Yokogawa Bridge Holdings Corp. · TSE:5911
Yokogawa Bridge — FY2023 Earnings Presentation
37 slides from Yokogawa Bridge's earnings presentation, May 21, 2024
Slide 1: Financial Results Briefing for FY2023
Financial Results Briefing for FY2023 Yokogawa Bridge Holdings Corp. May 21, 2024
Slide 2: Table of Contents
Table of Contents 1 Progress of the 6th Medium-Term Management Plan 2 Toward Enhancing Corporate Value 3 Consolidated Settlement of Accounts for FY2023 4 Business Forecast for FY2024 5 Appendix 1
Slide 3: Progress of the 6th Medium-Term Management Plan
Progress of the 6th Medium-Term Management Plan Kazuhiko Takata President and Representative Director 2
Slide 4: Summary for FY2023 ①
Progress of the 6th Medium-Term Management Plan Summary for FY2023 ① ✓ Net sales were flat year-on-year. By segment, the Bridge Business posted a record high, while the Engineering Business and Precision Equipment Business saw sluggish growth. ✓ Operating profit remained high. By segment, the Precis
Slide 5: Summary for FY2023 ②
Progress of the 6th Medium-Term Management Plan Summary for FY2023 ② Bridge Business ✓ While the orders for new domestic bridge construction were sluggish due to the backlog of plans, we were able to win several large projects for both New Bridge Construction and Maintenance, mainly in the second ha
Slide 6: Full-Year Forecast for FY2024
Progress of the 6th Medium-Term Management Plan Full-Year Forecast for FY2024 ✓ Net sales are expected to an increase, while operating profit is expected to decrease slightly due to an increase in selling, general and administrative expenses and other expenses. ✓ By segment, the Bridge Business will
Slide 7: 6th Medium-Term Management Plan (FY2022-FY2024)
Progress of the 6th Medium-Term Management Plan 6th Medium-Term Management Plan（FY 2022〜FY 2024） FY2024 FY 2022 FY 2023 FY 2024 Medium-Term Results Results Forecast Management plan targets Net sales (100 million yen) 1,649 1,640 1,700 1,870 Operating profit (100 million yen) 152 159 155 183 EPS (yen
Slide 8: Shareholder Returns
Progress of the 6th Medium-Term Management Plan Shareholder Returns FY2023 ✓ Shareholder returns increased by changing from previous “stable dividends” to “progressive dividends.” ✓ Dividend increased from 90 yen/share to 95 yen/share. Dividend payout ratio is 32.6%. ✓ As in FY2022, 1 billion yen’s
Slide 9: Toward Enhancing Corporate Value
Toward Enhancing Corporate Value 8
Slide 10: Current Analysis and Assessment
Toward Enhancing Corporate Value Current Analysis and Assessment ✓ ROE achieved a return on capital that exceeds the cost of shareholders’ equity (around 8%). ✓ PBR is on the verge of 1× due to the rise in the share price. ✓ PER is below the industry average. It is assumed that the reason for this i
Slide 11: Toward Enhancing Corporate Value: Initiatives and Progress
Toward Enhancing Corporate Value ✓ Improve PBR by working to increase ROE, control the cost of shareholders’ equity, and increase expected growth rate. Initiative Progress and achievements Bridge Business performed better than expected. Established “Floor Slab Renewal Promotion Office” at operatin
Slide 12: Toward Enhancing Corporate Value: Initiatives and Progress (cont.)
Toward Enhancing Corporate Value Initiative Progress and achievements Sold 5 issues for 1.9 billion yen (FY2022) 5 Reduction of cross-shareholdings Sold 7 issues for 3.1 billion yen (FY2023) Further reductions planned for FY2024 Plans to shift to a Company with Audit and Supervisory Committe
Slide 13: Topics: First steel bridge using green steel
Topics Construction of the first steel bridge using green steel in the domestic bridge industry ✓ “Fukuoka 201 Shin-Asakura Bridge (in-bound line) outside superstructure construction work” (ordered by the Kyushu Regional Development Bureau of the Ministry of Land, Infrastructure, Transport and Touri
Slide 14: Photo Report: Misato Nagareyama Bridge
Photo Report Misato Nagareyama Bridge 13
Slide 15: Photo Report: WEINS PARK Ebina U-BASE building
Photo Report WEINS PARK Ebina U-BASE building 14
Slide 16: Photo Report: Chiyoda Warehouse
Photo Report Yanagawa Transportation Co., Ltd. Chiyoda Warehouse 15
Slide 17: Consolidated Settlement of Accounts for FY 2023
Consolidated Settlement of Accounts for FY 2023 Hidenori Miyamoto Director and Managing Executive Officer 16
Slide 18: Consolidated Orders Received by Segment
Consolidated of Orders Received by segment (million yen) FY 2022 FY 2023 Change New bridge Construction 68,867 59,018 (9,849) Maintenance 13,227 24,856 11,629 Bridge Overseas (199) 2,369 2,569 Subtotal 81,895 86,245 4,349 Engineered structure system 52,657 38,411 (14,245) Civil engineering 9,412 11,
Slide 19: Orders Received by Customer (Consolidation)
Orders Received by customer (Consolidation) FY 2022（Full year） FY 2023（Full year） 18
Slide 20: Orders Received by Customer (Bridge)
Orders Received by customer (Bridge) FY 2022（Full year） FY 2023（Full year） 19
Slide 21: Summary of Consolidated Settlement of Accounts
Summary of Consolidated Settlement of Accounts (million yen) FY 2022 FY 2023 Change Net sales 164,968 164,076 (892) Operating profit 15,218 15,946 728 Ordinary profit 15,452 15,857 404 Profit attributable to owners of parent 11,243 11,854 611 20
Slide 22: Consolidated Net Sales by Segment
Consolidated Net Sales by segment (million yen) FY 2022 FY 2023 Change New bridge Construction 57,612 64,904 7,292 Maintenance 26,759 27,443 684 Bridge Overseas 2,646 5,063 2,416 Subtotal 87,018 97,411 10,393 Engineered structure system 54,593 46,903 (7,689) Civil engineering 10,179 8,718 (1,460) En
Slide 23: Consolidated Business Results by Segment
Consolidated Business Results by segment FY 2023 (million yen) Full Previous 1Q 2Q 3Q 4Q Year Year Net sales 22,410 23,563 25,872 25,565 97,411 87,018 Bridge Operating profit 1,349 1,587 3,310 2,568 8,816 8,954 Net sales 16,726 18,012 16,248 12,145 63,132 72,933 Engineering Operating profit 2,539 2,
Slide 24: Consolidated Statements of Income
Consolidated statements of income (million yen) FY 2022 FY 2023 Change Net sales 164,968 164,076 (892) Gross profit 25,472 26,828 1,355 Selling, general and administrative expenses 10,254 10,881 627 Operating profit 15,218 15,946 728 Non-operating income 563 487 (76) Non-operating expenses 329 576 2
Slide 25: Consolidated Balance Sheets
Consolidated balance sheets (million yen) As at As at Change March 31,2023 March 31,2024 Current assets 133,354 146,255 12,901 Non-current assets 61,101 64,590 3,488 Total assets 194,456 210,846 16,389 Current liabilities 50,660 38,297 (12,362) Non-current liabilities 26,143 44,525 18,381 Total liab
Slide 26: Consolidated Statements of Cash Flows
Consolidated statements of Cash flows (million yen) FY 2022 FY 2023 Change Cash flow from operating activities (4,350) (1,637) 2,712 Cash flow from investing activities (1,844) (972) 872 Cash flow from financing activities 7,850 2,516 (5,334) Effect of exchange rate change on cash and cash equivalen
Slide 27: Net Sales / Orders Received / Backlog of Orders
Net Sales / Orders Received / Backlog of Orders Bridge Engineering Precision Equipment Real Estate (100 million yen) 2,400 2,228 2,155 2,000 1,977 1,649 1,640 1,600 1,581 1,569 1,457 1,577 1,369 1,526 1,200 870 1,414 974 875 818 764 862 800 400 729 650 713 544 631 566 632 617 552 0 2021 2022 2023 20
Slide 28: Business Forecast for FY 2024
Business Forecast for FY 2024 27
Slide 29: Orders Received
Orders Received (100 million yen) 2,400 Bridge Engineering （Engineered structure system） Engineering （Civil engineering/Architecture, machinery and steel structure） 2,000 Precision Equipment 1,896 1,847 1,581 1,569 1,600 1,532 1,457 1,243 1,000 1,275 1,200 875 818 917 862 694 800 526 592 409 372 482
Slide 30: Total Orders / Orders Received (Bridge)
The Amount of Total Orders / Orders Received ( Bridge ) (100 million yen) (kｔ) 1,400 600 Orders received 1,275 1,200 Total orders 500 1,000 1,000 917 400 875 862 818 800 694 300 600 197 199 238 200 166 400 147 138 100 200 0 0 2018 2019 2020 2021 2022 2023 FY 2024 Forecast 29
Slide 31: Orders Area / Orders Received (Engineered Structure System)
Orders Area / Orders Received (Engineered Structure system ) (100 million yen) ( million ㎡ ) 700 2 Orders received Orders area 592 526 482 409 375 372 384 350 1 1.01 0.96 0.90 0.86 0.77 0.80 0.59 0 0 2018 2019 2020 2021 2022 2023 FY 2024 Forecast 30
Slide 32: Net Sales
Net Sales (100 million yen) 2,400 Bridge Engineering （Engineered structure system） Engineering （Civil engineering/ Architecture, machinery and steel structure） 2,000 Precision Equipment Real Estate 1,649 1,700 1,640 1,600 1,419 1,381 1,369 1,360 1,200 870 981 974 733 812 824 764 800 399 545 500 400
Slide 33: Forecast of Consolidated Business Performance FY 2024
Forecast of Consolidated Business Performance FY 2024 (million yen) 1st half 2nd half Full year * * * 82,306 81,770 164,076 Net sales 78,200 91,800 170,000 * * * 7,316 8,629 15,946 Operating profit 7,100 8,400 15,500 * * * 7,477 8,379 15,857 Ordinary profit 7,100 8,300 15,400 * * Profit attributable
Slide 34: Forecast of Operating Profit and Loss by Segment
Forecast of Consolidated Business Performance (Operating Profit and Loss by Segment) (million yen) FY 2023 FY 2024 Result Forecast Net sales 97,411 98,100 Bridge Operating profit 8,816 10,300 Net sales 63,132 67,500 Engineering Operating profit 8,398 6,800 Precision Net sales 2,941 3,800 Equipment O
Slide 35: The Amount of Total Dividends
The Amount of Total Dividends Net income Capital investment Total dividends （100 million yen） (100 million yen） 160 48 Net income Capital investment Total dividends 120 36 80 24 40 12 0 0 2018 2019 2020 2021 2022 2023 FY 2024 Forecast 34
Slide 36: Net Income/ROE
Net Income/ROE Net income ROE （100 million yen） （％） 150 Net income 15 ROE 6th Medium-Term Management plan targets: 9% or higher 120 12 90 9 60 6 30 3 0 0 2018 2019 2020 2021 2022 2023 FY 2024 Forecast 35
Slide 37: Consolidated Net Sales and Orders Received by Segment
Appendix Consolidated Net Sales and Orders Received by Segment （100 million yen） Results of FY2022 Results of FY2023 Fo r e c ast o f FY2 0 2 4 New bridge construction 576 649 675 Maintenance 267 274 291 Bridge Overseas 26 50 15 Subtotal 870 974 981 Engineered structure system 545 469 500 Civil engi
Yokogawa Bridge Holdings — FY2023 Earnings Presentation on 6ix