YUSHIN PRECISION EQUIPMENT CO., LTD. August 3, 2023
Consolidated Financial Results for the First Quarter
Ended June 30, 2023Company Name: YUSHIN PRECISION EQUIPMENT CO., LTD.
Listing: | Prime Market of the Tokyo Stock Exchange |
Securities code: | 6482 |
URL: | https://www.ype.co.jp/en/ |
Representative: | Takayo Kotani, Representative Director and President |
Inquiries: | Kota Oda, Director and Executive Vice President, General Manager of Administration Division |
Tel: +81-75-933-9555 |
Scheduled date to submit quarterly report: | August 10, 2023 |
Scheduled date to commence dividend payments: | - |
Preparation of supplementary materials on financial results: | None |
Holding of financial results briefing: | None |
(Amounts less than one million yen are omitted, unless otherwise noted)
1. Consolidated Business Results for the First Quarter Ended June 30, 2023 (from April 1, 2023 to June 30, 2023)
- Consolidated operating results (Cumulative)
(Percentages indicate year-on-year changes)
Net sales | Operating profit | Ordinary profit | Profit attributable to | ||||||||||||
owners of parent | |||||||||||||||
Three months ended | Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | |||||||
June 30, 2023 | 4,668 | (8.4) | 143 | (71.5) | 256 | (60.6) | 129 | (70.8) | |||||||
June 30, 2022 | 5,096 | 7.0 | 504 | (6.4) | 651 | 9.7 | 442 | 3.1 | |||||||
Note: Comprehensive income | |||||||||||||||
Three months ended June 30, 2023: 691 million yen [ (23.1) %] | |||||||||||||||
Three months ended June 30, 2022: 900 million yen [ 122.0 %] | |||||||||||||||
Basic earnings | Diluted earnings | ||||||||||||||
per share | per share | ||||||||||||||
Three months ended | Yen | Yen | |||||||||||||
June 30, 2023 | 3.80 | - | |||||||||||||
June 30, 2022 | 13.01 | - | |||||||||||||
(2) Consolidated financial position | |||||||||||||||
Total assets | Net assets | Equity ratio | |||||||||||||
Millions of yen | Millions of yen | % | |||||||||||||
As of June 30, 2023 | 42,256 | 32,556 | 76.4 | ||||||||||||
As of March 31, 2023 | 40,843 | 32,586 | 79.0 | ||||||||||||
Reference: Equity capital (Net assets less non-controlling interests) | |||||||||||||||
As of June 30, 2023: 32,264 million yen | As of March 31, 2023: 32,277 million yen |
YUSHIN PRECISION EQUIPMENT CO., LTD. (6482)
2. Cash Dividends
Annual dividends per share | |||||||||
1Q | 2Q | 3Q | 4Q | Total | |||||
Yen | Yen | Yen | Yen | Yen | |||||
FY2023 | - | 10.00 | - | 20.00 | 30.00 | ||||
FY2024 | - | ||||||||
FY2024 (Forecast) | 10.00 | - | 10.00 | 20.00 | |||||
Note 1: Revisions to projected dividends most recently announced: None | |||||||||
Note 2: Breakdown of dividends 4Q in FY2023 | |||||||||
Ordinary dividends: 10.00 yen | |||||||||
Commemorative dividends: 10.00 yen | (the 50th anniversary of the establishment) |
3. Consolidated Earnings Forecasts for the FY2024 (from April 1, 2023 to March 31, 2024)
(Percentages indicate year-on-year changes)
Profit attributable to | Basic | |||||||||
Net sales | Operating profit | Ordinary profit | earnings | |||||||
owners of parent | ||||||||||
per share | ||||||||||
Millions of | % | Millions of | % | Millions of | % | Millions of | % | Yen | ||
yen | yen | yen | yen | |||||||
FY2024 | 23,000 | 2.8 | 2,400 | (9.1) | 2,400 | (13.9) | 1,600 | (16.8) | 47.01 |
Note: Revisions to projected results most recently announced: None
* Notes
- Changes in significant subsidiaries during the period (Changes in specified subsidiaries accompanying changes in scope of consolidation): None
- Adoption of the special accounting methods: Yes
(3) Changes in accounting policies, changes in accounting estimates, and restatement | ||
1) | Changes in accounting policies due to revisions to accounting standards and other regulations: | None |
2) | Changes in accounting policies due to other reasons: | None |
3) | Changes in accounting estimates: | None |
4) | Restatement: | None |
- Number of issued shares (Common stock)
- Number of issued shares at the end of the period (including shares of treasury shares)
- Number of shares of treasury shares at the end of the period
- Average number of outstanding shares during the period
As of June 30, | 35,638,066 | As of March 31, | 35,638,066 |
2023 | shares | 2023 | shares |
As of June 30, | 1,603,136 | As of March 31, | 1,603,076 |
2023 | Shares | 2023 | shares |
Three months | 34,034,960 | Three months | 34,035,245 |
ended June 30, | ended June 30, | ||
shares | shares | ||
2023 | 2022 | ||
- This "Consolidated Financial Results for the First Quarter" report is not subject to quarterly review procedures by certified public accountant or by auditing firm.
- Cautionary statement with respect to forward-looking statements and other special remarks
The forecasts above are based on the information currently available. A number of factors could cause actual results to differ materially from expectations.
For more information about these assumptions and notes regarding the use of earnings forecasts, please refer to "1. Qualitative Information on Quarterly Consolidated Financial Performance, (3) Explanation on the forecast information including consolidated earnings forecast and others" on page 2 of [Attached Material].
* Disclaimer:
This English version is not an official translation of the original Japanese document. In cases where any differences occur between the English version and the original Japanese version, the Japanese version shall prevail. YUSHIN PRECISION EQUIPMENT CO., LTD. shall accept no responsibility or liability for damages or loss caused by any error, inaccuracy, misunderstanding or misspelling with regard to this translation. This translation may be used only for reference purposes. YUSHIN PRECISION EQUIPMENT CO., LTD. maintains the right to claim compensation from violators for any damage or loss it may suffer from the violation of these conditions.
YUSHIN PRECISION EQUIPMENT CO., LTD. (6482)
[Attached Material]
INDEX
- Qualitative Information on Quarterly Consolidated Financial Performance ··········································· 2
- Explanation on the business results ······················································································ 2
- Explanation on the financial condition··················································································· 2
- Explanation on the forecast information including consolidated earnings forecast and others ··················· 2
- Quarterly Consolidated Financial Statements and Notes ································································· 3
- Quarterly consolidated balance sheets ··················································································· 3
- Quarterly consolidated statements of income and consolidated statements of comprehensive income ········· 5 Quarterly consolidated statements of income ··········································································· 5 Quarterly consolidated statements of comprehensive income ························································ 6
- Notes related to quarterly consolidated financial statements ·························································· 7
- Notes related to going concern assumption > ·········································································· 7
- Notes in the event of significant changes in shareholders' equity > ················································ 7
- Adoption of special accounting methods for preparation of quarterly financial statements > ··················· 7
- Segment information > ··································································································· 7
- Supplemental Information ···································································································· 8
- Orders, backlog and sales·································································································· 8
- Overseas sales ··············································································································· 8
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YUSHIN PRECISION EQUIPMENT CO., LTD. (6482)
1. Qualitative Information on Quarterly Consolidated Financial Performance
(1) Explanation on the business results
During the first quarter of the fiscal year under review, although some parts of the global economy are showing signs of recovery, the outlook remains uncertain due to soaring resource prices caused by geopolitical risks and the downward pressure on the economy caused by global monetary tightening.
Under these circumstances, YUSHIN Group has continued to develop new customers on a global scale and expand the business of custom-ordered equipment for the medical field. However, orders in Japan and China, mainly for take-out robots, were sluggish and orders for custom-ordered equipment for the medical field decreased compared to the first quarter of the previous fiscal year. During the fiscal year under review, the sales increased in Europe while the sales in Japan decreased, compared to the first quarter of the previous fiscal year. As a result, consolidated Net sales decreased by 8.4% year on year to 4,668 million yen. As for the profit, Operating profit decreased by 71.5% year on year to 143 million yen due to an increase in personnel costs as a result of aggressive investments in human resources in addition to a deterioration in the gross profit margin caused due to an decrease in consolidated Net sales and escalating raw material prices, while the increase in sea transportation costs was eased. Ordinary profit decreased by 60.6% year on year to 256 million yen despite Foreign exchange gains, and Profit attributable to owners of parent decreased by 70.8% year on year to 129 million yen.
During the first quarter of the fiscal year under review, YUSHIN acquired 100% of the shares of WEMO Automation AB ("WEMO") and made it a subsidiary. Through the acquisition of WEMO, YUSHIN will enhance the Group's brand value and increase its market share, in the European region, and generate synergies by mutually utilizing the technological and procurement capabilities of the two companies.
-
Explanation on the financial condition
Total assets increased by 1,413 million yen from the end of the previous fiscal year to 42,256 million yen. This was mainly due to increase of Goodwill by 1,770 million yen.
Total liabilities increased by 1,442 million yen from the end of the previous fiscal year to 9,699 million yen. This was mainly due to increase of Advances received by 983 million yen.
Net assets decreased by 29 million yen from the end of the previous fiscal year to 32,556 million yen.
(3) Explanation on the forecast information including consolidated earnings forecast and others
At this time, there are no changes to the full-year consolidated earnings forecasts for the fiscal year ending March 31, 2024 that was announced in Consolidated Financial Results released on May 10, 2023.
The impact of making WEMO a subsidiary through the share acquisition announced on May 16, 2023 on the consolidated business results for the current fiscal year is currently under review and will be announced promptly when a revision to the consolidated earnings forecasts becomes necessary.
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YUSHIN PRECISION EQUIPMENT CO., LTD. (6482)
2. Quarterly Consolidated Financial Statements and Notes
(1) Quarterly consolidated balance sheets
(Thousands of yen) | |||
As of March 31, 2023 | As of June 30, 2023 | ||
Current assets | |||
Cash and deposits | 16,169,066 | 14,282,037 | |
Notes and accounts receivable - trade | 5,471,088 | 5,407,616 | |
Merchandise and finished goods | 1,288,257 | 1,221,710 | |
Work in process | 1,338,876 | 1,554,736 | |
Raw materials and supplies | 3,760,970 | 4,657,667 | |
Other | 620,761 | 924,282 | |
Allowance for doubtful accounts | (10,601) | (11,848) | |
Total current assets | 28,638,417 | 28,036,203 | |
Non-current assets | |||
Property, plant and equipment | |||
Buildings and structures, net | 3,609,396 | 3,645,422 | |
Land | 6,821,488 | 6,843,176 | |
Other, net | 315,638 | 347,292 | |
Total property, plant and equipment | 10,746,522 | 10,835,892 | |
Intangible assets | |||
Goodwill | - | 1,770,449 | |
Other | 192,975 | 188,928 | |
Total intangible assets | 192,975 | 1,959,378 | |
Investments and other assets | |||
Investment securities | 307,324 | 364,373 | |
Retirement benefit asset | 215,986 | 212,888 | |
Deferred tax assets | 649,980 | 666,634 | |
Other | 141,492 | 232,910 | |
Allowance for doubtful accounts | (49,464) | (51,882) | |
Total investments and other assets | 1,265,319 | 1,424,924 | |
Total non-current assets | 12,204,817 | 14,220,194 | |
Total assets | 40,843,235 | 42,256,397 | |
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Yushin Precision Equipment Co. Ltd. published this content on 03 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 August 2023 07:57:04 UTC.
