AIR WATER INC. August 3, 2023
Summary of Consolidated Financial Results (Under IFRS)
For the First Quarter of the March 31, 2024 Fiscal Year
AIR WATER INC.
Head Office: 12-8, Minami semba 2-chome,
Chuo-ku, Osaka, Japan
(Note: All amounts are rounded down to the nearest million yen.)
1. Results for the three months ended June 30, 2023
(1) Consolidated operating results
(% of change from previous year)
Profit | Total | |||||||||||||||
Revenue | Operating profit | Profit before tax | Profit | attributable to | comprehensive | |||||||||||
owners of parent | income | |||||||||||||||
Million | % | Million | % | Million | % | Million | % | Million | % | Million | % | |||||
yen | yen | yen | yen | yen | yen | |||||||||||
Three months | ||||||||||||||||
ended | 230,039 | 2.4 | 11,263 | -13.3 | 11,501 | -9.3 | 7,362 | -13.0 | 7,141 | -11.7 | 21,563 | 28.8 | ||||
June 30, 2023 | ||||||||||||||||
Three months | ||||||||||||||||
ended | 224,720 | 8.9 | 12,984 | -19.4 | 12,683 | -21.3 | 8,457 | -26.6 | 8,089 | -24.1 | 16,741 | 32.6 | ||||
June 30, 2022 | ||||||||||||||||
Basic earnings | Diluted earnings | |||||||||||||||
per share | per share | |||||||||||||||
Yen | Yen | |||||||||||||||
Three months ended | 31.39 | 31.36 | ||||||||||||||
June 30, 2023 | ||||||||||||||||
Three months ended | 35.69 | 35.66 | ||||||||||||||
June 30, 2022 | ||||||||||||||||
- Consolidated financial position
Ratio of equity | ||||
Total assets | Total equity | Equity attributable | attributable | |
to owners of parent | to owners of parent | |||
to total assets | ||||
Million yen | Million yen | Million yen | % | |
As of June 30, 2023 | 1,091,366 | 460,846 | 444,111 | 40.7 |
As of March 31, 2023 | 1,091,645 | 446,482 | 430,232 | 39.4 |
2. Dividends
Dividend per share | |||||||||||||
End of first | End of second | End of third | Year-end | Annual | |||||||||
quarter | quarter | quarter | |||||||||||
Yen | Yen | Yen | Yen | Yen | |||||||||
The fiscal year | － | 28.00 | － | 32.00 | 60.00 | ||||||||
ended March 31, 2023 | |||||||||||||
The fiscal year | － | ||||||||||||
ending March 31, 2024 | |||||||||||||
The fiscal year | 30.00 | － | 30.00 | 60.00 | |||||||||
ending March 31, 2024 | |||||||||||||
(Forecasts) |
(Note) Changes in forecast of dividends for the fiscal year ending March 31, 2024, from the latest disclosure: No
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3. Forecast of consolidated operating results for the fiscal year ending March 31, 2024
(% of change from previous year)
Revenue | Operating profit | Profit before tax | Profit attributable to | Basic earnings | ||||||
owners of parent | per share | |||||||||
Million | % | Million | % | Million | % | Million | % | Yen | ||
yen | yen | yen | yen | |||||||
The second | ||||||||||
quarter | 500,000 | 7.8 | 32,000 | 23.4 | 31,000 | 22.4 | 20,000 | 22.4 | 87.90 | |
(cumulative) | ||||||||||
The fiscal year | 1,080,000 | 7.5 | 72,000 | 15.8 | 70,000 | 14.8 | 44,000 | 9.6 | 193.34 | |
(Note) Changes in forecast of consolidated operating results for the fiscal year ending March 31, 2024, from the latest disclosure: No
Notes
- Significant changes in subsidiaries during the period (changes in specified subsidiaries with changes in the scope of consolidation): None
- Changes in accounting policies and changes in accounting estimates
a. Changes in accounting policies required by IFRS: | None |
b. Changes in accounting policies other than (a): | None |
c. Changes in accounting estimates: | None |
- Number of shares outstanding (ordinary shares)
a. Total number of shares outstanding (including treasury shares)
As of June 30, 2023: | 229,755,057 shares |
As of March 31, 2023: | 229,755,057 shares |
b. Number of shares of treasury shares | |
As of June 30, 2023: | 2,145,087 shares |
As of March 31, 2023: | 2,402,613 shares |
c. Average number of shares during the term | |
First Three months of the fiscal year ending March 31, 2024: | 227,478,311 shares |
First Three months of the fiscal year ended March 31, 2023: | 226,634,168 shares |
- This report is exempt from quarterly review procedure based on the Financial Instruments and Exchange Act.
- Explanations and other special notes concerning the appropriate use of business performance forecasts
・The forward-looking statements such as result forecasts included in this document are based on the information available to AIR WATER INC. (hereinafter "the Company") at the time of the announcement and on certain assumptions considered reasonable. Actual results may differ materially from the forecast depending on a range of factors.
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1.Qualitative Information relating to First Quarter Settlement of Accounts
(1) Explanation of Operating Results
-
Operating results for the current period
During the first quarter of the current consolidated fiscal year, the Japanese economy recovered moderately due to the
upward trend in corporate capital investment, in addition to the recovery of consumer spending reflecting the normalization of social and economic activity that has been impacted by the COVID-19 pandemic. However, the future remained uncertain mainly due to the decline in global demand for semiconductors and the increasing risk of the slowdown of overseas economies.
In this business environment, the Group achieved revenue of ¥1 trillion in the year ended March 31, 2022. To achieve the "terrAWell 30" long-term vision towards 2030, in line with its two foundations for growth, the "global environment" and "wellness," the Group produced synergy through the integration of its management resources, specifically its diverse businesses, human resources and technologies, and overall optimization, and accelerated initiatives to create new businesses that contribute to solving social issues.
Above all, in overseas and electronics-related businesses, which are positioned as growth areas, the Group pushed forward with M&A activities and the enhancement of manufacturing and supply infrastructure to expand the industrial gas business in North America and India. At the same time, the Group continued its aggressive capital investment in gas supply plants in response to the construction and expansion of semiconductor manufacturing plants, which is under way across Japan. Further, the Group established the new Global & Engineering Group, which oversees engineering functions as a technological domain essential for supplying industrial gases and promotes and manages overseas expansion, including the establishment of governance and risk management, in a centralized manner. The Group also began to enhance its core factory, which produces gas supply plants, and implemented other initiatives to further reinforce its engineering framework as the core of the industrial gas business.
In addition, the Group reformed its business structure with a focus on the integration and reorganization of group companies in business sectors including electronics and agricultural processing in Hokkaido to push its growth strategy forward in response to changes in the business environment. Thus, initiatives were implemented to create synergy within the Group and improve profitability through the optimal allocation of management resources.
Further, to create new businesses through innovation as quickly as possible, the Group established the new Gas Technology Development Center, which is specialized in the development of new ways of using gases, and set up a Development Center in each business sector. Thus, the Group aggressively promoted the development of new business models that help solve social issues, such as electronic and functional materials, decarbonization solutions, dental pulp regeneration therapy and onshore aquaculture.
During the first quarter of the current consolidated fiscal year, steady progress was made in measures to respond to the rising costs, including price revisions that were implemented in the previous fiscal year for various products including industrial gases and salt for business use. In Japan, there was a recovery in the foods and beverages field, reflecting the resumption of people's movements. Overseas, demand for gas remained brisk in India. Further, the woody biomass power generation business, whose overall performance was affected by the surge in marine transportation costs in the previous fiscal year, remained on a recovery trend due to the improvement of the cost environment.
However, there were changes in the external environment, including the slump of the semiconductor market and the slowdown of demand related to COVID-19, and the impact of the shortage of raw materials for carbon dioxide gas was added to this.
As a result, for the current first quarter consolidated cumulative period, the group's revenue was ¥230,039million (102.4% that of the corresponding period of the previous year), operating profit was ¥11,263million (86.7%), and profit attributable to owners of parent was ¥7,141million (88.3%).
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2) Consolidated results by segment for this period
Effective from the first quarter of the current fiscal year, the domestic engineering business and overseas engineering (Indian industrial gas, etc.) business, which were previously classified under "Digital & Industry," moved to "Other Businesses," and the carbon dioxide and hydrogen business, which was previously classified under "Energy Solutions," has been moved to "Digital & Industry.
Segment information for the first quarter of the previous fiscal year is disclosed based on the reporting segment classification after the change.
（Million yen） | |||||
Revenue | Operating profit | ||||
FY 2023.1Q | YoY Growth | FY2023.1Q | YoY Growth | ||
Digital & Industry | 81,316 | 108.2％ | 5,333 | 92.8％ | |
Energy Solutions | 13,821 | 92.5％ | 665 | 71.6％ | |
Health & Safety | 52,120 | 97.1％ | 2,401 | 86.8％ | |
Agriculture & Foods | 38,297 | 103.3％ | 1,354 | 100.9％ | |
Other Business | 44,483 | 101.3％ | 783 | 57.6％ | |
（Adjustment） | - | - ％ | 725 | 86.5％ | |
Total | 230,039 | 102.4％ | 11,263 | 86.7％ |
(Note) The adjustment to operating profit is due to costs incurred at the company's headquarters division which was not allocated to any reporting segment.
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2.Condensed Quarterly Consolidated Financial Statements
(1) Condensed Quarterly Consolidated Statement of Financial Position
(Unit：Million yen)
End of the previous fiscal year | End of the first quarter of | |
fiscal year | ||
(As of March 31, 2023) | ||
(As of June 30, 2023) | ||
Assets | ||
Current assets | ||
Cash and cash equivalents | 65,944 | 52,785 |
Trade and other receivables | 229,276 | 204,094 |
Inventories | 92,014 | 101,545 |
Other financial assets | 6,151 | 6,450 |
Income taxes receivable | 4,307 | 6,387 |
Other current assets | 33,444 | 32,117 |
Total current assets | 431,139 | 403,381 |
Non-current assets | ||
Property, plant and equipment | 443,443 | 449,596 |
Goodwill | 65,130 | 68,227 |
Intangible assets | 32,568 | 33,314 |
Investments accounted for using equity method | 32,630 | 33,170 |
Retirement benefit asset | 3,836 | 3,931 |
Other financial assets | 78,182 | 95,041 |
Deferred tax assets | 2,184 | 2,231 |
Other non-current assets | 2,528 | 2,471 |
Total non-current assets | 660,505 | 687,984 |
Total assets | 1,091,645 | 1,091,366 |
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AIR WATER Inc. published this content on 03 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 August 2023 06:46:23 UTC.
