FY23
Financial Results
May 13, 2024
Effective from FY24Q1, the Company has adopted
the International Financial Reporting Standards (IFRS).
Dexerials Corporation
List of Materials Disclosed on May 13, 2024
Topic | Type | Title |
Financial Results
Financial Results
Mid-term Management Plan
Mid-term Management Plan
Capital Policy
AGM proposal
AGM proposal
Other
Financial
Results
Presentation
Timely disclosure
Presentation
Timely disclosure
Timely disclosure
Timely disclosure
Press release
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024
FY23 Financial Results
Formulation of Mid-Term Management Plan 2028 "Achieving Evolution" and Purpose
FY2024 to FY2028 Mid-Term Management Plan "Achieving Evolution"
Notice Regarding Stock Split and Revision to the Articles of Incorporation in Conjunction with the Stock Split
Notice Regarding Revisions to Officer Remuneration System
Notice Regarding Partial Revision to Performance-Linked Stock Compensation Plan for Directors of Dexerials Corporation
Dexerials Formulates Purpose and Statement
2
Contents
- FY23 Financial Results Summary
- FY24 Earnings Forecast
Disclaimer with respect to earnings and other forecasts
The forward-looking statements including earnings forecasts contained in this document are based on information currently available to us and certain assumptions that we believe are reasonable. Accordingly, we can give no assurance that such statements will prove to be correct. Actual results may differ from the results anticipated in these forward-looking statements due to a variety of factors.
3
Highlights
FY23 Results
FY24 Forecast
◼ Sales fell, while profit increased YoY. Record high operating profit and net profit.
◼ In H1, the performance was affected by inventory adjustments. In H2, although the recovery of the overall market was moderate, high value-added products of the Company, such as Anisotropic conductive films (ACF) and products for sensor modules for smartphones, grew.
◼ Net sales: 107.0 billion JPY, business profit: 33.5 billion JPY (The assumed FX rate: 140
JPY/US$)
• YoY:decrease in sales of Phosphor films offset by the expansion of high value-added products. Profit also effectively increased, excluding differences attributed to accounting standards and the impact of FX.
◼ Shareholder returns
• To be provided throughout the period of Mid-term Management Plan, with a target total payout ratio at 60% of net profit
• Dividend policy with a target consolidated payout ratio of 40% and lower limit of DOE at 7%*, and flexible implementation of share buybacks
• Cash dividends: Interim dividend of 78 yen/share and year-end dividend of 26 yen/share are planned (annual dividend before stock split is taken into consideration: equivalent to 156 yen/share)
◼ A three-for-one stock split will be implemented effective on October 1, 2024 with the purpose of increasing the liquidity of the Company's stock and expanding its base of investors.
* 7% of net assets as of the end of the previous fiscal year
4
FY23-24 Market Trend of Major Final Products and of Dexerials (YoY)
Market Trend Image | |||||
Final products | of YoY change | FY24 Trend of Dexerials | |||
FY23 | FY24 | ||||
Tablets | • The market trend is expected to remain flat. | ||||
• | In Phosphor films, termination of sales by | ||||
changing to OLED from LCD for final products. | |||||
• The market will be on an upward trend due in | |||||
Laptop PCs | part to replacement demand. | ||||
• | While a cautious view will be taken of demand | ||||
of Phosphor films, offset with increased Anti- | |||||
reflection films. | |||||
• The market trend is expected to remain flat. | |||||
Smartphones | • Expansion is expected of products related to | ||||
sensor modules and particle-arrayed ACFs for | |||||
high-end models. | |||||
• The automobile markets of China and Europe | |||||
Automotive | will recover. | ||||
• | Expansion is expected mainly related to Anti- | ||||
reflection films and ACF. | |||||
5
FY23(April 1, 2023 - March 31, 2024)
Financial Results Summary
FY23 Financial Results Summary
(Unit: JPY Mil)
Net Sales
Operating Profit
Ordinary Profit
Net Profit
FY22
106,167 32,288 30,174 20,685
FY23 | YoY Change | |
Excluding FX effects | ||
105,198 | -0.9% | -5.9% |
33,421 | +3.5% | -10.6% |
30,028 | -0.5% | |
21,382 | +3.4% | |
Net Profit per Share
(Reference) Before Amort. of Goodwill
Dividend per Share
Total payout ratio (Before Amort. of Goodwill )
EBITDA
ROIC
ROE
(Reference) Before Amort. of Goodwill
- Yen
- Yen
- Yen 56.6%
39,101 24.4% 30.3% 33.6%
- Yen
- Yen
- Yen 50.8%
40,024 22.3% 27.1% 30.0%
YoY Chg Amt
+18.1 Yen
+18.8 Yen
ー
ー
+923 -2.1%Pt-3.2%Pt-3.6%Pt
YoY Chg % +5.2% +4.8% ー ー
+2.4% ー ー ー
(Notes)Net profit shall be read as net income attributable to owners of the parent company EBITDA=Operating profit + Depreciation expense recorded as operating expenses + Amortization of goodwill ROIC=(Operating profit x (1-Effective tax rate)) / (Capital + Interest-bearing debt) x 100
ROE=Net profit / Capital x 100
Total payout ratio (Before amortization of goodwill)
- (Total dividend payment + Total share buyback) / (Net profit + Amortization of goodwill) x 100 Performance of Kyoto Semiconductor Co., Ltd. is consolidated from FY22
7
FY23 Changes in Sales by Application* (YoY)
▲10
(Unit: JPY 100 Mil)
FY22 | Tablets Laptop | Smart- | Auto- Others | FX | FY23 |
135.5 | PCs** | phones | motives | 144.6 | |
JPY/US$ | JPY/US$ |
- Includes estimates **Includes Desktop monitors
8
FY23 Operating Profit Analysis (YoY)
+11
(Unit: JPY 100 Mil)
FY22 | Price | Volume | Fixed | FX | FY23 |
135.5 | /Mix | /Mix | Costs, | 144.6 | |
JPY/US$ | etc. | JPY/US$ |
(Reference)FY23H2 Operating Profit (YoY)
+57
22H2 | Price・Volume | FX | 23H2 |
137.0 | /Mix | 148.3 | |
JPY/US$ | Fixed Costs | JPY/US$ |
Price/Mix
■ Negative Contributors :
Fuses, Phosphor films
Volume/Mix
■ Positive Contributors:
ACF, Smart precision Adhesive, Fuses
◆EBITDA
(Unit: JPY 100 Mil)
391 400
FY22 FY23
9
Segment Summary
FY23 Optical Materials & Components
◆Sales and YoY Change by Category | Net Sales | YoY | ◆Operating Profit | Operating Profit 160.4 | YoY |
514.5 | Analysis (YoY) | -11% | |||
-7% | |||||
(Unit: JPY 100 Mil) | Excluding | (-11%) | Excluding FX Effects | (-21%) | |
FX Effects | (Unit: JPY 100 Mil) | EBITDA 178.9 | -11% | ||
553.8 514.5
Optical films -18%(-21%)
(Anti-reflection films, Phosphor films)
Optical resin materials +11% (+5%) (Optical Elastic Resin (SVR),
Smart precision Adhesives, etc.)
FY22 | Price | Volume | Fixed | FX | FY23 |
135.5 | /Mix | /Mix | Costs, | 144.6 | |
JPY/US$ | etc. | JPY/US$ |
◆Financial Performance | 492 | 554 | 515 | 500 | ||||||
(Unit: JPY 100 Mil) | 236 | 286 | ||||||
201 | ||||||||
179 | 167 | |||||||
154 | 180 | (+31%) | ||||||
160 (-11%) | ||||||||
135 (-7%) | ||||||||
79 | 131 (+95%) | |||||||
41 | 55 | (+92%) | ||||||
18 | (+9%) | |||||||
FY19 | FY20 | FY21 | FY22 | FY23 | FY24Fcst* |
Sales
Operating Profit/
Business Profit*
EBITDA(YoY)
(Notes) Net sales of the Optical M&C segment include inter-segment transactions.
10
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Dexerials Corporation published this content on 13 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 May 2024 06:46:11 UTC.