Price volatility risk for precious metals and food ingredients

「Sales of gold products increased by ¥163,165 million from the previous consolidated fiscal year to ¥437,999 million, up 59.4% from the previous consolidated fiscal year, while the selling price per unit rose 50.9%. Sales of silver products increased by ¥17,634 million from the previous consolidated fiscal year to ¥42,688 million, up 70.4% from the previous consolidated fiscal year, while the selling price per unit rose 72.7%.」

「宝飾分野を含めた貴金属リサイクル取扱量の増加に加え、貴金属相場が全般的に上昇したことも追い風となり、売上高及び営業利益は前連結会計年度に比べ増加しました。」

「In addition to efforts to increase the volume handled in precious metal recycling, including from the jewelry sector, rising precious metal prices provided a tailwind, resulting in higher net sales and operating income than in the same period of the previous year.」

「The volume handled in precious metal recycling from the jewelry sector increased, and firm gold prices resulted in higher net sales and operating income than in the same period of the previous year.」

「The volume handled in precious metal recycling for the electronic devices sector and sales volumes of manufactured and other products declined. Despite an increase in the volume of precious metal recycling from the jewelry sector and firm trends in gold prices, net sales and operating income declined from the same quarter of the previous year.」

「The volume handled in precious metal recycling from the electronic devices sector and sales volumes of manufactured and other products declined. Together with the impact of falling platinum group metal prices, this resulted in lower net sales and operating income than in the same quarter of the previous year. Procurement prices and logistics costs have also remained elevated.」

「Although some platinum group metals were affected by falling precious metal prices, the volume handled in precious metal recycling and contracted industrial waste treatment increased. Sales volumes of gold, silver and platinum group products also increased, resulting in higher net sales and operating income than in the previous consolidated fiscal year.」

「Meanwhile, overall precious-metal prices rose amid accelerating global inflation and heightened geopolitical risks.」

「Precious-metal prices, including gold, rose amid accelerating global inflation and heightened geopolitical risks.」

「In addition, in the food-related business, we worked to increase sales volume by flexibly addressing concerns such as uncertainty over global food resource supplies and higher procurement prices, developing products that meet diversifying customer needs, and providing safe and reliable products on a stable basis.」

「The Group conducts commodity forward transactions to mitigate market risk associated with price fluctuations, but cannot hedge the entire volume. Accordingly, depending on precious-metal price trends during manufacturing and inventory holding periods, price fluctuations may affect business performance. If selling prices decline due to supply and demand conditions for commodities, losses such as inventory valuation losses may arise.」

「Despite the impact of declines in some precious-metal prices, the volume of precious-metal recycling handled and contracted industrial waste treatment increased, as did sales volumes of gold, silver and other products. As a result, net sales and operating profit increased from the same quarter of the previous year.」

「Global supply-chain disruptions, including container shortages, have also continued, creating a situation that requires ongoing attention to ensure a stable supply of food resources.」

「Net sales and operating profit increased from the same quarter of the previous year due to higher sales volumes of gold, silver and other products, as well as an overall rise in precious-metal prices.」

「Although the volume of industrial waste treatment services handled declined, the volume of precious-metal recycling handled increased moderately. In addition to higher sales volumes of gold, silver and other products, higher precious-metal prices contributed to increases in net sales and operating profit from the same quarter of the previous year.」

「Sales volumes of precious-metal products declined as the volume of precious-metal bullion purchased decreased. Although selling prices rose, overall net sales decreased from the same quarter of the previous year. Meanwhile, operating profit increased from the same quarter of the previous year due to higher selling prices accompanying the surge in precious-metal prices and lower costs. As a result, net sales in the business amounted to ¥93,593 million, down 7.4% year on year, and operating profit amounted to ¥3,890 million, up 71.2% year on year.」

「Operating profit increased from the same quarter of the previous year due to higher selling prices accompanying the surge in precious-metal prices and lower costs. Sales volumes of marine, livestock and agricultural products increased, and net sales increased from the same quarter of the previous year partly because selling prices rose.」

「Operating profit increased from the same quarter of the previous year due to higher selling prices and lower costs.」

「In the precious-metals-related business, the volume of precious-metal recycling handled remained broadly flat and sales volumes of precious-metal compounds, electronic materials and other products declined. However, sales volumes of precious-metal products such as gold, silver and platinum-group metals, as well as the volume of industrial waste handled, increased, and net sales increased from the previous consolidated fiscal year partly because palladium prices rose.」

「The volume of precious-metal recycling handled increased, and sales volumes of precious-metal products excluding silver and the volume of industrial waste handled increased. Although selling prices for precious-metal products excluding palladium declined, overall net sales increased from the same quarter of the previous year.」

「Sales volumes of precious-metal products and the volume of industrial waste handled increased. Although precious-metal product selling prices declined, overall net sales increased from the same quarter of the previous year. Sales volumes of marine and livestock products increased, and net sales increased from the same quarter of the previous year partly because selling prices for marine products rose.」

「Overall net sales increased from the same quarter of the previous year partly because precious-metal selling prices rose. Sales volumes of marine and livestock products increased, and net sales increased from the same quarter of the previous year partly because selling prices for marine products rose.」

「Net sales increased from the previous consolidated fiscal year partly because precious-metal prices rose. The company conducts commodity futures transactions to mitigate market risk associated with price fluctuations, but depending on precious-metal price trends, price fluctuations may affect business performance.」

「Although sales volumes of silver products declined, sales volumes of gold products, electronic materials and other products increased, and overall net sales increased from the same quarter of the previous year due in part to higher precious-metal selling prices.」

「Overall net sales increased from the same quarter of the previous year, partly because precious-metal selling prices excluding platinum rose. Surimi unit selling prices declined and sales volumes of agricultural products decreased, but sales volumes of marine and livestock products increased, resulting in higher net sales than in the same quarter of the previous year.」

「Although sales volumes of silver products declined, sales volumes of gold products, electronic materials and other products increased, and overall net sales increased from the same quarter of the previous year due in part to higher precious-metal selling prices. Surimi selling prices declined and sales volumes of agricultural products decreased, but sales volumes of marine and livestock products increased, resulting in higher net sales than in the same quarter of the previous year.」

「Sales volumes of gold products, electronic materials and other products declined, and overall net sales decreased from the same quarter of the previous year due in part to lower precious-metal selling prices. Although overall selling prices declined and sales volumes of surimi decreased, sales volumes of marine products excluding surimi, agricultural products and livestock products increased, resulting in higher net sales than in the same quarter of the previous year.」

「Sales volumes of gold products, electronic materials and other products declined, and overall net sales decreased from the same quarter of the previous year due in part to lower precious-metal selling prices. Although sales volumes of agricultural products increased, sales volumes of marine and livestock products declined, and net sales decreased from the same quarter of the previous year amid an overall decline in selling prices.」

「Sales volumes of precious-metal products, excluding silver, and electronic materials declined, and overall net sales decreased from the same quarter of the previous year due in part to lower precious-metal selling prices. Overall selling prices also declined, resulting in lower net sales than in the same quarter of the previous year.」

「The company is affected by fluctuations in international commodity markets and foreign exchange rates. These price fluctuations may affect business performance.」