Translation ― Original text in Japanese
FY03/2024 Q1
(April 1, 2023 to June 30, 2023)
Financial Results
Materials
(Highlights)
July 28, 2023
FY03/2024 Q1 Financial Results Summary
Key Points of the Summary
POINT
The Medium-Term Management Plan "Chori Innovation Plan 2025" starts.
- The Company is off to a smooth start toward achieving its full-year forecast of financial results for the fiscal year ending March 31, 2024.
Business
results summary
Financial
base
- Despite a year-on-year decline in sales, segment profit (profit before income taxes) remained on par with the previous year.
- The Fibers, Textiles and Garments business recovered with higher sales and a significant increase in profits. The Chemicals business also performed well.
- Equity-to-assetratio: 52.3% Maintained at a high level
- ROE (net income/annual basis) 12.1%
- ROIC (net income/annual basis) 13.1%
Topics
- The company-wide business transformation project (mission critical system (SAP) implementation project, called CARAT) is progressing as planned, with full-scale operation scheduled for April 2025. The project has transitioned from the design phase to the implementation phase.
- The Company is enhancing disclosures based on the recommendations of the Task
Force on Climate-related Financial Disclosures (TCFD), including calculating GHG emissions for a 1.5°C scenario and Scope 3.
CHORI CO., LTD.
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FY03/2024 Q1 Financial Results Summary
Business Results Breakdown (YoY Comparison)
POINT | ⚫ There were hopes for a pick-up in economic activity in China following the end of its zero-COVID |
policy. However, the prolonged slump in the real estate market has slowed the pace of economic | |
recovery. Western countries remain concerned about inflation. |
- The Japanese economy continues to face an uncertain business environment due to rising prices for various consumer goods.
- However, the Japanese apparel market is rebounding, leading to positive performance in the Fibers,
Textiles and Garments business.
Unit: billions of yen | FY03/2023 | FY03/2024 | Difference | Ratio |
Apr.-Jun. | Apr.-Jun. | |||
Net sales | 81.9 | 75.8 | -6.1 | -7.5% |
Gross profit | 9.1 | 9.6 | +0.5 | +5.6% |
Selling, general and administrative expenses | 5.9 | 5.7 | -0.2 | -3.6% |
Operating profit | 3.2 | 3.9 | +0.7 | +22.6% |
Ordinary profit | 3.7 | 3.6 | -0.0 | -1.3% |
Profit before income taxes | 3.7 | 3.6 | -0.1 | -1.4% |
Net profit attributable to owners of the parent | 2.3 | 2.2 | -0.1 | -3.6% |
CHORI CO., LTD.
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FY03/2024 Q1 Financial Results Summary
Reasons for Changes in Profit before Income Taxes
Unit: billions of yen
+0.2 | -0.8 | |
+1.2 | ||
-0.7 | SG&A | |
reduction | ||
Foreign | ||
exchange | ||
Effect of | Increased | Gain/loss |
decreased | profit ratio | |
sales | ||
3.7 | 3.6 | |
FY03/2023 | FY03/2024 |
Apr.-Jun. | Apr.-Jun. |
CHORI CO., LTD.
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FY03/2024 Q1 Financial Results Summary
Segment Results | Unit: billions of yen | |||||
Net sales | ■ Fibers, Textiles and Garments | FY03/2023 | FY03/2024 | |||
■ Chemicals ■ Machinery ■ Others | Unit: billions of yen | Difference | ||||
Apr.-Jun. | Apr.-Jun. | |||||
31.5 | 33.7 | Fibers, Textiles | 31.5 | 33.7 | +2.2 | |
and Garments | ||||||
Chemicals | 48.9 | 41.4 | -7.4 | |||
48.9 | 41.4 | Machinery | 1.5 | 0.6 | -0.9 | |
Others | 0.0 | 0.0 | +0.0 | |||
1.5 | 0.6 | |||||
0.0 | 0.0 | Total | 81.9 | 75.8 | -6.1 | |
FY03/2023 | FY03/2024 | |||||
Apr.-Jun. | Apr.-Jun. |
Profit (loss) before income taxes
- Fibers, Textiles and Garments
- Chemicals ■ Machinery ■ Others*
0.81.9
2.52.1
0.4 | 0.0 |
0.0 | -0.5 |
FY03/2023 FY03/2024
Apr.-Jun.Apr.-Jun.
Unit: billions of yen | FY03/2023 | FY03/2024 | Difference |
Apr.-Jun. | Apr.-Jun. | ||
Fibers, Textiles | 0.8 | 1.9 | +1.1 |
and Garments | |||
Chemicals | 2.5 | 2.1 | -0.4 |
Machinery | -0.0 | -0.5 | -0.4 |
Others* | 0.4 | 0.0 | -0.4 |
Total | 3.7 | 3.6 | -0.1 |
*Adjusted amounts for Others are included.
Fibers, Textiles and Garments
Increased sales and significant increased profit
Steady | Overall |
Recovering | Domestic apparel-related |
Chemicals | Machinery | |||||||
Decreased sales and profit | Decreased sales and segment loss | |||||||
Steady | Fine chemicals | Loss | Foreign exchange loss | |||||
Overall decrease in demand | ||||||||
Struggling | ||||||||
and poor market conditions | ||||||||
(Performance chemicals, | ||||||||
Inorganic fine materials) | CHORI CO., LTD. |
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Disclaimer
Chori Co. Ltd. published this content on 07 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 August 2023 07:38:04 UTC.