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.
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(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 | |||||||||
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*Notes
- Changes affecting the status of material subsidiaries (scope of consolidation): None
- Changes in accounting policy, changes in accounting estimates, and retrospective restatement
- Changes in accordance with revisions to accounting and other standards: Yes
- Changes other than 1) above: None
- Changes in accounting estimates: None
- Retrospective restatement: None
- 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 |
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*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.
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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
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GS Yuasa Corporation published this content on 11 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 May 2023 06:09:05 UTC.