Translation
Notice: This document is an excerpt 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 Year Ended March 31, 2019 | ||||||||||||||||||
(Based on Japanese GAAP) | ||||||||||||||||||
May 13, 2019 | ||||||||||||||||||
Company name: | Shindengen Elcectric Manufacturing Co., Ltd. | |||||||||||||||||
Stock exchange listing: | Tokyo | |||||||||||||||||
Stock code: | 6844 | URL https://www.shindengen.co.jp/ | ||||||||||||||||
Representative: | President | Yoshinori Suzuki | ||||||||||||||||
Inquiries: | Manager of Corporate Planning Group, | Yoshiaki Matsumoto | TEL 03-3279-4431 | |||||||||||||||
Planning Dept. | ||||||||||||||||||
Scheduled date of ordinary general meeting of shareholders: | June 27, 2019 | |||||||||||||||||
Scheduled date to file Securities Report: | June 28, 2019 | |||||||||||||||||
Scheduled date to commence dividend payments: | June 28, 2019 | |||||||||||||||||
Preparation of supplementary material on financial results: | Yes | |||||||||||||||||
Holding of financial results meeting: | Yes | (for analysts and institutional investors) | ||||||||||||||||
(Amounts less than one million yen are rounded down) | ||||||||||||||||||
1. Consolidated financial results for the year ended March 31, 2019 (from April 1, 2018 to March 31, 2019) | ||||||||||||||||||
(1) Consolidated operating results | 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 | % | |||||||||||
Year ended March 31, 2019 | 94,703 | 2.7 | 5,638 | (17.7) | 5,980 | (16.5) | 3,876 | (26.8) | ||||||||||
Year ended March 31, 2018 | 92,177 | 1.9 | 6,853 | 34.3 | 7,164 | 55.6 | 5,293 | 56.2 | ||||||||||
Note: Comprehensive income | Year ended March 31, 2019 | ¥1,590 million | [(75.4)%] | |||||||||||||||
Year ended March 31, 2018 | ¥6,463 million | [42.2%] | ||||||||||||||||
Diluted earnings per | Profit attributable to | Ordinary profit/total | Operating profit/net | |||||||||||||||
Earnings per share | owners of | |||||||||||||||||
share | parent/equity | assets | sales | |||||||||||||||
Yen | Yen | % | % | % | ||||||||||||||
Year ended March 31, 2019 | 376.41 | - | 6.5 | 4.6 | 6.0 | |||||||||||||
Year ended March 31, 2018 | 513.91 | - | 9.4 | 5.5 | 7.4 | |||||||||||||
Reference: Share of loss (profit) of entities accounted for using equity method | ||||||||||||||||||
Year ended March 31, 2019 | ¥420 million | |||||||||||||||||
Year ended March 31, 2018 | ¥410 million |
- Effective October 1, 2017, the Company consolidated its common shares at the ratio of 10 shares to 1 share. Accordingly, earnings per share have been calculated as if this consolidation of common shares was conducted at the beginning of the previous fiscal year.
- Consolidated financial position
Total assets | Net assets | Equity ratio | Net assets per share | ||||
Millions of yen | Millions of yen | % | Yen | ||||
As of March 31, 2019 | 128,669 | 59,470 | 46.2 | 5,774.08 | |||
As of March 31, 2018 | 133,706 | 59,169 | 44.3 | 5,744.60 | |||
Reference: Equity | As of March 31, 2019 | ¥59,470 | million | ||||
As of March 31, 2018 | ¥59,169 million | ||||||
(3) Consolidated cash flows | |||||||
Cash flows from | Cash flows from | Cash flows from | Cash and cash equivalents | ||||
operating activities | investing activities | financing activities | at end of period | ||||
Millions of yen | Millions of yen | Millions of yen | Millions of yen | ||||
Year ended March 31, 2019 | 3,495 | (5,875) | (4,603) | 32,505 | |||
Year ended March 31, 2018 | 9,335 | (4,823) | (3,025) | 39,625 |
1
2. Cash dividends
Annual dividends per share | Total cash | Dividend payout | Ratio of dividends | |||||
to net assets | ||||||||
1st quarter-end | 2nd quarter-end | 3rd quarter-end | Fiscal year-end | Total | dividends (Total) | ratio (Consolidated) | (Consolidated) | |
Yen | Yen | Yen | Yen | Yen | Millions of yen | % | % | |
Year ended March 31, 2018 | - | 0.00 | - | 125.00 | 125.00 | 1,287 | 24.3 | 2.3 |
Year ended March 31, 2019 | - | 0.00 | - | 125.00 | 125.00 | 1,287 | 33.2 | 2.2 |
Year ending March 31, 2020 | - | 0.00 | - | 125.00 | 125.00 | 30.7 | ||
(Forecast) | ||||||||
3. Forecast of consolidated financial results for the year ending March 31, 2020 (from April 1, 2019 to March 31, 2020)
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 | |
47,800 | 2.6 | 2,200 | (25.3) | 2,600 | (18.4) | 1,900 | (18.3) | 184.47 | ||
September 30, 2019 | ||||||||||
Full year | 100,000 | 5.6 | 5,000 | (11.3) | 5,700 | (4.7) | 4,200 | 8.3 | 407.78 | |
4. Notes | ||||||||||
(1) Changes in significant subsidiaries during the year ended March 31, 2019 | No | |||||||||
(changes in specified subsidiaries resulting in the change in scope of consolidation): | ||||||||||
(2) 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 |
(3) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of March 31, 2019 | 10,338,884 | shares | As of March 31, 2018 | 10,338,884 | shares | |
Number of treasury shares at the end of the period | ||||||
As of March 31, 2019 | 39,387 | shares | As of March 31, 2018 | 38,934 | shares | |
Average number of shares during the period | ||||||
Year ended March 31, 2019 | 10,299,714 | shares | Year ended March 31, 2018 | 10,300,842 | shares |
- Effective October 1, 2017, the Company consolidated its common shares at the ratio of 10 shares to 1 share. Accordingly, total number of issued shares at the end of the period, number of treasury shares at the end of the period and average number of shares during the period have been calculated as if this consolidation of common shares was conducted at the beginning of the previous fiscal year.
2
(Reference) | (Amounts less than one million yen are rounded down) | ||||||||
1. Non-consolidated financial results for the year ended March 31, 2019 (from April 1, 2018 to March 31, 2019) | |||||||||
(1) Non-consolidated operating results | Percentages indicate year-on-year changes | ||||||||
Net Sales | Operating profit | Ordinary profit | Profit | ||||||
Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | ||
Year Ended March 31, 2019 | 80,380 | 2.8 | 1,522 | (33.8) | 3,797 | (11.2) | 2,448 | (24.4) | |
Year Ended March 31, 2018 | 78,180 | 2.2 | 2,300 | 517.3 | 4,274 | 144.2 | 3,238 | 92.5 | |
Earnings per share | Diluted earnings per share | ||||||||
Yen | Yen | ||||||||
Year Ended March 31, 2019 | 237.73 | - | |||||||
Year Ended March 31, 2018 | 314.38 | - |
- Effective October 1, 2017, the Company consolidated its common shares at the ratio of 10 shares to 1 share. Accordingly, earnings per share have been calculated as if this consolidation of common shares was conducted at the beginning of the previous fiscal year.
- Non-consolidatedfinancial position
Total assets | Net assets | Equity ratio | Net assets per share | ||||
Millions of yen | Millions of yen | % | Yen | ||||
As of March 31, 2019 | 102,859 | 44,595 | 43.4 | 4,329.87 | |||
As of March 31, 2018 | 107,760 | 45,353 | 42.1 | 4,403.26 | |||
Reference: Equity | As of March 31, 2019 | ¥44,595 | million | ||||
As of March 31, 2018 | ¥45,353 million |
- Financial results reports are exempt from audit conducted by certified public accountants or an audit corporation.
-
Explanation of proper use of financial results forecast, and other special matters (Caution concerning forward-looking statements)
The forward-looking statements, including the financial results forecast shown in this document, are based on information currently available to the Company and on certain assumptions deemed to be reasonable by the Company. As such, they do not constitute guarantees by the Company of future performance. Actual performance and other results may differ materially due to various factors.
(How to obtain a copy of the supplementary material on financial results and earnings results briefing materials)
The Company plans to hold a presentation for securities analysts and institutional investors on May 17, 2019 (Friday). The earnings results briefing materials distributed at the meeting will be posted promptly on the Company website after the meeting is held.
3
Consolidated financial statements
Consolidated balance sheets
(Millions of yen) | |||
As of March 31, 2018 | As of March 31, 2019 | ||
Assets | |||
Current assets | |||
Cash and deposits | 33,058 | 25,505 | |
Notes and accounts receivable - trade | 19,336 | 19,044 | |
Securities | 7,000 | 7,000 | |
Merchandise and finished goods | 7,243 | 8,430 | |
Work in process | 3,709 | 4,704 | |
Raw materials and supplies | 9,094 | 10,624 | |
Other | 3,981 | 4,583 | |
Allowance for doubtful accounts | (20) | (18) | |
Total current assets | 83,403 | 79,874 | |
Non-current assets | |||
Property, plant and equipment | |||
Buildings and structures, net | 8,295 | 8,094 | |
Machinery, equipment and vehicles, net | 7,642 | 8,699 | |
Land | 5,878 | 5,769 | |
Leased assets, net | 836 | 948 | |
Construction in progress | 1,540 | 2,201 | |
Other, net | 1,742 | 1,782 | |
Total property, plant and equipment | 25,936 | 27,495 | |
Intangible assets | |||
Software | 972 | 955 | |
Leased assets | 6 | 0 | |
Other | 696 | 553 | |
Total intangible assets | 1,675 | 1,509 | |
Investments and other assets | |||
Investment securities | 16,032 | 13,673 | |
Deferred tax assets | 6,016 | 5,505 | |
Other | 688 | 659 | |
Allowance for doubtful accounts | (46) | (48) | |
Total investments and other assets | 22,690 | 19,789 | |
Total non-current assets | 50,303 | 48,795 | |
Total assets | 133,706 | 128,669 |
4
(Millions of yen) | |||
As of March 31, 2018 | As of March 31, 2019 | ||
Liabilities | |||
Current liabilities | |||
Notes and accounts payable - trade | 14,495 | 15,283 | |
Short-term loans payable | 7,425 | 5,750 | |
Current portion of bonds | 500 | 975 | |
Lease obligations | 257 | 280 | |
Income taxes payable | 933 | 62 | |
Provision for bonuses | 1,132 | 1,111 | |
Other | 6,564 | 6,668 | |
Total current liabilities | 31,308 | 30,131 | |
Non-current liabilities | |||
Bonds payable | 4,775 | 6,300 | |
Long-term loans payable | 17,025 | 13,725 | |
Lease obligations | 658 | 745 | |
Deferred tax liabilities | 100 | 128 | |
Retirement benefit liability | 16,084 | 15,305 | |
Provision for product warranties | 4,414 | 2,690 | |
Asset retirement obligations | 142 | 141 | |
Other | 29 | 32 | |
Total non-current liabilities | 43,228 | 39,067 | |
Total liabilities | 74,537 | 69,199 | |
Net assets | |||
Shareholders' equity | |||
Capital stock | 17,823 | 17,823 | |
Capital surplus | 7,738 | 7,738 | |
Retained earnings | 33,106 | 35,695 | |
Treasury shares | (143) | (145) | |
Total shareholders' equity | 58,524 | 61,111 | |
Accumulated other comprehensive income | |||
Valuation difference on available-for-sale securities | 3,632 | 1,719 | |
Foreign currency translation adjustment | (710) | (1,659) | |
Remeasurements of defined benefit plans | (2,278) | (1,702) | |
Total accumulated other comprehensive income | 644 | (1,641) | |
Total net assets | 59,169 | 59,470 | |
Total liabilities and net assets | 133,706 | 128,669 |
5
Consolidated statements of income and consolidated statements of comprehensive income
(Millions of yen) | ||
Fiscal year ended | Fiscal year ended | |
March 31, 2018 | March 31, 2019 | |
Net sales | 92,177 | 94,703 |
Cost of sales | 72,630 | 75,482 |
Gross profit | 19,546 | 19,220 |
Selling, general and administrative expenses | 12,693 | 13,581 |
Operating profit | 6,853 | 5,638 |
Non-operating income | ||
Interest income | 122 | 168 |
Dividend income | 323 | 370 |
Share of profit of entities accounted for using equity method | 410 | 420 |
Royalty income | 52 | 23 |
Other | 233 | 143 |
Total non-operating income | 1,142 | 1,126 |
Non-operating expenses | ||
Interest expenses | 312 | 238 |
Foreign exchange losses | 254 | 340 |
Other | 265 | 206 |
Total non-operating expenses | 832 | 784 |
Ordinary profit | 7,164 | 5,980 |
Extraordinary losses | ||
Business structure improvement expenses | - | 164 |
Impairment loss | 65 | 85 |
Total extraordinary losses | 65 | 249 |
Profit before income taxes | 7,098 | 5,731 |
Income taxes - current | 1,656 | 709 |
Income taxes - deferred | 148 | 1,144 |
Total income taxes | 1,804 | 1,854 |
Profit | 5,293 | 3,876 |
Profit attributable to | ||
Profit attributable to owners of parent | 5,293 | 3,876 |
Other comprehensive income | ||
Valuation difference on available-for-sale securities | 979 | (1,913) |
Foreign currency translation adjustment | (46) | (930) |
Remeasurements of defined benefit plans, net of tax | 343 | 575 |
Share of other comprehensive income of entities accounted | (106) | (18) |
for using equity method | ||
Total other comprehensive income | 1,169 | (2,286) |
Comprehensive income | 6,463 | 1,590 |
Comprehensive income attributable to | ||
Comprehensive income attributable to owners of parent | 6,463 | 1,590 |
Comprehensive income attributable to non-controlling interests | - | - |
6
Consolidated statements of changes in equity
Fiscal year ended March 31, 2018
(Millions of yen)
Shareholders' equity | Accumulated other comprehensive income | |||||||||
Valuation | Total | |||||||||
difference | Foreign | |||||||||
Total | Remeasurements | accumulated | Total net | |||||||
Capital | Capital | Retained | Treasury | on | currency | |||||
shareholders' | of defined | other | assets | |||||||
stock | surplus | earnings | shares | available- | translation | |||||
equity | benefit plans | comprehensive | ||||||||
for-sale | adjustment | |||||||||
income | ||||||||||
securities | ||||||||||
Balance at beginning of | 17,823 | 7,738 | 29,100 | (132) | 54,529 | 2,653 | (556) | (2,621) | (524) | 54,004 |
current period | ||||||||||
Changes of items during | ||||||||||
period | ||||||||||
Dividends of surplus | (1,287) | (1,287) | (1,287) | |||||||
Profit attributable to | 5,293 | 5,293 | 5,293 | |||||||
owners of parent | ||||||||||
Purchase of treasury | (10) | (10) | (10) | |||||||
shares | ||||||||||
Net changes of items | ||||||||||
other than shareholders' | 979 | (153) | 343 | 1,169 | 1,169 | |||||
equity | ||||||||||
Total changes of items | - | - | 4,006 | (10) | 3,995 | 979 | (153) | 343 | 1,169 | 5,164 |
during period | ||||||||||
Balance at end of current | 17,823 | 7,738 | 33,106 | (143) | 58,524 | 3,632 | (710) | (2,278) | 644 | 59,169 |
period | ||||||||||
Fiscal year ended March 31, 2019
(Millions of yen)
Shareholders' equity | Accumulated other comprehensive income | |||||||||
Valuation | Total | |||||||||
difference | Foreign | |||||||||
Total | Remeasurements | accumulated | Total net | |||||||
Capital | Capital | Retained | Treasury | on | currency | |||||
shareholders' | of defined | other | assets | |||||||
stock | surplus | earnings | shares | available- | translation | |||||
equity | benefit plans | comprehensive | ||||||||
for-sale | adjustment | |||||||||
income | ||||||||||
securities | ||||||||||
Balance at beginning of | 17,823 | 7,738 | 33,106 | (143) | 58,524 | 3,632 | (710) | (2,278) | 644 | 59,169 |
current period | ||||||||||
Changes of items during | ||||||||||
period | ||||||||||
Dividends of surplus | (1,287) | (1,287) | (1,287) | |||||||
Profit attributable to | 3,876 | 3,876 | 3,876 | |||||||
owners of parent | ||||||||||
Purchase of treasury | (2) | (2) | (2) | |||||||
shares | ||||||||||
Net changes of items | ||||||||||
other than shareholders' | (1,913) | (949) | 575 | (2,286) | (2,286) | |||||
equity | ||||||||||
Total changes of items | - | - | 2,589 | (2) | 2,587 | (1,913) | (949) | 575 | (2,286) | 301 |
during period | ||||||||||
Balance at end of current | 17,823 | 7,738 | 35,695 | (145) | 61,111 | 1,719 | (1,659) | (1,702) | (1,641) | 59,470 |
period | ||||||||||
7
Consolidated statements of cash flows
(Millions of yen) | |||
Fiscal year ended | Fiscal year ended | ||
March 31, 2018 | March 31, 2019 | ||
Cash flows from operating activities | |||
Profit before income taxes | 7,098 | 5,731 | |
Depreciation | 4,519 | 4,971 | |
Loss on retirement of property, plant and equipment | 21 | 37 | |
Increase (decrease) in provision for bonuses | 204 | (21) | |
Increase (decrease) in provision for product warranties | (1,055) | (1,723) | |
Increase (decrease) in retirement benefit liability | 125 | 37 | |
Interest and dividend income | (445) | (539) | |
Interest expenses | 312 | 238 | |
Bond issuance cost | 63 | 62 | |
Decrease (increase) in notes and accounts receivable - trade | (150) | (9) | |
Decrease (increase) in inventories | (1,847) | (4,059) | |
Increase (decrease) in notes and accounts payable - trade | 406 | 1,101 | |
Decrease (increase) in consumption taxes refund receivable | (282) | (378) | |
Decrease (increase) in accounts receivable - other | (127) | 17 | |
Impairment loss | 65 | 85 | |
Other, net | 1,197 | (394) | |
Subtotal | 10,106 | 5,156 | |
Interest and dividend income received | 458 | 565 | |
Interest expenses paid | (305) | (239) | |
Income taxes paid | (923) | (1,988) | |
Other, net | - | 0 | |
Net cash provided by (used in) operating activities | 9,335 | 3,495 | |
Cash flows from investing activities | |||
Purchase of property, plant and equipment | (4,091) | (5,989) | |
Proceeds from sales of property, plant and equipment | 37 | 5 | |
Purchase of intangible assets | (751) | (320) | |
Purchase of investment securities | (20) | - | |
Proceeds from sales of investment securities | 3 | 0 | |
Other, net | (1) | 428 | |
Net cash provided by (used in) investing activities | (4,823) | (5,875) | |
Cash flows from financing activities | |||
Proceeds from long-term loans payable | 3,500 | 2,500 | |
Repayments of long-term loans payable | (7,289) | (7,475) | |
Proceeds from issuance of bonds | 2,436 | 2,437 | |
Redemption of bonds | (150) | (500) | |
Purchase of treasury shares | (8) | (2) | |
Repayments of lease obligations | (226) | (277) | |
Cash dividends paid | (1,287) | (1,287) | |
Net cash provided by (used in) financing activities | (3,025) | (4,603) | |
Effect of exchange rate change on cash and cash equivalents | (132) | (136) | |
Net increase (decrease) in cash and cash equivalents | 1,353 | (7,120) | |
Cash and cash equivalents at beginning of period | 38,271 | 39,625 | |
Cash and cash equivalents at end of period | 39,625 | 32,505 |
8
Segment Information
Year ended March 31, 2019(April 1, 2018 to March 31, 2019)
1. Reporting segment overview
The Company's reportable operating segments are components of an entity for which separate financial information is available and evaluated regularly by the board of directors in determining the allocation of management resources and in assessing performance.
The Shindengen Group formulates comprehensive domestic and overseas strategies for the products that its business divisions provide.
The Shindengen Group' business is organized into three reportable segments-Electronic Device Business, Car Electronics Business and Energy Systems & Solutions Business-which form the base of its business divisions. The Electronic Device Business manufactures diodes, thyristors, MOSFET, high-withstand voltage power ICs and power modules.
The Car Electronics Business mainly manufactures electronics components for motorcycles and automobiles, along with general purpose inverters.
The Next Generation Energy Business has changed its name to Energy Systems & Solutions Business, which primarily manufactures power conditioners for photovoltaic generators, power storage systems, recharging stands for electric vehicles, and power supplies for information and communication equipment.
2. Method of calculating sales, income (loss), identifiable assets/liabilities and other items by reporting segment
The accounting method for business segments reported is based on the same method applied to consolidated financial statements. Income by reporting segment is the amount based on operating income. In addition, inter-segment sales and transfers are primarily based on market prices or manufacturing costs.
3. Net sales, income (loss), identifiable assets/liabilities and other items by reporting segment
Millions of yen | ||||||||||
Year ended March 31, 2019 | ||||||||||
Electronic | Car | Energy | Financial | |||||||
Systems & | Other | Adjustments | Statement | |||||||
Devices | Electronics | Total | Total | |||||||
Solutions | (Notes 2) | (Notes 3) | Amount | |||||||
Business | Business | |||||||||
Business | (Notes 4) | |||||||||
Net Sales | ||||||||||
Outside customers | ¥ 34,016 | ¥ 51,836 | ¥ 7,733 | ¥ 93,586 | ¥ 1,116 | ¥ 94,703 | ¥ | - | ¥ 94,703 | |
Inter-segment | 6,457 | 44 | - | 6,502 | - | 6,502 | (6,502) | - | ||
Total | 40,474 | 51,880 | 7,733 | 100,088 | 1,116 | 101,205 | (6,502) | 94,703 | ||
Segment income (loss) | 2,576 | 10,006 | (2,525) | 10,058 | 45 | 10,103 | (4,464) | 5,638 | ||
Segment assets | 38,926 | 32,195 | 6,194 | 77,316 | 328 | 77,644 | 51,024 | 128,669 | ||
Other items | ||||||||||
Depreciation and | 2,851 | 1,421 | 228 | 4,500 | ― | 4,500 | 471 | 4,971 | ||
amortization | ||||||||||
Increases in property, plant | ||||||||||
and equipment and | 3,893 | 1,892 | 303 | 6,089 | ― | 6,089 | 885 | 6,975 | ||
intangible assets | ||||||||||
Notes: | 1. Amounts under one million yen are omitted. |
- The "Other" category includes activities not included in the reporting segments, such as solenoids.
- Details of adjustments are below:
- ¥(4,464) million posted under "Adjustments" includes "Corporate expenses" that have not been allocated to each reporting segment. "Corporate expenses" are primarily general and administrative expenses that cannot be attributed to any reporting segment.
- Segment assets totaling ¥51,024 million posted under "Adjustments" comprise corporate assets of ¥50,742 million not allocated to each reporting segment and other adjustments of ¥282 million.
- Depreciation and amortization totaling ¥471 million posted under "Adjustments" mainly comprises corporate expenses not attributable to each reporting segment.
-
The increases in property, plant and equipment and intangible assets amounting to ¥885 million posted under "Adjustments" primarily comprises corporate assets not attributable to each reporting segment.
4. Segment income (loss) is adjusted to the operating income stated on the consolidated statements of income and consolidated statements of comprehensive income.
9
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Shindengen Electric Manufacturing Co. Ltd. published this content on 01 December 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 December 2023 00:38:16 UTC.