Financial Results
Presentation
for FY06/24
Auguest 14, 2024
Abalance Corporation
（TSE Standard: 3856）
Copyright © 2024 Abalance Corporation
Contents
１．Overview of FY06/24 Consolidated Financial Results
２．Recognition of Business Environment
３．Performance Forecast for FY06/25
４．Withdrawal of Numerical Targets of the Medium-Term Management Plan (2024-2026)
５．Business Division Action Plans
６．Appendix
Copyright © 2024 Abalance Corporation | 1 |
１． Overview of FY06/24 Consolidated Financial Results
VSUN Ingot and Wafer Plant
Copyright © 2024 Abalance Corporation | 2 |
FY06/24 Consolidated Financial Results (Year-on-Year Comparison)
■Net sales: Net sales down mainly due to a fall in unit prices of solar panels (6.3 billion yen decrease)
■Operating profit: Profits up due to the start of a new solar cell plant and more efficient production of VSUN resulting in lower production costs (10.5 billion yen increase)
■Operating profit margin: Significant improvement of 5.2% year on year
FY06/23
FY06/24
YoY change
(Unit: billion yen)
1H
2H
Full Year
1H
2H
Full Year
Amount
%
Net sales | 111.6 | 103.7 | 215.3 | 108.5 | 100.5 | 209.0 | (6.3) | (3)% |
Operating profit | 4.9 | 7.9 | 12.8 | 10.1 | 13.3 | 23.3 | 10.5 | 82% |
Ordinary profit | 5.6 | 8.4 | 14.0 | 10.5 | 14.4 | 24.9 | 10.9 | 77% |
Profit attributable to owners of parent | 2.1 | 2.8 | 5.0 | 3.6 | 5.9 | 9.5 | 4.6 | 92% |
Operating profit margin (%) | 4.4% | 7.6% | 5.9% | 9.3% | 13.2% | 11.2% | 5.2% | - |
Copyright © 2024 Abalance Corporation | 3 |
FY06/24 Consolidated Financial Results (By Segment)
(Unit: billion yen)
Net sales
Solar Panel Manufacturing Business Green Energy Business
IT Business
Photocatalyst Business
Other, Adjustment
Operating profit
Solar Panel Manufacturing Business Green Energy Business
IT Business
Photocatalyst Business
Other, Adjustment
FY06/23 | FY06/24 | ||||
1H | 2H | Full Year | 1H | 2H | Full Year |
111.6 | 103.7 | 215.3 | 108.5 | 100.4 | 209.0 |
107.3 | 99.3 | 206.6 | 104.3 | 95.6 | 199.9 |
3.9 | 4.1 | 8.0 | 3.9 | 4.4 | 8.3 |
0.30 | 0.30 | 0.60 | 0.30 | 0.29 | 0.59 |
0.02 | 0.38 | 0.40 | 0.02 | 0.02 | 0.04 |
0.02 | 0.05 | 0.08 | 0.02 | 0.13 | 0.14 |
4.9 | 7.9 | 12.8 | 10.1 | 13.3 | 23.3 |
4.6 | 8.1 | 12.7 | 10.1 | 13.8 | 23.9 |
0.7 | 0.4 | 1.1 | 0.6 | (0.1) | 0.5 |
0.01 | 0.04 | 0.05 | 0.02 | 0.02 | 0.04 |
(0.02) | (0.02) | (0.04) | (0.01) | 0.01 | 0.00 |
(0.36) | (0.62) | (0.98) | (0.65) | (0.45) | (1.10) |
Copyright © 2024 Abalance Corporation
YoY change
(6.3)
(6.7)
0.3
(0.01)
(0.36)
0.07
10.5
11.2
(0.5)
(0.01)
0.04
(0.12)
4
Quarterly Sales and Operating Profit
(Unit: billion yen)
60060
Net sales
40040
20020
0
22/1Q | 2Q | 3Q | 4Q | 23/1Q | 2Q | 3Q | 4Q | 24/1Q | 2Q | 3Q | 4Q |
In-house manufacturing of solar cells progressed, with the operating profit margin on an improving trend.
100
10
808
606
4
40
2
20
0
Operating profit / Operating profit margin | 17.6% | 20% | |||
15% | |||||
8.4% | 8.1% | 10.6% | 10% | ||
6.8% | 8.5% | ||||
6.3% | |||||
3.6% | 2.7% | 2.9% | 5% |
1.1% | 0.7% | 0% | |||||||||
22/1Q | 2Q | 3Q | 4Q | 23/1Q | 2Q | 3Q | 4Q | 24/1Q | 2Q | 3Q | 4Q |
Operating Profit | Operating Profit Margin | 5 | |
Copyright © 2024 Abalance Corporation |
Solar Panel Manufacturing Business (Panels / Cells)
■Net sales: Sales decreased due to a decline in sales prices caused by the softening of global supply and demand
■Profit: | for solar panels and cells | |||||||||||||||||||||||
Overall optimization of the supply chain from production to sales led to a major increase year on year | ||||||||||||||||||||||||
FY06/23 | FY06/24 | 前期比 | ||||||||||||||||||||||
（Unit: billion yen） | 1Q | 2Q | 1H | 3Q | 4Q | 2H | Full | 1Q | 2Q | 1H | 3Q | 4Q | 2H | Full | （％） | |||||||||
Year | Year | |||||||||||||||||||||||
Net sales | 53.3 | 54.1 | 107.3 | 48.6 | 50.6 | 99.3 | 206.6 | 55.5 | 48.8 | 104.3 | 44.4 | 51.2 | 95.6 | 199.9 | 97% | |||||||||
Segment profit | 1.2 | 3.4 | 4.6 | 4.3 | 3.8 | 8.1 | 12.7 | 4.4 | 5.7 | 10.1 | 3.9 | 9.9 | 13.8 | 23.9 | 188% | |||||||||
Profit margin | 2.2% | 6.4% | 4.3% | 8.9% | 7.5% | 8.1% | 6.1% | 7.9% | 11.6% | 9.7% | 8.8% | 19.4% | 14.5% | 11.9% | 5.8% | |||||||||
(Unit: billion yen) | ||||||||||||||||||||||||
60.0 | 53.3 | 54.1 | 48.6 | 50.6 | 55.5 | 48.8 | 51.2 | 25% | ||||||||||||||||
50.0 | ||||||||||||||||||||||||
44.4 | 20% | |||||||||||||||||||||||
40.0 | ||||||||||||||||||||||||
15% | ||||||||||||||||||||||||
30.0 | ||||||||||||||||||||||||
10% | ||||||||||||||||||||||||
20.0 | ||||||||||||||||||||||||
9.9 | 5% | |||||||||||||||||||||||
10.0 | 5.7 | |||||||||||||||||||||||
3.4 | 4.3 | 3.8 | 4.4 | 3.9 | ||||||||||||||||||||
1.2 | ||||||||||||||||||||||||
0.0 | 0% | |||||||||||||||||||||||
1Q | 2Q | 3Q | 4Q | 1Q | 2Q | 3Q | 4Q | |||||||||||||||||
Net sales | Segment profit | Profit margin | ||||||||||||||||||||||
Copyright © 2024 Abalance Corporation | 6 |
Green Energy Business
■Steady development of the recurring revenue business model of solar power plant ownership, which is a priority business.
■Actively pursuing non-FIT projects as a PPA operator
FY06/23 | FY06/24 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
YoY ( | ％ | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Unit: billion yen | ） | 1Q | 2Q | IH | 3Q | 4Q | 2H | Full | 1Q | 2Q | 1H | 3Q | 4Q | 2H | Full | |||||||||||||||||||||||||||||||||||||||||||||||||||
Year | Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net sales | 2.1 | 1.8 | 3.9 | 2.3 | 1.8 | 4.1 | 8.0 | 2.1 | 1.9 | 3.9 | 2.4 | 2.0 | 4.4 | 8.3 | 104% | |||||||||||||||||||||||||||||||||||||||||||||||||||
0.5 | 0.2 | 0.7 | 0.2 | 0.2 | 0.4 | 1.1 | 0.5 | 0.1 | 0.6 | 0.2 | (0.3) | (0.1) | 0.5 | 49% | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment profit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Unit: billion yen）
3
2
1
(Unit: billion yen） | |
Net sales | Segment profit |
0.6
0.4
0.2
0.0
(0.2)
(0.4)
Copyright © 2024 Abalance Corporation | 7 |
Equity Ratio
■Equity ratio (FY06/24): 15.8%
*The rate has shown signs of improvement since 6.9% in FY06/22.
■We will continue to ensure financial soundness by increasing our equity capital through the accumulation of retained earnings mainly from the Solar Panel Manufacturing Business and the Green Energy Business.
Equity ratio | |||
20% | |||
15.8% | |||
15% | |||
10.2%
10%
8.8%
5%6.9%
0%
FY06/21 FY06/22 FY06/23 FY06/24
Copyright © 2024 Abalance Corporation | 8 |
Shareholder Returns (Dividends)
■Policy: We will provide stable and continuous dividends while expanding and effectively utilizing retained earnings, thus improving corporate competitiveness and shareholder value.
■FY06/25: Annual dividends have not yet been determined, but we will make appropriate decisions while assessing our business performance.
(Unit: yen) | FY06/20 | FY06/21 | FY06/22 | FY06/23 | FY06/24 (Plan) |
Interim dividends | 7 | 7 | 8 | 3 | 3 |
Year-end dividends | 10 | 10 | 10 | 5 | 5 |
Annual dividends | 17 | 17 | 18 | * 8 | 8 |
*The figures for FY06/23 onwards indicate the dividends per share after a three-for-one stock split.
Copyright © 2024 Abalance Corporation | 9 |