Translation
Notice: This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the event of any discrepancy between this translated document and the original Japanese document, the latter shall prevail.
Summary of Consolidated Financial Results for the Six Months Ended September 30, 2024 (Based on Japanese GAAP)
November 11, 2024 | ||||||||||||||||
Company name: | G-TEKT CORPORATION | |||||||||||||||
Stock exchange listing: | Tokyo | |||||||||||||||
Stock code: | 5970 | URL | https://www.g-tekt.jp/ | |||||||||||||
Representative: | President, Chief Executive Officer | Naohiro Takao | ||||||||||||||
Inquiries: | Officer of the Company, Operations Director | Takeshi Bamba | TEL | +81-48-646-3400 | ||||||||||||
Scheduled date to file Quarterly Securities Report: | November 14, 2024 | |||||||||||||||
Scheduled date to commence dividend payments: | December 2, 2024 | |||||||||||||||
Preparation of supplementary material on quarterly financial results: | Yes | |||||||||||||||
Holding of quarterly financial results meeting: | Yes | (for institutional investors and analysts) | ||||||||||||||
(Amounts less than one million yen are rounded down) | ||||||||||||||||
1. Consolidated financial results for the six months ended September 30, 2024 (from April 1, 2024 to September 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 | ||||||||||||||||
Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | |||||||||
Six months ended September 30, 2024 | 167,395 | 1.3 | 5,356 | (14.8) | 5,499 | (31.3) | 3,899 | (34.4) | ||||||||
Six months ended September 30, 2023 | 165,237 | 6.7 | 6,284 | (12.7) | 8,003 | (14.9) | 5,946 | (14.3) | ||||||||
Earnings per share | Diluted earnings per share | |||||||||||||||
Yen | Yen | |||||||||||||||
Six months ended September 30, 2024 | 90.50 | - | ||||||||||||||
Six months ended September 30, 2023 | 138.18 | - | ||||||||||||||
(2) Consolidated financial position | ||||||||||||||||
Total assets | Net assets | Equity ratio | ||||||||||||||
Millions of yen | Millions of yen | % | ||||||||||||||
As of September 30, 2024 | 301,030 | 204,531 | 63.4 | |||||||||||||
As of March 31, 2024 | 304,129 | 205,393 | 63.0 | |||||||||||||
2. Cash dividends | ||||||||||||||||
Annual dividends per share | ||||||||||||||||
1st quarter-end | 2nd quarter-end | 3rd quarter-end | Fiscal year-end | Total | ||||||||||||
Yen | Yen | Yen | Yen | Yen | ||||||||||||
Year ended March 31, 2024 | - | 32.00 | - | 35.00 | 67.00 | |||||||||||
Year ending March 31, 2025 | - | 37.00 | ||||||||||||||
Year ending March 31, 2025 (Forecast) | - | 37.00 | 74.00 | |||||||||||||
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 | Earnings per share | ||||||||||||
owners of parent | ||||||||||||||||
Millions of yen | % | Millions of yen | % | Millions of yen | % Millions of yen | % | Yen | |||||||||
Full year | 346,000 | 0.4 | 14,200 (12.6) | 14,400 (23.8) | 10,000 (24.5) | 232.13 |
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4. Notes
- Changes in significant subsidiaries during the six months ended September 30, 2024 (changes in specified subsidiaries resulting in the change in scope of consolidation):
- Application of special accounting methods for preparing quarterly consolidated financial statements:
No
Yes
(3) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements | |
Changes in accounting policies due to revisions to accounting standards and other regulations: | No |
Changes in accounting policies due to other reasons: | No |
Changes in accounting estimates: | No |
Restatement of prior period financial statements: | No |
(4) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of September 30, 2024 | 43,931,260 | shares | As of March 31, 2024 | 43,931,260 | shares | |
Number of treasury shares at the end of the period | ||||||
As of September 30, 2024 | 831,588 | shares | As of March 31, 2024 | 852,363 | shares | |
Average number of shares during the period (cumulative from the beginning of the fiscal year) | ||||||
Six months ended September 30, 2024 | 43,085,156 | shares | Six months ended September 30, 2023 | 43,031,533 | shares |
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Quarterly consolidated financial statements
Consolidated balance sheets
(Millions of yen) | |||
As of March 31, 2024 | As of September 30, 2024 | ||
Assets | |||
Current assets | |||
Cash and deposits | 44,575 | 41,684 | |
Notes and accounts receivable - trade | 47,195 | 45,690 | |
Finished goods | 2,161 | 2,167 | |
Work in process | 25,302 | 29,106 | |
Raw materials | 4,957 | 4,312 | |
Supplies | 1,667 | 1,920 | |
Other | 7,043 | 7,921 | |
Total current assets | |||
132,903 | 132,803 | ||
Non-current assets | |||
Property, plant and equipment | |||
Buildings and structures | 117,066 | 115,022 | |
Accumulated depreciation | (52,551) | (52,864) | |
Buildings and structures, net | |||
64,515 | 62,157 | ||
Machinery, equipment and vehicles | 201,025 | 197,306 | |
Accumulated depreciation | (159,007) | (158,401) | |
Machinery, equipment and vehicles, net | |||
42,018 | 38,904 | ||
Tools, furniture and fixtures | 155,492 | 155,148 | |
Accumulated depreciation | (142,352) | (143,013) | |
Tools, furniture and fixtures, net | |||
13,139 | 12,134 | ||
Land | 16,421 | 16,310 | |
Construction in progress | 19,857 | 24,344 | |
Total property, plant and equipment | |||
155,952 | 153,852 | ||
Intangible assets | 1,233 | 1,229 | |
Investments and other assets | |||
Investment securities | 13,196 | 11,731 | |
Retirement benefit asset | － | 638 | |
Other | 843 | 775 | |
Total investments and other assets | 14,039 | 13,145 | |
Total non-current assets | 171,225 | 168,226 | |
Total assets | |||
304,129 | 301,030 | ||
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(Millions of yen) | |||
As of March 31, 2024 | As of September 30, 2024 | ||
Liabilities | |||
Current liabilities | |||
Accounts payable - trade | 30,485 | 31,350 | |
Short-term borrowings | 10,969 | 8,316 | |
Current portion of long-term borrowings | 9,263 | 10,258 | |
Accounts payable - other | 8,685 | 6,918 | |
Income taxes payable | 818 | 1,012 | |
Provision for bonuses | 1,572 | 2,404 | |
Other | 6,738 | 6,722 | |
Total current liabilities | |||
68,534 | 66,983 | ||
Non-current liabilities | |||
Long-term borrowings | 19,648 | 19,733 | |
Retirement benefit liability | 489 | 1,162 | |
Provision for share awards for directors (and other | 459 | 469 | |
officers) | |||
Other | 9,604 | 8,149 | |
Total non-current liabilities | |||
30,201 | 29,514 | ||
Total liabilities | 98,735 | 96,498 | |
Net assets | |||
Shareholders' equity | |||
Share capital | 4,656 | 4,656 | |
Capital surplus | 23,622 | 23,622 | |
Retained earnings | 122,069 | 124,449 | |
Treasury shares | (1,535) | (1,499) | |
Total shareholders' equity | 148,812 | 151,228 | |
Accumulated other comprehensive income | |||
Valuation difference on available-for-sale securities | 3,350 | 2,353 | |
Foreign currency translation adjustment | 38,801 | 36,695 | |
Remeasurements of defined benefit plans | 702 | 616 | |
Total accumulated other comprehensive income | 42,854 | 39,665 | |
Non-controlling interests | 13,726 | 13,637 | |
Total net assets | 205,393 | 204,531 | |
Total liabilities and net assets | |||
304,129 | 301,030 | ||
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Consolidated statements of income (cumulative) and consolidated statements of comprehensive income (cumulative)
Consolidated statements of income (cumulative)
(Millions of yen) | |||
Six months ended | Six months ended | ||
September 30, 2023 | September 30, 2024 | ||
Net sales | 165,237 | 167,395 | |
Cost of sales | 150,713 | 153,427 | |
Gross profit | 14,523 | 13,967 | |
Selling, general and administrative expenses | 8,239 | 8,611 | |
Operating profit | |||
6,284 | 5,356 | ||
Non-operating income | |||
Interest income | 441 | 394 | |
Dividend income | 76 | 142 | |
Foreign exchange gains | 1,353 | － | |
Share of profit of entities accounted for using equity method | 59 | 528 | |
Gain on sale of scraps | 111 | 117 | |
Other | 296 | 178 | |
Total non-operating income | 2,339 | 1,361 | |
Non-operating expenses | |||
Interest expenses | 590 | 369 | |
Foreign exchange losses | － | 811 | |
Other | 30 | 37 | |
Total non-operating expenses | 620 | 1,218 | |
Ordinary profit | 8,003 | 5,499 | |
Extraordinary income | |||
Gain on sale of non-current assets | 27 | 30 | |
Total extraordinary income | 27 | 30 | |
Extraordinary losses | |||
Loss on sale of non-current assets | 5 | 4 | |
Loss on retirement of non-current assets | － | 327 | |
Extra payments for early retirements | － | 256 | |
Loss on liquidation of business | 174 | － | |
Total extraordinary losses | 179 | 587 | |
Profit before income taxes | 7,851 | 4,941 | |
Income taxes | 1,877 | 1,034 | |
Profit | |||
5,974 | 3,907 | ||
Profit (loss) attributable to non-controlling interests | 27 | 7 | |
Profit attributable to owners of parent | 5,946 | 3,899 | |
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Consolidated statements of comprehensive income (cumulative)
(Millions of yen) | ||
Six months ended | Six months ended | |
September 30, 2023 | September 30, 2024 | |
Profit | 5,974 | 3,907 |
Other comprehensive income | ||
Valuation difference on available-for-sale securities | 1,379 | (997) |
Deferred gains or losses on hedges | (31) | － |
Foreign currency translation adjustment | 11,003 | (1,669) |
Remeasurements of defined benefit plans, net of tax | (5) | (85) |
Share of other comprehensive income of entities accounted | 564 | (324) |
for using equity method | ||
Total other comprehensive income | 12,910 | (3,077) |
Comprehensive income | 18,884 | 830 |
Comprehensive income attributable to | ||
Comprehensive income attributable to owners of parent | 17,914 | 710 |
Comprehensive income attributable to non-controlling | 969 | 119 |
interests | ||
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Consolidated statements of cash flows
(Millions of yen) | |||
Six months ended | Six months ended | ||
September 30, 2023 | September 30, 2024 | ||
Cash flows from operating activities | |||
Profit before income taxes | 7,851 | 4,941 | |
Depreciation | 9,675 | 9,782 | |
Decrease (increase) in retirement benefit asset and liability | (15) | (150) | |
Increase (decrease) in provision for bonuses | 666 | 831 | |
Interest and dividend income | (517) | (536) | |
Interest expenses | 590 | 369 | |
Share of loss (profit) of entities accounted for using equity | (59) | (528) | |
method | |||
Loss (gain) on sale and retirement of non-current assets | (22) | 301 | |
Extra payments for early retirements | － | 256 | |
Loss on liquidation of business | 174 | － | |
Decrease (increase) in trade receivables | 4,556 | 484 | |
Decrease (increase) in inventories | (169) | (4,359) | |
Increase (decrease) in trade payables | (1,316) | 2,037 | |
Increace/decreace in consumption taxes receivable payable | (74) | 398 | |
Increase (decrease) in advances received | (1,031) | 134 | |
Increase (decrease) in accounts payable - other | 122 | (929) | |
Other, net | (461) | (656) | |
Subtotal | |||
19,967 | 12,377 | ||
Interest and dividends received | 898 | 702 | |
Interest paid | (590) | (363) | |
Extra payments for early retirements paid | － | (256) | |
Income taxes refund (paid) | (2,389) | (1,828) | |
Net cash provided by (used in) operating activities | |||
17,886 | 10,632 | ||
Cash flows from investing activities | |||
Net decrease (increase) in time deposits | (7,017) | (6,005) | |
Purchase of property, plant and equipment | (10,515) | (11,600) | |
Proceeds from sale of property, plant and equipment | 29 | 35 | |
Purchase of intangible assets | (84) | (190) | |
Purchase of investment securities | (43) | (74) | |
Other, net | (34) | (3) | |
Net cash provided by (used in) investing activities | (17,665) | (17,839) | |
Cash flows from financing activities | |||
Net increase (decrease) in short-term borrowings | (3,459) | (2,410) | |
Proceeds from long-term borrowings | － | 6,598 | |
Repayments of long-term borrowings | (5,228) | (5,254) | |
Repayments of finance lease liabilities | (142) | (52) | |
Dividends paid | (1,258) | (1,518) | |
Dividends paid to non-controlling interests | (178) | (208) | |
Net cash provided by (used in) financing activities | |||
(10,267) | (2,846) | ||
Effect of exchange rate change on cash and cash equivalents | 1,936 | 241 | |
Net increase (decrease) in cash and cash equivalents | (8,110) | (9,812) | |
Cash and cash equivalents at beginning of period | 40,248 | 32,846 | |
Cash and cash equivalents at end of period | |||
32,137 | 23,033 | ||
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