DISCLAIMER: This document has been translated from a part of the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.
May 15, 2025
Company name: Inaba Denki Sangyo Co., Ltd. Listing: Tokyo Stock Exchange
Securities code: 9934
URL: https://www.inaba.co.jp
Representative: Seiichi Kita, President and Representative Director
Inquiries: Naoto Mizokoshi, Director and Executive Officer, Administrative Headquarters Telephone: +81-6-4391-1781
Scheduled date of annual general meeting of shareholders: June 20, 2025 Scheduled date to commence dividend payments: June 23, 2025
Scheduled date to file annual securities report: June 24, 2025
Preparation of supplementary material on financial results: Yes
Holding of financial results briefing: Yes
(Yen amounts are rounded down to millions, unless otherwise noted.)
-
Consolidated financial results for the fiscal year ended March 31, 2025 (from April 1, 2024 to March 31, 2025)
-
Consolidated operating results (Percentages indicate year-on-year changes.)
Net sales
Operating profit
Ordinary profit
Profit attributable to owners of parent
Fiscal year ended
Millions of yen
%
Millions of yen
%
Millions of yen
%
Millions of yen
%
March 31, 2025
384,012
11.2
25,556
19.9
26,698
18.2
18,783
20.2
March 31, 2024
345,369
9.0
21,322
14.4
22,589
11.4
15,623
1.3
Note: Comprehensive income For the fiscal year ended March 31, 2025:
¥18,499 million
[4.0%]
For the fiscal year ended March 31, 2024:
¥17,794 million
[12.3%]
Basic earnings per share
Diluted earnings per share
Return on equity
Ratio of ordinary profit to total assets
Ratio of operating profit to net sales
Fiscal year ended
Yen
Yen
%
%
%
March 31, 2025
333.84
329.59
11.2
9.9
6.7
March 31, 2024
279.35
276.42
10.0
8.9
6.2
-
Consolidated financial position
Total assets
Net assets
Equity-to-asset ratio
Net assets per share
As of
Millions of yen
Millions of yen
%
Yen
March 31, 2025
278,983
173,023
61.8
3,072.71
March 31, 2024
262,811
162,269
61.5
2,886.62
Reference: Equity
As of March 31, 2025: ¥172,429 million
As of March 31, 2024: ¥161,586 million
- Consolidated cash flows
Cash flows from operating activities
Cash flows from investing activities
Cash flows from financing activities
Cash and cash equivalents at end of period
Fiscal year ended
Millions of yen
Millions of yen
Millions of yen
Millions of yen
March 31, 2025
23,279
(10,455)
(8,371)
66,062
March 31, 2024
15,097
(577)
(7,043)
61,495
-
Consolidated operating results (Percentages indicate year-on-year changes.)
-
Cash dividends
Annual dividends per share
Total cash dividends (Total)
Payout ratio (Consolidated)
Ratio of dividends to net assets (Consolidated)
First quarter-end
Second quarter-end
Third quarter-end
Fiscal year-end
Total
Yen
Yen
Yen
Yen
Yen
Millions of yen
%
%
Fiscal year ended March 31, 2024
-
60.00
-
70.00
130.00
7,283
46.5
4.6
Fiscal year ended March 31, 2025
-
60.00
-
80.00
140.00
7,871
41.9
4.7
Fiscal year ending March 31, 2026 (Forecast)
-
70.00
-
70.00
140.00
40.5
- Forecast of consolidated financial results for the fiscal year ending March 31, 2026 (from April 1, 2025 to March 31, 2026)
(Percentages indicate year-on-year changes.)
Net sales | Operating profit | Ordinary profit | Profit attributable to owners of parent | Basic earnings per share | |||||
Fiscal year ending March 31, 2026 | Millions of yen 392,000 | % 2.1 | Millions of yen 26,700 | % 4.5 | Millions of yen 27,400 | % 2.6 | Millions of yen 19,400 | % 3.3 | Yen 345.71 |
Significant changes in the scope of consolidation during the period: None
Changes in accounting policies, changes in accounting estimates, and restatement
Changes in accounting policies due to revisions to accounting standards and other regulations: Yes
Changes in accounting policies due to other reasons: None
Changes in accounting estimates: None
Restatement: None
Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of March 31, 2025
56,824,200 shares
As of March 31, 2024
56,419,000 shares
Number of treasury shares at the end of the period
As of March 31, 2025
707,604 shares
As of March 31, 2024
441,211 shares
Average number of shares outstanding during the period
Fiscal year ended March 31, 2025 | 56,265,096 shares |
Fiscal year ended March 31, 2024 | 55,927,320 shares |
* Financial results reports are exempt from audit conducted by certified public accountants or an audit firm.
Consolidated balance sheet | |||
(Millions of yen) | |||
As of March 31, 2024 | As of March 31, 2025 | ||
Assets | |||
Current assets | |||
Cash and deposits | 57,495 | 62,062 | |
Notes receivable - trade | 7,125 | 4,011 | |
Electronically recorded monetary claims - operating | 35,881 | 33,751 | |
Accounts receivable - trade | 66,870 | 72,470 | |
Contract assets | 0 | 25 | |
Securities | 12,000 | 15,000 | |
Merchandise and finished goods | 20,711 | 22,680 | |
Work in process | 420 | 367 | |
Raw materials and supplies | 3,257 | 2,763 | |
Other | 1,800 | 2,591 | |
Allowance for doubtful accounts | (2) | (3) | |
Total current assets | 205,561 | 215,720 | |
Non-current assets | |||
Property, plant and equipment | |||
Buildings and structures | 17,987 | 18,594 | |
Accumulated depreciation | (12,282) | (12,687) | |
Buildings and structures, net | 5,704 | 5,907 | |
Machinery, equipment and vehicles | 3,863 | 3,705 | |
Accumulated depreciation | (3,247) | (3,195) | |
Machinery, equipment and vehicles, net | 615 | 510 | |
Tools, furniture and fixtures | 8,201 | 8,569 | |
Accumulated depreciation | (7,483) | (7,844) | |
Tools, furniture and fixtures, net | 717 | 724 | |
Land | 14,090 | 14,099 | |
Construction in progress | 142 | 165 | |
Other | 404 | 28 | |
Total property, plant and equipment | 21,674 | 21,435 | |
Intangible assets | 1,446 | 2,673 | |
Investments and other assets | |||
Investment securities | 19,645 | 19,974 | |
Long-term time deposits | 11,000 | 15,000 | |
Deferred tax assets | 72 | 328 | |
Other | 3,411 | 3,857 | |
Allowance for doubtful accounts | (1) | (5) | |
Total investments and other assets | 34,128 | 39,154 | |
Total non-current assets | 57,249 | 63,262 | |
Total assets | 262,811 | 278,983 | |
(Millions of yen)
As of March 31, 2024 | As of March 31, 2025 | |||
Liabilities | ||||
Current liabilities | ||||
Electronically recorded obligations - operating | 6,383 | 7,330 | ||
Accounts payable - trade | 70,846 | 75,028 | ||
Short-term borrowings | 413 | 232 | ||
Income taxes payable | 5,192 | 4,941 | ||
Advances received | 693 | 815 | ||
Provision for bonuses | 6,151 | 7,363 | ||
Provision for bonuses for directors (and other officers) | 134 | 125 | ||
Other | 4,701 | 4,353 | ||
Total current liabilities | 94,515 | 100,190 | ||
Non-current liabilities | ||||
Deferred tax liabilities | 389 | 54 | ||
Retirement benefit liability | 51 | 45 | ||
Other | 5,584 | 5,670 | ||
Total non-current liabilities | 6,025 | 5,769 | ||
Total liabilities | 100,541 | 105,959 | ||
Net assets | ||||
Shareholders' equity | ||||
Share capital | 13,962 | 14,521 | ||
Capital surplus | 14,171 | 14,729 | ||
Retained earnings | 126,868 | 138,223 | ||
Treasury shares | (1,411) | (2,756) | ||
Total shareholders' equity | 153,590 | 164,717 | ||
Accumulated other comprehensive income | ||||
Valuation difference on available-for-sale securities | 7,260 | 6,861 | ||
Deferred gains or losses on hedges | (0) | (0) | ||
Foreign currency translation adjustment | 736 | 851 | ||
Total accumulated other comprehensive income | 7,996 | 7,711 | ||
Share acquisition rights | 683 | 593 | ||
Total net assets | 162,269 | 173,023 | ||
Total liabilities and net assets | 262,811 | 278,983 |
Consolidated statement of income | (Millions of yen) | ||
Fiscal year ended March 31, 2024 | Fiscal year ended March 31, 2025 | ||
Net sales | 345,369 | 384,012 | |
Cost of sales | 288,316 | 318,926 | |
Gross profit | 57,053 | 65,086 | |
Selling, general and administrative expenses | 35,730 | 39,529 | |
Operating profit | 21,322 | 25,556 | |
Non-operating income | |||
Interest income | 72 | 161 | |
Dividend income | 581 | 694 | |
Foreign exchange gains | 394 | 35 | |
Settlement received | 1 | - | |
Other | 323 | 356 | |
Total non-operating income | 1,372 | 1,248 | |
Non-operating expenses | |||
Interest expenses | 18 | 19 | |
Loss on cancellation of insurance policies | 51 | 45 | |
Other | 36 | 42 | |
Total non-operating expenses | 106 | 106 | |
Ordinary profit | 22,589 | 26,698 | |
Extraordinary income | |||
Gain on sale of investment securities | 339 | 188 | |
Gain on sale of non-current assets | 7 | 3 | |
Total extraordinary income | 346 | 192 | |
Extraordinary losses | |||
Impairment losses | - | 173 | |
Loss on valuation of shares of subsidiaries and associates | - | 34 | |
Loss on retirement of non-current assets | 3 | 27 | |
Loss on sale of non-current assets | 0 | - | |
Total extraordinary losses | 3 | 235 | |
Profit before income taxes | 22,932 | 26,654 | |
Income taxes - current | 7,592 | 8,416 | |
Income taxes - deferred | (283) | (545) | |
Total income taxes | 7,309 | 7,870 | |
Profit | 15,623 | 18,783 | |
Profit attributable to owners of parent | 15,623 | 18,783 |
Consolidated statement of comprehensive income | (Millions of yen) | ||
Fiscal year ended March 31, 2024 | Fiscal year ended March 31, 2025 | ||
Profit | 15,623 | 18,783 | |
Other comprehensive income | |||
Valuation difference on available-for-sale securities | 1,925 | (399) | |
Deferred gains or losses on hedges | 3 | 0 | |
Foreign currency translation adjustment | 242 | 115 | |
Total other comprehensive income | 2,171 | (284) | |
Comprehensive income | 17,794 | 18,499 | |
Comprehensive income attributable to | |||
Comprehensive income attributable to owners of parent | 17,794 | 18,499 |
(Millions of yen)
Shareholders' equity | |||||
Share capital | Capital surplus | Retained earnings | Treasury shares | Total shareholders' equity | |
Balance at beginning of period | 13,962 | 14,171 | 118,521 | (1,982) | 144,672 |
Cumulative effects of changes in accounting policies | 102 | 102 | |||
Restated balance | 13,962 | 14,171 | 118,624 | (1,982) | 144,775 |
Changes during period | |||||
Issuance of new shares -exercise of share acquisition rights | - | ||||
Dividends of surplus | (7,261) | (7,261) | |||
Profit attributable to owners of parent | 15,623 | 15,623 | |||
Purchase of treasury shares | (1,580) | (1,580) | |||
Disposal of treasury shares | (117) | 2,151 | 2,034 | ||
Net changes in items other than shareholders' equity | |||||
Total changes during period | - | - | 8,243 | 570 | 8,814 |
Balance at end of period | 13,962 | 14,171 | 126,868 | (1,411) | 153,590 |
Accumulated other comprehensive income | Share acquisition rights | Total net assets | ||||
Valuation difference on available-for-sale securities | Deferred gains or losses on hedges | Foreign currency translation adjustment | Total accumulated other comprehensive income | |||
Balance at beginning of period | 5,335 | (4) | 493 | 5,824 | 731 | 151,228 |
Cumulative effects of changes in accounting policies | 102 | |||||
Restated balance | 5,335 | (4) | 493 | 5,824 | 731 | 151,331 |
Changes during period | ||||||
Issuance of new shares -exercise of share acquisition rights | - | |||||
Dividends of surplus | (7,261) | |||||
Profit attributable to owners of parent | 15,623 | |||||
Purchase of treasury shares | (1,580) | |||||
Disposal of treasury shares | 2,034 | |||||
Net changes in items other than shareholders' equity | 1,925 | 3 | 242 | 2,171 | (48) | 2,123 |
Total changes during period | 1,925 | 3 | 242 | 2,171 | (48) | 10,938 |
Balance at end of period | 7,260 | (0) | 736 | 7,996 | 683 | 162,269 |
(Millions of yen)
Shareholders' equity | |||||
Share capital | Capital surplus | Retained earnings | Treasury shares | Total shareholders' equity | |
Balance at beginning of period | 13,962 | 14,171 | 126,868 | (1,411) | 153,590 |
Cumulative effects of changes in accounting policies | - | ||||
Restated balance | 13,962 | 14,171 | 126,868 | (1,411) | 153,590 |
Changes during period | |||||
Issuance of new shares -exercise of share acquisition rights | 558 | 558 | 1,116 | ||
Dividends of surplus | (7,300) | (7,300) | |||
Profit attributable to owners of parent | 18,783 | 18,783 | |||
Purchase of treasury shares | (2,700) | (2,700) | |||
Disposal of treasury shares | (128) | 1,356 | 1,227 | ||
Net changes in items other than shareholders' equity | |||||
Total changes during period | 558 | 558 | 11,355 | (1,344) | 11,127 |
Balance at end of period | 14,521 | 14,729 | 138,223 | (2,756) | 164,717 |
Accumulated other comprehensive income | Share acquisition rights | Total net assets | ||||
Valuation difference on available-for-sale securities | Deferred gains or losses on hedges | Foreign currency translation adjustment | Total accumulated other comprehensive income | |||
Balance at beginning of period | 7,260 | (0) | 736 | 7,996 | 683 | 162,269 |
Cumulative effects of changes in accounting policies | - | |||||
Restated balance | 7,260 | (0) | 736 | 7,996 | 683 | 162,269 |
Changes during period | ||||||
Issuance of new shares -exercise of share acquisition rights | 1,116 | |||||
Dividends of surplus | (7,300) | |||||
Profit attributable to owners of parent | 18,783 | |||||
Purchase of treasury shares | (2,700) | |||||
Disposal of treasury shares | 1,227 | |||||
Net changes in items other than shareholders' equity | (399) | 0 | 115 | (284) | (89) | (373) |
Total changes during period | (399) | 0 | 115 | (284) | (89) | 10,753 |
Balance at end of period | 6,861 | (0) | 851 | 7,711 | 593 | 173,023 |
(Millions of yen)
Fiscal year ended March 31, 2025Cash flows from operating activities | ||
Profit before income taxes | 22,932 | 26,654 |
Depreciation | 1,975 | 1,718 |
Impairment losses | - | 173 |
Increase (decrease) in provision for bonuses | 624 | 1,212 |
Increase (decrease) in provision for bonuses for directors (and other officers) | (4) | (9) |
Interest and dividend income | (653) | (856) |
Interest expenses | 18 | 19 |
Loss (gain) on sale of investment securities | (339) | (188) |
Decrease (increase) in trade receivables | (5,357) | (369) |
Decrease (increase) in inventories | (2,112) | (1,416) |
Increase (decrease) in trade payables | 1,467 | 5,107 |
Increase (decrease) in accrued consumption taxes | 765 | (151) |
Increase (decrease) in guarantee deposits received | 73 | 92 |
Increase/decrease in other assets/liabilities | 189 | (1,129) |
Other, net | 49 | 275 |
Subtotal | 19,628 | 31,133 |
Interest and dividends received | 652 | 848 |
Interest paid | (19) | (18) |
Income taxes paid | (5,165) | (8,683) |
Net cash provided by (used in) operating activities | 15,097 | 23,279 |
Cash flows from investing activities | ||
Payments into time deposits | (18,000) | (25,000) |
Proceeds from withdrawal of time deposits | 19,000 | 18,000 |
Proceeds from redemption of securities | - | 500 |
Purchase of property, plant and equipment | (1,419) | (1,069) |
Proceeds from sale of property, plant and equipment | 9 | 3 |
Purchase of intangible assets | (539) | (1,588) |
Purchase of investment securities | (33) | (1,449) |
Proceeds from sale of investment securities | 426 | 318 |
Other, net | (20) | (170) |
Net cash provided by (used in) investing activities | (577) | (10,455) |
Cash flows from financing activities | ||
Increase (decrease) in short-term borrowings | - | (232) |
Purchase of treasury shares | (1,580) | (2,700) |
Proceeds from exercise of employee share options | 1,821 | 1,889 |
Dividends paid | (7,259) | (7,299) |
Other, net | (25) | (27) |
Net cash provided by (used in) financing activities | (7,043) | (8,371) |
Effect of exchange rate change on cash and cash equivalents | 138 | 113 |
Net increase (decrease) in cash and cash equivalents | 7,613 | 4,566 |
Cash and cash equivalents at beginning of period | 53,882 | 61,495 |
Cash and cash equivalents at end of period | 61,495 | 66,062 |