YOROZU CORPORATION FY2022 First Half Financial Results
Tsutomu Hiranaka, President & COO
Yorozu Corporation
This is an internal English translation of the YOROZU FY2022 First Half Financial Report issued in the Japanese language and is provided solely for the convenience of English speaking readers. In case of discrepancy the Japanese version prevails.
Tokyo Stock Exchange Prime Market (Securities Code: 7294)
© YOROZU CORPORATION. 2022 All Rights Reserved. | 1 |
Contents
-
FY2022 Second Quarter Financial Summary Ⅱ. FY2022 First Half Results
Ⅲ. FY2022 Annual Forecast
- Progress of FY2022 Approaches Ⅴ. Shareholder Return
© YOROZU CORPORATION. 2022 All Rights Reserved. | 2 |
1
FY2022 Second Quarter Financial Summary
1H Results
[Year-on-year] Increase in both sales and profits
Sales ＋19.8％ Operating income ＋95.7%
FY2022 Outlook
[Year-on-year] Increase in sales and decrease in profitsSales +30.4％ Operating income -14.1%
[Difference from latest forecast] Revised downward
Sales +10.7% Operating income -52.0%
Investment set in YSP2023 is made as planned
Shareholder Return
Interim dividend (actual): 7 yen（increased by 1 yen year-on-year）
Final dividend (forecast): 7 yen
[Interim] +1 yen (YoY) | -9 yen（difference from forecast） | |
[Final] | ー (YoY) | -10 yen（difference from forecast） |
© YOROZU CORPORATION. 2022 All Rights Reserved. | 3 |
Contents
Ⅰ . FY2022 Second Quarter Financial Summary
Ⅱ. FY2022 First Half Results
Ⅲ. FY2022 Annual Forecast
Ⅳ. Progress of FY2022 Approaches
Ⅴ. Shareholder Return
© YOROZU CORPORATION. 2022 All Rights Reserved. | 4 |
2
Consolidated Financial Summary for 1H FY2022 (Year-on-Year)
Latest | Against | |||||
Million yen | 1H FY21 | 1H FY22 | Year-on-Year | Forecast for | Latest | |
1H FY2022*2 | Forecast | |||||
Sales | 60,049 | 71,966 | +19.8% | 71,200 | +1.1% | |
Operating Income | 277 | 542 | +95.7% | 600 | -9.7% | |
Ordinary Income | 307 | 779 | +153.3% | 560 | +39.1% | |
Net Income *1 | -129 | 314 | ー | 380 | -17.4% | |
*1 Net income attributable to parent company shareholders | *2 Estimated figures as of August 4, 2022 | |||||
1H FY2021 | 1H FY2022 | Difference | % of | |||
A | B | B-A | Change | |||
Net Income per Share | -5.41 yen | 13.07 yen | +18.48 yen | ー | ||
Exchange Rate Applied to | 107.82 yen/$ | 123.20 yen/$ | +15.38 yen/$ | +14.3% | ||
Consolidated Statements |
- Sales: Increased as steel prices rose and exchange rate fluctuated with weak yen
- Operating income: Increased by yosedome production and slimmed fixed costs
- Ordinary income: Resulted in further surplus due to exchange rate fluctuations
- Net income: Shifted to surplus from the net loss in the previous term
© YOROZU CORPORATION. 2022 All Rights Reserved. | 5 |
Consolidated Sales by Customer (1H FY21 vs. 1H FY22)
Million yen | Million yen | |||||||
80,000 | Customer | FY2021 | (%) | FY2022 | (%) | |||
71,966 | ||||||||
Nissan Gr* | 37,065 | 61.7% | 43,766 | 60.8% | ||||
70,000 | ||||||||
Honda Gr | 9,832 | 16.4% | 11,462 | 15.9% | ||||
60,049 | +1,455 | |||||||
60,000 | Toyota | （+35.9％） Toyota Gr | 4,049 | 6.7% | 5,504 | 7.6% | ||
+1,630 | 2,603 | 4.3% | 3,547 | 4.9% | ||||
Honda | （+16.6％） Isuzu | |||||||
50,000 | Toyota | Mazda | 1,436 | 2.4% | 1,608 | 2.2% | ||
+6,701 | 1,379 | 2.3% | 1,323 | 1.8% | ||||
40,000 | Honda | （+18.1％） Kubota | ||||||
Mercedes Benz | 949 | 1.6% | 1,131 | 1.6% | ||||
30,000 | Suzuki | 676 | 1.1% | 1,070 | 1.5% | |||
Nissan | VW | 825 | 1.4% | 1,039 | 1.4% | |||
Nissan | Others | 1,235 | 2.1% | 1,516 | 2.3% | |||
20,000 | ||||||||
Total | 60,049 | 100.0% | 71,966 | 100.0% |
10,000 | * Includes sales to Renault and Mitsubishi |
- Sales increased with most of customers YoY.
0 | The composition ratio of Nissan fell down as the | |||
(Actual) 1H FY2021 | 1H FY2022 | sales to Toyota and others expanded. | 6 | |
© YOROZU CORPORATION. 2022 All Rights Reserved. |
3
Analysis of Impact on Consolidated Operating Income
Million yen | (1H FY21 vs. 1H FY22) | ||||||||||||||
2,500 | |||||||||||||||
Decrease | |||||||||||||||
in | |||||||||||||||
2,000 | volume | ||||||||||||||
Exchange | |||||||||||||||
100 | 235 | rate | Market | ||||||||||||
269 | Consolidation | effect | |||||||||||||
adjustment | impact, | ||||||||||||||
1,500 | 110 | etc. | |||||||||||||
Depreciation | 347 | Decrease in new | |||||||||||||
vehicle volume (effect | |||||||||||||||
on sales composition) | |||||||||||||||
1,000 | |||||||||||||||
1,251 | 656 | Die & | |||||||||||||
equipment | |||||||||||||||
500 | 7 | ||||||||||||||
542 | |||||||||||||||
277 | Cost-saving | ||||||||||||||
efforts | |||||||||||||||
0 | |||||||||||||||
1H FY2021 | 1H FY2022 | ||||||||||||||
Actual | Operating Income (+265） | Actual |
Despite a global price hike and decrease in new vehicle volume in China, | |||
profit has grown in 1H of FY2022 after consistent efforts on reducing | |||
depreciation and other fixed costs and cost effective measures | |||
© YOROZU CORPORATION. 2022 All Rights Reserved. | 7 |
Sales and Operating Income by Region (Before Consolidation Adjustment, 1H FY21 vs. 1H FY22)
◆Sales | Japan | Americas | Asia | ||||||||||||||||||||||||||||||
Difference/ | |||||||||||||||||||||||||||||||||
+5,345 | +3,369 | +4,023 | |||||||||||||||||||||||||||||||
Million yen | % of Change | ||||||||||||||||||||||||||||||||
40,000 | +32.6％ | +14.2％ | +17.9％ | ||||||||||||||||||||||||||||||
21,741 | 23,666 | 27,035 | 22,522 | 26,545 | |||||||||||||||||||||||||||||
20,000 | 16,396 | ||||||||||||||||||||||||||||||||
0 | |||||||||||||||||||||||||||||||||
FY21 | FY22 | FY21 | FY22 | FY21 | FY22 | ||||||||||||||||||||||||||||
◆Operating Income | |||||||||||||||||||||||||||||||||
Million yen | +1,098 | +117 | -867 | ||||||||||||||||||||||||||||||
--％ | --％ | --％ | |||||||||||||||||||||||||||||||
2,000 | |||||||||||||||||||||||||||||||||
977 | |||||||||||||||||||||||||||||||||
1,000 | 730 | ||||||||||||||||||||||||||||||||
0 | |||||||||||||||||||||||||||||||||
-121 | -137 | ||||||||||||||||||||||||||||||||
-429 | |||||||||||||||||||||||||||||||||
-1,000 | -546 | ||||||||||||||||||||||||||||||||
FY21 | FY22 | FY21 | FY22 | FY21 | FY22 | ||||||||||||||||||||||||||||
- Japan: A rise in part & die sales and royalty fees brought increase in both sales and profits.
- Americas: Exchange rates helped overcome output falls and raised sales. Operating loss shrunk thanks to cost-saving efforts.
- Asia: Market recovery and weak yen pushed up sales but cost savers failed to absorb decrease in new vehicle volume and profit dropped.
© YOROZU CORPORATION. 2022 All Rights Reserved. | 8 |
4
Financial Standing for the First Half of FY2022
(Million yen) | Mar. 31, 2022 A | Sep. 30, 2022 B | Difference (B-A) | ||||||
Net Worth | 57,039 | 63,119 | +6,080 | +10.7% | |||||
Equity Ratio | 42.6% | 43.1% | -- | -- | |||||
D/E Ratio | |||||||||
Interest-bearing Debt | 0.60 | 34,259 | 0.52 | 32,823 | -1,436 | -4.2% | |||
NET D/E Ratio | 0.09 | 5,392 | 0.03 | 1,767 | -3,625 | -67.2% | |||
Net Interest-bearing Debt | |||||||||
Total Assets | 133,992 | 146,443 | +12,451 | +9.3% | |||||
(Million yen) | 1H FY2021 A | 1H FY2022 B | Difference (B-A) | ||||||
(Accumulated) | (Accumulated) | ||||||||
Cash Flow from | 10,669 | 5,122 | -5,547 | -52.0% | |||||
Operating Activities | |||||||||
Cash Flow from | -3,902 | -814 | 3,088 | -- | |||||
Investing Activities | |||||||||
Cash Flow from | -7,188 | -5,233 | 1,955 | -- | |||||
Financing Activities | |||||||||
The net interest-bearing debt and net D/E ratio decreased while | |||||||||
cash reserves were kept. FCF was positive. | |||||||||
© YOROZU CORPORATION. 2022 All Rights Reserved. | 9 |
(Reference) Consolidated Balance Sheet Summary 1H FY2022
Million yen | Mar. 2022 A Sep. 2022 B | Diff. B-A |
Current Assets | 66,475 | 75,737 | +9,262 | |
Fixed Assets | 67,516 | 70,705 | +3,189 | |
Total Assets | 133,992 | 146,443 | +12,451 | |
Current Liabilities | 44,592 | 51,295 | +6,703 | |
Fixed Liabilities | 19,021 | 17,674 | -1,347 | |
Total Liabilities | 63,613 | 68,969 | +5,356 | |
Shareholders' Equity | 61,761 | 62,022 | +261 | |
Accumulated Other | -4,721 | 1,096 | +5,817 | |
Comprehensive Income | ||||
Non-controlling Interests, etc. | 13,338 | 14,353 | +1,015 | |
Total Net Assets | 70,378 | 77,473 | +7,095 | |
Total Liabilities and Net Assets | 133,992 | 146,443 | +12,451 | |
Cash & bank deposit +2,190
Notes & accounts receivable+1,718
Inventories | +3,527 |
Other current assets | +1,892 |
Tangible fixed assets +3,092
Notes and accounts payable+1,026 Electronically recorded obligations +735
Short-term debts | +650 |
Other | +3,662 |
Long-term debts | -1,897 |
Retirement benefit obligations | +752 |
Net income | +314 |
Dividend payment | -168 |
Valuation difference on available-
for-sale securities | -211 |
Foreign currency translation
adjustment +6,663
© YOROZU CORPORATION. 2022 All Rights Reserved. | 10 |
5
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YOROZU Corporation published this content on 14 December 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 December 2022 03:15:01 UTC.
