Ichikoh Industries,ltd. TSE:7244
Ichikoh Industries : FY2024 Financial Result
Source: MarketScreener
Investor Relations Meeting
FY2024 Financial Results &
Outlook
March 13th, 2025
Ichikoh Industries, Ltd.
Table of Contents
- FY2024 Financial Results (Jan～Dec）
- FY2025 Financial Forecast (Jan～Dec)
- Towards Sustainable Enhancement of Corporate Value
MARCH 2025 | 2
01 FY2024 Financial Results (January～December 2024）
ICHIKOH RESERVED | MARCH 2025 | 3 |
SALES OUTPERFORMANCE VS. MARKET
FY2024 Production Volumes per Market
(Source from Marklines)
Japan YoY ▲6.7％
ten thousand units
ASEAN YoY ▲13.7％
2024 Sales(excl.Mirror) outperformance vs Market
Sales excl. forex | Market | Sales out | |
performance vs | |||
2024 vs 2023 | impact and | Production | |
Market production | |||
tooling variance | volume variance | ||
volume | |||
Total | ▲10.2% | ▲8.9% | ▲1.3 pt |
Japan | ▲10.5% | ▲6.7% | ▲3.8 pt |
ASEAN* | ▲9.1% | ▲13.7% | 4.6 pt |
*ASEAN: Indonesia, Malaysia, Thailand
Sales excl tooling -1.3pt vs market production volume:
- Japan sales -3.8pts vs Japan production volume due to higher exposure to Toyota & Daihatsu affected by the certification issues
- ASEAN market overperformance driven by favorable customer positioning in Thailand
ICHIKOH RESERVED | MARCH 2025 | 4 |
FY2024 FINANCIAL RESULT (YEAR-ON-YEAR)
- Sales reflecting perimeter changes, recentering on Lighting Core business after Mirror spin off in 2023 & PIAA divestiture in 2024
- Operating Income impacted by lower activity following certification issue in Japan
Hundreds million yen | |||||
FY2023 | FY2024 | Increase/Decrease | Increase | ||
(Jan.～Dec. 2023） | (Jan.～Dec. 2024） | /Decrease | |||
Sales | 1,459 | 1,255 | ① | ▲204 | ▲14.0% |
Operating Income | 74 | 49 | ② | ▲25 | ▲34.2% |
Operating Margin (%) | 5.1% | 3.9% | ②/① | 12.5% | ▲1.2 pt. |
Ordinary Income | 81 | 65 | ▲16 | ▲19.8% | |
Net Income | 78 | 45 | ▲34 | ▲43.0% |
Sales
Operating Income
5.1％
3.9％
ICHIKOH RESERVED | MARCH 2025 | 5 |
FY2024 FINANCIAL RESULT (YEAR-ON-YEAR)-excl. MIRROR & PIAA
- Lower Sales impacted by production stop in Japan following Toyota and Daihatsu certification issues
- Operating Income impact from lower activity and less tooling sales limited by productivities and inflation balance improvement
Hundreds million yen | |||||
FY 2023 | FY 2024 | Increase | Increase | ||
(Excluding Mirror & | (Excluding Mirror & | ||||
/Decrease | /Decrease % | ||||
PIAA） | PIAA） | ||||
Sales | 1,266 | 1,213 | ① | ▲53 | ▲4.2% |
Operating Income | 73 | 47 | ② | ▲26 | ▲35.8% |
Operating Margin (%) | 5.8% | 3.9% | ②/① | 49.6% | ▲1.9 pt. |
Sales
Operating Income
5８％
3.9％
ICHIKOH RESERVED
excl. Mirror | excl. Mirror | excl. Mirror | excl. Mirror |
& PIAA | & PIAA | & PIAA | & PIAA |
MARCH 2025 | 6
FY2024 FINANCIAL RESULT (VS. FORECAST)
- Sales slightly exceeded our Forecast and Operating Income significantly overachieved thanks to better Operational Performance in our Japan Operations and overall positive inflation balance management
- Net Income was positively impacted from the gains on the sale of PIAA
Hundreds million yen | |||||
FY2024 Forecast | FY2024 Actual | Increase | Increase | ||
/Decrease | |||||
(Jan.～Dec. 2024） | (Jan.～Dec. 2024） | /Decrease | |||
（vs. forecast） | |||||
Forecast announced in TSE on Nov. 13th, 2024 | |||||
Sales | 1,220 | 1,255 | ① | 35 | 2.9% |
Operating Income | 36 | 49 | ② | 13 | 35.6% |
Operating Margin (%) | 3.0% | 3.9% | ②/① | 36.2% | 0.9 pt |
Ordinary Income | 51 | 65 | 14 | 27.8% | |
Net Income | 38 | 45 | 7 | 17.6% |
Sales
Operating Income
3.0％
3.9％
ICHIKOH RESERVED | MARCH 2025 | 7 |
TREND IN QUARTERLY FINANCIAL RESULTS
Sales
Hundreds million yen
FY 2020 ActualFY 2021 ActualFY 2022 ActualFY 2023 Actual2024 Actual
Operating Income ◆ Generally stronger 1Q and 4Q while weaker 2Q and 3Q
FY 2020 Actual | FY 2021 Actual | FY 2022 Actual | FY 2023 Actual | 2024 Actual |
ICHIKOH RESERVED | MARCH 2025 | 8 |
FY2024 RESULTS BY REGION vs FY2023-excl. MIRROR & PIAA
- Japan: profit impacted by lower activity and less income from tooling partially offset by positive inflation balance management and operational efficiency
- Overseas: profit increased thanks to operational improvement and positive inflation balance management
FY 2023 | FY2024 | ||||
Sales 1,266⇒1,213（YoY ▲53） | Operating Income | 73⇒47（YoY ▲26） | |||
Operating Margin % | 5.8 | ％⇒ | ％（ | ） | |
3.9 | YoY ▲1.9 pt. | ||||
▲74 | Hundreds million yen | Hundreds million yen | |||
▲21 |
+10
+9
▲15
+13
Japan | Overseas | Elimination | Japan | Overseas | Elimination |
Japan：Ichikoh non-consolidated （Isehara・Fujioka・HQ）and Kyushu Ichikoh (Only Operating Income)
Overseas ：Indonesia・Malaysia・Thailand
ICHIKOH RESERVED | MARCH 2025 | 9 |
OPERATING INCOME BRIDGE - FY2024 vs FY2023-excl. MIRROR & PIAA
【OPERATING INCOME】
- Adverse Impact from Activity and Mix partially offset by improvement of Productivites in Japan and Asean, and Inflation Pass-Through recovery
-42 global Activity impact
▲21
+18 passthrough & Productivities
Hundreds million yen
73
▲10
▲11
6
9
3
▲1
47
FY 2023 | Activity | Mix | Tooling | Inflation | Direct Costs of | Productivity | FY2024 | |
Operating | balance | Non Quality | improvement | Others | Operating | |||
Income | Income | |||||||
ICHIKOH RESERVED | MARCH 2025 | 10 |