SANYO DENKI CO.,LTD., First Half Net Income Decreases by 72%, July-September Net Income Decreases by 90%

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Thu Oct 31, 2024 11:00 am JST Earnings

6516 SANYO DENKI CO.,LTD. 【IFRS】

Earnings Report

SANYO DENKI CO.,LTD. <6516> [TSE-P] announced its financial results (based on IFRS) in the morning on October 31st (11:00). The consolidated net income for the cumulative second quarter of the fiscal year ending March 2025 (April to September) significantly dropped by 72.4% from the same period last year to 1.6 billion yen. The progress rate against the 4.7 billion yen full-year plan was 34.0%, also falling below the five-year average of 41.3%.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the consolidated net income for the October to March period (second half) is expected to drop by 33.8% from the same period last year to 3.1 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated net income significantly dropped to 240 million yen, a 89.8% decrease compared to the same period last year. The operating profit margin significantly dropped from 10.6% in the same period last year to 6.8%.

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Actual Results

Accumulated Results 2nd Quarter

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Progress Rate vs. First Half	Announce	Accounting Standards
Apr - Sep, 2022	58,836	6,648	8,203	6,253	516.8	57.7	Oct 31, 2022	IFRS
Apr - Sep, 2023	60,654	6,923	8,282	5,796	478.8	62.2	Oct 31, 2023	IFRS
Apr - Sep, 2024	46,526	3,046	2,575	1,600	134.2	40.9	Oct 31, 2024	IFRS
YoY	-23.3%	-56.0%	-68.9%	-72.4%	-72.0%

First Half Results vs. Previous Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Apr - Sep, 2024 Guidance	46,526	3,046	2,575	1,600	134.1	75	Oct 30, 2024	IFRS
Apr - Sep, 2024 Results	46,526	3,046	2,575	1,600	134.2	75	Oct 31, 2024	IFRS
Revision Rate	0.0%	0.0%	0.0%	0.0%	+0.1%

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Oct - Mar, 2023	52,250	4,888	5,041	4,681	387.6	75	Apr 25, 2024	IFRS
Oct - Mar, 2024 Guidance	49,574	3,554	3,725	3,100	259.8	75	Oct 30, 2024	IFRS
YoY	-5.1%	-27.3%	-26.1%	-33.8%	-33.0%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	120,803	13,421	14,226	11,410	942.9	135	Apr 27, 2023	IFRS
Mar, 2024	112,904	11,811	13,323	10,477	867.5	145	Apr 25, 2024	IFRS
Mar, 2025 Guidance	96,100	6,600	6,300	4,700	393.9	150	Oct 30, 2024	IFRS
YoY	-14.9%	-44.1%	-52.7%	-55.1%	-54.6%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	29,593	3,123	3,465	2,349	194.1	10.6	Oct 31, 2023	IFRS
Oct - Dec, 2023	25,902	2,751	2,381	2,018	166.7	10.6	Jan 31, 2024	IFRS
Jan - Mar, 2024	26,348	2,137	2,660	2,663	220.5	8.1	Apr 25, 2024	IFRS
Apr - Jun, 2024	23,158	1,453	2,125	1,360	114.2	6.3	Jul 31, 2024	IFRS
Jul - Sep, 2024	23,368	1,593	450	240	20.1	6.8	Oct 31, 2024	IFRS
YoY	-21.0%	-49.0%	-87.0%	-89.8%	-89.6%