Samsung SDI : Year 2023 Third Quarter Earnings Release

3Q23 Quarterly Earnings

2023. 10. 26

This document is provided for the convenience of investors only, before the external audit on our 4Q22 financial results is completed. The audit outcome may incur change in parts of this document.

3Q23 Earnings and Financial Status

Sales & Profit				Unit : Bn KRW
Items	'23.3Q	'23.2Q	QoQ	'22.3Q	YoY

Revenue	5,948.1	5,840.6	+1.8%	5,368.0	+10.8%

Batteries

5,338.4

5,268.7

+1.3%

4,832.3

+10.5%

Electronic Mat.	608.2	570.5	+6.6%	533.9	+13.9%
Operating Profit	496.0	450.2	+10.2%	565.9	△12.3%
(%)	(8.3%)	(7.7%)	(10.5%)
Batteries	411.8	388.1	+6.1%	484.8	△15.1%
(%)	(7.7%)	(7.4%)	(10.0%)
Electronic Mat.	84.2	62.1	+35.6%	81.1	+3.8%
(%)	(13.8%)	(10.9%)	(15.2%)
Non-operating	264.4	133.0	+98.8%	300.5	△12.0%
Profit
Pre-tax Profit	760.4	583.2	+30.4%	866.4	△12.2%
(%)	(12.8%)	(10.0%)	(16.1%)
Net Profit	622.4	485.8	+28.1%	638.3	△2.5%
(%)	(10.5%)	(8.3%)	(11.9%)

B/S Summary	Unit : Bn KRW

Items	'23.3Q	'23.2Q	QoQ	'22.3Q	YoY
Assets	33,546.7	32,902.8	+2.0%	30,367.4	+10.5%
Liabilities	14,322.7	14,450.2	△0.9%	13,460.3	+6.4%
Equity	19,224.0	18,452.6	+4.2%	16,907.1	+13.7%
D/E Ratio	75%	78%	△3%p	80%	△5%p

EBITDA

(Bn KRW)				EBITDA		%
17.6%
1,200				15.4%
14.6%	14.8%	15.1%
1,000

800

600

400

200

0

'22.3Q

'22.4Q

'23.1Q

'23.2Q

'23.3Q

2

Results & Outlook

Earnings and Forecast

Large-sized LIB

3Q23 Results

Revenue & profit up centering on xEV battery sales

• xEV battery sales had record quarterly profitability, thanks to strong P5 sales with early ramp-up of Hungary plant's new line
  Mid-to-long term growth preparation by expanding JV plants in the US and securing a new customer
• ESS sales declined due to pent-up demand for new product in 4Q

4Q23 Outlook

Revenue & profit expected to go up

• xEV battery sales expansion to continue with solid P5 sales
  To continue project acquisition activities with P6 and solid-state batteries
• ESS to have sales growth propelled by new product with higher energy density and safety for Utility & UPS

Small소형-sized전지LIB

3Q23 Results

Flattish revenue despite slowed market demand

• Cylindrical sales down in power tool but up in EV leading to slightly higher revenue overall
• Pouch sales declined owing to weakened IT market demand

4Q23 Outlook

Demand to remain muted but efforts to continue for sales expansion and pursuit of new demand

• Cylindrical sales drive to be centered around mobility applications such as EV and E-Bike
  To launch new product and seek new business opportunities with active sales operation in Southeast and West-Asia
  46Φ battery to start sample delivery to customers
• Pouch batteries to enter key customer's new models

4

Earnings and Forecast

Electronic Materials

3Q23 Results

Despite stagnant market, revenue up thanks to high sales of display materials

• OLED materials led EM revenue and profit improvement owing to high demand for mobile device
• Polarizer film revenue increased with favorable big-screen TV demand
• Semiconductor materials revenue declined due to major customer's slowed demand

4Q23 Outlook

Preemptive response to prospective market recovery

• OLED materials sales to increase steadily with mass production start of a new platform
• Polarizer film to expand sales for Chinese and new customers
• Semiconductor materials to have higher sales with supply initiation of new products

Large-sized LIB	Total Revenue
Small-sized LIB	[Unit: Tn KRW]
Electronic Materials
6.0	5.8	5.9

5.45.4

3Q22

4Q22

1Q23

2Q23

3Q23

5

Appendix

Consolidated Income Statement

								Unit: Bn KRW
Items	2Q22	3Q22	4Q22	FY22	1Q23	2Q23	3Q23
Revenue	4,740.8	5,368.0	5,965.9	20,124.1	5,354.8	5,840.6		5,948.1
COGS	3,728.0	4,194.0	4,787.4	15,903.3	4,403.4	4,812.0		4,923.5
Gross Profit	1,012.8	1,173.9	1,178.5	4,220.7	951.5	1,028.6		1,024.6
(%)	(21.4%)	(21.9%)	(19.8%)	(21.0%)	(17.8%)	(17.6%)		(17.2%)
Operating Profit	429.0	565.9	490.8	1,808.0	375.4	450.2		496.0
(%)	(9.0%)	(10.5%)	(8.2%)	(9.0%)	(7.0%)	(7.7%)		(8.3%)
Non-operating Profit	99.8	300.5	312.4	844.3	185.9	133.0		264.4
Pre-tax Profit	528.8	866.4	803.2	2,652.3	561.3	583.2		760.4
(%)	(11.2%)	(16.1%)	(13.5%)	(13.2%)	(10.5%)	(10.0%)		(12.8%)
Tax	119.6	228.1	174.0	612.9	96.8	97.4		138.0
Net Profit	409.2	638.3	629.2	2,039.4	464.5	485.8		622.4
(%)	(8.6%)	(11.9%)	(10.5%)	(10.1%)	(8.7%)	(8.3%)		(10.5%)
NP less Minority	391.3	602.9	601.3	1,952.1	439.3	460.5		613.2
Interests (%)	(8.3%)	(11.2%)	(10.1%)	(9.7%)	(8.2%)	(7.9%)		(10.3%)
Depreciation	355.6	376.8	380.5	1,463.3	417.4	429.3		422.3

CAPEX

589.7

518.1

840.7

2,518.1

618.8

859.7

870.6

7

Consolidated Balance Sheet

						Unit: Bn KRW
Items	2Q22	3Q22	FY22	1Q23	2Q23	3Q23
Assets	28,841.9	30,367.4	30,257.5	32,407.4	32,902.8	33,546.7
Current Assets	9,418.2	10,343.9	9,651.7	10,746.8	10,437.4	9,879.2
Cash & Cash Equiv*	2,567.1	3,290.2	3,097.3	3,905.6	3,637.2	2,522.5
A/R & Others	3,493.2	3,488.2	3,349.8	3,537.0	3,564.4	4,015.4
Inventory	3,358.0	3,565.4	3,204.5	3,304.1	3,235.8	3,341.4
Non-current Assets	19,423.7	20,023.5	20,605.8	21,660.6	22,465.4	23,667.5
Investment Assets	9,762.9	9,817.4	10,144.7	10,616.7	10,753.2	11,071.7
Tangible &	9,163.2	9,696.8	9,780.4	10,414.4	11,057.8	11,922.4
Intangible Assets
Others	497.6	509.3	680.8	629.5	654.5	673.4
Liabilities	12,793.8	13,460.3	13,040.0	14,408.2	14,450.2	14,322.7
Current Liab.	7,550.7	8,291.4	8,006.9	9,108.7	9,489.2	9,091.8
Non-current Liab.	5,243.1	5,168.9	5,033.1	5,299.4	4,961.0	5,231.0
Shareholders' Equity	16,048.1	16,907.0	17,217.5	17,999.2	18,452.6	19,224.0
Paid-in Capital	356.7	356.7	356.7	356.7	356.7	356.7
D/E Ratio	80%	80%	76%	80%	78%	75%

* Short-term financial instruments included

8

End Of Document