EXEDY Corporation (7278) FY2023 2nd Quarter Financial Results
October 30, 2023
FY2023 2nd Quarter Consolidated Financial Results〔IFRS〕
(April 1, 2023 through September 30, 2023)
(English translation extracted from the original Japanese document)
Company Name: | EXEDY Corporation | Listing:Tokyo Stock Exchange |
Code No.: | 7278 | URL:https://www.exedy.com |
Representative: | Tetsuya Yoshinaga, Representative Director, President | |
Contact Person: | Hiroshi Toyohara, Representative Director, Senior Executive Managing Officer, | |
Executive General Manager of Administrative Headquarters | ||
Telephone: | +81-72-822-1152 | |
Scheduled date to file quarterly securities report: November 10, 2023 | ||
Scheduled Date to commence dividend payments: November 27, 2023 | ||
Preparation of supplementary material on quarterly Financial Results : Yes |
Holding of quarterly financial results briefing: None
(Note: All amounts less than one million yen is rounded off)
1. Consolidated Financial Results for the 2nd Quarter of FY2023 (April 1, 2023 to September 30, 2023)
(1) Consolidated Operating Results (cumulative) | (Percentage of change from previous year) | ||||||||||||||||||||
Profit | Profit Attributable to | Total | |||||||||||||||||||
Revenue | Operating Profit | Profit | Comprehensive | ||||||||||||||||||
before Tax | Owners of Parent | ||||||||||||||||||||
Income | |||||||||||||||||||||
Million | % | Million | % | Million | % | Million | % | Million | % | Million | % | ||||||||||
Yen | Yen | Yen | Yen | Yen | Yen | ||||||||||||||||
FY2023 Q2 | 151,195 | 9.4 | 6,431 | 80.0 | 8,076 | 32.5 | 5,906 | 38.8 | 5,369 | 38.8 | 13,864 | 2.1 | |||||||||
FY2022 Q2 | 138,206 | 12.0 | 3,537 | (58.8) | 6,097 | (32.5) | 4,255 | (35.3) | 3,867 | (34.8) | 13,573 | 113.7 | |||||||||
Basic Earnings | Diluted Earnings | ||||||||||||||||||||
per Share | per Share | ||||||||||||||||||||
Yen | Yen | ||||||||||||||||||||
FY2023 Q2 | 114.33 | - | |||||||||||||||||||
FY2022 Q2 | 82.39 | - | |||||||||||||||||||
(2) Consolidated Financial Position | |||||||||||||||||||||
Total Assets | Total Equity | Equity Attributable | Ratio for Equity Attributable | ||||||||||||||||||
to Owners of Parent | to Owners of Parent | ||||||||||||||||||||
Million Yen | Million Yen | Million Yen | % | ||||||||||||||||||
FY2023 Q2 | 342,293 | 250,528 | 235,968 | 68.9 | |||||||||||||||||
FY2022 | 331,875 | 239,901 | 225,563 | 68.0 |
2. Dividends
Annual Dividends per Share | ||||||||||
Fiscal Year-end | ||||||||||
1st Quarter | 2nd Quarter | 3rd Quarter | ||||||||
Yen | Yen | Yen | Yen | |||||||
FY2022 | - | 45.00 | - | 45.00 | ||||||
FY2023 | - | 60.00 | ||||||||
FY2023 (Forecast) | - | - | 60.00 |
(Note) Revisions of dividend forecast from recently announced figures: None
Total
Yen
90.00
120.00
3. FY2023 Consolidated Financial Forecast (April 1, 2023 to March 31, 2024)
(Percentage of change from previous year)
Revenue | Operating Profit | Income before | Profit Attributable to | Basic Earnings | ||||||
Income Taxes | Owners of Parent | Per Share | ||||||||
millions of yen | % | millions of yen | % | millions of yen | % | millions of yen | % | yen | ||
FY2023 | 310,000 | 8.5 | 13,000 | 48.4 | 14,000 | 41.2 | 9,000 | 96.1 | 191.64 | |
(Note) Revisions of financial forecast from recently announced figures: Yes
Note : This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.
EXEDY Corporation (7278) FY2023 2nd Quarter Financial Results
- General Notes
-
Changes in important subsidiaries during the period
(Changes in specified subsidiaries due to changes in the scope of consolidation): None - Changes in Accounting Policies, Accounting Estimations
① Changes in accounting policies required by IFRS | :None | ||||
② Changes in accounting policies except ① | :None | ||||
③ Changes in accounting estimates | :None | ||||
(Note) For the details, refer to attachment p.11 "2. Quarterly Consolidated Financial Statements | |||||
and Principal Notes (5) Notes on Quarterly Consolidated Financial Statements" | |||||
(3) Number of Outstanding Shares (Ordinary shares) | |||||
① Number of shares outstanding at the | FY2023 Q2 | 48,593,736 shares | FY2022 Q4 | 48,593,736 shares | |
end of period (including treasury shares) | |||||
②Number of treasury shares at the end | FY2023 Q2 | 1,629,677 shares | FY2022 Q4 | 1,639,537 shares | |
of period | |||||
③Average number of ordinary shares | FY2023 Q2 | 46,958,426 shares | FY2022 Q2 | 46,938,476 shares | |
outstanding during the period | |||||
(Note) The shares held within the ESOP trust accounts (FY2023 Q2: 83,300 shares, FY2022 Q4: 89,800 shares) are included in the number of Treasury Shares at the end of period. Furthermore, the shares held within the ESOP trust accounts are included in Treasury Shares that are deducted in the calculation of the average number of shares for the period. (FY2023 Q2 : 87,014 shares, FY2022 Q2 : 96,486 shares)
- Quarterly financial statements are not subject to quarterly reviews by certified accountants or audit corporations.
- Regarding the appropriate use of Financial forecasts and other information
The above forecast is based on the information available, or the assumptions which the company thinks reasonable as of the release of this report. Actual results might be different from the above estimates due to subsequent changes in circumstances.
EXEDY Corporation (7278) FY2023 2nd Quarter Financial Results
Table of Contents of Attachments
1. Qualitative Information on Quarterly Financial Results.………………………………………………………………… | 2 | |
(1) | Explanation of Operating Results……………...…………………………………………………………………… | 2 |
(2) | Explanation of Financial Position...………………………………………………………………………………… | 3 |
(3) | Explanation of Forecast of Consolidated Financial Results and Other Forward-Looking Information……… | 3 |
2. Quarterly Consolidated Financial Statements and Principal Notes…………………………………………………... | 4 | |
(1) | Quarterly Consolidated Statement of Financial Position………………………………………………………… | 4 |
(2) | Quarterly Consolidated Statement of Income/Consolidated Statement of Comprehensive Income ………… | 6 |
(3) | Quarterly Consolidated Statement of Changes in Equity……………………………………………………….… | 8 |
(4) | Quarterly Consolidated Statement of Cash Flows………………………………………………………………… | 10 |
(5) | Notes on Quarterly Consolidated Financial Statements………………………………………………………… | 11 |
(Notes for Going Concern) …………………………………………………………………….………….……… | 11 | |
(Change of Accounting Policy) …………………………………………………………………………………… | 11 | |
(Change in Accounting Estimate) …………………………………………………………………………………. 11 | ||
(Segment Information) …………………………………………………………………………………………… | 11 |
1
EXEDY Corporation (7278) FY2023 2nd Quarter Financial Results
1. Qualitative Information on Quarterly Financial Results.
-
Explanation of Operating Results
In the Second quarter of the current consolidated cumulative period, the revenue increased due to increase in orders mainly in the AT (Automatic Automotive Drivetrain related business) segment, as well as passing on raw material price increase to the selling price, and the impact of foreign exchange conversion due to the depreciation of the yen. In terms of profits, Operating profit increased due to increase in sales despite higher production costs caused by high inflation.
The results for the second quarter of the current consolidated cumulative period were, Revenue ¥ 151.2 billion (increased by 9.4% from the same period of the previous fiscal year), Operating profit ¥ 6.4 billion (increased by 80.0% from the same period of the previous fiscal year), Profit before tax ¥ 8.1 billion (increased by 32.5% from the same period of the previous fiscal year), Profit attributable to owners of the parent company was ¥5.4 billion (increased by 38.8% from the same period of the previous fiscal year).
The summary by type of reportable segment is as follows.
[MT (Manual Automotive Drivetrain related business)]
Revenue was ¥35.6 billion (increased by 2.3% from the same period of the previous fiscal year). Segment profit was ¥3.8 billion (decreased by 2.3% from the same period of the previous fiscal year) due to higher production costs caused by high inflation, and due to decrease in order despite the sales increase by the impact of foreign exchange conversion because of the depreciation of the yen.
[AT (Automatic Automotive Drivetrain related business)]
Revenue was ¥98.3 billion (increased by 11.8% from the same period of the previous fiscal year). This was due to the increase in orders, as well as passing on raw material price increase to the selling price, and the impact of foreign exchange conversion due to the depreciation of the yen. The segment profit was ¥2.0 billion (¥0.1 billion segment loss in the same period of the previous fiscal year) due to increase in sales, despite higher production costs caused by high inflation.
[TS (Industrial machine Drivetrain operations)]
Revenue was ¥7.5 billion (increased by 16.5% from the same period of the previous fiscal year). Segment profit was ¥1.1 billion (increased by 120.1% from the same period of the previous fiscal year), due to an increase in sales and cost reduction efforts.
[Others]
Revenue was ¥9.8 billion (increased by 8.3% from the same period of the previous fiscal year). Segment profit was ¥0.5 billion (increased by 11.6% from the same period of the previous fiscal year) due to an increased sales of motorcycle clutches in the ASEAN region and cost reduction efforts.
The summary by location is as follows.
[Japan]
Revenue was ¥62.2 billion (increased by 8.2% from the same period of the previous fiscal year). Operating profit was ¥4.2 billion (increased by 137.9% from the same period of the previous fiscal year) due to increase in sales by passing on raw material price increase to the selling price.
[Americas]
Revenue was ¥28.5 billion (increased by 14.0% from the same period of the previous fiscal year). Despite revenue increased by the impact of exchange conversion due to the depreciation of the yen, the operating loss was ¥1.1 billion (¥1.3 billion operating loss in the same period of the previous year) due to higher production costs caused by high inflation.
2
EXEDY Corporation (7278) FY2023 2nd Quarter Financial Results
[Asia and Oceania]
Revenue was ¥55.1 billion (increased by 7.2% from the same period of the previous fiscal year). This was due to the increase in orders, as well as passing on raw material price increase to the selling price, and the impact of foreign exchange conversion due to the depreciation of the yen. Operating profit was ¥3.3 billion (increased by 4.7% from the same period of the previous fiscal year) due to increase in sales.
[Others]
Revenue was ¥5.4 billion (increased by 24.9% from the same period of the previous fiscal year). Operating profit was ¥0.2 billion (decreased by 13.0% from the same period of the previous fiscal year) due to soaring raw material prices, despite an increase in sales.
-
Explanation of Financial Position.
In terms of the assets at the end of this second quarter consolidated accounting period, the total assets were ¥342.3 billion (¥331.9 billion at the end of the previous consolidated fiscal year), it increased by ¥10.4 billion (3.1%) from the end of the previous fiscal year. The main contents are ¥7.3 billion increase in Cash and cash equivalents, ¥2.7 billion increase in Trade and other receivables , ¥0.9 billion increase in Investments in Equity Instruments, ¥0.7 billion increase in Inventories, and 0.9 billion decrease in Tangible fixed assets.
Total liabilities were ¥91.8 billion (¥92.0 billion at the end of the previous consolidated fiscal year), it decreased by ¥0.2 billion (0.2%) from the end of the previous fiscal year. The main contents are ¥1.4 billion decrease in corporate Bonds and borrowings, ¥0.8 billion increase in Trade and other payables, and ¥0.3 billion increase in Other non- current liabilities.
Total equity was ¥250.5 billion (¥239.9 billion in the previous consolidated fiscal year), it increased by ¥10.6 billion (4.4%) from the end of the previous fiscal year. The main contents are ¥7.1 billion increase in Other components of equity due to an increase in the conversion difference of foreign operation due to the depreciation of the yen and ¥3.3 billion increase in Retained earnings (¥5.4 billion increase due to the Profit attributable to owners of the parent company, and ¥2.1 billion decrease due to the Appropriation of surplus (dividend)). - Explanation of Forecast of Consolidated Financial Results and Other Forward-Looking Information
As of today, we have revised the consolidated financial forecast for the fiscal year ending March 31, 2024, which was announced on April 28, 2023. For the details, please refer to the "Notice of Revision of Consolidated Financial Forecast" announced today.
This forecast is based on the premise that there will be no large-scale suspension of business activities or sharp exchange rate fluctuations. If these premises are expected, this forecast may be revised.
The exchange rate is assumed to be ¥141 per US dollar.
3
EXEDY Corporation (7278) FY2023 2nd Quarter Financial Results
2. Quarterly Consolidated Financial Statements and Principal Notes
- Quarterly Consolidated Statement of Financial Position
As of March 31, 2023 | As of September 30, 2023 | ||||
Millions of yen | Millions of yen | ||||
Assets | |||||
Current assets | |||||
Cash and cash equivalents | 59,538 | 66,836 | |||
Trade and other receivables | 53,929 | 56,632 | |||
Other financial assets | 2,155 | 2,107 | |||
Inventories | 44,198 | 44,914 | |||
Other current assets | 3,634 | 2,793 | |||
Total current assets | |||||
163,454 | 173,282 | ||||
Non-current assets | |||||
Property, plant and equipment | 154,632 | 153,763 | |||
Goodwill and intangible assets | 2,939 | 2,796 | |||
Investments accounted for using equity method | 272 | 594 | |||
Investments in Equity Instruments | 1,810 | 2,752 | |||
Other financial assets | 96 | 93 | |||
Deferred tax assets | 6,366 | 6,702 | |||
Retirement benefit asset | 1,206 | 1,213 | |||
Other non-current assets | 1,100 | 1,098 | |||
Total non-current assets | |||||
168,421 | 169,011 | ||||
Total assets | |||||
331,875 | 342,293 | ||||
4
EXEDY Corporation (7278) FY2023 2nd Quarter Financial Results | |||||||
As of March 31, 2023 | As of September 30, 2023 | ||||||
Millions of yen | Millions of yen | ||||||
Liabilities and equity | |||||||
Liabilities | |||||||
Current liabilities | |||||||
Bonds and borrowings | 8,228 | 7,412 | |||||
Trade and other payables | 37,789 | 38,582 | |||||
Other financial liabilities | 545 | 606 | |||||
Income taxes payable | 1,664 | 1,436 | |||||
Employee benefits accruals | 2,336 | 2,408 | |||||
Provisions | 2,186 | 2,116 | |||||
Other current liabilities | 3,379 | 3,332 | |||||
Total current liabilities | |||||||
56,127 | 55,892 | ||||||
Non-current liabilities | |||||||
Bonds and borrowings | 25,423 | 24,884 | |||||
Other financial liabilities | 1,076 | 1,056 | |||||
Retirement benefit liability | 6,609 | 6,716 | |||||
Deferred tax liabilities | 697 | 922 | |||||
Other non-current liabilities | 2,042 | 2,294 | |||||
Total non-current liabilities | |||||||
35,848 | 35,873 | ||||||
Total liabilities | |||||||
91,975 | 91,765 | ||||||
Equity | |||||||
Share capital | 8,284 | 8,284 | |||||
Capital surplus | 7,541 | 7,538 | |||||
Treasury shares | (3,709) | (3,687) | |||||
Other components of equity | 10,639 | 17,769 | |||||
Retained earnings | 202,808 | 206,064 | |||||
Total equity attributable to owners of parent | |||||||
225,563 | 235,968 | ||||||
Non-controlling interests | 14,338 | 14,560 | |||||
Total equity | |||||||
239,901 | 250,528 | ||||||
Total liabilities and equity | |||||||
331,875 | 342,293 | ||||||
5
EXEDY Corporation (7278) FY2023 2nd Quarter Financial Results
- Quarterly Consolidated Statement of Income and Consolidated Statement of Comprehensive Income (Quarterly Consolidated Statement of Income)
FY2022 2nd Quarter | FY2023 2nd Quarter | ||
(April 1, 2022 through | (April 1, 2023 through | ||
September 30, 2022) | September 30, 2023) | ||
Millions of yen | Millions of yen | ||
Revenue | 138,206 | 151,195 | |
Cost of sales | 118,147 | 127,427 | |
Gross profit | |||
20,059 | 23,767 | ||
Selling, general and administrative expenses | 16,372 | 17,430 | |
Other income | 545 | 505 | |
Other expenses | 659 | 411 | |
Operating profit | |||
3,573 | 6,431 | ||
Finance income | 2,958 | 2,127 | |
Finance costs | 477 | 514 | |
Share of profit of investments accounted for using | 43 | 32 | |
equity method | |||
Profit before tax | |||
6,097 | 8,076 | ||
Income tax expense | 1,842 | 2,170 | |
Profit | |||
4,255 | 5,906 | ||
Profit attributable to | |||
Owners of parent | 3,867 | 5,369 | |
Non-controlling interests | 388 | 537 | |
Profit | |||
4,255 | 5,906 | ||
Earnings per share | |||
Basic and diluted earnings per share | 82.39 | 114.33 |
6
EXEDY Corporation (7278) FY2023 2nd Quarter Financial Results
(Quarterly Consolidated Statement of Comprehensive Income)
FY2022 2nd Quarter | FY2023 2nd Quarter | ||||
(April 1, 2022 through | (April 1, 2023 through | ||||
September 30, 2022) | September 30, 2023) | ||||
Millions of yen | Millions of yen | ||||
Profit | 4,255 | 5,906 | |||
Other comprehensive income | |||||
Items that will not be reclassified to profit or loss | |||||
Net change in fair value of equity instruments | (70) | 216 | |||
designated as measured at fair value through | |||||
other comprehensive income | |||||
Total of items that will not be reclassified to profit | |||||
(70) | 216 | ||||
or loss | |||||
Items that may be reclassified to profit or loss | |||||
Exchange differences on translation of foreign | 9,382 | 7,735 | |||
operations | |||||
Share of other comprehensive income of | 6 | 7 | |||
investments accounted for using equity method | |||||
Total of items that may be reclassified to profit or loss | |||||
9,388 | 7,742 | ||||
Total other comprehensive income | |||||
9,318 | 7,958 | ||||
Comprehensive income | |||||
13,573 | 13,864 | ||||
Comprehensive income attributable to | |||||
Owners of parent | 12,285 | 12,499 | |||
Non-controlling interests | 1,288 | 1,365 | |||
Comprehensive income | |||||
13,573 | 13,864 | ||||
7
EXEDY Corporation (7278) FY2023 2nd Quarter Financial Results
-
Quarterly Consolidated Statement of Changes in Equity
Previous second quarter consolidated cumulative period (April 1, 2022 through September 30, 2022)
Equity attributable to owners of parent | |||||||||||||||||||
Other components of equity | |||||||||||||||||||
Net change in | |||||||||||||||||||
Exchange | fair value of | ||||||||||||||||||
equity | |||||||||||||||||||
Share capital | Capital surplus | Treasury shares | differences | instruments | |||||||||||||||
on | designated as | Total | |||||||||||||||||
translation of | measured at | ||||||||||||||||||
foreign | fair value | ||||||||||||||||||
operations | through other | ||||||||||||||||||
comprehensiv | |||||||||||||||||||
e income | |||||||||||||||||||
Millions of yen | Millions of yen | Millions of yen | Millions of yen | Millions of yen | Millions of yen | ||||||||||||||
Balance as of April 1, 2022 | 8,284 | 7,555 | (3,768) | 7,274 | 250 | 7,524 | |||||||||||||
Profit for the period | - | - | - | - | - | - | |||||||||||||
Other comprehensive income | - | - | - | 8,488 | (70) | 8,418 | |||||||||||||
Comprehensive income | - | - | - | 8,488 | (70) | 8,418 | |||||||||||||
Purchase of treasury shares | - | - | (0) | - | - | - | |||||||||||||
Disposal of treasury shares | - | (13) | 55 | - | - | - | |||||||||||||
Dividends of surplus | - | - | - | - | - | - | |||||||||||||
Share-based remuneration transactions | - | (14) | - | - | - | - | |||||||||||||
Transfer to retained earnings | - | - | - | - | (329) | (329) | |||||||||||||
Total transactions with owners | - | (27) | 54 | - | (329) | (329) | |||||||||||||
Total changes in equity | - | (27) | 54 | 8,488 | (399) | 8,089 | |||||||||||||
Balance as of September 30, 2022 | 8,284 | 7,528 | (3,713) | 15,761 | (149) | 15,613 | |||||||||||||
Equity attributable to owners of | |||||||||||||||||||
parent | Non-controlling | Total | |||||||||||||||||
Retained | Total | interests | |||||||||||||||||
earnings | |||||||||||||||||||
Millions of yen | Millions of yen | Millions of yen | Millions of yen | ||||||||||||||||
Balance as of April 1, 2022 | 202,160 | 221,756 | 14,267 | 236,023 | |||||||||||||||
Profit for the period | 3,867 | 3,867 | 388 | 4,255 | |||||||||||||||
Other comprehensive income | - | 8,418 | 900 | 9,318 | |||||||||||||||
Comprehensive income | 3,867 | 12,285 | 1,288 | 13,573 | |||||||||||||||
Purchase of treasury shares | - | (0) | - | (0) | |||||||||||||||
Disposal of treasury shares | - | 41 | - | 41 | |||||||||||||||
Dividends of surplus | (2,346) | (2,346) | (1,225) | (3,571) | |||||||||||||||
Share-based remuneration transactions | - | (14) | - | (14) | |||||||||||||||
Transfer to retained earnings | 329 | - | - | - | |||||||||||||||
Total transactions with owners | (2,017) | (2,319) | (1,225) | (3,544) | |||||||||||||||
Total changes in equity | 1,850 | 9,966 | 63 | 10,029 | |||||||||||||||
Balance as of September 30, 2022 | 204,011 | 231,722 | 14,330 | 246,052 | |||||||||||||||
8
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Exedy Corporation published this content on 02 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 November 2023 06:28:14 UTC.