April 9, 2021

FY2021 First Quarter Consolidated Financial Results

(December 1, 2020 - February 28, 2021)

Company name

: OSG Corporation

Shares Listed

: 1st section of Tokyo and Nagoya Stock Exchanges

Code Number

: 6136

Location of the head office

: Aichi Prefecture

Representative:

: Nobuaki Osawa, President

Contact person:

: Junichi Kawamura, Accounting Manager

TEL: 81-533-82-1113 URL https://www.osg.co.jp/en/about_us/ir/

1. Consolidated Results for FY2021 First Quarter (December 1, 2020 - February 28, 2021)

(1)Consolidated financial results

(Amounts less than one million yen are omitted)

Net Sales

Operating income

Ordinary income

Net income attributable

to OSG Corporation

Million yen

%

Million yen

%

Million yen

%

Million yen

%

FY2021 first-quarter

28,230

-2.2

2,298

-35.1

2,420

-32.2

1,492

-36.3

FY2020 first-quarter

28,867

-8.7

3,538

-32.4

3,569

-35.7

2,343

-37.2

(Note) Comprehensive income

FY2021 first-quarter: 3,732 million yen (271.7%)

FY2020 first-quarter: 1,004 million yen (-63.8%)

Net income per share

Diluted net income

per share

Yen

Yen

FY2021 first-quarter

15.31

15.15

FY2020 first-quarter

24.10

23.85

(2)Consolidated financial position

Total assets

Net assets

Equity ratio

Million yen

Million yen

%

FY2021 first-quarter

201,834

142,950

65.4

FY2020

200,112

140,179

64.6

(Reference) Equity FY2021 first-quarter: 132,087 million yen FY2020: 129,338 million yen

2. Dividends

Dividends per share

End of Q2

Year-end

Annual

Yen

Yen

Yen

FY2020

11.00

11.00

22.00

FY2021 forecast

11.00

13.00

24.00

3. Forecast of Consolidated Results for FY2021 (December 1, 2020 - November 30, 2021)

Net sales

Operating income

Ordinary income

Net income attributable

Net income

to OSG Corporation

per share

Million yen

%

Million yen

%

Million yen

%

Million yen

%

Yen

Semi-Annual

56,000

1.3

5,000

-17.1

5,000

-16.2

3,100

-11.9

31.80

Annual

115,000

10.2

11,500

37.0

11,500

28.5

7,500

33.0

76.93

4. Others

(1) Changes in significant subsidiaries during the current period

(Changes in specified subsidiaries that caused a change in the scope of consolidation) : None

(2)

Adoption of accounting method specific to the preparation of consolidated quarterly financial statements: Yes

(3)

Changes in accounting principles and accounting estimates and retrospective restatement

(i) Changes in accounting principles due to amendment to accounting standards:

None

(ii) Changes other than (3)-(i) above:

None

(iii)

Changes in accounting estimates:

None

(iv)

Retrospective restatement:

None

  1. Number of shares issued and outstanding (common stock)
    1. Number of shares issued and outstanding at the end of each period (including treasury stock):

FY2021 first-quarter:

98,179,742 shares

FY2020:

98,179,742 shares

(ii) Number of treasury stock at the end of each period:

FY2021 first-quarter:

659,409 shares

FY2020:

729,381 shares

  1. Average number of shares outstanding in each period: FY2021 first-quarter: 97,492,091 shares FY2020 first-quarter: 97,228,484 shares

[Note regarding forecast]

The above forecasts for financial results are based on information available at the time this report was released. These forecasts and other forward-looking statements are not guarantees of future performance. Actual operating results may differ from the above forecasts due to known and unknown risks, uncertainties, and other factors.

Consolidated Summary Balance Sheet

OSG Corporation

Assets

(Million yen : amounts less than onemillion yen are omitted)

FY2020

FY2021 first-quarter

Change

As of Nov. 30, 2020

As of Feb. 28, 2021

Current assets

Cash and deposits

37,807

38,674

Notes and accounts receivable - trade

19,733

21,520

Securities

0

1

Merchandise and finished goods

29,239

28,411

Work in process

5,464

6,176

Raw materials and supplies

7,321

7,379

Other

3,279

2,893

Allowance for doubtful accounts

(155)

(156)

Total current assets

102,691

104,900

2,208

Non-current assets

Property, plant and equipment

Buildings and structures, net

24,685

24,883

Machinery, equipment and vehicles, net

34,500

33,977

Land

14,995

15,725

Other, net

5,417

5,684

Total property, plant and equipment

79,599

80,271

671

Intangible assets

Goodwill

4,273

5,146

Other

1,260

1,265

Total intangible assets

5,533

6,412

878

Investments and other assets

Investment securities

6,182

4,374

Other

6,471

6,242

Allowance for doubtful accounts

(366)

(366)

Total investments and other assets

12,287

10,250

(2,036)

Total non-current assets

97,420

96,934

(486)

Total

200,112

201,834

1,721

Consolidated Summary Balance Sheet

OSG Corporation

Liabilities and Net Assets

(Million yen : amounts less than one million yen are omitted)

FY2020

FY2021 first-quarter

Change

As of Nov. 30, 2020

As of Feb. 28, 2021

Liabilities

Current liabilities

Notes and accounts payable - trade

4,308

4,371

Short-term loans payable

4,473

4,790

Current portion of long-term loans payable

8,522

6,598

Income taxes payable

630

1,363

Provision for bonuses

381

1,334

Provision for directors' bonuses

146

67

Other

8,858

7,280

Total current liabilities

27,323

25,806

(1,516)

Non-current Liabilities

Bonds payable

5,000

5,000

Convertible bond-type bonds

with share acquisition rights

1,670

1,670

Long-term loans payable

22,103

22,169

Net defined benefit liability

682

859

Provision for loss on guarantees

38

36

Other

3,115

3,342

Total non-current liabilities

32,609

33,077

468

Total liabilities

59,932

58,883

(1,048)

Net assets

Shareholders' equity

Capital stock

12,223

12,223

Capital surplus

12,934

12,944

Retained earnings

111,594

112,078

Treasury stock

(1,442)

(1,303)

Total shareholders' equity

135,309

135,942

632

Accumulated other comprehensive income

Valuation difference

on available-for-sale securities

1,105

1,089

Deferred gains or losses on hedges

0

(7)

Foreign currency translation adjustment

(7,076)

(4,936)

Total accumulated other comprehensive income

(5,970)

(3,854)

2,116

Share acquisition rights

13

-

(13)

Non-controlling interests

10,828

10,862

34

Total net assets

140,179

142,950

2,770

Total liabilities and net assets

200,112

201,834

1,721

Consolidated Summary Statement of Income

OSG Corporation

(Million yen : amounts less than one millionyen are omitted)

FY2020 first-quarter

FY2021 first-quarter

Change

(2019/12/1 - 2020/2/29)

(2020/12/1 - 2021/2/28)

Net sales

28,867

28,230

(637)

Cost of sales

16,889

18,011

1,121

Gross profit

11,978

10,219

(1,759)

Selling, general and administrative expenses

8,439

7,920

(518)

Operating income

3,538

2,298

(1,240)

Non-operating income

Interest income

47

36

Dividend income

18

12

Foreign exchange gains

-

42

Subsidy income

115

170

Other

217

167

Total non-operating income

398

430

32

Non-operating expenses

Interest expenses

42

64

Sales discounts

171

156

Foreign exchange losses

64

-

Other

89

87

Total non-operating expenses

368

308

(59)

Ordinary income

3,569

2,420

(1,148)

Income before income taxes

3,569

2,420

(1,148)

Income taxes - current

1,047

1,156

Income taxes - deferred

60

(296)

Total income taxes

1,108

859

(248)

Net income

2,461

1,561

(900)

Net income attributable to non-controlling interests

118

68

(49)

Net income attributable to OSG Corporation

2,343

1,492

(850)

Consolidated Statement of Comprehensive Income

OSG Corporation

(Million yen : amounts less than one millionyen are omitted)

FY2020 first-quarter

FY2021 first-quarter

Change

(2019/12/1 - 2020/2/29)

(2020/12/1 - 2021/2/28)

Net income

2,461

1,561

(900)

Other comprehensive income

Valuation difference on available-for-sale securities

(630)

(12)

Deferred gains or losses on hedges

(0)

(7)

Foreign currency translation adjustment

(826)

2,192

Share of other comprehensive income of associates

accounted for using equity method

0

(1)

Total other comprehensive income

(1,456)

2,171

3,628

Comprehensive income

1,004

3,732

2,728

(Breakdown)

Comprehensive income attributable to OSG Corporation

1,169

3,553

Comprehensive income attributable to non-controlling interests

(164)

179

Operations by Geographical Segment

Results for FY2021 first-quarter (Dec. 1, 2020 through Feb. 28, 2021)

Million yen

Japan

The Americas

Europe/

Asia

Total

Eliminations

Consolidated

Africa

Sales to customers

10,630

4,991

5,528

7,079

28,230

-

28,230

Interarea transfers

3,983

266

33

523

4,807

(4,807)

-

Total sales

14,613

5,258

5,562

7,603

33,038

(4,807)

28,230

Operating income

636

717

272

949

2,575

(277)

2,298

(Reference)

Results for FY2020 first-quarter (Dec. 1, 2019 through Feb. 29, 2020)

Million yen

Japan

The Americas

Europe/

Asia

Total

Eliminations

Consolidated

Africa

Sales to customers

11,505

5,750

5,496

6,115

28,867

-

28,867

Interarea transfers

4,452

103

24

523

5,103

(5,103)

-

Total sales

15,958

5,853

5,520

6,639

33,971

(5,103)

28,867

Operating income

1,501

595

306

710

3,113

425

3,538

Net sales by Product Segment

Million yen

FY2020 first-quarter

FY2021 first-quarter

(2019/12/1 - 2020/2/29) (2020/12/1 - 2021/2/28)

Cutting tools:

Taps

9,002

9,524

End mills

5,923

5,281

Drills and other cutting tools

8,222

8,077

Total

23,148

22,883

Rolling dies

2,245

2,354

Gauges

461

373

Other

3,013

2,619

Total

28,867

28,230

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Disclaimer

OSG Corporation published this content on 09 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 April 2021 06:05:09 UTC.