ABALANCE CORPORATION March 15, 202４
To whom it may concern:
Abalance Corporation
Representative Director and President Mitsuyuki Yasuaki
(TSE Standard: 3856)
Contact: Head of IR & Planning's Office Tel. +81-3-6810-3028
Nobuhiko Yamazaki
（Correction/Correction of Numerical Date）Partial Correction to the
FY06/23 Performance Highlights and Future Outlook
Abalance Corporation （ the " Company "） hereby announces partical correction to numerical date to the FY06/23 Performance Highlights and Future Outlook,disclosed on Auguest 30, 2023.
1. Details of the Correction Page2: Performance Highlights [FY06/23]
Page3：Performance of Key Segments
Page4: Consolidated Performance Forecast for FY06/24 Page6：Equity Ratio and Shareholder Returns
Page18: Q&A (2)
2. Reason for the Correction
The Company submitted amended reports for its annual securities reports, etc. for the past fiscal years to the Kanto Local Finance Bureau and also amended its consolidated financial results, etc. for the past fiscal years on March 14, 2024.
FY06/23 Performance Highlights and Future Outlook
Abalance Corporation
TSE Standard: 3856 / August 2023
Corporate Profile
■ | Company name | Abalance Corporation (Group Holding Company) |
■ | Establishment | April 17, 2000 |
■ | Business segments | |
Solar Panel Manufacturing Business, Green Energy Business, IT Business, Photocatalyst | ||
Business | ||
■ | Primary consolidated subsidiaries | |
VSUN, Vietnam Sunergy Cell Company Limited, WWB, Valors, Abit, Japan Photocatalyst | ||
Center | ||
Consolidation of Vietnam's VSUN as a subsidiary (October 2020) | ||
• In recent years, significant growth in panel sales to the US | ||
• Japan's leading solar panel manufacturer (annual production capacity of 5.0GW) | ||
(Source: BloombergNEF, Tier1 PV Module Maker List (May 23, 2023) | ||
• Pursuing overseas IPO for growth capital acquisition | ||
■ | Equity-method affiliate | |
Meiji Machine Co., Ltd. (TSE Standard/Securities Code: 6334) | ||
■ | Head office | |
Tennozu First Tower 16F 2-2-4 Higashishinagawa, Shinagawa-ku, Tokyo | ||
■ | Yasuaki Mitsuyuki | |
President & Representative Director | ||
■ | ||
Stock listing | TSE Second Section (Oct. 2018) ⇒ TSE Standard (Apr. 2022) | |
■ | Fiscal year-end | June |
■ | 144.1 billion yen | |
Total assets (end-Jun. 2023) | ||
■ | 23.3 billion yen | |
Net assets (end-Jun. 2023) | ||
■ | Performance results (FY06/23) | Net sales: 217.4 billion yen, Ordinary Profit: 14.8 billion yen |
■ | Performance forecast (FY06/24) | Net sales: 251.8 billion yen, Ordinary Profit: 15.8 billion yen |
■ | 341 in Japan (incl. affiliates); 1,500 overseas (VSUN,etc.) | |
No. of employees (end-Dec. 2022) |
Performance Highlights [FY06/23]
Sales and profit growth for three consecutive fiscal years; the highest profit recorded in FY06/23. Consolidated net sales: 215.3 billion yen (2.4 x YoY), Ordinary profit: 14.0 billion yen (9.9 x YoY).
Reasons for sales growth:
| Reasons for profit growth:
|
Performance of Key Segments
Solar Panel Manufacturing Business (VSUN)
Significant increase in sales and segment profit.
Sales of solar panels to the US and Europe exceeded expectations.
Price pass-through and reduced container freight costs led to improved profit margins (especially in 2H.
Plant No.4 (for panel manufacturing) began operations in stages from January 2023.
(Billions of yen)
FY06/22 | FY06/23 | YoY | |
Net sales | 81.78 | 206.81 | +153% |
Segment profit | 1.24 | 12.70 | +926% |
Steady advancement of the recurring revenue business (company ownership, securing stable income).
Acquisition of a solar power plant (in Ibaraki Prefecture with a first-year revenue projection of about 350 million yen).
Operations in FY06/23: the Taiwa/Ohira power plant in Miyagi Prefecture, Kamisu power plant in Ibaraki Prefecture, among others.
Actively pursuing non-FIT projects as a PPA operator.
(Billions of yen)
FY06/22 | FY06/23 | YoY | |
Power plant and product sales | 7.58 | 4.81 | -37% |
Electricity sales & O&M (recurring revenue) | 2.65 | 3.20 | +21% |
Net sales | 10.23 | 8.10 | -22% |
Segment profit | 1.20 | 1.08 | -10% |
[WWB Kamisu Solar Power Plant]
An example of an operational project developed in Kamisu, Ibaraki Prefecture.
Consolidated Performance Forecast for FY06/24
*Announced on August 18
Consolidated Sales: 251.8 billion yen (+17% YoY),
Ordinary Profit: 15.8 billion yen (+13% YoY)
The cell plant (Phase 1) is scheduled for completion in October 2023.
(Billions of yen)
FY06/23 | FY06/24 | Change (YoY) | |
Actual | Forecast | ||
Net sales | 215.28 | 251.80 | +17% |
Panel Manufacturing Business (=VSUN) | 206.81 | 239.00 | +16% |
Domestic Business (One-Time Revenue)* | 3.20 | 7.80 | +144% |
Domestic Business (Recurring Revenue)* | 5.27 | 5.00 | -5% |
Operating profit | 12.80 | 15.80 | +23% |
Ordinary Profit | 14.04 | 15.80 | +13% |
Profit attributable to owners of parent | 4.97 | 7.00 | +41% |
Earnings per share | 293.36 yen | 413.53 yen | - |
• One-time revenue includes sales from the Green Energy Business's power plant sales and merchandise, as well as sales from the IT Business and Photocatalyst Business.
• Recurring revenue accounts for electricity & O&M sales from the Green Energy Business.
Establishment of the New Medium-term Management Plan
While FY06/24 marks the final year of the current Medium-term Management Plan, considering changes in the business environment, we plan to announce a new Medium-term Management Plan starting from FY06/24 within this fiscal year.
Equity Ratio and Shareholder Returns
▼ Improvement in Equity Ratio
Improved from 6.9% (end-FY06/22) to 8.8% (end-FY06/23)
Equity ratio target: Above 10% to 12%.
We aim to bolster our equity by increasing retained earnings, with the Solar Panel Manufacturing Business and Green Energy Business as our main drivers.
* ROE increased from 16.3% (end-FY06/22) to 53.8% (end-FY06/23).
▼ Policy on Shareholder Return Measures
Dividend per share for FY06/23 was 8 yen (equivalent to 24 yen before stock split), which represents a substantive increase from FY06/22 (18 yen).
We take into account the balance of accumulating necessary internal reserves and providing stable shareholder returns.
Breakdown of Annual Dividend (For reference)
Note: A 3-for-1 stock split was executed on August 31, 2022, turning each common share into 3 shares.
＊The dividend for the current fiscal year (FY06/23) is converted based on the figures before the stock split.
Dividend Per Share | |||
Record Date | Interim | Year-End | Full Year |
Current Fiscal Year (FY06/23) | 3 yen (*9（ye*n9)円） | 5 yen (*15（y*e1n5)円） | 8 yen (*24（y*e2n4) 円） |
Previous Fiscal Year (FY06/22) | 8 yen | 10 yen | 18 yen |
[Overseas Topics ① ] New US Panel Factory (VSUN)
(Published on May 31,2023)
VSUN started considering the construction of a new panel factory with a view toward direct investment in the US market and inspected potential construction sites.
The schedule, factory location, and construction funds are still under consideration. We will announce the details promptly once decided.
The demand for panels in the US market continues to grow.
The US government actively encourages domestic production.
Significant benefits are expected from early direct investment.
We chose the US as a leading candidate for a location outside of Vietnam.
We also continue to consider areas in South America, Africa, etc.
[Inspection in the US]: The photos above show the inspected site for the potential new factory.
[Overseas Topics②] Plant No.4 Operational in Phases from
January 2023 (VSUN)
(Published on October 27, 2022)
In line with the expansion of orders, we enhanced production capacity and swiftly responded to the generational transition of solar panels based on market trends.
Annual production capacity: Increased from 2.6GW to 5.0GW. (For reference, 1 nuclear reactor equals 1GW.)
Annual operation rate: Currently at around 80% and improving.
Investment amount for Plant No.4: Approximately 30 million US dollars.
Top Japanese panel manufacturer (Tier 1 List)
[Plant No.4 exterior / Vietnam]
[Inside / Automated Factory]
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Disclaimer
Abalance Corporation published this content on 29 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 March 2024 07:09:04 UTC.
