Business Information
NPC Incorporated (TSE Growth 6255) April 11, 2025
INDEX
- Business Results for 1st Half of FY2025
- Revision of Business Forecasts for FY2025 Full Year
- Company Actions
Copyright Ⓒ 2025 NPC Incorporated. All rights reserved.
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Business Results for 1st Half of FY2025
Copyright Ⓒ 2025 NPC Incorporated. All rights reserved. | 3 |
Business Results for 1st Half of FY2025
Consolidated Statement of Income
(Million yen)
FY2024 1st Half | FY2025 1st Half | |||||||||
Results (A) | Initial forecast | Results | ||||||||
(As of Oct. 15, 2024）(B) | ||||||||||
Amount | Vs. Sales | Amount | Vs. Sales | Amount | Vs. Sales (%) | Vs. (A) (%) | Vs. (B) (%) | |||
(%) | (%) | |||||||||
Sales | 3,506 | 100.0 | 3,276 | 100.0 | 3,121 | 100.0 | (11.0) | (4.7) | ||
Gross profit | 1,173 | 33.5 | 1,105 | 33.7 | 1,219 | 39.1 | 3.9 | 10.3 | ||
SG&A expenses | 516 | 14.7 | 568 | 17.4 | 563 | 18.0 | 9.1 | (0.9) | ||
Operating income | 656 | 18.7 | 536 | 16.4 | 656 | 21.0 | (0.0) | 22.4 | ||
Non-operating income | 8 | 0.2 | 1 | 0.1 | 5 | 0.2 | (37.5) | 400.0 | ||
Non-operating expenses | 1 | 0.0 | 2 | 0.1 | 15 | 0.5 | 1400.0 | 650.0 | ||
Ordinary income | 662 | 18.9 | 536 | 16.4 | 646 | 20.7 | (2.4) | 20.5 | ||
Extraordinary income | - | - | - | - | - | - | - | - | ||
Extraordinary loss | - | - | - | - | - | - | - | - | ||
Net income before tax | 662 | 18.9 | 536 | 16.4 | 646 | 20.7 | (2.4) | 20.5 | ||
Net income attribute to | 484 | 13.8 | 413 | 12.6 | 479 | 15.3 | (1.0) | 16.0 | ||
owners of the parent | ||||||||||
Note: The numbers parenthesized represent minus figures.
Percentages at vs. (A) and (B) represent increase/decrease rate.
Copyright Ⓒ 2025 NPC Incorporated. All rights reserved.
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Business Results for 1st Half of FY2025:
Details of the differences between the initial forecast and the results
Sales
(Million yen)
3,500 | |||||
3,276 | 3,121 | Environmental | |||
3,000 | |||||
Services | |||||
2,500 | Parts | ||||
2,000 | Solar Panel | ||||
1,500 | Disassembly | ||||
Equipment | |||||
1,000 | Automation | ||||
Machines | |||||
500 | |||||
PV Module | |||||
0 | Manufacturing | ||||
Equipment | |||||
Initial forecast | Results | ||||
■Details of sales
-First Solar: Upgrading of equipment, additional equipment for existing factories, and R&D equipment for perovskite PV module
-Perovskite R&D equipment for a Japanese company
-Sold automation machine to Japanese electronic components manufacturer in 1Q -Sales of parts were as expected
-
Reason of the differences between the initial forecast and the results -Sales of some automation machine pushed back due to delay in shipping
arrangements by the customer
-Sales of two solar panel disassembly equipment pushed back due to delay in shipping arrangements by an overseas customer and delay in acceptance preparation by a Japanese customer.
Profit
■Gross Profit
-Increased from the initial forecast due to successful cost reduction and the profit margin of expendables and spare parts exceeding our expectation
■Operating income, Ordinary income, and Net income attributable to owners of the parent
-SG&A expenses were as planned, operating expenses increased from the initial plan (foreign exchange losses caused by accrued overseas taxes)
-Each profit were higher than the initial forecast since the gross profit increased
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Copyright Ⓒ 2025 NPC Incorporated. All rights reserved.
Business Results for 1st Half of FY2025: Orders / Order Backlog
FY2024 1st half
Orders | Order backlog |
received | |
7,102 | 13,870 |
(Million yen) | |||||
FY2025 1st half | As of March 31, 2025 | ||||
Orders | Year-on-year | Order backlog | Year-on-year | Orders | Order backlog |
received | ratio(%) | ratio(%) | received | ||
1,059 | △85.1 | 6,017 | △56.6 | 5,870 | 10,720 |
Note: The numbers parenthesized represent minus figures. Percentages at vs. (A) and (B) represent increase/decrease rate.
Breakdown of Orders Received in FY2025 1st Half
PV Module Manufacturing
Equipment
Automation Machines
Solar Panel Disassembly
Equipment
Parts
Environmental Services
Overview of the orders received through March 2025
■Until FY2025 1st Half
-Upgrading of First Solar's equipment
-Automation machines for Japanese (domestic) company and Japanese company located in the US
-Solar panel disassembly equipment *2 glass separators
*2 frame and J-box separators
-Orders received of parts were as planned
■During March 2025
-Perovskite PV module related large-scale domestic project
-Crystalline PV module manufacturing equipment for a Japanese company
Copyright Ⓒ 2025 NPC Incorporated. All rights reserved.
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Business Results for 1st Half of FY2025: | ||||||
Balance Sheet | (Million yen) | |||||
2024.8E | 2025.2E | 2024.8E | 2025.2E | |||
Assets | 15,436 | 13,471 | Liabilities | 5,751 | 3,467 | |
Current assets | 11,958 | 10,126 | Current liabilities | 5,670 | 3,376 | |
Accounts payable-trade | ||||||
Cash and deposits | 5,237 | 6,003 | /electronically recorded obligations- | 2,540 | 714 | |
Notes and accounts receivable-trade | operating | |||||
/electronically recorded monetary claims- | 2,793 | 539 | Income taxes payable | 672 | 112 | |
operating | ||||||
Work in progress | 3,759 | 3,444 | Advances received | 1,976 | 2,252 | |
Raw materials and supplies | 17 | 12 | Provisions | 193 | 138 | |
Other | 150 | 126 | Other | 287 | 159 | |
Noncurrent assets | 3,477 | 3,344 | Noncurrent liabilities | 80 | 91 | |
Property, plant and equipment (net) | 1,473 | 1,394 | Net assets | 9,684 | 10,003 | |
Land | 1,548 | 1,548 | Capital stock, capital surplus | 5,550 | 5,566 | |
Other | 456 | 402 | Retained earnings | 4,286 | 4,550 | |
Treasury stock | (306) | (263) | ||||
Other | 153 | 149 | ||||
Note: The numbers parenthesized represent minus figures.
-Received orders of large-scale domestic project underpinned by strong financial stability -Need to secure cash on hand for further large-scale orders
Copyright Ⓒ 2025 NPC Incorporated. All rights reserved.
7
Revision of Business Forecasts for FY2025 Full Year
Copyright Ⓒ 2025 NPC Incorporated. All rights reserved.
8
Revision of Business Forecasts for FY2025 Full Year
Consolidated Statement of Income
(Million yen)
FY 2024 | FY 2025 | ||||||||
Results (A) | Initial forecast | Revised forecast (As of April 10, 2025） | |||||||
(As of Oct. 15, 2024) (B) | |||||||||
Amount | Vs. Sales | Amount | Vs. Sales (%) | Amount | Vs. Sales (%) | Vs. (A) (%) | Vs. (B) (%) | ||
(%) | |||||||||
Sales | 10,797 | 100.0 | 10,925 | 100.0 | 9,294 | 100.0 | (13.9) | (14.9) | |
Gross profit | 3,579 | 33.1 | 3,205 | 29.3 | 3,093 | 33.3 | (13.6) | (3.5) | |
SG&A expenses | 1,143 | 10.6 | 1,135 | 10.4 | 1,189 | 12.8 | 4.0 | 4.8 | |
Operating income | 2,436 | 22.6 | 2,069 | 18.9 | 1,904 | 20.5 | (21.8) | (8.0) | |
Non-operating income | 4 | 0.0 | 3 | 0.0 | 9 | 0.1 | 125.0 | 200.0 | |
Non-operating expenses | 14 | 0.1 | 4 | 0.0 | 17 | 0.2 | 21.4 | 325.0 | |
Ordinary income | 2,426 | 22.5 | 2,069 | 18.9 | 1,896 | 20.4 | (21.8) | (8.4) | |
Extraordinary income | - | - | - | - | - | - | - | - | |
Extraordinary loss | - | - | - | - | - | - | - | - | |
Net income before tax | 2,426 | 22.5 | 2,069 | 18.9 | 1,896 | 20.4 | (21.8) | (8.4) | |
Net income attribute to | 1,676 | 15.5 | 1,549 | 14.2 | 1,195 | 12.9 | (28.7) | (22.9) | |
owners of the parent | |||||||||
Note: The numbers parenthesized represent minus figures.
Percentages at vs. (A) and (B) represent increase/decrease rate.
Copyright Ⓒ 2025 NPC Incorporated. All rights reserved.
9
Revision of Business Forecasts for FY2025 Full Year: Summary
Sales
(Million yen) Comparison of Sales of Initial Forecast and Revised Forecast
12,000 | 10,925 | -1,631 million yen |
10,000
8,000
6,000
4,000
2,000
0
9,294
Projects which orders received and sold during the period
Initial Forecast | Revised Forecast | ||
Order backlog at end of FY2024 | Parts | Upgrading etc. | |
Note: Parts and upgrading etc. are also included in the order backlog |
-Parts and order backlog at the end of last fiscal year are expected to be sold as initially planned
-Acquiring orders of the projects which orders received and sold during the period such as upgrading of equipment did not work out as expected
→Projects for upgrading the equipment units decreased from the initial plan since First Solar prioritized operating the factory First Solar held back orders because of uncertain policies of the new US government
Was not able to reach the target of orders received of automation machines
Copyright Ⓒ 2025 NPC Incorporated. All rights reserved. | 10 |