Nov 2, 2023
Corporate Name: AGC Inc.
(Code Number: 5201; TSE Prime Market)
(URL: https://www.agc.com)
President & CEO: Yoshinori Hirai
Contact: Chikako Ogawa, General Manager,
Corporate Communications & Investor Relations Division
(Tel: +81-3-3218-5603)
Consolidated Financial Results for the Nine Months ended September 30, 2023 (IFRS basis)
(Figures are rounded down to the nearest million)
1. Financial Results for the Nine months ended September 30, 2023 (January 1 through September 30, 2023)
(1) Consolidated operating results
(% represents the change from the same period in the previous fiscal year)
For the Nine months ended | For the Nine months ended | ||||
September 30, 2023 | September 30, 2022 | ||||
Millions of yen | % | Millions of yen | % | ||
Net sales | 1,483,817 | (1.0) | 1,498,850 | 21.5 | |
Operating profit | 95,534 | (37.2) | 152,094 | 2.5 | |
Profit before tax | 99,212 | (40.0) | 165,227 | (10.7) | |
Profit for the period | 72,295 | (44.0) | 129,117 | (16.0) | |
Profit for the period attributable to owners of the parent | 57,540 | (41.7) | 98,754 | (23.7) | |
Total comprehensive income for the period | 203,024 | (36.9) | 321,984 | 38.1 | |
Basic earnings per share (yen) | 264.97 | 445.56 | |||
Diluted earnings per share (yen) | 264.33 | 444.28 | |||
(2) Consolidated financial position | |||||
FY2023 third quarter | FY2022 | ||||
(as of September 30, 2023) | (as of December 31, 2022) | ||||
Total assets (millions of yen) | 2,987,645 | 2,814,029 | |||
Total equity (millions of yen) | 1,675,688 | 1,585,590 | |||
Equity attributable to owners of the parent | 1,464,775 | 1,390,254 | |||
(millions of yen) | |||||
Equity attributable to owners of the parent ratio (%) | 49.0 | 49.4 | |||
2. Dividends | (Unit: yen) | ||||
FY2022 | FY2023 | FY2023 (forecast) | |||
End of first quarter | - | - | ―――― | ||
End of second quarter | 105.00 | 105.00 | ―――― | ||
End of third quarter | - | - | ―――― | ||
End of fiscal year | 105.00 | ―――― | 105.00 | ||
Total | 210.00 | ―――― | 210.00 | ||
Note: Revision of the dividends forecast from the latest official forecast: No
3. Forecast for FY2023 (January 1 through December 31, 2023)
(% represents the change from the same period in the previous fiscal year)
Full year | |||||
Millions of yen | % | ||||
Net sales | 2,050,000 | 0.7 | |||
Operating profit | 150,000 | (18.5) | |||
Profit before tax | 107,000 | 82.9 | |||
Profit for the period | 78,000 | 246.6 | |||
Profit for the period attributable to owners of the parent | 59,000 | - | |||
Basic earnings per share (yen) | 273.15 | ||||
Note: Revision of the forecast for FY2023 consolidated operating results from the latest official forecast: No
*Notes
(1) Changes in significant subsidiaries during the period
(Changes in specified subsidiaries resulting in changes in scope of consolidation): Yes
Exclusion: 1 (Company name:AGC Flat Glass (Dalian) Inc. )
(2) Changes in Accounting Policies and Changes in Accounting Estimates
- Changes in accounting policies required by IFRS: Yes
- Changes in accounting policies other than "i" above: No
- Changes in accounting estimates: No
Note: For details, please refer to "1. Condensed Interim Consolidated Financial Statements (IFRS) and major notes (5) Notes to the Condensed Interim Consolidated Financial Statements, (Changes in Accounting Policies)" on page 10.
(3) Number of shares issued (common share)
- Number of shares issued (including treasury share) at the end of the period
-FY2023 third quarter (as of September 30, 2023): | 227,441,381 | |
-FY2022 (as of December 31, 2022): | 227,441,381 | |
ii. | Number of treasury share at the end of the period |
-FY2023 third quarter (as of September 30, 2023): | 15,281,766 |
-FY2022 (as of December 31, 2022): | 5,383,924 |
- Average number of shares issued during the period
-For the nine months ended September 30, 2023: | 217,159,133 |
-For the nine months ended September 30, 2022: | 221,640,317 |
*This interim consolidated financial statement is outside the scope of quarterly review procedures.
*Appropriate Use of Forecast and Other Information and Other Matters
The above forecast is the assumptions of the Group's management on the basis of currently available information and, as such, contain risks and uncertainties. For this reason, investors are advised not to base investment decisions solely on these prospective results. Please note that actual results may materially differ from the projection due to such various factors as business and market environment the Group is active in, currency exchange rate fluctuations, and others.
*Supplementary Material for the Quarterly Financial Results
Supplementary material (Financial Results for the Nine months ended September 30, FY2023) will be published today on TD-net for viewing in Japan, and on our Website.
(Attached Documents)
INDEX
1. Condensed Interim Consolidated Financial Statements (IFRS) and major notes | 2 | |
(1) | Condensed Interim Consolidated Statements of Financial Position | 2 |
(2) | Condensed Interim Consolidated Statements of Profit or Loss and Consolidated Statements of | 3 |
Comprehensive Income | ||
(Condensed Interim Consolidated Statements of Profit or Loss) | 3 | |
(Condensed Interim Consolidated Statements of Comprehensive Income) | 4 | |
(3) | Condensed Interim Consolidated Statements of Changes in Equity | 5 |
(4) | Condensed Interim Consolidated Statements of Cash Flows | 9 |
(5) | Notes to the Condensed Interim Consolidated Financial Statements | 10 |
(Notes regarding assumption of a going concern) | 10 | |
(Changes in Accounting Policies) | 10 | |
(Significant Accounting Policies) | 10 | |
(Changes in Accounting Estimates) | 10 | |
(Segment Information) | 11 | |
(Other Income and Other Expenses) | 13 | |
(Significant Subsequent Events) | 13 |
- 1 -
1. Condensed Interim Consolidated Financial Statements (IFRS) and major notes
(1) Condensed Interim Consolidated Statements of Financial Position
(Unit: millions of yen) | ||||
FY2022 | FY2023 third quarter | |||
(as of December 31, 2022) | (as of September 30, 2023) | |||
Assets | ||||
Current assets | ||||
Cash and cash equivalents | 209,716 | 163,850 | ||
Trade receivables | 315,808 | 350,461 | ||
Inventories | 436,516 | 473,624 | ||
Other receivables | 60,614 | 49,884 | ||
Income tax receivables | 5,094 | 12,987 | ||
Other current assets | 35,260 | 38,014 | ||
Total current assets | 1,063,009 | 1,088,824 | ||
Non-current assets | ||||
Property, plant and equipment | 1,350,769 | 1,453,135 | ||
Goodwill | 92,768 | 102,196 | ||
Intangible assets | 71,290 | 73,173 | ||
Investments accounted for using equity method | 24,609 | 27,113 | ||
Other financial assets | 94,075 | 94,720 | ||
Deferred tax assets | 40,778 | 42,133 | ||
Other non-current assets | 76,728 | 106,348 | ||
Total non-current assets | 1,751,019 | 1,898,821 | ||
Total assets | 2,814,029 | 2,987,645 | ||
Liabilities and equity | ||||
Liabilities | ||||
Current liabilities | ||||
Trade payables | 214,332 | 207,202 | ||
Short-terminterest-bearing debt | 69,750 | 173,802 | ||
Long-terminterest-bearing debt due within one year | 122,254 | 124,594 | ||
Other payables | 211,855 | 226,812 | ||
Income tax payables | 27,283 | 13,426 | ||
Provisions | 1,310 | 2,491 | ||
Other current liabilities | 23,211 | 24,986 | ||
Total current liabilities | 669,999 | 773,315 | ||
Non-current liabilities | ||||
Long-terminterest-bearing debt | 458,237 | 434,638 | ||
Deferred tax liabilities | 28,851 | 34,164 | ||
Post-employment benefit liabilities | 45,578 | 49,209 | ||
Provisions | 17,783 | 12,370 | ||
Other non-current liabilities | 7,989 | 8,259 | ||
Total non-current liabilities | 558,439 | 538,641 | ||
Total liabilities | 1,228,439 | 1,311,957 | ||
Equity | ||||
Share capital | 90,873 | 90,873 | ||
Capital surplus | 97,094 | 97,085 | ||
Retained earnings | 889,827 | 908,911 | ||
Treasury shares | (26,586) | (76,038) | ||
Other components of equity | 339,046 | 443,942 | ||
Total equity attributable to owners of the parent | 1,390,254 | 1,464,775 | ||
Non-controlling interests | 195,335 | 210,913 | ||
Total equity | 1,585,590 | 1,675,688 | ||
Total liabilities and equity | 2,814,029 | 2,987,645 | ||
- 2 -
- Condensed Interim Consolidated Statements of Profit or Loss and Consolidated Statements of Comprehensive Income
(Condensed Interim Consolidated Statements of Profit or Loss)
(Unit: millions of yen) | |||
For the nine months | For the nine months | ||
ended September 30, 2022 | ended September 30, 2023 | ||
(Jan. 1 through Sep. 30, 2022) | (Jan. 1 through Sep. 30, 2023) | ||
Net sales | 1,498,850 | 1,483,817 | |
Cost of sales | (1,093,791) | (1,128,518) | |
Gross profit | 405,059 | 355,298 | |
Selling, general and administrative expenses | (254,893) | (261,334) | |
Share of profit (loss) of associates and joint ventures | 1,928 | 1,570 | |
accounted for using equity method | |||
Operating profit | 152,094 | 95,534 | |
Other income | 25,560 | 20,229 | |
Other expenses | (13,928) | (14,800) | |
Business profit | 163,726 | 100,964 | |
Finance income | 7,329 | 13,087 | |
Finance costs | (5,828) | (14,839) | |
Net finance income (costs) | 1,501 | (1,752) | |
Profit before tax | 165,227 | 99,212 | |
Income tax expenses | (36,110) | (26,916) | |
Profit for the period | 129,117 | 72,295 | |
Attributable to: | |||
Owners of the parent | 98,754 | 57,540 | |
Non-controlling interests | 30,362 | 14,754 | |
Earnings per share | |||
Basic earnings per share (yen) | 445.56 | 264.97 | |
Diluted earnings per share (yen) | 444.28 | 264.33 | |
- 3 -
(Condensed Interim Consolidated Statements of Comprehensive Income)
(Unit: millions of yen) | ||||
For the nine months | For the nine months | |||
ended September 30, 2022 | ended September 30, 2023 | |||
(Jan. 1 through Sep. 30, 2022) | (Jan. 1 through Sep. 30, 2023) | |||
Profit for the period | 129,117 | 72,295 | ||
Other comprehensive income | ||||
Components of other comprehensive income that | ||||
will not be reclassified to profit or loss, net of tax | ||||
Remeasurements of defined benefit plans | (10,771) | 17,092 | ||
Net change in revaluation of financial assets | 3,072 | 10,807 | ||
measured at FVTOCI (Note) | ||||
Share of other comprehensive income of | ||||
associates and joint ventures accounted for using | 11 | (9) | ||
equity method | ||||
Total | (7,687) | 27,890 | ||
Components of other comprehensive income that | ||||
will be reclassified to profit or loss, net of tax | ||||
Cash flow hedges | 7,795 | (3,468) | ||
Exchange differences on translation of foreign | 192,758 | 106,307 | ||
operations | ||||
Total | 200,553 | 102,838 | ||
Other comprehensive income, net of tax | 192,866 | 130,729 | ||
Total comprehensive income for the period | 321,984 | 203,024 | ||
Attributable to: | ||||
Owners of the parent | 262,181 | 170,179 | ||
Non-controlling interests | 59,802 | 32,844 | ||
(Note) FVTOCI: Fair Value Through Other Comprehensive Income
- 4 -
- Condensed Interim Consolidated Statements of Changes in Equity For the nine months ended September 30, 2022
(Unit: millions of yen) | |||||||
Equity attributable to owners of the parent | |||||||
Other components of equity | |||||||
Net change in | |||||||
Share | Capital | Retained | Treasury | Remeasureme | revaluation of | ||
capital | surplus | earnings | shares | financial | |||
nts of defined | |||||||
assets | |||||||
benefit plans | |||||||
measured at | |||||||
FVTOCI (Note) | |||||||
Balance as of January 1, 2022 | 90,873 | 81,621 | 927,830 | (26,933) | (6,927) | 43,896 | |
Changes in equity | |||||||
Comprehensive income | |||||||
Profit for the period | - | - | 98,754 | - | - | - | |
Other comprehensive income | - | - | - | - | (11,049) | 3,089 | |
Total comprehensive income for | - | - | 98,754 | - | (11,049) | 3,089 | |
the period | |||||||
Transactions with owners | |||||||
Dividends | - | - | (52,162) | - | - | - | |
Acquisition of treasury shares | - | - | - | (338) | - | - | |
Disposal of treasury shares | - | - | (181) | 574 | - | - | |
Changes in ownership interests | |||||||
in subsidiaries that do not | - | 7,702 | - | - | 96 | (0) | |
result in loss of control | |||||||
Transfer from other | |||||||
components of equity to | - | - | 13,644 | - | - | (13,644) | |
retained earnings | |||||||
Share-based payment | - | (34) | - | - | - | - | |
transactions | |||||||
Others (business combinations | - | (1,730) | - | - | - | - | |
and others) | |||||||
Total transactions with owners | - | 5,937 | (38,699) | 235 | 96 | (13,644) | |
Balance as of September 30, 2022 | 90,873 | 87,559 | 987,885 | (26,697) | (17,879) | 33,342 | |
(Note) FVTOCI: Fair Value Through Other Comprehensive Income
- 5 -
For the nine months ended September 30, 2022
(Unit: millions of yen)
Equity attributable to owners of the parent | |||||||
Other components of equity | |||||||
Non- | |||||||
Exchange | |||||||
controlling | Total equity | ||||||
Cash flow | differences on | Total | Total | interests | |||
hedges | translation of | ||||||
foreign | |||||||
operations | |||||||
Balance as of January 1, 2022 | 4,952 | 198,847 | 240,769 | 1,314,161 | 167,219 | 1,481,380 | |
Changes in equity | |||||||
Comprehensive income | |||||||
Profit for the period | - | - | - | 98,754 | 30,362 | 129,117 | |
Other comprehensive income | 7,373 | 164,012 | 163,426 | 163,426 | 29,439 | 192,866 | |
Total comprehensive income for | 7,373 | 164,012 | 163,426 | 262,181 | 59,802 | 321,984 | |
the period | |||||||
Transactions with owners | |||||||
Dividends | - | - | - | (52,162) | (12,758) | (64,921) | |
Acquisition of treasury shares | - | - | - | (338) | - | (338) | |
Disposal of treasury shares | - | - | - | 393 | - | 393 | |
Changes in ownership interests | |||||||
in subsidiaries that do not | - | (3,161) | (3,064) | 4,637 | (1,336) | 3,300 | |
result in loss of control | |||||||
Transfer from other | |||||||
components of equity to | - | - | (13,644) | - | - | - | |
retained earnings | |||||||
Share-based payment | - | - | - | (34) | - | (34) | |
transactions | |||||||
Others (business combinations | - | - | - | (1,730) | - | (1,730) | |
and others) | |||||||
Total transactions with owners | - | (3,161) | (16,709) | (49,235) | (14,094) | (63,330) | |
Balance as of September 30, 2022 | 12,326 | 359,697 | 387,487 | 1,527,107 | 212,926 | 1,740,034 | |
- 6 -
For the nine months ended September 30, 2023
(Unit: millions of yen) | |||||||
Equity attributable to owners of the parent | |||||||
Other components of equity | |||||||
Net change in | |||||||
Share | Capital | Retained | Treasury | Remeasureme | revaluation of | ||
capital | surplus | earnings | shares | financial | |||
nts of defined | |||||||
assets | |||||||
benefit plans | |||||||
measured at | |||||||
FVTOCI (Note) | |||||||
Balance as of January 1, 2023 | 90,873 | 97,094 | 889,827 | (26,586) | 9,405 | 27,294 | |
Changes in equity | |||||||
Comprehensive income | |||||||
Profit for the period | - | - | 57,540 | - | - | - | |
Other comprehensive income | - | - | - | - | 17,448 | 10,788 | |
Total comprehensive income for | - | - | 57,540 | - | 17,448 | 10,788 | |
the period | |||||||
Transactions with owners | |||||||
Dividends | - | - | (45,982) | - | - | - | |
Acquisition of treasury shares | - | - | - | (50,015) | - | - | |
Disposal of treasury shares | - | - | (216) | 563 | - | - | |
Changes in ownership interests | |||||||
in subsidiaries that do not | - | (108) | - | - | - | - | |
result in loss of control | |||||||
Transfer from other | |||||||
components of equity to | - | - | 7,743 | - | - | (7,743) | |
retained earnings | |||||||
Share-based payment | - | 109 | - | - | - | - | |
transactions | |||||||
Others (business combinations | - | (9) | - | - | - | - | |
and others) | |||||||
Total transactions with owners | - | (8) | (38,456) | (49,451) | - | (7,743) | |
Balance as of September 30, 2023 | 90,873 | 97,085 | 908,911 | (76,038) | 26,854 | 30,339 | |
(Note) FVTOCI: Fair Value Through Other Comprehensive Income
- 7 -
For the nine months ended September 30, 2023
(Unit: millions of yen)
Equity attributable to owners of the parent | |||||||
Other components of equity | |||||||
Non- | |||||||
Exchange | |||||||
controlling | Total equity | ||||||
Cash flow | differences on | Total | Total | interests | |||
hedges | translation of | ||||||
foreign | |||||||
operations | |||||||
Balance as of January 1, 2023 | 2,321 | 300,024 | 339,046 | 1,390,254 | 195,335 | 1,585,590 | |
Changes in equity | |||||||
Comprehensive income | |||||||
Profit for the period | - | - | - | 57,540 | 14,754 | 72,295 | |
Other comprehensive income | (3,396) | 87,799 | 112,639 | 112,639 | 18,090 | 130,729 | |
Total comprehensive income for | (3,396) | 87,799 | 112,639 | 170,179 | 32,844 | 203,024 | |
the period | |||||||
Transactions with owners | |||||||
Dividends | - | - | - | (45,982) | (16,083) | (62,066) | |
Acquisition of treasury shares | - | - | - | (50,015) | - | (50,015) | |
Disposal of treasury shares | - | - | - | 346 | - | 346 | |
Changes in ownership interests | |||||||
in subsidiaries that do not | - | - | - | (108) | (1,183) | (1,291) | |
result in loss of control | |||||||
Transfer from other | |||||||
components of equity to | - | - | (7,743) | - | - | - | |
retained earnings | |||||||
Share-based payment | - | - | - | 109 | - | 109 | |
transactions | |||||||
Others (business combinations | - | - | - | (9) | - | (9) | |
and others) | |||||||
Total transactions with owners | - | - | (7,743) | (95,659) | (17,266) | (112,926) | |
Balance as of September 30, 2023 | (1,075) | 387,823 | 443,942 | 1,464,775 | 210,913 | 1,675,688 | |
- 8 -
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AGC - Asahi Glass Co. Ltd. published this content on 02 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 November 2023 06:02:50 UTC.