3rd Quarter FY2021 Consolidated Financial Results

3rd Quarter FY2021 Consolidated Financial Results

November 4, 2021

(Amounts are rounded down to the nearest million yen)

1. Consolidated Results for 3rd quarter FY2021 (January 1, 2021 through September 30, 2021)

(1) Consolidated	financial results											(% of change from previous 3rd quarter)
		Net Sales			Operating income					Ordinary income		Profit attributable to owners
																					of parent
		Million yen	%		Million yen			%				Million yen		%			Million yen	%
3Q FY2021		42,993		28.1		5,723		218.9				5,883		177.4		4,072	175.3
3Q FY2020		33,568		(25.5)		1,794		(59.5)				2,120		(56.5)		1,479	(59.9)
(Note) Comprehensive income:	3Q FY2021: 5,622 million yen [465.0%]	/ 3Q FY2020: 995 million yen [(64.0)%]
	Quarterly net income per share -Basic	Quarterly net income per share -Diluted
							Yen								Yen
3Q FY2021					195.34								-
3Q FY2020							65.89								-
(2) Consolidated financial position
		Total assets			Total net assets					Ratio of net assets
			Million yen			Million yen					%
3Q FY2021					64,670				50,349						77.9
FY2020					58,190				45,777						78.7
(Reference) Shareholders' equity:	3Q FY2021: 50,349 million yen	/	FY2020: 45,777 million yen
2. Cash dividends
							Cash dividends per share
		End of			End of		End of
		1st			2nd			3rd					Year-end				Annual
		quarter			quarter		quarter
		Yen				Yen				Yen		Yen			Yen
FY2020		-					25.00		-					25.00			50.00
FY2021		-					25.00		-
FY2021									-					35.00			60.00
(forecast)
(Note) Revision of cash dividend forecast for this period: None

3. Forecast of consolidated results for FY2021 (January 1, 2021 through December 31, 2021)

(% of change from FY2020)

	Net Sales		Operating income	Ordinary income	Profit attributable	Net income
		to owners of parent	per share
	Million yen		%	Million yen	%	Million yen	%	Million yen	%	Yen
FY2021	57,000		17.8	6,500	81.8	6,600	76.0	4,290	119.0	205.77

(Note) Revision of forecast for this period: Yes

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Consolidated financial statements

(1) Consolidated balance sheets

			(Amount: Million yen)
		FY2020	3rd quarter FY2021
		(As of December 31, 2020)	(As of September 30, 2021)
Assets
Current assets
Cash and deposits	21,417	25,878
Notes and accounts receivable - trade	10,318	10,970
Finished goods	5,088	4,264
Work in process	2,234	4,144
Raw materials and supplies	1,280	1,831
Other	1,154	988
Allowance for doubtful accounts	(23)	(25)
Total current assets	41,470	48,052
Non-current assets
Property, plant and equipment
Buildings and structures	13,360	13,708
Accumulated depreciation	(8,633)	(9,155)
Buildings and structures, net	4,727	4,552
Machinery, equipment and vehicles	19,244	20,485
Accumulated depreciation	(15,234)	(16,462)
Machinery, equipment and vehicles, net	4,009	4,023
Tools, furniture and fixtures	21,543	22,654
Accumulated depreciation	(19,162)	(20,295)
Tools, furniture and fixtures, net	2,380	2,358
Land	1,153	1,165
Other	874	758
Total property, plant and equipment	13,145	12,858
Intangible assets	644	491
Investments and other assets
Investment securities	2,442	2,766
Deferred tax assets	312	350
Other	237	177
Allowance for doubtful accounts	(62)	(26)
Total investments and other assets	2,929	3,267
Total non-current assets	16,719	16,617
Total assets	58,190	64,670

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			(Amount: Million yen)
		FY2020	3rd quarter FY2021
		(As of December 31, 2020)	(As of September 30, 2021)
Liabilities
Current liabilities
Accounts payable - trade	2,894	4,251
Short-term loans payable	1,908	1,937
Accrued expenses	2,435	2,076
Income taxes payable	237	1,374
Other	2,721	2,368
Total current liabilities	10,198	12,008
Non-current liabilities
Long-term loans payable	291	145
Provision for share benefits	259	316
Net defined benefit liability	1,078	1,194
Other	585	656
Total non-current liabilities	2,214	2,312
Total liabilities	12,412	14,320
Net assets
Shareholders' equity
Capital stock	6,923	6,923
Capital surplus	7,432	7,537
Retained earnings	38,655	39,954
Treasury shares	(9,334)	(7,717)
Total shareholders' equity	43,675	46,696
Accumulated other comprehensive income
Valuation difference on available-for-sale securities	627	818
Foreign currency translation adjustment	1,350	2,739
Remeasurements of defined benefit plans	123	94
Total accumulated other comprehensive income	2,102	3,652
Total net assets	45,777	50,349
Total liabilities and net assets	58,190	64,670

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(2) Consolidated Statements of income

			(Amount: Million yen)
		3rd quarter FY2020	3rd quarter FY2021
		(January 1, 2020 through September 30, 2020)	(January 1, 2021 through September 30, 2021)
Net sales	33,568	42,993
Cost of sales	20,932	25,723
Gross profit	12,636	17,269
Selling, general and administrative expenses	10,841	11,545
Operating income	1,794	5,723
Non-operating income
Interest income	30	19
Dividend income	24	24
Subsidy income	127	73
Subsidies for employment adjustment	221	－
Other	153	158
Total non-operating income	558	275
Non-operating expenses
Interest expenses	26	12
Foreign exchange losses	158	11
Loss on retirement of non-current assets	23	23
Other	22	67
Total non-operating expenses	231	115
Ordinary income	2,120	5,883
Extraordinary losses
Impairment loss	－	104
Total extraordinary losses	－	104
Profit before income taxes	2,120	5,779
Income taxes	641	1,706
Profit	1,479	4,072
Profit attributable to owners of parent	1,479	4,072

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(3) Consolidated Statements of Comprehensive Income

		(Amount: Million yen)
	3rd quarter FY2020	3rd quarter FY2021
	(January 1, 2020 through September 30, 2020)	(January 1, 2021 through September 30, 2021)
Profit	1,479	4,072
Other comprehensive income
Valuation difference on available-for-sale securities	(191)	190
Deferred gains or losses on hedges	1	－
Foreign currency translation adjustment	(294)	1,388
Remeasurements of defined benefit plans, net of tax	(0)	(29)
Total other comprehensive income	(484)	1,550
Comprehensive income	995	5,622
Comprehensive income attributable to
Comprehensive income attributable to owners of parent	995	5,622

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