August 7, 2023 | |
Company name | : Sumitomo Rubber Industries, Ltd. |
Stock exchange listing | : Tokyo Stock Exchange |
Code number | : 5110 |
URL | : https://www.srigroup.co.jp/ |
Representative | : Satoru Yamamoto, President and CEO, Representative Director |
Contact | : Shinji Araki, General Manager, Accounting & Finance Headquarters |
Phone | : +81-78-265-3000 |
Scheduled date of filing quarterly securities report | : August 8, 2023 |
Scheduled date of commencing dividend payments | : September 5, 2023 |
Supplementary documents for quarterly financial results | : Yes |
Quarterly financial results briefing session | : Yes (for institutional investors and analysts) |
(Amounts of less than one million yen are rounded to the nearest unit.)
1. Consolidated Financial Results for the Six Months Ended June 30, 2023 (January 1, 2023 to June 30, 2023)
(1) Consolidated Operating Results | (% indicates changes from the previous corresponding period.) |
Sales revenue
Business profit
Operating profit
Profit attributable
to owners of parent
Comprehensive
income
Six months ended
June 30, 2023 June 30, 2022
Millions of yen
561,161
512,112
% Millions of yen
9.6 17,080
16.4 14,184
% Millions of yen
20.4 16,810
(52.9) | 12,572 |
%
33.7
(56.0)
Millions of yen
8,196
17,187
-
Millions of yen
(52.3) 47,677
(16.2) 80,508
%
(40.8)
83.6
(Note) "Business profit" is "Sales revenue" subtracted by "Cost of sales" and "Selling, general and administrative expenses."
Basic profit per
share
Diluted profit
per share
Business profit to sales revenue ratio
Six months ended
June 30, 2023 June 30, 2022
Yen
31.16
65.35
Yen
-
-
%
3.0
2.8
(2) Consolidated Financial Position
Total assets
Total equity
Total equity
attributable to
owners of parent
Ratio of equity attributable to owners of parent
Equity attributable
to owners of
parent per share
As of
June 30, 2023 December 31, 2022
Millions of yen
1,249,782
1,225,202
Millions of yen
604,877
563,863
Millions of yen
589,901
546,200
%
47.2
44.6
Yen
2,242.81
2,076.74
(3) Consolidated Cash Flows
Cash flows from | Cash flows from | Cash flows from | Cash and cash | |
equivalents at the | ||||
operating activities | investing activities | financing activities | ||
end of period | ||||
Six months ended
June 30, 2023 June 30, 2022
Millions of yen
55,867
(110)
Millions of yen
(32,481)
(35,217)
Millions of yen
(28,557)
41,945
Millions of yen
74,192
93,310
2. Dividends
Annual dividends | ||||||||
1st | 2nd | 3rd | Year-end | Total | ||||
quarter-end | quarter-end | quarter-end | ||||||
Fiscal year ended | Yen | Yen | Yen | Yen | Yen | |||
December 31, 2022 | - | 20.00 | - | 15.00 | 35.00 | |||
December 31, 2023 | - | 5.00 | ||||||
Fiscal year ending | ||||||||
December 31, 2023 | - | 35.00 | 40.00 | |||||
(Forecast) | ||||||||
(Note) Revision to the dividends forecast announced most recently: Yes
3. Consolidated Financial Results Forecast for the Fiscal Year Ending December 31, 2023 (January 1, 2023 to December 31, 2023)
(% indicates changes from the previous corresponding period.)
Sales revenue
Business profit | Operating profit |
Profit attributable
to owners of parent
Basic profit per
share
Full year
Millions of yen
1,170,000
%
6.5
Millions of yen
50,000
% | Millions of yen | % |
127.7 | 41,000 | 173.6 |
Millions of yen
23,000
%
144.3
Yen
87.45
(Note) Revision to the financial results forecast announced most recently: Yes
Notes: | |||
(1) | Changes in significant subsidiaries during the six months ended June 30, 2023 | ||
(changes in specified subsidiaries resulting in changes in scope of consolidation) | : None | ||
(2) | Changes in accounting policies and changes in accounting estimates | ||
1) | Changes in accounting policies required by IFRS | : Yes | |
2) | Changes in accounting policies other than 1) | : None | |
3) | Changes in accounting estimates | : None |
- Total number of issued shares (common stock)
1) Total number of issued shares at the end of the period (including treasury stock)
June 30, 2023 | : | 263,043,057 shares | |
December 31, 2022 | : | 263,043,057 shares | |
2) | Total number of treasury stock at the end of the period | ||
June 30, 2023 | : | 23,992 shares | |
December 31, 2022 | : | 34,841 shares | |
3) | Average number of shares during the period |
Six months ended June 30, 2023 Six months ended June 30, 2022
- 263,012,864 shares
- 263,001,225 shares
- Quarterly financial statements are outside the scope of the quarterly review procedures to be conducted by certified public accountants or auditing firms.
- Explanation of the proper use of financial results forecast and other notes
The earnings projections and other forward-looking statements herein are based on certain assumptions made in light of the information currently available to Sumitomo Rubber Industries, Ltd. (the "Company") and its group companies (collectively, the "Group") and do not constitute any promises by the Company that they will be realized. Actual results could differ significantly from these forecasts due to changes in various factors surrounding the businesses of the Company and the Group.
With regard to the matters related to the underlying assumptions for the above forecasts, please refer to page 5 of the attached documents of the Consolidated Financial Results for the Period under Review, "1. Qualitative Information on Interim Financial Results for the Period under Review, (3) Consolidated Financial Results Forecast and Other Future Forecast."
Table of Contents | ||
1. Qualitative Information on Interim Financial Results for the Period under Review | 2 | |
(1) | Operating Results | 2 |
(2) | Financial Position | 4 |
(3) | Consolidated Financial Results Forecast and Other Future Forecast | 5 |
2. Condensed Interim Consolidated Financial Statements and Primary Notes | 6 | |
(1) | Condensed Interim Consolidated Statements of Financial Position | 6 |
(2) | Condensed Interim Consolidated Statements of Income and Comprehensive Income | 8 |
(3) | Condensed Interim Consolidated Statements of Changes in Equity | 10 |
(4) | Condensed Interim Consolidated Statements of Cash Flows | 12 |
(5) | Notes on Condensed Interim Consolidated Financial Statements | 13 |
(Notes on Going Concern Assumption) | 13 | |
(Significant Accounting Policies) | 13 | |
(Segment Information) | 14 | |
(Significant Subsequent Events) | 16 |
- 1 -
1. Qualitative Information on Interim Financial Results for the Period under Review
(1) Operating Results
For the six | For the six | Change in | |||
months ended | months ended | ||||
ratio | |||||
June 30, 2022 | June 30, 2023 | ||||
Millions of yen | Millions of yen | % | |||
Sales revenue | 512,112 | 561,161 | 9.6 | ||
Tires | 430,853 | 471,076 | 9.3 | ||
Sports | 61,533 | 68,149 | 10.8 | ||
Industrial and Other Products | 19,726 | 21,936 | 11.2 | ||
Business profit | 14,184 | 17,080 | 20.4 | ||
Tires | 7,659 | 9,759 | 27.4 | ||
Sports | 6,210 | 6,435 | 3.6 | ||
Industrial and Other Products | 291 | 868 | 198.1 | ||
Adjustments | 24 | 18 | - | ||
Operating profit | 12,572 | 16,810 | 33.7 | ||
Profit attributable to owners | 17,187 | 8,196 | (52.3) | ||
of profit | |||||
(Note) "Business profit" is "Sales revenue" subtracted by "Cost of sales" and "Selling, general and administrative expenses."
Foreign exchange rates applied
For the six | For the six | Increase | ||
months ended | months ended | |||
(Decrease) | ||||
June 30, 2022 | June 30, 2023 | |||
Yen | Yen | Yen | ||
Yen / U.S. Dollar | 123 | 135 | 12 | |
Yen / Euro | 134 | 146 | 12 | |
During the three months ended June 30, 2023, the economic environment continued to decelerate gradually due to the high levels of inflation in certain regions and drastic interest rate hikes to appease such rise in prices, and the geopolitical tension reflecting the situation in Ukraine. The Japanese economy witnessed rising uncertainty, including trends in foreign exchange and prices, though modestly rebounding against the backdrop of normalization of economic activities and expectation of continuing recovery pushed by rising wages.
In the business environment surrounding the Group, while the impact of soaring energy costs and a decline in automotive production volume due to the shortage of semiconductors was still observed, there was a significant reduction in freight costs that soared in the same period of the previous fiscal year and a lull in the soaring raw material prices.
Under these circumstances, the Group strongly promoted company-wide projects that aim to reinforce our business foundation with the goal of accomplishing the Mid-Term Plan, which sets 2027 as the target year. At the same time, we worked to strengthen our competitive advantage through such efforts as developing and expanding sales of high-performance products that meet the needs of customers.
As a result, sales revenue of the Group increased 9.6% from the same period of the previous fiscal year to ¥561,161 million, business profit increased 20.4% to ¥17,080 million, operating profit increased 33.7% to ¥16,810 million and profit attributable to owners of parent decreased 52.3% to ¥8,196 million.
- 2 -
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SRI - Sumitomo Rubber Industries Ltd. published this content on 07 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 August 2023 07:48:17 UTC.