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 Six Months Ended September 30, 2023 | ||
(Based on Japanese GAAP) | ||
November 8, 2023 | ||
Company name: | Shindengen Electric Manufacturing Co., Ltd | |
Stock exchange listing: | Tokyo | |
Stock code: | 6844 | URL https://www.shindengen.co.jp/ |
Representative: | President | Nobuyoshi Tanaka |
Inquiries: | Manager of Corporate Planning | Isao Matsubara | TEL 048-483-5311 |
Group,Planning Dept. | |||
Scheduled date to file Quarterly Securities Report: | November 10, 2023 | ||
Scheduled date to commence dividend payments: | - | ||
Preparation of supplementary material on quarterly financial results: | Yes | ||
Holding of quarterly financial results meeting: | Yes | (for analysts and institutional investors) |
(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the six months ended September 30, 2023 (from April 1, 2023 to September 30, 2023)
(1) Consolidated operating results (cumulative) | Percentages indicate year-on-year changes | |||||||||
Net sales | Operating profit | Ordinary profit | Profit attributable to | |||||||
owners of parent | ||||||||||
Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | |||
Six months ended September 30, 2023 | 49,602 | 3.1 | 406 | (72.5) | 673 | (70.0) | (958) | - | ||
Six months ended September 30, 2022 | 48,124 | 4.9 | 1,479 | (57.6) | 2,244 | (33.8) | 1,540 | (54.8) | ||
Note: Comprehensive income Six months ended September 30, 2023 | ¥5,995 million | [(12.8)%] | ||||||||
Six months ended September 30, 2022 | ¥6,878 million | [84.1%] |
Earnings per share | Diluted earnings per share | ||||
Yen | Yen | ||||
Six months ended September 30, 2023 | (92.95) | - | |||
Six months ended September 30, 2022 | 149.42 | - | |||
(2) Consolidated financial position | |||||
Total assets | Net assets | Equity ratio | |||
Millions of yen | Millions of yen | % | |||
As of September 30, 2023 | 147,683 | 67,207 | 45.5 | ||
As of March 31, 2023 | 138,092 | 62,539 | 45.3 |
Reference: Equity | As of September 30, 2023 | ¥67,207 | million | ||||
As of March 31, 2023 | ¥62,539 | million | |||||
2. Cash dividends | |||||||
Annual dividends per share | |||||||
1st quarter-end | 2nd quarter-end | 3rd quarter-end | Fiscal year-end | ||||
Yen | Yen | Yen | Yen | ||||
Year ended March 31, 2023 | - | 0.00 | - | 130.00 | |||
Year ending March 31, 2024 | - | 0.00 | |||||
Year ending March 31, 2024 (Forecast) | - | 130.00 |
Note: Revision of cash dividend forecast most recently announced: No
Total
Yen 130.00
130.00
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3. Forecast of consolidated financial results for the year ending March 31, 2024 (from April 1, 2023 to March 31, 2024)
Percentages indicate year-on-year changes
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 | 100,900 | (0.1) | 1,000 | (72.4) | 1,300 | (70.0) | (700) | - | (67.88) |
Note: Revision of consolidated financial results forecast most recently announced: Yes
4. Notes
- Changes in significant subsidiaries during the six months ended September 30, 2023 (changes in specified subsidiaries resulting in the change in scope of consolidation):
- Application of special accounting methods for preparing quarterly consolidated financial statements:
No
No
(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: | No |
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 September 30, 2023 | 10,338,884 | shares | As of March 31, 2023 | 10,338,884 | shares | |
Number of treasury shares at the end of the period | ||||||
As of September 30, 2023 | 25,920 | shares | As of March 31, 2023 | 29,678 | shares | |
Average number of shares during the period (cumulative from the beginning of the fiscal year) | ||||||
Six months ended September 30, 2023 | 10,311,069 | shares | Six months ended September 30, 2022 | 10,308,251 | shares |
- Quarterly financial results reports are exempt from quarterly reviews conducted by certified public accountants or an audit corporation.
-
Explanation of proper use of financial results forecast, and other special matters (Caution concerning forward-looking statements)
The forward-looking statements, including the financial results forecast shown in this document, are based on information currently available to the Company and on certain assumptions deemed to be reasonable by the Company. As such, they do not constitute guarantees by the Company of future performance. Actual performance and other results may differ materially due to various factors.
(How to obtain a copy of the earnings results briefing materials)
The Company plans to hold a meeting for analysts and institutional investors on November 15, 2023 (Wednesday). The earnings results briefing materials distributed at the meeting will be posted promptly on the Company website after the meeting is held.
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Quarterly consolidated financial statements
Consolidated balance sheets
(Millions of yen) | ||
As of March 31, 2023 | As of September 30, 2023 | |
Assets | ||
Current assets | ||
Cash and deposits | 25,147 | 31,870 |
Notes and accounts receivable - trade | 19,421 | 18,222 |
Merchandise and finished goods | 11,318 | 12,205 |
Work in process | 6,085 | 6,919 |
Raw materials and supplies | 17,465 | 19,305 |
Other | 6,026 | 3,871 |
Allowance for doubtful accounts | (23) | (21) |
Total current assets | 85,440 | 92,372 |
Non-current assets | ||
Property, plant and equipment | ||
Buildings and structures, net | 17,287 | 17,076 |
Machinery, equipment and vehicles, net | 9,266 | 9,583 |
Land | 4,357 | 4,442 |
Leased assets, net | 693 | 679 |
Construction in progress | 1,820 | 1,877 |
Other, net | 2,126 | 2,287 |
Total property, plant and equipment | 35,553 | 35,947 |
Intangible assets | ||
Software | 622 | 593 |
Leased assets | 2 | - |
Other | 59 | 50 |
Total intangible assets | 684 | 643 |
Investments and other assets | ||
Investment securities | 14,876 | 17,102 |
Deferred tax assets | 659 | 685 |
Other | 921 | 973 |
Allowance for doubtful accounts | (42) | (41) |
Total investments and other assets | 16,414 | 18,719 |
Total non-current assets | 52,652 | 55,310 |
Total assets | 138,092 | 147,683 |
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(Millions of yen) | ||
As of March 31, 2023 | As of September 30, 2023 | |
Liabilities | ||
Current liabilities | ||
Notes and accounts payable - trade | 17,668 | 17,274 |
Short-term borrowings | 5,895 | 6,180 |
Current portion of bonds payable | 1,500 | 1,275 |
Lease liabilities | 375 | 454 |
Income taxes payable | 239 | 371 |
Provision for bonuses | 965 | 989 |
Asset retirement obligations | 80 | 10 |
Other | 5,737 | 5,122 |
Total current liabilities | 32,462 | 31,677 |
Non-current liabilities | ||
Bonds payable | 2,350 | 1,775 |
Long-term borrowings | 26,780 | 32,395 |
Lease liabilities | 629 | 635 |
Deferred tax liabilities | 2,707 | 3,221 |
Retirement benefit liability | 8,594 | 8,763 |
Provision for product warranties | 1,180 | 1,121 |
Asset retirement obligations | 801 | 818 |
Other | 47 | 67 |
Total non-current liabilities | 43,091 | 48,798 |
Total liabilities | 75,553 | 80,475 |
Net assets | ||
Shareholders' equity | ||
Share capital | 17,823 | 17,823 |
Capital surplus | 7,733 | 7,732 |
Retained earnings | 30,563 | 28,264 |
Treasury shares | (109) | (95) |
Total shareholders' equity | 56,010 | 53,724 |
Accumulated other comprehensive income | ||
Valuation difference on available-for-sale securities | 2,559 | 5,502 |
Foreign currency translation adjustment | 893 | 3,721 |
Remeasurements of defined benefit plans | 3,076 | 4,259 |
Total accumulated other comprehensive income | 6,528 | 13,482 |
Total net assets | 62,539 | 67,207 |
Total liabilities and net assets | 138,092 | 147,683 |
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Consolidated statements of income (cumulative) and consolidated statements of comprehensive income (cumulative)
(Millions of yen) | ||
Six months ended | Six months ended | |
September 30, 2022 | September 30, 2023 | |
Net sales | 48,124 | 49,602 |
Cost of sales | 39,539 | 42,308 |
Gross profit | 8,584 | 7,293 |
Selling, general and administrative expenses | 7,105 | 6,887 |
Operating profit | 1,479 | 406 |
Non-operating income | ||
Interest income | 53 | 123 |
Dividend income | 212 | 203 |
Foreign exchange gains | 695 | 89 |
Share of profit of entities accounted for using equity method | 35 | 48 |
Royalty income | 3 | 2 |
Other | 88 | 80 |
Total non-operating income | 1,088 | 547 |
Non-operating expenses | ||
Interest expenses | 122 | 122 |
Restoration cost | 69 | - |
Other | 130 | 158 |
Total non-operating expenses | 323 | 281 |
Ordinary profit | 2,244 | 673 |
Extraordinary losses | ||
Loss on sale of investment securities | - | 296 |
Total extraordinary losses | - | 296 |
Profit before income taxes | 2,244 | 377 |
Income taxes - current | 805 | 973 |
Income taxes - deferred | (101) | 361 |
Total income taxes | 703 | 1,335 |
Profit (loss) | 1,540 | (958) |
Profit attributable to | ||
Profit (loss) attributable to owners of parent | 1,540 | (958) |
Profit attributable to non-controlling interests | - | - |
Other comprehensive income | ||
Valuation difference on available-for-sale securities | (597) | 2,943 |
Foreign currency translation adjustment | 3,053 | 2,560 |
Remeasurements of defined benefit plans, net of tax | 2,673 | 1,183 |
Share of other comprehensive income of entities accounted | 208 | 267 |
for using equity method | ||
Total other comprehensive income | 5,338 | 6,954 |
Comprehensive income | 6,878 | 5,995 |
Comprehensive income attributable to | ||
Comprehensive income attributable to owners of parent | 6,878 | 5,995 |
Comprehensive income attributable to non-controlling interests | - | - |
5
Notes Pertaining to Going Concern Assumption
None
Notes on Significant Changes in the Amount of Shareholders' Equity
None
6
Segment Information
Year ended September 30, 2023 (April 1, 2023 to September 30, 2023)
1. Net sales, income (loss), identifiable assets/liabilities and other items by reporting segments Millions of yen
Year ended Septeber 30, 2023
Quarterly | |||||||||
Energy | Consolidated | ||||||||
Car | Statements of | ||||||||
Devices | systems & | Other | Adjustments | ||||||
Electronics | Total | Total | Income and | ||||||
Business | solutions | (Notes 1) | (Notes 2) | ||||||
Business | Comprehensive | ||||||||
Business | |||||||||
Income | |||||||||
(Notes 3) | |||||||||
Net Sales | |||||||||
Outside customers | ¥ 16,398 | ¥ 30,765 | ¥ 2,367 | ¥ 49,531 | ¥ 70 | ¥ 49,602 | ¥ | - | ¥ 49,602 |
Inter-segment | 3,605 | 2 | - | 3,608 | - | 3,608 | (3,608) | - | |
Total | 20,004 | 30,768 | 2,367 | 53,140 | 70 | 53,210 | (3,608) | 49,602 | |
Segment income | |||||||||
(loss) | ¥ (196) | ¥ 3,158 | ¥ (285) | ¥ 2,676 | ¥ 23 | ¥ 2,700 | ¥ (2,293) | ¥ 406 | |
Notes: 1. The "Other" category includes activities not included in the reporting segments, such as solenoids.
- ¥ (2,293) million posted under "Adjustments" includes "Corporate expenses" that have not been allocated to each reporting segment. "Corporate expenses" are primarily general and administrative expenses that cannot be attributed to any reporting segment.
- Segment income (loss) is adjusted to the operating income stated on the consolidated statements of income and consolidated statements of comprehensive income.
2.Changes in reporting segments, etc.
The Company's reporting segments comprise product segments based on the business divisions. Effective April 1, 2023, the segmentation of product administration was changed in part.
As a result, the Company changed its reportable segments. Prior to this change, the reportable segments were the Power Device, Car Electronics. Following the change, the reportable segments are the Power Device and Car Electronics and Energy systems & solutions segments.
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Shindengen Electric Manufacturing Co. Ltd. published this content on 14 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 November 2023 14:17:55 UTC.