NITTOSEIKO CO.,LTD. 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 Three Months Ended March 31, 2021 (Based on Japanese GAAP)
May 12, 2021 | |||||||||||||||
Company name: | Nittoseiko Co.,Ltd. | ||||||||||||||
Stock exchange listing: | Tokyo | ||||||||||||||
Stock code: | 5957 | URL | https://www.nittoseiko.co.jp/ | ||||||||||||
Representative: | President | Masami Zaiki | |||||||||||||
Inquiries: | Director,Accounting & Finance Division | Shinichi Matsumoto | TEL | (0773)42-3111 | |||||||||||
Scheduled date to file Quarterly Securities Report: | May 13, 2021 | ||||||||||||||
Scheduled date to commence dividend payments: | - | ||||||||||||||
Preparation of supplementary material on quarterly financial results: | Yes | ||||||||||||||
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 March 31, 2021 (from January 1, 2021 to March 31, 2021) | |||||||||||||||
(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 March 31, 2021 | 9,684 | 18.8 | 668 | 69.2 | 746 | 94.9 | 448 | 97.7 | |||||||
Three months ended March 31, 2020 | 8,149 | (3.0) | 394 | (45.5) | 383 | (49.5) | 227 | (55.0) | |||||||
Earnings per share | Diluted earnings per share | ||||||||||||||
Yen | Yen | ||||||||||||||
Three months ended March 31, 2021 | 12.19 | - | |||||||||||||
Three months ended March 31, 2020 | 6.17 | - | |||||||||||||
(2) Consolidated financial position | |||||||||||||||
Total assets | Net assets | Equity ratio | |||||||||||||
Millions of yen | Millions of yen | % | |||||||||||||
As of March 31, 2021 | 48,443 | 30,749 | 56.6 | ||||||||||||
As of December 31, 2020 | 46,222 | 29,858 | 58.1 | ||||||||||||
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 December 31, 2020 | - | 4.00 | - | 4.50 | 8.50 | ||||||||||
Year ending December 31, 2021 | - | ||||||||||||||
Year ending December 31, 2021 (Forecast) | 6.50 | - | 6.50 | 13.00 | |||||||||||
3. Forecast of consolidated financial results for the year ending December 31, 2021 (from January 1, 2021 to December 31, 2021)
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 |
19,600 | 23.4 | 1,400 | 145.9 | 1,500 | 138.7 | 900 | 156.0 | 24.37 | |
June 30, 2021 | |||||||||
Full year | 38,000 | 15.5 | 2,400 | 84.1 | 2,600 | 83.3 | 1,600 | 109.2 | 43.32 |
1 |
4. Notes
- Changes in significant subsidiaries during the three months ended March 31, 2021 (changes in specified subsidiaries resulting in the change in scope of consolidation):
- Application of special accounting methods for preparing quarterly consolidated financial statements:
No
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 March 31, 2021 | 39,985,017 | shares | As of December 31, 2020 | 39,985,017 | shares | |
Number of treasury shares at the end of the period | ||||||
As of March 31, 2021 | 3,048,988 | shares | As of December 31, 2020 | 3,166,909 | shares | |
Average number of shares during the period (cumulative from the beginning of the fiscal year) | ||||||
Three months ended March 31, 2021 | 36,836,501 | shares | Three months ended March 31, 2020 | 36,797,268 | shares |
2
Quarterly consolidated financial statements
Consolidated balance sheets
(Thousands of yen) | |||
As of December 31, 2020 | As of March 31, 2021 | ||
Assets | |||
Current assets | |||
Cash and deposits | 9,287,052 | 10,057,208 | |
Notes and accounts receivable - trade | 8,027,676 | 8,571,409 | |
Electronically recorded monetary claims - operating | 2,515,482 | 2,591,205 | |
Securities | - | 149,305 | |
Merchandise and finished goods | 2,503,691 | 2,783,190 | |
Work in process | 2,181,590 | 2,420,418 | |
Raw materials and supplies | 2,231,370 | 2,324,563 | |
Accounts receivable - other | 724,253 | 781,266 | |
Other | 239,134 | 467,663 | |
Allowance for doubtful accounts | (5,722) | (7,331) | |
Total current assets | 27,704,529 | 30,138,901 | |
Non-current assets | |||
Property, plant and equipment | |||
Buildings and structures, net | 3,618,797 | 3,605,115 | |
Machinery, equipment and vehicles, net | 2,334,199 | 2,616,925 | |
Land | 5,285,690 | 5,311,354 | |
Construction in progress | 1,208,096 | 951,984 | |
Other, net | 486,438 | 492,667 | |
Total property, plant and equipment | 12,933,221 | 12,978,047 | |
Intangible assets | |||
Software | 406,178 | 444,284 | |
Goodwill | 647,406 | 624,939 | |
Customer related assets | 80,675 | 76,500 | |
Technology related assets | 271,950 | 264,600 | |
Other | 15,690 | 10,898 | |
Total intangible assets | 1,421,900 | 1,421,222 | |
Investments and other assets | |||
Investment securities | 1,820,031 | 1,618,564 | |
Deferred tax assets | 828,006 | 758,031 | |
Retirement benefit asset | 884,154 | 897,085 | |
Long-term time deposits | 80,000 | 80,000 | |
Other | 551,433 | 552,554 | |
Allowance for doubtful accounts | (1,000) | (1,000) | |
Total investments and other assets | 4,162,626 | 3,905,235 | |
Total non-current assets | 18,517,748 | 18,304,506 | |
Total assets | 46,222,277 | 48,443,407 |
3
(Thousands of yen) | |||
As of December 31, 2020 | As of March 31, 2021 | ||
Liabilities | |||
Current liabilities | |||
Notes and accounts payable - trade | 4,054,768 | 4,769,730 | |
Electronically recorded obligations - operating | 2,619,652 | 3,340,370 | |
Short-term borrowings | 2,847,302 | 2,732,945 | |
Accounts payable - other | 237,115 | 241,837 | |
Income taxes payable | 407,441 | 290,306 | |
Provision for bonuses | 182,064 | 436,595 | |
Other | 1,269,967 | 1,173,504 | |
Total current liabilities | 11,618,312 | 12,985,291 | |
Non-current liabilities | |||
Long-term borrowings | 897,501 | 942,661 | |
Provision for directors' retirement benefits | 83,992 | 87,164 | |
Provision for share-based remuneration for directors (and | 40,488 | 44,113 | |
other officers) | |||
Deferred tax liabilities | 437,701 | 419,986 | |
Retirement benefit liability | 2,681,596 | 2,624,590 | |
Other | 604,657 | 590,432 | |
Total non-current liabilities | 4,745,937 | 4,708,949 | |
Total liabilities | 16,364,250 | 17,694,240 | |
Net assets | |||
Shareholders' equity | |||
Share capital | 3,522,580 | 3,522,580 | |
Capital surplus | 2,637,467 | 2,670,306 | |
Retained earnings | 22,565,069 | 22,846,638 | |
Treasury shares | (1,279,736) | (1,252,818) | |
Total shareholders' equity | 27,445,380 | 27,786,706 | |
Accumulated other comprehensive income | |||
Valuation difference on available-for-sale securities | 86,514 | 112,539 | |
Foreign currency translation adjustment | (597,824) | (405,095) | |
Remeasurements of defined benefit plans | (65,749) | (61,847) | |
Total accumulated other comprehensive income | (577,058) | (354,402) | |
Non-controlling interests | 2,989,706 | 3,316,863 | |
Total net assets | 29,858,027 | 30,749,166 | |
Total liabilities and net assets | 46,222,277 | 48,443,407 |
4
Consolidated statements of income (cumulative) and consolidated statements of comprehensive income (cumulative)
Consolidated statements of income (cumulative)
(Thousands of yen) | |||
Three months ended | Three months ended | ||
March 31, 2020 | March 31, 2021 | ||
Net sales | 8,149,712 | 9,684,399 | |
Cost of sales | 6,323,922 | 7,349,452 | |
Gross profit | 1,825,790 | 2,334,947 | |
Selling, general and administrative expenses | 1,430,974 | 1,666,728 | |
Operating profit | 394,815 | 668,218 | |
Non-operating income | |||
Interest income | 10,113 | 7,410 | |
Dividend income | 2,900 | 2,192 | |
Rental income | 22,689 | 23,651 | |
Foreign exchange gains | - | 46,212 | |
Share of profit of entities accounted for using equity method | 1,662 | 8,437 | |
Other | 75,395 | 38,768 | |
Total non-operating income | 112,761 | 126,673 | |
Non-operating expenses | |||
Interest expenses | 6,790 | 5,530 | |
Rental costs | 17,077 | 21,154 | |
Foreign exchange losses | 43,655 | - | |
Loss on valuation of securities | 44,666 | - | |
Other | 12,127 | 21,246 | |
Total non-operating expenses | 124,317 | 47,931 | |
Ordinary profit | 383,259 | 746,960 | |
Extraordinary income | |||
Gain on sales of non-current assets | - | 1,239 | |
Gain on sales of investment securities | - | 121,762 | |
Total extraordinary income | - | 123,002 | |
Extraordinary losses | |||
Loss on disposal of non-current assets | 1,899 | 1,832 | |
Total extraordinary losses | 1,899 | 1,832 | |
Profit before income taxes | 381,360 | 868,129 | |
Income taxes - current | 110,427 | 243,794 | |
Income taxes - deferred | 20,021 | 29,078 | |
Total income taxes | 130,449 | 272,872 | |
Profit | 250,911 | 595,257 | |
Profit attributable to non-controlling interests | 23,815 | 146,360 | |
Profit attributable to owners of parent | 227,095 | 448,896 |
5
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Nitto Seiko Co. Ltd. published this content on 14 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 May 2021 15:22:03 UTC.
