Union Tool : Notice of Difference between Financial Forecast and Actual Results for the first half of FY2023, and Revision to Financial Forecasts (174KB)
August 08, 2023 at 02:19 am
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Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.
August 8, 2023
Company name:
UNION TOOL CO.
Name of Representative:
Takao Katayama, CEO
Code No. 6278 TSE Prime
Contact:
Norimasa Kurata
Executive Officer
Phone: 03-5493-1017
Notice of Difference between Financial Forecast and Actual Results for the first half of FY2023,
and Revision to Financial Forecasts
UNION TOOL CO. hereby announces that differences have arisen between the consolidated financial forecast for the first half of the fiscal year ending December 31, 2023, released on May 12, 2023, and the actual results announced today. In addition, we revise the consolidated financial forecast as follows.
1. Difference between Consolidated Financial Forecast and Actual Results
for the first half of fiscal year ending December 31, 2023 (January 1, 2023 - June 30, 2023)
Net Sales
Operating Profit
Ordinary Profit
Profit Attributable
Earnings per Share
to owners of Parent
Previous Forecast (A)
millions of yen
millions of yen
millions of yen
millions of yen
Yen
11,300
1,600
1,700
1,300
75.25
Actual results (B)
12,318
2,048
2,164
1,620
93.79
Change (B-A)
1,018
448
464
320
Rate of Change (%)
9.0
28.0
27.3
24.6
(Ref.) Results for the first half of
15,326
3,521
3,653
2,606
150.87
Fiscal Year Ending December
31, 2022
2. Revision to Consolidated Financial Forecast
for the fiscal year ending December 31, 2023 (January 1, 2023 - December 31, 2023)
Net Sales
Operating Profit
Ordinary Profit
Profit Attributable
Earnings per Share
to owners of Parent
Previous Forecast (A)
millions of yen
millions of yen
millions of yen
millions of yen
Yen
24,300
3,500
3,600
2,600
150.50
Revised Forecast (B)
24,700
4,100
4,200
3,100
179.44
Change (B-A)
400
600
600
500
Rate of Change (%)
1.6
17.1
16.7
19.2
(Ref.) Results for the Fiscal Year
29,091
6,190
6,737
4,996
289.22
Ending December 31, 2022
3. Reasons for difference and revisions
During the first half of FY12/2023, the drop in demand in the electronics industry caused inventory adjustments, which forced us to lower the operating rate. Under these circumstances, we focused on optimizing and controlling the group production system and worked to improve production efficiency. As a result, we reduced costs and secured a higher-than-expected gross profit. In addition, although we had set the exchange rate at a stronger yen to prepare for the uncertain future in the forecast figures, the actual financial results exceeded forecasts due to the benefits of the weaker yen.
As for the full-year consolidated forecast, we revised our sales forecast upward and accordingly increased profit items based on the performance in the first half of FY12/2023 and the changes in the assumed exchange rate due to the outlook that the yen will depreciate.
The assumed exchange rate for forecasts from the third quarter of this fiscal year is 125 yen to the US dollar, and
18.5yen to RMB.
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Disclaimer
Union Tool Co. published this content on 08 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 August 2023 06:18:28 UTC.
UNION TOOL CO. is engaged in manufacturing and selling cutting tools and others. The Company operates through four reporting segments, including Japan, Asia, North America and Europe, engaged in manufacturing and selling cutting tools and other products. The Company also provides machine parts.
Union Tool : Notice of Difference between Financial Forecast and Actual Results for the first half of FY2023, and Revision to Financial Forecasts (174KB)