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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  Taikisha Ltd.    1979   JP3441200007

TAIKISHA LTD.

(1979)
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Taikisha : Financial Report for the First Quarter of the Fiscal Year ending March 31, 2021

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08/11/2020 | 03:04am EDT

Financial Report for the First Quarter of the Fiscal Year ending March 31, 2021

August 11, 2020

The following statements are an English translation of the original Japanese document.

(All financial information has been prepared in accordance with accounting principles generally accepted in Japan.)

Name of company… Taikisha Ltd.

Stock Exchange…… First Section of Tokyo Stock Exchange

Code……………… 1979

Representative……

Koji Kato, President and Representative Director

Contact…………… Masanori Nakagawa, Director, Managing Corporate Officer, Administrative Management

Headquarters Chief Executive

TEL………………

(03)5338 - 5052

URL……………… https://www.taikisha.co.jp/

Scheduled date to submit Quarterly report

August 14, 2020

Scheduled date to commence dividend payments

Supplemental materials prepared for financial results

None

Briefing session of financial results

None

1. Consolidated Operating Performance (April 1, 2020 through June 30, 2020)

(Round down to one million yen)

(1) Consolidated operating results

(% indicates increase ratio over previous year)

Sales

Operating income

Ordinary income

Profit attributable

to owners of parent

Three months ended

million yen

%

million yen

%

million yen

%

million yen

%

June 30, 2020

37,188

(19.8)

932

(59.9)

993

(56.9)

1,482

(15.2)

June 30, 2019

46,394

(5.5)

2,326

(8.9)

2,306

(17.8)

1,748

(0.3)

(Note) Comprehensive income

Three months ended June 30, 2020

1,450

million yen

973.6 %

Three months ended June 30, 2019

135

million yen

(91.4) %

Profit attributable

Profit attributable

to owners of parent

to owners of parent

per share

per share (Diluted)

Three months ended

yen

yen

June 30, 2020

43.52

June 30, 2019

51.33

(2) Consolidated financial position

Total assets

Net assets

Equity capital ratio

As of

million yen

million yen

%

June 30, 2020

201,005

111,736

53.5

March 31, 2020

215,389

112,843

50.2

(Note) Shareholders' Equity

As of June 30, 2020

107,450 million yen

As of March 31, 2020

108,209 million yen

2. Dividends

Dividend per share

1Q

2Q

3Q

Year End

Total

(annually)

Year ended

yen

yen

yen

yen

yen

March 31, 2020

30.00

70.00

100.00

March 31, 2021

Year ending March 31,

2021 (Forecast)

30.00

60.00

90.00

(Note) Revisions to forecast of dividends : Yes

3. Consolidated Earnings Forecast for Fiscal Year Ending March 31, 2021 (April 1, 2020 through March 31, 2021)

(% indicates increase ratio over previous year)

Sales

Operating income

Ordinary income

Profit attributable

Profit attributable

to owners of parent

to owners of parent

per share

million yen

%

million yen

%

million yen

%

million yen

%

yen

Half year

80,500

(23.3)

3,100

(59.0)

3,900

(49.2)

2,900

(46.0)

85.12

Full year

203,000

(9.9)

11,000

(28.8)

12,000

(25.0)

8,000

(12.4)

234.82

(Note) Revisions to forecast of earnings : Yes

―1―

4. Others

  1. Changes in significant subsidiaries during the period

(Changes in specified subsidiaries accompanying changes in scope of consolidation)

: None

(2)

Adoption of particular accounting treatments for quarterly consolidated financial statements

: None

(3)

Changes in accounting policies, changes in accounting estimates and restatements

(i)

Changes in accounting policies due to revisions of accounting standards etc.

: None

(ii)

Changes in accounting policies other than (i)

: None

(iii)

Changes in accounting estimates

: None

(iv)

Restatements

: None

  1. Number of shares issued (common shares)
    1. Number of shares issued at the end of period (including treasury shares)

As of June 30, 2020

35,082,009

shares

As of March 31, 2020

35,082,009

shares

  1. Number of treasury shares at the end of period

As of June 30, 2020

1,013,573

shares

As of March 31, 2020

1,013,573

shares

  1. Average number of shares during the period

Three months ended June 30, 2020

34,068,436

shares

Three months ended June 30, 2019

34,068,716

shares

(Note) The Company has introduced the "Board Benefit Trust (BBT)" as its performance-linked and share-based compensation plan and its own shares remaining in the Trust are included as treasury shares. The number of treasury shares owned by the trust as of June 30, 2020 and as of March 31, 2020 are 136,400 and 136,400, respectively. The average number of treasury shares owned by the trust for three months ended June 30, 2020 and for three months ended June 30, 2019 are 136,400 and 0, respectively.

  • Notice of status of implementation for quarterly review procedures
    This financial report is not subject to quarterly review procedures by certified public accountants or auditing firms.
  • Explanation about the proper use of consolidated forecasts and other notes
    Data and forward-looking statements disclosed herein are based on current information as of today, and may change depending upon various factors. The data and assumptions do not mean guaranteeing accomplishment of goals and projections, and may be changed at any time without notice. Consequently, the Company ask you to use this information at your discretion based upon your own judgment and information you may obtain through other sources. The company will not be liable for any damages that result from the use of this information.

―2―

1 Consolidated Financial Statements

(1) Consolidated Balance Sheets

Millions of yen

As of March 31, 2020

As of June 30, 2020

Assets

Current assets

Cash and deposits

57,626

48,428

Notes receivable, accounts receivable from completed construction

96,726

85,345

contracts and other

Securities

3,500

2,000

Costs on uncompleted construction contracts

3,097

4,401

Raw materials and supplies

358

392

Other

7,979

12,001

Allowance for doubtful accounts

(329)

(246)

Total current assets

168,958

152,324

Non-current assets

Property, plant and equipment

10,493

10,444

Intangible assets

Goodwill

755

738

Other

2,824

2,908

Total intangible assets

3,580

3,646

Investments and other assets

Investment securities

24,388

26,418

Deferred tax assets

655

565

Net defined benefit asset

5,181

5,554

Other

2,187

2,106

Allowance for doubtful accounts

(55)

(54)

Total investments and other assets

32,357

34,590

Total non-current assets

46,430

48,681

Total assets

215,389

201,005

Liabilities

Current liabilities

Notes payable, accounts payable for construction contracts and other

57,623

43,352

Short-term loans payable

6,460

9,037

Income taxes payable

1,481

246

Advances received on uncompleted construction contracts

14,342

16,620

Provision for bonuses

717

Provision for warranties for completed construction

836

738

Provision for loss on construction contracts

289

188

Provision for directors' bonuses

116

Other

12,772

9,668

Total current liabilities

93,924

80,571

Non-current liabilities

Long-term loans payable

1,952

1,189

Deferred tax liabilities

4,497

5,408

Provision for directors' retirement benefits

51

32

Provision for share-based remuneration for directors

109

109

Net defined benefit liability

1,706

1,623

Other

305

336

Total non-current liabilities

8,622

8,698

Total liabilities

102,546

89,269

―3―

Millions of yen

As of March 31, 2020

As of June 30, 2020

Net assets

Shareholders' equity

Capital stock

6,455

6,455

Capital surplus

5,058

5,058

Retained earnings

90,842

89,931

Treasury shares

(2,593)

(2,593)

Total shareholders' equity

99,762

98,851

Accumulated other comprehensive income

Valuation difference on available-for-sale securities

8,376

9,840

Deferred gains or losses on hedges

(0)

2

Foreign currency translation adjustment

372

(1,193)

Accumulated remeasurements of defined benefit plans

(302)

(51)

Total accumulated other comprehensive income

8,447

8,599

Non-controlling interests

4,633

4,285

Total net assets

112,843

111,736

Total liabilities and net assets

215,389

201,005

―4―

  1. Consolidated Income Statements and Consolidated Statements of Comprehensive Income Consolidated Income Statements

Millions of yen

Three months ended

Three months ended

June 30, 2019

June 30, 2020

Apr. 1, 2019 - Jun. 30, 2019

Apr. 1, 2020 - Jun. 30, 2020

Net sales of completed construction contracts

46,394

37,188

Cost of sales of completed construction contracts

39,104

31,640

Gross profit on completed construction contracts

7,289

5,548

Selling, general and administrative expenses

4,963

4,615

Operating income

2,326

932

Non-operating income

Interest income

68

79

Dividend income

220

230

Real estate rent

26

25

Reversal of allowance for doubtful accounts

0

Other

54

28

Total non-operating income

369

363

Non-operating expenses

Interest expenses

54

37

Rent expenses on real estates

6

4

Foreign exchange losses

234

165

Provision of allowance for doubtful accounts

0

Share of loss of entities accounted for using equity method

76

64

Other

18

30

Total non-operating expenses

389

303

Ordinary income

2,306

993

Extraordinary income

Gain on disposal of non-current assets

1

594

Total extraordinary income

1

594

Extraordinary losses

Loss on disposal of non-current assets

3

15

Loss on valuation of investment securities

0

0

Total extraordinary losses

3

15

Profit before income taxes

2,304

1,571

Income taxes-current

273

33

Income taxes-deferred

301

199

Total income taxes

575

232

Profit

1,729

1,339

Loss attributable to non-controlling interests

(19)

(143)

Profit attributable to owners of parent

1,748

1,482

―5―

Consolidated Statements of Comprehensive Income

Millions of yen

Three months ended

Three months ended

June 30, 2019

June 30, 2020

Apr. 1, 2019 - Jun. 30, 2019

Apr. 1, 2020 - Jun. 30, 2020

Profit

1,729

1,339

Other comprehensive income

Valuation difference on available-for-sale securities

(1,601)

1,463

Deferred gains or losses on hedges

3

2

Foreign currency translation adjustment

310

(1,596)

Remeasurements of defined benefit plans

(317)

251

Share of other comprehensive income of entities accounted for using equity

12

(11)

method

Total other comprehensive income

(1,594)

111

Comprehensive income

135

1,450

Comprehensive income attributable to :

Owners of parent

160

1,634

Non-controlling interests

(25)

(184)

―6―

(Additional information)

(Accounting estimates associated with the spread of COVID-19)

There is no significant change in the assumption stated in "(Additional information) Accounting estimates associated with

the spread of COVID-19" in the security report for the previous consolidated fiscal year.

(Segment information)

Sales and profits or losses by reportable segments

Three months ended June 30, 2019 (April 1, 2019 - June 30, 2019)

Millions of yen

Reportable segments

Eliminations/

Amount recorded in

Green Technology

Paint Finishing

Total

Corporate

the consolidated

System Division

System Division

financial statements

Sales

Sales to customers

33,351

13,042

46,394

46,394

Intersegment

Total

33,351

13,042

46,394

46,394

Segment profit (loss)

2,612

(290)

2,321

(14)

2,306

(Note) 1. The amount of Eliminations/ Corporate is as follows:

Eliminations/ Corporate of Segment profit (loss) of minus 14 million yen includes non-allocatable common profits (net amount of common profit and loss) of minus 18 million yen and other adjustment of 3 million yen. Non-allocatable common profit and loss are mainly general and administrative expenses and dividend income etc. those are not attributed to any reportable segments.

2. Segment profit (loss) is adjusted in the ordinary income of the consolidated income statement.

Three months ended June 30, 2020 (April 1, 2020 - June 30, 2020)

Millions of yen

Reportable segments

Eliminations/

Amount recorded in the

Green Technology

Paint Finishing

Total

Corporate

consolidated financial

System Division

System Division

statements

Sales

Sales to customers

26,574

10,613

37,188

37,188

Intersegment

Total

26,574

10,613

37,188

37,188

Segment profit (loss)

1,594

(871)

722

270

993

(Note) 1. The amount of Eliminations/ Corporate is as follows:

Eliminations/ Corporate of Segment profit (loss) of 270 million yen includes non-allocatable common profits (net amount of common profit and loss) of 280 million yen and other adjustment of minus 10 million yen. Non-allocatable common profit and loss are mainly general and administrative expenses and dividend income etc. those are not attributed to any reportable segments.

2. Segment profit (loss) is adjusted in the ordinary income of the consolidated income statement.

―7―

(Significant subsequent events)

Business combination through acquisition

The Company has resolved Nicomac Clean Rooms Far East LLP (India, hereinafter "Nicomac") to become a subsidiary of the Company by way of contribution at its Board of Directors held on July 22, 2020 and signed the investment agreement on the same date. Nicomac has become a subsidiary of the Company by way of contribution on July 30, 2020. In addition, the form of legal entity of Nicomac at the time of the contribution is Limited Liability Partnership (LLP). After the contribution, Nicomac will convert into private limited company promptly.

1. Outline of business combination

(1) Name of the acquired company and its main business

Name of the acquired company

Nicomac Clean Rooms Far East LLP

Main business

Manufacturing, installation and design for clean room

  1. Main reason for the business combination
    Nicomac is a manufacturer and marketer of clean room panels and manufactures and sells high quality panels to Indian pharmaceutical manufacturers as its main customers.
    Under the basic policy of the Mid-Term Business Plan, "solidify the Company's position in the global market", and the direction of the plan, "expand business domains", in the Indian market, which is expected to grow economically in the medium to long term, the Company aims to strengthen its ability to respond to the Indian clean room construction market, by combining Nicomac's panel manufacturing and installation technologies with air conditioning system technologies of the Company, mainly in the pharmaceutical manufacturing environment, which requires high performance air conditioning systems.
  2. Date of acquisition
    July 30, 2020 (date of acquisition)
    September 30, 2020 (deemed acquisition date)
  3. Legal form of the business combination
    Acquisition of equity interest in exchange for cash contribution
  4. Name of the acquired company after the business combination
    There is no change in the name of the acquired company after the business combination.
  5. Ratio of voting rights acquired 74%
  6. Basis for the determination of the acquired company
    The basis for the determination is that the company acquired equity interest in exchange for cash contribution.

2. Amount and breakdown of acquisition costs

Consideration for the acquisition

Cash 4,500 million yen

Acquisition costs

4,500 million yen

  1. Amount and breakdown of the main acquisition-related costs Advisory expenses etc. (estimated amount) 262 million yen
  2. Amount of goodwill recognized, reason for recognition, and method and period for amortization of goodwill They have not yet been determined.

―8―

(Supplementary information)

1.Statement for orders-received during this period, net sales of completed construction contracts during this period, and construction carried forward by division (consolidated)

Millions of yen

Three months ended

Three months ended

Increase (Decrease)

June 30, 2019

June 30, 2020

(Apr. 1, 2019 - Jun. 30, 2019)

(Apr. 1, 2020 - Jun. 30, 2020)

Amounts

%

Amounts

%

Amounts

%

Orders-received

Green Technology System Division

Building HVAC

15,889

25.3

5,488

9.3

(10,401)

(65.5)

Industrial HVAC

27,754

44.2

26,429

44.8

(1,324)

(4.8)

Total

43,644

69.5

31,917

54.1

(11,726)

(26.9)

[Overseas]

[

8,271

]

[

13.2

]

[

14,144

]

[

24.0

]

[

5,873

]

[

71.0

]

Paint Finishing System Division

19,113

30.5

27,059

45.9

7,946

41.6

[Overseas]

[

15,975

]

[

25.4

]

[

24,939

]

[

42.3

]

[

8,964

]

[

56.1

]

Total

62,757

100.0

58,977

100.0

(3,779)

(6.0)

[Overseas]

[

24,247

]

[

38.6

]

[

39,084

]

[

66.3

]

[

14,837

]

[

61.2

]

Net sales of completed construction

contracts

Green Technology System Division

Building HVAC

11,908

25.7

8,349

22.5

(3,558)

(29.9)

Industrial HVAC

21,443

46.2

18,225

49.0

(3,218)

(15.0)

Total

33,351

71.9

26,574

71.5

(6,777)

(20.3)

[Overseas]

[

8,278

]

[

17.9

]

[

6,490

]

[

17.5

]

[

(1,788)

]

[

(21.6)

]

Paint Finishing System Division

13,042

28.1

10,613

28.5

(2,428)

(18.6)

[Overseas]

[

10,265

]

[

22.1

]

[

8,780

]

[

23.6

]

[

(1,484)

]

[

(14.5)

]

Total

46,394

100.0

37,188

100.0

(9,206)

(19.8)

[Overseas]

[

18,543

]

[

40.0

]

[

15,270

]

[

41.1

]

[

(3,272)

]

[

(17.6)

]

Construction carried forward

Green Technology System Division

Building HVAC

56,795

29.8

42,743

21.8

(14,051)

(24.7)

Industrial HVAC

66,035

34.6

78,216

40.0

12,181

18.4

Total

122,830

64.4

120,960

61.8

(1,869)

(1.5)

[Overseas]

[

23,971

]

[

12.6

]

[

42,127

]

[

21.5

]

[

18,156

]

[

75.7

]

Paint Finishing System Division

67,928

35.6

74,730

38.2

6,801

10.0

[Overseas]

[

60,680

]

[

31.8

]

[

67,891

]

[

34.7

]

[

7,211

]

[

11.9

]

Total

190,758

100.0

195,690

100.0

4,932

2.6

[Overseas]

[

84,651

]

[

44.4

]

[

110,019

]

[

56.2

]

[

25,367

]

[

30.0

]

(Note) 1.The amounts of orders received, net sales of completed construction contracts, and carried forward are the transacted amount with external customers.

  1. In the previous consolidated cumulative first quarter, there is no difference between net sales of completed construction contracts and total sales in the segment information by the Green Technology System Division. And, there is no difference between net sales of completed construction contracts and total sales in the segment information by the Paint Finishing System Division.
  2. In the consolidated cumulative first quarter, there is no difference between net sales of completed construction contracts and total sales in the segment information by the Green Technology System Division. And, there is no difference between net sales of completed construction contracts and total sales in the segment information by the Paint Finishing System Division.

―9―

2.Statement for orders-received during this period, net sales of completed construction contracts during this period, and construction carried forward by division (Non-consolidated)

Millions of yen

Three months ended

Three months ended

Increase (Decrease)

June 30, 2019

June 30, 2020

(Apr. 1, 2019 - Jun. 30, 2019)

(Apr. 1, 2020 - Jun. 30, 2020)

Amounts

%

Amounts

%

Amounts

%

Orders-received

Green Technology System Division

Building HVAC

15,041

40.0

5,213

25.6

(9,827)

(65.3)

Industrial HVAC

19,510

51.8

12,273

60.4

(7,237)

(37.1)

Total

34,551

91.8

17,486

86.0

(17,065)

(49.4)

[Overseas]

[

52

]

[

0.2

]

[

22

]

[

0.1

]

[

(29)

]

[

(56.0)

]

Paint Finishing System Division

3,103

8.2

2,853

14.0

(249)

(8.1)

[Overseas]

[

837

]

[

2.2

]

[

1,243

]

[

6.1

]

[

405

]

[

48.4

]

Total

37,655

100.0

20,340

100.0

(17,315)

(46.0)

[Overseas]

[

889

]

[

2.4

]

[

1,266

]

[

6.2

]

[

376

]

[

42.3

]

Net sales of completed construction

contracts

Green Technology System Division

Building HVAC

11,304

39.1

7,541

35.4

(3,763)

(33.3)

Industrial HVAC

13,168

45.6

11,718

54.9

(1,450)

(11.0)

Total

24,473

84.7

19,259

90.3

(5,213)

(21.3)

[Overseas]

[

22

]

[

0.1

]

[

9

]

[

0.0

]

[

(13)

]

[

(58.0)

]

Paint Finishing System Division

4,425

15.3

2,061

9.7

(2,364)

(53.4)

[Overseas]

[

2,297

]

[

7.9

]

[

802

]

[

3.8

]

[

(1,494)

]

[

(65.1)

]

Total

28,898

100.0

21,320

100.0

(7,577)

(26.2)

[Overseas]

[

2,319

]

[

8.0

]

[

812

]

[

3.8

]

[

(1,507)

]

[

(65.0)

]

Construction carried forward

Green Technology System Division

Building HVAC

55,875

52.3

41,596

47.6

(14,279)

(25.6)

Industrial HVAC

42,087

39.4

36,287

41.6

(5,800)

(13.8)

Total

97,962

91.7

77,883

89.2

(20,079)

(20.5)

[Overseas]

[

36

]

[

0.0

]

[

214

]

[

0.3

]

[

178

]

[

490.8

]

Paint Finishing System Division

8,876

8.3

9,432

10.8

555

6.3

[Overseas]

[

3,038

]

[

2.9

]

[

3,341

]

[

3.8

]

[

303

]

[

10.0

]

Total

106,839

100.0

87,315

100.0

(19,523)

(18.3)

[Overseas]

[

3,074

]

[

2.9

]

[

3,556

]

[

4.1

]

[

482

]

[

15.7

]

―10―

3. Sales by regions

Three months ended June 30, 2019 (April 1, 2019 - June 30, 2019)

Millions of yen

North

Southeast Asia

East Asia

Japan

India

Other

Total

America

Thailand

Other Southeast

China

Other

Asia

East Asia

27,850

3,186

4,308

4,653

2,243

174

2,719

1,258

46,394

Three months ended June 30, 2020 (April 1, 2020 - June 30, 2020)

Millions of yen

North

Southeast Asia

East Asia

Japan

India

Other

Total

America

Thailand

Other Southeast

China

Other

Asia

East Asia

21,917

3,666

3,071

4,002

1,561

154

374

2,440

37,188

―11―

Disclaimer

Taikisha Ltd. published this content on 11 August 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 August 2020 06:03:26 UTC


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10/04TAIKISHA : Partial corrections regarding The 75th Annual Shareholders' Meeting o..
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09/29TAIKISHA LTD. : Ex-dividend day for interim dividend
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08/11TAIKISHA : Announcement of Earnings Forecasts and Dividend Forecasts for the Fis..
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08/11TAIKISHA : Financial Report for the First Quarter of the Fiscal Year ending Marc..
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05/19TAIKISHA LTD. : annual earnings release
03/30TAIKISHA LTD. : Ex-dividend day for final dividend
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02/10TAIKISHA : Financial Report for the Third Quarter of the Fiscal Year ending Marc..
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2019TAIKISHA : Financial Report for the Second Quarter of the Fiscal Year ending Mar..
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2019TAIKISHA LTD : Ex-dividend day for interim dividend
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2019TAIKISHA LTD : Ex-dividend day for final dividend
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More news
Financials
Sales 2021 205 B 1 963 M 1 963 M
Net income 2021 8 034 M 76,8 M 76,8 M
Net cash 2021 58 995 M 564 M 564 M
P/E ratio 2021 11,7x
Yield 2021 3,34%
Capitalization 92 325 M 882 M 883 M
EV / Sales 2021 0,16x
EV / Sales 2022 0,14x
Nbr of Employees 4 783
Free-Float 66,5%
Chart TAIKISHA LTD.
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Taikisha Ltd. Technical Analysis Chart | MarketScreener
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Technical analysis trends TAIKISHA LTD.
Short TermMid-TermLong Term
TrendsBearishBearishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 6
Average target price 3 154,00 JPY
Last Close Price 2 748,00 JPY
Spread / Highest target 34,6%
Spread / Average Target 14,8%
Spread / Lowest Target 1,89%
EPS Revisions
Managers
NameTitle
Koji Kato Executive President & Representative Director
Junichi Murakawa Director & Senior Manager-Technology
Nobutaka Inagawa Director & Managing Executive Officer
Hiroshi Mukai Representative Director & Executive Vice President
Kazuhide Hayakawa Director & Senior Managing Executive Officer
Sector and Competitors
1st jan.Capitalization (M$)
TAIKISHA LTD.-29.45%895
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FLSMIDTH & CO-39.24%1 266
AME ELITE CONSORTIUM10.11%212