Central Glass Co., Ltd. TSE:4044

Central Glass : Consolidated Financial Results for the Year Ended March 31, 2023（334KB）

Published May 11, 2023 at 7:06 a.m. UTC

Source: MarketScreener

May 11, 2023

Central Glass Co., Ltd.

Consolidated Financial Results for the Year Ended March 31, 2023

(April 1, 2022 to March 31, 2023)

* All amounts are rounded down to the nearest million yen.

1. Consolidated Financial Results for the Year Ended March 31, 2023 (April 1, 2022 to March 31, 2023)

(1) Operating results

		Net sales			Operating profit	Ordinary profit	Profit (loss) attributable
				to owners of parent

	Millions of yen	%	Millions of yen	%	Millions of yen	%	Millions of yen	%
Year ended March 31, 2023	169,309	(17.9)	16,757	130.7	19,637	64.5	42,494	-
Year ended March 31, 2022	206,184	8.1	7,262	78.7	11,936	151.3	(39,844)	-
Note: Comprehensive income: Year ended March 31, 2023: 35,839 million yen [-%]
Year ended March 31, 2022: (35,629) million yen [-%]

	Earnings per share		Return on equity	Ordinary profit	Operating profit
	Basic	Diluted			to total assets		to net sales


	Yen				%		%		%
Year ended March 31, 2023	1,222.21	－			37.0		7.7		9.9
Year ended March 31, 2022	(984.58)	－			(27.3)		4.1		3.5

Reference: Share of profit of entities accounted for using equity method: Year ended March 31, 2023: 1,526 million yen

Year ended March 31, 2022: 899 million yen

Notes:

Percentage figures for net sales, operating profit, ordinary profit and profit attributable to owners of parent represent year-on-year comparisons.

(2) Financial position

	Total assets	Net assets	Equity ratio	Net assets per share

	Millions of yen	Millions of yen	%	Yen
As of March 31, 2023	221,090	107,861	46.8	4,176.04
As of March 31, 2022	290,696	130,063	43.4	3,115.69
Reference: Equity As of March 31, 2023: 103.483 million yen
As of March 31, 2022: 126,085 million yen

(3) Cash flows

	Cash flows from	Cash flows from	Cash flows from	Cash and cash
	operating activities	investing activities	financing activities	equivalents at year-end

	Millions of yen	Millions of yen	Millions of yen	Millions of yen
Year ended March 31, 2023	16,599	19,958	(47,039)	16,672
Year ended March 31, 2022	14,872	(1,839)	(12,744)	26,906

2. Dividends

		Dividends per share		Total dividends	Payout	Dividends
						(full year)	ratio	to net assets

	1Q	2Q	3Q	4Q	Full year		(consolidated)	(consolidated)

	Yen	Yen	Yen	Yen	Yen	Millions of yen	%	%
Year ended March 31, 2022	－	37.50	－	37.50	75.00	3,037	-	2.1
Year ended March 31, 2023	－	37.50	－	77.50	115.00	2,984	9.4	3.2

Year ending March 31, 2024(forecast)	－	57.50	－	57.50	115.00		20.4

3. Consolidated Financial Forecasts for the Year Ending March 31, 2024 (April 1, 2023 to March 31, 2024)

	Net sales		Operating profit	Ordinary profit	Profit attributable to owners	Earnings
		of parent		per share

	Millions of yen	%	Millions of yen	%	Millions of yen	%	Millions of yen	%	Yen
First half	83,500	6.7	4,500	(39.4)	5,000	(52.9)	4,000	(76.3)	161.42
Full year	182,500	7.8	14,000	(16.5)	16,000	(18.5)	14,000	(67.1)	564.97

Note: Percentage figures represent changes from the corresponding period in the previous year.

*This financial release is not subject to audit procedures.

*Cautionary note regarding forward-looking statements:

The above forecast is based on data available as of the date of release of this document as well as assumptions based on uncertain factors, which might have a material effect on the Company's performance in the future.

Consolidated Balance Sheets

		(Millions of yen)
	As of March 31, 2022	As of March 31, 2023

Assets
Current assets
Cash and deposits	28,216	17,844
Notes and accounts receivable - trade, and contract	49,000	42,978
assets

Merchandise and finished goods	32,518	27,977
Work in process	3,951	2,495
Raw materials and supplies	21,277	19,314
Other	6,124	4,608
Allowance for doubtful accounts	(185)	(116)
Total current assets	140,903	115,101
Non-current assets
Property, plant and equipment
Buildings and structures	105,892	82,986
Accumulated depreciation	(77,153)	(62,800)
Buildings and structures, net	28,738	20,185
Machinery, equipment and vehicles	227,492	149,714
Accumulated depreciation	(187,597)	(126,658)
Machinery, equipment and vehicles, net	39,894	23,056
Land	23,956	20,693
Construction in progress	4,521	2,195
Other	28,960	21,757
Accumulated depreciation	(25,019)	(17,989)
Other, net	3,941	3,768
Total property, plant and equipment	101,052	69,898
Intangible assets
Other	1,317	980
Total intangible assets	1,317	980
Investments and other assets
Investment securities	38,617	23,696
Long-term loans receivable	51	47
Retirement benefit asset	3,003	3,304
Deferred tax assets	3,733	7,073
Other	2,136	1,121
Allowance for doubtful accounts	(120)	(133)
Total investments and other assets	47,423	35,109
Total non-current assets	149,792	105,989
Total assets	290,696	221,090

Note: All amounts are rounded down to the nearest million yen.

		(Millions of yen)
	As of March 31, 2022	As of March 31, 2023

Liabilities
Current liabilities
Notes and accounts payable - trade	22,105	21,681
Short-term borrowings	7,649	10,759
Current portion of bonds payable	－	10,000
Accrued expenses	9,475	7,344
Income taxes payable	2,007	814
Contract liabilities	2,422	916
Provision for bonuses	1,265	1,242
Provision for business restructuring	2,617	445
Provision for loss on share transfer of subsidiaries	48,404	－
and associates

Other	17,445	7,868
Total current liabilities	113,395	61,073
Non-current liabilities
Bonds payable	20,000	18,000
Long-term borrowings	17,198	26,334
Deferred tax liabilities	247	283
Provision for special repairs	3,826	1,676
Provision for environmental measures	38	－
Retirement benefit liability	5,388	5,571
Other	538	288
Total non-current liabilities	47,237	52,155
Total liabilities	160,632	113,228
Net assets
Shareholders' equity
Share capital	18,168	18,168
Capital surplus	8,109	8,109
Retained earnings	88,465	127,977
Treasury shares	(6,402)	(60,781)
Total shareholders' equity	108,340	93,474
Accumulated other comprehensive income
Valuation difference on available-for-sale	13,725	5,832
securities

Deferred gains or losses on hedges	286	34
Foreign currency translation adjustment	2,863	3,609
Remeasurements of defined benefit plans	868	532
Total accumulated other comprehensive income	17,744	10,008
Non-controlling interests	3,977	4,378
Total net assets	130,063	107,861
Total liabilities and net assets	290,696	221,090

Note: All amounts are rounded down to the nearest million yen.

Consolidated Statements of Income

		(Millions of yen)
	Fiscal year ended	Fiscal year ended
	March 31, 2022	March 31, 2023

Net sales	206,184	169,309
Cost of sales	163,616	126,342
Gross profit	42,567	42,966
Selling, general and administrative expenses	35,304	26,208
Operating profit	7,262	16,757
Non-operating income
Interest income	38	252
Dividend income	834	617
Share of profit of entities accounted for using equity	899	1,526
method

Foreign exchange gains	630	829
Royalty income	1,048	1,176
Other	3,072	1,296
Total non-operating income	6,523	5,698
Non-operating expenses
Interest expenses	308	326
Cost of inactive non-current assets	200	265
Loss on abandonment of non-current assets	553	699
Advisory fee	－	458
Other	787	1,070
Total non-operating expenses	1,850	2,819
Ordinary profit	11,936	19,637
Extraordinary income
Gain on sale of non-current assets	1,164	15,132
Gain on sale of investment securities	2,627	12,035
Reversal of foreign currency translation adjustment	－	1,549
Gain on sale of businesses	326	－
Total extraordinary income	4,118	28,717
Extraordinary losses
Loss on sale of non-current assets	－	65
Impairment losses	14	39
Loss on sale of investment securities	9	502
Loss on valuation of investment securities	11	－
Business restructuring expenses	6,245	2,029
Loss on sale of shares of subsidiaries and associates	－	1,099
Loss on liquidation of subsidiaries and associates	－	0
Provision for loss on share transfer of subsidiaries and	48,404	－
associates

Total extraordinary losses	54,685	3,736
Profit (loss) before income taxes	(38,630)	44,618
Income taxes - current	3,022	1,102
Income taxes - deferred	(2,528)	114
Total income taxes	494	1,216
Profit (loss)	(39,124)	43,401
Profit attributable to non-controlling interests	719	906
Profit (loss) attributable to owners of parent	(39,844)	42,494

Note: All amounts are rounded down to the nearest million yen.