TOKAI RIKA CO., LTD. Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.
30-October, 2023
Consolidated Financial Results
for the Six Months Ended September 30, 2023
(Under Japanese GAAP)
Company name: | TOKAI RIKA CO., LTD |
Listing: | Tokyo Stock Exchange and Nagoya Stock Exchange |
Securities code: | 6995 |
URL: | http://www.tokai-rika.co.jp |
Representative: | Hiroyoshi Ninoyu, President |
Inquiries: | Hiroaki Shimizu, General Manager of Finance and Accounting Division |
Telephone: | +81-587-95-5211 |
Scheduled date to file quarterly securities report: | 30-October, 2023 |
Scheduled date to commence dividend payments: | 27-November, 2023 |
Preparation of supplementary material on quarterly financial results: | Yes |
Holding of quarterly financial results briefing: | No |
(Yen amounts are rounded down to millions, unless otherwise noted.)
1. Consolidated financial results for the Six months ended September 30, 2023(from April 1, 2023 to September 30, 2023)
(1) Consolidated operating results | (Percentages indicate the changes of the same period of the previous year.) | |||||||
Net sales | Operating profit | Ordinary profit | Profit attributable to | |||||
owners of parent | ||||||||
Six months ended | Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % |
September 30, 2023 | 307,468 | 15.2 | 20,246 | 416.6 | 27,738 | 132.5 | 20,240 | 154.0 |
September 30, 2022 | 266,927 | 15.5 | 3,919 | (43.2) | 11,929 | 46.0 | 7,967 | 56.1 |
Note: Comprehensive income | For the Six Months Ended September 30, 2023 : | 35,142 million ［124.5%］ | ||||||
For the Six Months Ended September 30, 2022 : | 15,653 million ［194.7%］ | |||||||
Basic earnings | Diluted earnings | |||||||
per share | per share | |||||||
Six months ended | Yen | Yen | ||||||
September 30, 2023 | 221.61 | - | ||||||
September 30, 2022 | 87.26 | - | ||||||
(2) Consolidated financial position | ||||||||
Total assets | Net assets | Capital adequacy | ||||||
ratio | ||||||||
As of | Millions of | Millions of | % | |||||
yen | yen | |||||||
September 30, 2023 | 493,436 | 327,424 | 62.3 | |||||
March 31, 2023 | 456,146 | 296,401 | 60.8 | |||||
Reference: Equity | ||||||||
As of September 30, 2023 | ¥307,455 million | |||||||
As of March 31, 2023 | ¥277,375 million |
1
2. Cash dividends
Annual dividends per share | ||||
First quarter-end | Second quarter-end | Third quarter-end | Fiscal | Total |
year-end | ||||
Yen | Yen | Yen | Yen | Yen |
Fiscal year ended | ||||
- | 30 | - | 34 | 64 |
March 31, 2023 | ||||
Fiscal year ended | ||||
- | 36 | |||
March 31, 2024 | ||||
Fiscal year ending | ||||
March 31, 2024 | - | 32 | 68 | |
(Forecast)
Notes: Revisions to the forecast of cash dividends most recently announced: Yes
3. Consolidated earnings forecast for the fiscal year ending March 31, 2023 (from April 1, 2023 to March 31, 2024)
(Percentages indicate the changes of the same period of the previous year.)
Net sales | Operating profit | Ordinary profit | Profit attributable to | Basic earnings | |||||
owners of parent | per shares | ||||||||
Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | |
Full year | 610,000 | 10.3 | 32,000 | 92.1 | 39,000 | 62.1 | 26,000 | 138.5 | 284.66 |
Notes: Revisions to the forecast of financial result most recently announced: Yes |
* Notes
- Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the change in scope of consolidation): None
- Changes in accounting policies, changes in accounting estimates, and restatement
(i)Changes in accounting policies due to revisions to accounting standards and other regulations: None
(ii)Changes in accounting policies due to other reasons: None | ||
(iii)Changes in accounting estimates: None | ||
(iv)Restatement: None | ||
(3) Number of issued shares (common shares) | ||
(i)Total number of issued shares at the end of the period (including treasury shares) | ||
As of September 30, 2023 | 94,234,171 | shares |
As of March 31, 2023 | 94,234,171 | shares |
(ii)Number of treasury shares at the end of the period | ||
As of September 30, 2023 | 2,894,703 | shares |
As of March 31, 2023 | 2,911,355 | shares |
(iii)Average number of shares outstanding during the period | ||
For the Three Months Ended September 30, 2023 | 91,332,386 | shares |
For the Three Months Ended September 30, 2022 | 91,311,587 | shares |
- Financial results reports are exempt from audit conducted by certified public accountants or an audit corporation.
- Proper use of earnings forecasts, and other special matters
The above forward-looking statements are prepared based on judgment and assumption from information currently available to the Company. These statements do not purport that the Company pledges to realize such statements. Actual business results may differ from the forecast figures due to various factors such as uncertainties of the information, future economic conditions, stock prices and exchange rates trends
2
Consolidated Balance Sheet
TOKAI RIKA Co., Ltd. and Consolidated Subsidiaries
Millions of Yen | |||
As of | As of | Increase | |
ASSETS | March 31, 2023 | September 30, 2023 | (Decrease) |
CURRENT ASSETS: | |||
Cash and deposits | 69,728 | 81,059 | 11,331 |
Notes and accounts receivable | 83,904 | 91,015 | 7,111 |
Electronically recorded monetary claims-operating | 12,930 | 14,668 | |
Marketable securities | 299 | 2,399 | 2,100 |
Finished goods | 26,120 | 24,043 | (2,077) |
Work-in-process | 36,436 | 38,830 | 2,394 |
Raw materials and supplies | 9,242 | 9,561 | 319 |
Other current assets | 12,978 | 13,364 | 386 |
Less: Allowance for doubtful accounts | (46) | (53) | (7) |
Total current assets | 251,595 | 274,890 | 23,295 |
NON-CURRENT ASSETS: | |||
Tangible non-current assets | |||
Buildings and structures | 35,222 | 38,313 | 3,091 |
Machinery and vehicle | 31,388 | 31,946 | 558 |
Others | 38,221 | 39,994 | 1,773 |
Total tangible non-current assets | 104,833 | 110,255 | 5,422 |
Intangible non-current assets | |||
Others | 3,567 | 3,655 | 88 |
Total intangible non-current assets | 3,567 | 3,655 | 88 |
Investments and other assets: | |||
Investments securities | 51,749 | 58,737 | 6,988 |
Others | 44,507 | 46,004 | 1,497 |
Less: Allowance for doubtful accounts | (106) | (106) | 0 |
Total investments and other assets | 96,150 | 104,635 | 8,485 |
Total noncurrent assets | 204,550 | 218,545 | 13,995 |
TOTAL | 456,146 | 493,436 | 37,290 |
3
Millions of Yen | |||
As of | As of | Increase | |
LIABILITIES AND EQUITY | March 31, 2023 | September 30, 2023 | (Decrease) |
CURRENT LIABILITIES： | |||
Notes and accounts payable | 53,374 | 58,499 | 5,125 |
Electronically recorded obligations-operating | 10,815 | 11,917 | 1,102 |
Income taxes payable | 3,296 | 3,251 | (45) |
Provision for bonuses to employees | 8,811 | 9,170 | 359 |
Provision for product warranty | 2,511 | 1,714 | (797) |
Other provisions | 177 | 257 | 80 |
Others | 39,637 | 38,731 | (906) |
Total current liabilities | 118,624 | 123,543 | 4,919 |
NONCURRENT LIABILITIES: | |||
Bonds payable | 10,000 | 10,000 | - |
Provision for retirement benefits for directors (and other officers) | 300 | 223 | (77) |
Defined benefit liability | 22,496 | 22,547 | 51 |
Long-term asset retirement obligations | 72 | 72 | 0 |
Others | 8,251 | 9,625 | 1,374 |
Total noncurrent liabilities | 41,120 | 42,468 | 1,348 |
Total liabilities | 159,744 | 166,012 | 6,268 |
SHAREHOLDERS' EQUITY: | |||
Common stock | 22,856 | 22,856 | - |
Capital surplus | 25,613 | 25,617 | (0) |
Retained earnings | 201,936 | 219,071 | 17,135 |
Treasury common stock, at cost | (5,238) | (5,208) | 30 |
Total shareholders' equity | 245,167 | 262,336 | 17,169 |
ACCUMULATED OTHER COMPREHENSIVE INCOME | |||
Net unrealized gain on available-for-sale securities | 7,700 | 11,824 | 4,124 |
Foreign currency translation adjustments | 14,468 | 23,732 | 9,264 |
Remeasurements of defined benefit plans | 10,038 | 9,561 | (477) |
Total accumulated other comprehensive income | 32,208 | 45,118 | 12,910 |
NON-CONTROLLING INTERESTS | 19,026 | 19,968 | 942 |
Total equity | 296,401 | 327,424 | 31,023 |
TOTAL | 456,146 | 493,436 | 37,290 |
4
Consolidated Statement of Income
TOKAI RIKA Co., Ltd. and Consolidated Subsidiaries
(Consolidated Statement of Income) | Millions of Yen | ||
Six months Ended | Six months Ended | Increase | |
September 30, 2022 | September 30, 2023 | (Decrease) | |
NET SALES | 266,927 | 307,468 | 40,541 |
COST OF SALES | 239,484 | 264,795 | 25,311 |
Gross profit | 27,443 | 42,673 | 15,230 |
SELLING，GENERAL AND | |||
ADMINISTRATIVE EXPENSES | 23,523 | 22,426 | (1,097) |
Operating income | 3,919 | 20,246 | 16,327 |
NON-OPERATING INCOME | |||
Interest income | 205 | 591 | 386 |
Dividend income | 257 | 287 | 30 |
Share of profit of entities accounted for | 217 | 496 | 279 |
using equity method | |||
Foreign exchange gain | 6,675 | 5,753 | (922) |
Other | 674 | 406 | (268) |
Total non-operating income | 8,032 | 7,535 | (497) |
NON-OPERATING EXPENSES | |||
Interest expenses | 20 | 21 | 1 |
Other | 2 | 21 | 19 |
Total non-operating expenses | 22 | 42 | 20 |
Ordinary income | 11,929 | 27,738 | 15,809 |
EXTRAORDINARY LOSS | |||
Loss on sales and retirement of non-current assets | 25 | 192 | 167 |
Total extraordinary loss | 25 | 192 | 167 |
INCOME BEFORE INCOME TAXES | 11,903 | 27,546 | 15,643 |
INCOME TAXES | 3,352 | 6,107 | 2,755 |
PROFIT | 8,551 | 21,439 | 12,888 |
PROFIT ATTRIBUTABLE TO | 583 | 1,198 | 615 |
NON-CONTROLLING INTERESTS | |||
PROFIT ATTRIBUTABLE TO | 7,967 | 20,240 | 12,273 |
OWNERS OF PARENT |
5
Consolidated Statement of Comprehensive Income
TOKAI RIKA Co., Ltd. and Consolidated Subsidiaries
(Consolidated Statement of Comprehensive Income) | Millions of Yen | ||
Six months Ended | Six months Ended | Increase | |
September 30, 2022 | September 30, 2023 | (Decrease) | |
PROFIT | 8,551 | 21,439 | 12,888 |
OTHER COMPREHENSIVE INCOME | |||
Net unrealized gain on available-for-sale securities | (2,199) | 4,237 | 6,436 |
Foreign currency translation adjustments | 9,598 | 9,735 | 137 |
Remeasurements of defined benefit plans | (456) | (478) | (22) |
Share of other comprehensive income of entities | 160 | 208 | 48 |
accounted for using equity method | |||
Total other comprehensive income | 7,102 | 13,703 | 6,601 |
COMPREHENSIVE INCOME | 15,653 | 35,142 | 19,489 |
(Breakdown) | |||
Comprehensive income | 14,586 | 33,150 | 18,564 |
attributable to owners of parent | |||
Comprehensive income | 1,066 | 1,991 | 925 |
attributable to non-controlling interests |
6
Consolidated Statements of Cash Flows
TOKAI RIKA Co., Ltd. and Consolidated Subsidiaries
Millions of Yen | ||
Six months Ended | Six months Ended | |
September 30, 2022 | September 30, 2023 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Income before income taxes | 11,903 | 27,546 |
Depreciation | 9,621 | 9,806 |
Increase (Decrease) in allowance for doubtful accounts | (10) | 5 |
Increase (Decrease) in accrued bonuses | (140) | 245 |
Increase (Decrease) in provision for accrued product warranty | 86 | (871) |
Increase (Decrease) in retirement allowances for | (30) | (77) |
directors and corporate auditors | ||
Increase (Decrease) in net defined benefit liability | (377) | 0 |
Increase (Decrease) in net defined benefit asset | (663) | (1,156) |
Interest and dividend income | (463) | (878) |
Interest expenses | 20 | 21 |
Equity in earnings of affiliated companies | (217) | (496) |
Foreign exchange gain or loss | (6,001) | (5,053) |
Gain on sales of property, plant and equipment | 45 | 201 |
Increase (Decrease) in notes and accounts receivable | (439) | (3,875) |
Increase (Decrease) in inventories | 1,802 | 3,658 |
Increase (Decrease) in notes and accounts payable | (1,542) | 2,803 |
Increase (Decrease) in consumption taxes payable | 868 | 830 |
Others, net | (5,812) | (822) |
Sub - Total | 8,649 | 31,887 |
Interest and dividend income received | 602 | 1,041 |
Interest expenses paid | (20) | (21) |
Income taxes paid | (4,749) | (6,874) |
Net cash provided by operating activities | 4,481 | 26,031 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Proceeds from sales of marketable securities | 3,200 | 200 |
Purchases of tangible fixed assets | (11,131) | (10,652) |
Proceeds from sales of tangible fixed assets | 21 | 20 |
Purchases of investment securities | (702) | (2,703) |
Disbursement for originating loans | (118) | (126) |
Proceeds from collections of loans | 122 | 126 |
Others, net | 98 | (995) |
Net cash used in investing activities | (8,508) | (14,131) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from share issuance to non-controlling shareholders | 461 | - |
Lease liabilities paid | (235) | (248) |
Dividends paid | (2,739) | (3,103) |
Dividends paid to non-controlling interests | (250) | (1,048) |
Purchases of treasury stock | (0) | (1) |
Others, net | 38 | 35 |
Net cash provided by (used in) financing activities | (2,725) | (4,366) |
EFFECT OF FOREIGN CURRENCY TRANSLATION | 2,319 | 3,468 |
ADJUSTMENTS ON CASH AND CASH EQUIVALENTS | ||
NET INCREASE(DECREASE) IN CASH AND CASH EQUIVALENTS | (4,433) | 11,002 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 53,854 | 66,494 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 49,421 | 77,496 |
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Tokai Rika Co. Ltd. published this content on 30 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 October 2023 06:06:10 UTC.
