Hirose Electric Business Results for the Second Quarter of FY2023
Business Results for the Second Quarter of FY2023
November 2, 2023
Hirose Electric Co., Ltd.
〔6806〕
Cautionary Statement
In this material, there are descriptions based on current estimation by Hirose Electric.
Hirose cautions you that a number of important risks, uncertainties and others could cause actual results to differ materially from those discussed in the *forward-looking statements. Thank you for your understanding.
*Forward-looking statements include, but are not limited to, those statements using words such as "believe," "expect," "plans," "strategy," "prospects," "forecast," "estimate," "project," "anticipate," "aim," "may" or "might" and words of similar meaning in connection with a discussion of future operations, financial performance, events or conditions. These statements are based on management's assumptions and beliefs in light of the information currently available to it.
Summary of the business results (FY2023.1H From April 2023 to September 2023)
- In FY2023.2Q, sales for Automotive/Mobility-related and Smartphone segments increased, however, demand of General Industrial and Consumer/Mobile Equipment segments were weak continuously. In FY2023.1H sales was -12.5% YoY and Operating profit was -36.7% YoY. Operating profit ratio was 20.7% in the 1H.
(Yen in hundred millions) | ||||||||||||
FY2022 | FY2023 | YoY | ||||||||||
1Q | 2Q | 1H | 1Q | 2Q | 1H | FY2023.1H / | ||||||
(2022.Apr- | (2022.Jul- | (2022.Apr- | (2023.Apr- | (2023.Jul- | (2023.Apr- | FY2022.1H | ||||||
Jun) | Sep) | Sep) | Jun) | Sep) | Sep) | |||||||
Orders | 488.2 | 427.0 | 915.2 | 368.6 | 385.8 | 754.4 | -17.6% | |||||
Sales | 465.7 | 481.3 | 947.0 | 404.5 | 424.6 | 829.1 | -12.5% | |||||
Operating | 129.7 | 142.0 | 271.7 | 90.6 | 81.3 | 171.9 | -36.7% | |||||
profit | ||||||||||||
Operating | ||||||||||||
27.9% | 29.5% | 28.7% | 22.4% | 19.2% | 20.7% | -8.0pt | ||||||
profit ratio | ||||||||||||
© 2023 HIROSE ELECTRIC CO., LTD. All rights reserved. | 3 |
Changes in sales and operating profit (FY2022.1Q-FY2023.2Q / Consolidated basis)
© 2023 HIROSE ELECTRIC CO., LTD. All rights reserved. | 4 |
Business Results for FY2023.1H
FY2022.1H | FY2023.1H | Increase | Increase | |||||||
(Yen in hundred millions) | / Decrease | / Decrease Ratio | ||||||||
(Sep 30, 2022) | (Sep 30, 2023) | (YoY) | (YoY) | |||||||
Sales | 947.0 | 829.1 | -117.9 | -12.5% | ||||||
COGS Ratio | 50.6% | 55.6% | +5.0 | |||||||
SGA Ratio | 20.9% | 23.1% | +2.2 | |||||||
Operating Profit | 271.7 | 171.9 | -99.8 | -36.7% | ||||||
(%) | 28.7% | 20.7% | -8.0 | |||||||
Profit before tax | 292.5 | 196.8 | -95.7 | -32.7% | ||||||
(%) | 30.9% | 23.7% | -7.2 | |||||||
Net profit | 206.4 | 126.0 | -80.4 | -39.0% | ||||||
(%) | 21.8% | 15.2% | -6.6 | |||||||
Total Assets | 4,012.8 | 4,115.0 | ||||||||
FY2022 2Q | FY2023 2Q | |||||||||
Shareholder's | ||||||||||
85.9% | 88.9% | 1US$ | 133.97 yen | 141.00 yen | ||||||
Equity Ratio | ||||||||||
1€ | 138.73 yen | 153.39 yen | ||||||||
594.23 yen | 365.87 yen | |||||||||
Earnings Per Share | 100 won | 10.32 yen | 10.74 yen | |||||||
5 | ||||||||||
© 2023 HIROSE ELECTRIC CO., LTD. All rights reserved. |
FY2023.1H Major Changes
Sales
117.9 hundred million yen Decreased | General Industrial: - 65 | |||
Consumer/Mobile Equipment: - 62 | ||||
(947.0 → 829.1) | ||||
COGS Ratio | Variable Expense Ratio: 37.5% → 39.1% | |||
5.0 pt Deteriorated | Depreciation Ratio: 7.1% → 8.1% | |||
Labor Cost Ratio: 6.6% → 7.6% | ||||
(50.6% → 55.6%) | ||||
SGA Ratio | ||||
2.2 pt Deteriorated | 197.8 → 191.7 (Decreased by 6.2) | |||
(20.9% → 23.1%) | ||||
Financial income / costs | Exchange Gain or Loss :+13.2 → +8.8 | |||
4.1 hundred million yen Improved | ||||
Interest received and others :+5.6 → +12.4 | ||||
(+20.8 → +24.9) | ||||
© 2023 HIROSE ELECTRIC CO., LTD. All rights reserved. | 6 |
FY2023.1H YoY Variation Analysis
(Yen in hundred millions)
FY2022. 1H Actual
Sales
947.0
Operating
Profit
271.7
-
Profit before
tax
28.7% | 292.5 |
(%)
30.9%
Exchange rate
Labor cost increase
Decrease in freightage and packing expenses
Increase in Loss on retirement of fixed assets
Deterioration of Cost rate
Decrease in the product
36.1
-154.0
24.6
-1.3
11.6
-5.5
-41.5
-87.8
20.4
-1.3
11.6
-5.5
-41.5
-79.5
Total amount of changes
-117.9
-99.8
-95.7
FY2023. 1H Actual
829.1
171.9
20.7%
196.8
23.7%
© 2023 HIROSE ELECTRIC CO., LTD. All rights reserved. | 7 |
Assets
Consolidated Balance Sheet (1)
(Yen in hundred millions) | ||||||
Account | Mar 31, 2023 | Sep 30, 2023 | Increase/ | Remark | ||
Decrease | ||||||
Cash and cash | 880.3 | 903.8 | +23.5 | Transferred from time deposit +100 | ||
equivalents | Consumption tax refund +28 | |||||
Income tax paid -77 | ||||||
Trade and other | ||||||
419.3 | 431.8 | +12.5 | Increased mainly by influence of weaker yen | |||
receivables | ||||||
Influence of weaker yen +12 | ||||||
Inventories | 277.3 | 268.4 | -8.9 | |||
Excluding the influence of weaker yen -21 | ||||||
Other financial | Cancelled time deposit for dividend and payment for | |||||
1,546.8 | 1,504.2 | -42.6 | ||||
assets | Koriyama new factory -100 | |||||
Property, plant and | Koriyama new factory and Advanced Technology | |||||
638.0 | 772.5 | +134.5 | ||||
equipment | Center +71 | |||||
Korea factory expansion +29 | ||||||
Right-of-use asset | 52.8 | 53.5 | +0.7 | |||
Others | 199.1 | 180.8 | -18.3 | Consumption tax refund -28 | ||
Total | 4,013.6 | 4,115.0 | +101.4 | |||
Total of cash in bank | 1,854.0 | 1,821.4 | -32.6 | 8 | ||
© 2023 HIROSE ELECTRIC CO., LTD. All rights reserved. | ||||||
Liabilities Shareholder's Equity
Consolidated Balance Sheet (2)
(Yen in hundred millions) | |||||||
Account | Mar 31, 2023 | Sep 30, 2023 | Increase/ | Remark | |||
Decrease | |||||||
Payables and other debt | 208.0 | 141.3 | -66.7 | Shortening terms of payment in Japan | |||
Lease liabilities | 54.8 | 55.9 | +1.1 | ||||
Income Taxes Payable | 82.1 | 55.2 | -26.9 | Payment of corporate tax | |||
Increase of deferred tax liability +26, | |||||||
Others | 170.1 | 203.7 | +33.6 | ||||
Increase of provision for bonuses | |||||||
Total | 515.0 | 456.1 | -58.9 | ||||
Capital stock and Capital | 206.0 | 205.9 | -0.1 | ||||
surplus | |||||||
Net profit +126 | |||||||
Retained Earnings | 3,452.0 | 3,342.7 | -109.3 | ||||
Dividends paid -96 | |||||||
Cancellation of treasury shares -139 | |||||||
Treasury Shares | -398.4 | -258.5 | +139.9 | Cancellation of treasury shares +139 | |||
Foreign currency translation adjustment | |||||||
Others | 239.0 | 368.8 | +129.8 | ||||
+116 | |||||||
Total | 3,498.5 | 3,658.9 | +160.4 | ||||
Total Liabilities and | 4,013.6 | 4,115.0 | +101.4 | ||||
Shareholder's Equity | |||||||
9 | |||||||
© 2023 | HIROSE ELECTRIC CO., LTD. All rights reserved. | ||||||
Changes in Capital Investment and Depreciation (Consolidated basis)
(Yen in hundred millions)
(*Excluded: Investment in land, building, software)
© 2023 HIROSE ELECTRIC CO., LTD. All rights reserved. | 10 |
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Disclaimer
HRS - Hirose Electric Co. Ltd. published this content on 02 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 November 2023 01:20:48 UTC.