[Translation for reference only]
ENGLISH TRANSLATION OF JAPANESE-LANGUAGE DOCUMENT
This is an English translation of the original Japanese-language document and is provided for convenience only. In all cases, the Japanese-language original shall take precedence.
July 31, 2023
Consolidated Financial Results
for the First Three Months of the Fiscal Year Ending March 31, 2024
Company name: | MEISEI INDUSTRIAL CO., LTD. |
Listing: | Tokyo Stock Exchange, Prime |
Securities code: | 1976 |
URL: | https://www.meisei-kogyo.co.jp/en/ |
Representative: | Toshiteru Otani, Representative Director, Chairman and Chief Executive Officer (CEO) |
Inquiries: | Susumu Yamamoto, Executive Officer, General Manager of Finance Division |
TEL: +81-6-6447-0275 |
Scheduled date to file quarterly securities report: | August 10, 2023 | |
Scheduled date to commence dividend payments: | - | |
Preparation of supplementary material on quarterly financial results: | None | |
Holding of quarterly financial results presentation meeting: | None |
(Note: Millions of yen with fractional amounts discarded, unless otherwise noted)
1. Consolidated Financial Results for the First Three Months of the Fiscal Year Ending March 31, 2024 (from April 1, 2023 to June 30, 2023)
(1) Consolidated operating results
(Percentages indicate year-on-year changes.)
Net sales | Operating profit | Ordinary profit | Profit attributable to | |||||||
owners of parent | ||||||||||
Three months ended | Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | ||
June 30, 2023 | 12,534 | 4.0 | 812 | (25.4) | 984 | (23.4) | 804 | (4.1) | ||
June 30, 2022 | 12,051 | 9.9 | 1,089 | 10.0 | 1,285 | 16.6 | 838 | 18.6 | ||
Note: Comprehensive income | ||||||||||
Three months ended June 30, 2023: ¥1,040 million [2.5%] | ||||||||||
Three months ended June 30, 2022: | ¥1,015 million [33.3%] | |||||||||
Net income per share | Diluted net income per | |||||||||
share | ||||||||||
Three months ended | Yen | Yen | ||||||||
June 30, 2023 | 16.15 | - | ||||||||
June 30, 2022 | 16.85 | - | ||||||||
(2) Consolidated financial position
Total assets | Net assets | Equity-to-asset ratio | Net assets per share | |
As of | Millions of yen | Millions of yen | % | Yen |
June 30, 2023 | 77,058 | 59,282 | 76.4 | 1,182.38 |
March 31, 2023 | 77,508 | 59,448 | 76.2 | 1,185.84 |
Reference: Shareholders' equity | |
As of June 30, 2023: | ¥58,881 million |
As of March 31, 2023: | ¥59,053 million |
Meisei Industrial Co., Ltd.
2. Cash Dividends
Cash dividends per share | ||||||||
First quarter- | Second quarter- | Third quarter- | Fiscal year-end | Annual | ||||
end | end | end | ||||||
Fiscal year ended/ending | Yen | Yen | Yen | Yen | Yen | |||
March 31, 2023 | - | 12.00 | - | 24.00 | 36.00 | |||
March 31, 2024 | - | |||||||
March 31, 2024 (Forecast) | 14.00 | - | 22.00 | 36.00 | ||||
Note: Revisions to the cash dividend forecasts most recently announced: None
3. Consolidated Earnings Forecasts for the Fiscal Year Ending March 31, 2024 (from April 1, 2023 to March 31, 2024)
(Percentages indicate year-on-year changes.) | |||||||||
Net sales | Operating profit | Ordinary profit | Profit attributable to | Net income | |||||
owners of parent | per share | ||||||||
Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | Yen | |
Six months ending | |||||||||
September 30, 2023 | 26,000 | 1.1 | 2,900 | 3.6 | 3,000 | (3.8) | 2,050 | (3.2) | 41.17 |
Fiscal year ending | |||||||||
March 31, 2024 | 55,000 | (1.6) | 6,600 | (3.4) | 6,700 | (7.7) | 4,670 | (0.2) | 93.78 |
Note: Revisions to the earnings forecasts most recently announced: None
* Notes
- Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the change in scope of consolidation): None
- Application of special accounting for preparing quarterly consolidated financial statements: None
- Changes in accounting policies, changes in accounting estimates and restatements of prior period financial statements after error corrections
- Changes in accounting policies due to revisions to accounting standards and other regulations: None
b. Changes in accounting policies due to other reasons: | None |
c. Changes in accounting estimates: | None |
d. Restatements of prior period financial statements after error corrections: | None |
- Number of issued shares (common shares)
a. Total number of issued shares at end of period (including treasury shares)
As of June 30, 2023
As of March 31, 2023
56,386,718 shares
56,386,718 shares
b. Number of treasury shares at end of period
As of June 30, 2023
As of March 31, 2023
6,587,461 shares
6,587,371 shares
c. Average number of outstanding shares during period
Three months ended June 30, 2023 | 49,799,317 shares |
Three months ended June 30, 2022 | 49,772,013 shares |
Note: The figures stated for the number of treasury shares at end of period include shares of the Company that are held by a trust established to distribute shares to officers (Officers' Share Distribution Trust). The calculation used to calculate the average number of outstanding shares during period excludes treasury shares, which include shares of the Company held by the Officers' Share Distribution Trust.
Meisei Industrial Co., Ltd.
- The quarterly financial results are not subject to quarterly review.
-
Proper use of earnings forecasts and other special notes (Caution regarding forward-looking statements)
The forward-looking statements, including earnings forecasts, contained in these materials are based on information currently available to the Company and on certain assumptions deemed to be reasonable. These statements do not purport to be a promise by the Company to realize such statements. Actual business and other results may differ substantially due to various factors.
Please refer to "1. Qualitative Information on Quarterly Consolidated Financial Performance, (3) Explanation of Consolidated Earnings Forecasts and Other Forward-looking Statements" on page 3 for forecast assumptions and notes of caution for usage.
Meisei Industrial Co., Ltd.
Contents of Attachments | |||
1. | Qualitative Information on Quarterly Consolidated Financial Performance | 2 | |
(1) | Explanation of Results of Operations | 2 | |
(2) | Explanation of Financial Position | 2 | |
(3) | Explanation of Consolidated Earnings Forecast and Other Forward-looking Statements | 3 | |
2. | Quarterly Consolidated Financial Statements and Notes | 4 | |
(1) | Quarterly Consolidated Balance Sheets | 4 |
- Quarterly Consolidated Statements of Income and Quarterly Consolidated Statements of Comprehensive Income
Quarterly Consolidated Statements of Income (cumulative) | 6 | |
Quarterly Consolidated Statements of Comprehensive Income (cumulative) | 7 | |
(3) | Notes to Quarterly Consolidated Financial Statements | 8 |
Going Concern Assumption | 8 | |
Significant Changes in Shareholders' Equity | 8 | |
Segment Information | 8 | |
Revenue Recognition | 8 | |
3. Supplementary Information | 9 | |
(1) | Status of Orders Received, Sales and Balance of Orders | 9 |
- 1 -
Meisei Industrial Co., Ltd.
1. Qualitative Information on Quarterly Consolidated Financial Performance
(1) Explanation of Results of Operations
In the first quarter of the current fiscal year, although the Covid-19 pandemic subsided gradually, the Japanese economy grappled with mounting inflationary pressure, compounded by surging global energy and raw material costs stemming from the prolonged Russia-Ukraine crisis. Consequently, the Japanese economy's outlook remained uncertain.
Amid these economic conditions, the Meisei Industrial Group received orders totaling 17,635 million yen (up 32.5% year on year) in the first quarter of the current fiscal year. This surge reflects the steady advancement in securing large projects in Japan in the construction business. Additionally, driven by a consistent overall performance, net sales reached 12,534 million yen (up 4.0% year on year), maintaining a level consistent with the same period of the previous fiscal year.
Due to higher labor costs and raw material prices, operating profit was 812 million yen, (down 25.4% year on year), ordinary profit was 984 million yen (down 23.4% year on year), and profit attributable to owners of parent was 804 million yen (down 4.1% year on year).
Business segment performance was as follows.
1) Construction Business
Net sales totaled 11,090 million yen (up 2.7% year on year) as the overall construction business, including large projects and maintenance work, was steady. However, segment profit was 860 million yen (down 19.6% year on year) because of higher labor costs and raw material prices.
2) Boiler Business
Net sales totaled 1,444 million yen (up 15.5% year on year) because the progress in installation projects in Japan continued to be robust. However, there was a segment loss of 51 million yen (compared with segment profit of 16 million yen one year earlier) as the cost of sales was relatively higher due to revisions in the construction budget, among other factors.
(2) Explanation of Financial Position
Assets
At the end of the first quarter of the current fiscal year, current assets totaled 54,267 million yen, a decrease of 1,406 million yen from the end of the previous fiscal year. The main factors include increases of 3,317 million yen in cash and deposits, 384 million yen in costs on construction contracts in progress , and a decrease of 5,386 million yen in notes receivable, accounts receivable from completed construction contracts and other. Non -current assets totaled 22,791 million yen, an increase of 957 million yen. The main factors include increases of 644 million yen in property, plant and equipment and 252 million yen in investment securities.
As a result, total assets decreased 449 million yen to 77,058 million yen.
Liabilities
At the end of the first quarter of the current fiscal year, current liabilities totaled 13,836 million yen, a decrease of 220 million yen from the end of the previous fiscal year. The main factors include increases of 1,481 million yen in contract liabilities and 324 million yen in provision for bonuses, and a decrease of 1,129 million yen in notes payable, accounts payable for construction contracts and other. Non-current liabilities totaled 3,940 million yen, a decrease of 63 million yen. The main factors include decreases of 49 million yen in deferred tax liabilities and 15 million yen in retirement benefit liability .
As a result, total liabilities decreased 283 million yen to 17,776 million yen.
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Disclaimer
Meisei Industrial Co. Ltd. published this content on 10 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 August 2023 03:02:01 UTC.