EXEDY Corporation (7278) FY2017 Financial Results

FY2017 Consolidated Financial Results〔IFRS〕(English translation extracted from the original Japanese document)
April 26, 2018
Tokyo Stock Exchange
Company Name:
Code No.:
URL:
Representative:
Contact Person:

EXEDY Corporation
7278
http://www.exedy.com
Hidehito Hisakawa, President
Hiroshi Toyohara, Tel: +81-72-822-1152
Director and Executive Managing Officer/Administrative Headquarters Executive General Manager

Scheduled Date for the General Shareholders Meeting: June 26, 2018
Scheduled Payment Date for Dividends: June 27, 2018
Scheduled Filing Date for Annual Securities Report on EDINET: June 26, 2018
Additional Materials for FY2017 Financial Results: Yes (Japanese ver. only)
Briefing Session for FY2017 Financial Results: Yes (For analysts and professional investors)

1. FY2017 Consolidated Performance (April 1, 2017 to March 31, 2018)(1) Consolidated Operating Results(Note: All amounts less than one million yen is rounded off)
(Changes from the previous year expressed as a percentage)
Revenue

FY2017FY2016

Income before
Income Taxes

Operating Profit

Profit Attributable to
Owners of Parent

ProfitTotal
Comprehensive Income

millions of yen%

millions of yen%

millions of yen%

millions of yen%

millions of yen%

millions of yen%

283,319
268,188

5.6-

23,80822,9803.6-

22,49921,744

3.5-

16,513
15,3907.3-

15,791
14,237

10.9-

16,13514,001

15.2-

Basic Earnings
per Share

Diluted Earnings
per Share

yen

Ratio of Profit
to Equity Attributableto Owners of Parent

Ratio of Income
before Income Taxes
to Total Assets

Ratio of
Operating Profit
to Revenue

yen

%

%

%

FY2017328.66

-

8.5

7.5

8.4

FY2016296.39

-

8.1

7.7

8.6

(Reference) Equity in Earnings of Affiliates is 12 million yen for FY2017 and 13 million yen for FY2016.
(2) Consolidated Financial Position

FY2017FY2016

Total Assets

Total Equity

millions of yen
307,385
296,089

millions of yen
203,631
192,392

Equity Attributableto Owners of Parent

Ratio for Equity Attributableto Owners of Parent

millions of yen
191,455
180,127

%
62.3
60.8

Equity per Share
Attributableto Owners of Parent
yen
3,984.29
3,749.53(3) Consolidated Cash Flows
Cash Flows
from Operating Activities
FY2017FY2016

Cash Flows
from Investing Activities

Cash Flows
from Financing Activities

Balance of Cash and Cash
Equivalents at End of Period

millions of yen

millions of yen

millions of yen

millions of yen

33,00633,362△22,921△28,628△7,616
5,166

44,69842,392

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EXEDY Corporation (7278) FY2017 Financial Results
2. Dividends
Annual Dividends per ShareFY2016FY2017FY2018(Expected)

Total Dividends

Payout Ratio

Ratio of Dividend
to Equity Attributableto Owners of Parent

1stQuarteryen

2ndQuarteryen

3rdQuarteryen

FiscalYear-endyen

yenmillions of yen

%

%

-

35.00
40.00

-

45.00
50.00

80.00
90.00

3,853
4,335

27.0
27.4

2.2
2.3

-

45.00

-

45.00

90.00

Total

27.0

3. FY2018 Consolidated Performance Forecast (April 1, 2018 to March 31, 2019)(Changes from previous financial period expressed as a percentage)
Revenue

1st Halfof FY2017
FY2017

Income before
Income Taxes

Operating Profit

Profit Attributableto Owners of Parent

Basic Earnings
per Share

millions of yen%

millions of yen%

millions of yen%

millions of yen%

yen

140,000-

12,000-11,500

-

7,500

-

156.08285,000

0.6

25,0005.0

24,0006.7

16,0001.3

332.97※ General Notes(1) Significant Changes in Scope of Consolidation: None
(2) Changes in Accounting Policies, Accounting Estimations and Restatements① Changes in accounting policies required by IFRS ：None② Changes in accounting policies except ①：None③ Changes in accounting estimates：None(3) Number of Outstanding Shares (Ordinary shares)① Number of shares outstanding at the end of
FY2017 48,593,736 sharesperiod (including treasury shares)

FY2016

48,593,736 shares② Number of treasury shares at the end of period

FY2017541,311 shares

FY2016553,892 shares③ Average number of ordinary shares outstanding
during the period

FY201748,047,949 shares

FY201648,034,659 shares(Note) The shares held within the ESOP and BIP trust accounts are included in the number of Treasury shares at end of period.
(FY2017 112,187 shares, FY2016 124,881 shares)
Furthermore, the shares held within the ESOP and BIP trust accounts are included in Treasury Shares that are deductedin the calculation of the average number of shares for the period. (FY2017 116,708 shares, FY2016 116,379 shares)※ This Financial Report is not subject to audit procedure.
※ Regarding the appropriate use of performance forecasts and other information
1. Our consolidated performance has been prepared based on IFRS (International Financial Reporting Standards) since the end of FY2017 inplace of conventional Japanese standards. For that reason, we also disclose the numbers of previous consolidated fiscal year in conformity
with IFRS.
2. The above forecast is based on the information available, or the assumptions which the Company thinks reasonable as of the release ofthis report. Actual results might be different from the above estimates due to subsequent changes in circumstances.

2 / 11

EXEDY Corporation (7278) FY2017 Financial Results
4. Consolidated Financial Statements(1) Consolidated Statement of Financial Position
The Date ofTransition(April 1, 2016)

FY2016(March 31, 2017)

FY2017(March 31, 2018)

millions of yen

millions of yen

millions of yen

AssetsCurrent Assets
Cash and Cash Equivalents
Trade and Other Receivables

32,92348,80842,39253,352

44,69855,063

Other Current Financial Assets
Inventories

763
30,5091,023
31,433

1,642
32,892Other Current Assets

5,747

4,026

3,907

Total Current Assets

118,749

132,226

138,202

Non-current Assets
Tangible Fixed Assets

141,968

152,782

156,867

Goodwill and Intangible Assets
Investments Accounted for Using the Equity Method

3,970
182

3,809
145

3,564
137

Investments in Equity Instruments
Other Non-current Financial Assets

2,168
310

2,369
269

3,610
153

Deferred Tax Assets
Retirement Benefit Assets

1,688
982

2,099
992

2,523
1,071

Other Non-current Assets

1,507

1,397

1,258

Total Non-current Assets

152,776

163,863

169,183

Total Assets

271,526

296,089

307,385

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EXEDY Corporation (7278) FY2017 Financial Results
The Date ofTransition(April 1, 2016)

FY2016(March 31, 2017)

FY2017(March 31, 2018)

millions of yen

millions of yen

millions of yen

Liabilities and Equities
Liabilities
Current Liabilities
Bonds and Borrowings
Trade and Other Payables

17,13534,978

11,35837,632

8,676
39,573

Other Current Financial Liabilities
Income Tax Payables

82
2,050

58
3,960

150
4,093

Short-term Employee Benefits
Provisions

1,381
1,300

1,340
2,881

1,330
3,267

Other Current Liabilities

1,285

1,658

2,714

Total Current Liabilities

58,211

58,88859,803

Bonds and Borrowings

21,30034,77035,052Other Non-current Financial Liabilities
Retirement Benefit Liabilities

356
5,587

229
5,735

155
5,849

Deferred Tax Liabilities
Other Non-current Liabilities

3,309
546

3,402
674

2,204
691

Total Non-current Liabilities

31,09744,81043,950Total Liabilities

89,308103,697

103,754

8,284
7,564
△1,445
920

8,284
7,606
△1,400
△409

8,284
7,656
△1,367△926

Non-current Liabilities

EquityCapitalCapital Surplus
Treasury Shares
Other Components of Equity

155,100

166,046

177,808

Total Equity Attributable to Owners of Parent

Retained Earnings

170,423

180,127

191,455

Non-controlling Interests

11,795

12,265

12,177

Total Equity

182,218

192,392

203,631

Total Liabilities and Equity

271,526

296,089

307,385

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EXEDY Corporation (7278) FY2017 Financial Results(2) Consolidated Statement of Income/Consolidated Statement of Comprehensive Income(Consolidated Statement of Income)
FY2016(From: April 1, 2016
To: March 31, 2017)

FY2017(From: April 1, 2017
To: March 31, 2018)

millions of yen

millions of yen

Revenue
Cost of Sales

268,188
210,799

283,319
225,619

Gross Profit
Selling, General and Administrative Expenses

57,38834,23457,70033,275

Other Operating Income
Other Operating Expenses

1,671
1,845

1,195
1,812

Operating Profit

22,98023,808Financial Income

214

175

Financial Expenses
Equity in Earnings of Affiliates

1,464
13

1,497
12

Income before Income Taxes
Income Taxes

21,744
6,353

22,4995,986

15,39016,513

Owners of Parent

14,237

15,791

Non-controlling Interests

1,154

722

Profit15,39016,513

Basic and Diluted Earnings per Share (yen)296.39328.66

ProfitAttribution of Profits

5 / 11

EXEDY Corporation (7278) FY2017 Financial Results(Consolidated Statement of Comprehensive Income)
FY2016(From: April 1, 2016
To: March 31, 2017)

Profit

FY2017(From: April 1, 2017
To: March 31, 2018)

millions of yen
15,390

millions of yen
16,513

299

166

21

61

319

226

△1,707

△612

△2

7

Other Comprehensive Income
Items that will Not Be Reclassified to Profit or Loss
Equity Instruments Measured at Fair Value
through Other Comprehensive Income
Re-measurements of Defined Benefit Plans
Total of Items that will Not Be Reclassified
to Profit or Loss
Items that may Be Reclassified to Profit or Loss
Exchange Differences on Translation of Foreign Operations
Share of Other Comprehensive Income of Investments
Accounted for Using Equity Method
Total of Items that may Be Reclassified to Profit or Loss

△1,709△605

Other Comprehensive Income△1,389△378

Comprehensive Income

14,001

16,135

Owners of Parent

12,983

15,335

Non-controlling Interests

1,018

801

Comprehensive Income

14,001

16,135Attribution of Comprehensive Income

6 / 11

EXEDY Corporation (7278) FY2017 Financial Results(3) Consolidated Statement of Changes in Equity
Equity Attributable to Owners of Parent
Other Components of Equity
EquityCapitalSurplusCapital

Exchange
Instruments
ReDifferences on Measured atmeasurements
Translation of Fair Valueof Defined
Foreignthrough Other
Benefit Plans
Comprehensive
Operations

Treasury
Shares

Total

Incomemillions of yen millions of yen millions of yen millions of yen millions of yen millions of yen millions of yen

8,284
-

7,564
-

△1,445-△1,573

920
299

21

920
△1,254---△1,573299

21△1,254

Acquisition of Treasury Shares
Disposal of Treasury Shares
Dividends of Surplus
Share-based Payment Transactions
Transfer to Retained Earnings

-

△4

△1

47
-

45
-

-

△54

△21

△75

Total Transaction Amount with Owners
Changes for the Period

-

42

44

-

△54

△21

△75

Balances as of April 1, 2016
ProfitOther Comprehensive Income
Total Comprehensive Income
for the Period

-

42

44

△1,573244-△1,329Balances as of March 31, 2017

8,284

7,606

△1,400△1,573

1,165

-

△409

ProfitOther Comprehensive Income

-

-

-

△683

166

61

△457

Total Amount of Comprehensive
Income for the Period

-

-

-

△683

166

61

△457

Acquisition of Treasury Shares
Disposal of Treasury shares
Dividends of Surplus
Share-based Payment Transactions
Transfer to Retained Earnings

-

6
44
-

△0

-

-

△61

△61

Total Transaction Amount with Owners
Changes for the Period

-

49

33

-

-

△61

△61

-

49

33

△683

166

-

△517

8,284

7,656

△1,367△2,256

1,330

-

△926

Balances as of March 31, 20187 / 1133-

EXEDY Corporation (7278) FY2017 Financial Results
Equity Attributable to
Owners of Parent

Balances as of April 1, 2016
ProfitOther Comprehensive Income
Total Comprehensive Income
for the Period
Acquisition of Treasury Shares
Disposal of Treasury Shares
Dividends of Surplus
Share-based Payment Transactions
Transfer To Retained Earnings
Total Transaction Amountwith Owners
Changes Amount for the Period
Balances as of March 31, 2017
ProfitOther Comprehensive Income
Total Amount of Comprehensive
Income for the Period
Acquisition of Treasury Shares
Disposal of Treasury Shares
Dividends of Surplus
Share-based Payment Transactions
Transfer to Retained Earnings
Total Transaction Amountwith Owners
Changes for the Period
Balances as of March 31, 2018

Non-controlling
Interests

Total Equity

Retained Earnings

Total

millions of yen
155,100
14,237-

millions of yen
170,423
14,237△1,254

millions of yen
11,795
1,154△136

millions of yen
182,218
15,390△1,38914,237

12,9831,018

14,001△3,36675△141△3,366
47
-

△548
-

△1
41
△3,91447-△3,291△3,279△548△3,827

10,946
166,046
15,791-

9,704
180,127
15,791△457

470
12,265722
78

10,174
192,392
16,513△378

15,791

15,335

801

16,135△4,08961△0
39△4,089
44
-

△888
-

△0
39
△4,97844-△4,029△4,007△888△4,895

11,763
177,808

11,328
191,455△88
12,177

11,240203,631

8 / 11

EXEDY Corporation (7278) FY2017 Financial Results(4) Consolidated Statement of Cash FlowsFY2016(From: April 1, 2016
To: March 31, 2017)

FY2017(From: April 1, 2017
To: March 31, 2018)

millions of yen

millions of yen

Cash Flows from Operating Activities
Income before Income Taxes
Depreciation and Amortization Expenses
Interest and Dividend Income
Interest Expenses
Equity in Earnings of Affiliates (△ is Profit)
Profit or Loss from Foreign Exchange (△ is Profit)

21,744
16,456△214

22,49917,104
△175

1,031
△13

995
△12
△108

200
△1,619△5,434△1,932△1,731

Other

2,703
4,776

2,200
2,420

Subtotal

Changes of Inventories (△ is Increase)
Changes of Trade and Other Receivables (△ is Increase)
Changes of Trade and Other Payables (△is Decrease)39,62941,259Interest and Dividends Received
Interest Paid

234
△1,040258△981

Income Taxes Paid

△5,461△7,53133,36233,006△348△428△27,499△20,924

131△1,302
391

369
△969
△970

△28,628△22,921

10,968△13,096

12,921△12,843

13,041△4,8194,632△7,34010,000△7,000△3,366△4,089

△563

△897

5,166
△431

△7,616

9,469
32,923

2,306
42,392

42,392

44,698Cash Flows from Operating Activities
Cash Flows from Investing Activities
Payments into Time Deposit
Payments for Acquisition of Tangible Fixed Assets
Proceeds from Sales of Tangible Fixed Assets
Payments for Acquisition of Intangible Assets
Other
Cash Flows from Investing Activities
Cash Flows from Financing Activities
Increase by Short-term Borrowings
Repayments of Short-term Borrowings
Proceeds from Non-current Borrowings
Repayments of Non-current Borrowings
Proceeds from Issue of Bonds
Redemption of Bonds
Dividends Paid
Other
Cash Flows from Financing Activities
Effect of Exchange Rate Changes on Cash & Cash Equivalents
Changes of Cash and Cash Equivalents (△is Decrease)
Balances of Cash and Cash Equivalents at the Beginning of Period
Cash and Cash Equivalents at the End of Period(5) Notes for Consolidated Financial Statements (Notes for Going Concern)
Not applicable.

9 / 11△162

EXEDY Corporation (7278) FY2017 Financial Results【Segment Information】
1. General Information
The reportable segments are components of business activities for which discrete, and such information is regularly
reviewed by the Company’s Board of Directors in order to make decisions about the allocation of resources and assess
its performance.
The Company and its consolidated subsidiaries are mainly engaged in the manufacture and sale of automotive parts.
From the aspects of function, technological specification and productive structure, the product lines of the Company areclassified roughly into 2 group, "Manual Transmission Parts" and "Automatic Transmission Parts". The Company, in
corporation with its consolidated subsidiaries, design business strategy and conduct business for these 2 product lines
inside Japan and overseas. And concerning these 2 product lines, separate financial information is accessible among
the constituent units of the Company and that are subject to periodical examination, in order to the Board of Directors of
the Company to determine the allocation of management resources. Accordingly, the reportable segments of theCompany are composed of 2 segments, "MT (Manual automotive drivetrain related business)" which manufactures andsells Manual Transmission Parts and "AT (Automatic automotive drivetrain related business)" which manufactures andsells Automatic Transmission Parts.

2. Information about Revenue and Profit/Loss for the each Reportable Segment
FY2016 (April 1, 2016 to March 31, 2017)(Millions of yen)
Reportable Segment
MT

Other
(Note)

Adjustments Consolidated

AT

Total

66,700169,956

236,656

31,532-

268,188

129

2,966

3,095

7,586

△10,681-

66,829172,921239,750

39,118△10,681

268,188

11,035

10,97822,014

1,074

△107

22,980

Revenue
External Customers
Intersegments
Total
Segment Profit
Financial Income

214

Finance Expenses

1,464

Equity in Earnings of Affiliates

13

Income before Income Taxes

21,744(Note) 1. Others includes businesses which is not part of any of the 2 reportable segments, and contain industrial machine
drivetrain operation, clutches for motorcycle operation, transport operation, etc.
2. Amount of intersegments transactions is based on market price.
3. Segment profit is based on operating profit on consolidated statement of income.
4. Elimination of intersegment transactions and corporate expenses are included in adjustments.

10 / 11

EXEDY Corporation (7278) FY2017 Financial Results
FY2017 (April 1, 2017 to March 31, 2018)(Millions of yen)
Reportable Segment

Other(Note)

Adjustments Consolidated

MT

AT

Total

70,840177,776

248,616

34,703-283,319

183

2,591

2,774

7,517

△10,291-

71,023

180,367

251,390

42,220△10,291

283,319

10,05011,97422,024

3,223△1,43923,808

Revenue
External Customers
Intersegments
Total
Segment Profit
Financial Income

175

Finance Expenses

1,497

Equity in Earnings of Affiliates

12

Income before Income Taxes

22,499(Note) 1. Others includes businesses which is not part of any of the 2 reportable segments, and contain industrial machine
drivetrain operation, clutches for motorcycle operation, transport operation, etc.
2. Amount of intersegments transactions is based on market price.
3. Segment profit is based on operating profit on consolidated statement of income.
4. Elimination of intersegment transactions and corporate expenses are included in adjustments.

【Per Share Information】
Basis for calculating profit per share is as follows. There are no potentially dilutive ordinary shares during previous
consolidated fiscal year and current consolidated fiscal year.
1. Profit Attributable to Owners of Parent(Millions of yen)
FY2016(From: April 1, 2016
To: March 31, 2017)
Profit Attributable to Owners of Parent

14,237FY2017(From: April 1, 2017
To: March 31, 2018)
15,791

2. Average Number of Shares Outstanding during the Period(Thousand shares)
FY2016(From: April 1, 2016
To: March 31, 2017)
Average Number of Shares Outstanding during
the Period

48,034【Significant Subsegment Events】
Not applicable.

11 / 11

FY2017(From: April 1, 2017
To: March 31, 2018)
48,047