Mitsuboshi Belting : Consolidated Financial Results for the Fiscal Year Ended March 31, 2023

Consolidated Financial Results for the Fiscal Year Ended March 31, 2023 (Japanese GAAP)

		May 12, 2023
Company name:	Mitsuboshi Belting Ltd.
Stock exchange listing:	Tokyo
Securities code:	5192
URL:	https://www.mitsuboshi.com/
Representative:	Hiroshi Ikeda, President
Inquiries:	Masatsugu Tsuji, Executive Officer, General Manager, Finance & Accounting Department
	Phone: [phone]
Scheduled date of annual general meeting of shareholders:	June 29, 2023
Scheduled date of commence dividend payments:	June 30, 2023
Scheduled date of filing annual securities report:	June 29, 2023

(Amounts less than one million yen are rounded down)

1. Consolidated Financial Results or the Fiscal Year Ended March 31, 2023 (April 1, 2022-March 31, 2023)

(1) Consolidated operating results							(Percentages indicate year-on-year changes)
	Net sales		Operating profit		Ordinary profit		Profit attributable to
				owners of parent
Fiscal year ended	Millions of yen		%	Millions of yen		%	Millions of yen		%	Millions of yen		%
March 31, 2023	82,911		10.7	9,030		18.2	10,471		22.4	7,071		10.8
March 31, 2022	74,870		15.4	7,640		53.8	8,552		48.5	6,380		56.9

		Fiscal year ended March 31, 2023:		¥8,432 million	( 23.7%)
Note:	Comprehensive income	Fiscal year ended March 31, 2022:		¥11,045 million	△(40.1%)
		Basic earnings	Diluted earnings		Return on equity		Ordinary profit to	Operating profit to
		per share	per share				total assets ratio	net assets ratio
Fiscal year ended	Yen		Yen		%		%	%
	March 31, 2023	249.12			－		8.1		8.7	10.9
	March 31, 2022	220.26			－		7.7		7.5	10.2

(2) Consolidated financial position

Total assets

Net assets

Equity-to-asset ratio

Net assets per share

Millions of yen

Millions of yen

％

Yen

As of March 31, 2023

121,682

87,601

72.0

3,089.48

As of March 31, 2022

118,963

86,877

73.0

3,018.44

Reference:

Equity

As of March 31, 2023:

¥87,601 million

As of March 31, 2022:

¥86,877 million

(3) Consolidated cash flows

Cash flows from

Cash flows from

Cash flows from

Cash and cash equivalents

operating activities

investing activities

financing activities

at end of period

Fiscal year ended

Millions of yen

Millions of yen

Millions of yen

Millions of yen

March 31, 2023

8,783

△

6,439

△

3,741

33,494

March 31, 2022

9,044

7,380

3,245

33,063

△

△

2. Dividends

Annual dividends per share

Total cash

Payout ratio

Ratio of

dividends to net

1st quarter

2nd quarter

3rd quarter

Fiscal year

Total

dividends

(Consolidated

assets

-end

-end

-end

-end

)

(Consolidated)

Yen

Yen

Yen

Yen

Yen

Millions of yen

%

%

Fiscal year ended

－

33.00

－

110.00

143.00

4,127

64.9

5.0

March 31, 2022

Fiscal year ended

－

120.00

－

130.00

250.00

7,088

100.4

8.2

March 31, 2023

Fiscal year ending

－

125.00

－

125.00

250.00

99.8

March 31, 2024(Forecast)

３. Forecast of Consolidated Financial Results for the Fiscal Year Ending March 31, 2024

(April 1, 2023-March 31, 2024)

(Percentages indicate year-on-year changes)

Net sales

Operating profit

Ordinary profit

Profit attributable to

Basic earnings

owners of parent

per share

Millions of yen

△

%

Millions of yen

△

%

Millions of yen

%

Millions of yen

△

%

Yen

First half of

42,500

0.2

4,300

6.5

4,400

△

23.2

3,200

18.4

112.86

fiscal year

Full year

84,500

1.9

9,100

0.8

9,300

11.2

7,100

0.4

250.40

△

Consolidated Financial Statements

1. Consolidated Balance Sheet

				(Millions of yen)
		As of March 31, 2022	As of March 31, 2023
Assets
Current assets
Cash and deposits		34,708		35,307
Notes and accounts receivable - trade, and		17,788		16,657
contract assets
Merchandise and finished goods		15,324		17,395
Work in process		2,115		2,513
Raw materials and supplies		3,892		4,368
Other		833		1,188
Allowance for doubtful accounts		123		100
Total current assets		74,540		77,331
	△		△
Non-current assets
Property, plant and equipment
Buildings and structures		23,801		24,059
Accumulated depreciation	△	16,471	△	16,734
Buildings and structures, net	7,329	7,325
Machinery, equipment and vehicles	△	49,815	△	50,360
Accumulated depreciation	40,699	41,501
Machinery, equipment and vehicles, net	9,115	8,859
Tools, furniture and fixtures		15,667		16,071
Accumulated depreciation	△	13,613	△	14,078
Tools, furniture and fixtures, net	2,054	1,993
Land		3,958		3,978
Leased assets		1,725		1,870
Accumulated depreciation		316		367
Leased assets, net		1,409		1,503
	△		△
Construction in progress		2,804		4,738
Total property, plant and equipment		26,671		28,399
Intangible assets
Software		823		601
Other		67		189
Total intangible assets		891		791
Investments and other assets
Investment securities		15,179		13,597
Deferred tax assets		1,205		1,148
Other		493		422
Allowance for doubtful accounts		18		8
Total investments and other assets		16,860		15,160
	△		△
Total non-current assets		44,423		44,351
Total assets		118,963	121,682

			(Millions of yen)
		As of March 31, 2022	As of March 31, 2023
Liabilities
Current liabilities
Notes and accounts payable - trade	9,898	9,889
Short-term borrowings	2,327	2,329
Current portion of long-term borrowings	900	1,900
Accounts payable - other	2,646	1,982
Income taxes payable	1,576	201
Provision for bonuses	928	974
Provision for product warranties	508	477
Other	3,429	4,107
Total current liabilities	22,215	21,862
Non-current liabilities
Long-term borrowings	900	4,000
Long-term accounts payable - other	162	142
Deferred tax liabilities	5,206	4,644
Retirement benefit liability	2,226	1,948
Provision for retirement benefits for directors		13	16
(and other officers)
Asset retirement obligations	363	363
Long-term guarantee deposits	386	393
Other	610	710
Total non-current liabilities	9,870	12,219
Total liabilities	32,086	34,081
Net assets
Shareholders' equity
Share capital	8,150	8,150
Capital surplus	2,119	2,143
Retained earnings	70,315	70,818
Treasury shares	△	△
6,395	7,559
Total shareholders' equity	74,188	73,552
Accumulated other comprehensive income
Valuation difference on available-for-sale		9,368	8,310
securities
Foreign currency translation adjustment	3,344	5,785
Remeasurements of defined benefit plans	△	△
25	48
Total accumulated other comprehensive	12,688	14,048
income
Total net assets	86,877	87,601
Total liabilities and net assets		118,963	121,682

2. Consolidated Statement of Income and Comprehensive Income Consolidated Statement of Income

			(Millions of yen)
		Fiscal year ended	Fiscal year ended
		March 31, 2022	March 31, 2023
Net sales	74,870	82,911
Cost of sales	51,442	56,338
Gross profit	23,427	26,572
Selling, general and administrative expenses	15,787	17,542
Operating profit	7,640	9,030
Non-operating income
Interest income	92	281
Dividend income	365	397
Foreign exchange gains	627	556
Other	262	688
Total non-operating income	1,347	1,924
Non-operating expenses
Interest expenses	43	51
Loss on retirement of non-current assets	276	307
Other	114	125
Total non-operating expenses	435	484
Ordinary profit	8,552	10,471
Extraordinary income
Gain on sale of investment securities	187	39
Total extraordinary income	187	39
Extraordinary losses
Impairment losses	－	695
Total extraordinary losses	－	695
Profit before income taxes	8,740	9,814
Income taxes - current	2,721	2,815
Income taxes - deferred	△	△
361	72
Total income taxes	2,359	2,742
Profit	6,380	7,071
Profit attributable to owners of parent		6,380	7,071

Consolidated Statement of Comprehensive Income

		(Millions of yen)
	Fiscal year ended	Fiscal year ended
	March 31, 2022	March 31, 2023
Profit	6,380	7,071
Other comprehensive income
Valuation difference on available-for-sale	1,385	1,058
securities		△
Foreign currency translation adjustment	3,097	2,441
Remeasurements of defined benefit plans, net of	182	22
tax
Total other comprehensive income
	4,665	△
Comprehensive income	11,045	8,432
Comprehensive income attributable to
Comprehensive income attributable to owners of	11,045	8,432
parent
Comprehensive income attributable to non-	－	－
controlling interests