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 second quarter of the fiscal year ending of March 31, 2024
〔Under Japanese GAAP〕
November 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 September 30, 2023)
- Consolidated Results of Operations
6 months ended | 6 months ended | ||||||
September 30, 2022 | September 30, 2023 | ||||||
Amount | YoY(%) | Amount | YoY(%) | ||||
Net sales (Millions of Yen) | 19,289 | ▲28.9 | 12,334 | ▲36.1 | |||
Operating profit or loss(▲) | (Millions of Yen) | 585 | ▲77.0 | ▲880 | ― | ||
Ordinary profit or loss(▲) | (Millions of Yen) | 1,530 | ▲37.9 | ▲592 | ― | ||
Net profit or loss(▲) attributable to owners of the parent (Millions of Yen) | 1,330 | ▲29.8 | ▲647 | ― | |||
Comprehensive Income or loss(▲) (Millions of Yen) | 1,764 | ▲15.0 | ▲288 | ― | |||
Net profit per share (Yen) | 137.58 | ― | ▲66.95 | ― | |||
Diluted net profit per share (Yen) | ― | ― | ― | ― | |||
(2) Consolidated Financial Position | |||||||
As of | As of | ||||||
March 31 ,2023 | September 30, 2023 | ||||||
Total assets(Millions of Yen) | 71,387 | 68,959 | |||||
Net assets(Millions of Yen) | 33,884 | 33,518 | |||||
Equity ratio(%) | 47.1 | 48.0 | |||||
Net assets per share(Yen) | 3,475.25 | 3,423.33 | |||||
*Reference: Shareholdersʼ equity (Millions of Yen) | 33,604 | 33,105 |
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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 | 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) | 56.87 | ― |
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 September 30, 2023) : None.
- Application of Special Accounting Methods for Preparation of Quarterly Consolidated Financial Statements: None
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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 | September 30, | 10,057,600 | March 31, 2022 | 10,057,600 |
(Including treasury stock) | 2023 | |||
2. Number of treasury shares at end of year | September 30, | 387,163 | March 31, 2022 | 387,954 |
2023 | ||||
3.Average number of shares outstanding | September 30, | 9,669,782 | September 30, | 9,669,383 |
(Cumulative quarterly period) | 2023 | 2022 | ||
*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 half of the current fiscal year, the global economy continued to face an uncertain outlook in general. In addition to the crisis in Ukraine, the situation in the Middle East is becoming increasingly tense, and there were variations by region: the U.S. economy remained strong, Europe showed a noticeable slowdown, and China was sluggish.
The U.S. economy, despite the tightening monetary policy, remained firm on the back of strong consumer spending, while the Chinese economy slowed amid continued weakness in the real estate market and lackluster capital investment and consumer spending.
In Japan, moderate economic growth continued, supported by growth in personal consumption and corporate capital investment.
As for the consolidated business results of V Technology group (herein after "the group" or the company) for the second quarter of the current fiscal year, net sales amounted to 12,334 million yen (19,289 million yen for the same period last year), and operating loss amounted to 880 million yen (operating profit 585 million yen for the same period last year), Ordinary loss was 592 million(ordinary income 1,530 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 647 million(net profit of 1,330 million in the same period of the previous fiscal year). Orders received by the Group in the current consolidated fiscal year totaled 20,476 million yen(17,691 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 44,787 million yen (41,123 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, panel demand was generally weak and capital investment stagnated.
Under these circumstances, orders received in the Group's FPD equipment business during the second quarter totaled 11,510 million yen (6,867 million yen in the same period of the previous year), with an order backlog of 24,978 million yen (25,338 million yen in the same period of the previous year), net sales amounted to 8,436 million yen (15,706 million yen in the same period of the previous year), and operating loss was 544 million yen (operating profit 759 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 second quarter of the year totaled 8,464 million yen (10,310 million yen in the same period of the previous year), and the order backlog totaled 19,809 million yen (15,784 million yen in the same period of the previous year), net sales amounted to 3,397 million yen (3,069 million yen in the same period of the previous year), and operating loss was 200 million yen (operating profit 89 million yen in the same period of the previous year).
-
Explanation of Financial Condition
BS
(Assets)
Total assets at the end of the second quarter of the current fiscal year decreased by 2,427 million yen from the end of the previous consolidated fiscal year to 68,959 million yen. This was mainly due to an decrease in "Notes and accounts receivable" of 4,836 million yen.
(Liabilities)
Total liabilities at the end of the second quarter of the current fiscal year year decreased by 2,060 million yen from the end of the previous consolidated fiscal year to 35,401 million yen.This was mainly due to decreases of 4,067 million yen in " Long-term borrowings ".
(Net assets)
Net assets decreased by 366 million yen from the end of the previous consolidated fiscal year to 33,518 million yen. This was mainly due to a decrease of 942 million yen in "Retained earnings".
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Cash flows
Cash and cash equivalents (hereinafter referred to as "cash") at the end of the second quarter of the current consolidated fiscal year decreased by 2,032 million yen from the end of the previous consolidated fiscal year to 24,263 million yen. The status of each cash flow is as follows
(Operating Activities)
Net cash used in operating activities amounted to 1,568 million yen (2,090 million yen acquisition in the same period of the previous year). The acquisition of cash was mainly due to a decrease in notes and accounts receivable-trade of 4,939 million yen and an increase in notes and accounts payable-trade of 2,182 million yen, while the use of cash was mainly due to an increase in inventories of 4,761 million yen and a decrease in advances received of 3,726 million yen.
( Investing activities).
Net cash used in investing activities totaled 418 million yen (422 million yen used in the same period of the previous year). The use of cash was mainly due to purchase of property, plant and equipment in the amount of 238 million yen.
( Financing activities).
Net cash used in financing activities amounted to 219 million yen (compared to 47 million yen used in the same period of the previous year). The acquisition of cash was mainly due to a net increase in short-term loans payable of 240 million yen, while the use of cash was mainly due to a net decrease in long-term loans payable of 330 million yen.
(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 September 30, 2023 | ||
Assets | |||
Current assets | |||
Cash and deposits | 26,729 | 24,716 | |
Notes and accounts receivable - trade | 22,408 | ※1 17,572 | |
Electronically recorded monetary claims - | 103 | 87 | |
operating | |||
Merchandise and finished goods | 338 | 594 | |
Work in process | 7,219 | 11,201 | |
Raw materials and supplies | 2,532 | 3,100 | |
Other | 3,709 | 3,320 | |
Allowance for doubtful accounts | △420 | △403 | |
Total current assets | 62,621 | 60,189 | |
Non-current assets | |||
Property, plant and equipment | 4,034 | 4,094 | |
Intangible assets | |||
Goodwill | 1,046 | 753 | |
Other | 413 | 467 | |
Total intangible assets | 1,460 | 1,221 | |
Investments and other assets | 3,270 | 3,454 | |
Total non-current assets | 8,765 | 8,769 | |
Total assets | 71,387 | 68,959 |
Liabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations - operating
Short-term borrowings
Current portion of long-term borrowings Income taxes payable
Advances received
Provision for product warranties
Other provisions
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Retirement benefit liability
Asset retirement obligations
4,039 | ※1 4,547 |
2,574 | ※1 4,258 |
※2 663 | ※2 911 |
4,961 | 8,698 |
363 | 144 |
8,221 | 4,514 |
1,333 | 956 |
524 | 510 |
1,240 | 1,263 |
23,922 | 25,804 |
12,662 | 8,594 |
443 | 472 |
181 | 197 |
Provisions | 238 | 275 | ||
Other | 54 | 96 | ||
Total non-current liabilities | 13,579 | 9,636 | ||
Total liabilities | 37,502 | 35,441 | ||
Net assets | ||||
Shareholders' equity | ||||
Share capital | 2,847 | 2,847 | ||
Capital surplus | 2,503 | 2,503 | ||
Retained earnings | 29,198 | 28,256 | ||
Treasury shares | △1,915 | △1,912 | ||
Total shareholders' equity | 32,635 | 31,695 | ||
Accumulated other comprehensive income | ||||
Valuation difference on available-for-sale | 131 | 151 | ||
securities | ||||
Foreign currency translation adjustment | 837 | 1,257 | ||
Total accumulated other comprehensive | 969 | 1,409 | ||
income | ||||
Non-controlling interests | 280 | 413 | ||
Total net assets | 33,884 | 33,518 | ||
Total liabilities and net assets | 71,387 | 68,959 | ||
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(2) Consolidated Statements of Income
(Millions of yen) | |||||
Six months ended | Six months ended | ||||
September 30, 2022 | September 30, 2023 | ||||
Net sales | 19,289 | 12,334 | |||
Cost of sales | 14,206 | 8,528 | |||
Gross profit | 5,083 | 3,805 | |||
Selling, general and administrative expenses | ※ 4,498 | ※ 4,685 | |||
Operating profit (loss) | 585 | △880 | |||
Non-operating income | |||||
Interest and dividend income | 15 | 18 | |||
Subsidy income | 62 | 29 | |||
Foreign exchange gains | 946 | 357 | |||
Other | 64 | 60 | |||
Total non-operating income | 1,088 | 465 | |||
Non-operating expenses | |||||
Interest expenses | 18 | 28 | |||
Share of | loss of entities accounted for using | 113 | 139 | ||
equity method | |||||
Other | 11 | 8 | |||
Total non-operating expenses | 143 | 176 | |||
Ordinary profit (loss) | 1,530 | △592 | |||
Extraordinary income | |||||
Gain on sale of non-current assets | 1 | 12 | |||
Gain on change in equity | 489 | 11 | |||
Total extraordinary income | 491 | 24 | |||
Extraordinary losses | |||||
Loss on retirement of non-current assets | 1 | 0 | |||
Loss on sale of investment securities | 2 | - | |||
Impairment losses | - | 2 | |||
Other | 1 | - | |||
Total extraordinary losses | 5 | 2 | |||
Profit (loss) before income taxes | 2,016 | △570 | |||
Income taxes - current | 442 | 138 | |||
Income taxes - deferred | 274 | 19 | |||
Total income taxes | 717 | 158 | |||
Profit (loss) | 1,299 | △728 | |||
Loss attributable to non-controlling interests | △31 | △81 | |||
Profit (loss) attributable to owners of parent | 1,330 | △647 | |||
(Millions of yen) | |||||
Six months ended | Six months ended | ||||
September 30, 2022 | September 30, 2023 | ||||
Profit (loss) | 1,299 | △728 | |||
Other comprehensive income | |||||
Valuation | difference on available-for-sale | △31 | 19 | ||
securities | |||||
Foreign currency translation adjustment | 198 | 317 | |||
Share of other comprehensive income of entities | 298 | 103 | |||
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
465440
1,764△288
1,801△190
△36△97
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(3) Consolidated Statements of Cash flows
(Millions of yen) | |||||||
Six months ended | Six months ended | ||||||
September 30, 2022 | September 30, 2023 | ||||||
Cash flows from operating activities | |||||||
Profit (loss) before income taxes | 2,016 | △570 | |||||
Depreciation | 514 | 367 | |||||
Amortization of goodwill | 235 | 292 | |||||
Impairment losses | - | 2 | |||||
Increase (decrease) in allowance for doubtful | △121 | △17 | |||||
accounts | |||||||
Increase (decrease) in provision for bonuses | 44 | 28 | |||||
Increase | (decrease) | in | provision for product | △581 | △381 | ||
warranties | |||||||
Increase (decrease) in retirement benefit liability | 30 | 28 | |||||
Increase | (decrease) | in | provision for loss | on | △22 | △46 | |
orders received | |||||||
Increase | (decrease) | in | provision | for share | 40 | 40 | |
awards | |||||||
Interest and dividend income | △15 | △18 | |||||
Interest expenses | 18 | 28 | |||||
Loss on sale of notes receivable - trade | 0 | 0 | |||||
Share of loss (profit) of entities accounted for | 113 | 139 | |||||
using equity method | |||||||
Loss (gain) on change in equity | △489 | △11 | |||||
Foreign exchange losses (gains) | △528 | △0 | |||||
Loss (gain) on sale | of property, | plant | and | △1 | △1 | ||
equipment | |||||||
Loss (gain) on sale of intangible assets | - | △11 | |||||
Loss on | retirement | of | property, | plant | and | 0 | 0 |
equipment | |||||||
Loss on retirement of intangible assets | 1 | 0 | |||||
Loss (gain) on valuation of investment securities | 1 | △19 | |||||
Decrease (increase) in trade receivables | 1,802 | 4,939 | |||||
Decrease (increase) in inventories | △4,799 | △4,761 | |||||
Decrease | (increase) | in | advance payments to | 269 | △354 | ||
suppliers | |||||||
Decrease (increase) in other current assets | 671 | 545 | |||||
Decrease (increase) in other non-current assets | △58 | △58 | |||||
Increase (decrease) in trade payables | 770 | 2,182 | |||||
Increase (decrease) in advances received | 2,860 | △3,726 | |||||
Increase (decrease) in other current liabilities | △193 | △57 | |||||
Other, net | 0 | 4 | |||||
Subtotal | 2,579 | △1,435 | |||||
Interest and dividends received | 15 | 18 | |||||
Interest paid | △18 | △24 | |||||
Income taxes paid | △908 | △423 | |||||
Income taxes refund | 422 | 296 | |||||
Net cash provided | by | (used in) | operating | 2,090 | △1,568 | ||
activities | |||||||
Not applicable
Not applicable
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V Technology Co. Ltd. published this content on 10 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 November 2023 14:44:23 UTC.