Note: This document is a translation of a part of the original Japanese version and provided for reference purposes only. In the event of any discrepancy between the Japanese original and this English translation, the Japanese original shall prevail.
Consolidated Financial Results
for the Three Months Ended May 31, 2024
[Japanese GAAP]
Company name: S Foods Inc. | July 12, 2024 |
Stock exchange listing: Tokyo | |
Code number: 2292 | |
URL: https://www.sfoods.co.jp | |
Representative: Shinnosuke Murakami | President and Representative Director |
Contact: Kenji Unoki | Corporate Officer Supervising Administration Group |
Phone: +81-798(43)1065
Scheduled date of filing quarterly securities report: July 16, 2024
Scheduled date of commencing dividend payments: -
Availability of supplementary briefing material on quarterly financial results: No
Schedule of quarterly financial results briefing session: No
(Amounts of less than one million yen are rounded down.)
1. Consolidated Financial Results for the Three Months Ended May 31, 2024 (March 1, 2024 to May 31, 2024)
(1) Consolidated Operating Results | (% indicates changes from the previous corresponding period.) | |||||||||
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 | % | ||
May 31, 2024 | 109,600 | 6.4 | 1,272 | (68.1) | 1,681 | (58.2) | 671 | (81.9) | ||
May 31, 2023 | 103,043 | 7.9 | 3,985 | (16.7) | 4,019 | (23.0) | 3,704 | 10.8 |
(Note) Comprehensive income: | Three months ended May 31, 2024: |
Three months ended May 31, 2023: |
¥ | 4,053 million | [ | (16.3) %] |
¥ | 4,842 million | [ | 18.1%] |
Basic earnings | Diluted earnings per | |
per share | share | |
Three months ended | Yen | Yen |
May 31, 2024 | 21.23 | - |
May 31, 2023 | 117.14 | - |
(2) Consolidated Financial Position
Total assets | Net assets | Capital adequacy ratio | ||
As of | Millions of yen | Millions of yen | % | |
May 31, 2024 | 232,085 | 129,195 | 52.3 | |
February 29, 2024 | 224,240 | 126,576 | 53.0 | |
(Reference) Equity: As of | May 31, 2024: | ¥ | 121,336 million | |
As of | February 29, 2024: | ¥ | 118,783 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 February 29, 2024 | - | 42.00 | - | 42.00 | 84.00 | |||
Fiscal year ending February 28, 2025 | - | |||||||
Fiscal year ending February 28, 2025 | 44.00 | - | 45.00 | 89.00 | ||||
(Forecast) | ||||||||
(Note) Revision to the forecast for dividends | announced most | recently: | No |
3. Consolidated Financial Results Forecast for the Fiscal Year Ending February 28, 2025(March 1, 2024 to February 28, 2025)
(% indicates changes from the previous corresponding period.)
Net sales | Operating profit | Ordinary profit | Profit attributable | Basic earnings per | ||||||||||
to owners of parent | share | |||||||||||||
Millions of | Millions of | Millions of | Millions of | |||||||||||
yen | % | yen | % | yen | % | yen | % | Yen | ||||||
Full year | 445,000 | 4.7 | 11,500 | (9.3) | 12,500 | (13.1) | 8,000 | (11.8) | 252.88 | |||||
(Note) Revision to the financial results forecast announced most recently: | No | |||||||||||||
* Notes: | ||||||||||||||
(1) Changes in significant subsidiaries during the three months ended May 31, 2024 | ||||||||||||||
(changes in specified subsidiaries resulting in changes in scope of consolidation): | No | |||||||||||||
New | - | (Company name: | ) | |||||||||||
Exclusion: | - | (Company name: | ) | |||||||||||
(2) Accounting policies adopted specially for the preparation of quarterly consolidated financial statements: | Yes |
- Changes in accounting policies, changes in accounting estimates and retrospective restatement
- Changes in accounting policies due to the revision of accounting standards: No
- Changes in accounting policies other than 1) above: No
- Changes in accounting estimates: No
- Retrospective restatement: No
- Total number of issued shares (common shares)
- Total number of issued shares at the end of the period (including treasury shares):
May 31, 2024: | 32,267,721 | shares |
February 29, 2024: | 32,267,721 | shares |
2) Number of treasury shares at the end of the period: | ||
May 31, 2024: | 632,576 | shares |
February 29, 2024: | 632,484 | shares |
3) Average number of shares outstanding during the period: | ||
Three months ended May 31, 2024: | 31,635,175 | shares |
Three months ended May 31, 2023: | 31,621,079 | shares |
Quarterly Consolidated Financial Statements
Quarterly Consolidated Balance Sheets
(Millions of yen) | ||
As of February 29, 2024 | As of May 31, 2024 | |
Assets | ||
Current assets | ||
Cash and deposits | 49,858 | 41,947 |
Notes and accounts receivable - trade | 40,216 | 44,881 |
Merchandise and finished goods | 27,382 | 33,596 |
Work in process | 9,529 | 8,986 |
Raw materials and supplies | 4,845 | 4,461 |
Other | 4,328 | 4,725 |
Allowance for doubtful accounts | (46) | (53) |
Total current assets | 136,114 | 138,545 |
Non-current assets | ||
Property, plant and equipment | ||
Buildings and structures | 61,128 | 61,391 |
Accumulated depreciation | (31,105) | (31,631) |
Buildings and structures, net | 30,023 | 29,759 |
Land | 15,814 | 15,857 |
Other | 53,157 | 57,351 |
Accumulated depreciation | (29,830) | (30,560) |
Other, net | 23,327 | 26,790 |
Accumulated impairment | (2,796) | (2,741) |
Total property, plant and equipment | 66,369 | 69,666 |
Intangible assets | ||
Goodwill | 253 | 231 |
Other | 306 | 300 |
Total intangible assets | 559 | 531 |
Investments and other assets | ||
Investment securities | 16,611 | 17,616 |
Retirement benefit asset | 200 | 202 |
Other | 4,576 | 5,709 |
Allowance for doubtful accounts | (193) | (186) |
Total investments and other assets | 21,196 | 23,341 |
Total non-current assets | 88,125 | 93,540 |
Total assets | 224,240 | 232,085 |
(Millions of yen) | ||
As of February 29, 2024 | As of May 31, 2024 | |
Liabilities | ||
Current liabilities | ||
Notes and accounts payable - trade | 25,803 | 32,931 |
Short-term borrowings | 7,866 | 11,090 |
Income taxes payable | 1,989 | 1,135 |
Provision for bonuses | 1,363 | 1,560 |
Other | 17,858 | 15,728 |
Total current liabilities | 54,881 | 62,445 |
Non-current liabilities | ||
Bonds payable | 250 | 200 |
Long-term borrowings | 35,516 | 33,583 |
Provision for retirement benefits for directors (and | 128 | 99 |
other officers) | ||
Retirement benefit liability | 1,818 | 1,773 |
Other | 5,069 | 4,788 |
Total non-current liabilities | 42,782 | 40,444 |
Total liabilities | 97,664 | 102,890 |
Net assets | ||
Shareholders' equity | ||
Share capital | 4,298 | 4,298 |
Capital surplus | 18,792 | 18,790 |
Retained earnings | 85,994 | 85,337 |
Treasury shares | (397) | (397) |
Total shareholders' equity | 108,688 | 108,028 |
Accumulated other comprehensive income | ||
Valuation difference on available-for-sale | 5,155 | 5,849 |
securities | ||
Deferred gains or losses on hedges | (70) | 30 |
Foreign currency translation adjustment | 4,930 | 7,351 |
Remeasurements of defined benefit plans | 79 | 76 |
Total accumulated other comprehensive income | 10,095 | 13,307 |
Non-controlling interests | 7,792 | 7,858 |
Total net assets | 126,576 | 129,195 |
Total liabilities and net assets | 224,240 | 232,085 |
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 May 31, 2023 | ended May 31, 2024 | |
Net sales | 103,043 | 109,600 |
Cost of sales | 89,252 | 98,256 |
Gross profit | 13,790 | 11,344 |
Selling, general and administrative expenses | 9,805 | 10,072 |
Operating profit | 3,985 | 1,272 |
Non-operating income | ||
Interest income | 61 | 185 |
Dividend income | 5 | 5 |
Rental income from buildings | 46 | 55 |
Share of profit of entities accounted for using equity | 1 | 1 |
method | ||
Foreign exchange gains | - | 119 |
Other | 161 | 139 |
Total non-operating income | 276 | 507 |
Non-operating expenses | ||
Interest expenses | 61 | 63 |
Foreign exchange losses | 144 | - |
Rent cost | 10 | 12 |
Other | 26 | 22 |
Total non-operating expenses | 243 | 97 |
Ordinary profit | 4,019 | 1,681 |
Extraordinary income | ||
Gain on sale of non-current assets | 3 | 3 |
Gain on sale of shares of subsidiaries and associates | 1,388 | - |
Gain on sale of investment securities | 4 | - |
Subsidy income | 1,584 | - |
Total extraordinary income | 2,980 | 3 |
Extraordinary losses | ||
Loss on disposal of non-current assets | 15 | 5 |
Loss on store closings | 1 | - |
Loss on tax purpose reduction entry of non-current | 1,583 | - |
assets | ||
Loss on sale of investment securities | 4 | - |
Loss on valuation of investment securities | 352 | - |
Loss on transfer of subsidiary | - | 149 |
Total extraordinary losses | 1,957 | 154 |
Profit before income taxes | 5,041 | 1,530 |
Income taxes | 1,155 | 688 |
Profit | 3,886 | 842 |
Profit attributable to non-controlling interests | 181 | 171 |
Profit attributable to owners of parent | 3,704 | 671 |
Quarterly Consolidated Statements of Comprehensive Income (For the three months)
(Millions of yen) | ||
For the three months | For the three months | |
ended May 31, 2023 | ended May 31, 2024 | |
Profit | 3,886 | 842 |
Other comprehensive income |
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
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
270 | 693 |
82 | 101 |
602 | 2,420 |
1 | (4) |
956 | 3,211 |
4,842 | 4,053 |
4,649 | 3,883 |
193 | 170 |