Sakata Seed : Apr 10, 2023 Summary of Consolidated Financial Results for the Nine Months Ended February 28, 2023（261.7KB）

Translation

Notice: This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the event of any discrepancy between this translated document and the original Japanese document, the latter shall prevail.

Summary of Consolidated Financial Results for the Nine Months Ended February 28, 2023 (Based on Japanese GAAP)

									April 10, 2023
Company name:	SAKATA SEED CORPORATION
Stock exchange listing:	Tokyo
Stock code:	1377	URL	https://corporate.sakataseed.co.jp/
Representative:	President and Representative Director			Hiroshi Sakata
	Executive Officer
Inquiries:	Deputy Senior General Manager of General Administration Div.	Takenori Hoshi		TEL [phone]
	General Manager of Finance Dept.
Scheduled date to file Quarterly Securities Report:			April 11, 2023
Scheduled date to commence dividend payments:			-
Preparation of supplementary material on quarterly financial results:		Yes
Holding of quarterly financial results meeting:			No
						(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the nine months ended February 28, 2023 (from June 1, 2022 to February 28, 2023)
(1) Consolidated operating results (cumulative)		(% indicates changes from the previous corresponding period.)
			Net sales		Operating profit	Ordinary profit		Profit attributable to
					owners of parent
			Millions of yen	%	Millions of yen	%	Millions of yen	%	Millions of yen	%
Nine months ended February 28, 2023	54,635	9.5	8,213	(7.3)	9,135	(3.2)	6,522	(3.5)
Nine months ended February 28, 2022	49,883	-	8,863	-	9,441	-	6,760	-

(Note)From the beginning of the previous year ending May 31, 2022, "Accounting Standard for Revenue Recognition" (ASBJ Statement No.29,March 31, 2020) etc. have been adopted. Therefore, the percentage compared to the previous corresponding periods for the nine months ended February 28, 2022 are not stated.

	Earnings per share	Diluted earnings per share
	Yen		Yen
Nine months ended February 28, 2023	147.06		-
Nine months ended February 28, 2022	152.19		-
(2) Consolidated financial position
	Total assets	Net assets	Equity ratio
	Millions of yen	Millions of yen	%
As of February 28, 2023	154,103	133,047	86.1
As of May 31, 2022	147,423	125,466	84.9

2. Cash dividends
					Annual dividends per share
		1st quarter-end	2nd quarter-end	3rd quarter-end	Fiscal year-end	Total
			Yen		Yen			Yen	Yen	Yen
Year ended May 31, 2022			-		18.00				-	27.00	45.00
Year ending May 31, 2023			-		20.00				-
Year ending May 31, 2023 (Forecast)									30.00	50.00
(Note) Revision of the latest forecast of cash dividends: No
3. Forecast of consolidated financial results for the year ending May 31, 2023 (from June 1, 2022 to May 31, 2023)
					(% indicates changes from the previous corresponding period.)
	Net sales		Operating profit	Ordinary profit		Profit attributable to	Earnings per share
				owners of parent
Millions of yen	%	Millions of yen	%	Millions of yen	%	Millions of yen	%	Yen
Full year	78,000	6.8	11,300	1.1	11,800	(2.6)		8,500	(30.6)	191.67
(Note) Revision of the latest forecast of consolidated financial results: No
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4. Notes

1. Changes in significant subsidiaries during the nine months ended February 28, 2023 (changes in specified subsidiaries resulting in the change in scope of consolidation):
2. Application of special accounting methods for preparing quarterly consolidated financial statements:

No

Yes

(3) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements
Changes in accounting policies due to revisions to accounting standards and other regulations:	Yes
Changes in accounting policies due to other reasons:	No
Changes in accounting estimates:	No
Restatement of prior period financial statements:	No

(4) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of February 28, 2023	47,410,750	shares	As of May 31, 2022	47,410,750	shares
Number of treasury shares at the end of the period
As of February 28, 2023	3,060,610	shares	As of May 31, 2022	3,063,072	shares
Average number of shares during the period (cumulative from the beginning of the fiscal year)
Nine months ended February 28, 2023	44,350,355	shares	Nine months ended February 28, 2022	44,421,396	shares

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Quarterly consolidated financial statements

Consolidated balance sheets

		(Millions of yen)
	As of May 31, 2022	As of February 28, 2023
Assets
Current assets
Cash and deposits	28,069	28,127
Notes and accounts receivable	18,181	16,231
- trade, and contract assets
Merchandise and finished goods	32,534	36,560
Work in process	4,214	3,850
Raw materials and supplies	868	989
Costs on construction contracts in progress	37	72
Other	5,768	6,628
Allowance for doubtful accounts	(444)	(441)
Total current assets	89,229	92,019
Non-current assets
Property, plant and equipment
Buildings and structures	34,844	35,442
Accumulated depreciation	(22,150)	(22,723)
Buildings and structures, net	12,694	12,719
Machinery, equipment and vehicles	16,813	17,776
Accumulated depreciation	(11,561)	(12,520)
Machinery, equipment and vehicles, net	5,251	5,255
Land	13,995	13,920
Construction in progress	2,115	4,161
Other	6,972	9,204
Accumulated depreciation	(4,523)	(5,712)
Other, net	2,449	3,492
Total property, plant and equipment	36,506	39,549
Intangible assets	4,405	4,053
Investments and other assets
Investment securities	14,077	14,916
Long-term loans receivable	21	22
Deferred tax assets	2,101	2,313
Other	1,093	1,241
Allowance for doubtful accounts	(12)	(11)
Total investments and other assets	17,281	18,481
Total non-current assets	58,193	62,084
Total assets	147,423	154,103

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		(Millions of yen)
	As of May 31, 2022	As of February 28, 2023
Liabilities
Current liabilities
Notes and accounts payable - trade	5,208	5,257
Short-term borrowings	937	519
Income taxes payable	2,488	1,648
Other	7,471	6,568
Total current liabilities	16,105	13,993
Non-current liabilities
Long-term borrowings	553	600
Deferred tax liabilities	1,194	1,653
Retirement benefit liability	1,590	1,560
Provision for retirement benefits for directors	45	46
(and other officers)
Provision for share awards for directors	118	142
(and other officers)
Other	2,348	3,058
Total non-current liabilities	5,850	7,061
Total liabilities	21,956	21,055
Net assets
Shareholders' equity
Share capital	13,500	13,500
Capital surplus	10,793	10,793
Retained earnings	101,225	105,567
Treasury shares	(5,393)	(5,384)
Total shareholders' equity	120,125	124,477
Accumulated other comprehensive income
Valuation difference on available-for-sale	5,415	5,972
securities
Foreign currency translation adjustment	(109)	2,489
Remeasurements of defined benefit plans	(301)	(273)
Total accumulated other comprehensive income	5,004	8,188
Non-controlling interests	336	382
Total net assets	125,466	133,047
Total liabilities and net assets	147,423	154,103

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Consolidated statements of income (cumulative) and consolidated statements of comprehensive income (cumulative)

Consolidated statements of income (cumulative)

		(Millions of yen)
	Nine months ended	Nine months ended
	February 28, 2022	February 28, 2023
Net sales	49,883	54,635
Cost of sales	18,612	20,808
Gross profit	31,270	33,826
Selling, general and administrative expenses	22,406	25,613
Operating profit	8,863	8,213
Non-operating income
Interest income	128	422
Dividend income	263	306
Rental income	176	114
Foreign exchange gains	40	361
Other	243	367
Total non-operating income	853	1,573
Non-operating expenses
Interest expenses	67	50
Losses on net monetary position	-	272
Share of loss of entities accounted for using equity	56	69
method
Other	152	258
Total non-operating expenses	276	650
Ordinary profit	9,441	9,135
Extraordinary income
Gain on sale of investment securities	30	29
Gain on sale of non-current assets	258	-
Total extraordinary income	289	29
Extraordinary losses
Loss on valuation of investment securities	64	-
Impairment losses	9	10
Settlement payments	127	-
Total extraordinary losses	200	10
Profit before income taxes	9,529	9,155
Income taxes	2,716	2,563
Profit	6,813	6,592
Profit attributable to non-controlling interests	52	69
Profit attributable to owners of parent	6,760	6,522

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