Summary of Consolidated Financial Results
for the Year Ended March 31, 2023
(Based on Japanese GAAP)
May 15, 2023 | ||||||||||||||||||
Company name: | TOWA PHARMACEUTICAL CO., LTD. | |||||||||||||||||
Stock exchange listing: | Tokyo | |||||||||||||||||
Stock code: | 4553 | URL https://www.towayakuhin.co.jp/ | ||||||||||||||||
Representative: | President and Representative Director | Itsuro Yoshida | ||||||||||||||||
Inquiries: | Director | Masao Tanaka | TEL 06-6900-9102 | |||||||||||||||
Scheduled date of ordinary general meeting of shareholders: | June 27, 2023 | |||||||||||||||||
Scheduled date to file Securities Report: | June 28, 2023 | |||||||||||||||||
Scheduled date to commence dividend payments: | June 28, 2023 | |||||||||||||||||
Preparation of supplementary material on financial results: | Yes | |||||||||||||||||
Holding of financial results meeting: | Yes | (for analysts and institutional investors) | ||||||||||||||||
(Amounts less than one million yen are rounded down) | ||||||||||||||||||
1. Consolidated financial results for the year ended March 31, 2023 (from April 1, 2022 to March 31, 2023) | ||||||||||||||||||
(1) Consolidated operating results | Percentages indicate year-on-year changes | |||||||||||||||||
Net sales | Operating profit | Ordinary profit | Profit attributable to | |||||||||||||||
owners of parent | ||||||||||||||||||
Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | |||||||||||
Year ended March 31, 2023 | 208,859 | - | 5,514 | - | 5,141 | - | 2,201 | - | ||||||||||
Year ended March 31, 2022 | 165,615 | 6.9 | 19,205 | (3.6) | 22,739 | 21.7 | 15,914 | 14.0 | ||||||||||
Earnings per share | Diluted earnings per | Profit attributable to | Ordinary profit/total | Operating profit/net | ||||||||||||||
share | owners of | assets | sales | |||||||||||||||
parent/equity | ||||||||||||||||||
Yen | Yen | % | % | % | ||||||||||||||
Year ended March 31, 2023 | 44.72 | - | 1.6 | 1.5 | 2.6 | |||||||||||||
Year ended March 31, 2022 | 323.36 | 316.19 | 12.8 | 7.9 | 11.6 | |||||||||||||
Note: The fiscal period ended March 31, 2023 represents a transitional period for the change in the fiscal period for nine consolidated subsidiaries, scoped 15-month period from January 1, 2022-March 31, 2023. Due to this method of presentation, year-on-year percentage change data is not provided.
(2) Consolidated financial position
Total assets | Net assets | Equity ratio | Net assets per share | |||||
Millions of yen | Millions of yen | % | Yen | |||||
As of March 31, 2023 | 371,347 | 136,894 | 36.9 | 2,781.17 | ||||
As of March 31, 2022 | 332,097 | 132,169 | 39.8 | 2,685.18 | ||||
(3) Consolidated cash flows | ||||||||
Cash flows from | Cash flows from | Cash flows from | Cash and cash equivalents | |||||
operating activities | investing activities | financing activities | at end of period | |||||
Millions of yen | Millions of yen | Millions of yen | Millions of yen | |||||
Year ended March 31, 2023 | 2,544 | (30,284) | 17,481 | 24,257 | ||||
Year ended March 31, 2022 | 22,129 | (59,729) | 46,540 | 32,830 | ||||
2. Cash dividends | ||||||||
Annual dividends per share | Total cash | Dividend payout | Ratio of dividends | |||||
to net assets | ||||||||
1st quarter-end | 2nd quarter-end | 3rd quarter-end | Fiscal year-end | Total | dividends (Total) | ratio (Consolidated) | (Consolidated) | |
Yen | Yen | Yen | Yen | Yen | Millions of yen | % | % | |
Year ended March 31, 2022 | - | 27.00 | - | 33.00 | 60.00 | 2,953 | 18.6 | 2.4 |
Year ended March 31, 2023 | - | 30.00 | - | 30.00 | 60.00 | 2,953 | 134.2 | 2.2 |
Year ending March 31, 2024 | - | 30.00 | - | 30.00 | 60.00 | 42.8 | ||
(Forecast) | ||||||||
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3. Forecast of consolidated financial results for the 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 | Earnings per share | ||||||||
owners of parent | ||||||||||||
Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | Yen | ||||
Six months ending | 104,600 | - | 5,800 | - | 5,600 | - | 3,400 | - | 69.08 | |||
September 30, 2023 | ||||||||||||
Full year | 216,300 | - | 11,800 | - | 11,500 | - | 6,900 | - | 140.18 | |||
Note: The fiscal period ended March 31, 2023 represents a transitional period for the change in the fiscal period for nine consolidated subsidiaries, scoped 15-month period from January 1, 2022-March 31, 2023. Due to this method of presentation, year-on-year percentage change data is not provided.
4. Notes
(1) | Changes in significant subsidiaries during the year ended March 31, 2023 | No |
(changes in specified subsidiaries resulting in the change in scope of consolidation): | ||
(2) | Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements | |
Changes in accounting policies due to revisions to accounting standards and other regulations: | Yes | |
Changes in accounting policies due to other reasons: | No | |
Changes in accounting estimates: | No | |
Restatement of prior period financial statements: | No |
(3) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of March 31, 2023 | 51,516,000 | shares | As of March 31, 2022 | 51,516,000 | shares | |
Number of treasury shares at the end of the period | ||||||
As of March 31, 2023 | 2,294,167 | shares | As of March 31, 2022 | 2,294,101 | shares | |
Average number of shares during the period | ||||||
Year ended March 31, 2023 | 49,221,853 | shares | Year ended March 31, 2022 | 49,215,648 | shares |
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Consolidated financial statements
Consolidated balance sheets
(Millions of yen) | |||
As of March 31, 2022 | As of March 31, 2023 | ||
Assets | |||
Current assets | |||
Cash and deposits | 32,830 | 24,257 | |
Notes and accounts receivable - trade | 42,896 | 46,795 | |
Electronically recorded monetary claims - operating | 7,971 | 7,777 | |
Merchandise and finished goods | 32,098 | 44,457 | |
Work in process | 12,055 | 13,906 | |
Raw materials and supplies | 28,548 | 34,564 | |
Derivatives | 5,832 | 3,981 | |
Other | 4,750 | 7,431 | |
Allowance for doubtful accounts | (119) | (180) | |
Total current assets | 166,864 | 182,990 | |
Non-current assets | |||
Property, plant and equipment | |||
Buildings and structures, net | 52,559 | 56,190 | |
Machinery, equipment and vehicles, net | 16,224 | 18,966 | |
Land | 16,549 | 17,039 | |
Construction in progress | 11,709 | 31,155 | |
Other, net | 2,829 | 3,652 | |
Total property, plant and equipment | 99,873 | 127,004 | |
Intangible assets | |||
Goodwill | 39,064 | 34,613 | |
Manufacturing and sales right | 6,626 | 7,332 | |
Technology assets | 8,132 | 7,115 | |
Other | 4,241 | 3,884 | |
Total intangible assets | 58,063 | 52,945 | |
Investments and other assets | |||
Investment securities | 464 | 676 | |
Shares of subsidiaries and associates | 607 | 607 | |
Deferred tax assets | 4,259 | 5,303 | |
Retirement benefit asset | 27 | - | |
Other | 2,760 | 2,632 | |
Allowance for doubtful accounts | (825) | (812) | |
Total investments and other assets | 7,295 | 8,407 | |
Total non-current assets | 165,232 | 188,357 | |
Total assets | 332,097 | 371,347 | |
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(Millions of yen) | |||
As of March 31, 2022 | As of March 31, 2023 | ||
Liabilities | |||
Current liabilities | |||
Notes and accounts payable - trade | 14,834 | 17,272 | |
Electronically recorded obligations - operating | 14,242 | 18,798 | |
Short-term borrowings | 49,335 | 3,677 | |
Current portion of bonds with share acquisition rights | 4,150 | - | |
Current portion of long-term borrowings | 8,022 | 7,527 | |
Accounts payable - other | 11,251 | 12,822 | |
Income taxes payable | 4,285 | 1,190 | |
Provision for bonuses for directors | 108 | 117 | |
Notes payable - facilities | 3,427 | 11,547 | |
Accounts payable - facilities | 2,207 | 2,465 | |
Other | 3,206 | 3,108 | |
Total current liabilities | 115,073 | 78,529 | |
Non-current liabilities | |||
Long-term borrowings | 79,194 | 150,314 | |
Retirement benefit liability | 547 | 322 | |
Other | 5,111 | 5,287 | |
Total non-current liabilities | 84,853 | 155,923 | |
Total liabilities | 199,927 | 234,453 | |
Net assets | |||
Shareholders' equity | |||
Share capital | 4,717 | 4,717 | |
Capital surplus | 7,837 | 7,837 | |
Retained earnings | 122,131 | 121,232 | |
Treasury shares | (5,608) | (5,608) | |
Total shareholders' equity | 129,078 | 128,179 | |
Accumulated other comprehensive income | |||
Valuation difference on available-for-sale securities | 113 | 106 | |
Foreign currency translation adjustment | 2,977 | 8,608 | |
Total accumulated other comprehensive income | 3,091 | 8,715 | |
Total net assets | 132,169 | 136,894 | |
Total liabilities and net assets | 332,097 | 371,347 | |
4
Consolidated statements of income and consolidated statements of comprehensive income Consolidated statements of income
(Millions of yen) | |||
Fiscal year ended | Fiscal year ended | ||
March 31, 2022 | March 31, 2023 | ||
Net sales | 165,615 | 208,859 | |
Cost of sales | 95,429 | 136,145 | |
Gross profit | 70,185 | 72,713 | |
Selling, general and administrative expenses | 50,980 | 67,199 | |
Operating profit | 19,205 | 5,514 | |
Non-operating income | |||
Interest income | 8 | 17 | |
Dividend income | 6 | 8 | |
Foreign exchange gains | 795 | 1,181 | |
Gain on valuation of derivatives | 2,896 | - | |
Compensation income | - | 873 | |
Subsidy income | 310 | 205 | |
Other | 528 | 604 | |
Total non-operating income | 4,546 | 2,889 | |
Non-operating expenses | |||
Interest expenses | 230 | 635 | |
Loss on valuation of derivatives | - | 1,850 | |
Provision of allowance for doubtful accounts | 670 | - | |
Commission for syndicated loans | - | 492 | |
Other | 111 | 283 | |
Total non-operating expenses | 1,011 | 3,262 | |
Ordinary profit | 22,739 | 5,141 | |
Extraordinary income | |||
Gain on sale of non-current assets | 123 | 17 | |
Other | - | 0 | |
Total extraordinary income | 123 | 18 | |
Extraordinary losses | |||
Loss on disposal of non-current assets | 27 | 63 | |
Impairment losses | 25 | 432 | |
Loss on valuation of investment securities | 58 | 20 | |
Loss on valuation of shares of subsidiaries and associates | 505 | - | |
Other | - | 38 | |
Total extraordinary losses | 616 | 554 | |
Profit before income taxes | 22,246 | 4,605 | |
Income taxes - current | 6,155 | 3,038 | |
Income taxes - deferred | 176 | (633) | |
Total income taxes | 6,331 | 2,404 | |
Profit | 15,914 | 2,201 | |
Profit attributable to owners of parent | 15,914 | 2,201 | |
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TOWA Pharmaceutical Co. Ltd. published this content on 15 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 May 2023 06:16:52 UTC.