FY23H1 Financial Results
November 1, 2023
Dexerials Corporation
Contents
- FY23H1 Financial Results Summary
- FY23 Earnings Forecast
Disclaimer with respect to earnings and other forecasts
The forward-looking statements including earnings forecasts contained in this document are based on information currently available to us and certain assumptions that we believe are reasonable. Accordingly, we can give no assurance that such statements will prove to be correct. Actual results may differ from the results anticipated in these forward-looking statements due to a variety of factors.
2
Highlights
FY23H1 Results
FY23 Forecast
- H1 Sales and profit decreased year on year. However, Q2 sales and profit increased quarter on quarter with the completion of inventory adjustments and seasonal factors.
- The market environment was in line with the initial forecast. However, results for tablets fell below expectations, and regarding fuses, the inventory adjustment for power tools showed the sign of lengthening. Sales for high-end smartphones were moved back due to delays in sensor module production.
- The assumed FX rate for H2 has been revised to 135 JPY/US$.
- Sales of differentiating technology products such as Particle-arrayed anistropic conductive films (ACF) and Smart precision Adhesives will continue to grow. As external environment uncertainty proliferates, we leaves initial forecasts unchanged to take a cautious stance on the recovery of certain applications including tablets, laptop PCs and power tools.
- Shareholder return policy: returning profits to shareholders at a total payout ratio of approx.40% of consolidated profit attributable to owners of the parent company before goodwill amortization.
- An annual per share dividend of 75 yen (an interim dividend of 35 yen, year-end dividend of 40 yen) remains unchanged.
3
FY23 Market Trends in Major Final Products and of Dexerials (YoY)
Final | Trend image in the | |||
market and Dexerials | Comments | |||
products | ||||
H1 | H2 | |||
Tablets | Market | Although the market momentum is expected to improve in | ||
H2 compared to H1, recoveries in demand will be weak | ||||
Dexerials | mainly in high-end products. | |||
Laptop PCs | Market | Although the inventory adjustment has been completed | ||
and the market will recover in H2 compared to H1, final | ||||
Dexerials | demand in H2 for high-end products in particular needs to | |||
be assessed carefully. | ||||
Smartphones | Market | The market is trending toward a moderate recovery in H2. | ||
We expects to achieve growth that surpasses the market | ||||
Dexerials | due to the increased adoption of particle-arrayed ACFs | |||
andsensor module related products. | ||||
Automotive | Market | Production volume is recovering due to the elimination of | ||
semiconductor shortages. | ||||
Despite the slowdown in the gasoline-powered vehicle | ||||
Dexerials | market in China, we expects to increase sales of products | |||
for EVs. | ||||
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FY23H1(April 1, 2023 - September 30, 2023)
Financial Results Summary
FY23H1 Financial Results Summary
22H1 | 23H1 | YoY Change | |||
(Unit: JPY Mil) | Excluding | ||||
FX Effects | |||||
Net Sales | 58,197 | 49,595 | -14.8% | -18.3% | |
Operating Profit | 19,590 | 15,045 | -23.2% | -32.2% | |
Ordinary Profit | 18,461 | 13,569 | -26.5% | ||
Net Profit* | 12,460 | 9,475 | -24.0% | ||
N | et Profit* per Share | 209.25 Yen | 163.31 Yen | -22.0% | |
(Reference)Before | 228.43 Yen | 182.99 Yen | -19.9% | ||
Amort. of Goodwill | |||||
EBITDA** | 22,960 | 18,383 | -19.9% | -27.7% | |
EBITDA Margin | 39.5% | 37.1% | -2.4%Pt | -4.5%Pt | |
* Profit attributable to owners of parent
** EBITDA = Operating profit + Depreciation expense recorded as operating expenses + Amortization of goodwill
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FY23H1 Changes in Sales by Application* (YoY)
▲86
(Unit: JPY 100 Mil)
22H1 | Tablets | Laptop | Smart- | Auto- | Others | FX | 23H1 |
134.0 | PCs** | phones | motives | 141.0 | |||
JPY/US$ | JPY/US$ |
* Includes estimates
**Includes Desktop monitors
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FY23H1 Operating Profit Analysis (YoY)
▲45 | Price/Mix |
■ Negative Contributors︓Fuses, ACF | |
(Unit: JPY 100 Mil) | |
Volume/Mix | |
■ Negative Contributors︓ | |
Anti-reflection films, Phosphor films |
◆EBITDA
(Unit: JPY 100 Mil) 230
184
22H1 | Price | Volume | Fixed | FX | 23H1 |
134.0 | /Mix | /Mix | Costs, | 141.0 | |
JPY/US$ | etc. | JPY/US$ |
22H1 23H1
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Segment Summary
FY23H1 Optical Materials & Components
◆Sales and YoY Change by Category | Net Sales | YoY | ◆Operating Profit | Operating Profit 70.7 | YoY |
236.9 | -23% | Analysis (YoY) | -35% | ||
(Unit: JPY 100 Mil) | Excluding | (-26%) | Excluding FX Effects | (-41%) | |
FX Effects | EBITDA 80.7 | -33% | |||
306.6 | (Unit: JPY 100 Mil) | ||||
236.9
Optical films -33%(-35%)
(Anti-reflection films, Phosphor films)
Optical resin materials +2% (-3%) | 22H1 | 23H1 | |||||||||
(Optical Elastic Resin (SVR), | Price | Volume | Fixed | FX | |||||||
22H1 | 23H1 | Smart precision Adhesives, etc.) | 134.0 | /Mix | /Mix | Costs, | 141.0 | ||||
JPY/US$ | etc. | JPY/US$ | |||||||||
◆Financial Performance | 492 | 554 | 494 | ||||||||
(Unit: JPY 100 Mil) | 286 | ||||||||||
236 | 201 | ||||||||||
154 | 180 (+31%) | 151 | Sales | ||||||||
41 | 79 | 131 (+95%) | 127 (-25%) | Operating Profit | |||||||
55 | (+92%) | EBITDA(YoY) | |||||||||
18 | (+9%) | ||||||||||
FY19 | FY20 | FY21 | FY22 | FY23Fcst |
(Notes) Net sales of the Optical M&C segment include inter-segment transactions. | 9 |
Segment Summary
FY23H1 Electronic Materials & Components
◆Sales and YoY Change by Category | Net Sales | YoY | |||
262.2 | |||||
(Unit: JPY 100 Mil) | ー6% | ||||
Excluding | |||||
(ー10%) | |||||
FX Effects | |||||
279.0 | 262.2 Adhesive materials ー8%(ー12%) | ||||
Anisotropic conductive films (ACF) +11%(+6%) | |||||
Surface mounted type fuses ー55%(ー58%) | |||||
Micro devices ー22%(ー26%) | |||||
Optical semiconductor ー17%(ー19%) | |||||
22H1 | 23H1 |
◆Operating Profit | Operating Profit 88.7 | YoY |
Analysis (YoY) | ー7% | |
Excluding FX Effects | ||
(Unit: JPY 100 Mil) | (ー20%) | |
EBITDA 103.2 | ー6% | |
22H1 | Price | Volume | Fixed | FX | 23H1 |
134.0 | /Mix | /Mix | Costs, | 141.0 | |
JPY/US$ | etc. | JPY/US$ |
◆Financial Performance | 472 | 515 | 515 | |||||||
(Unit: JPY 100 Mil) | 342 | 374 | ||||||||
170 | 190 | 168 | |||||||
161 | (+11%) | ||||||||
97 | 153 | (+76%) | 141 | (-11%) | |||||
67 | |||||||||
76 | (+45%) | ||||||||
46 | (+13%) | ||||||||
FY19 | FY20 | FY21 | FY22 | FY23Fcst |
Sales
Operating Profit
EBITDA(YoY)
(Notes) Net sales of the Electronic M&C segment include inter-segment transactions. | 10 |
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Disclaimer
Dexerials Corporation published this content on 01 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 November 2023 06:41:50 UTC.