Presentation of Financial Results
Fiscal Year Ended October 31, 2024
OHARA INC. (Code: 5218)
Dec.12th.2024
1 Overview of FY2024
- Main Points of Results
- Summary of Results
- Optical Business
- Electronics Business
- Factors for Changes in Operating profit/loss
- Statement of Cash Flows
CONTENTS | 2 | Outlook for FY2025 | |
• Summary of Results Forecasts | |||
• Explanation of future business environment | |||
• Forecasts for the Optical Business | |||
• Forecasts for the Electronics Business | |||
• Summary of semi-annual changes | |||
• Entry into the low-dielectric glass market for | |||
electronic substrates （Progress） | |||
• | Capital Expenditure, Depreciation, | ||
and Research and Development | |||
• Progress of Medium-Term Management Plan （1/2） | |||
• | Progress of Medium-Term Management Plan （2/2） | 2 |
Overview of FY2024
Main Points of Results
Business Environment
■The global economy showed signs of a gradual pickup, partly due to subdued inflation, although growth slowed in some regions.
■The outlook remained uncertain, mainly reflecting the Russian-Ukrainian crisis, the Middle East situation, the stagnation of the real estate market in China and the remaining high policy interest rates in Europe and the United States, as well as unstable foreign exchange rates.
■The camera market contracted largely due to the popularization of smartphones. Nonetheless, demand remained firm for interchangeable lens digital cameras and interchangeable lenses in the mirrorless camera market in particular, reflecting solid demand from professional and amateur photographers who seek to express high-quality images.
■The semiconductor lithography system market saw strong demand for equipment due to increased demand for power semiconductor devices and for memory and logic semiconductors used in generated AI.
■FPD lithography system market showed an improving trend in demand despite weak capex spending by panel makers.
Outlook for FY2024
■Sales of optical business declined because sales of optical press products and block optical glass products did not recover to the level of the previous fiscal year, although inventory adjustments in the supply chain for interchangeable lens applications were mostly resolved in the fourth quarter.
■Sales in the electronics business increased due to strong sales of both special glass and glass-ceramics and quartz glass, reflecting continued strong demand for semiconductor lithography equipment applications.
■Operating profit decreased, although overall operating profit recovered to the same level as the previous year due to a gradual improvement in the utilization ratio of production facilities in the optical business after bottoming out in the second quarter and an increase in sales of high value-added products in the electronics business.
1_ Overview of FY2024 | Copyright© 2024 OHARA INC. All Rights Reserved. | 4 |
Summary of Results
（Million yen, %） | |||
FY2023 | FY2024 | Change | |
Net Sales | 28,123 | 27,909 | (214) |
(0.8%) | |||
Operating | 2,233 | 2,177 | (56) |
Profit | |||
[Operating | 7.9% | 7.8% | (2.5%) |
profit ratio] | |||
Ordinary | 2,603 | 2,587 | (15) |
Profit | |||
[Ordinary profit | 9.3% | 9.3% | (0.6%) |
ratio] | |||
Net Profit | 1,572 | 1,568 | (3) |
(attributable to owners | |||
of parent) | |||
[Net profit | 5.6% | 5.6% | (0.2%) |
ratio] | |||
Exchange Rate | Average for | Average for | |
the period | the period | ||
Yen/USD | 139.28 | 150.54 | |
Yen/euro | 149.49 | 163.59 | |
Breakdown of net sales
Pressed optical glass products | Block optical glass products | |||
（Million yen） | Special glass and glass-ceramics | Quartz glass | ||
8,000 | 7,044 | 7,510 | 6,893 | 6,900 | 7,592 | 7,071 | ||
6,673 | ||||||||
6,345 | ||||||||
6,000 | 3,206 | 3,272 | 3,088 | 2,784 | 3,239 | 2,824 | ||
2,767 | ||||||||
2,599 | ||||||||
4,000 | 995 | 964 | 898 | 610 | 726 | 517 | 596 | 659 |
2,000 | 1,848 | 2,218 | 1,752 | 2,131 | 1,976 | 2,308 | 2,413 | 2,275 |
0 | 995 | 1,055 | 1,155 | 1,164 | 1,043 | 1,290 | 1,343 | 1,312 |
1Q | 2Q | 3Q | 4Q | 1Q | 2Q | 3Q | 4Q | |
FY2023 | FY2024 |
Breakdown of operating profit
（Million yen） | Optical Business | Electronics Business | Total | ||||
1,500 | |||||||
937 | 822 | ||||||
1,000 |
332 | 640 | 552 | 517 | ||||
470 | |||||||
366 | |||||||
500 | 933 | ||||||
672 | |||||||
605 | 658 | 337 | 667 | 775 | 602 | ||
0 | (31) | (106) | 103 | (110) | (84) | ||
(234) | |||||||
(300) | (304) | ||||||
(500)
1Q | 2Q | 3Q | 4Q | 1Q | 2Q | 3Q | 4Q |
FY2023 | FY2024 |
1_ Overview of FY2024 | Copyright© 2024 OHARA INC. All Rights Reserved. | 5 |
Optical Business
Full-year comparison
Net sales of pressed optical glass products
Net sales of block optical glass products
Operating profit
（Million yen）
16,000 | 15,802 | |
13,946 | ||
14,000 | ||
12,000 | ||
10,000 | ||
12,334 | ||
8,000 | 11,447 | |
6,000 | ||
4,000 | ||
2,000 | ||
3,468 | 2,499 | |
0 | ||
(40) | ||
(2,000) | (800) | |
FY2023 | FY2024 | |
Quarterly changes
Net sales of pressed optical glass products
Net sales of block optical glass products
Operating profit
（Million yen）
5,000 | ||||||||
4,500 | 4,201 | 4,237 | 3,986 | |||||
4,000 | 3,836 | |||||||
3,500 | 3,378 | 3,325 | 3,301 | 3,483 | ||||
3,000 | ||||||||
2,500 | 3,206 | 3,272 | 3,088 | |||||
3,239 | ||||||||
2,000 | 2,767 | 2,599 | 2,824 | |||||
2,784 | ||||||||
1,500 | ||||||||
1,000 | ||||||||
500 | 995 | 964 | 898 | 610 | 726 | 517 | 596 | 659 |
332 | ||||||||
0 | ||||||||
(31) | ||||||||
(106) | (234) | (110) | (84) | |||||
(500) | (300) | (304) | ||||||
1Q | 2Q | 3Q | 4Q | 1Q | 2Q | 3Q | 4Q | |
FY2023 | FY2024 |
1_ Overview of FY2024 | Copyright© 2024 OHARA INC. All Rights Reserved. | 6 |
Electronics Business
Full-year comparison | Quarterly changes | ||||||||
Net sales of special glass and glass-ceramics | Net sales of special glass and glass-ceramics | ||||||||
Net sales of quartz glass | Net sales of quartz glass | ||||||||
Operating profit | Operating profit | ||||||||
（Million yen） | （Million yen） |
16,000
14,000
12,000
13,962
12,320
5,000
4,500
4,000
3,500
3,756
3,598 3,587
3,273 3,295
10,000
8,000
6,000
4,000
7,950
4,370
8,973
4,989
3,000
2,500
2,000
1,500
1,000
2,843 2,907 3,019
2,308 2,413 2,275
2,218 | 2,131 | ||
1,752 | 1,976 | ||
1,848 | |||
1,155 | 1,164 | 1,290 | 1,343 | 1,312 | |
1,055 | 1,043 |
2,000
0
(2,000)
2,978
2,274
FY2023FY2024
500
0
(500)
995 | 933 | ||||
775 | |||||
605 | 672 | 658 | 667 | 602 | |
337 |
1Q | 2Q | 3Q | 4Q | 1Q | 2Q | 3Q | 4Q |
FY2023 | FY2024 |
1_ Overview of FY2024 | Copyright© 2024 OHARA INC. All Rights Reserved. | 7 |
Factors for Changes in Operating profit/loss
Optical Business
（Million yen）
Effects of volume and FY2023 unit prices
Operating
profit/loss
(40)
Improving Other | |||
(1,200) | asset | ||
Raw | efficiency | ||
materials,Decreased | |||
etc. | energy | 259 | |
cost | |||
300
- 180
FY2024
Operating
profit/loss
(800)
Electronics Business
（Million yen） | |||||
Improved | |||||
Improved | profitability Raw | ||||
profitability | of | materials, | Other | ||
of special | |||||
quartz glass etc. | |||||
glass | |||||
197 | 243 | ||||
(240) | |||||
505 | |||||
2,978
2,274
FY2023 | FY2024 |
Operating | Operating |
profit/loss | profit/loss |
1_ Overview of FY2024 | Copyright© 2024 OHARA INC. All Rights Reserved. | 8 |
Statement of Cash Flows
Statement of Cash Flows | |||
CF from | CF from | ||
operating | investing | ||
activities | activities | CF from | |
（Million yen） | financing | ||
activities |
Balance at | Other | |||
2,736 | (2,232) | |||
beginning of | ||||
fiscal year | ||||
(1,248) | ||||
406 | ||||
13,934
Decrease of 339 million yen in cash balance
（Million yen）
Balance at
end of 8,000 fiscal year
6,000
4,000
13,595
2,000
0
Interest-bearing liabilities
Interest-bearing liabilities
Ratio of interest-bearing liabilities to total assets
10.7%
9.0%
6,596
5,856
End of FY2023 | End of FY2024 |
（%）
20.0%
15.0%
10.0%
5.0%
0.0%
1_ Overview of FY2024 | Copyright© 2024 OHARA INC. All Rights Reserved. | 9 |
Outlook for FY2025