Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.
August 2, 2024
Consolidated Financial Results
for the Three Months Ended June 30, 2024
(Under Japanese GAAP)
Company name: | Nitta Corporation |
Listing: | Tokyo Stock Exchange |
Securities code: | 5186 |
URL: | https://www.nitta.co.jp |
Representative: | Yasunori Ishikiriyama, President |
Inquiries: | Koichi Kakegami, Director, Executive officer, and General Manager of Corporate Center |
Telephone: | +81-6-6563-1211 |
Scheduled date to commence dividend payments:－
Preparation of supplementary material on quarterly financial results: Yes
Holding of quarterly financial results briefing: | None |
(Yen amounts are rounded down to millions, unless otherwise noted.)
1. Consolidated financial results for the three months ended June 30, 2024 (April 1, 2024 - June 30, 2024)
(1) Consolidated operating results (cumulative) | (Percentages indicate year-on-year changes.) | ||||||||
Net sales | Operating income | Ordinary income | Net income attributable | ||||||
to owners of parent | |||||||||
Three months ended | Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | |
June 30, 2024 | 21,634 | (0.4) | 1,162 | (9.2) | 3,603 | 18.7 | 3,015 | 20.5 | |
June 30, 2023 | 21,725 | 3.3 | 1,280 | (12.7) | 3,036 | (10.9) | 2,502 | (8.4) | |
Note: Comprehensive income | For the three months ended June 30, 2024: | ¥5,893 million | [51.5%] | ||||
For the three months ended June 30, 2023: | ¥3,889 million | [-30.6%] | |||||
Net income | Diluted net income | ||||||
per share | per share | ||||||
Three months ended | Yen | Yen | |||||
June 30, 2024 | 108.05 | － | |||||
June 30, 2023 | 90.00 | － | |||||
(2) Consolidated financial position
Total assets | Net assets | Equity-to-asset ratio | ||
As of | Millions of yen | Millions of yen | % | |
June 30, 2024 | 172,665 | 146,048 | 84.1 | |
March 31, 2024 | 169,504 | 142,011 | 83.3 | |
Reference: Equity | As of June 30, 2024: | ¥145,265 million | ||
As of March 31, 2024: | ¥141,280 million |
2. Cash dividends
Annual dividends per share | |||||||
First quarter-end | Second quarter-end | Third quarter-end | Fiscal year-end | Total | |||
Yen | Yen | Yen | Yen | Yen | |||
Fiscal year ended | － | 55.00 | － | 67.00 | 122.00 | ||
March 31, 2024 | |||||||
Fiscal year ending | － | ||||||
March 31, 2025 | |||||||
Fiscal year ending | |||||||
March 31, 2025 | 66.00 | － | 66.00 | 132.00 | |||
(Forecast) | |||||||
Note: Revisions to the forecast of cash dividends announced most recently: None
3. Consolidated earnings forecast for the fiscal year ending March 31, 2025 (April 1, 2024 - March 31, 2025)
Net income | Net income | ||||||||||
Net sales | Operating income | Ordinary income | attributable to | ||||||||
per share | |||||||||||
owners of parent | |||||||||||
Millions of | % | Millions of | % | Millions of | % | Millions of | % | Yen | |||
yen | yen | yen | yen | ||||||||
First half of fiscal | 44,000 | 0.5 | 2,300 | (8.9) | 5,900 | (5.2) | 4,900 | (2.3) | 175.89 | ||
year | |||||||||||
Full-year | 90,000 | 1.6 | 4,800 | 8.6 | 12,000 | (0.1) | 10,000 | 1.4 | 358.96 | ||
Note: Revisions to consolidated earnings forecast announced most recently: None |
* Notes
- Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the change in scope of consolidation): None
Newly included: | － | (Company name: | ) |
Excluded: | － | (Company name: | ) |
- Adoption of accounting treatment specific to the preparation of quarterly consolidated financial statements: None
- Changes in accounting policies, changes in accounting estimates, and restatement
- Changes in accounting policies due to revisions to accounting standards and other regulations: None
- Changes in accounting policies due to other reasons: None
- Changes in accounting estimates: None
- Restatement: None
- 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
As of March 31, 2024
30,272,503 shares
30,272,503 shares
(ii) Number of treasury shares at the end of the period
As of June 30, 2024
As of March 31, 2024
2,361,733 shares
2,372,330 shares
- Average number of shares outstanding during the period (cumulative from the beginning of the fiscal year)
Three months ended June 30, 2024
Three months ended June 30, 2023
27,904,863 shares
27,811,140 shares
- Review of the Japanese originals of the attached quarterly consolidated financial statements by certified public accountants or an audit firm：Yes
- Explanation of appropriate use of business performance forecasts and other special items
The earnings forecasts in this document are based on the current information and certain assumptions that are considered reasonable, and actual results may greatly depending on various factors.
Quarterly Consolidated Financial Statements
- Quarterly Consolidated Balance Sheet
(Millions of yen)
As of March 31,2024 | As of June 30,2024 |
Assets
Current assets
Cash and deposits
Notes and accounts receivable - trade
Electronically recorded monetary claims -operating
Securities
Inventories
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net
Machinery, equipment and vehicles, net
Tools, furniture and fixtures, net
Land
Construction in progress
Other, net
Total property, plant and equipment
Intangible assets
36,815 | 32,677 |
17,791 | 18,027 |
9,606 | 9,667 |
5,499 | 5,499 |
14,931 | 15,483 |
2,052 | 2,500 |
△23 | △23 |
86,673 | 83,832 |
13,414 | 13,429 |
5,374 | 5,305 |
1,082 | 1,113 |
3,910 | 3,939 |
737 | 2,693 |
1,050 | 1,163 |
25,570 | 27,644 |
Goodwill | 204 | 168 | ||
Other | 592 | 588 | ||
Total intangible assets | 796 | 756 | ||
Investments and other assets | ||||
Investment securities | 52,820 | 56,877 | ||
Long-term loans receivable | 11 | 10 | ||
Retirement benefit asset | 2,183 | 2,252 | ||
Deferred tax assets | 556 | 552 | ||
Other | 897 | 743 | ||
Allowance for doubtful accounts | △5 | △5 | ||
Total investments and other assets | 56,463 | 60,432 | ||
Total non-current assets | 82,830 | 88,833 | ||
Total assets | 169,504 | 172,665 | ||
(Millions of yen) | |||||||
As of March 31,2024 | As of June 30,2024 | ||||||
Liabilities | |||||||
Current liabilities | |||||||
Notes and accounts payable - trade | 7,966 | 7,579 | |||||
Electronically recorded obligations - operating | 6,288 | 4,590 | |||||
Income taxes payable | 611 | 573 | |||||
Provision for bonuses | 1,037 | 1,714 | |||||
Other | 4,427 | 4,597 | |||||
Total current liabilities | 20,331 | 19,054 | |||||
Non-current liabilities | |||||||
Long-term borrowings | 286 | 286 | |||||
Deferred tax liabilities | 3,234 | 3,551 | |||||
Retirement benefit liability | 1,975 | 2,000 | |||||
Other | 1,665 | 1,725 | |||||
Total non-current liabilities | 7,161 | 7,563 | |||||
Total liabilities | 27,493 | 26,617 | |||||
Net assets | |||||||
Shareholders' equity | |||||||
Share capital | 8,060 | 8,060 | |||||
Capital surplus | 7,114 | 7,116 | |||||
Retained earnings | 117,597 | 118,730 | |||||
Treasury shares | △5,520 | △5,496 | |||||
Shareholders' equity | 127,252 | 128,411 | |||||
Valuation and translation adjustments | |||||||
Valuation difference on available-for-sale securities | 5,373 | 5,795 | |||||
Foreign currency translation adjustment | 7,812 | 10,229 | |||||
Remeasurements of defined benefit plans | 840 | 828 | |||||
Valuation and translation adjustments | 14,027 | 16,854 | |||||
Non-controlling interests | 731 | 782 | |||||
Total net assets | 142,011 | 146,048 | |||||
Total liabilities and net assets | 169,504 | 172,665 | |||||
- Quarterly Consolidated Statement of Income and Comprehensive Income
Consolidated Statement of Income Three months ended June 30,2024
(Millions of yen) | ||||
First quarter | First quarter | |||
ended June 30,2023 | ended June 30,2024 | |||
Net sales | 21,725 | 21,634 | ||
Cost of sales | 16,031 | 15,952 | ||
Gross profit | 5,693 | 5,681 | ||
Selling, general and administrative expenses | 4,413 | 4,519 | ||
Operating profit | 1,280 | 1,162 | ||
Non-operating income | ||||
Interest income | 50 | 51 | ||
Dividend income | 114 | 153 | ||
Outsourcing service income | 43 | 40 | ||
Share of profit of entities accounted for using equity | 1,546 | 2,120 | ||
method | ||||
Foreign exchange gains | 69 | 162 | ||
Other | 34 | 34 | ||
Total non-operating income | 1,859 | 2,563 | ||
Non-operating expenses | ||||
Interest expenses | 14 | 13 | ||
Fiduciary obligation expenses | 41 | 37 | ||
Litigation expenses | 39 | 37 | ||
Other | 7 | 33 | ||
Total non-operating expenses | 103 | 122 | ||
Ordinary profit | 3,036 | 3,603 | ||
Extraordinary income | ||||
Gain on sale of non-current assets | 3 | 1 | ||
Total extraordinary income | 3 | 1 | ||
Extraordinary losses | ||||
Loss on sale of non-current assets | - | 0 | ||
Loss on retirement of non-current assets | 17 | 4 | ||
Total extraordinary losses | 17 | 4 | ||
Profit before income taxes | 3,021 | 3,599 | ||
Income taxes - current | 502 | 402 | ||
Income taxes - deferred | △26 | 143 | ||
Income taxes | 475 | 546 | ||
Profit | 2,545 | 3,053 | ||
Profit attributable to non-controlling interests | 42 | 38 | ||
Profit attributable to owners of parent | 2,502 | 3,015 | ||
Quarterly Consolidated Statement of Comprehensive Income Three months ended June 30,2024
(Millions of yen) | |||
First quarter | First quarter | ||
ended June 30,2023 | ended June 30,2024 | ||
Profit | 2,545 | 3,053 | |
Other comprehensive income | |||
Valuation difference on available-for-sale securities | 375 | 421 | |
Foreign currency translation adjustment | 360 | 1,148 | |
Remeasurements of defined benefit plans, net of tax | △0 | △9 | |
Share of other comprehensive income of entities | 606 | 1,278 | |
accounted for using equity method | |||
Total other comprehensive income | 1,343 | 2,839 | |
Comprehensive income | 3,889 | 5,893 | |
Comprehensive income attributable to | |||
owners of parent | 3,841 | 5,842 | |
non-controlling interests | 47 | 50 | |