October 26, 2023
Consolidated Financial Results
For the Second Quarter Ended September 30, 2023
Company name: IBIDEN CO., LTD.
Stock exchange listings: Tokyo and Nagoya Stock Exchange (Code number:4062)
URL: https://www.ibiden.com/
Representative: Takeshi Aoki, President & CEO, Representative Director
Contact: Hisashi Sano, Vice President of Strategic Corporate Planning Operation (Tel. +81-584-81-3111)
Filing date of quarterly securities report: October 31, 2023
(Amounts less than one million yen are omitted)
1. Consolidated Financial Results for FY 2023 Second quarter (From April 1, 2023 to September 30, 2023)
(1) Operating results | (Percentage figures indicate the change from the same period of the prior fiscal year) | ||||||||||
Net sales | Operating profit | Ordinary profit | Profit (loss) attributable | ||||||||
to owners of parent | |||||||||||
Million yen | % | Million yen | % | Million yen | % | Million yen | % | ||||
FY 2023 2nd quarter | 187,640 | (12.1) | 24,072 | (41.9) | 26,824 | (41.1) | 17,892 | (43.8) | |||
FY 2022 2nd quarter | 213,579 | 9.1 | 41,404 | 18.2 | 45,536 | 27.2 | 31,812 | 42.9 | |||
Note: Comprehensive income | |||||||||||
FY2023 2nd quarter: | 47,226 million yen (-0.8%) | FY2022 2nd quarter: 47,629 million yen | (95.7%) | ||||||||
Basic earnings | Diluted earnings | ||||||||||
per share | per share | ||||||||||
Yen | Yen | ||||||||||
FY 2023 2nd quarter | 128.10 | - | |||||||||
FY 2022 2nd quarter | 227.84 | - | |||||||||
(2) Financial positions | |||||||||||
Total assets | Net assets | Capital adequacy ratio | |||||||||
Million yen | Million yen | % | |||||||||
FY 2023 2nd quarter | 898,076 | 470,166 | 51.6 | ||||||||
FY 2022 | 857,508 | 425,606 | 48.9 | ||||||||
Note: Owner's equity | |||||||||||
As of September 30, 2023 : | 463,564 million yen | As of March 31, 2023 : | 419,238 million yen |
2. Notes
(1) | Material changes in subsidiaries during this period : Yes | |||||
Excluded: 2 companies (IBIDEN Electronics (Beijing) Co., Ltd, IBIDEN DPF France S.A.S) | ||||||
(2) | Applying of specific accounting of the consolidated quarterly financial statements: Yes | |||||
The provision for income taxes is computed by multiplying profit before income taxes by estimated annual effective tax rates. | ||||||
(3) | Changes in accounting policies, accounting estimates and retrospective restatement | |||||
(ⅰ) Changes in accounting policies based on revisions of accounting standard: None | ||||||
(ⅱ) Changes in accounting policies other than the above: None | ||||||
(ⅲ) Changes in accounting estimates: None | ||||||
(ⅳ) Retrospective restatement: None | ||||||
(4) | Number of shares issued and outstanding (common stock) | |||||
(ⅰ) Number of shares outstanding (including treasury stock): | ||||||
As of September 30, 2023 | 140,860,557 shares | As of March 31, 2023 | 140,860,557 shares | |||
(ⅱ) Number of treasury stock : | ||||||
As of September 30, 2023 | 1,166,596 shares | As of March 31, 2023 | 1,211,148 shares | |||
(ⅲ) Average number of shares:: | ||||||
As of September 30, 2023 | 139,672,639 shares | As of September 30, 2022 | 139,624,411 shares |
- This quarterly financial result is not subject to auditing firms' quarterly review procedure.
Consolidated balance sheet
(Million yen) | |||
As of | As of | Increase | |
Sep 30,2023 | Mar 31,2023 | (Decrease) | |
Assets | |||
Current assets | |||
Cash and deposits | 296,591 | 302,419 | (5,828) |
Notes and accounts receivable - trade, and | 77,393 | 75,942 | 1,451 |
contract assets | |||
Electronically recorded monetary claims | 3,754 | 3,563 | 191 |
Merchandise and finished goods | 22,127 | 30,871 | (8,743) |
Work in process | 18,038 | 21,191 | (3,152) |
Raw materials and supplies | 25,769 | 27,132 | (1,363) |
Other current assets | 19,602 | 15,765 | 3,837 |
Allowance for doubtful accounts | (73) | (59) | (13) |
Total current assets | 463,203 | 476,825 | (13,622) |
Non-current assets | |||
Property, plant and equipment | |||
Buildings and structures | 78,007 | 77,000 | 1,006 |
Machinery, equipment and vehicles | 75,484 | 82,147 | (6,662) |
Land | 20,606 | 20,360 | 246 |
Lease assets | 264 | 253 | 11 |
Construction in progress | 156,180 | 119,038 | 37,142 |
Other - property, plant and equipment | 8,081 | 8,167 | (85) |
Total property, plant and equipment | 338,626 | 306,967 | 31,659 |
Intangible assets | 4,822 | 5,179 | (356) |
Investments and other assets | |||
Investment securities | 86,122 | 61,342 | 24,779 |
Long-term loans receivable | 8 | 8 | 0 |
Deferred tax assets | 3,697 | 5,533 | (1,836) |
Other assets | 1,832 | 1,889 | (57) |
Allowance for doubtful accounts | (236) | (238) | 2 |
Total investments and other assets | 91,423 | 68,536 | 22,887 |
Total non-current assets | 434,872 | 380,682 | 54,189 |
Total assets | 898,076 | 857,508 | 40,567 |
(Continued) |
(Million yen) | |||
As of | As of | Increase | |
Sep 30,2023 | Mar 31,2023 | (Decrease) | |
Liabilities and net assets | |||
Liabilities | |||
Current liabilities | |||
Notes and accounts payable - trade | 28,157 | 28,262 | (105) |
Electronically recorded obligations | 10,777 | 12,169 | (1,391) |
Short-term loans payable | 45,030 | 65,030 | (20,000) |
Current portion of bonds | 35,000 | - | 35,000 |
Accounts payable - other | 20,867 | 22,308 | (1,440) |
Income taxes payable | 8,875 | 14,268 | (5,393) |
Provision for bonuses | 5,104 | 5,138 | (34) |
Provision for bonuses for directors | - | 186 | (186) |
Notes payable - facilities | 15 | 1 | 14 |
Electronically recorded obligations - facilities | 27,897 | 26,601 | 1,296 |
Other - current liabilities | 46,819 | 49,354 | (2,535) |
Total current liabilities | 228,544 | 223,321 | 5,223 |
Non-current liabilities | |||
Bonds payable | 65,000 | 100,000 | (35,000) |
Long-term loans payable | 125,000 | 105,000 | 20,000 |
Lease obligations | 157 | 167 | (10) |
Deferred tax liabilities for land revaluation | 68 | 68 | - |
Retirement benefit liability | 688 | 573 | 115 |
Provision for share-based compensation | 497 | 548 | (50) |
Deferred tax liabilities | 6,526 | 825 | 5,700 |
Other - non-current liabilities | 1,427 | 1,398 | 29 |
Total non-current liabilities | 199,365 | 208,581 | (9,215) |
Total liabilities | 427,909 | 431,902 | (3,992) |
(Continued) |
(Million yen) | |||
As of | As of | Increase | |
Sep 30,2023 | Mar 31,2023 | (Decrease) | |
Net assets | |||
Shareholders' equity | |||
Capital stock | 64,152 | 64,152 | - |
Capital surplus | 64,494 | 64,494 | - |
Retained earnings | 244,899 | 229,804 | 15,094 |
Treasury shares | (2,980) | (3,126) | 146 |
Total shareholders' equity | 370,565 | 355,324 | 15,240 |
Accumulated other comprehensive income | |||
Valuation difference on available-for-sale | 41,818 | 24,430 | 17,387 |
securities | |||
Revaluation reserve for land | 160 | 160 | - |
Foreign currency translation adjustment | 51,021 | 39,323 | 11,697 |
Total accumulated other comprehensive income | 92,999 | 63,914 | 29,085 |
Non-controlling interests | 6,601 | 6,367 | 233 |
Total net assets | 470,166 | 425,606 | 44,560 |
Total liabilities and net assets | 898,076 | 857,508 | 40,567 |
(Concluded) |
Consolidated statement of income
(Million yen) | |||
FY 2023 | FY 2022 | Increase | |
2nd quarter | 2nd quarter | (Decrease) | |
Net sales | 187,640 | 213,579 | (25,938) |
Cost of sales | 136,435 | 144,903 | (8,467) |
Gross profit | 51,204 | 68,675 | (17,470) |
Selling, general and administrative expenses | 27,131 | 27,270 | (139) |
Operating profit | 24,072 | 41,404 | (17,331) |
Non-operating income (expenses) | 2,751 | 4,132 | (1,380) |
Interest income | 626 | 262 | 363 |
Dividends income | 867 | 799 | 67 |
Share of profit(loss) of entities accounted for using equity | 1 | 0 | 1 |
method | |||
Foreign exchange gain(losses), net | 1,119 | 3,034 | (1,915) |
Interest expenses | (303) | (127) | (175) |
Bond issuance cost | - | (197) | 197 |
Other, net | 441 | 360 | 81 |
Ordinary profit | 26,824 | 45,536 | (18,712) |
Extraordinary income (losses) | 1,374 | (2,361) | 3,735 |
Gain on sales of non-current assets | 4 | 75 | (71) |
Gain on sales of Investment securities | 0 | 19 | (19) |
Insurance claim income | - | 105 | (105) |
Gain on sales of shares of subsidiaries and associates | 3,067 | - | 3,067 |
Loss on retirement of non-current assets | (811) | (2,218) | 1,406 |
Impairment loss | (489) | (90) | (398) |
Other, net | (397) | (253) | (144) |
Profit before income taxes | 28,198 | 43,175 | (14,976) |
Income taxes | (10,172) | (11,232) | 1,059 |
Profit | 18,025 | 31,942 | (13,917) |
Profit attributable to: | |||
Non-controlling interests | 133 | 130 | 2 |
Owners of parent | 17,892 | 31,812 | (13,919) |
Consolidated statement of comprehensive income
(Million yen) | |||
FY 2023 | FY 2022 | Increase | |
2nd quarter | 2nd quarter | (Decrease) | |
Profit | 18,025 | 31,942 | (13,917) |
Other comprehensive income (loss) | |||
Valuation difference on available-for-sale securities | 17,480 | (5,473) | 22,954 |
Foreign currency translation adjustments | 11,720 | 21,160 | (9,440) |
Total other comprehensive income (loss) | 29,200 | 15,687 | 13,513 |
Comprehensive income (loss) | 47,226 | 47,629 | (403) |
Comprehensive income (loss) attributable to: | |||
Owners of parent | 46,977 | 47,504 | (526) |
Non-controlling interests | 248 | 125 | 123 |
Segment Information
FY 2022 2nd quarter (From April 1, 2022 to September 30, 2022)
(1) Sales and profit information of each Segment
(Million yen) | |||||||
Reportable Segment | Consolidated | ||||||
Others | Adjustment | ||||||
Electronics | Ceramics | Total | Statements | ||||
(*1) | (*2) | of Income(*3) | |||||
Net sales | |||||||
Revenue from | |||||||
contracts with | 134,316 | 44,297 | 34,964 | 213,579 | - | 213,579 | |
customers | |||||||
Sales to third parties | 134,316 | 44,297 | 34,964 | 213,579 | - | 213,579 | |
Intersegment sales | - | 41 | 7,039 | 7,080 | (7,080) | - | |
and transfers | |||||||
Total | 134,316 | 44,338 | 42,004 | 220,659 | (7,080) | 213,579 | |
Segment profit (loss) | 35,456 | 3,852 | 2,317 | 41,627 | (223) | 41,404 | |
*1 The "Others" section refers to businesses that are not included in a reportable segment.
*2 The (223) million yen adjustment to segment profit (loss) is an elimination for intersegment transactions and corporate expenses that cannot be allocated to reportable segments.
*3 Segment profit (loss) is reconciled to operating income in the Consolidated statements of income.
(2) Impairment losses on non-current assets, goodwill, etc.by reporting segment Not applicable
FY 2023 2nd quarter (From April 1, 2023 to September 30, 2023)
(1) Sales and profit information of each Segment
(Million yen) | ||||||
Reportable Segment | Consolidated | |||||
Others | Adjustment | |||||
Electronics | Ceramics | Total | Statements | |||
(*1) | (*2) | of Income(*3) | ||||
Net sales | ||||||
Revenue from | 102,579 | 48,110 | 36,950 | 187,640 | 187,640 | |
contracts with | - | |||||
customers | ||||||
Sales to third parties | 102,579 | 48,110 | 36,950 | 187,640 | - | 187,640 |
Intersegment sales | 2 | 23 | 6,719 | 6,745 | (6,745) | - |
and transfers | ||||||
Total | 102,582 | 48,133 | 43,669 | 194,385 | (6,745) | 187,640 |
Segment profit (loss) | 15,991 | 5,757 | 2,461 | 24,209 | (137) | 24,072 |
*1 The "Others" section refers to businesses that are not included in a reportable segment.
*2 The (137) millions of yen adjustment to segment profit (loss) is an elimination for intersegment transactions and corporate expenses which cannot be allocated to reportable segments.
*3 Segment profit (loss) is reconciled to operating income in the Consolidated statements of income.
(2) Impairment losses on non-current assets, goodwill, etc.by reporting segment
For idle assets, the Company lowered the book value to the expected recoverable amount. As a result, the Company recognised an impairment loss of 489 million yen for this fiscal year.
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Ibiden Co. Ltd. published this content on 26 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 October 2023 07:07:01 UTC.