Consolidated Financial Results for the Fiscal Year ended March 31, 2024
May 8, 2024 | ||||||||||||||
Name of Company: | USS Co., Ltd. | |||||||||||||
Stock Exchanges Listing: | Tokyo Stock Exchange, Nagoya Stock Exchange | |||||||||||||
Stock Code: | 4732 | URL: | https://www.ussnet.co.jp/en/ | |||||||||||
Representative: | Title: | Chairman and Representative | Name: | Yukihiro Ando | ||||||||||
Director | ||||||||||||||
Contact Person: | Title: | Executive Vice President and | Name: | Masafumi Yamanaka | ||||||||||
Officer of Supervisory Office | ||||||||||||||
Tel: | +81-52-689-1129 | |||||||||||||
Scheduled date of annual general meeting of shareholders | June 25, 2024 | |||||||||||||
Scheduled date of commencement of dividend payment | June 26, 2024 | |||||||||||||
Scheduled date of filing of securities report | June 26, 2024 | |||||||||||||
Supplementary materials for financial results | Yes | |||||||||||||
Information meeting for financial results | Yes (For institutional investors and securities analysts) | |||||||||||||
1. | Consolidated Financial Results for the Fiscal Year ended March 31, 2024 (April 1, 2023 - March 31, 2024) | |||||||||||||
(1) | Consolidated Operating Results | (Percentage figures represent year on year changes) | ||||||||||||
Net sales | Operating profit | Ordinary profit | ||||||||||||
Million yen | % | Million yen | % | Million yen | % | |||||||||
Year ended March 31, 2024 | 97,606 | 9.9 | 48,937 | 11.8 | 49,654 | 11.6 | ||||||||
Year ended March 31, 2023 | 88,778 | 9.0 | 43,778 | 5.3 | 44,491 | 5.0 | ||||||||
Profit attributable to | Profit | Diluted profit | ||||||||||||
owners of parent | per share | per share | ||||||||||||
Million yen | % | Yen | Yen | |||||||||||
Year ended March 31, 2024 | 32,906 | 9.7 | 68.28 | 68.10 | ||||||||||
Year ended March 31, 2023 | 30,008 | 0.9 | 61.34 | 61.23 | ||||||||||
Note: 1. Comprehensive income (million | yen): Year ended March 31, 2024 : 33,262 | 9.2% | ||||||||||||
Year ended March 31, 2023 : 30,458 | -2.3% |
2. There was a 2-for-1 stock split on April 1, 2024. Profit per share and diluted profit per share are based on the number of shares if this stock split was instead at the beginning of previous fiscal year.
ROE(%) | ROA(%) | Operating margin(%) | ||
Year ended March 31, 2024 | 17.0 | 19.3 | 50.1 | |
Year ended March 31, 2023 | 16.2 | 18.9 | 49.3 |
(2) Consolidated Financial Position
Total assets | Net assets | Equity ratio | Net assets per share | ||
(Million yen) | (Million yen) | (%) | (Yen) | ||
As of March 31, 2024 | 271,557 | 199,021 | 72.0 | 407.09 | |
As of March 31, 2023 | 242,352 | 194,154 | 78.8 | 390.45 |
Note: 1. Equity capital (million yen): As of March 31, 2024 : 195,558
As of March 31, 2023 : 190,997
2. There was a 2-for-1 stock split on April 1, 2024. Net assets per share is based on the number of shares if this stock split was instead at the beginning of previous fiscal year.
- Consolidated Statement of Cash Flows
Cash flows from | Cash flows from | Cash flows from | Cash and cash | |
equivalents at end | ||||
operating activities | investing activities | financing activities | ||
of period | ||||
(Million yen) | (Million yen) | (Million yen) | ||
(Million yen) | ||||
Year ended March 31, 2024 | 47,150 | (2,646) | (28,187) | 102,509 |
Year ended March 31, 2023 | 36,907 | (9,074) | (17,121) | 86,192 |
1
2. Dividends
Dividend per share (Yen) | Dividend | Dividend rate | |||||||
First | Second | Third | Fiscal | Total dividends | payout ratio | for net assets | |||
quarter | quarter | quarter | year | Total | (Million yen) | (consolidated) | (consolidated) | ||
- end | - end | - end | - end | (%) | (%) | ||||
Year ended | - | 33.70 | - | 33.80 | 67.50 | 16,512 | 55.0 | 8.9 | |
March 31, 2023 | |||||||||
Year ended | - | 34.70 | - | 40.70 | 75.40 | 18,115 | 55.1 | 9.5 | |
March 31, 2024 | |||||||||
Year ending | |||||||||
March 31, | - | 20.10 | - | 20.10 | 40.20 | 55.2 | |||
2025(Forecast) | |||||||||
Notes: 1. Total dividends paid for the fiscal year ended in March 2023 and for the fiscal year ended in March 2024 include payments of 5 million yen and 24 million yen each for shares held by the USS employee stock ownership plan trust.
- Dividend payout ratio (consolidated) is calculated by dividing total dividends paid by profit attributable to owners of parent.
- There was a 2-for-1 stock split on April 1, 2024. The dividend for the fiscal year ending on March 31, 2025(Forecast), reflects this stock split and the dividends for the fiscal years that ended in March 2023 and 2024 are the actual dividends without reflecting this stock split.
3. Forecast of Consolidated Financial Results for the Fiscal Year ending March 31, 2025 (April 1, 2024 - March 31, 2025)
(Percentage figures represent year on year changes)
Net sales | Operating profit | Ordinary profit | Profit attributable to | Profit per share | ||||||
owners of parent | ||||||||||
Million yen | % | Million yen | % | Million yen | % | Million yen | % | Yen | ||
First half | 49,750 | 3.4 | 24,900 | 4.7 | 25,250 | 4.6 | 16,900 | 4.6 | 35.18 | |
For the year | 101,900 | 4.4 | 51,500 | 5.2 | 52,200 | 5.1 | 35,000 | 6.4 | 72.85 | |
Note: There was a 2-for-1 stock split on April 1, 2024. The consolidated profit per share forecast for the fiscal year ending on March 31, 2025, reflects this stock split.
* Notes
- Changes in significant subsidiaries (Changes in specific subsidiaries accompanied by changes in the scope of consolidation): None
- Changes in accounting principles, estimates and retrospective restatement
1) | Changes due to revision of accounting standards: None | |
2) | Changes other than in 1) | : None |
3) | Changes in accounting estimates | : None |
4) | Retrospective restatement | : None |
- Number of shares outstanding (common shares)
- Shares outstanding (including treasury shares)
As of March 31, 2024 | : 514,000,000 shares | ||
As of March 31, 2023 | : 514,000,000 shares | ||
2) | Treasury shares | ||
As of March 31, 2024 | : | 33,626,010 shares | |
As of March 31, 2023 | : | 24,828,172 shares | |
3) | Average number of shares | ||
As of March 31, 2024 | : 481,916,335 shares | ||
As of March 31, 2023 | : 489,166,904 shares |
2
Notes: 1. There was a 2-for-1 stock split on April 1, 2024. Shares outstanding (including treasury shares), treasury shares, and average number of shares used for per-share figures represent the number of shares that would have existed if this stock split had occurred at the beginning of the previous fiscal year.
2. Treasury shares includes 574,300 shares as of March 31, 2024 and 82,200 shares as of March 31, 2023 held by the USS employee stock ownership plan trust.
- This financial results is not subject to the audit procedure.
- Cautionary statement regarding forecasts of operating results and special notes
(Note regarding the forward-looking statements)
Forward-looking statements in these materials are based on information available to management at the time this
report was prepared and assumptions that management believes are reasonable. These statements are not promises by the Company regarding future performance. Actual results may differ significantly from these statements for a number of reasons.
(Supplementary explanatory documents)
Supplementary explanatory documents will be posted on the Company's website on May 9, 2024.
3
4. | Consolidated Financial Statements | (Million yen) | |
(1) | Consolidated Balance Sheet | ||
FY 2022 | FY 2023 | ||
(As of March 31, 2023) | (As of March 31, 2024) | ||
Assets | |||
Current assets | |||
Cash and deposits | 92,692 | 109,009 | |
Receivables due from member dealers at auction | 13,314 | 24,519 | |
Notes and accounts receivable-trade, and contract assets | 2,982 | 2,710 | |
Securities | 3,000 | 3,000 | |
Inventories | 1,843 | 1,651 | |
Prepaid expenses | 163 | 182 | |
Other | 2,096 | 7,422 | |
Allowance for doubtful accounts | (35) | (124) | |
Total current assets | 116,057 | 148,371 | |
Non-current assets | |||
Property, plant and equipment | |||
Buildings and structures, net | 34,313 | 32,680 | |
Machinery, equipment and vehicles, net | 653 | 715 | |
Tools, furniture and fixtures, net | 1,800 | 1,559 | |
Land | 63,577 | 63,577 | |
Leased assets, net | 132 | 135 | |
Construction in progress | 126 | 327 | |
Total property, plant and equipment | 100,604 | 98,996 | |
Intangible assets | |||
Goodwill | 7,826 | 7,287 | |
Other | 5,718 | 5,499 | |
Total intangible assets | 13,545 | 12,786 | |
Investments and other assets | |||
Investment securities | 2,530 | 1,112 | |
Long-term loans receivable | 29 | 23 | |
Long-term prepaid expenses | 270 | 205 | |
Deferred tax assets | 1,097 | 1,856 | |
Deferred tax assets for land revaluation | 2,456 | 2,456 | |
Investment property, net | 4,225 | 4,204 | |
Other | 1,678 | 1,735 | |
Allowance for doubtful accounts | (143) | (191) | |
Total investments and other assets | 12,144 | 11,402 | |
Total non-current assets | 126,295 | 123,186 | |
Total assets | 242,352 | 271,557 |
4
(Million yen) | ||
FY 2022 | FY 2023 | |
(As of March 31, 2023) | (As of March 31, 2024) | |
Liabilities | ||
Current liabilities | ||
Payables due to member dealers at auction | 22,595 | 43,749 |
Notes and accounts payable-trade | 855 | 991 |
Short-term borrowings | 340 | 150 |
Current portion of long-term borrowings | 220 | 220 |
Lease liabilities | 34 | 55 |
Income taxes payable | 7,864 | 9,128 |
Deposits received | 2,099 | 2,569 |
Provision for bonuses | 824 | 915 |
Provision for bonuses for directors (and other officers) | 65 | 95 |
Other | 4,374 | 5,253 |
Total current liabilities | 39,273 | 63,130 |
Non-current liabilities | ||
Long-term borrowings | 1,794 | 2,215 |
Lease liabilities | 31 | 24 |
Long-term accounts payable-other | 210 | 183 |
Provision for share-based payments | 40 | 99 |
Retirement benefit liability | 927 | 974 |
Long-term guarantee deposits | 4,916 | 4,893 |
Asset retirement obligations | 633 | 642 |
Other | 370 | 370 |
Total non-current liabilities | 8,925 | 9,404 |
Total liabilities | 48,198 | 72,535 |
Net assets | ||
Shareholders' equity | ||
Share capital | 18,881 | 18,881 |
Capital surplus | 8,992 | 8,992 |
Retained earnings | 180,137 | 196,225 |
Treasury shares | (12,034) | (23,298) |
Total shareholders' equity | 195,976 | 200,800 |
Accumulated other comprehensive income | ||
Valuation difference on available-for-sale securities | 660 | 370 |
Revaluation reserve for land | (5,636) | (5,636) |
Remeasurements of defined benefit plans | (3) | 23 |
Total accumulated other comprehensive income | (4,979) | (5,242) |
Share acquisition rights | 457 | 442 |
Non-controlling interests | 2,699 | 3,021 |
Total net assets | 194,154 | 199,021 |
Total liabilities and net assets | 242,352 | 271,557 |
5
(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income
(Consolidated Statements of Income) | (Million yen) | |
FY 2022 | FY 2023 | |
(April 1, 2022 to | (April 1, 2023 to | |
March 31, 2023) | March 31, 2024) | |
Net sales | 88,778 | 97,606 |
Cost of sales | 35,135 | 38,571 |
Gross profit | 53,642 | 59,034 |
Selling, general and administrative expenses | 9,864 | 10,097 |
Operating profit | 43,778 | 48,937 |
Non-operating income | ||
Interest income | 8 | 12 |
Rental income from real estate | 696 | 700 |
Miscellaneous income | 210 | 209 |
Total non-operating income | 915 | 922 |
Non-operating expenses | ||
Interest expenses | 11 | 10 |
Rental costs on real estate | 172 | 180 |
Miscellaneous losses | 17 | 15 |
Total non-operating expenses | 201 | 205 |
Ordinary profit | 44,491 | 49,654 |
Extraordinary income | ||
Gain on sale of non-current assets | 68 | 72 |
Other | 3 | 2 |
Total extraordinary income | 72 | 74 |
Extraordinary losses | ||
Loss on sale of non-current assets | - | 0 |
Loss on retirement of non-current assets | 22 | 68 |
Loss on valuation of investment securities | - | 1,001 |
Loss on cancellation of rental contracts | 27 | 1 |
Loss on disaster | 12 | - |
Other | 0 | - |
Total extraordinary losses | 62 | 1,071 |
Profit before income taxes | 44,501 | 48,658 |
Income taxes-current | 13,924 | 15,777 |
Income taxes-deferred | (140) | (644) |
Income taxes | 13,784 | 15,133 |
Profit | 30,717 | 33,525 |
Profit attributable to non-controlling interests | 708 | 618 |
Profit attributable to owners of parent | 30,008 | 32,906 |
6
(Consolidated Statement of Comprehensive Income) | (Million yen) | |
FY 2022 | FY 2023 | |
(April 1, 2022 to | (April 1, 2023 to | |
March 31, 2023) | March 31, 2024) | |
Profit | 30,717 | 33,525 |
Other comprehensive income | ||
Valuation difference on available-for-sale securities | (270) | (290) |
Remeasurements of defined benefit plans, net of tax | 10 | 27 |
Total other comprehensive income | (259) | (263) |
Comprehensive income | 30,458 | 33,262 |
(Comprehensive income attributable to) | ||
Comprehensive income attributable to owners of parent | 29,749 | 32,643 |
Comprehensive income attributable to non-controlling | 708 | 618 |
interests | ||
7
(3) Consolidated Statement of Changes in Equity
Fiscal Year ended March 31, 2023 (April 1, 2022 - March 31, 2023)
(Million yen) | ||||||||||||||
Shareholders' equity | ||||||||||||||
Share capital | Capital surplus | Retained | Treasury shares | Total | ||||||||||
shareholders' | ||||||||||||||
earnings | ||||||||||||||
equity | ||||||||||||||
Balance at beginning of period | 18,881 | 18,915 | 211,843 | (65,039) | 184,600 | |||||||||
Changes during period | ||||||||||||||
Dividends of surplus | (17,323) | (17,323) | ||||||||||||
Profit attributable to | 30,008 | 30,008 | ||||||||||||
owners of parent | ||||||||||||||
Purchase of treasury shares | (1,632) | (1,632) | ||||||||||||
Disposal of treasury shares | 23 | 299 | 322 | |||||||||||
Cancellation of treasury shares | (54,337) | 54,337 | - | |||||||||||
Transfer from retained earnings | 44,391 | (44,391) | - | |||||||||||
to capital surplus | ||||||||||||||
Net changes in items other | ||||||||||||||
than shareholders' equity | ||||||||||||||
Total changes during period | - | (9,922) | (31,705) | 53,004 | 11,376 | |||||||||
Balance at end of period | 18,881 | 8,992 | 180,137 | (12,034) | 195,976 | |||||||||
Accumulated other comprehensive income | ||||||||||||||
Valuation | Total | Share | Non-controlling | |||||||||||
Revaluation | Remeasurements | accumulated | ||||||||||||
acquisition | Total net assets | |||||||||||||
difference | reserve for | of defined | other | interests | ||||||||||
on available-for- | rights | |||||||||||||
land | benefit plans | comprehensive | ||||||||||||
sale securities | ||||||||||||||
income | ||||||||||||||
Balance at beginning of period | 930 | (5,636) | (14) | (4,719) | 457 | 2,136 | 182,473 | |||||||
Changes during period | ||||||||||||||
Dividends of surplus | (17,323) | |||||||||||||
Profit attributable to | 30,008 | |||||||||||||
owners of parent | ||||||||||||||
Purchase of treasury shares | (1,632) | |||||||||||||
Disposal of treasury shares | 322 | |||||||||||||
Cancellation of treasury shares | - | |||||||||||||
Transfer from retained earnings | - | |||||||||||||
to capital surplus | ||||||||||||||
Net changes in items other | (270) | - | 10 | (259) | - | 563 | 303 | |||||||
than shareholders' equity | ||||||||||||||
Total changes during period | (270) | - | 10 | (259) | - | 563 | 11,680 | |||||||
Balance at end of period | 660 | (5,636) | (3) | (4,979) | 457 | 2,699 | 194,154 | |||||||
8
Fiscal Year ended March 31, 2024 (April 1, 2023 - March 31, 2024)
(Million yen) | |||||||||||||
Shareholders' equity | |||||||||||||
Share capital | Capital surplus | Retained | Treasury shares | Total | |||||||||
shareholders' | |||||||||||||
earnings | |||||||||||||
equity | |||||||||||||
Balance at beginning of period | 18,881 | 8,992 | 180,137 | (12,034) | 195,976 | ||||||||
Changes during period | |||||||||||||
Dividends of surplus | (16,596) | (16,596) | |||||||||||
Profit attributable to | 32,906 | 32,906 | |||||||||||
owners of parent | |||||||||||||
Purchase of treasury shares | (12,698) | (12,698) | |||||||||||
Disposal of treasury shares | (221) | 1,434 | 1,212 | ||||||||||
Cancellation of treasury shares | - | ||||||||||||
Transfer from retained earnings | 221 | (221) | - | ||||||||||
to capital surplus | |||||||||||||
Net changes in items other | |||||||||||||
than shareholders' equity | |||||||||||||
Total changes during period | - | - | 16,087 | (11,263) | 4,824 | ||||||||
Balance at end of period | 18,881 | 8,992 | 196,225 | (23,298) | 200,800 | ||||||||
Accumulated other comprehensive income | |||||||||||||
Valuation | Total | Share | Non-controlling | ||||||||||
Revaluation | Remeasurements | accumulated | |||||||||||
acquisition | Total net assets | ||||||||||||
difference | reserve for | of defined | other | interests | |||||||||
on available-for- | rights | ||||||||||||
land | benefit plans | comprehensive | |||||||||||
sale securities | |||||||||||||
income | |||||||||||||
Balance at beginning of period | 660 | (5,636) | (3) | (4,979) | 457 | 2,699 | 194,154 | ||||||
Changes during period | |||||||||||||
Dividends of surplus | (16,596) | ||||||||||||
Profit attributable to | 32,906 | ||||||||||||
owners of parent | |||||||||||||
Purchase of treasury shares | (12,698) | ||||||||||||
Disposal of treasury shares | 1,212 | ||||||||||||
Cancellation of treasury shares | - | ||||||||||||
Transfer from retained earnings | - | ||||||||||||
to capital surplus | |||||||||||||
Net changes in items other | (290) | - | 27 | (263) | (14) | 321 | 43 | ||||||
than shareholders' equity | |||||||||||||
Total changes during period | (290) | - | 27 | (263) | (14) | 321 | 4,867 | ||||||
Balance at end of period | 370 | (5,636) | 23 | (5,242) | 442 | 3,021 | 199,021 | ||||||
9
(4) Consolidated Statement of Cash Flows | (Million yen) | |
FY 2022 | FY 2023 | |
(April 1, 2022 to | (April 1, 2023 to | |
March 31, 2023) | March 31, 2024) | |
Cash flows from operating activities | ||
Profit before income taxes | 44,501 | 48,658 |
Depreciation and amortization | 4,754 | 4,706 |
Amortization of goodwill | 539 | 539 |
Increase (decrease) in allowance for doubtful accounts | 53 | 136 |
Increase (decrease) in provision for bonuses | 41 | 90 |
Increase (decrease) in provision for bonuses for directors | 65 | 30 |
(and other officers) | ||
Increase (decrease) in retirement benefit liability | 71 | 85 |
Decrease (increase) in retirement benefit asset | 43 | - |
Increase (decrease) in provision for share-based payments | 40 | 58 |
Interest and dividend income | (48) | (47) |
Interest expenses | 11 | 10 |
Loss (gain) on valuation of investment securities | - | 1,001 |
Loss (gain) on sale and retirement of property, plant and | (46) | (13) |
equipment | ||
Loss (gain) on sale and retirement of intangible assets | 0 | 9 |
Net change in due from/to member dealers at auction | 2,639 | 9,949 |
Decrease (increase) in trade receivables | (557) | 271 |
Increase (decrease) in trade payables | 156 | 136 |
Increase (decrease) in deposits received | 45 | 470 |
Other, net | (1,635) | (4,628) |
Subtotal | 50,678 | 61,465 |
Interest and dividends received | 57 | 58 |
Interest paid | (12) | (11) |
Income taxes paid | (13,816) | (14,362) |
Net cash provided by (used in) operating activities | 36,907 | 47,150 |
Cash flows from investing activities | ||
Net decrease (increase) in time deposits | (3,600) | - |
Purchase of property, plant and equipment | (4,100) | (2,096) |
Proceeds from sale of property, plant and equipment | 79 | 87 |
Purchase of intangible assets | (466) | (569) |
Purchase of investment securities | (1,001) | - |
Other, net | 14 | (66) |
Net cash provided by (used in) investing activities | (9,074) | (2,646) |
Cash flows from financing activities | ||
Net increase (decrease) in short-term borrowings | 153 | (190) |
Proceeds from long-term borrowings | - | 880 |
Repayments of long-term borrowings | (562) | (459) |
Guarantee deposits received from member dealers | 207 | 201 |
Refund of guarantee deposits received from member | (126) | (179) |
dealers | ||
Purchase of treasury shares | (1,632) | (12,697) |
Proceeds from sale of treasury shares | 333 | 1,194 |
Decrease (increase) in money trust to acquire treasury | 2,026 | - |
stock | ||
Dividends paid | (17,323) | (16,596) |
Dividends paid to non-controlling interests | (111) | (297) |
Repayments of finance lease liabilities | (51) | (42) |
Other, net | (33) | 0 |
Net cash provided by (used in) financing activities | (17,121) | (28,187) |
Net increase (decrease) in cash and cash equivalents | 10,711 | 16,317 |
Cash and cash equivalents at beginning of period | 75,480 | 86,192 |
Cash and cash equivalents at end of period | 86,192 | 102,509 |
10
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
USS Co. Ltd. published this content on 08 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 May 2024 09:22:02 UTC.