ZENRIN CO., LTD. Financial Summary for the First 2 Quarters of Fiscal 2023 [Japanese GAAP] [Consolidated]
October 28, 2022 | |||||
Name of listed company | ZENRIN CO., LTD. | Stock exchange listings: Tokyo and Fukuoka | |||
Securities code | 9474 | URL https://www.zenrin.co.jp/ | |||
Representative | [Title] | President and CEO | [Name] Zenshi Takayama | ||
Contact | [Title] | Executive Officer and Head of | [Name] Yumiko Toshima | TEL +81-93-882-9050 | |
Corporate Management Division | |||||
Scheduled date of submission of quarterly securities report: | October 31, 2022 | ||||
Scheduled date of commencement of dividend payments: | － | ||||
Preparation of supplementary explanatory materials on quarterly results: | Yes | ||||
Holding of briefing session on quarterly results: | Yes (For institutional investors and analysts) |
(Amounts are rounded down to the nearest million yen)
1. Consolidated Results of Operations in the First 2 Quarters of Fiscal 2023
ZENRIN's the first 2 quarters of fiscal 2023 is the period from April 1, 2022 to September 30, 2022.
(1) Consolidated Business Performance [cumulative]
[%figures represent the increase (decrease) compared to the same period of the previous fiscal year)]
Net sales | Operating income | Ordinary income | Profit attributable to | |||||||
owners of parent | ||||||||||
million yen | % | million yen | % | million yen | % | million yen | % | |||
The first 2 quarters of fiscal 2023 | 25,929 | 0.2 | (985) | － | (982) | － | (703) | － | ||
The first 2 quarters of fiscal 2022 | 25,880 | ー | (456) | － | (322) | － | (80) | － | ||
[Note] Comprehensive income | The first 2 quarters of fiscal 2023: (514) million yen [ －%] | |||||||||
The first 2 quarters of fiscal 2022: (14) million yen [ －%] | ||||||||||
Earnings per share | Diluted earnings per | |||||||||
share | ||||||||||
yen | yen | |||||||||
The first 2 quarters of fiscal 2023 | (13.00) | － | ||||||||
The first 2 quarters of fiscal 2022 | (1.47) | － |
[Note] As the "Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29, March 31, 2020), etc. have been applied from the beginning of the first quarter of fiscal 2022, the amounts for the said quarter reflect the application of the said accounting standard, etc., and the increase (decrease) compared to the same period of the previous fiscal year is not stated.
(2) Consolidated Financial Position
Total assets | Net assets | Ratio of equity to total assets | |||
million yen | million yen | % | |||
The second quarter of fiscal 2023 | 74,455 | 46,988 | 62.9 | ||
Fiscal 2022 | 79,164 | 48,746 | 61.3 | ||
[Reference] Equity | The second quarter of fiscal 2023: 46,850 million yen | Fiscal 2022: 48,500 million yen |
2. Dividends
Annual dividend | |||||
End of | End of | End of | Year-end | Total | |
the first quarter | the second quarter | the third quarter | |||
yen | yen | yen | yen | yen | |
Fiscal 2022 | － | 12.50 | － | 13.50 | 26.00 |
Fiscal 2023 | － | 13.50 | |||
Fiscal 2023 [forecast] | － | 13.50 | 27.00 |
[Note] Revision from most recently announced forecast for dividends: None
3. Forecast for Consolidated Results of Operations in Fiscal 2023
ZENRIN's fiscal 2023 is the period from April 1, 2022 to March 31, 2023.
[% figures represent the increase (decrease) compared to the previous fiscal year]
Net sales | Operating income | Ordinary income | Profit attributable to | Earnings | ||||||
owners of parent | per share | |||||||||
million yen | % | million yen | % | million yen | % | million yen | % | yen | ||
Fiscal year | 60,500 | 2.4 | 3,000 | 12.3 | 3,200 | 5.1 | 2,600 | (28.9) | 48.06 | |
[Note] Revision from most recently announced forecast for results of operations: None
*Disclaimer: 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.
ZENRIN Co., Ltd. (9474)
Financial Summary for the First 2 Quarters of Fiscal 2023
1. Qualitative Information on Quarterly Results
(1) Explanation of Business Performance
In the first two quarters of fiscal 2023 (from April 1, 2022 to September 30, 2022), despite the re- spread of COVID19 infection, the Japanese economy showed signs of recovery in socioeconomic activities due to the easing of activities and movement restrictions and other factors.
On the other hand, economy still remained in a harsh condition with such factors as exchange rate fluctuations with a rapid yen depreciation, the continued global shortage in supply of semiconductors and surging resource and energy prices caused by the Russia-Ukraine situation.
In such an environment, in regard to net sales, sales of data for in-car navigation systems in the automotive-related business decreased mainly due to the impact of automobile production adjustments, while sales of IoT-related solution services, etc. increased.
In terms of costs, there was an increase in cost of sales due to changes in the composition of sales, as well as increase in expenses for developing map databases to improve precision of location data.
In addition, expenses for sales activities also increased amid the trend of economic and social activities returning to normal.
As a result, the ZENRIN Group in the first two quarters of fiscal 2023 reported net sales of 25,929 million yen (increased 49 million yen, or up 0.2%, compared to the same period of the previous fiscal year), operating loss of 985 million yen (downturn of 529 million yen compared to the same period of the previous fiscal year), ordinary loss of 982 million yen (downturn of 660 million yen compared to the same period of the previous fiscal year). In addition, loss attributable to owners of parent was 703 million yen (downturn of 623 million yen compared to the same period of the previous fiscal year).
Please note that past net sales of the ZENRIN Group have shown trends of large seasonal fluctuations and sales concentrating in the fourth quarter.
It should be noted that, information by business segment is omitted because the ZENRIN Group's reportable segment is a single segment.
(2) Explanation of Financial Position
Total assets at the end of the second quarter of fiscal 2023 amounted to 74,455 million yen (decreased 4,708 million yen, or down 5.9%, compared to the end of the previous fiscal year). This was mainly attributable to the decrease in notes and accounts receivable - trade, and contract assets due to the effects of seasonal fluctuations.
Liabilities amounted to 27,466 million yen (decreased 2,951 million yen, or down 9.7%, compared to the end of the previous fiscal year). This was mainly attributable to a decrease in accounts payable - trade due to payment and a decrease in income taxes payable due to tax payment.
Net assets amounted to 46,988 million yen (decreased 1,757 million yen, or down 3.6%, compared to the end of the previous fiscal year). This was mainly due to the recording of loss attributable to owners of parent and dividends of surplus.
As a result, the ratio of equity to total assets at the end of the second quarter of fiscal 2023 was 62.9% (up 1.6 points compared to the end of the previous fiscal year).
The following outlines the status of cash flows in the first two quarters of fiscal 2023.
Cash and cash equivalents at the end of the second quarter of fiscal 2023 were 15,113 million yen (decreased 1,341 million yen, or down 8.2%, compared to the end of the previous fiscal year)
Cash Flows from Operating Activities
Net cash provided by operating activities amounted to 1,830 million yen (decreased 2,944 million yen compared to the same period of the previous fiscal year). This was attributable to loss before income taxes in the amount of 699 million yen, income taxes paid in the amount of 1,039 million yen, a decrease in trade payables in the amount of 910 million yen, and other factors of decrease being offset by a decrease in notes and accounts receivables in the amount of 4,027 million yen and other factors of increase.
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ZENRIN Co., Ltd. (9474)
Financial Summary for the First 2 Quarters of Fiscal 2023
Cash Flows from Investing Activities
Net cash used in investing activities amounted to 1,397 million yen (decreased 1,951 million compared to the same period of the previous fiscal year). This was mainly attributable to purchase of property, plant and equipment and intangible assets in the amount of 2,747 million yen, despite proceeds from sale of property, plant and equipment in the amount of 1,232 million yen.
Cash Flows from Financing Activities
Net cash used in financing activities amounted to 2,027 million yen (decreased 1,383 million yen compared to the same period of the previous fiscal year). This was mainly attributable to the dividends paid in the amount of 734 million yen, repayments of long-term borrowings in the amount of 553 million yen and purchase of treasury shares in the amount of 434 million yen.
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Explanation of Forecast for Consolidated Results of Operations and Other Forward- Looking Statements
The Company has decided to keep the full-year forecast for the fiscal 2023 announced on April 28, 2022, since there are many uncertainties in the environment surrounding ZENRIN group, such as automobile production adjustments due to global semiconductor supply shortages.
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ZENRIN Co., Ltd. (9474)
Financial Summary for the First 2 Quarters of Fiscal 2023
2. Quarterly Consolidated Financial Statements
- Quarterly Consolidated Balance Sheet
[Unit: million yen] | |||
Fiscal 2022 | The second quarter of | ||
fiscal 2023 | |||
As of March 31, 2022 | As of September 30, 2022 | ||
Assets | |||
Current assets | |||
Cash and deposits | 16,857 | 15,119 | |
Notes and accounts receivable - trade, and | 12,593 | 8,599 | |
contract assets | |||
Electronically recorded monetary claims - | 106 | 138 | |
operating | |||
Securities | 5 | 6 | |
Merchandise and finished goods | 962 | 806 | |
Work in process | 272 | 871 | |
Raw materials and supplies | 109 | 94 | |
Other | 1,363 | 1,494 | |
Allowance for doubtful accounts | (4) | (3) | |
Total current assets | 32,267 | 27,126 | |
Non-current assets | |||
Property, plant and equipment | 13,194 | 13,292 | |
Intangible assets | |||
Goodwill | 278 | 316 | |
Software | 9,958 | 10,224 | |
Other | 3,871 | 3,626 | |
Total intangible assets | 14,108 | 14,166 | |
Investments and other assets | |||
Investment securities | 12,339 | 12,376 | |
Other | 7,358 | 7,598 | |
Allowance for doubtful accounts | (105) | (105) | |
Total investments and other assets | 19,593 | 19,870 | |
Total non-current assets | 46,896 | 47,328 | |
Total assets | 79,164 | 74,455 |
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ZENRIN Co., Ltd. (9474)
Financial Summary for the First 2 Quarters of Fiscal 2023
[Unit: million yen] | |||
Fiscal 2022 | The second quarter of | ||
fiscal 2023 | |||
As of March 31, 2022 | As of September 30, 2022 | ||
Liabilities | |||
Current liabilities | |||
Accounts payable - trade | 3,153 | 2,276 | |
Short-term loans payable | 2,066 | 1,551 | |
Current portion of bonds payable | 8,047 | 8,023 | |
Income taxes payable | 1,153 | 567 | |
Provision for directors' bonuses | 124 | 22 | |
Asset retirement obligations | 10 | － | |
Other | 13,781 | 13,151 | |
Total current liabilities | 28,337 | 25,592 | |
Non-current liabilities | |||
Long-term loans payable | 18 | 31 | |
Provision for directors' retirement benefits | 128 | 104 | |
Provision for management board benefit trust | 50 | 39 | |
Net defined benefit liability | 281 | 282 | |
Asset retirement obligations | 67 | 67 | |
Other | 1,532 | 1,347 | |
Total non-current liabilities | 2,079 | 1,873 | |
Total liabilities | 30,417 | 27,466 | |
Net assets | |||
Shareholders' equity | |||
Capital stock | 6,557 | 6,557 | |
Capital surplus | 12,484 | 12,451 | |
Retained earnings | 26,084 | 24,645 | |
Treasury shares | (4,062) | (4,478) | |
Total shareholders' equity | 41,064 | 39,176 | |
Accumulated other comprehensive income | |||
Valuation difference on available-for-sale | 6,306 | 6,358 | |
securities | |||
Foreign currency translation adjustment | 155 | 394 | |
Remeasurements of defined benefit plans | 973 | 921 | |
Total accumulated other comprehensive | 7,435 | 7,674 | |
income | |||
Non-controlling interests | 246 | 138 | |
Total net assets | 48,746 | 46,988 | |
Total liabilities and net assets | 79,164 | 74,455 |
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Zenrin Co. Ltd. published this content on 08 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 November 2022 07:13:07 UTC.
