Financial Results for 1st Quarter of FY2021 | August 2, 2021 |
Sumitomo Riko Company Limited |
1. Consolidated Statements 〔IFRS〕 (from April 1, 2021 to June 30, 2021)
1) Consolidated Profit/loss | (100 millions of yen) | |||
Q1 FY2020 | Q1 FY2021 | Year on year | ||
grow th | ||||
Net sales | 654 | 1,098 | +444 | +67.9% |
Business profit | △80 | 27 | +108 | ― |
Other income and expenses | △6 | 3 | +9 | ― |
Operating profit | △86 | 30 | +117 | ― |
Financial income and expenses | △2 | △1 | +1 | ― |
Profit before income taxes | △88 | 29 | +117 | ― |
Income tax expense | 12 | △7 | -19 | ― |
Profit for the period | △76 | 22 | +98 | ― |
Profit attributable to ow ners of the parent company | △74 | 17 | +91 | ― |
Non-controlling interests | △2 | 5 | +7 | ― |
(Note) Business profit is presented by subtracting Cost of sales and Selling, general and administrative expenses from Net sales, and by adding Equity in earnings/losses of associates.
2) Results by Business Segment | (100 millions of yen) | ||||
Q1 FY2020 | Q1 FY2021 | Year on year | |||
grow th | |||||
Automotive Products | 530 | 947 | +417 | +78.6% | |
Net sales | General Industrial Products | 124 | 151 | +27 | +21.9% |
Consolidated Total | 654 | 1,098 | +444 | +67.9% | |
Business | Automotive Products | △82 | 14 | +96 | ― |
General Industrial Products | 1 | 13 | +12 | x 8.9 | |
profit | |||||
Consolidated Total | △80 | 27 | +108 | - | |
3) Results by Geographical Segment | (100 millions of yen) | ||||
Q1 FY2020 | Q1 FY2021 | Year on year | |||
grow th | |||||
Japan | 328 | 484 | +156 | +47.5% | |
Americas | 86 | 239 | +153 | x 2.8 | |
Net sales | Asia | 263 | 383 | +120 | +45.6% |
Europe and Others | 67 | 134 | +67 | x 2.0 | |
Eliminations or Corporate | △90 | △142 | -52 | ― | |
Consolidated Total | 654 | 1,098 | +444 | +67.9% | |
Japan | △46 | 11 | +57 | ― | |
Americas | △30 | △14 | +16 | ― | |
Business | Asia | 12 | 31 | +18 | x 2.5 |
profit | Europe and Others | △16 | 0 | +17 | ― |
Eliminations or Corporate | △0 | △1 | -1 | ― | |
Consolidated Total | △80 | 27 | +108 | - |
(Note) Before elimination of intersegment transactions. Monetary amounts and percentage figures are rounded off to the nearest specified unit.
4) Exchange Rate (Average Rate)
Q1 FY2020 | Q1 FY2021 | Year on year | ||
grow th | ||||
Yen/USD | 107.62 | 109.50 | +1.88 | +1.7% |
Yen/EUR | 118.48 | 131.96 | +13.48 | +11.4% |
Yen/RMB | 15.17 | 16.96 | +1.79 | +11.8% |
Yen/THB | 3.37 | 3.50 | +0.13 | +3.9% |
Yen/MXN | 4.63 | 5.47 | +0.84 | +18.1% |
Yen/BRL | 20.07 | 20.70 | +0.63 | +3.1% |
(Note) Monetary amounts and percentage figures are rounded off to the nearest specified unit.
2. Review of Financial Results
- General Overview
- Q1 FY2021 consolidated performance rebounded from the impact of the pandemic in the same period of the previous year, with an economic recovery pushing up demand. Revenue and profit increased year-on-year (with a return to profitability). Meanwhile, the outlook remains unclear due to such factors as the drop in vehicle production caused by the global semiconductor shortage, the spread of virus variants, and the impact of soaring material prices.
- The group aims to build a strong business structure that can respond flexibly and quickly to rapid changes in the external environment and secure stable profits. We are endeavoring to strengthen profitability through structural reforms, such as the closing/consolidation and concentration of business locations, as well as through further cost reduction activities.
- Performance by Business Segment
Net sales 109.8 billion yen (up 67.9% YoY)
1. Automotive Products 94.7 billion yen (up 78.6% YoY)
-
Japan, the Americas, Europe
While there was an impact from the drop in vehicle production caused by the semiconductor shortage, production volume and revenue increased due to a rebound from the impact in the same period of the previous year of restrictions on economic activity and reconfigured production plans. - Asia
In China, although production was impacted by the semiconductor shortage in some places, overall, sales were brisk and increased. In addition, a positive effect from foreign exchange increased revenue.
In Thailand, although there was an observable impact from the pandemic, revenue increased due to higher production volume, primarily for export.
The result was higher year-on-year revenue across Asia.
2. General Industrial Products 15.1 billion yen (up 21.9% YoY)
-
Chemical Products Business
Factors such as an economic recovery were accompanied by a gradual recovery in demand for printers and copy machines, pushing up revenue. - Industrial Hoses Business
Due to economic activity, caused by investment in housing and infrastructure spurred by economic recoveries in certain countries, revenue increased in Japan from higher demand, primarily for exports.
In China, although there was an observable downward reversal influenced by the vigorous infrastructure investment and the like in the previous period, overall, revenue increased due to brisk sales.
Business Profit 2.7 billion yen
(compared to a loss of 8.0 billion yen in the same period last year)
1. Automotive Products 1.4 billion yen
(compared to a loss of 8.2 billion yen in the same period last year)
- Although there was an impact from soaring material prices worldwide, especially in North America and China, higher sales in multiple regions brought a return to profitability.
2. General Industrial Products 1.3 billion yen (up 8.9 times YoY)
- Profit increased throughout the Business Operations Groups.
Attachments
- Original document
- Permalink
Disclaimer
Sumitomo Riko Company Limited published this content on 02 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 August 2021 03:11:05 UTC.