HITACHI ZOSEN CORPORATION Financial Results for FY2023 - 2nd Quarter
November 7th, 2023
Hitachi Zosen Corporation
© 2023 Hitachi Zosen Corp.
Contents
• Financial Information | 3 |
• Management and Business Information | 19 |
© 2023 Hitachi Zosen Corp. | 2 |
Financial Information
Senior Managing Executive Officer Corporate Planning Headquarters
Satoshi Kimura
© 2023 Hitachi Zosen Corp. | 3 |
Key Point of FY2023 2Q Results
- Following the return to profitability of operating income in the 2Q of FY22 (The first time in 10 periods), ordinary income and profit turned profitable in the 2Q (The first time in 11 years)
- Revised up the full-year forecast for net sales, operating income, ordinary income and profit
© 2023 Hitachi Zosen Corp. | 4 |
FY2023 2Q Results - Overview
（Billions of JPY） | |||||||||||
FY2022 | FY2023 | ||||||||||
1-2Q | Full Year | 1-2Q | Full Year | Progress | |||||||
Results | Results | Results | YoY | Forecast | YoY | on full yr | |||||
Order Intake | 318.8 | 737.5 | 346.7 | 27.9 | 620.0 | -117.5 | 55.9% | ||||
Net Sales | 207.2 | 492.6 | 232.1 | 24.9 | 540.0 | 47.4 | 43.0% | ||||
Operating Income | 0.1 | 20.0 | 1.1 | 1.0 | 23.0 | 3.0 | 4.8% | ||||
% to net sales | 0.0% | 4.1% | 0.5% | 4.3% | |||||||
Ordinary Income | - 2.7 | 17.8 | 1.9 | 4.6 | 19.0 | 1.2 | 10.0% | ||||
Profit attributable to | - 3.2 | 15.5 | 0.3 | 3.5 | 13.0 | -2.5 | 2.3% | ||||
shareholders of Hitachi Zosen | |||||||||||
ROE | 11.5% | 9.0% | |||||||||
Revised FY2023 Full-year forecast as follows (Billions of JPY)
・Order Intake | 530.0 | → 620.0 （Revised in 1Q） | |
・Net Sales | 520.0 | → 540.0 | |
・Operating Income | 22.0 | → | 23.0 |
・Ordinary Income | 18.0 | → | 19.0 |
・Profit | 12.0 | → | 13.0 |
© 2023 Hitachi Zosen Corp. | 5 |
FY2023 2Q Results - Order Intake, Net Sales, Operating Income
（Billions of JPY） | |||||||||||||
FY2022 | FY2023 | ||||||||||||
1-2Q | Full Year | 1-2Q | Full Year | ||||||||||
Results | Results | Results | YoY | Forecast | Progress | ||||||||
to full yr | |||||||||||||
Order Intake | 318.8 | 737.5 | 346.7 | 27.9 | 620.0 | 55.9% | |||||||
Environment | 244.3 | 561.2 | 270.0 | 25.7 | 470.0 | 57.4% | |||||||
Machinery & Infrastructure | 46.6 | 90.2 | 40.0 | -6.6 | 86.0 | 46.5% | |||||||
Carbon Neutral Solution | 23.4 | 76.2 | 35.7 | 12.3 | 62.0 | 57.6% | |||||||
Others | 4.5 | 9.9 | 1.0 | -3.5 | 2.0 | 50.0% | |||||||
Net Sales | 207.2 | 492.6 | 232.1 | 24.9 | 540.0 | 43.0% | |||||||
Environment | 143.1 | 348.1 | 169.2 | 26.1 | 396.5 | 42.7% | |||||||
Machinery & Infrastructure | 39.1 | 88.2 | 40.8 | 1.7 | 89.0 | 45.8% | |||||||
Carbon Neutral Solution | 20.7 | 46.6 | 21.1 | 0.4 | 53.0 | 39.8% | |||||||
Others | 4.3 | 9.7 | 1.0 | -3.3 | 1.5 | 66.7% | |||||||
Operating Income | 0.1 | 20.0 | 1.1 | 1.0 | 23.0 | 4.8% | |||||||
Environment | -0.1 | 15.0 | 0.5 | 0.6 | 19.0 | 2.6% | |||||||
Machinery & Infrastructure | 0.3 | 3.4 | 0.7 | 0.4 | 2.6 | 26.9% | |||||||
Carbon Neutral Solution | -0.5 | 0.4 | -0.3 | 0.2 | 1.2 | ー | |||||||
Others | 0.4 | 1.2 | 0.2 | -0.2 | 0.2 | 100% | |||||||
© 2023 Hitachi Zosen Corp. | 6 |
FY2023 Revision of Forecast
（Billions of JPY） | |||||||
FY2023 | |||||||
Forecast | |||||||
as of May | as of Aug. | as of Nov. | Difference | ||||
a | b | b-a | |||||
Order Intake | 530.0 | 620.0 | 620.0 | 90.0 | |||
Environment | 391.0 | 470.0 | 470.0 | 79.0 | |||
Machinery & Infrastructure | 86.0 | 86.0 | 86.0 | 0.0 | |||
Carbon Neutral Solution | 51.5 | 62.0 | 62.0 | 10.5 | |||
Other | 1.5 | 2.0 | 2.0 | 0.5 | |||
Net Sales | 520.0 | 520.0 | 540.0 | 20.0 | |||
Environment | 376.5 | 376.5 | 396.5 | 20.0 | |||
Machinery & Infrastructure | 85.0 | 85.0 | 89.0 | 4.0 | |||
Carbon Neutral Solution | 57.0 | 57.0 | 53.0 | -4.0 | |||
Other | 1.5 | 1.5 | 1.5 | 0.0 | |||
Operating Income | 22.0 | 22.0 | 23.0 | 1.0 | |||
Environment | 18.0 | 18.0 | 19.0 | 1.0 | |||
Machinery & Infrastructure | 2.6 | 2.6 | 2.6 | 0.0 | |||
Carbon Neutral Solution | 1.2 | 1.2 | 1.2 | 0.0 | |||
Other | 0.2 | 0.2 | 0.2 | 0.0 | |||
© 2023 Hitachi Zosen Corp. | 7 |
FY2023 Revision of Forecast - Environment Business（Consolidated）
Environment | （Billions of JPY） | |||||
FY2023 | ||||||
Business | ||||||
（Consolidated） | Forecast | |||||
as of May | as of Nov. | Difference | Comment | |||
Order Intake | 391.0 | 470.0 | 79.0 | |||
EPC | 229.0 | 192.0 | -37.0 | |||
AOM* | 162.0 | 278.0 | 116.0 | |||
Net Sales | 376.5 | 396.5 | 20.0 | |||
EPC | 212.5 | 226.5 | 14.0 | See next page | ||
AOM* | 164.0 | 170.0 | 6.0 | |||
Operating Income | 18.0 | 19.0 | 1.0 | |||
EPC | 4.85 | 5.0 | 0.15 | |||
AOM* | 13.15 | 14.0 | 0.85 | |||
EPC ：Engineering, procurement and construction
AOM：After-sales services, operation and maintenance
© 2023 Hitachi Zosen Corp. | 8 |
FY2023 Revision of Forecast - Environment Business（Breakdown）
Environment | （Billions of JPY） | |||||||||||
FY2023 | ||||||||||||
Business | ||||||||||||
Forecast | ||||||||||||
（excluding Inova） | ||||||||||||
as of May | as of Nov. | Difference | Comment | |||||||||
Order Intake | 199.0 | 199.0 | 0.0 | |||||||||
EPC | 67.0 | 54.0 | -13.0 | Lost orders, review of budget projects, etc. | ||||||||
AOM* | 132.0 | 145.0 | 13.0 | Increase in retrofit and long-term operations | ||||||||
Net Sales | 208.5 | 209.5 | 1.0 | |||||||||
EPC | 72.5 | 69.5 | -3.0 | Decrease in revenue due to delay of biomass power projects | ||||||||
AOM* | 136.0 | 140.0 | 4.0 | Orders received for current year sales projects | ||||||||
Operating Income | 8.8 | 7.8 | -1.0 | |||||||||
EPC | -1.65 | -4.0 | -2.35 | Cost overruns in biomass power projects | ||||||||
AOM* | 10.45 | 11.8 | 1.35 | Improvements in retrofit, long-term operations and power sales | ||||||||
Inova Group | ||||||||||||
Order Intake | 192.0 | 271.0 | 79.0 | The conversion | ||||||||
EPC | 162.0 | 138.0 | -24.0 | Review of budget projects, etc. | rate for Swiss | |||||||
AOM* | 30.0 | 133.0 | 103.0 | Orders of long-term O&M for waste to energy plants in UK | franc has been | |||||||
changed as | ||||||||||||
Net Sales | 168.0 | 187.0 | 19.0 | |||||||||
follows: | ||||||||||||
EPC | 140.0 | 157.0 | 17.0 | Initial plan: | ||||||||
AOM* | 28.0 | 30.0 | 2.0 | 1CHF=130JPY | ||||||||
Operating Income | 9.2 | 11.2 | 2.0 | After change: | ||||||||
EPC | 6.5 | 9.0 | 2.5 | 1CHF=155JPY | ||||||||
AOM* | 2.7 | 2.2 | -0.5 | Decline in subsidiaries (lost orders) |
EPC ：Engineering, procurement and construction
AOM：After-sales services, operation and maintenance
© 2023 Hitachi Zosen Corp. | 9 |
FY2023 Revision of Forecast - Machinery & Infrastructure Business
Machinery &
Infrastructure
Business
（Billions of JPY）
FY2023 | |||
Forecast | |||
as of May | as of Nov. | Difference | Comment |
Order Intake
Press Machine
Precision Machinery
Other Machinery
Infrastructure
Net Sales
Press Machine
Precision Machinery
Other Machinery
Infrastructure
Operating Income
Press Machine
Precision Machinery
Other Machinery
Infrastructure
86.0 19.0 32.0 9.0 26.0 85.0 18.0 30.0 11.0 26.0 2.6 0.35 1.2 0.6 0.45
86.0 19.0 30.0 9.0 28.0 89.0 19.0 31.0 12.0 27.0 2.6 0.35 1.2 0.6 0.45
0.0 0.0 -2.00.0 2.0 4.0 1.0 1.0 1.0 1.0 0.0 0.0 0.0 0.0 0.0
Slow recovery in semiconductor production equipment market
Strong order intake
Increased sales of after-sales services, etc. Food and pharmaceutical equipment and filter presses performed well Increase in projects for this fiscal year's sales Constructions progress smoothly
© 2023 Hitachi Zosen Corp. | 10 |
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HITZ - Hitachi Zosen Corporation published this content on 06 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 November 2023 11:15:00 UTC.
