Financial Results for the 1st Half of FY2023
(April 1, 2023 to September 30, 2023)
November 10, 2023
- 2023 Central Glass Co., Ltd.
Cautionary note regarding forward-looking statements
Statements contained in this report regarding the Company's plans and
expectations for future performance fall into the category of "forward-looking
statements," which are based on economic conditions and market trends available, and presuppositions the Company's management considered reasonable as of November 6, 2023. They are therefore subject to a number of uncertainties and unknowable factors, and actual results may thus differ substantially from those projected.
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Ⓒ 2023 Central Glass Co., Ltd. | |||
Contents | ||
Financial Results for the 1st Half of FY2023 | ||
P- | 1 | Outline of Consolidated Financial Results |
P- | 2 | Segment Information |
P- | 3 | Segment Information |
P- | 4 | R&D, Capital Investment and Depreciation Expenses/Crude Oil Prices and Exchange Rates |
Consolidated Forecasts for FY2023 | ||
P- | 5 | Consolidated Forecasts |
P- | 6 | Consolidated Forecasts |
P- | 7 | Consolidated Forecasts |
P- | 8 | R&D, Capital Investment and Depreciation Expenses/Crude Oil Prices and Exchange Rates |
Reference Materials | ||
P- | 9 | Consolidated Results |
P- 10 | Consolidated Net Sales and Profit | |
P- 11 | Consolidated Sales and Operating Profit | |
P- 12 | Consolidated Sales and Operating Profit | |
P- 13 | Business Division/Segment/Major Products |
- 2023 Central Glass Co., Ltd.
【Note on the figures in this Document】
The financial results in this document are rounded to the nearest hundred million yen for
simplification. Some items have been adjusted to match the total amount. Please refer to the
Consolidated Financial Results for the accurate figures.
- 2023 Central Glass Co., Ltd.
Outline of Consolidated Financial Results
FY2022 | FY2023 | Change | Change(%) | ||||
1st Half | 1st Half | ||||||
Net sales | 100million | 783 | 791 | 8 | 1.1 | ||
yen | |||||||
Operating profit | 100million | 74 | 60 | (14) | (19.1) | ||
yen | |||||||
Ordinary profit | 100million | 106 | 63 | (43) | (40.7) | ||
yen | |||||||
Extraordinary income | 100million | 81 | 19 | (62) | (76.8) | ||
yen | |||||||
Profit before income taxes | 100million | 187 | 82 | (105) | (56.2) | ||
yen | |||||||
Profit attributable to owners of parent | 100million | 169 | 57 | (112) | (66.4) | ||
yen | |||||||
100million
Comprehensive income
yen
145
92
(53)
(36.4)
As of | As of | Change | ||
Mar. 31, 2023 | Sep. 30, 2023 | |||
Total assets | 100million | 2,211 | 2,230 | 19 |
yen | ||||
Net assets | 100million | 1,079 | 1,148 | 69 |
yen | ||||
Equity ratio | % | 46.8 | 49.3 | 2.5 |
Net assets per share | yen | 4,176 | 4,440 | 264 |
Interest-bearing debt* | 100million | 651 | 648 | (3) |
yen | ||||
Debt/Equity ratio* | times | 0.63 | 0.59 | (0.04) |
Number of consolidated subsidiaries | 22 |
Number of equity method affiliates | 6 |
* "Lease obligations" are not included in "Interest-bearing debt" and "Debt/Equity ratio".
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Ⓒ 2023 Central Glass Co., Ltd. | |||
- Reference -
FY2023 Forecast | |||||||||||||||||||||
FY2022 | FY2023 | Change | (announced in May) | ||||||||||||||||||
(100million yen) | Apr. - Jun. | Jul. - Sep. | 1st half | 2nd half | Full year | Apr. - Jun. | Jul. - Sep. | 1st half | 1st half | 1st half | 2nd half | Full year | |||||||||
Architectural glass | 51 | 56 | 107 | 123 | 230 | 55 | 60 | 115 | 8 | 120 | 130 | 250 | |||||||||
Automotive glass | 49 | 61 | 110 | 129 | 239 | 63 | 70 | 133 | 23 | 140 | 145 | 285 | |||||||||
Glass fiber | 17 | 20 | 37 | 41 | 78 | 21 | 20 | 41 | 4 | 45 | 45 | 90 | |||||||||
Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
Total sales | 117 | 137 | 254 | 293 | 547 | 139 | 150 | 289 | 35 | 305 | 320 | 625 | |||||||||
Operating profit | 3 | 7 | 10 | 17 | 27 | 3 | 6 | 9 | (1) | 5 | 15 | 20 | |||||||||
Operating profit ratio (%) | |||||||||||||||||||||
3.1 | 4.9 | 4.1 | 5.6 | 4.9 | 2.4 | 4.1 | 3.3 | (0.8) | 1.6 | 4.7 | 3.2 | ||||||||||
<Overview> | |||||||||||||||||||||
Although construction demand was slightly lower than the previous year, sales of architectural glass | |||||||||||||||||||||
Architectural glass | |||||||||||||||||||||
increased year on year due to spread of product price revisions implemented in the previous year. | |||||||||||||||||||||
Although the impact of production adjustments by automobile manufacturers remained due to factors such as the lockdown in Shanghai and the shortage of semiconductors in the same period of the previous fiscal
Automotive glass year, sales of automotive glass increased year on year due to the recovery in the number of automobile production units and the continuous revision of product prices in response to rising raw material and fuel prices in the fiscal year under review.
Sales of glass fiber increased year on year due to a recovery in production volume in the automotive field,
Glass fiber
despite a decrease in demand in the electronic materials field.
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Ⓒ 2023 Central Glass Co., Ltd. | |||
- Reference - | |||||||||||||||||||||
FY2023 Forecast | |||||||||||||||||||||
(announced in May) | |||||||||||||||||||||
FY2022 | FY2023 | Change | |||||||||||||||||||
(100million yen) | Apr. - Jun. | Jul. - Sep. | 1st half | 2nd half | Full year | Apr. - Jun. | Jul. - Sep. | 1st half | 1st half | 1st half | 2nd half | Full year | |||||||||
Applied Chemicals | 61 | 60 | 121 | 112 | 233 | 37 | 38 | 75 | (46) | 95 | 125 | 220 | |||||||||
Medi-Chemicals | 44 | 44 | 88 | 76 | 164 | 42 | 41 | 83 | (5) | 80 | 90 | 170 | |||||||||
Electronic Materials | 44 | 48 | 92 | 100 | 192 | 41 | 44 | 85 | (7) | 95 | 110 | 205 | |||||||||
Energy Materials | 73 | 88 | 161 | 202 | 363 | 98 | 103 | 201 | 40 | 190 | 205 | 395 | |||||||||
Fertilizers | 25 | 20 | 45 | 102 | 147 | 22 | 10 | 32 | (13) | 50 | 115 | 165 | |||||||||
Others | 9 | 13 | 22 | 25 | 47 | 11 | 15 | 26 | 4 | 20 | 25 | 45 | |||||||||
Total sales | 256 | 273 | 529 | 617 | 1,146 | 251 | 251 | 502 | (27) | 530 | 670 | 1,200 | |||||||||
Operating profit | 33 | 31 | 64 | 77 | 141 | 25 | 26 | 51 | (13) | 40 | 80 | 120 | |||||||||
Operating profit ratio (%) | 12.8 | 11.4 | 12.1 | 12.5 | 12.3 | 10.0 | 10.2 | 10.1 | (2.0) | 7.5 | 11.9 | 10.0 | |||||||||
< Overview > | |||||||||||||||||||||
Sales of applied chemicals decreased significantly from the same period of the previous fiscal year due to a drop | |||||||||||||||||||||
Applied Chemicals | in sales of raw materials for blowing agents, which are hydrofluoroolefin products, resulting from a slump in | ||||||||||||||||||||
housing starts in key countries, as well as a decline in sales of agrochemical-related products due to a backlash | |||||||||||||||||||||
from earlier shipments at the end of the previous fiscal year. | |||||||||||||||||||||
Although shipments of pharmaceutical-related products were strong, sales of medi-chemicals decreased year on | |||||||||||||||||||||
Medi-Chemicals | |||||||||||||||||||||
year because sales of foreign consolidated subsidiaries fell. | |||||||||||||||||||||
Sales of electronic materials decreased from previous fiscal year due to a decrease in sales of both specialty gas | |
Electronic Materials products and resist materials for semiconductors caused by production cutbacks from major memory companies | |
under weak demand of semiconductors worldwide. | |
Sales of energy materials increased year on year due to strong sales of electrolyte solution products for lithium- | |
Energy Materials | |
ion batteries. | |
Sales of fertilizers were significantly lower than the same period of the previous year due to the price reduction | |
Fertilizers | |
from June and the refraining from purchasing in anticipation of further price reductions from November. | 3 |
Ⓒ 2023 Central Glass Co., Ltd. | |
R&D, Capital Investment and Depreciation Expenses
- Reference -
FY2023 Forecast | |||||||||||||||||
FY2022 | FY2023 | Change | (announced in May) | ||||||||||||||
(100million yen) | Apr. - Jun. | Jul. - Sep. | 1st half | 2nd half | Full year | Apr. - Jun. | Jul. - Sep. | 1st half | 1st half | 1st half | 2nd half | Full year | |||||
Glass | 2 | 3 | 5 | 3 | 8 | 2 | 2 | 4 | (1) | 4 | 4 | 8 | |||||
Chemicals | 12 | 10 | 22 | 26 | 48 | 13 | 14 | 27 | 5 | 28 | 29 | 57 | |||||
Total R&D expenses | 14 | 13 | 27 | 29 | 56 | 15 | 16 | 31 | 4 | 32 | 33 | 65 | |||||
Glass | 3 | 3 | 6 | 16 | 22 | 4 | 2 | 6 | 0 | 10 | 10 | 20 | |||||
Chemicals | 12 | 11 | 23 | 26 | 49 | 12 | 12 | 24 | 1 | 40 | 50 | 90 | |||||
Total capital investment | 15 | 14 | 29 | 42 | 71 | 16 | 14 | 30 | 1 | 50 | 60 | 110 | |||||
Glass | 5 | 5 | 10 | 10 | 20 | 4 | 5 | 9 | (1) | 10 | 10 | 20 | |||||
Chemicals | 17 | 18 | 35 | 35 | 70 | 18 | 18 | 36 | 1 | 35 | 35 | 70 | |||||
Total depreciation expenses | 22 | 23 | 45 | 45 | 90 | 22 | 23 | 45 | 0 | 45 | 45 | 90 | |||||
Crude Oil Prices and Exchange Rates
- Reference -
FY2023 Forecast | |||||||||||||||||
FY2022 | FY2023 | Change | (announced in May) | ||||||||||||||
Apr. - Jun. | Jul. - Sep. | 1st half | 2nd half | Full year | Apr. - Jun. | Jul. - Sep. | 1st half | 1st half | 1st half | 2nd half | Full year | ||||||
Crude oil | (US$/bbl, CIF) | 111.2 | 111.3 | 111.4 | 91.4 | 101.4 | 82.9 | 83.5 | 83.2 | (28.2) | 85.5 | 85.5 | 85.5 | ||||
Exchange | (Yen/US$) | 116 | 130 | 123 | 140 | 132 | 132 | 137 | 135 | 12 | 130 | 130 | 130 | ||||
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Ⓒ 2023 Central Glass Co., Ltd. | |||
Consolidated Forecasts for FY2023
- 2023 Central Glass Co., Ltd.
Consolidated Forecasts
- Reference -
FY 2022 | Forecast for FY2023 | |||||||
1st Half | 2nd Half | Full Year | 1st Half | 2nd Half | Full Year | |||
(revised) | (revised) | |||||||
(100million yen) | ||||||||
Glass | 254 | 293 | 547 | 289 | 321 | 610 | ||
Chemicals | 529 | 617 | 1,146 | 502 | 503 | 1,005 | ||
Net sales | 783 | 910 | 1,693 | 791 | 824 | 1,615 | ||
Glass | 10 | 17 | 27 | 9 | 16 | 25 | ||
Chemicals | 64 | 77 | 141 | 51 | 34 | 85 | ||
Operating profit | 74 | 94 | 168 | 60 | 50 | 110 | ||
(Operating profit ratio %) | 9.5 | 10.2 | 9.9 | 7.6 | 6.1 | 6.8 | ||
Ordinary profit | 106 | 90 | 196 | 63 | 57 | 120 | ||
(Ordinary profit ratio %) | 13.6 | 9.9 | 11.6 | 8.0 | 6.9 | 7.4 | ||
Profit attributable to owners of parent | 169 | 256 | 425 | 57 | 43 | 100 | ||
(Profit attributable to owners of parent ratio %) | 21.5 | 28.2 | 25.1 | 7.2 | 5.3 | 6.2 | ||
Change | FY2023 Forecast | ||||
(announced in May) | |||||
1st Half | 2nd Half | Full Year | 2nd Half | Full Year | |
35 | 28 | 63 | 320 | 625 | |
(27) | (114) | (141) | 670 | 1,200 | |
8 | (86) | (78) | 990 | 1,825 | |
(1) | (1) | (2) | 15 | 20 | |
(13) | (43) | (56) | 80 | 120 | |
(14) | (44) | (58) | 95 | 140 | |
(1.9) | (4.1) | (3.1) | 9.6 | 7.7 | |
(43) | (33) | (76) | 110 | 160 | |
(5.6) | (3.0) | (4.2) | 11.1 | 8.8 | |
(112) | (213) | (325) | 100 | 140 | |
(14.3) | (22.9) | (18.9) | 10.1 | 7.7 | |
In terms of full-year earnings, we expect net sales to be lower than the forecast at the beginning of the current fiscal year due to a decline in sales of hydrofluoroolefin products and products related to the semiconductor industry, a decline in sales and lower sales prices of fertilizer products, as well as a slowdown in demand and lower sales prices of electrolytes for lithium-ion batteries. As a result of these reduction factors, reviewing the profit at each stage, and taking into account the actual results for the first half of the fiscal year, operating profit, ordinary profit and profit attributable to owners of parent are expected to be lower than the forecast at the beginning of the current fiscal year.
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Ⓒ 2023 Central Glass Co., Ltd. | ||
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Central Glass Co. Ltd. published this content on 08 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 November 2023 14:58:05 UTC.