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.
November 8, 2024
Summary of Financial Statements for the Six Months Ended September 30, 2024
(Japanese GAAP) (Consolidated)
Name of listed company: | SINFONIA TECHNOLOGY CO., LTD. | ||||||||||||||
Exchange for listed company: Tokyo Stock Exchange | |||||||||||||||
Securities Code: | 6507 | ||||||||||||||
URL: | https://hibiki.sinfo-t.jp/eng/index_a.htm | ||||||||||||||
Representative | Shinichi Hirano, Representative Director and President | ||||||||||||||
(Rounded down to the nearest million yen) | |||||||||||||||
1. Consolidated financial results for the six months ended September 30, 2024 (April 1, 2024 to September 30, 2024) | |||||||||||||||
(1) Consolidated operating results (cumulative) | (Percentage (%) indicates the rate of year-over-year increase or decrease) | ||||||||||||||
Net sales | Operating profit | Ordinary profit | Profit attributable to | ||||||||||||
owners of parent | |||||||||||||||
Six months ended | Millions of yen | % Millions of yen | % | Millions of yen | % | Millions of yen | % | ||||||||
September 30, 2024 | 51,753 | 10.6 | 5,743 | 96.5 | 5,927 | 76.2 | 4,279 | 83.1 | |||||||
September 30, 2023 | 46,792 | (4.6) | 2,922 | (21.2) | 3,363 | (22.9) | 2,337 | (23.3) | |||||||
Note: Comprehensive income | Six months ended September 30, 2024 | ¥2,442 million | (31.5)% | ||||||||||||
Six months ended September 30, 2023 | ¥3,563 million | 26.9% | |||||||||||||
Profit per share | Diluted profit per share | ||||||||||||||
Six months ended | Yen | Yen | |||||||||||||
September 30, 2024 | 151.73 | - | |||||||||||||
September 30, 2023 | 82.89 | - | |||||||||||||
(2) Consolidated financial position | |||||||||||||||
Total assets | Net assets | Equity capital ratio | |||||||||||||
As of | Millions of yen | Millions of yen | % | ||||||||||||
September 30, 2024 | 130,401 | 74,927 | 57.5 | ||||||||||||
March 31, 2024 | 137,062 | 74,451 | 54.3 | ||||||||||||
(Reference) Equity capital | |||||||||||||||
As of September 30, 2024 | ¥74,927 million | ||||||||||||||
As of March 31, 2024 | ¥74,451 million | ||||||||||||||
2. Cash dividends | |||||||||||||||
Annual dividends per share | |||||||||||||||
End of | End of | End of | End of | Total | |||||||||||
first quarter | second quarter | third quarter | period | ||||||||||||
Yen | Yen | Yen | Yen | Yen | |||||||||||
Fiscal year ended March 2024 | - | 0.00 | - | 70.00 | 70.00 | ||||||||||
Fiscal year ending March 2025 | - | 0.00 | |||||||||||||
Fiscal year ending March 2025 (Forecast) | - | 95.00 | 95.00 | ||||||||||||
Note: Revisions to the most recently announced dividend forecast: Yes | |||||||||||||||
3. Consolidated operating results forecast for fiscal year ending March 2025(April 1, 2024 to March 31, 2025) | |||||||||||||||
(Percentage (%) indicates the rate of year-over-year increase or decrease) | |||||||||||||||
Net sales | Operating profit | Ordinary profit | Profit attributable to | Profit per share | |||||||||||
owners of parent | |||||||||||||||
Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | Yen | |||||||
Full year | 116,000 | 13.0 | 14,500 | 44.8 | 14,500 | 37.7 | 10,000 | 33.2 | 354.58 | ||||||
Note: Revisions to the most recently announced consolidated operating results forecast: Yes |
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*Notes | ||
(1) | Significant changes in the scope of consolidation during the period: | None |
(2) | Application of special accounting methods for preparing quarterly consolidated financial statements: | No |
(3) | Changes in accounting policies, changes in accounting estimates, and/or restatements |
(i) | Changes in accounting policies associated with any amendments in accounting standards, etc. | No |
(ii) | Other changes in accounting policies: | No |
(iii) Changes in accounting estimates: | No | |
(iv) Restatements: | No |
(4) Number of issued shares (common shares)
a Number of issued shares at the end of the period (including treasury shares)
As of September 30, 2024 | 29,789,122 shares As of March 31, 2024 | 29,789,122 shares |
- Number of treasury shares at the end of the period
As of September 30, 2024 | 1,576,278 shares As of March 31, 2024 | 1,594,605 shares |
c Average number of shares during the period (cumulative from the beginning of the fiscal year)
Six months ended September 30, 2024 | 28,202,351 shares Six months ended September 30, 2023 | 28,195,077 shares |
Note: Number of treasury shares at the end of the period includes Sinfonia Technology's shares held by the Board Benefit Trust (BBT) (148,900 shares in six months ended September 2024 and 167,500 shares in fiscal year ended March 2024). Sinfonia Technology's shares held by the Board Benefit Trust (BBT) are included in the treasury shares deducted in the calculation of the average number of shares during the period (159,529 shares in six months ended September 2024 and 167,500 shares in six months ended September 2023).
*Review of the Japanese-language originals of the attached consolidated quarterly financial statements by certified public accountants or an auditing firm: None
*Explanation of proper use of financial results forecast and other special notes
The financial results forecast is based on information available as of the date of the announcement of this document. The actual results may differ from this forecast due to different future factors.
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Quarterly consolidated financial statements
Quarterly consolidated balance sheets
(Unit: Millions of yen) | ||
As of March 31, 2024 | As of September 30, 2024 | |
Assets | ||
Current assets | ||
Cash and deposits | 9,573 | 8,044 |
Notes and accounts receivable - trade, and contract assets | 38,075 | 32,711 |
Merchandise and finished goods | 2,375 | 2,498 |
Work in process | 9,512 | 12,119 |
Raw materials and supplies | 12,557 | 12,451 |
Other | 725 | 570 |
Allowance for doubtful accounts | (82) | (93) |
Total current assets | 72,737 | 68,300 |
Non-current assets | ||
Property, plant and equipment | ||
Buildings and structures, net | 13,598 | 15,020 |
Land | 15,139 | 15,195 |
Other, net | 7,190 | 5,992 |
Total property, plant and equipment | 35,928 | 36,209 |
Intangible assets | 999 | 983 |
Investments and other assets | ||
Investment securities | 18,606 | 16,084 |
Other | 8,913 | 8,899 |
Allowance for doubtful accounts | (123) | (75) |
Total investments and other assets | 27,396 | 24,908 |
Total non-current assets | 64,325 | 62,100 |
Total assets | 137,062 | 130,401 |
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(Unit: Millions of yen) | ||
As of March 31, 2024 | As of September 30, 2024 | |
Liabilities | ||
Current liabilities | ||
Notes and accounts payable - trade | 18,154 | 17,030 |
Short-term borrowings | 6,070 | 2,170 |
Current portion of long-term borrowings | 3,183 | 3,236 |
Income taxes payable | 1,788 | 1,272 |
Provision for product warranties | 573 | 560 |
Provision for loss on orders received | 385 | 180 |
Provision for loss on liquidation of non-current assets | - | 106 |
Other | 11,054 | 10,148 |
Total current liabilities | 41,208 | 34,705 |
Non-current liabilities | ||
Long-term borrowings | 12,528 | 12,494 |
Provision for share awards for directors | 157 | 155 |
(and other officers) | ||
Provision for environmental measures | - | 6 |
Retirement benefit liability | 2,300 | 2,313 |
Other | 6,416 | 5,798 |
Total non-current liabilities | 21,402 | 20,768 |
Total liabilities | 62,611 | 55,473 |
Net assets | ||
Shareholders' equity | ||
Share capital | 10,156 | 10,156 |
Capital surplus | 452 | 452 |
Retained earnings | 45,622 | 47,915 |
Treasury shares | (1,957) | (1,937) |
Total shareholders' equity | 54,274 | 56,588 |
Accumulated other comprehensive income | ||
Valuation difference on available-for-sale securities | 10,530 | 8,756 |
Deferred gains or losses on hedges | (39) | (23) |
Revaluation reserve for land | 3,913 | 3,913 |
Foreign currency translation adjustment | 1,090 | 1,283 |
Remeasurements of defined benefit plans | 4,681 | 4,410 |
Total accumulated other comprehensive income | 20,176 | 18,339 |
Total net assets | 74,451 | 74,927 |
Total liabilities and net assets | 137,062 | 130,401 |
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Quarterly consolidated statements of income (cumulative) and consolidated statements of comprehensive income (cumulative)
Quarterly consolidated statements of income (cumulative)
(Unit: Millions of yen) | ||
Six months ended | Six months ended | |
September 30, 2023 | September 30, 2024 | |
Net sales | 46,792 | 51,753 |
Cost of sales | 36,219 | 38,222 |
Gross profit | 10,572 | 13,531 |
Selling, general and administrative expenses | 7,650 | 7,788 |
Operating profit (loss) | 2,922 | 5,743 |
Non-operating income | ||
Interest and dividend income | 225 | 499 |
Foreign exchange gains | 260 | - |
Other | 87 | 91 |
Total non-operating income | 573 | 590 |
Non-operating expenses | ||
Interest expenses | 73 | 78 |
Foreign exchange losses | - | 220 |
Other | 59 | 107 |
Total non-operating expenses | 132 | 406 |
Ordinary profit (loss) | 3,363 | 5,927 |
Extraordinary losses | ||
Loss on liquidation of non-current assets | - | 156 |
Total extraordinary losses | - | 156 |
Profit (loss) before income taxes | 3,363 | 5,770 |
Income taxes | 1,026 | 1,491 |
Profit (loss) | 2,337 | 4,279 |
Profit (loss) attributable to owners of parent | 2,337 | 4,279 |
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Quarterly consolidated statements of comprehensive income (cumulative)
(Unit: Millions of yen) | ||
Six months ended | Six months ended | |
September 30, 2023 | September 30, 2024 | |
Profit (loss) | 2,337 | 4,279 |
Other comprehensive income | ||
Valuation difference on available-for-sale securities | 1,074 | (1,774) |
Deferred gains or losses on hedges | (19) | 16 |
Foreign currency translation adjustment | 342 | 193 |
Remeasurements of defined benefit plans, net of tax | (170) | (271) |
Total other comprehensive income | 1,226 | (1,836) |
Comprehensive income | 3,563 | 2,442 |
Comprehensive income attributable to | ||
Comprehensive income attributable to owners of parent | 3,563 | 2,442 |
Comprehensive income attributable to non-controlling | - | - |
interests | ||
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Supplementary Information of the Financial Results for the Six Months Ended
September 30, 2024 [Fiscal 2024] (Consolidated)
November 8, 2024
SINFONIA TECHNOLOGY CO., LTD.
1. Summary of operating results | (Unit: Millions of yen) |
Six months ended | Six months ended | YOY |
September 30, 2023 | September 30, 2024 | increase/decrease |
(A) | (B) | (B) - (A) |
Increase/Decrease
rate
Net sales
Operating profit
(%) 6.2%
46,792 | 51,753 | 4,961 |
11.1% | 4.9 pt | |
2,922 | 5,743 | 2,820 |
10.6%
96.5%
Ordinary profit
(%) 7.2%
(%) 5.0%
11.5% | 4.3 pt | |
3,363 | 5,927 | 2,564 |
8.3% | 3.3 pt |
76.2%
Profit attributable to owners of parent
2,337 | 4,279 | 1,941 |
83.1%
2. Information by segment | |
(1) Net sales and operating profit | (Unit: Millions of yen) |
Clean Transport | Net sales |
Operating | |
System | |
profit | |
Motion | Net sales |
Operating | |
Equipment | |
profit | |
Power Electronics | Net sales |
Operating | |
Equipment | |
profit | |
Engineering& | Net sales |
Operating | |
Service | |
profit | |
Adjustment | Net sales |
Operating | |
amount | |
profit | |
Net sales | |
Total | Operating |
profit |
Six months ended | Six months ended | YOY | |
September 30, 2023 | September 30, 2024 | increase/decrease | |
(A) | (B) | (B) - (A) | Increase/Decrease |
rate | |||
10,105 | 11,223 | 1,118 | 11.1% |
1,140 | 1,603 | 462 | 40.5% |
18,081 | 19,357 | 1,275 | 7.1% |
1,088 | 1,962 | 874 | 80.4% |
10,076 | 10,804 | 728 | 7.2% |
125 | 1,086 | 961 | 765.8% |
8,529 | 10,368 | 1,838 | 21.6% |
590 | 1,094 | 503 | 85.2% |
- | - | - | - |
(22) | (3) | 19 | - |
46,792 | 51,753 | 4,961 | 10.6% |
2,922 | 5,743 | 2,820 | 96.5% |
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(2) Orders received | (Unit: Millions of yen) | |||
Six months ended | Six months ended | YOY | ||
September 30, 2023 | September 30, 2024 | increase/decrease | ||
(A) | (B) | (B) - (A) | Increase/Decrease | |
rate | ||||
Clean Transport System | 9,817 | 12,220 | 2,403 | 24.5% |
Motion Equipment | 18,821 | 35,668 | 16,847 | 89.5% |
Power Electronics Equipment | 13,754 | 11,856 | (1,898) | (13.8)% |
Engineering&Service | 11,249 | 12,554 | 1,305 | 11.6% |
Total | 53,642 | 72,300 | 18,658 | 34.8% |
(3) Balance of orders received | (Unit: Millions of yen) | |||
As of September 30, | As of September 30, | YOY | ||
2023 | 2024 | increase/decrease | ||
(A) | (B) | (B) - (A) | Increase/Decrease | |
rate | ||||
Clean Transport System | 7,649 | 6,879 | (770) | (10.1)% |
Motion Equipment | 35,949 | 57,303 | 21,353 | 59.4% |
Power Electronics Equipment | 34,381 | 32,780 | (1,600) | (4.7)% |
Engineering&Service | 12,808 | 13,646 | 837 | 6.5% |
Total | 90,788 | 110,609 | 19,820 | 21.8% |
3. Overseas net sales | (Unit: Millions of yen) |
Overseas net sales
Overseas net sales ratio (%)
4. Cash flows
Six months ended | Six months ended | YOY | |
September 30, 2023 | September 30, 2024 | increase/decrease | |
(A) | (B) | (B) - (A) | Increase/Decrease |
rate | |||
12,633 | 16,586 | 3,953 | 31.3% |
27.0% | 32.0% | 5.0 pt | |
(Millions of yen) |
Operating cash flow Investing cash flow Free cash flow Financing cash flow
Cash and cash equivalents at the end of the period
Six months ended | Six months ended | YOY |
September 30, 2023 | September 30, 2024 | increase/decrease |
(A) | (B) | (B) - (A) |
2,780 | 6,106 | 3,325 |
(4,088) | (1,764) | 2,323 |
(1,307) | 4,341 | 5,649 |
1,164 | (5,921) | (7,085) |
9,436 | 8,043 | (1,393) |
Increase/Decrease
rate
119.6% - - -
(14.8)%
5. Capital expenditures, depreciation, and research and development expenses
(Unit: Millions of yen)
Capital expenditures Depreciation
Research and development expenses
Six months ended | Six months ended | YOY | |
September 30, 2023 | September 30, 2024 | increase/decrease | |
(A) | (B) | (B) - (A) | Increase/Decrease |
rate | |||
3,887 | 1,620 | (2,267) | (58.3)% |
1,691 | 1,480 | (210) | (12.5)% |
1,662 | 1,715 | 52 | 3.1% |
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