Translation

Notice: This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the event of any discrepancy between this translated document and the original Japanese document, the latter shall prevail.

Summary of Consolidated Financial Results for the Six Months Ended September 30, 2023 (Based on Japanese GAAP)

November 7, 2023

Company name:

G-TEKT CORPORATION

Stock exchange listing:

Tokyo

Stock code:

5970

URL

https://www.g-tekt.jp/

Representative:

President, Chief Executive Officer

Naohiro Takao

Inquiries:

Officer of the Company, Operations Director

Takeshi Bamba

TEL

048-646-3400

Scheduled date to file Quarterly Securities Report:

November 14, 2023

Scheduled date to commence dividend payments:

December 4, 2023

Preparation of supplementary material on quarterly financial results:

Yes

Holding of quarterly financial results meeting:

Yes

(for institutional investors and analysts)

(Amounts less than one million yen are rounded down)

1. Consolidated financial results for the six months ended September 30, 2023 (from April 1, 2023 to September 30, 2023)

(1) Consolidated operating results (cumulative)

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

%

Six months ended September 30, 2023

165,237

6.7

6,284

(12.7)

8,003

(14.9)

5,946

(14.3)

Six months ended September 30, 2022

154,796

47.2

7,200

102.3

9,404

132.5

6,940

116.7

Earnings per share

Diluted earnings per share

Yen

Yen

Six months ended September 30, 2023

138.18

-

Six months ended September 30, 2022

161.46

-

(2) Consolidated financial position

Total assets

Net assets

Equity ratio

Millions of yen

Millions of yen

%

As of September 30, 2023

302,014

194,257

60.1

As of March 31, 2023

288,698

176,695

57.1

2. Cash dividends

Annual dividends per share

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Total

Yen

Yen

Yen

Yen

Yen

Year ended March 31, 2023

-

29.00

-

29.00

58.00

Year ending March 31, 2024

-

32.00

Year ending March 31, 2024 (Forecast)

-

33.00

65.00

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

Full year

337,000

7.2

13,500

5.2

14,500

1.5

9,300

(9.4)

216.00

1

4. Notes

  1. Changes in significant subsidiaries during the six months ended September 30, 2023 (changes in specified subsidiaries resulting in the change in scope of consolidation):
  2. Application of special accounting methods for preparing quarterly consolidated financial statements:

No

Yes

(3) 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:

No

Changes in accounting policies due to other reasons:

No

Changes in accounting estimates:

No

Restatement of prior period financial statements:

No

(4) Number of issued shares (common shares)

Total number of issued shares at the end of the period (including treasury shares)

As of September 30, 2023

43,931,260

shares

As of March 31, 2023

43,931,260

shares

Number of treasury shares at the end of the period

As of September 30, 2023

852,337

shares

As of March 31, 2023

921,223

shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)

Six months ended September 30, 2023

43,031,533

shares

Six months ended September 30, 2022

42,983,653

shares

2

Quarterly consolidated financial statements

Consolidated balance sheets

(Millions of yen)

As of March 31, 2023

As of September 30, 2023

Assets

Current assets

Cash and deposits

44,232

43,415

Notes and accounts receivable - trade

56,670

54,977

Finished goods

2,090

2,291

Work in process

20,580

21,282

Raw materials

4,244

5,112

Supplies

1,405

1,613

Other

7,102

9,154

Total current assets

136,326

137,847

Non-current assets

Property, plant and equipment

Buildings and structures

106,094

114,399

Accumulated depreciation

(46,158)

(50,625)

Buildings and structures, net

59,936

63,774

Machinery, equipment and vehicles

180,783

197,457

Accumulated depreciation

(138,215)

(152,899)

Machinery, equipment and vehicles, net

42,567

44,558

Tools, furniture and fixtures

152,887

155,668

Accumulated depreciation

(137,260)

(140,071)

Tools, furniture and fixtures, net

15,626

15,596

Land

14,375

16,285

Construction in progress

7,148

9,953

Total property, plant and equipment

139,654

150,168

Intangible assets

1,200

1,132

Investments and other assets

Investment securities

9,429

11,747

Other

2,088

1,118

Total investments and other assets

11,518

12,866

Total non-current assets

152,372

164,167

Total assets

288,698

302,014

3

(Millions of yen)

As of March 31, 2023

As of September 30, 2023

Liabilities

Current liabilities

Accounts payable - trade

34,019

35,948

Short-term borrowings

13,848

11,733

Current portion of long-term borrowings

9,912

9,621

Accounts payable - other

7,654

8,550

Income taxes payable

1,103

617

Provision for bonuses

1,529

2,255

Other

6,171

4,251

Total current liabilities

74,239

72,979

Non-current liabilities

Long-term borrowings

27,405

23,055

Retirement benefit liability

1,452

1,496

Provision for share awards for directors (and other

472

398

officers)

Other

8,432

9,828

Total non-current liabilities

37,763

34,778

Total liabilities

112,003

107,757

Net assets

Shareholders' equity

Share capital

4,656

4,656

Capital surplus

23,622

23,622

Retained earnings

111,475

116,163

Treasury shares

(1,649)

(1,534)

Total shareholders' equity

138,104

142,906

Accumulated other comprehensive income

Valuation difference on available-for-sale securities

1,337

2,717

Deferred gains or losses on hedges

31

－

Foreign currency translation adjustment

25,185

35,810

Remeasurements of defined benefit plans

33

28

Total accumulated other comprehensive income

26,587

38,556

Non-controlling interests

12,003

12,794

Total net assets

176,695

194,257

Total liabilities and net assets

288,698

302,014

4

Consolidated statements of income (cumulative) and consolidated statements of comprehensive income (cumulative)

Consolidated statements of income (cumulative)

(Millions of yen)

Six months ended

Six months ended

September 30, 2022

September 30, 2023

Net sales

154,796

165,237

Cost of sales

140,013

150,713

Gross profit

14,782

14,523

Selling, general and administrative expenses

7,581

8,239

Operating profit

7,200

6,284

Non-operating income

Interest income

301

441

Dividend income

77

76

Foreign exchange gains

1,394

1,353

Share of profit of entities accounted for using equity method

540

59

Other

361

408

Total non-operating income

2,675

2,339

Non-operating expenses

Interest expenses

456

590

Other

16

30

Total non-operating expenses

472

620

Ordinary profit

9,404

8,003

Extraordinary income

Gain on sale of non-current assets

79

27

Gain on sale of investment securities

27

－

Total extraordinary income

107

27

Extraordinary losses

Loss on sales of noncurrent assets

－

5

Loss on liquidation of business

－

174

Loss related to COVID-19

33

－

Total extraordinary losses

33

179

Profit before income taxes

9,477

7,851

Income taxes

2,633

1,877

Profit

6,843

5,974

Profit (loss) attributable to non-controlling interests

(96)

27

Profit attributable to owners of parent

6,940

5,946

5

Consolidated statements of comprehensive income (cumulative)

(Millions of yen)

Six months ended

Six months ended

September 30, 2022

September 30, 2023

Profit

6,843

5,974

Other comprehensive income

Valuation difference on available-for-sale securities

(317)

1,379

Deferred gains or losses on hedges

(176)

(31)

Foreign currency translation adjustment

8,401

11,003

Remeasurements of defined benefit plans, net of tax

(524)

(5)

Share of other comprehensive income of entities accounted

804

564

for using equity method

Total other comprehensive income

8,187

12,910

Comprehensive income

15,031

18,884

Comprehensive income attributable to

Comprehensive income attributable to owners of parent

14,226

17,914

Comprehensive income attributable to non-controlling

805

969

interests

6

Consolidated statements of cash flows

(Millions of yen)

Six months ended

Six months ended

September 30, 2022

September 30, 2023

Cash flows from operating activities

Profit before income taxes

9,477

7,851

Depreciation

8,477

9,675

Increase (decrease) in retirement benefit liability

121

(15)

Increase (decrease) in provision for bonuses

626

666

Interest and dividend income

(379)

(517)

Interest expenses

456

590

Share of loss (profit) of entities accounted for using equity

(540)

(59)

method

Loss (gain) on sale of investment securities

(27)

－

Loss (gain) on sale and retirement of non-current assets

(79)

(22)

Loss on liquidation of business

－

174

Decrease (increase) in trade receivables

1,326

4,556

Decrease (increase) in inventories

5,761

(169)

Increase (decrease) in trade payables

2,566

(1,316)

Increace/decreace in consumption taxes receivable payable

(396)

(74)

Increase (decrease) in advances received

(1,532)

(1,031)

Increase (decrease) in accounts payable - other

66

122

Other, net

273

(461)

Subtotal

26,195

19,967

Interest and dividends received

539

898

Interest paid

(457)

(590)

Income taxes refund (paid)

(2,654)

(2,389)

Net cash provided by (used in) operating activities

23,622

17,886

Cash flows from investing activities

Net decrease (increase) in time deposits

(3,302)

(7,017)

Purchase of property, plant and equipment

(8,822)

(10,515)

Proceeds from sale of property, plant and equipment

82

29

Purchase of intangible assets

(40)

(84)

Purchase of investment securities

(44)

(43)

Proceeds from sale of investment securities

92

－

Other, net

(29)

(34)

Net cash provided by (used in) investing activities

(12,064)

(17,665)

Cash flows from financing activities

Net increase (decrease) in short-term borrowings

(6,657)

(3,459)

Proceeds from long-term borrowings

3,000

－

Repayments of long-term borrowings

(10,144)

(5,228)

Payment of installment liability and finance lease liability

(244)

(142)

Dividends paid

(1,214)

(1,258)

Dividends paid to non-controlling interests

(73)

(178)

Net cash provided by (used in) financing activities

(15,335)

(10,267)

Effect of exchange rate change on cash and cash equivalents

976

1,936

Net increase (decrease) in cash and cash equivalents

(2,801)

(8,110)

Cash and cash equivalents at beginning of period

35,968

40,248

Cash and cash equivalents at end of period

33,167

32,137

7

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G-Tekt Corporation published this content on 07 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 November 2023 14:58:06 UTC.