Sanden CorporationTSE: 6444

FY2024 Financial results briefing materials （PDF：1,280KB） PDF

Mar 6, 2025 at 8:59 AM UTC · Issued by Sanden Corporation

Sanden Corporation

FY2024

Financial Results and

Mid-term Business Plan Status

February 2025

Sanden Corporation

Agenda

１．Financial results for the fiscal year ending December 2024

２．Status of the mid-term business plan "SHIFT 2028" １６

FY2024 Financial Results

February 2025

Sanden Corporation

1/12

Agenda

１． Financial results for the fiscal year ending December 2024

Key points of the financial results
Revenue by segment
Year-on-yearvariance１６analysis: EBITDA
Consolidated balance sheet
Cash flow

２．Forecast for the fiscal year ending 2025

1．Key Points of the Financial Results

Sanden Corporation

2/12

◆ Revenue up ¥4.6 billion year on year (＋2.5%)

FX impact：＋¥11.1 billion

Revenue	Situation
by region

Asia	Increased revenue year-on-year due to growth for local OEMs.
Americas	Revenue increased year-on-year due to the launch of a new business vehicle.
EU	Declined in demand for trucks due to economic stagnation, but increased in revenue
	due to currency effects

China

Revenue decreased due to a decline in customer vehicle production.

Profit

Measures

◆Operating Profit：¥4.6 billion year-on-year increase

Profit drivers Reduced SG&A through lower quality costs

Implementation of improvement measures, including cost reduction, and foreign exchange gains

◆Ordinary Profit：¥8.2 billion year-on-year increase

Improvement	Foreign exchange gains on non-operating loans denominated in foreign currencies
factor	Reversal of reserve for loss on indemnity claims

◆Net Income Attributable to Owners of the Parent：

¥2.6 billion increase year-on-year

◆Strengthened measures to respond to environmental changes that have become apparent since the beginning of the term.

Rising fuel and raw material costs due to continued yen depreciation

⇒Securing alternative products and negotiating price increases to reduce the cost rate Longer transportation lead times due to the Red Sea crisis.

⇒Controlled air and ocean freight costs by securing alternative routes at an early stage

1． Key Points of the Financial Results:

Consolidated Financial Results Overview

Sanden Corporation

3/12

				FY 2023	FY 2024	Year-on-Year

		[Unit：¥100M]	Difference	Percent

				Change


Revenue			1,793	1,838	46	2.5%

	Automotive Component	1,780	1,823	43	2.4%
		Others	12	15	3	25.0%
Operating Profit	▲110	▲64	46	-

Equity Gains of Affiliated Companies	43	47	4	9.2%

		Foreign Exchange	▲4	17	21	-

Ordinary Profit	▲84	▲2	82	-

Net Income			▲34	▲8	26	-
Attributable to Owners of the Parent


EBITDA			▲21	71	93	-

Foreign		US＄	¥141	¥152	¥11
Exchange		EUR	¥152	¥164	¥12

Equity Gains of Affiliated Companies: This mainly relates to Sanden Huayu Automotive Air Conditioning Co., Ltd., an equity-method affiliate of our company.

（Some of our products are sold through joint ventures in markets such as China, and revenue from these joint ventures is recorded as non-operating revenue in our financial

statements.） *Actual figures are rounded off to the nearest ¥10 million.	*Exchange rate: Market average rate

	2．Revenues by Segment: By Region						Sanden Corporation
						4/12

	Revenue: ¥182.3 billion		Ratio of		Japan

		regional composition
	YOY＋¥4.3 billion（YOY +2.4％）		7%
		America

	※Automotive Components segment only. Excluding other businesses.		14%	36%	Europe

[Unit: ¥100M]		Asia	20%
		Exchange rate impact


		Revenue excluding foreign exchange				23%


		YOY amount				China

	( ) Percent change

Europe

The current vehicle phase out

Slowdown in truck market

China		Asia

Production adjustment of	Growth for Indian OEMs
electric vehicles

	Americas		Japan

Increase in EV vehicles delivery	Decreased in passenger
	Volume decline for
	car. But increased in
	Central and South America	special-purpose vehicles.

800	649		800
+2
647(+0.3%)		49
600		600

400			400
		600
200			200
0			0
2023	2024

			800
473	-49	424	600

	(-10%)
		21	400
		403	200
2023		2024	0

311	+46	357
(+15%)	23

		334
2023		2024

800		800

600		600

400	+43	256	400

	213(+20%)		19
200
		200
			237
0	2023	2024	0

136 +1 137

(+0.7%)

2023

2024

		2．Revenues by Segment: By Product				Sanden Corporation
					5/12

		Revenue: ¥182.3 billion		Product	3% ITMS *Integrated Thermal

		YOY＋¥4.3 billion（YOY +2.4％）		composition ratio		Management System

		※Automotive Components segment only. Excluding other businesses.		EC	22%	MC
			*Electric

					compressor		50% *Mechanical compressor
[Unit：¥100M]			25%
			Segment revenue		HVAC

			YOY amount

	( ) YOY ratio

		MC
	Increased sales of PX and SDV
1000	compressors	907
	+45
	862
900	(+5.3%)
800

HVAC			EC	ITMS

Demand in Asia and China	Electric vehicle production slowdown	Sales increased, centered on
	new energy vehicles.
remains strong		and production adjustments

700
600
500
400
300
200
100
0
2023	2024

	451	+16	467
	(+3.5%)
500
400
300
200
100
0	2023		2024

500	429	-27	402
(-6.3%)

400
300
200
100
0	2023		2024

500

400

300

200

100

40 +7 47

(+17.2%)

20232024

					Sanden Corporation
3． Year-on-year Variance Analysis: EBITDA	6/12

					There has been a significant improvement in real terms.
					⚫ Logistics costs worsened due to the Red Sea crisis and productivity
	2023→2024	2023	2024	Difference
					deterioration temporarily due to new product launches.

	Revenue	1,793	1,838	+46	⚫ Significant results from SG&A and cost reduction activities
					⚫ Improvement of +5.4 billion yen when growth investment and foreign
	EBITDA	▲21	71	+93
					exchange are reversed.

					⚫ Continued strengthening of growth investments for future growth
					Unit：¥100M

▲17

▲21

▲15

▲3

Organization

Exchange

Growth

Produc

Equity

Cost

2023

Logistic

Others

Price

Volume

2024

SG&A

improvement

tivity

cost

method

reduction

rate

investment

4．Consolidated Balance Sheet

Sanden Corporation

7/12

Assets

Liabilities & Net Assets

[Unit: ¥100M]

[Unit：¥100M]

	1,625
Cash & Deposits	227
Accounts	341
Receivable	（65 days）
	313
Inventory Assets（59 days）
Others	84
Fixed Assets	659

1,729

166

369

（70 days）

344 （65 days）

752

1,755

179

355

（69 days）

378

（74 days）

748

Accounts

Payable

Loans

（Net Debt）

Others

Net Assets

1,625

381

（83 days）

572

（345）

464

208 （12.8％）

1,729

390

（86 days）

599

(433）

486

255 （14.7％）

1,755

377

（74 days）

698

（520）

443

236 （13.4％）

Dec 2023	Jun2024	Dec 2024
USD: 142	USD:161	USD:158
EUR: 157	EUR:172	EUR:165

Dec 2023

Jun 2024

Dec 2024

（Equity Capital:202）（Equity Capital:246）（Equity Capital:226）

（12.4％）（14.2％）（12.9％）

*Number of days: Year-end balance / (most recent 3 months revenue / 90) *Individual account items are rounded, so the total may not match. *Accounts receivable exclude Iranian receivables.