Nov 7,2023
Notice Regarding Differences Between Consolidated Financial Results Forecasts and Actual Results for
First Six Months of Fiscal Year Ending March 2024, Dividends of Surplus (interim dividends) and
Revision of Year-end Dividend Forecast
NIPPN CORPORATION (the "Company") announces that differences have arisen between consolidated financial results forecasts for the first six months of the fiscal year ending March 31, 2024 published on May 12, 2023 and actual results for the same period.
The Company also announces that, in consideration of the actual results, etc., it resolved at the meeting of the Board of Directors held on November 7, 2023 to revise full-year consolidated financial results forecasts as well as forecasts for dividends of surplus (interim dividends) as of the record date (September 30, 2023) and year-end dividend for the fiscal year ending March 2024.
1. Differences between the consolidated financial results forecasts and the results for the first six months of the fiscal year ending March 31, 2024 (April 1, 2023 - September 30, 2023)
Net income | ||||||||||||||||
Net sales | Operating | Ordinary | attributable | Net income | ||||||||||||
income | income | to owners of | per share | |||||||||||||
parent | ||||||||||||||||
Million yen | Million yen | Million yen | Million yen | Yen | ||||||||||||
Previous forecast (A) | 191,000 | 6,300 | 7,400 | 5,100 | 65.45 | |||||||||||
Results (B) | 198,973 | 11.035 | 12,544 | 8,489 | 108.90 | |||||||||||
Change (B-A) | 7,973 | 4,735 | 5,144 | 3,389 | ||||||||||||
Change (%) | 4.2 | 75.2 | 69.5 | 66.5 | ||||||||||||
(Reference) Actual results | for | |||||||||||||||
previous fiscal year | ||||||||||||||||
(2nd quarter of fiscal year ended | ||||||||||||||||
March 31, 2023) | 176,488 | 5,829 | 7,211 | 4,963 | 64.17 | |||||||||||
2. Revision of consolidated financial forecast for the fiscal year ending March 31, 2024 (April 1, 2023 - March 31, 2024)
Net income | ||||||||||||||||
Net sales | Operating | Ordinary | attributable | Net income | ||||||||||||
income | income | to owners of | per share | |||||||||||||
parent | ||||||||||||||||
Million yen | Million yen | Million yen | Million yen | Yen | ||||||||||||
Previous forecast (A) | 387,000 | 12,500 | 14,600 | 10,800 | 138.60 | |||||||||||
Revised forecast (B) | 400,000 | 17,500 | 20,000 | 14,500 | 186.00 | |||||||||||
Change (B-A) | 13,000 | 5,000 | 5,400 | 3,700 | ||||||||||||
Change (%) | 3.4 | 40.0 | 37.0 | 34.3 | ||||||||||||
(Reference) Actual results | for | |||||||||||||||
previous fiscal year | ||||||||||||||||
(Fiscal year ended March 31, | ||||||||||||||||
2023) | 365,525 | 12,288 | 14,816 | 10,260 | 132.16 | |||||||||||
3. Reasons for differences and revisions
Regarding consolidated financial results for the first six months of the fiscal year under review, net sales exceeded the previous forecast, attributable to increased demand mainly reflecting recovery in personal consumption and inbound consumption in addition to price revisions implemented in response to rises in raw material prices and various other costs. Profits exceeded the previous forecasts, mainly owing to growth in sales volume of frozen foods and robust performance of the ready-made meal business, despite rises in raw material prices and various other costs and an increase in costs for sales expansion strategies.
Financial results forecasts for the fiscal year ending March 31, 2024 have been revised by taking into account effects of the changes in net sales and profits in the first six months and the outlook for the latter half.
4. Dividends of surplus (interim dividends) and revision of year-end dividend forecast
(1) Details of dividends from surplus (Interim dividend)
Most recent dividend | Dividends in the previous | ||
forecast | fiscal year | ||
Amount determined | (Announced on May 12, | (Interim dividend for fiscal | |
2023) | year ended March 31, | ||
2023) | |||
Record date | September 30, 2023 | Same as left | September 30, 2022 |
Dividend per share | 28.00 yen | 20.00 yen | 19.00 yen |
Total dividends | 2,194 million yen | - | 1,484 million yen |
Effective date | December 4, 2023 | - | December 5, 2022 |
Source of dividends | Retained earnings | - | Retained earnings |
(2) Details of revision to year-end dividend forecast
Dividend per share | ||||
Record date | End of 2nd quarter | End of fiscal year | Full year | |
Previous forecast | 20.00 yen | 20.00 yen | 40.00 yen | |
Revised forecast | 28.00 yen | 56.00 yen | ||
Result | 28.00 yen | |||
Dividends in the | ||||
previous fiscal year | 19.00 yen | 21.00 yen | 40.00 yen | |
(Fiscal year ended | ||||
March 31, 2023) | ||||
5. | Reason |
The Company positions the return of profits to shareholders as an important management issue and adopts a basic policy to maintain stable and sustained payment of dividends in consideration of business development in the future, management environment, etc., while securing sufficient internal reserves to fund growth investment for strengthening its corporate structure and achieving future business expansion. Based on this policy, the Company has set a target of 30% or higher for its consolidated dividend payout ratio, with special and extraordinary profit/loss due to the sale of assets and other factors excluded from calculations, and determines dividends by taking into account financial results, management environment in the future, etc.
With regard to dividends for the fiscal year ending March 31, 2024, the Company has decided to increase both interim and year-end dividends forecasts by ¥8 per share from the immediately preceding forecasts to ¥28 per share, respectively, based on recent favorable financial results in addition to the future outlook for management environment. As a result, the forecast for annual dividend for the fiscal year under review is ¥56 per share, representing an increase of ¥16 compared to the actual result of the previous fiscal year.
(Note) The above financial results forecasts have been prepared based on information available as of the date on which this material was announced, and actual results may differ from the forecasts due to a variety of factors going forward.
(Reference)
1. Changes in consolidated results
(Million yen)
Year ended | Year ended | Year ended | Year ended | Year ended | Year ending | |
March 2024 | ||||||
March 2019 | March 2020 | March 2021 | March 2022 | March 2023 | ||
(forecast) | ||||||
Net sales | 335,399 | 344,839 | 288,324 | 321,317 | 365,525 | 400,000 |
Operating income | 11,222 | 11,101 | 10,370 | 11,282 | 12,288 | 17,500 |
Ordinary income | 13,065 | 12,740 | 12,659 | 14,270 | 14,816 | 20,000 |
Profit attributable to | 8,455 | 8,941 | 8,636 | 9,327 | 10,260 | 14,500 |
owners of parent | ||||||
Payout ratio | 29.4% | 29.1% | 32.0% | 31.3% | 30.3% | 30.1% |
(consolidated) | ||||||
(Note) The figures for the fiscal year ended March 31, 2021 reflect those to which retrospective accounting has been applied due to accounting policy changes.
2. Changes in dividend per share
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Nippn Corporation published this content on 07 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 November 2023 13:34:01 UTC.