OPTEX GROUP COMPANY, LIMITED Nov. 9, 2021
Summary of Financial Results (Japan GAAP)[Consolidated]
For the Third Quarter of Fiscal Year Ending December 31,2021
Company name: | OPTEX GROUP CO.,LTD. | |||
Stock exchange listing: | Tokyo Stock Exchange | |||
Stock code: | 6914 | |||
URL: | https://www.optexgroup.co.jp/en/ | |||
Representative : | Isamu Oguni, President / CEO | |||
Contact: | Hiroyuki Onishi, Director / CFO | |||
Tel.+81-77-527-9861 | ||||
Scheduled date for filing of securities report: | Nov. 15, 2021 | |||
Scheduled date for dividend payment: | - | |||
Supplementary materials to the quarterly financial statements have been prepared: Yes | ||||
Presentation will be held to explain the quarterly financial statements: None | ||||
1. Consolidated financial results for the nine months ended Sep. 30, 2021 (From Jan. 1 to Sep. 30, 2021) | ||||
(1) Consolidated operating results | (Millions of yen rounded down) | |||
(Percentages indicate changes from the same period in the previous fiscal year.) | ||||
Net sales | Operating profit | Ordinary profit | Profit attributable to | |
owners of parent | ||||
Nine months ended | Millions of yen | % | Millions of yen | % | Millions of yen | % |
Sep. 30, 2021 | 34,049 | 35.2 | 3,816 | 201.3 | 4,191 | 212.1 |
Sep. 30, 2020 | 25,178 | (8.7) | 1,266 | (32.2) | 1,343 | (26.0) |
(Note) Comprehensive income: | Nine months ended Sep. 30, 2021: 3,665 million yen 752.5 % | |||||
Nine months ended Sep. 30, 2020: 430 million yen (52.6 %) | ||||||
Basic earnings | Diluted earnings | |||||
per share | per share | |||||
Nine months ended | Yen | Yen | ||||
Sep. 30, 2021 | 81.65 | 81.21 | ||||
Sep. 30, 2020 | 19.73 | 19.65 | ||||
(2) Consolidated financial position | ||||||
Total assets | Net assets | |||||
As of | Millions of yen | Millions of yen | ||||
Sep. 30, 2021 | 51,734 | 35,253 | ||||
Dec. 31, 2020 | 47,390 | 32,625 | ||||
(Reference) Shareholders' equity: | As of Sep. 30, 2021: 34,984 million yen | |||||
As of Dec. 31, 2020: 32,402 million yen | ||||||
2. Dividends | ||||||
Dividends per share | ||||||
(Base date) | End of 1Q | End of 2Q | End of 3Q | Year-end | ||
Yen | Yen | Yen |
Millions of yen %
2,952 | 313.8 |
713 | (47.4) |
Shareholder's
equity ratio
%
67.6
68.4
Annual (Total)
YenYen
Fiscal year ended Dec. 31, 2020 | - | 15.00 | - |
Fiscal year ending Dec. 31, 2021 | - | 15.00 | - |
Fiscal year ending Dec. 31,2021 |
(Forecast)
(Note)Revisions of the forecast most recently announced: None
15.0030.00
15.0030.00
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3. Forecast of consolidated results for the fiscal year ending Dec. 31, 2021 (From Jan. 1 to Dec. 31, 2021) | |||||||||
(Percentages indicate changes from the previous year.) | |||||||||
Net sales | Operating income | Ordinary income | Profit attributable | Net income | |||||
to owners of parent | per share | ||||||||
Fiscal year ending | Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | Yen |
Dec. 31, 2021 (Forecast) | 45,000 | 29.1 | 4,500 | 114.4 | 4,800 | 120.5 | 3,350 | 140.1 | 92.64 |
(Note)Revisions of the forecast most recently announced: None |
4. Others
(1) Material changes in subsidiaries during this period
(changes in scope of consolidations resulting from change is subsidiaries): None
- Applying of specific accounting of the consolidated quarterly financial statements: None
- Changes in accounting policies, accounting estimates and retrospective restatements
- Changes in accounting policies based on revisions of accounting standards: None
- Changes in accounting policies other than ones based on revisions of accounting standards: None
- Changes in accounting estimates: None
- Retrospective restatements: None
- Number of issued and outstanding shares (common shares)
- Number of issued and outstanding shares at the end of fiscal year (including treasury shares)
As of Sep. 30, 2021: | 37,735,784 shares |
As of Dec. 31, 2020: | 37,735,784 shares |
(b) Number of treasury shares at the end of fiscal year | |
As of Sep. 30, 2021: | 1,578,388 shares |
As of Dec. 31, 2020: | 1,572,800 shares |
(c) Average number of shares during the period | |
Nine months ended Sep. 30, 2021: | 36,159,964 shares |
Nine months ended Sep. 30, 2020: | 36,154,647 shares |
- Quarterly earnings reports are exempt from the quarterly review procedures to be conducted by a certified public accountant or an audit corporation.
- Explanation for the proper use of earnings projections, and other notes
・Results forecasts are based on information available at the time of the publication of this summary. Actual results may differ from these projections due to various factors that may arise in the future. Please refer to " Management's discussion of consolidated operating results forecast and other forecasts" for matters concerning the results forecasts stated above.
・Supplementary explanatory materials for financial results are scheduled to be posted on the Company's website within one week of the announcement of financial results.
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Qualitative Information Related to Financial Statements for the Quarter under Review
(1) Explanation Concerning Operating Results
The Group practiced its corporate philosophy, "Aim to become a corporate group full of venture spirit," with a basic management policy of returning to a growth path by curbing any increase in indirect costs on a Group-wide basis through enhancing headquarters functions, expanding existing businesses and facilitating the creation of new businesses.
In the current fiscal year, the Group has been working to further enhance its corporate value by advancing three key initiatives in earnest: i) strengthening mutual collaboration among Group companies and improving organizational structures with a view to establishing a shared service structure, ii) facilitating cost-of-sales ratio reductions, cost reductions and business model transformations in existing businesses, and iii) improving productivity per person through changes in behavioral patterns.
In the first nine months of the consolidated fiscal year under review, net sales reached a record high after increasing 35.2% year on year, to 34,049 million yen. This was primarily a result of significant growth in existing main businesses and the effect of the consolidation of a new operating company. In the aspect of profit, operating profit was 3,816 million yen (up 201.3% year on year) thanks to a rise in gross profit through an increase in net sales significantly exceeding an increase in selling, general, and administrative expenses. Ordinary profit came to 4,191 million yen (up 212.1% year on year) mainly due to a rise in foreign exchange gains. Profit attributable to owners of parent was a record high, standing at 2,952 million yen (up 313.8% year on year).
Effective from the first quarter of the consolidated fiscal year under review, the classification of reportable segments has been revised. The following comparisons with the same period of the previous fiscal year have been made based on figures reclassified into the revised classification segments. Details are presented in "3. Matters regarding the revision of reportable segments" in "Notes on the Consolidated Financial Statements (Segment Information) under "Consolidated quarterly financial statements and notes."
- SS (Sensing Solution) Business
Net sales for the SS Business came to 15,023 million yen (up 20.8% year on year) and operating profit was 1,809 million yen (up 117.0% year on year).
Net sales for the security sensors were 10,333 million yen (up 25.1% year on year). Net sales in overseas operations significantly exceeded the year-ago level, reflecting steady sales of outdoor sensors in the United States and Europe. Net sales in domestic operations slightly increased year on year due to solid sales for security companies and large-scale critical facilities.
Net sales for the automatic door sensors amounted to 3,264 million yen (up 13.1% year on year), reflecting favorable overseas sales as well as steady domestic sales.
- IA (Industrial Automation) Business
In the IA Business, net sales came to 18,183 million yen (up 50.4% year on year) and operating profit was 2,174 million yen (up 174.0% year on year).
Net sales for the FA-related products amounted to 7,245 million yen (up 36.9% year on year), the result of favorable sales to the semiconductor and electronic component industries and significant growth both in domestic and overseas sales, mainly in China.
Net sales for MVL-related products came to 8,430 million yen (up 24.0% year on year), attributable to favorable sales to the semiconductor and electronic component industries as well as significant growth in overseas sales.
Net sales for the IPC-related products amounted to 2,507 million yen. Starting in the first quarter of the fiscal year under review, Sanritz Automation Co., Ltd., which became a consolidated subsidiary in December 2020, is included under IPC in the IA Business.
- IPC: Industrial PC
- EMS (Electronics Manufacturing Service) Business
In the EMS Business, net sales to unaffiliated customers were 477 million yen (up 59.7% year on year), attributable to an increase in projects for the electronic contract manufacturing
service. Operating profit came to 254 million yen (up 324.5% year on year), reflecting an increase in production volume of products within the Group. The margin of increase in operating profit was larger compared to the same period a year ago, as operating profit is greatly affected by inter- segment sales, which increased for the six-month period under review.
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Explanation Concerning Financial Position Conditions of assets, liabilities and net assets (Assets)
Total assets amounted to 51,734 million yen at the end of the first nine months under review, which was an increase of 4,343 million yen from the end of the previous fiscal year.
Current assets increased 4,430 million yen to total 37,498 million yen. The was attributable largely to an increase in the inventories of raw materials and supplies of 1,675 million yen, a rise in notes and accounts receivable - trade of 1,512 million yen due to higher net sales, and growth in cash and deposits of 1,264 million yen.
Non-current assets amounted to 14,236 million yen, which was a decrease of 87 million yen. This was caused principally by a decrease of 423 million yen in intangible assets such as goodwill and customer-related assets due to amortization, etc., which more than offset increases in property, plant and equipment such as buildings and structures of 220 million yen and investments and other assets of 115 million yen.
(Liabilities)
Total liabilities stood at 16,480 million yen at the end of the first nine months under review, which was an increase of 1,715 million yen from the end of the previous fiscal year. This was primarily a result of an increase of 1,853 million yen in current liabilities such as notes and accounts payable - trade and income taxes payable, which more than offset a decrease of 137 million yen in non- current liabilities such as long-term borrowings.
(Net assets)
Net assets amounted to 35,253 million yen at the end of the first nine months under review, which was an increase of 2,627 million yen from the end of the previous fiscal year. This resulted mainly from an increase of 1,867 million yen in retained earnings and a rise of 661 million yen in foreign currency translation adjustment. - Management's discussion of consolidated operating results forecast and other forecasts
The consolidated results forecasts for the fiscal year ending December 31, 2021, remain the same as those stated in the Notice of Earnings Forecast and Dividend Forecast published on July 13, 2021.
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Consolidated Quarterly Financial Statements
Consolidated Quarterly Balance Sheets
(Millions of yen) | ||
As of Dec. 31, | As of Sep. 30, | |
2020 | 2021 | |
(Assets) | ||
Current assets | ||
Cash and deposits | 14,583 | 15,848 |
Notes and accounts receivable - trade | 8,305 | 9,817 |
Securities | 200 | 51 |
Merchandise and finished goods | 3,475 | 3,398 |
Work in process | 1,356 | 1,462 |
Raw materials and supplies | 3,487 | 5,134 |
Income taxes receivable | 270 | 171 |
Other | 1,430 | 1,659 |
Allowance for doubtful accounts | (42) | (45) |
Total current assets | 33,067 | 37,498 |
Non-current assets | ||
Property, plant and equipment | ||
Buildings and structures, net | 2,519 | 2,999 |
Machinery, equipment and vehicles, net | 249 | 233 |
Tools, furniture and fixtures, net | 770 | 672 |
Land | 2,410 | 2,428 |
Construction in progress | 217 | 53 |
Total property, plant and equipment | 6,167 | 6,387 |
Intangible assets | ||
Patent right | 446 | 383 |
Trademark right | 488 | 430 |
Customer relationships | 791 | 643 |
Goodwill | 1,240 | 1,096 |
Other | 775 | 765 |
Total intangible assets | 3,742 | 3,319 |
Investments and other assets | ||
Investment securities | 1,947 | 1,842 |
Long-term loans receivable | 338 | 360 |
Deferred tax assets | 1,465 | 1,781 |
Other | 693 | 576 |
Allowance for doubtful accounts | (31) | (31) |
Total investments and other assets | 4,413 | 4,529 |
Total non-current assets | 14,323 | 14,236 |
Total assets | 47,390 | 51,734 |
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OPTEX Group Co. Ltd. published this content on 09 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 November 2021 06:42:15 UTC.
