July 29, 2025
FY2025 1stQuarter Consolidated Financial Results〔IFRS〕(April 1, 2025 through June 30, 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 to commence dividend payments: -
Preparation of supplementary material on quarterly Financial Results : Yes Holding of quarterly financial results briefing: None
(Note: All amounts less than one million yen is rounded off)
Consolidated Financial Results for the 1st Quarter of FY2025 (April 1, 2025 to June 30, 2025)
Consolidated Operating Results (cumulative) (Percentage of change from previous year)
Revenue
Operating Profit
Profit before Tax
Profit
Profit Attributable to Owners of Parent
Total
Comprehensive Income
Million Yen
%
Million Yen
%
Million Yen
%
Million Yen
%
Million Yen
%
Million Yen
%
FY2025 Q1
71,899
(4.7)
4,913
20.3
4,156
(23.8)
3,106
(16.2)
2,719
(23.0)
1,874
(80.2)
FY2024 Q1
75,447
2.8
4,083
69.2
5,453
52.9
3,707
28.9
3,529
35.8
9,484
9.8
Basic Earnings per Share
Diluted Earnings per Share
Yen
Yen
FY2025 Q1
74.41
-
FY2024 Q1
76.62
-
Consolidated Financial Position
Total Assets
Total Equity
Equity Attributable to Owners of Parent
Ratio for Equity Attributable to Owners of Parent
Million Yen
Million Yen
Million Yen
%
FY2025 Q1
FY2024
299,790
303,912
188,831
194,268
176,371
180,478
58.8
59.4
Annual Dividends per Share
1st Quarter
2nd Quarter
3rd Quarter
Fiscal Year-end
Total
Yen
Yen
Yen
Yen
Yen
FY2024
FY2025
-
-
100.00
-
150.00
250.00
FY2025 (Forecast)
150.00
-
150.00
300.00
Dividends
-
(Note) Revisions of dividend forecast from the most recently announced figures: Yes
FY2025 Consolidated Financial Forecast (April 1, 2025 to March 31, 2026)
(Percentage of change from previous year)
Revenue
Operating Profit
Income before Income Taxes
Profit Attributable to Owners of Parent
Basic Earnings 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) Revisions to the consolidated financial forecasts the most recently announced：None
Note : This document has been t ranslated f rom 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.
※ 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”
FY2025 Q1
48,593,736 shares
FY2024 Q4
48,593,736 shares
FY2025 Q1
12,074,136 shares
FY2024 Q4
11,963,329 shares
FY2025 Q1
36,547,919 sharesFY2024 Q1
46,065,968 sharesNumber of Outstanding Shares (Ordinary shares)
①Number of shares outstanding at the end of period (including treasury shares)
②Number of treasury shares at the end of period
③Average number of ordinary shares
outstanding during the period
(Note) The shares held within the ESOP trust accounts (FY2025 Q1: 71,200 shares, FY2024: 71,200 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. (FY2025 Q1 : 71,200 shares, FY2024 Q1 : 81,200 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.
Table of Contents of Attachments
Qualitative Information on Quarterly Financial Results. 2
Explanation of Operating Results… 2
Explanation of Financial Position. 3
Explanation of Forecast of Consolidated Financial Results and Other Forward-Looking Information… 3
Quarterly Consolidated Financial Statements and Principal Notes… 4
Quarterly Consolidated Statement of Financial Position… 4
Quarterly Consolidated Statement of Income/Consolidated Statement of Comprehensive Income 6
Quarterly Consolidated Statement of Changes in Equity 8
Quarterly Consolidated Statement of Cash Flows… 10
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
Qualitative Information on Quarterly Financial Results
Explanation of Operating Results
In the first quarter of the current consolidated cumulative period, the revenue decreased due to the impact of foreign exchange conversion due to the appreciation of the yen compared to the first quarter of the previous fiscal year and a decrease in orders at the AT business segment in the Americas. In terms of profits, despite an increase in labor costs, Operating Profit increased due to passing on higher costs to selling prices and efforts to improve productivity through closing an unprofitable U.S. subsidiary in the previous fiscal year. Profit before Tax and Profit Attributable to Owners of Parent decreased, despite an increase in Operating Profit, mainly as a result of a shift from a foreign exchange gain in the first quarter of the previous consolidated cumulative period to a foreign exchange loss in the first quarter of the current consolidated cumulative period.
The results for the first quarter of the current consolidated cumulative period were, Revenue ¥ 71.9 billion (decreased by 4.7% from the same period of the previous fiscal year), Operating Profit ¥ 4.9 billion (increased by 20.3% from the same period of the previous fiscal year), Profit before Tax ¥ 4.2 billion (decreased by 23.8% from the same period of the previous fiscal year), Profit Attributable to Owners of the Parent Company was ¥2.7 billion (decreased by 23.0% 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 ¥17.6 billion (decreased by 1.4% from the same period of the previous fiscal year). Segment profit was ¥2.7 billion (increased by 28.3% from the same period of the previous fiscal year) mainly due to inventory reduction efforts, despite a decrease in revenue caused by the impact of foreign exchange conversion due to the appreciation of the yen.
[AT (Automatic Automotive Drivetrain related business)]
Revenue was ¥44.8 billion (decreased by 8.5% from the same period of the previous fiscal year). This was due to a decrease in orders and the impact of foreign exchange conversion due to the appreciation of the yen. The segment profit was ¥2.7 billion (increased by 39.5% from the same period of the previous fiscal year), despite a decrease in revenue, due to passing on higher costs to selling prices and efforts to improve productivity including closing an unprofitable U.S. subsidiary in the previous fiscal year.
[TS (Industrial machine Drivetrain operations)]
Revenue was ¥3.2 billion (decreased by 11.8% from the same period of the previous fiscal year). Segment profit was ¥0.3 billion (decreased by 25.8% from the same period of the previous fiscal year), due to a decrease in revenue.
[Others]
Revenue was ¥6.3 billion (increased by 26.3% from the same period of the previous fiscal year). Segment profit was ¥41 million (decreased by 81.8% from the same period of the previous fiscal year), due to an increase in R&D expenses, despite an increase in revenue from motorcycle clutches in the India-ASEAN region.
The summary by location is as follows. [Japan]
Revenue was ¥29.0 billion (increased by 1.7% from the same period of the previous fiscal year). Operating Profit was ¥1.0 billion (decreased by 27.8% from the same period of the previous fiscal year), due to higher labor costs, despite efforts to pass on higher costs to selling prices.
[Americas]
Revenue was ¥11.1 billion (decreased by 31.2% from the same period of the previous fiscal year). This was due to closing an unprofitable U.S. subsidiary in the previous fiscal year and the impact of foreign exchange conversion due to the appreciation of the yen. Operating Profit was ¥0.2 billion (increased by 320.9% from the same period of the previous fiscal year) due to productivity improvements.
[Asia and Oceania]
Revenue was ¥29.0 billion (increased by 4.8% from the same period of the previous fiscal year). This was mainly due to an increase in orders and passing on higher costs to selling prices, despite the impact of foreign exchange conversion due to the appreciation of the yen. Operating Profit was ¥3.2 billion (increased by 11.7% from the same period of the previous fiscal year) due to an increase in revenue.
[Others]
Revenue was ¥2.8 billion (decreased by 10.4% from the same period of the previous fiscal year). Operating Profit was ¥0.2 billion (increased by 32.2% from the same period of the previous fiscal year).
Explanation of Financial Position.
In terms of the assets at the end of this first quarter consolidated accounting period, the total assets were ¥299.8 billion (¥303.9 billion at the end of the previous consolidated fiscal year), decreased by ¥4.1 billion (1.4%) from the end of the previous fiscal year. The main contents are ¥1.9 billion decrease in Trade and other receivables, ¥1.7 billion decrease in Tangible fixed assets and ¥1.6 billion decrease in Cash and cash equivalents.
Total liabilities were ¥111.0 billion (¥109.6 billion at the end of the previous consolidated fiscal year), increased by
¥1.3 billion (1.2%) from the end of the previous fiscal year. The main contents are ¥1.7 billion increase in Trade and other payables and ¥0.7 billion decrease in corporate Bonds and borrowings.
Total equity was ¥188.8 billion (¥194.3 billion in the previous consolidated fiscal year), decreased by ¥5.4 billion (2.8%) from the end of the previous fiscal year. The primary details are as follows; ¥0.4 billion increase in Capital surplus, ¥0.5 billion decrease by Purchase of treasury shares, ¥1.2 billion decrease in Other components of equity due to the appreciation of the yen and a decrease in exchange differences on the translation of foreign operations,
¥2.8 billion decrease in Retained earnings (¥2.7 billion increase due to the Profit attributable to owners of the parent company, and ¥5.5 billion decrease due to the Appropriation of surplus (dividend)) and ¥1.3 billion decrease in Non-controlling interests.
Explanation of Forecast of Consolidated Financial Results and Other Forward-Looking Information
There is no change in the consolidated financial forecast for the fiscal year ending March 31, 2026, which was announced on April 24, 2025.
Quarterly Consolidated Financial Statements and Principal Notes
Quarterly Consolidated Statement of Financial Position
As of March 31, 2025 As of June 30, 2025
Millions of yen Millions of yen
Assets
Current assets
Cash and cash equivalents
68,160
66,564
Trade and other receivables
52,044
50,165
Other financial assets
2,722
3,178
Inventories
41,746
41,473
Other current assets
3,808
3,933
Total current assets Non-current assets
Property, plant and equipment
168,480
107,754
165,312
106,063
Goodwill and intangible assets
3,677
3,980
Investments accounted for using equity method
1,825
1,846
Investments in Equity Instruments
5,020
5,383
Other financial assets
363
353
Deferred tax assets
14,642
14,668
Retirement benefit asset
1,431
1,439
Other non-current assets
721
746
Total non-current assets
135,432
134,478
Total assets
303,912
299,790
As of March 31, 2025 As of June 30, 2025
Millions of yen Millions of yen
Liabilities and equity Liabilities
Current liabilities
Bonds and borrowings
4,749
4,004
Trade and other payables
33,845
35,593
Other financial liabilities
675
720
Income taxes payable
1,192
1,189
Employee benefits accruals
2,592
2,573
Provisions
1,973
1,889
Other current liabilities
2,615
2,877
Total current liabilities Non-current liabilities
Bonds and borrowings
47,641
51,543
48,845
51,551
Other financial liabilities
1,161
1,204
Retirement benefit liability
6,518
6,635
Deferred tax liabilities
24
31
Other non-current liabilities
2,757
2,692
Total non-current liabilities
62,003
62,114
Total liabilities Equity
Share capital
109,644
8,284
110,959
8,284
Capital surplus
4,184
4,594
Treasury shares
(43,777)
(44,276)
Other components of equity
17,631
16,389
Retained earnings
194,155
191,380
Total equity attributable to owners of parent
180,478
176,371
Non-controlling interests
13,790
12,459
Total equity
194,268
188,831
Total liabilities and equity
303,912
299,790
Quarterly Consolidated Statement of Income and Consolidated Statement of Comprehensive Income (Quarterly Consolidated Statement of Income)
FY2024 1st Quarter
(April 1, 2024 through
FY2025 1st Quarter
(April 1, 2025 through
June 30, 2024)
June 30, 2025)
Millions of yen
Millions of yen
Revenue
75,447
71,899
Cost of sales
62,496
57,926
Gross profit
12,951
13,974
Selling, general and administrative expenses
9,008
9,216
Other income
415
242
Other expenses
274
87
Operating profit
4,083
4,913
Finance income
1,581
142
Finance costs
225
961
Share of profit of investments accounted
equity method
for
using
13
62
Profit before tax
5,453
4,156
Income tax expense
1,745
1,050
Profit
3,707
3,106
Profit attributable to Owners of parent
3,529
2,719
Non-controlling interests
178
387
Profit
3,707
3,106
Earnings per share
Basic and diluted earnings per share 76.62 74.41
(Quarterly Consolidated Statement of Comprehensive Income)
FY2024 1st Quarter
(April 1, 2024 through
FY2025 1st Quarter
(April 1, 2025 through
June 30, 2024)
June 30, 2025)
Millions of yen
Millions of yen
Profit
3,707
3,106
Other comprehensive income
Items that will not be reclassified to profit or loss Net change in fair value of equity instruments
(20)
(30)
designated as measured at fair value through
other comprehensive income
Total of items that will not be reclassified to profit or loss
(20)
(30)
Items that may be reclassified to profit or loss Exchange differences on translation of foreign
5,786
(1,194)
operations
Share of other comprehensive income of
10
(8)
investments accounted for using equity method
Total of items that may be reclassified to profit or loss
5,797
(1,202)
Total other comprehensive income
5,777
(1,232)
Comprehensive income
9,484
1,874
Comprehensive income attributable to Owners of parent
8,531
1,477
Non-controlling interests
953
398
Comprehensive income
9,484
1,874
Quarterly Consolidated Statement of Changes in Equity
Previous first quarter consolidated cumulative period (April 1, 2024 through June 30, 2024)
Equity attributable to owners of parent
Other components of equity Net change in
fair value of
Share capital Capital surplus Treasury shares
Exchange differences on translation of foreign operations
equity instruments designated as measured at fair value through other comprehensiv
Total
Balance as of April 1, 2024 Profit for the period
Other comprehensive income
Comprehensive income Purchase of treasury shares Disposal of treasury shares
Dividends of surplus
Changes in ownership interest in subsidiaries
Transfer to retained earnings Total transactions with owners Total changes in equity
Balance as of June 30, 2024
e income
Millions of yen
Millions of yen
Millions of yen
Millions of yen
Millions of yen
Millions of yen
8,284
7,543
(3,682)
19,365
(1,091)
18,274
-
-
-
-
-
-
-
-
-
5,021
(20)
5,002
-
-
-
5,021
(20)
5,002
-
(5)
(4,658)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
958
-
-
-
-
-
-
-
-
-
-
-
953
(4,658)
-
-
-
-
953
(4,658)
5,021
(20)
5,002
8,284
8,496
(8,341)
24,386
(1,111)
23,276
Equity attributable to owners of
pa
Retained earnings
rent
Total
Non-controlling interests
Total
Millions of yen
Millions of yen
Millions of yen
Millions of yen
Balance as of April 1, 2024
188,129
218,548
14,991
233,539
Profit for the period
3,529
3,529
178
3,707
Other comprehensive income
-
5,002
775
5,777
Comprehensive income
3,529
8,531
953
9,484
Purchase of treasury shares
-
(4,663)
-
(4,663)
Disposal of treasury shares
-
-
-
-
Dividends of surplus
(2,818)
(2,818)
(1,538)
(4,356)
Changes in ownership interest in subsidiaries
-
958
(958)
-
Transfer to retained earnings
-
-
-
-
Total transactions with owners
(2,818)
(6,523)
(2,496)
(9,019)
Total changes in equity
711
2,008
(1,543)
465
Balance as of June 30, 2024
188,841
220,556
13,448
234,004
Current first quarter consolidated cumulative period (April 1, 2025 through June 30, 2025)
Equity attributable to owners of parent
Other components of equity Net change in
fair value of
Share capital Capital surplus Treasury shares
Exchange differences on translation of foreign operations
equity instruments designated as measured at fair value through other comprehensiv
Total
Balance as of April 1, 2025 Profit for the period
Other comprehensive income
Comprehensive income Purchase of treasury shares Disposal of treasury shares Dividends of surplus
Share-based remuneration transactions
Obtaining of control of subsidiaries Transfer to retained earnings
Total transactions with owners Total changes in equity
Balance as of June 30, 2025
e income
Millions of yen
Millions of yen
Millions of yen
Millions of yen
Millions of yen
Millions of yen
8,284
4,184
(43,777)
19,079
(1,448)
17,631
-
-
-
-
-
-
-
-
-
(1,213)
(30)
(1,243)
-
-
-
(1,213)
(30)
(1,243)
-
(302)
(490)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
712
(9)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
410
(499)
-
-
-
-
410
(499)
(1,213)
(30)
(1,243)
8,284
4,594
(44,276)
17,866
(1,477)
16,389
Equity attributable to owners of
pa
Retained earnings
rent
Total
Non-controlling interests
Total
Millions of yen
Millions of yen
Millions of yen
Millions of yen
Balance as of April 1, 2025
194,155
180,478
13,790
194,268
Profit for the period
2,719
2,719
387
3,106
Other comprehensive income
-
(1,243)
11
(1,232)
Comprehensive income
2,719
1,477
398
1,874
Purchase of treasury shares
-
(793)
-
(793)
Disposal of treasury shares
-
-
-
-
Dividends of surplus
(5,495)
(5,495)
(1,736)
(7,231)
Share-based remuneration transactions
-
704
-
704
Obtaining of control of subsidiaries
-
-
8
8
Transfer to retained earnings
-
-
-
-
Total transactions with owners
(5,495)
(5,583)
(1,729)
(7,312)
Total changes in equity
(2,775)
(4,107)
(1,331)
(5,438)
Balance as of June 30, 2025
191,380
176,371
12,459
188,831
Quarterly Consolidated Statement of Cash Flows
FY2024 1st Quarter
FY2025 1st Quarter
(April 1, 2024 through
(April 1, 2025 through
June 30, 2024)
June 30, 2025)
Millions of yen
Millions of yen
Cash flows from operating activities
Profit before tax
5,453
4,156
Depreciation and amortization
3,605
3,350
Interest and dividend income
(151)
(139)
Interest expenses
182
205
Share of loss (profit) of investments accounted for
using equity method
(13)
(62)
Foreign exchange loss (gain)
(0)
9
Decrease (increase) in inventories
(1,730)
(82)
Decrease (increase) in trade and other receivables
1,705
1,396
Increase (decrease) in trade and other payables
1,186
1,629
Other
(773)
1,334
Subtotal
9,463
11,796
Interest and dividends received
213
178
Interest paid
(193)
(183)
Income taxes paid
(2,727)
(1,300)
Net cash provided by (used in) operating activities
6,756
10,490
Cash flows from investing activities
Payments into time deposits
(2,132)
(1,263)
Proceeds from withdrawal of time deposits
465
726
Purchase of property, plant and equipment
(1,989)
(1,333)
Proceeds from sale of property, plant and equipment
24
32
Purchase of intangible assets
(100)
(203)
Purchase of investment securities
(793)
(566)
Purchase of shares of subsidiaries resulting in change in scope of consolidation
-
(212)
Other
(939)
(37)
Net cash provided by (used in) investing activities
(5,465)
(2,856)
Cash flows from financing activities
Proceeds from short-term borrowings
20
1,403
Repayments of short-term borrowings
(1,426)
(1,456)
Repayments of long-term borrowings
(493)
(741)
Purchase of treasury shares
(4,658)
(926)
Dividends paid
(2,768)
(5,393)
Other
(1,625)
(1,901)
Net cash provided by (used in) financing activities
(10,950)
(9,013)
Effect of exchange rate changes on cash and cash
equivalents
1,403
(218)
Net increase (decrease) in cash and cash equivalents
(8,256)
(1,597)
Cash and cash equivalents at beginning of period
74,043
68,160
Cash and cash equivalents
65,787
66,564
Notes on Quarterly Consolidated Financial Statements
(Notes for Going Concern)
Not applicable
(Change in Accounting Policy)
Not applicable
(Change in Accounting Estimate)
Not applicable
(Segment Information)
Overview of Reportable Segments
The reportable segments are components of business activities for which discrete financial information is available, and such information is regularly reviewed by the Company’s Board of Directors to make decisions about the allocation of resources and assess its performance.
The Company and its consolidated subsidiaries are mainly engaged in the manufacture and sale of automotive parts. From the aspects of function, technological specification and productive structure, the product lines of the Company are classified roughly into 3 group, "Manual Transmission Parts", "Automatic Transmission Parts" and “Industrial machine Drivetrain Parts”. The Company, in corporation with its consolidated subsidiaries, design business strategy and conduct business for these 3 product lines inside Japan and overseas. Accordingly, the reportable segments of the Company are composed of 3 segments, "MT (Manual Automotive Drivetrain related business)" which manufactures and sells Manual Transmission Parts, "AT (Automatic Automotive Drivetrain related business)" which manufactures and sells Automatic Transmission Parts and “TS (Industrial machine Drivetrain operations)” which manufactures and sells parts for construction machinery and industrial vehicles.
Information on Revenue, Profit and Loss by Segment and The Amount of Other Important Items Previous first quarter consolidated cumulative period (April 1, 2024 to June 30, 2024)
(Million Yen)
Reportable Segment
Other (Note 1)
Adjustments (Note 4)
Consolidated
MT
AT
TS
Total
Revenue
External Customers
17,814
49,017
3,636
70,467
4,980
-
75,447
Intersegments (Note 2)
286
578
61
924
1,344
(2,268)
-
Total
18,100
49,594
3,697
71,391
6,324
(2,268)
75,447
Segment Profit (Note 3)
2,140
1,956
423
4,519
224
(660)
4,083
Finance Income
1,581
Finance Costs
225
Share of profit of investments accounted for using equity method
13
Profit before Tax
5,453
(Note) 1. Others include businesses which is not part of any of the reportable segments, and contain clutches for motorcycle operation, transport operation, etc.
Amount of intersegments transactions is based on market price.
Segment profit is based on operating profit on quarterly consolidated income statement.
Elimination of intersegment transactions and corporate expenses are included in adjustments.
Current first quarter consolidated cumulative period (April 1, 2025 to June 30, 2025)
(Million Yen)
Reportable Segment
Other (Note 1)
Adjustments (Note 4)
Consolidated
MT
AT
TS
Total
Revenue
External Customers
17,571
44,831
3,206
65,607
6,292
-
71,899
Intersegments (Note 2)
55
96
9
160
1,379
(1,540)
-
Total
17,626
44,927
3,216
65,768
7,671
(1,540)
71,899
Segment Profit (Note 3)
2,746
2,728
313
5,788
41
(915)
4,913
Finance Income
142
Finance Costs
961
Share of profit of investments accounted for using equity method
62
Profit before Tax
4,156
(Note) 1. Others include businesses which is not part of any of the reportable segments, and contain clutches for motorcycle operation, transport operation, etc.
Amount of intersegments transactions is based on market price.
Segment profit is based on operating profit on quarterly consolidated income statement.
Elimination of intersegment transactions and corporate expenses are included in adjustments.