Central Glass : Financial Results for the 1st Half of FY2023（612KB）

Financial Results for the 1st Half of FY2023

(April 1, 2023 to September 30, 2023)

November 10, 2023

• 2023 Central Glass Co., Ltd.

Cautionary note regarding forward-looking statements

Statements contained in this report regarding the Company's plans and

expectations for future performance fall into the category of "forward-looking

statements," which are based on economic conditions and market trends available, and presuppositions the Company's management considered reasonable as of November 6, 2023. They are therefore subject to a number of uncertainties and unknowable factors, and actual results may thus differ substantially from those projected.

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	Ⓒ 2023 Central Glass Co., Ltd.

		Contents
Financial Results for the 1st Half of FY2023
P-	1	Outline of Consolidated Financial Results
P-	2	Segment Information
P-	3	Segment Information
P-	4	R&D, Capital Investment and Depreciation Expenses/Crude Oil Prices and Exchange Rates
Consolidated Forecasts for FY2023
P-	5	Consolidated Forecasts
P-	6	Consolidated Forecasts
P-	7	Consolidated Forecasts
P-	8	R&D, Capital Investment and Depreciation Expenses/Crude Oil Prices and Exchange Rates
Reference Materials
P-	9	Consolidated Results
P- 10	Consolidated Net Sales and Profit
P- 11	Consolidated Sales and Operating Profit
P- 12	Consolidated Sales and Operating Profit
P- 13	Business Division/Segment/Major Products

• 2023 Central Glass Co., Ltd.

【Note on the figures in this Document】

The financial results in this document are rounded to the nearest hundred million yen for

simplification. Some items have been adjusted to match the total amount. Please refer to the

Consolidated Financial Results for the accurate figures.

• 2023 Central Glass Co., Ltd.

Outline of Consolidated Financial Results

			FY2022	FY2023	Change	Change(%)
			1st Half	1st Half
	Net sales	100million	783	791	8	1.1
	yen
	Operating profit	100million	74	60	(14)	(19.1)
	yen
	Ordinary profit	100million	106	63	(43)	(40.7)
	yen
	Extraordinary income	100million	81	19	(62)	(76.8)
	yen
	Profit before income taxes	100million	187	82	(105)	(56.2)
	yen
	Profit attributable to owners of parent	100million	169	57	(112)	(66.4)
	yen

100million

Comprehensive income

yen

145

92

(53)

(36.4)

		As of	As of	Change
		Mar. 31, 2023	Sep. 30, 2023
Total assets	100million	2,211	2,230	19
yen
Net assets	100million	1,079	1,148	69
yen
Equity ratio	％	46.8	49.3	2.5
Net assets per share	yen	4,176	4,440	264
Interest-bearing debt＊	100million	651	648	(3)
yen
Debt/Equity ratio＊	times	0.63	0.59	(0.04)

Number of consolidated subsidiaries	22
Number of equity method affiliates	6

＊ "Lease obligations" are not included in "Interest-bearing debt" and "Debt/Equity ratio".

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	Ⓒ 2023 Central Glass Co., Ltd.

Segment Information

- Reference -

																		FY2023 Forecast
							FY2022					FY2023				Change		(announced in May)
			(100million yen)	Apr. - Jun.	Jul. - Sep.	1st half	2nd half	Full year		Apr. - Jun.	Jul. - Sep.	1st half			1st half		1st half	2nd half	Full year
			Architectural glass	51	56	107	123	230		55	60	115		8		120	130		250
			Automotive glass	49	61	110	129	239		63	70	133		23		140	145		285
			Glass fiber	17	20	37	41	78		21	20	41		4		45	45		90
			Others	0	0	0	0	0		0	0	0		0		0	0		0
	Total sales	117	137	254	293	547		139	150	289		35		305	320		625
	Operating profit	3	7	10	17	27		3	6	9		(1)		5	15		20
	Operating profit ratio (%)
	3.1	4.9	4.1	5.6	4.9		2.4	4.1	3.3			(0.8)		1.6	4.7		3.2
			＜Overview＞
				Although construction demand was slightly lower than the previous year, sales of architectural glass
			Architectural glass
			increased year on year due to spread of product price revisions implemented in the previous year.

Although the impact of production adjustments by automobile manufacturers remained due to factors such as the lockdown in Shanghai and the shortage of semiconductors in the same period of the previous fiscal

Automotive glass year, sales of automotive glass increased year on year due to the recovery in the number of automobile production units and the continuous revision of product prices in response to rising raw material and fuel prices in the fiscal year under review.

Sales of glass fiber increased year on year due to a recovery in production volume in the automotive field,

Glass fiber

despite a decrease in demand in the electronic materials field.

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	Ⓒ 2023 Central Glass Co., Ltd.

Segment Information

																		- Reference -
																		FY2023 Forecast
																		(announced in May)
							FY2022					FY2023			Change
			(100million yen)		Apr. - Jun.	Jul. - Sep.	1st half	2nd half	Full year		Apr. - Jun.	Jul. - Sep.	1st half		1st half		1st half	2nd half	Full year
			Applied Chemicals		61	60	121	112	233		37		38	75		(46)		95	125		220
			Medi-Chemicals		44	44	88	76	164		42		41	83		(5)		80	90		170
			Electronic Materials		44	48	92	100	192		41		44	85		(7)		95	110		205
			Energy Materials		73	88	161	202	363		98		103	201		40		190	205		395
			Fertilizers		25	20	45	102	147		22		10	32		(13)		50	115		165
			Others		9	13	22	25	47		11		15	26		4		20	25		45
	Total sales		256	273	529	617	1,146		251		251	502		(27)		530	670		1,200
	Operating profit		33	31	64	77	141		25		26	51		(13)		40	80		120
	Operating profit ratio (%)		12.8	11.4	12.1	12.5	12.3		10.0		10.2	10.1		(2.0)		7.5	11.9		10.0
			＜ Overview ＞
				Sales of applied chemicals decreased significantly from the same period of the previous fiscal year due to a drop
			Applied Chemicals	in sales of raw materials for blowing agents, which are hydrofluoroolefin products, resulting from a slump in
			housing starts in key countries, as well as a decline in sales of agrochemical-related products due to a backlash
				from earlier shipments at the end of the previous fiscal year.
				Although shipments of pharmaceutical-related products were strong, sales of medi-chemicals decreased year on
			Medi-Chemicals
			year because sales of foreign consolidated subsidiaries fell.

Sales of electronic materials decreased from previous fiscal year due to a decrease in sales of both specialty gas
Electronic Materials products and resist materials for semiconductors caused by production cutbacks from major memory companies
under weak demand of semiconductors worldwide.
Sales of energy materials increased year on year due to strong sales of electrolyte solution products for lithium-
Energy Materials
ion batteries.
Sales of fertilizers were significantly lower than the same period of the previous year due to the price reduction
Fertilizers
from June and the refraining from purchasing in anticipation of further price reductions from November.	3
Ⓒ 2023 Central Glass Co., Ltd.

R&D, Capital Investment and Depreciation Expenses

- Reference -

															FY2023 Forecast
					FY2022					FY2023			Change		(announced in May)
		(100million yen)	Apr. - Jun.	Jul. - Sep.	1st half	2nd half	Full year		Apr. - Jun.	Jul. - Sep.	1st half		1st half		1st half	2nd half	Full year
		Glass	2	3	5	3	8		2	2	4		(1)		4	4	8
		Chemicals	12	10	22	26	48		13	14	27		5		28	29	57
	Total R&D expenses	14	13	27	29	56		15	16	31		4		32	33	65
		Glass	3	3	6	16	22		4	2	6		0		10	10	20
		Chemicals	12	11	23	26	49		12	12	24		1		40	50	90
	Total capital investment	15	14	29	42	71		16	14	30		1		50	60	110
		Glass	5	5	10	10	20		4	5	9		(1)		10	10	20
		Chemicals	17	18	35	35	70		18	18	36		1		35	35	70
	Total depreciation expenses	22	23	45	45	90		22	23	45		0		45	45	90

Crude Oil Prices and Exchange Rates

- Reference -

															FY2023 Forecast
					FY2022					FY2023			Change		(announced in May)
			Apr. - Jun.	Jul. - Sep.	1st half	2nd half	Full year		Apr. - Jun.	Jul. - Sep.	1st half		1st half		1st half	2nd half	Full year
	Crude oil	(US$/bbl, CIF)	111.2	111.3	111.4	91.4	101.4		82.9	83.5	83.2		(28.2)		85.5	85.5	85.5
	Exchange	(Yen/US$)	116	130	123	140	132		132	137	135		12		130	130	130

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	Ⓒ 2023 Central Glass Co., Ltd.

Consolidated Forecasts for FY2023

• 2023 Central Glass Co., Ltd.

Consolidated Forecasts

- Reference -

				FY 2022		Forecast for FY2023
			1st Half	2nd Half	Full Year	1st Half	2nd Half	Full Year
			(revised)	(revised)
		(100million yen)
		Glass	254	293	547	289	321	610
		Chemicals	529	617	1,146	502	503	1,005
	Net sales	783	910	1,693	791	824	1,615
		Glass	10	17	27	9	16	25
		Chemicals	64	77	141	51	34	85
	Operating profit	74	94	168	60	50	110
		(Operating profit ratio %)	9.5	10.2	9.9	7.6	6.1	6.8
	Ordinary profit	106	90	196	63	57	120
		(Ordinary profit ratio %)	13.6	9.9	11.6	8.0	6.9	7.4
	Profit attributable to owners of parent	169	256	425	57	43	100
	(Profit attributable to owners of parent ratio %)	21.5	28.2	25.1	7.2	5.3	6.2

	Change			FY2023 Forecast
			(announced in May)
1st Half	2nd Half	Full Year		2nd Half	Full Year
35	28	63		320	625
(27)	(114)	(141)		670	1,200
8	(86)	(78)		990	1,825
(1)	(1)	(2)		15	20
(13)	(43)	(56)		80	120
(14)	(44)	(58)		95	140
(1.9)	(4.1)	(3.1)		9.6	7.7
(43)	(33)	(76)		110	160
(5.6)	(3.0)	(4.2)		11.1	8.8
(112)	(213)	(325)		100	140
(14.3)	(22.9)	(18.9)		10.1	7.7

In terms of full-year earnings, we expect net sales to be lower than the forecast at the beginning of the current fiscal year due to a decline in sales of hydrofluoroolefin products and products related to the semiconductor industry, a decline in sales and lower sales prices of fertilizer products, as well as a slowdown in demand and lower sales prices of electrolytes for lithium-ion batteries. As a result of these reduction factors, reviewing the profit at each stage, and taking into account the actual results for the first half of the fiscal year, operating profit, ordinary profit and profit attributable to owners of parent are expected to be lower than the forecast at the beginning of the current fiscal year.

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	Ⓒ 2023 Central Glass Co., Ltd.