Financial Results of 1st Quarter
for the Year Ending December 31, 2024
May 2024
Sanden Corporation
© 2024 SANDEN CORPORATION
Financial Results of First Quarter for the Fiscal Year Ending December 31, 2024
- Points of the financial results
- Sales by Business Segment
- Operating income (Year-on-year comparison)
- Major Indicator Trends
- Consolidated balance sheet
- Business Topics
© 2024 SANDEN CORPORATION
１．Points of the financial results
Financial Results for 1Q FY12/2024
［Net sales］ | |
Global vehicle production volumes for Q1 were generally in line with the previous year, despite regional variations. Excluding | |
1 | a foreign exchange impact of +4.0 billion yen, sales remained flat. |
In China, sales grew across the board, including for EVs, while in Asia, particularly in India, sales to local OEMs increased. | |
In the Americas, sales primarily decreased in the aftermarket sector. In Europe, excluding the effect of exchange rates, sales | |
declined due to increased imports of EVs and reduced demand amid economic downturn. | |
[Profit] | |
Amid sluggish sales, the company continued price negotiations to mitigate the effects of high raw material costs. In | |
Europe, inventory reductions and in China, increased sales led to higher operational efficiency, improved productivity, | |
2 | and cost reductions. |
Operating income decreased by 0.1-billion-yenyear-over-year. | |
Despite cost reductions and productivity improvements at the facilities in Poland and China, as well as mitigating effects | |
from foreign exchange fluctuations, operating income slightly decreased due to funds being allocated to growth | |
investments. | |
Net income decreased by 0.2 billion yen, yet a net profit of 0.3 billion yen was maintained. | |
[Measures] | |
Strengthened and promoted measures in Q1 to address environmental changes that became apparent. In response to | |
3 | rising fuel and raw material costs due to the continued depreciation of the yen, price negotiations and cost reduction |
efforts were implemented. |
In response to prolonged lead times in transportation to Europe due to issues in the Red Sea, measures were taken to minimize airfreight usage and reduce ocean freight costs.
3/12 | © 2024 SANDEN CORPORATION |
１． Points of the financial results ~ Summary of consolidated financial results
Financial Results for 1Q FY12/2024
[In 100 million yen]
FY2023 | FY2024 | Ver Previous year | ||||
Jan～Mar | Jan～Mar | |||||
2023 results | 2024 results | Difference | Ratioed | |||
Sales | 427 | 465 | 37 | 8.7％ | ||
Automotive | 425 | 461 | 37 | 8.6％ | ||
Equipment | ||||||
Others | 3 | 3 | ０ | － | ||
Operating Profit | (16) | (18) | (1) | -8.4％ | ||
Ordinary Profit | 0 | 6 | 6 | － | ||
Net income | ||||||
attributable to | 5 | 3 | (2) | |||
owners of the parent | -39.2％ | |||||
company Ordinary | ||||||
Profit | ||||||
US＄ | 132yen | 148yen | 16yen | |||
Exchange | ||||||
EUR | 142yen | 161yen | 19yen | |||
*Actual figures are rounded to the nearest 10 million yen. *Exchange rate: Average market rate
Ver Previous | |
FY2023 | year |
Oct～Dec2023 | Difference |
476 | (11) |
472 | (11) |
3 | 0 |
(46) | 28 |
(62) | 68 |
(16) | 19 |
148yen | 0yen |
159yen | 2yen |
4/12 | © 2024 SANDEN CORPORATION |
２．Sales by Business Segment ~ by Region
Financial Results for 1Q FY12/2024
[In 100 million yen]
Net sales 46.1 billion yen Increase 3.7 billion yen （Up 8% year-on-year）
- Increase by 4.0 billion yen due to currency effects real excluding foreign exchange -0.3 billion yen ）
Europe | China and Asia |
Increase in imports, | China and India: Growth in sales to local manufacturers. |
impact of sluggish demand | In China, there is also growth in sales for EV vehicles. |
- Automotive Equipment segment only. Excluding other businesses
200 | 166 | +7 | 173 | 200 | |
（+4%） | |||||
Composition by regions | 20 | currency | |||
effects | |||||
(%) is year-on-year change | 100 | 100 | |||
153 | |||||
Japan | |||||
8% | 0 | 0 | |||
FY2023 | FY2024 | ||||
(+1%) | Jan-Mar | Jan-Mar |
+30 | 196 | ||
166 | （+18%） | ||
11 | |||
currency | |||
effects | |||
185 |
FY2023FY2024
Jan-MarJan-Mar
Asia | Europe | Japan | Americas | ||||||
18% | |||||||||
38% | |||||||||
(+1%) | |||||||||
(-2%) | |||||||||
200 | 200 | ||||||||
Growth in sales to OEM and | Increased deliveries for EV vehicles, | ||||||||
construction machinery sectors | but a decrease in the aftermarket and | ||||||||
24% | to Latin America. | ||||||||
12% | 100 | 100 | ▲６ | ||||||
(+2%) | 62 | 56 | |||||||
(-2%) | 31 | +5 | 36 | （－11%） | |||||
China | currency | ||||||||
（+15%） | 6 | ||||||||
2 | currency | effects | |||||||
Americas | effects | 50 | |||||||
34 | |||||||||
0 | FY2024 | 0 | |||||||
FY2023 | FY2023 | FY2024 | |||||||
Jan-Mar | Jan-Mar | Jan-Mar | Jan-Mar | ||||||
5/12 | © 2024 SANDEN CORPORATION |
２．Sales by Business Segment ~ by Product
Financial Results for 1Q FY12/2024
[In 100 million yen]
Net sales 46.1 billion yen Increase 3.7 billion yen | |
（Up 8% year-on-year） | EC |
（ Increase by 4.0 billion yen due to currency effects | |
Growth of EVs and start of production | |
real excluding foreign exchange -0.3 billion yen ） | |
in the Americas | |
- Automotive Equipment segment only. Excluding other businesses
200 | +5 | 200 | |
Composition by product | 103 | 108 | |
（+5%） |
(%) is year-on-year change | 100 | 100 |
0 | 0 | |
FY2023 | FY2024 | |
EC | Jan-Mar | Jan-Mar |
23%ITMS
MC | (-1%) | Sales growth mainly in ECH |
HVAC
Slightly sluggish in China, but overall sales continue to be favorable
76 | +7 | 83 |
（+9%） |
FY2023FY2024
Jan-MarJan-Mar
MC
Increase in sales of PX compressors
50% (-1%)
9%
(+2%) ITMS
18% (±0%)
HVAC
200
100
0
+10 | 41 | ||||
31 （+35%） | |||||
FY2023FY2024
Jan-MarJan-Mar
216 | +13 | 229 |
（+6%） | ||
200 | ||
100 | ||
0 |
FY2023FY2024
Jan-MarJan-Mar
6/12 | © 2024 SANDEN CORPORATION |
３． Operating income (Year-on-year comparison)
Financial Results for 1Q FY12/2024
Jan-Mar FY2023 comparison
Previous FY | Current FY | Difference | |
Net Sales | 427 | 465 | +37 |
Operating Income | （16） | （18） | （2） |
[In 100 million yen]
Operating losses decreased, excluding the impact of increased investments in growth.
- Selling, General, and Administrative (SG&A) expenses have risen due to inflation-driven increases in administrative costs and the incidence of air freight related to the Red Sea issue.
- Productivity has improved and costs have been reduced due to enhanced capacity utilization.
Investments for future growth have been made in development and facilities.
0 | |||||
-5 | |||||
-10 | |||||
-15 | |||||
▲16 | ▲2 | ||||
-20 | |||||
▲3 | ▲1 | ||||
-25 | |||||
Scale | ▲1 | ▲2 | |||
Configuration▲2 | |||||
-30 | |||||
CY23 1Q | Price | Scale / | Logistics | Administrative | |
configuration | expenses | expenses | |||
+9
＋3
＋2
CD ＋4 Depreciation ▲2 (One-timeexpenses)
Cost | Productivity Exchange |
reduction | |
▲10
Real basis
▲8
R&D： ▲5 Equipment depreciation ：▲3
Growth and
Development
Investment
▲18
CY24 1Q
7/12 | © 2024 SANDEN CORPORATION |
４．Major Indicator Trends~ Net Sales, Ordinary Income, EBITDA
Financial Results for 1Q FY12/2024
[In 100 million yen]
Net Sales: Despite the sale of a system development subsidiary in September 2022, sales increased for the third consecutive year
Ordinary Income: Equity earnings from investments, bolstered by the strong performance of the Sanden brand, remained steady. Foreign exchange gains also made a significant contribution.
EBITDA: Improved in tandem with ordinary income, with an increase in depreciation due to capital investments aimed at growth.
Net Sales
465
Ordinary Income
EBITDA
427
407
5.66.2
0.2
17.0
23.4
15.5
FY2022 FY2023 FY2024 1Q Results 1Q Results 1Q Results
FY2022 FY2023 FY2024 1Q Results 1Q Results 1Q Results
FY2022 FY2023 FY2024 1Q Results 1Q Results 1Q Results
8/12 | © 2024 SANDEN CORPORATION |
Financial Results for 1Q FY12/2024
４．Major Indicator Trends~ New commercial rights / Growth Investment
Status of new commercial rights acquisition
※Total lifetime sales of acquired commercial rights(representing the total revenue generated from each project, from the start of mass production throughout its lifecycle.)
Growth Investment Expenses
162
[In 100 million yen]
37％
increase
115％
increase
１Q
Results
702
327
FY2022 FY2023 FY2024
Results Results Plan
[In 100 million yen]
128
Breakdown of vehicles for which new commercial rights were acquired in the first quarter
94
For new energy vehicles
50% | 50% | |||||||||
For | ||||||||||
１Q | ||||||||||
internal combustion vehicles | ||||||||||
Results | ||||||||||
31 | 39 | |||||||||
FY2022 | FY2023 | FY2024 | ||||||||
Results | Results | Plan |
●Major Recent Acquisitions:
China: Air conditioning systems for Chinese electric vehicle manufacturers.
Europe: Compressors (EC, PX) for major European customers.
Japan: Air conditioning systems for major Japanese customers.
- Main reasons for increase from FY2023 to FY2024
- R＆D Expenses | - Increase in depreciation |
- ITMS Development due to equipment investment
- EC Platform Development ・ EC line in the Americas
- China area ECH line
9/12 | © 2024 SANDEN CORPORATION |
５．Consolidated balance sheet
Financial Results for 1Q FY12/2024
*Days are based on ending balance and sales in the last 3 months. | [In 100 million yen] |
*Individual items may not equal totals due to rounding |
Assets
Liabilities & Net Assets
1,620 | 1,625 | 1,671 | 1,620 | 1,625 | 1,671 | ||
Cash | |||||||
168 | 191 | ||||||
&deposits | 228 | 363 | 385 | ||||
Accounts | 381 | ||||||
Accounts | （75days） | ||||||
356 | 343 | 365 | payable | （76days） | （72days） | ||
receivable | （75days） | （65days） | （71days） | ||||
Inventory | 364 | 313 | 322 | Borrowing | 528 | 572 | 587 |
（62days） | （Net Debt） | ||||||
assets | （77days） | （59days） | （360） | (345） | （397） | ||
95 | |||||||
Other | 122 | 83 |
Other
610 | 659 | 698 |
Fixed assets
Net assets
2023/3 | 2023/12 | 2024/3 |
489 | 464 | 477 | |||
240 | （14.8％） | 208 | （12.8％） | 221 | （13.2％） |
2023/3 | 2023/12 | 2024/3 |
USD:134 | USD:142 | USD:151 | （Equity capital231） （Equity capital202） （Equity capital214） |
（14.3％） | （12.4％） | （12.8％） | |
EUR:146 | EUR:157 | EUR:163 | |
10/12 | © 2024 SANDEN CORPORATION |