SUMITOMO CHEMICAL CO., LTD. For Immediate Release | October 27, 2021 |
Sumitomo Chemical Announces Revisions to its Financial Forecast and
Projected Dividend for the Full-Year Ending March 31, 2022
Based on recent performance trends, Sumitomo Chemical has made revisions to its consolidated financial forecast for the full-year ending March 31, 2022 and the projected dividend, previously announced on May 13, 2021, as detailed below.
1. Revisions to Consolidated Financial Forecast for the Full-Year Ending March 31, 2022
(Millions of yen)
Sales | Core | Operating | Net income | Earnings | |||
attributable to | |||||||
operating | per share | ||||||
revenue | income | owners of the | |||||
(yen) | |||||||
income * | parent | ||||||
Previous forecast (A) | 2,610,000 | 200,000 | 180,000 | 100,000 | 61.16 | ||
Revised forecast (B) | 2,710,000 | 245,000 | 225,000 | 140,000 | 85.63 | ||
Variance in amount (B-A) | 100,000 | 45,000 | 45,000 | 40,000 | |||
Variance in percentage (%) | 3.8 | 22.5 | 25.0 | 40.0 | |||
Previous year results | 2,286,978 | 147,615 | 137,115 | 46,043 | 28.16 | ||
(Fiscal 2020) | |||||||
* "Core Operating Income" excludes gains and losses from non-recurring factors from operating income.
(Reasons for the Revision)
Sales revenue and core operating income are expected to exceed the previously announced forecast mainly because the margins of products in the Petrochemical & Plastics Sector have improved due to higher market prices, and shipments of products in the IT-related Chemicals Sector have been solid in the first-half of this fiscal year.
Operating income and net income attributable to owners of the parent are both also expected to exceed the previous forecast according to an increase of core operating income.
2. Revision to the Projected Dividend
Dividend per share | |||
Interim | Fiscal year-end | Annual | |
Previous forecast | ¥10.00 | ¥20.00 | |
Revised forecast | ¥14.00 | ¥24.00 | |
Actual result | ¥10.00 | ||
Previous year results | ¥6.00 | ¥9.00 | ¥15.00 |
(Fiscal 2020) | |||
(Reasons for the Revision)
Sumitomo Chemical places a high priority on shareholder return and makes it a policy to maintain stable dividend payments, while giving due consideration to its business performance and a dividend payout ratio for each fiscal year and the amount of retained earnings necessary for future growth.
Because of the upward revisions as stated above, Sumitomo Chemical decided to revise the projected year-end dividend to ¥14 per share. As a result, Sumitomo Chemical's annual dividend will be ¥24 per share.
Cautionary Statement
Statements made in this document with respect to Sumitomo Chemical's current plans, estimates, strategies and beliefs that are not historical facts are forward looking statements about the future performance of Sumitomo Chemical. These statements are based on management's assumptions and beliefs in light of the information currently available to it, and involve risks and uncertainties.
The important factors that could cause actual results to differ materially from those discussed in the forward looking statements include, but are not limited to, general economic conditions in Sumitomo Chemical's markets; demand for, and competitive pricing pressure on, Sumitomo Chemical's products in the marketplace; Sumitomo Chemical's ability to continue to win acceptance for its products in these highly competitive markets; and movements of currency exchange rates.
Information:
Financial Forecast by Segment for the Full-Year Ending March 31, 2022
(Millions of yen) | ||||
Fiscal 2021 | Fiscal 2021 | Variance in | ||
Previous | Revised | |||
Amount (B-A) | ||||
Forecast (A) | Forecast (B) | |||
Petrochemicals & | Sales revenue | 760,000 | 810,000 | 50,000 |
Plastics | Core operating income | 36,000 | 64,000 | 28,000 |
Energy & Functional | Sales revenue | 280,000 | 305,000 | 25,000 |
Materials | Core operating income | 19,000 | 23,000 | 4,000 |
IT-related Chemicals | Sales revenue | 435,000 | 450,000 | 15,000 |
Core operating income | 40,000 | 48,000 | 8,000 | |
Health & Crop | Sales revenue | 460,000 | 470,000 | 10,000 |
Sciences | Core operating income | 38,000 | 43,000 | 5,000 |
Pharmaceuticals | Sales revenue | 610,000 | 610,000 | － |
Core operating income | 67,000 | 67,000 | － | |
Others | Sales revenue | 65,000 | 65,000 | － |
Adjustments | ||||
Core operating income | 0 | 0 | － | |
Total | Sales revenue | 2,610,000 | 2,710,000 | 100,000 |
Core operating income | 200,000 | 245,000 | 45,000 | |
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Disclaimer
Sumitomo Chemical Co. Ltd. published this content on 27 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 October 2021 06:27:06 UTC.
