Nippon Soda Co., Ltd. TSE:4041

Consolidated Financial Results for the Three Months Ended June 30, 2024(Under Japanese GAAP) [PDF:455KB]

Published

Source: MarketScreener

August 9, 2024

Consolidated Financial Results

for the Three Months Ended June 30, 2024

(Under Japanese GAAP)

Company name:

Nippon Soda Co., Ltd.

Listing:

Tokyo Stock Exchange

Securities code:

4041

URL:

https://www.nippon-soda.co.jp

Representative:

President

Eiji Aga

Inquiries:

Manager, General Affairs Dept.

Nobuki Minabe

Telephone:

+81-3-6366-1920

Scheduled date to commence dividend payments:

―

Preparation of supplementary material on financial results:

Yes

Holding of financial results briefing:

None

(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated financial results for the three months ended June 30, 2024 (from April 1, 2024 to June 30, 2024)

(1) Consolidated operating results (cumulative)

(Percentages indicate year-on-year changes.)

Net sales

Operating profit

Ordinary profit

Profit attributable to

owners of parent

Three months ended

Millions of yen

%

Millions of yen

%

Millions of yen

%

Millions of yen

%

June 30, 2024

32,195

(10.3)

3,069

(36.3)

5,233

(14.7)

4,337

(8.6)

June 30, 2023

35,892

(11.2)

4,821

(17.4)

6,138

(29.4)

4,744

(18.9)

Note:

Comprehensive income

For the three months ended June 30, 2024:

¥6,292

million [(29.2%)]

For the three months ended June 30, 2023:

¥8,889

million [(7.8%)]

Basic earnings per share

Diluted earnings

per share

Three months ended

Yen

Yen

June 30, 2024

157.54

―

June 30, 2023

170.17

―

(2) Consolidated financial position

Total assets

Net assets

Equity-to-asset ratio

As of

Millions of yen

Millions of yen

%

June 30, 2024

291,859

192,364

65.4

March 31, 2024

290,492

189,474

64.7

Reference:

Equity

As of June 30, 2024:

¥190,962

million

As of June 30, 2023:

¥188,048

million

2. Cash dividends

Annual dividends per share

First quarter-end

Second quarter-end

Third quarter-end

Fiscal year-end

Total

Fiscal year ended

Yen

Yen

Yen

Yen

Yen

March 31, 2024

―

120

―

120

240

Fiscal year ending

March 31, 2025

―

Fiscal year ending

March 31, 2025 (Forecast)

120

―

60

―

Note:

Revision to the forecast of cash dividends most recently announced: None

The Company is planning a 2-for-1 share split for every share of common stock with an effective date of October 1, 2024. The year-end dividend for the fiscal year ending March 2025 takes into account the impact of aforementioned share split, and the total annual dividend is shown as "―". If the share split is not considered, year-end dividend would be 120 yen and the total annual dividend for the fiscal year ending March 2025 would be 240 yen.

3. Forecast of consolidated financial results for the year ending March 31, 2025 (from April 1, 2024 to March 31, 2025)

(Percentages indicate year-on-year changes.)

Net sales

Operating profit

Ordinary profit

Profit attributable to

Basic earnings per share

owners of parent

Millions of yen

%

Millions of yen

%

Millions of yen

%

Millions of yen

%

Yen

Six months ending

65,000

(5.7)

4,200

(35.0)

5,100

(45.1)

4,000

(47.0)

145.27

September 30, 2024

Fiscal year ending

152,000

(1.6)

12,600

(9.2)

16,700

(28.3)

12,300

(26.0)

223.36

March 31, 2025

Note:

Revision to the forecast of financial results most recently announced: None

The forecasted basic earnings per share for the full year of the fiscal year ending March 2025 takes into account the impact of the share split noted in "2. Cash Dividend ". If the share split is not taken into account, the basic earnings per share for the full year of the fiscal year ending March 2025 would be 446.71 yen

  • Notes
  1. Significant changes in scope of consolidation during the period: None
  2. Adoption of accounting treatment specific to the preparation of quarterly consolidated financial statements: None
  3. Changes in accounting policies, changes in accounting estimates, and restatement
    1. Changes in accounting policies due to revisions to accounting standards and other regulations: Yes
    2. Changes in accounting policies due to other reasons: None
    3. Changes in accounting estimates: None
    4. Restatement: None
  5. Number of issued shares (common shares)
    1. Total number of issued shares at the end of the period (including treasury shares)

As of June 30, 2024

28,393,867

shares

As of March 31, 2024

28,747,667

shares

(ii) Number of treasury shares at the end of the period

As of June 30, 2024

859,471

shares

As of March 31, 2024

1,213,141

shares

(iii) Average number of shares outstanding during the period (cumulative from the beginning of the fiscal year)

Three months ended June 30, 2024

27,534,459

shares

Three months ended June 30, 2023

27,883,451

shares

  • Audit conducted by certified public accountants or an audit corporation: Yes(Autonomy)
  • Proper use of earnings forecasts, and other special matters
    The descriptions regarding future performance and outlook contained in this document are based on certain assumptions that our company currently possesses and deems reasonable. However, they do not constitute a promise by our company to achieve those outcomes. Actual performance may vary significantly due to various factors.

Consolidated Financial Statements

・Consolidated Balance Sheets

(Millions of yen)

As of March 31, 2024

As of June 30, 2024

Assets

Current assets

Cash and deposits

22,215

23,088

Notes and accounts receivable - trade,

50,755

41,964

and contract assets

Electronically recorded monetary claims -

4,268

4,083

operating

Inventories

51,729

57,412

Other

5,162

5,810

Allowance for doubtful accounts

△8

△5

Total current assets

134,123

132,353

Non-current assets

Property, plant and equipment

Buildings and structures, net

23,400

23,431

Machinery, equipment and vehicles, net

19,051

18,140

Tools, furniture and fixtures, net

2,522

2,416

Land

15,024

15,024

Construction in progress

3,379

5,987

Other, net

81

80

Total property, plant and equipment

63,460

65,081

Intangible assets

Goodwill

100

93

Other

3,606

3,337

Total intangible assets

3,706

3,430

Investments and other assets

Investment securities

70,084

71,813

Retirement benefit asset

15,233

15,446

Deferred tax assets

1,797

1,686

Other

2,087

2,048

Allowance for doubtful accounts

△1

△1

Total investments and other assets

89,201

90,993

Total non-current assets

156,369

159,506

Total assets

290,492

291,859

1

(Millions of yen)

As of March 31, 2024

As of June 30, 2024

Liabilities

Current liabilities

Notes and accounts payable - trade

18,658

18,552

Electronically recorded obligations -

3,891

3,413

operating

Short-term borrowings

23,795

23,670

Income taxes payable

914

656

Provision for bonuses

6,151

2,693

Other

6,818

5,600

Total current liabilities

60,228

54,586

Non-current liabilities

Long-term borrowings

25,118

28,837

Deferred tax liabilities

11,076

11,394

Retirement benefit liability

1,283

1,303

Provision for environmental measures

422

427

Other

2,888

2,946

Total non-current liabilities

40,789

44,909

Total liabilities

101,018

99,495

Net assets

Shareholders' equity

Share capital

29,166

29,166

Capital surplus

26,099

24,813

Retained earnings

116,174

117,202

Treasury shares

△4,497

△3,212

Total shareholders' equity

166,942

167,971

Accumulated other comprehensive income

Valuation difference on available-for-

14,968

15,159

sale securities

Deferred gains or losses on hedges

30

35

Foreign currency translation adjustment

3,559

5,340

Remeasurements of defined benefit plans

2,547

2,455

Total accumulated other comprehensive

21,105

22,991

income

Non-controlling interests

1,425

1,402

Total net assets

189,474

192,364

Total liabilities and net assets

290,492

291,859

2

・Consolidated Statements of Income

(Millions of yen)

Three months ended

Three months ended

June 30, 2023

June 30, 2024

Net sales

35,892

32,195

Cost of sales

24,851

22,767

Gross profit

11,040

9,428

Selling, general and administrative expenses

6,219

6,358

Operating profit

4,821

3,069

Non-operating income

Interest income

10

9

Dividend income

330

657

Share of profit of entities accounted for

138

873

using equity method

Foreign exchange gains

855

710

Other

214

135

Total non-operating income

1,549

2,386

Non-operating expenses

Interest expenses

59

99

Other

173

122

Total non-operating expenses

233

222

Ordinary profit

6,138

5,233

Extraordinary income

Gain on sale of investment securities

4

962

Other

0

－

Total extraordinary income

4

962

Extraordinary losses

Loss on abandonment of non-current assets

60

154

Impairment losses

－

25

Disaster losses

－

65

Other

－

7

Total extraordinary losses

60

252

Profit before income taxes

6,081

5,942

Income taxes - current

784

1,180

Income taxes - deferred

523

400

Total income taxes

1,308

1,581

Profit

4,773

4,360

Profit attributable to non-controlling

28

22

interests

Profit attributable to owners of parent

4,744

4,337

3

・Consolidated Statements of Comprehensive Income

(Millions of yen)

Three months ended

Three months ended

June 30, 2023

June 30, 2024

Profit

4,773

4,360

Other comprehensive income

Valuation difference on available-for-sale

2,251

190

securities

Deferred gains or losses on hedges

△22

△1

Foreign currency translation adjustment

945

727

Remeasurements of defined benefit plans, net

△36

△90

of tax

Share of other comprehensive income of

977

1,104

entities accounted for using equity method

Total other comprehensive income

4,115

1,931

Comprehensive income

8,889

6,292

Comprehensive income attributable to

Comprehensive income attributable to owners

8,772

6,222

of parent

Comprehensive income attributable to non-

116

69

controlling interests

4

(Notes to Segment Information)

Information Regarding Net Sales, Profit or Loss of Reportable Segments

For the three months ended June 30, 2023 (from April 1, 2023 to June 30, 2023)

(Millions of yen)

Reportable Segment

Total

Adjustments

Consolidated

Chemical

Agri

Trading &

Engineer-

Eco

Materials

Business

Logistics

ing

Solutions

Net Sales

External sales

8,746

10,869

10,756

3,575

1,944

35,892

－

35,892

Intersegment sales or

3,292

10

3,120

161

193

6,778

(6,778)

－

reclassifications

Total

12,038

10,879

13,877

3,736

2,138

42,670

(6,778)

35,892

Segment Profit or Loss

1,720

2,468

599

80

(62)

4,805

16

4,821

For the three months ended June 30, 2024 (from April 1, 2024 to June 30, 2024)

(Millions of yen)

Reportable Segment

Total

Adjustments

Consolidated

Chemical

Agri

Trading &

Engineer-

Eco

Materials

Business

Logistics

ing

Solutions

Net Sales

External sales

9,279

6,236

10,482

3,683

2,513

32,195

－

32,195

Intersegment sales or

3,455

11

2,996

149

209

6,821

(6,821)

－

reclassifications

Total

12,734

6,248

13,479

3,832

2,722

39,017

(6,821)

32,195

Segment Profit or Loss

2,237

(540)

684

401

137

2,920

148

3,069

5