Niterra Co., Ltd.October 30, 2023

Quarterly Consolidated Financial Statements in accordance with

IFRS for the six months ended September 30, 2023

URL

: https://www.ngkntk.co.jp/english/

Stock listing

: Tokyo Prime section, Nagoya Premier section

Code number

: 5334

Head office

: 1-1-1 Higashisakura, Higashi-ku, Nagoya, Aichi, 461-0005, Japan

Representative

: Takeshi Kawai, President and COO

Quarterly financial results highlights

Billions of yen

Three months ended

2022

2023

Jun.30

Sep.30

Dec.31

Mar.31

Jun.30

Sep.30

For the three months:

Revenue

137.1

142.0

140.1

143.3

148.0

153.2

Operating profit

27.6

26.0

27.0

8.6

28.4

28.6

Profit before income taxes

34.5

27.2

22.0

9.7

36.1

29.4

Profit attributable to owners of the

Parent

23.7

19.4

16.3

6.9

24.1

22.1

Revenue by industry segments:

Spark & glow plugs

70.0

69.3

71.5

74.2

78.1

84.8

Automotive sensors

38.9

42.1

38.5

39.3

41.8

42.3

Automotive components

108.9

111.5

110.1

113.5

119.9

127.1

Ceramics

26.0

28.7

28.2

27.9

24.0

23.6

New businesses

1.2

1.0

1.2

1.1

1.2

1.2

Yen

Actual exchange rate:

Yen - U.S. dollar

130

138

142

132

137

145

Yen - Euro

138

139

144

142

150

157

- 1 -

Niterra Co., Ltd. (5334)

Financial Statements for the Second Quarter of the Fiscal Year Ending March 31, 2024

Forecast for the fiscal year ending March 31, 2024

Forecast for the fiscal year ending March 31, 2024

(Reference)

Fiscal year

Automotive

Ceramics

New

Others

Adjustment

Consolidated

ended

components

businesses

March 31,

2023

Millions of yen

Revenue

497,820

98,412

4,732

7,027

(992)

607,000

562,559

Operating profit

118,937

4,461

(13,601)

203

-

110,000

89,219

Profit before income taxes

116,000

93,384

Profit attributable to

owners of the parent

81,000

66,293

Depreciation

31,254

6,525

1,227

-

-

39,006

39,194

Capital expenditure

28,323

8,919

2,390

-

-

39,633

31,335

Yen

Earnings per share (Basic)

400.65

326.09

Dividends per share

160.00

166.00

Note : Assumed exchange rates in the latter half of this fiscal year are;

1 U.S. dollar = 140 Yen

1 Euro = 150 Yen

Reason for the revision:

We revised our consolidated financial forecast of revenue for the fiscal year ending March 31, 2024 upward from the previous forecast announced on April 28, 2023. This is because the OEM sales are expected to decrease in some areas. However, for the full year bases, the OEM sales amount are expected to remain resilient. Furthermore, exchange rates shifted to weak yen more than our expectation.

With regards to the operating profit, it will increase compare to the previous forecast according to the following reasons: execution of rising the unit price due to the inflation of labor costs and material costs, and exchange rates shifted to weak yen more than our expectation.

Disclaimer statements:

The above forecast is based on information available at the time of this announcement. Therefore, we cannot guarantee accuracy and completeness of the forecast due to various factors.

- 2 -

Niterra Co., Ltd. (5334)

Financial Statements for the Second Quarter of the Fiscal Year Ending March 31, 2024

Condensed Quarterly Consolidated Statement of Financial Position as of March 31, 2023 and September 30, 2023

Millions of yen

March 31, 2023

September 30, 2023

Assets

Current assets

Cash and cash equivalents

201,628

167,612

Trade and other receivables

123,620

139,245

Other financial assets

18,166

17,231

Inventories

192,308

198,756

Other current assets

16,347

21,915

Subtotal

552,071

544,760

Assets held for sale

15,117

595

Total current assets

567,188

545,355

Noncurrent assets

Property, plant and equipment

223,028

223,423

Goodwill and intangible assets

45,006

52,449

Right-of-use assets

10,441

10,482

Investments accounted for using the equity method

7,540

14,591

Other financial assets

35,398

89,646

Deferred tax assets

12,628

12,272

Other noncurrent assets

1,870

1,830

Total noncurrent assets

335,913

404,697

Total assets

903,102

950,052

- 3 -

Niterra Co., Ltd. (5334)

Financial Statements for the Second Quarter of the Fiscal Year Ending March 31, 2024

Millions of yen

March 31, 2023

September 30, 2023

Liabilities and equity

Liabilities

Current liabilities

Trade and other payables

56,569

56,395

Bonds and borrowings

29,686

42,161

Other financial liabilities

3,879

4,442

Income taxes payable

15,133

19,817

Other current liabilities

46,349

48,508

Subtotal

151,617

171,326

Liabilities directly associated with assets held for sale

2,290

-

Total current liabilities

153,907

171,326

Noncurrent liabilities

Bonds and borrowings

156,735

135,700

Net defined benefit liabilities

11,693

11,856

Other financial liabilities

8,336

8,344

Deferred tax liabilities

3,208

3,370

Other noncurrent liabilities

5,480

4,826

Total noncurrent liabilities

185,455

164,098

Total liabilities

339,363

335,424

Equity

Capital stock

47,869

47,869

Capital surplus

55,522

55,518

Retained earnings

420,195

449,544

Treasury stock

(1,727)

(6,753)

Other components of equity

41,815

67,748

Total equity attributable to owners of the parent

563,675

613,927

Noncontrolling interests

63

701

Total equity

563,739

614,628

Total liabilities and equity

903,102

950,052

- 4 -

Niterra Co., Ltd. (5334)

Financial Statements for the Second Quarter of the Fiscal Year Ending March 31, 2024

Condensed Quarterly Consolidated Statement of

Profit or Loss and Comprehensive Income

Condensed Quarterly Consolidated Statement of Profit or Loss for the Six Months Ended September 30, 2022 and 2023

Millions of yen

2022

2023

Revenue

279,072

301,152

Cost of sales

(176,787)

(189,137)

Gross profit

102,285

112,015

Selling, general and administrative expenses

(51,071)

(56,894)

Share of profit of investments accounted for using the equity method

358

775

Other income

2,789

1,858

Other expenses

(762)

(744)

Operating profit

53,599

57,009

Finance income

8,758

10,326

Finance expenses

(643)

(1,759)

Profit before income taxes

61,715

65,576

Income tax expenses

(18,951)

(19,522)

Profit

42,764

46,054

Profit attributable to owners of the parent

43,085

46,186

Profit attributable to noncontrolling interests

(321)

(132)

Yen

Earnings per share

- Basic

211.94

227.64

- Diluted

-

-

- 5 -

Niterra Co., Ltd. (5334)

Financial Statements for the Second Quarter of the Fiscal Year Ending March 31, 2024

Condensed Quarterly Consolidated Statement of Profit or Loss for the Three Months Ended September 30, 2022 and 2023

Millions of yen

2022

2023

Revenue

141,966

153,201

Cost of sales

(90,680)

(96,833)

Gross profit

51,286

56,367

Selling, general and administrative expenses

(26,428)

(29,240)

Share of profit of investments accounted for using the equity method

164

377

Other income

1,209

1,385

Other expenses

(257)

(325)

Operating profit

25,974

28,564

Finance income

1,617

1,643

Finance expenses

(361)

(758)

Profit before income taxes

27,230

29,449

Income tax expenses

(7,995)

(7,423)

Profit

19,234

22,025

Profit attributable to owners of the parent

19,379

22,106

Profit attributable to noncontrolling interests

(144)

(80)

Yen

Earnings per share

- Basic

95.32

109.18

- Diluted

-

-

- 6 -

Niterra Co., Ltd. (5334)

Financial Statements for the Second Quarter of the Fiscal Year Ending March 31, 2024

Condensed Quarterly Consolidated Statement of Comprehensive Income for the Six Months Ended September 30, 2022 and 2023

Millions of yen

2022

2023

Profit

42,764

46,054

Other comprehensive income (net of tax effects)

Items that will not be reclassified to profit or loss

Financial assets measured at fair value through other comprehensive

(2,260)

2,867

income

Remeasurements of defined benefit plans

(0)

91

Share of other comprehensive income of investments accounted for

4

63

using the equity method

Total of items that will not be reclassified to profit or loss

(2,255)

3,022

Items that may be reclassified subsequently to profit or loss

Exchange differences on translation of foreign operations

19,333

22,438

Share of other comprehensive income of investments accounted for

(15)

703

using the equity method

Total of items that may be reclassified subsequently to profit or loss

19,318

23,142

Total other comprehensive income (net of tax effects)

17,062

26,164

Comprehensive income

59,827

72,218

Comprehensive income attributable to:

Owners of the parent

60,093

72,200

Noncontrolling interests

(266)

17

Condensed Quarterly Consolidated Statement of Comprehensive Income for the Three Months Ended September 30, 2022 and 2023

Millions of yen

2022

2023

Profit

19,234

22,025

Other comprehensive income (net of tax effects)

Items that will not be reclassified to profit or loss

Financial assets measured at fair value through other comprehensive

(320)

1,007

income

Remeasurements of defined benefit plans

0

(0)

Share of other comprehensive income of investments accounted for

(0)

68

using the equity method

Total of items that will not be reclassified to profit or loss

(321)

1,075

Items that may be reclassified subsequently to profit or loss

Exchange differences on translation of foreign operations

4,909

3,767

Share of other comprehensive income of investments accounted for

(293)

89

using the equity method

Total of items that may be reclassified subsequently to profit or loss

4,615

3,857

Total other comprehensive income (net of tax effects)

4,293

4,932

Comprehensive income

23,528

26,958

Comprehensive income attributable to:

Owners of the parent

23,721

27,013

Noncontrolling interests

(192)

(54)

- 7 -

Niterra Co., Ltd. (5334)

Financial Statements for the Second Quarter of the Fiscal Year Ending March 31, 2024

Condensed Quarterly Consolidated Statement of Changes in Equity

For the six months ended September 30, 2022

Millions of yen

Equity attributable to owners of the parent

Other components of equity

Financial

Total equity

Noncontroll-

assets

Exchange

Total equity

Remeasure-

attributable to

ing interests

Capital

Retained

Treasury

measured at

differences

Total other

fair value

ments of

owners of the

Capital stock

on translation

components

surplus

earnings

stock

through other

defined

parent

of foreign

of equity

comprehen-

operations

benefit plans

sive income

Balance at April 1, 2022

47,869

54,684

375,968

(1,754)

22,394

15,156

-

37,550

514,317

3,670

517,988

Profit

43,085

-

43,085

(321)

42,764

Other comprehensive income

(2,255)

19,263

(0)

17,007

17,007

54

17,062

Total comprehensive income

-

-

43,085

-

(2,255)

19,263

(0)

17,007

60,093

(266)

59,827

Purchase of treasury stock

(0)

-

(0)

(0)

Dividends

(27,927)

-

(27,927)

(115)

(28,042)

Share-based remuneration

79

24

-

103

103

transactions

Transfer from other components of

(102)

102

0

102

-

-

equity to retained earnings

Total transactions with owners

-

79

(28,029)

23

102

-

0

102

(27,825)

(115)

(27,940)

Balance at September 30, 2022

47,869

54,763

391,024

(1,731)

20,240

34,420

-

54,661

546,586

3,288

549,874

- 8 -

Niterra Co., Ltd. (5334)

Financial Statements for the Second Quarter of the Fiscal Year Ending March 31, 2024

For the six months ended September 30, 2023

Balance at April 1, 2023 Profit

Other comprehensive income Total comprehensive income Purchase of treasury stock Dividends

Share-based remuneration transactions

Changes in ownership interest in a subsidiary

Capital increase of subsidiary with noncontrolling interests

Transfer from other components of equity to retained earnings

Total transactions with owners

Balance at September 30, 2023

Millions of yen

Equity attributable to owners of the parent

Other components of equity

Financial

Total equity

Noncontroll-

assets

Exchange

Remeasure-

Total equity

Total other

attributable to

ing interests

measured at

differences

Capital stock

Capital

Retained

Treasury

fair value

on translation

ments of

components

owners of the

surplus

earnings

stock

through other

of foreign

defined

of equity

parent

benefit plans

comprehen-

operations

sive income

47,869

55,522

420,195

(1,727)

14,878

26,937

-

41,815

563,675

63

563,739

46,186

-

46,186

(132)

46,054

2,930

22,991

91

26,014

26,014

150

26,164

-

-

46,186

-

2,930

22,991

91

26,014

72,200

17

72,218

(5,058)

-

(5,058)

(5,058)

(16,919)

-

(16,919)

(100)

(17,020)

47

32

-

79

79

(51)

-

(51)

(73)

(124)

-

-

793

793

82

9

(91)

(82)

-

-

-

(3)

(16,837)

(5,026)

9

-

(91)

(82)

(21,949)

619

(21,329)

47,869

55,518

449,544

(6,753)

17,818

49,929

-

67,748

613,927

701

614,628

- 9 -

Niterra Co., Ltd. (5334)

Financial Statements for the Second Quarter of the Fiscal Year Ending March 31, 2024

Condensed Quarterly Consolidated Statement of Cash Flows for the Six Months Ended September 30, 2022 and 2023

Millions of yen

2022

2023

Cash flows from operating activities

Profit before income taxes

61,715

65,576

Depreciation and amortization

19,402

19,491

Foreign exchange gains

(8,700)

(10,638)

Interest and dividends income

(1,230)

(1,998)

Interest expenses

607

1,313

Share of profit of investments accounted for using the equity method

(358)

(775)

Loss (gain) on disposal of noncurrent assets

(1,161)

1,041

Gain on sale of shares of subsidiaries and associates

-

(241)

(Increase) decrease in trade and other receivables

1,434

(4,663)

Decrease (increase) in inventories

(24,242)

6,961

Decrease in trade and other payables

(1,282)

(3,370)

(Decrease) increase in net defined benefit liabilities

122

(9)

Other, net

(2,196)

(4,453)

Subtotal

44,110

68,234

Dividends received

547

596

Interest received

541

1,352

Interest paid

(656)

(1,267)

Income taxes paid

(18,117)

(15,042)

Net cash provided by operating activities

26,425

53,873

Cash flows from investing activities

Net (increase) decrease in time deposits

2,758

(1,554)

Net decrease in short-term investment securities

-

4,041

Purchase of property, plant and equipment

(10,691)

(13,817)

Proceeds from sale of property, plant and equipment

3,278

709

Purchase of intangible assets

(1,912)

(1,363)

Purchase of shares of subsidiaries resulting in change in scope of

-

(4,142)

consolidation

Proceeds from sale of shares of subsidiaries resulting in change in

-

3,670

scope of consolidation

Purchase of investment securities

(1,484)

(50,287)

Proceeds from sale and redemption of investment securities

-

542

Other, net

215

483

Net cash used in investing activities

(7,837)

(61,718)

Cash flows from financing activities

Net increase in short-term loans payable

4,710

193

Proceeds from long-term loans payable

500

1,820

Repayments of long-term loans payable

(6,068)

(2,980)

Redemption of bonds

-

(10,000)

Repayments of lease liabilities

(1,682)

(1,892)

Purchase of treasury stock

(0)

(5,058)

Dividends paid to owners of the parent

(10,999)

(16,896)

Dividends paid to noncontrolling interests

(115)

(100)

Capital contribution from noncontrolling interests

-

793

Other, net

-

(124)

Net cash used in financing activities

(13,655)

(34,245)

Effect of exchange rate change on cash and cash equivalents

4,015

5,597

Net (decrease) increase in cash and cash equivalents

8,948

(36,493)

Cash and cash equivalents at the beginning of the period

172,585

201,628

Net increase in cash and cash equivalents

-

2,477

resulting from transfer to assets held for sale

Cash and cash equivalents at the end of the period

181,533

167,612

- 10 -

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NGK Spark Plug Co. Ltd. published this content on 30 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 October 2023 07:46:41 UTC.