Yodoko (5451) investor relations material

Executive summary

• H1 FY3/27 net sales rose 4.5% YoY to ¥106,477 million and operating profit increased 3.1% to ¥7,540 million, supported by higher steel-sheet volumes.

• Parent-attributable profit rose 65.8% to ¥10,019 million, aided by gains on sales of subsidiary and associate shares.

Financial highlights

• H1 gross profit was ¥19,877 million versus ¥18,657 million; ordinary profit rose to ¥9,121 million from ¥8,876 million.

• EPS was ¥69.94 versus ¥41.78; comprehensive income was ¥10,353 million versus ¥10,261 million.

• Operating cash flow was ¥4.42bn versus ¥8.81bn a year earlier; cash and cash equivalents increased to ¥52.98bn from ¥49.87bn.

Outlook and guidance

• FY3/27 forecast: sales ¥210,000 million, operating profit ¥11,500 million, ordinary profit ¥14,000 million and parent-attributable profit ¥13,100 million; forecast EPS is ¥91.43.

• Sales guidance was cut ¥2.0bn from August, operating profit ¥1.4bn and ordinary profit ¥0.9bn; parent-attributable profit guidance was raised ¥1.3bn.

• Forecasts imply sales growth of 7.5% and an operating-profit decline of 3.1%; persistent inflation, elevated energy prices and higher procurement, manufacturing and transportation costs weigh on the outlook.

• FY3/27 dividend forecast is ¥69 per share, comprising ¥20 interim and ¥49 year-end; FY3/26 total dividend was ¥91.