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Briefing on Financial Results for the Fiscal Year Ending March 2023: Renova

RENOVA, Inc. reported strong financial growth for the fiscal year ending March 2023, characterized by a 15% increase in revenue to 33.58 billion yen and a 38.3% rise in EBITDA to 18.1 billion yen. This performance was driven by the full-year contributions of the Kanda Biomass and Karumai Sonbou Solar power plants, alongside gains from the transfer of equity interests in the Yokkaichi Solar project. The company successfully expanded its operational portfolio by commencing commercial operations at the Minami-Aso Yunotani Geothermal plant and securing a loan agreement for the Reihoku Amakusa Onshore wind project. The company’s strategic focus centers on diversifying its renewable energy portfolio and capitalizing on the emerging Power Purchase Agreement (PPA) market. In May 2023, RENOVA concluded its first virtual PPA with Murata Manufacturing, marking a significant step in selling environmental value directly to corporate consumers. To support this growth, the company is restructuring its internal organization, including the appointment of a Chief Development Officer and the creation of a dedicated Biomass Energy Department to manage fuel procurement and ensure the operational stability of its 450MW biomass pipeline. Looking ahead, RENOVA maintains a long-term target of reaching 3,000MW of operational capacity by the end of fiscal year 2030. The outlook for fiscal year 2024 anticipates continued revenue growth, projected at 59 billion yen, supported by the scheduled commercial operation of four major biomass plants. While the company faces macroeconomic headwinds, including fluctuating fuel prices and material costs, it mitigates these risks through long-term procurement contracts, lump-sum EPC agreements, and interest rate hedging. The company remains committed to its mission of establishing sustainable energy systems across Asia through a multi-technology approach encompassing solar, wind, biomass, and geothermal power.

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Renova

Consolidated Financial Results: 3rd Quarter Fiscal Year Ending March 2023

The consolidated financial results for the third quarter of the fiscal year ending March 2023 reflect a period of mixed performance for Daicel Corporation. While the company achieved sales revenue of 404.5 billion yen, representing a 17.9% year-on-year increase, operating income declined by 6.9% to 36.6 billion yen. The growth in top-line revenue was primarily driven by strategic price revisions, cost-reduction initiatives, and favorable foreign exchange impacts. Conversely, the contraction in operating income was attributed to sluggish automobile production, weakened demand for electronic devices, and rising costs for raw materials, fuel, and logistics. The geographic and industry scope of these results spans global markets, with significant exposure to the automotive, semiconductor, and LCD panel sectors. Performance across segments varied, as the company faced headwinds from production adjustments in the LCD market and a slower-than-anticipated recovery in automotive manufacturing, exacerbated by semiconductor shortages and COVID-19-related lockdowns in China. While the Materials and Engineering Plastics segments managed to exceed internal profit plans, the Medical/Healthcare, Smart, and Safety segments fell short of expectations. To address these challenges, the company is implementing a series of corrective measures aimed at improving profitability for the remainder of the fiscal year. These actions include a rigorous review of corporate and production expenses, inventory reduction strategies, and targeted efforts to expand sales in high-demand areas, such as acetate tow and specific cosmetic ingredients. Looking forward, the company plans to provide a comprehensive revision of its mid-term management strategy in May 2023, alongside the full-year financial results, to better align its operational structure with current market realities and demand recovery timelines.

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GameVault System

3rd Quarter Financial Results: Fiscal Year Ending March 2023

Mitsui’s financial results for the first nine months of the fiscal year ending March 2023 demonstrate strong performance across a globally diversified business portfolio, resulting in record-level Core Operating Cash Flow (COCF) and profit. Driven by robust results in energy, automotive, and commodity trading, the company has revised its full-year profit forecast upward to 1.08 trillion yen and its COCF forecast to 1.2 trillion yen. This positive momentum has prompted an increase in the annual dividend to 135 yen per share and the authorization of an additional 100 billion yen in share repurchases. The financial success is largely attributed to favorable commodity prices and foreign exchange tailwinds, which contributed approximately 207 billion yen to profit growth during the nine-month period. While the Mineral and Metal Resources segment faced headwinds from declining iron ore prices and reduced production volumes, these were offset by significant gains in the Energy segment, particularly through increased LNG trading volumes and higher oil and gas prices. Asset recycling, including the divestment of metallurgical coal interests and power generation assets, provided substantial cash inflows to support ongoing investment strategies. Management continues to prioritize a balanced capital allocation strategy, focusing on growth investments, shareholder returns, and financial stability. Strategic growth initiatives include the acquisition of AIM SERVICES to expand the company’s wellness and food service footprint, alongside ongoing investments in energy transition and healthcare value chains. Despite rising interest rates and market volatility, the company maintains a solid balance sheet with a net debt-to-equity ratio of 0.57, positioning it to navigate future economic shifts while sustaining its commitment to shareholder value through consistent dividend growth and flexible capital management.

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Mitsui & Co.