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

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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	196.0	86.70	May 13, 2024	IFRS
Mar, 2025 New	160,000	10,000	10,500	7,000	137.2	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	26.4	43.35	Nov 11, 2024	IFRS
YoY	-12.4%	-16.7%	-24.6%	-54.1%	-49.4%

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	137.2	86.70	Nov 11, 2024	IFRS
YoY	-10.1%	-21.9%	-24.5%	-28.1%	-20.7%

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%