Translation
Notice: This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the event of any discrepancy between this translated document and the original Japanese document, the latter shall prevail.
Summary of Consolidated Financial Results | ||
for the Three Months Ended October 31, 2024 | ||
(Based on Japanese GAAP) | ||
December 11, 2024 | ||
Company name: | Pharma Foods International Co., Ltd. | |
Stock exchange listing: | Tokyo | |
Stock code: | 2929 | URL https://www.pharmafoods.co.jp/ |
Representative: | President | Mujo Kim |
Inquiries: | General Manager od Corporate Planning | Toshihiro Kawanaka | TEL 075-394-8600 |
Department | |||
Scheduled date to commence dividend payments: | - | ||
Preparation of supplementary material on financial results: | Yes | ||
Holding of financial results meeting: | No |
(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the three months ended October 31, 2024 (from August 1, 2024 to October 31, 2024)
(1) Consolidated operating results (cumulative) | Percentages indicate year-on-year changes | |||||||
Net sales | Operating profit | Ordinary profit | Profit attributable to | |||||
owners of parent | ||||||||
Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | |
Three months ended October 31, 2024 | 14,596 | (9.6) | 882 | 46.7 | 888 | 46.7 | 360 | 25.9 |
Three months ended October 31, 2023 | 16,142 | (5.2) | 601 | - | 605 | - | 286 | - |
Earnings per share | Diluted earnings per share | ||||||||
Yen | Yen | ||||||||
Three months ended October 31, 2024 | 12.86 | - | |||||||
Three months ended October 31, 2023 | 9.94 | - | |||||||
(2) Consolidated financial position | |||||||||
Total assets | Net assets | Equity ratio | |||||||
Millions of yen | Millions of yen | % | |||||||
As of October 31, 2024 | 32,972 | 11,479 | 34.8 | ||||||
As of July 31, 2024 | 36,573 | 11,585 | 31.7 | ||||||
2. Cash dividends | |||||||||
Annual dividends per share | |||||||||
1st quarter-end | 2nd quarter-end | 3rd quarter-end | Fiscal year-end | ||||||
Yen | Yen | Yen | Yen | ||||||
Year ended July 31, 2024 | - | 10.00 | - | 15.00 | |||||
Year ending July 31, 2025 | - | ||||||||
Year ending July 31, 2025 (Forecast) | 12.50 | - | 12.50 |
Total
Yen 25.00
25.00
3. Forecast of consolidated financial results for the year ending July 31, 2025 (from August 1, 2024 to July 31, 2025)
Percentages indicate year-on-year changes
Net sales | Operating profit | Ordinary profit | Profit attributable to | Earnings per share | |||||
owners of parent | |||||||||
Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | Yen | |
Full year | 65,000 | 4.6 | 2,000 | (60.9) | 2,300 | (56.2) | 1,600 | (50.1) | 57.00 |
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4. Notes | ||
(1) | Significant changes in the scope of consolidation during the three months ended October 31, 2024: | No |
(2) | Application of special accounting methods for preparing quarterly consolidated financial statements: | No |
(3) | Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements | |
Changes in accounting policies due to revisions to accounting standards and other regulations: | Yes | |
Changes in accounting policies due to other reasons: | No | |
Changes in accounting estimates: | No | |
Restatement of prior period financial statements: | No |
(4) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of October 31, 2024 | 29,079,000 | shares | As of July 31, 2024 | 29,079,000 | shares | |
Number of treasury shares at the end of the period | ||||||
As of October 31, 2024 | 1,035,042 | shares | As of July 31, 2024 | 1,006,767 | shares | |
Average number of shares during the period (cumulative from the beginning of the fiscal year) | ||||||
Three months ended October 31, 2024 | 28,070,082 | shares | Three months ended October 31, 2023 | 28,845,006 | shares |
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Quarterly consolidated financial statements
Consolidated balance sheets
(Millions of yen) | ||
As of July 31, 2024 | As of October 31, 2024 | |
Assets | ||
Current assets | ||
Cash and deposits | 15,666 | 11,757 |
Notes and accounts receivable - trade | 4,038 | 4,022 |
Electronically recorded monetary claims - operating | 258 | 217 |
Merchandise and finished goods | 5,292 | 5,619 |
Work in process | 619 | 699 |
Raw materials and supplies | 806 | 653 |
Other | 596 | 845 |
Allowance for doubtful accounts | (2) | (0) |
Total current assets | 27,275 | 23,813 |
Non-current assets | ||
Property, plant and equipment | ||
Buildings and structures, net | 2,157 | 2,155 |
Machinery, equipment and vehicles, net | 725 | 691 |
Tools, furniture and fixtures, net | 509 | 536 |
Land | 1,190 | 1,190 |
Leased assets, net | 11 | 13 |
Construction in progress | 16 | 16 |
Total property, plant and equipment | 4,609 | 4,605 |
Intangible assets | ||
Goodwill | 124 | 106 |
Other | 52 | 49 |
Total intangible assets | 177 | 156 |
Investments and other assets | ||
Investment securities | 3,037 | 2,972 |
Deferred tax assets | 351 | 343 |
Other | 1,122 | 1,080 |
Total investments and other assets | 4,510 | 4,397 |
Total non-current assets | 9,298 | 9,158 |
Total assets | 36,573 | 32,972 |
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(Millions of yen) | ||
As of July 31, 2024 | As of October 31, 2024 | |
Liabilities | ||
Current liabilities | ||
Notes and accounts payable - trade | 1,250 | 1,025 |
Short-term borrowings | 14,900 | 11,900 |
Current portion of long-term borrowings | 760 | 676 |
Accounts payable - other | 4,039 | 4,642 |
Income taxes payable | 1,384 | 526 |
Provision for bonuses | 72 | 164 |
Other | 755 | 886 |
Total current liabilities | 23,163 | 19,821 |
Non-current liabilities | ||
Long-term borrowings | 1,231 | 1,091 |
Retirement benefit liability | 384 | 359 |
Other | 208 | 220 |
Total non-current liabilities | 1,824 | 1,671 |
Total liabilities | 24,987 | 21,493 |
Net assets | ||
Shareholders' equity | ||
Share capital | 2,043 | 2,043 |
Capital surplus | 1,814 | 1,814 |
Retained earnings | 8,356 | 8,296 |
Treasury shares | (1,194) | (1,194) |
Total shareholders' equity | 11,019 | 10,959 |
Accumulated other comprehensive income | ||
Valuation difference on available-for-sale securities | 566 | 520 |
Total accumulated other comprehensive income | 566 | 520 |
Total net assets | 11,585 | 11,479 |
Total liabilities and net assets | 36,573 | 32,972 |
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Consolidated statements of income (cumulative) and consolidated statements of comprehensive income (cumulative)
Consolidated statements of income (cumulative)
(Millions of yen) | ||
Three months ended | Three months ended | |
October 31, 2023 | October 31, 2024 | |
Net sales | 16,142 | 14,596 |
Cost of sales | 3,424 | 2,695 |
Gross profit | 12,717 | 11,901 |
Selling, general and administrative expenses | ||
Research and development expenses | 277 | 337 |
Advertising expenses | 8,813 | 7,943 |
Commission expenses | 1,122 | 991 |
Amortization of goodwill | 23 | 18 |
Other | 1,879 | 1,728 |
Total selling, general and administrative expenses | 12,116 | 11,018 |
Operating profit | 601 | 882 |
Non-operating income | ||
Interest income | 0 | 1 |
Dividend income | 2 | 2 |
Foreign exchange gains | 4 | 2 |
Subsidy income | 13 | 62 |
Outsourcing service income | 4 | 4 |
Other | 9 | 14 |
Total non-operating income | 35 | 87 |
Non-operating expenses | ||
Interest expenses | 14 | 24 |
Loss on investments in investment partnerships | 2 | - |
Share of loss of entities accounted for using equity method | 1 | 43 |
Commission expenses | 12 | 2 |
Other | 1 | 11 |
Total non-operating expenses | 31 | 80 |
Ordinary profit | 605 | 888 |
Profit before income taxes | 605 | 888 |
Income taxes | 318 | 527 |
Profit | 286 | 360 |
Profit attributable to owners of parent | 286 | 360 |
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Consolidated statements of comprehensive income (cumulative)
(Millions of yen) | |||
Three months ended | Three months ended | ||
October 31, 2023 | October 31, 2024 | ||
Profit | 286 | 360 | |
Other comprehensive income | |||
Valuation difference on available-for-sale securities | 115 | (46) | |
Total other comprehensive income | 115 | (46) | |
Comprehensive income | 402 | 314 | |
Comprehensive income attributable to | |||
Comprehensive income attributable to owners of parent | 402 | 314 |
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Consolidated statements of cash flows
(Millions of yen) | ||
Three months ended | Three months ended | |
October 31, 2023 | October 31, 2024 | |
Cash flows from operating activities | ||
Profit before income taxes | 605 | 888 |
Depreciation | 121 | 161 |
Amortization of goodwill | 23 | 18 |
Increase (decrease) in allowance for doubtful accounts | (0) | (2) |
Increase (decrease) in provision for bonuses | 90 | 91 |
Increase (decrease) in retirement benefit liability | (16) | (24) |
Interest and dividend income | (3) | (4) |
Subsidy income | (13) | (62) |
Interest expenses | 14 | 24 |
Foreign exchange losses (gains) | (4) | (1) |
Share of loss (profit) of entities accounted for using equity | 1 | 43 |
method | ||
Loss (gain) on investments in investment partnerships | 2 | - |
Decrease (increase) in consumption taxes refund receivable | (64) | (96) |
Decrease (increase) in trade receivables | 174 | 56 |
Decrease (increase) in inventories | 347 | (253) |
Increase (decrease) in trade payables | 205 | (225) |
Increase (decrease) in accounts payable - other | 902 | 754 |
Increase (decrease) in accrued consumption taxes | (26) | 10 |
Other, net | (362) | (191) |
Subtotal | 1,998 | 1,185 |
Interest and dividends received | 3 | 4 |
Subsidies received | 0 | 179 |
Interest paid | (14) | (24) |
Income taxes paid | (282) | (1,310) |
Net cash provided by (used in) operating activities | 1,706 | 35 |
Cash flows from investing activities | ||
Purchase of property, plant and equipment | (162) | (296) |
Purchase of intangible assets | (9) | (1) |
Purchase of investment securities | (150) | (0) |
Other, net | 11 | (1) |
Net cash provided by (used in) investing activities | (310) | (299) |
Cash flows from financing activities | ||
Net increase (decrease) in short-term borrowings | - | (3,000) |
Proceeds from long-term borrowings | 300 | - |
Repayments of long-term borrowings | (227) | (223) |
Dividends paid | (346) | (421) |
Other, net | (2) | (2) |
Net cash provided by (used in) financing activities | (276) | (3,646) |
Effect of exchange rate change on cash and cash equivalents | 4 | 1 |
Net increase (decrease) in cash and cash equivalents | 1,123 | (3,909) |
Cash and cash equivalents at beginning of period | 16,306 | 15,566 |
Cash and cash equivalents at end of period | 17,429 | 11,657 |
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