Worth reading
61In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Improvement
Direction inferred from the company’s description.Scale
13.7
¥100 million (year-on-year improvement in net income)Wording
Conditional
How definitive the wording is.Contents of this document
Presentation materials for financial resultsFirst quarter of the fiscal year ending March 20276 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales311 Hundreds of millions of yen
Operating profit-2.5 Hundreds of millions of yen
Ordinary income-5.8 Hundreds of millions of yen
Net income2.6 Hundreds of millions of yen
Results for the three months of the current quarter
Net Sales
311 Hundreds of millions of yen
Operating profit
-2.5 Hundreds of millions of yen
EBITDA
0.8 Hundreds of millions of yen
Ordinary income
-5.8 Hundreds of millions of yen
Net income for the current fiscal year
2.6 Hundreds of millions of yen
Full-year earnings forecast
Net Sales
1,785 Hundreds of millions of yen
EBITDA
80 Hundreds of millions of yen
Ordinary income
45 Hundreds of millions of yen
Progress against full-year forecast 通期の予想に対して、いまどこまで進んだかの割合です。
Net Sales17.4%
EBITDA excluding inventory valuation losses19.2%
Ordinary income excluding inventory valuation losses19.4%
What the company explained in this material
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
- Smelting-17 Hundreds of millions of yen
- Environment and Recycling3 Hundreds of millions of yen
- Metal Recycling6 Hundreds of millions of yen
- Other costs1 Hundreds of millions of yen
- Lower silver production-5 Hundreds of millions of yen
- Feedstock conditions (TC/RC, spent batteries)-6 Hundreds of millions of yen
- Impact of higher selling prices5 Hundreds of millions of yen
- Impact of metal prices and foreign exchange3 Hundreds of millions of yen
- Benefits from measures involving the sale of held assets, including silver10 Hundreds of millions of yen
- Reversal of costs related to residual work following the previous year's restructuring of the zinc business, and other factors7 Hundreds of millions of yen
- Recognition of inventory valuation losses-16 Hundreds of millions of yen
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
- 1,900 US$/tonneAssumptionsLead prices
- 80 US$/troy ounceAssumptionsSilver prices
- 160 Yen/DollarAssumptionsForeign exchange
New initiatives
- Recovery of valuable metals using existing facilities in Annaka
- Expansion of the spent-battery processing line
- Transfer of part of the electronic materials production base to Bangladesh
- Establishment of a CTO organization
- Obtaining Digital Transformation certification
- Corporate name change effective 1 April 2027
Key KPIsA metric the company considers important as a management benchmark.
- Lead prices (LME)1,955 US$/tonneYear on year against the same period last yearUp from US$1,946.8/tonne
- Silver prices (LBMA)73.4 US$/troy ounceYear on year against the same period last yearUp from US$33.6/troy ounce
- ¥/US$159.5 Yen/DollarYear on year against the same period last yearWeaker yen from ¥144.6/US$
- Lead product production volume20.7 thousand tonnesYear on year against the same period last yearUp 5%
- Electrolytic silver production volume41 tYear on year against the same period last yearDown 8%
Segment results
- SmeltingProfit-24.8 Hundreds of millions of yenYear-on-year difference-20.6 Hundreds of millions of yen
- Environment and RecyclingProfit5.8 Hundreds of millions of yenYear-on-year difference3.4 Hundreds of millions of yen
- Electronic Materials and Functional MaterialsProfit0.7 Hundreds of millions of yenYear-on-year difference-0 Hundreds of millions of yen
- Metal RecyclingProfit10.6 Hundreds of millions of yenYear-on-year difference17.4 Hundreds of millions of yen
- ResourceProfit0 Hundreds of millions of yenYear-on-year difference0 Hundreds of millions of yen
- OtherProfit1.3 Hundreds of millions of yenYear-on-year difference-0 Hundreds of millions of yen
- AdjustmentsProfit0.7 Hundreds of millions of yenYear-on-year difference4.8 Hundreds of millions of yen
Financial targets
Equity ratio
FY2026/1Q17 %
| Item | Details |
|---|---|
| Document type | Presentation materials for financial results |
| Fiscal Period Covered | First quarter of the fiscal year ending March 2027 |
| Net Sales | 311 Hundreds of millions of yen |
| Operating profit | -2.5 Hundreds of millions of yen |
| Ordinary income | -5.8 Hundreds of millions of yen |
| Net income | 2.6 Hundreds of millions of yen |
| Results for the three months of the current quarter | Net Sales 311 Hundreds of millions of yen / Operating profit -2.5 Hundreds of millions of yen / EBITDA 0.8 Hundreds of millions of yen / Ordinary income -5.8 Hundreds of millions of yen / Net income for the current fiscal year 2.6 Hundreds of millions of yen |
| Full-year earnings forecast | Net Sales 1,785 Hundreds of millions of yen / EBITDA 80 Hundreds of millions of yen / Ordinary income 45 Hundreds of millions of yen |
| Progress against full-year forecast | Net Sales 17.4% / EBITDA excluding inventory valuation losses 19.2% / Ordinary income excluding inventory valuation losses 19.4% |
| Segment results | Segment Smelting / Profit -24.8 Hundreds of millions of yen / Year-on-year difference -20.6 Hundreds of millions of yen, Segment Environment and Recycling / Profit 5.8 Hundreds of millions of yen / Year-on-year difference 3.4 Hundreds of millions of yen, Segment Electronic Materials and Functional Materials / Profit 0.7 Hundreds of millions of yen / Year-on-year difference -0 Hundreds of millions of yen, Segment Metal Recycling / Profit 10.6 Hundreds of millions of yen / Year-on-year difference 17.4 Hundreds of millions of yen, Segment Resource / Profit 0 Hundreds of millions of yen / Year-on-year difference 0 Hundreds of millions of yen, Segment Other / Profit 1.3 Hundreds of millions of yen / Year-on-year difference -0 Hundreds of millions of yen, Segment Adjustments / Profit 0.7 Hundreds of millions of yen / Year-on-year difference 4.8 Hundreds of millions of yen |
| Breakdown of Factors Affecting the Change | Factors Smelting / Amount -17 Hundreds of millions of yen, Factors Environment and Recycling / Amount 3 Hundreds of millions of yen, Factors Metal Recycling / Amount 6 Hundreds of millions of yen, Factors Other costs / Amount 1 Hundreds of millions of yen, Factors Lower silver production / Amount -5 Hundreds of millions of yen, Factors Feedstock conditions (TC/RC, spent batteries) / Amount -6 Hundreds of millions of yen, Factors Impact of higher selling prices / Amount 5 Hundreds of millions of yen, Factors Impact of metal prices and foreign exchange / Amount 3 Hundreds of millions of yen, Factors Benefits from measures involving the sale of held assets, including silver / Amount 10 Hundreds of millions of yen, Factors Reversal of costs related to residual work following the previous year's restructuring of the zinc business, and other factors / Amount 7 Hundreds of millions of yen, Factors Recognition of inventory valuation losses / Amount -16 Hundreds of millions of yen |
| Key KPIs | Indicator Lead prices (LME) / Value 1,955 US$/tonne / Year on year against the same period last year Up from US$1,946.8/tonne, Indicator Silver prices (LBMA) / Value 73.4 US$/troy ounce / Year on year against the same period last year Up from US$33.6/troy ounce, Indicator ¥/US$ / Value 159.5 Yen/Dollar / Year on year against the same period last year Weaker yen from ¥144.6/US$, Indicator Lead product production volume / Value 20.7 thousand tonnes / Year on year against the same period last year Up 5%, Indicator Electrolytic silver production volume / Value 41 t / Year on year against the same period last year Down 8% |
| Assumptions Underlying the Business Outlook | Assumptions Lead prices / Value 1,900 US$/tonne, Assumptions Silver prices / Value 80 US$/troy ounce, Assumptions Foreign exchange / Value 160 Yen/Dollar |
| Financial targets | Equity ratio FY2026/1Q 17 % |
| New initiatives | Recovery of valuable metals using existing facilities in Annaka, Expansion of the spent-battery processing line, Transfer of part of the electronic materials production base to Bangladesh, Establishment of a CTO organization, Obtaining Digital Transformation certification, Corporate name change effective 1 April 2027 |
Items this document does not state (16)
Gross Profit MarginOperating profit marginSelling, general and administrative expensesSelf-assessment against the planUnit price and quantity metricsNumber of stores and locationsNumber of employeesRisk amount incorporated into the outlookMedium-term management plan targetsAnnual DividendPayout ratioAcquisition of treasury sharesCapital expendituresOrders received and order backlogMarket Size / ShareKey points of the Q&A
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.The company cited higher revenue resulting from rising silver prices, higher selling prices, the impact of metal prices and foreign exchange, benefits from the sale of held assets including silver, the reversal of costs related to residual work following the previous year's restructuring of the zinc business, and the impact of tax-effect accounting from recognizing deferred tax assets. Conversely, lower silver production, deteriorating feedstock conditions and inventory valuation losses weighed on earnings.
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