UACJ : Results Briefings for Fiscal 2023

Results Briefing for Fiscal 2023 (FY2023*)

*Throughout this document, FY2023 refers to the fiscal year ended March 31, 2024.

May 13, 2024

UACJ Corporation

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Key Points of Today's Announcements

FY2023: Business profit*1 increased ¥22.1 billion

FY2024: We plan increases in revenue and profits based on higher sales volume and the continuation of manufacturing cost-reductioninitiatives

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• FY2023 Business profit: ¥43.4 billion (YoY: +¥22.1 billion)
• Japan: Full year of contribution from surcharge system introduced to reflect soaring energy/

additive metal prices in product prices. Improvements to business structure due to structural reforms, etc. allowed us to not only secure profits but to increase them in a difficult environment

 Overseas: TAA*2	Expanded earnings through increase in margins and decline in costs
	affected by based market conditions
UWH*3	Increase in profit driven by recovery in order volumes and thorough cost-
	cutting initiatives

2

．

• FY2024 Full-year forecast - Business profit: ¥43.5 billion
• We expect to achieve growth in sales volume by making sure we capture demand driven by such factors as continued high levels of auto production in Japan, and a gradual recovery in semiconductor market conditions. We will incorporate impact of stabilization in market prices of energy/additive metals.
• Targeting a dividend of 30% or more of net income, annual dividend scheduled to increase by 10 yen to 100 yen

	*1	Business profit: The end result of : sustainable business activities. Obtained by deducting from operating profit the impact of metal price lag,
		and other material profit or loss items that are temporary or extraordinary in nature	1
	*2	TAA: Tri-Arrows Aluminum Inc. *3 UWH: UACJ Automotive Whitehall Industries, Inc.
© UACJ Corporation. All rights reserved.

Contents

1. Results for FY2023

2. Sustainability Initiatives

3. Forecast for FY2024

4. Reference Data

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© UACJ Corporation. All rights reserved.

1. Results for FY2023

© UACJ Corporation. All rights reserved.

1. Results for FY2023

Overview of Results for FY2023

Business profit: ¥43.4 billion (YoY: +¥22.1 billion)

Operating profit: ¥31.4 billion (YoY: +¥20.1 billion)

Sales volume: 1,195,000 tons (-98,000 tons YoY )

• Can stock: Affected by 1H decrease in sales volume, despite normalization of global can

•	stock inventory levels in the supply chain as a whole

• Automotive-related(panel materials, heat exchangers, battery foil, structural components, etc.): Continued steady sales improvement following recovery in production
• Thick plates: Continuing impact from inventory correction in thick plates used in semiconductor production equipment

Business profit: ¥43.4 billion (YoY: +¥22.1 billion) Positive factors

• Improved profitability for domestic businesses
• TAA recorded increase of profits

(profitability rising due to effects of price revisions, manufacturing cost improvement measures)

• UWH improved profitability (recovery in order volumes and thorough cost-cutting initiatives)

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© UACJ Corporation. All rights reserved.

1. Results for FY2023

Results for FY2023

				(Billions of yen)
		FY2022*1	FY2023	Change
	(Billions of yen)	(A)	(B)	(B)－(A)
	Revenue	955.7	892.8	(62.9)
	Business profit	21.3	43.4	22.1
	Metal price lag, etc.	(10.0)	(12.0)	(2.0)
	Operating profit	11.3	31.4	20.1
	Profit (loss) attributable to owners of parent	(1.3)	13.9	15.2
	Net profit (loss) per share (yen/share)	(27)	287	314
	(Reference)	5.7	22.1	16.4
	Profit (loss) attributable to owners of parent
	based on business profit
	(Reference)	119	458	339
	Net profit (loss) per share
	based on business profit (yen/share)
	Adjusted EBITDA*2	56.1	79.8	23.7
	* 1 Accounting periods of some group companies, including UATH, have been changed from December to March year-end to coincide with the adoption of
	International Financial Reporting Standards (IFRS).			5
© UACJ Corporation. All rights reserved. *2 Adjusted EBITDA: EBITDA － Metal price lag

1. Results for FY2023

Sales Volume, Flat-rolled Products

			(Thousands of tons)
	FY2022*1	FY2023	Change
	(A)	(B)	(B)－(A)
Can stock*2	834	791	(43)
Foil	46	45	(1)
IT	9	8	(1)
Automotive materials	125	142	17
Thick plates	52	34	(18)
Other general-purpose	228	175	(53)
materials
	1,293	1,195	(98)
Total	For Japanese market 475	For Japanese market 475	For Japanese market 0
	For overseas market 818	For overseas market 720	For overseas market (98)

*1	Actual figures have been restated following change in the accounting period.
*2	Sales volume after eliminating internal transactions	6

© UACJ Corporation. All rights reserved.

1. Results for FY2023

Analysis of Business Profit (FY2022 → FY2023)

Business profit: ¥21.3 billion (FY2022) → ¥43.4 billion (FY2023)

(Metal price lag: ¥(10.0) billion (FY2022) → ¥(12.0) billion (FY2023) YoY: ¥(2.0) billion)

Business profit

(2.6)+22.1

(Billions of yen)

							+1.3	+8.8
					+2.2	+4.2
			+0.1	+8.1
	Business
	profit		UATH	TAA	UWH	Differencesrelatedto	Utilizationdifferences	Impactofenergyand additivemetalprices
11.3	21.3	21.3
		*
	(10.0)	FY2022
	business profit
	Metal
	price lag
Operating	Breakdown
profit
					sales
FY2022 Results

Business

profit

43.443.4

	31.4
Other

FY2023(12.0)

business profitMetal price lag

Breakdown Operating profit

FY2023 Results

© UACJ Corporation. All rights reserved. *UATH: UACJ (Thailand) Co., Ltd,.

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1. Results for FY2023

Analysis of Business Profit (Forecast at Feb. 2024 → FY2023 Results)

Business profit : ¥40.0 billion (as of Feb. 2024) → ¥43.4 billion (FY2023)

(Metal price lag: ¥(13.0) billion (as of Feb 2024) → ¥(12.0) billion (FY2023) YoY: + ¥ 1.0 billion from the previous forecast)

+0.8

Business

profit

40.0	40.0	UATH

27.0

	Metal	FY2023
	price lag
	business profit
	(13.0)
	Forecast as of February
Operating	Breakdown
profit

FY2023 Forecast

as of February

+2.9

(0.1)

(0.1)

(0.2)

+0.6

TAA	UWH		Differences related to sales		Utilization differences		Impact of energy and additive metal prices

Respond to temporary

increasing demand

		Business profit (Billions of yen)
(0.5)		+3.4
		Business
		profit
Other	43.4	43.4

31.4

FY2023	Metal
price lag
Business profit	(12.0)
Results
	Breakdown Operating
	profit
	FY2023 Results

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© UACJ Corporation. All rights reserved.

1. Results for FY2023

Consolidated Balance Sheet

Promoting reductions in inventory ahead of the fiscal year-end

Consolidated Balance Sheet

	March 31, 2023	March 31, 2024	Change
(Billions of yen)	(A)	(B)	(B)－(A)
Cash and cash equivalents	23.4	40.2	16.8
Trade and other receivables	159.0	179.7	20.7
Inventories	228.7	187.9	(40.8)
Other current assets	26.6	23.4	(3.2)
Property, plant and equipment	365.7	385.2	19.5
Other non-current assets	92.4	98.0	5.7
Total assets	895.7	914.4	18.7
Trade and other payables	139.4	141.7	2.3
Borrowings	340.4	310.9	(29.5)
Other	147.9	159.8	11.9
Total equity attributable to owners of parent	246.5	277.0	30.5
Non-controlling interests	21.5	25.0	3.5
Total liabilities and equity	895.7	914.4	18.7

Application of Funds Statement (Billions of yen)

	Application of funds	Sources of funds
	Capital expenditures	36.2	Profit (loss) before tax	22.0
Long-term	Payment of income taxes,	1.8	Depreciation and	36.4
etc.	amortization
funds
	Surplus of long-term funds	20.4
			Change in working capital	38.3
Short-term
funds	Surplus of short-term	38.3
	funds

Surplus of long-term funds ¥20.4 billion

Surplus of short-term funds ¥38.3 billion

Free cash flow

¥58.7 billion

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