Consolidated Financial Results
for the Fiscal Year Ended March 31, 2023
[Japanese GAAP]
April 28, 2023
Company name: Daihatsu Diesel Mfg. Co., Ltd.
Stock exchange listing: Tokyo Stock Exchange
Code number: 6023
URL: http://www.dhtd.co.jp
Representative: Yoshinobu Hotta, President
Contact: Takashi Mizushina, Director
Phone: +81-6-6454-2331
Scheduled date of Annual General Meeting of Shareholders: June 29, 2023
Scheduled date of commencing dividend payments: June 30, 2023
Scheduled date of filing annual securities report: June 29, 2023
Availability of supplementary briefing material on annual financial results: Available
Schedule of annual financial results briefing session: Scheduled (for institutional investors and analysts)
(Amounts of less than one million yen are rounded down.)
1. Consolidated Financial Results for the Fiscal Year Ended March 31, 2023 (April 1, 2022 to March 31, 2023)
(1) Consolidated Operating Results | (% indicates changes from the previous corresponding period.) | ||||||||
Net sales | Operating profit | Ordinary profit | Profit attributable to | ||||||
owners of parent | |||||||||
Fiscal year ended | Million yen | % | Million yen | % | Million yen | % | Million yen | % | |
March 31, 2023 | 72,113 | 25.2 | 3,601 | 72.1 | 3,660 | 46.0 | 2,948 | 49.8 | |
March 31, 2022 | 57,599 | 1.5 | 2,092 | 110.4 | 2,506 | 118.1 | 1,968 | 176.4 |
(Note) Comprehensive income: Fiscal year ended March 31, 2023: 3,215 million yen [38.0%] Fiscal year ended March 31, 2022: 2,330 million yen [135.0%]
Basic earnings | Diluted earnings | Rate of return on | Ordinary profit | Operating profit | |
per share | per share | equity | to total assets | to net sales | |
Fiscal year ended | Yen | Yen | % | % | % |
March 31, 2023 | 93.37 | - | 6.6 | 4.0 | 5.0 |
March 31, 2022 | 62.01 | - | 4.7 | 3.0 | 3.6 |
(Reference) Equity in earnings (losses) of affiliated companies: Fiscal year ended March 31, 2023: 45 million yen Fiscal year ended March 31, 2022: 13 million yen
(2) Consolidated Financial Position
Total assets | Net assets | Equity ratio | Net assets per share | |||||||
Million yen | Million yen | % | Yen | |||||||
As of March 31, 2023 | 95,377 | 45,724 | 47.9 | 1,446.90 | ||||||
As of March 31, 2022 | 89,268 | 43,069 | 48.2 | 1,354.99 | ||||||
(Reference) Equity: As of March 31, 2023: 45,678 million yen | ||||||||||
As of March 31, 2022: 43,030 million yen | ||||||||||
(3) Consolidated Cash Flows | ||||||||||
Net cash provided by | Net cash provided by | Net cash provided by | Cash and cash | |||||||
(used in) operating | (used in) investing | (used in) financing | equivalents at end of | |||||||
activities | activities | activities | period | |||||||
Fiscal year ended | Million yen | Million yen | Million yen | Million yen | ||||||
March 31, 2023 | 4,488 | (3,076) | (1,981) | 25,815 | ||||||
March 31, 2022 | 7,870 | (1,300) | 84 | 26,354 |
2. Dividends
Annual dividends | Payout | Dividends | ||||||||
Total | ratio | to net | ||||||||
1st | 2nd | 3rd | ||||||||
Year-end | Total | dividends | assets | |||||||
quarter-end | quarter-end | quarter-end | (consolidated) | |||||||
(consolidated) | ||||||||||
Fiscal year ended | Yen | Yen | Yen | Yen | Yen | Million yen | % | % | ||
March 31, 2022 | - | 0.00 | - | 15.00 | 15.00 | 476 | 24.2 | 1.1 | ||
March 31, 2023 | - | 0.00 | - | 28.00 | 28.00 | 883 | 30.0 | 2.0 | ||
Fiscal year ending | ||||||||||
March 31, 2024 | - | 0.00 | - | 19.00 | 19.00 | 30.3 | ||||
(Forecast) |
3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2024 (April 1, 2023 to March 31, 2024)
(% indicates changes from the previous corresponding period.)
Net sales | Operating profit | Ordinary profit | Profit attributable to | Basic earnings | ||||||
owners of parent | per share | |||||||||
First half | Million yen | % | Million yen | % | Million yen | % | Million yen | % | Yen | |
35,000 | 10.8 | 0 | (100.0) | 0 | (100.0) | 0 | (100.0) | 0.00 | ||
Full year | 76,000 | 5.4 | 3,000 | (16.7) | 3,000 | (18.0) | 2,000 | (32.2) | 62.79 |
* Notes:
- Changes in significant subsidiaries during the period under review (changes in specified subsidiaries resulting in changes in scope of consolidation): No
- Changes in accounting policies, changes in accounting estimates and retrospective restatement
- Changes in accounting policies due to the revision of accounting standards: Yes
- Changes in accounting policies other than 1) above: No
- Changes in accounting estimates: No
- Retrospective restatement: No
- Total number of issued shares (common shares)
- Total number of issued shares at the end of the period (including treasury shares):
March 31, 2023: 31,850,000 shares
March 31, 2022: 31,850,000 shares
-
Total number of treasury shares at the end of the period: March 31, 2023: 280,235 shares
March 31, 2022: 93,335 shares - Average number of shares during the period:
Fiscal Year ended March 31, 2023: 31,573,069 shares
Fiscal Year ended March 31, 2022: 31,738,730 shares
(Reference) Summary of Non-consolidated Financial Results | ||||||||||||||
1. Non-consolidated Financial Results for the Fiscal Year Ended March 31, 2023 (April 1, 2022 to | ||||||||||||||
March 31, 2023) | ||||||||||||||
(1) Non-consolidated Operating Results | (% indicates changes from the previous corresponding period.) | |||||||||||||
Net sales | Operating profit | Ordinary profit | Profit | |||||||||||
Fiscal year ended | Million yen | % | Million yen | % | Million yen | % | Million yen | % | ||||||
March 31, 2023 | 64,063 | 27.4 | 1,152 | - | 2,662 | 37.5 | 2,766 | 26.4 | ||||||
March 31, 2022 | 50,292 | 1.8 | (149) | - | 1,936 | 403.8 | 2,188 | 201.5 | ||||||
Basic earnings per share | Diluted earnings per share | |||||||||||||
Fiscal year ended | Yen | Yen | ||||||||||||
March 31, 2023 | 87.61 | - | ||||||||||||
March 31, 2022 | 68.94 | - | ||||||||||||
(2) Non-consolidated Financial Position | ||||||||||||||
Total assets | Net assets | Equity ratio | Net assets per share | |||||||||||
Million yen | Million yen | % | Yen | |||||||||||
As of March 31, 2023 | 85,745 | 37,642 | 43.9 | 1,192.36 | ||||||||||
As of March 31, 2022 | 81,167 | 35,417 | 43.6 | 1,115.26 |
(Reference) Equity: As of March 31, 2023: 37,642 million yen As of March 31, 2022: 35,417 million yen
2. Non-consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2024 (April 1, 2023 to March 31, 2024)
(% indicates changes from the previous corresponding period.)
Net sales | Ordinary profit | Profit | Basic earnings | ||||
per share | |||||||
First half | Million yen | % | Million yen | % | Million yen | % | Yen |
31,000 | 11.9 | 800 | (32.2) | 1,100 | (24.7) | 34.53 | |
Full year | 68,000 | 6.1 | 2,400 | (9.9) | 2,000 | (27.7) | 62.79 |
- These consolidated financial results are outside the scope of audit conducted by a certified public accountant or audit corporation.
- Explanation of the proper use of financial results forecast and other notes
(Note on forward-looking statements)
The financial results forecasts and other forward-looking statements herein are based on information and certain assumptions deemed reasonable as of the date of publication of this document. Actual results may differ significantly from these forecasts due to a wide range of factors. Please refer to "1. Summary of Operating Results and Others (4) Future Prospects" on page 5 (Japanese original) of the attached material for the assumptions the financial results forecasts are based on, and notes on their use.
(How to obtain supplementary briefing material on annual financial results and information on the briefing session)
A briefing session for institutional investors and analysts is scheduled to be held on Tuesday, May 23, 2023. The briefing materials will be posted on the Company's website after the session.
Table of Contents | ||
1. Summary of Operating Results, etc | 2 | |
(1) | Summary of Operating Results for the Fiscal Year under Review | 2 |
(2) | Summary of Financial Position for the Fiscal Year under Review | 4 |
(3) | Summary of Cash Flows for the Fiscal Year under Review | 4 |
(4) | Outlook for the Future | 5 |
2. Basic Stance Concerning Choice of Accounting Standards | 5 | |
3. Consolidated Financial Statements and Primary Notes | 6 | |
(1) | Consolidated Balance Sheets | 6 |
(2) | Consolidated Statements of Income and Comprehensive Income | 8 |
(3) | Consolidated Statements of Changes in Equity | 10 |
(4) | Consolidated Statements of Cash Flows | 12 |
(5) | Notes to the Consolidated Financial Statements | 14 |
(Notes on going concern assumption) | 14 | |
(Changes in accounting policy) | 14 | |
(Segment information, etc.) | 14 | |
(Per share information) | 17 | |
(Significant subsequent events) | 17 | |
4. Other | 18 | |
(1) | Status of Production, Orders Received, and Sales | 18 |
(2) | Changes in Directors and Corporate Auditors | 19 |
1
1. Summary of Operating Results, etc.
(1) Summary of Operating Results for the Fiscal Year under Review
During the consolidated fiscal year under review, the Japanese economy was on a path toward recovery mainly on account of rebound demand from the COVID-19 crisis, as economic activities further returned to normal due to a weakened trend in the self-restraint of consumption activities caused by the COVID-19 pandemic. On the other hand, the outlook remains uncertain due in part to the depreciation of the yen and soaring commodity prices affected by resource price hikes.
Looking at the world economy, economic growth remained at a low level as seen in situations such as food and energy crises associated with the prolonged situation in Ukraine, suppression of economic activities in China associated with its zero-COVID policy, and active financial tightening policies due to accelerated inflation. IMF's World Economic Outlook announced in April 2023 says that the world's inflation is expected to slow down from 8.7% in 2022 to 7.0% in 2023, and that the world economic growth is expected to decrease from 3.4% in 2022 to 2.8% in 2023.
In the shipbuilding and maritime industry, the primary industry in which the Company makes its sales, the number of new shipbuilding orders received in 2022 was robust mainly for container ships and bulk carriers, despite that the special demand seen in 2021 settled down mainly because order placement was restrained due to higher ship prices against a backdrop of soaring steel prices. In addition, disruptions in the marine transport network are being eliminated, and maintenance demand is also showing recovery mainly in Southeast Asia after a recession caused by restrictions on social mobility.
Under such a corporate environment, the Group robustly received orders for large-sized engines and dual fuel engines, and maintenance-related sales were also strong. As a result, consolidated net sales for the fiscal year under review increased by 25.2% year-on-year to 72,113 million yen. In terms of profit, operating profit increased by 72.1% year-on-year to 3,601 million yen, ordinary profit increased by 46.0% year-on-year to 3,660 million yen, and profit attributable to owners of parent increased by 49.8% year-on-year to 2,948 million yen.
Performance by business segment of the Company and the consolidated Group for the fiscal year under review are as follows.
1. Marine-useNet sales increased by 30.1% year-on-year to 56,854 million yen and segment income increased by 98.7% year- on-year to 4,603 million yen, due to an increase in maintenance-related sales, an effect of fluctuation of foreign exchange rates, and other factors, in addition to an increase in the sales composition ratios of large-sized engines and dual fuel engines mainly for container ships.
2. Land-use
Net sales increased by 7.9% year-on-year to 10,997 million yen while segment income decreased by 48.6% year- on-year to 817 million yen due to deterioration of the profitability of some products and other factors despite an increase in sales of engines.
Consequently, net sales for the segment increased by 25.9% year-on-year to 67,852 million yen, and segment income increased by 38.8% year-on-year to 5,420 million yen.
<Other>
1. Industrial machinery-related
In the aluminum wheel division, net sales increased while segment income declined due to a change in the sales composition and soaring raw materials prices.
2. Real estate leasing-related
In real estate leasing-related, both net sales and segment income increased slightly. 3. Electricity sales-related
In electricity sales-related, both net sales and segment income increased. 4. Precision parts-related
In precision parts-related, both net sales and segment income increased.
Consequently, net sales for the segment increased by 14.5% year-on-year to 4,261 million yen, and segment income increased by 60.1% year-on-year to 670 million yen.
2
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Daihatsu Diesel Mfg Co. Ltd. published this content on 16 June 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 June 2023 12:21:10 UTC.