October 30, 2019
Summary of Consolidated Financial Results
for the Second Quarter of the Fiscal Year Ending March 31, 2020
VALQUA, LTD. (7995)
English translation from the original Japanese-language document
(All financial information has been prepared in accordance with accounting principles generally accepted in Japan)
Consolidated Balance Sheets
(Millions of yen) | |||||
As of March 31, 2019 | As of September 30, 2019 | ||||
Assets | |||||
Current assets | |||||
Cash and deposits | 7,109 | 7,161 | |||
Notes and accounts receivable - trade | 12,113 | 11,899 | |||
Electronically recorded monetary claims - | 2,012 | 2,137 | |||
operating | |||||
Merchandise and finished goods | 2,690 | 2,881 | |||
Work in process | 617 | 732 | |||
Raw materials and supplies | 1,326 | 1,249 | |||
Other | 2,314 | 2,302 | |||
Allowance for doubtful accounts | 18 | 16 | |||
Total current assets | 28,166 | 28,347 | |||
▲ | ▲ | ||||
Non-current assets | |||||
Property, plant and equipment | |||||
Buildings and structures, net | 4,935 | 5,084 | |||
Land | 4,004 | 4,003 | |||
Other, net | 5,316 | 5,604 | |||
Total property, plant and equipment | 14,256 | 14,692 | |||
Intangible assets | |||||
Other | 533 | 724 | |||
Total intangible assets | 533 | 724 | |||
Investments and other assets | |||||
Investment securities | 3,893 | 3,966 | |||
Other | 2,680 | 2,668 | |||
Allowance for doubtful accounts | 0 | 0 | |||
Total investments and other assets | 6,573 | 6,635 | |||
▲ | ▲ | ||||
Total non-current assets | 21,363 | 22,051 | |||
Deferred assets | 5 | 1 | |||
Total assets | 49,535 | 50,400 |
- 1 -
(Millions of yen) | |||||
As of March 31, 2019 | As of September 30, 2019 | ||||
Liabilities | |||||
Current liabilities | |||||
Notes and accounts payable - trade | 5,798 | 5,711 | |||
Short-term borrowings | 1,758 | 1,941 | |||
Current portion of long-term borrowings | 154 | 101 | |||
Current portion of bonds | 1,700 | 1,700 | |||
Income taxes payable | 629 | 406 | |||
Provision for bonuses | 488 | 511 | |||
Provision for bonuses for directors (and | 83 | 45 | |||
other officers) | |||||
Other | 2,648 | 2,455 | |||
Total current liabilities | 13,261 | 12,871 | |||
Non-current liabilities | |||||
Long-term borrowings | 131 | 209 | |||
Retirement benefit liability | 732 | 708 | |||
Other | 1,032 | 1,386 | |||
Total non-current liabilities | 1,895 | 2,304 | |||
Total liabilities | 15,157 | 15,175 | |||
Net assets | |||||
Shareholders' equity | |||||
Share capital | 13,957 | 13,957 | |||
Capital surplus | 3,938 | 3,963 | |||
Retained earnings | 15,400 | 16,337 | |||
Treasury shares | 1,685 | 1,634 | |||
Total shareholders' equity | 31,610 | 32,624 | |||
▲ | ▲ | ||||
Accumulated other comprehensive income | |||||
Valuation difference on available-for-sale | 1,490 | 1,584 | |||
securities | |||||
Foreign currency translation adjustment | 19 | 288 | |||
Remeasurements of defined benefit plans | 304 | ▲259 | |||
▲ | ▲ | ||||
Total accumulated other comprehensive | 1,205 | 1,036 | |||
income | |||||
Non-controlling interests | 1,562 | 1,564 | |||
Total net assets | 34,378 | 35,225 | |||
Total liabilities and net assets | 49,535 | 50,400 |
- 2 -
Consolidated Statements of Income
(Millions of yen) | ||||||
Six months ended | Six months ended | |||||
September 30, 2018 | September 30, 2019 | |||||
Net sales | 26,084 | 24,915 | ||||
Cost of sales | 16,199 | 15,468 | ||||
Gross profit | 9,884 | 9,447 | ||||
Selling, general and administrative expenses | 6,677 | 6,902 | ||||
Operating profit | 3,207 | 2,545 | ||||
Non-operating income | ||||||
Interest income | 1 | 2 | ||||
Dividend income | 43 | 29 | ||||
Rental income from facilities | 70 | 115 | ||||
Share of profit of entities accounted for using | 25 | 0 | ||||
equity method | ||||||
Foreign exchange gains | 37 | - | ||||
Gain on investments in silent partnerships | 51 | - | ||||
Other | 33 | 46 | ||||
Total non-operating income | 264 | 194 | ||||
Non-operating expenses | ||||||
Interest expenses | 29 | 33 | ||||
Rental expenses on facilities | 67 | 97 | ||||
Foreign exchange losses | - | 49 | ||||
Other | 27 | 29 | ||||
Total non-operating expenses | 124 | 210 | ||||
Ordinary profit | 3,347 | 2,529 | ||||
Extraordinary income | ||||||
Gain on sales of non-current assets | 1 | 4 | ||||
Gain on sales of investment securities | - | 70 | ||||
Total extraordinary income | 1 | 75 | ||||
Extraordinary losses | ||||||
Loss on sales of non-current assets | 0 | 0 | ||||
Loss on abandonment of non-current assets | 35 | 11 | ||||
Compensation expenses for health damage | 10 | - | ||||
caused by asbestos | ||||||
Other | 8 | - | ||||
Total extraordinary losses | 54 | 11 | ||||
Profit before income taxes | 3,294 | 2,593 | ||||
Income taxes - current | 779 | 661 | ||||
Income taxes - deferred | 107 | 63 | ||||
Total income taxes | 886 | 725 | ||||
Profit | 2,408 | 1,867 | ||||
Profit attributable to non-controlling interests | 54 | 51 | ||||
Profit attributable to owners of parent | 2,354 | 1,816 |
- 3 -
Consolidated Statements of Comprehensive Income
(Millions of yen) | |||||
Six months ended | Six months ended | ||||
September 30, 2018 | September 30, 2019 | ||||
Profit | 2,408 | 1,867 | |||
Other comprehensive income | |||||
Valuation difference on available-for-sale | 309 | 92 | |||
securities | ▲ | ||||
Foreign currency translation adjustment | 473 | 322 | |||
Remeasurements of defined benefit plans, net | ▲ | ▲ | |||
29 | 45 | ||||
of tax | |||||
Share of other comprehensive income of | 5 | 4 | |||
entities accounted for using equity method | |||||
Total other comprehensive income | 759 | 188 | |||
▲ | ▲ | ||||
▲ | ▲ | ||||
Comprehensive income | 1,648 | 1,679 | |||
Comprehensive income attributable to | |||||
Comprehensive income attributable to owners | 1,617 | 1,647 | |||
of parent | |||||
Comprehensive income attributable to non- | 31 | 32 | |||
controlling interests | |||||
- 4 -
Consolidated Statements of Cash Flows
(Millions of yen) | |||||||
Six months ended | Six months ended | ||||||
September 30, 2018 | September 30, 2019 | ||||||
Cash flows from operating activities | |||||||
Profit before income taxes | 3,294 | 2,593 | |||||
Depreciation | 837 | 1,040 | |||||
Interest and dividend income | 45 | 32 | |||||
Interest expenses | ▲29 | ▲33 | |||||
Decrease (increase) in retirement benefit asset | 201 | 20 | |||||
Increase (decrease) in retirement benefit | ▲ | ▲ | |||||
▲ | 23 | 6 | |||||
liability | ▲ | ||||||
Loss on abandonment of non-current assets | 35 | 11 | |||||
Loss (gain) on sales of non-current assets | 1 | 4 | |||||
▲ | ▲ | ||||||
Decrease (increase) in trade receivables | 1,127 | 27 | |||||
Loss (gain) on sales of investment securities | ▲ | - | |||||
▲ | 70 | ||||||
Decrease (increase) in inventories | 229 | 291 | |||||
Increase (decrease) in trade payables | ▲476 | ▲ | 69 | ||||
Other, net | 28 | ▲111 | |||||
Subtotal | 3,074 | 3,321 | |||||
Interest and dividends received | 66 | 54 | |||||
Interest paid | 26 | 41 | |||||
Income taxes refund | ▲ | 1 | ▲10 | ||||
Income taxes paid | 905 | 940 | |||||
The amount of payment of the asbestos illness | ▲ | ▲ | |||||
10 | 55 | ||||||
compensation money | |||||||
▲ | ▲ | ||||||
Net cash provided by (used in) operating | 2,200 | 2,349 | |||||
activities | |||||||
Cash flows from investing activities | |||||||
Purchase of property, plant and equipment | 1,179 | 1,264 | |||||
Proceeds from sales of property, plant and | ▲ | ▲ | |||||
5 | 8 | ||||||
equipment | |||||||
Purchase of intangible assets | 66 | 256 | |||||
Proceeds from sales of investment securities | ▲ | - | ▲137 | ||||
Payments for investments in capital | 184 | ||||||
▲ | - | ||||||
Proceeds from divestments | 21 | - | |||||
Payments of guarantee deposits | 31 | 34 | |||||
Proceeds from refund of guarantee deposits | ▲ | 8 | ▲21 | ||||
Other, net | 129 | ▲ | 16 | ||||
▲ | |||||||
Net cash provided by (used in) investing | 1,555 | 1,405 | |||||
activities | ▲ | ▲ |
- 5 -
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Nippon Valqua Industries Ltd. published this content on 30 October 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 October 2019 13:36:07 UTC