Ichikoh Industries,ltd. TSE:7244
Ichikoh Industries : FY2024 1st Semester Financial Result Investor Relations Meeting
Source: MarketScreener
2024 First Semester Financial Performance
&
Sustainable Corporate Value Enhancement
September 12, 2024
Ichikoh Industries, Ltd.
Table of Contents
1 | FY2024 First Semester Financial Results |
(January～June 2024） | |
- FY2024 Financial Forecast (January ～ December 2024)
- Towards Sustainable Enhancement of Corporate Value
- PBR
September 2024 | 2
01 FY2024 First Semester Financial Results (January～June 2024）
ICHIKOH RESERVED | September 2024 | 3 |
SALES OUTPERFORMANCE VS MARKET
FY 2024 First Semester Production Volume
per Market *
Japan YoY ▲8.1％
Thousand units
ASEAN YoY ▲13.6％
*Production volumes from Marklines
FY2024 First Semester Sales (Excluding Mirror)
Outperformance vs Market
Excluding Forex Effect
Market | |||
2024 vs 2023 | Sales Evolution | Production | Sales |
Volume | Outperformance | ||
Evolution | |||
Ichikoh Group | ▲8.9% | ▲9.8% | 0.9 pt |
Market | |||
2024 vs 2023 | Sales Evolution | Production | Sales |
Volume | Outperformance | ||
Evolution | |||
Japan | ▲9.8% | ▲8.1% | ▲1.7 pt |
ASEAN | ▲6.6% | ▲13.6% | 7.1 pt |
- Ichikoh Group : Japan+ASEAN
- Japan：Ichikoh non-consolidated
- ASEAN: Malaysia, Indonesia, Thailand
Sales outperforming the market by +0.9pts in S1 YTD 2024, mainly driven by ASEAN (+7.1pts)
ICHIKOH RESERVED | September 2024 | 4 |
FY2024 FIRST SEMESTER (YEAR-ON-YEAR) - excluding MIRROR
- Activity slow down vs S1 2023 mostly from Japan impacted by certification issues etc.
- On top of the activity slow down, adverse impact from weakening Japanese yen is doing more than offsetting the operational improvements achieved in Asean (Non Quality costs), resulting in a lowered profitability level in S1 2024.
Hundreds million yen | |||||
FY2023 | FY2024 | Increase/Decrease | Increase | ||
(Jan.～Jun. 2023） | (Jan.～Jun. 2024） | （vs. previous year) | /Decrease % | ||
Sales | 676 | 622 | ① | ▲55 | ▲8.1% |
Operating Income | 40 | 18 | ② | ▲23 | ▲56.3% |
Operating Margin (%) | 6.0% | 2.8% | ②/① | 41.3% | ▲3.1 pt. |
Sales
Operating Income
6.0％
2.8％
ICHIKOH RESERVED | September 2024 | 5 |
FY2024 FIRST SEMESTER vs TSE Projection
- Activity slow down mostly from Japan impacted by certification issues etc.
- On top of low activity, adverse FX impact from sharp weakening of the JPY and worse Freight and NQC remaining behind target despite real progress, are dragging down the Operating income.
Hundreds million yen | |||||
FY2024 TSE | FY2024 RESULT | Increase | Increase | ||
Projection | /Decrease | ||||
(Jan.～Jun. 2024） | /Decrease % | ||||
(Jan.～Jun. 2024) | （vs. forecast） | ||||
Sales | 643 | 622 | ① | ▲21 | ▲3.3% |
Operating Income | 30 | 18 | ② | ▲12 | ▲41.4% |
Operating Margin (%) | 4.7% | 2.8% | ②/① | 58.6% | ▲1.8 pt. |
Ordinary Income | 35 | 23 | ▲12 | ▲33.5% | |
Net Income Attributable to the | 22 | 14 | ▲8 | ▲37.2% | |
Parent Company | |||||
Sales | Operating Income | ||||
4.7％ | 2.8％ | ||||
ICHIKOH RESERVED | September 2024 | 6 |
TREND IN QUARTERLY FINANCIAL RESULTS
Sales
Hundreds million yen
FY2020 Actual | FY2021 Actual | FY2022 Actual | FY2023 Actual | FY2024 | 2024 |
Actual | Forecast |
Operating Income
FY2020 Actual | FY2021 Actual | FY2022 Actual | FY2023 Actual | FY2024 | 2024 |
Actual | Forecast |
ICHIKOH RESERVED | September 2024 | 7 |
FY2024 FIRST SEMESTER RESULTS BY REGION vs FY2023 - excluding MIRROR
- Japan : Activity negatively affected by the certification issues etc., on top of what weak Japanese yen is penalizing the profitability through higher import material costs.
- Overseas : Sales are almost in line with last year with FX impact offsetting volume slow down in Indonesia, but Operating Income is negatively affected by higher R&D costs doing more than offsetting Non Quality costs improvements and productivities achieved on operational side.
FY2023 1st Semester | FY2024 1st Semester | Hundreds million yen |
Sales 676⇒622(YoY ▲55） | Operating Income 40⇒18（YoY ▲23） | |
Operating Margin % 6.0％⇒2.8％（YoY ▲3.1 pt.） | ||
▲30 |
▲16 | ||
▲2 | ▲2 | |
+2 | 0 | ▲6 |
▲24 |
Japan | Overseas | Others | Internal transaction | Japan | Overseas | Others |
elimination etc. |
Japan：Ichikoh non-consolidated（Isehara・Fujioka・HQ）and Kyushu Ichikoh (Only Operating Income)
Overseas ：Malaysia・Indonesia・Thailand
Others ：PIAA
Internal transaction elimination etc.
ICHIKOH RESERVED | September 2024 | 8 |
FY2024 FIRST SEMESTER FINANCIAL RESULTS POINTS（YEAR-ON-YEAR） - excluding MIRROR
【Operating Income】
- Despite improvement on quality and productivity, Operating income is penalized by low activity following certification issues etc. and adverse impact from weakening Japanese yen.
▲18 | Hundreds million yen |
▲4
▲3 | +3 | ▲4 | +4 |
40
18
Actual | Activity | Inflation | Non Quality | Actual | |||
Tooling | incl. weak | R&D | Productivities | ||||
S1 2023 | & Mix | Costs | S1 2024 | ||||
JPY | |||||||
ICHIKOH RESERVED | September 2024 | 9 |
FY2024 FIRST SEMESTER FINANCIAL RESULTS POINTS（TSE Projection vs Result）
【Operating Income】
- Despite operational improvements and efficient cost control, Operating income is penalized by low activity (Certification issue etc.), weakening JPY impacting import material costs while Non Quality Costs remain behind target despite significant progress.
▲10 | Hundreds million yen |
+1 ▲5
30 | ▲2 | +3 |
41
18
TSE | Activity | Inflation | Non Quality | Actual | ||
Projection | Tooling | incl. weak | Productivities | S1 2024 | ||
& Mix | Costs | |||||
S1 2024 | JPY | |||||
ICHIKOH RESERVED | September 2024 | 10 |