ADVANEX INC. ADVANEX INC.
Flash Report (Consolidated Basis)
Results for FY2024 First quarter(three months ended June 30, 2023)
August 10, 2023 | ||
Company name: | ADVANEX INC. | Stock listings: Tokyo Stock Exchange |
Code number: | 5998 | URLhttps://www.advanex.co.jp |
Representative: | Eitaro Asada, Chairman & President | |
Inquiries: | Tetsuya Yoshihara, Executive Director & CFO | Telephone: +81-3-3822-5865 |
Filing date of quarterly securities report: | August 14, 2023 |
Supplementary explanation material for quarterly financial results | Yes |
Holding of presentation meeting for quarterly financial results | No |
1. Performance (April 1, 2023 through June 30, 2023) (Figures less than ¥1 million have been omitted.)
(1) Consolidated operating results (For the three months ended June 30.).
Percentages indicate year-on-year increase (decrease)
Net sales | Operating | Ordinary | Net income | |||||||||||
income | income | |||||||||||||
Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | |||||||
Three months ended | 6,311 | 11.8 | 139 | - | 571 | 215.3 | 423 | - | ||||||
June 30, 2023 | ||||||||||||||
Three months ended | 5,647 | 6.0 | (165) | - | 181 | 14.5 | 21 | (47.9) | ||||||
June 30, 2022 | ||||||||||||||
[Note] Comprehensive income: Three months ended June 30,2023 | 938 million yen | |||||||||||||
Three months ended June 30,2022 | 520 million yen | |||||||||||||
Net income | Net income per share | |||||||||||||
per share | after dilution | |||||||||||||
Yen | Yen | |||||||||||||
Three months ended | 103.03 | 102.89 | ||||||||||||
June 30, 2023 | ||||||||||||||
Three months ended | 5.17 | 5.16 | ||||||||||||
June 30, 2022 | ||||||||||||||
(2) Consolidated financial position | ||||||||||||||
Total assets | Net assets | Equity ratio | ||||||||||||
Millions of | yen | Millions of yen | % | |||||||||||
As of June 30, 2023 | 28,284 | 8,110 | 28.6 | |||||||||||
As of March 31,2023 | 26,470 | 7,221 | 27.2 | |||||||||||
[Reference] Total shareholder's equity: 8,102 million yen at June 30, 2023 7,213 million yen at March 31, 2023
2. Dividends
Dividends per share | |||||
Record date | First quarter | Second quarter | Third quarter | Year-end | Total |
-end dividends | -end dividends | -end dividends | dividends | ||
Yen | Yen | Yen | Yen | Yen | |
Year ended | -- | -- | -- | 12.00 | 12.00 |
March 31, 2023 | |||||
Year ended | -- | -- | -- | -- | -- |
March 31, 2024 | |||||
Year ended | |||||
March 31, 2024 | -- | -- | -- | 20.00 | 20.00 |
(forecast) |
[[Note] Revisions to the latest forecast of cash dividends: No
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3. Forecast of consolidated results for FY2024 (April 1, 2023 through March 31, 2024)
Percentages indicate year-on-year increase (decrease)
Net sales | Operating | Ordinary | Net income | Net income | ||||||||
income | income | (loss) | (loss) per share | |||||||||
Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | Yen | ||||
Year ended March | 25,000 | 1.5 | 400 | 552.8 | 250 | (57.3) | 50 | (16.9) | 12.17 | |||
31, 2024 | ||||||||||||
[Note] Revisions to the latest forecasts of consolidated results: No |
4. Others
- Significant changes in subsidiaries during the subject fiscal year: No
Additions: 0 | Deletions: 0 |
- Application of simplified accounting and specific accounting: No
- Changes in accounting principles, procedures, presentations, etc.
- Changes associated with revision of accounting standards, etc: Yes
- Changes other than a.: No
- Change in accounting estimate: No
- Restatement: No
- Number of shares outstanding (Common stock)
-
Number of shares outstanding at end of period (Including treasury stock) 4,153,370 shares at June 30, 2023
4,153,370 shares at March 31, 2023 - Number of shares of treasury stock at end of period
-
Number of shares outstanding at end of period (Including treasury stock) 4,153,370 shares at June 30, 2023
45,752 shares at June 30, 2023
45,562 shares at March 31, 2023
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Average number of shares issued and outstanding in each period: 4,107,736 shares at June 30, 2023
4,108,371 shares at June 30, 2022
[Notes]
1. Explanation for related to implementation of the quarterly review procedures
When disclosing this Brief Report of Financial Results, the review procedures for quarterly financial statements under the Financial Instruments and Exchange Law have not been brought to completion.
2. Explanation for appropriate use of financial forecasts and other special remarks
The above-mentioned forecasts are based on the information available as of the date when this information is disclosed, as well as on the assumptions as of the disclosing date of this information related with unpredictable parameters that are probable to affect our future business performances. Our actual performance is likely to differ greatly from these estimates depending on various factors in the future.
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(Attachment)
Index
1. Qualitative Information and Financial Statements
(1) Explanation of Business Results ……………………………………………………………………… 4
- Explanation of Financial Position……………………………………………………………………………………4,5
- Explanation of Consolidated Business Forecast and other Forecasts……………………. ………… 5
.
2. Quarterly Consolidated Financial Statements
- Quarterly Consolidated Balance Sheets………………………….……………………………………….6, 7
- Quarterly Consolidated Statements of Income and Quarterly Consolidated Statements of Comprehensive Income …………………………………………………………………………………… 8, 9
- Notes Concerning Quarterly Consolidated Financial Statements………………………………………10
- Segment Information, etc………………………….………………………………………………………. 11,12
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1．Qualitative Information on Financial Results For This Quarter
(1)Explanation of Business Results
During the first quarter of the fiscal year under review, the global economy remained uncertain due to interest rate hikes by central banks around the world, global inflation, and the prolonged Ukrainian crisis. The automotive industry, which is our main market, is generally on a recovery trend due to solid demand and the easing of semiconductor shortages, despite signs of strength and weakness in each of the manufacturers and models that are equipped with some of our products.
Under these circumstances, net sales for the first quarter of the current fiscal year increased by 11.8% from the same quarter of the previous fiscal year to ¥6,311 million, and operating income was ¥139 million (compared with an operating loss of ¥165 million in the same quarter of the previous fiscal year). Ordinary income increased 215.3% year on year to ¥571 million due to foreign exchange gains, and profit attributable to owners of parent was ¥423 million (compared with profit of ¥21 million in the same quarter of the previous year).
Results by business segment are as follows.
[Japan]
Net sales increased 1.7% year on year to ¥2,143 million. Sales of products for OA equipment and home appliances were sluggish, while sales for automotive applications recovered due to the easing of semiconductor-related shortages. Segment income increased 792.1% to ¥73 million despite the impact of soaring energy costs.
[Americas]
Net sales increased 53.7% year on year to ¥1.007 billion due to the start-up of production for automobiles and medical care at plants in the United States and Mexico. Segment loss was 84 million yen (compared with a loss of 283 million yen in the same quarter of the previous fiscal year) due to progress in improving profitability at both the U.S. and Mexico plants, despite an increase in fixed costs due to the appreciation of the Mexican peso.
[Europe]
Revenues increased 53.3% year on year to 755 million yen due to the recovery in aircraft and medical applications and the impact of foreign exchange rates. Segment profit was 52 million yen, compared with a loss of 17 million yen in the same quarter of the previous fiscal year, despite soaring personnel and energy costs.
[Asia]
Net sales increased 0.6% year on year to ¥2.404 billion due to the recovery in automotive applications and the impact of foreign exchange rates. Segment income decreased 25.3% year on year to ¥95 million due mainly to higher personnel and energy costs.
- Explanation of Financial Position (Assets)
Total assets at the end of the first quarter under review increased 1,814 million yen from the end of the previous fiscal year, to 28,284 million yen.
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In the Assets section, total current assets increased ¥1,252 million to ¥14,269 million. The main factors were increases of 370 million yen in cash and deposits, 552 million yen in notes and accounts receivable-trade, and 303 million yen in inventories. Total non-current assets increased ¥561 million to ¥14,015 million. This was mainly due to an increase in property, plant and equipment.
(Liabilities)
In the Liabilities section, total liabilities were 20,174 million yen, an increase of 925 million yen from the end of the previous fiscal year. This was mainly due to increases of 283 million yen in notes and accounts payable-trade and 450 million yen in loans payable.
(Net assets)
Net assets totaled 8,110 million yen, an increase of 888 million yen from the end of the previous fiscal year. This was mainly due to an increase of 423 million yen in quarterly profit attributable to owners of parent and an increase of 507 million yen in foreign currency translation adjustment.
As a result, the equity ratio was 28.6% (27.2% at the end of the previous fiscal year).
(3) Explanation of Consolidated Business Forecast and other Forecasts
We have not changed the forecast for the fiscal year ending March 2024 from the forecast released on May 12, 2023.
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Disclaimer
Advanex Inc. published this content on 10 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 August 2023 07:22:31 UTC.
