Citizen Watch : FY2022 Data

Citizen Watch Co., Ltd. FY2022 Earnings Presentation 2023/5/12

	Reference Data	FY2021			FY2022		FY2023		FY2021		FY2022		FY2023						FY2021				FY2022
	(Billion yen) *1			Annual		YoY	Annual					2H		YoY	1H	2H												4Q		YoY
				Annual		2/13E	Annual	(%)	5/12E		1H	2H	1H	2/13E	2H	(%)	5/12E	5/12E					1Q	2Q	3Q	4Q	1Q	2Q	3Q	2/13E	4Q	(%)
			Yen/USD	112		136	135	＋20.5%	130		110	114	131	140	138	＋21.3%	130	130				Yen/USD	109	110	113	115	126	137	144	140	133	＋15.6%
			Yen/EURO	130		139	141	＋7.8%	140		131	130	138	140	143	＋10.0%	140	140				Yen/EURO	131	130	130	129	137	140	144	140	142	＋9.8%
	Net Sales																	Net Sales
		W atches	128.2		148.0	146.8	＋14.5%	152.0		61.0	67.2	71.9	76.0	74.9	＋11.4%	73.8	78.2			W atches	28.6	32.3	39.8	27.3	34.5	37.3	43.3	32.7	31.6	＋15.6%
		Others	2.7		3.0	3.1	＋11.6%	3.0		1.0	1.7	1.4	1.5	1.6	(5.5%)	1.2	1.8			Others	0.3	0.6	0.9	0.8	0.6	0.8	0.6	0.8	0.9	＋19.8%
	W atches	131.0		151.0	150.0	＋14.4%	155.0		62.0	69.0	73.3	77.6	76.6	＋11.0%	75.0	80.0		W atches	29.0	33.0	40.7	28.2	35.1	38.2	43.9	33.6	32.6	＋15.7%
	Machine Tools	81.0		83.0	86.1	＋6.4%	87.0		38.3	42.7	40.9	42.0	45.2	＋6.0%	44.5	42.5		Machine Tools	18.6	19.6	21.7	20.9	19.9	20.9	22.4	19.6	22.7	＋8.9%
		Precision components	34.5		35.0	33.2	(3.9%)	35.5		16.9	17.6	17.0	17.9	16.1	(8.4%)	17.8	17.7			Precision components	8.6	8.3	8.8	8.8	8.3	8.7	8.2	9.6	7.8	(10.5%)
		Opto devices	15.4		13.0	11.5	(25.5%)	12.0		8.5	6.8	5.8	7.1	5.6	(17.3%)	5.5	6.5			Opto devices	4.5	4.0	3.5	3.3	2.6	3.2	3.0	4.1	2.6	(20.6%)
	Devices and Components	50.0		48.0	44.7	(10.6%)	47.5		25.5	24.4	22.9	25.0	21.8	(10.9%)	23.3	24.2		Devices and Components	13.1	12.4	12.3	12.1	10.9	11.9	11.2	13.8	10.5	(13.3%)
	Electronic and other products	19.2		21.0	20.4	＋6.0%	20.5		9.8	9.4	10.4	10.5	9.9	＋5.3%	10.2	10.3		Electronic and other products	4.9	4.9	4.9	4.5	5.2	5.2	4.7	5.7	5.2	＋15.3%
	Total	281.4		303.0	301.3	＋7.1%	310.0		135.7	145.6	147.6	155.3	153.6	＋5.5%	153.0	157.0		Total	65.7	69.9	79.8	65.8	71.3	76.3	82.4	72.8	71.1	＋8.2%
	Operating profit																	Operating profit
	Watches	10.3		16.0	16.6	＋61.4%	17.0		4.8	5.4	8.8	7.1	7.8	＋43.2%	8.7	8.3		Watches	1.4	3.3	5.5	(0.0)	3.9	4.8	6.9	0.2	0.8	-
	Machine Tools	12.5		11.2	12.2	(3.1%)	12.5		5.8	6.7	5.5	5.6	6.6	(0.4%)	6.4	6.1		Machine Tools	2.6	3.2	3.5	3.1	2.7	2.8	2.9	2.7	3.7	＋18.2%
	Devices and Components	2.8		0.4	(0.8)	-	0.7		1.5	1.3	0.0	0.3	(0.8)	-	0.2	0.5		Devices and Components	0.9	0.5	0.5	0.7	(0.0)	0.0	(0.1)	0.5	(0.6)	-
	Electronic and other products	1.1		1.0	1.1	(2.4%)	0.8		0.7	0.4	0.7	0.2	0.4	(7.0%)	0.3	0.5		Electronic and other products	0.3	0.3	0.3	0.1	0.3	0.3	0.2	0.0	0.1	＋48.0%
	Eliminations and general corporate	(4.6)		(5.6)	(5.4)	-	(6.0)		(2.3)	(2.3)	(2.7)	(2.8)	(2.7)	-	(3.0)	(3.0)		Eliminations and general corporate	(1.2)	(1.0)	(1.0)	(1.3)	(1.3)	(1.3)	(1.2)	(1.6)	(1.4)	-
	Total	22.2		23.0	23.7	＋6.4%	25.0		10.6	11.5	12.3	10.6	11.3	(2.0%)	12.6	12.4		Total	4.2	6.4	8.9	2.6	5.5	6.7	8.6	1.9	2.6	＋1.4%
	Operating Margin																	Operating Margin
	Watches	7.9%		10.6%	11.1%	-	11.0%		7.8%	7.9%	12.0%	9.3%	10.2%	-	11.6%	10.4%		Watches	5.2%	10.1%	13.6%	(0.3%)	11.2%	12.7%	15.9%	0.7%	2.6%	-
	Machine Tools	15.5%		13.5%	14.2%	-	14.4%		15.4%	15.7%	13.5%	13.5%	14.8%	-	14.4%	14.4%		Machine Tools	14.3%	16.3%	16.2%	15.2%	13.5%	13.5%	13.0%	14.1%	16.5%	-
	Devices and Components	5.7%		0.8%	(1.8%)	-	1.5%		6.0%	5.5%	0.1%	1.5%	(3.9%)	-	0.9%	2.1%		Devices and Components	7.1%	4.8%	4.8%	6.2%	(0.5%)	0.6%	(1.7%)	4.1%	(6.2%)	-
	Electronic and other products	6.1%		4.8%	5.6%	-	3.9%		7.6%	4.5%	7.1%	2.4%	4.0%	-	2.9%	4.9%		Electronic and other products	7.4%	7.8%	6.4%	2.5%	6.6%	7.6%	4.9%	0.4%	3.2%	-
	Total	7.9%	7.6%	7.9%	-	8.1%		7.9%	8.0%	8.4%	6.9%	7.4%	-	8.2%	7.9%		Total	6.4%	9.2%	11.2%	4.0%	7.8%	8.9%	10.5%	2.7%	3.8%	-
	Other Indicators																	Other Indicators
	Ordinary profit	27.3		27.5	29.0	＋6.4%	26.0		12.0	15.2	16.8	10.6	12.2	(19.4%)	12.7	13.3		Ordinary profit	5.0	7.0	10.2	5.0	8.5	8.2	7.6	3.0	4.6	(7.4%)
	Profit attributable to owners of parent	22.1		20.0	21.8	(1.4%)	20.0		9.8	12.2	12.6	7.3	9.1	(25.1%)	9.7	10.3		Profit attributable to owners of parent	4.3	5.4	7.3	4.9	7.2	5.3	7.0	0.3	2.1	(56.8%)
	Capital expenditures	10.7		21.0	17.4	＋61.8%	23.0		4.2	6.4	6.4	14.5	10.9	＋69.8%	10.7	12.3		Capital expenditures	2.1	2.1	2.5	3.9	3.4	3.0	3.4	11.0	7.4	＋91.6%
	Depreciation	11.1		12.5	11.2	＋0.1%	13.0		5.7	5.4	5.6	6.8	5.5	＋1.7%	6.2	6.8		Depreciation	2.7	3.0	2.7	2.7	2.7	2.8	2.8	3.9	2.6	(1.5%)
	R&D expenses	5.5		6.6	5.6	＋2.7%	6.0		2.5	2.9	2.9	3.6	2.7	(7.6%)	3.1	2.9		R&D expenses	1.3	1.2	1.4	1.5	1.4	1.4	1.3	2.3	1.4	(8.2%)
	Advertising expenses	15.3		19.0	18.7	＋22.2%	19.5		6.3	8.9	7.8	11.1	10.9	＋21.5%	9.2	10.3		-			-	-	-	-	-	-	-	-	-	-
	① Cash and cash equivalents	110.9			82.4				113.0	110.9	101.5		82.4					① Cash and cash equivalents	110.4	113.0	115.7	110.9	104.7	101.5	97.9		82.4
	②Interest-bearing debt	66.1			65.1				74.2	66.1	65.2		65.1					②Interest-bearing debt	75.2	74.2	73.7	66.1	66.7	65.2	65.3		65.1
	Net cash（① -②）	44.7			17.3				38.7	44.7	36.3		17.3					Net cash（① -②）	35.1	38.7	42.0	44.7	38.0	36.3	32.5		17.3
	Cash flow from operating activities	34.6			16.5				15.1	19.5	1.3		15.2					Cash flow from operating activities	9.4	5.6	9.6	9.9	1.8	(0.5)	5.0		10.1
	Cash flow from investing activities	(9.5)			(13.5)				(3.9)	(5.5)	(10.0)		(3.5)					Cash flow from investing activities	(3.2)	(0.7)	(3.0)	(2.5)	(2.5)	(7.4)	(3.2)		(0.3)
	Free cash flow	25.1			3.0				11.1	13.9	(8.6)		11.7					Free cash flow	6.2	4.8	6.6	7.3	(0.6)	(8.0)	1.8		9.8
	Cash flow from financing activities	(19.9)			(40.0)				(1.5)	(18.3)	(6.8)		(33.2)					Cash flow from financing activities	(0.5)	(1.0)	(5.2)	(13.1)	(4.8)	(1.9)	(4.2)		(28.9)
	Cash & cash equivalents at end of term	111.2			79.2				110.3	111.2	103.3		79.2					Cash & cash equivalents at end of term	106.4	110.3	113.0	111.2	111.8	103.3	97.6		79.2
	Outstanding shares at end of term *2	314,353			294,000				314,353	314,353	294,000		294,000					Outstanding shares at end of term *2	314,353	314,353	314,353	314,353	314,353	294,000	294,000		294,000
	Number of treasury stock *2	16,137			35,334				1,715	16,137	1,627		35,334					Number of treasury stock *2	1,715	1,715	4,992	16,137	21,980	1,627	1,628		35,334
	Excluding treasury stock *2	298,215			258,665				312,638	298,215	292,372		258,665					Excluding treasury stock *2	312,638	312,638	309,361	298,215	292,373	292,372	292,371		258,665
	Inventories	97.0			108.4				91.6	97.0	111.1		108.4					Inventories	90.0	91.6	93.4	97.0	107.1	111.1	108.2		108.4
	Total Assets	394.9			389.9				384.5	394.9	415.7		389.9					Total Assets	379.0	384.5	396.0	394.9	415.8	415.7	406.4		389.9
		ROA (Return On Assets) *3	5.8%			5.6%
	Shareholders' Equity	229.3			224.1				213.0	229.3	251.7		224.1					Shareholders' Equity	207.2	213.0	219.7	229.3	242.4	251.7	245.7		224.1
		Shareholders' Equity Ratio	58.1%			57.5%				55.4%	58.1%	60.6%		57.5%						Shareholders' Equity Ratio	54.7%	55.4%	55.5%	58.1%	58.3%	60.6%	60.5%		57.5%
		ROE (Return On Equity) *4	10.2%			9.6%
	Number of group employees (person) *5	16,161			15,402				16,505	16,161	16,007		15,402					Number of group employees (person) *5	16,835	16,505	16,408	16,161	16,343	16,007	15,736		15,402
		Japan	6,597			6,511				6,754	6,597	6,585		6,511						Japan	6,811	6,754	6,677	6,597	6,646	6,585	6,553		6,511
		Overseas	9,564			8,891				9,751	9,564	9,422		8,891						Overseas	10,024	9,751	9,731	9,564	9,697	9,422	9,183		8,891
	*1 All figures which are less than 1 billion yen have been rounded down.
	*2 Thousand shares
	*3 ROA = "Profit attributable to owners of parent" /	"Total Assets(Average of beginning and ending balances)"
	*4 ROE = "Profit attributable to owners of parent" /	"Shareholders' Equity(Average of beginning and ending balances)"
	*5 Includes temporary employees