Seiko PMC : Summary of Consolidated Financial Results for the Year Ended December 31, 2022

February 19, 2023 at 06:50 pm EST

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 Year Ended December 31, 2022
			(Based on Japanese GAAP)
																				February 13, 2023
Company name:	SEIKO PMC CORPORATION
Stock exchange listing:	Tokyo
Stock code:	4963	URL https://www.seikopmc.co.jp/
Representative:	Representative Director, President and CEO Seido Kan
Inquiries:	Exective Officer, Head of Administration	Hiroharu Kawano	TEL 03-6202-7331
Division

Scheduled date of ordinary general meeting of shareholders:		March 28, 2023
Scheduled date to file Securities Report:			March 29, 2023
Scheduled date to commence dividend payments:			March 29, 2023
Preparation of supplementary material on financial results:			Yes
Holding of financial results meeting:							Yes	(for analysts and institutional investors)
												(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the year ended December 31, 2022 (from January 1, 2022 to December 31, 2022)
(1) Consolidated operating results													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		%
Year ended December 31, 2022		32,418		4.5		1,884		(34.3)		2,394	(23.7)	1,647		(20.9)
Year ended December 31, 2021		31,032		19.1		2,867		9.8		3,139	17.7		2,082		23.6

			Earnings per share	Diluted earnings per	Profit attributable to		Ordinary profit/total	Operating profit/net
					share			owners of				assets			sales
										parent/equity

				Yen			Yen				%						%				%
Year ended December 31, 2022		54.33				-				5.4						5.4				5.8
Year ended December 31, 2021		68.69				-				7.4						8.0				9.2
(2) Consolidated financial position
			Total assets			Net assets		Equity ratio	Net assets per share
			Millions of yen		Millions of yen					%						Yen
As of December 31, 2022		46,557						31,108					66.1				1,015.10
As of December 31, 2021		41,882						31,593					70.9						979.59
(3) Consolidated cash flows
			Cash flows from		Cash flows from	Cash flows from	Cash and cash equivalents
			operating activities		investing activities	financing activities		at end of period
			Millions of yen		Millions of yen	Millions of yen		Millions of yen
Year ended December 31, 2022					873						(2,763)					2,249						3,476
Year ended December 31, 2021		1,620						(1,442)					(694)					2,762
2. Cash dividends
						Annual dividends per share					Total cash		Dividend payout	Ratio of dividends
																	to net assets
			1st quarter-end	2nd quarter-end	3rd quarter-end	Fiscal year-end	Total			dividends (Total)	ratio (Consolidated)	(Consolidated)


			Yen		Yen		Yen				Yen	Yen	Millions of yen		%			%
Year ended December 31, 2021		-		8.00		-				8.00	16.00		485		23.3			1.7
Year ended December 31, 2022		-		8.00		-				8.00	16.00		485		29.5			1.6
Year ending December 31, 2023		-			8.00		-				8.00	16.00				31.3
(Forecast)

3. Forecast of consolidated financial results for the year ending December 31, 2023 (from January 1, 2023 to December 31, 2023)

Percentages indicate year-on-year changes

Net sales

Operating profit

Ordinary profit

Profit attributable to

Earnings per share

owners of parent

Millions of yen

Yen

Full year

35,280

8.8

2,010

6.7

2,160

(9.8)

1,550

(5.9)

51.12

4. Notes

(1) Changes in significant subsidiaries during the year ended December 31, 2022

(changes in specified subsidiaries resulting in the change in scope of consolidation):

(2) 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:

Changes in accounting estimates:

Restatement of prior period financial statements:

(3) Number of issued shares (common shares)

Total number of issued shares at the end of the period (including treasury shares)

	As of December 31, 2022	30,321,283	shares	As of December 31, 2021	30,321,283	shares
Number of treasury shares at the end of the period
	As of December 31, 2022	192	shares	As of December 31, 2021	- shares
Average number of shares during the period
	Year ended December 31, 2022	30,321,148	shares	Year ended December 31, 2021	30,321,308	shares

Consolidated financial statements

Consolidated balance sheets

		(Thousands of yen)
	As of December 31, 2021	As of December 31, 2022
Assets
Current assets
Cash and deposits	2,762,928	3,827,471
Notes and accounts receivable - trade	11,387,861	11,855,653
Electronically recorded monetary claims - operating	1,600,325	2,000,835
Merchandise and finished goods	2,726,936	3,283,138
Work in process	397,925	506,939
Raw materials and supplies	1,683,310	2,146,933
Short-term loans receivable	1,677,980	995,979
Other	591,892	835,559
Allowance for doubtful accounts	(13,891)	(7,829)
Total current assets	22,815,269	25,444,680
Non-current assets
Property, plant and equipment
Buildings and structures	12,275,068	14,316,405
Accumulated depreciation	(8,832,995)	(9,169,459)
Buildings and structures, net	3,442,073	5,146,945
Machinery, equipment and vehicles	23,493,526	25,741,084
Accumulated depreciation	(20,197,724)	(21,022,055)
Machinery, equipment and vehicles, net	3,295,801	4,719,028
Land	6,980,330	7,070,738
Construction in progress	2,625,612	1,075,448
Other	2,428,754	2,451,810
Accumulated depreciation	(2,193,585)	(2,235,026)
Other, net	235,169	216,784
Total property, plant and equipment	16,578,987	18,228,945
Intangible assets	45,495	50,500
Investments and other assets
Investment securities	937,314	929,539
Retirement benefit asset	863,104	1,134,220
Deferred tax assets	98,382	99,466
Other	573,286	700,703
Allowance for doubtful accounts	(29,404)	(30,193)
Total investments and other assets	2,442,683	2,833,737
Total non-current assets	19,067,166	21,113,182
Total assets	41,882,436	46,557,863

		(Thousands of yen)
	As of December 31, 2021	As of December 31, 2022
Liabilities
Current liabilities
Notes and accounts payable - trade	5,057,706	5,875,497
Short-term borrowings	730,000	5,572,068
Current portion of long-term borrowings	82,990	85,975
Income taxes payable	545,813	229,325
Accounts payable-directors' bonuses	69,400	27,600
Provision for bonuses	669,165	587,366
Other	2,031,896	1,968,538
Total current liabilities	9,186,972	14,346,372
Non-current liabilities
Long-term borrowings	623,967	560,436
Provision for retirement benefits for directors (and other	7,800	7,800
officers)

Asset retirement obligations	87,216	87,730
Deferred tax liabilities	350,797	410,805
Other	32,249	35,764
Total non-current liabilities	1,102,030	1,102,537
Total liabilities	10,289,003	15,448,909
Net assets
Shareholders' equity
Share capital	2,000,000	2,000,000
Capital surplus	1,576,265	1,149,697
Retained earnings	25,169,029	26,331,123
Treasury shares	-	(115)
Total shareholders' equity	28,745,294	29,480,706
Accumulated other comprehensive income
Valuation difference on available-for-sale securities	299,489	285,464
Deferred gains or losses on hedges	1,199	(6,506)
Foreign currency translation adjustment	759,049	1,169,530
Remeasurements of defined benefit plans	(102,609)	(150,226)
Total accumulated other comprehensive income	957,128	1,298,262
Non-controlling interests	1,891,009	329,985
Total net assets	31,593,432	31,108,954
Total liabilities and net assets	41,882,436	46,557,863

Consolidated statements of income and consolidated statements of comprehensive income Consolidated statements of income

		(Thousands of yen)
	Fiscal year ended	Fiscal year ended
	December 31, 2021	December 31, 2022
Net sales	31,032,944	32,418,829
Cost of sales	22,533,815	24,818,410
Gross profit	8,499,129	7,600,419
Selling, general and administrative expenses	5,631,792	5,716,149
Operating profit	2,867,336	1,884,270
Non-operating income
Interest income	14,798	16,090
Dividend income	24,697	28,291
Purchase discounts	11,666	15,507
Subsidy income	-	83,227
Foreign exchange gains	154,013	312,693
Other	85,415	79,598
Total non-operating income	290,593	535,410
Non-operating expenses
Interest expenses	10,151	18,898
Sales discounts	4,388	-
Other	3,408	6,114
Total non-operating expenses	17,949	25,013
Ordinary profit	3,139,980	2,394,667
Extraordinary income
Subsidy income	-	104,149
Gain on sale of non-current assets	3,005	41
Gain on sale of investment securities	15,718	-
Total extraordinary income	18,723	104,191
Extraordinary losses
Loss on sale of non-current assets	-	1,001
Loss on retirement of non-current assets	21,244	53,459
Loss on tax purpose reduction entry of non-current assets	-	104,149
Total extraordinary losses	21,244	158,610
Profit before income taxes	3,137,459	2,340,248
Income taxes - current	817,142	593,055
Income taxes - deferred	50,409	83,644
Total income taxes	867,551	676,699
Profit	2,269,907	1,663,548
Profit attributable to non-controlling interests	187,214	16,314
Profit attributable to owners of parent	2,082,692	1,647,234

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Seiko PMC Corporation published this content on 20 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 February 2023 23:49:03 UTC.

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Seiko PMC : Summary of Consolidated Financial Results for the Year Ended December 31, 2022

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