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    7245   JP3491800003

DAIDO METAL CO., LTD.

(7245)
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Daido Metal : Consolidated Financial Results for the Three Months Ended June 30, 2020

08/07/2020 | 01:04am EDT

Note:This document is a translation of a part of the original Japanese version and provided for reference purposes only. In the event of any discrepancy between the Japanese original and this English translation, the Japanese original shall prevail.

Consolidated Financial Results

for the Three Months Ended June 30, 2020

[Japanese GAAP]

August 07, 2020

Company name:

Daido Metal Co., Ltd.

Stock exchange listing: Tokyo,Nagoya

Code number:

7245

URL: https://www.daidometal.com

Representative: Seigo Hanji

Chairman and Chief Executive Officer

Contact:

Motoyuki Miyo

Director and Managing Executive Officer, Head of Corporate and Financial Planning Division

Phone:

+81-52-205-1400

Scheduled filing date of quarterly securities report:

August 07, 2020

Scheduled start date of dividend payments:

Availability of supplementary briefing material on quarterly financial results:

Yes

Schedule of quarterly financial results briefing session:

No

(Fractional amounts of less than one million yen are rounded down)

1. Consolidated Financial Results for the Three Months Ended June 30, 2020 (April 01, 2020 to June 30, 2020)

(1) Consolidated Operating Results

(% indicates changes from the previous corresponding period.)

Net sales

Operating profit

Ordinary profit

Profit attributable to

owners of parent

Three months ended

Million yen

%

Million yen

%

Million yen

%

Million yen

%

June 30, 2020

18,870

(25.9)

(1,054)

(1,403)

(1,151)

June 30, 2019

25,482

(4.5)

1,144

(34.6)

1,075

(28.3)

498

(33.7)

(Note) Comprehensive income:

Three months ended June 30, 2020:

Three months ended June 30, 2019:

¥

(2,664)

million

[

%]

¥

931

million

[

%]

Basic earnings

Diluted earnings per

per share

share

Three months ended

Yen

Yen

June 30, 2020

(24.93)

June 30, 2019

10.48

(2) Consolidated Financial Position

Total assets

Net assets

Capital adequacy ratio

As of

Million yen

Million yen

%

June 30, 2020

160,302

60,627

33.1

March 31, 2020

159,539

64,168

35.1

(Reference) Net assets less non controlling interests:

As of

June 30, 2020:

¥

53,074

million

As of

March 31, 2020:

¥

55,988

million

―1―

2. Dividends

Annual dividends

1st

2nd

3rd

Year-end

Total

quarter-end

quarter-end

quarter-end

Yen

Yen

Yen

Yen

Yen

Fiscal year ended March 31, 2020

20.00

15.00

35.00

Fiscal year ending March 31, 2021

Fiscal year ending March 31, 2021

(Forecast)

(Note) Revision of the forecast for dividends announced most recently:

No

(Note) Breakdown of the interim dividend for the fiscal year ended March 31, 2020 :

Regular dividend

15

yen

Commemorative dividend

5

yen

(Note)The forecast of dividends for the fiscal year ending March 31, 2021 is not available at this moment.

3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2021(April 01, 2020 to March 31, 2021)

As for Consolidated Financial Results for the Fiscal Year Ending March 31, 2021, forecast is not available at this moment due to uncertain circumstances caused by the worldwide spread of the n ew coronavirus (COVID 19). Consolidated Financial Results Forecast for full year will be announced when more detailed information is available.

  • Notes:
  1. Changes in significant subsidiaries during the three months ended June 30, 2020

(changes in specified subsidiaries resulting in changes in scope of consolidation):

No

New

-

(Company name:

)

Exclusion:

-

(Company name:

)

(2) Accounting policies adopted specially for the preparation of quarterly consolidated financial statements:

No

(3) Changes in accounting policies, changes in accounting estimates and retrospective restatement

1)

Changes in accounting policies due to the revision of accounting standards: No

2)

Changes in accounting policies other than 1) above:

No

3)

Changes in accounting estimates:

No

4)

Retrospective restatement:

No

(4) Total number of issued shares (common shares)

1)

Total number of issued shares at the end of the period (including treasury shares):

June 30, 2020:

47,520,253

shares

March 31, 2020:

47,520,253

shares

2)

Total number of treasury shares at the end of the period:

June 30, 2020:

1,303,233

shares

March 31, 2020:

1,350,633

shares

3) Average number of shares during the period:

Three months ended June 30, 2020:

46,188,532

shares

Three months ended June 30, 2019:

47,519,929

shares

(Note)The Company introduced an E-Ship® Trust Type Employee Stock Purchase Incentive Plan and a performance linked stock based remuneration for Directors and Executive Officers. For the calculation of total number of treasury share s at the end of the period and average number of shares during the period, Company shares held in the trusts are included in treasury shares to be deducted.

―2―

  • Numbers in parentheses denote negative numbers.
  • This financial result is not required to be reviewed by certificated public accountants or audit firm.
  • Explanation of appropriate use of earnings projections, other explanatory notes

As for Consolidated Financial Results for the fiscal year ending March 31, 2021, forecast is not available at this moment due to uncertain circumstances caused by the worldwide spread of the new coronavirus (COVID 19). Consolidated Financial Results Forecast for full year will be announced when more detailed information is available.

―3―

1.Quarterly Consolidated Financial Statements (1)Quarterly Consolidated Balance Sheets

(Million yen)

As of March 31,2020

As of June 30,2020

Assets

Current assets

Cash and deposits

22,475

30,618

Notes and accounts receivable - trade

23,625

19,228

Electronically recorded monetary claims -

2,304

1,940

operating

Merchandise and finished goods

12,278

12,321

Work in process

9,039

9,321

Raw materials and supplies

6,889

6,460

Other

2,613

2,816

Allowance for doubtful accounts

(445)

(464)

Total current assets

78,781

82,241

Non-current assets

Property, plant and equipment

Buildings and structures, net

15,822

15,231

Machinery, equipment and vehicles, net

24,628

23,104

Other, net

20,523

19,606

Total property, plant and equipment

60,974

57,942

Intangible assets

Goodwill

6,193

6,197

Other

6,124

6,027

Total intangible assets

12,317

12,225

Investments and other assets

Investments and other assets, gross

7,522

7,949

Allowance for doubtful accounts

(56)

(56)

Total investments and other assets

7,465

7,893

Total non-current assets

80,758

78,060

Total assets

159,539

160,302

―4―

(Million yen)

As of March 31,2020

As of June 30,2020

Liabilities

Current liabilities

Notes and accounts payable - trade

7,481

6,257

Electronically recorded obligations - operating

8,065

6,994

Short-term borrowings

27,644

36,663

Current portion of long-term borrowings

5,762

5,701

Income taxes payable

885

259

Provision for bonuses

1,685

683

Provision for bonuses for directors (and other

105

officers)

Provision for product compensation

185

186

Provision for environmental measures

50

35

Electronically recorded obligations - non-

809

796

operating

Other

9,140

9,341

Total current liabilities

61,816

66,918

Non-current liabilities

Long-term borrowings

21,889

21,362

Provision for share-based remuneration

8

10

Provision for share-based remuneration for

16

20

directors (and other officers)

Provision for loss on guarantees

186

167

Retirement benefit liability

6,967

7,018

Asset retirement obligations

17

17

Other

4,468

4,159

Total non-current liabilities

33,554

32,756

Total liabilities

95,370

99,674

Net assets

Shareholders' equity

Share capital

8,413

8,413

Capital surplus

13,114

13,114

Retained earnings

37,693

35,828

Treasury shares

(1,016)

(981)

Total shareholders' equity

58,204

56,375

Accumulated other comprehensive income

Valuation difference on available-for-sale

361

571

securities

Foreign currency translation adjustment

(654)

(2,038)

Remeasurements of defined benefit plans

(1,922)

(1,834)

Total accumulated other comprehensive income

(2,216)

(3,300)

Non-controlling interests

8,180

7,553

Total net assets

64,168

60,627

Total liabilities and net assets

159,539

160,302

―5―

(2)Quarterly Consolidated Statements of Income and Comprehensive Income

Quarterly Consolidated Statements of Income (For the three months)

(Million yen)

For the three months

For the three months

ended June 30,2019

ended June 30,2020

Net sales

25,482

18,870

Cost of sales

19,007

15,290

Gross profit

6,474

3,580

Selling, general and administrative expenses

5,330

4,634

Operating profit (loss)

1,144

(1,054)

Non-operating income

Interest income

17

16

Dividend income

37

28

Foreign exchange gains

43

Share of profit of entities accounted for using equity

20

method

Other

98

65

Total non-operating income

217

110

Non-operating expenses

Interest expenses

Share of loss of entities accounted for using equity method

Foreign exchange losses

Other

241

197

-

6

-

222

44

32

Total non-operating expenses

286

459

Ordinary profit (loss)

1,075

(1,403)

Gain on sales of non-current assets

-

186

Total extraordinary income

-

186

Profit (loss) before income taxes

1,075

(1,216)

Income taxes - current

553

239

Income taxes - deferred

(81)

(345)

Total income taxes

471

(105)

Profit (loss)

604

(1,110)

Profit attributable to non-controlling interests

105

41

Profit (loss) attributable to owners of parent

498

(1,151)

―6―

Quarterly Consolidated Statements of Comprehensive Income (For the three months)

(Million yen)

For the three months

For the three months

ended June 30,2019

ended June 30,2020

Profit (loss)

604

(1,110)

Other comprehensive income

Valuation difference on available-for-sale securities

Foreign currency translation adjustment

Remeasurements of defined benefit plans, net of tax

Share of other comprehensive income of entities accounted for using equity method

(75)

211

267

(1,765)

86

93

49

(92)

Total other comprehensive income

Comprehensive income

Comprehensive income attributable to

Comprehensive income attributable to owners of parent

Comprehensive income attributable to non-controllinginterests

327

(1,553)

931

(2,664)

707

(2,236)

224

(427)

―7―

(3)Quarterly Consolidated Statements of Cash Flows

(Million yen)

For the three months

For the three months

ended June 30,2019

ended June 30,2020

Cash flows from operating activities

Profit (loss) before income taxes

Depreciation

Amortization of goodwill

Share of loss (profit) of entities accounted for using equity method

1,075

(1,216)

2,207

2,088

211

176

(20)

6

Increase (decrease) in allowance for doubtful accounts

Increase (decrease) in provision for bonuses

Increase (decrease) in provision for bonuses for directors (and other officers)

Increase or decrease in net defined benefit asset and liability

Increase (decrease) in provision for share-based remuneration

Increase (decrease) in provision for share-based remuneration for directors (and other officers) Increase (decrease) in provision for environmental measures

94

42

(1,076)

(1,000)

(110)

(105)

(73)

102

-

2

-

3

-

(14)

Increase (decrease) in provision for loss on guarantees

-

(19)

Interest and dividend income

(55)

(45)

Interest expenses

241

197

Loss (gain) on sales of non-current assets

-

(186)

Decrease (increase) in trade receivables

1,109

4,123

Decrease (increase) in inventories

(640)

(694)

Increase (decrease) in trade payables

(911)

(1,738)

Increase (decrease) in accrued consumption taxes

(144)

(297)

Increase (decrease) in other liabilities

2,489

1,313

Other, net

(929)

494

Subtotal

3,464

3,231

Interest and dividends received

55

44

Interest paid

(236)

(189)

Income taxes paid

(945)

(941)

Net cash provided by (used in) operating activities

2,337

2,144

―8―

(Million yen)

For the three months

For the three months

ended June 30,2019

ended June 30,2020

Cash flows from investing activities

Payments into time deposits

(726)

(410)

Proceeds from withdrawal of time deposits

711

409

Purchase of investment securities

(5)

(5)

Purchase of property, plant and equipment

(1,954)

(2,186)

Proceeds from sales of property, plant and equipment

47

904

Purchase of intangible assets

(370)

(69)

Loan advances

(6)

(129)

Collection of loans receivable

4

9

Other, net

3

(72)

Net cash provided by (used in) investing activities

(2,296)

(1,551)

Cash flows from financing activities

Net increase (decrease) in short-term borrowings

402

9,722

Proceeds from long-term borrowings

196

303

Repayments of long-term borrowings

(870)

(843)

Proceeds from sale and leaseback transactions

380

Repayments of finance lease obligations

(276)

(215)

Proceeds from disposal of treasury shares

-

35

Dividends paid

(675)

(668)

Dividends paid to non-controlling interests

(173)

(167)

Net cash provided by (used in) financing activities

(1,018)

8,166

Effect of exchange rate change on cash and cash

89

(354)

equivalents

Net increase (decrease) in cash and cash equivalents

(887)

8,405

Cash and cash equivalents at beginning of period

17,127

19,170

Cash and cash equivalents at end of period

16,239

27,575

―9―

(4)Notes to Quarterly Consolidated Financial Statements

(Notes on going concern assumption) Not applicable

(Notes on material changes in Shareholders' Equity) Not applicable

(Additional information)

(Assumptions of Accounting Estimates for the Spread of Novel Coronavirus Infection)

To deal with a decline in the number of units produced by automotive manufacturers, etc. due to the spread of the infections, the Group has adjusted production volumes by tentatively suspending factory operations across the world.

Based on the information of the production forecast and the timing of the resumption of production by automotive manufacturers in each country and various economic forecasts, the production volume declined significantly in the first quarter of the current fiscal year, but will start to recover in the second quarter, and that production will recover gradually over the next fiscal year.

According to the assumptions set forth above, the Group has applied impairment accounting to noncurrent assets and estimated the recoverability of its deferred tax assets.

(Segment information)

I First quarter of previous period (from April 1, 2019 to June 30, 2019)

1. Information on sales and profit (loss) by each reporting segment

(Unit JPY million)

Reporting Segment

Others

Automotive

Automotive

Non-

Other

Total

(*)

engine

non-engine

automotive

automotive

Sub total

bearings

bearings

bearings

parts

Net sales

External sales

14,264

4,525

2,487

3,735

25,013

468

25,482

Internal sales or

transfer between

149

30

1

54

235

157

392

segments

Total

14,414

4,555

2,488

3,790

25,249

626

25,875

Segment profit(loss)

1,647

726

388

(12)

2,750

135

2,885

  1. "Others" includes business areas not included in above reporting segments. It includes electrode sheets for electric double layer capacitors, the metallic dry bearings business, pump-related products businesses, and real estate leasing business.

2. Reconciliation between total reporting segment profit (loss) and profit (loss) reported in Quarterly Consolidated Statements of Income

(Unit JPY million)

Profit

Amount

Reporting segments total

2,750

Profit from "Others" category

135

Elimination of intersegment transactions

1

Unattributable costs (*)

(1,743)

Operating profit

1,144

as per Quarterly Consolidated Statements of Income

  1. Unattributable costs are principally general administrative expenses not attributable to reporting segments.
    ―10―
  1. First quarter of current period (from April 1, 2020 to June 30, 2020)
    1. Information on sales and profit (loss) by each reporting segment

(Unit JPY million)

Reporting Segment

Others

Automotive

Automotive

Non-

Other

Total

(*)

engine

non-engine

automotive

automotive

Sub total

bearings

bearings

bearings

parts

Net sales

External sales

10,360

3,412

2,579

2,156

18,509

361

18,870

Internal sales or

transfer between

136

21

8

108

275

168

443

segments

Total

10,497

3,434

2,587

2,265

18,785

529

19,314

Segment profit(loss)

373

265

388

(659)

368

103

471

  1. "Others" includes business areas not included in above reporting segments. It includes electrode sheets for electric double layer capacitors, the metallic dry bearings business, pump-related products businesses, and real estate leasing business.

2. Reconciliation between total reporting segment profit (loss) and profit (loss) reported in Quarterly Consolidated Statements of Income

(Unit JPY million)

Profit

Amount

Reporting segments total

368

Profit from "Others" category

103

Elimination of intersegment transactions

4

Unattributable costs (*)

(1,530)

Operating profit(loss)

(1,054)

as per Quarterly Consolidated Statements of Income

(*) Unattributable costs are principally general administrative expenses not attributable to reporting segments.

3. Changes in Reporting Segments

Effective from the beginning of the fiscal year ending March 31, 2021, in accordance with a review of the Group's business management classification, the Group has reclassified a portion of its "Automotive engine bearings" to the "Automotive non-engine bearings" or "Non-automotive bearings" .

The segment information for the first quarter of the previous period ended June 30, 2019 has been prepared in accordance with the changed classification.

―11―

Disclaimer

Daido Metal Co. Ltd. published this content on 07 August 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 August 2020 05:03:14 UTC


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Sales 2022 88 000 M 772 M 772 M
Net income 2022 1 400 M 12,3 M 12,3 M
Net Debt 2022 43 096 M 378 M 378 M
P/E ratio 2022 20,4x
Yield 2022 4,07%
Capitalization 28 568 M 251 M 251 M
EV / Sales 2022 0,81x
EV / Sales 2023 0,75x
Nbr of Employees 6 795
Free-Float 84,9%
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Last Close Price 614,00 JPY
Average target price 600,00 JPY
Spread / Average Target -2,28%
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Managers and Directors
Seigo Hanji Chairman & Chief Executive Officer
Motoyuki Miyo President, COO & Representative Director
Naoki Kurita Executive Officer & Head-Financial Planning
Yoshiaki Sato Director, Head-Technology Unit & Inuyama Branch
Hirotaka Ito Executive Officer & Head-Compliance Unit
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