TOYOBO CO., LTD. May 11, 2023 | |
Consolidated Financial Report for Year Ended March 31, 2023 | |
TOYOBO Co., Ltd. | URL https://ir.toyobo.co.jp/en/ir.html |
Stock Code: 3101 (Prime Market, Tokyo Stock Exchange) |
Representative: Ikuo Takeuchi, President & Representative Director
Contact Person: Sonoko Ishimaru, Executive Officer, General Manager, Corporate Communication Department
TEL: +81-6-6348-3044
Date of the General Meeting of the Shareholders: June 28, 2023
Planned start of dividend payments: June 29, 2023
Planned filling of an annual security report: June 28, 2023
(Figures are rounded to the nearest million yen.)
1. Consolidated Business Performance
- Consolidated Operating Results
Years ended March 31 | Percentages indicate year-on-year increase/ (decrease) | ||||||||||||
Net sales | Operating profit | Ordinary profit | Profit attributable to | ||||||||||
owners of parent | |||||||||||||
Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | ||||||
2023 | 399,921 | 6.4 | 10,063 | (64.6) | 6,590 | (71.5) | (655) | ― | |||||
2022 | 375,720 | 11.4 | 28,430 | 6.6 | 23,092 | 11.5 | 12,865 | 206.2 | |||||
(Note) Comprehensive Income: | Year ended March 31, 2023: ¥(1,232) million －% | ||||||||||||
Year ended March 31, 2022: ¥12,112 million 27.9% | |||||||||||||
Net profit per | Net profit per share | Return on equity | Ordinary | Operating | |||||||||
profit-to-total assets | profit-to-net sales | ||||||||||||
share | after dilution | ||||||||||||
ratio | ratio | ||||||||||||
Yen | Yen | % | % | % | |||||||||
2023 | (7.37) | ― | (0.3) | 1.2 | 2.5 | ||||||||
2022 | 144.75 | ― | 6.8 | 4.6 | 7.6 | ||||||||
(Reference) Gain (loss) on investment by equity method: Year ended March 31,2023: ¥342 million | |||||||||||||
Year ended March 31,2022: ¥161 million |
- Consolidated Financial Position
At March 31
Total assets | Net assets | Equity ratio | Net assets per share | |
Millions of yen | Millions of yen | % | Yen | |
2023 | 588,906 | 221,422 | 32.2 | 2,146.46 |
2022 | 517,774 | 197,149 | 37.6 | 2,192.17 |
(Reference) Total shareholders' equity: March 31, 2023: ¥189,588 million, March 31, 2022: ¥194,876 million
- Consolidated Cash Flows
Years ended March 31
Cash flows from | Cash flows from | Cash flows from | Cash and cash | |
equivalents at end of | ||||
operating activities | investing activities | financing activities | ||
year | ||||
Millions of yen | Millions of yen | Millions of yen | Millions of yen | |
2023 | 7,798 | (36,011) | 61,295 | 60,204 |
2022 | 17,097 | (24,608) | (1,729) | 26,433 |
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2.Dividends
Years ended/ending March 31
Dividends per share | Total amount | Dividends to | ||||||
of dividends | Payout | net assets | ||||||
1st | 2nd | 3rd | Year- | Total | (for the entire | ratio | ||
Record | ratio | |||||||
Quarter | Quarter | Quarter | end | fiscal year) | ||||
date | ||||||||
Yen | Yen | Yen | Yen | Yen | Millions of yen | % | % | |
2022 | ― | 0.00 | ― | 40.00 | 40.00 | 3,556 | 27.6 | 1.9 |
2023 | ― | 0.00 | ― | 40.00 | 40.00 | 3,533 | ― | 1.8 |
2024 | ― | 0.00 | ― | 40.00 | 40.00 | 88.9 | ||
(Forecast) | ||||||||
3.Forecasts for Fiscal Year Ending March 31, 2024
Percentages indicate year-on-year increase/ (decrease)
Net sales | Operating profit | Ordinary profit | ||||
Millions of yen | % | Millions of yen | % | Millions of yen | % | |
Fiscal year | 430,000 | 7.5 | 15,000 | 49.1 | 11,000 | 66.9 |
Profit attributable to | Net profit per share | |||||
owners of parent | ||||||
Millions of yen | % | Yen | ||||
Fiscal year | 4,000 | ― | 45.00 | |||
4.Other
1. Significant changes in subsidiaries during the subject fiscal year (Transfer of particular subsidiaries following a change in the scope of consolidation): None
1) New company | : None |
- Excluded company : None
2. Changes from accounting methods, procedures and the presentation of the consolidated financial statements:
1) Changes based on revision of accounting standards | : None |
2) Changes other than 1) above | : None |
3) Changes due to accounting estimation change | : None |
4) Error correction | : None |
3. Number of shares issued and outstanding (common stock):
- Number of shares outstanding at fiscal year-end (including treasury stock):
2023: | 89,048,792 shares | 2022: 89,048,792 shares | |
2) Number of treasury stock at fiscal year-end: | |||
2023: | 723,040 shares | 2022: | 152,550 shares |
3) Average number of shares outstanding: | |||
2023: 88,885,920 shares | 2022: | 88,876,906 shares |
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(Reference)
1.Non-Consolidated Business Performance
(1) Non-Consolidated Operating Results
Year ended March 31 | Percentages indicate year-on-year increase/ (decrease) | |||||||||
Net sales | Operating profit | Ordinary profit | Net profit | |||||||
Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | |||
2023 | 253,604 | 4.9 | 4,521 | (77.6) | 1,940 | (87.9) | (2,019) | ― | ||
2022 | 241,749 | 22.6 | 20,183 | 9.5 | 16,021 | 12.4 | 6,174 | ― | ||
Net profit per share | Net profit per share after | |||||||||
dilution | ||||||||||
Yen | Yen | |||||||||
2023 | (22.72) | ― | ||||||||
2022 | 69.47 | ― | ||||||||
(2) Non-Consolidated Financial Position
At March 31
Total assets | Net assets | Equity ratio | Net assets per share | |
Millions of yen | Millions of yen | % | Yen | |
2023 | 489,838 | 150,073 | 30.6 | 1,699.08 |
2022 | 447,112 | 156,273 | 35.0 | 1,757.92 |
(Reference) Total shareholders' equity: March 31, 2023: ¥150,073 million, March 31, 2022: ¥156,273 million
- Financial Results Reports are exempt from review by certified public accountants or accounting auditor
- Explanation regarding the appropriate use of forecasts of business results
The forward-looking statements made in this document, including the aforementioned forecasts, are based on all information available to the management at the time of this document's release. Actual results may differ from the results anticipated in the statements.
(How to obtain supplementary document on earnings)
The supplementary document on earnings is disclosed on the same day as the Financial Results Report, and it is made available on the Company's website.
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1.Operating Results
(1) Analysis of Operating Results
As for the business environment surrounding the Toyobo Group (hereinafter "the Group") in the fiscal year ended March 31, 2023 (hereinafter "the fiscal year"), the global economy slowed down due to monetary tightening policies in Europe and the United States and China's zero-COVID policy (lockdowns) in addition to rising raw material and fuel prices stemming from the impact of the situation in Ukraine, among others. In Japan, although the normalization of the economy was seen in the second half of the fiscal year, the recovery of the economy remained slow partly due to the rising raw material and fuel prices and delays in the recovery of automobile production resulting from shortages in the supply of materials such as semiconductors, in the full year.
Under this business environment, sales of volatile organic compound (VOC; organic solvent) recovery equipment used in the manufacturing process for lithium-ion battery separators proceeded robustly as a result of the global shift to EV. In addition, sales of enzymes for diagnostic reagents and genetic testing to the overseas market grew. On the other hand, though the Group proceeded with product price revisions in the films business, the nonwoven materials business and other businesses, they were not enough to cover the impact of the rising raw material and fuel prices, and these businesses faced challenges for profitability. Furthermore, in the films business, sales decreased, affected by a temporary downturn in demand for mold releasing film for multilayer ceramic capacitors (MLCC), among others.
On the financial front, the Group recorded ¥5.6 billion insurance claim income related to the fire accident that occurred at the Inuyama Plant and ¥2.9 billion of gain on sale of securities due to partial sale of investment securities in extraordinary income. On the other hand, ¥9.8 billion of impairment losses were recorded as extraordinary losses on assets to be suspended and business assets for the nonwoven materials business, the engineering plastics business and others.
As a result, net sales in the fiscal year increased 6.4% from the previous fiscal year to ¥399.9 billion, operating profit decreased 64.6% from the previous fiscal year to ¥10.1 billion, ordinary profit decreased 71.5% from the previous fiscal year to ¥6.6 billion, loss attributable to owners of ¥0.7 billion. (Compared with profit of attributable to owners of ¥12.9 billion for the previous fiscal year.)
Results by business segment were as follows:
Films and Functional Materials
In this segment, efforts were made to implement product price revisions, although sales and operating profit decreased due to the significant impacts from rising raw material and fuel prices and a decline in demand.
In the films business, the packaging film business had difficulties in realizing product price revisions to compensate for rising raw material and fuel prices, and furthermore, cargo movements slowed in the second half of the fiscal year. The industrial film business was affected by a decrease in demand for mold releasing film for MLCC and other products in addition to the rising raw material and fuel prices.
In the functional materials business, sales of industrial adhesives "Vylon" declined due to the
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impact of China's zero-COVID policy.
As a result, sales in this segment decreased ¥0.3 billion (0.2%) from the previous fiscal year to ¥170.0 billion, and operating profit decreased ¥15.3 billion (76.7%) to ¥4.6 billion.
Mobility
In this segment, efforts were made to implement product price revisions, and sales increased, although the operating loss increased due to the significant impact of rising raw material and fuel prices.
As for sales of engineering plastics in Japan, product price revisions were unable to keep up with rising raw material and fuel prices. Overseas, although the Group proceeded with product price revisions, there was impact of the rise in raw material prices and logistics costs and an increase in processing costs overseas.
With regard to airbag fabrics, despite product price revisions being advanced, profitability was not improved due to rising procurement prices for airbag yarn and other raw materials.
As a result, sales in this segment increased ¥4.6 billion (10.3%) from the previous fiscal year to ¥49.3 billion, with an operating loss of ¥4.5 billion. (Compared with operating loss of ¥1.8 billion for the previous fiscal year.)
Lifestyle and Environment
In this segment, although sales of VOC recovery equipment and high performance fibers were strong, sales increased while operating profit decreased due to the large impact of the rising raw material and fuel prices on the nonwoven materials business.
In the environmental solutions business, sales of replacement elements as well as VOC recovery equipment used in the manufacturing process for lithium-ion battery separators were strong due to the increase in demand for lithium-ion batteries as a result of the global shift to EV.
In the nonwoven materials business, the business faced challenges as product price revisions were unable to keep up with the rising raw material and fuel prices.
In the high performance fibers business, sales remained strong, centered on "ZYLON" for applications in building structural reinforcement and bicycle tires and "IZANAS" for use in fishing line.
In the textile business, overseas procurement costs increased due to the depreciation of the yen, but export margins for traditional Arabic fabric improved.
As a result, sales in this segment increased ¥15.6 billion (13.6%) from the previous fiscal year to ¥129.9 billion, and operating profit decreased ¥0.5 billion (13.2%) to ¥3.0 billion.
Life Science
In this segment, although artificial kidney hollow fibers were affected by rising raw materials and fuel prices, sales and operating profit increased due to enzymes for the overseas market performed strongly.
In the biotechnology business, sales of reagents for PCR testing decreased due to a significant
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Toyobo Co. Ltd. published this content on 11 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 May 2023 04:13:04 UTC.
