UACJ CORPORATION Financial Results for the Term Ended March 31, 2023
[According to Japanese Accounting Standards] (Consolidated)
May 11, 2023 | ||
Name of Listed Company | UACJ Corporation | |
Stock Exchange Listings | Tokyo | |
Code Number | 5741 | URL http://www.uacj.co.jp/english/ |
Representative | (Title) | Representative Director |
(Name) Miyuki Ishihara | ||
Contact Person | (Title) | General Manager, Accounting Department, Finance and Accounting |
Division |
(Name) Atsushi Hashimoto | Phone +81-3-6202-2600 |
Scheduled Date for Ordinary General Meeting of Shareholders | June 21, 2023 |
Scheduled Date for Submitting Financial Statements | June 30, 2023 |
Scheduled Date of Dividend Distribution | June 22, 2023 |
Supplementary materials available on financial results: Yes
Financial results briefing: Yes (For institutional investors, securities analysts)
Note: Figures have been rounded to the nearest million yen.
1. Consolidated Business Performance for the Term Ended March 31, 2023 (from April 1, 2022 to March 31, 2023)
(1) Consolidated business performance | (% indicates year-on-year change) | |||||||
Net income | ||||||||
Net sales | Operating income | Ordinary income | attributable to | |||||
owners of the | ||||||||
parent | ||||||||
Fiscal year ended | ¥million | % | ¥million | % | ¥million | % | ¥million | % |
March 31, 2023 | 962,885 | 23.0 | 17,207 | (71.1) | 8,732 | (83.3) | 4,703 | (85.3) |
March 31, 2022 | 782,911 | 37.4 | 59,520 | 434.1 | 52,286 | 777.6 | 32,054 | - |
(Note) Comprehensive income for the fiscal year ended March 31, 2023: ¥26,716 million (-47.9%): For the fiscal
yearended March 31, 2022: ¥51,317 million (-%).
Ordinary | Operating | ||||
Net income | Fully diluted net | Return on | income- | income- | |
per share | income per share | equity | total | sales | |
assets ratio | ratio | ||||
Fiscal year ended | ¥ | ¥ | % | % | % |
March 31, 2023 | 97.54 | - | 2.0 | 1.0 | 1.8 |
March 31, 2022 | 664.69 | - | 15.6 | 6.7 | 7.6 |
(Reference) Profit based on equity-method investment for the fiscal year ended March 31, 2023: ¥1,749
million. For the fiscal year ended March 31, 2022: ¥892 million.
(2) Consolidated financial position
Total assets | Net assets | Shareholders' | Net assets | |
equity ratio | per share | |||
As of: | ¥million | ¥million | % | ¥ |
March 31, 2023 | 860,098 | 269,258 | 28.8 | 5,143.72 |
March 31, 2022 | 828,729 | 247,589 | 27.5 | 4,727.92 |
(Reference) Shareholders' equity: ¥248,037 million as of March 31, 2023; ¥227,993 million as of March 31, 2022
(3) Consolidated cash flows
Outstanding | |||||||||||||||||||
Cash flows from | Cash flows from | Cash flows from | balance of cash | ||||||||||||||||
operating | and cash | ||||||||||||||||||
investing activities | financing activities | ||||||||||||||||||
activities | equivalents as | ||||||||||||||||||
of | |||||||||||||||||||
the end of term | |||||||||||||||||||
Fiscal year ended: | ¥million | ¥million | ¥million | ¥million | |||||||||||||||
March 31, 2023 | 52,587 | (26,928) | (19,089) | 22,257 | |||||||||||||||
March 31, 2022 | 7,799 | (21,035) | (652) | 14,259 | |||||||||||||||
2. Dividends | |||||||||||||||||||
Annual dividends | Total cash | Payout ratio | Net asset | ||||||||||||||||
dividends | (consolidated) | payout ratio | |||||||||||||||||
1st | 2nd | 3rd | Year- | Total | |||||||||||||||
quarter | quarter | quarter | end | (Total) | (consolidated) | ||||||||||||||
Year ended/ending | ¥ | ¥ | ¥ | ¥ | ¥ | ¥million | % | % | |||||||||||
March 31, 2022 | - | 0.00 | - | 85.00 | 85.00 | 4,099 | 12.8 | 2.0 | |||||||||||
March 31, 2023 | - | 0.00 | - | 85.00 | 85.00 | 4,099 | 87.1 | 1.7 | |||||||||||
March 31, 2024 | - | 40.00 | - | 45.00 | 85.00 | 27.3 | |||||||||||||
(Forecasts) | |||||||||||||||||||
Note: As described in the below "3. Forecast for consolidated business performance in the term ending March 31, 2024," the payout ratio (consolidated) for the year ending March 31, 2024 (forecasts) is based on basic earnings (loss) per share, calculated in accordance with International Financial Reporting Standards (IFRS).
3. Forecast for consolidated business performance in the term ending March 31, 2024 (from April 1, 2023 to March 31, 2024)
(% indicates year-on-year change)
Net income | ||||||||||
Revenue | Operating | attributable to | Basic earnings | |||||||
income | owners of the | (loss) per share | ||||||||
parent | ||||||||||
¥million | % | ¥million | % | ¥million | % | ¥ | ||||
Full year | 970,000 | － | 34,000 | － | 15,000 | － | 311.07 |
Note: The UACJ Group decided to voluntarily apply International Financial Reporting Standards (IFRS) to its
consolidated financial statements from the first quarter of the fiscal year ending March 31, 2024. Accordingly, forecasts for consolidated business performance are calculated based on IFRS. The percentage change for actual results in the fiscal year ended March 31, 2023, to which Japanese accounting standards were applied, is not noted here.
Notes
- Changes in significant subsidiaries during the period (Changes in the scope of consolidation of specific subsidiaries): None
- Changes in accounting policies, changes in estimates, or restatements
- Changes in accounting policies owing to revisions in accounting standards: Yes
- Changes in accounting policies other than a. above: None
- Changes in accounting estimates: None
- Restatements: None
- Number of shares outstanding (common stock)
- Number of shares issued at the end of the period (including treasury stock)
As of March 31, 2023 | 48,328,193 shares |
As of March 31, 2022 | 48,328,193 shares |
b. Number of shares of treasury stock at the end of the period
As of March 31, 2023 | 106,933 shares |
As of March 31, 2022 | 105,534 shares |
c. Average number of shares outstanding during the period (calculated cumulatively from the beginning of
the fiscal year) | |
For the year ended March 31, 2023 | 48,222,076 shares |
For the year ended March 31, 2022 | 48,224,091 shares |
(Reference) Summary of Non-consolidated Business Performance for the Term Ended March 31, 2023 (from April 1, 2022 to March 31, 2023)
(1) Non-consolidated business performance
Net sales | Operating income | Ordinary income | Net income | |||||
Fiscal year ended | ¥million | % | ¥million | % | ¥million | % | ¥million | % |
March 31, 2023 | 313,724 | 13.9 | 772 | (94.1) | 3,905 | (74.4) | 949 | (91.7) |
March 31, 2022 | 275,472 | 29.8 | 13,020 | - | 15,280 | 426.6 | 11,490 | 334.6 |
Net income | Fully diluted net | |
per share | income per share | |
Fiscal year ended | ¥ | ¥ |
March 31, 2023 | 19.69 | - |
March 31, 2022 | 238.26 | - |
(2) Non-consolidated financial position
Total assets | Net assets | Shareholders' | Net assets | |
equity ratio | per share | |||
As of: | ¥million | ¥million | % | ¥ |
March 31, 2023 | 582,703 | 201,517 | 34.6 | 4,179.00 |
March 31, 2022 | 573,812 | 204,776 | 35.7 | 4,246.48 |
(Reference) Shareholders' equity: ¥201,517 million as of March 31, 2023; ¥204,776 million as of March 31, 2022
*These financial results are outside the scope of audit by certified public accountants or accounting auditors.
*Explanations pertaining to appropriate use of information concerning future forecasts
The operating results forecasts and certain other statements contained in this document are forward-looking statements that are rationally determined based on information available to the UACJ Group at the time the results were announced. Actual performance may differ substantially from these projections due to fluctuations in the economy or a variety of other known and unknown factors. For assumptions related to performance forecasts and other information, please refer to "1. Overview of Business Performance (1) Overview of business performance in year under review 2 Outlook" on page 2.
- List of attachments
1. Overview of Business Performance・・・・・・・・・・・・・・・・・ | 2 | |
(1) | Overview of business performance in year under review・・・・・・ | 2 |
(2) | Overview of financial condition in the year under review・・・・・・・ | 3 |
2. Basic Perspective on Selection of Accounting Standards・・・・・・・・ | 3 | |
3. Consolidated Financial Statements・・・・・・・・・・・・・・・・・ | 4 | |
(1) | Consolidated Balance Sheets・・・・・・・・・・・・・・・・・・ | 4 |
(2) | Consolidated Statements of Income and Comprehensive Income ・・ | 6 |
Consolidated Statements of Income ・・・・・・・・・・・・・・・ | 6 | |
Consolidated Statements of Comprehensive Income ・・・・・・・・ | 7 | |
(3) | Consolidated Statements of Changes in Shareholders' Equity・・・・ | 8 |
(4) | Consolidated Statements of Cash Flows・・・・・・・・・・・・・ | 10 |
(5) | Notes to the Consolidated Financial Statements・・・・・・・・・・ | 11 |
(Notes on the Assumption of a Going Concern)・・・・・・・・・・・ | 11 | |
(Changes in the Scope of Consolidation and Application of the Equity | 11 | |
Method) ・・・・・・・・・・・・・・・・・・・・・・・・・・・ | ||
(Changes in Accounting Policies) ・・・・・・・・・・・・・・・・ | 11 | |
(Additional Information) ・・・・・・・・・・・・・・・・・・・・・ | 11 | |
(Segment Information, etc.)・・・・・・・・・・・・・・・・・・・ | 14 | |
(Per-Share Information)・・・・・・・・・・・・・・・・・・・・・ | 17 | |
(Subsequent Events) ・・・・・・・・・・・・・・・・・・・・・・ | 17 |
1
1. Overview of Business Performance
- Overview of business performance in year under review
1 Business performance in the year under review
During the fiscal year ended March 31, 2023, the global economy generally trended toward recovery from
the downturn in demand caused by COVID-19. However, prices of energy resources rose owing to the prolonging of Russia's invasion of Ukraine, and interest rates also rose in the United States and elsewhere amid efforts to control inflation, impacting economic activities. As for the Japanese economy, there has been a balance between measures to prevent infection and economic activity, and there are signs of recovery in the economy, particularly in relation to personal consumption, but as a result of factors such as increasing geopolitical risks, high prices caused by a spike in resource prices, and a fall in automobile production owing partly to semiconductor shortages, the business environment surrounding the Company remains uncertain.
In this environment, consolidated net sales were ¥962,885 million (up 23.0% year on year), due mainly to the year-on-year rise in aluminum ingot prices and increase in sales volume. With regard to income, there was a positive impact from the increase in net sales as a result of higher sales volume, and the Company is making progress on passing on high energy and additive metals prices to sales prices. However, energy costs increased, and the impact from inventories worsened as aluminum ingot prices trended downward after peaking at the beginning of the fiscal year, etc. As a result, consolidated operating income was ¥17,207 million (down 71.1% year on year), consolidated ordinary income was ¥8,732 million (down 83.3% year on year), and net income attributable to owners of the parent was ¥4,703 million (down 85.3% year on year).
Information by segment is provided below.
Flat Rolled Products Business
In the Flat Rolled Products Business, domestic demand for sheet materials decreased compared with the preceding fiscal year in the main areas of beverage cans and transportation. Demand also decreased in areas such as general machinery applications and construction, resulting in a year-on-year decline in overall demand for sheet products. Overall demand for extruded products also declined year on year, due to a year-on-year decline in the areas of automobiles and automotive heat exchangers.
The UACJ Group's domestic sales volume declined year on year for sheet materials. In particular, sales volume declined year on year in automobile-related areas and was also down year on year in relation to semiconductor production equipment. Sales volume of extruded products declined year on year, as the impact of the fall in automobile production was significant.
Meanwhile, overseas sales volume of the Group increased year on year, owing to an increase in sales of can stock at Tri-Arrows Aluminum Inc., and sales at UACJ (Thailand) Co., Ltd. were also robust. Accordingly, the UACJ Group's total volume of flat rolled products increased year on year.
As a result of the above, sales in the Flat Rolled Products Business were ¥850,918 million (up 22.0% year on year), due to factors such as a year-on-year increase in the price of aluminum ingots and an increase in sales volume. Operating income amounted to ¥23,337 million (down 63.6% year on year) partly owing to a negative impact from inventories, despite factors such as the positive impact of an increase in net sales.
Precision-Machined Components and Related Businesses
Net sales came to ¥199,109 million (up 20.9% year on year) as a result of strong sales of products related to air conditioners, the launch of new components in automobile-related areas, and the impact of foreign exchange from the weakening of the yen against the dollar. On the other hand, operating income or loss reported a loss of ¥157 million (income of ¥1,073 million in the preceding fiscal year), owing mainly to the impact of personnel expenses in North America and higher energy costs.
2 Outlook
For the consolidated financial forecast for the fiscal year ending March 31, 2024, we expect factors such as a
recovery in demand in automobile-related areas from the second half of the fiscal year, and to benefit from the passing on of high energy and additive metals prices to sales prices. In addition, although we expect energy costs to increase further, we will work to improve earnings by continuing to pass on cost increases to sales prices.
Regarding our forecast of the consolidated business performance, we forecast consolidated revenue,
2
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UACJ Corp. published this content on 12 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 May 2023 07:52:07 UTC.
