Taiyo Yuden : Consolidated Financial Results for the Three Months Ended June 30, 2023 (Under Japanese GAAP)(80KB)

Aug 02, 2023

Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.

August 3, 2023

Consolidated Financial Results

for the Three Months Ended June 30, 2023

(Under Japanese GAAP)

Company name:

TAIYO YUDEN CO., LTD.

Listing:

Tokyo Stock Exchange

Securities code:

6976

URL:

http://www.ty-top.com

Representative:

Katsuya Sase, Representative Director, President and Chief Executive Officer

Inquiries:

Tomomitsu Fukuda, Director, Executive Operating Officer, Chief of Management Planning

Headquarters

Telephone:

+81-3-6757-8310

Scheduled date to file quarterly securities report:

August 9, 2023

Scheduled date to commence dividend payments:

-

Preparation of supplementary material on quarterly financial results: Yes

Holding of quarterly financial results briefing:

Yes (for institutional investors and

investment analysts)

(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated financial results for the three months ended June 30, 2023 (from April 1, 2023 to June 30, 2023)

(1) Consolidated operating results (cumulative)

(Percentages indicate year-on-year changes.)

Net sales

Operating profit

Ordinary profit

Profit attributable to

owners of parent

Three months ended

Millions of yen

%

Millions of yen

%

Millions of yen

%

Millions of yen

%

June 30, 2023

72,612

(11.2)

(577)

-

1,159

(93.3)

903

(92.6)

June 30, 2022

81,740

(2.5)

13,142

(13.2)

17,204

13.4

12,236

(5.6)

Note: Comprehensive income

For the three months ended June 30, 2023:

¥9,018 million

[(60.7)%]

For the three months ended June 30, 2022:

¥22,960 million

[63.9%]

Basic earnings

Diluted earnings

per share

per share

Three months ended

Yen

Yen

June 30, 2023

7.25

7.22

June 30, 2022

98.20

97.92

(2) Consolidated financial position

Total assets

Net assets

Equity-to-asset ratio

Net assets per share

As of

Millions of yen

Millions of yen

%

Yen

June 30, 2023

551,810

321,910

58.2

2,575.52

March 31, 2023

503,462

318,478

63.1

2,548.15

Reference: Equity

As of June 30, 2023:

¥320,930 million

As of March 31, 2023:

¥317,520 million

2. Cash dividends

Annual dividends per share

First quarter-end

Second quarter-end

Third quarter-end

Fiscal year-end

Total

Yen

Yen

Yen

Yen

Yen

Fiscal year ended

-

45.00

-

45.00

90.00

March 31, 2023

Fiscal year ending

-

March 31, 2024

Fiscal year ending

March 31, 2024

45.00

-

45.00

90.00

(Forecast)

Note: Revisions to the forecast of cash dividends most recently announced: None

3. Forecasts of operating results for the period from April 1, 2023 to March 31, 2024

(Percentages indicate changes from same period in the previous fiscal year.)

Profit attributable to

Basic

Net sales

Operating profit

Ordinary profit

earnings

owners of parent

per share

Millions of yen

%

Millions of yen

%

Millions of yen

%

Millions of yen

%

Yen

Fiscal year ending

322,000

0.8

15,000

(53.1)

14,000

(59.8)

8,000

(65.5)

64.20

March 31, 2024

Note: Revisions to the forecast of operating results most recently announced: None

* Notes

As of June 30, 2023

As of March 31, 2023

130,218,481 shares

130,218,481 shares

(ii) Number of treasury shares at the end of the period

As of June 30, 2023

As of March 31, 2023

5,610,371 shares

5,610,298 shares

Three months ended June 30, 2023

Three months ended June 30, 2022

124,608,140 shares

124,608,785 shares

○Table of contents

1.

Qualitative Information Concerning Financial Statements and Other …………………………………………

2

(1)

Consolidated Operating Results ………………………………………………………………………………

2

(2)

Consolidated Financial Conditions …………………………………………………………………………

3

(3)

Forecasts of Consolidated Operating Results ………………………………………………………………

3

2. Consolidated Financial Statements ………………………………………………………………………………

4

(1)

Consolidated Balance Sheets …………………………………………………………………………………

4

(2)

Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income …………

6

Consolidated Statements of Operations

Three months ended June 30, 2023 ……………………………………………………………………

6

Consolidated Statements of Comprehensive Income

Three months ended June 30, 2023 ……………………………………………………………………

7

(3)

Notes on Consolidated Financial Statements …………………………………………………………………

8

(Notes on Premise of Going Concern) ………………………………………………………………………

8

(Notes in Case of Significant Changes to Shareholders' Equity) ……………………………………………

8

3.

Supplementary Information ………………………………………………………………………………………

8

(1)

Net Sales by Product Classification …………………………………………………………………………

8

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1. Qualitative Information Concerning Financial Statements and Other

(1) Consolidated Operating Results

During the three-month period ended June 30, 2023 (April 1, 2023 to June 30, 2023), the business conditions surrounding the TAIYO YUDEN Group ("the Group") experienced a trend of moderate recovery although the uncertainty in the global economy continued. As for the future, although the moderate recovery is expected to continue, it will be necessary to monitor the international situation, as well as fluctuations in financial and capital markets and trends in the demand environment amid global monetary tightening.

Under the medium-term management plan 2025, the Group is aiming to increase the proportion of sales in focus markets, primarily automotive and IT infrastructure/industrial equipment, to 50%. Moreover, the Group will produce high value- added electronic components with a focus on high-end and high reliability products to achieve further growth in multilayer ceramic capacitors, the Group's core business, in addition to strengthening inductor and communication device products to establish them as core businesses. We also plan capital investment of ¥300.0 billion over five years to continuously expand capacity to meet increase in demand as well as to implement proactive initiatives in the areas of environmental measures and upgrading of IT.

Consolidated net sales for the three-month period ended June 30, 2023 totaled ¥72,612 million, which is a decrease of 11.2% compared to the corresponding period of the previous fiscal year. Operating loss was ¥577 million compared to operating profit of ¥13,142 million in the same period of the previous fiscal year. Ordinary profit was ¥1,159 million, a decrease of 93.3%, and profit attributable to owners of parent was ¥903 million, a decrease of 92.6%. Net sales as well as operating profit, ordinary profit, and profit attributable to owners of parent declined due to a decrease in production volume and inventory adjustments, primarily in the information equipment and IT infrastructure/industrial equipment.

The average foreign currency exchange rate for the three-month period ended June 30, 2023 was US$1: ¥134.93. This is a depreciation of ¥10.48 as compared to the average realized in the corresponding period of the previous fiscal year of US$1: ¥124.45.

Net Sales by Product Classification

[Capacitors]

The capacitor product classification is comprised of multilayer ceramic capacitors.

While product sales for use in communication equipment and automobiles increased year over year, sales for use in consumer products, information equipment, and IT infrastructure/industrial equipment declined. As a result, net sales for the three-month period ended June 30, 2023 totaled ¥47,133 million, a decrease of 13.6% compared to the corresponding period the previous fiscal year.

[Inductors]

This product classification is comprised of various inductors including wire-wound inductors and multilayer inductors. In the three-month period ended June 30, 2023, product sales for use in information equipment, communication

equipment, and automobiles were higher as compared to the corresponding period of the previous fiscal year while sales for use in consumer products and IT infrastructure/industrial equipment were lower. As a result, net sales for the three-month period ended June 30, 2023 totaled ¥10,976 million, which is a decrease of 6.6% compared to the corresponding period of the previous fiscal year.

[Integrated Modules & Devices]

This product classification is comprised of FBAR/SAW devices for mobile communications, circuit modules, etc.

For the three-month period ended June 30, 2023, sales of FBAR/SAW devices for mobile communications increased year over year, but sales of circuit modules decreased. This resulted in a 10.7% decrease in sales for this product classification year over year to ¥8,182 million.

[Others]

For this product classification, the Group manufactures and sells aluminum electrolytic capacitors, etc.

For the three-month period ended June 30, 2023, sales of aluminum electrolytic capacitors, mainly for use in automobiles, increased year over year. This resulted in a 1.1% increase in sales for this product classification year over year to ¥6,320 million.

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Taiyo Yuden Co. Ltd. published this content on 03 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 August 2023 06:11:29 UTC.