Nihon Seiko Co.,ltdTSE: 5729

Summary of Consolidated Financial Results for the First Quarter Ended June 30, 2024(Unaudited)

Aug 5, 2024 at 2:53 AM UTC · Issued by Nihon Seiko Co.,ltd

Nihon Seiko Co., Ltd.

Summary of Consolidated Financial Results

for the First Quarter Ended June 30, 2024(Unaudited)

August 2, 2024

English translation from the original Japanese-language document

(All financial information has been prepared in accordance with accounting principles generally accepted in Japan)

Company name:		Nihon Seiko Co., Ltd.
URL:		https://www.nihonseiko.co.jp
Stock exchange listing:		Tokyo
Securities Code:		5729
Company Representative:		Noritaka Ueda, President & CEO
Contact Information:		Yoshitaro Oonishi, Director, General Manager, Corporate Planning ＆ Administration Dept.
																			Tel +81-3-3235-0021
1. Consolidated Financial Results for the First Quarter Ended June 30, 2024 and 2023
(1) Operating Results														(Rounded down to millions of Japanese Yen)
			Net sales			Operating income			Ordinary income		Profit attributable to
								owners of parent


For the First quarter ended	Millions of Yen		%	Millions of Yen				%	Millions of Yen	%		Millions of Yen	%
June 30, 2024		4,864	28.0			384		632.5			397		401.3		272	1,120.6
June 30, 2023		3,800	(12.9)			52		(86.8)			79		(81.4)		22	(92.6)
Note: Comprehensive income:
As of June 30, 2024: 278 million yen	969.0%	As of June 30, 2023: 26 million yen (91.2)%

				EPS

For the First quarter ended				Yen
June 30, 2024			111.74
June 30, 2023			9.16
(2) Financial Position
			Total assets			Total net assets		Shareholders' equity ratio

As of		Millions of Yen			Millions of Yen				%
June 30, 2024			16,365				9,881						60.4
March 31, 2024			15,874				9,701						61.1
Note: Shareholders' equity		As of June 30, 2024: 9,881 million yen	As of March 31, 2024: 9,701 million yen
2. Cash Dividends
									Cash Dividends per Share

			First Quarter		Second Quarter			Third Quarter		Year-end		Annual

For the year ended				Yen				Yen						Yen				Yen		Yen
March 31, 2024		-				40.00					-			40.00			80.00
March 31, 2025		-
March 31, 2025(expected)							45.00					-			45.00			90.00
Note: Revision of outlook for dividends in the First quarter : No
3. Consolidated Earnings Forecast for the Year Ending March 2025(April 1, 2024 ～ March 31, 2025):
								(%: Change from the previous fiscal half year for First half 2024)
							(%: Change from the previous fiscal year for Year ending March 31,2025)
																	Profit
				Net sales	Operating income	Ordinary income	attributable to		EPS
					owners of

																	parent
For the year ending March 31, 2025	Millions of Yen		%	Millions of Yen		%	Millions of Yen %	Millions of Yen %			Yen
First half 2024			9,840	24.8	630	203.0		610	160.4		420		160.1			171.91
Full year			20,040	28.6	1,100	63.1		1,060	50.1		720		43.2			294.70

Note: Revision of outlook for fiscal 2024 consolidated earnings results in the first quarter : No

Nihon Seiko Co., Ltd.

4. Others

Changes in major subsidiaries during the fiscal year (changes in specified subsidiaries accompanying changes in scope of consolidation) : No
Application of special accounting for preparing quarterly consolidated financial statements : No
Changes in accounting policies, accounting estimates and retrospective restatements in the consolidated financial statements
1. Changes due to amendment of accounting standards : Yes
2. Changes due to other reasons : No
3. Changes in accounting estimates : No
4. Retrospective restatements : No
Number of outstanding shares at the end of the period:
1. Number of outstanding shares at the end of the period:

	As of June 30, 2024:	2,605,900	As of March 31, 2024:	2,605,900
2.	Number of treasury shares at the end of the period:
	As of June 30, 2024:	162,723	As of March 31, 2024:	162,711
3.	Average number of outstanding shares during period:
	For the 1st Quarter ending March 31, 2025: 2,443,183	For the 1st Quarter ended March 31, 2024: 2,440,337

*Review of the Japanese-language originals of the attached consolidated quarterly financial statements by certified public accountants or an audit firm: No

Explanation on appropriate use of business forecasts, and other special notes

The aforementioned forecasts are based on certain assumptions that Company has deemed relevant and appropriate as of the date of publication.

Actual results may differ materially from the forecast due to many factors.

		Nihon Seiko Co., Ltd
Consolidated balance sheets
		(Thousands of yen)

	As of March 31, 2024	As of June 30, 2024

Assets
Current assets

Cash and deposits	3,023,275	2,459,319
Notes and accounts receivable - trade	2,867,394	3,466,421

Merchandise and finished goods	1,913,545	1,991,822
Work in process	377,873	491,693

Raw materials and supplies	1,257,623	1,543,662
Other	275,461	376,395

Allowance for doubtful accounts	(9,039)	(10,896)
Total current assets	9,706,134	10,318,418

Non-current assets
Property, plant and equipment

Buildings and structures, net	2,533,598	2,542,885
Machinery, equipment and vehicles, net	657,173	1,086,042

Land	1,436,191	1,436,191
Other, net	940,077	387,168

Total property, plant and equipment	5,567,040	5,452,288
Intangible assets	154,415	145,824

Investments and other assets	446,832	448,895
Total non-current assets	6,168,288	6,047,008

Total assets	15,874,422	16,365,426

		Nihon Seiko Co., Ltd
Consolidated balance sheets
		(Thousands of yen)

	As of March 31, 2024	As of June 30, 2024

Liabilities
Current liabilities

Notes and accounts payable - trade	1,315,756	1,662,370
Electronically recorded obligations - operating	332,618	382,692

Short-term borrowings	1,579,200	1,633,650
Income taxes payable	116,149	110,435

Provision for bonuses	157,110	77,932
Other	729,334	758,963

Total current liabilities	4,230,169	4,626,044
Non-current liabilities

Long-term borrowings	1,191,500	1,090,600
Retirement benefit liability	354,493	357,613

Asset retirement obligations	37,856	37,994
Other	359,233	371,183

Total non-current liabilities	1,943,083	1,857,392
Total liabilities	6,173,253	6,483,436

Net assets
Shareholders' equity

Share capital	1,018,126	1,018,126
Capital surplus	570,142	570,142

Retained earnings	8,200,727	8,375,989
Treasury shares	(151,653)	(151,684)

Total shareholders' equity	9,637,343	9,812,574
Accumulated other comprehensive income

Valuation difference on available-for-sale	50,419	54,062
securities

Foreign currency translation adjustment	13,406	15,352

Total accumulated other comprehensive income	63,826	69,415
Total net assets	9,701,169	9,881,989

Total liabilities and net assets	15,874,422	16,365,426

		Nihon Seiko Co., Ltd.
Consolidated statements of income
		(Thousands of yen)

	Three months ended	Three months ended
	June 30, 2023	June 30, 2024

Net sales	3,800,379	4,864,965
Cost of sales	3,476,688	4,185,199

Gross profit	323,691	679,766
Selling, general and administrative expenses	271,184	295,158

Operating profit	52,506	384,607
Non-operating income

Dividend income	2,136	3,341
Foreign exchange gains	21,997	14,272

Other	12,624	5,015
Total non-operating income	36,758	22,629

Non-operating expenses
Interest expenses	4,205	8,262

Care and maintenance costs of suspended mine	4,921	1,354
Other	825	1

Total non-operating expenses	9,952	9,618
Ordinary profit	79,312	397,618

Extraordinary income
Gain on sale of non-current assets	－	835

Total extraordinary income	－	835
Extraordinary losses

Loss on retirement of non-current assets	10,427	106
Total extraordinary losses	10,427	106

Profit before income taxes	68,884	398,347
Income taxes - current	16,059	100,202

Income taxes - deferred	30,460	25,154
Total income taxes	46,519	125,357

Profit	22,365	272,989
Profit attributable to owners of parent	22,365	272,989

			Nihon Seiko Co., Ltd.
Consolidated statements of comprehensive income
			(Thousands of yen)

		Three months ended	Three months ended
		June 30, 2023	June 30, 2024

Profit		22,365	272,989
Other comprehensive income

Valuation difference on available-for-sale securities		2,401	3,642
Foreign currency translation adjustment	1,292	1,946

Total other comprehensive income		3,694	5,589
Comprehensive income		26,059	278,578

Comprehensive income attributable to
Comprehensive income attributable to owners of	26,059	278,578
parent

Nihon Seiko Co., Ltd.

Segment Information

(1) Three months ended June 30, 2023

(Thousands of yen)

	Reportable segments				Per quarterly
				Others	Total	Reconciling	consolidated
	Antimony	Atomized	Reportable	items	financial
	metal
	products	segments				statements
	powders

Sales
Revenues from external	2,321,223	1,471,347	3,792,571	7,807	3,800,379	－	3,800,379
customers

Transactions with other	－	10,229	10,229	383	10,613	(10,613)	－
segments


Net sales	2,321,223	1,481,577	3,802,801	8,191	3,810,992	(10,613)	3,800,379

Operating profit	95,391	(51,161)	44,230	5,487	49,717	2,788	52,506

※The above-mentioned "Others" category is a real estate lease business, etc., not included in the reportable segments.

(2) Three months ended June 30, 2024

(Thousands of yen)

	Reportable segments				Per quarterly
				Others	Total	Reconciling	consolidated
	Antimony	Atomized	Reportable	items	financial
	metal
	products	segments				statements
	powders

Sales
Revenues from external	2,459,234	2,397,802	4,857,036	7,928	4,864,965	－	4,864,965
customers

Transactions with other	－	13,799	13,799	408	14,208	(14,208)	－
segments


Net sales	2,459,234	2,411,601	4,870,835	8,337	4,879,173	(14,208)	4,864,965

Operating profit (loss)	168,438	204,267	372,705	5,870	378,576	6,030	384,607

※The above-mentioned "Others" category is a real estate lease business, etc., not included in the reportable segments.

Earlier from Nihon Seiko Co.,ltd

Nihon Seiko: Summary of Consolidated Financial Results for the Second Quarter Ended September 30, 2023(Unaudited)Nov 9, 2023

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