SAKATA SEED CORPORATION 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 Six Months Ended November 30, 2022 (Based on Japanese GAAP)
January 13, 2023 | ||||||||||
Company name: | SAKATA SEED CORPORATION | |||||||||
Stock exchange listing: | Tokyo | |||||||||
Stock code: | 1377 | URL | https://corporate.sakataseed.co.jp/ | |||||||
Representative: | President and Representative Director | Hiroshi Sakata | ||||||||
Executive Officer | ||||||||||
Inquiries: | Deputy Senior General Manager of General Administration Div. | Takenori Hoshi | TEL | 045-945-8800 | ||||||
General Manager of Finance Dept. | ||||||||||
Scheduled date to file Quarterly Securities Report: | January 16, 2023 | |||||||||
Scheduled date to commence dividend payments: | February 10, 2023 | |||||||||
Preparation of supplementary material on quarterly financial results: | Yes | |||||||||
Holding of quarterly financial results meeting: | Yes | |||||||||
(Amounts less than one million yen are rounded down) | ||||||||||
1. Consolidated financial results for the six months ended November 30, 2022 (from June 1, 2022 to November 30, 2022) | ||||||||||
(1) Consolidated operating results (cumulative) | (% indicates changes from the previous corresponding period.) | |||||||||
Net sales | Operating profit | Ordinary profit | Profit attributable to | |||||||
owners of parent | ||||||||||
Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | |||
Six months ended November 30, 2022 | 37,994 | 16.2 | 5,550 | (2.4) | 6,507 | 5.6 | 4,278 | 3.6 | ||
Six months ended November 30, 2021 | 32,704 | - | 5,688 | - | 6,163 | - | 4,129 | - |
(Note)From the beginning of the previous year ending May 31, 2022, "Accounting Standard for Revenue Recognition" (ASBJ Statement No.29, March 31, 2020) etc. have been adopted. Therefore, the percentage compared to the previous corresponding periods for the six months ended November 30, 2021 are not stated.
Earnings per share | Diluted earnings per share | ||
Yen | Yen | ||
Six months ended November 30, 2022 | 96.47 | - | |
Six months ended November 30, 2021 | 92.89 | - | |
(2) Consolidated financial position | |||
Total assets | Net assets | Equity ratio | |
Millions of yen | Millions of yen | % | |
As of November 30, 2022 | 158,464 | 135,135 | 85.0 |
As of May 31, 2022 | 147,423 | 125,466 | 84.9 |
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 May 31, 2022 | - | 18.00 | - | 27.00 | 45.00 | ||||||
Year ending May 31, 2023 | - | 20.00 | |||||||||
Year ending May 31, 2023 (Forecast) | - | 30.00 | 50.00 | ||||||||
3. Forecast of consolidated financial results for the year ending May 31, 2023 (from June 1, 2022 to May 31, 2023) | |||||||||||
(% indicates changes from the previous corresponding period.) | |||||||||||
Net sales | Operating profit | Ordinary profit | Profit attributable to | Earnings per share | |||||||
owners of parent | |||||||||||
Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | Yen | |||
Full year | 78,000 | 6.8 | 11,300 | 1.1 | 11,800 | (2.6) | 8,500 | (30.6) | 191.67 |
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4. Notes
- Changes in significant subsidiaries during the six months ended November 30, 2022 (changes in specified subsidiaries resulting in the change in scope of consolidation):
- Application of special accounting methods for preparing quarterly consolidated financial statements:
No
Yes
(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: | Yes |
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 November 30, 2022 | 47,410,750 | shares | As of May 31, 2022 | 47,410,750 | shares |
Number of treasury shares at the end of the period | |||||
As of November 30, 2022 | 3,060,412 | shares | As of May 31, 2022 | 3,063,072 | shares |
Average number of shares during the period (cumulative from the beginning of the fiscal year) | |||||
Six months ended November 30, 2022 | 44,350,392 | shares | Six months ended November 30, 2021 | 44,457,535 | shares |
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Quarterly consolidated financial statements
Consolidated balance sheets
(Millions of yen) | ||
As of May 31, 2022 | As of November 30, 2022 | |
Assets | ||
Current assets | ||
Cash and deposits | 28,069 | 31,554 |
Notes and accounts receivable | 18,181 | 15,390 |
- trade, and contract assets | ||
Merchandise and finished goods | 32,534 | 36,931 |
Work in process | 4,214 | 3,499 |
Raw materials and supplies | 868 | 947 |
Costs on construction contracts in progress | 37 | 59 |
Other | 5,768 | 7,019 |
Allowance for doubtful accounts | (444) | (473) |
Total current assets | 89,229 | 94,928 |
Non-current assets | ||
Property, plant and equipment | ||
Buildings and structures | 34,844 | 36,016 |
Accumulated depreciation | (22,150) | (22,772) |
Buildings and structures, net | 12,694 | 13,243 |
Machinery, equipment and vehicles | 16,813 | 18,136 |
Accumulated depreciation | (11,561) | (12,657) |
Machinery, equipment and vehicles, net | 5,251 | 5,479 |
Land | 13,995 | 14,118 |
Construction in progress | 2,115 | 3,634 |
Other | 6,972 | 9,364 |
Accumulated depreciation | (4,523) | (5,632) |
Other, net | 2,449 | 3,732 |
Total property, plant and equipment | 36,506 | 40,208 |
Intangible assets | 4,405 | 4,236 |
Investments and other assets | ||
Investment securities | 14,077 | 15,473 |
Long-term loans receivable | 21 | 18 |
Deferred tax assets | 2,101 | 2,315 |
Other | 1,093 | 1,297 |
Allowance for doubtful accounts | (12) | (12) |
Total investments and other assets | 17,281 | 19,091 |
Total non-current assets | 58,193 | 63,536 |
Total assets | 147,423 | 158,464 |
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(Millions of yen) | ||
As of May 31, 2022 | As of November 30, 2022 | |
Liabilities | ||
Current liabilities | ||
Notes and accounts payable - trade | 5,208 | 5,848 |
Short-term borrowings | 937 | 735 |
Income taxes payable | 2,488 | 1,919 |
Other | 7,471 | 7,357 |
Total current liabilities | 16,105 | 15,861 |
Non-current liabilities | ||
Long-term borrowings | 553 | 611 |
Deferred tax liabilities | 1,194 | 1,758 |
Retirement benefit liability | 1,590 | 1,667 |
Provision for retirement benefits for directors | 45 | 47 |
(and other officers) | ||
Provision for share awards for directors | 118 | 134 |
(and other officers) | ||
Other | 2,348 | 3,248 |
Total non-current liabilities | 5,850 | 7,467 |
Total liabilities | 21,956 | 23,328 |
Net assets | ||
Shareholders' equity | ||
Share capital | 13,500 | 13,500 |
Capital surplus | 10,793 | 10,793 |
Retained earnings | 101,225 | 104,155 |
Treasury shares | (5,393) | (5,383) |
Total shareholders' equity | 120,125 | 123,065 |
Accumulated other comprehensive income | ||
Valuation difference on available-for-sale | 5,415 | 6,271 |
securities | ||
Foreign currency translation adjustment | (109) | 5,695 |
Remeasurements of defined benefit plans | (301) | (282) |
Total accumulated other comprehensive income | 5,004 | 11,684 |
Non-controlling interests | 336 | 385 |
Total net assets | 125,466 | 135,135 |
Total liabilities and net assets | 147,423 | 158,464 |
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Consolidated statements of income (cumulative) and consolidated statements of comprehensive income (cumulative)
Consolidated statements of income (cumulative)
(Millions of yen) | ||
Six months ended | Six months ended | |
November 30, 2021 | November 30, 2022 | |
Net sales | 32,704 | 37,994 |
Cost of sales | 12,278 | 15,020 |
Gross profit | 20,425 | 22,974 |
Selling, general and administrative expenses | 14,737 | 17,423 |
Operating profit | 5,688 | 5,550 |
Non-operating income | ||
Interest income | 57 | 260 |
Dividend income | 194 | 225 |
Rental income | 141 | 81 |
Foreign exchange gains | 119 | 523 |
Other | 131 | 254 |
Total non-operating income | 644 | 1,344 |
Non-operating expenses | ||
Interest expenses | 44 | 44 |
Losses on net monetary position | - | 180 |
Other | 124 | 162 |
Total non-operating expenses | 169 | 387 |
Ordinary profit | 6,163 | 6,507 |
Extraordinary income | ||
Gain on sale of investment securities | 28 | - |
Total extraordinary income | 28 | - |
Extraordinary losses | ||
Impairment losses | 8 | 8 |
Settlement package | 126 | - |
Total extraordinary losses | 135 | 8 |
Profit before income taxes | 6,057 | 6,499 |
Income taxes | 1,883 | 2,159 |
Profit | 4,173 | 4,340 |
Profit attributable to non-controlling interests | 44 | 61 |
Profit attributable to owners of parent | 4,129 | 4,278 |
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Sakata Seed Co. published this content on 13 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 January 2023 06:09:05 UTC.
