Non-consolidated Financial Results
for the Fiscal Year Ended December 31, 2022
[Japanese GAAP]
February 10, 2023
Company name: Nippon Aqua Co., Ltd.
Code number: 1429 (listed on the Tokyo Stock Exchange)
(URL: https://www.n-aqua.jp)
Representative: Fumitaka Nakamura, President and Representative Director
Contact: Shoji Sato, General Manager of Finance and Accounting
Phone: +81-3-5463-1117
Scheduled date of Ordinary General Meeting of Shareholders: March 28, 2023
Scheduled date of dividend payout: March 29, 2023
Scheduled date of filing annual securities report: March 29, 2023
Supplementary materials on financial results prepared: Yes
Financial results briefings held: Yes (for institutional investors and analysts)
(Figures are rounded down to the nearest million yen.)
1. Non-consolidated Financial Results for the Fiscal Year Ended December 31, 2022 (January 1, 2022- December 31, 2022)
(1) Financial Results | (Percentage figures indicate year-on-year changes.) | |||||||||||||||||||
Net sales | Operating profit | Ordinary profit | Profit | |||||||||||||||||
Million yen | % | Million yen | % | Million yen | % | Million yen | % | |||||||||||||
Fiscal year ended | 25,670 | 7.4 | 2,329 | 64.9 | 2,359 | 65.1 | 1,549 | 62.4 | ||||||||||||
December 31, 2022 | ||||||||||||||||||||
Fiscal year ended | 23,903 | 9.3 | 1,412 | (25.5) | 1,429 | (25.2) | 953 | (29.0) | ||||||||||||
December 31, 2021 | ||||||||||||||||||||
Basic earnings | Diluted earnings per | Ratio of | Ratio of | |||||||||||||||||
Return on equity | ordinary profit to | operating profit to | ||||||||||||||||||
per share | share | |||||||||||||||||||
total assets | net sales | |||||||||||||||||||
Yen | Yen | % | % | % | ||||||||||||||||
Fiscal year ended | 47.99 | - | 19.5 | 11.7 | 9.1 | |||||||||||||||
December 31, 2022 | ||||||||||||||||||||
Fiscal year ended | 29.52 | - | 12.2 | 8.3 | 5.9 | |||||||||||||||
December 31, 2021 | ||||||||||||||||||||
(2) Financial Position | ||||||||||||||||||||
Total assets | Net assets | Equity ratio | Net assets per share | |||||||||||||||||
Million yen | Million yen | % | Yen | |||||||||||||||||
As of December 31, 2022 | 21,969 | 7,966 | 36.3 | 254.41 | ||||||||||||||||
As of December 31, 2021 | 18,279 | 7,951 | 43.5 | 246.09 |
[Reference] Shareholders' equity: As of December 31, 2022: 7,966 million yen As of December 31, 2021: 7,951 million yen
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(3) 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 | ||||
Million yen | Million yen | Million yen | Million yen | |
Fiscal year ended | (297) | (293) | 1,340 | 2,676 |
December 31, 2022 | ||||
Fiscal year ended | 520 | (355) | 109 | 1,926 |
December 31, 2021 | ||||
2. Dividends
Dividend per share | Total | Ratio of | |||||||||
End of 1st | End of | End of | dividends | Payout ratio | dividends to | ||||||
2nd | 3rd | Year-end | Total | ||||||||
quarter | (annual) | net assets | |||||||||
quarter | quarter | ||||||||||
Yen | Yen | Yen | Yen | Yen | Million yen | % | % | ||||
Fiscal year ended | - | 0.00 | - | 20.00 | 20.00 | 646 | 67.7 | 8.3 | |||
December 31, 2021 | |||||||||||
Fiscal year ended | - | 0.00 | - | 24.00 | 24.00 | 751 | 50.0 | 9.6 | |||
December 31, 2022 | |||||||||||
Fiscal year ending | |||||||||||
December 31, 2023 | - | 0.00 | - | 30.00 | 30.00 | 51.3 | |||||
(forecast) |
3. Financial Forecasts for the Fiscal Year Ending December 31, 2023 (January 1, 2023-December31, 2023) (Percentage figures indicate year-on-year changes.)
Net sales | Operating profit | Ordinary profit | Profit | Basic earnings | |||||||
per share | |||||||||||
Million yen | % | Million yen | % | Million yen | % | Million yen | % | Yen | |||
Six months ending | 13,386 | 14.0 | 1,161 | 26.8 | 1,161 | 24.1 | 772 | 23.2 | 24.67 | ||
June 30, 2023 | |||||||||||
Fiscal year ending | 29,021 | 13.1 | 2,750 | 18.1 | 2,750 | 16.5 | 1,828 | 18.1 | 58.41 | ||
December 31, 2023 | |||||||||||
* Notes
- Changes in accounting policies, changes in accounting estimates and restatements
- Changes in accounting policies due to revisions of accounting standards, etc.: Yes
- Changes in accounting policies other than (i): No
- Changes in accounting estimates: No
- Restatements: No
- Number of issued shares (common shares)
- Number of issued shares at end of period under review (including treasury shares)
As of December 31, 2022 | 34,760,000 shares |
As of December 31, 2021 | 34,760,000 shares |
(ii) Number of treasury shares at end of period under review | |
As of December 31, 2022 | 3,447,171 shares |
As of December 31, 2021 | 2,449,128 shares |
(iii) Average number of shares during period under review | |
Fiscal year ended December 31, 2022 | 32,279,270 shares |
Fiscal year ended December 31, 2021 | 32,307,845 shares |
- Financial results are not subject to audit by certified public accountants or audit corporations.
-
Notes concerning appropriate use of financial forecasts and other significant matters
Financial forecasts and other forward-looking statements in this release are based on data currently available to the Company and certain assumptions that the Company believes are reasonable. They are not intended as a guarantee
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that the Company will achieve such results. Actual results may differ materially from them for various reasons. For details of the assumptions used in the forecast of financial results and cautionary notes concerning appropriate use of the financial forecasts, please refer to "(4) Future Outlook" on page 7 of the Attachment.
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Contents of Attachment
1. Overview of Operating Results, Etc. ................................................................................................... 5
(1) | Overview of Operating Results for the Fiscal Year Under Review | ................................................. 5 |
(2) | Overview of Financial Position for the Fiscal Year Under Review | ................................................ 6 |
(3) | Overview of Cash Flows for the Fiscal Year Under Review | 7 |
(4) | Future Outlook | 7 |
2. Basic Policy on Selection of Accounting Standards | 9 | |
3. Financial Statements and Primary Notes | 10 | |
(1) | Balance Sheet | 10 |
(2) Income Statement | 12 | |
(3) | Cash Flow Statement | 13 |
(4) | Notes to Financial Statements | 14 |
(Notes on Going Concern Assumption) | 14 | |
(Changes in Accounting Policies) | 14 | |
(Revenue Recognition) | 16 | |
(Segment Information) | 16 | |
(Equity in Earnings (Losses) of Affiliates, Etc.) | 16 | |
(Per Share Information) | 17 | |
(Important Subsequent Events) | 18 |
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1. Overview of Operating Results, Etc.
(1) Overview of Operating Results for the Fiscal Year Under Review
During the fiscal year ended December 31, 2022 (January 1, 2022 to December 31, 2022), although the Japanese economy saw a gradual recovery, there are concerns mainly about the risk of a downward swing in the global economy putting downward pressure on the Japanese economy amid the global credit crunch, and the impact of rising prices, supply constraints, and fluctuations in the financial and capital markets.
In the construction and housing industry where the Company operates, the "Act Partially Revising the Act on the Improvement of the Energy Consumption Performance of Buildings in Order to Contribute to the Realization of a Carbon Neutral Society" (hereinafter referred to as the Revised Building Energy Efficiency Act) was passed on June 13, 2022 in line with the greenhouse gas reduction target for 2030 in Japan. Consequently, it will become mandatory for all houses and building to be newly built in and after FY2025 to meet energy efficiency standards. In response to this, the "Flat 35S (ZEH)" program, which reduces the borrowing interest rate for a certain period for the acquisition of a ZEH (Net Zero Energy House) level home, was newly established in the "Flat 35" housing loan program from October 2022, and there is great interest in the insulation and energy efficiency of homes. Under such circumstances, the Company proactively made efforts to win orders in each division by taking advantage of the product appeal of highly-airtight and highly-insulated AQUA FOAM series and the strength of our nationwide construction network.
In the Single-family Homes Division, the AQUA FOAM series resulted in a stable level of orders against the backdrop of the Tokyo Metropolitan Government's "Tokyo Zero Emission Houses" initiative and other local governments' setting of high insulation and energy-conservation performance standards, as well as against the recent sharp rise in electricity rates, leading to record-high division sales of 13,873 million yen. In the Buildings Division, when international supply and demand for urethane raw materials tightened from 2021 to 2022, we worked to secure a stable supply of raw materials by making full use of our unique procurement channels, and we strove to gain the satisfaction and trust of our customers. This one-stop type business model, from raw material procurement to installation, was once again recognized, resulting in an increase in large projects and continued inquiries for our non- flammable insulation materials that meet the needs of construction sites to avoid fire risks, and this led to record- high division sales of 6,838 million yen. Sales of the Waterproofing Division came to 315 million yen, and sales of raw materials, machinery, etc., which are under other divisions, were 4,642 million yen. From the beginning of the fiscal year ended December 31, 2022, renovations have been moved from other divisions to the highly compatible Single-family Homes Division, and waterproofing which focuses on future growth has been changed from being included in the Buildings Division to being a stand-alone Waterproofing Division.
(in million yen, %) | ||||
18th fiscal year ended | 19th fiscal year ended | |||
December 31, 2021 | Amount of change | Percentage change | ||
December 31, 2022 | ||||
(after reclassification) | ||||
Single-family Homes | 13,521 | 13,873 | +351 | +2.6 |
Division | ||||
Buildings Division | 5,371 | 6,838 | +1,467 | +27.3 |
Waterproofing Division | 128 | 315 | +187 | +145.3 |
Other divisions | 4,882 | 4,642 | (240) | (4.9) |
Total net sales | 23,903 | 25,670 | +1,766 | +7.4 |
As a result, net sales for the fiscal year totaled 25,670 million yen, up 7.4% year on year. Meanwhile, prices of crude oil, naphtha, benzene, and other raw materials for urethane raw materials have been stabilizing recently due to concerns about declining demand, but our procurement prices have remained high. In this raw material procurement environment, the Company worked to secure raw materials through measures such as procuring raw materials from multiple companies and to stably supply products. As a measure to deal with cost increases, the
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Nippon Aqua Co. Ltd. published this content on 13 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 February 2023 01:25:02 UTC.