August 4, 2017
Okamura Corporation Listing: Tokyo Stock Exchange
Code Number: 7994 URL: http://www.okamura.co.jp/
Representative: Masayuki Nakamura, President and Representative Director
Contact: Kiyoshi Sato, Senior Managing Director and Senior General Manager, Administration Division TEL: +81-(0)45-319-3445 Scheduled date for filing of quarterly report: August 10, 2017
Scheduled date for commencement of dividend payments: - Preparation of supplementary materials to explain quarterly financial results: None Scheduling of meeting to explain quarterly financial results: None
(Amounts less than 1 million yen have been rounded down.)
Consolidated Operating Results for First Quarter (April 1, 2017 to June 30, 2017) of FY Ending March 2018 (April 1, 2017 to March 31, 2018)
Operating Results (cumulative) (% Figures indicate year-over-year increase/decrease.)
Net sales
Operating income
Ordinary income
Profit attributable to owners of parent
First quarter of FY ending March 2018
Millions of yen
%
Millions of yen
%
Millions of yen
%
Millions of yen
%
54,885
(1.6)
2,058
(27.6)
2,606
(19.9)
1,793
(23.2)
First quarter of FY ended March 2017
55,751
0.6
2,841
18.2
3,253
11.8
2,334
26.9
Note: Comprehensive income ¥3,485 million (661.0%) for the first quarter of FY ending March 2018
¥457 million (-85.5%) for the first quarter of FY ended March 2017
Profit per share
Diluted profit per share
First quarter of FY ending March 2018 First quarter of FY ended March 2017
yen
16.28
21.19
yen
-
-
Financial Position
Total assets
Net assets
Equity ratio
First quarter of FY ending March 2018
Millions of yen
Millions of yen
%
215,292
116,225
53.8
FY ended March 2017
218,741
114,249
52.0
Reference: Total equity ¥115,856 million for the first quarter of FY ending March 2018
¥113,689 million for FY ended March 2017
Dividend
Annual dividend
End of first quarter
End of second quarter
End of third quarter
Year-end
Total
FY ended March 2017 FY ending March 2018
yen
-
-
yen
12.00
yen
-
yen
12.00
yen
24.00
FY ending March 2018 (forecast)
12.00
-
12.00
24.00
Note: Revision of the most recently released dividend forecasts: None
Forecast of Consolidated Performance for FY Ending March 2018 (April 1, 2017 to March 31, 2018)
(% Figures indicate year-over-year increase/decrease.)
Net sales
Operating income
Ordinary income
Profit attributable to owners of parent
Profit per share
2Q (cumulative)
Millions of yen
%
Millions of yen
%
Millions of yen
%
Millions of yen
%
yen
113,000
1.2
4,500
(11.9)
4,800
(12.7)
3,200
(16.2)
29.05
Full year
243,000
2.6
12,500
5.8
13,200
3.4
8,900
7.3
80.79
Note: Revision of the most recently released performance forecasts: None
* Notes
Changes in the number of material subsidiaries during the quarter under review (This indicates whether there have been changes in the number of specified subsidiaries involving changes in the scope of consolidation): None
New - company(ies) ( -)
Excluded - company(ies) ( -)
Adoption of a special accounting method applicable to the preparation of consolidated quarterly financial statements: None
Changes in accounting policy or accounting estimates, or restatement
Changes in accounting policy in accordance with revisions to accounting standards: None
Changes other than those in above in accounting policy: None
Changes in accounting estimates: None
Restatement: None
1Q of FY ending March 2018
112,391,530
FY ended March 2017
112,391,530
1Q of FY ending March 2018
2,234,633
FY ended March 2017
2,233,725
1Q of FY ending March 2018
110,157,344
1Q of FY ended March 2017
110,163,862
Number of shares of stock (common stock)
Number of shares issued (including treasury stock) at the end of the term
Number of shares of treasury stock at the end of the term
Average number of shares during the term (cumulative quarters)
The quarterly Financial Results summary is not subject to quarterly review procedures.
Explanation of Appropriate Use of Performance Forecasts and Other Issues Requiring Particular Mention
The performance forecasts and other forward-looking statements contained herein are based on the information available to the Company at the time, and contain certain assumptions that the Company considers to be reasonable. They are subject to diverse factors that may cause actual results of operations and other items to differ significantly from the statements and forecasts. For a description of the assumptions underlying the performance forecasts and the points to note when using the performance forecasts in this document, etc., please refer to (3) Explanation of the performance forecast in 1. Qualitative Information Concerning Consolidated Quarterly Financial Results on page 3 of the Appendix.
Okamura Corporation (7994) Financial Results for First Quarter of Fiscal Year Ending March 31, 2018 (Consolidated)
Table of Contents for Appendix
Qualitative Information Concerning Consolidated Quarterly Financial Results 2
Explanation of the progress in (consolidated) operating results 2
Explanation of the changes in (consolidated) financial position 3
Explanation of the performance forecast 3
Consolidated Quarterly Financial Statements and Important Notes 4
Consolidated Quarterly Balance Sheet. 4
Consolidated Quarterly Statements of Income and Consolidated Quarterly Statements of Comprehensive
Income 6
Consolidated Quarterly Statements of Cash Flows 8
Notes regarding Consolidated Quarterly Financial Statements 9
Note regarding the assumption of going concern 9
Note regarding occurrence of significant change in amount of shareholders' equity 9
Segment information 9
- 1 -
Okamura Corporation (7994) Financial Results for First Quarter of Fiscal Year Ending March 31, 2018 (Consolidated)
Qualitative Information Concerning Consolidated Quarterly Financial Results
Explanation of the progress in (consolidated) operating results
During the first quarter of the consolidated fiscal year under review, corporate earnings and the employment situation continued to improve, keeping the Japanese economy on a moderate recovery trend despite a persisting mood of uncertainty about US government policies and future performance of China and other emerging market economies, a segment seen with concerns.
Under these circumstances, the Okamura Group strove to develop new market potential, increase our market share in each of our business segments, and cultivate new customer bases by creating distinctive products and offering total solutions. The Group also endeavored to improve productivity and accelerate the cost reduction.
Performance results by segment are discussed below.
Segment name
Net sales (Millions of yen)
Segment income (loss) (Millions of yen)
First quarter of FY ended March 2017
First quarter of FY ending March 2018
Increase/ decrease
First quarter of FY ended March 2017
First quarter of FY ending March 2018
Increase/ decrease
Office Furniture
28,355
27,756
(599)
1,789
1,158
(630)
Store Displays
23,476
23,747
271
1,025
920
(104)
Others
3,919
3,381
(538)
27
(20)
(47)
Total
55,751
54,885
(866)
2,841
2,058
(783)
Note: The total of segment income (loss) corresponds to the operating income on Consolidated Quarterly Statements of Income.
Office Furniture
In the Office Furniture segment, although demand for office furniture remained strong, large office relocation projects declined in number since the supply of large-scale office buildings was in a brief off-demand period. Under these circumstances, the Company proactively made proposals on how to create a new office environment in response to work style innovation in offices and the growing interest in health. The Company also engaged in aggressive sales activities targeting companies with strong performance and the furniture market for office-related facilities including school and library facilities as well as municipal offices. Despite these efforts however, both net sales and income decreased year-over-year or compared to the previous year partly due to increased prices for materials.
As a result, net sales in this segment amounted to ¥27,756 million (a year-over-year decrease of 2.1%), and the segment income amounted to ¥1,158 million (a year-over-year decrease of 35.2%).
Store Displays
In the Store Displays segment, the Company stepped up efforts to deliver total solutions mainly to strongly performing retailers, such as food supermarkets and drugstores concerning display fixtures, store carts, security products, and the like by leveraging the organization's comprehensive capabilities. In addition, the Company focused on increasing its market share in refrigerated showcases and on cost reductions. These efforts however, failed to offset the effects from higher prices of materials with the result that income declined year-over-year although net sales grew year-over-year.
As a result, net sales in this segment amounted to ¥23,747 million (a year-over-year increase of 1.2%), and the segment income amounted to ¥920 million (a year-over-year decrease of 10.2%).
Others (including Material Handling Systems)
In the Materials Handling Systems segment, the Company focused its efforts on promising areas such as food, healthcare, and Internet shopping, and on increasing sales of automated warehousing equipment. The organization also strengthened collaboration with other segments and engaged in aggressive sales activities by maximum utilization of its solution-proposal capabilities and its products, which stand out from among others due to their superiority. Despite these efforts however, both net sales and income decreased year-over-year.
As a result, net sales in this segment amounted to ¥3,381 million (a year-over-year decrease of 13.7%), and the segment loss amounted to ¥20 million (versus a segment income of ¥27 million in the same period of the previous fiscal year).
As a result of the above, during the first quarter of the consolidated fiscal year under review, the Company posted net sales of
¥54,885 million (a year-over-year decrease of 1.6%), operating income of ¥2,058 million (a year-over-year decrease of 27.6%), ordinary income of ¥2,606 million (a year-over-year decrease of 19.9%), and profit attributable to owners of parent of
¥1,793 million (a year-over-year decrease of 23.2%).
- 2 -
Okamura Corporation published this content on 04 August 2017 and is solely responsible for the information contained herein.
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