Announcement of the Settlement of Accounts for the 2nd Year Ending March 2023
(Note) Figures shown have been rounded down to the nearest million yen
Our settlement of accounts for the 2nd Quarter of the year ending March 2023 was announced on the afternoon of Wednesday, November 9th at the Tokyo Stock Exchange Press Club. An outline of the accounts is presented below.
1. Consolidated Results for the 2nd Quarter of the Year Ending March 2023 (April 1, 2022 to September 30, 2022)
Consolidated operating results (total)
(% is in comparison to the previous year)
|Net Sales||Operating profit||Ordinary profit||Profit attributable to owners of parent|
|(millions of yen)||(%)||(millions of yen)||(%)||(millions of yen)||(%)||(millions of yen)||(%)|
|The 2nd quarter of the year ending March 2023||268,398||31.2||5,065||(36.0)||5,363||(29.7)||3,227||(46.3)|
|The 2nd quarter of the year ending March 2022||204,503||18.5||7,913||7.8||7,631||11.6||6,015||39.3|
*Comprehensive income: The 2nd quarter of the Year ending March 2023: 28,730 million yen 148.3%
The 2nd quarter of the Year ending March 2022: 11,572 million yen -%
FY2022 2nd Quarter Consolidated Financial Highlights
Despite net sales decreased in Soy-based Ingredients Business on a decline in sales volume, consolidated net sales increased overall on higher net sales from the other businesses due to higher sales prices resulting from rising raw material costs. Operating profit decreased on lower profitability due to higher raw material prices, depreciation costs associated with the launch of operations at a new plant in North America, logistics costs, and personnel costs.
FY2022 2nd Quarter Segment Highlights
Vegetable Oils and Fats
Net sales increased significantly on higher sales prices reflecting rising prices for palm oil, our main raw material, and other raw materials. Net sales also rose on the launch of operations at a new plant in North America and on the effect of yen depreciation. Despite the contribution of strong sales in Southeast Asia, operating profit decreased due to increased depreciation and other fixed costs associated with the launch of operations at a new plant in North America, as well as a decline in profitability due to rising raw material prices.
Net sales increased due to higher sales prices to reflect rising raw material prices and the effect of yen depreciation in foreign exchange rates. Operating profit decreased due to lower sales volume in Japan and North America.
Emulsified and Fermented Ingredients
Net sales increased due to higher sales prices to reflect higher raw material prices and the effect of yen depreciation in foreign exchange rates. Operating profit decreased on factors such as lower profitability due to rising raw material prices.
Net sales decreased due to a decline in the sales volume for soy protein ingredients in Japan and the deconsolidation of a soy protein food company in China in the previous fiscal year. Operating profit decreased due to factors such as a decrease in sales volume.
FY2022 2nd Quarter Net sales and Operating profit by Segment
|Unit : JPY million||FY2021 |
|Vegetable Oils and Fats||61,686||101,360||+39,674|
|Emulsified and Fermented Ingredients||37,665||44,648||+6,983|
|Vegetable Oils and Fats||4,263||3,338||(924)|
|Emulsified and Fermented Ingredients||954||42||(912)|
| Consolidated adjustment / |
Group administrative expenses
|Net D/E Ratio||0.66||0.87||+0.21|
|CCC||105 days||121 days||+16|
* Past figures have been retroactively adjusted.
2. Forecasts for Consolidated Results for the Year Ending March 2023 (April 1, 2022 to March 31, 2023)
(% is in comparison to the previous year)
|Net sales||Operating profit||Ordinary profit||Net income attributable to shareholders of parent company||Net income per share|
|(millions of yen)||(%)||(millions of yen)||(%)||(millions of yen)||(%)||(millions of yen)||(%)||(yen)|
|The year ending March 2023||550,000||26.8||16,500||9.9||15,800||10.0||10,500||(8.7)||122.15|
Consolidated Financial Guidance for FY2022
The Company has decided to revise its full-year earnings forecast for net sales upward by 70,000 million yen due to rising sales prices reflecting increases in palm oil and other major raw materials and the effect of yen depreciation in foreign exchange rates. Considering the situation of sales for the second half of the fiscal year and the trend of raw material prices, no change is being made to previously announced earnings forecasts for each profit category.