FY2023 Financial Results
May 20th, 2024
All Rights Reserved. Copyright © 2018. Nifco Inc.
Table of Contents
1. FY2023 Summary of Consolidated Financial Results
2. FY2024 Full-Year Forecast
3.Mid-Term Management Plan (FY2024-FY2026)
All Rights Reserved. Copyright © 2018. Nifco Inc. | 2 |
Summary
FY2023
Financial
Results
Summary
FY2024
Full-Year
Forecast
Mid-Term
Management
Plan
- Due to the recovery of production volume and foreign exchange impacts etc., sales, operating profit, and recurring profit reached record high
- Due to the extraordinary loss caused by the business divestiture of German subsidiaries, net income was declined
- Profit is expected to increase despite of the assumption of strong yen (143 yen to the dollar)
- Aim for operating profit ratio of over 13%.
- Profitability is expected to be improved in part by the business divestiture of loss-making German subsidiaries as mentioned above
- Aim for a stable growth through continuous improvement in installed value per vehicle, cost reduction, and fixed cost control
- FY2026 Target :
Sales - 375 billion yen, OP - 50 billion yen ROE - 12%, ROIC - 17%
Total Payout Ratio - over 45%
All Rights Reserved. Copyright © 2018. Nifco Inc. | 3 |
Table of Contents
1. FY2023 Summary of Consolidated Financial Results
2. FY2024 Full-Year Forecast
3.Mid-Term Management Plan (FY2024-FY2026)
All Rights Reserved. Copyright © 2018. Nifco Inc. | 4 |
1. Financial Highlights
Historical sales and Operating Profit (OP)
- Record-highsales were recorded in 4Q following 3Q.
- OPM remained steady with an upper 12% level.
(Billions of yen) | 97.9 20.0% | ||||||||||||||||||||||||||||||
100.0 | |||||||||||||||||||||||||||||||
Net sales: | |||||||||||||||||||||||||||||||
90.0 | Operating Margin: | ||||||||||||||||||||||||||||||
15.0% | |||||||||||||||||||||||||||||||
80.0 | 12.7% | ||||||||||||||||||||||||||||||
70.0 | |||||||||||||||||||||||||||||||
10.0% | |||||||||||||||||||||||||||||||
60.0 | |||||||||||||||||||||||||||||||
50.0 | 5.0% | ||||||||||||||||||||||||||||||
40.0 | |||||||||||||||||||||||||||||||
0.0% | |||||||||||||||||||||||||||||||
30.0 | |||||||||||||||||||||||||||||||
20.0 | |||||||||||||||||||||||||||||||
-5.0% | |||||||||||||||||||||||||||||||
10.0 | |||||||||||||||||||||||||||||||
0.0 | -10.0% | ||||||||||||||||||||||||||||||
08/1Q | 3Q | 09/1Q | 3Q | 10/Q1 | 3Q | 11/1Q | 3Q | 12/1Q | 3Q | 13/1Q | 3Q | 14/1Q | 3Q | 15/1Q | 3Q | 16/1Q | 3Q | 17/1Q | 3Q | 18/1Q | 3Q | 19/1Q | 3Q | 20/1Q | 3Q | 21/1Q | 3Q | 22/1Q | 3Q | 23/1Q | 3Q |
1) Overseas: January - December 2023, Japan: April 2023 - March 2024 | All Rights Reserved. Copyright © 2018. Nifco Inc. | 5 |
2. Overview of FY2023 4Q Consolidated
Highest level of sales, OP and OP Margin in the past year
- Both sales and OP increased QoQ, mainly due to yen depreciation and strong performance in Japan.
- Net income was negative due to the divestiture of the German business.
Net Sales
Operating
profit
OP margin
Net income1)
EPS
FY2022 | FY2023 | ||||||||||
4Q | 1Q | 2Q | 3Q | 4Q | QoQ | ||||||
87.5bn | 87.9bn | 90.9bn | 94.9bn | 97.9bn | +11.8% | ||||||
8.9bn | 10.1bn | 10.5bn | 10.8bn | 12.4bn | +38.4% | ||||||
10.2% | 11.5% | 11.6% | 11.4% | 12.7% | +2.5%pts | ||||||
2.6bn | 9.7bn | 7.6bn | 6.1bn | -5.1bn | -295.3% | ||||||
26.37yen | 97.50yen | 76.22yen 61.02yen | -51.91yen | -296.9% |
FX rates | 1USD=131.6yen | 1USD=132.4yen | 1USD=135.0yen | 1USD=138.2yen | 1USD=140.7yen | 1USD=+9.1yen |
1EUR=138.1yen | 1EUR=142.1yen | 1EUR=145.9yen | 1EUR=149.8yen | 1EUR=152.1yen | 1EUR=+14.0yen | |
1) Net income is net income attributable to parent company | All Rights Reserved. Copyright © 2018. Nifco Inc. | 6 |
3. Overview of FY2023 4Q Consolidated Financials(Cumulative)
Sales and OP increased YoY. OPM remained solid at 11.8%
- Both sales and OP increased YoY mainly due to yen depreciation and strong performance in Japan
- OPM remained steady at 11.8%
FY2021 | FY2022 | FY2023 |
Net Sales
Operating
profit
OP margin
Net income 1)
EPS
FX rates
Full-Year | Full-Year | Full-Year | YoY | ||||
283.7bn | 321.7bn | 371.6bn | +15.5% | ||||
30.5bn | 34.4bn | 43.9bn | +27.5% | ||||
10.7% | 10.7% | 11.8% | +1.1%pts | ||||
22.9bn | 21.1bn | 18.2bn | -13.8% | ||||
227.27yen | 211.28yen | 183.26yen | -13.3% | ||||
1USD=109.9yen | 1USD=131.6yen | 1USD=140.7yen | 1USD=+9.1円 | ||||
1EUR=129.9yen | 1EUR=138.1yen | 1EUR=152.1yen | 1EUR=+14.0円 |
1) Net income is net income attributable to parent company | All Rights Reserved. Copyright © 2018. Nifco Inc. | 7 |
4. FY2023 Q4 Cumulative Consolidated OP (YoY)1)
Operating profit analysis (YoY)
- OP increased driven by sales increase due to recovery in production volume.
- Fixed costs increased due to inflation, but were controlled to a certain level, including variable costs.
+0.09bn
-8.5bn
+16.1bn+1.8bn
43.9bn
34.4bn
Operating profit | Sales | Marginal profit | Fixed cost | FX rate | Operating profit |
(FY2022 full-year) | factors | ratio factors | factors | factors | (FY2023 full-year) |
1) Overseas: January - December 2023, Japan: April 2023 - March 2024 | All Rights Reserved. Copyright © 2018. Nifco Inc. | 8 |
5. FY2023 4Q Cumulative Net Sales by segment(Sales) 1)
Achieved revenue growth in all regions and all segments except china
- Japan and the U.S., where recovery in production volume by JPN OEMs is remarkable, led the increase in sales
-
Sluggish sales in China due to lower production volume caused by struggle of JPN OEMs
FY2022 FY2023
(JPN) | (Full-Year) | (Full-Year) | YoY | Note | ||
Consolidated
Plastics
Japan
North
America
Europe
Asia
China
Bed
Japan
Asia
321.7bn | 371.6bn | +15.5% |
288.7bn | 334.7bn | +15.9% |
77.4bn | 85.9bn | +11.0% |
71.4bn | 90.1bn | +26.2% |
37.7bn | 47.6bn | +26.3% |
102.2bn | 111.1bn | +8.7% |
33.2bn | 30.9bn | -6.9% |
33.0bn | 36.9bn | +11.8% |
17.1bn | 18.9bn | +10.5% |
15.9bn | 18.0bn | +13.2% |
Automobile production recovery
Automobile production recovery of Japanese OEMs
Automobile production recovery
Strong production of Korean OEMs
Decreased automobile production of Japanese OEMs
Sales to hotels recovery
1) Overseas: January - December 2023, Japan: April 2023 - March 2024 | All Rights Reserved. Copyright © 2018. Nifco Inc. | 9 |
6. FY2023 4Q by Segment (OP) 1)
Managed on a consolidated, although the situation differs from region to region
- Margin improvement in Europe and Japan, drove the rise in OPM
-
Although China continues to face a difficult business environment due to the impact of declining sales but were controlled fixed cost and secured OPM.
FY2022 FY2023
(JPN) | (Full-Year) | (Full-Year) | YoY | Note | |||
34.4bn | 43.9bn | +27.6% | |||||
Consolidated | |||||||
(10.7%) | (11.8%) | ||||||
Plastics | 34.0bn | 42.8bn | +25.9% | ||||
(11.8%) | (12.8%) | ||||||
Japan | 12.4bn | 17.7bn | +42.7% | Improvement due to increased sales | |||
(16.1%) | (20.6%) | and fixed cost management | |||||
North | 2.7bn | 2.4bn | -11.1% | Improvement due to increased sales | |||
America | (3.7%) | (2.7%) | and fixed cost management | ||||
Europe | 0.8bn | 3.1bn | +287.5% | Improved utilization ratio due to | |||
(2.1%) | (6.5%) | increased production volume | |||||
Asia | 18.2bn | 19.5bn | +7.1% | Some drops, but remain strong | |||
(17.8%) | (17.5%) | ||||||
China | 5.5bn | 5.3bn | -3.6% | Despite decrease in profits, the profit rate | |||
(16.5%) | (17.2%) | was increased by controlling fixed costs. | |||||
Bed | 5.9bn | 6.5bn | +10.2% | ||||
(17.8%) | (17.7%) | ||||||
Japan | 2.3bn | 2.7bn | +17.4% | ||||
(13.7%) | (14.3%) | ||||||
Asia | 3.6bn | 3.8bn | +5.6% | ||||
(22.2%) | (21.2%) | ||||||
1) Overseas: January - December 2023, Japan: April 2023 - March 2024 | All Rights Reserved. Copyright © 2018. Nifco Inc. | 10 |
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Nifco Inc. published this content on 20 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 May 2024 01:39:08 UTC.