Nippon Valqua Industries : VALQUA posted summary of its FY ended March 2017 3rd Quarter results.

January 25, 2017‌

Summary of Consolidated Financial Results for the Third Quarter of the Fiscal Year Ending March 31, 2017 (FY2016) NIPPON VALQUA INDUSTRIES, 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)
Prior Fiscal Year End (As of March 31, 2016)	Current Third Quarter End (As of December 31, 2016)
Assets
Current assets
Cash and deposits	6,117	5,194
Notes and accounts receivable - trade	11,209	11,335
Electronically recorded monetary claims - operating	592	1,577
Merchandise and finished goods	2,626	2,490
Work in process	298	393
Raw materials and supplies	884	1,016
Other	1,670	2,026
Allowance for doubtful accounts	△ 14	△ 15
Total current assets	23,385	24,018
Non-current assets
Property, plant and equipment
Buildings and structures, net	6,025	5,368
Land	4,072	4,069
Other, net	3,902	3,670
Total property, plant and equipment	14,000	13,108
Intangible assets
Goodwill	83	0
Other	472	551
Total intangible assets	555	551
Investments and other assets
Investment securities	3,460	4,702
Other	1,900	1,793
Allowance for doubtful accounts	△ 57	△ 57
Total investments and other assets	5,303	6,438
Total non-current assets	19,860	20,098
Deferred assets	13	25
Total assets	43,258	44,142

(Millions of Yen)
Prior Fiscal Year End (As of March 31, 2016)	Current Third Quarter End (As of December 31, 2016)
Liabilities
Current liabilities
Notes and accounts payable - trade	5,402	5,471
Short-term loans payable	2,602	2,755
Current portion of long-term loans payable	197	193
Current portion of bonds	1,870	170
Income taxes payable	370	269
Provision for bonuses	391	169
Provision for directors' bonuses	50	45
Other	1,399	1,899
Total current liabilities	12,285	10,974
Non-current liabilities
Bonds payable	330	1,945
Long-term loans payable	311	297
Net defined benefit liability	1,094	839
Other	732	938
Total non-current liabilities	2,468	4,020
Total liabilities	14,753	14,994
Net assets
Shareholders' equity
Capital stock	13,957	13,957
Capital surplus	4,167	4,167
Retained earnings	9,279	9,818
Treasury shares	△ 1,373	△ 1,375
Total shareholders' equity	26,031	26,568
Accumulated other comprehensive income
Valuation difference on available-for-sale securities	1,034	1,718
Foreign currency translation adjustment	360	△ 341
Remeasurements of defined benefit plans	△ 274	△ 238
Total accumulated other comprehensive income	1,120	1,138
Non-controlling interests	1,352	1,440
Total net assets	28,504	29,147
Total liabilities and net assets	43,258	44,142

Consolidated Statements of Income

(Millions of Yen)
Nine months ended December 31, 2015	Nine months ended December 31, 2016
Net sales	30,414	32,034
Cost of sales	20,140	20,772
Gross profit	10,274	11,261
Selling, general and administrative expenses	8,049	8,349
Operating income	2,224	2,912
Non-operating income
Interest income	3	2
Dividend income	72	67
Rent income on facilities	118	80
Share of profit of entities accounted for using equity method	19	22
Gain on investments in silent partnership	2	3
Other	64	40
Total non-operating income	281	217
Non-operating expenses
Interest expenses	64	61
Rent expenses on facilities	115	118
Foreign exchange losses	38	97
Other	61	45
Total non-operating expenses	280	322
Ordinary income	2,225	2,806
Extraordinary income
Gain on sales of non-current assets	1	2
Gain on sales of investment securities	124	44
Gain on bargain purchase	－	63
Total extraordinary income	126	110
Extraordinary losses
Loss on sales of non-current assets	0	0
Loss on abandonment of non-current assets	12	9
Business structure improvement expenses	406	－
Impairment loss	－	285
Compensation expenses for health damage caused by asbestos	30	30
Other	0	－
Total extraordinary losses	449	325
Profit before income taxes	1,903	2,592
Income taxes - current	531	685
Income taxes - deferred	△ 66	158
Total income taxes	464	844
Profit	1,438	1,748
Profit attributable to non-controlling interests	54	148
Profit attributable to owners of parent	1,384	1,599

Consolidated Statements of Comprehensive Income

(Millions of Yen)
Nine months ended December 31, 2015	Nine months ended December 31, 2016
Profit	1,438	1,748
Other comprehensive income
Valuation difference on available-for-sale securities	△ 76	682
Foreign currency translation adjustment	△ 200	△ 711
Remeasurements of defined benefit plans, net of tax	△ 23	36
Share of other comprehensive income of entities accounted for using equity method	△ 3	△ 26
Total other comprehensive income	△ 303	△ 17
Comprehensive income	1,135	1,730
Comprehensive income attributable to
Comprehensive income attributable to owners of parent	1,087	1,616
Comprehensive income attributable to non- controlling interests	48	113