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.
Consolidated Financial Results
for the Three Months Ended June 30, 2024
[Japanese GAAP]
Company name: NITTO KOGYO CORPORATION | August 5, 2024 |
Listing: Tokyo, Nagoya | |
Securities code: 6651 | |
URL: https://www.nito.co.jp/ | |
Representative: Toru Kurono | President and COO |
Inquiries: Nobuki Kato | General Manager of Accounting Department |
Telephone: +81-561-62-3111
Scheduled date to commence dividend payments: -
Preparation of supplementary material on financial results: None
Holding of financial results briefing: None (Note)
(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 to June 30, 2024)
(1) Consolidated Operating Results | (Percentages indicate year-on-year changes.) | |||||||||
Net sales | Operating profit | Ordinary profit | Profit attributable to | |||||||
owners of parent | ||||||||||
Three months ended | Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | ||
June 30, 2024 | 38,742 | 12.6 | 1,601 | (9.6) | 1,996 | (2.6) | 3,704 | 167.8 | ||
June 30, 2023 | 34,416 | 12.6 | 1,771 | 428.0 | 2,049 | 130.8 | 1,383 | 257.7 |
(Note) Comprehensive income: | Three months ended June 30, 2024: |
Three months ended June 30, 2023: |
¥ | 4,024 million | [ | 77.7%] |
¥ | 2,264 million | [ | 152.4%] |
Basic earnings | Diluted earnings per | ||||
per share | share | ||||
Three months ended | Yen | Yen | |||
June 30, 2024 | 97.67 | - | |||
June 30, 2023 | 36.47 | - | |||
(2) Consolidated Financial Position | |||||
Total assets | Net assets | Capital adequacy ratio | |||
As of | Millions of yen | Millions of yen | % | ||
June 30, 2024 | 171,392 | 109,958 | 62.6 | ||
March 31, 2024 | 161,742 | 108,696 | 67.1 |
(Reference) Equity: As of | June 30, 2024: | ¥ | 107,332 million | |||||||
As of | March 31, 2024: | ¥ | 108,488 million | |||||||
2. Dividends | ||||||||||
Annual dividends | ||||||||||
1st | 2nd | 3rd | Year-end | Total | ||||||
quarter-end | quarter-end | quarter-end | ||||||||
Yen | Yen | Yen | Yen | Yen | ||||||
Fiscal year ended March 31, 2024 | - | 72.00 | - | 158.00 | 230.00 | |||||
Fiscal year ending March 31, 2025 | - | |||||||||
Fiscal year ending March 31, 2025 | 64.00 | - | 64.00 | 128.00 | ||||||
(Forecast) | ||||||||||
(Note) Revision to the forecast for dividends | announced most | recently: | None |
3. Explanation of the proper use of financial results forecast and other notes
(Percentages indicate year-on-year changes.)
Net sales | Operating profit | Ordinary profit | Profit attributable | Basic earnings | ||||||
to owners of parent | per share | |||||||||
Six months ending | Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | Yen | |
83,000 | 13.4 | 4,700 | (1.5) | 4,900 | (5.5) | 5,600 | 57.1 | 147.64 | ||
September 30, 2024 | ||||||||||
Full year | 180,000 | 12.0 | 12,500 | 4.4 | 12,500 | (0.5) | 9,700 | 11.3 | 255.73 | |
(Note) Revision to the financial results forecast announced most recently: | Yes |
The financial results forecast and other forward-looking statements contained in this report are based on information currently available to the Company and certain assumptions that the Company deemed reasonable and the Company does not promise the achievement of those forecasts. Actual results may differ materially due to various factors.
(1) Significant changes in the scope of consolidation during the period: | Yes | |||
Newly included: | 2 | (Company name: | Tempearl Industrial Co., Ltd. , | |
TEMPEARL INDUSTRIAL (VIETNAM) CO., LTD | ||||
Excluded: | - | (Company name: |
- Adoption of accounting treatment specific to the preparation of quarterly consolidated financial statements: Yes
- 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: Yes
- Changes in accounting estimates: Yes
- Restatement: None
- Number of issued shares (common shares)
- Total number of issued shares at the end of the period (including treasury shares):
June 30, 2024: | 40,458,000 | shares |
March 31, 2024: | 40,458,000 | shares |
2) Number of treasury shares at the end of the period: | ||
June 30, 2024: | 2,527,712 | shares |
March 31, 2024: | 2,527,613 | shares |
3) Average number of shares outstanding during the period: | ||
Three months ended June 30, 2024: | 37,930,327 | shares |
Three months ended June 30, 2023: | 37,930,995 | shares |
)
)
(Note)
The Company has introduced "Board Benefit Trust (BBT)" . The Company's shares in the BBT, which are reported as treasury shares under Shareholders'equity, are counted as the number of treasury shares as of the average number of shares outstanding for the period for the purpose of not including for computing earnings per share.
- Review of the Japanese-language originals of the attached consolidated quarterly financial statements by certified public accountants or an audit firm: None
- Proper use of earnings forecasts, and other special matters
The financial results forecast and other forward-looking statements contained in this report are based on information currently available to the Company and certain assumptions that the Company deemed reasonable and the Company does not promise the achievement of those forecasts. Actual results may differ materially due to various factors.
Quarterly Consolidated Financial Statements
Quarterly Consolidated Balance Sheets
(Millions of yen) | ||
As of March 31, 2024 | As of June 30, 2024 | |
Assets | ||
Current assets | ||
Cash and deposits | 26,475 | 26,991 |
Notes and accounts receivable - trade, and contract | 39,617 | 35,843 |
assets | ||
Merchandise and finished goods | 9,526 | 12,323 |
Work in process | 3,629 | 5,949 |
Raw materials and supplies | 9,068 | 11,491 |
Other | 2,720 | 3,092 |
Allowance for doubtful accounts | (210) | (218) |
Total current assets | 90,826 | 95,473 |
Non-current assets | ||
Property, plant and equipment | ||
Buildings and structures, net | 24,699 | 26,023 |
Machinery, equipment and vehicles, net | 7,635 | 11,282 |
Land | 17,413 | 19,094 |
Leased assets, net | 209 | 189 |
Construction in progress | 4,565 | 1,060 |
Other, net | 1,591 | 2,089 |
Total property, plant and equipment | 56,114 | 59,740 |
Intangible assets | ||
Goodwill | 583 | 545 |
Other | 2,976 | 3,166 |
Total intangible assets | 3,560 | 3,711 |
Investments and other assets | ||
Investment securities | 5,557 | 6,221 |
Deferred tax assets | 369 | 491 |
Retirement benefit asset | 3,912 | 4,114 |
Other | 1,439 | 1,679 |
Allowance for doubtful accounts | (36) | (40) |
Total investments and other assets | 11,241 | 12,467 |
Total non-current assets | 70,916 | 75,919 |
Total assets | 161,742 | 171,392 |
(Millions of yen) | ||
As of March 31, 2024 | As of June 30, 2024 | |
Liabilities | ||
Current liabilities | ||
Notes and accounts payable - trade | 15,389 | 14,875 |
Short-term borrowings | 8 | 9,018 |
Current portion of long-term borrowings | 1,848 | 3,042 |
Lease liabilities | 154 | 140 |
Income taxes payable | 3,034 | 1,319 |
Provision for bonuses | 3,184 | 1,630 |
Provision for bonuses for directors (and other | - | 16 |
officers) | ||
Provision for loss on liquidation of subsidiaries | 64 | 63 |
and associates | ||
Building Demolition cost allowance | 147 | 147 |
Asset retirement obligations | 55 | 55 |
Other | 9,899 | 10,063 |
Total current liabilities | 33,785 | 40,372 |
Non-current liabilities | ||
Long-term borrowings | 16,221 | 17,014 |
Long-term accounts payable - other | 36 | 36 |
Lease liabilities | 325 | 319 |
Deferred tax liabilities | 571 | 1,004 |
Provision for share awards | 101 | 75 |
Reserve for dismantling of buildings | 230 | 230 |
Provision for retirement benefits for directors (and | - | 17 |
other officers) | ||
Retirement benefit liability | 1,538 | 2,045 |
Asset retirement obligations | 154 | 154 |
Other | 80 | 162 |
Total non-current liabilities | 19,260 | 21,061 |
Total liabilities | 53,046 | 61,434 |
Net assets | ||
Shareholders' equity | ||
Share capital | 6,578 | 6,578 |
Capital surplus | 6,986 | 7,793 |
Retained earnings | 91,728 | 89,423 |
Treasury shares | (3,205) | (3,206) |
Total shareholders' equity | 102,088 | 100,589 |
Accumulated other comprehensive income | ||
Valuation difference on available-for-sale | 2,223 | 2,043 |
securities | ||
Foreign currency translation adjustment | 2,150 | 2,750 |
Remeasurements of defined benefit plans | 2,025 | 1,949 |
Total accumulated other comprehensive income | 6,399 | 6,742 |
Non-controlling interests | 208 | 2,625 |
Total net assets | 108,696 | 109,958 |
Total liabilities and net assets | 161,742 | 171,392 |
Quarterly Consolidated Statements of Income and Comprehensive Income | ||
Quarterly Consolidated Statements of Income (For the three months) | ||
(Millions of yen) | ||
For the three months | For the three months | |
ended June 30, 2023 | ended June 30, 2024 | |
Net sales | 34,416 | 38,742 |
Cost of sales | 25,239 | 28,301 |
Gross profit | 9,176 | 10,441 |
Selling, general and administrative expenses | 7,405 | 8,840 |
Operating profit | 1,771 | 1,601 |
Non-operating income | ||
Interest income | 14 | 2 |
Dividend income | 89 | 121 |
Rental income from buildings | 21 | 36 |
Foreign exchange gains | 132 | 182 |
Other | 46 | 79 |
Total non-operating income | 304 | 423 |
Non-operating expenses | ||
Interest expenses | 10 | 14 |
Depreciation | 4 | 7 |
Other | 11 | 5 |
Total non-operating expenses | 26 | 27 |
Ordinary profit | 2,049 | 1,996 |
Extraordinary income | ||
Gain on sale of non-current assets | 3 | 2 |
Gain on liquidation of subsidiaries and associates | 64 | - |
Gain on bargain purchase | - | 2,665 |
Total extraordinary income | 68 | 2,667 |
Extraordinary losses | ||
Loss on sale and retirement of non-current assets | 4 | 2 |
Loss on sale of investment securities | 1 | - |
Total extraordinary losses | 6 | 2 |
Profit before income taxes | 2,111 | 4,661 |
Income taxes - current | 719 | 1,001 |
Income taxes - deferred | 16 | (16) |
Total income taxes | 736 | 984 |
Profit | 1,375 | 3,676 |
Loss attributable to non-controlling interests | (8) | (27) |
Profit attributable to owners of parent | 1,383 | 3,704 |
Quarterly Consolidated Statements of Comprehensive Income (For the three months)
(Millions of yen) | ||
For the three months | For the three months | |
ended June 30, 2023 | ended June 30, 2024 | |
Profit | 1,375 | 3,676 |
Other comprehensive income |
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Total other comprehensive income
Comprehensive income
Comprehensive income attributable to Comprehensive income attributable to owners of parent
Comprehensive income attributable to non-controlling interests
427 | (174) |
455 | 613 |
5 | (91) |
888 | 347 |
2,264 | 4,024 |
2,267 | 4,047 |
(3) | (23) |