EXEDY Corporation (7278) FY2024 Financial Results | ||
April 24, 2025 | ||
FY2024 Consolidated Financial Results〔IFRS〕 | ||
(April 1, 2024 through March 31, 2025) | ||
(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 Corporate Strategy Promotion Headquarters | ||
Telephone: | +81-72-822-1152 |
Scheduled Date for the General Shareholders Meeting: June 25, 2025
Scheduled Date to commence dividend payments: June 26, 2025
Scheduled Filing Date for Annual Securities Report on EDINET: June 25, 2025
Preparation of supplementary material on financial results: Yes
Holding financial results briefing: Yes (For Analysts and professional investors)
(Note: All amounts less than one million yen is rounded off)
1. Consolidated Financial Results for the FY2024 (April 1, 2024 to March 31, 2025)
(1) Consolidated Operating Results | (Percentage of change from previous year) | ||||||||||||||||||||
Profit | Profit Attributable to | Total | |||||||||||||||||||
Revenue | Operating Profit | Profit | Comprehensive | ||||||||||||||||||
before Tax | Owners of Parent | ||||||||||||||||||||
Income | |||||||||||||||||||||
Million | % | Million | % | Million | % | Million | % | Million | % | Million | % | ||||||||||
Yen | Yen | Yen | Yen | Yen | Yen | ||||||||||||||||
FY2024 | 309,564 | 0.4 | 21,845 | - | 20,405 | - | 14,007 | - | 12,744 | - | 14,166 | - | |||||||||
FY2023 | 308,338 | 7.9 | (15,438) | - | (13,274) | - | (9,090) | - | (10,023) | - | (158) | - | |||||||||
Basic Earnings | Diluted Earnings | Ratio of Profit | Ratio of Income | Ratio of | |||||||||||||||||
to Equity Attributable | before Income Taxes | Operating Profit | |||||||||||||||||||
per Share | per Share | ||||||||||||||||||||
to Owners of Parent | to Total Assets | to Revenue | |||||||||||||||||||
yen | yen | % | % | % | |||||||||||||||||
FY2024 | 304.13 | - | 6.4 | 6.5 | 7.1 | ||||||||||||||||
FY2023 | (213.43) | - | (4.5) | (4.1) | (5.0) |
(Reference) Equity in Earnings(Loss) of Affiliates is ¥ (588) million for FY2024 and ¥ 50 million for FY2023.
(2) Consolidated Financial Position
Total Assets | Total Equity | Equity Attributable | |
to Owners of Parent | |||
Million Yen | Million Yen | Million Yen | |
FY2024 | 303,912 | 194,268 | 180,478 |
FY2023 | 321,935 | 233,539 | 218,548 |
Ratio for Equity
Attributable
to Owners of Parent
%
59.4
67.9
Equity per Share
Attributable
to Owners of Parent
yen
4,927.00
4,653.32
(3) Consolidated Cash Flows
Cash Flows | Cash Flows | Cash Flows | Balance of Cash and Cash | |
from Operating Activities | from Investing Activities | from Financing Activities | Equivalents at End of Period | |
millions of yen | millions of yen | millions of yen | millions of yen | |
FY2024 | 31,495 | (8,724) | (28,720) | 68,160 |
FY2023 | 37,609 | (13,407) | (11,406) | 74,043 |
2. Dividends
Annual Dividends per Share | Ratio of Dividend | |||||||||
Dividends | Payout Ratio | to Equity | ||||||||
1st | 2nd | 3rd | Fiscal | Attributable | ||||||
Total | (Total) | (Consolidate) | ||||||||
Quarter | Quarter | Quarter | Year-end | to Owners of | ||||||
Parent | ||||||||||
yen | yen | yen | yen | yen | millions of yen | % | % | |||
FY2023 | - | 60.00 | - | 60.00 | 120.00 | 5,646 | - | 2.6 | ||
FY2024 | - | 100.00 | - | 150.00 | 250.00 | 9,692 | 82.2 | 5.2 | ||
FY2025(Forecast) | - | 125.00 | - | 125.00 | 250.00 | 76.3 |
3. FY2025 Consolidated Financial Forecast (April 1, 2025 to March 31, 2026)
(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 | ||
FY2025 | 285,000 | (7.9) | 19,000 | (13.0) | 18,000 | (11.8) | 12,000 | (5.8) | 327.60 |
Note: The Consolidated Financial Forecast does not include the impact of the U.S. tariff policy.
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 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.12 “3. Consolidated Financial Statements | |||||
and Principal Notes (5) Notes on Consolidated Financial Statements” | |||||
(3) Number of Outstanding Shares (Ordinary shares) | |||||
①Number of shares outstanding at the | FY2024 Q4 | 48,593,736 shares | FY2023 Q4 | 48,593,736 shares | |
end of period (including treasury shares) | |||||
②Number of treasury shares at the end | FY2024 Q4 | 11,963,329 shares | FY2023 Q4 | 1,627,767 shares | |
of period | |||||
③Average number of ordinary shares | FY2024 Q4 | 41,901,529 shares | FY2023 Q4 | 46,961,632 shares | |
outstanding during the period | |||||
(Note) The shares held within the ESOP trust accounts (FY2024: 71,200 shares, FY2023: 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: 74,662 shares, FY2023: 84,654 shares)
- This Financial Results are not subject to audit by certified accountants or audit corporations.
- Regarding the appropriate use of Financial forecasts and other information
(Note: statement regarding forward-looking statements, etc.)
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. Regarding notes of usage and performance forecast assumptions, please refer to attachment p.3,
1. Overview of Operating Results etc. (4) Forward-Looking Information.
(Availability of the financial results presentation materials)
The Company plan to hold an analyst meeting on Friday, April 25, 2025. The materials and video of this presentation will be posted on the Company's website after the meeting.
EXEDY Corporation (7278) FY2024 Financial Results
Table of Contents of Attachments
1. Overview of Operating Results etc. …………………………………………………………………………………… | 2 | |
(1) | Overview of Operating Results for Current Period……………...……………………………………………… | 2 |
(2) | Overview of Financial Position for Current Period...…………………………………………………………… | 3 |
(3) | Overview of Cash Flow for the Current Period…………………………………………………………………. | 3 |
(4) | Forward-Looking Information……………………………………………………………………………………… | 4 |
2. Basic Way of Thinking Regarding to Selection of Accounting Standard……………………………………………. | 4 | |
3. Consolidated Financial Statements and Principal Notes……………………………………………………………... | 5 | |
(1) | Consolidated Statement of Financial Position…………………………………………………………………… | 5 |
(2) | Consolidated Statement of Income/Consolidated Statement of Comprehensive Income ………………… | 7 |
(3) | Consolidated Statement of Changes in Equity……………………………………………………………….… | 9 |
(4) | Consolidated Statement of Cash Flow………………………………………………………………………… | 11 |
(5) | Notes on Consolidated Financial Statements…………………………………………………………………… | 12 |
(Notes for Going Concern) …………………………………………………………………….………………….……… | 12 | |
(Change of Accounting Policy) …………………………………………………………………………………………… | 12 | |
(Segment Information) …………………………………………………………………………………………….……… | 12 | |
(Per Share Information) …………………………………………………………………………………………………… | 13 | |
(Significant Subsequent Events) …………………………………………………………………………………………. | 13 |
EXEDY Corporation (7278) FY2024 Financial Results
1. Overview of Operating Results etc.
- Overview of Operating Results for Current Period
In the current consolidated 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 compared to the previous consolidated period. In terms of profits, despite costs rising factors such as labor costs, operating profit increased due to decrease in impairment losses as well as decrease in depreciation and amortization.
The results for the current consolidated fiscal year were, Revenue ¥ 309.6 billion (increased by 0.4% from the previous fiscal year), Operating profit ¥ 21.8 billion (¥ 15.4 billion Operating Loss in the previous fiscal year), Profit before tax ¥ 20.4 billion (¥ 13.3 billion Loss before tax in the previous fiscal year), Profit attributable to owners of the parent company was ¥12.7 billion (¥ 10.0 billion Loss attributable to owners of the parent company in the previous fiscal year).
The summary by type of reportable segment is as follows.
[MT (Manual Automotive Drivetrain related business)]
Revenue was ¥73.8 billion (increased by 3.1% from the previous fiscal year). Segment profit was ¥10.8 billion (increased by 13.0% from the previous fiscal year) due to increase in sales of aftermarket products and the impact of foreign exchange conversion due to the depreciation of the yen compared to the previous consolidated period.
[AT (Automatic Automotive Drivetrain related business)]
Revenue was ¥199.7 billion (decreased by 1.0% from the previous fiscal year). This was due to a decrease in orders, despite 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 ¥12.4 billion (¥ 25.9 billion Segment loss in the previous fiscal year) due to decrease in impairment losses as well as decrease in depreciation and amortization.
[TS (Industrial machine Drivetrain operations)]
Revenue was ¥13.9 billion (decreased by 7.3% from the previous fiscal year). Segment profit was ¥1.7 billion (decreased by 19.9% from the previous fiscal year), due to a decrease in revenue despite cost reduction efforts.
[Others]
Revenue was ¥22.2 billion (increased by 10.8% from the previous fiscal year). Segment profit was ¥3 million (decreased by 99.7% from the previous fiscal year), due to increase in R&D expenses, despite increase in revenue from motorcycle clutches in the India-ASEAN region.
The summary by location is as follows.
[Japan]
Revenue was ¥123.6 billion (decreased by 1.6% from the previous fiscal year). This was due to a decrease in orders at AT business despite passing on cost increase to the selling price. Operating profit was ¥10.4 billion (¥6.4 billion operating loss in the previous fiscal year), due to decrease in impairment losses as well as decrease in depreciation and amortization.
[Americas]
Revenue was ¥56.7 billion (decreased by 4.4% from the previous fiscal year). This was due to a decrease in sales revenue in the AT segment resulting from a decline in orders in US subsidiaries, despite the impact of foreign exchange conversion due to the depreciation of the yen compared to the previous fiscal year. Operating loss was ¥1.4 billion (¥4.2 billion operating loss in the previous year), due to expenses incurred in liquidating a US subsidiary, despite efforts to streamline operations, such as improving productivity.
[Asia and Oceania]
Revenue was ¥117.0 billion (increased by 4.3% from 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. Operating profit was ¥12.0 billion (¥5.3 billion operating loss in the previous fiscal year) due to an increase in revenue and decrease in impairment losses as well as decrease in depreciation and amortization.
EXEDY Corporation (7278) FY2024 Financial Results
[Others]
Revenue was ¥12.3 billion (increased by 9.2% from the previous fiscal year). Operating profit was ¥0.8 billion (increased by 49.2% from the previous fiscal year) due to increase in revenue.
- Overview of Financial Position for Current Period.
In terms of the assets at the end of this consolidated accounting period, the total assets were ¥303.9 billion (¥321.9 billion at the end of the previous consolidated fiscal year), it decreased by ¥18.0 billion (5.6%) from the end of the previous fiscal year. The main contents are ¥10.1 billion decrease in Property, plant and equipment due to the sale and disposal of fixed assets in the liquidation of a US subsidiary, ¥5.9 billion decrease in Cash and cash equivalents due to purchase of treasury shares and ¥2.5 billion decrease in Inventories.
Total liabilities were ¥ 109.6 billion (¥88.4 billion at the end of the previous consolidated fiscal year), it increased by ¥21.2 billion (24.0%) from the end of the previous fiscal year. The main contents are ¥26.3 billion increase in corporate Bonds and borrowings and ¥3.3 billion decrease in Trade and other payables.
Total equity was ¥ 194.3 billion (¥233.5 billion in the previous consolidated fiscal year), it decreased by ¥39.3 billion (16.8%) from the end of the previous fiscal year. The main contents are ¥40.1 billion decrease by purchase of treasury shares, ¥3.4 billion increase in Capital surplus, ¥1.2 billion decrease by Non-controlling interests, ¥0.6 billion decrease in Other components of equity, ¥6.0 billion increase in Retained earnings (¥12.7 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)). - Overview of Cash Flow for the Current Period
Funds earned from cash flows from operating activities in the current consolidated fiscal year was ¥ 31.5 billion which decreased by ¥ 6.1 billion (16.3%) from the previous year (¥ 37.6 billion). This was due to the Income before Income Taxes increased by ¥ 33.7 billion, the Impairment loss decreased by ¥ 30.6 billion, the Depreciation and amortization decreased by ¥ 4.9 billion, the changes in Trade and other receivables decreased by ¥ 1.9 billion, and Income tax paid increased by ¥ 1.7 billion.
Funds used for cash flows from investing activities was ¥ 8.7 billion which decreased by ¥ 4.7 billion (34.9%) from the previous year (¥ 13.4 billion). This was due to the decrease in ¥ 1.3 billion in Purchase of property, plant and equipment, the increase of ¥ 3.4 billion in Proceeds from sale of property, plant and equipment in the process of liquidation of a US subsidiary, the decrease of ¥2.6 billion in Purchase of investment securities, the increase of ¥ 1.2 billion in Purchase of shares of subsidiaries and the increase of ¥ 0.7 billion in Purchase of investments accounted for using equity method.
Funds used for cash flows from financing activities was ¥ 28.7 billion, which increased by ¥ 17.3 billion (151.8%) from the previous year (¥ 11.4 billion). This was due to the increase of ¥ 44.8 billion in Purchase of treasury shares, the increase of ¥ 2.1 billion in dividend payment and the increase of ¥ 29.8 billion in Proceeds from long-term borrowings.
In addition to the above, there was the increase of ¥ 0.1 billion (¥ 1.7 billion increase in the previous year), as the results the balance of cash and cash equivalents in the current consolidated fiscal year was ¥ 68.2 billion which decreased by ¥ 5.9 billion (7.9%) from ¥ 74.0 billion at the end of the previous consolidated fiscal year.
EXEDY Corporation (7278) FY2024 Financial Results
- Forward-LookingInformation
Regarding the forward-Looking information, the outlook remains uncertain due to US tariff policy change, high inflation, and geopolitical risks. In particular, the Company is unable to appropriately estimate the extent of the decline in orders associated with the sudden change in US tariff policy at this time, and therefore, the Company have not reflected this decline in our current financial forecast.
Based on these assumptions, the Company expect consolidated revenue for the fiscal year ending March 31, 2026 to be lower than the previous fiscal year, considering a decrease in sales in AT (Automatic Automotive Drivetrain related business) due to the progress of electrification and the appreciation of the yen against the US dollar.
In terms of profits, the Company will strive to secure profits by further promoting group-wide efforts to improve overall management efficiency, such as improving facility utilization rates and reducing overhead costs, while appropriately reflecting in selling prices any cost increases resulting from sudden changes in tariff policies.
As a result, the Company expect the revenue for the fiscal year ended March 2026 will be ¥285.0 billion (7.9% decrease from this fiscal year), operating profit will be ¥19.0 billion (13.0% decrease from this fiscal year), and income before income taxes will be ¥18.0 billion (11.8% decrease from this fiscal year). Profit attributable to owners of the parent company is expected to be ¥12.0 billion (5.8% decrease from this fiscal year).
The exchange rate is assumed to be ¥143 per US dollar.
2. Basic Way of Thinking Regarding to Selection of Accounting Standard
The Group applies IFRS for the purpose of improving the international comparability of financial information in capital markets.
EXEDY Corporation (7278) FY2024 Financial Results
3. Consolidated Financial Statements and Principal Notes
- Consolidated Statement of Financial Position
As of March 31, 2024 | As of March 31, 2025 | ||||
Millions of yen | Millions of yen | ||||
Assets | |||||
Current assets | |||||
Cash and cash equivalents | 74,043 | 68,160 | |||
Trade and other receivables | 53,513 | 52,044 | |||
Other financial assets | 2,105 | 2,722 | |||
Inventories | 44,278 | 41,746 | |||
Other current assets | 2,949 | 3,808 | |||
Total current assets | |||||
176,889 | 168,480 | ||||
Non-current assets | |||||
Property, plant and equipment | 117,824 | 107,754 | |||
Goodwill and intangible assets | 2,412 | 3,677 | |||
Investments accounted for using equity method | 1,043 | 1,825 | |||
Investments in Equity Instruments | 4,767 | 5,020 | |||
Other financial assets | 80 | 363 | |||
Deferred tax assets | 16,592 | 14,642 | |||
Retirement benefit asset | 1,418 | 1,431 | |||
Other non-current assets | 909 | 721 | |||
Total non-current assets | |||||
145,047 | 135,432 | ||||
Total assets | |||||
321,935 | 303,912 | ||||
EXEDY Corporation (7278) FY2024 Financial Results | ||||||
As of March 31, 2024 | As of March 31, 2025 | |||||
Millions of yen | Millions of yen | |||||
Liabilities and equity | ||||||
Liabilities | ||||||
Current liabilities | ||||||
Bonds and borrowings | 6,348 | 4,749 | ||||
Trade and other payables | 37,149 | 33,845 | ||||
Other financial liabilities | 664 | 675 | ||||
Income taxes payable | 2,739 | 1,192 | ||||
Employee benefits accruals | 2,591 | 2,592 | ||||
Provisions | 2,061 | 1,973 | ||||
Other current liabilities | 3,121 | 2,615 | ||||
Total current liabilities | ||||||
54,674 | 47,641 | |||||
Non-current liabilities | ||||||
Bonds and borrowings | 23,630 | 51,543 | ||||
Other financial liabilities | 943 | 1,161 | ||||
Retirement benefit liability | 6,566 | 6,518 | ||||
Deferred tax liabilities | 30 | 24 | ||||
Other non-current liabilities | 2,552 | 2,757 | ||||
Total non-current liabilities | ||||||
33,723 | 62,003 | |||||
Total liabilities | ||||||
88,396 | 109,644 | |||||
Equity | ||||||
Share capital | 8,284 | 8,284 | ||||
Capital surplus | 7,543 | 4,184 | ||||
Treasury shares | (3,682) | (43,777) | ||||
Other components of equity | 18,274 | 17,631 | ||||
Retained earnings | 188,129 | 194,155 | ||||
Total equity attributable to owners of parent | ||||||
218,548 | 180,478 | |||||
Non-controlling interests | 14,991 | 13,790 | ||||
Total equity | ||||||
233,539 | 194,268 | |||||
Total liabilities and equity | ||||||
321,935 | 303,912 | |||||
EXEDY Corporation (7278) FY2024 Financial Results
- Consolidated Statement of Income and Consolidated Statement of Comprehensive Income (Consolidated Statement of Income)
FY2023 | FY2024 | ||
(April 1, 2023 through | (April 1, 2024 through | ||
March 31, 2024) | March 31, 2025) | ||
Millions of yen | Millions of yen | ||
Revenue | 308,338 | 309,564 | |
Cost of sales | 254,489 | 250,137 | |
Gross profit | |||
53,850 | 59,427 | ||
Selling, general and administrative expenses | 37,425 | 36,511 | |
Other income | 1,326 | 3,948 | |
Other expenses | 33,189 | 5,018 | |
Operating profit (loss) | |||
(15,438) | 21,845 | ||
Finance income | 3,277 | 579 | |
Finance costs | 1,162 | 1,432 | |
Share of profit (loss) of investments accounted for | 50 | (588) | |
using equity method | |||
Profit (loss) before tax | |||
(13,274) | 20,405 | ||
Income tax expense | (4,184) | 6,397 | |
Profit (loss) | |||
(9,090) | 14,007 | ||
Profit (loss) attributable to | |||
Owners of parent | (10,023) | 12,744 | |
Non-controlling interests | 933 | 1,264 | |
Profit (loss) | |||
(9,090) | 14,007 | ||
Earnings (loss) per share | |||
Basic and diluted earnings (loss) per share | (213.43) | 304.13 |
EXEDY Corporation (7278) FY2024 Financial Results
(Consolidated Statement of Comprehensive Income)
FY2023 | FY2024 | ||
(April 1, 2023 through | (April 1, 2024 through | ||
March 31, 2024) | March 31, 2025) | ||
Millions of yen | Millions of yen | ||
Profit (loss) | (9,090) | 14,007 | |
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 | (276) | (357) | |
other comprehensive income | |||
Remeasurements of defined benefit plans | 275 | 280 | |
Total of items that will not be reclassified to profit | |||
(1) | (77) | ||
or loss | |||
Items that may be reclassified to profit or loss | |||
Exchange differences on translation of foreign | 8,923 | 245 | |
operations | |||
Share of other comprehensive income of | 9 | (10) | |
investments accounted for using equity method | |||
Total of items that may be reclassified to profit or loss | |||
8,932 | 235 | ||
Total other comprehensive income | |||
8,931 | 159 | ||
Comprehensive income | |||
(158) | 14,166 | ||
Comprehensive income attributable to | |||
Owners of parent | (2,113) | 12,381 | |
Non-controlling interests | 1,954 | 1,785 | |
Comprehensive income | |||
(158) | 14,166 | ||