Summary of Consolidated Financial Results
for the Six Months Ended June 30, 2023 (Japanese GAAP)
August 10, 2023
Company name: V-cube, Inc.
Securities code: 3681
Stock exchange listings: The Prime Market of the Tokyo Stock Exchange
URL: (Japanese) http://jp.vcube.com/ (English) http://www.vcube.com/
Quarterly statement filing date (as planned): August 10, 2023
1.Results of the Second quarter ended June 30, 2023
(millions of Yen, except per share amounts)
(1) Consolidated quarterly operating results:
Net sales | Adjusted | Adjusted | Operating profit | ||||||||
EBITDA | Operating profit | ||||||||||
Six months ended | Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | |||
Jun. 30, 2023 | 5,751 | -13.0 | 794 | -37.4 | 309 | -62.9 | 117 | -82.6 | |||
Jun. 30, 2022 | 6,610 | 9.7 | 1,270 | -17.9 | 832 | -22.2 | 673 | -34.1 | |||
Note: | Comprehensive income For Six months ended Jun. 30, 2023: | ¥677 million | [-58.5%] | |||||||||||||||||||||||||||||||
For Six months ended Jun. 30, 2022: | ¥1,633 million | [-74.2%] | ||||||||||||||||||||||||||||||||
Ordinary profit | Profit attributable to | Basic earnings | Diluted earnings | |||||||||||||||||||||||||||||||
owners of parent | per share | per share | ||||||||||||||||||||||||||||||||
Six months ended | Millions of yen | % | Millions of yen | % | Yen | Yen | ||||||||||||||||||||||||||||
Jun. 30, 2023 | 91 | -85.6 | 4 | -99.2 | 0.18 | 0.18 | ||||||||||||||||||||||||||||
Jun. 30, 2022 | 633 | -32.5 | 519 | -42.9 | 21.42 | 21.12 | ||||||||||||||||||||||||||||
(2) Consolidated financial position: | ||||||||||||||||||||||||||||||||||
Total assets | Net assets | Capital adequacy | Net assets per share | |||||||||||||||||||||||||||||||
ratio | ||||||||||||||||||||||||||||||||||
As of | Millions of yen | Millions of yen | % | Yen | ||||||||||||||||||||||||||||||
Jun. 30, 2023 | 18,352 | 6,575 | 35.2 | 266.21 | ||||||||||||||||||||||||||||||
Dec. 31, 2022 | 16,891 | 5,989 | 34.9 | 243.12 | ||||||||||||||||||||||||||||||
Reference: | Owner's equity | As of Jun. 30, 2023: ¥6,461 million | ||||||||||||||||||||||||||||||||
As of Dec. 31, 2022: ¥5,900 million | ||||||||||||||||||||||||||||||||||
2.Dividends | ||||||||||||||||||||||||||||||||||
Annual dividends per share | ||||||||||||||||||||||||||||||||||
First quarter- | Second quarter- | Third quarter- | Fiscal | Total | ||||||||||||||||||||||||||||||
end | end | end | year-end | |||||||||||||||||||||||||||||||
Yen | Yen | Yen | Yen | Yen | ||||||||||||||||||||||||||||||
Fiscal year ended | - | 0.00 | - | 4.00 | 4.00 | |||||||||||||||||||||||||||||
Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||
Fiscal year ended | - | 0.00 | ||||||||||||||||||||||||||||||||
Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||
Fiscal year ending | - | 0.00 | 0.00 | |||||||||||||||||||||||||||||||
Dec. 31, 2023 (Forecast) | ||||||||||||||||||||||||||||||||||
Note: Revisions to the forecast of cash dividends most recently announced: Yes | ||||||||||||||||||||||||||||||||||
3.Consolidated forecasts | ||||||||||||||||||||||||||||||||||
(millions of Yen, except per share amounts) | ||||||||||||||||||||||||||||||||||
Adjusted | Profit | Basic | ||||||||||||||||||||||||||||||||
Adjusted | Operating | Ordinary | attributable | earnings | ||||||||||||||||||||||||||||||
Net sales | Operating | |||||||||||||||||||||||||||||||||
EBITDA | profit | profit | to owners of | per | ||||||||||||||||||||||||||||||
profit | ||||||||||||||||||||||||||||||||||
parent | share | |||||||||||||||||||||||||||||||||
Millions | % | Millions | % | Millions | % | Millio | % | Millions | % | Millions | % | Yen | ||||||||||||||||||||||
ns of | ||||||||||||||||||||||||||||||||||
of yen | of yen | of yen | yen | of yen | of yen | |||||||||||||||||||||||||||||
Fiscal year ended | 11,500 | -6.0 | 1,570 | -19.3 | 475 | -53.7 | 100 | -85.2 | 10 | -98.4 | - | - | - | |||||||||||||||||||||
Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||
Note: Revisions to the forecasts most recently announced: Yes |
1
4.Others
- Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the change in scope of consolidation): None
- Adoption of accounting treatment specific to the preparation of quarterly consolidated financial statements: None
- Changes in accounting policies, changes in accounting estimates, and restatement
- Changes in accounting policies due to revisions to accounting standards and other regulations: Yes
- Changes in accounting policies due to other reasons: None
- Changes in accounting estimates: None
- Restatement: None
- Number of issued and outstanding shares (common stock)
- Number of issued and outstanding shares at the period end (including treasury stock)
As of December 31, 2022
24,737,400 shares
As of June 30, 2023
24,737,400 shares
(ii) Number of treasury stock at the end of fiscal year
As of December 31, 2022
466,472 shares
As of June 30, 2023
466,472 shares
(iii) Average number of shares (quarterly period-YTD)
Six months ended
June 30, 2022
24,270,957 shares
Six months ended
June 30, 2023
24,270,928 shares
- Quarterly financial results reports are exempt from quarterly review conducted by certified public accountants or an audit corporation.
- Explanation related to appropriate use of results forecasts and other items warranting special mention
The above forecasts are based on the information available as of the date of the release of this document. As a result, a variety of factors in the future may cause actual results to differ from these forecasts.
2
Consolidated Financial Statements
(1) Consolidated Balance Sheet
(Thousands of yen) | ||
As of December 31, 2022 | As of June 30, 2023 | |
Assets | ||
Current assets | ||
Cash and deposits | 1,699,697 | 1,914,060 |
Notes and accounts receivable - trade | 1,737,481 | 1,729,992 |
Advance payments to suppliers | 1,200 | - |
Other | 701,493 | 787,044 |
Allowance for doubtful accounts | △17,761 | △7,279 |
Total current assets | 4,122,111 | 4,423,818 |
Non-current assets | ||
Property, plant and equipment | 2,047,246 | 2,022,454 |
Intangible assets | ||
Software | 1,895,581 | 2,294,434 |
Software in progress | 1,127,471 | 1,352,176 |
Goodwill | 4,071,947 | 4,363,196 |
Total intangible assets | 7,095,000 | 8,009,806 |
Investments and other assets | ||
Investment securities | 416,372 | 585,689 |
Shares of subsidiaries and associates | 337,466 | 405,984 |
Leasehold and guarantee deposits | 340,928 | 333,448 |
Long-term loans receivable | 33,175 | 36,247 |
Deferred tax assets | 1,875,064 | 1,897,922 |
Long-term prepaid expenses | 58,889 | 66,104 |
Other | 566,609 | 572,066 |
Allowance for doubtful accounts | △999 | △999 |
Total investments and other assets | 3,627,505 | 3,896,463 |
Total non-current assets | 12,769,752 | 13,928,724 |
Total assets | 16,891,863 | 18,352,543 |
3
(Thousands of yen) | |||
As of December 31, 2022 | As of June 30, 2023 | ||
Liabilities | |||
Current liabilities | |||
Accounts payable - trade | 494,496 | 389,181 | |
Short-term borrowings | 2,627,160 | 3,875,998 | |
Current portion of long-term borrowings | 3,998,600 | 4,038,600 | |
Contract liabilities | 922,951 | 1,071,817 | |
Provision for bonuses | 91,824 | 115,542 | |
Income taxes payable | 75,007 | 36,050 | |
Other | 1,114,427 | 937,784 | |
Total current liabilities | 9,324,467 | 10,464,974 | |
Non-current liabilities | |||
Long-term borrowings | 953,000 | 758,200 | |
Lease liabilities | 310,631 | 244,350 | |
Asset retirement obligations | 296,136 | 289,809 | |
Other | 18,098 | 19,841 | |
Total non-current liabilities | 1,577,866 | 1,312,202 | |
Total liabilities | 10,902,333 | 11,777,176 | |
Net assets | |||
Shareholders' equity | |||
Share capital | 92,190 | 92,190 | |
Capital surplus | 2,831,834 | 2,831,834 | |
Retained earnings | 2,500,230 | 2,407,540 | |
Treasury shares | △794,791 | △794,791 | |
Total shareholders' equity | 4,629,464 | 4,536,774 | |
Accumulated other comprehensive income | |||
Valuation difference on available-for-sale | 52,826 | 82,493 | |
securities | |||
Foreign currency translation adjustment | 1,218,365 | 1,841,975 | |
Total accumulated other comprehensive | 1,271,192 | 1,924,469 | |
income | |||
Share acquisition rights | 2,160 | 8,410 | |
Non-controlling interests | 86,713 | 105,713 | |
Total net assets | 5,989,529 | 6,575,367 | |
Total liabilities and net assets | 16,891,863 | 18,352,543 | |
4
- Consolidated Statement of Income and Comprehensive Income (Consolidated Statement of Income)
(Thousands of yen) | ||
Six months ended | Six months ended | |
June 30, 2022 | June 30, 2023 | |
Net sales | 6,610,479 | 5,751,389 |
Cost of sales | 3,524,978 | 3,158,890 |
Gross profit | 3,085,501 | 2,592,498 |
Selling, general and administrative expenses | 2,412,279 | 2,475,185 |
Operating profit | 673,221 | 117,313 |
Non-operating income | ||
Interest income | 1,702 | 1,525 |
Insurance claim income | 1,670 | 1,421 |
Foreign exchange gains | - | 5,533 |
Subsidy income | 5,536 | 1,671 |
Gain on valuation of investment securities | - | 15,353 |
Other | 2,257 | 1,654 |
Total non-operating income | 11,167 | 27,160 |
Non-operating expenses | ||
Interest expenses | 22,578 | 23,207 |
Foreign exchange losses | 13,101 | - |
Commission expenses | 229 | 748 |
Loss on valuation of investment securities | - | 18,592 |
Rents-NOE | 2,984 | - |
Share of loss of entities accounted for using | 11,610 | 5,463 |
equity method | ||
Other | 242 | 5,451 |
Total non-operating expenses | 50,746 | 53,463 |
Ordinary profit | 633,642 | 91,009 |
Extraordinary income | ||
Settlement income | - | 10,000 |
Total extraordinary income | - | 10,000 |
Extraordinary losses | ||
Loss on retirement of non-current assets | 759 | 4,200 |
Loss on cancellation of leases | 8,564 | 4,238 |
Settlement payments | 7,510 | 18,852 |
Office relocation expenses | - | 10,115 |
Loss on business restructuring | - | 7,298 |
Other | 630 | - |
Total extraordinary losses | 17,464 | 44,705 |
Profit before income taxes | 616,177 | 56,304 |
Income taxes - current | 35,248 | △13,449 |
Income taxes - deferred | 35,378 | 45,477 |
Total income taxes | 70,626 | 32,027 |
Profit | 545,550 | 24,276 |
Profit attributable to non-controlling interests | 25,731 | 19,883 |
Profit attributable to owners of parent | 519,818 | 4,393 |
5
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V-cube Inc. 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 11:12:21 UTC.