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    5486   JP3786200000

HITACHI METALS, LTD.

(5486)
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Hitachi Metals : Consolidated Financial Report For the 3-month period ended June 30, 2021

07/28/2021 | 02:03am EDT

Consolidated Financial Report [IFRS]

For the 3-month period ended June 30, 2021

July 28, 2021

Listed Company: Hitachi Metals, Ltd. (URL https://www.hitachi-metals.co.jp/e/index.html)

Listed Stock Exchanges: Tokyo Stock Exchange, Inc. (First Section, Code Number 5486)

Representative: Mitsuaki Nishiyama, Chairperson, President, and CEO

Contact: Izumi Tsubouchi, General Manager, Corporate Communications Dept. Tel: +81-3-6774-3077

Note: Figures are rounded off to the nearest million yen.

1. Performance for the First Quarter Ended June 30, 2021 (April 1, 2021 to June 30, 2021)

(1) Operating Results

(% indicates the rate of +/- compared with the same term of the previous fiscal year)

Revenues

Adjusted Operating

Operating

Income (loss)

Net Income (loss)

Income (loss)

Income (loss)

before Income Taxes

Million yen

%

Million yen

%

Million yen

%

Million yen

%

Million yen

%

June, 2021

226,852

46.6

8,533

4,239

4,283

2,856

June, 2020

154,773

(33.8)

(7,275)

(6,412)

(7,072)

(3,396)

Note: In order to give a true view of the condition of the whole Group's business without the effects of business restructuring etc., the Hitachi Metals Group (the "Group") shows "adjusted operating income" which is the operating income (loss) recorded in the consolidated statement of income, excluding non- operating income and expenses, and extraordinary income and losses. Adjusted operating income is a unified profit indicator for the Hitachi Group, including Hitachi, Ltd.

Net Income (loss) attributable to

Comprehensive

Earnings per Share

Earnings per Share

Shareholders of the Parent Company

Income (loss)

(Basic)

(Diluted)

Million yen

%

Million yen

%

Yen

Yen

June, 2021

2,998

3,104

7.01

June, 2020

(3,340)

(3,813)

(7.81)

(2) Financial Standing

Total Asset

Total Equity

Equity attributable to

Equity attributable to

Equity per Share attributable

Shareholders of the

Shareholders of the Parent to Shareholders of the Parent

Parent Company

Company Ratio

Company

Million yen

Million yen

Million yen

%

Yen

June, 2021

997,716

495,192

492,878

49.4

1,152.77

March, 2021

972,249

492,118

489,671

50.4

1,145.26

2. Dividends

Dividends per Share

1Q

2Q

3Q

Term-end

Annual

Yen

Yen

Yen

Yen

Yen

March, 2021

0.00

0.00

0.00

March, 2022

March, 2022

0.00

0.00

0.00

(Forecast)

Note: Revision of

the latest forecasts of results

: No

3. Business results forecast for the year ending March 31, 2022 (April 1, 2021 to March 31, 2022)

(% indicates the rate of +/- compared with the previous fiscal year)

Adjusted Operating

Income (loss)

Net Income (loss)

Earnings

Revenues

attributable to Shareholders

per Share

Income (loss)

before Income Taxes

of the Parent Company

(Basic)

Million yen

%

Million yen

%

Million yen

%

Million yen

%

Yen

Full-year

850,000

11.6

34,000

17,000

12,000

28.07

Note: 1. Revision of the latest forecasts of results : No

2. In order to give a true view of the condition of the Group's business without the effects of business restructuring etc., the Group shows "adjusted operating income" which is the operating income (loss) recorded in the consolidated statement of income, excluding non-operating income and expenses, and extraordinary income and losses. Adjusted operating income is a unified profit indicator for the Hitachi Group, including Hitachi, Ltd.

  • 1 -

Other Notes

Numbers of shares issued (Common stock)

() Number of shares outstanding at end of period

(Including treasury stock)

June, 2021

428,904,352

March, 2021

428,904,352

() Number of treasury stock outstanding at end of period

June, 2021

1,344,702

March, 2021

1,340,710

() Average number of shares issued during the term

June, 2021 (1Q)

427,561,153

June, 2020 (1Q)

427,566,545

*This quarterly consolidated financial report is not subject to the quarterly review procedure by the scope of audit.

*The forecast figures, with the exception of actual results, are based on certain assumptions and predictions of the management at the time of preparation. Changes in business conditions or underlying assumptions may cause actual results may differ from those projected. Please refer to "(3) Forecasts for the Fiscal Year Ending March 31, 2022, including Consolidated Operating Forecasts" on page 6 for precondition and assumption as the basis of the above forecasts.

- 2 -

○ Table of Contents

1. Qualitative Information Regarding Financial Results for the Three Months Ended June 30, 2021……………………………… 4

  1. Information Regarding Operating Results………………………………..……………………………………………… 4
  2. Analisys of Financial Condition…………………………………………………………………….…………………… 6

(3) Forecasts for the Fiscal Year Ending March 31, 2022, including Consolidated Operating Forecasts…………………

6

2. Condensed Interim Consolidated Financial Statements and Notes to Condensed Interim Consolidated Financial Statements…

7

  1. Condensed Interim Consolidated Statement of Financial Position……………………………………………………… 7
  2. Condensed Interim Consolidated Statement of Income and Condensed Interim Consolidated Statement of Comprehensive Income………………………………………………………………………………………….……… 9 [ Condensed Interim Consolidated Statement of Income ]……………………………………………………………… 9 [ Condensed Interim Consolidated Statement of Comprehensive Income ]……………………………………………. 10
  3. Condensed Interim Consolidated Statement of Changes in Equity……………………………………………………… 11
  4. Condensed Interim Consolidated Statement of Cash Flows…………………………………………………………….. 12
  5. Segment Information…………………………………………………………………………………………………….. 14

- 3 -

1. Qualitative Information Regarding Financial Results for the Three Months Ended June 30, 2021

  1. Information Regarding Operating Results

The Group's operating results for the three months ended June 30, 2021 were as followings.

During the three months ended June 30, 2021, the global economy continued to recover, mainly in the U.S. and China, although the recovery varied depending on the containment level of the spread of COVID-19 (the novel coronavirus disease) and on economic policies. In the business fields of the Group, while the automotive-related area was affected by the impact of production adjustments implemented by automobile manufacturers as a result of a supply shortage of semiconductors, demand increased year on year due to a significant recovery in automobile sales in each region. In the FA/robot-related area, capital investment demand related to the manufacture of automobiles and smartphones increased. In the semiconductor-related area, demand increased as a result of a rise in demand for use in telecommunication devices and an increase in automobile sales. Furthermore, reflecting the impact of the rise in raw material prices, revenues increased by 46.6% year on year to ¥226,852 million.

In terms of profit, adjusted operating income* and operating income increased by ¥15,808 million and ¥10,651 million year on year, respectively, to ¥8,533 million and ¥4,239 million, respectively, as a result of the increase in revenues. Income before income taxes increased by ¥11,355 million year on year to ¥4,283 million and net income attributable to shareholders of the parent company increased by ¥6,338 million year on year to ¥2,998 million.

As announced in "Announcement of Opinion in Support of the Tender Offer by K.K. BCJ-52 for the Shares of Hitachi Metals, Ltd., and Recommendation of Tender" dated April 28, 2021, a tender offer by K.K. BCJ-52("BCJ-52") for the common shares of the Company and other matters (the "Tender Offer") are planned in the future. BCJ-52 intends to make the Company its wholly owned subsidiary through the Tender Offer and a series of transactions thereafter. As a result, the Company will be independent from the Hitachi Group and its common shares will be delisted. Following the transaction, the Company will aim to increase its corporate value through renewed growth by speeding up transformation and growth, obtaining investment funds, and introducing external knowledge to reinforce its competitiveness and profitability by undertaking business reforms with the new partner.

The results by business segment are as followings. Note that revenues for each segment include intersegment revenues. There were no significant changes to the businesses of the Group during the three months ended June 30, 2021.

Specialty Steel Products

Revenues in the Specialty Steel Products segment for the three months ended June 30, 2021 were ¥63,831 million, an increase of 21.6% as compared with those for the three months ended June 30, 2020.

Breaking down the revenues by business, sales of molds and tool steel increased year on year reflecting an increase in both Japanese and international demand. Sales of materials for industrial equipment increased year on year on the back of a rise in demand for products related to automobiles. Sales of aircraft & energy-related materials decreased year on year due to continued weakness in demand for aircraft-related materials as a result of travel restrictions following the spread of COVID-19. Sales of alloys for electronic products increased year on year due to high levels of demand for semiconductor package materials and solid sales of clad metals for smartphones and batteries, in addition to increased sales of organic EL panel-related components.

Sales of rolls as a whole were flat, reflecting a slight year-on-year decline in sales of various rolls and steel-frame joints for construction, while sales of injection molding machine parts were strong.

Adjusted operating income increased by ¥4,563 million year on year to ¥4,406 million, due in part to an increase in demand for our mainstay products. Operating income increased by ¥3,096 million to ¥4,612 million year on year.

Functional Components and Equipment

Revenues in the Functional Components and Equipment segment for the three months ended June 30, 2021 were ¥76,132 million, an increase of 89.5% year on year.

Breaking down the revenues by business, among automotive casting components, sales of cast iron products increased year on year on the back of a significant recovery in automobile sales in each region and a rise in demand for use in commercial vehicles and construction and agricultural machines in North America, although the demand of the products was affected by the impact of production adjustments implemented by automobile manufacturers as a result of a supply shortage of semiconductors for automobiles. Sales of heat-resistant exhaust casting components also saw a year-on-year increase owning to a recovery in demand. As a result, sales of automotive casting components as a whole increased year on year.

Among piping components, sales of equipment for semiconductor manufacturing devices increased year on year due to the recovery of capital investment demand following the strength of the semiconductor market. Overall sales of our mainstay pipe

- 4 -

fittings saw a year-on-year increase on the back of a year-on-year rise in sales in the U.S. market due to an increase in housing starts, while sales were flat in Japan. As a result, sales of piping components as a whole increased year on year.

Adjusted operating loss improved by ¥6,861 million year on year, resulting in a loss of ¥139 million, due in part to an increase in demand for our mainstay automotive casting components. Operating loss was ¥1,132 million, an improvement of ¥6,176 million year on year.

Magnetic Materials and Applications / Power Electronics

Revenues in the Magnetic Materials and Applications / Power Electronics segment for the three months ended June 30, 2021 were ¥31,774 million, an increase of 44.0% year on year.

Breaking down the revenues by business, sales of magnetic materials increased year on year on the back of a significant growth in automobile sales in each region and strong demand related to FA/robots and electronics, although demands for rare earth magnets and ferrite magnets were affected by the impact of production adjustments implemented by automobile manufacturers as a result of a supply shortage of semiconductors for automobiles.

Among power electronics materials, soft magnetic materials, and their applied products saw brisk demand for use in telecommunications applications such as smartphones, tablets, and server equipment. Demand for amorphous metals for transformers also increased mainly in Asia. As a result, sales of soft magnetic materials, and their applied products as a whole increased year on year. Sales of ceramic components increased year on year due to an increase in demand for use in automobiles as well as for server equipment and continued strength in demand for use in medical devices from the previous fiscal year. As a result, sales of power electronics materials as a whole increased year on year.

Adjusted operating income increased by ¥2,855 million year on year to ¥2,377 million, due to an increase in demand for both magnetic materials and power electronics materials. Operating income increased by ¥2,997 million year on year to ¥2,494 million.

Wires, Cables, and Related Products

Revenues in the Wires, Cables, and Related Products segment for the three months ended June 30, 2021, were ¥54,993 million, an increase of 37.9% year on year.

Breaking down the revenues by business, among electric wires and cables, sales of wires and cables for rolling stock increased year on year on the back of a recovery of demand mainly in Japan. In wires and cables for medical devices, while demand for tubes recovered, demand for cables, though at a high level, decreased in comparison to the surge in demand for use in COVID- 19 detection devices. As a result, sales of wires and cables for medical devices as a whole decreased year on year. Sales of magnet wires increased year on year reflecting a recovery in demand mainly for automotive and industrial equipment use. Sales of electronic wires increased year on year due to an increase in demand for FA/robot applications. As a result, sales of wires, cables, and related products as a whole increased year on year.

Sales of automotive components as a whole increased year on year despite the impact of production adjustments implemented by automobile manufacturers as a result of a supply shortage of semiconductors for automobiles and the disruption in international distribution, as demand increased year on year due to a significant recovery in automobile sales in each region. Adjusted operating income increased by ¥2,135 million year on year to ¥1,625 million, due to an increase in demand for both electric wires and cables and automotive components. Operating income increased by ¥717 million year on year to ¥390 million for the same period.

Other

Revenues in the Other segment for the three months ended June 30, 2021, were ¥523 million, a decrease of 25.1%, and adjusted operating income decreased by ¥199 million to ¥52 million, as compared with those for the three months ended June 30, 2020. Operating income of the segment decreased by ¥278 million year on year, resulting in an operating loss of ¥26 million.

*In order to give a true view of the condition of the Group's business without the effects of business restructuring etc., the Group shows "adjusted operating income"which is the operating income (loss) recorded in the consolidated statement of income, excluding non-operating income and expenses, and extraordinary income and losses. Adjusted operating income is a unified profit indicator for the Hitachi Group, including Hitachi, Ltd.

- 5 -

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Hitachi Metals Ltd. published this content on 28 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 July 2021 06:02:03 UTC.


© Publicnow 2021
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Sales 2022 891 B 8 102 M 8 102 M
Net income 2022 19 675 M 179 M 179 M
Net Debt 2022 122 B 1 105 M 1 105 M
P/E ratio 2022 46,8x
Yield 2022 0,91%
Capitalization 920 B 8 373 M 8 364 M
EV / Sales 2022 1,17x
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Nbr of Employees 28 620
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Number of Analysts 4
Last Close Price 2 152,00 JPY
Average target price 1 994,25 JPY
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Mitsuaki Nishiyama Co-Chairman, CEO & Executive President
Hiroaki Nishioka Chief Financial Officer & Head-Administration
Kenichi Nishiie Co-Chairman
Kazuya Murakami Managing Executive Officer, General Manager-R&D
Ryoichi Aida Chief Quality Officer & Head-Technology
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