GS Yuasa Corporation

Consolidated Earnings Report for the

Year ended March 31, 2023

(Japanese GAAP)

May 11, 2023

Stock listing:

Tokyo Stock Exchange

Securities code: 6674

URL:

https://www.gs-yuasa.com/en/

Representative:

Osamu Murao, President and CEO

Information contact: Hiroaki Matsushima

Tel: +81-75-312-1211

Director and CFO

Scheduled dates

Ordinary general meeting of shareholders:

June 29, 2023

Dividend payout:

June 30, 2023

Filing of statutory financial report (Yukashoken hokokusho):

June 29, 2023

Supplementary materials to fiscal year-end earnings report

Yes

available:

Fiscal year-end earnings presentation held:

Yes (targeted at institutional

investors and analysts)

(Amounts rounded down to the nearest million yen)

1. Consolidated Financial Results for the Year ended March 31, 2023 (April 1, 2022 to March 31, 2023)

(1) Consolidated Operating Results

(Percentages indicate year-on-year changes)

Net sales

Operating profit

Ordinary profit

Profit attributable to

owners of parent

million yen

%

million yen

%

million yen

%

million yen

%

Year ended

517,735

19.8

31,500

39.0

24,213

(1.9)

13,925

64.5

March 31, 2023

Year ended

432,133

11.8

22,664

(8.6)

24,684

(9.5)

8,468

(26.1)

March 31, 2022

Note: Comprehensive income: Year ended March 31, 2023:

¥25,590 million,

2.2%

Year ended March 31, 2022:

¥25,047 million,

(28.7)%

Basic earnings

Diluted

Return on

Ratio of

Ratio of

earnings per

ordinary profit

operating profit

per share

equity

share

to total assets

to net sales

yen

yen

%

%

%

Year ended

173.11

-

6.2

4.7

6.1

March 31, 2023

Year ended

105.23

-

4.1

5.4

5.2

March 31, 2022

Reference: Share of profit or loss of entities accounted for using equity method:

Year ended March 31, 2023: ¥(2,832) million

Year ended March 31, 2022: ¥2,590 million

Operating profit before amortization of goodwill:

Year ended March 31, 2023: ¥32,074 million, 34.5%

Year ended March 31, 2022: ¥23,853 million, (11.9)%

The Company uses "operating profit before amortization of goodwill" as an important indicator for management.

1

(2) Consolidated Financial Position

Total assets

Net assets

Equity ratio

Net assets per

share

million yen

million yen

%

yen

As of March 31, 2023

540,906

270,890

42.6

2,867.23

As of March 31, 2022

480,763

249,938

44.8

2,675.70

Reference: Total equity:

As of March 31, 2023:

¥230,677 million

As of March 31, 2022:

¥215,233 million

(3) Consolidated Cash Flows

Cash flows from

Cash flows from

Cash flows from

Cash and cash

equivalents at the

operating activities

investing activities

financing activities

end of the period

million yen

million yen

million yen

million yen

Year ended

28,330

(26,567)

8,826

36,027

March 31, 2023

Year ended

12,879

(30,204)

5,203

25,845

March 31, 2022

2. Dividends

Dividend per share

Total

Ratio of

End-

End-

End-

Year-

dividends

Payout ratio

dividends to

Total

paid

(consolidated)

net assets

Q1

Q2

Q3

end

(full year)

(consolidated)

yen

yen

yen

yen

yen

million yen

%

%

Year ended

-

15.00

-

35.00

50.00

4,025

47.5

1.9

March 31, 2022

Year ended

-

15.00

-

35.00

50.00

4,025

28.9

1.8

March 31, 2023

Year ending

-

15.00

-

35.00

50.00

28.7

March 31, 2024

(forecast)

3. Earnings Forecast for the Year ending March 31, 2024 (April 1, 2023 to March 31, 2024)

(Percentages indicate year-on-year changes)

Profit attributable

Basic

Net sales

Operating profit

Ordinary profit

earnings

to owners of parent

per share

million yen

%

million yen

%

million yen

%

million yen

%

yen

Six months ending

260,000

10.5

8,000

(2.7)

6,000

(0.3)

1,500

(12.5)

18.65

September 30,

2023

Year ending

580,000

12.0

33,000

4.8

27,000

11.5

14,000

0.5

174.03

March 31, 2024

2

*Notes

  1. Changes affecting the status of material subsidiaries (scope of consolidation): None
  2. Changes in accounting policy, changes in accounting estimates, and retrospective restatement
    1. Changes in accordance with revisions to accounting and other standards: Yes
    2. Changes other than 1) above: None
    3. Changes in accounting estimates: None
    4. Retrospective restatement: None
  4. Number of shares issued (common stock)

As of March 31, 2023

As of March 31, 2022

1) Number of shares issued (including treasury

80,599,442

80,599,442

shares)

2) Number of treasury shares

146,539

159,410

Year ended March 31,

Year ended March 31,

2023

2022

3) Average number of shares outstanding during

80,448,062

80,475,326

the period (cumulative from the beginning of

the fiscal year)

(Reference) Non-consolidated Financial Results

Year ended March 31, 2023 (April 1, 2022 to March 31, 2023)

(1) Non-consolidated Operating Results

(Percentages indicate year-on-year changes)

Net sales

Operating profit

Ordinary profit

Profit

million yen

%

million yen

%

million yen

%

million yen

%

Year ended

5,814

0.2

4,744

(3.3)

6,761

0.7

5,950

0.7

March 31, 2023

Year ended

5,802

(19.5)

4,907

(22.2)

6,714

(13.7)

5,909

(16.9)

March 31, 2022

Basic earnings per

Diluted earnings per

share

share

yen

yen

Year ended

73.96

March 31, 2023

Year ended

73.43

March 31, 2022

-

-

(2) Non-consolidated Financial Position

Total assets

Net assets

Equity ratio

Net assets per

share

million yen

million yen

%

yen

As of March 31, 2023

201,451

133,380

66.2

1,657.87

As of March 31, 2022

195,038

131,423

67.4

1,633.81

Reference: Total equity:

As of March 31, 2023:

¥133,380 million

As of March 31, 2022:

¥131,423 million

3

*Financial reports are not subject to audit procedures to be conducted by certified public accountants or an audit firm.

*Appropriate Use of Earnings Forecast and Other Important Information

The above forecasts are based on the assumptions of management in light of information available as of the release date of this report. GS Yuasa Corporation makes no assurances as to the actual results, which may differ from forecasts due to various factors such as changes in the business environment. For information related to the earnings forecast, please see "(1) Operating Results" in section "4. Qualitative Information on Operating Results, etc." on page 5.

4

4. Qualitative Information on Operating Results, etc.

(1) Operating Results

1) Overview

In the global economy during the fiscal year under review, the stagnation of economic activity due to COVID-19 has eased, and normalization of economic activity has been progressing. Nonetheless, inflation continues due to increased energy costs arising out of the situation in Ukraine and other factors. The outlook continues to be uncertain, with various countries shifting from monetary easing policies to curb inflation and bank failures in the United States.

In this economic environment, the GS Yuasa Group's consolidated net sales for the fiscal year ended March 31, 2023 totaled ¥517,735 million, up ¥85,601 million or 19.8%, from the previous fiscal year. This increase in Group sales mainly reflects an increase in sales volume of lithium-ion batteries for hybrid vehicles and the effect of the consolidation of İnci GS Yuasa Akü Sanayi ve Ticaret Anonim Şirketi (hereinafter "IGYA"), as well as the effect of yen depreciation on foreign exchange rate. In line with this, operating profit came to ¥31,500 million (operating profit before amortization of goodwill came to ¥32,074 million), up ¥8,835 million or 39.0% from the previous fiscal year. Ordinary profit came to ¥24,213 million, down ¥470 million or 1.9% from the previous fiscal year, due to deterioration in the share of profit from entities accounted for using the equity method and increased interest expenses. Profit attributable to owners of parent came to ¥13,925 million, up ¥5,457 million or 64.5% from the previous fiscal year, due mainly to the recording of non-current assets, gain on sale of investment securities, etc.

2) Business Segment Results

(Automotive Batteries)

Net sales in Japan for the fiscal year ended March 31, 2023 totaled ¥87,802 million, a year-on-year increase of ¥6,307 million or 7.7%, due to sales volume of batteries for new vehicles exceeding that of the previous fiscal year and progress in measures to revise sales prices for batteries for both new vehicles and replacement. Domestic automotive batteries segment profit (before goodwill amortization) came to ¥6,547 million, up ¥669 million or 11.4% from the previous fiscal year.

Overseas net sales totaled ¥247,329 million, a year-on-year increase of ¥60,586 million or 32.4%, due to consolidation of IGYA and the effect of yen depreciation on foreign exchange rates. Overseas segment profit (before goodwill amortization) came to ¥13,345 million, up ¥3,380 million or 33.9% from the previous fiscal year, thanks to increased net sales, despite the impact of higher costs including distribution costs.

As a result of the above factors, the automotive batteries segment's combined net sales in Japan and overseas totaled ¥335,131 million, a year-on-year increase of ¥66,893 million or 24.9%. Overall automotive batteries segment profit (before goodwill amortization) came to ¥19,892 million, up ¥4,049 million or 25.6% from the previous fiscal year.

(Industrial Batteries and Power Supplies)

Despite the impact of the completion of the delivery of lithium-ion batteries for large-scale wind power generation facilities in the previous fiscal year, as a result of the effort to revise sales prices, net sales in the industrial batteries and power supplies segment totaled ¥99,204 million, a year-on-year

5

Attachments

  • Original Link
  • Original Document
  • Permalink

Disclaimer

GS Yuasa Corporation published this content on 16 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 May 2023 07:29:10 UTC.