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ENGLISH TRANSLATION OF JAPANESE-LANGUAGE DOCUMENT
This is an English translation of the original Japanese-language document and is provided for convenience only. In all cases, the Japanese-language original shall take precedence.
July 29, 2022
Consolidated Financial Results
for the First Three Months of the Fiscal Year Ending March 31, 2023
Company name: | MEISEI INDUSTRIAL CO., LTD. |
Listing: | Tokyo Stock Exchange, Prime |
Securities code: | 1976 |
URL: | https://www.meisei-kogyo.co.jp/en/ |
Representative: | Toshiteru Otani, Representative Director, Chairman and Chief Executive Officer (CEO) |
Inquiries: | Susumu Yamamoto, Executive Officer, General Manager of Finance Division |
TEL: +81-6-6447-0275 |
Scheduled date to file quarterly securities report: | August 10, 2022 |
Scheduled date to commence dividend payments: | - |
Preparation of supplementary material on quarterly financial results: | None |
Holding of quarterly financial results presentation meeting: | None |
(Note: Millions of yen with fractional amounts discarded, unless otherwise noted)
1. Consolidated Financial Results for the First Three Months of the Fiscal Year Ending March 31,
2023 (from April 1, 2022 to June 30, 2022) | |||||||||
(1) Consolidated operating results | |||||||||
(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, 2022 | 12,051 | 9.9 | 1,089 | 10.0 | 1,285 | 16.6 | 838 | 18.6 | |
June 30, 2021 | 10,965 | 8.5 | 990 | 41.5 | 1,102 | 41.8 | 706 | 42.6 | |
Note: | Comprehensive income | |||||
Three months ended June 30, 2022: | ¥1,015 million [ | 33.3%] | ||||
Three months ended June 30, 2021: | ¥761 million [ | 49.6%] | ||||
Net income | Diluted net | |||||
per share | income per share | |||||
Three months ended | Yen | Yen | ||||
June 30, 2022 | 16.85 | － | ||||
June 30, 2021 | 13.78 | － | ||||
(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 | ||
June 30, 2022 | 71,546 | 55,939 | 77.7 | 1,116.42 | ||
March 31, 2022 | 71,149 | 55,924 | 78.1 | 1,116.33 | ||
Reference: Shareholders' equity | ||||||
As of June 30, 2022: | ¥55,566 million | |||||
As of March 31, 2022: | ¥55,562 million |
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2. Cash Dividends
Cash dividends per share | |||||||||
First quarter- | Second quarter- | Third quarter- | Fiscal year-end | Annual | |||||
end | end | end | |||||||
Fiscal year ended | Yen | Yen | Yen | Yen | Yen | ||||
March 31, 2022 | - | 10.00 | - | 20.00 | 30.00 | ||||
Fiscal year ending | |||||||||
March 31, 2023 | - | ||||||||
Fiscal year ending | 10.00 | - | 16.00 | 26.00 | |||||
March 31, 2023 (Forecast) | |||||||||
Note: | Revisions to the cash dividend forecasts most recently announced: None |
3. Consolidated Earnings Forecasts for the Fiscal Year Ending March 31, 2023 (from April 1, 2022 to March 31, 2023)
(Percentages indicate year-on-year changes.)
Net sales | Operating profit | Ordinary profit | Profit attributable | Net income | |||||||
to owners of parent | per share | ||||||||||
Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | Yen | |||
Six months ending | |||||||||||
September 30, 2022 | 24,000 | 7.5 | 2,400 | 22.3 | 2,500 | 15.4 | 1,700 | 19.4 | 34.16 | ||
Fiscal year ending | |||||||||||
March 31, 2023 | 52,000 | 7.5 | 5,400 | 1.1 | 5,500 | (2.5) | 3,650 | (3.8) | 73.33 | ||
Note: | Revisions to the earnings forecasts most recently announced: None |
* Notes
- Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the change in scope of consolidation): None
(2) Application of special accounting for preparing quarterly consolidated financial statements: | None |
- Changes in accounting policies, changes in accounting estimates and restatements of prior period financial statements after error corrections
a. Changes in accounting policies due to revisions to accounting standards and other regulations: None
b. Changes in accounting policies due to other reasons: | None |
c. Changes in accounting estimates: | None |
d. Restatements of prior period financial statements after error corrections: | None |
- Number of issued shares (common shares)
a. Total number of issued shares at end of period (including treasury shares)
As of June 30, 2022 | 56,386,718 shares |
As of March 31, 2022 | 56,386,718 shares |
b. Number of treasury shares at end of period
As of June 30, 2022 | 6,614,768 shares |
As of March 31, 2022 | 6,614,632 shares |
c. Average number of outstanding shares during period
Three months ended June 30, 2022 | 49,772,013 shares |
Three months ended June 30, 2021 | 51,272,353 shares |
Note: The figures stated for the number of treasury shares at end of period include shares of the Company that are held by a trust established to distribute shares to officers (Officers' Share Distribution Trust). The calculation used to calculate the average number of outstanding shares during period excludes treasury shares, which include shares of the Company held by the Officers' Share Distribution Trust.
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- The quarterly financial results are not subject to quarterly review.
-
Proper use of earnings forecasts and other special notes (Caution regarding forward-looking statements)
The forward-looking statements, including earnings forecasts, contained in these materials are based on information currently available to the Company and on certain assumptions deemed to be reasonable. These statements do not purport to be a promise by the Company to realize such statements. Actual business and other results may differ substantially due to various factors.
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Quarterly Consolidated Financial Statements
(1) Quarterly consolidated balance sheets
(Millions of yen) | ||
As of March 31, 2022 | As of June 30, 2022 | |
Assets | ||
Current assets | ||
Cash and deposits | 27,192 | 29,305 |
Notes receivable, accounts receivable from | 21,203 | 18,575 |
completed construction contracts and other | ||
Securities | 300 | 300 |
Costs on construction contracts in progress | 554 | 806 |
Merchandise and finished goods | 278 | 223 |
Raw materials and supplies | 190 | 187 |
Other | 143 | 307 |
Allowance for doubtful accounts | (16) | (15) |
Total current assets | 49,847 | 49,690 |
Non-current assets | ||
Property, plant and equipment | ||
Buildings and structures | 10,040 | 10,065 |
Machinery and vehicles | 4,798 | 4,872 |
Land | 11,200 | 11,790 |
Other | 2,212 | 2,198 |
Accumulated depreciation | (13,148) | (13,280) |
Total property, plant and equipment | 15,102 | 15,646 |
Intangible assets | 74 | 70 |
Investments and other assets | ||
Investment securities | 3,731 | 3,718 |
Investment property | 2,007 | 1,995 |
Retirement benefit asset | 30 | 21 |
Deferred tax assets | 15 | 39 |
Other | 431 | 456 |
Allowance for doubtful accounts | (91) | (94) |
Total investments and other assets | 6,124 | 6,137 |
Total non-current assets | 21,301 | 21,855 |
Total assets | 71,149 | 71,546 |
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(Millions of yen) | ||
As of March 31, 2022 | As of June 30, 2022 | |
Liabilities | ||
Current liabilities | ||
Notes payable, accounts payable for construction | 6,582 | 6,411 |
contracts and other | ||
Accounts payable - trade | 181 | 241 |
Short-term borrowings | 960 | 960 |
Income taxes payable | 847 | 546 |
Contract liabilities | 1,201 | 1,467 |
Provision for bonuses | 432 | 714 |
Provision for bonuses for directors (and other | 85 | － |
officers) | ||
Provision for warranties for completed construction | 94 | 97 |
Other | 1,490 | 1,844 |
Total current liabilities | 11,876 | 12,284 |
Non-current liabilities | ||
Retirement benefit liability | 175 | 150 |
Provision for retirement benefits for directors (and | 168 | 173 |
other officers) | ||
Provision for share awards for directors (and other | 112 | 121 |
officers) | ||
Deferred tax liabilities | 1,948 | 1,933 |
Deferred tax liabilities for land revaluation | 483 | 483 |
Asset retirement obligations | 16 | 16 |
Other | 442 | 442 |
Total non-current liabilities | 3,348 | 3,322 |
Total liabilities | 15,224 | 15,606 |
Net assets | ||
Shareholders' equity | ||
Share capital | 6,889 | 6,889 |
Capital surplus | 999 | 999 |
Retained earnings | 48,317 | 48,154 |
Treasury shares | (3,071) | (3,071) |
Total shareholders' equity | 53,134 | 52,972 |
Accumulated other comprehensive income | ||
Valuation difference on available-for-sale | 932 | 970 |
securities | ||
Revaluation reserve for land | 958 | 958 |
Foreign currency translation adjustment | 427 | 558 |
Remeasurements of defined benefit plans | 108 | 105 |
Total accumulated other comprehensive income | 2,427 | 2,593 |
Non-controlling interests | 362 | 373 |
Total net assets | 55,924 | 55,939 |
Total liabilities and net assets | 71,149 | 71,546 |
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