October 28, 2022
For Immediate Release (Translation only)
Company name: ALPS ALPINE CO., LTD.
Representative: Toshihiro Kuriyama
Representative Director, President & CEO (Code 6770, TSE Prime Market)
Inquiries to: Atsushi Suzuki, Senior Manager, Corporate Communication Department TEL +81-3-5499-8026 (IR Direct)
Announcement Regarding Differences between Financial Results Forecasts and Actual Results for the First Half of the Fiscal Year Ending March 31, 2023 and Revision of Financial Results Forecasts for the Fiscal Year Ending March 31, 2023
We hereby announce, as follows, the differences between the consolidated financial results forecasts and actual results for the first half of the fiscal year ending March 31, 2023, which were released on April 28, 2022.
In addition, based on recent trends in its financial results, we hereby announce, as follows, revisions to the consolidated financial results forecasts for the fiscal year ending March 31, 2023.
The interim dividend forecast for the fiscal year ending March 31, 2023 has not been revised.
1. Revisions to financial results
- Differences between consolidated financial results forecasts and actual results for the first half of the fiscal year ending March 31, 2023 (April 1, 2022 to September 30, 2022)
(Unit: "Millions of yen" except information of per share, %) | |||||
(A) | (B) | Ref. | |||
Forecast | Results | (B) - (A) | (B) / (A) | FY2022 | |
(Apr. 28, 2022) | (Oct, 28, 2022) | (Apr. 1 - Sep. 30) | |||
Net Sales | 412,000 | 454,286 | 42,286 | 10.3% | 367,461 |
Operating Income | 19,500 | 19,913 | 413 | 2.1% | 10,552 |
Ordinary Income | 19,500 | 26,863 | 7,363 | 37.8% | 9,705 |
Profit attributable to | 12,500 | 17,436 | 4,936 | 39.5% | 2,177 |
owners of parent | |||||
Net Income per Share | 60.33 | 84.70 | 24.37 | 40.4% | 10.51 |
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- Revisions to consolidated financial results forecasts for the fiscal year ending March 31, 2023 (April 1, 2022 to March 31, 2023)
(Unit: "Millions of yen" except information of per share, %) | ||||||
(A) | (B) | Ref. | ||||
Forecast | Results | (B) - (A) | (B) / (A) | FY2022 | ||
(Apr. 28, 2022) | (Oct, 28, 2022) | (Apr. 1 - Mar. 31) | ||||
Net Sales | 835,000 | 905,000 | 70,000 | 8.4% | 802,854 | |
Operating Income | 47,500 | 50,000 | 2,500 | 5.3% | 35,208 | |
Ordinary Income | 47,500 | 57,000 | 9,500 | 20.0% | 40,286 | |
Profit attributable to | 33,000 | 40,000 | 7,000 | 21.2% | 22,960 | |
owners of parent | ||||||
Net Income per Share | 159.26 | 194.30 | 35.04 | 22.0% | 110.82 |
(3) Reasons for revisions
During the first half of the fiscal year ending March 31, 2023, while uncertainties persisted due to the global shortage of semiconductors and the continued tight supply and demand situation in logistics, soaring prices of crude oil, natural gas, and other energy sources associated with the prolonged situation in Ukraine, the sharp depreciation of the yen, and further accelerating inflation, strong sales of smartphones by client manufacturers led to firm sales of products for mobile devices, and the weakening yen further contributed to our financial results.
In the second quarter of the fiscal year under review, sales of Module and System products increased due to the recovery of automobile production, and operating income improved significantly due to the strengthening of activities to optimize transactions with customers in response to soaring materials and logistics costs, current cost reduction measures, and the contribution of the weaker yen to our financial results. Ordinary income and profit attributable to owners of parent exceeded the previous forecast mainly due to foreign exchange gains resulting from the weaker-than- expected yen (US$1 = ¥120 and EUR1 = ¥130).
With regard to the full-year consolidated earnings forecasts for the fiscal year ending March 31, 2023, we expect the uncertain situation from the first half of the year to continue from the third quarter onward. At the same, we expect an increase in operating income due to increased net sales from sales of products for new vehicles in the Module and System segment and recovery of development costs from automobile manufacturers among others.
Factoring this situation into financial results, the Company has revised its consolidated financial results forecasts for net sales, operating income, ordinary income and profit attributable to owners of parent that the Company announced on April 28, 2022.
We assume exchange rates of US$1 = ¥135 and EUR1 = ¥135 from the third quarter onward.
Note:
The above forecasts are based on information available as of the date this announcement was released. Actual results may differ from the forecasted figures due to various factors arising in the future.
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Alps Electric Co. Ltd. published this content on 28 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 October 2022 06:12:03 UTC.