Taiyo Yuden : Earnings Release Conference(1204KB)

Consolidated Financial Results

Year ended March 31, 2024

Tomomitsu Fukuda

Chief of Management Planning Headquarters

May 8, 2024

©TAIYO YUDEN 2017

Financial Summary

FYE March 2024

Net sales increased 1% Y/Y. Sales of products for use in communication equipment and automobiles increased. By product, sales of inductors and integrated modules & devices increased.

Operating profit declined 72% Y/Y. Profit decreased due to the effect of selling prices resulting from changes in the customer mix and the lower capacity utilization effect associated with inventory adjustments.

Net sales slightly exceeded the expected level in the February forecast. Operating profit was lower than expected because the capacity utilization effect fell short of the plan.

Earnings Forecast for FYE March 2025

Net sales are projected to increase 9% Y/Y to ¥350.0 billion and operating profit is projected to increase 120% Y/Y to ¥20.0 billion.

TAIYO YUDEN will pay an annual dividend of 90 yen per share in FYE March 31, 2025, the same as in FYE March 31, 2024.

©TAIYO YUDEN 2017		2

Summary of Consolidated Financial Results (Y/Y)

¥ in million	FYE Mar 31, 2023	FYE Mar 31, 2024		Change Y/Y
Net sales	319,504	100.0%	322,647	100.0%		3,143	1.0%
Operating profit	31,980	10.0%	9,079	2.8%		(22,900)	(71.6)%
Ordinary profit	34,832	10.9%	13,757	4.3%		(21,074)	(60.5)%
Profit attributable to	23,216	7.3%	8,317	2.6%		(14,898)	(64.2)%
owners of parent
Yen/USD	134.20 yen	143.32 yen			9.12 yen
average exchange rate			depreciated
Impact of exchange rate	Net sales +13.1 billion yen, operating profit +8.5 billion yen
fluctuation	*Including the impact of currencies other than US dollars
R&D expenses		12,678		13,696		1,017	8.0%
Capital investment		50,489		92,201		41,711	82.6%
Depreciation expenses		34,903		39,391		4,488	12.9%
©TAIYO YUDEN 2017								3

Factors behind Operating Profit in FYE March 2024

Operating profit (FYE Mar 2023)

32.0

			Operating
			profit
		Currency	(FYE Mar
Effect from		fluctuations	2024)
	+8.5	9.1
cost reductions
+2.0
(2.1)	(2.9)
Effect from	Changes in
capacity	fixed costs
utilization

(28.4) Impact of selling price

©TAIYO YUDEN 2017		4

Financial Results by Product Classification (Y/Y)

¥ in million	FYE Mar 31, 2023	FYE Mar 31, 2024	Change Y/Y
Capacitors	208,115	65.1%	205,829	63.8%	(2,285)	(1.1)%
Inductors	52,866	16.5%	55,566	17.2%	2,700	5.1%
Integrated modules &	32,581	10.2%	34,934	10.8%	2,353	7.2%
devices
Others	25,941	8.1%	26,317	8.2%	375	1.4%
Total net sales	319,504	100.0%	322,647	100.0%	3,143	1.0%

©TAIYO YUDEN 2017		5

Financial Results by Product Classification (Y/Y)

■ Capacitors

((1.1)% Y/Y)

Although sales increased for products used in communication equipment and automobiles, sales decreased for use in consumer products, information equipment, and IT infrastructure/industrial equipment.

■ Inductors

(+5.1% Y/Y)

Sales increased for products used in information equipment such as memory modules, communication equipment, and automobiles.

■ Integrated modules & devices (+7.2% Y/Y)

Sales of communication devices (FBAR/SAW) for use in smartphones increased, but sales of various modules decreased.

■ Others

(+1.4% Y/Y)

Sales of aluminum electrolytic capacitors for use in automobiles increased.

■ Capacitors ■ Inductors ■ Integrated modules & devices	■ Others
©TAIYO YUDEN 2017			6

Sales by Market Sector

Consumer products

• Game console

• Smart watch

• Wireless earphones

				Information
				equipment
			•	Tablet device
			•	PC
			•	HDD, SSD
			Communication
				equipment
			•	Smartphone
				Automotive
			•	ADAS
			•	Meter cluster
			•	ECU
			IT infrastructure/
				Industrial
				equipment
			•	Base station
				communication
				device
			•	Server
			•	Security camera
		*Estimated by the company
©TAIYO YUDEN 2017				7

Forecast of Consolidated Performance

Year ending March 31, 2025

©TAIYO YUDEN 2017

Full-Year Forecast

¥ in million	FYE Mar 31, 2024	FYE Mar 31, 2025	Change Y/Y
forecast
Net sales	322,647	100.0%	350,000	100.0%	27,353	8.5%
Operating profit	9,079	2.8%	20,000	5.7%	10,921	120.3%
Ordinary profit	13,757	4.3%	16,500	4.7%	2,743	19.9%
Profit attributable to	8,317	2.6%	11,000	3.1%	2,683	32.2%
owners of parent
Yen/USD	143.32 yen	145.00 yen		1.68 yen
average exchange rate		depreciated
R&D expenses		13,696		15,000	1,304	9.5%
Capital investment		92,201		70,000	(22,201)	(24.1)%
Depreciation expenses		39,391		45,000	5,609	14.2%

©TAIYO YUDEN 2017		9

Factors behind Operating Profit in FYE March 2025

Effect from

capacity utilization

+54.6

Operating profit	Effect from
(FYE Mar 2024)	cost
9.1	reductions
	+3.0

(30.2)

Impact of

selling price

Operating

profit

(FYE Mar 2025)

20.0

Currency

fluctuations

+1.5

(18.0)

Changes

in fixed costs

©TAIYO YUDEN 2017		10