EXEDY CORPORATION EXEDY Corporation (7278) FY2022 Financial Results
April 28, 2023
Tokyo Stock Exchange
FY2022 Consolidated Financial Results〔IFRS〕 | |
(April 1, 2022 through March 31, 2023) | |
(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 for the General Shareholders Meeting: June 27, 2023
Scheduled Date to commence dividend payments: June 28, 2023
Scheduled Filing Date for Annual Securities Report on EDINET: June 27, 2023
Preparation of supplementary material on Yearly Financial Results : Yes
Holding of Yearly financial results briefing: None
(Note: All amounts less than one million yen is rounded off)
1. Consolidated Financial Results for the FY2022 (April 1, 2022 to March 31, 2023)
(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 | 285,639 | 9.4 | 8,760 | (52.2) | 9,916 | (49.1) | 5,236 | (62.1) | 4,591 | (63.2) | 9,643 | (58.7) | |||||||||
FY2021 | 261,095 | 14.8 | 18,328 | 92.7 | 19,467 | 114.7 | 13,822 | 127.2 | 12,477 | 150.4 | 23,354 | 89.5 | |||||||||
Basic Earnings | Diluted Earnings | Ratio of Profit | Ratio of Income | Ratio of | |||||||||||||||||
to Equity Attributable | before Income Taxes | Operating Profit | |||||||||||||||||||
per Share | per Share | ||||||||||||||||||||
to Owners of Parent | to Total Assets | to Revenue | |||||||||||||||||||
yen | yen | % | % | % | |||||||||||||||||
FY2022 | 97.78 | - | 2.1 | 3.0 | 3.1 | ||||||||||||||||
FY2021 | 265.92 | - | 5.9 | 6.0 | 7.0 |
(Reference) Equity in Earnings of Affiliates is ¥ 57 million for FY2022 and ¥ 20 million for FY2021.
(2) Consolidated Financial Position
Equity Attributable | Ratio for Equity | Equity per Share | |||
Total Assets | Total Equity | Attributable | Attributable | ||
to Owners of Parent | |||||
to Owners of Parent | to Owners of Parent | ||||
millions of yen | millions of yen | millions of yen | % | yen | |
FY2022 | 331,875 | 239,901 | 225,563 | 68.0 | 4,803.89 |
FY2021 | 332,785 | 236,023 | 221,756 | 66.6 | 4,725.44 |
(3) Consolidated Cash Flows
Cash Flows | Cash Flows | Cash Flows | Balance of Cash and Cash | |
from Operating Activities | from Investing Activities | from Financing Activities | Equivalents at End of Period | |
millions of yen | millions of yen | millions of yen | millions of yen | |
FY2022 | 27,224 | (12,794) | (11,179) | 59,538 |
FY2021 | 28,434 | (15,494) | (10,540) | 55,407 |
2. Dividends
Annual Dividends per Share | Ratio of Dividend | |||||||||
Dividends | Payout Ratio | to Equity | ||||||||
1st | 2nd | 3rd | Fiscal | Attributable | ||||||
Total | (Total) | (Consolidate) | ||||||||
Quarter | Quarter | Quarter | Year-end | to Owners of | ||||||
Parent | ||||||||||
yen | yen | yen | yen | yen | millions of yen | % | % | |||
FY2021 | - | 40.00 | - | 50.00 | 90.00 | 4,229 | 33.8 | 1.9 | ||
FY2022 | - | 45.00 | - | 45.00 | 90.00 | 4,234 | 92.0 | 1.9 | ||
FY2023(Forecast) | - | 60.00 | - | 60.00 | 120.00 | 80.5 |
3. FY2023 Consolidated Financial Forecast (April 1, 2023 to March 31, 2024)
(Note: All amounts less than one million yen is rounded off) (Percentage of change from previous year)
Revenue | Operating Profit | Income before | Profit Attributable to | Basic Earnings | ||||||
Income Taxes | Owners of Parent | Per Share | ||||||||
millions of yen | % | millions of yen | % | millions of yen | % | millions of yen | % | yen | ||
Q2 (YTD) | 150,000 | 8.5 | 6,000 | 67.9 | 5,500 | (9.8) | 3,000 | (22.4) | 63.89 | |
FY2023 | 310,000 | 8.5 | 13,000 | 48.4 | 12,000 | 21.0 | 7,000 | 52.5 | 149.08 |
Note : This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.
EXEDY Corporation (7278) FY2022 Financial Results
- General Notes
-
Changes in important subsidiaries during the period
(Changes in specified subsidiaries due to changes in the scope of consolidation): None - 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.11 "3. Consolidated Financial Statements and | |||||
Principal Notes (5) Notes on Consolidated Financial Statements" | |||||
(3) Number of Outstanding Shares (Ordinary shares) | |||||
① Number of shares outstanding at the | FY2022 | 48,593,736 shares | FY2021 | 48,593,736 shares | |
end of period (including treasury shares) | |||||
②Number of treasury shares at the end | FY2022 | 1,639,537 shares | FY2021 | 1,665,564 shares | |
of period | |||||
③Average number of ordinary shares | FY2022 | 46,945,427 shares | FY2021 | 46,920,537 shares | |
outstanding during the period | |||||
(Note) The shares held within the ESOP trust accounts (FY2022 : 89,800 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 : 93,708 shares, FY2021 : 21,623 shares)
- This Financial Results are not subject to audit 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. Regarding to notes of usage and performance forecast assumptions, please refer to attachment p.3, 1. Overview of Operating Results etc. (4) Forward-Looking Information.
EXEDY Corporation (7278) FY2022 Financial Results
Table of Contents of Attachments
1. Overview of Operating Results etc. …………………………………………………………………………………… | 2 | |
(1) | Overview of Operating Results for Current Period……………...……………………………………………… | 2 |
(2) | Overview of Financial Position for Current Period...…………………………………………………………… | 3 |
(3) | Overview of Cash Flow for the Current Period…………………………………………………………………. | 3 |
(4) | Forward-Looking Information……………………………………………………………………………………… | 3 |
2. Basic Way of Thinking Regarding to Selection of Accounting Standard……………………………………………. | 3 | |
3. Consolidated Financial Statements and Principal Notes……………………………………………………………... | 4 | |
(1) | Consolidated Statement of Financial Position…………………………………………………………………… | 4 |
(2) | Consolidated Statement of Income/Consolidated Statement of Comprehensive Income ………………… | 6 |
(3) | Consolidated Statement of Changes in Equity……………………………………………………………….… | 8 |
(4) | Consolidated Statement of Cash Flow………………………………………………………………………… | 10 |
(5) | Notes on Consolidated Financial Statements…………………………………………………………………… | 11 |
(Notes for Going Concern) …………………………………………………………………….………………….……… | 11 | |
(Change of Accounting Policy) …………………………………………………………………………………………… | 11 | |
(Segment Information) …………………………………………………………………………………………….……… | 11 | |
(Per Share Information) …………………………………………………………………………………………………… | 12 | |
(Significant Subsequent Events) …………………………………………………………………………………………. | 12 |
1
EXEDY Corporation (7278) FY2022 Financial Results
1. Overview of Operating Results etc.
-
Overview of Operating Results for Current Period
In the current consolidated fiscal year, the revenue increased by the impact of foreign exchange conversion due to the depreciation of the yen, although orders decreased due to the lockdown in China and production cuts by customers because of the semiconductor shortages. In terms of profits, Operating profit decreased due to the decline in orders, soaring global raw material prices and supply chain disruptions. In addition, the decrease in profit was due in part to impairment losses on fixed assets at the Company, its US subsidiary, and its domestic subsidiaries due to expected declines in profitability because of changes in the business environment. The results for current consolidated fiscal year were, Revenue ¥285.6 billion (increased by 9.4% from the previous fiscal year), Operating profit ¥8.8 billion (decreased by 52.2% from the previous fiscal year), Profit before tax ¥9.9 billion (decreased by 49.1% from the previous fiscal year), Profit attributable to owners of the parent company was ¥4.6 billion (decreased by 63.2% from the previous fiscal year).
The summary by type of reportable segment is as follows.
[MT (Manual Automotive Drivetrain related business)]
Revenue was ¥71.5 billion (increased by 10.0% from the previous fiscal year). Segment profit was ¥8.6 billion (increased by 8.9% from the previous fiscal year), despite soaring raw material prices which was proceeded with passing on to the selling price.
[AT (Automatic Automotive Drivetrain related business)]
Revenue was ¥181.6 billion (increased by 7.8% from the previous fiscal year). Although sales increased by the impact of foreign exchange conversion because of the depreciation of the yen, the segment loss was ¥1.1 billion (¥8.6 billion operating profit in the previous fiscal year) due to the lockdown in China, production cuts by customers because of the semiconductor shortages and soaring raw material costs and an impairment loss recorded at the US subsidiary.
[Others]
Revenue was ¥32.6 billion (increased by 18.0% from the previous fiscal year). Segment profit was ¥2.4 billion (increased by 16.7% from the previous fiscal year) due to an increase in sales, despite soaring raw material prices.
The summary by location is as follows.
[Japan]
Revenue was ¥122.5 billion (increased by 3.0% from the previous fiscal year). Operating profit was ¥7.0 billion (decreased by 37.6% from the previous fiscal year) due to a decrease in orders by the lockdown in China, production cuts by customers because of the semiconductor shortages and soaring raw material costs and an impairment loss recorded at the Company and its subsidiaries.
[Americas]
Revenue was ¥50.5 billion (increased by 19.4% from the previous fiscal year). Although revenue increased by the impact of exchange conversion due to the depreciation of the yen, the operating loss was ¥4.6 billion (¥1.3 billion operating loss in the previous year) due to soaring raw material prices and an impairment loss recorded at the US subsidiary.
[Asia and Oceania]
Revenue was ¥103.7 billion (increased by 12.6% from the previous fiscal year). Operating profit was ¥6.9 billion (decreased by 24.7% from the previous fiscal year) due to the lockdown in China and the impact of production cuts 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 ¥9.0 billion (increased by 15.2% from the previous fiscal year). Operating profit was ¥0.3 billion (decreased by 54.2% from the previous fiscal year) due to soaring raw material prices and other factors, despite an increase in sales by the impact of foreign exchange conversion because of the yen depreciation.
2
EXEDY Corporation (7278) FY2022 Financial Results
- Overview of Financial Position for Current Period.
In terms of the assets at the end of this consolidated accounting period, the total assets were ¥331.9 billion (¥332.8 billion at the end of the previous consolidated fiscal year), it decreased by ¥0.9 billion (0.3%) from the end of the previous fiscal year. The main contents are ¥8.3 billion decrease in tangible fixed assets due to impairment losses, ¥1.5 billion decrease in investments in Equity Instruments, ¥2.5 billion increase in inventories and ¥4.1 billion increase in cash and cash equivalents.
Total liabilities were ¥92.0 billion (¥96.8 billion at the end of the previous consolidated fiscal year), it decreased by ¥4.8 billion (4.9%) from the end of the previous fiscal year. The main contents are ¥4.3 billion decrease in corporate bonds and borrowings due to the repayment of borrowings, ¥2.3 billion decrease in income taxes payable, and ¥1.7 billion increase in trade and other payables.
Total equity was ¥239.9 billion (¥236.0 billion in the previous consolidated fiscal year), it increased by ¥3.9 billion (1.6%) from the end of the previous fiscal year. The main contents were ¥0.6 billion increase in retained earnings (¥4.6 billion increase due to the profit attributable to owners of the parent company, ¥4.5 billion decrease due to the appropriation of surplus (dividend), and ¥0.5 billion increased by transfer of other components of equity to retained earnings due to sale of investment securities) and ¥3.1 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. The ownership equity ratio attributable to owners of the parent company was 68.0% (66.6% at the end of the previous consolidated fiscal year).
- Overview of Cash Flow for the Current Period
Funds earned from cash flows from operating activities in the current consolidated fiscal year was ¥ 27.2 billion which decreased by ¥ 1.2 billion (4.3%) from the same period of the previous year (¥ 28.4 billion). This is because Income before Income Taxes decreased by ¥ 9.6 billion, Income taxes paid increased by ¥ 4.1 billion, however, the changes in trade receivables and other receivables increased by ¥ 5.9 billion, the impairment loss increased by ¥ 4.1 billion, also the changes in inventories increased by ¥ 3.6 billion.
Funds used for cash flows from investing activities was ¥ 12.8 billion which decreased by ¥ 2.7 billion (17.4%) from the same period of the previous year (¥ 15.5 billion). This was due to the decrease of ¥ 2.0 billion in expenditures for the acquisition of tangible fixed assets.
Funds used for cash flows from financing activities was ¥ 11.2 billion which increased by ¥ 0.6 billion (6.1%) from the same period of the previous year (¥ 10.5 billion). This was due to the increase in expenditure of ¥ 1.2 billion due to the dividend payment.
In addition to the above, there was the increase of ¥ 0.9 billion (¥ 1.4 billion increase in the same period of the previous year) due to the conversion difference for cash and cash equivalents, as the results the balance of cash and cash equivalents in the current consolidated fiscal year was ¥ 59.5 billion which increased by ¥ 4.1 billion (7.5%) from ¥ 55.4 billion at the end of the previous consolidated fiscal year.
-
Forward-LookingInformation
Regarding the forward-Looking information, although the global economy is on a recovery trend due to factors such as China's shift away from its zero-COVID policy and the fact that the surge in resource and energy prices is subsiding, the outlook remains uncertain due to factors such as high inflation rates and continued monetary tightening by central banks around the world will increase instability in the financial system which will affect the global economy. Under such a business environment, revenue is expected to remain firm for the full year, despite the risk that the shortage of semiconductors may have a prolonged impact.
In terms of profits, we will strive to secure profits by improving overall management efficiency, such as improving capacity utilization rates and reducing overhead costs, along with passing on higher parts, raw material cost and energy cost to selling prices.
As a result, we expect the revenue for the fiscal year ended March 2024 will be ¥310.0 billion (8.5% increase from this fiscal year), operating income will be ¥13.0 billion (48.4% increase), and income before income taxes will be ¥12.0 billion (21.0% increase). Profit attributable to owners of the parent company is expected to be ¥7.0 billion (52.5% increase).
The exchange rate is assumed to be ¥132 yen per US dollar.
2. Basic Way of Thinking Regarding to Selection of Accounting Standard
The Group applies IFRS for the purpose of improving the international comparability of financial information in capital markets.
3
Attachments
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Disclaimer
Exedy Corporation published this content on 28 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 May 2023 07:22:02 UTC.
