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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  Nitto Denko Corporation    6988   JP3684000007

NITTO DENKO CORPORATION

(6988)
  Report
End-of-day quote. End-of-day quote Tokyo Stock Exchange - 01/15
9290 JPY   -2.21%
2020NITTO DENKO : Cosemi Secures $8M in Strategic Funding Round
AQ
2020NITTO DENKO CORPORATION : Half-year results
CO
2020NITTO DENKO CORPORATION : half-yearly earnings release
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Nitto Denko : Summary of Consolidated Financial Statements for the First Quarter Ended June 30, 2020 (IFRS Basis)

07/27/2020 | 03:05am EST

Date: July 27, 2020

Preliminary

Summary of Consolidated Financial Statements

for the First Quarter Ended June 30, 2020 (IFRS Basis)

Listed company name:

Nitto Denko Corporation

Stock exchange listing:

First Section of Tokyo Stock Exchange

Code Number:

6988

URL

https://www.nitto.com/

Company Representative:

Hideo Takasaki, President

Contact Person:

Kenjiro Asuma, Vice President, Corporate Strategy Management Div.

Phone:

+81-6-7632-2101

Filing date of quarterly financial statements: Estimated starting date of dividend paying: Preparation of supplementary explanatory materials: Holding of quarterly earnings release conference:

July 29, 2020

-

Yes

Yes (for investment analysts and institutional investors)

(All monetary values noted herein are rounded down to the nearest million yen)

1. Consolidated financial results of the first quarter ended June 30, 2020 (April 1, 2020 through June 30, 2020)

(1) Operating results

(% of change from same period in the previous year)

Net income

Total

Operating

Income before

attributable to

Revenue

Net income

comprehensive

income

income taxes

owners of the

income

parent company

Millions

%

Millions

%

Millions

%

Millions

%

Millions

%

Millions

%

of yen

of yen

of yen

of yen

of yen

of yen

First quarter ended

163,310

-7.9

17,442

17.2

17,230

16.0

12,053

17.1

12,038

17.1

11,307

-

June 30, 2020

First quarter ended

177,238

-8.1

14,877

-43.9

14,848

-42.9

10,293

-40.1

10,282

-40.1

-1,080

-

June 30, 2019

Basic earnings per share

Diluted earnings per share

Yen

Yen

First quarter ended

80.03

79.97

June 30, 2020

First quarter ended

65.55

65.50

June 30, 2019

(2) Financial position

Equity attributable to owners

Ratio of equity attributable to

Total assets

Total equity

owners of the parent company

of the parent company

to total assets

Millions of yen

Millions of yen

Millions of yen

%

June 30, 2020

876,712

659,547

658,797

75.1

March 31, 2020

921,900

690,204

689,446

74.8

2. Dividends

Record Date

Dividends per share

1Q

2Q

3Q

Year-end

Annual

yen

yen

yen

yen

yen

March, 2020

-

100.00

-

100.00

200.00

March, 2021

-

March, 2021 (Forecast)

100.00

-

100.00

200.00

(Note) Revision of dividend forecast in the current quarter: Yes

- 1 -

3. Forecast for fiscal year ending March 31, 2021 (April 1, 2020 through March 31, 2021)

(% of change from same period in the previous year)

Net income

Revenue

Operating income

Income before

Net income

attributable to

Basic earnings

income taxes

owners of the

per share

parent company

Millions

%

Millions

%

Millions

%

Millions

%

Millions

%

yen

of yen

of yen

of yen

of yen

of yen

First half

350,000

-7.5

35,000

-14.8

35,000

-14.7

25,000

-14.3

25,000

-14.2

162.42

Annual

675,000

-8.9

64,000

-8.2

64,000

-7.3

45,000

-4.7

45,000

-4.6

301.95

(Note) Revision of consolidated forecast in the current quarter: Yes

  • Others
    1. Changes in significant subsidiaries during the first quarter ended June 30, 2020: No
    2. Changes in accounting policies applied and changes in accounting estimates
      1. Changes in accounting policies required by IFRS: No
      2. Changes in accounting policies other than the above: No
      3. Changes in accounting estimates: No
    3. Number of shares outstanding (Common stock)
      1. Number of shares outstanding at the end of the period (including treasury stock)

June 30, 2020:

158,758,428

March 31, 2020: 158,758,428

2.

Number of treasury stock at the end of the period

June 30, 2020:

9,725,655

March 31, 2020: 4,839,755

3.

Average number of outstanding shares during the period (cumulative from the beginning of the period)

April-June 2020: 150,422,040

April-June 2019: 156,851,102

  • These quarterly financial results are not subject to quarterly review procedures by Certified Public Accountants or audit firm.
  • Explanations for adequate utilization of the forecast and other special matters

The forward-looking statements shown in this report, including the forecast, are prepared based on information available to the Company and on certain assumptions deemed reasonable as of the issuing date of the report. Consequently, the statements herein do not constitute promises regarding actual results by the Company. Actual results may differ materially from forecasted figures due to various unknown factors.

- 2 -

(Reference) Segment Information

(Yen in Millions)

First quarter ended June 30, 2019

First quarter ended June 30, 2020

(April 1, 2019

(April 1, 2020

through June 30, 2019)

through June 30, 2020)

Revenue

Revenue

Y-o-Y (%)

Functional Base Products

43,717

40,154

91.9

Industrial Tape

Transportation

36,084

20,746

57.5

Total

79,801

60,900

76.3

Operating income

5,567

1,650

29.6

Information Fine Materials

81,408

85,782

105.4

Optronics

Flexible Printed Circuits

9,794

10,390

106.1

Total

91,203

96,173

105.4

Operating income

11,051

17,717

160.3

Life Science

Revenue

5,856

7,043

120.3

Operating income

-1,424

-518

-

Others

Revenue

7,639

5,392

70.6

Operating income

-26

-1,021

-

Corporate/Elimination

Revenue

-7,261

-6,199

-

Operating income

-290

-385

-

Total

Revenue

177,238

163,310

92.1

Operating income

14,877

17,442

117.2

(Note) With the changes in the management structure that have been made during the fiscal year 2020 under review, partial changes have been made to reporting segments.

Such change has also been reflected in the figures for the first quarter ended June 30, 2019.

- 3 -

2. Quarterly Consolidated Financial Statements

(1) Quarterly consolidated statements of financial position

(Yen in Millions)

March 31, 2020

June 30, 2020

(Assets)

Current assets

Cash and cash equivalents

304,922

250,302

Trade and other receivables

154,473

154,102

Inventories

96,124

101,201

Other financial assets

2,642

1,868

Other current assets

17,893

19,391

Total current assets

576,056

526,866

Non-current assets

Property, plant and equipment

266,948

267,462

Right-of-use assets

16,266

16,640

Goodwill

4,852

4,783

Intangible assets

10,198

11,184

Investments accounted for using equity method

206

1,082

Financial assets

7,242

8,714

Deferred tax assets

25,694

25,585

Other non-current assets

14,434

14,392

Total non-current assets

345,843

349,845

Total assets

921,900

876,712

- 4 -

(Yen in Millions)

March 31, 2020

June 30, 2020

Liabilities and equity

(Liabilities)

Current liabilities

Trade and other payables

90,811

85,783

Bonds and borrowings

90

88

Income tax payables

10,036

4,494

Other financial liabilities

24,050

21,853

Other current liabilities

36,907

34,537

Total current liabilities

161,895

146,758

Non-current liabilities

Other financial liabilities

18,976

18,680

Defined benefit liabilities

48,272

48,845

Deferred tax liabilities

284

635

Other non-current liabilities

2,266

2,245

Total non-current liabilities

69,800

70,406

Total liabilities

231,696

217,164

(Equity)

Equity attributable to owners of the parent company

Share capital

26,783

26,783

Capital surplus

50,271

50,081

Retained earnings

643,521

640,167

Treasury stock

-27,505

-53,921

Other components of equity

-3,624

-4,313

Total equity attributable to owners of the parent

689,446

658,797

company

Non-controlling interests

757

750

Total equity

690,204

659,547

Total liabilities and equity

921,900

876,712

- 5 -

  1. Quarterly consolidated statements of income and quarterly consolidated statements of comprehensive income (Quarterly consolidated statements of income)

(Yen in Millions)

First quarter ended June 30, 2019

First quarter ended June 30, 2020

(April 1, 2019

(April 1, 2020

through June 30, 2019)

through June 30, 2020)

Revenue

177,238

163,310

Cost of sales

126,408

112,788

Gross profit

50,830

50,522

Selling, general and administrative expenses

27,767

24,891

Research and development expenses

8,078

8,223

Other income

1,100

1,160

Other expenses

1,208

1,125

Operating income

14,877

17,442

Financial income

290

198

Financial expenses

329

416

Equity in profits (losses) of affiliates

10

5

Income before income taxes

14,848

17,230

Income tax expenses

4,555

5,176

Net income

10,293

12,053

Net income attributable to:

Owners of the parent company

10,282

12,038

Non-controlling interests

11

14

Total

10,293

12,053

Earnings per share attributable to owners of the parent company

Basic earnings per share (yen)

65.55

80.03

Diluted earnings per share (yen)

65.50

79.97

- 6 -

(Quarterly consolidated statements of comprehensive income)

(Yen in Millions)

First quarter ended June 30, 2019

First quarter ended June 30, 2020

(April 1, 2019

(April 1, 2020

through June 30, 2019)

through June 30, 2020)

Net income

10,293

12,053

Other comprehensive income

Items that will not be reclassified to profit or loss

Net gain (loss) on financial assets measured at fair value

-199

125

through other comprehensive income

Items that will be reclassified to profit or loss

Exchange differences on translating foreign operations

-11,167

-869

Net gain (loss) in fair value of cash flow hedges

-0

-1

Share of other comprehensive income of associates

-6

-0

accounted for using equity method

Total other comprehensive income

-11,373

-745

Total comprehensive income

-1,080

11,307

Total comprehensive income attributable to:

Owners of the parent company

-1,089

11,292

Non-controlling interests

9

14

Total

-1,080

11,307

- 7 -

(3) Quarterly consolidated statements of changes in equity

For the first quarter ended June 30, 2019 (April 1, 2019 through June 30, 2019)

(Yen in Millions)

Equity attributable to owners of the parent company

Non-

Share

Capital

Retained

Treasury

Other

components

Total

controlling

Total equity

capital

surplus

earnings

stock

of equity

interests

Balance as of April 1,

26,783

50,319

622,025

-11,081

12,395

700,443

744

701,187

2019

Net income

-

-

10,282

-

-

10,282

11

10,293

Other comprehensive

-

-

-

-

-11,372

-11,372

-1

-11,373

income

Total comprehensive

-

-

10,282

-

-11,372

-1,089

9

-1,080

income

Share-based payment

-

-37

-

-

48

11

-

11

transactions

Dividends

-

-

-14,116

-

-

-14,116

-23

-14,140

Changes in treasury

-

11

-

25

-

37

-

37

stock

Total transactions with

-

-25

-14,116

25

48

-14,068

-23

-14,091

owners

Balance as of June 30,

26,783

50,294

618,190

-11,055

1,072

685,285

730

686,015

2019

For the first quarter ended June 30, 2020 (April 1, 2020 through June 30, 2020)

(Yen in Millions)

Equity attributable to owners of the parent company

Non-

Share

Capital

Retained

Treasury

Other

components

Total

controlling

Total equity

capital

surplus

earnings

stock

of equity

interests

Balance as of April 1,

26,783

50,271

643,521

-27,505

-3,624

689,446

757

690,204

2020

Net income

-

-

12,038

-

-

12,038

14

12,053

Other comprehensive

-

-

-

-

-745

-745

-0

-745

income

Total comprehensive

-

-

12,038

-

-745

11,292

14

11,307

income

Share-based payment

-

-200

-

-

56

-144

-

-144

transactions

Dividends

-

-

-15,391

-

-

-15,391

-22

-15,414

Changes in treasury

-

10

-

-26,415

-

-26,405

-

-26,405

stock

Total transactions with

-

-190

-15,391

-26,415

56

-41,941

-22

-41,963

owners

Balance as of June 30,

26,783

50,081

640,167

-53,921

-4,313

658,797

750

659,547

2020

- 8 -

(4) Quarterly consolidated statements of cash flows

(Yen in Millions)

First quarter ended June 30, 2019

First quarter ended June 30, 2020

(April 1, 2019

(April 1, 2020

through June 30, 2019)

through June 30, 2020)

Cash flows from operating activities

Income before income taxes

14,848

17,230

Depreciation and amortization

12,331

11,840

Impairment losses

-

63

Increase (decrease) in defined benefit liabilities

708

559

Decrease (increase) in trade and other receivables

1,553

-28

Decrease (increase) in inventories

-7,057

-5,161

Increase (decrease) in trade and other payables

1,400

-4,940

Interest and dividend income

244

190

Interest expenses paid

-147

-180

Income taxes (paid) refunded

-5,771

-11,301

Others

-3,384

-3,187

Net cash provided by (used in) operating activities

14,727

5,083

Cash flows from investing activities

Purchase of property, plant and equipment and intangible

-17,264

-15,581

assets

Proceeds from sale of property, plant and equipment and

72

51

intangible assets

Decrease (increase) in time deposits

-1,385

674

Purchase of investment securities

-696

-322

Purchase of shares of subsidiaries and associates

-

-879

Others

0

0

Net cash provided by (used in) investing activities

-19,274

-16,057

Cash flows from financing activities

Net increase (decrease) in short-term loans payable

24

-1

Repayment of finance lease obligations

-1,471

-1,471

Decrease (increase) in treasury stock

-0

-26,605

Cash dividends paid

-14,130

-15,391

Others

-23

-29

Net cash provided by (used in) financing activities

-15,601

-43,499

Effect of exchange rate changes on cash and cash

-2,967

-146

equivalents

Net increase (decrease) in cash and cash equivalents

-23,115

-54,620

Cash and cash equivalents at the beginning of the period

297,682

304,922

Cash and cash equivalents at the end of the period

274,566

250,302

- 9 -

(Segment information)

Information regarding revenue, income, or loss by segments

First quarter ended June 30, 2019 (April 1, 2019 through June 30, 2019)

(Yen in Millions)

Quarterly

Industrial

Optronics

Life Science

Others

Total

Adjustment

consolidated

Tape

statements of

income

Revenue from outside customers

76,092

89,454

4,792

6,647

176,987

251

177,238

Inter-segment revenue

3,709

1,748

1,063

992

7,513

-7,513

-

Total segment revenue

79,801

91,203

5,856

7,639

184,500

-7,261

177,238

Total operating income (loss)

5,567

11,051

-1,424

-26

15,167

-290

14,877

Financial income

290

Financial expenses

-329

Equity in profits (losses) of affiliates

10

Income before income taxes

14,848

(Note) With the changes in the management structure that have been made during the fiscal year 2020 under review, partial changes have been made to reporting segments.

Such change has also been reflected in the figures for the first quarter ended June 30, 2019.

Major products for each segment

Business segment

Major products

Industrial Tape

Functional Base Products (bonding and joining products, protective materials,

processing materials etc.), Automotive Products

Optronics

Information Fine Materials, Flexible Printed Circuits

Life Science

Medical Products

Others

Membrane Products, Other Products

- 10 -

First quarter ended June 30, 2020 (April 1, 2020 through June 30, 2020)

(Yen in Millions)

Quarterly

Industrial

Optronics Life Science

Others

Total

Adjustment

consolidated

Tape

statements of

income

Revenue from outside customers Inter-segment revenue

Total segment revenue

Total operating income (loss) Financial income Financial expenses

Equity in profits (losses) of affiliates Income before income taxes

Major products for each segment

Business segment

Industrial Tape

Optronics

Life Science

Others

57,752

94,510

6,098

4,752

163,113

197

163,310

3,148

1,662

945

640

6,396

-6,396

-

60,900

96,173

7,043

5,392

169,510

-6,199

163,310

1,650

17,717

-518

-1,021

17,827

-385

17,442

198

-416

5

17,230

Major products

Functional Base Products (bonding and joining products, protective materials, processing materials etc.), Automotive Products

Information Fine Materials, Flexible Printed Circuits

Medical Products

Membrane Products, Other Products

- 11 -

Disclaimer

Nitto Denko Corporation published this content on 27 July 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 July 2020 07:05:20 UTC


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Financials
Sales 2021 720 B 6 934 M 6 934 M
Net income 2021 54 877 M 528 M 528 M
Net cash 2021 338 B 3 252 M 3 252 M
P/E ratio 2021 25,6x
Yield 2021 2,12%
Capitalization 1 375 B 13 243 M 13 236 M
EV / Sales 2021 1,44x
EV / Sales 2022 1,38x
Nbr of Employees 25 793
Free-Float 91,9%
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Technical analysis trends NITTO DENKO CORPORATION
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 12
Average target price 7 336,67 JPY
Last Close Price 9 290,00 JPY
Spread / Highest target 4,84%
Spread / Average Target -21,0%
Spread / Lowest Target -40,8%
EPS Revisions
Managers and Directors
NameTitle
Hideo Takasaki President, CEO, COO & Representative Director
Yoichiro Furuse Independent Non-Executive Outside Director
Takashi Hatchoji Independent Non-Executive Outside Director
Nobuhiro Todokoro Director & Managing Executive Officer
Yosuke Miki Director & Managing Executive Officer
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