DAICEL CORPORATION 3rd Quarter Consolidated Financial Results for the Year Ending March 31, 2022
(All financial information has been prepared in accordance with Generally Accepted Accounting Principles in Japan)
February 2, 2022
Company name | : DAICEL CORPORATION |
Stock Exchange on which the shares are listed | : Tokyo Stock Exchange in Japan |
Code number | : 4202 |
URL | : https://www.daicel.com |
Representative | : Ｙｏｓｈｉｍｉ Ogawa, President and CEO |
Contact person | : Masahiko Hirokawa, General Manager-Investor Relations & Corporate Communications |
Phone +81-3-6711-8121 | |
Scheduled date for submitting financial statements | : February 14, 2022 |
Scheduled date for dividend payment | : - |
The additional materials of the Financial Results | : Yes |
The briefing session of the Financial Results | : Yes (for institutional investors and analysts) |
1. Consolidated Financial Results for the Nine Months Ended December 31, 2021 | (Amounts are rounded down to the nearest million) | |||||||||
(1) Consolidated Operating Results | (% of change from previous year) | |||||||||
Net sales | Operating profit | Ordinary profit | Profit attributable | |||||||
to owners of parent | ||||||||||
Millions of Yen | % | Millions of Yen | % | Millions of Yen | % | Millions of Yen | % | |||
Nine months ended Dec. 31, 2021 | 342,979 | 21.9 | 39,281 | 109.8 | 43,181 | 113.5 | 23,502 | 109.2 | ||
Nine months ended Dec. 31, 2020 | 281,359 | (10.0) | 18,726 | (17.3) | 20,223 | (16.7) | 11,234 | 141.7 | ||
(Note) Comprehensive income: 36,664 millions of yen [66.9%] for the nine months ended December 31, 2021 and 21,974 millions of yen [165.5%] for the nine months ended December 31, 2020
Profit per share | Diluted profit | |
per share | ||
Yen | Yen | |
Nine months ended Dec. 31, 2021 | 78.02 | - |
Nine months ended Dec. 31, 2020 | 37.10 | - |
(2) Consolidated Financial Position
Total assets | Net assets | Capital adequacy ratio | Net assets per share | |
Millions of Yen | Millions of Yen | % | Yen | |
As of Dec. 31, 2021 | 679,646 | 268,960 | 38.6 | 877.12 |
As of Mar. 31, 2021 | 640,385 | 245,000 | 37.1 | 789.34 |
(Reference) Shareholders' equity: 262,108 millions of yen as of December 31, 2021 and 237,852 millions of yen as of March 31, 2021 2. Dividends
Cash dividends per share | |||||||
(Reference data) | 1st quarter | 2ｎd quarter | 3rd quarter | 4th quarter | Annual | ||
Yen | Yen | Yen | Yen | Yen | |||
Year ended Mar. 31, 2021 | - | 16.00 | - | 16.00 | 32.00 | ||
Year ending Mar. 31, 2022 | - | 16.00 | - | ||||
Year ending Mar. 31, 2022 | 16.00 | 32.00 | |||||
(Forecast) | |||||||
(Note) Revisions to the latest announced dividend forecast: Not applicable |
3. Forecast of Consolidated Financial Results for the Year Ending March 31, 2022
(% of change from same period of previous year)
Net sales | Operating profit | Ordinary profit | Profit attributable | Profit | ||||||
to owners of parent | per share | |||||||||
Millions of Yen | % | Millions of Yen | % | Millions of Yen | % | Millions of Yen | % | Yen | ||
Year ending Mar. 31, 2022 | 462,000 | 17.4 | 49,500 | 56.0 | 53,500 | 54.3 | 29,000 | 47.1 | 97.05 | |
(Note) Revisions to the latest announced forecast of consolidated financial results: Applicable
*Notes
- Changes in significant subsidiaries during the nine months ended Dec. 31, 2021: Not applicable (Note) Changes in specified subsidiaries that caused a change in the scope of consolidation
- Adoption of specific accounting methods for presenting quarterly financial statements: Not applicable
- Changes in accounting policies, changes in accounting estimates and restatements
- Changes in accounting policies due to revisions of accounting standards: Applicable
- Changes in accounting policies other than (3)-i: Not applicable ⅲ Changes in accounting estimates: Not applicable
ⅳ Retrospective restatements: Not applicable
- Number of shares issued (common share)
ⅰ Number of shares issued at the end of each period | As of Dec. 31, 2021 | 302,942,682 shares | As of Mar. 31, 2021 | 302,942,682 shares |
(including treasury shares) | ||||
ⅱ Number of treasury shares at the end of each period | As of Dec. 31, 2021 | 4,113,296 shares | As of Mar. 31, 2021 | 1,609,633 shares |
ⅲ Average number of shares during the each period | Nine months ended | 301,233,559 shares | Nine months ended | 302,813,263 shares |
(Cumulative from the beginning of the fiscal year) | Dec. 31, 2021 | Dec. 31, 2020 | ||
*This Quarter Consolidated Financial Results report is not subject to quarterly review.
*Explanations or other special matters to appropriate use of the forecast of consolidated financial results
The forecast of consolidated financial results and certain other statements contained in this document are forward-looking statements, which are rationally determined based on information currently available to the company. For a variety of reasons, actual performance may differ substantially from these projections.
4. Qualitative Information on the Period under Review
(1) Overview of the operating results
Looking at the world trends during the consolidated third quarter of the fiscal year ending March 2022 (nine months ended December 31, 2021), although economic stagnation caused by the spread of COVID-19 has been recovering to some extent, the global economy remained uncertain due to further spread of COVID-19 and has been affected by decline in automobile production because of the semiconductor shortage and by logistics disruption.
Amid such circumstances, the Daicel Group has steadily seized sales opportunities offered by the recovery in demand and worked on sales price revisions and cost reductions.
Compared to the same period last year which was affected by COVID-19, the sales revenue for the consolidated third quarter of the fiscal year under review totaled 342,979million (up 21.9% year-on-year). On the income front, operating income amounted to 39,281 million (up 109.8% year-on-year), ordinary income was 43,181 million (up 113.5% year-on-year) and net income attribute to owners of the parent was 23,502 million (up 109.2% year-on-year).
Segment information is summarized as follows.
[Medical / Healthcare]
The healthcare business increased in sales revenue due to an increase in sales volume of cosmetic and health food ingredients. The chiral separation business also increased in sales revenue due to an increase in sales volume of optical resolution columns. The overall segment sales came to ¥14,585 million (up 21.9% year-on-year). Operating income amounted to ¥2,570 million (up
110.5% year-on-year) due to an increase of sales volume.
[Smart]
The display business, such as cellulose acetate for optical films, and high-performance films, registered growth in sales revenue due to higher sales volume as a result of a strong demand in LCD panels.
The IC/Semiconductor business, such as solvents for printed electronics and resist materials, increased in sales revenue driven by higher sales volume due to a strong demand in semiconductor market and sales price revisions.
The overall segment sales came to ¥24,040 million (up 36.8% year-on-year). Operating income amounted to ¥4,868 million (up 134.0% year-on-year), due to an increase of sales volume and sales price revisions.
[Safety]
As acquisition of new orders, the automobile airbag inflator (gas-generation device) and other mobility business increased in sales volume, resulting in higher revenue compared to the same period in the prior fiscal year despite the impact of lower automobile production due to the semiconductor shortage.
Consequently, overall segment sales came to ¥50,348 million (up 7.8% year-on-year). Operating income also came to ¥4,352 million (up 671.7 % year-on-year) due to an increase of sales volume and recovery of utilization rate.
[Material]
Although there were changes in accounting standards resulting in decline in sales volume, acetic acid business registered growth in sales revenue due to rising market conditions.
Sales revenue of acetic acid derivatives increased due to rising market conditions.
Acetate tow sales revenue was flat due to the effect of foreign exchange although sales volume decreased slightly due to a change in accounting standards
Caprolactone derivatives and alicyclic-epoxy-resin recorded higher sales revenue driven by higher sales volume due to recovery in demand for auto paint and electronic material applications.
Consequently, overall segment sales amounted to ¥89,223 million (up 19.1 % year-on-year). Operating income amounted to ¥18,340 million (up 68.8% year-on-year), due to an increase of sales price.
[Engineering Plastics]
In the business of Polyplastics Co., Ltd., such as polyacetal (POM), polybutylene terephthalate (PBT) resin, and liquid crystal polymer (LCP), sales revenue increased driven by higher sales volume due to the recovery of demand for automobiles and smartphones, and revised sales prices.
In the business of Daicel Miraizu Ltd., such as ABS and engineering plastic alloy resin, barriers for food and water-soluble polymers, sales volume increased due to a strong demand resulting in an increase in sales.
Consequently, overall segment sales amounted to ¥156,755 million (up 29.4% year-on-year). Operating income was ¥19,530 million (up 39.1% year-on-year) due to an increase of sales volume sales price revisions.
[Other Businesses]
Sales revenue of other businesses decreased due to lower sales volume of defense-related business.
Consequently, overall segment sales recorded 8,025 million (down 11.4% year-on-year). Operating income amounted to 1,119 million (down 13.0% year-on-year).
(2) Overview of financial position for the fiscal year under review
Total assets as of December 31, 2021 were 679,646 million, an increase of 39,261 million from March 31, 2021, due to increases in inventory and property, plant and equipment, despite a decrease in Cash and deposits.
Total liabilities were 410,686 million, an increase of 15,302 million from March 31, 2021, due to an increase in bills payable and accounts payable.
Total net assets were 268,960 million. Total shareholders' equity, which is calculated as the net assets minus non-controlling interests, was 262,108 million. Shareholders' equity ratio was38.6%.
(3) Explanation regarding future forecast information of consolidated financial results
Based on the business results for the consolidated third quarter of the current fiscal year, the Company has revised its consolidated earnings forecasts for the full fiscal year ending March 31, 2022 announced on November 5, 2021. For details, please refer to the " Notice Regarding Recognition of Extraordinary Losses and Revision to Consolidated Financial Forecast for Fiscal Year ending March 31, 2022 " released today.
5. Consolidated Financial Statements
(1) Consolidated Balance Sheets
(Unit: Millions of Yen) | |||
As of Mar. 31, 2021 | As of Dec. 31, 2021 | ||
Assets | |||
Current assets | |||
Cash and deposits | 90,827 | 75,219 | |
Notes and accounts receivable - trade | 93,159 | 99,697 | |
Securities | 709 | 1,405 | |
Inventories | 108,659 | 130,050 | |
Other | 19,200 | 27,969 | |
Allowance for doubtful accounts | (31) | (40) | |
Total current assets | |||
312,524 | 334,302 | ||
Non-current assets | |||
Property, plant and equipment | |||
Buildings and structures, net | 61,999 | 61,311 | |
Machinery, equipment and vehicles, net | 67,289 | 70,931 | |
Land | 30,306 | 31,378 | |
Construction in progress | 55,082 | 59,521 | |
Other, net | 5,042 | 4,693 | |
Total property, plant and equipment | |||
219,720 | 227,837 | ||
Intangible assets | |||
Goodwill | 2,410 | 482 | |
Other | 8,197 | 9,763 | |
Total intangible assets | |||
10,607 | 10,246 | ||
Investments and other assets | |||
Investment securities | 75,352 | 83,368 | |
Other | 22,238 | 23,949 | |
Allowance for doubtful accounts | (58) | (57) | |
Total investments and other assets | |||
97,532 | 107,260 | ||
Total non-current assets | |||
327,860 | 345,344 | ||
Total assets | |||
640,385 | 679,646 | ||
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Daicel Corporation published this content on 02 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 February 2022 04:38:02 UTC.
