Note: This is an English translation of 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.
Summary of Consolidated Financial Statements
for the first quarter of the fiscal year ending of March 31, 2024
〔Under Japanese GAAP〕
August 10, 2023
Registered Company Name: V-Technology Co., Ltd.
Code Number: 7717, Tokyo Stock Exchange
URL:https://www.vtec.co.jp
Representative: Shigeto Sugimoto (President & CEO)
Contact: Shogo Yoshimura (Leader of IR Group, Office of the President) TEL: 045-338-1980
Planned Date for Submission of the Securities Report: August 14, 2023
Planned Date for Start of Dividend Payment: None
Supplementary materials for the financial statements: Yes
Briefing session on financial results: None
(Amounts less than one million yen have been omitted.)
1. Business Performance(April 1, 2023 through June 30, 2023)
- Consolidated Results of Operations
3 months ended | 3 months ended | ||||||
June 30, 2022 | June 30, 2023 | ||||||
Amount | YoY(%) | Amount | YoY(%) | ||||
Net sales (Millions of Yen) | 7,795 | ▲40.5 | 5,749 | ▲26.2 | |||
Operating profit or loss(▲) | (Millions of Yen) | 452 | ▲65.5 | ▲641 | ― | ||
Ordinary profit or loss(▲) | (Millions of Yen) | 1,098 | ▲11.2 | ▲410 | ― | ||
Net profit or loss(▲) attributable to owners of the parent (Millions of Yen) | 719 | ▲37.2 | ▲406 | ― | |||
Comprehensive Income or loss(▲) (Millions of Yen) | 934 | ▲41.0 | ▲65 | ― | |||
Net profit per share (Yen) | 74.42 | ― | ▲42.04 | ― | |||
Diluted net profit per share (Yen) | ― | ― | ― | ― | |||
(2) Consolidated Financial Position | |||||||
As of | As of | ||||||
March 31 ,2023 | June 30, 2023 | ||||||
Total assets(Millions of Yen) | 71,387 | 68,768 | |||||
Net assets(Millions of Yen) | 33,884 | 33,720 | |||||
Equity ratio(%) | 47.1 | 48.4 | |||||
Net assets per share(Yen) | 3,475.25 | 3,441.40 | |||||
*Reference: Shareholdersʼ equity (Millions of Yen) | 33,604 | 33,277 |
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2. Dividends
Year ended | Year ending | FY2024 Forecast | |||||||
March 31 2023 | March 31 2024 | ||||||||
1Q-end dividends per share (Yen) | ― | ― | ― | ||||||
2Q-end dividends per share (Yen) | 60.00 | 30.00 | |||||||
3Q-end dividends per share (Yen) | ― | ― | |||||||
Year-end dividends per share (Yen) | 30.00 | 30.00 | |||||||
Anual dividends per share (Yen) | 90.00 | 60.00 |
Note: Revision of dividend forecast from the most recently announced dividend forecast is None.
3. Forecast for the Fiscal Year ending March 31, 2024 (April 1, 2023 through March 31, 2024)
Amounts | YoY(%) | ||
Net sales (Millions of Yen) | 40,000 | ▲7.3 | |
Operating profit (Millions of Yen) | 1,000 | 1.4 | |
Ordinary profit (Millions of Yen) | 850 | ▲50.0 | |
Net profit attributable to owners of the parent (Millions of Yen) | 550 | 111.3 | |
Net profit per share (Yen) | 56.88 | ― |
Note: Revision of the forecast from the most recently announced dividend forecast is None.
- Changes in significant subsidiaries during the 3 months ended(April 1, 2023 through June 30, 2023) : None.
- Application of Special Accounting Methods for Preparation of Quarterly Consolidated Financial Statements: None
-
Changes in accounting policies, Changes in accounting estimates, or Restatement ⅰ. Changes in accounting policies due to changes in accounting standards: None ⅱ. Changes other than "a." above: None
ⅲ. Changes in accounting estimates: None
ⅳ. Restatements: None - Number of Shares Outstanding (Common stock)
Items | As of | Number of shares | As of | Number of shares |
1. Number of shares outstanding at end of year | June 30, 2023 | 10,057,600 | March 31, 2022 | 10,057,600 |
(Including treasury stock) | ||||
2. Number of treasury shares at end of year | June 30, 2023 | 387,917 | March 31, 2022 | 387,954 |
3.Average number of shares outstanding | June 30, 2023 | 9,669,676 | June 30, 2022 | 9,669,397 |
(Cumulative quarterly period) | ||||
*This Brief Report "Summary of Consolidated Financial Statements" is not subject to an audit by a certified public accountant or an audit corporation.
*Explanation of the appropriate use of earnings forecasts and other special notes
The forward-looking statements in this document, including earnings forecasts, are based on information currently available to the Company and certain assumptions that the Company believes to be reasonable. Actual results may differ materially from these statements due to a variety of factors.
Refer to "1. Qualitative Information on Quarterly Results (3) Explanation of Forward-Looking Statements" on page 3 of the attached materials for the assumptions used and precautions regarding the use of earnings forecasts.
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1. Qualitative Information on Quarterly Results
(1)Explanation of Business Results
During the first quarter of the current fiscal year, the global economy continued to face an uncertain outlook as policy interest rates continued to be raised to curb inflation, particularly in the U.S. and European countries.
In the U.S., amid a monetary tightening phase, the economy remained firm thanks to a relatively strong employment situation and growth in capital investment. On the other hand, for the Chinese economy, the pace of recovery remained moderate due to lackluster consumer spending, sluggish real estate market conditions, and other factors.
The Japanese economy remained firm, driven by growth in capital investment and exports, while prices remained high.
As for the consolidated business results of V Technology group (herein after "the group" or the company) for the first quarter of the current fiscal year, net sales amounted to 5,749 million yen (7,795 million yen for the same period last year), and operating loss amounted to 641 million yen (operating profit 452 million yen for the same period last year), Ordinary loss was 410 million(ordinary income 1,098 million yen in the same period of the previous year),Net loss attributable to owners of the parent for the current fiscal year amounted to 406 million(net profit of 719 million in the same period of the previous fiscal year). Orders received by the Group in the current consolidated fiscal year totaled 9,264 million yen(9,914 million yen in the same period of the previous year).As a result, the order backlog at the end of the consolidated fiscal year under review amounted to 40,162 million yen (44,841 million yen in the same period of the previous year).
Segment results are as follows.
(FPD Equipment Business)
In the flat panel display (FPD) equipment business, capital investment remained sluggish due to concerns about the future of the FPD market. Under these circumstances, orders received in the Group's FPD equipment business during the first quarter totaled 6,433 million yen (4,747 million yen in the same period of the previous year), with an order backlog of 24,204 million yen (32,738 million yen in the same period of the previous year), net sales amounted to 4,133 million yen (6,187 million yen in the same period of the previous year), and operating loss was 347 million yen (operating profit 697 million yen in the same period of the previous year).
(Semiconductor and Photomask Equipment Business)
In the semiconductor and photomask equipment business, although supply and demand continued to deteriorate for some semiconductors, capital investment related to our group generally progressed as planned. Under these circumstances, orders received by the Group in the semiconductor and photomask equipment business during the first quarter of the year totaled 2,592 million yen (4,882 million yen in the same period of the previous year), and the order backlog totaled 15,958 million yen (12,103 million yen in the same period of the previous year), net sales amounted to 1,377 million yen (1,322 million yen in the same period of the previous year), and operating loss was 204 million yen (operating profit 197 million yen in the same period of the previous year).
-
Explanation of Financial Condition
(Assets)
Total assets at the end of the first quarter of the current fiscal year decreased by 2,618 million yen from the end of the previous
consolidated fiscal year to 68,768 million yen. This was mainly due to an decrease in "Notes and accounts receivable" of 2,764 million yen.
(Liabilities)
Total liabilities at the end of the first quarter of the current fiscal year year decreased by 2,454 million yen from the end of the previous consolidated fiscal year to 35,047 million yen.This was mainly due to decreases of 2,147 million yen in " advance received " and 274 million yen in "income taxes payble".
(Net assets)
Net assets decreased by 164 million yen from the end of the previous consolidated fiscal year to 33,720 million yen. This was mainly due to an increase of 162 million yen in "non-controlling payble" and an increase of 294 million yen in "Foreign currency translation adjustment" and a decrease of 698 million yen in "Retained earnings".
(3) Explanation of Forward-Looking Statements
As for the forecast of business results for the fiscal year ending March 31, 2024, the Company has not changed it at this time from the forecast stated in "Summary of Financial Results for the Fiscal Year Ended March 31, 2023" released on May 12, 2023, taking into consideration the consolidated business results for the first quarter of the current fiscal period and future trends.
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2.Consolidated Financial Statements and Major Notes
(1)Consolidated Balance Sheets
(Millions of yen) | |||||
As of March 31, 2023 | As of June 30, 2023 | ||||
Assets | |||||
Current assets | |||||
Cash and deposits | 26,729 | 25,215 | |||
Notes and accounts receivable - trade | 22,408 | 19,644 | |||
Electronically | recorded monetary claims - | 103 | 158 | ||
operating | |||||
Merchandise and finished goods | 338 | 402 | |||
Work in process | 7,219 | 8,702 | |||
Raw materials and supplies | 2,532 | 3,044 | |||
Other | 3,709 | 3,182 | |||
Allowance for doubtful accounts | △420 | △412 | |||
Total current assets | 62,621 | 59,937 | |||
Non-current assets | |||||
Property, plant and equipment | 4,034 | 4,029 | |||
Intangible assets | |||||
Goodwill | 1,046 | 900 | |||
Other | 413 | 501 | |||
Total intangible assets | 1,460 | 1,401 | |||
Investments and other assets | 3,270 | 3,400 | |||
Total non-current assets | 8,765 | 8,831 | |||
Total assets | 71,387 | 68,768 | |||
Liabilities | |||||
Current liabilities | |||||
Notes and accounts payable - trade | 4,039 | 3,935 | |||
Electronically | recorded | obligations | - | 2,574 | 2,328 |
operating | |||||
Short-term borrowings | ※ 663 | ※ 1,347 | |||
Current portion of long-term borrowings | 4,961 | 5,130 | |||
Income taxes payable | 363 | 89 | |||
Advances received | 8,221 | 6,073 | |||
Provision for product warranties | 1,333 | 1,132 | |||
Other provisions | 524 | 367 | |||
Other | 1,240 | 1,523 | |||
Total current liabilities | 23,922 | 21,928 | |||
Non-current liabilities | |||||
Long-term borrowings | 12,662 | 12,135 | |||
Retirement benefit liability | 443 | 468 | |||
Asset retirement obligations | 181 | 181 | |||
Provisions | 238 | 258 | |||
Other | 54 | 75 | |||
Total non-current liabilities | 13,579 | 13,119 | |||
Total liabilities | 37,502 | 35,047 | |||
Net assets | |||||
Shareholders' equity | |||||
Share capital | 2,847 | 2,847 | |||
Capital surplus | 2,503 | 2,503 | |||
Retained earnings | 29,198 | 28,499 | |||
Treasury shares | △1,915 | △1,915 | |||
Total shareholders' equity | 32,635 | 31,936 | |||
Accumulated other comprehensive income | |||||
Valuation difference on | available-for-sale | 131 | 209 | ||
securities | |||||
Foreign currency translation adjustment | 837 | 1,131 | |||
Total accumulated other comprehensive income | 969 | 1,340 | |||
Non-controlling interests | 280 | 443 | |||
Total net assets | 33,884 | 33,720 | |||
Total liabilities and net assets | 71,387 | 68,768 | |||
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(2) Consolidated Statements of Income
(Millions of yen) | ||||||
Three months ended | Three months ended | |||||
June 30, 2022 | June 30, 2023 | |||||
Net sales | 7,795 | 5,749 | ||||
Cost of sales | 5,212 | 3,879 | ||||
Gross profit | 2,582 | 1,870 | ||||
Selling, general and administrative expenses | 2,130 | 2,511 | ||||
Operating profit (loss) | 452 | △641 | ||||
Non-operating income | ||||||
Interest and dividend income | 10 | 14 | ||||
Subsidy income | 17 | 26 | ||||
Foreign exchange gains | 607 | 287 | ||||
Other | 56 | 45 | ||||
Total non-operating income | 691 | 373 | ||||
Non-operating expenses | ||||||
Interest expenses | 9 | 14 | ||||
Share of | loss of entities accounted for using | 27 | 120 | |||
equity method | ||||||
Other | 8 | 7 | ||||
Total non-operating expenses | 45 | 143 | ||||
Ordinary profit (loss) | 1,098 | △410 | ||||
Extraordinary income | ||||||
Gain on sale of non-current assets | 1 | - | ||||
Gain on change in equity | - | 11 | ||||
Total extraordinary income | 1 | 11 | ||||
Extraordinary losses | ||||||
Loss on retirement of non-current assets | 0 | 0 | ||||
Loss on sale of investment securities | 0 | - | ||||
Impairment losses | - | 0 | ||||
Other | 0 | - | ||||
Total extraordinary losses | 0 | 1 | ||||
Profit (loss) before income taxes | 1,099 | △400 | ||||
Income taxes - current | 368 | 20 | ||||
Income taxes - deferred | 28 | 16 | ||||
Total income taxes | 397 | 37 | ||||
Profit (loss) | 702 | △437 | ||||
Loss attributable to non-controlling interests | △17 | △30 | ||||
Profit (loss) attributable to owners of parent | 719 | △406 | ||||
(Millions of yen) | ||||||
Three months ended | Three months ended | |||||
June 30, 2022 | June 30, 2023 | |||||
Profit (loss) | 702 | △437 | ||||
Other comprehensive income | ||||||
Valuation | difference on available-for-sale | △53 | 77 | |||
securities | ||||||
Foreign currency translation adjustment | 285 | 245 | ||||
Share of other comprehensive income of entities | - | 48 | ||||
accounted for using equity method | ||||||
Total other comprehensive income
Comprehensive income
Comprehensive income attributable to
Comprehensive income attributable to owners of parent
Comprehensive income attributable to non- controlling interests
232371
934△65
959△26
△25△38
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V Technology Co. Ltd. published this content on 10 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 August 2023 06:18:04 UTC.