Financial Statements for the Fiscal Year Ended December 31, 2024
KOBAYASHI PHARMACEUTICAL CO., LTD.
Summary of Financial Statements (Japanese GAAP) (Consolidated)
Financial Results for the Fiscal Year Ended December 31, 2024
February 10, 2025
Listed exchanges | : Tokyo | |
Listed company name | : Kobayashi Pharmaceutical Co., Ltd. | |
Code | : 4967 | |
URL | :https://www.kobayashi.co.jp/english/index.html | |
Representative officer | : Satoshi Yamane, President & COO | |
Contact | : Yumi Nakagawa, | |
Executive Officer, General Manager, Financial Department | ||
Tel | : +81-6-6222-0142 | |
Expected date of general meeting of shareholders: | March 28, 2025 | |
Expected date for starting payment of dividends: | March 14, 2025 | |
Expected date for filing financial report with the Finance Ministry: | March 28, 2025 |
Preparation of supplementary explanation documents for Financial Statements: Yes
Holding of an analyst meeting for the financial results: Yes (For analysts and investors)
(Any fraction less than 1 million yen is rounded down to the nearest million yen.)
1. Consolidated Results for Fiscal Year Ended December 31, 2024
(January 1, 2024 to December 31, 2024)
(1) Consolidated Operating Results | (% figures represent changes from previous period.) | ||||||
FY ended December 31, 2024 | FY ended December 31, 2023 | ||||||
Net sales | 165,600 | millions | (4.5) | % | 173,455 | millions | 4.3 % |
of yen | of yen | ||||||
Operating income | 24,860 | (3.6) | 25,780 | (3.3) | |||
Ordinary income | 26,861 | (1.7) | 27,330 | (3.4) | |||
Net income attributable to owners of the | 10,067 | (50.5) | 20,338 | 1.6 | |||
parent | |||||||
Net income per share | 135.42 | yen | 268.16 | yen | |||
Diluted net income per share | - | - | |||||
Return on equity | 4.8 | 10.1 | |||||
Return on assets | 10.1 | 10.4 | |||||
Ratio of operating income to net sales | 15.0 | 14.9 | |||||
(Note) Comprehensive income | |||||||
FY ended December 31, 2024: 15,921 million yen (−38.7%) | FY ended December 31, 2023: 25,957 million yen (13.8%) |
(Note) Diluted net income per share for the consolidated fiscal year under review is omitted since there were no potential ordinary shares with a dilutive effect.
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Financial Statements for the Fiscal Year Ended December 31, 2024
KOBAYASHI PHARMACEUTICAL CO., LTD.
(2) Consolidated Financial Position
FY ended December 31, 2024 | FY ended December 31, 2023 | ||||
Total assets | 265,368 | millions of yen | 267,473 | millions of yen | |
Net assets | 213,471 | 204,816 | |||
Shareholders' equity ratio | 80.2 | % | 76.4 | % | |
Net assets per share | 2,862.28 | yen | 2,749.17 | yen | |
(Reference) Shareholders' equity | |||||
FY ended December 31, 2024: 212,778 million yen | FY ended December 31, 2023: 204,370 million yen | ||||
(3) Consolidated Cash Flow | |||||
FY ended December 31, 2024 | FY ended December 31, 2023 | ||||
Net cash provided by (used in) | 11,246 | millions of yen | 18,360 | millions of yen | |
operating activities | |||||
Net cash provided by (used in) | (18,415) | (19,576) | |||
investing activities | |||||
Net cash provided by (used in) | (7,768) | (19,463) | |||
financing activities | |||||
Cash and cash equivalents at | 45,973 | 59,690 | |||
period-end | |||||
2. Dividends
FY ended December 31, 2023 | FY ended December 31, | FY ending December 31, | ||||
2024 | 2025 (forecasts) | |||||
Dividends per share | ||||||
Q1 end | - | ⎯ | ⎯ | |||
Q2 end | 43.00 | yen | 43.00 | yen | 44.00 | yen |
Q3 end | ⎯ | ⎯ | ⎯ | |||
Year-end | 58.00 | 59.00 | 60.00 | |||
Total | 101.00 | 102.00 | 104.00 | |||
Total dividends | 7,585 | millions of yen | 7,582 | millions of yen | ||
Payout ratio (consolidated) | 37.7 | % | 75.3 | % | 73.6 | % |
Ratio of dividends to net assets | 3.8 | 3.6 | ||||
(consolidated) | ||||||
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Financial Statements for the Fiscal Year Ended December 31, 2024
KOBAYASHI PHARMACEUTICAL CO., LTD.
3. Forecasts of Consolidated Operational Results for Fiscal Year Ending December 31, 2025
(January 1, 2025 to December 31, 2025)
(% figures represent changes from previous period.)
Full year | ||||
Net sales | 171,000 | millions of yen | 3.3 | % |
Operating income | 14,000 | (43.7) | ||
Ordinary income | 15,300 | (43.0) | ||
Net income attributable to owners of the parent | 10,500 | 4.3 | ||
Net income per share | 141.25 | yen | ||
* Notes
-
Significant changes in the scope of consolidation during the period under review: Yes
Included: One company; (Company name) KOBAYASHI Pharmaceutical Manufacturing (Thailand) Co., Ltd - Changes in accounting policies, changes in accounting estimates and retrospective restatement Changes in accounting policies due to revisions of accounting standards: None
Changes in accounting policies other than : None
Changes in accounting estimates: None
Retrospective restatement: None
(3) Issued shares (common shares) | ||||
Number of shares issued at | FY ended | 78,050,000 | FY ended | 78,050,000 |
period-end (including treasury stock): | December 31, 2024 | shares | December 31, 2023 | shares |
Number of shares of | FY ended | 3,711,181 | FY ended | 3,711,086 |
treasury stock at period-end: | December 31, 2024 | shares | December 31, 2023 | shares |
Average number of shares outstanding | FY ended | 74,338,896 | FY ended | 75,842,844 |
during period: | December 31, 2024 | shares | December 31, 2023 | shares |
* This brief report of financial statements is | not subject to audit | procedures by | a certified public accountant or an | |
independent auditor. |
* Notes on proper use of forecasts and other matters
The forward-looking statements in this document concerning forecasting of operational results, etc., are based on currently available information and assumptions considered reasonable by the Company. Actual operational results may be significantly different from these statements due to various factors. For matters concerning forecasts for operational results, please refer to "1. Overview of Operational Results, etc., (4) Forecast for Year Ending December 31, 2025" on page 5 of the attachment.
(Method to obtain the supplementary explanation documents for Financial Statements)
The Company plans to hold a results presentation for institutional investors and securities analysts on Monday, February 10, 2025. It plans to post the supplementary documents for financial results to be distributed in the results presentation on its website on the date of the results presentation.
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Financial Statements for the Fiscal Year Ended December 31, 2024
KOBAYASHI PHARMACEUTICAL CO., LTD.
- Table of contents for the attachment
1. Overview of Operational Results, etc. ...................................................................................................... 2 | ||
(1) | Overview of Operational Results for FY Ended December 31, 2024 | 2 |
(2) | Overview of Financial Position for FY Ended December 31, 2024 | 4 |
(3) | Overview of Cash Flows for FY Ended December 31, 2024 | 4 |
(4) | Forecast for Year Ending December 31, 2025 | 5 |
(5) | Basic Policy for Profit Distribution and Dividend Payments | |
for Fiscal Year Ended December 31, 2024 and Fiscal Year Ending December 31, 2025 | 6 | |
2. Basic Policy for the Selection of Accounting Standards | 6 | |
3. Consolidated Financial Statements and Main Notes | 7 | |
(1) | Consolidated Balance Sheet | 7 |
(2) | Consolidated Income Statement and Consolidated Comprehensive Income Statement | 9 |
(3) | Consolidated Statement of Shareholders' Equity | 12 |
(4) | Consolidated Statement of Cash Flows | 14 |
(Per share information) | 17 | |
(Important subsequent event) | 17 |
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Financial Statements for the Fiscal Year Ended December 31, 2024
KOBAYASHI PHARMACEUTICAL CO., LTD.
1. Overview of Operational Results, etc.
- Overview of Operational Results for FY Ended December 31, 2024
Overview of Consolidated Results | (Unit: millions of yen) | ||||||
Previous Year | Current Year | Change | |||||
(FY ended December 31, 2023) | (FY ended December 31, 2024) | ||||||
Amount | Ratio | Amount | Ratio | Amount | Change | ||
(%) | (%) | (%) | |||||
Net sales | 173,455 | 100.0 | 165,600 | 100.0 | (7,854) | (4.5) | |
Operating income | 25,780 | 14.9 | 24,860 | 15.0 | (919) | (3.6) | |
Ordinary income | 27,330 | 15.8 | 26,861 | 16.2 | (469) | (1.7) | |
Net income attributable to | 20,338 | 11.7 | 10,067 | 6.1 | (10,270) | (50.5) | |
owners of the parent | |||||||
Net income per share | 268.16 | 135.42 | (132.74) | (49.5) | |||
(yen) | |||||||
We sincerely apologize for the significant inconvenience and concern caused to our valued customers who have suffered health issues, as well as to our shareholders and all other stakeholders surrounding our company, regarding our benikoji-related products.
Under the initiative of the authorities, the Company has been conducting investigations, including the identification of the contamination pathway. At the same time, it will sincerely address compensation to customers who developed health problems and continue making greater efforts to prevent a recurrence of the incident and restore trust.
During the consolidated fiscal year under review (January 1, 2024 to December 31, 2024), economic activity resumed in many countries, and the number of people moving across countries and regions showed an upward trend along with the lessening of the number of new COVID-19 cases. However, in addition to rising geopolitical risks, there were concerns about a slowdown in consumption due to soaring raw material prices and higher energy costs. Accordingly, the outlook for the business environment surrounding the Kobayashi Pharmaceutical Group continued to remain uncertain.
As a result, net sales, operating income, ordinary income, and net income attributable to owners of the parent were 165,600 million yen (−4.5% year on year), 24,860 million yen (−3.6% year on year), 26,861 million yen (−1.7% year on year), and 10,067 million yen (−50.5% year on year), respectively.
Business results by segment were as follows:
Domestic Business
In the Domestic Business, the Company launched 15 new products in the spring of and another 17 in the fall of the current year. The products that contributed to growth in sales were Hipcure (an ointment for rash, eczema, etc. on the buttocks), Sawaday+ &Emotion (a functional air freshener with fragrances formulated to stabilize emotions), Shoshugen ZERO (an unscented deodorizer that is effective in removing 10 major household unpleasant smells without masking them with fragrances), and Curerea Dry (a drug to cure recurring skin troubles due to a weakened skin barrier function, such as dryness, roughness, and inflammation of the face, that works from within).
In addition, as the number of foreigners visiting Japan increased, demand for its products from inbound tourists rose, contributing to sales growth.
However, sales in the food category, including nutritional supplements, were sluggish due to the impact of a voluntary recall of benikoji-related products, and sales of healthcare products declined.
On the other hand, although the Company suspended advertisements of all its products in Japan from March 22, 2024 after it announced a voluntary recall of benikoji-related products, sales of household products, especially led by deodorizing air fresheners, grew. Despite steady sales driven by lower temperatures this season, sales of body warmers declined due to an increase in returns resulting from the mild winter of the previous season. Furthermore, in the Direct Marketing Business, sales decreased due to an increase in the cancellation of regular subscriptions.
Consequently, the Company reported net sales of 123,924 million yen (−9.2% year on year) and segment income of 23,217 million yen (+5.4% year on year).
Net sales included inter-segment sales or transfers, which totaled 6,041 million yen in the previous consolidated fiscal year and 4,023 million yen in the consolidated year under review.
(Breakdown of sales to external customers)
(Unit: millions of yen)
Previous Year | Current Year | Change | ||
(FY ended | (FY ended | |||
Amount | Change (%) | |||
December 31, 2023) | December 31, 2024) | |||
Healthcare products | 67,012 | 59,194 | (7,818) | (11.7) |
Household products | 49,060 | 50,161 | 1,101 | 2.2 |
Body warmers | 6,917 | 6,039 | (878) | (12.7) |
Direct marketing | 7,507 | 4,505 | (3,001) | (40.0) |
Total | 130,497 | 119,901 | (10,596) | (8.1) |
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Financial Statements for the Fiscal Year Ended December 31, 2024
KOBAYASHI PHARMACEUTICAL CO., LTD.
International Business
In the International Business, the Company markets body warmers, Netsusama Sheet (a cooling gel sheet for the forehead) and Ammeltz (an external anti-inflammatory), mostly in the United States, China, and Southeast Asia, and sought to expand sales by aggressively investing principally in advertising and sales promotion.
In the United States, the acquisition of Focus Consumer Healthcare, LLC, which markets nutritional supplements and OTC pharmaceuticals, in October 2023 contributed to growth in sales. Furthermore, growth in sales, driven by positive foreign currency translation effects, led to an increase in net sales.
In China, the Company experienced a decline in sales. This was primarily due to the suspension of advertisements from March 22 to August 2024 following the voluntary recall of benikoji-related products, coupled with a lower prevalence of infectious diseases, including influenza, compared to previous years, which resulted in reduced demand for Netsusama Sheets.
In Southeast Asia, sales of Netsusama Sheet and Ammeltz, mainstay products, increased robustly. Furthermore, the positive effects of the weaker yen contributed to growth in net sales.
As a result, net sales and segment income were 46,841 million yen (+6.1% year on year) and 1,272 million yen (−60.5% year on year), respectively.
Net sales include inter-segment sales or transfers, which totaled 1,837 million yen in the previous consolidated fiscal year and 1,659 million yen in the consolidated fiscal year under review.
(Breakdown of sales to external customers)
(Unit: millions of yen)
Previous Year | Current Year | Change | ||
(FY ended | (FY ended | |||
Amount | Change (%) | |||
December 31, 2023) | December 31, 2024) | |||
United States | 17,057 | 21,246 | 4,188 | 24.6 |
China | 13,652 | 11,082 | (2,569) | (18.8) |
Southeast Asia | 7,932 | 8,575 | 643 | 8.1 |
Others | 3,653 | 4,276 | 622 | 17.0 |
Total | 42,295 | 45,181 | 2,885 | 6.8 |
Other Businesses
Businesses in this segment include the transportation business, the manufacture and sale of plastic containers, real estate management, and advertising planning and production. The companies in this business segment operate individually on a financially independent basis, and their delivery prices of materials and services were reviewed and revised as necessary.
As a result, net sales and segment income were 6,511 million yen (−7.8% year on year) and 264 million yen (−46.3% year on year), respectively.
Net sales include inter-segment sales or transfers, which totaled 6,398 million yen in the previous consolidated fiscal year and 5,993 million yen in the consolidated fiscal year under review.
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Financial Statements for the Fiscal Year Ended December 31, 2024
KOBAYASHI PHARMACEUTICAL CO., LTD.
- Overview of Financial Position for FY Ended December 31, 2024 (Consolidated Financial Position)
(Unit: millions of yen) | |||
Previous Year | Current Year | ||
(FY ended December 31, | (FY ended December 31, | Change | |
2023) | 2024) | ||
Total assets | 267,473 | 265,368 | (2,105) |
Net assets | 204,816 | 213,471 | 8,654 |
Shareholders' equity ratio | 76.4% | 80.2% | 3.8% |
Net assets per share (yen) | 2,749.17 | 2,862.28 | 113.11 |
The Company's financial position in the consolidated fiscal year under review is as follows:
Total assets decreased by 2,105 million yen from the balance as of the end of the previous consolidated fiscal year to 265,368 million yen. This was attributable mainly to a decline of 20,663 million yen in cash and deposits, a fall of 3,585 million yen in notes and accounts receivable-trade, an increase of 6,572 million yen in short-term investment securities, a growth of 1,835 million yen in merchandise and finished goods, a rise of 21,850 million yen in buildings and structures (net), an increase of 1,323 million yen in machinery, equipment and vehicles (net), a decrease of 5,273 million yen in construction in progress, and a decline of 7,507 million yen in investment securities.
Liabilities decreased by 10,759 million yen from the balance as of the end of the previous consolidated fiscal year to 51,896 million yen. This was attributable mainly to a decrease of 2,135 million yen in electronically recorded obligations-operating, a decline of 7,920 million yen in accounts payable-other, a fall of 2,145 million yen in income taxes payable, and an increase of 3,970 million yen in provision for product recall-related losses.
Net assets increased by 8,654 million yen from the balance as of the end of the previous consolidated fiscal year to 213,471 million yen, bringing the shareholders' equity ratio to 80.2%. This was attributable mainly to an increase of 2,559 million yen in retained earnings and a rise of 5,896 million yen in foreign currency translation adjustment.
- Overview of Cash Flows for FY Ended December 31, 2024 (Consolidated Cash Flow)
(Unit: millions of yen) | |||
Previous Year | Current Year | ||
(FY ended December 31, | (FY ended December 31, | Change | |
2023) | 2024) | ||
Net cash provided by (used in) | 18,360 | 11,246 | (7,113) |
operating activities | |||
Net cash provided by (used in) | (19,576) | (18,415) | 1,161 |
investing activities | |||
Free cash flow | (1,216) | (7,168) | (5,952) |
Net cash provided by (used in) | (19,463) | (7,768) | 11,695 |
financing activities | |||
Cash and cash equivalents at | 59,690 | 45,973 | (13,717) |
period-end | |||
Cash flows from operating activities
Net cash provided by operating activities totaled 11,246 million yen. The major factors were income before income taxes of 13,914 million yen, depreciation of 6,615 million yen, an increase in provision for product recall-related losses of 3,970 million yen, a decrease in notes and accounts receivable - trade of 4,780 million yen, a decline in notes and accounts payable - trade of 2,931 million yen, a fall in accounts payable - other of 6,060 million yen, and income taxes paid of 7,471 million yen.
Cash flows from investing activities
Net cash used in investing activities totaled 18,415 million yen. The major factors affecting this cash flow were payments into time deposits of 30,293 million yen, proceeds from withdrawal of time deposits of 35,405 million yen, and purchase of property, plant and equipment of 26,056 million yen.
Cash flows from financing activities
Net cash used in financing activities totaled 7,768 million yen. The major factor affecting this cash flow was cash dividends paid of 7,505 million yen.
Consequently, cash and cash equivalents as of December 31, 2024 totaled 45,973 million yen, a decrease of 13,717 million yen from the end of the previous fiscal year.
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Financial Statements for the Fiscal Year Ended December 31, 2024
KOBAYASHI PHARMACEUTICAL CO., LTD.
(4) Forecast for Year Ending December 31, 2025
(Unit: millions | of yen) | |||||
Current Year | Next Year | Percentage | ||||
(FY ended December 31, 2024) | (FY ending December 31, 2025) | |||||
change | ||||||
Ratio | Ratio | |||||
Amount | Amount | (%) | ||||
(%) | (%) | |||||
Net sales | 165,600 | 100.0 | 171,000 | 100.0 | 3.3 | |
Operating income | 24,860 | 15.0 | 14,000 | 8.2 | (43.7) | |
Ordinary income | 26,861 | 16.2 | 15,300 | 8.9 | (43.0) | |
Net income attributable to owners | 10,067 | 6.1 | 10,500 | 6.1 | 4.3 | |
of the parent | ||||||
Net income per share (yen) | 135.42 | 141.25 | 4.3 | |||
The number of foreign travelers visiting Japan has surpassed the pre-COVID-19 pandemic levels, and inbound demand has continued to grow accordingly. Additionally, with improvements in employment and income conditions, expectations for an economic recovery are increasing. However, the outlook for the business environment is expected to remain uncertain due to the upward pressure on domestic prices caused by rising raw material prices and energy costs, as well as growing geopolitical risks.
Under these circumstances, the Company expects consolidated net sales for the next fiscal year to be 171,000 million yen, operating income of 14,000 million yen, ordinary income of 15,300 million yen, and net income attributable to owners of the parent company of 10,500 million yen.
The management team will increase investments in quality assurance to address product quality concerns, as well as in human resources, while undertaking large-scale capital expenditures both domestically and internationally (such as investments in new facilities) to support overseas growth.
On February 14, 2023, Kobayashi Pharmaceutical announced its medium-term management plan, with the final year being the fiscal year ending December 2025. Since then, the Company has been implementing various initiatives to achieve the plan's objectives. However, due to the recall incident involving benikoji-related products, the consolidated performance for the fiscal year ended December 2024 has deviated significantly from the assumptions outlined in the medium-term management plan announced on February 14, 2023. As a result, the management team has decided to withdraw the medium-term management plan, as it believes that the performance targets, strategic objectives, and KPIs set in the medium-term management plan should be revised to reflect the current circumstances.
Currently, in line with the "Measures to Prevent Recurrence" announced on September 17, 2024, Kobayashi Pharmaceutical has been implementing the following initiatives: "Awareness Raising and Structural Enhancement regarding Quality and Safety," "Fundamental Reform of Corporate Governance," and "Rebuilding Kobayashi Pharmaceutical through the Unified Efforts of All Employees." As part of the action plan for a new Kobayashi Pharmaceutical, the Company will formulate and implement "Advancing Structural Reforms" and "Establishing a Fundamental Development Policy for Growth Resumption."
(1) Advancing Structural Reforms
a. Promotion of Portfolio Management Approach
In the past, Kobayashi Pharmaceutical focused primarily on business expansion, which required allocating limited resources across multiple business segments, resulting in a dispersion of investments. As a result, the Company downplayed investments in areas that contributed less directly to business growth, such as quality assurance. To drive sustainable business growth over the medium to long term, the management team believes it is crucial to define core and transformational areas while adjusting the portfolio to adapt to changes in the external environment. Therefore, Kobayashi Pharmaceutical will actively advance a portfolio management approach. Going forward, the Company will implement strategic guidelines with distinct focuses for each category, which will also facilitate the reorganization of its product mix. Through this initiative, the management team aims to restore the revenue structure and, ultimately, enhance gross profit margins.
As part of its short-term initiatives, the Company regards optimizing the number of SKUs and improving advertising efficiency as critical priorities. The following measures will be implemented to address these priorities:
-
Optimization of the Number of SKUs
To enhance productivity, quality, and profitability, the Company aims to reduce the number of SKUs by around 25%. Additionally, as part of its business model, it will carefully assess and determine the optimal number of SKUs. (Note: "SKU" refers to Stock Keeping Unit, the smallest unit of a product.) - Improvement of Advertising Efficiency
By shifting to web advertising, the Company aims to enhance its ability to engage the target audience for each brand. The goal is to achieve a 20% improvement in advertising effectiveness. It will optimize advertising investments across different brands and media channels to achieve this objective.
-
Optimization of the Number of SKUs
- Review of Unprofitable Businesses
In addition to reducing fixed costs, the Company will implement comprehensive management reforms aimed at optimizing resource allocation of resources for quality and safety investment, including the potential restructuring or divestment of unprofitable businesses.
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Financial Statements for the Fiscal Year Ended December 31, 2024
KOBAYASHI PHARMACEUTICAL CO., LTD.
(2) Basic Development Policy for Achieving Growth Resumption a. New Product Development
The Company is committed to advancing the development of new products that prioritize reliable quality and functionality, ensuring customer satisfaction and repeat purchases. Furthermore, following a product launch, the
Company will focus on continuous improvements from the customer's perspective and maintain effective communication about the product. The aim is to create products that become deeply integrated into customers' lives and continue to be valued for over five years, ultimately establishing them as indispensable items with enhanced long-term value.
b. Overseas Business Growth
The Company will continue to position its overseas business as a key growth driver, with a strong focus on establishing global brands while further enhancing investments. Simultaneously, to ensure the efficient allocation of limited resources, the Company will identify high-growth markets and develop tailored strategies for each region. For instance, in Southeast Asia, the Company plans to pursue aggressive expansion into growth markets following Thailand and Malaysia. Through disciplined investment strategies, the Company aims to maximize expected returns.
c. Foundation for New Businesses
To reassess the approach to new business development, the Company has established a new organization, the New Business Preparation Office, independent from its existing operations, in the current fiscal year. Moving forward, the Company will clearly define its strategic focus areas and consolidate resources to drive these initiatives. Through these efforts, the Company is committed to restoring profitability to the previous level within three years.
-
Basic Policy for Profit Distribution and Dividend Payments for Fiscal Year Ended December 31, 2024 and Fiscal Year Ending December 31, 2025
Kobayashi Pharmaceutical regards returns to shareholders as one of its most important management tasks, and has been striving to enhance corporate value by generating higher cash flow. To that end, it will maintain healthy management and actively invest in businesses with high growth potential. While setting the stable payment of dividends as its basic policy, the Company aims to enhance returns to shareholders by paying reasonable dividends based on its consolidated operational results.
Under the above policy, Kobayashi Pharmaceutical pays dividends twice a year (an interim dividend and a year-end dividend) and proposes to pay a regular dividend to shareholders of 102 yen (including an interim dividend of 43 yen per share and a year-end dividend of 59 yen per share) for the year ended December 31, 2024 as initially forecasted. For the year ending December 31, 2025, the Company plans to pay a regular dividend of 104 yen per share (including an interim dividend of 44 yen per share and a year-end dividend of 60 yen per share).
2. Basic Policy for the Selection of Accounting Standards
Considering situations in Japan and overseas, the Company will appropriately deal with the application of Internal Financial Reporting Standards (IFRS).
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Financial Statements for the Fiscal Year Ended December 31, 2024
KOBAYASHI PHARMACEUTICAL CO., LTD.
3. Consolidated Financial Statements and Main Notes
- Consolidated Balance Sheet
(millions of yen) | |||
Previous consolidated | Current consolidated | ||
fiscal year | fiscal year | ||
(December 31, 2023) | (December 31, 2024) | ||
ASSETS | |||
Current assets | |||
Cash and deposits | 71,536 | 50,873 | |
Notes and accounts receivable-trade | 53,028 | 49,442 | |
Short-term investment securities | 8,300 | 14,872 | |
Merchandise and finished goods | 13,308 | 15,143 | |
Work in process | 1,767 | 2,091 | |
Raw materials and supplies | 7,006 | 6,929 | |
Other | 3,427 | 5,174 | |
Allowance for doubtful accounts | (44) | (58) | |
Total current assets | 158,331 | 144,468 | |
Non-current assets | |||
Property, plant and equipment | |||
Buildings and structures, net | 10,611 | 32,461 | |
Machinery, equipment and vehicles, net | 5,152 | 6,476 | |
Tools, furniture and fixtures, net | 1,501 | 2,485 | |
Land | 4,900 | 5,947 | |
Leased assets, net | 964 | 815 | |
Construction in progress | 24,534 | 19,261 | |
Total property, plant and equipment | 47,665 | 67,448 | |
Intangible assets | |||
Goodwill | 9,655 | 9,260 | |
Trademark rights | 8,792 | 8,220 | |
Software | 2,664 | 2,662 | |
Other | 501 | 530 | |
Total intangible assets | 21,614 | 20,674 | |
Investments and other assets | |||
Investment securities | 32,124 | 24,617 | |
Long-term loans receivable | 1,132 | 1,269 | |
Retirement benefit asset | 292 | 750 | |
Deferred tax assets | 2,647 | 3,087 | |
Real estate for investment, net | 2,678 | 2,650 | |
Other | 2,163 | 1,730 | |
Allowance for doubtful accounts | (1,176) | (1,328) | |
Total investments and other assets | 39,862 | 32,777 | |
Total non-current assets | 109,142 | 120,900 | |
Total assets | 267,473 | 265,368 | |
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