English translation
【Document to be filed】Quarterly Financial Report
【Provisions to base upon】Article 24-4-7, paragraph 1 of the Financial Instruments and Exchange Act 【Filing to】Director-General of the Kanto Local Finance Bureau
【Date of filing】August 12, 2022
【Fiscal Period】1st quarter of 76th term (from April 1, 2022 to June 30, 2022) 【Company name】HIROSE ELECTRIC CO., LTD.
【Title and name of representative】Kazunori Ishii, President
【Location of head office】2-6-3 Nakagawa Chuoh, Tsuzuki-Ku, Yokohama, Kanagawa, Japan 【Telephone number】+81-45-620-7410
【Contact person】Keiji Hara, General Manager of Accounting Department
【Place of contact】2-6-3 Nakagawa Chuoh, Tsuzuki-Ku, Yokohama, Kanagawa, Japan 【Telephone number】+81-45-620-7410
【Contact person】Keiji Hara, General Manager of Accounting Department
【Place where the document to be filed is available for public inspection】Tokyo Stock Exchange, Inc. (2-1,Nihonbashi-kabutocho,Chuo-ku, Tokyo, Japan)
【Company Information】
1. Overview of the Company
1. Changes in major management indicators
(Yen in millions) | ||||
75th Fiscal Term | 76th Fiscal Term | 75th Fiscal Term | ||
Consolidated Cumulative | Consolidated Cumulative | |||
First Quarter | First Quarter | |||
Fiscal period | From April 1, 2021 | From April 1, 2022 | From April 1, 2021 | |
to June 30, 2021 | to June 30, 2022 | to March 31, 2022 | ||
Revenue | 38,442 | 46,574 | 163,671 | |
Quarterly profit before tax or | 9,443 | 14,507 | 43,081 | |
profit before tax | ||||
Quarterly profit attributable to | 6,686 | 10,052 | 31,437 | |
owners of parent | ||||
Quarterly comprehensive income | 6,827 | 18,386 | 40,390 | |
attributable to owners of parent | ||||
Equity attributable to owners of | 314,005 | 334,702 | 342,069 | |
parent | ||||
Total Assets | 357,045 | 389,938 | 394,783 | |
Quarterly earnings per share | 185.84 | 286.89 | 885.39 | |
-basic (Yen) | ||||
Quarterly earnings per share | 185.80 | 286.84 | 885.16 | |
-diluted (Yen) | ||||
Ratio of total equity attributable to | 87.9 | 85.8 | 86..6 | |
owners of parent (%) | ||||
Cash flows from operating | 9,343 | 11,783 | 44,323 | |
activities | ||||
Cash flows from investing | 14,690 | 16,600 | (10,875) | |
activities | ||||
Cash flows from financing | (19,107) | (26,031) | (25,249) | |
activities | ||||
Balance of cash and cash | 62,725 | 72,795 | 68,394 | |
equivalents at end of the quarter | ||||
(Notes) 1. We prepare the condensed quarterly consolidated financial statements, and the transition of the major management indicators are not included.
2. The financial data above are based on the condensed quarterly consolidated financial statements and consolidated financial statements prepared in accordance with International Financial Reporting Standards (IFRS).
2. Description of Business
There were no significant changes in our business during the first quarter of the fiscal year ending March 31, 2023. There were also no changes in major subsidiaries.
1
- Business Overview
-
Risk Factors
Regarding the business and financial situation stated in this report, there were no matters that may have significant impact on the investment decision and no significant changes in the risk factors stated in the annual securities report for the previous fiscal year during the three months ended June 30, 2022.
There were no material events.
2. Management Analysis of Financial Position, Operating Results and Cash Flows Forward-looking statements below were determined as of June 30, 2022.
- Overview of Operating Results
In the first quarter of the fiscal year ending March 31, 2023, Japanese economy showed the signs of recovery in capital investment and export. However, material cost increased due to the rise in resource price, and supply chain was stagnant affected by lockdown in China. As a result, the business sentiment has been polarized further depends on the industry.
In overseas market, American and European countries are promoting post COVID-19 strategy, but inflation pressure is growing because of Ukrainian crisis and business outlook is unclear. Although China has recovered from lockdown in the beginning of this fiscal year, they will continue to carry out zero-COVID policy and the future economic prospects are unpredictable.
Under this situation, Hirose group has been expanding global business mainly for smartphone market, automotive market and industrial market, and promoting reinforcement of development, sales and production system for new products with highly added value to respond advanced market needs quickly. As a result, the sales for mainly consumer electronics, industrial and automotive business has been strong, and the revenue in the first quarter increased by 21.2% to JPY 46,574 million compared to the same period of the previous fiscal year. Operating profit increased by 42.6% to JPY 12,971 million, and quarterly profit attributable to owners of parent increased by 50.3% to JPY 10,052 million as compared with the first quarter of fiscal 2021.
The business results by reportable segments are as stated below. [Multi-pin connectors]
Our flagship multi-pin connectors include a variety of connector types such as circular connectors, rectangular connectors, connectors for ribbon cables, connectors for printed circuit boards, connectors used for FPCs (flexible printed circuits boards) and nylon connectors. This kind of connectors are used widely, such as for smartphones, tablet PC, communication equipment, automotive electronics, measuring and control equipment, FA equipment, and medical electronics equipment, as well as other industrial equipment. We expect that demands for these connectors will grow associated with progress of advanced information and telecommunications network society, and energy saving society considering environment in the future. Segment sales for the first quarter of the fiscal year ending March 31, 2023 increased by 22.2% to JPY 42,050 million, operating profit increased by 42.2% to JPY 11,978 million compared with the first quarter of the fiscal 2021.
[Coaxial connectors]
Coaxial connectors are a special type of high-performance connector used primarily for microwave and other high- frequency signals. This is used mainly for antenna connection of Wi-Fi and Bluetooth for smartphone and PC, GPS antenna connection for automobile and high-frequency signal connection for wireless communication device and electronic measuring instruments. Optical fiber connectors and coaxial switches are also included in this segment. Segment sales for the first quarter of the fiscal 2022 increased by 10.1% to JPY 3,025 million. Operating profit increased by 34.8% to JPY 840 million.
[Other products]
This segment includes micro switches and instruments for connectors. Segment sales for the first quarter of the fiscal 2022 increased by 17.4% to JPY 1,499 million, operating profit increased by 235.8% to JPY 153 million.
2
(2) Overview of Cash Flows
Cash and cash equivalents at the first quarter of the fiscal year ending March 31, 2023 increased by JPY 4,401 million to JPY 72,795 million compared to the end of the fiscal year ended March 31, 2022.
a. Cash flows from operating activities
Cash flows from operating activities increased by JPY 11,783 million. (In the fiscal 2021.1Q, it increased by JPY 9,343 million.) This increase was mainly due to a rise in capital by appropriating quarterly profit before tax, JPY 14,507 million, and depreciation and amortization, JPY 4,138 million.
b. Cash flows from investing activities
Cash flows from investing activities increased by JPY 16,600 million. (In the fiscal 2021.1Q, it increased by JPY 14,690 million.) This is mainly due to proceeds from net decrease in time deposit, JPY 18,098 million.
c. Cash flows from financing activities
Cash flows from financing activities decreased by JPY 26,031 million. (In the fiscal 2021.1Q, it decreased by JPY 19,107 million.) This is because of decrease in capital by payment for share buy-back, JPY 15,889 million and dividends paid, JPY 9,900 million.
(3) Analysis of financial condition
Total assets of FY2022.1Q decreased by JPY 4,845 million to JPY 389,938 million compared to the end of the previous consolidated fiscal year mainly because other financial assets decreased. Total liabilities increased by JPY 2,522 million to JPY 55,236 million due to the increase in trade and other payables. Although quarterly profit was recorded and other components of equity including translation adjustment increased, treasury shares increased by acquisition of treasury shares and retained earnings decreased because of dividend surplus. As a result, total equity decreased by JPY 7,367 million to JPY 334,702 million. The ratio of total equity attributable to owners of parent resulted 85.8%, decreased by 0.8% compared with the previous consolidated fiscal year end.
(4) Assumptions used for accounting estimates
There are no significant changes in the accounting estimated from "Management Analysis of Financial Position, Operating Results and Cash Flows" stated in the annual securities report of FY2021 and assumptions used for the estimates.
(5) Research and development
Our research and development expenses for the three months ended June 30, 2022 were JPY 2,175 million. As the achievement of research and development activities, fixed assets including tools appropriated to JPY 594 million. When these amount are added up, the total of R&D investment amount was JPY 2,769 million. There were no significant changes in research and development activities for the period.
3. Material Agreements, etc
There were no decision or conclusion of significant business agreement during the three months ended June 30, 2022.
3
3. Information on the Company
1. Information on the Company's Shares
(1) Total number of shares, etc.
① Total Number of Shares
Class | Total number of shares authorized to be issued (Shares) | |||||
Ordinary share | 80,000,000 | |||||
Total | 80,000,000 | |||||
②Issued Shares | ||||||
Number of shares issued as | Number of shares | Stock exchange on which | ||||
the Company is listed or | ||||||
Class | of the end of first quarter | issued as of the filing | authorized financial | Description | ||
(Shares) | date (Shares) | instruments firms | ||||
(June 30, 2022) | (August 12, 2022) | association where the | ||||
Company is registered | ||||||
Ordinary | Tokyo Stock Exchange, Inc. | The number of shares | ||||
37,227,089 | 37,227,089 | per unit of shares is | ||||
share | (prime market) | |||||
100 shares | ||||||
Total | 37,227,089 | 37,227,089 | − | − | ||
(Note) The number of shares issued as of the filing date do not include the share issued by share acquisition rights from August 1, 2022 to the filing date of this report.
- Information on the share acquisition rights, etc.
- Details of share option plans
Not applicable.
- Other information about share acquisition rights Not applicable.
- Information on Moving Strike Convertible Bonds Not applicable.
- Changes in the total number of shares issued, common stock, etc.
Change in the | Balance of the | Change in | Balance of | Change in capital | Balance of | |
Date | total number of | total number of | common stock | |||
common stock | reserve | capital reserve | ||||
issued shares | issued shares | (Yen in | ||||
(Yen in millions) | (Yen in millions) | (Yen in millions) | ||||
(Shares) | (Shares) | millions) | ||||
May 11, 2022* | (948,853) | 37,227,089 | − | 9,404 | − | 12,007 |
(Note) This is the decrease due to the cancellation of treasury shares.
- Major shareholders Not applicable.
4
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
HRS - Hirose Electric Co. Ltd. published this content on 12 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 August 2022 04:58:13 UTC.