LIXIL CORPORATION Flash Report | |
LIXIL CORPORATION | October 31, 2023 |
Consolidated Financial Results for the First Half Ended September 30, 2023
(International Financial Reporting Standards)
Company Name: | LIXIL CORPORATION | Stock Listings: | Tokyo, Nagoya |
Code Number: | 5938 | URL: https://www.lixil.com/en/investor/ | |
Representative: | Kinya Seto, Director, Representative Executive Officer, President & CEO | Telephone: | +81-50-1790-5041 |
Contact: | Kayo Hirano, Senior Vice President, Leader, Investor Relations Office | ||
and Leader, Finance & Treasury - Corporate Accounting & Treasury/Tax |
Scheduled date of issue of quarterly financial report: | November 13, 2023 | |||||||||
Schedule date of payment of interim dividends: | November 30, 2023 | |||||||||
Preparation of supplementary materials for quarterly financial results: | Yes | |||||||||
Information meeting for quarterly financial results to be held: | Yes (For investment analysts and institutional investors) | |||||||||
(Amounts less than one million Japanese yen are rounded) | ||||||||||
1. Consolidated Financial Results for the H1 of FY Ending March, 2024 (April 1 through September 30, 2023) | ||||||||||
(1) Consolidated Operating Results | (% indicate changes from the figures of corresponding period of the previous fiscal year) | |||||||||
From Continuing Operations | ||||||||||
Revenue | Core earnings | Operating profit | Profit before tax | Profit for the quarter | ||||||
Million yen | % | Million yen | % | Million yen | % | Million yen | % | Million yen | % | |
FYE 2023 H1 | 732,650 | 5.2 | 6,156 | -83.5 | 10,039 | -73.0 | 9,995 | -71.9 | 4,749 | -81.7 |
Including Discontinued Operations | ||||||||||
Profit for the quarter | Total comprehensive | Basic earnings | Diluted earnings | |||||||
Profit for the quarter | attributable to | income for the | ||||||||
per share | per share | |||||||||
owners of the parent | quarter | |||||||||
Million yen | % | Million yen | % | Million yen | % | Yen | Yen | |||
FYE 2024 H1 | 179 | -95.4 | 489 | -86.8 | 44,264 | -4.5 | 1.70 | 1.70 | ||
FYE 2023 H1 | 3,919 | -84.8 | 3,710 | -85.6 | 46,329 | 87.7 | 12.85 | 12.85 |
Note: Core earnings is calculated by deducting the cost of sales and selling, general and administrative expenses (SG&A) from revenue.
(2) Consolidated Financial Position | |||||
Equity attributable to | Ratio of equity attributable | ||||
Total assets | Total equity | to owners of the parent to | |||
owners of the parent | |||||
total assets | |||||
Million yen | Million yen | Million yen | % | ||
FYE 2024 H1 | 1,914,851 | 659,101 | 656,829 | 34.3 | |
FYE 2023 | 1,853,534 | 627,720 | 625,433 | 33.7 | |
2. Cash Dividends | |||||
Annual dividends per share | |||||
End of Q1 | End of Q2 | End of Q3 | End of period | For the year | |
Yen | Yen | Yen | Yen | Yen | |
FYE 2023 | － | － | |||
FYE 2024 | － | 45.00 | |||
(forecast) | － | 45.00 | 90.00 | ||
Note: Revision of dividends forecast after the recent announcement: None
3. Consolidated Forecast for the FY Ending March, 2024 (April 1, 2023 through March 31, 2024)
(% indicate changes from the figures of corresponding period of the previous fiscal year)
From Continuing Operations | ||||||||||
Revenue | Core earnings | Operating profit | Profit before tax | Profit for the year | ||||||
Million yen | % | Million yen | % | Million yen | % | Million yen | % | Million yen | % | |
FYE 2024 | 1,530,000 | 2.3 | 40,000 | 55.4 | 28,000 | 12.4 | 21,000 | 6.3 | 11,100 | -34.3 |
Including Discontinued Operations | |||||
Profit for the year | Basic earnings | ||||
Profit for the year | attributable to | ||||
per share | |||||
owners of the parent | |||||
Million yen | % | Million yen | % | Yen | |
FYE 2024 | 11,100 | -30.7 | 11,000 | -31.2 | 38.32 |
Note: Revision of consolidated operating performance forecast after the recent announcement: None
- Notes
-
Changes in significant subsidiaries, which affected the scope of consolidation during this period: None
Newly consolidated company: None
Excluded company: None - Changes in accounting policies and accounting estimate
- Changes in accounting policies required by IFRS: None
- Other changes: None
- Changes in accounting estimate: None
- Outstanding shares (Common shares)
(i) Outstanding shares including treasury shares | (September 30, 2023) | 287,211,790 | shares | (FY ended March 31, 2023) | |
(ii) Treasury shares | (September 30, 2023) | 55,300 | shares | (FY ended March 31, | 2023) |
(iii) Average number of shares during the first half | (September 30, 2023) | 287,128,916 | shares | (September 30, | 2022) |
287,109,659 shares
51,992 shares
288,639,897 shares
* This financial results report is exempt from review procedures under Japan's Financial Instruments and Exchange Law.
*Appropriate use of financial forecasts, other special items (Cautionary statements with respect to forward-looking statements)
Performance forecast and other forward-looking statements contained in this report are based on information currently available and on certain assumptions deemed rational at the time of this report's release. Due to various circumstances, however, actual results may differ significantly from such statements.
(How to access supplementary financial results material)
Presentation material to supplement the financial results announcement has been posted on TDnet and the Company's website.
LIXIL Corporation (TSE Code 5938) H1 Results for the FY Ending March 2024
Table of Contents | ||
1. Consolidated Financial Statements …................................................................................................................................. 2 | ||
(1) | Consolidated Statement of Financial Position … | 2 |
(2) | Consolidated Statements of Profit or Loss and Comprehensive Income | 4 |
Consolidated Statement of Profit or Loss | 4 | |
Consolidated Statement of Comprehensive Income | 5 | |
(3) | Consolidated Statement of Changes in Equity | 6 |
(4) | Consolidated Statement of Cash Flows | 8 |
(5) | Notes related to Financial Statements | 10 |
(Notes related to Going Concern Assumptions) | 10 | |
(Segment Information) | 10 |
- 1 -
LIXIL Corporation (TSE Code 5938) H1 Results for the FY Ending March 2024
1. Consolidated Financial Statements
(1) Consolidated Statement of Financial Position
(Unit: Millions of yen) | ||||
As of March 31, 2023 | (As of September 30, | |||
2023) | ||||
Current assets: | ||||
Cash and cash equivalents | Y | 106,677 | Y | 113,236 |
Trade and other receivables | 291,736 | 301,794 | ||
Inventories | 276,645 | 272,047 | ||
Contract assets | 19,218 | 20,606 | ||
Income taxes receivable | 3,884 | 3,347 | ||
Other financial assets | 20,972 | 20,327 | ||
Other current assets | 25,401 | 24,120 | ||
744,533 | 755,477 | |||
Assets held for sale | － | 4,670 | ||
Total current assets | 744,533 | 760,147 | ||
Non-current assets: | ||||
Property, plant and equipment | 376,964 | 379,727 | ||
Right of use assets | 63,102 | 62,693 | ||
Goodwill and other intangible assets | 507,732 | 549,511 | ||
Investment property | 4,898 | 3,182 | ||
Investments accounted for using the equity method | 8,633 | 8,594 | ||
Other financial assets | 51,844 | 54,810 | ||
Deferred tax assets | 93,066 | 92,826 | ||
Other non-current assets | 2,762 | 3,361 | ||
1,109,001 | 1,154,704 | |||
Total assets | Y | 1,853,534 | Y | 1,914,851 |
- 2 -
LIXIL Corporation (TSE Code 5938) H1 Results for the FY Ending March 2024
(Unit: Millions of yen) | ||||
As of March 31, 2023 | (As of September 30, | |||
2023) | ||||
LIABILITIES | ||||
Current liabilities: | ||||
Trade and other payables | Y | 320,388 | Y | 240,130 |
Bonds and borrowings | 209,028 | 304,234 | ||
Lease liabilities | 18,692 | 19,347 | ||
Contract liabilities | 8,962 | 11,074 | ||
Income taxes payable | 8,698 | 7,010 | ||
Other financial liabilities | 4,860 | 5,400 | ||
Provisions | 1,894 | 1,630 | ||
Other current liabilities | 79,680 | 93,812 | ||
Subtotal | 652,202 | 682,637 | ||
Liabilities directly associated with the assets held for sale | － | 2,888 | ||
652,202 | 685,525 | |||
Non-current liabilities: | ||||
Bonds and borrowings | 345,478 | 333,671 | ||
Lease liabilities | 45,202 | 44,240 | ||
Other financial liabilities | 28,274 | 28,951 | ||
Net defined benefit liabilities | 70,102 | 73,030 | ||
Provisions | 7,281 | 7,037 | ||
Deferred tax liabilities | 66,685 | 72,468 | ||
Other non-current liabilities | 10,590 | 10,828 | ||
573,612 | 570,225 | |||
1,225,814 | 1,255,750 | |||
EQUITY | ||||
Share capital | 68,418 | 68,530 | ||
Capital surplus | 221,812 | 221,548 | ||
Treasury shares | -113 | -119 | ||
Other components of equity | 68,154 | 110,894 | ||
Retained earnings | 267,162 | 255,976 | ||
Equity attributable to owners of the parent | 625,433 | 656,829 | ||
Non-controlling interests | 2,287 | 2,272 | ||
Total equity | 627,720 | 659,101 | ||
1,853,534 | Y | 1,914,851 |
- 3 -
LIXIL Corporation (TSE Code 5938) H1 Results for the FY Ending March 2024
- Consolidated Statements of Profit or Loss and Comprehensive Income Consolidated Statement of Profit or Loss
(Unit: Millions of yen) | ||||
Six months ended | Six months ended | |||
September 30, 2022 | September 30, 2023 | |||
Revenue | Y | 732,650 | Y | 732,249 |
Cost of sales | -503,393 | -498,107 | ||
229,257 | 234,142 | |||
Selling, general and administrative expenses | -223,101 | -225,303 | ||
Other income | 7,939 | 2,532 | ||
Other expenses | -4,056 | -4,740 | ||
OPERATING PROFIT | 10,039 | 6,631 | ||
Finance income | 2,458 | 1,813 | ||
Finance costs | -2,633 | -5,795 | ||
Share of profit (loss) of associates accounted | 131 | -4 | ||
for using the equity method | ||||
PROFIT BEFORE TAX FROM CONTINUING OPERATIONS | 9,995 | 2,645 | ||
Income tax expenses | -5,246 | -2,369 | ||
PROFIT FOR THE QUARTER FROM CONTINUING OPERATIONS | 4,749 | 276 | ||
Discontinued operations | ||||
LOSS FOR THE QUARTER FROM DISCONTINUED OPERATIONS | -830 | -97 | ||
PROFIT FOR THE QUARTER | 3,919 | 179 | ||
Profit (loss) for the quarter attributable to: | ||||
Owners of the parent | ||||
Continuing operations | 4,540 | 586 | ||
Discontinued operations | -830 | -97 | ||
Total | 3,710 | 489 | ||
Non-controlling interests | 209 | -310 | ||
PROFIT FOR THE QUARTER | Y | 3,919 | Y | 179 |
- 4 -
LIXIL Corporation (TSE Code 5938) H1 Results for the FY Ending March 2024
(Unit: Millions of yen) | ||||
Six months ended | Six months ended | |||
September 30, 2022 | September 30, 2023 | |||
Basic (yen per share) | ||||
Continuing operations | 15.73 | 2.04 | ||
Discontinued operations | -2.88 | -0.34 | ||
Total | ||||
Diluted (yen per share) | ||||
Continuing operations | 15.73 | 2.04 | ||
Discontinued operations | -2.88 | -0.34 | ||
Total | 12.85 | 1.70 | ||
Consolidated Statement of Comprehensive Income | ||||
(Unit: Millions of yen) | ||||
Six months ended | Six months ended | |||
September 30, 2022 | September 30, 2023 | |||
3,919 | Y | 179 | ||
OTHER COMPREHENSIVE INCOME | ||||
Items that will not be reclassified subsequently to profit or loss | ||||
Net fair value gain (loss) on equity instruments measured | -742 | 3,251 | ||
through other comprehensive income | ||||
Remeasurements of defined benefit pension plans | 9,908 | 1,575 | ||
Total items that will not be reclassified subsequently to profit or loss | 9,166 | 4,826 | ||
Items that may be reclassified subsequently to profit or loss | ||||
Exchange differences on translation of foreign operations | 36,420 | 39,039 | ||
Net fair value gain (loss) on hedging instruments entered into for | -3,169 | 221 | ||
cash flow hedges | ||||
Share of other comprehensive income of associates accounted | -7 | -1 | ||
for using the equity method | ||||
Total items that may be reclassified subsequently to profit or loss | 33,244 | 39,259 | ||
42,410 | 44,085 | |||
46,329 | 44,264 | |||
Total comprehensive income for the quarter attributable to: | ||||
Owners of the parent | 46,061 | 44,472 | ||
Non-controlling interests | 268 | -208 | ||
TOTAL COMPREHENSIVE INCOME FOR THE QUARTER | Y | 46,329 | Y | 44,264 |
- 5 -
LIXIL Corporation (TSE Code 5938) H1 Results for the FY Ending March 2024
(3) Consolidated Statement of Changes in Equity
(Unit: Millions of yen)
Net fair | |||||||
value gain | Remeasu- | Exchange | Net fair | ||||
(loss) on | value gain | ||||||
Share | Capital | Treasury | equity | rements of | differences | (loss) on | |
instruments | defined | on | hedging | ||||
capital | surplus | shares | measured | benefit | translation | instruments | |
through | pension | of foreign | entered into | ||||
other | plans | operations | for cash | ||||
comprehen- | flow hedges | ||||||
sive income | |||||||
BALANCE AS OF APRIL 1, 2022 | 68,418 | 278,635 | -47,542 | 13,327 | － | 28,613 | 2,867 |
－ | － | － | － | － | － | － | |
68,418 | 278,635 | -47,542 | 13,327 | － | 28,613 | 2,867 | |
Profit (loss) for the quarter | － | － | － | － | － | － | － |
Other comprehensive income | － | － | － | -742 | 9,908 | 36,361 | -3,169 |
Total comprehensive income for the quarter | － | － | － | -742 | 9,908 | 36,361 | -3,169 |
Purchase of treasury shares | － | -22 | -10,010 | － | － | － | － |
Disposal of treasury shares | － | 0 | 1 | － | － | － | － |
Cancellation of treasury shares | － | -56,902 | 56,902 | － | － | － | － |
Share-based payment transactions | － | 147 | 544 | － | － | － | － |
Dividends | － | － | － | － | － | － | － |
Changes in interests in subsidiaries | |||||||
that do not result in the Group losing | － | -50 | － | － | － | － | － |
control over the subsidiaries | |||||||
Transfers from other components of | － | － | － | -3,316 | -9,908 | － | － |
equity to retained earnings | |||||||
－ | -56,827 | 47,437 | -3,316 | -9,908 | － | － | |
68,418 | 221,808 | -105 | 9,269 | － | 64,974 | -302 | |
68,418 | 221,812 | -113 | 9,839 | － | 56,772 | 1,522 | |
－ | － | － | － | － | － | － | |
Other comprehensive income | － | － | － | 3,251 | 1,575 | 38,937 | 221 |
Total comprehensive income for the quarter | － | － | － | 3,251 | 1,575 | 38,937 | 221 |
－ | － | -7 | － | － | － | － | |
Disposal of treasury shares | － | -0 | 1 | － | － | － | － |
Share-based payment transactions | 112 | -71 | － | － | － | － | － |
Dividends | － | － | － | － | － | － | － |
Changes in interests in subsidiaries | |||||||
that do not result in the Group losing | － | -193 | － | － | － | － | － |
control over the subsidiaries | |||||||
Transfers from other components of | － | － | － | 332 | -1,575 | － | － |
equity to retained earnings | |||||||
112 | -264 | -6 | 332 | -1,575 | － | － | |
BALANCE AS OF SEPTEMBER 30, 2023 | 68,530 | 221,548 | -119 | 13,422 | － | 95,709 | 1,743 |
- 6 -
LIXIL Corporation (TSE Code 5938) H1 Results for the FY Ending March 2024
(Unit: Millions of yen) | |||||
equity | |||||
Retained | Non- | Total | |||
controlling | |||||
earnings | Total | equity | |||
interests | |||||
Other | Total | (losses) | |||
BALANCE AS OF APRIL 1, 2022 | 147 | 44,954 | 267,920 | 612,385 | 2,583 | 614,968 |
－ | － | 543 | 543 | － | 543 | |
147 | 44,954 | 268,463 | 612,928 | 2,583 | 615,511 | |
Profit (loss) for the quarter | － | － | 3,710 | 3,710 | 209 | 3,919 |
Other comprehensive income | -7 | 42,351 | － | 42,351 | 59 | 42,410 |
Total comprehensive income for the quarter | -7 | 42,351 | 3,710 | 46,061 | 268 | 46,329 |
Purchase of treasury shares | － | － | － | -10,032 | － | -10,032 |
Disposal of treasury shares | － | － | － | 1 | － | 1 |
Cancellation of treasury shares | － | － | － | － | － | － |
Share-based payment transactions | -111 | -111 | － | 580 | － | 580 |
Dividends | － | － | -13,083 | -13,083 | － | -13,083 |
Changes in interests in subsidiaries | ||||||
that do not result in the Group losing | － | － | － | -50 | -89 | -139 |
control over the subsidiaries | ||||||
Transfers from other components of | － | -13,224 | 13,224 | － | － | － |
equity to retained earnings | ||||||
Other comprehensive income
Total comprehensive income for the quarter
Disposal of treasury shares Share-based payment transactions Dividends
Changes in interests in subsidiaries
that do not result in the Group losing
control over the subsidiaries Transfers from other components of
equity to retained earnings
-111 | -13,335 | 141 | -22,584 | -89 | -22,673 |
29 | 73,970 | 272,314 | 636,405 | 2,762 | 639,167 |
21 | 68,154 | 267,162 | 625,433 | 2,287 | 627,720 |
－ | － | 489 | 489 | -310 | 179 |
-1 | 43,983 | － | 43,983 | 102 | 44,085 |
-1 | 43,983 | 489 | 44,472 | -208 | 44,264 |
－ | － | － | -7 | － | -7 |
－ | － | － | 1 | － | 1 |
－ | － | － | 41 | － | 41 |
－ | － | -12,918 | -12,918 | － | -12,918 |
－ | － | － | -193 | 193 | － |
－ | -1,243 | 1,243 | － | － | － |
－ | -1,243 | -11,675 | -13,076 | 193 | -12,883 | |
BALANCE AS OF SEPTEMBER 30, 2023 | 20 | 110,894 | 255,976 | 656,829 | 2,272 | 659,101 |
- 7 -
LIXIL Corporation (TSE Code 5938) H1 Results for the FY Ending March 2024
(4) Consolidated Statement of Cash Flows
(Unit: Millions of yen) | ||||
Six months ended | Six months ended | |||
September 30, 2022 | September 30, 2023 | |||
OPERATING ACTIVITIES: | ||||
Profit before tax from continuing operations | Y | 9,995 | Y | 2,645 |
Loss before tax from discontinued operations | -1,193 | -139 | ||
Profit before tax | 8,802 | 2,506 | ||
Depreciation and amortization | 40,256 | 39,728 | ||
Impairment losses | 700 | 471 | ||
Loss recognized on the measurement to fair value, less costs to sell | － | 1,097 | ||
the disposal group held for sale | ||||
Interest and dividend income
Interest expense
Share of (profit) loss of associates accounted for using the equity method
-1,425 | -1,285 |
2,373 | 4,799 |
-131 | 4 |
Gain on disposal of assets held for sale | -5,280 | － | ||
Losses (gains) on disposal of property, plant and equipment | 824 | 689 | ||
Decrease (increase) in trade and other receivables | -14 | -4,757 | ||
Decrease (increase) in inventories | -43,080 | 6,879 | ||
(Decrease) increase in trade and other payables | -17,557 | -82,274 | ||
(Decrease) increase in net defined benefit liabilities | -14,089 | -2,047 | ||
Other | 3,878 | 14,342 | ||
Subtotal | -24,743 | -19,848 | ||
Interest received | 505 | 680 | ||
Dividends received | 1,034 | 720 | ||
Interest paid | -2,087 | -4,613 | ||
Income taxes paid | -11,108 | -5,040 | ||
Net cash used in operating activities | Y | -36,399 | Y | -28,101 |
- 8 -
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LIXIL Group Corporation published this content on 30 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 October 2023 06:49:05 UTC.
