Financial Results for 3Q FY2024
(Results for the Nine Months Ended December 31st, 2024)
February 13, 2025
Iwatani Corporation
〔Security Code 8088〕
(Forward-Looking Statements)
This material contains forward-looking statements based on expectations and are not guarantees or assurances of future performance. Accordingly, please be fully aware that results may differ materially from those expectations.
Copyright © Iwatani Corporation. All rights reserved.
3Q FY2024 Overview
Copyright © Iwatani Corporation. All rights reserved. | 1 |
Highlights
Net sales increased. Operating profit decreased. Ordinary profit and profit attributable to owners of parent reached record highs.
Summary of Financial Results for 3Q FY2024
■ Despite the sluggish sales of stainless steel and rechargeable battery for next-generation automobiles,
net sales increased due to the higher LPG import prices than those in the previous fiscal year, leading to an increase in its selling price.
■ Operating profit decreased mainly due to the weakening of helium markets and decline in profitability of the LPG retail sector.
■ Full-year forecasts : No change
Net sales
Operating profit
Ordinary profit
Profit attributable to owners of parent
624.3
27.1
39.2
28.3
billion yen | YoY | +6.8 billion yen | + 1.1% |
billion yen | YoY | (4.7) billion yen | (15.0)% |
billion yen | YoY | +2.4 billion yen | +6.7% |
billion yen | YoY | +4.2 billion yen | +17.4% |
■ Operating profit quarterly trends (100 million yen)
173 187
109
85 | 60 | 84 | 77 |
1Q | 2Q | 3Q | 4Q | 1Q | 2Q | 3Q | 4Q |
FY2023FY2024
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Consolidated Operating Results
(100 million yen)
FY24 3Q | FY23 3Q | YoY | FY24 | ||
Results | Results | (A)-(B) | Progress | ||
Forecasts | |||||
(A) | (B) | (A)/(B) | |||
Net sales | 6,243 | 6,175 | +68 | 9,020 | 69.2% |
+1.1% | |||||
Gross profit | 1,648 | 1,632 | +15 | - | - |
+0.9% | |||||
Operating profit | 271 | 319 | (47) | 527 | 51.5% |
(15.0)% | |||||
Operating profit | (59) | ||||
excluding impact | 278 | 337 | 527 | 52.8% | |
of LPG import | (17.7)% | ||||
price fluctuation | |||||
Non-operating | 120 | 48 | +72 | - | - |
profit | +48.8% | ||||
Equity gains of | +80 | ||||
affiliated companies | 80 | - | 159 | - | |
related to Cosmo | - | ||||
Energy HD | |||||
Ordinary profit | 392 | 367 | +24 | 728 | 53.9% |
+6.7% | |||||
Profit attributable | +42 | ||||
to owners of | 283 | 241 | 540 | 52.6% | |
parent | +17.4% | ||||
■ Net sales
6,175 | 137 | 20 | Materials | 9 | 6,243 |
Integrated | Industrial | (99) | Others | ||
Gases & | |||||
Energy Machinery
FY23 3Q | FY24 3Q |
■ Operating profit
Industrial | |||||
Gases & | |||||
319 | 3 | Machinery | |||
Integrated | Materials | 0 | 271 | ||
Energy | (47) | ||||
(4) | |||||
Others, |
Adjustments
FY23 3Q | FY24 3Q |
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Consolidated Operating Results (Segment Analysis)
(100 million yen)
FY24 3Q | FY23 3Q | YoY | YoY | FY24 | Progress | |
Results(A) | Results(B) | (A)-(B) | (A)/(B) | Forecasts | ||
Net sales | 6,243 | 6,175 | +68 | +1.1% | 9,020 | 69.2% |
■ Integrated Energy | 2,558 | 2,420 | +137 | +5.7% | 3,840 | 66.6% |
■ Industrial Gases & Machinery | 1,957 | 1,937 | +20 | +1.0% | 2,750 | 71.2% |
■ Materials | 1,490 | 1,589 | (99) | (6.2)% | 2,105 | 70.8% |
■ Others | 236 | 227 | +9 | +4.4% | 325 | 72.9% |
Operating profit | 271 | 319 | (47) | (15.0)% | 527 | 51.5% |
■ Integrated Energy | 76 | 73 | +3 | +4.9% | 210 | 36.5% |
■ Industrial Gases & Machinery | 122 | 169 | (47) | (27.9)% | 220 | 55.6% |
■ Materials | 87 | 92 | (4) | (5.0)% | 128 | 68.4% |
■ Others, Adjustments | (15) | (15) | +0 | - | (31) | - |
Operating profit excluding impact of | 278 | 337 | (59) | (17.7)% | 527 | 52.8% |
LPG import price fluctuation | ||||||
Equity gains of affiliated companies | 80 | - | +80 | - | 159 | - |
related to Cosmo Energy HD | ||||||
Ordinary profit | 392 | 367 | +24 | +6.7% | 728 | 53.9% |
Profit attributable to owners of parent | 283 | 241 | +42 | +17.4% | 540 | 52.6% |
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Operating Profit Analysis of Integrated Energy
Results | (100 million yen) | |||||||||||
FY24 3Q | FY23 3Q | YoY | YoY | FY24 | ||||||||
Results | Results | Progress | ||||||||||
(A)-(B) | (A)/(B) | Forecasts | ||||||||||
(A) | (B) | |||||||||||
Net sales | 2,558 | 2,420 | +137 | +5.7% | 3,840 | 66.6% | ||||||
Operating profit | 76 | 73 | +3 | +4.9% | 210 | 36.5% | ||||||
Operating profit | ||||||||||||
83 | 91 | (8) | (9.0)% | 210 | 39.9% | |||||||
excluding impact of LPG | ||||||||||||
import price fluctuation | ||||||||||||
Analysis of Changes in Operating Profit | (million yen) | |||||||||||
1,180
7,316 | 990 | 7,673 |
130 | |
(1,700) | (250) |
Main factors | (million yen) |
- Impact of LPG import price fluctuation +1,180
(100 million | 1Q | 2Q | 1H | 3Q | 4Q | Full |
yen) | year | |||||
FY24 | (0.7) | (9.8) | +3.6 | (6.9) | - | - |
FY23 | (17.3) | (34.0) | +32.6 | (18.7) | +26.3 | +7.5 |
Changes | +16.6 | +24.2 | (29.0) | +11.8 | - | - |
- Retail (1,700)
-decrease in sales volume of LPG
-decline in profitability due to rising LPG import prices
- Wholesale (250)
-decrease in sales volume of LPG
- Industrial +130
-increase in sales of LPG for calorific adjustment for city gas
- Others +990
-steady sales of portable gas cooking stoves and cassette gas canisters
-increase in sales of energy-related equipment
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Operating Profit Analysis of Industrial Gases & Machinery
Results | (100 million yen) | ||||||||||
FY24 3Q | FY23 3Q | YoY | YoY | FY24 | |||||||
Results | Results | Progress | |||||||||
(A)-(B) | (A)/(B) | Forecasts | |||||||||
(A) | (B) | ||||||||||
Net sales | 1,957 | 1,937 | +20 | +1.0% | 2,750 | 71.2% | |||||
Operating profit | 122 | 169 | (47) | (27.9)% | 220 | 55.5% | |||||
Analysis of Changes in Operating Profit | (million yen) | ||||||||||
300 |
16,957 | 500 |
12,232
(5,020) (500)
FY23 3Q | Air separation | Hydrogen | Specialty | Gas-related | FY24 3Q |
gases | business | gases | equipment |
Main factors | (million yen) |
■ Air separation gases | +500 |
-increase in sales mainly for the electronic components industry
■ Hydrogen business +300
-sales volume of liquid hydrogen for space development and the semiconductor industry remained strong
■ Specialty gases (5,020)
-increase in sales of semiconductor gases
-expansion of the refrigerant business in Japan and overseas
-helium market weakened mainly in China, resulting in lower profitability
■ Gas-related equipment (500)
-decrease in sales of gas supply facilities and automobile-related equipment
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Operating Profit Analysis of Materials
Results | (100 million yen) | |||||||||
FY24 3Q | FY23 3Q | YoY | YoY | FY24 | ||||||
Results | Results | Progress | ||||||||
(A)-(B) | (A)/(B) | Forecasts | ||||||||
(A) | (B) | |||||||||
Net sales | 1,490 | 1,589 | (99) | (6.2)% | 2,105 | 70.8% | ||||
Operating profit | 87 | 92 | (4) | (5.0)% | 128 | 68.4% | ||||
Analysis of Changes in Operating Profit | (million yen) | |||||||||
430
9,213 | (210) | (120) |
8,757
(560)
Main factors | (million yen) |
■ Functional plastics products +430 -strong sales of molded products for
air conditioners and consumer resin products
-increase in sales of resin raw materials, mainly for daily household goods
■ Resources & advanced materials (210) -decline in profitability of titanium due to the weakening of the market
■ Metals (120)
-decrease in prices of stainless steel due to sluggish demand
■ Electronic materials (560)
-sluggish sales of rechargeable battery materials for next-generation automobiles due in part to inventory adjustments at sales destination -decrease in sales volumes of functional films
FY23 3Q | Functional | Resources & | Metals | Electronic | FY24 3Q | |
plastics | advanced | |||||
materials | ||||||
products | materials | |||||
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FY2024 Forecasts
Copyright © Iwatani Corporation. All rights reserved. | 8 |
Forecasts for the year ending March 31, 2025
(100 million yen)
FY24 | FY23 | Change | Rate | |
forecasts | results | |||
Net sales | 9,020 | 8,478 | +541 | +6.4% |
■ Integrated Energy | 3,840 | 3,571 | +268 | +7.5% |
■ Industrial Gases &Machinery | 2,750 | 2,621 | +128 | +4.9% |
■ Materials | 2,105 | 1,982 | +122 | +6.2% |
■ Others | 325 | 303 | +21 | +7.1% |
Operating profit | 527 | 506 | +20 | +4.1% |
■ Integrated Energy | 210 | 201 | +8 | +4.1% |
■ Industrial Gases &Machinery | 220 | 217 | +2 | +1.4% |
■ Materials | 128 | 123 | +4 | +4.0% |
■ Others, Adjustments | (31) | (35) | +4 | - |
Operating profit excluding impact of | ||||
527 | 498 | +28 | +5.7% | |
LPG import price fluctuation | ||||
Equity gains of affiliated companies | 159 | 93 | +65 | +69.5% |
related to Cosmo Energy HD | ||||
Ordinary profit | 728 | 662 | +65 | +10.0% |
Profit attributable to owners of | 540 | 473 | +66 | +14.0% |
parent | ||||
Copyright © Iwatani Corporation. All rights reserved.
NO change from original forecasts
Estimated exchange rate
Exchange rate 145 JPY/USD
LPG import price 650 $/ton
(FY23 results)
Exchange rate 143.5 JPY/USD
LPG import price 569 $/ton
Dividend forecast
FY24 32.5 yen per share
*The dividend for FY24 does not include the impact of accounting for Cosmo Energy HD using the equity method
-
On October 1, 2024, the Company conducted a four-for-one stock split of its common stock to shareholders of record as of September 30, 2024.
The dividend shown are after the stock split.
9