October 27, 2021
Summary of Consolidated Financial Results
for the Second Quarter of the Fiscal Year Ending March 31, 2022
VALQUA, LTD. (7995)
English translation from the original Japanese-language document
(All financial information has been prepared in accordance with accounting principles generally accepted in Japan)
Consolidated Balance Sheets
(Millions of yen) | |||||||
As of March 31, 2021 | As of September 30, 2021 | ||||||
Assets | |||||||
Current assets | |||||||
Cash and deposits | 8,099 | 7,725 | |||||
Notes and accounts receivable - trade | 12,086 | - | |||||
Notes and accounts receivable - trade, and | - | 12,821 | |||||
contract assets | |||||||
Electronically recorded monetary claims - | 2,272 | 3,190 | |||||
operating | |||||||
Merchandise and finished goods | 3,384 | 4,220 | |||||
Work in process | 612 | 865 | |||||
Raw materials and supplies | 1,214 | 1,653 | |||||
Other | 2,043 | 2,205 | |||||
Allowance for doubtful accounts | - | 14 | - | 17 | |||
Total current assets | 29,698 | 32,664 | |||||
Non-current assets | |||||||
Property, plant and equipment | |||||||
Buildings and structures, net | 5,834 | 5,969 | |||||
Land | 4,002 | 4,005 | |||||
Other, net | 6,657 | 7,151 | |||||
Total property, plant and equipment | 16,494 | 17,126 | |||||
Intangible assets | |||||||
Other | 1,425 | 1,513 | |||||
Total intangible assets | 1,425 | 1,513 | |||||
Investments and other assets | |||||||
Investment securities | 3,204 | 4,138 | |||||
Other | 1,868 | 1,968 | |||||
Allowance for doubtful accounts | - | 0 | - | 0 | |||
Total investments and other assets | 5,072 | 6,106 | |||||
Total non-current assets | 22,993 | 24,746 | |||||
Total assets | 52,691 | 57,411 |
- 1 -
(Millions of yen) | |||||
As of March 31, 2021 | As of September 30, 2021 | ||||
Liabilities | |||||
Current liabilities | |||||
Notes and accounts payable - trade | 5,423 | 5,665 | |||
Electronically recorded obligations - operating | - | 584 | |||
Short-term borrowings | 1,538 | 1,807 | |||
Current portion of long-term borrowings | 109 | 99 | |||
Income taxes payable | 660 | 580 | |||
Provision for bonuses | 397 | 447 | |||
Provision for bonuses for directors (and other | 31 | 30 | |||
officers) | |||||
Other | 2,603 | 3,081 | |||
Total current liabilities | 10,764 | 12,297 | |||
Non-current liabilities | |||||
Long-term borrowings | 2,506 | 3,265 | |||
Retirement benefit liability | 483 | 490 | |||
Other | 1,663 | 1,882 | |||
Total non-current liabilities | 4,653 | 5,639 | |||
Total liabilities | 15,417 | 17,936 | |||
Net assets | |||||
Shareholders' equity | |||||
Share capital | 13,957 | 13,957 | |||
Capital surplus | 3,980 | 4,004 | |||
Retained earnings | 17,968 | 19,002 | |||
Treasury shares | 1,571 | 1,515 | |||
Total shareholders' equity | 34,335 | 35,448 | |||
- | - | ||||
Accumulated other comprehensive income | |||||
Valuation difference on available-for-sale | 1,583 | 2,008 | |||
securities | |||||
Foreign currency translation adjustment | 321 | 195 | |||
Remeasurements of defined benefit plans | - 49 | 50 | |||
Total accumulated other comprehensive | 1,311 | 2,254 | |||
income | |||||
Non-controlling interests | 1,627 | 1,771 | |||
Total net assets | 37,274 | 39,474 | |||
Total liabilities and net assets | 52,691 | 57,411 |
- 2 -
Consolidated Statements of Income
(Millions of yen) | |||
Six months ended | Six months ended | ||
September 30, 2020 | September 30, 2021 | ||
Net sales | 21,630 | 24,740 | |
Cost of sales | 13,006 | 14,939 | |
Gross profit | 8,624 | 9,801 | |
Selling, general and administrative expenses | 6,938 | 7,104 | |
Operating profit | 1,685 | 2,696 | |
Non-operating income | |||
Interest income | 1 | 2 | |
Dividend income | 23 | 21 | |
Rental income from facilities | 193 | 185 | |
Share of profit of entities accounted for using | - | 14 | |
equity method | |||
Foreign exchange gains | - | 21 | |
Other | 96 | 65 | |
Total non-operating income | 314 | 311 | |
Non-operating expenses | |||
Interest expenses | 35 | 28 | |
Rental expenses on facilities | 165 | 142 | |
Foreign exchange losses | 13 | - | |
Share of loss of entities accounted for using | 2 | - | |
equity method | |||
Other | 21 | 21 | |
Total non-operating expenses | 238 | 192 | |
Ordinary profit | 1,762 | 2,815 | |
Extraordinary income | |||
Gain on sale of non-current assets | 2 | - | |
Gain on sale of investment securities | 916 | - | |
Total extraordinary income | 919 | - | |
Extraordinary losses | |||
Loss on sale of non-current assets | 0 | - | |
Loss on abandonment of non-current assets | 9 | 7 | |
Impairment losses | 47 | 15 | |
Loss on sale of investment securities | 46 | - | |
Compensation expenses for health damage | 20 | 19 | |
caused by asbestos | |||
Total extraordinary losses | 123 | 42 | |
Profit before income taxes | 2,558 | 2,772 | |
Income taxes - current | 739 | 722 | |
Income taxes - deferred | 10 | 57 | |
Total income taxes | 750 | 780 | |
Profit | 1,807 | 1,992 | |
Profit attributable to non-controlling interests | 4 | 75 | |
Profit attributable to owners of parent | 1,803 | 1,916 | |
- 3 -
Consolidated Statements of Comprehensive Income
(Millions of yen) | ||||
Six months ended | Six months ended | |||
September 30, 2020 | September 30, 2021 | |||
Profit | 1,807 | 1,992 | ||
Other comprehensive income | ||||
Valuation difference on available-for-sale | 245 | 423 | ||
securities | ||||
Foreign currency translation adjustment | - | 234 | 564 | |
Remeasurements of defined benefit plans, net of | ||||
89 | 1 | |||
tax | ||||
Share of other comprehensive income of entities | 4 | 2 | ||
accounted for using equity method | ||||
Total other comprehensive income | 95 | 991 | ||
- | ||||
Comprehensive income | 1,903 | 2,984 | ||
Comprehensive income attributable to | ||||
Comprehensive income attributable to owners of | 1,913 | 2,860 | ||
parent | ||||
Comprehensive income attributable to non- | -9 | 123 | ||
controlling interests |
- 4 -
Consolidated Statements of Cash Flows
(Millions of yen) | ||||||||||||
Six months ended | Six months ended | |||||||||||
September 30, 2020 | September 30, 2021 | |||||||||||
Cash flows from operating activities | ||||||||||||
Profit before income taxes | 2,558 | 2,772 | ||||||||||
Depreciation | 1,237 | 1,236 | ||||||||||
Impairment losses | 47 | 15 | ||||||||||
Interest and dividend income | 25 | 23 | ||||||||||
Interest expenses | -35 | -28 | ||||||||||
Decrease (increase) in retirement benefit asset | 5 | 83 | ||||||||||
Increase (decrease) in retirement benefit liability | 41 | 5 | ||||||||||
Loss on abandonment of non-current assets | - -9 | - | -7 | |||||||||
Loss (gain) on sale of non-current assets | - | 2 | - | |||||||||
Loss (gain) on sale of investment securities | 870 | - | ||||||||||
Decrease (increase) in trade receivables | -157 | 1,225 | ||||||||||
Decrease (increase) in inventories | 465 | -1,377 | ||||||||||
Increase (decrease) in trade payables | - | 39 | - | 640 | ||||||||
Other, net | 32 | 475 | ||||||||||
Subtotal | 2,706 | 2,461 | ||||||||||
Interest and dividends received | 36 | 24 | ||||||||||
Interest paid | 32 | 28 | ||||||||||
Income taxes refund | - | -78 | - | -36 | ||||||||
Income taxes paid | 599 | 1,029 | ||||||||||
The amount of payment of the asbestos illness | ||||||||||||
70 | 20 | |||||||||||
compensation money | ||||||||||||
Net cash provided by (used in) operating activities | 2,118 | 1,443 | ||||||||||
- | - | |||||||||||
Cash flows from investing activities | ||||||||||||
Purchase of property, plant and equipment | - | 1,433 | - | 1,488 | ||||||||
Proceeds from sale of property, plant and | ||||||||||||
4 | 2 | |||||||||||
equipment | ||||||||||||
Purchase of intangible assets | 347 | 226 | ||||||||||
Purchase of investment securities | - | - | -312 | |||||||||
Proceeds from sale of investment securities | 1,395 | -150 | ||||||||||
Payments of guarantee deposits | 26 | 49 | ||||||||||
Proceeds from refund of guarantee deposits | - | 9 | -37 | |||||||||
Proceeds from sale of shares of subsidiaries | 26 | - | ||||||||||
resulting in change in scope of consolidation | ||||||||||||
Other, net | 16 | 30 | ||||||||||
Net cash provided by (used in) investing activities | 388 | 1,916 | ||||||||||
- | - | - | - | |||||||||
Cash flows from financing activities | ||||||||||||
Proceeds from short-term borrowings | 2,113 | 1,221 | ||||||||||
Repayments of short-term borrowings | 1,679 | 1,003 | ||||||||||
Proceeds from long-term borrowings | -1,000 | - | 747 | |||||||||
Repayments of long-term borrowings | 62 | - | 58 | |||||||||
Repayments of lease obligations | 111 | 97 | ||||||||||
- | ||||||||||||
Purchase of treasury shares | - | 0 | - | 1 | ||||||||
Dividends paid | 877 | 878 | ||||||||||
- | - | - | - | |||||||||
Dividends paid to non-controlling interests | 23 | 21 | ||||||||||
Net cash provided by (used in) financing activities | 358 | - | 92 | |||||||||
- | ||||||||||||
- | ||||||||||||
Effect of exchange rate change on cash and cash | - | 69 | 184 | |||||||||
equivalents | ||||||||||||
Net increase (decrease) in cash and cash | 2,018 | - | 380 | |||||||||
equivalents | ||||||||||||
Cash and cash equivalents at beginning of period | 6,571 | 8,026 | ||||||||||
Cash and cash equivalents at end of period | 8,590 | 7,645 |
- 5 -
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Nippon Valqua Industries Ltd. published this content on 27 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 October 2021 07:17:02 UTC.