower demand in line with expanded | ||||||
Automotive | customer adoption of OLED. In 2H, despite higher panel | ||||||||
sales, decline in high-price module sales forecast to result | |||||||||
116.2 | 111.8 | in lower sales vs. 1H. | |||||||
Automotive （JPY24.0bn, -11％ YoY） | |||||||||
90.4 | 65% | 69% | 88.0 | Went from a sharp drop in the 1Q due to major | |||||
automobile production adjustments to a sharp recovery in | |||||||||
63% | 56％ | the 2Q. 2H as well likely to show a recovery, but | |||||||
42% | resurgence of Covid-19 infections in Europe and the US | ||||||||
18% | 5% | 5% | 63% | 8% | raise concerns. | ||||
7% | Non-mobile （JPY15.5bn, +14％ YoY） | ||||||||
12% | 9% | 8% | 11% | 7% | 14% | Covid-19-related delays in the recovery of back-end | |||
28% | 19% | 18% | 21% | 13% | 22% | production resolved in 2Q. A decrease in digital camera | |||
17% | display sales was offset by an increase in sales for VR and | ||||||||
notebook PC displays. OLED also increasing from the 2Q. | |||||||||
1Q19 | 2Q19 | 3Q19 | 4Q19 | 1Q20 | 2Q20 | ||||
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Copyright © 2020 Japan Display Inc. All Rights Reserved.
Six months (1H) & 2Q FY20 Operating Results
(billion yen)
1H-FY19 | 1H-FY20 | YoY | ||
Net sales | 237.8 | 199.8 | (38.0) | |
Cost of sales | 253.4 | 194.1 | (59.3) | |
Gross profit (loss) | (15.7) | 5.6 | +21.3 | |
SG&A | 19.5 | 15.5 | (4.0) | |
Operating income (loss) | (35.2) | (9.9) | +25.3 | |
Net non-op. income (expenses) | (8.2) | (5.3) | +2.9 | |
Ordinary income (loss) | (43.3) | (15.2) | +28.1 | |
Net extraordinary income (loss) | (59.7) | (20.3) | +39.4 | |
Income (loss) before income taxes | (103.0) | (35.5) | +67.5 | |
Net income (loss) attributable to | (104.2) | (36.3) | +67.9 | |
owners of the parent | ||||
EBITDA | (24.3) | (2.2) | +22.1 | |
Avg. FX rate (JPY/USD) | 108.6 | 106.9 | ||
Q-End FX rate (JPY/USD) | 107.9 | 105.8 |
2Q-FY19 | 2Q-FY20 | YoY | 1Q-FY20 | QoQ |
147.3 | 111.8 | (35.5) | 88.0 | +23.8 |
146.2 | 107.2 | (39.0) | 87.0 | +20.2 |
1.1 | 4.6 | +3.5 | 1.0 | +3.6 |
9.2 | 7.5 | (1.7) | 8.0 | (0.5) |
(8.1) | (2.9) | +5.2 | (7.0) | +4.1 |
(4.0) | (3.5) | +0.5 | (1.8) | (1.7) |
(12.1) | (6.4) | +5.7 | (8.8) | +2.4 |
(12.0) | (13.1) | (1.1) | (7.2) | (5.9) |
(24.1) | (19.5) | +4.6 | (16.0) | (3.5) |
(25.2) | (20.0) | +5.2 | (16.3) | (3.7) |
(4.1) | 1.0 | +5.1 | (3.2) | +4.2 |
107.4 | 106.2 | 107.6 | ||
107.9 | 105.8 | 107.7 |
１H-FY19 | １H-FY20 | |
------------------------- | ||
Equity method investment loss (non-operating expense） | 4.2 | ー |
Business restructuring expenses ＆ impairment losses (extraordinary loss) | 59.7 | 21.0 |
2Q-FY192Q-FY20
------------------------
2.1 ー
12.0 13.1
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Japan Display Inc. published this content on 13 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 November 2020 07:12:06 UTC
