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    1429   JP3686140009

NIPPON AQUA CO., LTD.

(1429)
  Report
Delayed Japan Exchange  -  02:00 2022-09-30 am EDT
729.00 JPY   +6.58%
08/10Nippon Aqua : The 2nd Quarter Report (FY2022/12) has been posted.
PU
08/10Nippon Aqua : Company Presentation Materials (2nd quarter FY2022/12)
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08/10Nippon Aqua : Business Results for the Six Months Ended June 30, 2022
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Nippon Aqua : The 2nd Quarter Report (FY2022/12) has been posted.

08/10/2022 | 03:56am EDT

Non-consolidated Financial Results

for the Six Months Ended June 30, 2022

[Japanese GAAP]

August 10, 2022

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 filing date of quarterly report: August 10, 2022

Scheduled date of dividend payout:

Supplementary quarterly materials prepared: Yes

Quarterly 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 Six Months Ended June 30, 2022 (January 1, 2022-June 30, 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

%

Six months ended June 30,

11,742

9.6

916

176.1

936

179.1

626

193.4

2022

Six months ended June 30,

10,712

7.2

331

(57.1)

335

(57.2)

213

(58.8)

2021

Basic earnings

Diluted earnings

per share

per share

Yen

Yen

Six months ended June 30,

19.39

2022

Six months ended June 30,

6.61

2021

(2) Financial Position

Total assets

Net assets

Equity ratio

Million yen

Million yen

%

As of June 30, 2022

18,808

7,933

42.2

As of December 31, 2021

18,279

7,951

43.5

[Reference] Shareholders' equity: As of June 30, 2022: 7,933 million yen

As of December 31, 2021: 7,951 million yen

2. Dividends

Dividend per share

End of

End of

End of

Year-end

Total

1st quarter

2nd quarter

3rd quarter

Yen

Yen

Yen

Yen

Yen

Fiscal year ended December 31, 2021

0.00

20.00

20.00

Fiscal year ending December 31, 2022

0.00

Fiscal year ending December 31, 2022

22.00

22.00

(forecast)

Note: Revisions to dividend payout forecasts disclosed most recently: No

1

3. Financial Forecasts for the Fiscal Year Ending December 31, 2022 (January 1, 2022-December 31, 2022)

(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

Fiscal year ending

26,490

10.8

2,121

50.2

2,121

48.4

1,470

54.1

45.50

December 31, 2022

Note: Revisions to financial forecasts disclosed most recently: No

* Notes

  1. Use of special accounting methods in preparing quarterly financial statements: No
  2. Changes in accounting policies, changes in accounting estimates and restatements
    1. Changes in accounting policies due to revisions of accounting standards, etc.: Yes
    2. Changes in accounting policies other than (i): No
    3. Changes in accounting estimates: No
    4. Restatements: No
  3. Number of issued shares (common shares)

(i) Number of issued shares at end of period under review (including treasury shares)

As of June 30, 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 June 30, 2022

2,447,128 shares

As of December 31, 2021

2,449,128 shares

(iii) Average number of shares during period under review

Six months ended June 30, 2022

32,311,436 shares

Six months ended June 30, 2021

32,304,767 shares

  • Quarterly financial results are not subject to quarterly review 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 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 "(3) Notes on Financial Forecasts and Other Forward-looking Statements" in "1. Qualitative Information Concerning Financial Results for the Period Under Review" on page 6 of the Attachment.

2

Contents of Attachment

1. Qualitative Information Concerning Financial Results for the Period Under Review

...................................................... 4

(1)

Explanation Regarding Operating Results...................................................................................................................

4

(2)

Explanation Regarding Financial Position ..................................................................................................................

5

(3)

Notes on Financial Forecasts and Other Forward-looking Statements ........................................................................

6

2. Quarterly Financial Statements and Primary Notes ..........................................................................................................

7

(1)

Quarterly Balance Sheet ..............................................................................................................................................

7

(2)

Quarterly Income Statement ........................................................................................................................................

9

(3)

Quarterly Cash Flow Statement.................................................................................................................................

10

(4)

Notes to Quarterly Financial Statements ...................................................................................................................

11

(Notes on Going Concern Assumption) .......................................................................................................................

11

(Notes on Significant Changes in Amount of Shareholders' Equity)...........................................................................

11

(Changes in Accounting Policies)................................................................................................................................

11

(Segment Information, Etc.) ........................................................................................................................................

12

(Additional Information) .............................................................................................................................................

12

(Important Subsequent Events)....................................................................................................................................

12

3

1. Qualitative Information Concerning Financial Results for the Period Under Review

(1) Explanation Regarding Operating Results

During the six-months ended June 30, 2022 (from January 1, 2022 to June 30, 2022), although the Japanese economy showed signs of improvement, there are concerns mainly about rising raw material prices and supply constraints due to the impact of the prolonged situation in Ukraine and suppressed economic activities in China.

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 revisions to the 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 2025 to meet energy efficiency standards. In this environment, 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, amid the steady trend in the number of new housing starts, despite weakness in owner-occupied homes, AQUA FOAM series have secured steady orders thanks to the full implementation of various subsidy programs for energy-saving homes. Sales for the Single-family Homes Division amounted to 6,695 million yen. In the buildings market, many inquiries continue to be made for non-flammable insulation following fires that occurred at distribution warehouses and factories in recent years. Sales of the Buildings Division amounted to 2,837 million yen. Sales of the Waterproofing Division came to 120 million yen, and sales of raw materials, machinery, etc., which are under other divisions, were 2,087 million yen. From the beginning of the fiscal year ending 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

19th fiscal year

Six-months ended June

Six-months ended June

Amount of change

Percentage change

30, 2021

30, 2022

(after reclassification)

Single-family Homes

6,412

6,695

+283

+4.4

Division

Buildings Division

2,321

2,837

+516

+22.3

Waterproofing Division

28

120

+92

+329.0

Other divisions

1,950

2,087

+137

+7.0

Total

10,712

11,742

+1,029

+9.6

As a result, total sales increased by 9.6% year on year to 11,742 million yen in the period under review. Meanwhile, prices of crude oil, naphtha, benzene and other raw materials for urethane raw materials remained high, with the yen continuing to weaken. Amid the continuation of this environment for the raw materials procurement, 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 Company revised product selling prices, while actively switching to the new product AQUA FOAM LITE, which reduces raw material usage by approximately 30%, in the Single-family Homes Division.

Furthermore, the Company made companywide efforts to secure income by thoroughly focusing on construction profitability when receiving orders, while providing various support such as personnel and facility rental to solve the problems faced by certified contractors for further enhancing "construction capabilities," the Company's strength.

As a result of the above, gross margin improved by 2.2 points year on year to 20.6%, operating profit increased by 176.1% year on year to 916 million yen, ordinary profit increased by 179.1 % year on year to 936 million yen, and profit totaled 626 million yen, rising 193.4% from a year earlier.

4

(2) Explanation Regarding Financial Position

(Total assets)

Total assets totaled 18,808 million yen as of June 30, 2022, up 529 million yen, or 2.9%, from the end of the previous fiscal year.

(Current assets)

Current assets totaled 14,248 million yen as of June 30, 2022, up 656 million yen, or 4.8 %, from the end of the previous fiscal year. Key factors contributing to this increase include increases of 1,377 million yen in inventories and 100 million yen in consumption taxes receivable included in other, partially offset by decreases of 86 million yen in cash and deposits, 715 million yen in notes and accounts receivable - trade, and contract assets, and 118 million yen in accounts receivable - other.

(Non-current assets)

Non-current assets totaled 4,560 million yen as of June 30, 2022, down 127 million yen, or 2.7%, from the end of the previous fiscal year. Key factors contributing to this decrease include decreases of 109 million yen in assets due to depreciation and 46 million yen in deferred tax assets included in other in investments and other assets, partially offset by increases of 13 million yen in acquisition of construction in progress included in other in property, plant and equipment and 9 million yen in purchase of software included in other in intangible assets.

(Total liabilities)

Liabilities totaled 10,875 million yen as of June 30, 2022, up 547 million yen, or 5.3%, from the end of the previous fiscal year.

(Current liabilities)

Current liabilities totaled 10,749 million yen as of June 30, 2022, up 582 million yen, or 5.7%, from the end of the previous fiscal year. Main factors contributing to this increase include increases of 600 million yen in short-term borrowings, and 160 million yen in accounts payable - trade, partially offset by decreases of 147 million yen in accounts payable - other and accrued expenses included in other.

(Non-current liabilities)

Non-current liabilities totaled 125 million yen as of June 30, 2022, down 35 million yen, or 22.1%, from the end of the previous fiscal year. Key factors contributing to this decrease include decreases of 16 million yen in long-term borrowings and 16 million yen in long-term lease obligations.

(Net assets)

Net assets totaled 7,933 million yen as of June 30, 2022, down 18 million yen, or 0.2%, from the end of the previous fiscal year. Key factors contributing to this decrease include a decrease of 646 million yen in retained earnings due to dividend payouts, partially offset by the recording of 626 million yen in profit.

(Equity ratio)

Equity ratio was 42.2 % on June 30, 2022, down 1.3 percentage points from the end of the previous fiscal year.

Cash Flows

Cash and cash equivalents (hereinafter "net cash") in the six months ended June 30, 2022 amounted to 1,840 million yen (1,812 million yen in the same period a year earlier), decreasing 86 million yen from the end of the previous fiscal year. (Cash flows from operating activities)

Net cash from operating activities decreased 25 million yen in the period under review, compared to a 381 million yen increase in the same period a year earlier. This was due mainly to increases in net cash driven by 935 million yen in profit before income taxes, 109 million yen in depreciation, a 715 million yen decrease in trade receivables, a 160 million yen increase in trade payables and a 72 million yen drop in accounts receivable - other, and decreases in net cash, driven by a 1,377 million yen increase in inventories and 221 million yen in income taxes paid.

5

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Disclaimer

Nippon Aqua Co. Ltd. published this content on 10 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 August 2022 07:55:12 UTC.


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Financials
Sales 2022 26 500 M 183 M 183 M
Net income 2022 1 460 M 10,1 M 10,1 M
Net Debt 2022 - - -
P/E ratio 2022 16,1x
Yield 2022 3,02%
Capitalization 23 556 M 163 M 163 M
Capi. / Sales 2022 0,89x
Capi. / Sales 2023 0,81x
Nbr of Employees 438
Free-Float 35,9%
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Fumitaka Nakamura President & Representative Director
Mitsuharu Yamada General Manager-Accounting & Finance
Yuka Murakami Manager-General Affairs
Tadahiko Tsuchiya Independent Outside Director
Yuki Matsuda Independent Outside Director
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