Translation
Notice: 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.
January 14, 2025
Company name: SAKATA SEED CORPORATION
Name of Representative: Hiroshi Sakata
President and Representative Director (Securities code:1377, TSE Prime Market)
Inquiries:Takenori Hoshi Senior Executive Officer
Senior General Manager of General Administration Div.
General Manager of Finance Dept. (Telephone: +81-45-945-8800)
Notice Regarding Differences Between the Financial Results Forecasts and Actual Results for
the Six Months Ended November 30, 2024,
and Revisions of the Financial Results Forecasts for the Year Ending May 31, 2025
SAKATA SEED CORPORATION announces today that there are differences between the consolidated financial results forecast for the six months ended November 30, 2024, which were announced on July 12, 2024, and the actual results for the period announced on January 14, 2025. The Company also announced revisions of the consolidated financial results forecasts for the year ending May 31, 2025, which were also announced on July 12, 2024.
１．Differences between the forecast for the consolidated financial results and the actual results for the Six Months Ended November 30, 2024 (June 1, 2024-November 30, 2024)
Operating | Profit | Earnings per | |||||||||||||
Net sales | Ordinary | attributable to | |||||||||||||
profit | profit | owners of | share | ||||||||||||
(Millions of yen) | |||||||||||||||
(Millions of yen) | (Millions of yen) | parent | (Yen) | ||||||||||||
(Millions of yen) | |||||||||||||||
Previous forecasts (A) | 45,000 | 5,200 | 5,000 | 3,500 | 79.82 | ||||||||||
Actual results (B) | 42,325 | 5,672 | 5,650 | 5,123 | 116.84 | ||||||||||
Change (B−A ) | (2,674) | 472 | 650 | 1,623 | |||||||||||
Change (%) | (5.9) | 9.1 | 13.0 | 46.4 | |||||||||||
Reference: Results for the previous | 40,872 | 5,292 | 5,698 | 3,226 | 72.75 | ||||||||||
fiscal year (six months ended | |||||||||||||||
November 30, 2023) |
(Reasons for the differences)
In the current interim consolidated accounting period (1 June-30 November 2024), sales increased year-on-year due to strong sales of vegetable seeds in Europe and the Middle East, South America and Japan. On the other hand, sales in North and Central America and Asia were lower than expected, and the exchange rate was higher than expected, total sales fell 5.9% short of the forecast. Despite an increase in selling, general and administrative expenses, operating profit and ordinary profit exceeded forecasts by 9.1% and 13.0% respectively, due to a better-than-expected gross profit margin. Furthermore, profit attributable to owners of parent exceeded the forecast by 46.4%, mainly due to a smaller-than-expected amount of flood damage to a consolidated subsidiary in Brazil and gain on the sale of fixed assets in the USA.
2．Revisions of the Consolidated Financial Results Forecasts for the Year Ending May 31, 2025 (June 1, 2024-May 31, 2025)
Operating | Profit | Earnings per | |||||||||||||
Net sales | Ordinary | attributable to | |||||||||||||
profit | profit | owners of | share | ||||||||||||
(Millions of yen) | |||||||||||||||
(Millions of yen) | (Millions of yen) | parent | (Yen) | ||||||||||||
(Millions of yen) | |||||||||||||||
Previous forecast(A) | 93,500 | 11,000 | 11,000 | 8,000 | 182.44 | ||||||||||
Revised forecast(B) | 93,500 | 11,000 | 11,000 | 9,000 | 205.25 | ||||||||||
Change (B−A ) | 0 | 0 | 0 | 1,000 | |||||||||||
Change (%) | 0.0 | 0.0 | 0.0 | 12.5 | |||||||||||
Reference: Results for the previous | 88,677 | 10,495 | 11,124 | 16,162 | 365.22 | ||||||||||
fiscal year (year ended May 31, | |||||||||||||||
2024) |
(Reasons for the revisions)
Based on the results of the current interim accounting period and future sales forecasts, the full- year forecasts for net sales, operating profit, and ordinary profit are unchanged, and the forecast for profit attributable to owners of parent is revised upward.
Regarding exchange rates used for forecasting, the assumed exchange rates for USD and EUR were left unchanged at JPY 150/USD and JPY 160/EUR. The Brazilian real and Asian currencies were changed to late-December levels.
Note: The forecast figures for earnings and other matters in this document are based on information currently available to the Company and certain assumptions deemed reasonable. Actual results may differ materially from the forecasts due to various factors.