Nicca Chemical Co., Ltd.TSE: 4463

Summary of Consolidated Financial Results for the Year Ended December 31, 2024 (Based on Japanese GAAP)

Feb 13, 2025 at 11:00 PM UTC · Issued by Nicca Chemical Co., Ltd.

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:	Nicca Chemical Co., Ltd.
Stock exchange listing: Tokyo, Nagoya
Stock code:	4463	URL https://www.nicca.co.jp
Representative:	President and Representative			EMORI Yasumasa
	Director, Member of the Board
Inquiries:	General manager of Administration Division SAWASAKI Shoya	TEL 0776-24-0213
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 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		54,099		7.8	3,519		72.6		3,976	57.2		2,754		62.9
Year ended December 31, 2023		50,169		(0.9)	2,039		(22.4)		2,528	(19.3)	1,691		(20.0)

			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		174.17			-				8.6						6.7				6.5
Year ended December 31, 2023		107.09			-				5.8						4.5				4.1
(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		62,366					36,553					54.0				2,125.60
As of December 31, 2023		56,918					32,822					52.9				1,906.56
(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					6,033					(5,137)					(328)						8,881
Year ended December 31, 2023					4,086					(876)					(1,740)						7,977
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		-		16.00	-				16.00	32.00		518		29.9			1.7
Year ended December 31, 2024		-		25.00	-				27.00	52.00		842		29.9			2.5
Year ending December 31, 2025		-			30.00	-				30.00	60.00				36.5
(Forecast)

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

Millions of yen

Yen

Full year

57,000

5.4

3,600

2.3

3,700

(6.9)

2,600

(5.6)

164.37

4. Notes

(1) Significant changes in the scope of consolidation during the year ended December 31, 2024:

(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:

Changes in accounting policies due to other reasons:

Changes in accounting estimates:

Restatement of prior period financial statements:

(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	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 December 31, 2024	1,879,105	shares	As of December 31, 2023	1,905,013	shares
Average number of shares during the period
	Year ended December 31, 2024	15,817,553	shares	Year ended December 31, 2023	15,795,222	shares

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	8,344	10,726
Notes and accounts receivable - trade, and contract	11,029	11,996
assets

Merchandise and finished goods	5,902	5,314
Work in process	895	818
Raw materials and supplies	4,078	4,372
Other	838	1,005
Allowance for doubtful accounts	(10)	(13)
Total current assets	31,077	34,221
Non-current assets
Property, plant and equipment
Buildings and structures	28,050	28,924
Accumulated depreciation	(15,263)	(16,523)
Buildings and structures, net	12,787	12,401
Machinery, equipment and vehicles	21,083	21,596
Accumulated depreciation	(18,293)	(19,230)
Machinery, equipment and vehicles, net	2,789	2,365
Tools, furniture and fixtures	4,198	4,433
Accumulated depreciation	(3,556)	(3,765)
Tools, furniture and fixtures, net	641	667
Land	5,443	7,760
Leased assets	403	493
Accumulated depreciation	(285)	(365)
Leased assets, net	118	128
Construction in progress	108	679
Total property, plant and equipment	21,889	24,002
Intangible assets
Other	498	510
Total intangible assets	498	510
Investments and other assets
Investment securities	1,771	1,966
Guarantee deposits	320	262
Deferred tax assets	957	936
Other	403	464
Allowance for doubtful accounts	(0)	-
Total investments and other assets	3,452	3,631
Total non-current assets	25,841	28,144
Total assets		56,918	62,366

			(Millions of yen)
		As of December 31, 2023	As of December 31, 2024
Liabilities
Current liabilities
Notes and accounts payable - trade	5,895	6,181
Short-term borrowings	4,100	4,300
Current portion of long-term borrowings	1,518	1,368
Accounts payable - other	1,453	1,994
Income taxes payable	264	534
Provision for bonuses	835	961
Provision for bonuses for directors (and other	-	15
officers)

Other	1,708	1,788
Total current liabilities	15,776	17,143
Non-current liabilities
Long-term borrowings	3,652	4,234
Retirement benefit liability	3,461	3,132
Deferred tax liabilities	-	15
Provision for share-based payments	187	210
Other	1,019	1,076
Total non-current liabilities	8,320	8,668
Total liabilities	24,096	25,812
Net assets
Shareholders' equity
Share capital	2,898	2,898
Capital surplus	2,951	2,960
Retained earnings	22,145	24,251
Treasury shares	(1,429)	(1,407)
Total shareholders' equity	26,566	28,703
Accumulated other comprehensive income
Valuation difference on available-for-sale securities	595	719
Foreign currency translation adjustment	3,140	4,119
Remeasurements of defined benefit plans	(169)	107
Total accumulated other comprehensive income	3,567	4,946
Non-controlling interests	2,689	2,903
Total net assets	32,822	36,553
Total liabilities and net assets		56,918	62,366

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	50,169	54,099
Cost of sales	33,652	34,807
Gross profit	16,516	19,291
Selling, general and administrative expenses	14,476	15,772
Operating profit	2,039	3,519
Non-operating income
Interest income	61	91
Dividend income	35	43
Share of profit of entities accounted for using equity method	7	18
Foreign exchange gains	123	147
Gain on valuation of currency swaps	17	94
Other	390	207
Total non-operating income	635	602
Non-operating expenses
Interest expenses	31	41
Environmental costs	-	53
Other	115	50
Total non-operating expenses	146	145
Ordinary profit	2,528	3,976
Extraordinary income
Gain on sale of non-current assets	5	4
Total extraordinary income	5	4
Extraordinary losses
Loss on retirement of non-current assets	7	3
Loss on sale of non-current assets	0	0
Loss on sale of investment securities	0	0
Loss on valuation of investment securities	0	-
Loss on cancellation of rental contracts	-	73
Total extraordinary losses	9	76
Profit before income taxes	2,525	3,904
Income taxes - current	604	1,010
Income taxes - deferred	43	(134)
Total income taxes	648	875
Profit	1,876	3,029
Profit attributable to non-controlling interests	184	274
Profit attributable to owners of parent	1,691	2,754

Consolidated statements of comprehensive income

		(Millions of yen)
	Fiscal year ended	Fiscal year ended
	December 31, 2023	December 31, 2024
Profit	1,876	3,029
Other comprehensive income
Valuation difference on available-for-sale securities	36	124
Foreign currency translation adjustment	1,114	1,198
Remeasurements of defined benefit plans, net of tax	29	277
Total other comprehensive income	1,181	1,599
Comprehensive income	3,057	4,628
Comprehensive income attributable to
Comprehensive income attributable to owners of parent	2,704	4,134
Comprehensive income attributable to non-controlling	352	493
interests

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	2,898	2,951	21,006	(1,449)	25,407
period

Changes during period

Dividends of surplus			(552)		(552)

Profit attributable to			1,691		1,691
owners of parent

Disposal of treasury				20	20
shares

Change in ownership
interest of parent due to					-
transactions with non-

controlling interests
Net changes in items
other than shareholders'
equity
Total changes during period	-	-	1,138	20	1,158

Balance at end of period	2,898	2,951	22,145	(1,429)	26,566


		Accumulated other comprehensive income

	Valuation	Foreign currency	Remeasurements of	Total accumulated	Non-controlling	Total net assets
	difference on	translation	defined benefit	other	interests
	available-for-sale	comprehensive
	adjustment	plans
	securities	income

Balance at beginning of	558	2,194	(199)	2,553	2,432	30,392
period

Changes during period

Dividends of surplus						(552)

Profit attributable to						1,691
owners of parent

Disposal of treasury						20
shares

Change in ownership
interest of parent due to						-
transactions with non-

controlling interests
Net changes in items
other than shareholders'	36	946	29	1,013	257	1,270
equity
Total changes during period	36	946	29	1,013	257	2,429

Balance at end of period	595	3,140	(169)	3,567	2,689	32,822

Fiscal year ended December 31, 2024

			Shareholders' equity

	Share capital	Capital surplus	Retained earnings	Treasury shares	Total shareholders'
	equity

Balance at beginning of	2,898	2,951	22,145	(1,429)	26,566
period

Changes during period

Dividends of surplus			(648)		(648)

Profit attributable to			2,754		2,754
owners of parent

Disposal of treasury				22	22
shares

Change in ownership
interest of parent due to		8			8
transactions with non-

controlling interests
Net changes in items
other than shareholders'
equity
Total changes during period	-	8	2,106	22	2,137

Balance at end of period	2,898	2,960	24,251	(1,407)	28,703


		Accumulated other comprehensive income

	Valuation	Foreign currency	Remeasurements of	Total accumulated	Non-controlling	Total net assets
	difference on	translation	defined benefit	other	interests
	available-for-sale	comprehensive
	adjustment	plans
	securities	income

Balance at beginning of	595	3,140	(169)	3,567	2,689	32,822
period

Changes during period

Dividends of surplus						(648)

Profit attributable to						2,754
owners of parent

Disposal of treasury						22
shares

Change in ownership
interest of parent due to						8
transactions with non-

controlling interests
Net changes in items
other than shareholders'	124	978	276	1,379	213	1,593
equity
Total changes during period	124	978	276	1,379	213	3,731

Balance at end of period	719	4,119	107	4,946	2,903	36,553

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	2,525	3,904
Depreciation	2,269	2,224
Increase (decrease) in retirement benefit liability	111	(64)
Increase (decrease) in provision for bonuses	45	127
Interest and dividend income	(96)	(134)
Interest expenses	31	41
Share of loss (profit) of entities accounted for using equity	(7)	(18)
method

Subsidy income	(179)	-
Decrease (increase) in trade receivables	(308)	(603)
Decrease (increase) in inventories	827	637
Increase (decrease) in trade payables	(808)	68
Other, net	224	494
Subtotal	4,632	6,677
Interest and dividends received	113	151
Interest paid	(31)	(45)
Income taxes paid	(807)	(749)
Subsidies received	179	-
Net cash provided by (used in) operating activities	4,086	6,033
Cash flows from investing activities
Payments into time deposits	(782)	(2,685)
Proceeds from withdrawal of time deposits	1,240	1,261
Purchase of property, plant and equipment	(1,148)	(3,626)
Proceeds from sale of property, plant and equipment	37	31
Purchase of investment securities	(15)	(17)
Proceeds from sale of investment securities	4	0
Other, net	(213)	(101)
Net cash provided by (used in) investing activities	(876)	(5,137)
Cash flows from financing activities
Proceeds from short-term borrowings	110,275	79,723
Repayments of short-term borrowings	(110,475)	(79,523)
Repayments of finance lease liabilities	(45)	(41)
Proceeds from long-term borrowings	-	2,000
Repayments of long-term borrowings	(868)	(1,568)
Purchase of shares of subsidiaries not resulting in change in	-	(127)
scope of consolidation

Proceeds from sale of shares of subsidiaries not resulting in	-	59
change in scope of consolidation

Dividends paid	(551)	(647)
Dividends paid to non-controlling interests	(95)	(202)
Other, net	20	-
Net cash provided by (used in) financing activities	(1,740)	(328)
Effect of exchange rate change on cash and cash equivalents	245	335
Net increase (decrease) in cash and cash equivalents	1,714	903
Cash and cash equivalents at beginning of period	6,263	7,977
Cash and cash equivalents at end of period	7,977	8,881

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