October 26, 2023

Consolidated Financial Results

For the Second Quarter Ended September 30, 2023

Company name： IBIDEN CO., LTD.

Stock exchange listings： Tokyo and Nagoya Stock Exchange (Code number：4062)

URL： https://www.ibiden.com/

Representative： Takeshi Aoki, President & CEO, Representative Director

Contact： Hisashi Sano, Vice President of Strategic Corporate Planning Operation (Tel. +81-584-81-3111)

Filing date of quarterly securities report： October 31, 2023

(Amounts less than one million yen are omitted)

1. Consolidated Financial Results for FY 2023 Second quarter (From April 1, 2023 to September 30, 2023)

(1) Operating results

(Percentage figures indicate the change from the same period of the prior fiscal year)

Net sales

Operating profit

Ordinary profit

Profit (loss) attributable

to owners of parent

Million yen

%

Million yen

%

Million yen

%

Million yen

%

FY 2023 2nd quarter

187,640

(12.1)

24,072

(41.9)

26,824

(41.1)

17,892

(43.8)

FY 2022 2nd quarter

213,579

9.1

41,404

18.2

45,536

27.2

31,812

42.9

Note： Comprehensive income

FY2023 2nd quarter：

47,226 million yen (-0.8%)

FY2022 2nd quarter： 47,629 million yen

(95.7%)

Basic earnings

Diluted earnings

per share

per share

Yen

Yen

FY 2023 2nd quarter

128.10

-

FY 2022 2nd quarter

227.84

-

(2) Financial positions

Total assets

Net assets

Capital adequacy ratio

Million yen

Million yen

%

FY 2023 2nd quarter

898,076

470,166

51.6

FY 2022

857,508

425,606

48.9

Note： Owner's equity

As of September 30, 2023 ：

463,564 million yen

As of March 31, 2023 ：

419,238 million yen

2. Notes

(1)

Material changes in subsidiaries during this period ： Yes

Excluded: 2 companies (IBIDEN Electronics (Beijing) Co., Ltd, IBIDEN DPF France S.A.S)

(2)

Applying of specific accounting of the consolidated quarterly financial statements： Yes

The provision for income taxes is computed by multiplying profit before income taxes by estimated annual effective tax rates.

(3)

Changes in accounting policies, accounting estimates and retrospective restatement

(ⅰ) Changes in accounting policies based on revisions of accounting standard: None

(ⅱ) Changes in accounting policies other than the above: None

(ⅲ) Changes in accounting estimates: None

(ⅳ) Retrospective restatement: None

(4)

Number of shares issued and outstanding (common stock)

(ⅰ) Number of shares outstanding (including treasury stock)：

As of September 30, 2023

140,860,557 shares

As of March 31, 2023

140,860,557 shares

(ⅱ) Number of treasury stock ：

As of September 30, 2023

1,166,596 shares

As of March 31, 2023

1,211,148 shares

(ⅲ) Average number of shares:：

As of September 30, 2023

139,672,639 shares

As of September 30, 2022

139,624,411 shares

  • This quarterly financial result is not subject to auditing firms' quarterly review procedure.

Consolidated balance sheet

(Million yen)

As of

As of

Increase

Sep 30,2023

Mar 31,2023

(Decrease)

Assets

Current assets

Cash and deposits

296,591

302,419

(5,828)

Notes and accounts receivable - trade, and

77,393

75,942

1,451

contract assets

Electronically recorded monetary claims

3,754

3,563

191

Merchandise and finished goods

22,127

30,871

(8,743)

Work in process

18,038

21,191

(3,152)

Raw materials and supplies

25,769

27,132

(1,363)

Other current assets

19,602

15,765

3,837

Allowance for doubtful accounts

(73)

(59)

(13)

Total current assets

463,203

476,825

(13,622)

Non-current assets

Property, plant and equipment

Buildings and structures

78,007

77,000

1,006

Machinery, equipment and vehicles

75,484

82,147

(6,662)

Land

20,606

20,360

246

Lease assets

264

253

11

Construction in progress

156,180

119,038

37,142

Other - property, plant and equipment

8,081

8,167

(85)

Total property, plant and equipment

338,626

306,967

31,659

Intangible assets

4,822

5,179

(356)

Investments and other assets

Investment securities

86,122

61,342

24,779

Long-term loans receivable

8

8

0

Deferred tax assets

3,697

5,533

(1,836)

Other assets

1,832

1,889

(57)

Allowance for doubtful accounts

(236)

(238)

2

Total investments and other assets

91,423

68,536

22,887

Total non-current assets

434,872

380,682

54,189

Total assets

898,076

857,508

40,567

(Continued)

(Million yen)

As of

As of

Increase

Sep 30,2023

Mar 31,2023

(Decrease)

Liabilities and net assets

Liabilities

Current liabilities

Notes and accounts payable - trade

28,157

28,262

(105)

Electronically recorded obligations

10,777

12,169

(1,391)

Short-term loans payable

45,030

65,030

(20,000)

Current portion of bonds

35,000

－

35,000

Accounts payable - other

20,867

22,308

(1,440)

Income taxes payable

8,875

14,268

(5,393)

Provision for bonuses

5,104

5,138

(34)

Provision for bonuses for directors

－

186

(186)

Notes payable - facilities

15

1

14

Electronically recorded obligations - facilities

27,897

26,601

1,296

Other - current liabilities

46,819

49,354

(2,535)

Total current liabilities

228,544

223,321

5,223

Non-current liabilities

Bonds payable

65,000

100,000

(35,000)

Long-term loans payable

125,000

105,000

20,000

Lease obligations

157

167

(10)

Deferred tax liabilities for land revaluation

68

68

－

Retirement benefit liability

688

573

115

Provision for share-based compensation

497

548

(50)

Deferred tax liabilities

6,526

825

5,700

Other - non-current liabilities

1,427

1,398

29

Total non-current liabilities

199,365

208,581

(9,215)

Total liabilities

427,909

431,902

(3,992)

(Continued)

(Million yen)

As of

As of

Increase

Sep 30,2023

Mar 31,2023

(Decrease)

Net assets

Shareholders' equity

Capital stock

64,152

64,152

－

Capital surplus

64,494

64,494

－

Retained earnings

244,899

229,804

15,094

Treasury shares

(2,980)

(3,126)

146

Total shareholders' equity

370,565

355,324

15,240

Accumulated other comprehensive income

Valuation difference on available-for-sale

41,818

24,430

17,387

securities

Revaluation reserve for land

160

160

－

Foreign currency translation adjustment

51,021

39,323

11,697

Total accumulated other comprehensive income

92,999

63,914

29,085

Non-controlling interests

6,601

6,367

233

Total net assets

470,166

425,606

44,560

Total liabilities and net assets

898,076

857,508

40,567

(Concluded)

Consolidated statement of income

(Million yen)

FY 2023

FY 2022

Increase

2nd quarter

2nd quarter

(Decrease)

Net sales

187,640

213,579

(25,938)

Cost of sales

136,435

144,903

(8,467)

Gross profit

51,204

68,675

(17,470)

Selling, general and administrative expenses

27,131

27,270

(139)

Operating profit

24,072

41,404

(17,331)

Non-operating income (expenses)

2,751

4,132

(1,380)

Interest income

626

262

363

Dividends income

867

799

67

Share of profit(loss) of entities accounted for using equity

1

0

1

method

Foreign exchange gain(losses), net

1,119

3,034

(1,915)

Interest expenses

(303)

(127)

(175)

Bond issuance cost

－

(197)

197

Other, net

441

360

81

Ordinary profit

26,824

45,536

(18,712)

Extraordinary income (losses)

1,374

(2,361)

3,735

Gain on sales of non-current assets

4

75

(71)

Gain on sales of Investment securities

0

19

(19)

Insurance claim income

－

105

(105)

Gain on sales of shares of subsidiaries and associates

3,067

－

3,067

Loss on retirement of non-current assets

(811)

(2,218)

1,406

Impairment loss

(489)

(90)

(398)

Other, net

(397)

(253)

(144)

Profit before income taxes

28,198

43,175

(14,976)

Income taxes

(10,172)

(11,232)

1,059

Profit

18,025

31,942

(13,917)

Profit attributable to:

Non-controlling interests

133

130

2

Owners of parent

17,892

31,812

(13,919)

Consolidated statement of comprehensive income

(Million yen)

FY 2023

FY 2022

Increase

2nd quarter

2nd quarter

(Decrease)

Profit

18,025

31,942

(13,917)

Other comprehensive income (loss)

Valuation difference on available-for-sale securities

17,480

(5,473)

22,954

Foreign currency translation adjustments

11,720

21,160

(9,440)

Total other comprehensive income (loss)

29,200

15,687

13,513

Comprehensive income (loss)

47,226

47,629

(403)

Comprehensive income (loss) attributable to:

Owners of parent

46,977

47,504

(526)

Non-controlling interests

248

125

123

Segment Information

FY 2022 2nd quarter (From April 1, 2022 to September 30, 2022)

(1) Sales and profit information of each Segment

(Million yen)

Reportable Segment

Consolidated

Others

Adjustment

Electronics

Ceramics

Total

Statements

(*1)

(*2)

of Income(*3)

Net sales

Revenue from

contracts with

134,316

44,297

34,964

213,579

－

213,579

customers

Sales to third parties

134,316

44,297

34,964

213,579

－

213,579

Intersegment sales

－

41

7,039

7,080

(7,080)

－

and transfers

Total

134,316

44,338

42,004

220,659

(7,080)

213,579

Segment profit (loss)

35,456

3,852

2,317

41,627

(223)

41,404

*1 The "Others" section refers to businesses that are not included in a reportable segment.

*2 The (223) million yen adjustment to segment profit (loss) is an elimination for intersegment transactions and corporate expenses that cannot be allocated to reportable segments.

*3 Segment profit (loss) is reconciled to operating income in the Consolidated statements of income.

(2) Impairment losses on non-current assets, goodwill, etc.by reporting segment Not applicable

FY 2023 2nd quarter (From April 1, 2023 to September 30, 2023)

(1) Sales and profit information of each Segment

(Million yen)

Reportable Segment

Consolidated

Others

Adjustment

Electronics

Ceramics

Total

Statements

(*1)

(*2)

of Income(*3)

Net sales

Revenue from

102,579

48,110

36,950

187,640

187,640

contracts with

－

customers

Sales to third parties

102,579

48,110

36,950

187,640

－

187,640

Intersegment sales

2

23

6,719

6,745

(6,745)

－

and transfers

Total

102,582

48,133

43,669

194,385

(6,745)

187,640

Segment profit (loss)

15,991

5,757

2,461

24,209

(137)

24,072

*1 The "Others" section refers to businesses that are not included in a reportable segment.

*2 The (137) millions of yen adjustment to segment profit (loss) is an elimination for intersegment transactions and corporate expenses which cannot be allocated to reportable segments.

*3 Segment profit (loss) is reconciled to operating income in the Consolidated statements of income.

(2) Impairment losses on non-current assets, goodwill, etc.by reporting segment

For idle assets, the Company lowered the book value to the expected recoverable amount. As a result, the Company recognised an impairment loss of 489 million yen for this fiscal year.

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Ibiden Co. Ltd. published this content on 26 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 October 2023 07:07:01 UTC.