Nihon Seiko Co.,ltdTSE: 5729

Summary of Consolidated Financial Results for the Second Quarter Ended September 30, 2024(Unaudited)

· Issued by Nihon Seiko Co.,ltd

Nihon Seiko Co., Ltd.

Summary of Consolidated Financial Results

for the Second Quarter Ended September 30, 2024(Unaudited)

November 1, 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 Second Quarter Ended September 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 Second quarter ended

Millions of Yen

%

Millions of Yen

%

Millions of Yen

%

Millions of Yen

%

September 30, 2024

10,859

37.7

924

344.5

882

276.7

604

274.5

September 30, 2023

7,883

(8.4)

207

(65.8)

234

(62.6)

161

(63.1)

Note: Comprehensive income:

As of September 30, 2024: 607 million yen

262.0% As of September 30, 2023: 167 million yen (61.6)%

EPS

For the Second quarter ended

Yen

September 30, 2024

247.37

September 30, 2023

66.15

(2) Financial Position

Total assets

Total net assets

Shareholders' equity ratio

As of

Millions of Yen

Millions of Yen

%

September 30, 2024

17,289

10,223

59.1

March 31, 2024

15,874

9,701

61.1

Note: Shareholders' equity

As of September 30, 2024: 10,223 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

-

60.00

March 31, 2025(expected)

-

45.00

105.00

Note: Revision of outlook for dividends in the second quarter : Yes

3. Consolidated Earnings Forecast for the Year Ending March 2025(April 1, 2024 ～ March 31, 2025):

(%: 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

Full year

-

-

-

-

-

-

-

-

-

Note: Revision of outlook for fiscal 2024 consolidated earnings results in the second quarter : Yes

Nihon Seiko Co., Ltd.

4. Others

  1. Changes in major subsidiaries during the fiscal year (changes in specified subsidiaries accompanying changes in scope of consolidation) : No
  2. Application of special accounting for preparing quarterly consolidated financial statements : No
  3. 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
  5. Number of outstanding shares at the end of the period:
    1. Number of outstanding shares at the end of the period:

As of September 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 September 30, 2024:

158,295

As of March 31, 2024:

162,711

3.

Average number of outstanding shares during period:

For the 2nd Quarter ending March 31, 2025: 2,445,040

For the 2nd Quarter ended March 31, 2024: 2,441,503

*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

Consolidated Earnings Forecast has not been decided yet due to the difficulty of reasonable calculation at present and has not been stated above.

Nihon Seiko Co., Ltd

Consolidated balance sheets

(Thousands of yen)

As of March 31, 2024

As of September 30, 2024

Assets

Current assets

Cash and deposits

3,023,275

2,220,639

Notes and accounts receivable - trade

2,867,394

3,829,126

Merchandise and finished goods

1,913,545

2,490,360

Work in process

377,873

605,166

Raw materials and supplies

1,257,623

1,891,493

Other

275,461

264,515

Allowance for doubtful accounts

(9,039)

(12,616)

Total current assets

9,706,134

11,288,685

Non-current assets

Property, plant and equipment

Buildings and structures, net

2,533,598

2,508,160

Machinery, equipment and vehicles, net

657,173

1,064,635

Land

1,436,191

1,436,191

Other, net

940,077

392,684

Total property, plant and equipment

5,567,040

5,401,672

Intangible assets

154,415

144,130

Investments and other assets

446,832

454,549

Total non-current assets

6,168,288

6,000,352

Total assets

15,874,422

17,289,038

Nihon Seiko Co., Ltd

Consolidated balance sheets

(Thousands of yen)

As of March 31, 2024

As of September 30, 2024

Liabilities

Current liabilities

Notes and accounts payable - trade

1,315,756

1,610,901

Electronically recorded obligations - operating

332,618

357,497

Short-term borrowings

1,579,200

2,356,000

Income taxes payable

116,149

314,161

Provision for bonuses

157,110

154,399

Other

729,334

522,911

Total current liabilities

4,230,169

5,315,872

Non-current liabilities

Long-term borrowings

1,191,500

994,200

Retirement benefit liability

354,493

367,485

Asset retirement obligations

37,856

38,113

Other

359,233

349,430

Total non-current liabilities

1,943,083

1,749,229

Total liabilities

6,173,253

7,065,102

Net assets

Shareholders' equity

Share capital

1,018,126

1,018,126

Capital surplus

570,142

580,107

Retained earnings

8,200,727

8,707,832

Treasury shares

(151,653)

(148,170)

Total shareholders' equity

9,637,343

10,157,895

Accumulated other comprehensive income

Valuation difference on available-for-sale

50,419

48,123

securities

Foreign currency translation adjustment

13,406

17,916

Total accumulated other comprehensive income

63,826

66,040

Total net assets

9,701,169

10,223,936

Total liabilities and net assets

15,874,422

17,289,038

Nihon Seiko Co., Ltd.

Consolidated statements of income

(Thousands of yen)

Six months ended

Six months ended

September 30, 2023

September 30, 2024

Net sales

7,883,937

10,859,405

Cost of sales

7,125,078

9,325,352

Gross profit

758,858

1,534,052

Selling, general and administrative expenses

550,938

609,906

Operating profit

207,919

924,146

Non-operating income

Dividend income

2,136

3,350

Foreign exchange gains

23,303

－

Subsidy income

5,382

4,287

Surrender value of insurance policies

4,544

8,039

Other

9,762

2,473

Total non-operating income

45,129

18,150

Non-operating expenses

Interest expenses

9,178

15,735

Foreign exchange losses

－

39,579

Care and maintenance costs of suspended mine

8,343

4,122

Other

1,302

485

Total non-operating expenses

18,824

59,924

Ordinary profit

234,224

882,373

Extraordinary income

Gain on sale of non-current assets

－

835

Total extraordinary income

－

835

Extraordinary losses

Loss on retirement of non-current assets

11,760

231

Total extraordinary losses

11,760

231

Profit before income taxes

222,464

882,977

Income taxes - current

63,315

290,877

Income taxes - deferred

(2,356)

(12,731)

Total income taxes

60,959

278,145

Profit

161,505

604,831

Profit attributable to owners of parent

161,505

604,831

Nihon Seiko Co., Ltd.

Consolidated statements of comprehensive income

(Thousands of yen)

Six months ended

Six months ended

September 30, 2023

September 30, 2024

Profit

161,505

604,831

Other comprehensive income

Valuation difference on available-for-sale securities

3,441

(2,296)

Foreign currency translation adjustment

2,726

4,509

Total other comprehensive income

6,167

2,213

Comprehensive income

167,672

607,045

Comprehensive income attributable to

Comprehensive income attributable to owners of

167,672

607,045

parent

Nihon Seiko Co., Ltd.

Segment Information

(1) Six months ended September 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

4,279,398

3,588,762

7,868,161

15,776

7,883,937

－

7,883,937

customers

Transactions with other

－

26,372

26,372

771

27,143

(27,143)

－

segments

Net sales

4,279,398

3,615,135

7,894,533

16,547

7,911,080

(27,143)

7,883,937

Operating profit

136,576

50,786

187,363

10,967

198,330

9,588

207,919

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

(2) Six months ended September 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

5,819,503

5,025,427

10,844,931

14,473

10,859,405

－

10,859,405

customers

Transactions with other

－

25,399

25,399

834

26,234

(26,234)

－

segments

Net sales

5,819,503

5,050,826

10,870,330

15,308

10,885,639

(26,234)

10,859,405

Operating profit (loss)

543,701

362,665

906,366

3,542

909,908

14,238

924,146

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

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