Consolidated Financial Results for the FY2023
14th May 2024 TORISHIMA PUMP Mfg.Co.,Ltd.
1
【1】FY2023 Financial Results
【2】Review of the Medium-term Business Plan
and FY2024 Outlook
【3】Innovations in Torishima
- Solving global issuess and create value for society -
【4】Basic policy of the Shareholders Return
2
【1】FY2023 Financial Results
【2】Review of the Medium-term Business Plan
and FY2024 Outlook
【3】Innovations in Torishima
- Solving global issuess and create value for society -
【4】Basic policy of the Shareholders Return
3
FY2023 Highlight
Orders received were 88.0 billion yen with all business sectors, public, private and overseas, performing strongly.
Sales and operating income was 81.1 billion yen and 6.8 billion yen, respectively,
a record high for the fourth consecutive year.
Operating profit margin was 8.4% and ROE was 12.8%.
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FY2023 Consolidated Financial Results
Orders received ：2.6% increase in public-sector, 5.1 % decrease in private-sector, 2.0% decrease in overseas,
resulting in an overall decrease in orders received by 1.2% to 88.0 billion.
Sales： 4.3％ increase in public-sector, 25.8% increase in private-sector and 35.8% increase in overseas, resulting in an overall increase of 25.3% to 81.1 billion yen.
Income：Record high profits for the fourth consecutive year. Net income rose sharply by 40.9% also as a result of the sale of certain securities holdings.
*The increase and decrease are YoYBillions of yen
FY2022 | FY2023 | YoY | FY2023 | Compared | |||||
Amount | % | Plan | with plan | ||||||
Orders Received | 89.0 | 88.0 | -1.0 | -1.1% | 70.0 | +18.0 | |||
Sales | 64.7 | 81.1 | +16.4 | +25.3 % | 79.0 | +2.1 | |||
Gross Operating Income | 18.3 | 23.1 | +4.8 | +26.2% | ― | ||||
(Gross profit margin) | (28.3%) | (28.5%) | (+0.2pt) | ||||||
SG&A expense | 12.4 | 16.3 | +3.9 | +31.4% | ― | ||||
Operating income | 5.9 | 6.8 | +0.9 | +15.3% | 7.2 | -0.4 | |||
(Operating profit margin) | (9.1%) | (8.4%) | (-0.7pt) | ||||||
Non-operating Profit or loss | -0.2 | -0.5 | -0.3 | ― | ― | ||||
Ordinary income | 5.7 | 6.3 | +0.6 | +10.5% | 6.6 | -0.3 | |||
Extraordinary profit or loss | -0.1 | 2.2 | +2.3 | ― | ― | ||||
Net income | 4.4 | 6.2 | +1.8 | +40.9% | 5.3 | +0.9 | |||
*Foreign exchange rate（1USD) | ¥133.53 | ¥151.41 | 5 | ||||||
31st Mar 2023 | 31st Mar 2024 | ||||||||
FY2023 Financial Results（Non-consolidated/ Subsidiaries）
- Non-consolidated
Billions of yen
- Subsidiaries
Billions of yen
FY2022 | FY2023 | YoY | FY2022 | FY2023 | YoY | ||||
Amount | ％ | Amount | % | ||||||
Sales | 51.1 | 62.9 | +11.8 | +23.1% | 21.0 | 27.3 | +6.3 | +30.0% | |
Gross Operating Income | 11.8 | 14.2 | -2.4 | +20.3% | 7.0 | 9.7 | +2.7 | +38.6 | |
(Gross profit margin) | (23.1%) | (22.6%) | (-0.5pt) | (33.3%) | (35.5%) | (+2.2pt) | |||
SG&A expense | 7.8 | 9.9 | +2.1 | +26.9% | 5.4 | 6.9 | +1.5 | +27.8 | |
Operating income | 4.0 | 4.3 | +0.3 | +7.5% | 1.6 | 2.8 | +1.2 | +75.0% | |
(Operating profit margin) | (7.8%) | (6.8%) | (-1.0pt) | (7.6%) | (10.3%) | (+2.7pt) | |||
- Sales increased significantly by +23.1%, largely due to the contribution of large overseas projects.
- Profit margins on public-sector have fallen due to rising material and construction costs. Profit margins on private-sector and overseas high-tech pumps have improved, and overall gross profit margins remain high level.
- Two major factors in the increase in SG&A expenses are
- Increased research and development costs in new fields such as hydrogen and ammonia (approx. 600 million).
- Increase in sales commissions along with increased overseas sales (approx. 600 million).
- Sales increased significantly by 30.0%, with manufacturing, services and projects all performing well.
- Service subsidiaries contributed to a significant increase in operating profit.
6
【1】FY2023 Financial Results
【2】Review of the Medium-term Business Plan
and FY2024 Outlook
【3】Innovations in Torishima
- Solving global issuess and create value for society -
【4】Basic policy of the Shareholders Return
7
2050 Torishima's Long-term Vision Towards Carbon Neutrality
Medium-term management plan Beyond 110 (announced in May 2021).
JUMP
Carbon Neutrality
（2030-2049）
STEP
（2025-2029）
HOP
（2021-2024）
2050
2049
120th anniversary | ||
2029 | ||
2024 | 110th anniversary | |
2019 | 2020 | |
Torishima's aspirations for what it wants to be | ||
100th anniversary | ||
'A company indispensable to society' | ||
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Progress of HOP period
Sales and operating income reached record highs every year for the last 4 years,
Achieved the original target for FY2029, the final year of the STEP period (sales of more than JPY 60 billion and operating income of more than JPY 5 billion) in FY2022 seven years ahead of schedule.
Billions of yen | ||||||||||
FY2020 | FY2021 | FY2022 | FY2023 | |||||||
result | result | result | result | |||||||
Orders Received | 49.1 | 67.9 | 89.0 | 88.0 | ||||||
Sales | 50.8 | 52.2 | 64.7 | 81.1 | ||||||
Operating income | 3.6 | 4.5 | 59 | 6.8 | ||||||
(Operating profit margin) | (7.1%) | (8.6%) | (9.1%) | (8.4%) | ||||||
Orders Received | Sales | Operating income /Operating profit margin | ||||||||
89.0 | 88.0 | 81.1 | 8.6 | 9.1 | 6.8 | |||||
67.9 | 64.7 | 7.1 | 5.9 | 8.4 | ||||||
52.2 | ||||||||||
50.8 | 4.5 | |||||||||
49.1 | ||||||||||
3.6 | ||||||||||
FY2020 | FY2021 | FY2022 | FY2023 | FY2020 | FY2021 | FY2022 | FY2023 | FY2020 | FY2021 | FY2022 | FY2023 | 9 | |
Revised management targets for FY2029.
Initial plan: sales CAGR 6% excluding special large orders.
Revised plan: sales CAGR 6.5% including special large orders > Aim for Sales of ¥100 billion.
Initial plan | Revised plan | |||||||
FY2023 | Target for 2029 | |||||||
(announced in | Target 2029 | |||||||
result | ||||||||
May 2023) | ||||||||
Growth | 16.9% | 6.0％以上 | Around | |||||
（sales CAGR） | （HOP average） | （excluding special | 100 billion yen | |||||
large orders） | (CAGR more than 6.5%） | |||||||
Profitability | 8.4 | % | 9.0％以上 | 10.0％ | ||||
(Operating income | ||||||||
more than | ||||||||
margin) | ||||||||
(ROE) | 10.0% | |||||||
Efficiency | 12.8% | 9.0%以上 | more than | |||||
■ Revised plan
（■ special large orders）
FY2022FY2023FY2024 | FY2029 |
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