EXEDY Corporation (7278) FY2024 3rd Quarter Financial Results
January 30, 2025
FY2024 3rd Quarter Consolidated Financial Results〔IFRS〕
(April 1, 2024 through December 31, 2024)
(English translation extracted from the original Japanese document)
Company Name: | EXEDY Corporation | Listing:Tokyo Stock Exchange |
Code No.: | 7278 | URL: https://www.exedy.com |
Representative: | Tetsuya Yoshinaga, Representative Director, President | |
Contact Person: | Hiroshi Toyohara, Representative Director, Senior Executive Managing Officer, | |
Executive General Manager of Administrative Headquarters | ||
Telephone: | +81-72-822-1152 | |
Scheduled Date to commence dividend payments: None | ||
Preparation of supplementary material on financial results: | None |
Holding of financial results briefing: None
(Note: All amounts less than one million yen is rounded off)
1. Consolidated Financial Results for the 3rd Quarter of FY2024 (April 1, 2024 to December 31, 2024)
(1) Consolidated Operating Results (cumulative) | (Percentage of change from previous year) | ||||||||||||||||||||
Revenue | Operating Profit | Profit | Profit | Profit Attributable to | Total | ||||||||||||||||
Comprehensive | |||||||||||||||||||||
before Tax | Owners of Parent | ||||||||||||||||||||
Income | |||||||||||||||||||||
Million | % | Million | % | Million | % | Million | % | Million | % | Million | % | ||||||||||
Yen | Yen | Yen | Yen | Yen | Yen | ||||||||||||||||
FY2024 Q3 | 233,383 | 0.6 | 16,183 | 40.4 | 16,525 | 30.9 | 11,054 | 25.1 | 10,175 | 24.0 | 16,629 | 18.9 | |||||||||
FY2023 Q3 | 231,881 | 8.7 | 11,527 | 32.7 | 12,627 | 23.7 | 8,835 | 20.5 | 8,206 | 19.2 | 13,983 | 38.6 | |||||||||
Basic Earnings | Diluted Earnings | ||||||||||||||||||||
per Share | per Share | ||||||||||||||||||||
Yen | Yen | ||||||||||||||||||||
FY2024 Q3 | 235.31 | - | |||||||||||||||||||
FY2023 Q3 | 174.74 | - | |||||||||||||||||||
(2) Consolidated Financial Position | |||||||||||||||||||||
Total Assets | Total Equity | Equity Attributable | Ratio for Equity Attributable | ||||||||||||||||||
to Owners of Parent | to Owners of Parent | ||||||||||||||||||||
Million Yen | Million Yen | Million Yen | % | ||||||||||||||||||
FY2024 Q3 | 326,781 | 212,996 | 198,899 | 60.9 | |||||||||||||||||
FY2023 | 321,935 | 233,539 | 218,548 | 67.9 |
2. Dividends
Annual Dividends per Share | ||||||
Fiscal Year-end | ||||||
1st Quarter | 2nd Quarter | 3rd Quarter | ||||
Yen | Yen | Yen | Yen | |||
FY2023 | - | 60.00 | - | 60.00 | ||
FY2024 | - | 100.00 | - | |||
FY2024 (Forecast) | 150.00 |
(Note) Revisions of dividend forecast from recently announced figures: Yes
Total
Yen
120.00
250.00
3. FY2024 Consolidated Financial Forecast (April 1, 2024 to March 31, 2025)
(Percentage of change from previous year)
Revenue | Operating Profit | Income before | Profit Attributable to | Basic Earnings | |||||||
Income Taxes | Owners of Parent | Per Share | |||||||||
millions of yen | % | millions of yen | % | millions of yen | % | millions of yen | % | yen | |||
FY2024 | 300,000 | (2.7) | 19,000 | - | 19,000 | - | 11,500 | - | 274.53 |
(Note) Revisions of financial forecast from recently announced figures: Yes
Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.
EXEDY Corporation (7278) FY2024 3rd Quarter Financial Results
- General Notes
- Significant changes in the scope of consolidation during the period: None
- Changes in Accounting Policies, Accounting Estimations
① Changes in accounting policies required by IFRS | ：None | ||||
② Changes in accounting policies except ① | ：None | ||||
③ Changes in accounting estimates | ：None | ||||
(Note) For the details, refer to attachment p.11 “2. Quarterly Consolidated Financial Statements | |||||
and Principal Notes (5) Notes on Quarterly Consolidated Financial Statements” | |||||
(3) Number of Outstanding Shares (Ordinary shares) | |||||
①Number of shares outstanding at the | FY2024 Q3 | 48,593,736 shares | FY2023 Q4 | 48,593,736 shares | |
end of period (including treasury shares) | |||||
②Number of treasury shares at the end | FY2024 Q3 | 9,699,719 shares | FY2023 Q4 | 1,627,767 shares | |
of period | |||||
③Average number of ordinary shares | FY2024 Q3 | 43,239,230 shares | FY2023 Q3 | 46,960,316 shares | |
outstanding during the period | |||||
(Note) The shares held within the ESOP trust accounts (FY2024 Q3: 71,200 shares, FY2023 Q4: 81,200 shares) are included in the number of Treasury Shares at the end of period. Furthermore, the shares held within the ESOP trust accounts are included in Treasury Shares that are deducted in the calculation of the average number of shares for the period. (FY2024 Q3: 75,700 shares, FY2023 Q3: 85,690 shares)
- Review of the Japanese-language originals of the attached consolidated quarterly financial statements by certified public accountants or an audit firm :None
- Regarding the appropriate use of Financial forecasts and other information
The above forecast is based on the information available, or the assumptions which the company thinks reasonable as of the release of this report. Actual results might be different from the above estimates due to subsequent changes in circumstances.
EXEDY Corporation (7278) FY2024 3rd Quarter Financial Results
Table of Contents of Attachments
1. Qualitative Information on Quarterly Financial Results.………………………………………………………………… | 2 | |
(1) | Explanation of Operating Results……………...…………………………………………………………………… | 2 |
(2) | Explanation of Financial Position...………………………………………………………………………………… | 3 |
(3) | Explanation of Forecast of Consolidated Financial Results and Other Forward-Looking Information……… | 3 |
2. Quarterly Consolidated Financial Statements and Principal Notes…………………………………………………... | 4 | |
(1) | Quarterly Consolidated Statement of Financial Position………………………………………………………… | 4 |
(2) | Quarterly Consolidated Statement of Income/Consolidated Statement of Comprehensive Income ………… | 6 |
(3) | Quarterly Consolidated Statement of Changes in Equity……………………………………………………….… | 8 |
(4) | Quarterly Consolidated Statement of Cash Flows………………………………………………………………… | 10 |
(5) | Notes on Quarterly Consolidated Financial Statements………………………………………………………… | 11 |
(Notes for Going Concern) …………………………………………………………………….………….……… | 11 | |
(Change of Accounting Policy) …………………………………………………………………………………… | 11 | |
(Change in Accounting Estimate) …………………………………………………………………………………. 11 | ||
(Segment Information) …………………………………………………………………………………………… | 11 |
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EXEDY Corporation (7278) FY2024 3rd Quarter Financial Results
1. Qualitative Information on Quarterly Financial Results.
- Explanation of Operating Results
In the Third quarter of the current consolidated cumulative period, the revenue increased due to passing on cost increase to the selling price, and the impact of foreign exchange conversion due to the depreciation of the yen. In terms of profits, despite of costs rising factors such as labor costs, operating profit increased due to increase in revenue and decrease of depreciation and amortization following the recognition of impairment losses on fixed assets in the previous fiscal year.
The results for the Third quarter of the current consolidated cumulative period were, Revenue ¥ 233.4 billion (increased by 0.6% from the same period of the previous fiscal year), Operating profit ¥ 16.2 billion (increased by 40.4% from the same period of the previous fiscal year), Profit before tax ¥ 16.5 billion (increased by 30.9% from the same period of the previous fiscal year), Profit attributable to owners of the parent company was ¥10.2 billion (increased by 24.0% from the same period of the previous fiscal year).
The summary by type of reportable segment is as follows.
[MT (Manual Automotive Drivetrain related business)]
Revenue was ¥54.8 billion (increased by 3.3% from the same period of the previous fiscal year). Segment profit was ¥7.9 billion (increased by 28.5% from the same period of the previous fiscal year) due to passing on the cost increase to selling prices.
[AT (Automatic Automotive Drivetrain related business)]
Revenue was ¥152.1 billion (decreased by 0.6% from the same period of the previous fiscal year). This was due to a decrease in orders, despite the impact of passing on cost increase to the selling price and the impact of foreign exchange conversion due to the depreciation of the yen. The segment profit was ¥8.8 billion (increased by 89.2% from the same period of the previous fiscal year) due to decrease of depreciation and amortization.
[TS (Industrial machine Drivetrain operations)]
Revenue was ¥10.5 billion (decreased by 5.8% from the same period of the previous fiscal year). Segment profit was ¥1.3 billion (decreased by 16.5% from the same period of the previous fiscal year), due to a decrease in revenue.
[Others]
Revenue was ¥16.0 billion (increased by 8.6% from the same period of the previous fiscal year). Segment profit was ¥1.0 billion (increased by 21.9% from the same period of the previous fiscal year) due to an increased revenue of motorcycle clutches in India.
The summary by location is as follows.
[Japan]
Revenue was ¥92.9 billion (decreased by 3.2% from the same period of the previous fiscal year). This was due to a decrease in orders at AT business. Operating profit was ¥9.1 billion (increased by 28.2% from the same period of the previous fiscal year), due to decrease of depreciation and amortization.
[Americas]
Revenue was ¥43.9 billion (increased by 1.6% from the same period of the previous fiscal year). This was due to the impact of foreign exchange conversion due to the depreciation of the yen. In terms of profits, despite efforts to streamline operations, such as improving productivity, the operating loss was ¥2.1 billion (¥2.4 billion operating loss in the same period of the previous year), due to expenses incurred in connection with the liquidation of a U.S. subsidiary.
[Asia and Oceania]
Revenue was ¥87.6 billion (increased by 3.8% from the same period of the previous fiscal year). This was due to an increase in sales of aftermarket products, as well as passing on cost increase to the selling price and the impact of foreign exchange conversion due to the depreciation of the yen. Operating profit was ¥9.1 billion (increased by 45.0% from the same period of the previous fiscal year) due to an increase in revenue and decrease of depreciation
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EXEDY Corporation (7278) FY2024 3rd Quarter Financial Results
and amortization.
[Others]
Revenue was ¥8.9 billion (increased by 7.5% from the same period of the previous fiscal year). Operating profit was ¥0.4 billion (decreased by 15.8% from the same period of the previous fiscal year) due to cost increase.
- Explanation of Financial Position.
In terms of the assets at the end of this Third quarter consolidated accounting period, the total assets were ¥326.8 billion (¥321.9 billion at the end of the previous consolidated fiscal year), it increased by ¥4.8 billion (1.5%) from the end of the previous fiscal year. The main contents are ¥2.3 billion increase in Trade and other receivables, ¥2.0 billion increase in Inventories, ¥1.4 billion increase in Investments accounted for using equity method, ¥1.4 billion increase in Goodwill and intangible assets, ¥1.1 billion increase in Other financial assets, ¥0.8 billion increase in Investments in Equity Instruments, ¥2.6 billion decrease in Tangible fixed assets, and ¥1.9 billion decrease in Cash and cash equivalents due to purchase of treasury shares, while implementing borrowing.
Total liabilities were ¥ 113.8 billion (¥88.4 billion at the end of the previous consolidated fiscal year), it increased by ¥25.4 billion (28.7%) from the end of the previous fiscal year. The main contents are ¥27.8 billion increase in corporate Bonds and borrowings and ¥3.0 billion decrease in Trade and other payables.
Total equity was ¥ 213.0 billion (¥233.5 billion in the previous consolidated fiscal year), it decreased by ¥20.5 billion (8.8%) from the end of the previous fiscal year. The main contents are ¥28.0 billion decrease by purchase of treasury shares, ¥0.8 billion increase in Capital surplus, ¥4.4 billion increase in Other components of equity due to the depreciation of the yen and an increase in exchange differences on the translation of foreign operations, ¥3.2 billion increase in Retained earnings (¥10.2 billion increase due to the Profit attributable to owners of the parent company, and ¥7.0 billion decrease due to the Appropriation of surplus (dividend)), and ¥0.9 billion decrease by Non-controlling interests. - Explanation of Forecast of Consolidated Financial Results and Other Forward-Looking Information
As of today, The Company has revised the consolidated financial forecast for the fiscal year ending March 31, 2025, which was announced on April 25, 2024. For the details, please refer to the " Announcement regarding Revision of Forecasts of Consolidated Financial Results and Upward revision of Year-end Dividend" announced today.
This forecast is based on the premise that there will be no large-scale suspension of business activities or sharp exchange rate fluctuations. If these premises are expected, this forecast may be revised.
The exchange rate is assumed to be ¥152 per US dollar.
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EXEDY Corporation (7278) FY2024 3rd Quarter Financial Results
2. Quarterly Consolidated Financial Statements and Principal Notes
- Quarterly Consolidated Statement of Financial Position
As of March 31, 2024 | As of December 31, 2024 | ||||
Millions of yen | Millions of yen | ||||
Assets | |||||
Current assets | |||||
Cash and cash equivalents | 74,043 | 72,095 | |||
Trade and other receivables | 53,513 | 55,770 | |||
Other financial assets | 2,105 | 2,877 | |||
Inventories | 44,278 | 46,310 | |||
Other current assets | 2,949 | 3,724 | |||
Total current assets | |||||
176,889 | 180,776 | ||||
Non-current assets | |||||
Property, plant and equipment | 117,824 | 115,174 | |||
Goodwill and intangible assets | 2,412 | 3,786 | |||
Investments accounted for using equity method | 1,043 | 2,448 | |||
Investments in Equity Instruments | 4,767 | 5,541 | |||
Other financial assets | 80 | 389 | |||
Deferred tax assets | 16,592 | 16,494 | |||
Retirement benefit asset | 1,418 | 1,434 | |||
Other non-current assets | 909 | 738 | |||
Total non-current assets | |||||
145,047 | 146,005 | ||||
Total assets | |||||
321,935 | 326,781 | ||||
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EXEDY Corporation (7278) FY2024 3rd Quarter Financial Results | |||||||
As of March 31, 2024 | As of December 31, 2024 | ||||||
Millions of yen | Millions of yen | ||||||
Liabilities and equity | |||||||
Liabilities | |||||||
Current liabilities | |||||||
Bonds and borrowings | 6,348 | 5,581 | |||||
Trade and other payables | 37,149 | 34,178 | |||||
Other financial liabilities | 664 | 674 | |||||
Income taxes payable | 2,739 | 2,236 | |||||
Employee benefits accruals | 2,591 | 2,605 | |||||
Provisions | 2,061 | 2,000 | |||||
Other current liabilities | 3,121 | 3,474 | |||||
Total current liabilities | |||||||
54,674 | 50,748 | ||||||
Non-current liabilities | |||||||
Bonds and borrowings | 23,630 | 52,209 | |||||
Other financial liabilities | 943 | 1,010 | |||||
Retirement benefit liability | 6,566 | 6,861 | |||||
Deferred tax liabilities | 30 | 20 | |||||
Other non-current liabilities | 2,552 | 2,939 | |||||
Total non-current liabilities | |||||||
33,723 | 63,038 | ||||||
Total liabilities | |||||||
88,396 | 113,785 | ||||||
Equity | |||||||
Share capital | 8,284 | 8,284 | |||||
Capital surplus | 7,543 | 8,353 | |||||
Treasury shares | (3,682) | (31,681) | |||||
Other components of equity | 18,274 | 22,636 | |||||
Retained earnings | 188,129 | 191,306 | |||||
Total equity attributable to owners of parent | |||||||
218,548 | 198,899 | ||||||
Non-controlling interests | 14,991 | 14,097 | |||||
Total equity | |||||||
233,539 | 212,996 | ||||||
Total liabilities and equity | |||||||
321,935 | 326,781 | ||||||
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EXEDY Corporation (7278) FY2024 3rd Quarter Financial Results
- Quarterly Consolidated Statement of Income and Consolidated Statement of Comprehensive Income (Quarterly Consolidated Statement of Income)
FY2023 3rd Quarter | FY2024 3rd Quarter | ||
(April 1, 2023 through | (April 1, 2024 through | ||
December 31, 2023) | December 31, 2024) | ||
Millions of yen | Millions of yen | ||
Revenue | 231,881 | 233,383 | |
Cost of sales | 193,320 | 190,132 | |
Gross profit | |||
38,561 | 43,251 | ||
Selling, general and administrative expenses | 27,103 | 26,841 | |
Other income | 746 | 1,097 | |
Other expenses | 677 | 1,324 | |
Operating profit | |||
11,527 | 16,183 | ||
Finance income | 1,874 | 1,129 | |
Finance costs | 819 | 797 | |
Share of profit of investments accounted for using | 46 | 11 | |
equity method | |||
Profit before tax | |||
12,627 | 16,525 | ||
Income tax expense | 3,792 | 5,471 | |
Profit | |||
8,835 | 11,054 | ||
Profit attributable to | |||
Owners of parent | 8,206 | 10,175 | |
Non-controlling interests | 629 | 879 | |
Profit | |||
8,835 | 11,054 | ||
Earnings per share | |||
Basic and diluted earnings per share | 174.74 | 235.31 |
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EXEDY Corporation (7278) FY2024 3rd Quarter Financial Results
(Quarterly Consolidated Statement of Comprehensive Income)
FY2023 3rd Quarter | FY2024 3rd Quarter | ||||
(April 1, 2023 through | (April 1, 2024 through | ||||
December 31, 2023) | December 31, 2024) | ||||
Millions of yen | Millions of yen | ||||
Profit | 8,835 | 11,054 | |||
Other comprehensive income | |||||
Items that will not be reclassified to profit or loss | |||||
Net change in fair value of equity instruments | |||||
designated as measured at fair value through | 176 | (85) | |||
other comprehensive income | |||||
Total of items that will not be reclassified to profit | |||||
176 | (85) | ||||
or loss | |||||
Items that may be reclassified to profit or loss | |||||
Exchange differences on translation of foreign | 4,967 | 5,656 | |||
operations | |||||
Share of other comprehensive income of | 5 | 5 | |||
investments accounted for using equity method | |||||
Total of items that may be reclassified to profit or loss | |||||
4,972 | 5,661 | ||||
Total other comprehensive income | |||||
5,148 | 5,575 | ||||
Comprehensive income | |||||
13,983 | 16,629 | ||||
Comprehensive income attributable to | |||||
Owners of parent | 12,629 | 14,537 | |||
Non-controlling interests | 1,355 | 2,092 | |||
Comprehensive income | |||||
13,983 | 16,629 | ||||
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EXEDY Corporation (7278) FY2024 3rd Quarter Financial Results
- Quarterly Consolidated Statement of Changes in Equity
Previous Third quarter consolidated cumulative period (April 1, 2023 through December 31, 2023)
Equity attributable to owners of parent | |||||||||||||||||||
Other components of equity | |||||||||||||||||||
Net change in | |||||||||||||||||||
Exchange | fair value of | ||||||||||||||||||
equity | |||||||||||||||||||
Share capital | Capital surplus | Treasury shares | differences | instruments | |||||||||||||||
on | designated as | Total | |||||||||||||||||
translation of | measured at | ||||||||||||||||||
foreign | fair value | ||||||||||||||||||
operations | through other | ||||||||||||||||||
comprehensiv | |||||||||||||||||||
e income | |||||||||||||||||||
Millions of yen | Millions of yen | Millions of yen | Millions of yen | Millions of yen | Millions of yen | ||||||||||||||
Balance as of April 1, 2023 | 8,284 | 7,541 | (3,709) | 11,454 | (815) | 10,639 | |||||||||||||
Profit for the period | - | - | - | - | - | - | |||||||||||||
Other comprehensive income | - | - | - | 4,247 | 176 | 4,423 | |||||||||||||
Comprehensive income | - | - | - | 4,247 | 176 | 4,423 | |||||||||||||
Purchase of treasury shares | - | - | (0) | - | - | - | |||||||||||||
Disposal of treasury shares | - | 2 | 27 | - | - | - | |||||||||||||
Dividends of surplus | - | - | - | - | - | - | |||||||||||||
Share-based remuneration transactions | - | (2) | - | - | - | - | |||||||||||||
Transfer to retained earnings | - | - | - | - | - | - | |||||||||||||
Total transactions with owners | - | (0) | 27 | - | - | - | |||||||||||||
Total changes in equity | - | (0) | 27 | 4,247 | 176 | 4,423 | |||||||||||||
Balance as of December 31, 2023 | 8,284 | 7,540 | (3,682) | 15,701 | (639) | 15,062 | |||||||||||||
Equity attributable to owners of | |||||||||||||||||||
parent | Non-controlling | Total | |||||||||||||||||
Retained | Total | interests | |||||||||||||||||
earnings | |||||||||||||||||||
Millions of yen | Millions of yen | Millions of yen | Millions of yen | ||||||||||||||||
Balance as of April 1, 2023 | 202,808 | 225,563 | 14,338 | 239,901 | |||||||||||||||
Profit for the period | 8,206 | 8,206 | 629 | 8,835 | |||||||||||||||
Other comprehensive income | - | 4,423 | 725 | 5,148 | |||||||||||||||
Comprehensive income | 8,206 | 12,629 | 1,355 | 13,983 | |||||||||||||||
Purchase of treasury shares | - | (0) | - | (0) | |||||||||||||||
Disposal of treasury shares | - | 29 | - | 29 | |||||||||||||||
Dividends of surplus | (4,931) | (4,931) | (1,301) | (6,232) | |||||||||||||||
Share-based remuneration transactions | - | (2) | - | (2) | |||||||||||||||
Transfer to retained earnings | - | - | - | - | |||||||||||||||
Total transactions with owners | (4,931) | (4,904) | (1,301) | (6,205) | |||||||||||||||
Total changes in equity | 3,275 | 7,725 | 54 | 7,778 | |||||||||||||||
Balance as of December 31, 2023 | 206,083 | 233,287 | 14,392 | 247,679 | |||||||||||||||
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