FY2023 Second Quarter Financial Results Briefing
The 100th period:Apr. 1st, 2023- Sep.30th, 2023
Nov. 6th, 2023
Contents
1.FY2023 Q2 Financial Performance
2.Financial Forecast (FY2023 Full Year)
3. Medium-term initiatives
Cautionary Statement with Respect to Forward-Looking Statements
These materials contain forward-looking statements that reflect our current expectations. These forward-looking statements are not guarantees of future performance. It involves any risk depending on the Japanese or international economic situation, business trends related to our company, fluctuation of exchange rates and other factors. It may cause our actual performance to be materially different from any future results announced.
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1-1 Q2 Consolidated Financial Summary
Record highest were achieved for sales, ordinary and net income due to increase in higher automobile production.
(100 millions of yen, %) | ||||||||||
FY2022 | FY2023 | YoY | rate | Diff. from Forecast | ||||||
22/2Q | 23/2Q | 23/2Q | ||||||||
Cumulative | Cumulative | Cumulative | Gain&Loss | % Change | Gain&Loss | % Change | ||||
Result | Forecast on 27Jul. | Result | ||||||||
Sales | 909 | 975 | Record | 1,026 | +117 | +12.9 | +51 | +5.3 | ||
High | ||||||||||
Operating Income | 26 | 55 | Record | 74 | +48 | +188.0 | +19 | +36.3 | ||
High | ||||||||||
Operating Income Ratio | 2.9% | 5.6% | 7.3% | +4.4P | - | +1.7P | - | |||
Ordinary Income | 55 | 78 | Record | 103 | +47 | +86.4 | +25 | +32.5 | ||
High | ||||||||||
Ordinary Income Ratio | 6.1% | 8.0% | 10.1% | +4.0P | - | +2.1P | - | |||
Net income attributable to | 41 | 50 | Record | 75 | +33 | +82.3 | +25 | +50.6 | ||
owners parent | ||||||||||
High | ||||||||||
Quarterly Net Income margin | 4.5% | 5.1% | 7.3% | +2.8P | - | +2.2P | - | |||
Average exchange rate(U.S. dollars) | ¥129.8 | ¥132.8 | ¥139.9 | ¥10.1 | - | ¥7.1 | - | |||
*Sales decrease since FY2022 Q4 due to expansion of offsetting range of sales and its cost; the impact of customer-received | steel materials for stamping. | As a result of this, | ||||||||
fiscal 2023 2nd quarter cumulative results includes a 15 billion yen year-on-year decline in net sales. No | impact on income. |
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1-2 Analysis of Q2 Cumulative Results: Consolidated Sales
Record high for 2Q due to increase in sales volume more than decrease in sales due to the impact of customer-received steel materials for stamping.
( 100 millions of yen ) | ||||||||
Exchage | ||||||||
Exchange | Gain | |||||||
Material | Conversion | +3 | 1,026 | |||||
+34 | ||||||||
Price | ||||||||
customer-received | ||||||||
909 | steel materials | +61 | ||||||
for stamping | ||||||||
Sales | ||||||||
Volume | ||||||||
△150 | Selling | +172 | ||||||
Price | ||||||||
△3 | ||||||||
FY2022 | FY2023 | |
Q2 Cumultive | Sales +11.7 billion yen | Q2 Cumultive |
Results | Results |
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1-3 Analysis of Q2 Cumulative Results: Operating Income
Costs increased due to sales volume up. Record-high profit for Q2 due to increased sales volume and cost improvements.
Depreciation | Exchange | 74 | ||||||
Cost | (excl.dies) | Gain | ||||||
+3 | ||||||||
Improvement | +4 | |||||||
+14 | ||||||||
Sales | ||||||||
Material | Volume | |||||||
26 | ||||||||
Price | Labor | +51 | ||||||
△10 | Cost | |||||||
Selling | Expenses | |||||||
△8 | Price | |||||||
△2 | ||||||||
△3 | ||||||||
FY2022 | FY2023 | |||||||
Q2 Cumultive | Operating Income | +4.8 billion yen | Q2 Cumultive | |||||
Results | Results |
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1-4 Q2 Cumulative Results by Business Segments
Sales and profits increased in the stamping and plastic molding business due to increased sales volume. Sales of valves increased due to exchange conversion, but profits decreased due to increased costs due to high material prices.
Sales | Operating Income | ||||
22/Q2 | YoY Rate | 22/Q2 | YoY Rate | ||
23/Q2 | 23/Q2 | ||||
Result | Result | Gain&Loss %Change | Result | Result | Gain&Loss %Change |
Stamping & | 638 | 741 | +103 | +16.2 | 1 | 55 | +53 | - | ||||
Plastic Molding | ||||||||||||
(The Impact of increased | * | |||||||||||
customer-received materials for | (△150) | |||||||||||
stamping) | ||||||||||||
Operating Income Ratio | 0.3% | 7.5% | +7.2P | |||||||||
Valves | 269 | 284 | +14 | +5.3 | 23 | 19 | △4 | △18.3 | ||||
Operating Income Ratio | 8.8% | 6.9% | △1.9P | |||||||||
*Sales decrease since FY2022 Q4 due to expansion of offsetting range of sales and its cost; the impact of customer-received steel
materials for stamping. No impact on income. | 6/36 |
1-5 Q2 Cumulative Results by Region
Sales and profits increased due to increased sales volume in Japan,
Europe, America, and Asia. (100 millions of yen,%)
Sales | |||||
22/Q2 | 23/Q2 | YoY Rate | 22/Q2 | ||
Result | Result | Gain&Loss | %Change | Result | |
Japan | 338 | 341 | +3 | +0.9 | 15 |
(The Impact of increased | ※ | ||||
(△150) | |||||
customer-received materials for | |||||
stamping) | |||||
Operating Income Ratio | 4.6% | ||||
Europe & America | 379 | 473 | +94 | +24.9 | △3 |
Operating Income Ratio | △0.9% | ||||
Asia | 191 | 211 | +19 | +10.4 | 11 |
Operating Income Ratio | 6.0% |
Operating Income | ||
YoY Rate | ||
23/Q2 | ||
Result | Gain&Loss | %Change |
38 | +22 | +145.1 |
11.2% | +6.6P | |
15 | +18 | - |
3.2% | +4.1P | |
14 | +2 | +22.6 |
6.7% | +0.7P |
Sales decrease since FY2022 Q4 due to expansion of offsetting range of sales and its cost; the impact of customer-received steel materials for stamping. No impact on income.
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1.FY2023 Q2 Financial Performance
2.Financial Forecast (FY2023 Full Year)
3. Medium-term initiatives
8/36
2-1 Full Year Financial Forecast
Revised the forecast upward to reflect the 2Q results and latest information, expecting record highs for both sales and profits.
( 100 millions of yen, %) | ||||||||||||||
FY2022 | YonY rate | Diff. from 27th Jul. | ||||||||||||
FY2023 | ||||||||||||||
Full Year | Full Year | Full Year | Full Year | |||||||||||
Results | Forecast on | Latest | Gain&Loss | %Change | Gain&Loss | %Change | ||||||||
27th Jul. | Forecast | |||||||||||||
Sales | 1,912 | 1,900 | 1,980 | *3 | +67 | 3.5% | +80 | 4.2% | ||||||
Operating Income | 92 | 105 | 120 | +27 | 29.1% | +15 | 14.3% | |||||||
Operating Income Ratio | 4.9% | 5.5% | 6.1% | +1.2P | - | +0.6P | - | |||||||
Ordinary Income | 132 | 140 | 150 | +17 | 13.6% | +10 | 7.1% | |||||||
Current Net Income *1 | 93 | 95 | 105 | +11 | 12.9% | +10 | 10.5% | |||||||
ROE | 7.0% | 6.6% | 7.1% | +0.1P | - | +0.5P | - | |||||||
ROA(Operating income basis) | 3.7% | 3.9% | 4.5% | +0.8P | - | +0.6P | - | |||||||
Net Assets per Share | ¥2,309 | ¥2,590 | ¥2,712 | ¥403 | 17.5% | ¥122 | 4.7% | |||||||
Average exchange rate (US dollars) | ¥134.9 | ¥131.4 | *2 ¥140.0 | ¥5.1 | - | ¥8.6 | - | |||||||
*1 | Current net income is the current | net income attributable to the parent company shareholders. | ||||||||||||
*2 | Reconsidered exchange rate assumptions from the third quarter onwards. The current forecast has been revised to 140 yen to the dollar, | |||||||||||||
from the previous announced price of 130 yen to the dollar on July 27. | ||||||||||||||
*3 | Sales decrease since FY2022 Q4 due to expansion of offsetting range of sales and its cost; the impact of steel material costs |
procured from customers. As a result of this, fiscal 2023 includes a 24.7 billion yen year-on-year decline in net sales. No impact on income.
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2-2 Analysis of FY2023 Forecasts: Consolidated Sales
The decrease in sales due to the impact of customer-received steel materials for stamping will be offset by the increase in sales volume, which is expected to reach a record high.
Exchange Exchange gain | ( 100 millions of yen) |
Material | Conversion | +3 | 1,980 | ||
1,912 | Price | +39 | |||
Customer-received | +75 | ||||
steel materials | Sales | ||||
for stamping | |||||
Volume | |||||
△247 | |||||
Selling | +207 | ||||
Price | |||||
△10 | |||||
FY2022 | Sales +6.7 | Billion yen | FY2023 | ||
Forecast | |||||
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Disclaimer
Pacific Industrial Co. Ltd. published this content on 15 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 November 2023 05:38:56 UTC.