Translation
Notice: This document is a translation of the original Japanese document and is only for reference purposes. In the event of any discrepancy between this translated document and the original Japanese document, the latter shall prevail.
Summary of Consolidated Financial Results for the Three Months Ended June 30, 2023 (Based on Japanese GAAP)
August 9, 2023 | ||||
Company name: | PRESS KOGYO CO., LTD. | |||
Stock exchange listing: | Tokyo | |||
Stock code: | 7246 | URL https://www.presskogyo.co.jp/en/ | ||
Representative: | President & CEO | Tetsushi Mino | ||
Inquiries: | General Manager, General Affairs Dept. | Takanori Sasaoka | TEL 044-276-3901 | |
Scheduled date to file Quarterly Securities Report: | August 9, 2023 | |||
Scheduled date to commence dividend payments: | - | |||
Preparation of supplementary material on quarterly financial results: | No | |||
Holding of quarterly financial results meeting: | No |
(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the three months ended June 30, 2023 (from April 1, 2023 to June 30, 2023)
(1) Consolidated operating results (cumulative) | Percentages indicate year-on-year changes | ||||||||||||||||||
Net sales | Operating profit | Ordinary profit | Profit attributable to | ||||||||||||||||
owners of parent | |||||||||||||||||||
Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | ||||||||||||
Three months ended June 30, 2023 | 51,203 | 21.1 | 3,325 | 35.8 | 3,689 | 25.7 | 2,384 | 46.5 | |||||||||||
Three months ended June 30, 2022 | 42,287 | 4.3 | 2,448 | (34.1) | 2,935 | (22.1) | 1,628 | (31.9) | |||||||||||
Note: | Comprehensive income | For the | three months ended June 30, 2023: | ¥4,364 million | [9.8 %] | ||||||||||||||
For the three months ended June 30, 2022: | ¥3,975 million | [(18.6)%] | |||||||||||||||||
Earnings per share | Diluted earnings per | ||||||||||||||||||
share | |||||||||||||||||||
Yen | Yen | ||||||||||||||||||
Three months ended June 30, 2023 | 23.29 | - | |||||||||||||||||
Three months ended June 30, 2022 | 15.53 | - | |||||||||||||||||
(2) Consolidated financial position | |||||||||||||||||||
Total assets | Net assets | Equity ratio | Net assets per share | ||||||||||||||||
Millions of yen | Millions of yen | % | Yen | ||||||||||||||||
As of June 30, 2023 | 182,510 | 111,843 | 55.6 | 1,001.59 | |||||||||||||||
As of March 31, 2023 | 178,402 | 111,087 | 56.2 | 972.37 | |||||||||||||||
Reference: Equity | |||||||||||||||||||
As of June 30, 2023: | ¥101,506 million | ||||||||||||||||||
As of March 31, 2023: | ¥100,267 million | ||||||||||||||||||
2. Cash dividends | |||||||||||||||||||
Annual dividends per share | |||||||||||||||||||
1st quarter-end | 2nd quarter-end | 3rd quarter-end | Fiscal year-end | Total | |||||||||||||||
Yen | Yen | Yen | Yen | Yen | |||||||||||||||
Year ended March 31, 2023 | - | 10.50 | - | 10.50 | 21.00 | ||||||||||||||
Year ending March 31, 2024 | - | ||||||||||||||||||
Year ending March 31, 2024 (Forecast) | 13.00 | - | 13.00 | 26.00 | |||||||||||||||
Note: | Revisions to the forecast of cash dividends most recently | announced: No |
3. Forecast of consolidated financial results for the year ending March 31, 2024 (from April 1, 2023 to March 31, 2024)
Percentages indicate year-on-year changes
Net sales | Operating profit | Ordinary profit | Profit attributable to | Earnings per share | |||||||
owners of parent | |||||||||||
Six months ending | Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | Yen | ||
95,700 | 9.3 | 6,200 | 23.6 | 6,100 | 6.9 | 4,000 | 1.8 | 39.29 | |||
September 30, 2023 | |||||||||||
Full year | 189,800 | 2.7 | 13,200 | 0.7 | 13,100 | (4.5) | 7,800 | 14.8 | 76.61 | ||
Note: Revisions to the | forecast of financial results most recently announced: No | ||||||||||
4. Notes | |||||||||||
(1) Changes in significant subsidiaries during the three months ended June 30, 2023 | No | ||||||||||
(changes in specified subsidiaries resulting in the change in scope of consolidation): | |||||||||||
(2) Application of special accounting methods for preparing quarterly consolidated financial statements: | No | ||||||||||
(3) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements | |||||||||||
Changes in accounting policies due to revisions to accounting standards and other regulations: | No | ||||||||||
Changes in accounting policies due to other reasons: | No | ||||||||||
Changes in accounting estimates: | No | ||||||||||
Restatement of prior period financial statements: | No |
(4) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of June 30, 2023 | 108,594,270 shares |
As of March 31, 2023 | 108,594,270 shares |
Number of treasury shares at the end of the period
As of June 30, 2023 | 7,248,902 shares | As of March 31, 2023 | 5,477,784 shares |
Average number of shares during the period (cumulative from the beginning of the fiscal year)
Three months ended June 30, 2023 | 102,420,757 shares |
Three months ended June 30, 2022 | 104,816,833 shares |
- Quarterly financial summary is not subject to the quarterly review procedures by certified public accountants or auditing firms.
- Explanation regarding appropriate use of business forecasts and other special instructions
The projections contained in this document are based on information currently available to the Company and certain assumptions that are deemed to be reasonable, and the Company does not intend to guarantee their achievement. Actual results may differ significantly as a consequence of various factors. Please refer to "1. Qualitative information on financial results for the three months ended June 30, 2023, (1) Explanation of operating results" on page 2 of the attached materials for the conditions that form the assumptions for the business forecasts.
Attached Material | ||
1. Qualitative information on financial results for the three months ended June 30, 2023 | 2 | |
(1) | Explanation of operating results | 2 |
(2) | Explanation of financial position | 3 |
(3) | Explanation of consolidated financial results forecast and other forward-looking statements | 3 |
2. Quarterly consolidated financial statements | 4 | |
(1) | Consolidated balance sheets | 4 |
(2) | Consolidated statements of income (cumulative) and consolidated statements of comprehensive | |
income (cumulative) | 6 | |
Consolidated statements of income (cumulative) | 6 | |
Consolidated statements of comprehensive income (cumulative) | 7 | |
(3) | Notes to quarterly consolidated financial statements | 8 |
(Notes on premise of going concern) | 8 | |
(Notes on significant changes in the amount of shareholders' equity) | 8 | |
(Segment information) | 8 |
1
1. Qualitative information on financial results for the three months ended June 30, 2023
(1) Explanation of operating results
In the three months ended June 30, 2023, the outlook for the truck and construction machinery business environment in Japan and overseas remained uncertain, mainly as a result of resource prices and energy costs remaining at a high level, sudden foreign exchange fluctuations, and concerns over global economic recession, although there were improvements in the situation regarding the shortage of parts such as semiconductors.
Under these circumstances, the Group continued to strengthen its responsiveness to changes in production and carry out rationalization activities, and strived to secure revenues.
As a result of the above, in the three months ended June 30, 2023, the Company recorded net sales of 51,203 million yen (up 21.1% year on year), operating profit of 3,325 million yen (up 35.8% year on year), ordinary profit of 3,689 million yen (up 25.7% year on year) and profit attributable to owners of parent of 2,384 million yen (up 46.5% year on year).
Business performance by segment is as follows.
(Automotive-Related Business)
The business environment and business performance in Japan and overseas in this segment was as follows.
[Japan]
Domestic demand for heavy- and medium-duty trucks increased by 3,200 vehicles year on year, to 15,100 vehicles, and domestic demand for light-duty trucks increased by 4,900 vehicles year on year, to 19,400 vehicles. The Company's production increased year on year as domestic production of heavy- and medium-duty trucks increased year on year although exports of both heavy- and medium-duty trucks and light-duty trucks decreased year on year.
[Thailand]
Due to decreased domestic demand and exports of 1-tonpick-up trucks, production decreased year on year at the TSPK Group.
[U.S.A.]
Production at PK U.S.A., INC. decreased year on year mainly due to the discontinued production of models for some customers, despite an increase in domestic demand.
[Indonesia]
Although domestic demand of commercial vehicles increased, owing to decreased its exports, production decreased year on year at PT. PK Manufacturing Indonesia.
[Sweden]
Although demand for commercial vehicles increased in Europe, production was on the same level as the same period of the previous fiscal year at PRESS KOGYO SWEDEN AB.
As a result of the above, net sales in this segment amounted to 42,176 million yen (up 22.6% year on year) and segment profit amounted to 3,922 million yen (up 25.4% year on year).
(Construction Machinery-Related Business)
The business environment and business performance in Japan and overseas in this segment was as follows.
[Japan]
Cabin production at the Company's Onomichi Plant and at KYOWA MFG. CO., LTD. increased year on year mainly due to firm domestic demand and exports of construction machinery and the start-up of production of automobile models newly ordered at the Onomichi Plant.
[China]
Production at PRESS KOGYO MINI CABIN (SUZHOU) CO., LTD. decreased year on year due to sluggish domestic demand.
PM CABIN MANUFACTURING CO., LTD. was dissolved on September 28, 2021, and is currently in liquidation.
2
As a result of the above, net sales in this segment amounted to 9,010 million yen (up 14.5% year on year) and segment profit amounted to 301 million yen (up 111.9% year on year).
(2) Explanation of financial position
Total assets as of June 30, 2023 were 182,510 million yen, an increase of 4,108 million yen from the end of the previous fiscal year. The main factor was an increase in notes and accounts receivable - trade.
Total liabilities were 70,667 million yen, an increase of 3,352 million yen from the end of the previous fiscal year. The main factor was an increase in notes and accounts payable - trade.
Net assets were 111,843 million yen, an increase of 756 million yen from the end of the previous fiscal year. The main factor was an increase in retained earnings.
As a result, the equity ratio was 55.6%.
(3) Explanation of consolidated financial results forecast and other forward-looking statements
Consolidated forecasts for the fiscal year ending March 31, 2024 are unchanged from the forecast announced on May 11, 2023.
3
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Press Kogyo Co. Ltd. published this content on 29 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 August 2023 07:17:04 UTC.