EXEDY CORPORATION EXEDY Corporation (7278) FY2023 1st Quarter Financial Results
July 31, 2023
FY2023 1st Quarter Consolidated Financial Results〔IFRS〕
(April 1, 2023 through June 30, 2023)
(English translation extracted from the original Japanese document)
Company Name: | EXEDY Corporation | Listing:Tokyo Stock Exchange |
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, 2023
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 FY2023 (April 1, 2023 to June 30, 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 | ||||||||||||||||||||||||||||
FY2023 Q1 | 73,367 | 13.8 | 2,414 | 133.5 | 3,565 | 38.8 | 2,877 | 62.1 | 2,598 | 69.6 | 8,639 | (6.2) | |||||||||||||||||||||
FY2022 Q1 | 64,447 | 3.8 | 1,034 | (75.0) | 2,568 | (42.5) | 1,775 | (44.4) | 1,532 | (44.8) | 9,209 | 201.9 | |||||||||||||||||||||
Basic Earnings | Diluted Earnings | ||||||||||||||||||||||||||||||||
per Share | per Share | ||||||||||||||||||||||||||||||||
Yen | Yen | ||||||||||||||||||||||||||||||||
FY2023 Q1 | 55.34 | - | |||||||||||||||||||||||||||||||
FY2022 Q1 | 32.65 | - | |||||||||||||||||||||||||||||||
(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 | % | ||||||||||||||||||||||||||||||
FY2023 Q1 | 338,685 | 245,474 | 231,174 | 68.3 | |||||||||||||||||||||||||||||
FY2022 | 331,875 | 239,901 | 225,563 | 68.0 | |||||||||||||||||||||||||||||
2. Dividends | |||||||||||||||||||||||||||||||||
Annual Dividends per Share | |||||||||||||||||||||||||||||||||
1st Quarter | 2nd Quarter | 3rd Quarter | Fiscal Year-end | Total | |||||||||||||||||||||||||||||
Yen | Yen | Yen | Yen | Yen | |||||||||||||||||||||||||||||
FY2022 | - | 45.00 | - | 45.00 | 90.00 | ||||||||||||||||||||||||||||
FY2023 | - | ||||||||||||||||||||||||||||||||
FY2023 (Forecast) | - | 60.00 | - | 60.00 | 120.00 |
(Note) Revisions of dividend forecast from recently announced figures: None
3. FY2023 Consolidated Financial Forecast (April 1, 2023 to March 31, 2024)
(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) Revisions of financial forecast from recently announced figures: None
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) FY2023 1st Quarter 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.10 "2. Quarterly Consolidated Financial Statements and Principal Notes (4) Notes on Quarterly Consolidated Financial Statements"
- Number of Outstanding Shares (Ordinary shares)
① Number of shares outstanding at the end of period (including treasury shares)
②Number of treasury shares at the end of period
③Average number of ordinary shares outstanding during the period
FY2023 Q1 | 48,593,736 | shares | FY2022 Q4 | 48,593,736 shares |
FY2023 Q1 | 1,639,580 shares | FY2022 Q4 | 1,639,537 shares | |
FY2023 Q1 | 46,954,188 | shares | FY2022 Q1 | 46,928,166 shares |
(Note) The shares held within the ESOP trust accounts (FY2023 Q1 : 89,800 shares, FY2022Q4: 89,800 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. (FY2023 Q1 : 89,800 shares, FY2022 Q1 : 100,000 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) FY2023 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/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
EXEDY Corporation (7278) FY2023 1st Quarter Financial Results
1. Qualitative Information on Quarterly Financial Results.
-
Explanation of Operating Results
In the first quarter of the current consolidated cumulative period, the revenue increased due to the recovery of orders mainly in the AT (Automatic Automotive Drivetrain related business) segment, as well as passing on raw material price increase to the selling price, and the impact of foreign exchange conversion due to the depreciation of the yen. In terms of profits, Operating profit increased due to increase in sales, despite soaring raw material and energy costs.
The results for for the first quarter of the current consolidated cumulative period were, Revenue ¥73.4 billion (increased by 13.8% from the same period of the previous fiscal year), Operating profit ¥2.4 billion (increased by 133.5% from the same period of the previous fiscal year), Profit before tax ¥3.6 billion (increased by 38.8% from the same period of the previous fiscal year), Profit attributable to owners of the parent company was ¥2.6 billion (increased by 69.6% 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 ¥17.8 billion (increased by 5.7% from the same period of the previous fiscal year). Segment profit was ¥1.5 billion (decreased by 19.6% from the same period of the previous fiscal year),due to decrease in order and soaring raw material and energy costs despite the sales increase by the impact of foreign exchange conversion due to the depreciation of the yen.
[AT (Automatic Automotive Drivetrain related business)]
Revenue was ¥47.0 billion (increased by 16.0% from the same period of the previous fiscal year). This was due to the recovery of orders, as well as passing on raw material price increase to the selling price, and the impact of foreign exchange conversion due to the depreciation of the yen. The segment profit was ¥0.6 billion (¥0.9 billion operating loss in the same period of the previous fiscal year) due to increase in sales, despite soaring raw material and energy costs.
[TS (Industrial machine Drivetrain operations)]
Revenue was ¥3.9 billion (increased by 19.9% from the same period of the previous fiscal year). Segment profit was ¥0.6 billion (increased by 140.1% from the same period of the previous fiscal year), due to an increase in sales and cost reduction efforts.
[Others]
Revenue was ¥4.6 billion (increased by 21.1% from the same period of the previous fiscal year). Segment profit was ¥0.2 billion (increased by 129.7% from the same period of the previous fiscal year) due to an increased sales of motorcycle clutches in the ASEAN region and cost reduction efforts.
The summary by location is as follows.
[Japan]
Revenue was ¥30.8 billion (increased by 7.7% from the same period of the previous fiscal year). Operating profit was ¥1.9 billion (increased by 249.6% from the same period of the previous fiscal year) due to increase in sales by passing on raw material price increase to the selling price.
[Americas]
Revenue was ¥13.7 billion (increased by 14.0% from the same period of the previous fiscal year). Although revenue increased by the impact of exchange conversion due to the depreciation of the yen, the operating loss was ¥0.3 billion (¥0.5 billion operating loss in the same period of the previous year) due to soaring raw material and energy costs.
2
EXEDY Corporation (7278) FY2023 1st Quarter Financial Results
[Asia and Oceania]
Revenue was ¥26.3 billion (increased by 20.9% from the same period of the previous fiscal year). This was due to the recovery of orders, as well as passing on raw material price increase to the selling price, and the impact of foreign exchange conversion due to the depreciation of the yen. Operating profit was ¥1.4 billion (increased by 130.9% from the same period of the previous fiscal year) due to increase in sales.
[Others]
Revenue was ¥2.6 billion (increased by 23.2% from the same period of the previous fiscal year). Operating profit was ¥29 million (decreased by 85.0% from the same period of the previous fiscal year) due to soaring raw material prices, despite an increase in sales.
-
Explanation of Financial Position.
In terms of the assets at the end of this first quarter consolidated accounting period, the total assets were ¥338.7 billion (¥331.9 billion at the end of the previous consolidated fiscal year), it increased by ¥6.8 billion (2.1%) from the end of the previous fiscal year. The main contents are ¥3.0 billion increase in cash and cash equivalents, ¥1.0 billion increase in trade and other receivables, ¥1.7 billion increase in inventories, and ¥0.5 billion increase in investments in Equity Instruments.
Total liabilities were ¥93.2 billion (¥92.0 billion at the end of the previous consolidated fiscal year), it increased by ¥1.2 billion (1.3%) from the end of the previous fiscal year. The main contents are ¥0.6 billion increase in corporate bonds and borrowings, and ¥0.6 billion increase in trade and other payables.
Total equity was ¥245.5 billion (¥239.9 billion in the previous consolidated fiscal year), it increased by ¥5.6 billion (2.3%) from the end of the previous fiscal year. The main contents were ¥5.1 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 and ¥0.5 billion increase in retained earnings (¥2.6 billion increase due to the profit attributable to owners of the parent company, and ¥2.1 billion decrease due to the appropriation of surplus (dividend)). - Explanation of Forecast of Consolidated Financial Results and Other Forward-Looking Information
There is no change in the consolidated financial forecast for the fiscal year ending March 31, 2024, which was announced on April 28, 2023.
3
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Exedy Corporation published this content on 04 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 August 2023 06:33:06 UTC.
