Wakita : Summary of Financial Results for the second quarter 2024 (150KB)

Consolidated Financial Results

for the Interim Period of the Fiscal Year ending February 29, 2024

(Japanese GAAP)

October 6, 2023

Company Name: Wakita & Co., LTD.

Code Number: 8125

(URL: https://www.wakita.co.jp/)

Stock Exchange Listing: Tokyo Stock Exchange Prime Market

Representative: Teiji Wakita, President and Representative Director

Contact: Atsuhiko Nariyama, Executive Officer, General Manager of General Affairs Division

Phone: [phone]

Scheduled date to submit the Quarterly Financial Report: October 12, 2023

Scheduled date to commence dividend payment: -

Supplementary information for quarterly financial results: Available

Organization of quarterly financial results briefing: None

(Figures are rounded down to the nearest million yen)

1. Consolidated Financial Results for the Interim Period of Fiscal 2024 (From March 1, 2023 to August 31, 2023)

(1) Consolidated Results of Operations					(Percentage figures indicate changes from the same period of the previous year)
		Net sales					Operating profit		Ordinary profit	Profit attributable to
							owners of parent
Interim Period of		Millions of yen	%		Millions of yen	%	Millions of yen	%		Millions of yen	%
	42,179		11.7					2,757		2.0	2,858	2.2		1,628	(6.0)
Fiscal 2024
Interim Period of		37,764		6.3					2,703		(6.0)	2,798	(4.9)		1,732	6.2
Fiscal 2023
(Note) Comprehensive income: Interim period of fiscal 2024: ¥2,161 million [9.9%]
		Interim period of fiscal 2023: ¥1,967 million [4.2%]
		Profit per share					Fully diluted profit per share
Interim Period of						Yen						Yen
				32.53						-
Fiscal 2024
Interim Period of					33.61						-
Fiscal 2023
(2) Consolidated Financial Position
		Total assets						Net assets		Equity ratio
Interim Period of		Millions of yen					Millions of yen				%
	141,762					99,521				69.6
Fiscal 2024
Fiscal 2023		138,652					99,574				71.2
(Reference) Equity: Interim	period of fiscal 2024: ¥98,604	million
	Fiscal 2023: ¥98,709 million
2. Dividends
						Cash dividends per share
		End of 1Q		End of 2Q		End of 3Q	Year-end		Total
		Yen			Yen		Yen		Yen			Yen
Fiscal 2023		-			0.00			-		38.00			38.00
Fiscal 2024		-			0.00
Fiscal 2024 (Forecast)								-		43.00			43.00
(Note) Revision to the dividend forecast from recently announced figures: None

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3. Forecast of Consolidated Financial Results for Fiscal 2024 (From March 1, 2023 to February 29, 2024)

					(Percentage figures indicate changes	from the previous year)
	Net sales		Operating profit	Ordinary profit		Profit attributable to	Profit per share
			owners of parent
	Millions of yen	%	Millions of yen	%	Millions of yen	%	Millions of yen	%	Yen
Full year	90,000	14.1	6,400	11.0	6,550	11.4	4,200	7.6	83.78
(Note) Revision	to the financial forecast from recently announced figures: None

* Notes

1. Significant changes of subsidiaries during the period under review (affecting specific subsidiaries due to changes in scope of consolidation): None
   Companies added to the scope: None
   Companies removed from the scope: None
2. Adoption of special accounting treatment for preparing quarterly consolidated financial statements: Not applicable
3. Changes in accounting policies, changes in accounting estimates and restatements
4. 1. Changes in accounting policies due to the revision of accounting standards, etc.: Applicable
   2. Any changes in accounting policies other than 1) above: Not applicable
   3. Changes in accounting estimates: Not applicable
   4. Restatements: Not applicable
5. Number of shares issued (common shares)
6. 1. Number of shares issued at the end of period (including treasury shares):

Interim period of fiscal 2024:	52,021,297 shares
Fiscal 2023:	52,021,297 shares
2) Number of treasury shares at the end of period:
Interim period of fiscal 2024:	2,154,926 shares
Fiscal 2023:	1,888,341 shares
3) Average number of shares during the period:
Interim period of fiscal 2024:	50,057,955 shares
Interim period of fiscal 2023:	51,545,947 shares

• These Consolidated Financial Results are not subject to quarterly review by certified public accountants or an auditing firm.
• Explanation for the appropriate use of performance forecasts and other special notes:
  The performance forecasts and other descriptions on future events presented in this material are based on information that was available at the time of preparation of this material and based on certain assumptions considered to be reasonable, and not intended to guarantee their achievement. The actual performance, etc. may differ materially from these forecasts due to various factors.

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Quarterly Consolidated Financial Statements

(1) Quarterly Consolidated Balance Sheets

			(Millions of yen)
		As of February 28, 2023	As of August 31, 2023
Assets
	Current assets
	Cash and deposits	20,210	18,424
	Notes and accounts receivable - trade	20,182	19,891
	Securities	3,713	600
	Merchandise	5,305	-
	Merchandise and finished goods	-	5,215
	Supplies	150	-
	Raw materials and supplies	-	184
	Work in process	-	103
	Other	975	1,234
	Allowance for doubtful accounts	(69)	(85)
	Total current assets	50,467	45,567
	Non-current assets
	Property, plant and equipment
	Assets for rent, net	12,457	12,511
	Real estate for rent, net	42,678	43,728
	Land	11,079	11,564
	Other, net	9,501	9,980
	Total property, plant and equipment	75,716	77,783
	Intangible assets
	Goodwill	6,070	10,497
	Other	636	703
	Total intangible assets	6,706	11,201
	Investments and other assets
	Investment securities	2,991	4,249
	Retirement benefit asset	787	833
	Other	2,484	2,714
	Allowance for doubtful accounts	(503)	(587)
	Total investments and other assets	5,761	7,209
	Total non-current assets	88,184	96,195
	Total assets	138,652	141,762

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(Millions of yen)

As of February 28, 2023

As of August 31, 2023

Liabilities

Current liabilities

Notes and accounts payable - trade

Short-term borrowings

Current portion of long-term borrowings

Income taxes payable

Provision for bonuses

Provision for product warranties

Other

Total current liabilities

Non-current liabilities

Long-term borrowings

Provision for share based compensation expenses for directors

Provision for retirement benefits for directors (and other officers)

Retirement benefit liability

Other

Total non-current liabilities

Total liabilities

Net assets

Shareholders' equity

Share capital

Capital surplus

Retained earnings

Treasury shares

Total shareholders' equity

Accumulated other comprehensive income

Valuation difference on available-for-sale securities Deferred gains or losses on hedges

Revaluation reserve for land

Remeasurements of defined benefit plans

10,626	11,553
920	1,009
122	120
1,201	1,330
405	498
-	9
7,573	8,259
20,848	22,782
543	652
	85
106
21	26
283	373
17,275	18,320
18,229	19,459
39,078	42,241
13,821	13,821
16,627	16,627
71,092	70,855
(2,154)	(2,503)
99,386	98,800
1,086	1,530
185	241
(2,144)	(2,144)
195	175

Total accumulated other comprehensive income	(676)	(195)
Non-controlling interests	864	916
Total net assets	99,574	99,521
Total liabilities and net assets	138,652	141,762

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(2) Quarterly Consolidated Statements of Income and Comprehensive Income

	Quarterly Consolidated Statements of Income
	(Interim Period of Consolidated Fiscal Year)				(Millions of yen)
			Interim Period of		Interim Period of
			Fiscal 2023		Fiscal 2024
			(From March 1, 2022		(From March 1, 2023
			to August 31, 2022)		to August 31, 2023)
	Net sales		37,764		42,179
	Cost of sales	27,435	30,334
	Gross profit		10,328		11,844
	Selling, general and administrative expenses		7,625	9,087
	Operating profit		2,703		2,757
	Non-operating income
	Interest income		2		0
	Dividend income	75	73
	Purchase discounts		18		16
	Foreign exchange gains	35	37
	Gain on investments in investment partnerships		9		10
	Other	38	65
	Total non-operating income		180		204
	Non-operating expenses
	Interest expenses		62		89
	Dismantlement cost	12		-
	Other		11		13
	Total non-operating expenses		85	102
	Ordinary profit		2,798		2,858
	Extraordinary income
	Gain on sale of non-current assets		13		0
	Total extraordinary income		13	0
	Extraordinary losses
	Loss on sale of non-current assets		-	0
	Loss on retirement of non-current assets		1		6
	Other		-	1
	Total extraordinary losses		1		8
	Profit before income taxes		2,810	2,851
	Income taxes - current		1,050		1,213
	Income taxes - deferred	(22)	(28)
	Total income taxes		1,028		1,185
	Profit		1,782	1,665
	Profit attributable to non-controlling interests		49		37
	Profit attributable to owners of parent		1,732	1,628

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