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 Nine Months Ended November 30, 2024
[Japanese GAAP]
Company name: S Foods Inc. | January 14, 2025 |
Listing: Tokyo | |
Securities code: 2292 | |
URL: https://www.sfoods.co.jp | |
Representative: Shinnosuke Murakami | President and Representative Director |
Inquiries: Kenji Unoki | Corporate Officer Supervising Administration Group |
Telephone: +81-798(43)1065
Scheduled date to commence dividend payments: -
Preparation of supplementary material on financial results: None
Holding of financial results briefing: None
(Yen amounts are rounded down to millions, unless otherwise noted.)
1. Consolidated Financial Results for the Nine Months Ended November 30, 2024 (March 1, 2024 to November 30, 2024)
(1) Consolidated Operating Results | (Percentages indicate year-on-year changes.) | |||||||||
Net sales | Operating profit | Ordinary profit | Profit attributable to | |||||||
owners of parent | ||||||||||
Nine months ended | Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | ||
November 30, 2024 | 328,067 | 4.3 | 3,298 | (68.3) | 4,238 | (64.6) | 1,476 | (82.5) | ||
November 30, 2023 | 314,425 | 6.4 | 10,393 | (2.2) | 11,960 | 0.4 | 8,438 | 19.8 |
(Note) Comprehensive income: | Nine months ended November 30, 2024: | ¥ | 1,178 million | [ | (91.4) %] | ||||||
Nine months ended November 30, 2023: | ¥ | 13,713 million | [ | 17.4%] | |||||||
Basic earnings | Diluted earnings per | ||||||||||
per share | share | ||||||||||
Nine months ended | Yen | Yen | |||||||||
November 30, 2024 | 46.67 | - | |||||||||
November 30, 2023 | 266.78 | - | |||||||||
(2) Consolidated Financial Position | |||||||||||
Total assets | Net assets | Capital adequacy ratio | |||||||||
As of | Millions of yen | Millions of yen | % | ||||||||
November 30, 2024 | 236,015 | 124,921 | 49.5 | ||||||||
February 29, 2024 | 224,240 | 126,576 | 53.0 | ||||||||
(Reference) Equity: As of | November 30, 2024: | ¥ | 116,935 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 | - | 44.00 | - | |||||
Fiscal year ending February 28, 2025 | 45.00 | 89.00 | ||||||
(Forecast) | ||||||||
(Note) Revision to the forecast for dividends | announced most | recently: | None |
3. Consolidated Financial Results Forecast for the Fiscal Year Ending February 28, 2025(March 1, 2024 to February 28, 2025) (Percentages indicate year-on-year changes.)
Net sales | Operating profit | Ordinary profit | Profit attributable to | Basic earnings | |||||||
owners of parent | per share | ||||||||||
Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | Yen | |||
Full year | 445,000 | 4.7 | 7,300 | (42.4) | 8,300 | (42.3) | 4,200 | (53.7) | 132.70 | ||
(Note) Revision to the financial results forecast announced most recently: | None | ||||||||||
* Notes: | |||||||||||
(1) Significant changes in the scope of consolidation during the period: | None | ||||||||||
Newly included: | - | (Company name: | ) | ||||||||
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: 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):
November 30, 2024: | 32,267,721 | shares |
February 29, 2024: | 32,267,721 | shares |
2) Number of treasury shares at the end of the period: | ||
November 30, 2024: | 617,634 | shares |
February 29, 2024: | 632,484 | shares |
3) Average number of shares outstanding during the period: | ||
Nine months ended November 30, 2024: | 31,644,043 | shares |
Nine months ended November 30, 2023: | 31,629,808 | shares |
Quarterly Consolidated Financial Statements
Quarterly Consolidated Balance Sheets
(Millions of yen) | ||
As of February 29, 2024 | As of November 30, 2024 | |
Assets | ||
Current assets | ||
Cash and deposits | 49,858 | 33,015 |
Notes and accounts receivable - trade | 40,216 | 50,001 |
Securities | - | 1,000 |
Merchandise and finished goods | 27,382 | 35,969 |
Work in process | 9,529 | 7,523 |
Raw materials and supplies | 4,845 | 5,574 |
Other | 4,328 | 6,649 |
Allowance for doubtful accounts | (46) | (81) |
Total current assets | 136,114 | 139,653 |
Non-current assets | ||
Property, plant and equipment | ||
Buildings and structures | 61,128 | 61,756 |
Accumulated depreciation | (31,105) | (32,575) |
Buildings and structures, net | 30,023 | 29,181 |
Land | 15,814 | 15,911 |
Construction in progress | 15,007 | 23,777 |
Other | 38,149 | 38,624 |
Accumulated depreciation | (29,830) | (31,077) |
Other, net | 8,319 | 7,547 |
Accumulated impairment | (2,796) | (2,720) |
Total property, plant and equipment | 66,369 | 73,697 |
Intangible assets | ||
Goodwill | 253 | 440 |
Other | 306 | 278 |
Total intangible assets | 559 | 719 |
Investments and other assets | ||
Investment securities | 16,611 | 16,064 |
Retirement benefit asset | 200 | 205 |
Other | 4,576 | 6,691 |
Allowance for doubtful accounts | (193) | (1,017) |
Total investments and other assets | 21,196 | 21,944 |
Total non-current assets | 88,125 | 96,361 |
Total assets | 224,240 | 236,015 |
(Millions of yen) | ||
As of February 29, 2024 | As of November 30, 2024 | |
Liabilities | ||
Current liabilities | ||
Notes and accounts payable - trade | 25,803 | 34,327 |
Short-term borrowings | 7,866 | 13,590 |
Income taxes payable | 1,989 | 1,306 |
Provision for bonuses | 1,363 | 1,721 |
Other | 17,858 | 17,965 |
Total current liabilities | 54,881 | 68,911 |
Non-current liabilities | ||
Bonds payable | 250 | 150 |
Long-term borrowings | 35,516 | 35,974 |
Provision for retirement benefits for directors (and | 128 | 105 |
other officers) | ||
Retirement benefit liability | 1,818 | 1,795 |
Other | 5,069 | 4,156 |
Total non-current liabilities | 42,782 | 42,182 |
Total liabilities | 97,664 | 111,093 |
Net assets | ||
Shareholders' equity | ||
Share capital | 4,298 | 4,298 |
Capital surplus | 18,792 | 18,824 |
Retained earnings | 85,994 | 84,749 |
Treasury shares | (397) | (390) |
Total shareholders' equity | 108,688 | 107,482 |
Accumulated other comprehensive income | ||
Valuation difference on available-for-sale | 5,155 | 4,110 |
securities | ||
Deferred gains or losses on hedges | (70) | (70) |
Foreign currency translation adjustment | 4,930 | 5,344 |
Remeasurements of defined benefit plans | 79 | 68 |
Total accumulated other comprehensive income | 10,095 | 9,452 |
Non-controlling interests | 7,792 | 7,986 |
Total net assets | 126,576 | 124,921 |
Total liabilities and net assets | 224,240 | 236,015 |
Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statements of Income (For the nine months)
(Millions of yen) | ||
For the nine months | For the nine months | |
ended November 30, 2023 | ended November 30, 2024 | |
Net sales | 314,425 | 328,067 |
Cost of sales | 274,500 | 294,841 |
Gross profit | 39,924 | 33,225 |
Selling, general and administrative expenses | 29,531 | 29,927 |
Operating profit | 10,393 | 3,298 |
Non-operating income | ||
Interest income | 344 | 439 |
Dividend income | 356 | 381 |
Rental income from buildings | 102 | 163 |
Share of profit of entities accounted for using equity | 2 | 2 |
method | ||
Foreign exchange gains | 678 | - |
Other | 544 | 329 |
Total non-operating income | 2,028 | 1,317 |
Non-operating expenses | ||
Interest expenses | 203 | 231 |
Arrangement fee | 100 | - |
Foreign exchange losses | - | 8 |
Rent cost | 30 | 38 |
Other | 127 | 99 |
Total non-operating expenses | 461 | 377 |
Ordinary profit | 11,960 | 4,238 |
Extraordinary income | ||
Gain on sale of non-current assets | 53 | 11 |
Gain on sale of shares of subsidiaries and associates | 1,354 | - |
Gain on sale of investment securities | 123 | 1,202 |
Subsidy income | 1,584 | - |
Total extraordinary income | 3,116 | 1,214 |
Extraordinary losses | ||
Loss on disposal of non-current assets | 39 | 70 |
Impairment losses | 136 | 4 |
Loss on store closings | 1 | 0 |
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 | 406 | - |
Provision of allowance for doubtful accounts | - | 799 |
Loss on transfer of subsidiary | - | 215 |
Total extraordinary losses | 2,172 | 1,090 |
Profit before income taxes | 12,904 | 4,361 |
Income taxes | 3,994 | 2,520 |
Profit | 8,909 | 1,840 |
Profit attributable to non-controlling interests | 471 | 364 |
Profit attributable to owners of parent | 8,438 | 1,476 |
Quarterly Consolidated Statements of Comprehensive Income (For the nine months)
(Millions of yen) | ||
For the nine months | For the nine months | |
ended November 30, 2023 | ended November 30, 2024 | |
Profit | 8,909 | 1,840 |
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
1,286 | (1,062) |
40 | 0 |
3,471 | 413 |
5 | (13) |
4,804 | (662) |
13,713 | 1,178 |
13,267 | 833 |
446 | 344 |