Resonac Holdings Corporation · TSE:4004
Resonac — FY2024 Earnings Presentation
35 slides from Resonac's earnings presentation, Feb 13, 2025
Slide 1: Consolidated Financial Results 2024
Consolidated Financial Results 2024 Hideki Somemiya, CFO Director & Managing Corporate Officer February 13, 2025
Slide 2: Key Takeaways
Key Takeaways 2024 Financial Result - Increase in sales and income compared to 2023, driven by the strong performance in the Semiconductor and Electronic Materials segment 2025 Performance Forecast (IFRS) - Expects core operating income of 98.0 billion yen - Semiconductor and Electronic Materials se
Slide 3: Table of Contents
Table of Contents 1. 2024 Consolidated Financial Statements 2. 2025 Performance Forecast 3. Towards long-term growth ©Resonac Holdings Corporation All Rights Reserved.
Slide 4: Summary (2023 vs. 2024)
Summary (2023 vs. 2024) (Unit: Billions of Yen) Increase/ 2023 2024 Decrease Net sales 1,288.9 1,389.3 100.4 Operating income (3.8) 78.7 82.5 Non-operating income and expenses, net (11.0) (9.1) 2.0 Ordinary income (14.8) 69.7 84.5 Extraordinary profit/loss (11.4) (3.0) 8.4 Income before income taxes
Slide 5: Breakdown of Operating Income Changes (2023 vs. 2024)
Breakdown of Operating Income Changes (2023 vs. 2024) Semiconductor & Chemicals (11.3) Electronic Materials +12.2 Semiconductor & (Unit: Billions of Yen) Electronic Materials +7.3 Chemicals +7.7 Semiconductor & Electronic Materials +6.1 Semiconductor & Electronic Materials +46.8 ©Resonac Holdings Co
Slide 6: Breakdown of Segment Operating Income Changes
Breakdown of Segment Operating Income Changes (2023 vs. 2024) Semiconductor & Electronic Materials (Unit: Billions of Yen) Mobility* (Unit: Billions of Yen) * Change in segmentation applied retroactively (Aluminum Specialty Components business moved from Innovation Enabling Materials to Mobility) ©R
Slide 7: Breakdown of Segment Operating Income Changes
Breakdown of Segment Operating Income Changes (2023 vs. 2024) Innovation Enabling Materials* (Unit: Billions of Yen) Chemicals (Unit: Billions of Yen) * Change in segmentation applied retroactively (Aluminum Specialty Components business moved from Innovation Enabling Materials to Mobility) ©Resonac
Slide 8: Segment Breakdown (2023 vs. 2024)
Sales, Operating Income and EBITDA: Segment Breakdown (2023 vs. 2024) (Unit: Billions of Yen) Increase/ Segment 2023* 2024 Decrease Sales 338.1 445.1 107.0 32% Semiconductor and Operating Income (9.4) 62.9 72.3 - Electronic Materials EBITDA 43.9 117.6 73.7 168% Sales 216.1 213.7 (2.4) (1%) Mobility
Slide 9: Semiconductor and Electronic Materials
Segment Summary (2023 vs. 2024) Semiconductor and Electronic Materials (Unit: Billions of Yen) Increase/ 2023 2024 Performance Overview Decrease Sales 338.1 445.1 107.0 32% Both sales and operating income increased as sales volume increased, thanks to the recovery in Front-end Semiconductor demand 7
Slide 10: Mobility
Segment Summary (2023 vs. 2024) Mobility (Unit: Billions of Yen) Increase/ 2023* 2024 Performance Overview Decrease Sales 216.1 213.7 (2.4) (1%) Sales roughly unchanged; operating income decreased Automotive Products 187.5 176.4 (11.1) (6%) - Automotive Products: Despite the recovery in Lithium-ion
Slide 11: Innovation Enabling Materials
Segment Summary (2023 vs. 2024) Innovation Enabling Materials (Unit: Billions of Yen) Increase/ 2023* 2024 Decrease Performance Overview Sales 93.0 97.2 4.3 5% Operating Income 7.9 10.7 2.8 36% Both sales and operating income increased as sales price was raised to reflect the sharp increase of mater
Slide 12: Chemicals
Segment Summary (2023 vs. 2024) Chemicals (Unit: Billions of Yen) Increase/ 2023 2024 Decrease Performance Overview Sales 516.3 517.4 1.1 0% - Olefins & Derivatives: Sales increased due to higher naphtha prices while operating income Olefins & Derivatives decreased as sales volume decreased due to t
Slide 13: Segment Breakdown (Consolidated)
2024 Sales, Operating Income and EBITDA Margin: Segment Breakdown (Consolidated) (Unit: Billions of Yen) 2024 Earlier Forecast* Segment Full-year Increase/ 1Q 2Q 1H 3Q 4Q 2H Full-year Decrease Forecast Sales 97.5 112.1 209.6 118.9 116.6 235.5 445.1 437.0 8.1 Semiconductor and 6.3 15.3 21.6 23.7 17.6
Slide 14: Non-operating Income/Expenses, Extraordinary Profit/Loss
Non-operating Income/Expenses, Extraordinary Profit/Loss Non-operating Income/Expenses (Unit: Billions of Yen) Extraordinary Profit/Loss (Unit: Billions of Yen) Increase/ Increase/ 2023 2024 Decrease 2023 2024 Decrease Gain on sale of Interest/Dividends 3.7 28.4 24.7 (11.1) (10.8) 0.3 noncurrent ass
Slide 15: Consolidated Balance Sheet
Consolidated Balance Sheet Consolidated Balance Sheet (Unit: Billions of Yen) Dec. 31, Dec. 31, Increase/ Dec. 31, Dec.31, Increase/ Assets Decrease Liabilities and net assets Decrease 2023 2024 2023 2024 Cash and deposits 190.3 295.8 105.4 Notes and accounts payable 177.4 177.1 (0.3) Notes and acco
Slide 16: Table of Contents
Table of Contents 1. 2024 Consolidated Financial Statements 2. 2025 Performance Forecast 3. Towards long-term growth ©Resonac Holdings Corporation All Rights Reserved.
Slide 17: 2025 Consolidated Forecast
2025 Consolidated Forecast IFRS (Unit: Billions of Yen) Core operating income: calculated as operating income excluding certain gains and expenses 2025 Forecast*1 2025 attributable to non-recurring factors. Non-recurring 1H 2H Forecast*1 Forecast Forecast items include Other operating income, Other
Slide 18: Change in Segmentation
Change in Segmentation Olefins & Derivatives becomes an independent Crasus Chemical segment Graphite Electrodes subsegment becomes Graphite subsegment as it begins the process of integrating the operation with Anode Materials business 2024 2025 Semiconductor and Electronic Materials Semiconductor an
Slide 19: Segment Breakdown (Forecast)
2025 Sales Revenue, Core Operating Income and EBITDA Margin: Segment Breakdown (Forecast) 2025 Forecast* (Unit: Billions of Yen) Segment (new) 1H 2H Full-year Forecast Forecast Forecast Sales revenue 236.0 263.0 499.0 Semiconductor and 38.0 61.0 99.0 Core operating income Electronic Materials EBITDA
Slide 20: Table of Contents
Table of Contents 1. 2024 Consolidated Financial Statements 2. 2025 Performance Forecast 3. Towards long-term growth ©Resonac Holdings Corporation All Rights Reserved.
Slide 21: Crasus Chemical founded; partial spin-off plan of Olefins & Derivatives
Crasus Chemical founded Partial spin-off plan of Olefins & Derivatives steadily advances - Founded as a petrochemical business subsidiary, owned 100% by Resonac (as of January 2025) (Manufacture and sale of petrochemical products, including olefins, derivatives and synthetic resins) - Will apply for
Slide 22: Portfolio Overview
Portfolio Overview Portfolio reforms underway, with semiconductor materials as the core focus EBITDA margin target Semiconductor and Front-end Semiconductor Materials Device Solutions (HD) 30% Electronic Materials Back-end Semiconductor Materials Device Solutions (SiC) Mobility Mobility Innovation F
Slide 23: Key Financial Indicators
Key Financial Indicators Steady improvement since 2023, when the market environment was at the bottom (2023-24 JGAAP, 2025 IFRS) 2023 2024 2025 Our Key Financial Indicators Results Results Forecast Target Sales Revenue 1.29tn¥ 1.39tn¥ 1.42tn¥ 1tn¥+ Without Olefins & Derivatives 0.97tn¥ 1.06tn¥ 1.06t
Slide 24: Debt Amount and Target Level
Debt Amount and Target Level 4 years since the Hitachi Chemical acquisition, debt level came down towards target level; quality also improved (Unit: Billions of Yen) 2020E 2024E For us to be ready for a next large action, Corporate bond 91.9 275.0 desirably LBO loan 392.4 0 Convertible bond 0 100.0
Slide 25: EPS Growth Image
EPS Growth Image Income will grow through the growth of semiconductor materials with on-going investments and also through the reduction of one-off losses EPS Growth Image (2023-24 JGAAP) (Yen per share) Growth of sales revenue 500 and EBITDA margin 400 300 ¥500 200 Reduction of ¥307 structural refo
Slide 26: Appendix
Appendix ©Resonac Holdings Corporation All Rights Reserved.
Slide 27: Consolidated Companies, Key Outside Factors
Reference Consolidated Companies, Key Outside Factors Consolidated Companies Consolidated subsidiaries: 101 (-1 from Dec. 31, 2023) +1: Related to the establishment of a new company for the partial spin-off of petrochemical business -1: Related to the liquidation of a foreign subsidiary -1: Related
Slide 28: Consolidated Cash Flows
Reference Consolidated Cash Flows (Unit: Billions of Yen) IFRS 2025 Increase/ 2023 2024 Decrease Full-year Forecast* CF from operating activities 118.7 165.3 46.6 130.0 CF from investing activities (61.9) (51.6) 10.3 (130.0) Free CF 56.8 113.7 56.8 0 CF from financing activities (62.9) (20.0) 42.9 (
Slide 29: Capital Expenditures: Segment Breakdown
Reference Capital Expenditures: Segment Breakdown IFRS (Unit: Billions of Yen) 2025 Increase/ Segment 2023 2024 Segment (new) Full-year Decrease Forecast* Semiconductor and Semiconductor and 38.8 50.2 11.3 77.1 Electronic Materials Electronic Materials Mobility 13.4 10.7 (2.7) Mobility 13.2 Innovati
Slide 30: Capital Expenditures, Depreciation, R&D expenditures and Financial costs
Capital Expenditures, Depreciation, R&D expenditures and Financial costs Reference (Consolidated) (Unit: Billions of Yen) IFRS 2025 Increase/ 2023 2024 Decrease Full-year Forecast Capital expenditures 96.6 98.4 1.8 131.4 Depreciation 76.6 78.8 2.2 80.2 (excluding PPA & goodwill amortization) PPA amo
Slide 31: Depreciation: Segment Breakdown
Reference Depreciation: Segment Breakdown IFRS (Unit: Billions of Yen) 2025 Increase/ Segment 2023 2024 Segment (new) Full-year Decrease Forecast* Depreciation (excl. PPA) 27.6 29.0 1.4 Depreciation (excl. PPA) 32.7 Semiconductor and Semiconductor and 12.4 PPA depreciation 12.4 12.4 - PPA depreciati
Slide 32: Summary (2024 3Q vs. 2024 4Q)
Reference Summary (2024 3Q vs. 2024 4Q) (Unit: Billions of Yen) Increase/ 2024 3Q 2024 4Q Decrease Net sales 359.0 361.7 2.7 Operating income 30.9 19.9 (11.0) Non-operating income and (14.9) 3.3 18.2 expenses, net Ordinary income 16.0 23.2 7.2 Extraordinary profit/loss (0.5) (20.2) (19.7) Income bef
Slide 33: Segment Breakdown (Consolidated) 2023
Reference 2023 Sales and Operating Income: Segment Breakdown (Consolidated) (Unit: Billions of Yen) 2023* Segment 1Q 2Q 3Q 4Q Full-year Semiconductor and Sales 69.4 84.0 88.3 96.4 338.1 Electronic Materials Operating Income (10.4) (2.7) 0.6 3.0 (9.4) Sales 51.8 52.1 55.4 56.7 216.1 Mobility Operatin
Slide 34: Topics
Reference Topics Segment Topics Resonac Develops Temporary Bonding Film and New Debonding Process for Advanced Semiconductor Packages - Achieving Cleanliness and High Productivity through New Technology - Semiconductor and Electronic Resonac Develops New Photosensitive Film for Advanced Semiconducto
Slide 35: Note
Note Performance forecast and other statements pertaining to the future as contained in this presentation are 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 fore