Financial Results for 3rd Quarter of FY2024
February 3, 2025
Sumitomo Bakelite Co., Ltd.
Outline of Financial Results for 3rd Quarter of FY2024
2
Financial Results for 3rd Quarter of FY2024 (Y/Y)
［Unit: Billion yen］
3Q of FY2023 3Q of FY2024 | Variance (Y/Y) | |||||
(1) | (2) | (2)-(1) | Ratio | |||
Revenue | 215.5 | 231.1 | 15.6 | 7.3% | ||
Business Profit *1 | 20.7 | 23.9 | 3.3 | 15.8% | ||
Operating Profit | 20.5 | 18.2 | -2.3 *2 | -11.2% | ||
Profit attributable to | 18.0 | 12.9 | -5.2 | *3 | -28.7% | |
owners of parent | ||||||
*1 "Business profit" is calculated by deducting "Cost of sales" and | ||||||
FOREX | 3Q - FY2023 | 3Q - FY2024 | ||||
"Selling, general and administrative expenses" from "Revenue". | ||||||
*2 "Other expenses" includes 5.5 billion yen for the impairment loss of | ||||||
JPY / USD | 142.76 | 152.87 | ||||
a North America-based subsidiary related to phenolic products and | ||||||
a loss on disposal of fixed assets ,etc. in association with the optimization | ||||||
JPY / EUR | 155.19 | 164.91 | ||||
of production bases in Japan and overseas and productivity improvement | ||||||
in High Performance Plastics segment. |
*3 Since a new policy on dividends from overseas affiliates applies from the current quarter onwards, corporate tax expense of 1.5 billion yen
was posted in connection with the policy change, which in turn led to a rise in the corporate tax payment rate. | 3 |
Revenue and Business Profit by Business Segment (Y/Y)
[Unit: Billion yen]
Revenue
100.0 | |||||||
62.3 | 69.5 | 74.7 | 79.4 | 77.8 | 81.7 | ||
50.0 | |||||||
0.0 | |||||||
Semiconductor Materials | High Performance Plastics | Quality of Life Products | |||||
Business Profit
0.5 / 0.5 Other / All
15.0 | 12.6 | 14.0 | ||||||||||
7.7 | 9.5 | |||||||||||
10.0 | 3.5 | |||||||||||
5.0 | 3.2 | |||||||||||
0.0 | ||||||||||||
Semiconductor Materials High Performance Plastics | Quality of Life Products | |||||||||||
3Q of FY2023 | 3Q of FY2024 | |||||||||||
-2.8 / -3.1 Other / All
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Quarterly Revenue by Business Segment
[Unit: Billion yen]
Semiconductor | High Performance | Quality of Life | ||||||||||||||||||||||
Materials | Plastics | Products | ||||||||||||||||||||||
30.0 | 22.5 | 23.6 23.4 | 25.3 | 24.3 24.5 | 26.0 26.7 27.5 | 25.9 | 26.0 | 24.7 | 25.7 | 25.9 | 26.3 | 24.3 | 26.4 26.8 28.4 | |||||||||||
18.0 20.2 | 21.1 21.1 | 20.6 | ||||||||||||||||||||||
20.0 | ||||||||||||||||||||||||
10.0 | ||||||||||||||||||||||||
0.0 | 4Q | 1Q | 2Q | 3Q | 4Q | 1Q | 2Q | 3Q | 4Q | 1Q | 2Q | 3Q | 4Q | 1Q | 2Q | 3Q | 4Q | 1Q | 2Q | 3Q | 4Q | 1Q | 2Q | 3Q |
FY | FY2023 | FY | FY | FY2023 | FY | FY | FY2023 | FY | ||||||||||||||||
2022 | 2024 | 2022 | 2024 | 2022 | 2024 | |||||||||||||||||||
■ Semiconductor Materials : Sales revenue for semiconductor applications is continuing to thrive in China. Demand for mobility applications remains steady.
■ High Performance Plastics : We are being affected by a strike in our customer's company in the aircraft interiors business, and by the slow recovery in automotive applications particularly in North America.
■ Quality of Life Products : The segment as a whole, including healthcare-related products, continued to perform well. This quarter's sales revenue was the highest ever.
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Analysis of Revenue (Y/Y)
[Unit: Billion yen]
300
250
200
150
100
50
0
215.5 | 6.3 | 2.1 | 7.2 | 231.1 |
+15.6
FY2023 | Sales Volume | Sales Prices | FOREX | FY2024 |
3Q | 3Q |
Segment | Sales Volume | Sales Prices | FOREX | Total |
Semiconductor Materials | +3.6 | +0.6 | +2.9 | +7.2 |
High Performance Plastics | +0.5 | +0.6 | +3.6 | +4.6 |
Quality of Life Products | +2.1 | +1.0 | +0.7 | +3.8 |
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Analysis of Business Profit (Y/Y)
[Unit: Billion yen]
30 | 4.2 | 1.2 | 0.8 | 23.9 | ||
25 | 20.7 | |||||
-3.0 | ||||||
20 | ||||||
15 | ||||||
10 | +3.3 | |||||
5 | ||||||
0 | FY2023 | Sales Volume Sales & cost* | Fixed cost | FOREX | FY2024 | |
3Q | *Cost is the total of raw material and other variable costs. | 3Q | ||||
Segment | Sales Volume | Sales & cost* | Fixed cost | FOREX | Total |
Semiconductor Materials | +2.0 | +0.2 | -1.3 | +0.5 | +1.4 |
High Performance Plastics | +1.5 | +0.2 | -1.5 | +0.2 | +0.4 |
Quality of Life Products | +0.7 | +0.7 | +0.2 | +0.1 | +1.8 |
Others | +0.1 | 0.0 | -0.4 | 0.0 | -0.3 |
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Financial Forecasts for FY2024
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Financial Forecasts for FY2024 (Revised)
[Unit: Billion yen]
FY2023 | FY2024 | FY2024 | Variance |
【IFRS】
Revenue
Business Profit
Profit attributable to owners of the parent
Results | Previous Forecast | Latest Forecast | ||
(1) | (2) | |||
Announced | Announced | (2)-(1) | Ratio | |
on May 13th, 2024 | on Feb 3rd, 2025 | |||
287.3 | 309.0 | 309.0 | 0.0 | 0.0% |
27.5 | 30.0 | 30.5 | 0.5 | 1.7% |
21.8 | 24.0 | 17.5 | -6.5 | -27.1% |
* "Business profit" is calculated by deducting "Cost of sales" and "Selling, general and administrative expenses" from "Revenue".
Revenue | Business Profit | ||||||||||||||||||||||
120 | 101.4 110.0108.0 | 108.0 | |||||||||||||||||||||
92.0 | 102.2 | 105.0 | 20 | 16.118.0 18.0 | |||||||||||||||||||
90 | 82.9 | 93.0 | |||||||||||||||||||||
15 | 9.7 10.011.4 | ||||||||||||||||||||||
60 | |||||||||||||||||||||||
30 | 10 | 5.3 | 6.0 | 5.3 | |||||||||||||||||||
5 | |||||||||||||||||||||||
0 | 0 | ||||||||||||||||||||||
Semiconductor | High Performance | Quality of Life | Semiconductor | High Performance | Quality of Life | ||
Materials | Plastics | Products | Materials | Plastics | Products | 9 | |
FY2023(Results) | FY2024(Previous Forecast) | FY2024(Latest Forecast) | |||||
Financial Results Topics
- Structural Reform in High Performance Plastics Business
-
Amid intensifying competition over mainstay products, circumstances surrounding the phenol-related business in North America deteriorated markedly.
An impairment loss of production facilities and other fixed assets of a subsidiary in North America was posted at 4.2 billion yen.
From 4Q onwards, the depreciation burden will decrease at a pace of 0.6 billion yen per year. - The amount of 1.1 billion yen was posted as a loss on disposal of existing facilities and other costs associated with the optimization of production bases in Japan and overseas, as well as for the improvement of productivity.
* The amounts mentioned in (1) and (2) are both included in "other expenses."
(i) Reform the phenol-related business in North America for profit-focused management
• Optimize prices to eliminate unprofitable products
• Comprehensively reduce costs to a level matched with the downsizing
• Introduce differentiation products to change the product portfolio
(ii) Promotion of portfolio transformation to high-value-added products
• Steady achievements are being made towards the FY2024 target of a 15% sales share in strengthened product areas
Attain high initial sales of thermally conductive sheets and cast molding materials for power modules and fireproof materials for EV batteries. New inquiries about COPLUS (Cyclo-Olefin Polymers) are increasing for applications such as cutting-edge semiconductors.
-
Optimization of production bases, productivity improvement
• Integrate affiliates in Japan into the Shizuoka Plant
• The new plant in Nantong, China was smoothly launched and is now in full operation Expand automation to plants globally
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