Niterra Co., Ltd.October 30, 2023
Quarterly Consolidated Financial Statements in accordance with
IFRS for the six months ended September 30, 2023
URL | : https://www.ngkntk.co.jp/english/ |
Stock listing | : Tokyo Prime section, Nagoya Premier section |
Code number | : 5334 |
Head office | : 1-1-1 Higashisakura, Higashi-ku, Nagoya, Aichi, 461-0005, Japan |
Representative | : Takeshi Kawai, President and COO |
Quarterly financial results highlights
Billions of yen | ||||||||||||
Three months ended | ||||||||||||
2022 | 2023 | |||||||||||
Jun.30 | Sep.30 | Dec.31 | Mar.31 | Jun.30 | Sep.30 | |||||||
For the three months: | ||||||||||||
Revenue | 137.1 | 142.0 | 140.1 | 143.3 | 148.0 | 153.2 | ||||||
Operating profit | 27.6 | 26.0 | 27.0 | 8.6 | 28.4 | 28.6 | ||||||
Profit before income taxes | 34.5 | 27.2 | 22.0 | 9.7 | 36.1 | 29.4 | ||||||
Profit attributable to owners of the | ||||||||||||
Parent | 23.7 | 19.4 | 16.3 | 6.9 | 24.1 | 22.1 | ||||||
Revenue by industry segments: | ||||||||||||
Spark & glow plugs | 70.0 | 69.3 | 71.5 | 74.2 | 78.1 | 84.8 | ||||||
Automotive sensors | 38.9 | 42.1 | 38.5 | 39.3 | 41.8 | 42.3 | ||||||
Automotive components | 108.9 | 111.5 | 110.1 | 113.5 | 119.9 | 127.1 | ||||||
Ceramics | 26.0 | 28.7 | 28.2 | 27.9 | 24.0 | 23.6 | ||||||
New businesses | 1.2 | 1.0 | 1.2 | 1.1 | 1.2 | 1.2 | ||||||
Yen | ||||||||||||
Actual exchange rate: | ||||||||||||
Yen - U.S. dollar | 130 | 138 | 142 | 132 | 137 | 145 | ||||||
Yen - Euro | 138 | 139 | 144 | 142 | 150 | 157 |
- 1 -
Niterra Co., Ltd. (5334)
Financial Statements for the Second Quarter of the Fiscal Year Ending March 31, 2024
Forecast for the fiscal year ending March 31, 2024
Forecast for the fiscal year ending March 31, 2024 | (Reference) | ||||||||
Fiscal year | |||||||||
Automotive | Ceramics | New | Others | Adjustment | Consolidated | ended | |||
components | businesses | March 31, | |||||||
2023 | |||||||||
Millions of yen | |||||||||
Revenue | 497,820 | 98,412 | 4,732 | 7,027 | (992) | 607,000 | 562,559 | ||
Operating profit | 118,937 | 4,461 | (13,601) | 203 | - | 110,000 | 89,219 | ||
Profit before income taxes | 116,000 | 93,384 | |||||||
Profit attributable to | |||||||||
owners of the parent | 81,000 | 66,293 | |||||||
Depreciation | 31,254 | 6,525 | 1,227 | - | - | 39,006 | 39,194 | ||
Capital expenditure | 28,323 | 8,919 | 2,390 | - | - | 39,633 | 31,335 | ||
Yen | |||||||||
Earnings per share (Basic) | 400.65 | 326.09 | |||||||
Dividends per share | 160.00 | 166.00 | |||||||
Note : Assumed exchange rates in the latter half of this fiscal year are; | |||||||||
1 U.S. dollar = 140 Yen | 1 Euro = 150 Yen |
Reason for the revision:
We revised our consolidated financial forecast of revenue for the fiscal year ending March 31, 2024 upward from the previous forecast announced on April 28, 2023. This is because the OEM sales are expected to decrease in some areas. However, for the full year bases, the OEM sales amount are expected to remain resilient. Furthermore, exchange rates shifted to weak yen more than our expectation.
With regards to the operating profit, it will increase compare to the previous forecast according to the following reasons: execution of rising the unit price due to the inflation of labor costs and material costs, and exchange rates shifted to weak yen more than our expectation.
Disclaimer statements:
The above forecast is based on information available at the time of this announcement. Therefore, we cannot guarantee accuracy and completeness of the forecast due to various factors.
- 2 -
Niterra Co., Ltd. (5334)
Financial Statements for the Second Quarter of the Fiscal Year Ending March 31, 2024
Condensed Quarterly Consolidated Statement of Financial Position as of March 31, 2023 and September 30, 2023
Millions of yen | ||||
March 31, 2023 | September 30, 2023 | |||
Assets | ||||
Current assets | ||||
Cash and cash equivalents | 201,628 | 167,612 | ||
Trade and other receivables | 123,620 | 139,245 | ||
Other financial assets | 18,166 | 17,231 | ||
Inventories | 192,308 | 198,756 | ||
Other current assets | 16,347 | 21,915 | ||
Subtotal | 552,071 | 544,760 | ||
Assets held for sale | 15,117 | 595 | ||
Total current assets | 567,188 | 545,355 | ||
Noncurrent assets | ||||
Property, plant and equipment | 223,028 | 223,423 | ||
Goodwill and intangible assets | 45,006 | 52,449 | ||
Right-of-use assets | 10,441 | 10,482 | ||
Investments accounted for using the equity method | 7,540 | 14,591 | ||
Other financial assets | 35,398 | 89,646 | ||
Deferred tax assets | 12,628 | 12,272 | ||
Other noncurrent assets | 1,870 | 1,830 | ||
Total noncurrent assets | 335,913 | 404,697 | ||
Total assets | 903,102 | 950,052 | ||
- 3 -
Niterra Co., Ltd. (5334)
Financial Statements for the Second Quarter of the Fiscal Year Ending March 31, 2024
Millions of yen | ||||
March 31, 2023 | September 30, 2023 | |||
Liabilities and equity | ||||
Liabilities | ||||
Current liabilities | ||||
Trade and other payables | 56,569 | 56,395 | ||
Bonds and borrowings | 29,686 | 42,161 | ||
Other financial liabilities | 3,879 | 4,442 | ||
Income taxes payable | 15,133 | 19,817 | ||
Other current liabilities | 46,349 | 48,508 | ||
Subtotal | 151,617 | 171,326 | ||
Liabilities directly associated with assets held for sale | 2,290 | - | ||
Total current liabilities | 153,907 | 171,326 | ||
Noncurrent liabilities | ||||
Bonds and borrowings | 156,735 | 135,700 | ||
Net defined benefit liabilities | 11,693 | 11,856 | ||
Other financial liabilities | 8,336 | 8,344 | ||
Deferred tax liabilities | 3,208 | 3,370 | ||
Other noncurrent liabilities | 5,480 | 4,826 | ||
Total noncurrent liabilities | 185,455 | 164,098 | ||
Total liabilities | 339,363 | 335,424 | ||
Equity | ||||
Capital stock | 47,869 | 47,869 | ||
Capital surplus | 55,522 | 55,518 | ||
Retained earnings | 420,195 | 449,544 | ||
Treasury stock | (1,727) | (6,753) | ||
Other components of equity | 41,815 | 67,748 | ||
Total equity attributable to owners of the parent | 563,675 | 613,927 | ||
Noncontrolling interests | 63 | 701 | ||
Total equity | 563,739 | 614,628 | ||
Total liabilities and equity | 903,102 | 950,052 | ||
- 4 -
Niterra Co., Ltd. (5334)
Financial Statements for the Second Quarter of the Fiscal Year Ending March 31, 2024
Condensed Quarterly Consolidated Statement of
Profit or Loss and Comprehensive Income
Condensed Quarterly Consolidated Statement of Profit or Loss for the Six Months Ended September 30, 2022 and 2023
Millions of yen | |||||
2022 | 2023 | ||||
Revenue | 279,072 | 301,152 | |||
Cost of sales | (176,787) | (189,137) | |||
Gross profit | 102,285 | 112,015 | |||
Selling, general and administrative expenses | (51,071) | (56,894) | |||
Share of profit of investments accounted for using the equity method | 358 | 775 | |||
Other income | 2,789 | 1,858 | |||
Other expenses | (762) | (744) | |||
Operating profit | 53,599 | 57,009 | |||
Finance income | 8,758 | 10,326 | |||
Finance expenses | (643) | (1,759) | |||
Profit before income taxes | 61,715 | 65,576 | |||
Income tax expenses | (18,951) | (19,522) | |||
Profit | 42,764 | 46,054 | |||
Profit attributable to owners of the parent | 43,085 | 46,186 | |||
Profit attributable to noncontrolling interests | (321) | (132) | |||
Yen | |||||
Earnings per share | |||||
- Basic | 211.94 | 227.64 | |||
- Diluted | - | - |
- 5 -
Niterra Co., Ltd. (5334)
Financial Statements for the Second Quarter of the Fiscal Year Ending March 31, 2024
Condensed Quarterly Consolidated Statement of Profit or Loss for the Three Months Ended September 30, 2022 and 2023
Millions of yen | |||||
2022 | 2023 | ||||
Revenue | 141,966 | 153,201 | |||
Cost of sales | (90,680) | (96,833) | |||
Gross profit | 51,286 | 56,367 | |||
Selling, general and administrative expenses | (26,428) | (29,240) | |||
Share of profit of investments accounted for using the equity method | 164 | 377 | |||
Other income | 1,209 | 1,385 | |||
Other expenses | (257) | (325) | |||
Operating profit | 25,974 | 28,564 | |||
Finance income | 1,617 | 1,643 | |||
Finance expenses | (361) | (758) | |||
Profit before income taxes | 27,230 | 29,449 | |||
Income tax expenses | (7,995) | (7,423) | |||
Profit | 19,234 | 22,025 | |||
Profit attributable to owners of the parent | 19,379 | 22,106 | |||
Profit attributable to noncontrolling interests | (144) | (80) | |||
Yen | |||||
Earnings per share | |||||
- Basic | 95.32 | 109.18 | |||
- Diluted | - | - | |||
- 6 -
Niterra Co., Ltd. (5334)
Financial Statements for the Second Quarter of the Fiscal Year Ending March 31, 2024
Condensed Quarterly Consolidated Statement of Comprehensive Income for the Six Months Ended September 30, 2022 and 2023
Millions of yen | ||||
2022 | 2023 | |||
Profit | 42,764 | 46,054 | ||
Other comprehensive income (net of tax effects) | ||||
Items that will not be reclassified to profit or loss | ||||
Financial assets measured at fair value through other comprehensive | (2,260) | 2,867 | ||
income | ||||
Remeasurements of defined benefit plans | (0) | 91 | ||
Share of other comprehensive income of investments accounted for | 4 | 63 | ||
using the equity method | ||||
Total of items that will not be reclassified to profit or loss | (2,255) | 3,022 | ||
Items that may be reclassified subsequently to profit or loss | ||||
Exchange differences on translation of foreign operations | 19,333 | 22,438 | ||
Share of other comprehensive income of investments accounted for | (15) | 703 | ||
using the equity method | ||||
Total of items that may be reclassified subsequently to profit or loss | 19,318 | 23,142 | ||
Total other comprehensive income (net of tax effects) | 17,062 | 26,164 | ||
Comprehensive income | 59,827 | 72,218 | ||
Comprehensive income attributable to: | ||||
Owners of the parent | 60,093 | 72,200 | ||
Noncontrolling interests | (266) | 17 |
Condensed Quarterly Consolidated Statement of Comprehensive Income for the Three Months Ended September 30, 2022 and 2023
Millions of yen | ||||
2022 | 2023 | |||
Profit | 19,234 | 22,025 | ||
Other comprehensive income (net of tax effects) | ||||
Items that will not be reclassified to profit or loss | ||||
Financial assets measured at fair value through other comprehensive | (320) | 1,007 | ||
income | ||||
Remeasurements of defined benefit plans | 0 | (0) | ||
Share of other comprehensive income of investments accounted for | (0) | 68 | ||
using the equity method | ||||
Total of items that will not be reclassified to profit or loss | (321) | 1,075 | ||
Items that may be reclassified subsequently to profit or loss | ||||
Exchange differences on translation of foreign operations | 4,909 | 3,767 | ||
Share of other comprehensive income of investments accounted for | (293) | 89 | ||
using the equity method | ||||
Total of items that may be reclassified subsequently to profit or loss | 4,615 | 3,857 | ||
Total other comprehensive income (net of tax effects) | 4,293 | 4,932 | ||
Comprehensive income | 23,528 | 26,958 | ||
Comprehensive income attributable to: | ||||
Owners of the parent | 23,721 | 27,013 | ||
Noncontrolling interests | (192) | (54) |
- 7 -
Niterra Co., Ltd. (5334)
Financial Statements for the Second Quarter of the Fiscal Year Ending March 31, 2024
Condensed Quarterly Consolidated Statement of Changes in Equity
For the six months ended September 30, 2022
Millions of yen | ||||||||||||
Equity attributable to owners of the parent | ||||||||||||
Other components of equity | ||||||||||||
Financial | Total equity | Noncontroll- | ||||||||||
assets | Exchange | Total equity | ||||||||||
Remeasure- | attributable to | ing interests | ||||||||||
Capital | Retained | Treasury | measured at | differences | Total other | |||||||
fair value | ments of | owners of the | ||||||||||
Capital stock | on translation | components | ||||||||||
surplus | earnings | stock | through other | defined | parent | |||||||
of foreign | of equity | |||||||||||
comprehen- | operations | benefit plans | ||||||||||
sive income | ||||||||||||
Balance at April 1, 2022 | ||||||||||||
47,869 | 54,684 | 375,968 | (1,754) | 22,394 | 15,156 | - | 37,550 | 514,317 | 3,670 | 517,988 | ||
Profit | ||||||||||||
43,085 | - | 43,085 | (321) | 42,764 | ||||||||
Other comprehensive income | (2,255) | 19,263 | (0) | 17,007 | 17,007 | 54 | 17,062 | |||||
Total comprehensive income | ||||||||||||
- | - | 43,085 | - | (2,255) | 19,263 | (0) | 17,007 | 60,093 | (266) | 59,827 | ||
Purchase of treasury stock | ||||||||||||
(0) | - | (0) | (0) | |||||||||
Dividends | (27,927) | - | (27,927) | (115) | (28,042) | |||||||
Share-based remuneration | 79 | 24 | - | 103 | 103 | |||||||
transactions | ||||||||||||
Transfer from other components of | (102) | 102 | 0 | 102 | - | - | ||||||
equity to retained earnings | ||||||||||||
Total transactions with owners | ||||||||||||
- | 79 | (28,029) | 23 | 102 | - | 0 | 102 | (27,825) | (115) | (27,940) | ||
Balance at September 30, 2022 | ||||||||||||
47,869 | 54,763 | 391,024 | (1,731) | 20,240 | 34,420 | - | 54,661 | 546,586 | 3,288 | 549,874 | ||
- 8 -
Niterra Co., Ltd. (5334)
Financial Statements for the Second Quarter of the Fiscal Year Ending March 31, 2024
For the six months ended September 30, 2023
Balance at April 1, 2023 Profit
Other comprehensive income Total comprehensive income Purchase of treasury stock Dividends
Share-based remuneration transactions
Changes in ownership interest in a subsidiary
Capital increase of subsidiary with noncontrolling interests
Transfer from other components of equity to retained earnings
Total transactions with owners
Balance at September 30, 2023
Millions of yen | ||||||||||
Equity attributable to owners of the parent | ||||||||||
Other components of equity | ||||||||||
Financial | Total equity | Noncontroll- | ||||||||
assets | Exchange | Remeasure- | Total equity | |||||||
Total other | attributable to | ing interests | ||||||||
measured at | differences | |||||||||
Capital stock | Capital | Retained | Treasury | fair value | on translation | ments of | components | owners of the | ||
surplus | earnings | stock | through other | of foreign | defined | of equity | parent | |||
benefit plans | ||||||||||
comprehen- | operations | |||||||||
sive income | ||||||||||
47,869 | 55,522 | 420,195 | (1,727) | 14,878 | 26,937 | - | 41,815 | 563,675 | 63 | 563,739 |
46,186 | - | 46,186 | (132) | 46,054 | ||||||
2,930 | 22,991 | 91 | 26,014 | 26,014 | 150 | 26,164 | ||||
- | - | 46,186 | - | 2,930 | 22,991 | 91 | 26,014 | 72,200 | 17 | 72,218 |
(5,058) | - | (5,058) | (5,058) | |||||||
(16,919) | - | (16,919) | (100) | (17,020) | ||||||
47 | 32 | - | 79 | 79 | ||||||
(51) | - | (51) | (73) | (124) | ||||||
- | - | 793 | 793 | |||||||
82 | 9 | (91) | (82) | - | - | |||||
- | (3) | (16,837) | (5,026) | 9 | - | (91) | (82) | (21,949) | 619 | (21,329) |
47,869 | 55,518 | 449,544 | (6,753) | 17,818 | 49,929 | - | 67,748 | 613,927 | 701 | 614,628 |
- 9 -
Niterra Co., Ltd. (5334)
Financial Statements for the Second Quarter of the Fiscal Year Ending March 31, 2024
Condensed Quarterly Consolidated Statement of Cash Flows for the Six Months Ended September 30, 2022 and 2023
Millions of yen | |||||
2022 | 2023 | ||||
Cash flows from operating activities | |||||
Profit before income taxes | 61,715 | 65,576 | |||
Depreciation and amortization | 19,402 | 19,491 | |||
Foreign exchange gains | (8,700) | (10,638) | |||
Interest and dividends income | (1,230) | (1,998) | |||
Interest expenses | 607 | 1,313 | |||
Share of profit of investments accounted for using the equity method | (358) | (775) | |||
Loss (gain) on disposal of noncurrent assets | (1,161) | 1,041 | |||
Gain on sale of shares of subsidiaries and associates | - | (241) | |||
(Increase) decrease in trade and other receivables | 1,434 | (4,663) | |||
Decrease (increase) in inventories | (24,242) | 6,961 | |||
Decrease in trade and other payables | (1,282) | (3,370) | |||
(Decrease) increase in net defined benefit liabilities | 122 | (9) | |||
Other, net | (2,196) | (4,453) | |||
Subtotal | 44,110 | 68,234 | |||
Dividends received | 547 | 596 | |||
Interest received | 541 | 1,352 | |||
Interest paid | (656) | (1,267) | |||
Income taxes paid | (18,117) | (15,042) | |||
Net cash provided by operating activities | 26,425 | 53,873 | |||
Cash flows from investing activities | |||||
Net (increase) decrease in time deposits | 2,758 | (1,554) | |||
Net decrease in short-term investment securities | - | 4,041 | |||
Purchase of property, plant and equipment | (10,691) | (13,817) | |||
Proceeds from sale of property, plant and equipment | 3,278 | 709 | |||
Purchase of intangible assets | (1,912) | (1,363) | |||
Purchase of shares of subsidiaries resulting in change in scope of | - | (4,142) | |||
consolidation | |||||
Proceeds from sale of shares of subsidiaries resulting in change in | - | 3,670 | |||
scope of consolidation | |||||
Purchase of investment securities | (1,484) | (50,287) | |||
Proceeds from sale and redemption of investment securities | - | 542 | |||
Other, net | 215 | 483 | |||
Net cash used in investing activities | (7,837) | (61,718) | |||
Cash flows from financing activities | |||||
Net increase in short-term loans payable | 4,710 | 193 | |||
Proceeds from long-term loans payable | 500 | 1,820 | |||
Repayments of long-term loans payable | (6,068) | (2,980) | |||
Redemption of bonds | - | (10,000) | |||
Repayments of lease liabilities | (1,682) | (1,892) | |||
Purchase of treasury stock | (0) | (5,058) | |||
Dividends paid to owners of the parent | (10,999) | (16,896) | |||
Dividends paid to noncontrolling interests | (115) | (100) | |||
Capital contribution from noncontrolling interests | - | 793 | |||
Other, net | - | (124) | |||
Net cash used in financing activities | (13,655) | (34,245) | |||
Effect of exchange rate change on cash and cash equivalents | 4,015 | 5,597 | |||
Net (decrease) increase in cash and cash equivalents | 8,948 | (36,493) | |||
Cash and cash equivalents at the beginning of the period | 172,585 | 201,628 | |||
Net increase in cash and cash equivalents | - | 2,477 | |||
resulting from transfer to assets held for sale | |||||
Cash and cash equivalents at the end of the period | 181,533 | 167,612 |
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NGK Spark Plug Co. Ltd. published this content on 30 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 October 2023 07:46:41 UTC.