Business Results for the
Fiscal Year Ended March 31, 2023
(April 1, 2022 - March 31, 2023)
May 19, 2023
1
１．Business Results for the FY 2022
２．Projection for the FY2023
３．Future Outlook
2
External Environment
- Inflation accelerated worldwide due to the recovery from the COVID-19 disaster and the invasion to Ukraine.
- Naphtha price soared 2.5 times in 2 years. Although resource prices have peaked out, it remains high.
- Electricity rates have doubled in two years and continue to rise.
(¥/KL) | Naphtha Prices | (¥/kwh) | |
25.00 | |||
100,000 | 2.5 times | ||
¥86,100/KL | |||
80,000 | in 2 years | ¥80,000/KL | |
20.00 | |||
60,000 | 15.00 | ||
40,000 | |||
20,000 | 10.00 | ||
FY2020 | FY2021 | FY2022 | |
0 | 5.00 | ||
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 |
2020 | 2021 | 2022 |
Electricity Unit price
2 times | ¥21.6/kwh | |
in 2 years | ¥18.3/kwh | |
FY2020 | FY2021 | FY2022 |
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 |
2020 | 2021 | 2022 |
Source: EIC, Amerex Energy Com. 3
Semiconductor / Display Markets
- CY2021: Demand, including inventory piling up demand, expanded due to stay-at-home demand and logistics turmoil due to the COVID-19 pandemic.
- CY2022: Declining demand due to slowdown in consumption and optimization of inventory levels. However, cutting-edge semiconductors remained firm.
- CY2023: Moderate recovery trend after bottoming out in April-June.
(billion $) | Semiconductor Market Trend | (M m2) | Display Area Demand Trend | |||||||||||||||
160 | FY2021 | FY2022 | 80 | FY2021 | FY2022 | |||||||||||||
LCD | OLED | |||||||||||||||||
140 | ||||||||||||||||||
120 | 60 | |||||||||||||||||
100 | ||||||||||||||||||
40 | ||||||||||||||||||
80 | ||||||||||||||||||
60 | 20 | |||||||||||||||||
Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | |||
2021 | 2022 | 2023 | 2021 | 2022 | 2023 | |||||||||||||
Source: WSTS, DSCC | 4 |
Financial Results for the FY2022
- Sales increased 1.01 billion yen YOY due to strong demand for advanced semiconductor materials amid a slowdown in demand for general products.
- Profit reached a highest record as higher fixed costs were absorbed by expanded sales of high-value-added products and improved productivity.
- Compared to the earnings forecast, both ordinary income and net income exceeded although the sales fell short of the forecast.
FY2021 Results | FY2022 | FY2022 Results | |
(Million yen) | Projections | ||
Net sales | 33,144 | 35,000 | 34,156 |
Operating profit | 4,624 | 5,150 | 4,968 |
Ordinary profit | 4,794 | 5,000 | 5,122 |
Profit | 3,457 | 3,500 | 3,827 |
YoY | |
Change | % |
+1,012 | +3% |
+344 | +7% |
+327 | +7% |
+369 | +11% |
Comparison with Forecasts
Change | YoY | ||
(843) | (2%) | ||
(181) | (4%) | ||
+122 | +2% | ||
+327 | +9% | ||
EPS | 435 | 440 | 482 |
Interim Dividends | 30 | 40 | 40 |
FX Rate (USD) | ¥112/$ | ¥138/$ | ¥135/$ |
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