Note: This document has been translated from part of the original Japanese version into English for reference purpose only. If there are conflicts between this translated document and the original Japanese version, the original Japanese version shall prevail. The Company assumes no responsibility for this translation or for direct, indirect or any other forms of damages arising from this translation.
Summary of Consolidated Financial Statements
for the First Quarter of the Fiscal Year Ending March 2023
[Japanese Standards]
July 29, 2022 | |||
Listed Company Name: | KROSAKI HARIMA CORPORATION | ||
Listed on the Tokyo Stock Exchange and the Fukuoka Stock Exchange | |||
Securities Code: | 5352 | URL: https://www.krosaki.co.jp/ | |
Representative: | Kazuhiro Egawa, President | ||
Date to submit quarterly financial statements: | August 5, 2022 | ||
Date to start distributing dividends: | - |
Supplementary documents for this summary of financial statements: None
Explanation meeting for institutional investors and analysts on this summary of financial statements: None
(Figures shown are rounded down to the nearest million yen)
1. Consolidated Financial Results for the First Quarter of the Fiscal Year Ending March 31, 2023 (April 1, 2022, to June 30, 2022)
(1) Consolidated Business Results
(Percentages indicate changes from the same period of the previous fiscal year.)
Net sales | Operating profit | Ordinary profit | ||||
Millions of yen | % | Millions of yen | % | Millions of yen | % | |
1Q, Fiscal Year Ending March | 40,292 | 27.0 | 2,940 | 29.3 | 3,429 | 46.3 |
2023 | ||||||
1Q, Fiscal Year Ended March | 31,721 | 15.2 | 2,274 | 146.1 | 2,344 | 77.2 |
2022 | ||||||
Profit attributable to owners | Profit per share | Diluted profit per share | ||||
of parent | ||||||
Millions of yen | % | Yen | Yen | |||
1Q, Fiscal Year Ending March | 2,148 | 41.6 | 255.06 | - | ||
2023 | ||||||
1Q, Fiscal Year Ended March | 1,517 | 44.3 | 180.15 | - | ||
2022 | ||||||
Note: Comprehensive income was ¥4,620 million (132.8%) for the first quarter of the fiscal year ending March 2023 and ¥1,985 million (121.0 %) for the first quarter of the fiscal year ended March 2022.
(2) Consolidated Financial Position
Total assets | Net assets | Equity ratio | |
Millions of yen | Millions of yen | % | |
June 30, 2022 | 149,625 | 72,772 | 45.8 |
March 31, 2022 | 142,694 | 69,084 | 45.8 |
Reference: Equity capital was ¥68,546 million as of June 30, 2022, and ¥65,344 million as of March 31, 2022.
2. Dividends
Dividend | |||||
1Q End | 2Q End | 3Q End | Year-End | Annual | |
Yen | Yen | Yen | Yen | Yen | |
Fiscal Year Ended March 2022 | - | 100.00 | - | 100.00 | 200.00 |
Fiscal Year Ending March 2023 | - | ||||
Fiscal Year Ending March 2023 (Forecast) | 110.00 | - | - | - |
Note: Revision to the most recent dividend forecasts previously released: Yes
*For details, see the Notice Regarding Performance and Dividend Forecasts released today. The forecast of year-end dividends for the fiscal year ending March 2023 has not yet been determined because a decision will be made by closely observing the trends of business results. These dividend forecasts will be disclosed when it becomes possible to do so.
3. Forecast of Consolidated Business Results for the Fiscal Year Ending March 31, 2023 (April 1, 2022 to March 31, 2023)
(The percentages indicate the rates of increase or decrease compared with the preceding fiscal year.)
Net sales | Operating profit | Ordinary profit | ||||
Millions of yen | % | Millions of yen | % | Millions of yen | % | |
Interim | 79,000 | 21.3 | 4,500 | 6.9 | 5,000 | 9.7 |
Full Year | 159,000 | 18.9 | 10,000 | 32.2 | 10,500 | 21.0 |
Profit attributable to owners | Profit per share | |||||
of parent | ||||||
Millions of yen | % | Yen | ||||
Interim | 3,250 | 7.7 | 385.91 | |||
Full Year | 6,750 | 22.9 | 801.51 |
Note: Revision to the most recent performance forecasts previously released: Yes
* For details, see the Notice Regarding Performance and Dividend Forecasts released today.
Notes:
- Changes in important subsidiaries involving a change in the scope of consolidation during the period: None
- Adoption of accounting methods specific to preparation of quarterly consolidated financial statements: None
- Changes in accounting policies or estimates and retrospective restatements
- Changes in accounting policies in accordance with revision of accounting standards: None
- Changes in accounting policies other than above: None
- Changes in accounting estimates: None
- Retrospective restatements: None
- Number of shares issued and outstanding (common stock)
- Number of shares issued and outstanding as of the period-end (including treasury shares):
1Q, Fiscal Year ending March 2023: | 9,114,528 | Fiscal Year ended March 2022: | 9,114,528 |
2. Number of treasury shares as of the period-end: | |||
1Q, Fiscal Year ending March 2023: | 692,947 | Fiscal Year ended March 2022: | 692,845 |
3. Average number of shares outstanding: | |||
1Q, Fiscal Year ending March 2023: | 8,421,595 | 1Q, Fiscal Year ended March 2022: | 8,422,718 |
The Summary of Quarterly Consolidated Financial Statements is exempt from the quarterly review by Certified Public Accountants or an Audit Corporation.
Statement regarding the proper use of financial forecasts and other special remarks:
Forward-looking statements, including the forecast of business results, in this Summary are based on information that has been obtained by the Company to date and certain assumptions that are deemed as reasonable, and the Company does not guarantee the realization of these statements. Please understand that actual results may differ significantly from those statements due to various factors. For details of the forecast of business results, see "(2) Explanation of Forecast of Consolidated Business Results and Other Forward-looking Information" under "1. Qualitative Information on Quarterly Financial Results" on page 2 of the attachment.
Contents of the Attachment | ||
1. Qualitative Information on Quarterly Financial Results ................................................................ | 2 | |
(1) | Explanation of Business Results .................................................................................................. | 2 |
(2) | Explanation of Forecast of Consolidated Business Results and Other Forward-looking | |
Information................................................................................................................................... | 3 | |
2. Quarterly Consolidated Financial Statements and Major Notes .................................................... | 4 | |
(1) | Quarterly Consolidated Balance Sheets ....................................................................................... | 4 |
(2) | Quarterly Consolidated Statements of Income and Quarterly Consolidated Statements of | |
Comprehensive Income ................................................................................................................ | 6 | |
(3) | Notes to Quarterly Consolidated Financial Statements ................................................................ | 8 |
(Notes on Going Concern Assumption) ....................................................................................... | 8 | |
(Notes on Significant Changes in Shareholders' Equity) ............................................................. | 8 | |
3. Others ............................................................................................................................................. | 8 |
1
1. Qualitative Information on Quarterly Financial Results
(1) Explanation of Business Results
During the first quarter of the fiscal year ending March 31, 2023, the domestic total crude steel output in the steel industry, the Group's main customers, decreased by 5.6% year on year, to 22.99 million tons. The global crude steel output from January to June 2022 also decreased by 5.5% year on year, to 949.40 million tons.
Despite this business environment, the Group's consolidated net sales for the first quarter of the fiscal year ending March 31, 2023 increased 27.0% from a year earlier to ¥40,292 million. This was mainly attributable to the efforts to pass increases in raw material and other costs on to selling prices, and sales expansion by overseas subsidiaries, in the Refractories segment.
Primarily due to the increase in net sales, the Group's consolidated operating profit for the first quarter of the fiscal year ending March 31, 2023 increased 29.3% from a year earlier to ¥2,940 million, ordinary profit increased 46.3% to ¥3,429 million, and profit attributable to owners of parent increased 41.6% to ¥2,148 million.
Operating results by business segment are as follows.
The net sales of each segment represent sales to external customers and do not include inter-segment sales or transfers. The amounts of segment profit (loss) are based on operating profit (loss).
[Refractories]
Net sales in the Refractories segment increased by 31.5% from a year earlier to ¥34,502 million. This was mainly attributable to the efforts to pass increases in raw material and other costs on to selling prices and sales expansion by overseas subsidiaries, especially those in India and Europe. Primarily due to the net sales increase, segment profit increased by 41.1% from a year earlier to ¥2,298 million.
[Furnace]
Net sales in the Furnace segment increased by 10.8% from a year earlier to ¥3,437 million owing to orders received for large-scale construction projects. Primarily due to the net sales increase and cost reductions, segment profit increased by 39.2% from a year earlier to ¥208 million.
[Ceramics]
Net sales in the Ceramics segment decreased by 1.1% from a year earlier to ¥1,983 million. This was mainly because, although demand for ceramic materials for electronic components was strong, sales of thermal insulation materials for fuel cells declined owing to the impact of China's COVID-19 lockdowns. Segment profit decreased by 11.0% from a year earlier to ¥300 million due to the decrease in net sales and a falling proportion of high value-added products in the sales mix.
[Real Estate]
Net sales in the Real Estate segment remained unchanged from a year earlier at ¥184 million. Segment profit increased by 1.1% from a year earlier to ¥150 million.
[Others]
Net sales in Others segment decreased by 4.2% from a year earlier to ¥183 million. Segment loss was ¥21 million (compared with a segment profit of ¥15 million for the same period in the previous fiscal year).
2
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Explanation of Forecast of Consolidated Business Results and Other Forward-looking Information
The Group announced today the forecast of consolidated business results for the first two quarters of the fiscal year ending March 31, 2023, which had been undetermined in "Summary of Consolidated Financial Statements for the Fiscal Year Ended March 2022 [Japanese Standards]" released on May 13, 2022. In addition, the Group revised the forecast of consolidated business results for the fiscal year ending March 31, 2023. For details, please refer to the "Notice Regarding Performance and Dividend Forecasts" announced today.
Business results forecasts may vary significantly due to factors such as fluctuations in demand for refractories associated with changes in crude steel output as well as market trends for refractory materials.
3
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Krosaki Harima Corporation published this content on 29 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 August 2022 01:51:10 UTC.