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 Year Ended December 31, 2024
(Based on Japanese GAAP)
February 14, 2025 | ||||||||||||||||||||||||||
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 of ordinary general meeting of shareholders: | March 27, 2025 | |||||||||||||||||||||||||
Scheduled date to file Securities Report: | March 28, 2025 | |||||||||||||||||||||||||
Scheduled date to commence dividend payments: | March 28, 2025 | |||||||||||||||||||||||||
Preparation of supplementary material on financial results: | Yes | |||||||||||||||||||||||||
Holding of financial results meeting: | Yes | (for institutional investors, analysts and the press) | ||||||||||||||||||||||||
(Amounts less than one million yen are rounded down) | ||||||||||||||||||||||||||
1. Consolidated financial results for the year ended December 31, 2024 (from January 1, 2024 to December 31, 2024) | ||||||||||||||||||||||||||
(1) Consolidated operating results | 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 | % | |||||||||||||||||||
Year ended December 31, 2024 | 55,643 | 45.3 | 12,572 | 136.7 | 12,250 | 115.9 | 8,811 | 113.5 | ||||||||||||||||||
Year ended December 31, 2023 | 38,292 | (13.6) | 5,312 | (42.4) | 5,675 | (45.6) | 4,127 | (45.2) | ||||||||||||||||||
Earnings per share | Diluted earnings per | Profit attributable to | Ordinary profit/total | Operating profit/net | ||||||||||||||||||||||
share | owners of | assets | sales | |||||||||||||||||||||||
parent/equity | ||||||||||||||||||||||||||
Yen | Yen | % | % | % | ||||||||||||||||||||||
Year ended December 31, 2024 | 228.36 | - | 19.4 | 18.0 | 22.6 | |||||||||||||||||||||
Year ended December 31, 2023 | 106.99 | 106.98 | 10.3 | 10.3 | 13.9 | |||||||||||||||||||||
(2) Consolidated financial position | ||||||||||||||||||||||||||
Total assets | Net assets | Equity ratio | Net assets per share | |||||||||||||||||||||||
Millions of yen | Millions of yen | % | Yen | |||||||||||||||||||||||
As of December 31, 2024 | 79,990 | 49,646 | 62.1 | 1,286.49 | ||||||||||||||||||||||
As of December 31, 2023 | 55,849 | 41,200 | 73.8 | 1,067.88 | ||||||||||||||||||||||
(3) Consolidated cash flows | ||||||||||||||||||||||||||
Cash flows from | Cash flows from | Cash flows from | Cash and cash equivalents | |||||||||||||||||||||||
operating activities | investing activities | financing activities | at end of period | |||||||||||||||||||||||
Millions of yen | Millions of yen | Millions of yen | Millions of yen | |||||||||||||||||||||||
Year ended December 31, 2024 | 15,095 | (7,834) | (1,436) | 22,455 | ||||||||||||||||||||||
Year ended December 31, 2023 | 4,837 | (7,497) | (2,175) | 16,423 | ||||||||||||||||||||||
2. Cash dividends | ||||||||||||||||||||||||||
Annual dividends per share | Total cash | Dividend payout | Ratio of dividends | |||||||||||||||||||||||
to net assets | ||||||||||||||||||||||||||
1st quarter-end | 2nd quarter-end | 3rd quarter-end | Fiscal year-end | Total | dividends (Total) | ratio (Consolidated) | (Consolidated) | |||||||||||||||||||
Yen | Yen | Yen | Yen | Yen | Millions of yen | % | % | |||||||||||||||||||
Year ended December 31, 2023 | 0.00 | 0.00 | 0.00 | 33.00 | 33.00 | 1,273 | 30.8 | 3.2 | ||||||||||||||||||
Year ended December 31, 2024 | 0.00 | 0.00 | 0.00 | 70.00 | 70.00 | 2,701 | 30.7 | 5.9 | ||||||||||||||||||
Year ending December 31, 2025 | - | - | - | - | - | - | ||||||||||||||||||||
(Forecast) | ||||||||||||||||||||||||||
1 |
3. Forecast of consolidated financial results for the year ending December 31, 2025 (from January 1, 2025 to December 31, 2025)
Percentages indicate year-on-year changes
Net sales | Operating profit | Ordinary profit | Profit attributable to | Earnings per share | ||||||
owners of parent | ||||||||||
Six months ending | Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | Yen | |
33,600 | 28.4 | 7,500 | 30.1 | 7,500 | 29.2 | 5,400 | 46.5 | 139.95 | ||
June 30, 2025 | ||||||||||
4. Notes | ||||||||||
(1) Significant changes in the scope of consolidation during the year ended December 31, 2024: | No | |||||||||
(2) 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 |
(3) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of December 31, 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 December 31, 2024 | 1,434,952 | shares | As of December 31, 2023 | 1,443,877 | shares | |
Average number of shares during the period | ||||||
Year ended December 31, 2024 | 38,586,406 | shares | Year ended December 31, 2023 | 38,576,412 | shares |
2
Consolidated financial statements
Consolidated balance sheets
(Millions of yen) | ||
As of December 31, 2023 | As of December 31, 2024 | |
Assets | ||
Current assets | ||
Cash and deposits | 17,989 | 23,949 |
Notes receivable - trade | 4 | 1 |
Accounts receivable - trade | 8,220 | 8,669 |
Finished goods | 865 | 927 |
Work in process | 4,289 | 5,934 |
Raw materials and supplies | 2,374 | 2,628 |
Consumption taxes refund receivable | 433 | 1,975 |
Other | 435 | 477 |
Allowance for doubtful accounts | (40) | (25) |
Total current assets | 34,571 | 44,537 |
Non-current assets | ||
Property, plant and equipment | ||
Buildings and structures | 13,221 | 24,776 |
Accumulated depreciation and impairment | (7,989) | (8,432) |
Buildings and structures, net | 5,231 | 16,344 |
Machinery, equipment and vehicles | 21,046 | 24,037 |
Accumulated depreciation and impairment | (16,917) | (18,366) |
Machinery, equipment and vehicles, net | 4,129 | 5,671 |
Land | 3,913 | 3,913 |
Construction in progress | 3,889 | 2,813 |
Other | 4,770 | 4,962 |
Accumulated depreciation and impairment | (4,152) | (4,146) |
Other, net | 617 | 815 |
Total property, plant and equipment | 17,781 | 29,558 |
Intangible assets | 1,004 | 1,070 |
Investments and other assets | ||
Investment securities | 773 | 1,886 |
Retirement benefit asset | 211 | 224 |
Deferred tax assets | 403 | 910 |
Other | 1,317 | 2,040 |
Allowance for doubtful accounts | (214) | (236) |
Total investments and other assets | 2,491 | 4,824 |
Total non-current assets | 21,277 | 35,452 |
Total assets | 55,849 | 79,990 |
3
(Millions of yen) | ||
As of December 31, 2023 | As of December 31, 2024 | |
Liabilities | ||
Current liabilities | ||
Notes and accounts payable - trade | 5,010 | 7,700 |
Short-term borrowings | 966 | 736 |
Accounts payable - other | 2,186 | 9,323 |
Income taxes payable | 442 | 3,275 |
Contract liabilities | 640 | 582 |
Provision for bonuses | 1,106 | 1,610 |
Provision for bonuses for directors (and other officers) | 162 | 251 |
Provision for product warranties | 479 | 1,350 |
Other | 1,092 | 2,780 |
Total current liabilities | 12,085 | 27,612 |
Non-current liabilities | ||
Long-term borrowings | 372 | 439 |
Retirement benefit liability | 2,127 | 2,145 |
Asset retirement obligations | 28 | 43 |
Other | 35 | 103 |
Total non-current liabilities | 2,563 | 2,731 |
Total liabilities | 14,649 | 30,344 |
Net assets | ||
Shareholders' equity | ||
Share capital | 5,018 | 5,018 |
Capital surplus | 6,029 | 6,091 |
Retained earnings | 29,047 | 36,585 |
Treasury shares | (1,275) | (1,266) |
Total shareholders' equity | 38,819 | 46,429 |
Accumulated other comprehensive income | ||
Valuation difference on available-for-sale securities | 367 | 1,141 |
Foreign currency translation adjustment | 1,836 | 1,972 |
Remeasurements of defined benefit plans | 176 | 102 |
Total accumulated other comprehensive income | 2,381 | 3,216 |
Total net assets | 41,200 | 49,646 |
Total liabilities and net assets | 55,849 | 79,990 |
4
Consolidated statements of income and consolidated statements of comprehensive income Consolidated statements of income
(Millions of yen) | ||
Fiscal year ended | Fiscal year ended | |
December 31, 2023 | December 31, 2024 | |
Net sales | 38,292 | 55,643 |
Cost of sales | 21,194 | 28,499 |
Gross profit | 17,097 | 27,143 |
Selling, general and administrative expenses | 11,785 | 14,571 |
Operating profit | 5,312 | 12,572 |
Non-operating income | ||
Interest income | 72 | 86 |
Dividend income | 36 | 30 |
Rental income | 62 | 68 |
Received incentive | 53 | - |
Refund income | - | 81 |
Foreign exchange gains | 311 | - |
Other | 81 | 57 |
Total non-operating income | 618 | 325 |
Non-operating expenses | ||
Interest expenses | 6 | 9 |
Rental expenses | 2 | - |
Commission expenses | 210 | 24 |
Foreign exchange losses | - | 609 |
Loss on cancellation of insurance policies | 35 | - |
Other | 0 | 3 |
Total non-operating expenses | 255 | 646 |
Ordinary profit | 5,675 | 12,250 |
Extraordinary income | ||
Gain on sale of non-current assets | 3 | 15 |
Gain on sale of investment securities | 9 | - |
Gain on reversal of share acquisition rights | 56 | - |
Total extraordinary income | 70 | 15 |
Extraordinary losses | ||
Loss on sale of non-current assets | - | 0 |
Loss on retirement of non-current assets | 19 | 2 |
Impairment losses | 225 | 269 |
Total extraordinary losses | 244 | 272 |
Profit before income taxes | 5,501 | 11,994 |
Income taxes - current | 1,678 | 4,010 |
Income taxes - deferred | (304) | (828) |
Total income taxes | 1,373 | 3,182 |
Profit | 4,127 | 8,811 |
Profit attributable to owners of parent | 4,127 | 8,811 |
5
Consolidated statements of comprehensive income
(Millions of yen) | ||
Fiscal year ended | Fiscal year ended | |
December 31, 2023 | December 31, 2024 | |
Profit | 4,127 | 8,811 |
Other comprehensive income | ||
Valuation difference on available-for-sale securities | 44 | 773 |
Foreign currency translation adjustment | 577 | 136 |
Remeasurements of defined benefit plans, net of tax | 100 | (74) |
Total other comprehensive income | 723 | 835 |
Comprehensive income | 4,850 | 9,647 |
Comprehensive income attributable to | ||
Comprehensive income attributable to owners of parent | 4,850 | 9,647 |
6
Consolidated statements of changes in equity
Fiscal year ended December 31, 2023
(Millions of yen) | |||||
Shareholders' equity | |||||
Share capital | Capital surplus | Retained earnings | Treasury shares | Total shareholders' | |
equity | |||||
Balance at beginning of period | 5,018 | 6,005 | 27,194 | (1,312) | 36,905 |
Changes during period | |||||
Dividends of surplus | (2,274) | (2,274) | |||
Profit attributable to owners | 4,127 | 4,127 | |||
of parent | |||||
Purchase of treasury shares | (0) | (0) | |||
Disposal of treasury shares | 24 | 37 | 61 | ||
Net changes in items other | |||||
than shareholders' equity | |||||
Total changes during period | - | 24 | 1,853 | 36 | 1,914 |
Balance at end of period | 5,018 | 6,029 | 29,047 | (1,275) | 38,819 |
Accumulated other comprehensive income | |||||
Valuation | Foreign currency | Remeasurements of | Total accumulated | ||
difference on | translation | defined benefit | other | ||
available-for-sale | comprehensive | ||||
adjustment | plans | ||||
securities | income | ||||
Balance at beginning of period | 322 | 1,258 | 76 | 1,657 | |
Changes during period | |||||
Dividends of surplus | |||||
Profit attributable to owners | |||||
of parent | |||||
Purchase of treasury shares | |||||
Disposal of treasury shares | |||||
Net changes in items other | 44 | 577 | 100 | 723 | |
than shareholders' equity | |||||
Total changes during period | 44 | 577 | 100 | 723 | |
Balance at end of period | 367 | 1,836 | 176 | 2,381 | |
Share acquisition
rights
68
(68)
(68)
-
Total net assets
38,631
(2,274)
4,127
(0)
61
655
2,569
41,200
7
Fiscal year ended December 31, 2024
(Millions of yen) | |||||
Shareholders' equity | |||||
Share capital | Capital surplus | Retained earnings | Treasury shares | Total shareholders' | |
equity | |||||
Balance at beginning of period | 5,018 | 6,029 | 29,047 | (1,275) | 38,819 |
Changes during period | |||||
Dividends of surplus | (1,273) | (1,273) | |||
Profit attributable to owners | 8,811 | 8,811 | |||
of parent | |||||
Purchase of treasury shares | (0) | (0) | |||
Disposal of treasury shares | 62 | 9 | 71 | ||
Net changes in items other | |||||
than shareholders' equity | |||||
Total changes during period | - | 62 | 7,538 | 9 | 7,609 |
Balance at end of period | 5,018 | 6,091 | 36,585 | (1,266) | 46,429 |
Accumulated other comprehensive income | |||
Valuation difference on | Foreign currency | Remeasurements of | |
available-for-sale | |||
translation adjustment | defined benefit plans | ||
securities | |||
Balance at beginning of period | 367 | 1,836 | 176 |
Changes during period | |||
Dividends of surplus | |||
Profit attributable to owners | |||
of parent | |||
Purchase of treasury shares | |||
Disposal of treasury shares | |||
Net changes in items other | 773 | 136 | (74) |
than shareholders' equity | |||
Total changes during period | 773 | 136 | (74) |
Balance at end of period | 1,141 | 1,972 | 102 |
Total accumulated
other comprehensive
income
2,381
835
835
3,216
Total net assets
41,200
(1,273)
8,811
(0)
71
835
8,445
49,646
8
Consolidated statements of cash flows
(Millions of yen) | ||
Fiscal year ended | Fiscal year ended | |
December 31, 2023 | December 31, 2024 | |
Cash flows from operating activities | ||
Profit before income taxes | 5,501 | 11,994 |
Depreciation | 2,203 | 2,845 |
Impairment losses | 225 | 269 |
Increase (decrease) in provision for bonuses | (120) | 502 |
Increase (decrease) in provision for product warranties | 205 | 874 |
Increase (decrease) in allowance for doubtful accounts | 12 | 6 |
Increase (decrease) in provision for bonuses for directors (and | (236) | 89 |
other officers) | ||
Increase (decrease) in retirement benefit liability | 49 | (13) |
Decrease (increase) in retirement benefit asset | 5 | (76) |
Interest and dividend income | (109) | (117) |
Interest expenses | 6 | 9 |
Loss (gain) on sale of investment securities | (9) | - |
Loss (gain) on sale of non-current assets | (3) | (15) |
Loss on retirement of non-current assets | 19 | 2 |
Share-based payment expenses | 121 | 107 |
Gain on reversal of share acquisition rights | (56) | - |
Non Operating Income and Extraordinary Gain | - | (22) |
Non Operating Expenses and Extraordinary Loss | 4 | 4 |
Decrease (increase) in trade receivables | 233 | (339) |
Decrease (increase) in inventories | 257 | (2,056) |
Increase (decrease) in trade payables | (575) | 2,696 |
Increase (decrease) in contract liabilities | 212 | (67) |
Decrease (increase) of Other Assets | (3) | (1,601) |
Decrease (increase) of Other Liabilities | (650) | 1,188 |
Subtotal | 7,292 | 16,281 |
Interest and dividends received | 109 | 117 |
Interest paid | (6) | (9) |
Income taxes refund | - | 1 |
Income taxes paid | (2,557) | (1,295) |
Net cash provided by (used in) operating activities | 4,837 | 15,095 |
9
(Millions of yen) | ||
Fiscal year ended | Fiscal year ended | |
December 31, 2023 | December 31, 2024 | |
Cash flows from investing activities | ||
Payments into time deposits | (1,867) | (3,168) |
Proceeds from withdrawal of time deposits | 908 | 3,233 |
Purchase of property, plant and equipment | (6,366) | (7,038) |
Proceeds from sale of property, plant and equipment | 6 | 17 |
Proceeds from sale of investment securities | 14 | - |
Cash out from Other Investment Activity | (694) | (893) |
Cash in from Other Investment Activity | 501 | 15 |
Net cash provided by (used in) investing activities | (7,497) | (7,834) |
Cash flows from financing activities | ||
Proceeds from short-term borrowings | 780 | 600 |
Repayments of short-term borrowings | (600) | (780) |
Proceeds from long-term borrowings | 450 | 550 |
Repayments of long-term borrowings | (565) | (533) |
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 | (2,175) | (1,436) |
Effect of exchange rate change on cash and cash equivalents | 254 | 207 |
Net increase (decrease) in cash and cash equivalents | (4,580) | 6,032 |
Cash and cash equivalents at beginning of period | 21,004 | 16,423 |
Cash and cash equivalents at end of period | 16,423 | 22,455 |
10