Quarterly Financial Summary
Note: This is an English translation of selected parts of the Quarterly Financial Summary in Japanese and is for reference purposes only. In the event of any discrepancy between the translation and the original Japanese text, the latter will prevail.
Consolidated Financial Results for the Fiscal Year Ended March 31, 2023
(IFRS)
May 12, 2023 | |
Company name: | Kureha Corporation |
Stock listing: | Tokyo Stock Exchange |
TSE code: | 4023 |
URL: | https://www.kureha.co.jp/en/ |
Representative: | Yutaka Kobayashi, President and Chief Executive Officer |
Contact/Inquiries: Takayuki Ogawa, IR Group Leader, Corporate Planning Department; Phone +81-3-3249-4651
Scheduled date for general meeting of shareholders: | June 27, 2023 |
Scheduled date for filing securities report: | June 27, 2023 |
Scheduled date of dividend payment: | June 2, 2023 |
Supplementary materials for quarterly financial results: | Available |
Financial results briefing: | Yes (for institutional investors and analysts) |
(Figures are rounded off to the nearest million yen) |
1. Consolidated Financial Results for the Fiscal Year Ended March 31, 2023 (From April 1, 2022 to March 31, 2023)
(1) Consolidated Operating Results | (% figures indicate year-on-year changes) | ||||||||||||||||||
Profit attributable | Total | ||||||||||||||||||
Revenue | Operating profit | Profit before tax | Profit | to owners of | comprehensive | ||||||||||||||
parent | income | ||||||||||||||||||
Fiscal year ended | Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | |||||||
March 31, 2023 | 191,277 | 13.6 | 22,350 | 11.0 | 22,992 | 12.7 | 16,978 | 18.8 | 16,868 | 19.1 | 20,947 | 10.5 | |||||||
March 31, 2022 | 168,341 | 16.4 | 20,142 | 16.7 | 20,398 | 14.9 | 14,293 | 5.0 | 14,164 | 5.0 | 18,955 | (15.8) | |||||||
Basic earnings | Diluted earnings | Return on | Return on | Operating profit to | |||||||||||||||
per share | per share | equity | assets | revenue ratio | |||||||||||||||
Fiscal year ended | Yen | Yen | % | % | % | ||||||||||||||
March 31, 2023 | 864.30 | 862.89 | 8.1 | 7.9 | 11.7 | ||||||||||||||
March 31, 2022 | 725.73 | 724.67 | 7.4 | 7.6 | 12.0 | ||||||||||||||
(Reference) Share of profit of investments accounted for using equity method: | |||||||||||||||||||
Fiscal year ended March 31, 2023: 1,325 million yen | |||||||||||||||||||
Fiscal year ended March 31, 2022: 2,020 million yen | |||||||||||||||||||
(2) Consolidated Financial Position | |||||||||||||||||||
Ratio of equity | Equity attributable | ||||||||||||||||||
Equity attributable | attributable to | ||||||||||||||||||
Total assets | Total equity | to owners of parent | |||||||||||||||||
to owners of parent | owners of parent to | ||||||||||||||||||
per share | |||||||||||||||||||
total assets | |||||||||||||||||||
As of
March 31, 2023
March 31, 2022
Millions of yen
296,404
282,639
Millions of yen
216,774
200,724
Millions of yen
215,199
199,219
%
72.6
70.5
Yen
11,026.02
10,207.32
(3) Consolidated Cash Flows
Cash flows from | Cash flows from | Cash flows from | Cash and cash equivalents | |
operating activities | investing activities | financing activities | at end of period | |
Fiscal year ended | Millions of yen | Millions of yen | Millions of yen | Millions of yen |
March 31, 2023 | 22,744 | (11,100) | (10,484) | 32,205 |
March 31, 2022 | 28,581 | (10,999) | (6,105) | 30,639 |
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2. Dividends
Annual dividends | Total dividends | Payout ratio | Dividend on | ||||||
First | Second | Third | equity ratio | ||||||
Year-end | Total | paid (annual) | (consolidated) | ||||||
quarter | quarter | quarter | (consolidated) | ||||||
Fiscal year ended | Yen | Yen | Yen | Yen | Yen | Millions of yen | % | % | |
March 31, 2022 | ― | 85.00 | ― | 125.00 | 210.0 | 4,098 | 28.9 | 2.1 | |
March 31, 2023 | ― | 125.00 | ― | 145.00 | 270.0 | 5,269 | 31.2 | 2.5 | |
(Forecast) | |||||||||
Fiscal year ending | ― | 130.00 | ― | 130.00 | 260.00 | 31.7 | |||
March 31, 2024 | |||||||||
3. Consolidated Earnings Forecast for the Fiscal Year Ending March 31, 2024 (From April 1, 2023 to March 31, 2024)
(% figures indicate year-on-year changes)
Revenue | Operating profit | Profit before tax | Profit attributable to | Basic earnings | ||||||
owners of parent | per share | |||||||||
Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | Yen | ||
Six months ending | 96,000 | (5.7) | 8,000 | (52.2) | 8,000 | (54.0) | 5,300 | (56.5) | 280.16 | |
September 30, 2023 | ||||||||||
Fiscal year ending | 190,000 | (0.7) | 22,000 | (1.6) | 22,000 | (4.3) | 15,500 | (8.1) | 819.35 | |
March 31, 2024 | ||||||||||
- Notes
- Changes in significant subsidiaries during the period under review (changes in specified subsidiaries affecting the scope of consolidation): None
- Changes in accounting policies and changes in accounting estimates
1) | Changes in accounting policies required under IFRS: | None |
2) | Changes in accounting policies other than those in item 1) above: | None |
3) | Changes in accounting estimates: | None |
(3) Number of shares issued (common stock)
- Number of shares outstanding at the end of the period (including treasury shares)
- Number of treasury shares at the end of the period
- Average number of shares outstanding during the period
As of March 31, 2023 | 20,805,407 shares | As of March 31, 2022 | 20,805,407 shares |
As of March 31, 2023 | 1,287,970 shares | As of March 31, 2022 | 1,288,121 shares |
As of March 31, 2023 | 19,517,564 shares | As of March 31, 2022 | 19,517,544 shares |
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(Reference) Summary of Non-consolidated Financial Results
1. Non-consolidated Financial Results for the Fiscal Year Ended March 31, 2023 (from April 1, 2022 to March 31, 2023)
(1) Non-consolidated Operating Results | (% figures indicate year-on-year changes) | ||||||||||
Revenue | Operating profit | Ordinary profit | Profit | ||||||||
Fiscal year ended | Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | |||
March 31, 2023 | 108,234 | 20.8 | 11,397 | 9.4 | 13,992 | 1.7 | 12,228 | 10.0 | |||
March 31, 2022 | 89,585 | 19.7 | 10,414 | 34.7 | 13,757 | 39.7 | 11,114 | (22.5) | |||
Fiscal year ended
March 31, 2023
March 31, 2022
Basic earnings per share | Diluted earnings per share |
Yen | Yen |
626.54 | 625.52 |
569.48 | 568.64 |
(2) Non-consolidated Financial Position
Total assets
Net assets
Equity ratio
Net assets per share
As of | Millions of yen | Millions of yen | % |
March 31, 2023 | 216,612 | 164,126 | 75.7 |
March 31, 2022 | 205,013 | 155,874 | 76.0 |
(Reference) Equity: | As of March 31, 2023: 163,954 million yen | ||
As of March 31, 2022: 155,732 million yen |
%
8,400.40
7,979.23
- This financial summary is outside the scope of review by certified public accountants or audit corporations.
-
Note to ensure proper use of financial forecasts, and other noteworthy matters
All forecasts and forward-looking statements in this report are based on information currently available to the Company and
assumptions that are deemed to be reasonable, but Kureha Corporation does not guarantee the achievement of these forecasts. Actual results may differ significantly as a consequence of numerous factors. For more information regarding the assumptions and terms the Company applied when formulating earnings forecasts and precautions that should be taken when utilizing these earnings forecasts, please refer to "(4) Outlook for the Fiscal Year Ending March 31, 2024 and Beyond" included under the section "1. Overview of Operating Results and Outlook" on page 4 of the attached document.
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(Attachment) | |||
(2) | Overview of Financial Position for the Period under Review | 3 | |
(3) | Overview of Cash Flows for the Period under Review | 4 | |
(4) | Outlook for the Fiscal Year Ending March 31, 2024 and Beyond | 4 | |
2. | Group Companies | 5 | |
3. | Basic Policy Regarding Selection of Accounting Standards | 5 | |
4. | Consolidated Financial Statements and Important Notes | 6 | |
(1) | Consolidated Statement of Financial Position | 6 | |
(2) | Consolidated Statements of Income and Comprehensive Income | 8 | |
(3) | Consolidated Statement of Changes in Equity | 10 | |
(4) | Consolidated Statement of Cash Flows | 12 | |
(5) | Notes to Consolidated Financial Statements | 13 | |
(Notes Regarding Assumption of a Going Concern) | 13 | ||
(Segment Information) | 13 | ||
(Consolidated Statement of Income) | 14 | ||
(Per-share Data) | 16 | ||
(Important Subsequent Events) | 167 |
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1. Overview of Operating Results and Outlook
-
Overview of Operating Results for the Period under Review
(Overview of Period under Review)
(Millions of yen) | |||||||
Revenue | Operating profit | Profit before tax | Profit | Profit attributable | Basic earnings | ||
to owners of | per share | ||||||
parent | |||||||
Fiscal year ended | 191,277 | 22,350 | 22,992 | 16,978 | 16,868 | 864.30 yen | |
March 31, 2023 | |||||||
Fiscal year ended | 168,341 | 20,142 | 20,398 | 14,293 | 14,164 | 725.73 yen | |
March 31, 2022 | |||||||
Change | 22,936 | 2,207 | 2,594 | 2,684 | 2,704 | ― | |
During the fiscal year ended March 31, 2023, the Japanese and global economies saw increased normalization of economic and social activities as the impact of the COVID-19 pandemic moderated. Despite expectations of economic recovery, the outlook remained uncertain due to concerns about the effects of global monetary tightening, soaring fuel and raw material prices, a shortage of semiconductors, and the protracted conflict in Ukraine.
Under these circumstances, the Kureha Group maintained stable business activities while striving to prevent the spread of COVID-19 infection and reduce the risk of infection. Early in the first quarter, a renewed surge in COVID-19 infections triggered lockdowns in China, which caused a halt to operations at the local plant that manufactures carbon products for the Advanced Materials business. But the impact of this temporary shutdown was immaterial. Furthermore, although higher fuel and raw material prices have had an adverse impact on our business results, we are taking steps such as appropriately reflecting these costs in product prices with the understanding of our customers.
Revenue in the fiscal year ended March 31, 2023, increased year on year, especially with increased sales of polyvinylidene fluoride (PVDF) used as a binder material for lithium-ion secondary batteries at the Advanced Materials segment. Although, core operating profit decreased due to fuel and raw material cost increase, Operating profit increased year on year despite impairment losses on fixed assets related to the packaging materials category at the Specialty Plastics segment recorded under "Other expenses", which had smaller impact compared to impairment losses on fixed assets related to Advanced Material segment recorded last fiscal year.
Revenue was 191,277 million yen (up 13.6% year on year), operating profit was 22,350 million yen (up 11.0% year on year), profit before tax was 22,992 million yen (up 12.7% year on year), profit was 16,978 million yen (up 18.8% year on year), and profit attributable to owners of parent was 16,868 million yen (up 19.1% year on year).
Results by segment were as follows:
(Millions of yen) | ||||||||
Revenue | Operating profit | |||||||
Fiscal year ended | Fiscal year ended | Change | Fiscal year ended | Fiscal year ended | Change | |||
March 31, 2022 | March 31, 2023 | March 31, 2022 | March 31, 2023 | |||||
Advanced Materials | 66,687 | 82,693 | 16,005 | 9,953 | 10,147 | 193 | ||
Specialty Chemicals | 26,157 | 31,784 | 5,627 | 1,432 | 1,849 | 417 | ||
Specialty Plastics | 44,773 | 46,792 | 2,018 | 9,862 | 8,607 | (1,254) | ||
Construction | 12,174 | 11,310 | (864) | 985 | 881 | (104) | ||
Other Operations | 18,547 | 18,696 | 148 | 3,069 | 2,821 | (248) | ||
Segment Total | 168,341 | 191,277 | 22,936 | 25,304 | 24,308 | (995) | ||
Adjustments* | ― | ― | ― | (5,161) | (1,957) | 3,203 | ||
Consolidated Total | 168,341 | 191,277 | 22,936 | 20,142 | 22,350 | 2,207 | ||
Note: Operating profit adjustments include other income and expenses not allocated to reporting segments. For details, refer to "Consolidated Statement of Income" under "(5) Notes to Consolidated Financial Statements."
1. Advanced Materials
In the advanced plastics category, revenue rose on higher sales of polyvinylidene fluoride (PVDF) used as a binder material for lithium-ion secondary batteries, polyglycolic acid (PGA) products used in the process of shale oil and gas fracking, polyphenylene sulfide (PPS), and other processed plastics products. However, operating profit declined in part due to such as energy and raw material cost increase.
Revenue and operating profit also rose in the carbon products category as sales of carbon fiber used in heat insulating material for high-temperature furnaces and sliding additive for automotive application increased.
As a result, revenue in Advanced Materials was 82,693 million yen (up 24.0% year on year) and operating profit was 10,147 million yen (up 1.9% year on year).
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Kureha Corporation published this content on 18 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 May 2023 09:18:03 UTC.