FY2021
Summary of Financial Results

Nifco Inc.
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2018.
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2018.
Nifco
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Table of Contents

1. FY2021 Summary of Consolidated
Financial Results
2. FY2022 Full-Year Forecast
3. Medium-Term Management Plan
(FY2022-FY2024)

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2Summary•

Summaryof Financial
Results••

Full-year
Forecast(FY2022)

Mid-term
Management
Plan

•

•

•

In the fourth quarter, 10.2% OPM was secured due to fixed cost control, etc.,
despite a decrease in profit relative to the same period of the previous year, when there
was a significant sharp recovery after Covid.
For the full year, OP (30.5 billion yen) and OPM (10.7%) outperformed that of levels
before Covid (FY2019).

Although raw material costs and other expenses are expected to increase, growth in thevalue installed per vehicle and recovery in automobile production, as well as continued
control of fixed costs, are expected to contribute to the increase in sales (+7.5%) andprofit (OP +3.3%) compared to FY2021
Maintain target payout ratio of 30%; estimated dividend is 62 yen/share for this fiscal
year

Expect normalization of automobile production, but due to an increase in raw material
costs, etc., the profit target for FY2024 is set at the same level as the FY2023 targetof the previous medium-term management plan.
(FY2024 target: Net sales 330 billion yen; operating profit 38 billion yen)
Maintain target operating cashflow of 120 billion yen/3 years

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Table of Contents

1. FY2021 Summary of Consolidated
Financial Results
2. FY2022 Full-Year Forecast
3. Medium-Term Management Plan
(FY2022-FY2024)
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1. FY2021 Summary of Consolidated Financial Results (Full-Year)OP exceeded pre-Covid levels•

Sales did not reach pre-Covid (FY 2019) levels, but operating profit exceeded pre-Covid
levels, despite increased expenses and automobile production cutbacks
FY2020

FY2021FY2019Full-Year

Full-Year

YoY

Full-YearNet sales

256bn

283.7bn+10.8%

288bn

OP
(OPM)

27.6bn(10.8%)

30.5bn(10.7%)+10.3%(-0.1%pts)

29.7bn(10.3%)Net income

18.4bn22.9bn+24.8%

18.3bnEPS

181.09 yen

227.27 yen+25.5%

171.43 yen

ROE

10.7%

12.3%

+1.6%pts

11.3%

ROIC

10%

11.8%

+1.8%pts

8.4%

FX rate

1$ = 106.7 yen
1euro = 121.8 yen(JPY)

1$ = 109.9 yen
1$ = +3.2 yen
1$ = 109.0 yen
1euro = 129.9 yen 1euro = +8.1 yen 1euro = 122.0 yen
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2. FY2021 Consolidated Operating Profit (YoY Comparison)

Operating profit increased 10% year-on-year••

Achieved10% increase in profits due to the effect of increased revenue based on arecovery from Covid impact despite the impact of increased costs
Fixed costs were controlled within budget-4.5bn+13.5bn-6.1bn30.5 billion

27.6bnOP(FY2020 full-year)

Sales
factors

Marginal profit
ratio factors(Raw material
costs, etc.)

Fixed cost
factorsOP(FY2021 full-year)

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3. FY2021 Segment Information (Net Sales)

Achieved year-on-year revenue growth in all regions•

Net sales increased in all segments

FY2020(Full-Year)FY2021(Full-Year)

YoY

Consolidated

256.0bn

283.7bn+10.8%

Plastics

230.7bn254.0bn+10.1%

Japan

70.3bn73.7bn

+4.8%

North
America

51.1bn58.5bn+14.5%

Europe31.8bn35.0bn

+10%

Asian

77.4bn86.8bn+12.1%

China

29.7bn29.7bn+0%25.3bn29.7bn+17.4%(JPY)

Bed

Major Factors of Change

Increase in installed value
per vehicle
Production volume was flat YoY
FX rateSlight decrease in production
volume; FX rate

Strong performance in China
and Southeast Asia

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4. FY2021 Segment Information (Operating Profit)

Achieved YoY increase in OP in all regions except North America and JPN••

There was a (one-time) increase in raw material costs in North America
Profitability improvement is an issue in Europe and the U.S. regions
FY2020(Full-Year)FY2021(Full-Year)

YoY

Consolidated

27.6bn30.5bn(10.8%)(10.7%)+10.3%

Plastics

28.9bn30.1bn(12.5%)(11.9%)

Japan

12.8bn11.6bn(18.2%)(15.8%)

North
America

3.1bn

1.1bn

(6.1%)(2.0%)

Europe

1.1bn

2.1bn

(3.5%)(6.1%)

Asia

11.8bn15.2bn(15.2%)(17.5%)

China

4bn

4.8bn

(13.5%)(16.2%)

4.1bn

5.6bn

(16.2%)(18.9%)

(JPY)

Bed

Major Factors of Change

+4.1%
-9.3%
-64.5%+90.9%

Impact of production decline
in the second half of FY2021
Increase in material-related
cost (one-time)
Rebound from revenue and profit
decrease due to COVID+28.8%+20%+36.6%

Strong performance in China
and Southeast Asia
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5. Customer base (average installed value per vehicle and customer mix)

Increase in average installed value per vehicle••

Average installed value per vehicle continues to increase in the current fiscal year with awide range of customers including Japanese OEMs, Korean OEMs, European OEMs, etc.
Marginal profit ratio remains in the upper 40% range. Currently declining due to increasedmaterial costs.

AverageinstalledValue
pervehicle(Japan)

20%

6,917
5,739
5,175
4,608

5,000

Customermix(Global)

4,058
3,000

8%
9%

9%

(Yen/unit)

3,509

FY1997 FY2000 FY2003 FY2006 FY2009 FY2012 FY2015 FY2018 FY2021

German OEM

25%

Hyundai

11%

Other Japanese
OEMs
Honda

18%
12%

Other nonJapanese OEMs

14%

13%
8%

27%

26%

FY2011

FY2021

NissanToyota

60.0%

45.5%

48.9%

49.5%

FY2009FY2010

50.0%

47.0%

48.1%

48.2%

47.8%

47.7%

49.2%

49.6%

49.5%

49.2%

48.7%

47.2%

FY2011FY2012FY2013

FY2014FY2015FY2016FY2017FY2018FY2019FY2020

FY202140.0%

Marginal
profit
ratio

30.0%

20.0%

10.0%

0.0%

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6. Capital investment and depreciation

Continued emphasis on cashflow-oriented management•

Capital investment was reduced from planned
FY2020 (Full-Year)FY2021 (Full-Year)

ChangeCAPEX

15.6bn8.9bn-6.7bnDepreciation

13.5bn12.8bn-0.7bn

R&D

2.9bn

2.9bn

+0.04bn

Operating CF

39.9bn31.7bn-8.2bnInvestment CF-12.5bn-9.4bn+3.1bnFree CF

27.4bn22.3bn-5.1bnFinancial CF-20.2bn-13.5bn+6.7bnCash equivalentbalance95.7bn109.9bn+14.2bn(JPY)

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7. Shareholder returns

Achieved total payout ratio of nearly 50% due to dividend and buybacks••

Aiming for a dividend payout ratio of approximately 30%.
Furthermore, by flexibly and continuously conducting share buybacks, we will continue toreturn profits to shareholders that exceed dividend payout targets(three share buybacks were conducted in FY2021).
FY2018FY2019FY2020

FY2021Dividend
62(full year) yen/share62
yen/share62
yen/share53
yen/share62
yen/share

Share 530k shares 1mn sharesbuy-back (4bn yen) (2.8bn yen)

790k shares(1.4bn yen)

710k shares(1.4bn yen)

1.38mn shares(4.8bn yen)

Sshareholder return

FY2017

TargetApproximately 30%(payout ratio)

49%

45%

Dividends

43%

19%

14%

8%

30%

31%

35%

Results48%: Share buybacks

37%
8%
29%

21%.

27%

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Table of Contents

1. FY2021 Summary of Consolidated
Financial Results
2. FY2022 Full-Year Forecast
3. Medium-Term Management Plan
(FY2022-FY2024)
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8. FY2022 Consolidated Budget

Aim for increased revenue and profit despite increased cost & uncertainty•

Despite the impact of higher raw material costs and other expenses, we expect anincrease in sales and operating profit due to growth in installed value per vehicle,
progress with production recovery, and strict control of fixed costs.
FY2021 Actual

FY2022 Forecast
Vs. FY2021(JPY)

Net sales

283.7bn

305bn

+7.5%

OP
(OPM)

30.5bn(10.7%)

31.5bn(10.3%)+3.3%(-0.4%pts)

Net income

22.9bn20bn-12.7%

EPS

227.27 yen

200 yen

-12%

ROE

12.3%

10%

-2.3%pts

ROIC

11.8%

13%

+1.2%pts

FX rate

1$ = 109.9 yen
1euro = 129.9 yen

1$ = 115 yen
1euro = 130 yen

1$ = +5.1 yen
1euro = +0.1 yen
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9. FY2022 Forecast (by segment)

Aim to increase revenue and profit (record-high OP) in FY2022•

Aiming for record-high operating profit despite uncertainty over automobile production
volume and risk of various cost increases
FY2021 (Full-Year)FY2022 Forecast

OP
(OPM)

OP
(OPM)

Net sales

31.5bn(10.3%)+7.5%

Net sales(JPY)

Consolidated

283.7bn

Plastics

254.0bnJapan

73.7bnNorth
America

58.5bnEurope35.0bnAsia

86.8bnChina

29.7bnBed

29.7bn30.5bn(10.8%)
30.1bn(11.9%)
11.6bn(15.7%)
1.1bn(1.9%)
2.1bn(6.0%)
15.2bn(17.5%)
4.8bn(16.2%)
5.6bn(20.2%)Net sales
305bn
272bn
80bn
65bn
37bn
90bn
31bn
33bn

31.0bn(11.4%)
11.5bn(14.4%)
3.0bn(4.6%)
2.0bn(5.4%)
14.5bn(16.1%)
4.5bn(14.5%)
6.0bn(18.2%)

YoY

+7.1%
+8.5%
+11.1%
+5.7%
+3.7%
+4.3%
+11.1%

OP
(OPM)
+3.3%
(-0.5%pts)+3.3%(-0.5%pts)-8.6%(-1.3%pts)+172%(+2.7%pts)-4.7%(-0.6%)-4.6%(-1.4%)-6.2%(-1.7%)+7.1%(-2.0%)All Rights Reserved. Copyright © 2018. Nifco

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10. 2022 Forecast (risk response)

Aim to thoroughly respond to supply issues and rising costs••

Aim to thoroughly implement measures, including fixed cost management, to cope withuncertainties in the business environment, such as in automobile production trends, andwith raw material costs.
Will seek to mitigate risks through diverse customer mix (e.g. strong bed business).
Risk factor

Demand• Factory shutdown due to lockdown bycontinuing Covid infections• Prolonged automobile production
adjustment due to supply chain
problems, international politics, etc.

Supply• Responding to increased production
when automobile production recovers• Supply chain risk
(Covid impact on China, pressures on
sea transport, international politics,
etc.)

Cost

• Material cost hike
• Other rising costs(logistics and labor costs, etc.)

Situation / Response• Mitigate risk through diverse
customer mix• Fixed cost management appropriate tocircumstances• Aim to secure production capacity
for when production demand increases• Aim to secure a stable supplier• Promote price optimization
initiatives• Thorough cost reduction and fixed
cost management

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11. Capital investment and depreciation

Allocation of funds with emphasis on cashflow-oriented management•

Capital investment and depreciation will return to normal and free cash flow will increase
FY2021 (Actual)

FY2022（Budget)

Change

CAPEX

8.9bn

13.1bn+4.2bnDepreciation

12.8bn13.0bn+0.2bn

R&D

2.9bn

2.8bn

-0.1bnOperating CF

31.7bn38.4bn+6.7bnInvestment CF-9.4bn-13.1bn-3.7bnFree CF

22.3bn25.3bn+3.0bnFinancial CF-13.5bn-14.7bn-1.2bnCash equivalentbalance109.9bn

119.9bn+10.0bn(JPY)

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12. Shareholder returns

Dividends to remain the same as the previous year•

Net income is expected to decline, but dividend is expected to remain unchanged from theprevious year at 62 yen per share.
FY2018FY2019FY2020

FY2021Dividend
62(full year) yen/share62
yen/share62
yen/share53
yen/share

62
62
yen/share yen/share

Share 530k sharesbuy-back (4bn yen)

1mn shares(2.8bn yen)

790k shares(1.4bn yen)

710k shares(1.4bn yen)

Shareholder return

FY2017

TargetFY2022e

1.38mn shares(4.8bn yen)NA

Approximately 30%(payout ratio)

49%

45%

Dividends

43%

19%

14%

8%

30%

31%

35%

Results48%: Share buybacks

37%
8%
29%

21%.

27…

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Table of Contents

1. FY2021 Summary of Consolidated
Financial Results
2. FY2022 Full-Year Forecast
3. Medium-Term Management Plan
(FY2022-FY2024)
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13. Medium-Term Management Plan

Set annually when there are changes in targets and strategies for the next three years,
taking into account changes in the business environment and other factors
Set goals for 3-year rolling medium-term management plan
Formulated

Applicable
periodRolling
FY2021

FY2021

FY2022

FY2023

FY2021~2023

FY2022~2024

FY2023~2025

FY2022

FY2023

FY2024FY2025

Medium-term target (FY2023)(Sales, Profit, ROE, ROIC, etc.)

Set mid-termtargets
for each FY

Medium-term target (FY2024)(Sales, Profit, ROE, ROIC, etc.)
Set mid-termtargets
for each FY

Medium-term target (FY2025)(Sales, Profit, ROE, ROIC, etc.)

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14. Numerical Targets for FY2024

Target figures that were postponed almost a year due to Covid
FY2023

FY2021

FY2022

Results

Forecast

TargetNet sales

283.7bn

305bn

330bn

+16.3%

310bn

OP

30.5bn31.5bn38bn+24.6%

38bn

OPM

10.8%

10.3%

11.5% +0.7%pts

12.3%

Net income

22.9bn

20bn

ROE

12.3%

ROIC
Operating CF

FY2024

Vs. FY2021 Prev. mid-term target
as reference(JPY)

26.5bn+15.7%

26.5bn10%

13% +0.7%pts

13%

11.8%

13%

15% +3.2％pts

15%(3-year total)

107.4bn

110bn

120bn

Estimated
FX rate

1$ = 109.9 yen
1euro = 129.9 yen

1$ = 115 yen
1euro = 130 yen

1$ = 115 yen
1euro = 130 yen+ 11.7%120bn
1$ = 106 yen
1euro = 122 yen

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15. Medium-Term Management Plan (Assumptions)

Production volume normalizes, but costs remain unsparing

Net sales

Cost

FX rate• Covid-19, supply chain issues, geopolitics, and otherinfluences have subsided and automobile production has
normalized• Raw material prices continue to soar due to high natural resource prices(high crude oil prices), inflation, etc.
• Assumption is that logistics, labor and other costs will continue toincrease on a global basis• Incorporate cost reduction activities that have high feasibility• Estimated at the same level as FY2022(1$ = 115 yen, 1euro = 130 yen)

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16. Medium-Term Management Plan

Maximize corporate value through "ambidextrous management"
Non-automotive segment

Automotive segment

1
Continued
growth2

Expand sales

Strengthen
profitability

Promote Simmonsbusiness growth3
Explore new growth areas

Sustainable
management
system4

Strengthen
management baseNifco’s
Job-type
HR system

Promote DX

Sustainability
management

5

Strengthen
governance

Enhancefunctions of theBoard ofDirectors

Officer's
remuneration
reformRegional
management

6

Cashflow/
ROIC management

Maximize
operating cash flow

Focusedinvestment
plan

Strengthen
ROIC
management

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17. Medium-Term Management Plan

1 Seek to maximize the installed value per vehicle
1

Horizontal development of strong productlines across the Group• Cross-development beyond product and businessorganizations

2

New product development focused on a theme• Development of new products consistent withmanagement and business strategies• Timely introduction of new products to the market

Japanese
OEM

Product: Camera bracket

Preventive
Product: Door Corner Seal

GermanOEM

Fasteners,
platform-related,
cupholders,
ADAS-related,othersComfortSound insulation

SafetyKoreanOEM

Environment
Product: Pressure relief valve

For EV battery packs

As shown above, efficiently pursue new needs and develop new markets throughconcentrating management resources to aim for
growth beyond automobile production increase
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18. Medium-Term Management Plan

2 Thorough cost reduction and fixed cost control within individual processes
1

Cost reduction of
newly launched
products

2

Thorough cost
improvement ofexisting massproduced products• Strengthen capacity
for production
process design• Establish optimal
production and logistics
system by product line

• Adopt an optimal
production process• Standardization of cost
improvement andhorizontal development
through sharing

3

4
Appropriate quality
controlThorough control of
fixed cost

• Improve the quality of
newly launched
products• Establish appropriatequality standards foreach product group• Control fixed costs
through operational
efficiency• Manage with agood awareness ofthe balance sheet

Improve profitability:
Always aim for a stable operating profit margin of 10% or more
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19. Medium-Term Management Plan

3 Develop businesses for future growth in both the automotive and new fields

3

Promote growth of Simmons business

3 Establish unit dedicated to new businesses• Restructure domestic sales channels andstrengthen sales (Cultivate new customers andexpand online sales, etc.)

Automotive segment:• Establish an independent unit dedicated to new
businesses (Business Creation Office)• Accelerate growth in China and Southeast Asianmarkets (Consideration to aggressive store
development, new production plant, etc.)

New segment:• Set up ITC business (joint development with NTT
East and others)• Utilize various methods such as alliances, M&A,
CVC, etc.

• Develop new markets with SleepTech

Sales and profit results from these activities are not included in the mid-term targets

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20. Medium-Term Management Plan

4 Maintain sustainable growth by strengthening the management base1

2

Nifco’s job-type
HR system• Job-type structure of
Directors and Executive
Officers• Promoting managerial
level job-type structure3

Business improvement
by promoting DX• DX for planning andcontrolling production• DX of indirect operations(Improvement ofoperational efficiency)

Sustainability
Management• ESG management• Respond to TCFD
• Integrated report• Circular business(Mattress recycling)

Aiming to develop human resources
by improving operational efficiency and working styles

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21. Medium-Term Management Plan

5 Build a governance system that contributes to maximizing corporate value
1

Strengthen functions of theBoard of Directors

2

Reform executive
compensation system• Transition to company with
Audit and Supervisory
Committee• Single year evaluation items- Net Sales- Operating profit• Constitute the majority of theBoard with outside Directors• Medium-term evaluation items- Operating cash flow
- ROIC- Total Shareholders Return(TSR)• Promote diversity(gender, nationality)• Improving Board effectiveness• Speed up management
decision by delegating
operational authority

Enhancement of corporate value
from the shareholder's
perspective

3

Strengthen regional
management• Strengthen hybrid-typemanagement where local andeach headquarter management
collaborate• Introduce regional management
functions in phases(consideration for a European
regional managementcompany)

Optimization of and swift
management decision- making
by region

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22. Medium-Term Management Plan

5 Develop and implement regional strategy optimal for both the group and region

Optimal Regional Strategy

Sales by Region(100mn yen)

• Enhance profitabilityNorththrough productivity andAmericaquality improvement

EuropeRegionChina• Further improve profitabilityof subsidiaries in Germany• Strength regional
management function• Establish the basenetwork with clear
functions

ASEAN
India

• Increase production• Maintain high profitability

Japan• New products anddevelopment technologies• Establish process methods
and production technology• Explore new businesses

3,300
2,837
1000
Japan,
896

+11%.
680

North
America585+16%.

Europe
350

+11%.

China
389

+13%.

Other
617

+28%

FY2021

390
440

790

FY2024e

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23. Medium-Term Management Plan

6 Management focused on cashflow and efficiency(100mn yen)

FY2019-2021
Cumulative Results

FY2022-2024
Cumulative Budget

Pretaxprofit873

1,000

Depreciation

427

400

Operating CF

1,074

1,200

Capitalinvestment

479

420

Investment
CF

-436

-750

Free CF638

450

Dividend

184

216

Cash equivalentbalance

1,099

911

300

250

200

150

100

50

0

'03 '05 '07 '09 '11 '13 '15 '17 '19 '21 '23e

Capex
設備投資

Depreciation
減価償却
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24. Medium-Term Management Plan

6 Balanced distribution and investment in growth
Strengthen ROIC
management(Improve capital efficiency)

Optimize fixed cost
(Improve break-evenpoint and B/S)

Focusedinvestment plan
(Joint development withother companies)

Improve profitability(Improve OPM)

Maximize operating cash flow

Improve management
structure• IT, digital investment• Investment in humanresources• ESG investment

Investment for further
growth• Explore new businesses• M&A• Alliances with othercompanies

Shareholder return• Approx. 30% dividend payout
ratio• Continuous and flexible
share buy-back

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End

Forward-looking statements or projections included in this document, including
earnings projections, are based on currently available information and certain
premises that are judged to be rational at the time of this writing. Actual results may
differ greatly from the forecast figures depending on various factors.
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