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 June 30, 2024 (Based on Japanese GAAP)
August 9, 2024 | |||||
Company name: | MICRONICS JAPAN CO.,LTD. | ||||
Stock exchange listing: | Tokyo | ||||
Stock code: | 6871 | URL https://www.mjc.co.jp/en/ | |||
Representative: | President & CEO | Masayoshi Hasegawa | |||
Director & Senior Executive Officer, | |||||
Inquiries: | Deputy General Manager Administration | Yuki Katayama | TEL +81-422-21-2665 | ||
Division | |||||
Scheduled date to file Semi-annual Securities Report: | August 13, 2024 | ||||
Scheduled date to commence dividend payments: | - | ||||
Preparation of supplementary material on financial results: | Yes | ||||
Holding of 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 June 30, 2024 (from January 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 | |||||||||||
Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | ||||
Six months ended June 30, 2024 | 26,171 | 54.1 | 5,764 | 229.3 | 5,806 | 270.0 | 3,685 | 222.4 | |||
Six months ended June 30, 2023 | 16,985 | (13.2) | 1,750 | (57.3) | 1,569 | (64.7) | 1,143 | (60.2) | |||
Earnings per share | Diluted earnings per share | ||||||||||
Yen | Yen | ||||||||||
Six months ended June 30, 2024 | 95.53 | - | |||||||||
Six months ended June 30, 2023 | 29.64 | 29.64 | |||||||||
(2) Consolidated financial position | |||||||||||
Total assets | Net assets | Equity ratio | |||||||||
Millions of yen | Millions of yen | % | |||||||||
As of June 30, 2024 | 63,858 | 45,041 | 70.5 | ||||||||
As of December 31, 2023 | 55,849 | 41,200 | 73.8 |
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 December 31, 2023 | 0.00 | 0.00 | 0.00 | 33.00 | 33.00 |
Year ending December 31, 2024 | 0.00 | 0.00 | |||
Year ending December 31, 2024 (Forecast) | 0.00 | 65.00 | 65.00 |
3. Forecast of consolidated financial results for the year ending December 31, 2024 (from January 1, 2024 to December 31, 2024)
Percentages indicate year-on-year changes
Net sales | Operating profit | Ordinary profit | Profit attributable to | Earnings per share | |||||
owners of parent | |||||||||
Nine months ending | Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | Yen |
40,000 | 56.7 | 8,700 | 226.6 | 8,800 | 221.5 | 5,800 | 234.0 | 150.33 | |
September 30, 2024 | |||||||||
Full year | 55,000 | 43.6 | 11,600 | 118.4 | 11,700 | 106.2 | 8,300 | 101.1 | 215.12 |
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4. Notes | |||||
(1) | Significant changes in the scope of consolidation during the six months ended June 30, 2024: | No | |||
(2) | Application of special accounting methods for preparing interim consolidated financial statements: | No | |||
(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 June 30, 2024 | 40,025,316 shares | As of December 31, 2023 | 40,025,316 shares | ||
Number of treasury shares at the end of the period | |||||
As of June 30, 2024 | 1,434,852 shares | As of December 31, 2023 | 1,443,877 shares | ||
Average number of shares during the period (cumulative from the beginning of the fiscal year) | |||||
Six months ended June 30, 2024 | 38,582,388 shares | Six months ended June 30, 2023 | 38,570,398 shares |
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Interim consolidated financial statements
Consolidated balance sheets
(Millions of yen) | ||
As of December 31, 2023 | As of June 30, 2024 | |
Assets | ||
Current assets | ||
Cash and deposits | 17,989 | 21,127 |
Notes and accounts receivable - trade, and contract assets | 8,224 | 8,151 |
Finished goods | 865 | 821 |
Work in process | 4,289 | 5,440 |
Raw materials and supplies | 2,374 | 2,357 |
Other | 868 | 1,442 |
Allowance for doubtful accounts | (40) | (42) |
Total current assets | 34,571 | 39,299 |
Non-current assets | ||
Property, plant and equipment | ||
Buildings and structures, net | 5,231 | 5,193 |
Machinery, equipment and vehicles, net | 4,129 | 4,756 |
Other, net | 8,420 | 9,861 |
Total property, plant and equipment | 17,781 | 19,812 |
Intangible assets | 1,004 | 1,061 |
Investments and other assets | ||
Investment securities | 773 | 1,513 |
Retirement benefit asset | 211 | 210 |
Other | 1,720 | 2,202 |
Allowance for doubtful accounts | (214) | (240) |
Total investments and other assets | 2,491 | 3,686 |
Total non-current assets | 21,277 | 24,559 |
Total assets | 55,849 | 63,858 |
Liabilities | ||
Current liabilities | ||
Notes and accounts payable - trade | 5,010 | 6,752 |
Short-term borrowings | 966 | 678 |
Income taxes payable | 442 | 2,451 |
Provision for bonuses | 1,106 | 1,444 |
Provision for bonuses for directors (and other officers) | 162 | - |
Provision for product warranties | 479 | 778 |
Other | 3,919 | 4,332 |
Total current liabilities | 12,085 | 16,436 |
Non-current liabilities | ||
Long-term borrowings | 372 | 194 |
Retirement benefit liability | 2,127 | 2,122 |
Other | 63 | 63 |
Total non-current liabilities | 2,563 | 2,380 |
Total liabilities | 14,649 | 18,817 |
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(Millions of yen) | ||
As of December 31, 2023 | As of June 30, 2024 | |
Net assets | ||
Shareholders' equity | ||
Share capital | 5,018 | 5,018 |
Capital surplus | 6,029 | 6,091 |
Retained earnings | 29,047 | 31,459 |
Treasury shares | (1,275) | (1,266) |
Total shareholders' equity | 38,819 | 41,303 |
Accumulated other comprehensive income | ||
Valuation difference on available-for-sale securities | 367 | 882 |
Foreign currency translation adjustment | 1,836 | 2,709 |
Remeasurements of defined benefit plans | 176 | 145 |
Total accumulated other comprehensive income | 2,381 | 3,738 |
Total net assets | 41,200 | 45,041 |
Total liabilities and net assets | 55,849 | 63,858 |
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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 | |
June 30, 2023 | June 30, 2024 | |
Net sales | 16,985 | 26,171 |
Cost of sales | 9,832 | 13,612 |
Gross profit | 7,153 | 12,559 |
Selling, general and administrative expenses | 5,402 | 6,794 |
Operating profit | 1,750 | 5,764 |
Non-operating income | ||
Interest income | 32 | 33 |
Dividend income | 7 | 7 |
Rental income | 30 | 33 |
Received incentive | 52 | - |
Other | 26 | 24 |
Total non-operating income | 148 | 99 |
Non-operating expenses | ||
Interest expenses | 3 | 3 |
Commission expenses | 202 | 15 |
Foreign exchange losses | 121 | 36 |
Other | 2 | 1 |
Total non-operating expenses | 329 | 57 |
Ordinary profit | 1,569 | 5,806 |
Extraordinary income | ||
Gain on sale of non-current assets | 2 | 13 |
Gain on reversal of share acquisition rights | 56 | - |
Total extraordinary income | 59 | 13 |
Extraordinary losses | ||
Loss on sale of non-current assets | - | 0 |
Loss on retirement of non-current assets | 4 | 0 |
Total extraordinary losses | 4 | 0 |
Profit before income taxes | 1,624 | 5,818 |
Income taxes - current | 421 | 2,354 |
Income taxes - deferred | 59 | (221) |
Total income taxes | 481 | 2,132 |
Profit | 1,143 | 3,685 |
Profit attributable to owners of parent | 1,143 | 3,685 |
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Consolidated statements of comprehensive income (cumulative)
(Millions of yen) | |||
Six months ended | Six months ended | ||
June 30, 2023 | June 30, 2024 | ||
Profit | 1,143 | 3,685 | |
Other comprehensive income | |||
Valuation difference on available-for-sale securities | 131 | 514 | |
Foreign currency translation adjustment | 599 | 873 | |
Remeasurements of defined benefit plans, net of tax | (21) | (31) | |
Total other comprehensive income | 709 | 1,357 | |
Comprehensive income | 1,852 | 5,042 | |
Comprehensive income attributable to | |||
Comprehensive income attributable to owners of parent | 1,852 | 5,042 |
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Consolidated statements of cash flows
(Millions of yen) | ||
Six months ended | Six months ended | |
June 30, 2023 | June 30, 2024 | |
Cash flows from operating activities | ||
Profit before income taxes | 1,624 | 5,818 |
Depreciation | 1,014 | 1,205 |
Increase (decrease) in retirement benefit liability | 33 | (20) |
Decrease (increase) in retirement benefit asset | (2) | (22) |
Increase (decrease) in provision for bonuses | (375) | 335 |
Increase (decrease) in provision for product warranties | 19 | 295 |
Increase (decrease) in allowance for doubtful accounts | 17 | 27 |
Increase (decrease) in provision for bonuses for directors (and | (360) | (162) |
other officers) | ||
Interest and dividend income | (39) | (40) |
Interest expenses | 3 | 3 |
Decrease (increase) in notes and accounts receivable-trade | 2,001 | 321 |
and contract assets | ||
Decrease (increase) in inventories | 448 | (856) |
Increase (decrease) in trade payables | (1,484) | 1,373 |
Other, net | (584) | (124) |
Subtotal | 2,316 | 8,154 |
Interest and dividends received | 39 | 40 |
Interest paid | (3) | (3) |
Income taxes refund | - | 1 |
Income taxes paid | (1,183) | (424) |
Net cash provided by (used in) operating activities | 1,169 | 7,767 |
Cash flows from investing activities | ||
Payments into time deposits | (610) | (1,469) |
Proceeds from withdrawal of time deposits | 415 | 1,477 |
Purchase of property, plant and equipment | (2,188) | (2,811) |
Proceeds from sale of property, plant and equipment | 2 | 6 |
Other payments | (80) | (600) |
Other proceeds | 6 | 6 |
Net cash provided by (used in) investing activities | (2,453) | (3,391) |
Cash flows from financing activities | ||
Proceeds from short-term borrowings | 300 | 300 |
Repayments of short-term borrowings | (300) | (480) |
Proceeds from long-term borrowings | 750 | - |
Repayments of long-term borrowings | (1,034) | (286) |
Purchase of treasury shares | (0) | (0) |
Dividends paid | (2,274) | (1,273) |
Proceeds from exercise of employee share options | 34 | - |
Net cash provided by (used in) financing activities | (2,524) | (1,739) |
Effect of exchange rate change on cash and cash equivalents | 254 | 416 |
Net increase (decrease) in cash and cash equivalents | (3,553) | 3,052 |
Cash and cash equivalents at beginning of period | 21,004 | 16,423 |
Cash and cash equivalents at end of period | 17,450 | 19,475 |
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