January 9, 2019
Summary of Financial Results for the First Quarter of Fiscal Year Ending August 31, 2019
(All financial information has been prepared in accordance with the Generally Accepted Accounting Principles in Japan)Company name: Stock code: Representative: Contact:
NPC Incorporated 6255
Masafumi Ito, President & CEO General affairs department Tel: +81-(0)3-6240-1206
Filing date of securities report: Payment date of cash dividends:URL:https://www.npcgroup.net/eng/
Supplementary materials prepared for quarterly financial results:
Financial results meeting for institutional investors and securities analysts:
January 11, 2019 -
None None
(All amounts are rounded down to the nearest million yen)
1. Consolidated Financial Results for the Three Months Ended November 30, 2018
(September 1, 2018 through November 30, 2018)
(1) Consolidated results of operations
Listing: Mothers of TSE
(Percentages represent year-on-year changes)
Earnings per share | Diluted earnings per share | |
Yen | Yen | |
3 months ended November 30, 2018 3 months ended November 30, 2017 | 6.78 8.68 | - - |
Sales | |||
Million yen | % | ||
3 months ended November 30, 2018 | 1,362 | (13.1) | 152 (18.3) |
3 months ended November 30, 2017 | 1,567 | 249.0 | |
(2) Consolidated financial position |
Million yen
Operating income
(loss)
Million yen
%
152 (19.7)
190
-
186
%
-
Total assets | Net assets | Equity ratio | |
Million yen | Million yen | % | |
As of November 30, 2018 As of August 31, 2018 | 8,071 8,059 | 5,894 5,785 | 73.0 71.8 |
[Reference] Shareholders' equity (million yen):
2. Dividends
November 30, 2018: 5,894
August 31, 2018: 5,785
attributable to owners of the parent
Net income (loss)
Million yen
149 (21.9)
191
%
Dividend per share | |||||
1Q-end | 2Q-end | 3Q-end | Year-end | Annual | |
Yen | Yen | Yen | Yen | Yen | |
Year ended August 31, 2018 | - | 0.00 | - | 2.00 | 2.00 |
Year ending August 31, 2019 | - | ||||
Year ending August 31, 2019 (forecast) | 0.00 | - | 2.50 | 2.50 |
Revision of dividend forecast during the period: None
-[Notes]
3. Consolidated Forecast for the Fiscal Year Ending August 31, 2019
(September 1, 2018 through August 31, 2019)
(Percentages represent year-on-year changes)
Net income
Sales
Operating income
Ordinary income
attributable to owners of the parent
Earnings per shareMillion yen
%Million yen
%Million yen
%Million yen
%YenFirst half of FY2019 Full year of FY2019
1,839 7,002
(46.1)
8.7
(17) 534
- 5.5
(46) 491
- 7.2
(51) 428
- 4.4
(2.35) 19.43
[Notes]Revision of consolidated forecast during the period: None
4. Others
(1) Changes in significant subsidiaries during the period: None
(2) Adoption of accounting methods specific to preparation of quarterly consolidated financial statements: None
(3) Changes in accounting principles, procedures and presentation methods
1) Changes in accounting policies arising from revision of accounting standards:
2) Other changes:
3) Changes in accounting estimates:
4) Restatement:
None None None None
(4) Number of shares outstanding (common shares)
1) Number of shares outstanding (including treasury stock) at the end of the period
November 30, 2018: 22,052,426 shares
August 31, 2018: 22,052,426 shares
2) Number of treasury stock at the end of the period
November 30, 2018: 435 shares
August 31, 2018: 435 shares
3) Average number of shares during the period
Three months ended November 30, 2018: 22,051,991 shares Three months ended November 30, 2017: 22,051,991 shares
*This quarterly financial report is exempt from the quarterly review.
*Appropriate use of the forecast of financial results and other matters:
Forward-looking statements in this report such as financial results forecasts are based on the information available to NPC Incorporated ("the Company") at the time when this report is prepared and the assumption that the forecasts are reasonable. The actual results may significantly differ from the forecast due to various factors. Please refer to the 1. (2) Description of outlook, including consolidated earnings forecast on page 2 for conditions of assumptions for the forecast and notes concerning appropriate use of the forecast.
Table of Contents of Attached Materials
(2) Consolidated statement of income ................................................................................................................................ 5
3. Other Information ........................................................................................................................................................ 6
(1) Production, Orders, and Sales ....................................................................................................................................... 6
1) Production ............................................................................................................................................................... 6
2) Orders ..................................................................................................................................................................... 6
3) Sales ........................................................................................................................................................................ 6
1. Qualitative Information Concerning Financial Results for the First Quarter Ended November 30, 2018
(1) Description of operating results
During the first three months ended on November 30, 2018, Japanese economy continued to recover gradually while employment and earnings environment continuously recovered. As for the world economy, although it had to be taken notice of influence of trading issues between the USA and China as well as influence by fluctuation of capital and financial market, it continued to recover gradually.
In the photovoltaic ("PV") industry, to which the NPC Group ("the Group") belongs, although deceleration of Chinese market was concerned, the number of PV installation is expected to increase through various policies mainly within the USA and India that set the ratio of renewable energy in the energy mix and the actions by RE100 joining companies for ESG investments. Currently, the USA, China and India are the major markets of PV installation. However, development of multiple projects is expected in emerging countries such as countries in South America and Middle East. In the Japanese market, although the annual amount of PV panel installation is in the decrease, development of mega solar power plants has been continuing, and also private enterprises' needs of PV panel installations for self-consumption have been expanding. In addition to the foregoing, there have been active discussions and study by Ministry of Economy, Trade and Industry and Ministry of the Environment on proper disposal of PV system, which shows that the awareness in the maintenance of PV system and proper disposal of end-of-life panels is increasing more and more.
Under such circumstances, the sales of the Machinery Business progressed mostly as expected; sales of PV module manufacturing equipment and parts for one of the major customers in the USA progressed steadily, and as for automated/labor-saving machine, sales for automobile industry ware booked for the major part. In the Environmental Business, sales progressed mostly as expected as the sales of reuse panels as well as panel inspection services for solar power plants were booked steadily. As a result, the consolidated net sales were 1,362 million yen, 205 million yen decrease year on year. As for profit, although consolidated sales were in decrease year on year, the amount of profit was better than expected due to the following reasons: as for Machinery Business, profit on sales was improved due to the cost reduction efforts and steady sales of parts, as for Environmental Business, the sales of our unique inspection services with high profit margin contributed to the profit and ended better than expected. As a result, operating income was 152 million yen, 37 million yen decrease year on year, and ordinary income was 152 million yen, 34 million yen decrease year on year. The net income attributable to owners of the parent was 149 million yen, 41 million yen decrease year on year.
The financial results by business segment are as follows: 1) Machinery Business
In the Machinery Business, PV Equipment for one of the major customers in the USA and automated/labor-saving machine dedicated the sales booked. As a result, the sales were 1, 289 million yen, 210 million yen decrease year on year, and the operating income was 266 million yen, 35 million yen decrease year on year.
2)Environmental Business
In the Environmental Business, sales of inspection services for solar power plants and reused panels were booked steadily. As a result, the sales were 73 million yen, 5 million yen increase year on year, and operating income was 4 million yen, 4 million yen increase year on year.
(2) Description of outlook, including consolidated earnings forecast
The business forecasts for the second half and the full year are the same as the forecasts in the "Summary of Financial Results for the
Fiscal Year Ended August 31, 2019" announced on October 9, 2018.
2. Consolidated Financial Statements for the First Quarter Ended November 30, 2018
(September 1, 2018 through November 30, 2018)
(1) Consolidated balance sheets
(Thousand yen)
As of August 31, 2018 | As of November 30, 2018 | |
Assets | ||
Current assets | ||
Cash and deposits | 900,042 | 669,982 |
Notes and accounts receivable-trade | 1,820,665 | 1,795,324 |
Merchandise and finished goods | 15,318 | 15,318 |
Work in progress | 791,856 | 1,043,527 |
Raw materials and supplies | 151,715 | 147,068 |
Other | 205,445 | 251,683 |
Allowance for doubtful accounts | (33,292) | (16,924) |
Total current assets | 3,851,750 | 3,905,980 |
Noncurrent assets | ||
Property, plant and equipment | ||
Buildings and structures | 3,821,771 | 3,821,771 |
Accumulated depreciation | (1,397,325) | (1,437,593) |
Accumulated impairment loss | (8,073) | (8,073) |
Building and structures, net | 2,416,373 | 2,376,104 |
Machinery and equipment | 759,439 | 759,439 |
Accumulated depreciation | (137,700) | (140,125) |
Accumulated impairment loss | (562,093) | (562,093) |
Machinery and equipment, net | 59,645 | 57,220 |
Land | 1,548,050 | 1,548,050 |
Lease assets | 763,520 | 763,520 |
Accumulated depreciation | (527,377) | (527,377) |
Accumulated impairment loss | (236,142) | (236,142) |
Lease assets, net | - | - |
Other | 280,666 | 281,153 |
Accumulated depreciation | (234,300) | (238,784) |
Accumulated impairment loss | (4,514) | (4,514) |
Other, net | 41,851 | 37,854 |
Total property, plant and equipment | 4,065,919 | 4,019,229 |
Intangible assets | ||
Other | 19,997 | 18,553 |
Total intangible assets | 19,997 | 18,553 |
Investments and other assets | ||
Deferred tax assets | 73,182 | 69,562 |
Other | 48,222 | 58,254 |
Total investments and other assets | 121,405 | 127,817 |
Total noncurrent assets | 4,207,322 | 4,165,600 |
Total assets | 8,059,073 | 8,071,581 |
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NPC Inc. published this content on 09 January 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 09 January 2019 06:53:07 UTC