Mitani Sangyo : Summary of Consolidated Financial Results for the Three Months Ended June 30, 2023 138.08 KB

Translation

Notice: This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the event of any discrepancy between this translated document and the original Japanese document, the latter shall prevail.

Summary of Consolidated Financial Results for the Three Months Ended June 30, 2023 (Based on Japanese GAAP)

				July 28, 2023
Company name:	MITANI SANGYO CO., LTD.
Stock exchange listing:	Tokyo, Nagoya
Stock code:	8285	URL https://www.mitani.co.jp/
Representative:	President & CEO	Tadateru Mitani
Inquiries:	Director & CFO	Daigou Uchida	TEL [phone]
Scheduled date to file Quarterly Securities Report:	August 4, 2023
Scheduled date to commence dividend payments:	-
Preparation of supplementary material on quarterly financial results:	No
Holding of quarterly financial results meeting:	No

(Amounts less than one million yen are rounded down)

1. Consolidated financial results for the three months ended June 30, 2023 (from April 1, 2023 to June 30, 2023)

(1) Consolidated operating results (cumulative)						Percentages indicate year-on-year changes
	Net sales			Operating profit	Ordinary profit	Profit attributable to
			owners of parent
	Millions of yen	%		Millions of yen	%	Millions of yen		%	Millions of yen	%
Three months ended June 30, 2023	21,303	4.0		9	-	237		-	305	-
Three months ended June 30, 2022	20,474	5.9		(443)	-	(232)		-	(262)	-
	Earnings per share			Diluted earnings per share
			Yen			Yen
Three months ended June 30, 2023			4.97			-
Three months ended June 30, 2022		(4.26)			-
(2) Consolidated financial position
	Total assets			Net assets	Equity ratio		Net assets per share
	Millions of yen			Millions of yen				%		Yen
As of June 30, 2023		88,317				43,792				49.4		709.18
As of March 31, 2023		86,309				41,612				48.1		673.81

2. Cash dividends
		Annual dividends per share
	1st quarter-end	2nd quarter-end	3rd quarter-end	Fiscal year-end
	Yen	Yen	Yen	Yen
Year ended March 31, 2023	-	4.50	-	4.50
Year ending March 31, 2024	-
Year ending March 31, 2024 (Forecast)		4.50	-	4.50

Total

Yen 9.00

9.00

3. Forecast of consolidated financial results for the year ending March 31, 2024 (from April 1, 2023 to March 31, 2024)

Percentages indicate year-on-year changes

	Net sales		Operating profit		Ordinary profit		Profit attributable to	Earnings per share
				owners of parent
	Millions of yen	%	Millions of yen		%	Millions of yen		%	Millions of yen		%	Yen
Full year	92,000	1.8	1,050		7.3	1,550		(9.7)	1,000		4.1	16.24

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4. Notes

1. Changes in significant subsidiaries during the three months ended June 30, 2023 (changes in specified subsidiaries resulting in the change in scope of consolidation):
2. Application of special accounting methods for preparing quarterly consolidated financial statements:

No

Yes

(3) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements
Changes in accounting policies due to revisions to accounting standards and other regulations:	No
Changes in accounting policies due to other reasons:	No
Changes in accounting estimates:	No
Restatement of prior period financial statements:	No

(4) Number of issued shares (common shares)

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

	As of June 30, 2023	61,772,500	shares	As of March 31, 2023	61,772,500	shares
Number of treasury shares at the end of the period
	As of June 30, 2023	202,055	shares	As of March 31, 2023	202,055	shares
Average number of shares during the period (cumulative from the beginning of the fiscal year)
	Three months ended June 30, 2023	61,570,445	shares	Three months ended June 30, 2022	61,570,485	shares

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Quarterly consolidated financial statements

Consolidated balance sheets

		(Millions of yen)
	As of March 31, 2023	As of June 30, 2023
Assets
Current assets
Cash and deposits	7,531	7,579
Notes and accounts receivable - trade	16,399	15,295
Electronically recorded monetary claims - operating	3,151	3,740
Accounts receivable from completed construction	6,974	5,593
contracts
Merchandise and finished goods	3,834	3,581
Work in process	631	795
Costs on construction contracts in progress	135	402
Raw materials and supplies	1,518	1,712
Other	2,141	2,946
Allowance for doubtful accounts	(22)	(20)
Total current assets	42,296	41,627
Non-current assets
Property, plant and equipment
Buildings and structures, net	9,554	9,507
Land	4,041	4,041
Other, net	2,713	2,899
Total property, plant and equipment	16,310	16,448
Intangible assets
Software	707	687
Other	395	453
Total intangible assets	1,103	1,140
Investments and other assets
Investment securities	24,014	26,554
Other	2,651	2,611
Allowance for doubtful accounts	(65)	(65)
Total investments and other assets	26,599	29,100
Total non-current assets	44,013	46,690
Total assets	86,309	88,317

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		(Millions of yen)
	As of March 31, 2023	As of June 30, 2023
Liabilities
Current liabilities
Notes and accounts payable - trade	9,925	9,628
Electronically recorded obligations - operating	1,693	1,945
Accounts payable for construction contracts	2,276	1,888
Short-term borrowings	14,971	14,696
Income taxes payable	367	214
Provision for bonuses for directors (and other officers)	128	29
Provision for loss on orders received	11	5
Provision for warranties for completed construction	19	17
Provision for shareholder benefit program	63	63
Other	4,385	4,641
Total current liabilities	33,842	33,131
Non-current liabilities
Long-term borrowings	5,104	4,811
Provision for retirement benefits for directors (and other	508	487
officers)
Retirement benefit liability	395	409
Asset retirement obligations	273	274
Other	4,572	5,411
Total non-current liabilities	10,853	11,393
Total liabilities	44,696	44,525
Net assets
Shareholders' equity
Share capital	4,808	4,808
Capital surplus	3,357	3,357
Retained earnings	24,760	24,788
Treasury shares	(42)	(42)
Total shareholders' equity	32,882	32,911
Accumulated other comprehensive income
Valuation difference on available-for-sale securities	8,246	10,014
Deferred gains or losses on hedges	8	45
Foreign currency translation adjustment	336	679
Remeasurements of defined benefit plans	13	13
Total accumulated other comprehensive income	8,604	10,753
Non-controlling interests	125	127
Total net assets	41,612	43,792
Total liabilities and net assets	86,309	88,317

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Consolidated statements of income (cumulative) and consolidated statements of comprehensive income (cumulative)

Consolidated statements of income (cumulative)

		(Millions of yen)
	Three months ended	Three months ended
	June 30, 2022	June 30, 2023
Net sales	20,474	21,303
Cost of sales	17,017	17,277
Gross profit	3,456	4,025
Selling, general and administrative expenses	3,900	4,015
Operating profit (loss)	(443)	9
Non-operating income
Interest income	4	5
Dividend income	170	223
Share of profit of entities accounted for using equity method	26	-
Rent income on real estate and facilities	41	39
Other	74	67
Total non-operating income	317	336
Non-operating expenses
Interest expenses	25	50
Share of loss of entities accounted for using equity method	-	7
Rent expenses on real estate and facilities	30	26
Foreign exchange losses	17	9
Other	32	15
Total non-operating expenses	106	109
Ordinary profit (loss)	(232)	237
Extraordinary income
Gain on sale of non-current assets	0	-
Gain on sale of investment securities	41	0
Compensation income	-	332
Total extraordinary income	41	332
Extraordinary losses
Loss on retirement of non-current assets	0	9
Loss on sale of investment securities	0	0
Loss on valuation of investment securities	4	0
Office relocation expenses	-	8
Loss on liquidation of subsidiaries and associates	-	5
Total extraordinary losses	4	23
Profit (loss) before income taxes	(194)	545
Income taxes	66	238
Profit (loss)	(261)	307
Profit attributable to non-controlling interests	0	1
Profit (loss) attributable to owners of parent	(262)	305

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