Operating Results（FY2023）
|
Net sales
|
150.8
billions of yen | Year-on-year
+7.7
%
|
|
Operating profit
|
20.0
billions of yen | Year-on-year
-4.3
%
|
|---|
|
Ordinary profit
|
23.4
billions of yen | Year-on-year
+0.2
%
|
|---|
|
Profit attributable to owners of parent
|
16.7
billions of yen | Year-on-year
+1.4
%
|
|---|
Net sales
-
※The full-year consolidated forecasts were revised on February 6,2024.
-
Profit attributable to owners of parent
Net sales increased 7.7% year on year, to 150,845 million yen.
The cost of sales increased 14.3% year on year, to 82,028 million yen, mainly attributable to the growth in net sales, rising crude drug procurement costs, the weakening yen, and persistently high prices of raw and other materials. The cost-to-sales ratio rose 3.2 percentage points year on year, to 54.4%.
Selling, general and administrative expenses increased 3.0% year on year, to 48,799 million yen. The increase mainly reflected increases in R&D expenses and system expenses related to systems for the DX of the Kampo value chain. The SGA ratio fell 1.4 percentage points year on year, to 32.4%, attributable to the increase in net sales..
As a result, operating profit decreased 4.3% year on year, to 20,017 million yen. The operating profit margin was 13.3%, falling 1.6 percentage points from a year ago. Ordinary profit rose 0.2% year on year, to 23,493 million yen, reflecting foreign exchange gains, and profit attributable to owners of parent increased 1.4% year on year, to 16,707 million yen.
Segment data
Domestic business
Net sales
-
※The full-year consolidated forecasts were revised on February 6,2024.
-
Net sales of the domestic business increased 5.9% year on year, to 132,099 million yen.
Sales of 129 prescription Kampo preparations increased 5.9% year on year, to 126,357 million yen.
Sales of OTC Kampo formulations in the domestic business increased 11.9% year on year, to 4,439 million yen, reflecting a rise in the number of stores handling the products.
China business
Net sales
-
※The full-year consolidated forecasts were revised on February 6,2024.
-
Net sales of the business in China increased 22.2% year on year, to 18,745 million yen, driven by significant growth in sales on crude drug platforms (of Ping An Tsumura Pharmaceutical Co., Ltd., Shenzhen Tsumura Medicine Co., Ltd., etc.), which primarily include sales of crude drugs and crude drug pieces for decoction.
Financial condition（FY2023）
Liabilities and net assets
Total assets at the end of the fiscal year increased 31,440 million yen from the end of the previous fiscal year, to 428,254 million yen. Current assets increased 12,971 million yen from the end of the previous fiscal year, mainly due to a rise in raw materials and supplies, etc. Non-current assets increased 18,469 million yen from the end of the previous fiscal year, mainly due to increases in property, plant and equipment, etc.
Total liabilities were 132,889 million yen, increase of 8,322 million yen from the end of the previous fiscal year, primary owing to a increase in notes and accounts payable ? trade, etc. Of the bonds included in non-current liabilities, those that became redeemable within one year, amounting to 15,000 million yen, was reclassified under current liabilities.
Net assets totaled 295,364 million yen, an increase of 23,118 million yen from the end of the previous fiscal year. Shareholders’ equity rose 10,269 million yen from the end of the previous fiscal year, mainly reflecting an increase in retained earnings, etc. Accumulated other comprehensive income climbed 8,486 million yen from the end of the previous fiscal year, chiefly due to an increase in valuation difference on available - for - sale securities, foreign currency translation adjustment, etc. Non-controlling interests increased 4,362 million yen from the end of the previous fiscal year.
As a result, the equity ratio decreased 0.3 percentage points, to 63.2%.
Earnings forecast（FY2024)
With respect to results forecasts for the fiscal year ending March 31, 2025, the net sales forecast is 185,000 million yen, in view of the growth of prescription Kampo products in Japan, an increase in revenue associated with drug price revisions and a trend towards growth in the China business.
Net sales from the China business are expected to account for 21,600 million yen of this total. Profit forecasts are operating profit of 39,500 million yen (up 97.3%), ordinary profit of 39,500 million yen (up 68.1%), and profit attributable to owners of parent of 28,500 million yen (up 70.6%). This was attributable to the positive effects of drug price revisions contributing to increased revenues, although it will likely be partly offset by exchange rates (weakening yen), prices of energy and raw and other materials remaining at high levels, and rising procurement prices of certain crude drugs.
In Japan, the Company will conduct intensive capital investment, research and development and information supply activities, with the aim of strengthening the stable product supply structure and achieving a sustained expansion in the Kampo domain in the future. Specifically, capital investment will continue to reinforce production capacity and improve productivity. In research and development, the Company will seek to expand the standard of care for Kampo and develop evidence, to work on personalized Kampo treatment utilizing leading-edge technology, and to contribute to public health depending on each person’s life stage (treatment, pre-symptomatic disease, cure (prevention)). With respect to information supply activities, Kampo DX Promotion Department will be launched for a hybrid promotion that combines MR activities and e-promotion, with the aim of realizing a medical setting in which the majority of physicians prescribe 10 or more prescriptions of ethical Kampo formulation based on Kampo medicine. The Company will strive to pursue initiatives to enable each healthcare professional to obtain and use the inform
|
Net sales
|
185.0
billions of yen | Year-on-year
+22.6
%
|
|
Operating profit
|
39.5
billions of yen | Year-on-year
+97.3
%
|
|---|
|
Ordinary profit
|
39.5
billions of yen | Year-on-year
-68.1
%
|
|---|
|
Profit attributable to owners of parent
|
28.5
billions of yen | Year-on-year
-70.6
%
|
|---|
|
ROE
|
10.0
% |
|
|---|
|
Profit per share
|
375.35
yen |
|
|---|
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