For Institutional Investors/Analystssts
Consolidated Financial Results for the First Quarter of the Fiscal Year ending March 2023
KAGA ELECTRONICS CO., LTD.
TSE Prime Market 8154
August 4, 2022
Summary of Financial Results
for the First Quarter Ended June 30, 2022
- Net sales increased by 43.3 billion yen or 40.9% year on year to 149.3 billion yen, driven by the core electronic components business. Sales expanded in a wide range of areas, led by automotive and industrial equipment related applications.
- Operating income increased by 5.3 billion yen or 120.6% year on year to 9.8 billion yen.
FY2023/3 | Improved gross profit margin attributable to higher sales and sales mix resulted in | ||||||||
1Q Results | substantial rise in gross profit. | ||||||||
| All objectives from net sales to ordinary income for the quarter achieved record highs | ||||||||
for a first quarter. | |||||||||
Net sales and operating income both exceeded the internal plan, by approx. 27.0 billion | |||||||||
yen and 4.6 billion yen respectively. | |||||||||
Given uncertainties in the outlook due to factors including COVID-19, the situation in Ukraine | |||||||||
and exchange fluctuations, upward revision was made factoring in the 1Q upside only. | |||||||||
FY2023/3 | Forecasts for 2Q and beyond are unchanged from the initial forecasts. | ||||||||
earnings | (billion yen) | Net Sales | Operating income | Net income | |||||
Forecasts | |||||||||
Previous forecasts | 510.0 | 21.2 | 14.5 | ||||||
Revised forecasts | 540.0 | 24.0 | 16.0 | ||||||
Effect of
exchange
rates
- Relative to the US dollar and other major currencies, the yen generally trended downward, weakening to below compared to the same period the previous year earlier levels and plan assumptions. The effect of exchange rates on the conversion into yen of the P&L of the Group's overseas companies is as follows.
(billion yen) | Net Sales | Operating income |
YoY | approx 9.4 | approx 0.4 |
vs Plan | approx 5.6 | approx 0.3 |
1
Financial Highlights for FY2023/3 1Q
(million yen) | ||||||||
FY2022/3 | FY2023/3 | YoY | FY2023/3 | Progress | ||||
Forecasts | ||||||||
1Q Results | 1Q Results | rate | ||||||
(announced on May. 12, 2022) | ||||||||
Net sales | 105,949 | 149,302 | 40.9% | 510,000 | 29.3% | |||
Gross Profit | 13,550 | 12.8% | 19,838 | 13.3% | 46.4% | ー | ー | ー |
SG&A | 9,098 | 8.6% | 10,018 | 6.7% | 10.1% | ー | ー | ー |
Operating income | 4,452 | 4.2% | 9,820 | 6.6% | 120.6% | 21,200 | 4.2% | 46.3% |
Ordinary income | 4,566 | 4.3% | 9,858 | 6.6% | 115.9% | 21,200 | 4.2% | 46.5% |
Profit attibutable to | 2,872 | 2,7% | 6,984 | 4.7% | 143.2% | 14,500 | 2.8% | 48.2% |
owners of parent | ||||||||
EPS (yen) | 104.55 | ー | 266.10 | ー | ー | 552.42 | ー | ー |
Exchange Rate yen / USD | 109.49 | ー | 129.57 | ー | ー | 116.00 | ー | ー |
Note: "x. x% " represents the profit margin.
2
Financial Results by Business Segment for FY2023/3 1Q
(million yen) | |||||||||
FY2022/3 | FY2023/3 | YoY | FY2023/3 | Progress | |||||
Forecasts | |||||||||
1Q Results | 1Q Results | rate | |||||||
(announced on May. 12, 2022) | |||||||||
Electronic | Net sales | 90,624 | 133,477 | 47.3% | 447,000 | 29.9% | |||
Component | Segment income | 3,699 | 4.1% | 9,018 | 6.8% | 143.7% | 18,500 | 4.1% | 48.7% |
Information | Net sales | 10,636 | 11,147 | 4.8% | 39,000 | 28.6% | |||
Equipment | Segment income | 568 | 5.3% | 564 | 5.1% | -0.6% | 2,000 | 5.1% | 28.2% |
Software | Net sales | 568 | 498 | -12.3% | 4,000 | 12.5% | |||
Segment income | -67 | -11.8% | -33 | -6.7% | ー | 100 | 2.5% | ー | |
Others | Net sales | 4,120 | 4,178 | 1.4% | 20,000 | 20.9% | |||
Segment income | 217 | 5.3% | 249 | 6.0% | 14.7% | 600 | 3.0% | 41.5% | |
Total | Net sales | 105,949 | 149,302 | 40.9% | 510,000 | 29.3% | |||
Segment income | 4,452 | 4.2% | 9,820 | 6.6% | 120.6% | 21,200 | 4.2% | 46.3% | |
Note: Figures of each segment income are not inter-segment adjusted. Total amount is inter-segment adjusted (operating income).
"x. x% " represents the profit margin.
3
Effect of M&A
Net Sales
All three companies achieved significant increases in net sales driven by the electronic components business.
+24,223 | +15,607 | +3,521 | 149,302 | |
105,949 | ||||
2022/3 | Kaga | Kaga FEI | Excel | 2023/3 |
1Q | Electronics | FY2023/3 | 1Q | |
SG&A | / SG&A ratio |
SG&A ratio was kept down despite an increase in SG&A expenses resulting from a growth in sales.
9,098 | +927 | +39 | 10,018 | ||
-47 | |||||
9.9% | |||||
8.1% | |||||
8.1% | 5.6% | 6.7% | |||
8.6% | 2.9% | ||||
4.0% | |||||
2022/3 | Kaga | Kaga FEI | Excel | 2023/3 | |
1Q | Electronics | FY2023/3 | 1Q | ||
(million yen)
Gross profit / Gross profit margin
Kaga FEI achieved a significant increase in gross profit, reflecting higher sales and improved profit margin.
+3,452 | +2,775 | 19,838 | |||
13,550 | -92 | ||||
16.0% | 15.5% | 12.1% | 13.3% | ||
12.8% | |||||
9.4% | |||||
5.7% | |||||
7.9% | |||||
2022/3 | Kaga | Kaga FEI | Excel | 2023/3 | |
1Q | Electronics | FY2023/3 | 1Q | ||
Operating income / Operating income marjin
Kaga Electronics and Kaga FEI contributed significantly to achieve 6.6% operating income margin.
+2,693 | 9,820 | ||||
+2,532 | -44 | ||||
4,452 | 7.4% | 6.4% | 6.6% | ||
6.2% | |||||
4.2% | 2.7% | ||||
3.7% | |||||
1.1% | Kaga | Kaga FEI | Excel | 2023/3 | |
2022/3 | |||||
1Q | Electronics | FY2023/3 | 1Q | ||
Note :With respect to gross profit and operating income, figures presented above are before consolidation | 4 |
adjustments between the two companies. For reference, after consolidation adjustments, gross profit | |
stood at 25million yen, and operating income came to 65million yen. |
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Kaga Electronics Co. Ltd. published this content on 04 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 August 2022 07:46:05 UTC.