RESONAC HOLDING CORPORATION Resonac Holdings Corporation
August 08, 2023
Second Quarter, 2023 Consolidated Financial Results (Summary)
1. First Half 2023 Results
(1) Summary
(Unit: billions of yen)
Items | 2022 | 2023 | Increase/ |
Jan.1 - Jun.30 | Jan.1 - Jun.30 | decrease | |
Net Sales | 656.0 | 616.1 | (39.9) |
Operating Income | 38.0 | (13.2) | (51.1) |
Net income attributable to owners | 32.6 | (19.8) | (52.4) |
of the parent | |||
Net income attributable to owners | ¥180.08 | (¥109.41) | (¥289.49) |
of the parent per share | |||
Net assets per share | ¥3,153.60 | ¥3,028.75 | (¥124.85) |
(2) Net Sales and Operating Income by Segment | (Unit: billions of yen) | |||||
Segment | 2022 | 2023 | Increase/ | |||
Jan.1 - Jun.30 | Jan.1 - Jun.30 | decrease | ||||
Semiconductor and | Net Sales | 220.4 | 153.4 | (67.0) | ||
Electronic Materials | Op. Income | 27.3 | (13.1) | (40.4) | ||
Mobility | Net Sales | 86.7 | 85.6 | (1.1) | ||
Op. Income | (0.9) | (0.8) | 0.2 | |||
Innovation Enabling | Net Sales | 70.0 | 61.9 | (8.1) | ||
Materials | Op. Income | 5.5 | 4.3 | (1.2) | ||
Chemicals | Net Sales | 224.5 | 254.9 | 30.4 | ||
Op. Income | 13.1 | 4.8 | (8.3) | |||
Others, Adjustments | Net Sales | 54.5 | 60.3 | 5.8 | ||
Op. Income | (7.0) | (8.3) | (1.3) | |||
Total | Net Sales | 656.0 | 616.1 | (39.9) | ||
Op. Income | 38.0 | (13.2) | (51.1) | |||
Reference : Quarterly result
2023 | 2023 |
Jan.1 - Mar.31 | Apr.1 - Jun.30 |
69.4 | 84.0 |
(10.4) | (2.7) |
42.5 | 43.1 |
(0.5) | (0.3) |
30.0 | 31.9 |
2.0 | 2.3 |
127.1 | 127.8 |
3.9 | 0.9 |
29.9 | 30.4 |
(4.3) | (4.1) |
298.9 | 317.2 |
(9.2) | (4.0) |
(3) Cash Flow | (Unit: billions of yen) | ||
Items | 2022 | 2023 | Increase/ |
Jan.1 - Jun.30 | Jan.1 - Jun.30 | decrease | |
Operating Activities | 21.6 | 48.1 | 26.5 |
Investing Activities | (36.6) | (45.1) | (8.5) |
Free Cash Flow | (15.1) | 2.9 | 18.0 |
Financing Activities | (17.9) | (23.5) | (5.6) |
Others | 20.2 | 10.0 | (10.2) |
Net increase in Cash | (12.8) | (10.6) | 2.2 |
(4) Reference
(Unit: billions of yen, expect for total number of employees, exchange rate, and domestic naphtha price)
2023 Revised
forecast
(Jan.1 - Dec.31)
93.0
(101.0)
(8.0)
(14.0)
(10.0)
(32.0)
Items | 2022 | 2023 | Increase/ |
Jan.1 - Jun.30 | Jan.1 - Jun.30 | decrease | |
Capital expenditures | 52.4 | 39.1 | (13.3) |
Depreciation and amortization | 45.1 | 45.8 | 0.7 |
R&D expenditures | 22.9 | 20.9 | (2.0) |
Gap between interest/dividend | (3.3) | (5.6) | (2.3) |
income and interest expense | |||
Exchange rate (yen/US$) | 122.9 | 134.9 | Yen depreciated by12.0 |
Domestic naphtha price (yen/kl) | 75,350 | 67,000 | (8,350) |
Items | Dec.31, 2022 | Jun.30, 2023 | Increase/ |
decrease | |||
Total assets | 2,093.7 | 2,045.4 | (48.3) |
Interest-bearing debt | 1,062.6 | 1,055.2 | (7.4) |
Resonac Holdings Corporation
2. Forecast for 2023
(1) Summary
August 08, 2023
(Unit: billions of yen, except for "per share" indicators)
Items | 2022 | 2023 | Increase/ |
result | revised forecast | decrease | |
Net Sales | 1,392.6 | 1,270.0 | (122.6) | ||
Operating Income | 61.7 | (20.0) | (81.7) | ||
Net Income Attributable to Owners | 32.4 | (37.0) | (69.4) | ||
of the Parent | |||||
Net income attributable to owners | ¥179.02 | (¥204.27) | (¥383.30) | ||
of the parent per share | |||||
Cash dividends per share | ¥65.00 | ¥65.00 | - | ||
(2) Net sales and Operating Income by Segment | (Unit: billions of yen) | ||||
Segment | 2022 | 2023 | Increase/ | ||
result | revised forecast | decrease | |||
Semiconductor and | Net Sales | 427.2 | 325.0 | (102.2) | |
Electronic Materials | Op. Income | 45.5 | (20.0) | (65.5) | |
Mobility | Net Sales | 180.6 | 180.0 | (0.6) | |
Op. Income | (0.7) | (1.0) | (0.3) | ||
Innovation Enabling | Net Sales | 141.1 | 130.0 | (11.1) | |
Materials | Op. Income | 10.1 | 9.0 | (1.1) | |
Chemicals | Net Sales | 527.8 | 515.0 | (12.8) | |
Op. Income | 24.9 | 14.0 | (10.9) | ||
Others, Adjustments | Net Sales | 115.9 | 120.0 | 4.1 | |
Op. Income | (18.1) | (22.0) | (3.9) | ||
Total | Net Sales | 1,392.6 | 1,270.0 | (122.6) | |
Op. Income | 61.7 | (20.0) | (81.7) | ||
(3) Reference | (Unit: billions of yen) | ||||
Items | 2022 | 2023 | Increase/ | ||
result | revised forecast | decrease | |||
Capital expenditures | 107.1 | 107.9 | 0.9 | ||
Depreciation and amortization | 92.0 | 91.2 | (0.8) | ||
R&D expenditures | 47.1 | 44.2 | (2.9) | ||
Gap between interest/dividend income | (13.9) | (11.8) | 2.1 | ||
and interest expense | |||||
Interest-bearing debt | 1,062.6 | 1,063.1 | 0.5 | ||
Exchange rate (yen/US$) | 131.4 | 135.0 | Yen depreciated by3.6 | ||
Domestic naphtha price (yen/kl) | 76,150 | 65,500 | (10,650) |
The above forecast is based on the information available as of today and assumptions as of today regarding risk factors that could affect our future performance. Actual results may differ materially from the forecast due to a variety of risk factors, including, but not limited to, the international situation, costs of naphtha and other raw materials, demand or market conditions for our products such as graphite electrodes and other commodities, and foreign exchange rates. We undertake no obligation to update the forward-looking statements unless required by law.
Note: For the fiscal year ended December 2022, figures are based on retroactive accounting due to changes in accounting policies for the current fiscal year.
Resonac
Holdings
Corporation
Consolidated Financial Statements
For the first half year (January 1 to June 30, 2023)
Ⅰ . Consolidated Financial Results
August 8th, 2023 | ||||||||
(¥ in millions, US$ in thousands, except for | ||||||||
(1) Results of operations : | net income attributable to owners of the parent per share) | |||||||
Results for the first half year (Jan.1-Jun.30) | ||||||||
2022 | 2023 | Increase | 2023 | |||||
(Decrease) | ||||||||
¥ | ¥ | % | $ | |||||
Net sales | 656,033 | 616,126 | (6.1) | 4,249,441 | ||||
Operating income | 37,951 | (13,165) | － | (90,801) | ||||
Ordinary income | 47,706 | (11,357) | － | (78,326) | ||||
Net income attributable to owners of the parent | 32,612 | (19,817) | － | (136,675) | ||||
Net income attributable to owners of the parent per | 180.08 | (109.41) | (0.75) | |||||
share: Basic | ||||||||
Net income attributable to owners of the parent per | － | － | － | |||||
share: Diluted | ||||||||
Notes | ||||||||
Important changes in accounting policies : applicable | ||||||||
Comprehensive income : | ||||||||
Results for the year ended January 1 to June 30, 2023 ¥12,145 million | ||||||||
Results for the year ended January 1 to June 30, 2022 ¥88,894 million | ||||||||
(¥ in millions, US$ in thousands, | ||||||||
(2) Financial position : | except for stockholders' equity ratio) | |||||||
Dec. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2023 | ||||||
¥ | ¥ | $ | ||||||
Total assets | 2,093,744 | 2,045,400 | 14,107,182 | |||||
Total equity | 574,718 | 574,306 | 3,961,001 | |||||
% | % | % | ||||||
Stockholders' equity ratio | 26.3 | 26.8 | 26.8 | |||||
Note: For the fiscal year ended December 2022, figures are based on retroactive accounting due to changes in | ||||||||
accounting policies for the current fiscal year. | ||||||||
(3) Dividends : | ||||||||
2022 | 2023 Forecast | |||||||
Q1 dividends per share (¥) | － | － | ||||||
Q2 dividends per share (¥) | 0.00 | 0.00 | ||||||
Q3 dividends per share (¥) | － | － | ||||||
End of Term dividends per share (¥) | 65.00 | 65.00 | ||||||
Annual dividends per share (¥) | 65.00 | 65.00 | ||||||
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Ⅱ. Forecast of performance for the year ending December 31, 2023
(¥ in millions, US$ in thousands, except for net income attributable to owners of the parent per share)
fiscal year
¥ | $ | ||
Net sales | 1,270,000 | 8,759,225 | |
Operating income | (20,000) | (137,941) | |
Ordinary income | (26,000) | (179,323) | |
Net income attributable to owners of the parent | (37,000) | (255,190) | |
Net income attributable to owners of the parent per | (204.27) | (1.41) | |
share: Basic | |||
- The above forecast was announced on August 8, 2023.
The above forecast is based on the information available at this point of time. Actual results may differ materially due to a variety of reasons, including such economic factors as fluctuations in foreign currency exchange rates as well as market supply and demand conditions.
Note
The U.S. dollar is valued at ¥144.99 throughout this statement for convenience only.
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[Business Results and Financial Conditions]
1. Analysis of business results
-
Summary
In the six-month period ended June 30, 2023 ("1H 2023"), the global economy recovered, despite weakness in some regions. While the global restraint caused by the pandemic of COVID-19 eased and normalization progressed, the global economy showed progress of inflation, energy and raw material price rise caused by the prolonged situation in Ukraine, occurrence of supply constraints continued. In addition, the semiconductor industry continued to be in an adjustment phase. In the Japanese economy, consumer spending and corporate capital investment showed a gradual recovery.
Consolidated sales for 2023 1H decreased to ¥616,126 million, down 6.1% from the corresponding sixth-month period of the previous year ("1H 2022"). Sales of the Chemicals segment increased from 1H 2022. Increased volume in Olefins & Derivatives (the absence of shutdowns related to large-scale maintenance in 1H 2022), higher sales prices and other factors in Graphite Electrodes, and higher volume in Basic Chemicals contributed to the increase in sales. Sales of the Semiconductor and Electronic Materials segment decreased significantly, due to adjustments in the semiconductor-related industry, while the two segments of Mobility and Innovation Enabling Materials also posted declines.
Consolidated operating loss for 1H 2023 was ¥13,165 million, down ¥51,116 million from 1H 2022. Although operating income increased due to an increase in the volume of automotive parts in the Mobility segment, operating income decreased significantly in the Semiconductor and Electronic Materials segment. In addition, operating income also decreased in the Innovation Enabling Materials segment due to a decrease in volume and in the Chemicals segment due to a negative impact caused by the inventory difference of Graphite Electrode.
Non-operating loss increased due to an increase in financial expenses and a decrease in foreign exchange gains compared to 1H 2022, resulting in an overall increase in ordinary losses of ¥11,357 million.
Net loss attributable to owners of the parent was ¥19,817 million, mainly due to the elimination of dividend payments due to the purchase of preferred shares.
(Unit: millions of yen) | ||||||
1H 2022 | 1H 2023 | Increase/decrease | Increase/ | |||
decrease rate | ||||||
Sales | 656,033 | 616,126 | (39,906) | (6.1)% | ||
Operating income | 37,951 | (13,165) | (51,116) | － | ||
Ordinary income | 47,706 | (11,357) | (59,063) | － | ||
Net income attributable to | 32,612 | (19,817) | (52,428) | － | ||
owners of the parent | ||||||
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Disclaimer
Resonac Holdings Corporation 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 06:22:58 UTC.
