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SHOWA DENKO K.K.

(4004)
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Showa Denko K K : Consolidated Financial Results / First Quarter, 2021

05/13/2021 | 04:36am EDT

Consolidated Financial Results

First Quarter, 2021

(May 13, 2021)

SHOWA DENKO K.K.

Motohiro Takeuchi, CFO

Representative Director & Managing Corporate Officer

Overview of CQ1, 2021 Financial Results

Net Sales, Operating Income

Net Sales¥339.7 bn (vs. CQ4, 2020 up ¥2.0 bn, vs. CQ1, 2020 up ¥167.9 bn)

Sales of petrochemicals increased due to a rise in market prices, and sales figures of Showa Denko Materials increased due to strong demand for semiconductors.

Operating Income¥20.8 bn (vs. CQ4, 2020 up ¥24.9 bn, vs. CQ1, 2020 up ¥18.3 bn)

Showa Denko Materials contributed to an increase in profit due to good performance of its semiconductor-related business.

Graphite electrode business went into the black due to progress in cost reduction measures including elimination of expensive raw materials.

Influence of COVID-19 shrunk to ¥2.0 bn (Showa Denko Materials)

Costs of the integration with Showa Denko Materials

(Unit: Billions of Yen)

Item

CQ1, 2021

2021 forecast

Post-merger integration (PMI)

(Operating expenses)

-0.8

-8.0

expenses*

Interest on borrowing related to

(Non-operating expenses)

-2.1

-8.5

share acquisition, etc.

Preferred stock dividends

(Net income attributable to

-3.2

-12.9

non-controlling interests)

Total

-6.0

-29.4

(2021 forecast was announced on Feb. 17, 2021)

*PMI expenses: expenses related to merger processes such as management and operation to maximize

the effect of integration after merger.

2

(Please refer to page 20 for PPA Results and Amortization of Assets Pertaining to Showa Denko Materials

Co., Ltd.)

Consolidated Companies, Selected Data

Consolidated Companies

Consolidated subsidiaries: 151 (±0 from Dec. 31, 2020)

Equity method applied: 14 (+1 from Dec. 31, 2020)

+1: Change in classification of an affiliate to be an equity-method affiliate

Selected Data

(Average)

Jan.- Mar.

Oct.- Dec.

Jan.- Mar.

2020

2020

2021

Exchange rates

(¥/US$)

108.9

104.5

105.9

At March 31,2020

At December 31,2020

At March 31,2021

108.8

103.5

110.7

(¥/€)

120.1

124.5

127.7

Domestic naphtha

44,800

31,300

38,800

price (¥/KL)

Aluminum

LME (US$/T)

1,713

1,931

2,101

Domestic market*

236

252

277

(K¥/T)

(*Domestic market: data from Nikkei)

3

Summary (CQ4 (Oct.-Dec.), 2020 vs. CQ1 (Jan.-Mar.), 2021)

(Unit: Billions of Yen)

CQ4, 2020

CQ1, 2021

Increase/

decrease

Net sales

337.7

339.7

2.0

Operating income

-4.0

20.8

24.9

Non-operating income and

-3.2

4.3

7.4

expenses, net

Ordinary income

-7.2

25.1

32.3

Extraordinary profit/loss

-14.6

-11.7

2.9

Income before income taxes

-21.8

13.4

35.2

Income taxes

7.3

-4.2

-11.5

Net income

-14.5

9.2

23.7

Net income attributable to

-4.1

-4.0

0.1

non-controlling interests

Net income attributable to

-18.6

5.2

23.8

owners of the parent

EBITDA

28.2

50.0

21.8

(Operating income + Depreciation expense +

Amortization of goodwill, etc.

EBITDA margin%

8.4%

14.7%

6.3p

4

Operating Income Breakdown by Factor

(CQ4, 2020 vs. CQ1, 2021)

(Unit: Billions of Yen)

20.8

factors related to

devaluation

amortization of

naphtha

of inventory

goodwill,etc.*

in accordance

with the

"lower of cost

or market"

accounting

method

*Oct.-Dec. 2020:Includes inventory step-up costs of 10.9 billion yen

5

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

Disclaimer

Showa Denko KK published this content on 13 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 May 2021 08:35:03 UTC.


© Publicnow 2021
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Financials
Sales 2021 1 380 B 12 479 M 12 479 M
Net income 2021 9 450 M 85,5 M 85,5 M
Net Debt 2021 756 B 6 834 M 6 834 M
P/E ratio 2021 46,4x
Yield 2021 2,16%
Capitalization 438 B 3 966 M 3 965 M
EV / Sales 2021 0,87x
EV / Sales 2022 0,76x
Nbr of Employees 33 684
Free-Float 94,2%
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Mean consensus BUY
Number of Analysts 9
Last Close Price 3 005,00 JPY
Average target price 3 975,00 JPY
Spread / Average Target 32,3%
EPS Revisions
Managers and Directors
Kohei Morikawa President, CEO & Representative Director
Motohiro Takeuchi CFO, Representative Director & Head-Accounting
Hideo Ichikawa Chairman
Hiroshi Sakai Director & Chief Technology Officer
Masaharu Oshima Independent Outside Director
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