Kureha Corporation · TSE:4023
Kureha — Q1 FY2023 Earnings Presentation
15 slides from Kureha's earnings presentation, Aug 8, 2023
Slide 1: FY2023 1Q Results
FY2023 1Q Results August 8, 2023
Slide 2: Key Takeaways
1 Key Takeaways 1QFY23 Operating Results (billion yen) FY23 FY22 FY23 Forecast Change Full- 1Q 1Q Yoy 1H 2H year • 1Q revenue and earnings decreased YOY Advanced Materials 16.4 24.5 -8.1 39.0 40.0 79.0 primarily due to weaker PVDF performance in Specialty Chemicals 9.2 6.6 2.6 19.0 15.6 34.6 Advance
Slide 3: FY2023-1Q Financial Summary (1)
2 FY2023-1Q Financial Summary (1) (in billions of yen except for per-share values) 1Q 1Q Change Vs. 1QFY22 FY22 FY23 YOY -5.5 • Revenue fell due largely to weaker sales of Revenue 49.3 43.8 PVDF (LiB binder) and packaging materials (-11.2%) Core operating profit 8.1 4.8 -3.4 • Core operating profit
Slide 4: FY2023-1Q Financial Summary (2)
3 FY2023-1Q Financial Summary (2) Segment performance (vs. 1QFY21) (in billions of yen) Revenue 1QFY22 Core operating profit 1QFY22 24.5 1QFY23 5.6 1QFY23 16.4 11.9 11.7 2.1 2.2 9.2 6.6 1.2 0.7 0.6 0.6 4.3 4.3 0.1 0.1 1.9 2.2 -0.3 機能製品 Advanced 化学製品 Specialty Construction Specialty 樹脂製品 建設関連 その他関連 O
Slide 5: Segment Performance: Advanced Materials
4 Segment Performance: Advanced Materials (in billions of yen) Vs. 1QFY22 1Q 1Q Change FY22 FY23 % Revenue ➘ Operating profit ➘ Advanced Materials Advanced plastics revenue and profit down: Advanced plastics 19.2 11.9 -38% + Sales expansion for PPS and PGA Carbon products 1.5 1.9 +26% - Lower PVDF p
Slide 6: Segment Performance: Specialty Chemicals
5 Segment Performance: Specialty Chemicals (in billions of yen) Vs. 1QFY22 1Q 1Q Change FY22 FY23 % Revenue ➚ Operating profit ➚ Specialty Chemicals Agrochemicals & Pharmaceuticals revenue and Agrochemicals 1.6 3.3 +109% profit up: + Higher agrochemicals volume Pharmaceuticals 1.1 0.9 -18% - Slower
Slide 7: Segment Performance: Specialty Plastics
6 Segment Performance: Specialty Plastics (in billions of yen) Vs. 1QFY22 1Q 1Q Change FY22 FY23 % Revenue ➘ Operating profit ➚ Specialty Plastics Home products & Fishing lines revenue and profit up: Home products 5.8 6.1 +6% + Sales expansion for New Krewrap food wrap film and Seaguar fishing lines
Slide 8: Segment Performance: Construction
7 Segment Performance: Construction (in billions of yen) Vs. 1QFY22 1Q 1Q Change FY22 FY23 % Revenue ➚ Operating profit → Construction Construction revenue up, profit flat: Revenue 1.9 2.2 +13% + Higher private construction volume Operating profit 0.1 0.1 -21% Revenue → Operating profit → Other Oper
Slide 9: Financial Position
8 Financial Position (in billions of yen) Assets Liabilities and Equity Mar. 31 Jun. 30 Mar. 31 Jun. 30 Change Change 2023 2023 2023 2023 Cash and cash equivalents 32.2 33.3 1.1 Trade and other payables 27.7 23.9 -3.7 Trade and other receivables 31.9 33.3 1.4 Interest-bearing debt 26.3 39.3 13.0 Inv
Slide 10: Key Strategic Business: Polyvinylidene Fluoride (PVDF)
9 Key Strategic Business: Polyvinylidene Fluoride (PVDF) PVDF revenue trends (¥ billions) • Automobile LiB demand is projected to grow 150 15 continually, however the current economic downturn 電池向け LiB binder in Europe and semiconductor shortages for EVs are 素材向け Other applications forcing LiB maker
Slide 11: Key Strategic Business: Polyglycolic Acid (PGA)
10 Key Strategic Business: Polyglycolic Acid (PGA) PGA revenue trends (¥ billions) 202 • The US shale oil and gas rig count has rebounded to 90% of pre-pandemic levels and will likely increase steadily on grounds of OPEC production cuts and global geopolitical concerns 10 1 • Kureha continues to inc
Slide 12: FY2023 Full-Year Guidance
11 FY2023 Full-Year Guidance *Maintained as announced on May 12, 2023 (in billions of yen) Vs. FY2022 FY2022 FY2023e Change • Revenue to remain on par with prior year 1H 2H FY YOY as growth in PGA, PPS, agrochemicals -1.3 and industrial chemicals offset lower PVDF Revenue 191.3 96.0 94.0 190.0 (-0.7
Slide 13: FY2023 Full-Year Guidance
12 FY2023 Full-Year Guidance *Maintained as announced on May 12, 2023 Segment Revenue & Core Operating Profit (vs. FY2022) (¥ billion) Revenue FY2022 Core operating profit FY2022 82.7 79.0 FY2023e 13.0 FY2023e 10.1 8.6 46.8 47.1 31.8 34.6 5.6 18.7 17.3 2.8 11.3 12.0 1.8 1.2 1.7 0.9 0.5 機能製品 化学製品 Adv
Slide 14: Strengthening Corporate Governance
13 Strengthening Corporate Governance New Stock Compensation Plans Election of Female Outside Board Director Kureha implemented the following stock-based Kureha’s new female Outside Board Director was remuneration system for members of the Board of Directors nominated and subsequently approved durin
Slide 15: Disclaimer
14 Disclaimer • This presentation material is provided for a deeper understanding of our company, and is not intended to be used as a solicitation for investment or other activities. • This material has been prepared by our company based on the information available at the time of the presentation.