HOYA CORPORATION HOYA Corporation
Q2 FY23 Earnings Presentation October 31, 2023
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Forward-looking Statement
HOYA may make comments and disclose information which include forward-looking statements with respect to HOYA´s plans and future performance. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements and are based on management's assumptions and beliefs in light of the information available when such statements were prepared, including exchange and interest rates, international situations, market trends and economic conditions, competition, production capacity, estimates of revenues, operating margins, capital expenditures, cash, other financial metrics, expected legal, arbitration, political, regulatory, clinical or research and development capabilities, results or practices, customer patterns or practices, reimbursement activities and outcomes, effects of pandemics or other widespread health problems, and other such estimates and results. HOYA does not guarantee the accuracy or completeness of such information and HOYA does not undertake any obligation to update any forward-looking statements as a result of new information, future events or otherwise.
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01. Q2 FY23 Financial Results
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Finacial Overview
- Although sales of HDD glass substrates continued to decline, revenue increased due to the solid Life Care performance. On a constant currency basis, revenue was on par with the previous year.
- Pretax profit increased due to FX gains of 3.5 billion yen from the depreciation of the yen and an impact of a sale of business (3.4 billion yen).
Revenue (¥bn)
Pretax Profit (¥bn) | Cf. Operating Profit / OPM |
184.1 | 182.3 | 188.7 |
FY22 Q2 | FY23 Q1 | FY23 Q2 |
YoY +3% (CC* -1%) |
© 2023 HOYA CORPORATION All Rights Reserved
61.8 | 63.6 | |
51.2 | ||
FY22 Q2 | FY23 Q1 | FY23 Q2 |
YoY +3% (CC -0%) |
29.2% | 27.8% | |
26.2% | ||
53.9 | 47.8 | 52.4 |
FY22 Q2 | FY23 Q1 | FY23 Q2 |
YoY -3% (CC -6%)
*CC: Constant Currency - likewise hereafter | 4 |
Life Care Business Overview
- Revenue of all products increased on a reported basis.
- Profitability was maintained at around the range of 20%, which is our benchmark, while we made investments for growth.
Revenue (¥bn)
127.4 | 132.1 | |
118.8 | ||
FY22 Q2 | FY23 Q1 | FY23 Q2 |
YoY +11% (CC +6%)
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Pretax Profit (¥bn)
30.5 | 31.0 | |
27.4 | ||
FY22 Q2 | FY23 Q1 | FY23 Q2 |
YoY +13% (CC +7%)
Cf. Operating Profit / OPM
19.8% | 21.3% | |
19.5% | ||
28.2 | ||
23.2 | 25.3 | |
FY22 Q2 | FY23 Q1 | FY23 Q2 |
YoY +22% (CC +16%)
5
Life Care Business Overview by Product
Product | YoY | YoY(CC) | FY23 Q2 Status | Future Direction and Outlook |
Eyeglass | U.S. chain stores, independent stores | Establish product portfolio that meets | ||
+13% | +7% | in Europe, and MiYOSMART in China | ||
Lenses | the needs of all generations | |||
performed well. | ||||
Continue to focus on PB products | ||||
Contact Lenses | +9% | +9% | Sales of PB products (hoyaONE) and | and online delivery services |
online delivery services were solid | We plan to open around 10 stores in | |||
FY23 | ||||
Sales decreased compared with the | Steady launch of new products such | |||
same period of the previous year, | ||||
Endoscopes | +2% | -6% | as Inspira | |
when there was a significant | ||||
Promote of localization in China | ||||
reactionary increase in China. | ||||
Stable demand continued in all | Continue to focus on the launch of | |||
IOLs | +21% | +16% | markets. Established subsidiary in | |
tri-focal IOLs. Drive innovation. | ||||
China for local production. | ||||
Artificial Bones, | Momentum of pharmaceutical | Expand capacity of chromatography | ||
+15% | +9% | chromatography and metal Implants | ||
etc. | media | |||
continued | ||||
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IT Business Overview
- Although demand for mask blanks recovered, sales of HDD substrates fell sharply, resulting in a decline in overall revenue of the IT Business.
- Profitability improved QoQ driven by cost management measures.
Revenue (¥bn)
64.2 | ||
53.7 | 55.5 | |
FY22 Q2 | FY23 Q1 | FY23 Q2 |
YoY -14% (CC -15%) |
Pretax Profit(¥bn)
34.4 | ||
26.0 | ||
20.9 | ||
FY22 Q2 | FY23 Q1 | FY23 Q2 |
YoY -24% (CC -25%) |
Cf. Operating Profit / OPM
49.3% | ||
44.0% | 45.4% | |
31.7 | ||
23.7 | 25.3 | |
FY22 Q2 | FY23 Q1 | FY23 Q2 |
YoY -20% (CC -21%) |
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IT Business Overview by Product
Product | YoY | YoY(CC) | FY23 Q2 Status | Future Direction and Outlook |
LSI | -2% | -3% | Amidst an unstable business | Accelerate development of leading- |
environment, EUV blanks sales have | edge blanks and steadily capture | |||
recovered to a level close to that of | development demand despite | |||
the previous year. | unstable end-use demand | |||
FPD | +4% | +2% | Design development activities for | Focus on high value-added products |
smartphones were stable | ||||
HDD Substrates | -40% | -43% | Demand for 3.5" decreased due to | Streamline and deepen |
global economic slowdown and end | manufacturing operations | |||
customers prioritizing GPU | Materialize business opportunities | |||
investment | around next gen products | |||
Imaging | +8% | +7% | Steady sales of interchangeable | Continuously explore opportunities to |
lenses due new camera launches etc. | expand business domain by | |||
leveraging optical technology | ||||
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Balance Sheet / Cash Flow Related Matters
Shareholder Return | CapEx* | D&A |
- Completed ¥50 billion share buyback (Period: 1 Aug - 20 Oct)
- Resolved to cancel all shares repurchased
• | Q1 Results: ¥10.3 bn | • | Q1 Results: ¥11.7 bn |
(YoY +¥4.0 bn) | (YoY -¥0.6bn) | ||
• | FY23 is expected to be | • | FY23 is expected to be flat |
around ¥45.0 bn** | year-on-year on a CC basis |
*CF basis. Acquisition of tangible fixed assets **Increase from the budget at the beginning of the fiscal year due to FX fluctuations (including D&A, actual results are expected to fluctuate depending on FX fluctuations)
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02. MiYOSMART Update
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Hoya Corporation published this content on 31 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 October 2023 04:38:13 UTC.
