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)
Company name: | Nicca Chemical Co., Ltd. | ||
Stock exchange listing: | Tokyo, Nagoya | ||
Stock code: | 4463 | URL https://www.nicca.co.jp/ | |
Representative: | President and Representative | EMORI Yasumasa | |
Inquiries: | Director, Member of the Board | SAWASAKI Shoya | |
General manager of Administration Division | |||
Scheduled date to file Semi-annual Securities Report: | August 9, 2024 | ||
Scheduled date to commence dividend payments: | September 9, 2024 | ||
Preparation of supplementary material on financial results: | Yes | ||
Holding of financial results meeting: | Yes |
July 31, 2024
TEL 0776-24-0213
(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 | 26,044 | 7.1 | 1,626 | 275.8 | 2,007 | 161.8 | 1,217 | 327.0 | ||||
Six months ended June 30, 2023 | 24,306 | (2.5) | 432 | (68.8) | 766 | (58.0) | 285 | (73.1) | ||||
Earnings per share | Diluted earnings per share | |||||||||||
Yen | Yen | |||||||||||
Six months ended June 30, 2024 | 77.01 | - | ||||||||||
Six months ended June 30, 2023 | 18.06 | - | ||||||||||
(2) Consolidated financial position | ||||||||||||
Total assets | Net assets | Equity ratio | Net assets per share | |||||||||
Millions of yen | Millions of yen | % | Yen | |||||||||
As of June 30, 2024 | 59,390 | 35,455 | 55.1 | 2,069.56 | ||||||||
As of December 31, 2023 | 56,918 | 32,822 | 52.9 | 1,906.56 |
2. Cash dividends | ||||
Annual dividends per share | ||||
1st quarter-end | 2nd quarter-end | 3rd quarter-end | Fiscal year-end | |
Yen | Yen | Yen | Yen | |
Year ended December 31, 2023 | - | 16.00 | - | 16.00 |
Year ending December 31, 2024 | - | 25.00 | ||
Year ending December 31, 2024 (Forecast) | - | 25.00 |
Total
Yen 32.00
50.00
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 | |||||||||
Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | Yen | |
Full year | 53,500 | 6.6 | 3,200 | 56.9 | 3,700 | 46.3 | 2,200 | 30.1 | 139.17 |
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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: | Yes |
(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 | 17,710,000 | shares | As of December 31, 2023 | 17,710,000 | shares | |
Number of treasury shares at the end of the period | ||||||
As of June 30, 2024 | 1,885,105 | shares | As of December 31, 2023 | 1,905,013 | shares | |
Average number of shares during the period (cumulative from the beginning of the fiscal year) | ||||||
Six months ended June 30, 2024 | 15,808,260 | shares | Six months ended June 30, 2023 | 15,789,138 | 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 | 8,344 | 9,213 | |
Notes and accounts receivable - trade, and contract | 11,029 | 12,015 | |
assets | |||
Merchandise and finished goods | 5,902 | 6,027 | |
Work in process | 895 | 845 | |
Raw materials and supplies | 4,078 | 4,521 | |
Other | 838 | 993 | |
Allowance for doubtful accounts | (10) | (17) | |
Total current assets | 31,077 | 33,599 | |
Non-current assets | |||
Property, plant and equipment | |||
Buildings and structures, net | 12,787 | 12,631 | |
Machinery, equipment and vehicles, net | 2,789 | 2,584 | |
Land | 5,443 | 5,546 | |
Other, net | 868 | 1,060 | |
Total property, plant and equipment | 21,889 | 21,823 | |
Intangible assets | |||
Other | 498 | 526 | |
Total intangible assets | 498 | 526 | |
Investments and other assets | |||
Other | 3,452 | 3,440 | |
Allowance for doubtful accounts | (0) | - | |
Total investments and other assets | 3,452 | 3,440 | |
Total non-current assets | 25,841 | 25,790 | |
Total assets | 56,918 | 59,390 |
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(Millions of yen) | |||
As of December 31, 2023 | As of June 30, 2024 | ||
Liabilities | |||
Current liabilities | |||
Notes and accounts payable - trade | 5,895 | 6,375 | |
Short-term borrowings | 4,100 | 4,000 | |
Current portion of long-term borrowings | 1,518 | 968 | |
Income taxes payable | 264 | 428 | |
Provision for bonuses | 835 | 757 | |
Provision for bonuses for directors (and other | - | 8 | |
officers) | |||
Other | 3,161 | 3,123 | |
Total current liabilities | 15,776 | 15,662 | |
Non-current liabilities | |||
Long-term borrowings | 3,652 | 3,568 | |
Retirement benefit liability | 3,461 | 3,468 | |
Provision for share-based payments | 187 | 180 | |
Other | 1,019 | 1,055 | |
Total non-current liabilities | 8,320 | 8,271 | |
Total liabilities | 24,096 | 23,934 | |
Net assets | |||
Shareholders' equity | |||
Share capital | 2,898 | 2,898 | |
Capital surplus | 2,951 | 2,978 | |
Retained earnings | 22,145 | 23,109 | |
Treasury shares | (1,429) | (1,412) | |
Total shareholders' equity | 26,566 | 27,574 | |
Accumulated other comprehensive income | |||
Valuation difference on available-for-sale securities | 595 | 609 | |
Foreign currency translation adjustment | 3,140 | 4,718 | |
Remeasurements of defined benefit plans | (169) | (151) | |
Total accumulated other comprehensive income | 3,567 | 5,175 | |
Non-controlling interests | 2,689 | 2,705 | |
Total net assets | 32,822 | 35,455 | |
Total liabilities and net assets | 56,918 | 59,390 |
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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 | 24,306 | 26,044 | |
Cost of sales | 16,727 | 16,747 | |
Gross profit | 7,579 | 9,296 | |
Selling, general and administrative expenses | 7,146 | 7,669 | |
Operating profit | 432 | 1,626 | |
Non-operating income | |||
Interest income | 23 | 35 | |
Dividend income | 15 | 16 | |
Share of profit of entities accounted for using equity | 3 | 5 | |
method | |||
Foreign exchange gains | 52 | 178 | |
Swap Gain | 43 | 96 | |
Other | 223 | 79 | |
Total non-operating income | 361 | 412 | |
Non-operating expenses | |||
Interest expenses | 15 | 18 | |
Other | 11 | 13 | |
Total non-operating expenses | 27 | 31 | |
Ordinary profit | 766 | 2,007 | |
Extraordinary income | |||
Gain on sale of non-current assets | 3 | 1 | |
Total extraordinary income | 3 | 1 | |
Extraordinary losses | |||
Loss on retirement of non-current assets | 0 | 1 | |
Loss on sale of non-current assets | 0 | 0 | |
Loss on valuation of investment securities | 0 | - | |
Loss on sale of investment securities | - | 0 | |
Total extraordinary losses | 1 | 1 | |
Profit before income taxes | 768 | 2,007 | |
Income taxes | 417 | 644 | |
Profit | 350 | 1,362 | |
Profit attributable to non-controlling interests | 65 | 145 | |
Profit attributable to owners of parent | 285 | 1,217 |
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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 | 350 | 1,362 |
Other comprehensive income | ||
Valuation difference on available-for-sale securities | 11 | 14 |
Foreign currency translation adjustment | 1,287 | 1,782 |
Remeasurements of defined benefit plans, net of tax | 20 | 17 |
Total other comprehensive income | 1,320 | 1,814 |
Comprehensive income | 1,670 | 3,177 |
Comprehensive income attributable to | ||
Comprehensive income attributable to owners of parent | 1,437 | 2,825 |
Comprehensive income attributable to non-controlling | 233 | 351 |
interests | ||
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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 | 768 | 2,007 | |
Depreciation | 1,101 | 1,087 | |
Increase (decrease) in retirement benefit liability | 50 | 14 | |
Increase (decrease) in provision for bonuses | (100) | (80) | |
Interest and dividend income | (39) | (51) | |
Interest expenses | 15 | 18 | |
Share of loss (profit) of entities accounted for using | (3) | (5) | |
equity method | |||
Subsidy income | (104) | - | |
Decrease (increase) in trade receivables | 738 | (463) | |
Decrease (increase) in inventories | 636 | (71) | |
Increase (decrease) in trade payables | (874) | 186 | |
Other, net | (41) | (109) | |
Subtotal | 2,146 | 2,531 | |
Interest and dividends received | 55 | 52 | |
Interest paid | (15) | (18) | |
Income taxes paid | (531) | (390) | |
Subsidies received | 104 | - | |
Net cash provided by (used in) operating activities | 1,759 | 2,175 | |
Cash flows from investing activities | |||
Payments into time deposits | (485) | (1,230) | |
Proceeds from withdrawal of time deposits | 550 | 375 | |
Purchase of property, plant and equipment | (567) | (601) | |
Proceeds from sale of property, plant and equipment | 6 | 25 | |
Purchase of investment securities | (3) | (3) | |
Proceeds from sale of investment securities | - | 0 | |
Other, net | (0) | (78) | |
Net cash provided by (used in) investing activities | (501) | (1,512) | |
Cash flows from financing activities | |||
Proceeds from short-term borrowings | 54,400 | 49,323 | |
Repayments of short-term borrowings | (54,750) | (49,423) | |
Repayments of finance lease liabilities | (9) | (5) | |
Repayments of long-term borrowings | (684) | (634) | |
Purchase of shares of subsidiaries not resulting in | - | (105) | |
change in scope of consolidation | |||
Dividends paid | (299) | (252) | |
Dividends paid to non-controlling interests | (86) | (202) | |
Proceeds from sale of treasury shares | 13 | - | |
Net cash provided by (used in) financing activities | (1,415) | (1,299) | |
Effect of exchange rate change on cash and cash | 342 | 601 | |
equivalents | |||
Net increase (decrease) in cash and cash equivalents | 185 | (35) | |
Cash and cash equivalents at beginning of period | 6,263 | 7,977 | |
Cash and cash equivalents at end of period | 6,448 | 7,942 |
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