Consolidated Financial Results for the Fiscal Year ended September 30, 2022 (Japanese GAAP)
November 11, 2022 | |
Company name: Hamamatsu Photonics K.K. | Stock listing: Tokyo Stock Exchange |
Stock code: 6965 | URL: https://www.hamamatsu.com/jp/en.html |
Representative: Akira Hiruma, Representative Director and President, Chief Executive Officer
Contact: Kazuhiko Mori, Senior Executive Officer and General Manager of Accounting Div. (Phone: +81-53-452-2141)
Scheduled date of Annual General Meeting of Shareholders: December 16, 2022
Scheduled date to file securities report: December 16, 2022
Scheduled date to begin dividend payments: December 19, 2022
Supplementary materials to the financial statements have been prepared: Yes
Presentation will be held to explain the financial statements: Yes (for analysts and institutional investors)
Note: All amounts are rounded down to the nearest million yen
1. Consolidated financial results for the fiscal year ended Sep. 30, 2022 (From Oct. 1, 2021 through Sep. 30, 2022)
(1) Consolidated operating results
Note: Percentage figures represent changes from the same period of the previous year.
Net sales | Operating profit | Ordinary profit | Profit attributable to owners | |||||||
of parent | ||||||||||
Fiscal year ended | Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | ||
208,803 | 23.5 | 56,983 | 66.0 | 58,879 | 69.9 | 41,295 | 64.8 | |||
Sep. 30, 2022 | ||||||||||
Fiscal year ended | 169,026 | 20.5 | 34,318 | 57.8 | 34,648 | 52.7 | 25,053 | 51.6 | ||
Sep. 30, 2021 | ||||||||||
Note: Comprehensive income | ||||||||||
Fiscal year ended Sep. 30, 2022: 53,579 million yen [77.4 %] | ||||||||||
Fiscal year ended Sep. 30, 2021: 30,198 million yen [89.9 %] | ||||||||||
Earnings per share | Diluted earnings per | Return on equity | Ordinary profit to | Operating profit to | ||||||
share | total assets | net sales | ||||||||
Fiscal year ended | Yen | Yen | % | % | % | |||||
266.70 | - | 16.0 | 17.6 | 27.3 | ||||||
Sep. 30, 2022 | ||||||||||
Fiscal year ended | 161.82 | - | 11.2 | 12.1 | 20.3 | |||||
Sep. 30, 2021 | ||||||||||
For reference: Share of profit (loss) of entities accounted for using equity method Fiscal year ended Sep. 30, 2022: 194 million yen
Fiscal year ended Sep. 30, 2021: (3) million yen
Note: The Company has applied the "Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29, March 31, 2020) and relevant ASBJ regulations from the beginning of this fiscal year, and each figure for the fiscal year ended September 30, 2022, is the figure after applying the accounting standard and relevant ASBJ regulations.
(2) Consolidated financial position
Total assets | Net assets | Equity ratio | Net assets per share | |
Millions of yen | Millions of yen | % | Yen | |
As of Sep. 30, 2022 | 366,177 | 281,904 | 76.6 | 1,811.98 |
As of Sep. 30, 2021 | 301,676 | 237,570 | 78.4 | 1,527.65 |
For reference: Equity
As of Sep. 30, 2022: 280,563 million yen
As of Sep. 30, 2021: 236,522 million yen
Note: The Company has applied the "Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29, March 31, 2020) and relevant
ASBJ regulations from the beginning of this fiscal year, and each figure as of September 30, 2022, is the figure after applying the accounting standard and relevant ASBJ regulations.
(3) Consolidated cash flows
Cash flows from | Cash flows from investing | Cash flows from financing | Cash and cash equivalents | |
operating activities | activities | activities | at end of period | |
Fiscal year ended | Millions of yen | Millions of yen | Millions of yen | Millions of yen |
45,126 | (13,331) | (7,759) | 123,065 | |
Sep. 30, 2022 | ||||
Fiscal year ended | 39,913 | (16,778) | (4,475) | 90,008 |
Sep. 30, 2021 | ||||
2. Dividends
Dividends per share | Total dividends | Dividend | Dividends to net | |||||
(Base date) | End of Q1 | End of Q2 | End of Q3 | End of FY | Full FY | (annual) | payout ratio | assets |
(consolidated) | (consolidated) | |||||||
Fiscal year ended | Yen | Yen | Yen | Yen | Yen | Millions of yen | % | % |
- | 20.00 | - | 28.00 | 48.00 | 7,444 | 29.7 | 3.3 | |
Sep. 30, 2021 | ||||||||
Fiscal year ended | - | 32.00 | - | 40.00 | 72.00 | 11,167 | 27.0 | 4.3 |
Sep. 30, 2022 | ||||||||
Fiscal year ending | ||||||||
Sep. 30, 2023 | - | 38.00 | - | 38.00 | 76.00 | 27.8 | ||
(Outlook) |
3. Forecast of consolidated financial results for the fiscal year ending Sep. 30, 2023 (From Oct. 1, 2022 through Sep. 30, 2023)
Note: Percentage figures represent changes from the same period of the previous year.
Net sales | Operating profit | Ordinary profit | Profit attributable to | Earnings per | |||||
owners of parent | share | ||||||||
Six months ending | Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | Yen |
115,300 | 14.7 | 30,200 | 7.5 | 30,500 | 6.5 | 22,200 | 4.0 | 143.38 | |
Mar. 31, 2023 | |||||||||
Fiscal year ending | 236,200 | 13.1 | 58,500 | 2.7 | 59,200 | 0.5 | 42,400 | 2.7 | 273.83 |
Sep. 30, 2023 | |||||||||
4. Others
- Changes in consolidated subsidiaries (Changes in scope of consolidation): None
- Changes in accounting principles, changes in accounting estimates, and changes in presentation due to revisions
- Changes in accounting principles accompanying revisions in accounting standards: Yes
- Changes other than those in (a) above: None
- Changes in accounting estimates: None
- Changes in presentation due to revisions: None
- Number of shares issued
-
Number of shares issued at end of period including treasury shares As of Sep. 30, 2022: 165,052,729 shares
As of Sep. 30, 2021: 165,041,841 shares - Number of treasury shares at end of period As of Sep. 30, 2022: 10,214,389 shares As of Sep. 30, 2021: 10,214,250 shares
- Average number of shares outstanding during the period Fiscal year ended Sep. 30, 2022: 154,835,288 shares Fiscal year ended Sep. 30, 2021: 154,823,486 shares
(Reference) Non-consolidated financial results for the fiscal year ended Sep. 30, 2022
1. Non-consolidated financial results for the fiscal year ended Sep. 30, 2022 (From Oct. 1, 2021 through Sep. 30, 2022)
(1) Non-consolidated operating results
Note: Percentage figures represent changes from the same period of the previous year.
Net sales | Operating profit | Ordinary profit | Profit | |||||||
Fiscal year ended | Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | ||
165,215 | 23.1 | 38,473 | 83.9 | 43,545 | 81.0 | 31,827 | 76.5 | |||
Sep. 30, 2022 | ||||||||||
Fiscal year ended | 134,192 | 16.1 | 20,924 | 50.1 | 24,059 | 35.5 | 18,027 | 33.3 | ||
Sep. 30, 2021 | ||||||||||
Earnings per share | Diluted earnings per | |||||||||
share | ||||||||||
Fiscal year ended | Yen | Yen | ||||||||
205.20 | - | |||||||||
Sep. 30, 2022 | ||||||||||
Fiscal year ended | 116.24 | - | ||||||||
Sep. 30, 2021 | ||||||||||
(2) Non-consolidated financial position | ||||||||||
Total assets | Net assets | Equity ratio | Net assets per share | |||||||
Millions of yen | Millions of yen | % | Yen | |||||||
As of Sep. 30, 2022 | 273,093 | 211,370 | 77.4 | 1,362.74 | ||||||
As of Sep. 30, 2021 | 237,875 | 189,314 | 79.6 | 1,220.62 | ||||||
For reference: Equity |
As of Sep. 30, 2022: 211,370 million yen
As of Sep. 30, 2021: 189,314 million yen
1. Overview of Operating Results and Others
(1) Overview of Operating Results for the Fiscal Year
During the fiscal year ended September 30, 2022, Japan's economy showed signs of a recovery in corporate earnings and capital investment in some sectors. However, there are now sizable elements of concern, which in addition to the resurgence of COVID-19 infections, include the prolonged disruptions in the supply of raw materials, and the rising resource prices affected by the Russia/Ukraine situation. The outlook for business environment surrounding the Company is still both difficult and uncertain, with concerns over downside risks for business as a result of global monetary tightening.
Given these circumstances, in addition to maintaining levels of capital investment aimed at the strengthening of production capacity while continuously taking measures targeting employees to prevent the spread of infections of COVID-19, and such impact on production activities, our Group strove to broaden the scale of net sales and earnings by engaging in the research and development, and product development that take advantage of the Company's proprietary photonics technologies, while also giving attention to contributing to a sustainable society.
As a result, we closed the fiscal year 2022 with net sales of JPY 208,803 million, up by JPY 39,776 million (23.5%) from the previous fiscal year, due to increases in both domestic and overseas sales. From an earnings perspective, operating profit was JPY 56,983 million, up by JPY 22,664 million (66.0%), ordinary profit was JPY 58,879 million, up by JPY 24,230 million (69.9%), and profit attributable to owners of parent was JPY 41,295 million, up by JPY 16,241 million (64.8%) from the previous fiscal year, resulting in a record high in both net sales and earnings.
Operating results by segment are as follows:
(Electron Tube)
Regarding photomultiplier tubes (PMT), imaging devices and light sources, in the industrial field, accompanying the expanding production of EV (electric vehicles) and the global penetration of 5G, sales of microfocus X-ray sources for non-destructive testing increased, mainly in Asia, for automotive battery testing applications and circuit board inspection applications. Sales of Stealth Dicing Engine for high-speed, high- quality silicon wafer dicing as well as PMT and light sources for semiconductor wafer inspection equipment also increased, driven by brisk semiconductor capital investment worldwide. Moreover, in the medical field, sales of PMT for medical inspection and monitoring systems such as flow cytometers increased due to rising demand in Japan and overseas.
As a result, the Electron Tube business closed the fiscal year 2022 with net sales of JPY 80,881 million, up by 24.8%, and operating profit of JPY 32,915 million, up by 45.5% from the previous fiscal year. (Opto-semiconductor)
Regarding opto-semiconductor devices, sales of image sensors for semiconductor fabrication and inspection equipment, etc. increased due to growth in global demand for semiconductors, while in the FA field, such as controls for industrial robots, etc., sales of photo ICs, photodiodes and LEDs increased. In addition, in the medical field, sales of silicon photodiodes for X-ray CT and MPPC for PET increased in response to continued growth in demand in Japan and overseas.
As a result, net sales in the Opto-semiconductor business were JPY 95,554 million, up by 22.7%, and operating profit was JPY 35,230 million, up by 55.5% from the previous fiscal year.
(Imaging and Measurement Instruments)
In image processing and measurement systems, sales of digital cameras increased not only in the life sciences sector and biotechnology sector but also in the physics sector, including quantum and astronomy, due to the introduction of new products, and sales for DNA testing also increased overseas. In addition, sales of digital slide scanners continued to increase in Europe, and sales of failure analysis systems for semiconductor devices were also strong in Japan and overseas, mainly in Asia.
As a result, net sales for the Imaging and Measurement Instruments business were JPY 26,662 million, up by 23.8%, and operating profit was JPY 8,236 million, up by 55.2% from the previous fiscal year.
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(Other)
Sales from other operations include the semiconductor laser business, hotel operations run by Iwata Grand Hotel Inc., a subsidiary, and business relating to the unique products of Beijing Hamamatsu Photon Techniques Inc., which is also a subsidiary.
In our other businesses, net sales were JPY 5,705 million, up by 18.8%, and operating profit was JPY 450 million, up by 3.0% from the previous fiscal year.
(2) Overview of Financial Position for the Fiscal Year
Current assets increased by JPY 53,918 million from the end of the previous fiscal year, mainly reflecting increases in cash and deposits of JPY 34,912 million and inventories of JPY 14,674 million.
Non-current assets increased by JPY 10,583 million from the end of the previous fiscal year, mainly reflecting increases in construction in progress of JPY 4,904 million and buildings and structures of JPY 3,071 million. As a result, total assets at the fiscal year-end were JPY 366,177 million, up by JPY 64,501 million from the end of the previous fiscal year.
Current liabilities increased by JPY 17,228 million from the end of the previous fiscal year, mainly reflecting increases in income taxes payable of JPY 4,649 million and electronically recorded obligations -facilities (current liabilities - other) of JPY 3,232 million.
Non-current liabilities increased by JPY 2,939 million from the end of the previous fiscal year, mainly due to increases in retirement benefit liability of JPY 1,460 million and long-term borrowings of JPY 1,389 million. As a result, total liabilities at the fiscal year-end were JPY 84,273 million, up by JPY 20,167 million from the end of the previous fiscal year.
Net assets at the end of the fiscal year-end were JPY 281,904 million, up by JPY 44,333 million from the end of the previous fiscal year, mainly reflecting an increase in retained earnings of JPY 31,988 million as a result of reporting profit attributable to owners of parent and an increase in foreign currency translation adjustment of JPY 13,751 million.
(3) Overview of Cash Flows for the Fiscal Year
At the end of this fiscal year, cash and cash equivalents (referred to below as "cash") stood at JPY 123,065 million, up by JPY 33,056 million from the end of the previous fiscal year.
(Cash flows from operating activities)
Net cash provided by operating activities during the fiscal year was JPY 45,126 million, up by JPY 5,213 million compared with JPY 39,913 million in the previous fiscal year. This mainly reflected profit before income taxes and depreciation.
(Cash flows from investing activities)
Net cash used in investing activities was JPY 13,331 million, down by JPY 3,447 million compared with JPY 16,778 million in the previous fiscal year. This mainly reflected purchase of property, plant and equipment. (Cash flows from financing activities)
Net cash used in financing activities was JPY 7,759 million, up by JPY 3,283 million compared with JPY 4,475 million in the previous fiscal year. This mainly reflected dividends paid.
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(4) Future Outlook
In the business environment surrounding the Group, we have seen signs of a recovery in corporate earnings and capital investment in some sectors. However, the global economic outlook is expected to remain uncertain due to factors such as a resurgence of COVID-19 infections, the prolonged disruptions in the supply of materials and parts, the impact of the Russia/Ukraine situation, and concerns over global monetary tightening pushing economies toward recession.
In spite of the aforementioned environment, we expect solid demand for our products to continue primarily in the fields of medical care, industry and analysis, and for the fiscal year ending September 30, 2023, we forecast consolidated net sales of JPY 236,200 million, up by 13.1% from the previous fiscal year. In addition, from an earnings perspective, we are planning for operating profit of JPY 58,500 million, up by 2.7%, ordinary profit of JPY 59,200 million, up by 0.5%, and profit attributable to owners of parent of JPY 42,400 million, up by 2.7% from the previous fiscal year. We assume the yen/US dollar exchange rate will be JPY 130, the yen/Euro exchange rate will be JPY 135 and the yen/RMB exchange rate will be JPY 19.
FY 2023 (From Oct. 1, 2022 through Sep. 30, 2023)
Forecast of Consolidated Financial Results for the Fiscal Year Ending Sep. 30, 2023
(Millions of Japanese Yen)
Through the second | Forecast for the year | |||
Compared with | Compared with | |||
quarter | ||||
previous fiscal year | previous fiscal year | |||
(%) | (%) | |||
Net sales | 115,300 | 14.7 | 236,200 | 13.1 |
Operating profit | 30,200 | 7.5 | 58,500 | 2.7 |
Ordinary profit | 30,500 | 6.5 | 59,200 | 0.5 |
Profit attributable to | 22,200 | 4.0 | 42,400 | 2.7 |
owners of parent | ||||
2. Basic Policy Regarding Selection of Accounting Standards
The Group adopts a policy to prepare its consolidated financial statements in accordance with the Japanese GAAP for the time being, taking into account the year-on-year comparability and intercompany comparability of consolidated financial statements.
With respect to the adoption of the International Financial Reporting Standards (IFRS), we intend to address the matter appropriately, factoring in our future business development and the trends of the system.
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Hamamatsu Photonics KK published this content on 11 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 November 2022 15:01:05 UTC.