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AICHI STEEL CORPORATION, The Current Fiscal Year Net Income Revised Upward by 73%, Dividend Revised Upward by 70 yen

Thu Oct 31, 2024 2:40 pm JST Earnings

5482 AICHI STEEL CORPORATION 【IFRS】

Earnings Report

AICHI STEEL CORPORATION <5482> [TSE-P] announced its financial results (based on IFRS) in the afternoon session on October 31st (14:40). The consolidated net income for the cumulative second quarter of the fiscal year ending March 2025 (April to September) dropped by 48.3% from the same period last year to 1.68 billion yen.

However, the full-year consolidated net income has been revised upward by 73.0%, from the previous forecast of 3.7 billion yen to 6.4 billion yen (compared to 6.59 billion yen in the previous period), and the declining rate is expected to decrease from 43.9% to 2.9%.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the consolidated net income for the October to March period (second half) is expected to expand by 41.3% from the same period last year, reaching 4.71 billion yen.

In light of the strong performance, the company has significantly increased its planned annual dividend for the current fiscal year from the original plan of 70 yen to 140 yen (compared to 100 yen in the previous period).

In the most recent three-month period, from July to September (2Q), the consolidated net income dropped to 561 million yen, a 42.6% decrease compared to the same period last year. However, the operating profit margin remained almost flat, changing from 2.2% in the same period last year to 2.5%.

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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 139,809 291 1,206 223 2.8 29.4 Oct 28, 2022 IFRS
Apr - Sep, 2023 149,314 4,722 5,217 3,254 41.2 47.7 Oct 31, 2023 IFRS
Apr - Sep, 2024 144,963 3,298 3,008 1,683 21.3 30.7 Oct 31, 2024 IFRS
YoY -2.9% -30.2% -42.3% -48.3% -48.3%

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 144,000 1,300 1,300 300 3.8 8.75 Apr 26, 2024 IFRS
Apr - Sep, 2024 Results 144,963 3,298 3,008 1,683 21.3 17.50 Oct 31, 2024 IFRS
Revision Rate +0.7% +153.7% +131.4% +461.0% +460.8%

Guidance Update

Full Year Update

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2025 Prev 300,000 7,000 7,000 3,700 48.4 17.50 Apr 26, 2024 IFRS
Mar, 2025 New 300,000 10,000 9,800 6,400 83.8 35 Oct 31, 2024 IFRS
Revision Rate 0.0% +42.9% +40.0% +73.0% +73.0%

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 147,202 5,650 5,730 3,339 42.3 15 Apr 26, 2024 IFRS
Oct - Mar, 2024 Guidance 155,037 6,702 6,792 4,717 61.7 17.50 Oct 31, 2024 IFRS
YoY +5.3% +18.6% +18.5% +41.3% +46.0%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2023 285,141 3,260 4,099 1,610 20.4 7.50 Apr 27, 2023 IFRS
Mar, 2024 296,516 10,372 10,947 6,593 83.5 25 Apr 26, 2024 IFRS
Mar, 2025 Guidance 300,000 10,000 9,800 6,400 83.8 35 Oct 31, 2024 IFRS
YoY +1.2% -3.6% -10.5% -2.9% +0.3%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jul - Sep, 2023 75,501 1,655 1,641 977 12.4 2.2 Oct 31, 2023 IFRS
Oct - Dec, 2023 77,654 4,382 4,339 2,859 36.2 5.6 Feb 2, 2024 IFRS
Jan - Mar, 2024 69,548 1,268 1,391 480 6.1 1.8 Apr 26, 2024 IFRS
Apr - Jun, 2024 71,933 1,485 1,875 1,122 14.2 2.1 Jul 31, 2024 IFRS
Jul - Sep, 2024 73,030 1,813 1,133 561 7.1 2.5 Oct 31, 2024 IFRS
YoY -3.3% +9.5% -31.0% -42.6% -42.6%

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