(Note) This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translation and the Japanese original, the original shall prevail.
Consolidated Financial Report
For the Three Months Ended June 30, 2023
July 27, 2023 | |
Company Name: | Meitec Corporation |
Representative: | Hideyo Kokubun |
President, Group CEO | |
Code No.: | 9744 TSE Prime Market |
[Fractions of one million yen are rounded down]
1. Consolidated Results for the 1st Quarter (April 1, 2023 to June 30, 2023)
(1) Consolidated operating results | (% is comparison to the previous fiscal year) | ||||||||
Net Sales | Operating Profit | Ordinary Profit | Profit Attributable to | ||||||
Owners of Parent | |||||||||
Millions of Yen | % | Millions of Yen | % | Millions of Yen | % | Millions of Yen | % | ||
Three months ended June 30, 2023 | 31,302 | 9.3 | 4,238 | 13.8 | 4,225 | 12.9 | 2,638 | 11.3 | |
Three months ended June 30, 2022 | 28,632 | 13.6 | 3,725 | 45.9 | 3,741 | 44.9 | 2,370 | 47.5 | |
(Note) Comprehensive Income; | Three months ended June 30, 2023: | 2,669 | million yen | [ 10.7% ] | ||
Three months ended June 30, 2022: | 2,410 | million yen | [ 44.1% ] | |||
Earnings per Share | Diluted Net Income | |||||
per Share | ||||||
Yen | Yen | |||||
Three months ended June 30, 2023 | 33.65 | - | ||||
Three months ended June 30, 2022 | 29.58 | - | ||||
(Note) The Company conducted a share split with a ratio of three shares for one share of common stock on July 1, 2022. Earnings per share is calculated assuming the share split to have been conducted at the start of the previous fiscal year.
(2) Consolidated financial position
Total Assets | Net Assets | Equity Ratio | ||
Millions of Yen | Millions of Yen | % | ||
As of June 30, 2023 | 79,686 | 44,447 | 55.8 | |
As of March 31, 2023 | 84,576 | 46,719 | 55.2 | |
Reference: Shareholders' Equity; | as of June 30, 2023: | 44,447 | million yen | |
as of March 31, 2023: | 46,719 | million yen |
2. Dividends
Annual Dividends per Share | |||||||
1st Quarter | 2nd Quarter | 3rd Quarter | Year-end | Total | |||
Yen | Yen | Yen | Yen | Yen | |||
FY ended March 31, 2023 | ― | 39.00 | ― | 63.00 | 102.00 | ||
FY ending March 31, 2024 | ― | ||||||
FY ending March 31, 2024 (Forecast) | 40.00 | ― | 49.00 | 89.00 | |||
(Note) Revision of dividends forecast from recent forecast: | None |
(Note) This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translation and the Japanese original, the original shall prevail.
3. Consolidated Forecasts for Fiscal Year ending March 31, 2024
(% is comparison to the same period of previous fiscal year)
Operating | Ordinary | Profit Attributable | Earnings | ||||||||||
Net Sales | to Owners of | ||||||||||||
Profit | Profit | per Share | |||||||||||
Parent | |||||||||||||
Millions of | % | Millions of | % | Millions of | % | Millions of | % | Yen | |||||
Yen | Yen | Yen | Yen | ||||||||||
Six months ending September 30, 2023 | 62,400 | 7.5 | 7,800 | 2.8 | 7,900 | 3.5 | 5,200 | 1.8 | 66.31 | ||||
FY ending March 31, 2024 | 126,500 | 6.2 | 16,800 | 2.0 | 16,800 | 1.6 | 11,500 | (6.1) | 146.64 | ||||
(Note) Revision of performance forecast from recent forecast: | None |
Notes to Financial Statements
- Significant changes involving subsidiaries during the term: Yes (Changes in specific subsidiaries that affected the scope of consolidation) Newly consolidated:1 (MEITEC SPLIT PREPARATORY COMPANY)
- Adoption of special accounting treatment for preparing quarterly consolidated financial statements: Yes
- Changes in accounting policies, changes in accounting estimates, and restatements
i. Change in accounting policies : | None |
ii. Changes not relating to i. : | None |
iii. Changes in accounting estimates : | None |
iv. Restatements : | None |
- Number of shares issued (common stock)
- Number of shares issued at the fiscal year end (including treasury shares)
1st quarter ended June 30, 2023: | 82,500,000 |
FY ended March 31, 2023: | 82,500,000 |
ii. Number of treasury shares at the fiscal year end | |
1st quarter ended June 30, 2023: | 4,078,465 |
FY ended March 31, 2023: | 4,078,400 |
iii. Average number of shares outstanding during the period (first quarter cumulative)
1st quarter ended June 30, 2023: | 78,421,587 |
1st quarter ended June 30, 2022: | 80,125,788 |
(Note) The Company conducted a share split with a ratio of three shares for one share of common stock on July 1, 2022.
Number of shares issued at the fiscal year end, number of treasury shares at the fiscal year end, and average number of shares outstanding during the period have been calculated assuming the share split to have been conducted at the start of the previous fiscal year.
- This report is not included in the scope of the audit or the certified public accountant.
- Advice relating to appropriate use of financial forecasts and other relevant information
Earnings forecasts and other forward-looking statements in this release are based on data currently available to management and certain assumptions that management believes are reasonable, and it is not intended to promise its achievement. Actual results may therefore differ materially from these statements for various reasons. Some important factors that might have an effect on business performance pertain to Business Risks stated in the Company's annual securities report and other information already released, but factors influencing business performance are not limited to those released.
(Note) This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translation and the Japanese original, the original shall prevail.
1. Qualitative Information on the Consolidated Results for the 1st Quarter
Qualitative Information on the Consolidated Operating Results
During the first quarter of the current fiscal year (the three months from April 1, 2023 to June 30, 2023), the legal status of COVID-19 was downgraded to Category V, and economic and social activity was normalizing. However, the economic outlook remained uncertain as a tense international situation, increases in the prices of resources, and other factors continued.
As a result of investment in technological development focused on the next generation of products by the leading manufacturers that constitute the Company's major clients, the order environment was strong.
Under these circumstances, as a result of the Company continuing proactive recruitment with an eye on medium- and long-term growth, the number of engineers across the Group increased, including 824 (MT: 459, MF: 365) newly graduated employees joining the Group in April 2023. In addition, as a result of steady progress in assignments of both new and existing employees in response to orders, the Company achieved both an increase in the number of engineers assigned to clients and improvement in the utilization ratio. Note that working hours decreased slightly year on year, mainly due to a decrease in overtime work.
Mainly due to these factors, consolidated net sales for the period under review increased ¥2,670 million, or 9.3%, from a year earlier to ¥31,302 million. Consolidated cost of sales increased ¥1,992 million, or 9.5%, from a year earlier to ¥22,889 million, due mainly to an increase in labor expenses associated with growth in the number of engineers, and consolidated selling, general and administrative expenses increased ¥164 million, or 4.1%, from a year earlier to ¥4,175 million. As a result, consolidated operating profit increased ¥512 million, or 13.8%, from a year earlier to ¥4,238 million.
Consolidated ordinary profit increased ¥483 million, or 12.9%, from a year earlier to ¥4,225 million, while profit attributable to owners of parent increased ¥268 million, or 11.3%, from a year earlier to ¥2,638 million.
For details, please refer to "Results for the 1st Quarter of the Fiscal Year Ending March 31, 2024" released today on the Company's website.
2.Consolidated Financial Statements
(1)Consolidated Balance Sheets
(Millions of Yen) | ||
Fiscal year ended | The 1st Quarter ended | |
Mar. 31, 2023 | Jun. 30, 2023 | |
Assets | ||
Current assets | ||
Cash and deposits | 51,028 | 45,058 |
Notes and accounts receivable - trade | 17,354 | 18,250 |
Work in process | 172 | 240 |
Other | 928 | 1,038 |
Total current assets | 69,484 | 64,587 |
Non-current assets | ||
Property, plant and equipment | ||
Buildings and structures, net | 3,124 | 3,081 |
Other, net | 1,661 | 1,653 |
Total property, plant and equipment | 4,785 | 4,735 |
Intangible assets | ||
Other | 369 | 344 |
Total intangible assets | 369 | 344 |
Investments and other assets | ||
Deferred tax assets | 8,994 | 8,980 |
Other | 944 | 1,041 |
Allowance for doubtful accounts | (2) | (2) |
Total investments and other assets | 9,935 | 10,019 |
Total non-current assets | 15,091 | 15,098 |
Total assets | 84,576 | 79,686 |
Liabilities | ||
Current liabilities | ||
Income taxes payable | 2,694 | 1,436 |
Provision for bonuses for directors (and other officers) | 181 | 64 |
Provision for bonuses | 9,955 | 4,986 |
Other | 7,993 | 11,637 |
Total current liabilities | 20,824 | 18,125 |
Non-current liabilities | ||
Retirement benefit liability | 17,032 | 17,113 |
Total non-current liabilities | 17,032 | 17,113 |
Total liabilities | 37,856 | 35,238 |
Net assets | ||
Shareholders' equity | ||
Share capital | 5,000 | 5,000 |
Capital surplus | 1,259 | 1,259 |
Retained earnings | 49,207 | 46,905 |
Treasury shares | (7,795) | (7,796) |
Total shareholders' equity | 47,671 | 45,369 |
Accumulated other comprehensive income | ||
Revaluation reserve for land | (662) | (662) |
Remeasurements of defined benefit plans | (289) | (259) |
Total accumulated other comprehensive income | (951) | (921) |
Total net assets | 46,719 | 44,447 |
Total liabilities and net assets | 84,576 | 79,686 |
(2)Consolidated Statements of Income and Comprehensive Income
(Consolidated Statements of Income)
(Millions of Yen) | ||
The 1st Quarter ended | The 1st Quarter ended | |
Jun. 30, 2022 | Jun. 30, 2023 | |
Net sales | 28,632 | 31,302 |
Cost of sales | 20,896 | 22,889 |
Gross profit | 7,736 | 8,413 |
Selling, general and administrative expenses | 4,010 | 4,175 |
Operating profit | 3,725 | 4,238 |
Non-operating income | ||
Interest income | 0 | 0 |
Subsidy income | 14 | 3 |
Other | 1 | 1 |
Total non-operating income | 15 | 4 |
Non-operating expenses | ||
Commitment fees | 0 | 0 |
Other | 0 | 17 |
Total non-operating expenses | 0 | 18 |
Ordinary profit | 3,741 | 4,225 |
Extraordinary losses | ||
Loss on retirement of non-current assets | 0 | 0 |
Total extraordinary losses | 0 | 0 |
Profit before income taxes | 3,740 | 4,224 |
Income taxes | 1,370 | 1,585 |
Profit | 2,370 | 2,638 |
Profit attributable to owners of parent | 2,370 | 2,638 |
(Consolidated Statements of Comprehensive Income) | ||
(Millions of Yen) | ||
The 1st Quarter ended | The 1st Quarter ended | |
Jun. 30, 2022 | Jun. 30, 2023 | |
Profit | 2,370 | 2,638 |
Other comprehensive income | ||
Remeasurements of defined benefit plans, net of tax | 39 | 30 |
Total other comprehensive income | 39 | 30 |
Comprehensive income | 2,410 | 2,669 |
Comprehensive income attributable to | ||
Comprehensive income attributable to owners of parent | 2,410 | 2,669 |
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Meitec Corporation published this content on 27 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 July 2023 08:11:31 UTC.