BROTHER INDUSTRIES, LTD. This document is a summary translation of the Japanese language original version. In the event of any discrepancy, errors and/or omissions, the Japanese language version shall prevail.
November 9, 2022
Highlights of Consolidated Results for the First Half and the Second Quarter of Fiscal Year ending March 31, 2023
Millions of yen (except for per share amounts) | ||||||
Six months ended Sept. 30, 2021 | Six months ended Sept. 30, 2022 | Change | ||||
Revenue | Y | 350,517 | Y | 396,666 | 13.2 | % |
Business segment profit | 49,401 | 35,921 | -27.3 | % | ||
Operating profit | 51,178 | 37,467 | -26.8 | % | ||
Profit before income taxes | 51,576 | 38,208 | -25.9 | % | ||
Profit for the period | 37,114 | 30,259 | -18.5 | % | ||
Profit for the period attributable to owners of the parent company | 36,812 | 30,258 | -17.8 | % | ||
Comprehensive income for the period | 37,736 | 66,219 | 75.5 | % | ||
Basic earnings per share for the period (yen) | 141.61 | 118.00 | ||||
Diluted earnings per share for the period (yen) | 141.19 | 117.64 | ||||
Dividends per common share (yen) | 30.00 | 34.00 |
(Note) Business segment profit is calculated by subtracting cost of sales and selling, general and administrative expenses from revenue.
As of Mar. 31, 2022 | As of Sept. 30, 2022 | ||||
Total assets | Y | 811,149 | Y | 877,610 | |
Total equity | 561,211 | 611,621 | |||
Equity attributable to owners of the parent company | 561,146 | 611,559 | |||
Equity attributable to owners of the parent company ratio | 69.2 | % | 69.7 | % | |
Equity attributable to owners of the parent company per share (yen) | 2,170.46 | 2,393.28 |
Highlights of Consolidated Forecast for Fiscal Year ending March 31, 2023
Millions of yen (except for per share amounts) | ||||||
[Forecast] | ||||||
Year ended Mar. 31, 2022 | Year ended Mar. 31, 2023 | Change | ||||
Revenue | Y | 710,938 | Y | 840,000 | 18.2 % | |
Business segment profit | 84,552 | 70,000 | -17.2 % | |||
Operating profit | 85,501 | 73,000 | -14.6 % | |||
Profit before income taxes | 86,429 | 73,000 | -15.5 | % | ||
Profit for the period | 61,515 | 51,000 | -17.1 | % | ||
Profit for the period attributable to owners of the parent company | 61,030 | 51,000 | -16.4 | % | ||
Basic earnings per share for the period (yen) | 234.89 | 198.88 | ||||
Dividends per common share (yen) | 64.00 | 68.00 |
(Note) Business segment profit is calculated by subtracting cost of sales and selling, general and administrative expenses from revenue.
Notes:
- The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS).
- Amounts less than 1 million yen have been rounded down.
-
Operating results for the six months ended Sept. 30, 2022 are based on the following currency exchange rates: Actual average rates for the six months ended Sept. 30, 2022: US$=133.46 yen, EURO=138.79 yen Forecasts for the year ending Mar. 31, 2023 are based on the following currency exchange rates:
Assumed average rates for the year ending Mar. 31, 2023: US$=134.92 yen, EURO=137.61 yen - Number of shares outstanding (including treasury stock): 262,220 thousands as of Mar. 31, 2022, 257,755 thousands as of Sept. 30, 2022
Number of treasury stock outstanding: 3,683 thousands as of Mar. 31, 2022, 2,224 thousands as of Sept. 30, 2022 Number of weighted average shares:
259,954 thousands during the three months ended Sept. 30, 2021, 256,431 thousands during the three months ended Sept. 30, 2022 (Note) The Company has introduced a Performance Share using a BIP trust for directors, and the Company's shares
held by the trust (258,000 shares for the second quarter of the year ended Mar. 31, 2023) are included in treasury stock. - Impact of COVID-19
Regarding the impact of COVID-19, it is difficult to predict when it will end and how it will affect future cash-flow, but economic activity is on a recovery trend due to measures such as vaccination. On the other hand, we do not know when the global semiconductor shortage will be resolved and the supply shortage is likely to continue. And also, there is a high possibility that sea freight will continue to rise due to port congestion and imbalance between supply and demand. Due to these reasons, the uncertainty over the Group's future business activities continues.
The Group has made estimates and judgements involving estimations that the current situation will affect its consolidated financial performance for the year ending Mar. 31, 2023. The Group's consolidated financial statements for the year ending Mar. 31, 2023 and onwards may be significantly affected depending on the actual outcome.
1
Consolidated Statement of Financial Position
Millions of yen | ||||
As of | As of | |||
Mar. 31, | Sept. 30, | |||
2022 | 2022 | |||
Assets | ||||
Current assets | ||||
Cash and cash equivalents | Y | 167,915 | Y | 129,754 |
Trade and other receivables | 102,685 | 126,897 | ||
Other financial assets | 11,419 | 14,756 | ||
Inventories | 169,583 | 230,204 | ||
Other current assets | 24,843 | 27,825 | ||
Subtotal | 476,447 | 529,437 | ||
Non-current assets classified as held for sale | 297 | - | ||
Total current assets | 476,745 | 529,437 | ||
Non-current assets | ||||
Property, plant and equipment | 117,127 | 124,019 | ||
Right-of-use assets | 21,136 | 21,677 | ||
Investment property | 7,858 | 7,471 | ||
Goodwill and intangible assets | 121,689 | 123,451 | ||
Investments accounted for using | 1,862 | 1,888 | ||
the equity method | ||||
Other financial assets | 33,389 | 31,054 | ||
Deferred tax assets | 21,261 | 27,217 | ||
Other non-current assets | 10,078 | 11,392 | ||
Total non-current assets | 334,404 | 348,172 | ||
Total assets | Y | 811,149 | Y | 877,610 |
Equity and liabilities | ||||
Liabilities | ||||
Current liabilities | ||||
Trade and other payables | Y | 71,247 | Y | 90,719 |
Bonds and borrowings | 20,121 | 40,944 | ||
Other financial liabilities | 9,517 | 9,392 | ||
Income taxes payable | 14,084 | 6,630 | ||
Provisions | 3,211 | 4,029 | ||
Contract liabilities | 7,807 | 7,905 | ||
Other current liabilities | 53,516 | 54,372 | ||
Total current liabilities | 179,506 | 213,994 | ||
Non-current liabilities | ||||
Bonds and borrowings | 20,705 | 600 | ||
Other financial liabilities | 20,379 | 20,906 | ||
Retirement benefits liabilities | 16,366 | 17,304 | ||
Provisions | 2,972 | 3,076 | ||
Deferred tax liabilities | 7,207 | 6,942 | ||
Contract liabilities | 1,600 | 1,966 | ||
Other non-current liabilities | 1,197 | 1,196 | ||
Total non-current liabilities | 70,431 | 51,993 | ||
Total liabilities | 249,937 | 265,988 | ||
Equity | ||||
Capital stock | 19,209 | 19,209 | ||
Capital surplus | 17,866 | 17,811 | ||
Retained earnings | 554,910 | 566,640 | ||
Treasury stock | (5,428) | (3,637) | ||
Other components of equity | (25,411) | 11,534 | ||
Equity attributable to owners of the | 561,146 | 611,559 | ||
parent company | ||||
Non-controlling interests | 65 | 62 | ||
Total equity | 561,211 | 611,621 | ||
Total equity and liabilities | Y | 811,149 | Y | 877,610 |
2
Consolidated Statement of Income
Millions of yen
Six months ended | Six months ended | |||
Sept. 30, | Sept. 30, | |||
2021 | 2022 | |||
Revenue | Y | 350,517 | Y | 396,666 |
Cost of sales | (195,179) | (238,054) | ||
Gross profit | 155,337 | 158,612 | ||
Selling, general and administrative expenses | (105,936) | (122,691) | ||
Other income | 3,294 | 2,423 | ||
Other expenses | (1,517) | (877) | ||
Operating profit | 51,178 | 37,467 | ||
Finance income | 1,127 | 5,732 | ||
Finance expenses | (834) | (5,108) | ||
Share of profit/(loss) of investments accounted for | 104 | 116 | ||
using the equity method | ||||
Profit before income taxes | 51,576 | 38,208 | ||
Income tax expenses | (14,461) | (7,948) | ||
Profit for the period | 37,114 | 30,259 | ||
Profit for the period attributable to: | ||||
Owners of the parent company | 36,812 | 30,258 | ||
Non-controlling interests | 302 | 1 | ||
Profit for the period | Y | 37,114 | Y | 30,259 |
Earnings per share: | Yen | Yen | ||
Basic earnings per share | Y | 141.61 | Y | 118.00 |
Diluted earnings per share | 141.19 | 117.64 |
3
Consolidated Statement of Income
Millions of yen
Three months ended | Three months ended | |||
Sept. 30, | Sept. 30, | |||
2021 | 2022 | |||
Revenue | Y | 176,504 | Y | 196,931 |
Cost of sales | (98,923) | (122,428) | ||
Gross profit | 77,580 | 74,503 | ||
Selling, general and administrative expenses | (54,348) | (63,371) | ||
Other income | 2,601 | 1,507 | ||
Other expenses | (1,116) | (190) | ||
Operating profit | 24,717 | 12,449 | ||
Finance income | 706 | 2,331 | ||
Finance expenses | (624) | (1,933) | ||
Share of profit/(loss) of investments accounted for | 42 | 62 | ||
using the equity method | ||||
Profit before income taxes | 24,841 | 12,910 | ||
Income tax expenses | (6,497) | (44) | ||
Profit for the period | 18,343 | 12,866 | ||
Profit for the period attributable to: | ||||
Owners of the parent company | 18,193 | 12,869 | ||
Non-controlling interests | 149 | (2) | ||
Profit for the period | Y | 18,343 | Y | 12,866 |
Earnings per share: | Yen | Yen | ||
Basic earnings per share | Y | 69.99 | Y | 50.34 |
Diluted earnings per share | 69.77 | 50.19 |
4
Consolidated Statement of Comprehensive Income
Millions of yen
Six months ended | Six months ended | ||
Sept. 30, | Sept. 30, | ||
2021 | 2022 | ||
Profit for the period | Y | 37,114 | 30,259 |
Other comprehensive income, net of income tax
Items that will not be reclassified subsequently to profit or loss
Gains/(Losses) on investments in equity instruments designated as FVTOCI
Total of items that will not be reclassified subsequently to profit or loss
Items that may be reclassified subsequently to profit or loss
Exchange differences on translating foreign operations
Total of items that may be reclassified subsequently to profit or loss
Other comprehensive income for the period, net of income tax
Comprehensive income for the period
Comprehensive income for the period attributable to:
(600)(985)
(600)(985)
1,223 | 36,946 |
1,223 | 36,946 |
622 | 35,960 |
37,736 | 66,219 |
Owners of the parent company | 37,370 | 66,218 | |
Non-controlling interests | 366 | 1 | |
Comprehensive income for the period | Y | 37,736 | 66,219 |
5
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Brother Industries Ltd. published this content on 09 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 November 2022 08:10:03 UTC.
