May 12, 2023
Summary of Consolidated Financial and Business Results for the Year Ended March 2023(Japanese GAAP)
Company Name: | Oji Holdings Corporation | (Code No. 3861 Tokyo Stock Exchange) | ||
URL: | https://www.ojiholdings.co.jp/ | |||
Representative: | Hiroyuki Isono, President & Chief Executive Officer | |||
Contact: | Tadashi Oshima, Corporate Officer | |||
Telephone: | 03-3563-1111 | +81-3-3563-1111(overseas) | ||
General meeting of stockholders to be held: | June 29, 2023 | Start of dividend payout: | June 7, 2023 | |
Statutory annual report to be presented: | June 29, 2023 |
(All yen figures are rounded down to the nearest one million yen)
1. Results for the Year Ended March 31, 2023 (April 1, 2022 - March 31, 2023)
(Unaudited)
(1) Consolidated Business Results
(Figures shown in percentage are ratios compared to the same period of the previous year)
Net sales | Operating income | Ordinary income | Profit attributable to | ||||||||
owners of parent | |||||||||||
Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | ||||
FY2022 | 1,706,641 | 16.1 | 84,818 | (29.4) | 95,008 | (29.7) | 56,483 | (35.5) | |||
FY2021 | 1,470,161 | 8.2 | 120,119 | 41.7 | 135,100 | 62.7 | 87,509 | 76.3 |
Note: Comprehensive incomeFY2022117,148 million yen FY2021135,388 million yen
Profit per share | Diluted profit per share | Ratio of profit to | Ratio of ordinary | Ratio of operating | |||||||||||||||||||
shareholders' equity | income to total assets | income to net sales | |||||||||||||||||||||
Yen | Yen | % | % | % | |||||||||||||||||||
FY2022 | 57.00 | 56.97 | 6.3 | 4.4 | 5.0 | ||||||||||||||||||
FY2021 | 88.35 | 88.30 | 10.9 | 6.7 | 8.2 | ||||||||||||||||||
Note: Equity in earning of affiliates | FY2022 | 2,924 million yen | FY2021 | 2,679 million yen | |||||||||||||||||||
(2) Consolidated Financial Condition | |||||||||||||||||||||||
Total assets | Net assets | Shareholders' | Net assets per share | ||||||||||||||||||||
equity ratio | |||||||||||||||||||||||
Millions of yen | Millions of yen | % | Yen | ||||||||||||||||||||
FY2022 | 2,296,018 | 964,564 | 40.8 | 945.27 | |||||||||||||||||||
FY2021 | 2,053,752 | 875,470 | 41.4 | 859.29 | |||||||||||||||||||
Note: Shareholders' equity | FY2022 | 936,949 million yen | FY2021 | 851,232 million yen | |||||||||||||||||||
(3) Consolidated Cash Flows | |||||||||||||||||||||||
Cash flows from | Cash flows from | Cash flows from | Cash and cash equivalents | ||||||||||||||||||||
operating activities | investing activities | financing activities | at the end of period | ||||||||||||||||||||
Millions of yen | Millions of yen | Millions of yen | Millions of yen | ||||||||||||||||||||
FY2022 | 18,262 | (123,274) | 101,787 | 56,837 | |||||||||||||||||||
FY2021 | 143,587 | (92,567) | (136,002) | 55,474 | |||||||||||||||||||
2. Dividend Conditions | |||||||||||||||||||||||
Dividend per share | Total dividend | Dividend | Dividend | ||||||||||||||||||||
payout ratio | on net assets | ||||||||||||||||||||||
End of 1Q | End of 2Q | End of 3Q | End of FY | Annual | (Annual) | (Consolidated) | (Consolidated) | ||||||||||||||||
Yen | Yen | Yen | Yen | Yen | Millions of yen | % | % | ||||||||||||||||
FY2021 | - | 7.00 | - | 7.00 | 14.00 | 13,890 | 15.9 | 1.7 | |||||||||||||||
FY2022 | - | 8.00 | - | 8.00 | 16.00 | 15,881 | 28.1 | 1.8 | |||||||||||||||
FY2023(Forecast) | - | 8.00 | - | 8.00 | 16.00 | 24.4 |
3. Consolidated Forecasts for the Year Ending March 2024 (April 1, 2023-March 31, 2024)
(Figures shown in percentage for the full year are ratios compared to the previous year, Figures shown in percentage for the first half are ratios compared to the same period of the previous year)
Net sales | Operating income | Ordinary income | Profit attributable to | Net income per share | |||||||
owners of parent | |||||||||||
Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | Yen | |||
First half | 860,000 | 2.7 | 45,000 | 11.4 | 43,000 | (28.6) | 28,000 | (26.2) | 28.25 | ||
Full year | 1,800,000 | 5.5 | 100,000 | 17.9 | 100,000 | 5.3 | 65,000 | 15.1 | 65.58 |
4. Notes
- Changes in important subsidiaries
(changes regarding specified subsidiaries accompanying changes in the scope of consolidation) : None
(2) Changes in accounting methods compared with recent consolidated accounting periods
(i) | Changes due to accounting standard changes : | Yes |
(ii) | Changes besides (i) : | None |
(iii) | Accounting estimate change : | None |
(iv) | Restatement : | None |
(Note)Please refer to "Consolidated Quarterly Financial Statements and Notes (Changes in accounting policies)" on page 11 of the attached document for more details.
(3) Outstanding balance of issued shares (common stock)
- Outstanding balance of issued shares at the end of fiscal year (including treasury shares)
FY2022 | 1,014,381,817 | FY2021 | 1,014,381,817 |
(ii) Outstanding balance of treasury shares at the end of fiscal year | |||
FY2022 | 23,179,622 | FY2021 | 23,764,570 |
(iii) Weighted average number of shares during fiscal year | |||
FY2022 | 990,976,801 | FY2021 | 990,497,836 |
(Reference)
1. Results for the Year Ended March 31, 2023 (April 1, 2022 - March 31, 2023)
- Non-consolidatedBusiness Results
(Figures shown in percentage are ratios compared to the previous year)
Net sales | Operating profit | Ordinary profit | Profit | |||||||
Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | |||
FY2022 | 47,392 | 17.5 | 30,359 | 23.3 | 28,703 | 11.4 | 25,102 | 5.0 | ||
FY2021 | 40,335 | (24.0) | 24,618 | (31.5) | 25,759 | (24.8) | 23,899 | (31.9) | ||
Profit per share | Diluted profit per share | |||||||||
Yen | Yen | |||||||||
FY2022 | 25.33 | 25.31 | ||||||||
FY2021 | 24.12 | 24.11 | ||||||||
(2) Non-consolidated Financial Condition | ||||||||||
Net sales | Operating profit | Ordinary profit | Profit | |||||||
Millions of yen | Millions of yen | Millions of yen | Millions of yen | |||||||
FY2022 | 1,209,188 | 422,133 | 34.9 | 425.65 | ||||||
FY2021 | 1,098,746 | 401,274 | 36.5 | 404.83 | ||||||
Note: Shareholders' | equity | FY2022 | 421,998 million yen | FY2021 | 401,117 million yen |
NOTICE
- This document is out of the scope of the audit procedures required by Financial Instruments and Exchange Act, and audit procedures for consolidated financial statement have not been finished as of the date of publication.
- Forecasts released are based on expectations of future economic conditions as of the date of publication. The actual results may differ drastically from these forecasts due to various factors that may arise in the future.
- This document is an excerpt translation of the Japanese original and is only for reference purposes. In the event of any discrepancy between this translation and the Japanese original, the latter shall prevail.
1. Qualitative Information Concerning Business Performance and Financial Situation
- Qualitative Information Concerning Business Performance Business Performance for FY2022
Net Sales | Operating Profit | Ordinary Profit | Profit Attributable to | Profit Per Share | |
Owners of Parent | |||||
Billions of yen | Billions of yen | Billions of yen | Billions of yen | Yen | |
FY2022 | 1,706.6 | 84.8 | 95.0 | 56.5 | 57.00 |
FY2021 | 1,470.2 | 120.1 | 135.1 | 87.5 | 88.35 |
Increase (Decrease) | 236.5 | (35.3) | (40.1) | (31.0) | |
Increase (Decrease) % | 16.1% | (29.4%) | (29.7%) | (35.5%) |
The Oji Group has set the basic policy of "Growth to Evolution" as the Long-term Vision for 2030, and is promoting "Initiatives for Environmental Issues -Sustainability-", "Initiatives for Profitability Improvement -Profitability-" and "Initiatives for Product Development -GreenInnovation-". As the milestones of the Long-term vision, we have set FY2022-2024Medium-term Management Plan, which aims to achieve the consolidated operating profit of ¥150.0 billion or more by FY2024 and stably maintain consolidated profit attributable to owners of parent of ¥100.0 billion or more.
Specifically, we will continue our efforts on environmental issues by promoting greenhouse gas reduction and expanding net CO2 absorption by forests, as countermeasures against climate change. At the same time, we will enhance the value of our business by deepening the existing businesses through the establishment of an optimal production system, and expanding the highly-expected businesses including overseas packaging business and eco-friendly products. Furthermore, we will develop and quickly commercialize new wood-derived products and materials such as eco-friendly materials and products, based on a range of core technologies we have cultivated through paper manufacturing and forestation. We will continue to contribute to society as a company that "grows and manages the sustainable forest, develops and delivers the products from renewable forest and brings this world a brighter future filled with hope".
Consolidated net sales for FY2022 increased by ¥236.5 billion to ¥1,706.6 billion (year-on-year increase of 16.1%) due to a recovery in demand, resulting from the resumption of economic activities that had been stagnant due to the spread of COVID- 19, a rise in the pulp market, and the implementation of price revision in response to the impact of the recent sharp rise in raw material and fuel prices. Overseas sales ratio increased by 4.1 points from the previous year to 37.6%.
Consolidated operating profit decreased by ¥35.3 billion to ¥84.8 billion (year-on-year decrease of 29.4%) due to the significant impact of higher raw material and fuel prices despite the price revision mentioned above and an increase in sales volume. Ordinary profit decreased by ¥40.1 billion to ¥95.0 billion (year-on-year decrease of 29.7%) due in part to the decrease in foreign exchange gains from revaluation of foreign currency-denominated receivables and payables. Profit before taxes decreased by ¥44.6 billion to ¥84.6 billion (year-on-year decrease of 34.5%), and profit attributable to owners of parent decreased by ¥31.0 billion to ¥56.5 billion (year-on-year decrease of 35.5%) .
1 / 11
Overview of Business Performance for FY2022 by Segment | ||||||||||
(I) Business Performance by Segment | (Unit: Billions of yen) | |||||||||
Net Sales | Operating Profit(Loss) | |||||||||
FY2021 | FY2022 | Increase | FY2021 | FY2022 | Increase | |||||
(Decrease) | (Decrease) | |||||||||
Reporting | Household & | 698.8 | 780.5 | 11.7% | 26.2 | (1.2) | - | |||
Segment | Industrial Materials | |||||||||
Functional Materials | 184.7 | 219.9 | 19.0% | 15.3 | 15.5 | 1.5% | ||||
Forest Resources & | 320.6 | 423.8 | 32.2% | 55.2 | 68.5 | 24.1% | ||||
Environment Marketing | ||||||||||
Printing & | 244.5 | 281.0 | 14.9% | 17.8 | (4.8) | - | ||||
Communications Media | ||||||||||
Total | 1,448.7 | 1,705.2 | 17.7% | 114.5 | 78.0 | (31.9%) | ||||
Others | 291.1 | 318.1 | 9.3% | 7.2 | 8.4 | 18.0% | ||||
Total | 1,739.8 | 2,023.3 | 16.3% | 121.7 | 86.5 | (28.9%) | ||||
Adjustment (*) | (269.6) | (316.7) | (1.6) | (1.6) | ||||||
Consolidated total | 1,470.2 | 1,706.6 | 16.1% | 120.1 | 84.8 | (29.4%) | ||||
*Adjustment is mainly those concerning internal transactions.
(II) Overview of Business Performance by Segment
The Oji Group's four reporting segments are: "Household and Industrial Materials", "Functional Materials", "Forest Resources and Environment Marketing", and "Printing and Communications Media". Each of the reporting segment consists of those that are recognized to be similar in terms of economic characteristics, manufacturing methods or processes of products, markets in which products are sold, and types of customers, among the constituent units of the Oji Group.
Business segments that are not included in the reporting segments are classified as "Others".
From the first half of FY2022, some businesses that had been classified under "Household and Industrial Materials" and "Others" have been reclassified under "Forest Resources and Environment Marketing". Year-on-year comparisons are made with figures for the previous year after reclassification into the new segment classifications.
Major business lineup for the segments are as follows.
- Household and Industrial Materials:
Containerboard/corrugated containers, boxboard/folding cartons, packing paper/paper bags, household paper, disposable diapers, etc.
- Functional Materials:
Specialty paper, thermal paper, adhesive materials, film, etc.
- Forest Resources and Environment Marketing:
Pulp, energy, forest plantation/lumber processing, etc.
- Printing and Communications Media:
Newsprint, printing/publication/communication paper, etc.
- Others:
Trading business, logistics, engineering, Real estate etc.
2 / 11
○Household and Industrial Materials
In FY2022, net sales amounted to ¥780.5 billion (year-on-year increase of 11.7%), and operating loss was ¥1.2 billion (year- on-year decrease of ¥27.4 billion).
Regarding domestic business, sales amount increased from the previous year due to ongoing price revision for containerboard, corrugated containers, boxboard and household paper. As for disposable diapers, sales amount almost remained unchanged from the previous year.
Regarding overseas business, sales amount increased from the previous year due to increased sales volume and the penetration of price increases of containerboard and corrugated containers mainly in Southeast Asia and India, in addition to the start of operation of a new containerboard machine in Malaysia in October 2021.
○Functional Materials
In FY2022, net sales amounted to ¥219.9 billion (year-on-year increase of 19.0%), and operating profit was ¥15.5 billion (year-on-year increase of 1.5%).
Regarding domestic business, sales volume of specialty paper decreased from the previous year, but sales amount increased due to price revision. Sales amount of thermal paper increased from the previous year due to a recovery trend in demand, which had declined due to the spread of COVID-19, in addition to price revision.
Regarding overseas business, sales amount of thermal paper increased from the previous year due to the recovery trend in demand similarly in the domestic market, as well as price revision and the completion of enhancement and expansion work in Brazil, which started operation in January 2022.
○Forest Resources and Environment Marketing
In FY2022, net sales amounted to ¥423.8 billion (year-on-year increase of 32.2%), and operating profit was ¥68.5 billion (year-on-year increase of 24.1%).
Regarding domestic business, sales amount of pulp business increased from the previous year due to a rise in the pulp market. Sales amount of energy business increased from the previous year due to the start of operation of a new biomass power plant in Tokushima Prefecture in December 2022.
Regarding overseas business, sales amount of pulp business increased from the previous year due to a rise in the pulp market in addition to the strong sales.
○Printing and Communications Media
In FY2022, net sales amounted to ¥281.0 billion (year-on-year increase of 14.9%), and operating loss was ¥4.8 billion (year- on-year decrease of ¥22.6 billion).
Regarding domestic business, sales amount of newsprint almost remained unchanged from the previous year due to price revision, although its demand continued to decline. Sales amount of printing paper increased from the previous year due to higher demand for domestic products resulting from a decline in imported paper, in addition to price revision.
Regarding overseas business, sales amount increased from the previous year at Jiangsu Oji Paper Co., Ltd..
3 / 11
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Oji Holdings Corporation published this content on 12 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 May 2023 04:21:10 UTC.