Sakata Seed CorporationTSE: 1377

Jul 12, 2024 Summary of Consolidated Financial Results for the Year Ended May 31, 2024（165.6KB）

Jul 11, 2024 at 10:00 PM UTC · Issued by Sakata Seed Corporation

Year ended May 31, 2023 Year ended May 31, 2024

Year ending May 31, 2025 (Forecast)

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 Year Ended May 31, 2024

(Based on Japanese GAAP)

July 12, 2024

Company name:

SAKATA SEED CORPORATION

Stock exchange listing:

Tokyo

Stock code:

1377

URL https://corporate.sakataseed.co.jp/

Representative:

President and Representative Director

Hiroshi Sakata

Senior Executive Officer

Inquiries:

Senior General Manager of General Administration Div.

Takenori Hoshi

TEL 045-945-8800

General Manager of Finance Dept.

Scheduled date of ordinary general meeting of shareholders:

August 27, 2024

Scheduled date to file Securities Report:

August 27, 2024

Scheduled date to commence dividend payments:

August 28, 2024

Preparation of supplementary material on financial results:

Yes

Holding of financial results meeting:

Yes

(for institutional investors and analysts)

(Amounts less than one million yen are rounded down)

1. Consolidated financial results for the year ended May 31, 2024 (from June 1, 2023 to May 31, 2024)

(1) Consolidated operating results

(% indicates changes from the previous year.)

Net sales

Operating profit

Ordinary profit

Profit attributable to

owners of parent

Millions of yen

Year ended May 31, 2024

88,677

14.8

10,495

(3.9)

11,124

(9.6)

16,162

70.3

Year ended May 31, 2023

77,263

5.8

10,918

(2.4)

12,304

1.6

9,489

(22.6)

Earnings per share

Diluted earnings per

Profit attributable to

Ordinary profit/total

Operating profit/net

owners of

assets

sales

parent/equity

Yen

Year ended May 31, 2024

365.22

10.9

6.3

11.8

Year ended May 31, 2023

213.98

7.2

8.0

14.1

(2) Consolidated financial position

Total assets

Net assets

Equity ratio

Net assets per share

Millions of yen

Yen

As of May 31, 2024

192,717

160,533

83.1

3,650.73

As of May 31, 2023

160,715

138,080

85.7

3,104.40

(3) Consolidated cash flows

Cash flows from

Cash and cash equivalents

operating activities

investing activities

financing activities

at end of period

Millions of yen

Year ended May 31, 2024

6,966

(4,248)

(4,218)

20,264

Year ended May 31, 2023

8,351

(8,107)

(2,828)

20,334

2. Cash dividends

Annual dividends per share

Total cash

Dividend payout

Ratio of dividends

dividends (Total)

ratio (Consolidated)

to net assets

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Total

(Consolidated)

Yen

Millions of yen

-	20.00	-	35.00	55.00	2,442	25.7
-	25.00	-	40.00	65.00	2,866	17.8
-	30.00	-	35.00	65.00		35.6

1.9

3. Forecast of consolidated financial results for the year ending May 31, 2025 (from June 1, 2024 to May 31, 2025)

(% indicates changes from the previous year.)

Net sales

Operating profit

Ordinary profit

Profit attributable to

Earnings per share

owners of parent

Six months ending

Millions of yen

Yen

45,000

10.1

5,200

(1.8)

5,000

(12.3)

3,500

8.5

79.82

November 30, 2024

Full year

93,500

5.4

11,000

4.8

11,000

(1.1)

8,000

(50.5)

182.44

4. Notes

(1) Changes in significant subsidiaries during the year ended May 31, 2024

(changes in specified subsidiaries resulting in the change in scope of consolidation):

(2) 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:

Changes in accounting policies due to other reasons:

Changes in accounting estimates:

Restatement of prior period financial statements:

(3) Number of issued shares (common shares)

Total number of issued shares at the end of the period (including treasury shares)

As of May 31, 2024

47,410,750 shares

As of May 31, 2023

47,410,750 shares

Number of treasury shares at the end of the period

As of May 31, 2024

3,561,536 shares

As of May 31, 2023

3,061,185 shares

Average number of shares during the period

Year ended May 31, 2024

44,253,646 shares

Year ended May 31, 2023

44,350,242 shares

Consolidated financial statements

Consolidated balance sheets

				(Millions of yen)
			As of May 31, 2023	As of May 31, 2024
Assets
Current assets
Cash and deposits	28,942	37,132
Notes and accounts receivable - trade, and contract	18,352	21,779
assets

Merchandise and finished goods	36,345	43,082
Work in process	4,604	6,125
Raw materials and supplies	977	1,148
Costs on construction contracts in progress	166	40
Other	7,136	7,870
Allowance for doubtful accounts		(388)	(331)
Total current assets	96,137	116,846
Non-current assets
Property, plant and equipment
Buildings and structures	37,083	38,786
Accumulated depreciation	(22,679)	(23,436)
Buildings and structures, net		14,403	15,349
Machinery, equipment and vehicles		18,762	21,647
Accumulated depreciation	(12,775)	(14,868)
Machinery, equipment and vehicles, net		5,986	6,778
Land		13,949	14,427
Construction in progress	2,647	5,310
Other	8,759	10,276
Accumulated depreciation		(5,377)	(6,276)
Other, net	3,382	3,999
Total property, plant and equipment		40,369	45,865
Intangible assets		4,028	4,892
Investments and other assets
Investment securities	16,261	19,720
Long-term loans receivable	22	27
Retirement benefit asset		-	401
Deferred tax assets	2,615	3,876
Other	1,292	1,097
Allowance for doubtful accounts	(12)	(11)
Total investments and other assets		20,179	25,112
Total non-current assets		64,577	75,870
Total assets			160,715	192,717

				(Millions of yen)
			As of May 31, 2023	As of May 31, 2024
Liabilities
Current liabilities
Notes and accounts payable - trade	5,336	5,666
Short-term borrowings	929	2,559
Income taxes payable	1,155	4,761
Other	8,012	9,918
Total current liabilities		15,434	22,906
Non-current liabilities
Long-term borrowings	536	1,077
Deferred tax liabilities	2,092	3,333
Retirement benefit liability	1,607	999
Provision for retirement benefits for directors (and	47	103
other officers)

Provision for share awards for directors (and other	151	187
officers)

Other	2,765	3,577
Total non-current liabilities		7,200	9,277
Total liabilities		22,634	32,184
Net assets
Shareholders' equity
Share capital	13,500	13,500
Capital surplus	10,793	10,793
Retained earnings	108,467	121,965
Treasury shares	(5,386)	(7,213)
Total shareholders' equity		127,373	139,045
Accumulated other comprehensive income
Valuation difference on available-for-sale	7,240	9,616
securities

Foreign currency translation adjustment	3,387	11,084
Remeasurements of defined benefit plans	(322)	335
Total accumulated other comprehensive income		10,305	21,035
Non-controlling interests		401	451
Total net assets		138,080	160,533
Total liabilities and net assets			160,715	192,717

Consolidated statements of income and consolidated statements of comprehensive income Consolidated statements of income

				(Millions of yen)
			Fiscal year ended	Fiscal year ended
			May 31, 2023	May 31, 2024
Net sales		77,263	88,677
Cost of sales	29,743	34,704
Gross profit		47,519	53,973
Selling, general and administrative expenses		36,601	43,477
Operating profit		10,918	10,495
Non-operating income
Interest income	609	845
Dividend income	322	421
Rental income	143	147
Foreign exchange gains	572	475
Other	596	387
Total non-operating income		2,244	2,278
Non-operating expenses
Interest expenses	77	216
Loss on retirement of non-current assets	52	218
Share of loss of entities accounted for using equity	510	678
method

Loss on net monetary position	47	352
Other	170	183
Total non-operating expenses		858	1,649
Ordinary profit		12,304	11,124
Extraordinary income
Gain on sale of investment securities	51	-
Gain on sale of non-current assets	151	12,332
Total extraordinary income		203	12,332
Extraordinary losses
Loss on tax purpose reduction entry of non-current		-	491
assets

Loss on valuation of investment securities		-	350
Impairment losses	19	51
Total extraordinary losses		19	893
Profit before income taxes		12,487	22,563
Income taxes - current		2,943	6,832
Income taxes - deferred	(30)	(506)
Total income taxes		2,913	6,326
Profit		9,574	16,236
Profit attributable to non-controlling interests		84	74
Profit attributable to owners of parent			9,489	16,162

Consolidated statements of comprehensive income

Profit

Other comprehensive income

Valuation difference on available-for-sale securities Foreign currency translation adjustment Remeasurements of defined benefit plans, net of tax Share of other comprehensive income of entities accounted for using equity method

Total other comprehensive income Comprehensive income Comprehensive income attributable to

Comprehensive income attributable to owners of parent

Comprehensive income attributable to non- controlling interests

	(Millions of yen)
Fiscal year ended	Fiscal year ended
May 31, 2023	May 31, 2024
9,574	16,236
1,827	2,370
3,517	7,693
(21)	657
(17)	16

5,305	10,738
14,880	26,975
14,790	26,893
90	82

Consolidated statements of changes in equity

Fiscal year ended May 31, 2023

												(Millions of yen)
							Shareholders' equity

	Share capital	Capital surplus		Retained earnings	Treasury shares	Total shareholders'
				equity

Balance at beginning of period	13,500		10,793			101,225		(5,393)		120,125

Cumulative effects of changes in accounting								11				11
policies

Hyperinflation adjustment								(172)				(172)

Restated balance	13,500		10,793			101,064		(5,393)		119,964

Changes during period

Dividends of surplus								(2,087)				(2,087)

Profit attributable to owners of parent								9,489				9,489

Purchase of treasury shares										(4)		(4)

Issuance of treasury shares held by Board										11		11
Benefit Trust

Net changes in items other than shareholders'													-
equity

Total changes during period		-			-			7,402		6		7,409

Balance at end of period	13,500		10,793			108,467		(5,386)		127,373


	Accumulated other comprehensive income

	Valuation		Foreign					Total
			Remeasurements	accumulated	Non-controlling
	difference on		currency			Total net assets
			of defined benefit	other	interests
	available-for-		translation
				plans	comprehensive
	sale securities		adjustment
						income

Balance at beginning of period	5,415		(109)		(301)		5,004	336		125,466
Cumulative effects of changes in accounting													11
policies

Hyperinflation adjustment													(172)

Restated balance	5,415		(109)		(301)		5,004	336		125,305

Changes during period
Dividends of surplus													(2,087)

Profit attributable to owners of parent													9,489

Purchase of treasury shares													(4)

Issuance of treasury shares held by Board													11
Benefit Trust

Net changes in items other than shareholders'	1,824		3,497			(21)		5,300	64		5,364
equity

Total changes during period	1,824		3,497			(21)		5,300	64		12,774

Balance at end of period	7,240		3,387			(322)	10,305	401		138,080

Fiscal year ended May 31, 2024

														(Millions of yen)
							Shareholders' equity

	Share capital	Capital surplus		Retained earnings		Treasury shares		Total shareholders'
						equity

Balance at beginning of period	13,500		10,793			108,467			(5,386)			127,373

Changes during period
Dividends of surplus								(2,664)						(2,664)

Profit attributable to owners of parent								16,162						16,162

Purchase of treasury shares											(1,826)			(1,826)
Disposal of treasury shares				0						0			0

Net changes in items other than shareholders'															-
equity

Total changes during period		-		0			13,498			(1,826)			11,671

Balance at end of period	13,500		10,793			121,965			(7,213)			139,045

	Accumulated other comprehensive income

	Valuation		Foreign					Total
			Remeasurements	accumulated	Non-controlling
	difference on		currency			Total net assets
			of defined benefit	other		interests
	available-for-		translation
				plans	comprehensive
	sale securities		adjustment
						income

Balance at beginning of period	7,240		3,387			(322)	10,305	401		138,080

Changes during period

Dividends of surplus															(2,664)
Profit attributable to owners of parent															16,162

Purchase of treasury shares															(1,826)

Disposal of treasury shares															0

Net changes in items other than shareholders'	2,375		7,696			657	10,730		50		10,781
equity

Total changes during period	2,375		7,696			657	10,730		50		22,453

Balance at end of period	9,616		11,084			335	21,035	451		160,533

Consolidated statements of cash flows

				(Millions of yen)
			Fiscal year ended	Fiscal year ended
			May 31, 2023	May 31, 2024
Cash flows from operating activities
Profit before income taxes	12,487	22,563
Depreciation	3,810	4,468
Impairment losses	19	51
Amortization of goodwill	71	93
Increase (decrease) in retirement benefit liability	(14)	(1,123)
Increase (decrease) in allowance for doubtful accounts	(87)	(104)
Interest and dividend income	(931)	(1,267)
Interest expenses	77	216
Foreign exchange losses (gains)	101	(73)
Loss on net monetary position	47	352
Share of loss (profit) of entities accounted for using	510	678
equity method

Loss (gain) on sale of non-current assets	(178)	(12,389)
Loss on retirement of non-current assets	52	218
Loss on tax purpose reduction entry of non-current		-	491
assets

Loss (gain) on sale of investment securities	(51)	-
Loss (gain) on valuation of investment securities		-	350
Decrease (increase) in accounts receivable - trade, and	536	(1,584)
contract assets

Decrease (increase) in inventories	(2,742)	(4,231)
Increase (decrease) in trade payables	(398)	(570)
Increase (decrease) in accounts payable - other	250	16
Other, net	(1,088)	1,048
Subtotal		12,471	9,205
Interest and dividends received	907	1,254
Interest paid	(78)	(216)
Income taxes refund	74	78
Income taxes paid	(5,024)	(3,355)
Net cash provided by (used in) operating activities		8,351	6,966
Cash flows from investing activities
Payments into time deposits	(2,648)	(12,077)
Proceeds from withdrawal of time deposits	437	4,720
Purchase of property, plant and equipment	(5,621)	(6,325)
Proceeds from sale of property, plant and equipment	592	13,148
Purchase of intangible assets	(584)	(969)
Purchase of investment securities	(253)	(1,028)
Proceeds from sale of investment securities	119	-
Purchase of shares of subsidiaries resulting in change		-	(1,693)
in scope of consolidation

Other, net	(149)	(22)
Net cash provided by (used in) investing activities			(8,107)	(4,248)

				(Millions of yen)
			Fiscal year ended	Fiscal year ended
			May 31, 2023	May 31, 2024
Cash flows from financing activities
Net increase (decrease) in short-term borrowings	(47)	1,460
Repayments of lease liabilities	(599)	(695)
Proceeds from long-term borrowings	30	31
Repayments of long-term borrowings	(104)	(490)
Purchase of treasury shares	(4)	(1,826)
Dividends paid	(2,084)	(2,662)
Other, net	(20)	(35)
Net cash provided by (used in) financing activities		(2,828)	(4,218)
Effect of exchange rate change on cash and cash	1,171	1,431
equivalents

Net increase (decrease) in cash and cash equivalents		(1,413)	(69)
Cash and cash equivalents at beginning of period		21,747	20,334
Cash and cash equivalents at end of period			20,334	20,264