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KUREHA CORPORATION, The Current Fiscal Year Net Income Revised Downward to an Unexpected 28% Decrease

Mon Nov 11, 2024 3:30 pm JST Earnings

4023 KUREHA CORPORATION 【IFRS】

Earnings Report

KUREHA CORPORATION <4023> [TSE-P] announced its financial results (based on IFRS) after the market closed on November 11th (15:30). The consolidated net income for the cumulative second quarter of the fiscal year ending March 2025 (April to September) decreased by 16.9% from the same period last year to 5.65 billion yen.

In addition, the full-year consolidated net income has downwardly by 30.0%, from the previous forecast of 10 billion yen to 7 billion yen (compared to 9.73 billion yen in the previous period). This changes the outlook from an anticipated profit increase to a projection of a 28.1% decrease in profit.

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 significant drop by 54.1% from the same period last year to 1.34 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated net income decreased to 2.78 billion yen, a 21.9% decrease compared to the same period last year. However, the operating profit margin remained almost flat, changing from 9.4% in the same period last year to 9.5%.

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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 101,755 16,737 17,377 12,190 208.2 75.6 Nov 9, 2022 IFRS
Apr - Sep, 2023 88,490 9,148 9,859 6,797 118.4 70.9 Nov 9, 2023 IFRS
Apr - Sep, 2024 81,641 6,959 7,443 5,651 105.3 70.9 Nov 11, 2024 IFRS
YoY -7.7% -23.9% -24.5% -16.9% -11.1%

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 85,000 6,500 6,500 5,000 94.7 43.35 May 13, 2024 IFRS
Apr - Sep, 2024 Results 81,641 6,959 7,443 5,651 105.3 43.35 Nov 11, 2024 IFRS
Revision Rate -4.0% +7.1% +14.5% +13.0% +11.2%

Guidance Update

Full Year Update

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2025 Prev 170,000 14,000 14,000 10,000 201.0 86.70 May 13, 2024 IFRS
Mar, 2025 New 160,000 10,000 10,500 7,000 140.7 86.70 Nov 11, 2024 IFRS
Revision Rate -5.9% -28.6% -25.0% -30.0% -30.0%

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 89,483 3,652 4,054 2,937 52.2 43.34 May 13, 2024 IFRS
Oct - Mar, 2024 Guidance 78,359 3,041 3,057 1,349 27.1 43.35 Nov 11, 2024 IFRS
YoY -12.4% -16.7% -24.6% -54.1% -48.1%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2023 191,277 22,350 22,992 16,868 288.1 90 May 12, 2023 IFRS
Mar, 2024 177,973 12,800 13,913 9,734 173.0 86.67 May 13, 2024 IFRS
Mar, 2025 Guidance 160,000 10,000 10,500 7,000 140.7 86.70 Nov 11, 2024 IFRS
YoY -10.1% -21.9% -24.5% -28.1% -18.7%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jul - Sep, 2023 44,731 4,211 4,257 3,560 62.0 9.4 Nov 9, 2023 IFRS
Oct - Dec, 2023 44,364 6,309 6,464 3,441 60.7 14.2 Feb 7, 2024 IFRS
Jan - Mar, 2024 45,119 -2,657 -2,410 -504 -9.0 -5.9 May 13, 2024 IFRS
Apr - Jun, 2024 41,934 3,200 3,762 2,870 52.7 7.6 Aug 8, 2024 IFRS
Jul - Sep, 2024 39,707 3,759 3,681 2,781 51.8 9.5 Nov 11, 2024 IFRS
YoY -11.2% -10.7% -13.5% -21.9% -16.4%

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