Consolidated Financial Summary (Japanese Accounting Standards) (For the fiscal year ended March 31, 2023)
April 26, 2023 | |
Listed company: Shin-Etsu Polymer Co., Ltd. | |
Listing code: | No. 7970 (URL https://www.shinpoly.co.jp/en/) |
Listing stock exchange: | Tokyo |
Representative: | Yoshiaki Ono, President, Chief Executive Officer |
Person to contact: | Osamu Kowada, Executive Officer, General Manager of Accounting & Finance Department |
TEL: +81-3-5288-8406 |
Scheduled date of annual shareholders' meeting: | June 23, 2023 | ||||||||
Scheduled date of dividend payout: | June 26, 2023 | ||||||||
Scheduled date to submit the Securities Report (Yukashoken Hokokusho): June 23, 2023 | |||||||||
Supplementary documents for quarterly results: | Yes | ||||||||
Quarterly results briefing: | Yes (for analysts) | ||||||||
(Amounts under a million yen are truncated.) | |||||||||
1. Consolidated Financial Highlights (April 1, 2022 to March 31, 2023) | |||||||||
(1) Consolidated Financial Results | (The percentages indicate the year-on-year change.) | ||||||||
Net sales | Operating profit | Ordinary profit | Profit attributable to | ||||||
owners of parent | |||||||||
Million yen | |||||||||
Million yen | % | Million yen | % | % | Million yen | % | |||
March 2023 | 108,278 | 16.9 | 12,749 | 31.0 | 12,986 | 28.2 | 8,529 | 35.2 | |
March 2022 | 92,640 | 20.5 | 9,732 | 34.8 | 10,129 | 44.3 | 6,308 | 39.0 |
(Note) Comprehensive income (loss): March 2023: ¥12,944 million (31.4%); March | 2022: ¥9,849 million (175.3%) | |||||
Basic earnings | Diluted earnings | Return on equity | Ordinary profit to | Operating profit to | ||
per share | per share | total assets | net sales | |||
Yen | Yen | % | % | % | ||
March 2023 | 105.68 | 105.11 | 8.6 | 10.1 | 11.8 | |
March 2022 | 78.15 | 77.89 | 7.0 | 8.8 | 10.5 |
(Reference) Equity in income of affiliates accounted for by the equity method: March 2023: ¥ - million; March 2022: ¥ - million
(2) Consolidated Financial Position
Total assets | Net assets | Equity ratio | |
Million yen | Million yen | % | |
March 2023 | 135,364 | 105,128 | 77.4 |
March 2022 | 122,577 | 94,337 | 76.7 |
(Reference) Equity capital: March 2023: ¥104,734 million; March 2022: ¥93,995 million
(3) Consolidated Cash Flows
Cash flows from | Cash flows from | Cash flows from | |
operating activities | investing activities | financing activities | |
Million yen | Million yen | Million yen | |
March 2023 | 9,124 | (11,200) | (2,498) |
March 2022 | 9,759 | (9,664) | (2,364) |
Net assets per share Yen
1,294.09
1,166.23
Cash and cash equivalents
at the end of the term Million yen
43,843
45,848
2. Dividends
Dividend per share | Total | Payout ratio | Dividends to | ||||||
1st | 2nd | 3rd | dividends paid | net assets | |||||
Year-end | Annual | (consolidated) | |||||||
quarter | quarter | quarter | (annual) | (consolidated) | |||||
Yen | Yen | Yen | Yen | Yen | Million yen | % | % | ||
March 2022 | - | 12.00 | - | 14.00 | 26.00 | 2,099 | 33.3 | 2.3 | |
March 2023 | - | 18.00 | - | 20.00 | 38.00 | 3,071 | 36.0 | 3.1 | |
March 2024 | - | 22.00 | - | 22.00 | 44.00 | 39.6 | |||
(forecast) | |||||||||
3. Consolidated Financial Forecasts for the Fiscal Year Ending March 31, 2024 (April 1, 2023 to March 31, 2024)
(The percentages indicate the year-on-year change.)
Net sales | Operating profit | Ordinary profit | Profit attributable to | Basic earnings | |||||||||
owners of parent | per share | ||||||||||||
Million yen | % | Million yen | % | Million yen | % | Million yen | % | Yen | |||||
Full year | 111,000 | 2.5 | 13,000 | 2.0 | 13,000 | 0.1 | 9,000 | 5.5 | 111.20 |
* Notes
-
Any change in important subsidiaries during the year
(Any changes in specific subsidiaries accompanied by a change in the scope of consolidating): None
Newly added: None, | Eliminated: None | ||
(2) Any changes in accounting policies and changes or restatement of accounting estimates | |||
1. | Changes in accounting policies associated with the revision of accounting standards, etc.: | None | |
2. | Changes in accounting policies other than the above: | None | |
3. | Changes in accounting estimates: | None | |
4. | Restatement: | None |
(3) Number of shares issued (common stock) | |||
1. | Number of shares issued as of the term end (including treasury shares): | March 2023 | 82,623,376 shares |
March 2022 | 82,623,376 shares | ||
2. | Number of treasury shares as of the term end: | March 2023 | 1,690,917 shares |
March 2022 | 2,025,709 shares | ||
3. | Average number of shares during the term: | March 2023 | 80,712,716 shares |
March 2022 | 80,723,355 shares |
Reference: Non-Consolidated Financial Summary
1. Non-Consolidated Financial Highlights (April 1, 2022 to March 31, 2023)
(1) Non-Consolidated Financial Results | (The percentages indicate the year-on-year change.) |
Net sales | Operating profit | |||
Million yen | % | Million yen | % | |
March 2023 | 72,905 | 15.1 | 7,153 | 10.3 |
March 2022 | 63,314 | 15.1 | 6,485 | 60.0 |
Basic earnings per share | Diluted earnings per share | |||
Yen | Yen | |||
March 2023 | 83.14 | 82.69 | ||
March 2022 | 80.30 | 80.04 |
Ordinary profit | Profit | ||||
Million yen | % | Million yen | % | ||
10,482 | 21.7 | 6,710 | 3.5 | ||
8,613 | 54.0 | 6,482 | 67.0 |
(2) Non-Consolidated Financial Position
Total assets | Net assets | Equity ratio | Net assets per share | |
Million yen | Million yen | % | Yen | |
March 2023 | 87,845 | 62,068 | 70.2 | 762.04 |
March 2022 | 83,042 | 57,474 | 68.8 | 708.87 |
(Reference) Equity capital: March 2023: ¥61,674 million; March 2022: ¥57,133 million
- This report on summaries of accounts is not subject to audits by certified public accountants or auditing firms.
-
Statement regarding the proper use of financial forecasts and other special remarks
The Company plans to hold a results briefing for analysts on May 10, 2023 (Wednesday). In the results briefing, the Company will explain the results in the fiscal year ended March 31, 2023 and the details of, and thoughts on, the medium-term management plan, Shin-Etsu Polymer Global & Growth 2027, announced separately on April 26, 2023. The presentation material to be used at the briefing will be posted on the Company's website on the date of the briefing.
Shin-Etsu Polymer Co., Ltd. (7970) Consolidated Financial Summary (For the fiscal year ended March 31, 2023)
Accompanying Materials - Contents | ||
1. Outline of Consolidated Financial Results, etc | 2 | |
(1) | Outline of consolidated financial results for the fiscal year under review | 2 |
(2) | Outline of financial position for the consolidated fiscal year under review | 3 |
(3) | Outline of cash flows for the consolidated fiscal year under review | 3 |
(4) | Future outlook | 4 |
2. Basic Concept of the Selection of Accounting Standards | 4 | |
3. Consolidated Financial Statements and Key Notes | 5 | |
(1) | Consolidated Balance Sheets | 5 |
(2) | Consolidated Statements of Income / Consolidated Statement of Comprehensive Income | 7 |
(3) | Consolidated Statements of Changes in Net Assets | 9 |
(4) | Consolidated Statements of Cash Flows | 11 |
(5) | Explanatory Notes to Consolidated Financial Statements | 12 |
(Notes on the Premise of a Going Concern) | 12 | |
(Segment Information) | 12 |
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Shin-Etsu Polymer Co., Ltd. (7970) Consolidated Financial Summary (For the fiscal year ended March 31, 2023)
1. Outline of Consolidated Financial Results, etc.
(1) Outline of consolidated financial results for the fiscal year under review
During the consolidated fiscal year under review, the global economy was recovering, with social activities and movements of people increasing at the stage of living with COVID-19. However, the economic recovery slowed due to surging energy prices and rising prices. In the United States, the economy picked up, reflecting an increase in employment and a rise in income. However, the risk of an economic slowdown increased following a series of interest rate increases designed to control inflation. In Europe, concern remained over energy supply and the economic recovery was slow. In Asia, production and consumption were sluggish in China due to continued strict restrictions on the movement of people. In India and ASEAN countries, however, economies recovered to their pre-COVID-19 levels.
In the Japanese economy, the pace of recovery in production slowed due to surging resources prices. However, corporate capital expenditure recovered and consumer spending picked up moderately.
The Group's business environment remained favorable overall, thanks to continued strong demand in the semiconductor industry and an increase in demand in the automotive-related industry.
In this operating environment, the Group continued to focus its sales activities on boosting sales of both key products and new businesses in Japan and overseas, to expand the production/supply systems as well.
As a result, consolidated net sales during the fiscal year under review stood at ¥108,278 million (up 16.9% year on year), operating profit was ¥12,749 million (up 31.0% year on year), ordinary profit amounted to ¥12,986 million (up 28.2% year on year), and profit attributable to owners of parent was ¥8,529 million (up 35.2% year on year).
Consolidated results by segment are as follows.
1) Electronic Devices segment
In the Electronic Devices segment, overall sales were substantially higher than the year-ago level, reflecting strong shipments particularly of input devices, supported by a recovery in demand in the automotive sector. Overall sales for input devices increased attributable to the recovered shipments of mainstay automotive key switches and the strong shipments of touchpads for slim notebook personal computers.
Overall sales for display-related products remained flat from a year ago, reflecting strong shipments of view/light path control film (VCF) and sluggish shipments of LCD connectors.
Sales for component-related products grew sharply, reflecting strong shipments of electronic-part testing connectors and automotive windshield wipers.
As a result, segment sales stood at ¥24,684 million (up 12.2% year on year) and operating profit was ¥1,694 million (up 42.8% year on year).
2) Precision Molding Products segment
In the Precision Molding Products segment, overall sales far surpassed the year-ago level, reflecting continued strength in shipments of semiconductor-related containers, office automation equipment parts, and silicon rubber molded products, coupled partly with the impact of exchange rates.
Sales for semiconductor-related containers grew sharply, reflecting strong shipments of 300-mm wafer shipping containers and other products with lively demand in the semiconductor industry in the background.
Sales of office automation equipment increased due to the recovery in shipments of rollers for laser printers, which are mainstay products.
Sales of carrier tape-related products were sluggish. Shipments of carrier tapes for micro electronic parts saw sluggish growth.
Sales of silicone rubber molded products rose steadily overall, reflecting an increase in sales of mainstay medical equipment due to the normalization of medical services in the living-with-COVID-19 condition.
As a result, segment sales stood at ¥50,021 million (up 18.7% year on year) and operating profit was ¥9,867 million (up 28.8% year on year).
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Shin-Etsu Polymer Co., Ltd. (7970) Consolidated Financial Summary (For the fiscal year ended March 31, 2023)
3) Housing & Living Materials segment
In the Housing & Living Materials segment, the Company revised sales prices and carried out M&A in the extremely difficult market environment for PVC products. Overall sales for the segment rose significantly from a year earlier.
Sales of packing materials such as wrapping films increased significantly, reflecting the consolidation of Kitche Nista Co., Ltd.
Sales of functional compounds rose significantly because shipments to new customers expanded and demand for applications in cables for industrial machinery remained strong.
Shipments of PVC pipes and related products were sluggish, but sales climbed due to price revisions.
Overall sales for exterior materials remained at the year-earlier level, despite sluggish growth in demand, due to revisions to sales prices.
Sales for conductive polymer rose due to strong demand for automotive electronic component applications, which more than offset sluggish demand for liquid crystal display applications.
As a result, segment sales stood at ¥26,236 million (up 22.6% year on year) and operating profit was ¥909 million (up 87.1% year on year).
4) Others segment
Overall sales were unchanged year on year, reflecting solid orders for the interior construction of commercial facilities and public facilities in the construction business.
As a result, segment sales amounted to ¥7,336 million (up 3.5% year on year) and operating profit was ¥278 million (down 30.5% year on year).
(2) Outline of financial position for the consolidated fiscal year under review
Total assets at the end of the consolidated fiscal year under review amounted to ¥135,364 million (an increase of ¥12,787 million from the end of the previous fiscal year). This was mainly attributable to increases of ¥3,919 million in buildings and structures, net, ¥3,138 million in merchandise and finished goods, ¥2,219 million in notes and accounts receivable - trade, and contract assets, ¥2,002 million in machinery, equipment and vehicles, net, and ¥1,308 million in raw materials and supplies, offsetting decreases of ¥1,848 million in cash and deposits and ¥1,375 in goodwill.
Liabilities at the end of the consolidated fiscal year under review stood at ¥30,236 million (an increase of ¥1,995 million from the end of the previous fiscal year). This result was mainly due to increases of ¥2,248 million in notes and accounts payable - trade and ¥1,103 million in other current liabilities, offsetting a decrease of ¥2,170 million in accounts payable - other.
Net assets at the end of the consolidated fiscal year under review amounted to ¥105,128 million (an increase of ¥10,791 million from the end of the previous fiscal year), mainly reflecting increases of ¥5,948 million in retained earnings and ¥4,388 million in foreign currency translation adjustment.
(3) Outline of cash flows for the consolidated fiscal year under review
Cash and cash equivalents (hereinafter "cash") at the end of the consolidated fiscal year under review decreased ¥2,005 million from the end of the previous fiscal year, to ¥43,843 million.
Cash flows by activities and contributing factors were as follows:
(Cash flows from operating activities)
Net cash provided by operating activities was ¥9,124 million for the consolidated fiscal year under review, a decrease of ¥634 million from the previous fiscal year. This result was due to factors that contributed to an increase, including the posting of ¥11,373 million in profit before income taxes, ¥3,935 million in depreciation and ¥1,616 million as an impairment loss and an increase of ¥1,137 million in notes and accounts payable - trade, and factors that contributed to a decrease, including an increase of ¥3,967 million in inventories, ¥3,233 million in income taxes paid and an increase of ¥1,649 million in notes and accounts receivable - trade.
(Cash flows from investing activities)
Net cash used in investing activities in the consolidated fiscal year under review was ¥11,200 million (a year-on-
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Shin-Etsu Polymer Co. Ltd. published this content on 26 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 May 2023 07:27:07 UTC.