OSG : Announcement of FY2019 Q1 Financial Results (35.9 KB)

April 12, 2019

FY2019 First Quarter Consolidated Financial Results

(December 1, 2018 - February 28, 2019)

Company name	: OSG Corporation
Shares Listed	: 1st section of Tokyo and Nagoya Stock Exchanges
Code Number	: 6136
Location of the head office	: Aichi Prefecture
Representative:	: Norio Ishikawa, President
Contact person:	: Hideyuki Ohashi, Executive Officer
TEL: [phone] URLhttps://www.osg.co.jp/en/about_us/ir/

1. Consolidated Results for FY2019 First Quarter (December 1, 2018 - February 28, 2019)

(1)Consolidated financial results

(Amounts less than one million yen are omitted)

Net Sales	Operating income	Ordinary income	Net income attributable to OSG Corporation
FY2019 first-quarter FY2018 first-quarter	Million yen % 31,613 2.8 30,754 9.8	Million yen % 5,237 -3.6 5,430 24.8	Million yen % 5,551 3.1 5,382 21.8	Million yen % 3,729 14.2 3,265 14.5

(Note) Comprehensive income

FY2019 first-quarter: 2,777million yen (80.4%)

FY2018 first-quarter: 1,540 million yen (-67.3%)

Net income per share	Diluted net income per share
FY2019 first-quarter FY2018 first-quarter	Yen 38.06 33.48	Yen 37.63 32.95

(2)Consolidated financial position

Total assets	Net assets	Equity ratio
FY2019 first-quarter FY2018	Million yen 180,221 177,834	Million yen 138,838 138,354	% 70.0 70.5

(Reference) Equity

FY2019 first-quarter: 126,083 million yen

2. Dividends

Dividends per share
End of Q2	Year-end	Annual
FY2018	Yen 22.00	Yen 25.00	Yen 47.00
FY2019 forecast	23.00	24.00	47.00

FY2018: 125,332 million yen

3. Forecast of Consolidated Results for FY2019 (December 1, 2018 - November 30, 2019)

Net sales	Operating income	Ordinary income	Net income attributable to OSG Corporation	Net income per share
Semi-Annual Annual	Million yen % 67,500 4.8 137,000 4.3	Million yen % 11,900 6.0 24,000 6.6	Million yen % 11,900 7.4 24,000 6.3	Million yen % 7,600 8.8 15,300 4.0	Yen 77.57 156.17

4. Others

• (1) Changes in significant subsidiaries during the current period

  (Changes in specified subsidiaries that caused a change in the scope of consolidation) : None

• (2) Adoption of accounting method specific to the preparation of consolidated quarterly financial statements: Yes

• (3) Changes in accounting principles and accounting estimates and retrospective restatement

  (i) Changes in accounting principles due to amendment to accounting standards: Yes

• (ii) Changes other than (3)-(i) above:

• (iii) Changes in accounting estimates:

• (iv) Retrospective restatement:

None None None

(4) Number of shares issued and outstanding (common stock)

• (i) Number of shares issued and outstanding at the end of each period (including treasury stock):

  FY2019 first-quarter: 98,061,519 shares

  FY2018: 98,061,519 shares

• (ii) Number of treasury stock at the end of each period:

  FY2019 first-quarter: FY2018:

  92,203 shares 91,331 shares

• (iii) Average number of shares outstanding in each period:

FY2019 first-quarter: 97,969,930 shares

FY2018 first-quarter: 97,526,697 shares

[Note regarding forecast]

The above forecasts for financial results are based on information available at the time this report was released. These forecasts and other forward-looking statements are not guarantees of future performance. Actual operating results may differ from the above forecasts due to known and unknown risks, uncertainties, and other factors.

OSG Corporation

Assets

Total

FY2018	FY2019 first-quarter
		Change
As of Nov. 30, 2018	As of Feb. 28, 2019
Current Assets
Cash and time deposits	24,406	24,572
Notes and accounts receivable	25,128	24,381
Marketable securities	0	0
Merchandise and finished goods	24,237	25,538
Work in process	7,443	7,289
Raw materials and supplies	7,121	7,433
Other	2,781	3,331
Allowance for doubtful accounts	(198)	(201)
Total current assets	90,920	92,345	1,425
Fixed Assets
Tangible Assets
Building and structures	19,871	19,388
Machinery and equipment	32,269	32,604
Land	15,172	15,038
Other	4,913	5,868
Total tangible assets	72,226	72,899	673
Intangible Assets
Goodwill	3,367	4,109
Other	633	1,167
Total intangible assets	4,000	5,277	1,276
Investments and Other Assets
Investment securities	4,610	4,696
Other	6,457	5,382
Allowance for doubtful accounts	(381)	(380)
Total investments and other assets	10,686	9,698	(988)
Total fixed assets	86,914	87,875	961
177,834	180,221	2,386

(Million yen : amounts less than one million yen are omitted)

OSG Corporation

Liabilities and Net Assets

FY2018	FY2019 first-quarter
		Change
As of Nov. 30, 2018	As of Feb. 28, 2019
Liabilities
Current Liabilities
Notes and accounts payable	6,067	6,515
Short-term loans payable	2,282	2,378
Current portion of long-term loans payable	1,175	1,156
Income taxes payable	2,732	1,853
Reserve for employees' bonuses	537	1,560
Reserve for directors' bonuses	390	120
Other	11,016	7,297
Total current liabilities	24,202	20,882	(3,320)
Long-term Liabilities
Convertible bonds	1,860	1,860
Long-term borrowings	10,294	15,482
Retirement allowance for directors	27	-
Liabilities for employees' retirement benefits	511	523
Other	2,582	2,634
Total long-term liabilities	15,277	20,500	5,223
Total liabilities	39,480	41,383	1,903
Net Assets
Shareholders' Equity
Common stock	12,124	12,124
Capital surplus	13,662	13,662
Retained earnings	100,260	101,811
Treasury stock	(161)	(163)
Total shareholders' equity	125,886	127,434	1,548
Accumulated other comprehensive income
Unrealized gain on available-for-sale securities	1,608	1,663
Foreign currency translation adjustments	(2,161)	(3,014)
Total accumulated other comprehensive income	(553)	(1,350)	(797)
Subscription rights to shares	13	13	-
Noncontrolling interests	13,008	12,740	(267)
Total net assets	138,354	138,838	483
Total liabilities and net assets	177,834	180,221	2,386

(Million yen : amounts less than one million yen are omitted)

Consolidated Summary Statement of Income

OSG Corporation

Net Sales Cost of Sales Gross profit

Selling, general and administrative expenses Operating income

Other Income

Interest income Dividend income Subsidy income

Reversal of provision for loss on litigation Other

Total other income Other Expenses

Interest expense Sales discounts Foreign exchange loss Other

Total other expenses Ordinary income

Income before income taxes Income taxes

Current Deferred

Total income taxes Net income

Net income attributable to noncontrolling interests Net income attributable to OSG Corporation

(Million yen : amounts less than one million yen are omitted)

FY2018 first-quarter

(2017/12/1 - 2018/2/28)

30,754

17,371

13,382

7,951

5,430

FY2019 first-quarter

(2018/12/1 - 2019/2/28)

31,613 859

18,017 645

13,596 8,358 5,237

38 68

22 18

118

- 381

171 270

351 738

27 45

192 193

134 131

44 53

399 5,382 5,382

2,120

(224)

1,895

3,487

221

3,265

-424 5,551 5,551 1,661

(57)

Change

213 406 (192)

387

25 168 168

1,603 (291)

3,947 460

218 (2)

3,729

463