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.
February 7, 2025
Summary of Financial Statements for the Nine Months Ended December 31, 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 nine months ended December 31, 2024 (April 1, 2024 to December 31, 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 | |||||||||||||||
Nine months ended | Millions of yen | % Millions of yen | % | Millions of yen | % | Millions of yen | % | ||||||||
December 31, 2024 | 78,745 | 14.8 | 8,725 | 88.3 | 9,354 | 81.4 | 6,729 | 87.9 | |||||||
December 31, 2023 | 68,619 | (4.2) | 4,634 | (23.3) | 5,155 | (20.8) | 3,580 | (22.6) | |||||||
Note: Comprehensive income | Nine months ended December 31, 2024 | ¥4,819 million | (14.0)% | ||||||||||||
Nine months ended December 31, 2023 | ¥5,606 million | 19.3% | |||||||||||||
Profit per share | Diluted profit per share | ||||||||||||||
Nine months ended | Yen | Yen | |||||||||||||
December 31, 2024 | 238.59 | - | |||||||||||||
December 31, 2023 | 127.00 | - | |||||||||||||
(2) Consolidated financial position | |||||||||||||||
Total assets | Net assets | Equity capital ratio | |||||||||||||
As of | Millions of yen | Millions of yen | % | ||||||||||||
December 31, 2024 | 136,992 | 77,303 | 56.4 | ||||||||||||
March 31, 2024 | 137,062 | 74,451 | 54.3 | ||||||||||||
(Reference) Equity capital | |||||||||||||||
As of December 31, 2024 | ¥77,303 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: No | |||||||||||||||
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: No |
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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 December 31, 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 December 31, 2024 | 1,576,656 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)
Nine months ended December 31, 2024 | 28,205,443 shares Nine months ended December 31, 2023 | 28,195,012 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 nine months ended December 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 (156,340 shares in nine months ended December 2024 and 167,500 shares in nine months ended December 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 December 31, 2024 | |
Assets | ||
Current assets | ||
Cash and deposits | 9,573 | 9,582 |
Notes and accounts receivable - trade, and contract assets | 38,075 | 34,271 |
Merchandise and finished goods | 2,375 | 2,525 |
Work in process | 9,512 | 14,875 |
Raw materials and supplies | 12,557 | 12,935 |
Other | 725 | 705 |
Allowance for doubtful accounts | (82) | (94) |
Total current assets | 72,737 | 74,801 |
Non-current assets | ||
Property, plant and equipment | ||
Buildings and structures, net | 13,598 | 14,971 |
Land | 15,139 | 15,208 |
Other, net | 7,190 | 6,103 |
Total property, plant and equipment | 35,928 | 36,283 |
Intangible assets | 999 | 971 |
Investments and other assets | ||
Investment securities | 18,606 | 16,058 |
Other | 8,913 | 8,949 |
Allowance for doubtful accounts | (123) | (72) |
Total investments and other assets | 27,396 | 24,935 |
Total non-current assets | 64,325 | 62,190 |
Total assets | 137,062 | 136,992 |
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(Unit: Millions of yen) | ||
As of March 31, 2024 | As of December 31, 2024 | |
Liabilities | ||
Current liabilities | ||
Notes and accounts payable - trade | 18,154 | 16,591 |
Short-term borrowings | 6,070 | 8,270 |
Current portion of long-term borrowings | 3,183 | 3,243 |
Income taxes payable | 1,788 | 607 |
Provision for product warranties | 573 | 630 |
Provision for loss on orders received | 385 | 135 |
Provision for loss on liquidation of non-current assets | - | 2 |
Other | 11,054 | 10,132 |
Total current liabilities | 41,208 | 39,614 |
Non-current liabilities | ||
Long-term borrowings | 12,528 | 11,395 |
Provision for share awards for directors | 157 | 180 |
(and other officers) | ||
Provision for loss on liquidation of non-current assets | - | 41 |
Provision for environmental measures | - | 6 |
Retirement benefit liability | 2,300 | 2,357 |
Other | 6,416 | 6,094 |
Total non-current liabilities | 21,402 | 20,074 |
Total liabilities | 62,611 | 59,689 |
Net assets | ||
Shareholders' equity | ||
Share capital | 10,156 | 10,156 |
Capital surplus | 452 | 452 |
Retained earnings | 45,622 | 50,366 |
Treasury shares | (1,957) | (1,939) |
Total shareholders' equity | 54,274 | 59,036 |
Accumulated other comprehensive income | ||
Valuation difference on available-for-sale securities | 10,530 | 8,736 |
Deferred gains or losses on hedges | (39) | (66) |
Revaluation reserve for land | 3,913 | 3,913 |
Foreign currency translation adjustment | 1,090 | 1,410 |
Remeasurements of defined benefit plans | 4,681 | 4,273 |
Total accumulated other comprehensive income | 20,176 | 18,266 |
Total net assets | 74,451 | 77,303 |
Total liabilities and net assets | 137,062 | 136,992 |
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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) | ||
Nine months ended | Nine months ended | |
December 31, 2023 | December 31, 2024 | |
Net sales | 68,619 | 78,745 |
Cost of sales | 52,494 | 58,198 |
Gross profit | 16,125 | 20,547 |
Selling, general and administrative expenses | 11,490 | 11,821 |
Operating profit (loss) | 4,634 | 8,725 |
Non-operating income | ||
Interest and dividend income | 359 | 675 |
Other | 372 | 227 |
Total non-operating income | 732 | 902 |
Non-operating expenses | ||
Interest expenses | 112 | 117 |
Other | 98 | 155 |
Total non-operating expenses | 210 | 273 |
Ordinary profit (loss) | 5,155 | 9,354 |
Extraordinary losses | ||
Loss on liquidation of non-current assets | - | 156 |
Restructuring loss | 123 | - |
Total extraordinary losses | 123 | 156 |
Profit (loss) before income taxes | 5,031 | 9,197 |
Income taxes | 1,450 | 2,468 |
Profit (loss) | 3,580 | 6,729 |
Profit (loss) attributable to owners of parent | 3,580 | 6,729 |
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Quarterly consolidated statements of comprehensive income (cumulative)
(Unit: Millions of yen) | ||
Nine months ended | Nine months ended | |
December 31, 2023 | December 31, 2024 | |
Profit (loss) | 3,580 | 6,729 |
Other comprehensive income | ||
Valuation difference on available-for-sale securities | 1,985 | (1,794) |
Deferred gains or losses on hedges | (15) | (26) |
Foreign currency translation adjustment | 311 | 319 |
Remeasurements of defined benefit plans, net of tax | (255) | (408) |
Total other comprehensive income | 2,025 | (1,909) |
Comprehensive income | 5,606 | 4,819 |
Comprehensive income attributable to | ||
Comprehensive income attributable to owners of parent | 5,606 | 4,819 |
Comprehensive income attributable to non-controlling | - | - |
interests | ||
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Supplementary Information of the Financial Results for the Nine Months Ended
December 31, 2024 [Fiscal 2024] (Consolidated)
February 7, 2025 | |||||
SINFONIA TECHNOLOGY CO., LTD. | |||||
1. Summary of operating results | (Unit: Millions of yen) | ||||
Nine months ended | Nine months ended | YOY | |||
December 31, 2023 | December 31, 2024 | increase/decrease | |||
(A) | (B) | (B) - (A) | Increase/Decrease | ||
rate | |||||
Net sales | 68,619 | 78,745 | 10,125 | 14.8% | |
Operating profit | (%) | 6.8% | 11.1% | 4.3 pt | |
4,634 | 8,725 | 4,091 | 88.3% | ||
Ordinary profit
(%) 7.5%
(%) 5.2%
11.9% | 4.4 pt | ||
5,155 | 9,354 | 4,198 | 81.4% |
8.5% | 3.3 pt |
Profit attributable to owners of parent
3,580 | 6,729 | 3,148 | 87.9% |
2. Information by segment
(1) Net sales and operating profit
Nine months ended | Nine months ended | ||
December 31, 2023 | December 31, 2024 | ||
(A) | (B) | ||
Clean Transport | Net sales | 15,721 | 17,582 |
Operating | |||
System | 2,250 | 2,555 | |
profit | |||
Motion | Net sales | 25,291 | 28,315 |
Operating | |||
Equipment | 1,346 | 2,707 | |
profit | |||
Power Electronics | Net sales | 14,316 | 16,804 |
Operating | |||
Equipment | 148 | 1,676 | |
profit | |||
Engineering& | Net sales | 13,290 | 16,042 |
Operating | |||
Service | 893 | 1,793 | |
profit | |||
Adjustment | Net sales | - | - |
Operating | |||
amount | (5) | (8) | |
profit | |||
Net sales | 68,619 | 78,745 | |
Total | Operating | 4,634 | 8,725 |
profit | |||
(Unit: Millions of yen) | |
YOY | |
increase/decrease | |
(B) - (A) | Increase/Decrease |
rate | |
1,860 | 11.8% |
304 | 13.5% |
3,024 | 12.0% |
1,361 | 101.1% |
2,488 | 17.4% |
1,527 | - |
2,752 | 20.7% |
899 | 100.7% |
- | - |
(2) | - |
10,125 | 14.8% |
4,091 | 88.3% |
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(2) Orders received | (Unit: Millions of yen) | |||
Nine months ended | Nine months ended | YOY | ||
December 31, 2023 | December 31, 2024 | increase/decrease | ||
(A) | (B) | (B) - (A) | Increase/Decrease | |
rate | ||||
Clean Transport System | 14,604 | 19,849 | 5,245 | 35.9% |
Motion Equipment | 29,646 | 52,481 | 22,835 | 77.0% |
Power Electronics Equipment | 18,605 | 17,663 | (941) | (5.1)% |
Engineering&Service | 16,406 | 17,730 | 1,323 | 8.1% |
Total | 79,263 | 107,726 | 28,463 | 35.9% |
(3) Balance of orders received | (Unit: Millions of yen) | |||
As of December 31, | As of December 31, | YOY | ||
2023 | 2024 | increase/decrease | ||
(A) | (B) | (B) - (A) | Increase/Decrease | |
rate | ||||
Clean Transport System | 6,820 | 8,149 | 1,329 | 19.5% |
Motion Equipment | 39,565 | 65,158 | 25,592 | 64.7% |
Power Electronics Equipment | 34,991 | 32,588 | (2,403) | (6.9)% |
Engineering&Service | 13,204 | 13,148 | (56) | (0.4)% |
Total | 94,582 | 119,044 | 24,461 | 25.9% |
3. Overseas net sales | (Unit: Millions of yen) | |||
Nine months ended | Nine months ended | YOY | ||
December 31, 2023 | December 31, 2024 | increase/decrease | ||
(A) | (B) | (B) - (A) | Increase/Decrease | |
rate | ||||
Overseas net sales | 19,967 | 25,079 | 5,111 | 25.6% |
Overseas net sales | 29.1% | 31.8% | 2.7 pt | |
ratio (%) | ||||
4. Capital expenditures, depreciation, and research and development expenses | (Unit: Millions of yen) | |||
Nine months ended | Nine months ended | YOY | ||
December 31, 2023 | December 31, 2024 | increase/decrease | ||
(A) | (B) | (B) - (A) | Increase/Decrease | |
rate | ||||
Capital expenditures | 4,744 | 2,327 | (2,417) | (51.0)% |
Depreciation | 2,568 | 2,197 | (371) | (14.5)% |
Research and development | 2,490 | 2,618 | 128 | 5.2% |
expenses | ||||
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