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Company name: Listing:
Code number: URL: Representative: Contact:
Consolidated Financial Resultsfor the Third Quarter of the Fiscal Year Ending December 31, 2022
November 14, 2022
ICHIKOH INDUSTRIES, LTD.
Tokyo Stock Exchange 7 2 4 4
http://www.ichikoh.com/
Christophe Vilatte, President, CEO, Representative director
Masaki Takamori, GM of Cooperate Planning Department
TEL: (0463) 96-1442
Filing of Quarterly Financial Report: November 14, 2022
Date for starting dividends payment: –
Quarterly earnings supplementary explanatory documents: No
Quarterly earnings presentation: No
*Amounts under one million yen have been rounded down.
1.Performance at the end of the Third Quarter as of September 30, 2022 (January 1, 2022 to September 30, 2022)
(1) Consolidated Financial Results |
(Millions of yen; percentage figures indicate year-on-year change) |
|||||||||||||||||
Net Sales |
Operating Income |
Ordinary Income |
quarterly net income (loss) |
|||||||||||||||
attributable to the shareholder |
||||||||||||||||||
parent company |
||||||||||||||||||
% |
% |
% |
% |
|||||||||||||||
3rd Quarter (ended on Sep. 30, 2022) |
98,457 |
5.8 |
2,543 |
△ 45.4 |
3,258 |
△ 42.0 |
2,214 |
△ 42.8 |
||||||||||
3rd Quarter (ended on Sep. 30, 2021) |
93,072 |
17.2 |
4,659 |
934.5 |
5,614 |
371.3 |
3,871 |
– |
||||||||||
(Note) |
Comprehensive income: |
|||||||||||||||||
Sep. 30, 2022 |
4,679 million yen |
(△11.7%) |
Sep. 30, 2021 |
5,296 million yen |
( –%) |
|||||||||||||
Net income per share |
Net income per share- |
|||||||||||||||||
(Yen) |
diluted (Yen) |
|||||||||||||||||
3rd Quarter (ended on Sep. 30, 2022) |
23.04 |
– |
||||||||||||||||
3rd Quarter (ended on Sep. 30, 2021) |
40.28 |
– |
||||||||||||||||
(2) Consolidated Financial Position |
(Millions of yen; except for per share figures) |
|||||||||||||||||
Total Assets |
Net Assets |
Equity Ratio (%) |
||||||||||||||||
% |
||||||||||||||||||
3rd Quarter (as of Sep. 30, 2022) |
120,625 |
54,245 |
44.4 |
|||||||||||||||
FY2021(as of Dec. 31, 2021) |
112,521 |
49,402 |
43.4 |
|||||||||||||||
[Reference] Equity: Third Quarter as of Sep. 30, 2022 |
53,502 million yen |
|||||||||||||||||
Fiscal Year as of Dec. 31, 2021 |
48,799 million yen |
|||||||||||||||||
2. Cash Dividends |
||||||||||||||||||
Cash Dividends per share (Yen) |
||||||||||||||||||
(Cut-off Date) |
1st Quarter |
2nd Quarter |
3rd Quarter |
Year-End |
Full Year |
|||||||||||||
FY2021 (ended on Dec. 31, 2021) |
– |
3.50 |
– |
3.50 |
7.00 |
|||||||||||||
FY2022 (ended on Dec. 31, 2022) |
– |
4.50 |
– |
|||||||||||||||
FY2022 (ended on Dec. 31, 2022) [plan] |
4.50 |
9.00 |
||||||||||||||||
Note: Revision to previous dividend forecast : No |
3. Consolidated Performance Forecasts for the Fiscal Year 2022 (January 1, 2022 to December 31, 2022)
(Millions of yen; percentages indicate changes over the same period in the previous fiscal year)
Net Sales |
Operating Income |
Ordinary Income |
net income (loss) attributable to the |
Net Income |
|||||
shareholder parent company |
per Share (Yen) |
||||||||
% |
% |
% |
% |
yen |
|||||
Full Year |
132,900 |
5.9 |
3,700 |
△ 33.5 |
4,500 |
△ 30.8 |
3,100 |
△ 22.2 |
32.25 |
Note: Revision to previous consolidated performance forecast : No
4. Other |
|||
(1) Principal affiliates’ transfer in this fiscal term (in accordance with the change of consolidation |
No |
||
Added |
– |
(Corporate name) |
|
Excluded |
– |
(Corporate name) |
- Application of simple accounting as well as specific accounting for preparing The quarterly consolidated financial statements: Applied
- Changes in accounting policies, changes in accounting estimates, and restatement
-
- Changes in accounting policies due to revisions to accounting standard: Yes
② Changes in accounting policies due to other reasons: No
③ Changes in accounting estimates: Yes
④ Restatement: No
- Number of issued shares (common stock)
-
- Number of shares outstanding at the end of the period (including treasury stock)
As of September 30, 2022 |
96,292,401 |
As of December 31, 2021 |
96,292,401 |
- Number of shares of treasury stock at the end of period
As of September 30, 2022 |
179,159 |
As of December 31, 2021 |
176,543 |
- Average number of shares during the period (cumulative)
FY2022 3rd quarter: |
96,114,965 |
FY2021 3rd quarter: |
96,122,668 |
*Quarterly review procedures:
This quarterly financial flash report is out of scope of the review procedures by certified public accountants or auditing firms
*Appropriate use of business forecast; other special items:
Performance Forecasts are based on judgments and estimated that have been made on the basis of currently available information. Change in the company’s business environment and in market trends may cause actual result to differ materially from these forecast figures.
1. Qualitative Information on Quarterly Results
(1)Analysis of operating results
In the Japanese economy for the cumulative third quarter, domestic corporate price rose and business confidence in the manufacturing industry deteriorated due to the surge in resource prices affected by historical yen depreciation and the situation in Ukraine, but production partially recovered and corporate earnings generally improved while some weaknesses are seen. With the alleviation of activity restrictions, the crowd is growing, personal consumption is gradually improving and inbound demand is expected due to relaxation of immigration restrictions.
As for the global economy, the economy in the United States gradually recovered even in the concern over downside risks due to monetary tightening. In China, although there were concerns about trends in the real estate market and the impact of restrained economic activity, the economy showed signs of recovery. In ASEAN, although the rising price was an important concern, the activity restrictions due to the COVID-19 pandemic were alleviated and it contributed to an increase in consumption. In particular, economic stimulus packages in Thailand underpinned consumption and the demand for coal from outside the region increased in Indonesia, and the economy was generally on a recovery trend including Malaysia.
The automotive industry to which the company group belongs, due to the impact on the supply chain caused by the Chinese government’s tightening of restrictions on activities, automotive production volume in Japan slightly decreased compared year-on-year in the consolidated cumulative period of the third quarter of this fiscal year. Automotive production volume in China increased year-on-year due to the rebound from production cutback of last year and in ASEAN, Thailand, Malaysia and Indonesia each had a significant year- on-year growth, resulting in a significant year-on-year increase in the total of the three countries. Automotive production volume in China increased year-on-year due to the rebound from production cutback of last year and in ASEAN, Thailand, Malaysia and Indonesia each had a year-on-year growth, resulting in a significant year-on-year increase in the total of the three countries.
Under these circumstances, the domestic sales decline rate for the Company as a non-consolidated for the cumulative third quarter was greater than that of our mainstay Japanese market. However, sales increase rate for the overseas subsidiaries mainly in ASEAN significantly exceeded the market growth rate on an automotive production volume basis and sales increased to 98,457 million yen (up 5.8% year-on-year) on a consolidated basis. Despite cost reductions and productivity improvements, the operating income was 2,543 million yen (down 45.4% year-on-year) due to the effects of the exchange rates and soaring raw material costs and energy prices, and ordinary income was 3,259 million yen (down 42.0% year-on-year) due to the allocation of investment income of 1,084 million yen by equity method, etc., and net income attributable to the parent company was 2,215 million yen (down 42.8% year-on-year).
Results by each segment are as follows:
1. Auto-Components business
Domestic sales decline rate for the Company as a non-consolidated was greater than that of our mainstay Japanese market. However, sales increase rate for the overseas mainly in ASEAN significantly exceeded the market growth rate on an automotive production volume basis and sales was 93,173 million yen (up 6.4% year-on-year). Despite cost reductions and productivity improvements, the operating income was 2,292 million yen (down48.3% year-on-year) due to the effects of the exchange rates and soaring raw material costs and energy prices.
2. After-Market business
In the after-market business, sales was 6,426 million yen (up 6.5% year-on-year) due to strong sales of winter wipers and dealer options and internet sales, and operating income was 246 million yen (up 41.6% year-on-year) due to the termination of liquidation of a U.S. after-market sales subsidiary while expenses for sales promotion and logistics increased.
In the previous consolidated fiscal year, the automotive light bulb manufacturing and sales business, which was included in “Other,” was abolished from the “Other” category from the first quarter of this fiscal year by the sale of the such business. As a result, from the consolidated cumulative period of the first quarter of this fiscal year, the segments became two segments: “Auto-Components business” and “After-Market business”.
In addition, from the beginning of the consolidated accounting period for the first quarter of this fiscal year, “Accounting Standards for Revenue Recognition” (Corporate Accounting Standards No. 29, March 31, 2020, hereafter “Revenue Recognition Accounting Standard”), etc., is applied, and the figures related to the third quarter of the fiscal year ending December 31, 2022 are figures after applying such accounting standards, etc. Also, each type of increase/reduction figures and rates are also calculated by comparisons with the figures after such accounting standards, etc. is applied.
The application of the Revenue Recognition Accounting Standards, etc. is in accordance with the
transitional treatment set forth in the proviso to Paragraph 84 of the Revenue Recognition Accounting Standards, and the cumulative impact of retrospectively applying the new accounting policy before the beginning of the first
quarter consolidated accounting period is adjusted to the retained earnings at the beginning of the first quarter of this fiscal year
As a result, the sales for the consolidated cumulative period of the third quarter of this fiscal year decreased by 2,156 million yen, cost of sales decreased by 1,509 million yen, and operating income, ordinary income and net income before income taxes and other adjustments decreased by 647 million yen. In addition, the retained earnings balance increased by 1,031 million yen.
(3)Analysis of forward-looking information such as cumulative performance forecast
The forecast for consolidated results for FY2022 have not been changed from the forecast announced on October 19, 2022.
The forecasted statements such as performance forecast shown in these materials are based on information currently available that the Company regards as reasonable; and therefore, actual performance may differ due to numerous factors.
2. Consolidated Financial Statement
(1) Consolidated Balance Sheets |
(Millions of yen) |
|
Previous Fiscal Year End |
Third Quarter End |
|
(As of December 31, 2021) |
(As of September 30, 2022) |
|
Assets |
||
Current assets |
||
Cash and deposits |
5,720 |
7,698 |
Notes and accounts receivable-trade |
19,091 |
– |
Notes and accounts receivable – trade, and contract assets |
– |
28,183 |
Electronically recorded monetary claims-operating |
373 |
145 |
Merchandise and finished goods |
5,475 |
6,115 |
Work in process |
646 |
2,820 |
Raw materials and supplies |
4,771 |
6,356 |
Other |
12,099 |
5,891 |
Allowance for doubtful accounts |
(19) |
(23) |
Total current assets |
48,160 |
57,188 |
Noncurrent assets |
||
Property, plant and equipment |
||
Buildings and structures, net |
12,248 |
12,772 |
Machinery, equipment and vehicles, net |
17,793 |
17,639 |
Tools, furniture and fixtures, net |
6,607 |
2,522 |
Land |
2,757 |
2,796 |
Lease assets, net |
2,196 |
2,697 |
Construction in progress |
3,749 |
3,286 |
Total property, plant and equipment |
45,352 |
41,714 |
Intangible assets |
||
Other |
995 |
1,015 |
Total intangible assets |
995 |
1,015 |
Investments and other assets |
||
Investment securities |
1,373 |
1,983 |
Long-term loans receivable |
1,270 |
1,130 |
Deferred tax assets |
4,486 |
4,114 |
Other |
10,891 |
13,481 |
Allowance for doubtful accounts |
(7) |
(4) |
Total investments and other assets |
18,013 |
20,705 |
Total noncurrent assets |
64,360 |
63,436 |
Total assets |
112,521 |
120,625 |
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Disclaimer
Ichikoh Industries Ltd. published this content on 14 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 November 2022 08:01:04 UTC.
Publicnow 2022
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Technical analysis trends ICHIKOH INDUSTRIES, LTD.
Short Term | Mid-Term | Long Term | |
Trends | Bullish | Bullish | Bearish |
Income Statement Evolution
Sell Buy |
|
Mean consensus | OUTPERFORM |
Number of Analysts | 1 |
Last Close Price | 416,00 JPY |
Average target price | 420,00 JPY |
Spread / Average Target | 0,96% |
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