Kureha Corporation · TSE:4023
Kureha — Q3 FY2023 Earnings Presentation
14 slides from Kureha's earnings presentation, Feb 7, 2024
Slide 1: FY2023 3Q Results
FY2023 3Q Results (April 1, 2023 - December 31, 2023) February 7, 2024
Slide 2: Performance Overview
1 Performance Overview FY2023: 3Q Results and Full-Year Outlook (billion yen) FY23 3Q 3Q Change full-year FY23 FY22 forecast 3Q (9-month) revenue and profit declined year-over-year Advanced 49.4 66.1 -16.7 69.0 • Lower sales volume and lower pricing for PVDF, a binder Materials material for automoti
Slide 3: 3Q FY23 Financial Summary (1)
2 3Q FY23 Financial Summary (1) (in billions of yen except per-share values) Vs. 3Q FY22 3Q 3Q Change • Revenue declined due to weakening in FY23 FY22 PVDF (LiB binder), agrochemicals, -16.1 packaging materials and logistics Revenue 132.9 149.0 (-10.8%) businesses -7.4 Core operating profit 16.7 24.
Slide 4: 3Q FY23 Financial Summary (2)
3 3Q FY23 Financial Summary (2) Revenue & Operating Profit by Segment (vs. 3Q FY22) (in billions of yen) Revenue Core operating profit 66.1 11.5 3QFY22 3QFY22 3QFY23 3QFY23 49.4 7.5 7.0 36.5 36.5 6.1 25.4 24.5 14.1 13.2 2.6 2.2 1.8 6.9 9.3 0.9 0.8 0.4 Advanced 機能製品 Specialty 樹脂製品Construction 化学製品 Sp
Slide 5: Segment Performance: Advanced Materials
4 Segment Performance: Advanced Materials (in billions of yen) Vs. 3Q FY22 3Q 3Q Change FY23 FY22 % Revenue ➘ Operating profit ➘ Advanced Materials Advanced plastics revenue and profit down: Advanced plastics 35.2 50.6 -31% - Weaker PVDF (LiB binder) demand in the EV market, continued customer inven
Slide 6: Segment Performance: Specialty Chemicals
5 Segment Performance: Specialty Chemicals (in billions of yen) Vs. 3Q FY22 3Q 3Q Change FY23 FY22 % Revenue ➘ Operating profit ➘ Specialty Chemicals Agrochemicals & Pharmaceuticals revenue and Agrochemicals 6.6 8.8 -25% profit down: - Impact of mandatory drug price revisions Pharmaceuticals 2.7 3.0
Slide 7: Segment Performance: Specialty Plastics
6 Segment Performance: Specialty Plastics (in billions of yen) Vs. 3Q FY22 3Q 3Q Change FY23 FY22 % Revenue → Operating profit ➘ Specialty Plastics Home products & Fishing lines revenue and Home products 19.0 17.9 +6% profit up: +Higher pricing for food wrap film (in and after Fishing lines 3.7 3.5
Slide 8: Segment Performance: Construction
7 Segment Performance: Construction (in billions of yen) Vs. 3Q FY22 3Q 3Q Change FY23 FY22 % Construction Construction Revenue ➚ Operating profit ➚ Revenue 9.3 6.9 +33% + Higher private construction volume Operating profit 0.8 0.4 +96% Other operations Other operations Environmental Revenue ➘ Opera
Slide 9: Financial Position
8 Financial Position (in billions of yen) Assets Liabilities and Equity Dec. 31 Mar. 31 Increase/ Dec. 31 Mar. 31 Increase/ 2023 2023 Decrease 2023 2023 Decrease Cash and cash equivalents 25.2 32.2 -7.0 Trade and other payables 22.5 27.7 -5.1 Trade and other receivables 32.6 31.9 +0.7 Interest-beari
Slide 10: PVDF Business
9 PVDF Business PVDF business revenue trends • Demand for automotive LiBs is expected to grow 電池向け LiB application continually for a medium to long term, although its 素材向け Other applications growth is currently stagnant due to slower EU economy and LiB inventory adjustments. • Our PVDF sales volume
Slide 11: PGA Business
10 PGA Business PGA business revenue trends • The US active rig count (the number of completed wells) for the production of shale oil and gas is 90% of the pre-pandemic level. Meanwhile, the frac plug market is forecast to grow steadily as the number of frac plugs used for each well is increasing. •
Slide 12: Home Products Business
11 Home Products Business Home products business revenue trends ¥ billion • The Japanese household warp film market saw a sales 100 10 volume decrease during the second half of FY22 due to price increases. However, the market is already rebounding and is expected to remain stable. 505 • Kureha expec
Slide 13: Strengthening the Management Base
12 Strengthening the Management Base Implementation of a stock split Initiatives to improve cost of capital and stock price Kureha implemented a 3-for-1 stock split for each share held by shareholders of record at the close of To carry out management duties with more trading on December 31, 2023. It
Slide 14: Disclaimer
13 Disclaimer • This presentation material is intended to provide you with a better understanding of our company and is not intended as a solicitation of any investment or other activity. • This material has been prepared by our company based on information available as of the date of the presentati