January 29, 2020

Summary of Consolidated Financial Results

for the Third Quarter of the Fiscal Year Ending March 31, 2020

VALQUA, LTD. (7995)

English translation from the original Japanese-language document

(All financial information has been prepared in accordance with accounting principles generally accepted in Japan)

Consolidated Balance Sheets

(Millions of yen)

As of March 31, 2019

As of December 31, 2019

Assets

Current assets

Cash and deposits

7,109

5,067

Notes and accounts receivable - trade

12,113

11,500

Electronically recorded monetary claims -

2,012

2,304

operating

Merchandise and finished goods

2,690

2,999

Work in process

617

710

Raw materials and supplies

1,326

1,320

Other

2,314

2,329

Allowance for doubtful accounts

18

15

▲

▲

Total current assets

28,166

26,217

Non-current assets

Property, plant and equipment

Buildings and structures, net

4,935

5,074

Land

4,004

4,003

Other, net

5,316

5,845

Total property, plant and equipment

14,256

14,923

Intangible assets

Other

533

781

Total intangible assets

533

781

Investments and other assets

Investment securities

3,893

4,274

Other

2,680

2,669

Allowance for doubtful accounts

0

0

Total investments and other assets

6,573

6,944

▲

▲

Total non-current assets

21,363

22,648

Deferred assets

5

－

Total assets

49,535

48,865

－ 1 －

(Millions of yen)

As of March 31, 2019

As of December 31, 2019

Liabilities

Current liabilities

Notes and accounts payable - trade

5,798

5,360

Short-term borrowings

1,758

2,021

Current portion of long-term borrowings

154

123

Current portion of bonds

1,700

－

Income taxes payable

629

219

Provision for bonuses

488

234

Provision for bonuses for directors (and

83

67

other officers)

Other

2,648

2,564

Total current liabilities

13,261

10,591

Non-current liabilities

Long-term borrowings

131

1,119

Retirement benefit liability

732

518

Other

1,032

1,598

Total non-current liabilities

1,895

3,236

Total liabilities

15,157

13,827

Net assets

Shareholders' equity

Share capital

13,957

13,957

Capital surplus

3,938

3,963

Retained earnings

15,400

16,034

Treasury shares

1,685

1,635

Total shareholders' equity

31,610

32,319

▲

▲

Accumulated other comprehensive income

Valuation difference on available-for-sale

1,490

1,824

securities

Foreign currency translation adjustment

19

438

Remeasurements of defined benefit plans

304

▲237

▲

▲

Total accumulated other comprehensive

1,205

1,147

income

Non-controlling interests

1,562

1,570

Total net assets

34,378

35,037

Total liabilities and net assets

49,535

48,865

－ 2 －

Consolidated Statements of Income

(Millions of yen)

Nine months ended

Nine months ended

December 31, 2018

December 31, 2019

Net sales

38,709

36,561

Cost of sales

24,211

22,782

Gross profit

14,498

13,778

Selling, general and administrative expenses

10,108

10,426

Operating profit

4,389

3,352

Non-operating income

Interest income

2

4

Dividend income

70

51

Rental income from facilities

116

170

Share of profit of entities accounted for using

42

8

equity method

Foreign exchange gains

16

－

Gain on investments in silent partnerships

51

－

Other

58

82

Total non-operating income

359

319

Non-operating expenses

Interest expenses

41

55

Rental expenses on facilities

102

144

Foreign exchange losses

－

52

Other

43

48

Total non-operating expenses

188

300

Ordinary profit

4,561

3,371

Extraordinary income

Gain on sales of investment securities

468

103

Other

3

5

Total extraordinary income

471

108

Extraordinary losses

Loss on abandonment of non-current assets

41

17

Amortization of goodwill

368

－

Compensation expenses for health damage

10

－

caused by asbestos

Other

63

4

Total extraordinary losses

483

21

Profit before income taxes

4,548

3,457

Income taxes - current

1,046

777

Income taxes - deferred

334

212

Total income taxes

1,380

989

Profit

3,167

2,468

Profit attributable to non-controlling interests

79

74

Profit attributable to owners of parent

3,087

2,393

－ 3 －

Consolidated Statements of Comprehensive Income

(Millions of yen)

Nine months ended

Nine months ended

December 31, 2018

December 31, 2019

Profit

3,167

2,468

Other comprehensive income

Valuation difference on available-for-sale

1,459

331

securities

▲

Foreign currency translation adjustment

277

486

Remeasurements of defined benefit plans, net

▲

▲

40

67

of tax

Share of other comprehensive income of

8

7

entities accounted for using equity method

Total other comprehensive income

1,705

94

▲

▲

Comprehensive income

▲1,462

2,373

▲

Comprehensive income attributable to

Comprehensive income attributable to owners

1,406

2,335

of parent

Comprehensive income attributable to non-

55

37

controlling interests

－ 4 －

Appendix

1-a. Consolidated Results by Segment

1-3Q, FY2019.3

1-3Q, FY2020.3

Nine months ended

Nine months ended

Seal Products Business

Net Sales

25,464

24,105

Segment Profit

3,552

2,555

High Performance Plastics Products

Net Sales

10,732

10,058

Business

Segment Profit

556

520

Other Business

Net Sales

2,512

2,397

Segment Profit

280

276

(Millions of yen)

1-b. Orders Received and Order Backlog by Segment

1-3Q, FY2019.3

1-3Q, FY2020.3

Nine months ended

Nine months ended

Seal Products Business

Orders Received

25,726

23,144

Order Backlog

4,002

3,270

High Performance Plastics Products

Orders Received

12,568

9,410

Business

Order Backlog

3,898

2,953

Other Business

Orders Received

2,676

2,358

Order Backlog

280

276

Total

Orders Received

40,972

34,913

Order Backlog

8,202

6,469

(Millions of yen)

2. Consolidated Net Sales by Region

1-3Q, FY2019.3

1-3Q, FY2020.3

Nine months ended

Nine months ended

Japan

27,802

25,803

Asia (ex. Japan)

7,376

7,465

North America

3,399

3,187

The Others

131

104

(Millions of yen)

3. Stock and Dividends Information

(1) Number of Shares Issued (Third Quarter of the FY2020.3)

Number of Shares Issued at the End of the Period (including Treasury Shares)

18,688,733

Number of Treasury Shares at the End of the Period

1,083,363

The Average Number of Shares Issued during the Period

17,591,340

(2) Per Share Data

1-3Q, FY2019.3

1-3Q, FY2020.3

Nine months ended

Nine months ended

Earnings Per Share

175.57

136.06

(3) Dividends

(Yen per share)

FY2019.3

FY2020.3

Interim Dividend

45.00

50.00

Year-End Dividend

50.00

(Forecast) 50.00

Total Dividends for the Year

95.00

(Forecast) 100.00

(Yen per share)

4. Forecast of Consolidated Results for the FY2020.3

Net

Operating

Ordinary

Net

Earnings Per

Sales

Profit

Profit

Profit

Share (Yen)

Forecast for the FY2020.3

50,000

4,600

4,700

3,300

187.59

(For Reference) FY2019.3

51,243

5,609

5,791

4,087

232.43

(Millions of yen)

－ 5 －

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Disclaimer

Nippon Valqua Industries Ltd. published this content on 29 January 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 January 2020 08:54:08 UTC