EXEDY Corporation (7278) FY2022 1st Quarter Financial Results

July 28, 2022

Tokyo Stock Exchange

FY2022 1st Quarter Consolidated Financial Results [IFRS]

(April 1, 2022 through June 30, 2022)

(English translation extracted from the original Japanese document)

Company Name:

EXEDY Corporation

Code No.:

7278

URL:

https://www.exedy.com

Representative:

Tetsuya Yoshinaga, Representative Director, President

Contact Person:

Hiroshi Toyohara, Representative Director, Senior Executive Managing Officer,

Executive General Manager of Administrative Headquarters

Telephone:

+81-72-822-1152

Scheduled date to file quarterly securities report: August 10, 2022

Scheduled date to commence dividend payments: None

Preparation of supplementary material on quarterly financial results: None

Holding of quarterly financial results briefing: None

(Note: All amounts less than one million yen is rounded off)

1. Consolidated Financial Results for the 1st Quarter of FY2022 (April 1, 2022 to June 30, 2022)

(1) Consolidated Operating Results (cumulative)

(Percentage of change from previous year)

Profit

Profit Attributable to

Total

Revenue

Operating Profit

Profit

Comprehensive

before Tax

Owners of Parent

Income

Million

%

Million

%

Million

%

Million

%

Million

%

Million

%

Yen

Yen

Yen

Yen

Yen

Yen

FY2022 Q1

64,447

3.8

1,034

(75.0)

2,568

(42.5)

1,775

ሺ

44.4)

1,532

(44.8)

9,209

201.9

FY2021 Q1

62,082

63.2

4,138

-

4,463

-

3,195

-

2,774

-

3,051

-

Basic Earnings

Diluted Earnings

per Share

per Share

Yen

Yen

FY2022 Q1

32.65

-

FY2021 Q1

59.14

-

(2) Consolidated Financial Position

Total Assets

Total Equity

Equity Attributable

Ratio for Equity Attributable

to Owners of Parent

to Owners of Parent

Million Yen

Million Yen

Million Yen

%

FY2022 Q1

335,892

241,832

227,547

67.7

FY2021

332,785

236,023

221,756

66.6

2. Dividends

Annual Dividends per Share

1st Quarter

2nd Quarter

3rd Quarter

Fiscal Year-end

Total

Yen

Yen

Yen

Yen

Yen

FY2021

-

40.00

-

50.00

90.00

FY2022

-

-

FY2022 (Forecast)

-

45.00

-

45.00

90.00

(Note) Revisions of dividend forecast from recently announced figures: None

3. FY2022 Consolidated Financial Forecast (April 1, 2022 to March 31, 2023)

(Percentage of change from previous year)

Revenue

Operating Profit

Profit

Profit Attributable to

Basic Earnings

before Tax

Owners of Parent

Per Share

Million Yen

%

Million Yen

%

Million Yen

%

Million Yen

%

Yen

Q2 (YTD)

140,000

13.5

4,500

(48.0)

5,700

(36.9)

4,000

(32.5)

85.24

FY2022

300,000

14.9

15,000

(18.2)

16,000

(17.8)

11,000

(11.8)

234.40

(Note) Revisions of financial forecast from recently announced figures: Yes

EXEDY Corporation (7278) FY2022 1st Quarter Financial Results

  • General Notes
  1. Changes in important subsidiaries during the period
    (Changes in specified subsidiaries due to changes in the scope of consolidation): None
  2. Changes in Accounting Policies, Accounting Estimations

① Changes in accounting policies required by IFRS

：None

② Changes in accounting policies except ①

：None

③ Changes in accounting estimates

：None

(Note) For the details, refer to attachment p.10 "2. Quarterly Consolidated Financial Statements

and Principal Notes (4) Notes on Quarterly Consolidated Financial Statements"

(3) Number of Outstanding Shares (Ordinary shares)

① Number of shares outstanding at the

FY2022 Q1

48,593,736 shares

FY2021 Q4

48,593,736 shares

end of period (including treasury shares)

②Number of treasury shares at the end

FY2022 Q1

1,665,589 shares

FY2021 Q4

1,665,564 shares

of period

③Average number of ordinary shares

FY2022 Q1

46,928,166 shares

FY2021 Q1

46,904,208 shares

outstanding during the period(quarterly total)

(Note) The shares held within the ESOP trust accounts (FY2022 Q1: 100,000 shares, FY2021: 100,000 shares) are included in the number of Treasury Shares at the end of period. Furthermore, the shares held within the ESOP trust accounts are included in Treasury Shares that are deducted in the calculation of the average number of shares for the period. (FY2022 Q1: 100,000 shares, FY2021 Q1: 19,200 shares)

  • Quarterly financial statements are not subject to quarterly reviews by certified accountants or audit corporations.
  • Regarding the appropriate use of Financial forecasts and other information

The above forecast is based on the information available, or the assumptions which the company thinks reasonable as of the release of this report. Actual results might be different from the above estimates due to subsequent changes in circumstances.

EXEDY Corporation (7278) FY2022 1st Quarter Financial Results

Table of Contents of Attachments

1. Qualitative Information on Quarterly Financial Results ………………………………………………………….………

2

(1)

Explanation of Operating Results……………...…….…………...……………………………………………….…

2

(2)

Explanation of Financial Position…………………….………………………………………………………………

3

(3)

Explanation of Forecast of Consolidated Financial Results and Other Forward-Looking Information……….

3

2. Quarterly Consolidated Financial Statements and Principal Notes…………….………………………….……...…...

4

(1)

Quarterly Consolidated Statement of Financial Position ………………………………….….……….……….…

4

(2)

Quarterly Consolidated Statement of Income and Quarterly Consolidated Statement of Comprehensive

Income…………………………………………………………………………………………………………….……

6

(3)

Quarterly Consolidated Statement of Changes in Equity……………………………………………….….….….

8

(4)

Notes on Quarterly Consolidated Financial Statements………………………………………………….…….…

10

(Notes for Going Concern) ……………………………………………………………………….……………….….

10

(Change of Accounting Policy) …………………………………………………………………………………….…

10

(Change in Accounting Estimate) ………………………………………………………………….……….…….…

10

(Segment Information) ……………………………………………………………………………….…………….…

10

1/11

EXEDY Corporation (7278) FY2022 1st Quarter Financial Results

1. Qualitative Information on Quarterly Financial Results

  1. Explanation of Operating Results
    In this first quarter, although orders decreased due to the lockdown in China and production cuts by customers because of the semiconductor shortages, the revenue increased from the impact of foreign exchange conversion due to the depreciation of the yen. In terms of profits, Operating profit decreased due to the decline in orders, soaring global raw material prices and supply chain disruptions. The results for the first quarter of the current consolidated cumulative period was, Revenue ¥64.4 billion (increased by 3.8% from the same period of the previous fiscal year), Operating profit ¥1.0 billion (decreased by 75.0% from the same period of the previous fiscal year), Profit before tax ¥2.6 billion (decreased by 42.5% from the same period of the previous fiscal year), Profit attributable to owners of the parent company was ¥1.5 billion (decreased by 44.8% from the same period of the previous fiscal year).

    The summary by type of reportable segment is as follows.
    [MT (Manual Automotive Drivetrain related business)]
    Revenue was ¥16.8 billion (increased by 7.6% from the same period of the previous fiscal year). Segment profit was ¥1.9 billion (increased by 3.3% from the same period of the previous fiscal year), despite soaring raw material prices, it has been passed on to the selling prices.
    [AT (Automatic Automotive Drivetrain related business)]
    Revenue was ¥40.5 billion (increased by 0.7% from the same period of the previous fiscal year). Although sales increased due to the impact of foreign exchange conversion because of the depreciation of the yen, the segment loss was ¥0.9 billion (¥2.1 billion profits in the same period of the previous year) due to the lockdown in China and production cuts by customers because of the semiconductor shortages and soaring raw material costs.
    [Others]
    Revenue was ¥7.1 billion (increased by 14.6% from the same period of the previous fiscal year). Segment profit was ¥0.3 billion (decreased by 39.9% from the same period of the previous fiscal year) due to soaring raw material prices and other factors, despite an increase in sales.

    The summary by location is as follows.
    [Japan]
    Revenue was ¥28.5 billion (decreased by 1.6% from the same period of the previous fiscal year). Operating profit was ¥0.5 billion (decreased by 78.3% from the same period of the previous fiscal year) due to a decrease in orders by the lockdown in China and production cuts by customers because of the semiconductor shortages and soaring raw material costs.
    [Americas]
    Revenue was ¥12.1 billion (increased by 17.2% from the same period of the previous fiscal year). Although revenue increased from the impact of exchange conversion due to the depreciation of the yen, the operating loss was ¥0.5 billion (¥0.2 billion operating loss in the same period of the previous year) due to soaring raw material prices.
    [Asia and Oceania]
    Revenue was ¥21.7 billion (increased by 4.4% from the same period of the previous fiscal year). Operating profit increased by ¥0.6 billion (decreased by 69.6% from the same period of the previous fiscal year) due to the lockdown in China and the impact of decrease in production by customers due to semiconductor shortages, although revenue increased from the impact of exchange conversion due to the depreciation of the yen.
    [Others]
    Revenue was ¥2.1 billion (increased by 7.1% from the same period of the previous fiscal year). Operating profit was ¥0.2 billion (increased by 7.3% from the same period of the previous fiscal year) due to the increase in revenue and other factors.

2/11

EXEDY Corporation (7278) FY2022 1st Quarter Financial Results

  1. Explanation of Financial Position
    In terms of the assets at the end of this first quarter consolidated accounting period, the total assets were ¥335.9 billion (¥332.8 billion at the end of the previous consolidated fiscal year), it increased by ¥3.1 billion (0.9%) from the end of the previous fiscal year. The main contents are ¥2.8 billion increase in cash and cash equivalents, ¥4.8 billion decrease in trade and other receivables due to lockdown in Shanghai, China and the stagnation of business activities due to a shortage of semiconductors, and ¥3.5 billion increase in inventories, ¥1.7 billion increase in tangible fixed assets.
    Total liabilities were ¥94.1 billion (¥96.8 billion at the end of the previous consolidated fiscal year), it decreased by ¥2.7 billion (2.8%) from the end of the previous fiscal year. The main contents are ¥2.8 billion decrease in income taxes payable, ¥1.7 billion decrease in corporate bonds and borrowings due to the repayment of borrowings, and ¥1.4 billion increase in trade and other payables.
    Total equity was ¥241.8 billion (¥236.0 billion in the previous consolidated fiscal year), it increased by ¥5.8 billion (2.5%) from the end of the previous fiscal year. The main contents were ¥6.3 billion increase in other components of equity due to an increase in the conversion difference of foreign operation due to the depreciation of the yen, and ¥0.5 billion decrease in retained earnings (¥1.5 billion increase due to the quarterly profit attributable to owners of the parent company, ¥2.3 billion decrease due to the appropriation of surplus (dividend), and ¥0.3 billion transfer of other capital components to retained earnings due to sale of investment securities).
  2. Explanation of Forecast of Consolidated Financial Results and Other Forward-Looking Information
    As of today, we have revised the consolidated financial forecast for the fiscal year ending March 31, 2023, which was announced on April 29, 2022. For the details, please refer to the "Notice of Revision of Consolidated Financial Forecast" announced today.
    This forecast is based on the premise that there will be no large-scale suspension of business activities due to the spread of new coronavirus infections worldwide. If these premises are expected, this forecast may be revised. The exchange rate is assumed to be ¥134 per US dollar.

3/11

This is an excerpt of the original content. To continue reading it, access the original document here.

Attachments

  • Original Link
  • Original Document
  • Permalink

Disclaimer

Exedy Corporation published this content on 02 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 August 2022 09:29:09 UTC.