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    6988   JP3684000007

NITTO DENKO CORPORATION

(6988)
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Quarterly Financial Summary

11/09/2021 | 02:13am EST

Date: November 9, 2021

Summary of Consolidated Financial Statements

for the Second Quarter Ended September 30, 2021 (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:

Yasuhiro Iseyama, Executive Vice President, Director of Corporate Accounting & Finance Division

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:

October 28, 2021

November 26, 2021 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 half ended September 30, 2021 (April 1, 2021 through September 30, 2021)

(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 half ended

425,951

19.1

72,808

71.8

72,648

73.7

52,189

70.7

52,138

70.7

55,584

96.3

September 30, 2021

First half ended

357,737

-5.4

42,367

3.1

41,822

2.0

30,573

4.8

30,544

4.8

28,322

110.4

September 30, 2020

Basic earnings per share

Diluted earnings per share

Yen

Yen

First half ended

352.32

352.14

September 30, 2021

First half ended

204.73

204.59

September 30, 2020

(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

%

September 30, 2021

1,020,799

757,552

756,702

74.1

March 31, 2021

965,901

716,686

715,868

74.1

2. Dividends

Dividends per share

1Q

2Q

3Q

Year-end

Annual

yen

yen

yen

yen

yen

March, 2021

-

100.00

-

100.00

200.00

March, 2022

-

110.00

March, 2022 (Forecast)

-

110.00

220.00

(Note) Revision of dividend forecast in the current quarter: No

3. Forecast for fiscal year ending March 31, 2022 (April 1, 2021 through March 31, 2022)

(% 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

Annual

845,000

11.0

126,000

34.3

126,000

35.0

90,000

28.0

90,000

28.1

608.16

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

  • Others
    1. Changes in significant subsidiaries during the second quarter ended September 30, 2021: 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)

September 30, 2021:

149,758,428

March 31, 2021: 149,758,428

2.

Number of treasury stock at the end of the period

September 30, 2021:

1,756,129

March 31, 2021: 1,792,681

3.

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

April-September 2021: 147,986,175

April-September 2020: 149,194,091

  • 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. For conditions regarding this forecast and precaution for use, please refer to "1. Qualitative Information Regarding Quarterly Settlement of Accounts (3) Explanation of forecasts and other projections" on page 7 of the Attachment to this summary of consolidated financial results.

(Reference) Consolidated financial results of the second quarter (three months) of the fiscal year ending March 31, 2022 (July 1, 2021 through September 30, 2021)

(All monetary values noted herein are rounded down to the nearest million yen) (% of change from same period in the previous year)

Net income

Total

Income before

attributable to

Revenue

Operating income

Net income

comprehensive

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

Second

quarter ended

222,235

14.3

43,088

72.9

43,004

74.9

31,319

69.1

31,293

69.1

32,868

93.2

Sept. 30, 2021

Second

quarter ended

194,427

-3.3

24,925

-5.0

24,592

-6.0

18,520

-1.8

18,506

-1.8

17,014

17.0

Sept. 30, 2020

Basic earnings per share

Diluted earnings per share

Yen

Yen

Second quarter ended Sept. 30, 2021

211.44

211.34

Second quarter ended Sept. 30, 2020

125.07

125.00

(Attached Documents)

Index

1. Qualitative Information Regarding Quarterly Settlement of Accounts...................................................................................

2

(1)

Explanation of operating results........................................................................................................................................

2

(2)

Explanation of financial position.......................................................................................................................................

7

(3)

Explanation of forecasts and other projections..................................................................................................................

7

2. Quarterly Consolidated Financial Statements and Key Notes................................................................................................

8

(1)

Quarterly consolidated statements of financial position....................................................................................................

8

(2)

Quarterly consolidated statements of income and quarterly consolidated statements of comprehensive income............

10

(3)

Quarterly consolidated statements of changes in equity...................................................................................................

12

(4)

Quarterly consolidated statements of cash flows..............................................................................................................

13

(5)

Notes on quarterly consolidated financial statements.......................................................................................................

14

(Notes on going concern assumption).........................................................................................................................

14

(Segment information)................................................................................................................................................

14

(Significant subsequent events)...................................................................................................................................

15

- 1 -

1. Qualitative Information Regarding Quarterly Settlement of Accounts

(1) Explanation of operating results

During the first six months of the fiscal year ending March 31, 2022 (April 1, 2021 through September 30, 2021), economic activities resumed as vaccinations for COVID-19 have been put in place to penetrate. On the other hand, the future outlook remains uncertain due to the spread of infection for new variant of COVID-19, a shortage of semiconductor materials, and rising raw material prices.

In the key markets of Nitto Group (the "Group") under this economic environment, demands of optical films for laptop and tablet device remained firm and materials for smartphone saw increased demands of optical films for OLED, assembling materials, and high-precision circuits. In addition, automotive materials and general industrial materials recovered from the impact of COVID-19 and demand for semiconductor-related materials increased. In businesses related to nucleic acid drug, acceleration of COVID-19 vaccine development has increased the demands for the Group's oligonucleotide contract manufacturing and its related materials. In addition, the Group achieved milestones based on licensing agreements for the new nucleic acid drug development.

In response to COVID-19, the Group is working to continue supplying to customers while prioritizing everyone's health and safety and preventing the spread of infection. The Group will continue to make our utmost efforts to prevent any disruption in the provision of products and services to our customers.

As a result of the above, revenue increased by 19.1% from the same period of the previous year (changes hereafter are given in comparison with the same period of the previous year) to 425,951 million yen. Operating income increased by 71.8% to 72,808 million yen, income before income taxes increased by 73.7% to 72,648 million yen, net income increased by 70.7% to 52,189 million yen, and net income attributable to owners of the parent company increased by 70.7% to 52,138 million yen.

Summary of results by segment

  • Industrial Tape

For Functional Base Products, demand increased compared to the same period of the previous year. Production of high- end smartphones increased and demand for assembly materials grew. From the background of expanding telework, demands increased for ceramic condenser and semiconductor used for electronic devices such as tablet device and server, and thus demands for related materials used in their manufacturing process also increased. In addition, automobile materials, general industry materials, and protective materials for metal plates recovered from the impact of COVID-19 from the same period of the previous fiscal year and demands for these materials increased.

As a result of the above, revenue increased by 24.1% to 165,023 million yen and operating income increased by 146.3% to 20,866 million yen.

  • Optronics

In Information Fine Materials, demand increased compared to the same period of the previous year. The demands of optical films for laptop and tablet device continuously remained strong from the background of expanding telework. In addition, demand for optical films for OLED smartphone increased. As for products used for TV, the Group received royalty payment under the licensing agreements with our business partners as part of the intellectual property strategy.

In Flexible Printed Circuits, demand increased compared to the same period of the previous year. Demand for high- precision circuits grew significantly as the adoption by new models expanded, and the full-scale manufacture of high-end smartphones has begun. Production of hard disk drive (HDD) for high-capacity HDD used in data center increased with its steady demand from a reaction to the impact of COVID-19 in the same period of the previous year.

As a result of the above, revenue increased by 10.7% to 229,973 million yen and operating income increased by 27.3% to 48,087 million yen.

- 2 -

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Nitto Denko Corporation published this content on 09 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 November 2021 07:12:02 UTC.


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Sales 2022 838 B 7 381 M 7 381 M
Net income 2022 93 656 M 824 M 824 M
Net cash 2022 356 B 3 130 M 3 130 M
P/E ratio 2022 14,2x
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EV / Sales 2022 1,15x
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Mean consensus OUTPERFORM
Number of Analysts 14
Last Close Price 8 910,00 JPY
Average target price 10 200,00 JPY
Spread / Average Target 14,5%
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Managers and Directors
Hideo Takasaki President, CEO, COO & Representative Director
Yoichiro Furuse Independent Non-Executive Outside Director
Takashi Hatchoji Independent Non-Executive Outside Director
Tamio Fukuda Independent Non-Executive Outside Director
Nobuhiro Todokoro Executive Officer
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