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May 10, 2024
Consolidated Financial Results | |
for the Fiscal Year Ended March 31, 2024 | |
(Under Japanese GAAP) | |
Company name: | NIPPON CHEMI-CON CORPORATION |
Listing: | Tokyo Stock Exchange |
Securities code: | 6997 |
URL: | https://www.chemi-con.co.jp/ |
Representative: | Norio Kamiyama, Representative Director and President |
Inquiries: | Osamu Ishii, Director |
Telephone: | +81-3-5436-7711 |
Scheduled date of annual general meeting of shareholders: | June 27, 2024 |
Scheduled date to commence dividend payments: | - |
Scheduled date to file annual securities report: | June 27, 2024 |
Preparation of supplementary material on financial results: | Yes |
Holding of financial results briefing: | Yes (for institutional investors and securities analysts) |
(Yen amounts are rounded down to millions, unless otherwise noted.) |
1. Consolidated financial results for the fiscal year ended March 31, 2024 (from April 1, 2023 to March 31, 2024 )
(1) Consolidated operating results | (Percentages indicate year-on-year changes.) | |||||||||||
Net sales | Operating profit | Ordinary profit | Profit attributable to owners of | |||||||||
parent | ||||||||||||
Fiscal year ended | Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | ||||
March 31, 2024 | 150,740 | (6.9) | 9,422 | (27.2) | 7,913 | (28.0) | (21,291) | - | ||||
March 31, 2023 | 161,881 | 15.4 | 12,939 | 47.1 | 10,994 | 36.8 | 2,273 | - | ||||
Note: Comprehensive income For the fiscal year ended March 31, 2024: | ¥ (13,667) million | [ - % ] | ||||||||||||||||||
For the fiscal year ended March 31, 2023: | ¥ 5,943 million | [ - % ] | ||||||||||||||||||
Basic earnings per share | Diluted earnings per share | Return on equity | Ratio of ordinary profit to | Ratio of operating profit | ||||||||||||||||
total assets | to net sales | |||||||||||||||||||
Fiscal year ended | Yen | Yen | % | % | % | |||||||||||||||
March 31, 2024 | (1,029.15) | - | (41.2) | 4.7 | 6.3 | |||||||||||||||
March 31, 2023 | 112.09 | - | 4.8 | 6.9 | 8.0 | |||||||||||||||
Reference: Share of profit (loss) of entities accounted for using equity method | ||||||||||||||||||||
For the fiscal year ended March 31, 2024: | ¥ 508 million | |||||||||||||||||||
For the fiscal year ended March 31, 2023: | ¥ 619 million | |||||||||||||||||||
(2) Consolidated financial position | ||||||||||||||||||||
Total assets | Net assets | Equity-to-asset ratio | Net assets per share | |||||||||||||||||
As of | Millions of yen | Millions of yen | % | Yen | ||||||||||||||||
March 31, 2024 | 172,921 | 53,610 | 30.7 | 1,776.97 | ||||||||||||||||
March 31, 2023 | 162,741 | 50,678 | 30.9 | 2,478.43 | ||||||||||||||||
Reference: Equity | ||||||||||||||||||||
As of March 31, 2024: ¥ 53,097 million | ||||||||||||||||||||
As of March 31, 2023: ¥ 50,257 million | ||||||||||||||||||||
(3) Consolidated cash flows | ||||||||||||||||||||
Cash flows from operating | Cash flows from investing | Cash flows from financing | Cash and cash equivalents at end | |||||||||||||||||
activities | activities | activities | of period | |||||||||||||||||
Fiscal year ended | Millions of yen | Millions of yen | Millions of yen | Millions of yen | ||||||||||||||||
March 31, 2024 | (12,959) | (4,817) | 35,421 | 45,295 | ||||||||||||||||
March 31, 2023 | (4,862) | (6,834) | 12,049 | 26,135 | ||||||||||||||||
2. Cash dividends | ||||||||||||||||||||
Annual dividends per share | Total cash dividends | Payout ratio | Ratio of dividends | |||||||||||||||||
First | Second | Third | Fiscal | Total | (Total) | (Consolidated) | to net assets | |||||||||||||
quarter-end | quarter-end | quarter-end | year-end | (Consolidated) | ||||||||||||||||
Fiscal year ended | Yen | Yen | Yen | Yen | Yen | Millions of yen | % | % | ||||||||||||
- | 0.00 | - | 0.00 | 0.00 | - | - | - | |||||||||||||
March 31, 2023 | ||||||||||||||||||||
Fiscal year ended | - | 0.00 | - | 0.00 | 0.00 | - | - | - | ||||||||||||
March 31, 2024 | ||||||||||||||||||||
Fiscal year ending | ||||||||||||||||||||
March 31, 2025 | 0.00 | - | ||||||||||||||||||
(Forecast) |
Note: The year-end dividend forecast for the fiscal year ending March 31, 2025 is undecided at this time.
Note: The above "Cash dividends" refers to dividends on common shares. Please refer to "Cash dividends on class shares" below for the status of dividends on class shares (unlisted) that have different rights from those of common shares issued by the Company.
3. Forecast of consolidated financial results for the fiscal year ending March 31, 2025 (from April 1, 2024 to March 31, 2025)
(Percentages indicate year-on-year changes.)
Net sales | Operating profit | Ordinary profit | Profit attributable to | Basic earnings per share | |||||||||
owners of parent | |||||||||||||
Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | Yen | |||||
Six months ending | 66,500 | (17.2) | 3,200 | (37.5) | 2,200 | (58.6) | 1,600 | - | 74.91 | ||||
September 30, 2024 | |||||||||||||
Fiscal year ending | 153,000 | 1.5 | 11,500 | 22.0 | 10,000 | 26.4 | 7,400 | - | 346.47 | ||||
March 31, 2025 | |||||||||||||
* Notes
- Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the change in scope of consolidation): None
- Changes in accounting policies, changes in accounting estimates, and restatement
- Changes in accounting policies due to revisions to accounting standards and other regulations: None
- Changes in accounting policies due to other reasons: None
- Changes in accounting estimates: None
- Restatement: None
- Number of issued shares (common shares)
- Total number of issued shares at the end of the period (including treasury shares)
As of | March 31, 2024 | 21,939,933 shares |
As of | March 31, 2023 | 20,314,833 shares |
(ii) Number of treasury shares at the end of the period
As of | March 31, 2024 | 581,744 shares |
As of | March 31, 2023 | 37,017 shares |
(iii) Average number of shares outstanding during the period
Fiscal year ended | March 31, 2024 | 20,688,128 shares |
Fiscal year ended | March 31, 2023 | 20,278,579 shares |
[Reference] Overview of non-consolidated financial results
1. Non-Consolidated financial results for the fiscal year ended March 31, 2024 (from April 1, 2023 to March 31, 2024 )
(1) Non-Consolidated operating results | (Percentages indicate year-on-year changes.) | ||||||||||
Net sales | Operating profit | Ordinary profit | Profit | ||||||||
Fiscal year ended | Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | |||
March 31, 2024 | 123,330 | (13.9) | 5,282 | (20.5) | 6,413 | (3.5) | (20,700) | - | |||
March 31, 2023 | 143,226 | 15.4 | 6,642 | 59.3 | 6,645 | 72.9 | 113 | - | |||
Basic earnings per share | Diluted earnings per share | |
Fiscal year ended | Yen | Yen |
March 31, 2024 | (990.74) | - |
March 31, 2023 | 5.60 | - |
(2) Non-Consolidated financial position
Total assets | Net assets | Equity-to-asset ratio | Net assets per share | ||
As of | Millions of yen | Millions of yen | % | Yen | |
March 31, 2024 | 149,907 | 25,344 | 16.9 | 465.73 | |
March 31, 2023 | 145,212 | 29,884 | 20.6 | 1,473.77 | |
Reference: Equity | |||||
As of March 31, 2024: ¥ 25,344 million | |||||
As of March 31, 2023: | ¥ 29,884 million |
- Financial results reports are exempt from audit conducted by certified public accountants or an audit corporation.
-
Proper use of earnings forecasts, and other special matters
The forecasts are based on reasonable judgments made by the Company in accordance with information available at the time of preparation of these materials. Please refer to "1. Business Results, (4) Future Outlook" on page 3 of the attached materials for matters related to the above forecasts.
Consolidated balance sheet
(Millions of yen) | |||
As of March 31, 2023 | As of March 31, 2024 | ||
Assets | |||
Current assets | |||
Cash and deposits | 26,141 | 45,300 | |
Notes and accounts receivable - trade | 32,555 | 25,853 | |
Merchandise and finished goods | 14,308 | 11,186 | |
Work in process | 11,752 | 11,731 | |
Raw materials and supplies | 6,942 | 6,236 | |
Accounts receivable - other | 5,356 | 3,714 | |
Other | 761 | 849 | |
Allowance for doubtful accounts | (59) | (58) | |
Total current assets | 97,758 | 104,815 | |
Non-current assets | |||
Property, plant and equipment | |||
Buildings and structures | 43,743 | 45,276 | |
Accumulated depreciation | (33,262) | (34,863) | |
Buildings and structures, net | 10,481 | 10,412 | |
Machinery, equipment and vehicles | 134,419 | 141,209 | |
Accumulated depreciation | (119,045) | (125,469) | |
Machinery, equipment and vehicles, net | 15,374 | 15,739 | |
Tools, furniture and fixtures | 16,430 | 17,591 | |
Accumulated depreciation | (14,293) | (14,858) | |
Tools, furniture and fixtures, net | 2,137 | 2,733 | |
Land | 6,946 | 6,966 | |
Leased assets | 1,568 | 1,607 | |
Accumulated depreciation | (1,079) | (1,230) | |
Leased assets, net | 489 | 377 | |
Right of use asset | 4,615 | 5,225 | |
Accumulated depreciation | (1,469) | (2,140) | |
Right of use asset, net | 3,145 | 3,084 | |
Construction in progress | 3,306 | 8,470 | |
Total property, plant and equipment | 41,880 | 47,784 | |
Intangible assets | 2,146 | 2,339 | |
Investments and other assets | |||
Investment securities | 18,318 | 14,649 | |
Deferred tax assets | 1,224 | 1,307 | |
Other | 1,431 | 2,043 | |
Allowance for doubtful accounts | (17) | (17) | |
Total investments and other assets | 20,957 | 17,982 | |
Total non-current assets | 64,983 | 68,106 | |
Total assets | 162,741 | 172,921 | |
(Millions of yen) | |||
As of March 31, 2023 | As of March 31, 2024 | ||
Liabilities | |||
Current liabilities | |||
Notes and accounts payable - trade | 9,850 | 7,143 | |
Electronically recorded obligations - operating | 7,569 | 6,453 | |
Short-term borrowings | 23,698 | 46,560 | |
Lease liabilities | 1,086 | 810 | |
Accounts payable - other | 8,932 | 7,501 | |
Income taxes payable | 1,206 | 1,161 | |
Accrued expenses | 2,890 | 2,254 | |
Provision for bonuses | 1,877 | 1,231 | |
Notes payable - facilities | 139 | 181 | |
Other | 1,929 | 1,719 | |
Total current liabilities | 59,181 | 75,017 | |
Non-current liabilities | |||
Long-term borrowings | 42,022 | 38,904 | |
Lease liabilities | 3,402 | 3,120 | |
Deferred tax liabilities | 769 | 233 | |
Retirement benefit liability | 3,784 | - | |
Other | 2,903 | 2,034 | |
Total non-current liabilities | 52,881 | 44,293 | |
Total liabilities | 112,062 | 119,310 | |
Net assets | |||
Shareholders' equity | |||
Share capital | 24,310 | 5,452 | |
Capital surplus | 21,224 | 57,487 | |
Retained earnings | (5,411) | (26,702) | |
Treasury shares | (110) | (917) | |
Total shareholders' equity | 40,012 | 35,320 | |
Accumulated other comprehensive income | |||
Valuation difference on available-for-sale securities | 1,314 | (8) | |
Foreign currency translation adjustment | 7,322 | 11,790 | |
Remeasurements of defined benefit plans | 1,607 | 5,994 | |
Total accumulated other comprehensive income | 10,244 | 17,777 | |
Non-controlling interests | 421 | 513 | |
Total net assets | 50,678 | 53,610 | |
Total liabilities and net assets | 162,741 | 172,921 | |
Consolidated statement of income
(Millions of yen) | |||
Fiscal year ended | Fiscal year ended | ||
March 31, 2023 | March 31, 2024 | ||
Net sales | 161,881 | 150,740 | |
Cost of sales | 124,954 | 118,875 | |
Gross profit | 36,927 | 31,865 | |
Selling, general and administrative expenses | 23,987 | 22,442 | |
Operating profit | 12,939 | 9,422 | |
Non-operating income | |||
Interest income | 91 | 140 | |
Dividend income | 134 | 82 | |
Foreign exchange gains | - | 85 | |
Share of profit of entities accounted for using equity method | 619 | 508 | |
Other | 61 | 77 | |
Total non-operating income | 906 | 893 | |
Non-operating expenses | |||
Interest expenses | 1,001 | 1,472 | |
Financing expenses | 636 | 687 | |
Foreign exchange losses | 1,115 | - | |
Other | 98 | 242 | |
Total non-operating expenses | 2,852 | 2,401 | |
Ordinary profit | 10,994 | 7,913 | |
Extraordinary income | |||
Gain on sale of non-current assets | 0 | 4 | |
Gain on sale of investment securities | - | 2,686 | |
Total extraordinary income | 0 | 2,691 | |
Extraordinary losses | |||
Loss on disposal of non-current assets | 55 | 43 | |
Loss on antitrust law | 6,409 | 29,604 | |
Total extraordinary losses | 6,465 | 29,647 | |
Profit (loss) before income taxes | 4,528 | (19,041) | |
Income taxes - current | 1,857 | 2,209 | |
Income taxes - deferred | 320 | 9 | |
Total income taxes | 2,177 | 2,219 | |
Profit (loss) | 2,350 | (21,261) | |
Profit attributable to non-controlling interests | 77 | 29 | |
Profit (loss) attributable to owners of parent | 2,273 | (21,291) | |
Consolidated statement of comprehensive income
(Millions of yen) | ||
Fiscal year ended | Fiscal year ended | |
March 31, 2023 | March 31, 2024 | |
Profit (loss) | 2,350 | (21,261) |
Other comprehensive income | ||
Valuation difference on available-for-sale securities | 425 | (1,308) |
Foreign currency translation adjustment | 3,402 | 4,518 |
Remeasurements of defined benefit plans, net of tax | (226) | 4,395 |
Share of other comprehensive income of entities accounted for using equity | (8) | (10) |
method | ||
Total other comprehensive income | 3,592 | 7,594 |
Comprehensive income | 5,943 | (13,667) |
Comprehensive income attributable to | ||
Comprehensive income attributable to owners of parent | 5,819 | (13,758) |
Comprehensive income attributable to non-controlling interests | 124 | 91 |
Consolidated statement of changes in equity
Fiscal year ended March 31, 2023
(Millions of yen) | ||||||||||||
Shareholders' equity | ||||||||||||
Share capital | Capital surplus | Retained | Treasury shares | Total shareholders' | ||||||||
earnings | equity | |||||||||||
Balance at beginning | 24,310 | 21,224 | (7,684) | (108) | 37,741 | |||||||
of period | ||||||||||||
Issuance of new | ||||||||||||
shares | ||||||||||||
Transfer from share | ||||||||||||
capital to other | ||||||||||||
capital surplus | ||||||||||||
Loss attributable to | 2,273 | 2,273 | ||||||||||
owners of parent | ||||||||||||
Purchase of treasury | (2) | (2) | ||||||||||
shares | ||||||||||||
Shares of parent | ||||||||||||
company held by | ||||||||||||
equity method | ||||||||||||
affiliates | ||||||||||||
Net changes in items | ||||||||||||
other than | ||||||||||||
shareholders' equity | ||||||||||||
Total changes during | - | - | 2,273 | (2) | 2,270 | |||||||
period | ||||||||||||
Balance at end of | 24,310 | 21,224 | (5,411) | (110) | 40,012 | |||||||
period | ||||||||||||
Accumulated other comprehensive income | ||||||||||||
Valuation | Foreign | Total accumulated | Non-controlling | Total net assets | ||||||||
difference on | currency | Remeasurements of | ||||||||||
other comprehensive | interests | |||||||||||
available-for- | translation | defined benefit plans | ||||||||||
income | ||||||||||||
sale securities | adjustment | |||||||||||
Balance at | 904 | 3,970 | 1,800 | 6,676 | 297 | 44,715 | ||||||
beginning of period | ||||||||||||
Issuance of new | ||||||||||||
shares | ||||||||||||
Transfer from | ||||||||||||
share capital to | ||||||||||||
other capital | ||||||||||||
surplus | ||||||||||||
Loss attributable | ||||||||||||
to owners of | 2,273 | |||||||||||
parent | ||||||||||||
Purchase of | (2) | |||||||||||
treasury shares | ||||||||||||
Shares of parent | ||||||||||||
company held by | ||||||||||||
equity method | ||||||||||||
affiliates | ||||||||||||
Net changes in | ||||||||||||
items other than | 410 | 3,351 | (193) | 3,568 | 124 | 3,692 | ||||||
shareholders' | ||||||||||||
equity | ||||||||||||
Total changes | 410 | 3,351 | (193) | 3,568 | 124 | 5,963 | ||||||
during period | ||||||||||||
Balance at end of | 1,314 | 7,322 | 1,607 | 10,244 | 421 | 50,678 | ||||||
period | ||||||||||||
Consolidated statement of changes in equity
Fiscal year ended March 31, 2024
(Millions of yen) | |||||||||||||
Shareholders' equity | |||||||||||||
Share capital | Capital surplus | Retained | Treasury shares | Total shareholders' | |||||||||
earnings | equity | ||||||||||||
Balance at beginning | 24,310 | 21,224 | (5,411) | (110) | 40,012 | ||||||||
of period | |||||||||||||
Issuance of new | 8,702 | 8,702 | 17,405 | ||||||||||
shares | |||||||||||||
Transfer from share | |||||||||||||
capital to other | (27,560) | 27,560 | - | ||||||||||
capital surplus | |||||||||||||
Loss attributable to | (21,291) | (21,291) | |||||||||||
owners of parent | |||||||||||||
Purchase of treasury | (2) | (2) | |||||||||||
shares | |||||||||||||
Shares of parent | |||||||||||||
company held by | (803) | (803) | |||||||||||
equity method | |||||||||||||
affiliates | |||||||||||||
Net changes in items | |||||||||||||
other than | |||||||||||||
shareholders' equity | |||||||||||||
Total changes during | (18,858) | 36,263 | (21,291) | (806) | (4,692) | ||||||||
period | |||||||||||||
Balance at end of | 5,452 | 57,487 | (26,702) | (917) | 35,320 | ||||||||
period | |||||||||||||
Accumulated other comprehensive income | |||||||||||||
Valuation | Foreign | Total accumulated | Non-controlling | Total net assets | |||||||||
difference on | currency | Remeasurements of | |||||||||||
other comprehensive | interests | ||||||||||||
available-for- | translation | defined benefit plans | |||||||||||
income | |||||||||||||
sale securities | adjustment | ||||||||||||
Balance at | 1,314 | 7,322 | 1,607 | 10,244 | 421 | 50,678 | |||||||
beginning of period | |||||||||||||
Issuance of new | 17,405 | ||||||||||||
shares | |||||||||||||
Transfer from | |||||||||||||
share capital to | - | ||||||||||||
other capital | |||||||||||||
surplus | |||||||||||||
Loss attributable | |||||||||||||
to owners of | (21,291) | ||||||||||||
parent | |||||||||||||
Purchase of | (2) | ||||||||||||
treasury shares | |||||||||||||
Shares of parent | |||||||||||||
company held by | (803) | ||||||||||||
equity method | |||||||||||||
affiliates | |||||||||||||
Net changes in | |||||||||||||
items other than | (1,323) | 4,468 | 4,387 | 7,532 | 91 | 7,623 | |||||||
shareholders' | |||||||||||||
equity | |||||||||||||
Total changes | (1,323) | 4,468 | 4,387 | 7,532 | 91 | 2,931 | |||||||
during period | |||||||||||||
Balance at end of | (8) | 11,790 | 5,994 | 17,777 | 513 | 53,610 | |||||||
period | |||||||||||||
Consolidated statement of cash flows
(Millions of yen) | |||
Fiscal year ended | Fiscal year ended | ||
March 31, 2023 | March 31, 2024 | ||
Cash flows from operating activities | |||
Profit (loss) before income taxes | 4,528 | (19,041) | |
Depreciation | 6,332 | 6,762 | |
Loss on antitrust law | 6,409 | 29,604 | |
Increase (decrease) in retirement benefit liability | (615) | (416) | |
Increase (decrease) in allowance for doubtful accounts | 49 | (9) | |
Interest and dividend income | (225) | (222) | |
Interest expenses | 1,001 | 1,472 | |
Foreign exchange losses (gains) | (359) | (72) | |
Share of loss (profit) of entities accounted for using equity method | (619) | (508) | |
Loss (gain) on disposal of non-current assets | 55 | 38 | |
Loss (gain) on sale of investment securities | - | (2,686) | |
Decrease (increase) in trade receivables | (319) | 8,425 | |
Decrease (increase) in inventories | 246 | 6,065 | |
Increase (decrease) in trade payables | (182) | (5,802) | |
Increase (decrease) in accounts payable - other | (663) | (1,368) | |
Other, net | 3,107 | 1,093 | |
Subtotal | 18,747 | 23,332 | |
Interest and dividends received | 422 | 426 | |
Interest paid | (985) | (1,452) | |
Income taxes paid | (1,906) | (2,358) | |
Payments related to antitrust law | (21,140) | (32,907) | |
Net cash provided by (used in) operating activities | (4,862) | (12,959) | |
Cash flows from investing activities | |||
Purchase of property, plant and equipment | (6,257) | (8,911) | |
Proceeds from sale of property, plant and equipment | 0 | 5 | |
Purchase of intangible assets | (571) | (553) | |
Proceeds from sale of investment securities | - | 4,576 | |
Loan advances | (13) | (5) | |
Proceeds from collection of loans receivable | 14 | 9 | |
Other, net | (6) | 61 | |
Net cash provided by (used in) investing activities | (6,834) | (4,817) | |
Cash flows from financing activities | |||
Net increase (decrease) in short-term borrowings | (8,323) | 28,791 | |
Proceeds from long-term borrowings | 23,000 | 5,550 | |
Repayments of long-term borrowings | (3,355) | (14,867) | |
Proceeds from issuance of shares | - | 17,405 | |
Repayments of lease liabilities | (1,179) | (1,205) | |
Purchase of treasury shares | (2) | (2) | |
Proceeds from sale and installment back transactions | 2,000 | - | |
Repayments of installment payables | (89) | (249) | |
Net cash provided by (used in) financing activities | 12,049 | 35,421 | |
Effect of exchange rate change on cash and cash equivalents | 1,029 | 1,514 | |
Net increase (decrease) in cash and cash equivalents | 1,381 | 19,159 | |
Cash and cash equivalents at beginning of period | 24,754 | 26,135 | |
Cash and cash equivalents at end of period | 26,135 | 45,295 | |
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Nippon Chemi-con Corporation published this content on 13 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 May 2024 15:14:08 UTC.