PANASONIC HOLDINGS CORPORATION Fiscal 2023 Second Quarter
Financial Results
October 31, 2022
Panasonic Holdings Corporation
Notes: 1. This is an English translation from the original presentation in Japanese.
2. In this presentation, "Fiscal 2023" or "FY23" refers to the year ending March 31, 2023.
Summary of FY23 2Q Financial Results
- FY23 2Q Financial Results
-
Overall sales increased from FY22 2Q
Increased sales (e.g. Lifestyle, Automotive, Energy), Blue Yonder consolidation, and currency translation - Adjusted operating profit: same level as FY22 2Q
- Increased fixed costs for growth (e.g. Lifestyle, Energy), despite increased sales
- Efforts like price revisions offset impact of raw material price hikes
- Operating profit & net profit* decreased
-
Overall sales increased from FY22 2Q
Impact of recognition of one-time gains in other income/loss in FY22 2Q
(re-evaluation of existing equity in Blue Yonder upon acquisition: 58.3 billion yen)
- FCF: Below net profit* with strategically increased inventories responding to semiconductor shortages, etc. despite improvement from FY22 with completion of Blue Yonder acquisition
- FY23 Full-Year Forecast
- Groupwide: Sales revised upward (currency translation); profit revised downward
- By segment: Profit revised downward for Connect, Automotive, and Industry;
Tax credit from US Inflation Reduction Act (IRA) assumed in FY23 4Q (for Energy) not yet factored in
* Net profit attributable to Panasonic Holdings Corporation stockholders
Fiscal 2023 Second Quarter Financial Results | Copyright(C) 2022 Panasonic Holdings Corporation | 1 |
Fiscal 2023 Second Quarter Financial Results Fiscal 2023 Full-YearFinancial Forecast
FY23 2Q Financial Results
(yen: billions)
FY23 2Q | FY22 2Q | Difference / vs. FY22 | ||||
Sales | 2,090.0 | 1,741.2 | +20% | +348.8 | ||
（+9%) *** | （+152.2) *** | |||||
Adjusted OP* | 80.2 | (3.8%) | 80.3 | (4.6%) | 0% | -0.1 |
(% to sales) | ± | |||||
Other income/loss** | 5.9 | 16.5 | -10.6 | |||
Operating profit | 86.1 | (4.1%) | 96.8 | (5.6%) | -11% | -10.7 |
(% to sales) | ||||||
Non-operating income/loss | 7.0 | 0.5 | +6.5 | |||
Profit before income taxes | 93.1 | (4.5%) | 97.3 | (5.6%) | -4% | -4.2 |
(% to sales) | ||||||
Net profit attributable to | 58.4 | (2.8%) | 76.5 | (4.4%) | -24% | -18.1 |
Panasonic Holdings Corporation | ||||||
stockholders (% to sales) | ||||||
EBITDA**** (% to sales) | 193.8 | (9.3%) | 185.9 | (10.7%) | +4% | +7.9 |
Exchange | 1 | US dollar | 138 yen | 110 yen | |
1 | Euro | 139 yen | 130 yen | ||
rates | |||||
1 | Renminbi | 20.2 yen | 17.0 yen | ||
- Sales - Cost of sales - SG&A
- "Other income (expenses), net" + "Share of profit (loss) of investments accounted for using the equity method" as indicated in the Consolidated Statements of Profit or Loss of the news release
- Excluding effect of exchange rates
- Total amount of Operating profit, Depreciation (Tangible assets including property, plant and equipment/ Right-of-use assets) and Amortization (Intangible assets). Adjusted with:
- amount equivalent to depreciation corresponding to underlying assets that are applied with Lease accounting treatment as a lessor- impact of temporary accounting treatment related to "re-evaluation of assets and liabilities" upon Blue Yonder acquisition
Fiscal 2023 Second Quarter Financial Results | Copyright(C) 2022 Panasonic Holdings Corporation | 3 |
FY23 2Q Results by Segment
(yen: billions)
Sales | vs. FY22 | Adjusted | FY22 | Other | FY22 | OP | FY22 | |
(Excl. effect of | OP | income/ | ||||||
Difference | Difference | (% to sales) | Difference | |||||
exchange | (% to sales) | loss | ||||||
rates) | ||||||||
Lifestyle | 877.0 | +18% | 32.6 | +2.9 | 2.8 | +18.2 | 35.4 | +21.1 |
(+8%) | 3.7% | 4.0% | ||||||
Automotive | 323.0 | +36% | 0.1 | +4.7 | -2.0 | +0.2 | -1.9 | +4.9 |
(+24%) | 0.0% | -0.6% | ||||||
Connect | 273.1 | +26% | -0.3 | -5.6 | -0.6 | -47.7 | -0.9 | -53.3 |
(+12%) | -0.1% | -0.3% | ||||||
Industry | 299.5 | +10% | 19.4 | -2.7 | 2.6 | +5.2 | 22.0 | +2.5 |
(-2%) | 6.5% | 7.3% | ||||||
Energy | 242.0 | +28% | 13.9 | -5.2 | -1.5 | -1.2 | 12.4 | -6.4 |
(+5%) | 5.7% | 5.1% | ||||||
Other/ | 75.4 | - | 14.5 | +5.8 | 4.6 | +14.7 | 19.1 | +20.5 |
Eliminations & | ||||||||
adjustments | ||||||||
Total | 2,090.0 | +20% | 80.2 | -0.1 | 5.9 | -10.6 | 86.1 | -10.7 |
(+9%) | 3.8% | 4.1% | ||||||
EBITDA* FY22
(% to sales) | Difference |
60.8 | +23.0 |
6.9% | |
13.1 | +5.6 |
4.0% | |
** | |
17.9 | -43.3 |
6.5% | |
36.6 | +4.1 |
12.2% | |
*** | |
29.0 | -3.4 |
12.0% | |
36.4 | +21.9 |
193.8 | +7.9 |
9.3% | |
Note: Management accounting adjustments to sales prices, which had been included in "Eliminations and adjustments," are included in each segment from FY23. (FY22 results have also been reclassified to conform to the presentation for FY23)
- Total amount of Operating profit, Depreciation (Tangible assets including property, plant and equipment / Right-of-use assets) and Amortization (Intangible assets)
- Adjusted with impact of temporary accounting treatment related to "re-evaluation of assets and liabilities" upon Blue Yonder acquisition
- Additionally adjusted with the amount equivalent to depreciation corresponding to underlying assets that are applied with Lease accounting treatment as a lessor
Fiscal 2023 Second Quarter Financial Results | Copyright(C) 2022 Panasonic Holdings Corporation | 4 |
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Panasonic Corporation published this content on 31 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 October 2022 06:38:55 UTC.
