Meidensha Corporation TSE:6508

Meidensha : Results Briefing for FY2022.Q4

Published

Source: MarketScreener

MEIDENSHA CORPORATION

RESULTS BRIEFING FOR FISCAL 2022

May 12, 2023

Takeshi Miida, President & Executive Officer

Copyright © MEIDENSHA CORPORATION All Rights Reserved.

Table of Contents

  1. FY2022 Results
  2. FY2023 Forecasts
  3. Topics

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Copyright © MEIDENSHA CORPORATION All Rights Reserved.

1. FY2022 Results Summary (1)

Orders: ¥302.9 billion

Net sales: ¥272.5 billion

Operating income ¥8.5 billion

YoY change

Orders (+¥43.3 billion)

Net sales (+¥17.5 billion) Operating income (-¥0.9 billion)

Difference from initial forecasts

Orders (+¥32.9 billion)

Net sales (+¥2.5 billion) Operating income (-¥3.4 billion)

Although record orders were posted, rising material prices and prolonged delivery times for parts and materials placed downward pressure on income

YoY change

- Power Infrastructure

Sales and income increased in overseas Power T&D due to a recovery in demand in Singapore, and an

Net sales

+8.1

increase in demand for environmentally friendly products in North America.

Operating income

+1.3

In Japan, sales and income decreased due to the strong impact associated with prolonged delivery times

for various parts and materials.

- Public, Industrial &

Sales and income increased in Railways due to signs of recovery in equipment demand mainly in Japan.

Net sales

(4.3)

Commercial Sector

Sales and income decreased decreased in Social Infrastructure Systems and Water Infrastructure due to

Operating income

(3.7)

prolonged delivery times for various parts and materials and rising material and parts prices.

- Mobility & Electrical

Sales and income increased due to growth in demand for forklifts in Motor Drive Solutions and an

Net sales

+14.3

Components

expansion of models delivered in EV.

Operating income

+1.9

Although sales increased in Electronics Products, income decreased due to reduction of plant operation,

etc. associated with changes in demand in the latter half of the fiscal year.

Although sales decreased in Mobility T&S, which continued to face a difficult order environment, income

increased due to the effect of revising business structure.

- Field Engineering

Although sales increased slightly against the backdrop of steady demand for maintenance services,

Net sales

+0.1

income decreased due to changes in the product mix and the impact of rising prices of various parts and

Operating income

(0.6)

materials.

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1. FY2022 Results Summary (2) (Analysis of Difference from Initial Forecasts)

The impact of the decline in profit due to rising material prices was a

deterioration of ¥2.5 billion compared to initial forecasts

Profit deteriorated due to the decrease in sales in Power & Energy, Water Infrastructure, and Field Engineering resulting from prolonged delivery times for parts and materials, and slowdown of the semiconductor market

■ Factor analysis of operating income (Comparison of initial forecast and results for FY2022)

(Billions of yen)

12.0

~~~~~~~

FY2022

Initial

Forecasts

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Impact of prolonged delivery

(2.5)

times for parts and materials

(Decrease in sales and delays of

products with high added value)

Improved

income due

to weak yen

(1.3)

+0.4

+0.6

Cost reduction

(0.7)

Savings on

Net impact of high material and part prices in

expenses

Reduction of plant operation due

FY2022

8.5

to changes in semiconductor

Initial forecast -¥2.0 billion ->Result -¥4.5billion

market conditions (Electronics

Difference: -¥2.5 billion

Products)

Net impact

Initial forecast -¥2.0 billion ->Result -¥4.5billion

■Power Infrastructure

~~~~~~~

Initial forecast -¥0.5 billion ->Result -¥0.8billion

■Public, Industrial & Commercial Sector

FY2022

Initial forecast -¥0.9 billion ->Result -¥2.5billion

■Mobility & Electrical Components

Results

Initial forecast -¥0.6 billion ->Result -¥1.1billion

■Field Engineering

Initial forecast ¥0.0 billion ->Result -¥0.1billion

CORPORATION All Rights Reserved.

1. FY2022 Results Overview (1)

Sales increased and income decreased year on year and compared to forecasts, total interest-

bearing debt increased slightly year on year, and FCF decreased

(Millions of yen)

FY2022

FY2022

Difference

Initial

Revised

FY2021

FY2022

from FY2022

Initial

Revised

YoY

Forecasts

Results

Results

Results

results

Forecasts

Results

change %

(A)

(D)

(B)

(C)

(D - B)

(D - C)

(D - A)

Orders

259,635

270,000

290,000

302,938

116.7%

43,302

32,938

12,938

Net sales

255,046

270,000

268,000

272,578

106.9%

17,532

2,578

4,578

Operating

9,468

12,000

9,000

8,539

90.2%

(928)

(3,461)

(461)

income

Ordinary income

10,206

12,000

9,200

8,823

86.5%

(1,382)

(3,177)

(377)

Net income

6,733

8,400

7,500

7,128

105.9%

394

(1,272)

(372)

attributable to

owners of the parent

Total

290,899

307,390

105.7%

16,491

assets

Shareholders'

101,966

107,897

105.8%

5,931

equity

Net assets

105,421

110,881

105.2%

5,459

Shareholders'

35.1%

35.1%

0.0%

equity

Ratio

Total interest

48,466

50,509

104.2%

2,042

bearing debt

FCF

3,886

3,235

(650)

* Total interest bearing debt: Short-term borrowings + Long-term debt + Commercial paper + Bonds payable

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