Nittobo Group Financial Results for the First Half of FY2023
(From 2023/Apr. to Sept.)
November 2, 2023
Summary of Financial Results For the First Half of FY2023
(From 2023/Apr. to Sept.)
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FY2023 1H Financial Highlights
- Sales and profit decreased on a year-to-year comparison basis in 1H; however, quarterly revenue grew in 2Q due to the sales recovery of Special Glass continuing from 1Q.
- Sales and profits were better than expected in the 1H forecast as of August 2023.
- Net profit drastically decreased due to the extraordinary income posted on sales of
non-current assets in the same period a year ago.
FY2022 | FY2023 | Change | |||||
1H | 1H | (vsFY22) | |||||
1Q | 2Q | ACT | 1Q | 2Q | ACT | 1H | |
Net sales | 23.8 | 23.2 | 47.0 | 20.3 | 22.4 | 42.7 | (4.3) |
Operating profit | 2.6 | 2.0 | 4.6 | 0.9 | 2.2 | 3.1 | (1.5) |
ROS% | 11.0% | 8.5% | 9.8% | 4.4% | 10.0% | 7.3% | |
EBITDA | 4.6 | 4.1 | 8.7 | 2.6 | 4.0 | 6.6 | (2.1) |
EBITDA margin | 19.5% | 17.5% | 18.5% | 12.9% | 17.9% | 15.5% | |
Ordinary profit | 3.6 | 2.6 | 6.2 | 1.9 | 2.3 | 4.2 | (2.0) |
Net profit | 4.8 | 2.7 | 7.5 | 1.1 | 2.5 | 3.5 | (4.0) |
Copyright (C) NITTO BOSEKI CO., LTD. All Rights Reserved |
1H
FCST
(Aug.3)
42.0
2.5
6.0%
6.0
14.3%
3.0
2.0
3
Operating Profit Change Analysis(FY22 1H vs FY23 1H)
・In vitro diagnostic
reagent | ↗ |
・Special Glass | ↘ |
・Flat fiber | ↘ |
・Ultrafine yarn |
Ultra-thin cloth ↘
- R&D
- Labor cost
(Billions of yen)
・Commodity products
sales down↘ ・Cost down, Sales price ↗
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Overview by Segment in 1H FY2023
Glass Fiber Business
• (Composite materials) Sales of composite materials for smartphone and automotive | ||
applications continued to be sluggish. | ||
Glass Fiber | • (Electronic materials) Sales of Special Glass remained on the recovery trend; however, | |
Yarn | the sales of electronic materials as a whole were down from the same period a year | |
ago due to weak sales of commodity products. | ||
Sales and profit decreased | ||
• Demand for Special Glass cloth for data center continued to be strong, and sales for | ||
Glass Fiber | semiconductor package demonstrated an upward trend but decreased over the same | |
Cloth | period in the previous year. | |
Sales and profit decreased | ||
Glass Fiber | • Sales of insulation and glass cloth for equipment and construction materials increased. | |
for Industrial | ||
Materials | Sales and profit increased | |
Life Science Business | ||
Medical | • Sales of in vitro diagnostic reagents were generally favorable. | |
Sales increased/profit decreased | ||
Beverage | • Not included in the consolidated settlement of accounts from 4Q, FY2022 onward due | |
to business transfer. | ||
- Sales of interlinings were steady owing to demand recovery due to an increase in
Textile | opportunities to go out. | ||
• Profit decreased due to cost increases. | Sales increased/profit decreased | ||
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Financial Results by Segment (Net Sales)
(Billions of yen)
FY2022 | FY2023 | Change | |||||
1H | 1H | (vsFY22) | |||||
1Q | 2Q | ACT | 1Q | 2Q | ACT | 1H | |
Composite materials& | 6.9 | 6.1 | 12.9 | 5.7 | 6.1 | 11.8 | (1.1) |
yarn (external sales) | |||||||
Yarn for Glass fiber cloth | 3.0 | 2.8 | 5.8 | 2.4 | 2.9 | 5.3 | (0.5) |
(intersegment sales) | |||||||
Subtotal | 9.9 | 8.8 | 18.8 | 8.2 | 9.0 | 17.1 | (1.6) |
Adjustment | (3.0) | (2.8) | (5.8) | (2.4) | (2.9) | (5.3) | 0.5 |
Glass Fiber Yarn | 6.9 | 6.1 | 12.9 | 5.7 | 6.1 | 11.8 | (1.1) |
Glass Fiber Cloth | 7.0 | 6.5 | 13.5 | 5.4 | 6.5 | 12.0 | (1.5) |
Glass Fiber for | 4.6 | 5.2 | 9.8 | 4.9 | 5.4 | 10.3 | 0.5 |
Industrial Materials | |||||||
4.5 | 4.6 | 9.1 | 3.2 | 3.6 | 6.9 | (2.2) | |
Life Science | |||||||
Textile | 0.6 | 0.6 | 1.2 | 0.6 | 0.6 | 1.2 | 0.1 |
Others & Adjustment | 0.3 | 0.2 | 0.5 | 0.3 | 0.2 | 0.5 | 0.0 |
Total | 23.8 | 23.2 | 47.0 | 20.3 | 22.4 | 42.7 | (4.3) |
Copyright (C) NITTO BOSEKI CO., LTD. All Rights Reserved
1H
FCST
(Aug.3)
11.5
5.0
16.5
(5.0)
11.5
11.5
10.5
6.8
1.2
0.5
42.0
6
Financial Results by Segment (Operating Profit)
(Billions of yen)
FY2022 | FY2023 | Change | |||||
1H | 1H | (vsFY22) | |||||
1Q | 2Q | ACT | 1Q | 2Q | ACT | 1H | |
Glass Fiber Yarn | 0.4 | (0.1) | 0.4 | (0.3) | (0.1) | (0.4) | (0.7) |
Glass Fiber Cloth | 1.4 | 1.3 | 2.7 | 0.8 | 1.3 | 2.1 | (0.6) |
Glass Fiber for | (0.0) | 0.1 | 0.1 | 0.0 | 0.4 | 0.4 | 0.3 |
Industrial Materials | |||||||
0.9 | 0.6 | 1.5 | 0.6 | 0.6 | 1.2 | (0.3) | |
Life Science | |||||||
Textile | 0.0 | 0.0 | 0.1 | 0.0 | 0.0 | 0.0 | (0.0) |
Others & Adjustment | (0.1) | 0.0 | (0.1) | (0.2) | (0.0) | (0.2) | (0.1) |
Total | 2.6 | 2.0 | 4.6 | 0.9 | 2.2 | 3.1 | (1.5) |
ROS | 11.0% | 8.5% | 9.8% | 4.4% | 10.0% | 7.3% |
1H
FCST
(Aug.3)
(0.6)
1.9
0.2
1.3
0.0
(0.3)
2.5
6.0%
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FY2023 Forecast
(From 2023/Apr. to 2024/Mar.)
Copyright (C) NITTO BOSEKI CO., LTD. All Rights Reserved
Overview by Segment in FY2023 2H Forecast
- Sales of composite materials and commodity products for electronic materials will continue to be sluggish.
- Demand for low-dielectric glass for AI server will continue to increase in the Special Glass market.
Sales will continue to be sluggish | ||
Glass | Composite | • Slump in demand for composite materials in the automotive and |
materials | smartphone markets will bottom out; however, sales are not expected to | |
Fiber | ||
recover in 2H due to slowing growth in demand. | ||
Yarn |
Demand for Special Glass (low-dielectric glass) will increase | ||
Electronic | • Demand for NE-glass for data center will continue to be strong, and | |
Glass | ||
materials | demand for T-glass for semiconductor package substrate will recover, and | |
Fiber | ||
gradually increase. | ||
Cloth | ||
Firm demand will be maintained | ||||
Glass Fiber for | • | Sales of insulation and glass cloth for equipment and construction | ||
Industrial | materials will steadily increase. | |||
Materials | • | Negative impact by a hike in the prices of raw material, electric, and fuel | ||
will be smaller than expected in the forecast as of August 2023. | ||||
Life Science | • | No change from the previous forecast. | ||
Textile | • | No change from the previous forecast. | ||
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FY2023 Forecast
(Billions of yen)
FY2022 | FY2023 | Change | |||||||||
1H | 2H | Full Year | 1H | 2H | Full Year | YoY | |||||
1Q | 2Q | ACT | ACT | ACT | 1Q | 2Q | ACT | ACT | ACT | Full Year | |
Net sales | 23.8 | 23.2 | 47.0 | 40.5 | 87.5 | 20.3 | 22.4 | 42.7 | 49.3 | 92.0 | 4.5 |
Operating profit | 2.6 | 2.0 | 4.6 | 0.3 | 4.9 | 0.9 | 2.2 | 3.1 | 3.9 | 7.0 | 2.2 |
ROS% | 11.0% | 8.5% | 9.8% | 0.7% | 5.6% | 4.4% | 10.0% | 7.3% | 8.0% | 7.6% | |
EBITDA | 4.6 | 4.1 | 8.7 | 4.4 | 13.1 | 2.6 | 4.0 | 6.6 | 8.0 | 14.6 | 1.6 |
EBITDA margin | 19.5% | 17.5% | 18.5% | 10.8% | 15.0% | 12.9% | 17.9% | 15.5% | 16.2% | 15.9% | |
Ordinary profit | 3.6 | 2.6 | 6.2 | (0.1) | 6.1 | 1.9 | 2.3 | 4.2 | 3.3 | 7.5 | 1.4 |
Net profit | 4.8 | 2.7 | 7.5 | (4.7) | 2.8 | 1.1 | 2.5 | 3.5 | 2.0 | 5.5 | 2.7 |
Full Year
FCST (Aug.3)
92.0
6.5
7.1%
13.8
15.0%
7.0
4.5
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Nitto Boseki 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 06:11:55 UTC.