FY2024 Consolidated Financial Results [IFRS]

(April 1, 2023 through March 31, 2024)

April 26, 2024

This translation may be used only for reference purposes. This English version is a summary of the original Japanese document. In cases where any differences occur between the English version and the original Japanese version, the Japanese version shall prevail. AISIN CORPORATION shall accept no responsibility or liability for damage or loss caused by any error, inaccuracy, or misunderstanding with regard to this translation.

Company Name

AISIN CORPORATION

Listed on

The Tokyo and Nagoya Stock Exchanges

Code Number

7259

URL

https://www.aisin.com/en

Representative

Moritaka Yoshida , President

Contact person

Yoshio Uchiyama, General Manager Finance & Accounting Dept.

TEL

+81-566-24-8265

Scheduled date of the annual regular general meeting of shareholdersJune 19, 2024

The expected date of dividends paymentMay 29, 2024

Scheduled filing date for reporting on EDINETJune 20, 2024

Additional documents to supplement financial resultsYes (Japanese only)

IR presentationYes (For analysts and professional investors)

1.Consolidated Results for FY2024 (Apr. 1, 2023 through Mar. 31, 2024)

(Amounts less than million yen are rounded down)

(1) Consolidated Financial Results

(Percent shows changes against previous Fiscal Year)

Profit before income

Profit for the period

Comprehensive

Revenue

Operating profit

Profit for the period

attributable

income

taxes

to owners of the parent

for the period

Million Yen

%

Million Yen

%

Million Yen

%

Million Yen

%

Million Yen

%

Million Yen

%

FY2024

4,909,557

11.5

143,396 147.5

149,877 103.2

112,809 135.5

90,813 141.1

462,984 720.9

FY2023

4,402,823

12.4

57,942

-68.2

73,741

-66.5

47,909 -69.5

37,670

-73.5

56,396

-81.0

Ratio of profit for the

Ratio of profit before

Diluted earnings per

period to equity

Ratio of operating

Basic earnings per share

income taxes to total

share

attributable to

profit to revenue

assets

owners of the parent

Yen

Yen

%

%

%

FY2024

336.93

336.93

4.7

3.4

2.9

FY2023

139.77

139.77

2.1

1.8

1.3

(Reference) Equity in earnings (losses) of affiliates

FY2024

-8,425Million Yen

FY2023

7,332Million Yen

(2) Consolidated Financial Position

Equity attributable to

Ratio of equity attributable

Equity attributable

Total Assets

Total equity

to owners of the parent

owners of the parent

to owners of the parent

per share

Million Yen

Million Yen

Million Yen

%

Yen

FY2024

4,643,016

2,402,029

2,135,837

46.0

7,924.18

FY2023

4,135,826

1,991,437

1,751,326

42.3

6,497.86

(3) Consolidated Cash Flows

From operating

From investing

From financing

Cash and cash equivalents

activities

activities

activities

at the end of FY

Million Yen

Million Yen

Million Yen

Million Yen

FY2024

499,740

-93,153

-211,699

527,191

FY2023

237,970

-186,857

-127,752

317,693

2.Cash Dividends

Annual Cash Dividends Per Share

Dividends

Ratio of equity

Dividends total

attributable to

1st quarter

2nd quarter

3rd quarter

4th quarter

FY Total

Payout Ratio

owners of the

parent

Yen

Yen

Yen

Yen

Yen

Million Yen

%

%

FY2023

70.00

100.00

170.00

45,819

121.6

2.6

FY2024

80.00

90.00

170.00

45,820

50.5

2.4

FY2025

90.00

90.00

180.00

37.3

(Forecast)

- 1 -

3.Consolidated forecast for FY2025 (Apr. 1, 2024 through Mar. 31, 2025)

(Percent shows changes against corresponding figures for the previous period)

Revenue

Operating profit

Profit before income

Profit attributable to

Earnings per share

taxes

owners of parent

Million Yen

%

Million Yen

%

Million Yen

%

Million Yen

%

Yen

Full year

4,920,000

0.2

220,000

53.4

225,000

50.1

130,000

43.2

482.31

4.Others

  1. Changes in significant subsidiariesYes Consolidation scope

Consolidated (New)None

Eliminated TANGSHAN AISIN AUTOMOTIVE PARTS CO., LTD.

TANGSHAN AISIN AUTOMOTIVE PARTS CO., LTD. was merged into TANGSHAN AISIN GEAR CO., LTD.

  1. Changes in accounting policies and accounting estimation
  • Changes in accounting policies required by IFRSYes

Other changes

None

Changes in accounting estimation

None

(Note) For more information, please refer to (Changes in accounting policies) on page 9.

(3) Number of outstanding shares (common stocks)

Number of shares issued including treasury stock as of the

FY2024

294,674,634 shares

FY2023

294,674,634 shares

respective balance sheet date

Number of treasury stock as of the respective balance

FY2024

25,140,588 shares

FY2023

25,151,250 shares

sheet date

Average number of common stocks

FY2024

269,532,761 shares

FY2023

269,522,153 shares

- 2 -

(Reference) Stand Alone Results for FY2024 (Apr. 1, 2023 through Mar. 31, 2024)

(1) Stand Alone Financial Results

(Percent indications show the percentage of changes against last Fiscal year)

Revenue

Operating profit

Ordinary profit

Profit for the period

Million Yen

%

Million Yen

%

Million Yen

%

Million Yen

%

FY2024

2,484,121

13.5

17,128

-

49,715

-32.4

109,994

50.1

FY2023

2,187,689

0.0

-3,360

-

73,547

-45.5

73,274

-78.2

Earnings per share

Diluted earnings per share

Yen

Yen

FY2024

408.09

FY2023

271.87

(2) Stand Alone Financial Position

Total Assets

Total equity

Tangible net worth ratio

Net worth per share

Million Yen

Million Yen

%

Yen

FY2024

2,968,913

1,259,682

42.4

4,673.56

FY2023

2,591,451

974,915

37.6

3,617.18

(Reference) Tangible net worth

FY2024

1,259,682Million Yen

FY2023

974,915Million Yen

(Note) The numbers shown on Stand Alone Financial Results are based on Japanese Standard.

(Note) Operating profit and profit for the period increased compared to FY2023 due to an increase in powertrain unit sales from the previous fiscal year and the recording of income on the sale of cross-shareholdings as extraordinary profit.

  • This report is exempt from the audit procedure by certified public accountant or audit firm.
  • Explanation regarding the appropriate use of forecasts, and other additional information

1. The forecasts included in this document are based on information that the Company has obtained at the time of this disclosure and certain

assumptions that the Company considers reasonable. The Company does not guarantee the predicted outcome of the forecasts.

Actual results may differ significantly from the forecast due to a variety of factors, such as exchange rates and conditions of the global market.

2. The Company is scheduled to hold the earnings briefing for analysts and professional investors on April 26, 2024. The presentation materials for the earnings briefing will be posted on its website promptly following the presentation.

- 3 -

5. Consolidated Financial Statements

(1) Consolidated Statements of Financial Position

(Million Yen)

FY2023

FY2024

(As of Mar. 31, 2023)

(As of Mar. 31, 2024)

Assets

Current assets

Cash and cash equivalents

317,693

527,191

Trade and other receivables

740,442

703,708

Other financial assets

44,326

39,375

Inventories

534,181

536,600

Other current assets

77,475

87,269

Subtotal

1,714,118

1,894,144

Assets held for sale

15,665

3,608

Total current assets

1,729,784

1,897,753

Non-current assets

Property, plant and equipment

1,440,280

1,470,862

Intangible assets

56,081

55,882

Right-of-use assets

65,451

67,203

Investments accounted for using the equity method

138,105

131,914

Other financial assets

583,573

885,677

Deferred tax assets

80,324

81,912

Other non-current assets

42,225

51,810

Total non-current assets

2,406,041

2,745,263

Total assets

4,135,826

4,643,016

Liabilities and equity

Liabilities

Current liabilities

Trade and other payables

840,261

908,975

Bonds and loans payable

159,880

100,227

Lease liabilities

18,392

20,905

Other financial liabilities

3,559

9,373

Provisions

38,403

44,037

Income tax payables

13,414

46,670

Other current liabilities

42,466

47,652

Subtotal

1,116,378

1,177,842

Liabilities directly associated with assets held for sale

1,494

312

Total current liabilities

1,117,873

1,178,154

Non-current liabilities

Bonds and loans payable

688,815

626,067

Lease liabilities

43,378

47,461

Other financial liabilities

19,938

27,111

Retirement benefit liabilities

206,115

205,801

Provisions

2,206

2,393

Deferred tax liabilities

49,532

142,238

Other non-current liabilities

16,528

11,758

Total non-current liabilities

1,026,515

1,062,833

Total liabilities

2,144,389

2,240,987

Equity

Capital stock

45,049

45,049

Capital surplus

74,401

79,352

Treasury stock

-115,675

-115,627

Other components of equity

307,125

577,590

Retained earnings

1,440,425

1,549,472

Equity attributable to owners of the parent company

1,751,326

2,135,837

Non-controlling interests

240,110

266,192

Total equity

1,991,437

2,402,029

Total liabilities and equity

4,135,826

4,643,016

- 4 -

  1. Consolidated Statements of Income / Consolidated Statements of Comprehensive Income (Consolidated Statements of Income)

(Million Yen)

FY2023

FY2024

(Apr. 1, 2022 through

(Apr. 1, 2023 through

Mar. 31, 2023)

Mar. 31, 2024)

Revenue

4,402,823

4,909,557

Cost of revenue

-4,001,434

-4,358,900

Gross profit

401,389

550,656

Selling, general and administrative expenses

-339,175

-417,705

Other income

26,610

28,785

Other expenses

-30,880

-18,340

Operating profit

57,942

143,396

Finance income

25,036

25,445

Finance expenses

-16,569

-10,538

Equity in earnings (losses) of affiliates

7,332

-8,425

Profit before income taxes

73,741

149,877

Income tax expenses

-25,832

-37,068

Profit for the period

47,909

112,809

Profit for the period attributable to:

Owners of the parent

37,670

90,813

Non-controlling interests

10,238

21,996

Total

47,909

112,809

Earnings per share

Basic earnings per share (Yen)

139.77

336.93

Diluted earnings per share (Yen)

139.77

336.93

(Consolidated Statements of Comprehensive Income)

(Million Yen)

FY2023

FY2024

(Apr. 1, 2022 through

(Apr. 1, 2023 through

Mar. 31, 2023)

Mar. 31, 2024)

Profit for the period

47,909

112,809

Other comprehensive income

Items that will not be reclassified to profit or loss

Remeasurements of defined benefit plans

27,237

10,363

Net changes in revaluation of financial assets measured at fair value through

-49,014

286,827

other comprehensive income

Share of other comprehensive income of associates accounted for using the

-506

-4

equity method

Total

-22,282

297,187

Items that may be reclassified subsequently to profit or loss

Net changes in revaluation of financial assets measured at fair value through other comprehensive income

Cash flow hedges

Exchange differences on translating foreign operations

Share of other comprehensive income of associates accounted for using the equity method

Total

Other comprehensive income total Comprehensive income for the period

Comprehensive income for the period attributable to:

Owners of the parent

Non-controlling interests

Total

-75

52

132

77

27,867

48,896

2,843

3,960

30,769

52,987

8,487

350,174

56,396

462,984

39,353

426,802

17,043

36,182

56,396

462,984

- 5 -

(3) Consolidated Statements of Changes in Equity

FY2023 (Apr. 1, 2022 through Mar. 31, 2023)

(Million Yen)

Equity attributable to owners of the parent

Other components of equity

Net changes in

Remeasure

revaluation of

Exchange

Capital

Capital

Treasury

financial assets

Cash

differences

stock

surplus

stock

ments

measured at

on

of defined

flow

Total

fair value

translation

benefit

hedges

through other

of foreign

plans

comprehensive

operations

income

Balance as of April 1, 2022 Hyperinflation adjustment

Balance as of April 1, 2022 After adjustment

45,049

76,282

-115,723

325,493

-253

5,084

330,324

45,049

76,282

-115,723

325,493

-253

5,084

330,324

Profit for the period

Other comprehensive income

Comprehensive income for the period

Acquisition of treasury stock Disposal of treasury stock Dividends

Changes in the ownership interest in subsidiaries

Transfer from other components of equity to retained earnings

Total transactions with owners Balance as of Mar. 31, 2023

24,617

-49,303

138

26,229

1,682

24,617

-49,303

138

26,229

1,682

-5

-13

53

-1,867

52

52

-24,670

-263

-24,933

-1,880

48

-24,617

-263

-24,881

45,049

74,401

-115,675

275,926

-114

31,313

307,125

Equity attributable to owners of the parent

Retained

Non-controlling interests

Total equity

Total

earnings

Balance as of April 1, 2022 Hyperinflation adjustment

Balance as of April 1, 2022 After adjustment

1,420,583

1,756,516

239,992

1,996,508

3,055

3,055

3,055

1,423,638

1,759,571

239,992

1,999,563

Profit for the period

Other comprehensive income

Comprehensive income for the period

Acquisition of treasury stock Disposal of treasury stock Dividends

Changes in the ownership interest in subsidiaries

Transfer from other components of equity to retained earnings

Total transactions with owners Balance as of Mar. 31, 2023

37,670

37,670

10,238

47,909

1,682

6,804

8,487

37,670

39,353

17,043

56,396

-5

-5

39

39

-45,818

-45,818

-8,491

-54,309

-1,814

-8,433

-10,248

24,933

-20,884

-47,598

-16,925

-64,523

1,440,425

1,751,326

240,110

1,991,437

- 6 -

FY2024 (Apr. 1, 2023 through Mar. 31, 2024)

(Million Yen)

Equity attributable to owners of the parent

Other components of equity

Net changes in

Remeasure

revaluation of

Exchange

Capital

Capital

Treasury

financial assets

Cash

differences

stock

surplus

stock

ments

measured at

on

of defined

flow

Total

fair value

translation

benefit

hedges

through other

of foreign

plans

comprehensive

operations

income

Balance as of April 1, 2023 Profit for the period

Other comprehensive income

Comprehensive income for the period

Hyperinflation adjustment Acquisition of treasury stock Disposal of treasury stock Dividends

Changes in the ownership interest in subsidiaries

Change in scope of consolidation

Transfer from other components of equity to retained earnings

Total transactions with owners Balance as of Mar. 31, 2024

45,049

74,401

-115,675

275,926

-114

31,313

307,125

8,633

284,752

80

42,522

335,988

8,633

284,752

80

42,522

335,988

-6

-9

55

4,959

90

-310

-220

-8,723

-56,579

-65,303

4,950

48

-8,633

-56,579

-310

-65,523

45,049

79,352

-115,627

504,099

-34

73,526

577,590

Equity attributable to owners of the parent

Retained

Total

Non-controlling interests

Total equity

earnings

Balance as of April 1, 2023

1,440,425

1,751,326

240,110

1,991,437

Profit for the period

90,813

90,813

21,996

112,809

Other comprehensive income

335,988

14,185

350,174

Comprehensive income for the

90,813

426,802

36,182

462,984

period

Hyperinflation adjustment

1,445

1,445

1,445

Acquisition of treasury stock

-6

-6

Disposal of treasury stock

46

1

47

Dividends

-48,515

-48,515

-9,052

-57,567

Changes in the ownership

4,959

-1,050

3,909

interest in subsidiaries

Change in scope of consolidation

-220

-220

Transfer from other components

65,303

of equity to retained earnings

Total transactions with owners

16,787

-43,736

-10,100

-53,837

Balance as of Mar. 31, 2024

1,549,472

2,135,837

266,192

2,402,029

- 7 -

(4) Consolidated Statements of Cash Flows

(Million Yen)

FY2023

FY2024

(Apr. 1, 2022 through

(Apr. 1, 2023 through

Mar. 31, 2023)

Mar. 31, 2024)

Net cash provided by (used in) operating activities

Profit before income tax

73,741

149,877

Depreciation and amortization

277,187

274,300

Impairment losses

19,981

4,092

Decrease (increase) in trade and other receivables

-80,483

89,617

Decrease (increase) in inventories

56,910

30,143

Increase (decrease) in trade and other payables

-35,186

-4,753

Other, net

-13,964

-29,110

Subtotal

298,185

514,167

Interest income received

2,958

5,067

Dividends income received

18,397

21,940

Interest expenses paid

-11,865

-8,516

Income taxes paid

-69,706

-32,919

Net cash provided by (used in) operating activities

237,970

499,740

Net cash provided by (used in) investing activities

Decrease (increase) in time deposits

26,215

-4,891

Purchase of property, plant and equipment

-212,312

-228,148

Proceeds from sales of property, plant and equipment

6,560

10,111

Purchase of intangible assets

-26,558

-16,316

Purchase of investment securities

-2,309

-2,283

Proceeds from sales and redemption of investment securities

6,458

118,957

Proceeds from collection of lease receivables

14,874

14,054

Proceeds from sales of subsidiaries or other businesses

13,075

Other, net

214

2,288

Net cash provided by (used in) investing activities

-186,857

-93,153

Net cash provided by (used in) financing activities

Increase (decrease) in short-term bank loans and commercial papers

22,674

-41,939

Proceeds from long-term loans payable

555

5,359

Repayment of long-term loans payable

-65,249

-80,288

Redemption of bonds

-15,000

Repayment of lease payables

-25,507

-25,949

Cash dividends paid

-45,792

-48,502

Cash dividends paid to non-controlling interests

-8,491

-9,052

Other, net

-5,941

3,672

Net cash provided by (used in) financing activities

-127,752

-211,699

Effect of exchange rate change on cash and cash equivalents

8,959

13,207

Net increase (decrease) in cash and cash equivalents

-67,680

208,094

Cash and cash equivalents at beginning of period

386,906

317,693

To reclassify cash and cash eqiuvalents included in assets held for sale

-1,532

1,403

Cash and cash equivalents at end of period

317,693

527,191

- 8 -

  1. Notes to the Consolidated Financial Statements (Going concern assumption)
    None

(Changes in accounting policies)

Beginning from FY2024, the company has adopted "Amended by Deferred Tax related to Assets and Liabilities arising from a Single Transaction" (Amendments to IAS12). The adoption of this atandard has no significant impact on the Consolidated Financial Statements of the company.

(Segments information)

1. General information regarding reportable segments

The reportable segments of the Group are components for which financial information is available and whose operating results are periodically

reviewed by the Board of Directors to make decisions about allocation of resources and to assess performance.

We devise strategies, policies and goals for maximizing sustainable business value for the entire Group by meeting diverse needs near major automobile manufacturers around the world, and developing, producing, and selling high value-added products. We have assigned officers in charge of each region to supervise the devising of comprehensive strategies in the regions. In addition, the Group mainly manufactures and sells automobile parts, etc., and each company is conducting business activities by devising comprehensive strategies as independent management units in each region.

Therefore, the Group consists of segments by location of the company based on the manufacture and sale of automobile parts, etc., and set five reportable segments: "Japan", "North America", "Europe", "China", and "ASEAN and India". Therefore, reportable segments and its product and service are as follows.

Segment

Product and service

Japan

Overall automotive parts

Energy solution related products etc.

North America

Overall automotive parts

Europe

Overall automotive parts

China

Overall automotive parts

ASEAN and India

Overall automotive parts

2. Change in reportable segment classification

From the beginning of the current consolidated fiscal year, the Group's reportable segments has been changed from four segments of "Japan",

"North America", "Europe" and "China" to five segments of "Japan", "North America", "Europe", "China", and "ASEAN and India" due to the review of performance management classification. "ASEAN and India" includes consolidated subsidiaries located in Thailand, Indonesia, Philippines, India, and Singapore.

The segment information for the previous consolidated fiscal year has been restated based on the new reportable segments.

- 9 -

2. Revenue and profit by reportable segments FY2023(Apr. 1, 2022 through Mar. 31, 2023)

(Million Yen)

Reportable Segments

Japan

North

Europe

China

ASEAN

Total

Others

Adjustments

Total

America

and India

Revenue

(1) Revenue from third

2,219,693

814,368

343,873

531,951

456,826

4,366,713

36,110

4,402,823

parties

(2) Inter-segment

633,725

14,641

9,640

16,579

35,824

710,410

49

-710,460

Total

2,853,419

829,009

353,513

548,530

492,650

5,077,124

36,159

-710,460

4,402,823

Segment profit (loss)

-4,594

-32,539

8,369

16,044

58,582

45,862

3,706

8,373

57,942

Finance income

25,036

Finance expenses

-16,569

Equity in earnings (losses) of affiliates

7,332

Profit before income taxes

73,741

(Note1) Others include omitted non-core regions that manufacture and sell automotive parts, such as Brazil.

(Note2) Inter-segment revenue is based on transaction price negotiated each year in consideration of market price and total cost.

(Note3) Segment profit (loss) is based on Operating profit.

FY2024(Apr. 1, 2023 through Mar. 31, 2024)

(Million Yen)

Reportable Segments

Japan

North

Europe

China

ASEAN

Total

Others

Adjustments

Total

America

and India

Revenue

(1) Revenue from

2,450,841

982,393

364,773

612,373

456,587

4,866,969

42,587

4,909,557

third parties

(2) Inter-segment

744,423

18,141

11,082

22,943

43,524

840,115

43

-840,158

Total

3,195,265

1,000,535

375,855

635,316

500,111

5,707,084

42,631

-840,158

4,909,557

Segment profit (loss)

62,609

-25,154

7,748

36,470

56,164

137,837

4,702

855

143,396

Finance income

25,445

Finance expenses

-10,538

Equity in earnings (losses) of affiliates

-8,425

Profit before income taxes

149,877

(Note1) Others include omitted non-core regions that manufacture and sell automotive parts, such as Brazil.

(Note2) Inter-segment revenue is based on transaction price negotiated each year in consideration of market price and total cost.

(Note3) Segment profit (loss) is based on Operating profit.

- 10 -

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Aisin Corporation published this content on 26 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 April 2024 14:36:28 UTC.