AHRESTY CORPORATION Research
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Supplementary Materials for the Year Ended March 31, 2023
May 18, 2023
Copyright Ⓒ2023 Ahresty Corporation. All Rights reserved.
Key Results for the Fiscal Year Ended March 2022
(Million yen) | ||||||
Year ended | Year ended March 2023 | |||||
March 2022 | 1H | 2H | Full year | YoY changes | ||
Full year | 4Q (quarterly) | |||||
Net sales | 116,313 | 66,536 | 74,402 | 36,559 | 140,938 | +24.625 |
Operating | (2,422) | (1,198) | 1,221 | 489 | 23 | +2.445 |
income | ||||||
Recurring income | (2,032) | (820) | 915 | 213 | 94 | +2,126 |
Net income | (5,189) | (830) | 746 | 391 | (84) | +5,105 |
Sales weight | 74 | 72 | 80 | 77 | 76 | +2 |
* In comparison with the FY2018 average as 100
- Sales: Net sales increased 21.1% from the previous year due mainly to the depreciation of the yen and the rise in aluminum prices. Sales weight increased 2.7%, reflecting the production increase by car manufacturers in the second half.
- Operating/Recurring income: Profits in the first half were affected by the decrease in sales weight due to confusion of supply networks caused by the shortage of semiconductors and the zero-COVID policy in China, and the increase in production costs due to the rise in energy costs, etc. In the second half, the sales weight recovered in all segments. Also, with the effect of the efforts to improve productivity, income returned to black on a full-year basis.
- Net income: The loss in the first half could not be fully covered and a loss was recorded on a full-year basis. However, profit was achieved on a quarterly basis in the second half.
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Copyright Ⓒ2023 Ahresty Corporation. All Rights reserved.
Factors behind Changes in Consolidated Results
Sales weight recovered in the second half to secure a surplus for the full year. Although the worsening of performance associated with high aluminum prices in the first half eased, production costs rose due to soaring energy and labor costs.
Factors behind change in operating income (Million yen) | 3,098 | 23 | |||||||||||||||
(18) | (175) | ||||||||||||||||
1,313 | 93 | ||||||||||||||||
Negative impact of | |||||||||||||||||
soaring aluminum | |||||||||||||||||
prices in FY20 and | |||||||||||||||||
FY21 eliminated: | |||||||||||||||||
Approx 2,600 | |||||||||||||||||
(2,422) | Impact of energy | ||||||||||||||||
costs: (1,361) | |||||||||||||||||
(1,866) | |||||||||||||||||
2021 | Time lag in | Aluminum | 2022 | ||||||||||||||
Sales | Manufacturing | Proprietary | |||||||||||||||
Depreciation | aluminum | Other | |||||||||||||||
volume | costs | Products | |||||||||||||||
prices | |||||||||||||||||
Business | |||||||||||||||||
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Copyright Ⓒ2023 Ahresty Corporation. All Rights reserved.
Global Sales in Weight
4Q maintained the level above 1H despite production reduction by some customers.
From FY23 onward, sales are expected to increase and exceed the level before COVID (FY2018) in FY2025 due to recovery in sales weight and orders received for new products.
* Changes in percentage of sales weight compared to the level of FY2018 | ||
Decrease from the Nov. 14 released figures (plan) | Result | Forecast |
Average | Average | Average | Average | Q1 | Q2 | Q3 | Q4 | Average | Average | Average |
2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
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Copyright Ⓒ2023 Ahresty Corporation. All Rights reserved.
Impact of the Soaring Energy Prices
(Yen/kWh) | |||
Unit fuel adjustment price by electric power company | |||
15.00 | |||
Tohoku | Tokyo | Chubu | Kyushu |
10.00 | |||
Affected FY22 income | |||
5.00 | |||
0.00 |
(5.00)
(10.00) | 2019 | 2019 | 2020 | 2020 | 2020 | 2020 | 2020 | 2020 | 2021 | 2021 | 2021 | 2021 | 2021 | 2021 | 2022 | 2022 | 2022 | 2022 | 2022 | 2022 | 2023 | 2023 |
Sep. | Nov. | Jan. | Mar. | May | Jul. | Sep. | Nov. | Jan. | Mar. | May | Jul. | Sep. | Nov. | Jan. | Mar. | May | Jul. | Sep. | Nov. | Jan. | Mar. | |
(Prepared by Ahresty based on websites of electric power companies)
(Yen/L) | Fuel oil A price |
100.0 | National average | Tohoku |
Kanto | Chubu | |
90.0 | Kyushu and | |
Okinawa | ||
80.0 | ||
70.0 |
60.0 | Affected FY22 | |||||||||||||||||||||
income | ||||||||||||||||||||||
50.0 | ||||||||||||||||||||||
40.0 | Aug. 2019 | Oct. 2019 | Dec. 2019 | Feb. 2020 | Apr. 2020 | Aug. 2020 | Oct. 2020 | Dec. 2020 | Feb. 2021 | Apr. 2021 | Aug. 2021 | Oct. 2021 | Dec. 2021 | Feb. 2022 | Apr. 2022 | Aug. 2022 | Oct. 2022 | Dec. 2022 | Feb. 2023 | |||
Jun. 2019 | Jun. 2020 | Jun. 2021 | Jun. 2022 |
(Prepared by Ahresty based on Petroleum Products Price Survey 3. Industrial prices (Gas Oil, Fuel Oil A) by Agency for Natural Resources and Energy)
An increase in demand for natural gas and petroleum due to the situation in Ukraine and recovery from the COVID-19 crisis boosted energy prices, significantly affecting the Company's income.
-
Price negotiations with customers. Although the impact has been partly shifted to selling prices, it is mostly in the form of lump sums.
Assuming that energy costs will remain high, we will continue price negotiations in FY23 onward.
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Copyright Ⓒ2023 Ahresty Corporation. All Rights reserved.
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AHRESTY Corporation published this content on 31 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 May 2023 11:06:21 UTC.
