Translation

Notice: This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the event of any discrepancy between this translated document and the original Japanese document, the latter shall prevail.

Summary of Consolidated Financial Results

for the Three Months Ended of June 30, 2023

(Based on IFRS)

July 28, 2023

Company name:

Toyota Boshoku Corporation

Stock exchange listing:

Tokyo, Nagoya

Stock code:

3116

URL https://www.toyota-boshoku.com

Representative:

President

Masayoshi Shirayanagi

Inquiries:

General Manager, Accounting & Finance

Takeshi Ogiso

TEL +81-566-26-0313

Division

Scheduled date to file Quarterly Securities Report:

August 10, 2023

Scheduled date to commence dividend payments:

-

Preparation of supplementary material on quarterly financial results:

Yes

Holding of quarterly financial results meeting:

Yes

(for analysts and institutional investors)

(Amounts less than one million yen are omitted.)

1. Consolidated financial results for the three months ended June 30, 2023 (from April 1, 2023 to June 30, 2023)

(1) Consolidated operating results

(cumulative)

Percentages indicate year-on-year changes

Profit before

Profit

Profit attributable to

Comprehensive

Revenue

Operating profit

owners of

income taxes

for the period

income

the parent

Millions

%

Millions

%

Millions

%

Millions

%

Millions

%

Millions

%

of yen

of yen

of yen

of yen

of yen

of yen

Three months ended

475,499

35.7

22,166

551.0

25,374

236.1

14,343

－

12,505

－

30,092

57.3

June 30, 2023

Three months ended

350,346

(1.1)

3,404

(80.9)

7,550

(61.3)

41

(99.7)

(1,378)

－

19,134

14.2

June 30, 2022

Earnings per share

Earnings per share

attributable to owners

attributable to owners

of the parent - Basic

of the parent - Diluted

Yen

Yen

Three months ended June 30, 2023

66.93

66.92

Three months ended June 30, 2022

(7.38)

(7.38)

(2) Consolidated financial position

Total assets

Total equity

Equity attributable to

Ratio of equity attributable

owners of the parent

to owners of the parent

Millions

of yen

Millions of yen

Millions of yen

%

As of June 30, 2023

1,062,035

455,026

420,902

39.6

As of March 31, 2023

1,007,392

436,894

400,741

39.8

2. Cash dividends

Annual dividends per share

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Total

Yen

Yen

Yen

Yen

Yen

Year ended March 31, 2023

－

35.00

－

35.00

70.00

Year ending March 31, 2024

－

Year ending March 31, 2024

35.00

－

35.00

70.00

(Forecast)

(Note) Changes in the forecasted cash dividends in this quarter: No

3. Forecast of consolidated financial results for the year ending March 31, 2024 (from April 1, 2023 to March 31, 2024)

Percentages indicate year-on-year changes

Profit before

Profit attributable to

Earnings per share

Revenue

Operating profit

attributable to owners

income taxes

owners of the parent

of the parent - Basic

Millions of

%

Millions of

%

Millions of

%

Millions of

%

Yen

yen

yen

yen

yen

Full year

1,800,000

12.2

69,000

44.7

66,000

26.2

34,000

131.6

181.96

(Note) Changes in the forecast of consolidated financial results in this quarter : Yes

* Notes

(1) Changes in significant subsidiaries during the three months ended June 30, 2023

No

(changes in specified subsidiaries resulting in the change in scope of consolidation):

(2) Changes in accounting policies and changes in accounting estimates

Changes in accounting policies required by IFRS:

Yes

Changes in accounting policies due to other reasons:

No

Changes in accounting estimates:

No

(Note) For detail, refer to 2. Consolidated Financial Statements and Notes and (4) Notes on Consolidated Financial Statements

(Changes in Accounting Policies)" on page 9.

(3) Number of shares issued (common shares)

Total number of shares issued at the end of the period (including treasury shares)

As of June 30, 2023

187,665,738

shares

As of March 31, 2023

187,665,738

shares

Number of treasury shares at the end of the period

As of June 30, 2023

781,674 shares

As of March 31, 2023

781,553 shares

Average number of shares issued during the period (cumulative from the beginning of the fiscal year)

Three months ended June 30, 2023

186,844,638

shares

Three months ended June 30, 2022

186,827,525

shares

  • This Consolidated Financial Results report is not subject to certified public accountant's or audit firm's quarterly review.
  • Explanation on the proper use of the forecast on financial results, and other information

(Cautionary statement regarding forward-looking statements)

This report contains forward-looking statements based on information available to the Company as of the date hereof and assumptions which it believes are reasonable. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially, therefore do not represent any guarantees of future performance. For more information on forecasts, please see "(3) Explanation Regarding Forecast of Consolidated Financial Results and Other Forward-Looking Information" under "1. Qualitative Information on Financial Results" on page 2 of the appendix to this consolidated financial report.

(How to obtain supplementary financial results material)

Supplementary financial material will be posted on the Company's website on July 28, 2023(JST).

(Appendix)

Contents

1. Qualitative Information on Financial Results……………………………………………………………………………

2

(1)

Explanation of Business Results………………………………………………………………………………………

2

(2)

Explanation of Financial Position………………………………………………………………………………………

2

(3)

Explanation Regarding Forecast of Consolidated Financial Results and Other Forward-Looking Information………

2

2. Consolidated Financial Statements and Notes……………………………………………………………………………

3

(1)

Consolidated Statement of Financial Position…………………………………………………………………………

3

(2)

Consolidated Statement of Income and Consolidated Statement of Comprehensive Income…………………………

5

(3)

Consolidated Statement of Changes in Equity…………………………………………………………………………

7

(4)

Notes on Consolidated Financial Statements……………………………………………………………………………

9

（Notes on Going Concern Assumption） ……………………………………………………………………………

9

(Changes in accounting policies)………………………………………………………………………………………

9

（Segment Information）………………………………………………………………………………………………

10

- 1 -

1. Qualitative Information on Financial Results

(1) Explanation of Business Results

For the three months ended June 30, 2023, revenue increased by ¥125.1 billion or 35.7%, year over year, to ¥475.4 billion due to the recovery in production volume globally. Operating profit increased by ¥18.7 billion or 551.0%, year over year, to ¥22.1 billion. Profit before income taxes increased by ¥17.8 billion or 236.1%, year over year, to ¥25.3 billion. Profit attributable to the owners of the parent increased by ¥13.8 billion, year over year, to ¥12.5 billion (compared to quarterly loss attributable to owners of the parent of ¥1.3 billion for the same period of the previous fiscal year). These are mainly due to production volume increase and changes in the model mix.

Results by segment are as follows.

(i) Japan

Revenue in Japan increased by ¥78.5 billion or 52.1%, year over year, to ¥229.0 billion due to production volume increase. Operating profit increased by ¥9.7 billion, year over year, to ¥3.4 billion was recorded in contrast to an operating loss of ¥6.2 billion in the previous year due to production volume increase and change in the model mix despite an increase in overhead costs.

(ii) North, Central and South America

Revenue in North, Central and South America increased by ¥25.3 billion or 28.3%, year over year, to ¥114.9 billion due to higher production volume. Operating profit increased by ¥2.4 billion, year over year, to ¥1.9 billion was recorded in contrast to an operating loss of ¥0.5 billion in the previous year due to the production volume increase and changes in the model mix despite an increase in overhead costs.

(iii) China

Revenue in China increased by ¥3.3 billion or 5.6%, year over year, to ¥62.8 billion due to production volume increase from the new product launch last year. Operating profit increased by ¥0.9 billion or 20.8%, year over year, to ¥5.6 billion due to a change in the model mix, despite an increase in overhead costs.

(iv) Asia and Oceania

Revenue in Asia and Oceania increased by ¥9.8 billion or 18.7%, year over year, to ¥62.4 billion due to production volume increase in production volume following expanded sales in Indonesia and India and exchange rate impact. Operating profit increased by ¥1.3 billion or 22.4%, year over year, to ¥7.4 billion due to effects of increased production resulting from expanded sales and cost reduction.

(v) Europe and Africa

Revenue in Europe and Africa increased by ¥11.8 billion or 54.9%, year over year, to ¥33.5 billion due to higher production volume. Operating profit increased by ¥4.2 billion, year over year, to ¥3.6 billion was recorded in contrast to an operating loss of ¥0.6 billion in the previous year due to production volume increase, change in model mix and elimination of recording of expenses associated with the end of the Russian business in the previous fiscal year.

(2) Explanation of Financial Position

Total assets as of June 30, 2023, increased by ¥54.6 billion to ¥1,062.0 billion due to an increase in cash and cash equivalents and trade receivables. The total for liabilities increased by ¥36.5 billion to ¥607.0 billion mainly due to an increase in trade payables. Equity increased by ¥18.1 billion to ¥455.0 billion mainly due to the profit attributable to owners of the parent.

(3) Explanation Regarding Forecast of Consolidated Financial Results and Other Forward-Looking Information

As for the forecasts of financial results for the fiscal year ending March 31, 2024, the Company expects revenue to be ¥1,800.0 billion, operating profit to be ¥69.0 billion, profit before income tax to be ¥66.0 billion, profit attributable to owners of the parent to be ¥34.0 billion. These forecasts have been changed from those disclosed on April 27, 2023.

The exchange rate assumption is 1USD=130 yen, 1EUR=140 yen, 1THB=3.7 yen, 1CNY=18.5 yen.

The above contains statements based on information currently available to the Company as of the time hereof and assumptions which it believes are reasonable. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially, therefore do not represent any guarantees of future performance.

- 2 -

2. Consolidated Financial Statements and Notes

  1. Consolidated Statement of Financial Position

(Millions of yen)

As of March 31, 2023

As of June 30, 2023

Assets

Current assets

Cash and cash equivalents

248,195

262,590

Trade and other receivables

286,181

307,130

Inventories

87,684

92,671

Other financial assets

14,596

15,604

Income taxes receivable

6,648

6,533

Other current assets

12,975

13,047

Total current assets

656,281

697,579

Non-current assets

Property, plant and equipment

276,096

286,862

Goodwill

4,898

4,910

Intangible assets

14,237

16,328

Investments accounted for using the equity method

13,661

13,287

Other financial assets

27,643

29,817

Deferred tax assets

12,857

11,183

Other non-current assets

1,714

2,065

Total non-current assets

351,110

364,456

Total assets

1,007,392

1,062,035

- 3 -

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Toyota Boshoku Corporation published this content on 28 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 July 2023 05:06:31 UTC.