Nippon Coke & Engineering Co., Ltd. (3315) Consolidated Financial Report for Fiscal Year Ended March 31, 2023
Consolidated Financial Report for Fiscal Year Ended March 31, 2023 (J-GAAP)
May 12, 2023 | ||
Company name: | Nippon Coke & Engineering Co., Ltd. | Listed stock exchange: Tokyo Stock Exchange |
Securities code: | 3315 | URL: n-coke.com/en/index.html |
Representative: | MATSUOKA Hiroaki, President and Representative Director | |
Inquiries: | OKUZONO Takayuki, General Manager, Personnel and General Affairs Department | |
TEL: +81-3-5560-1311 | ||
Scheduled date of the Company's Annual Meeting of Shareholders: June 29, 2023 | ||
Scheduled filing date of the Company's annual securities report: | June 29, 2023 | |
Scheduled date of dividend payment commencement: | - | |
Preparation of financial report supplemental explanatory materials: | Yes (In Japanese only) | |
Holding of financial results briefing: | No |
(Figures are rounded down to the nearest million yen)
1. Consolidated Performance for Fiscal Year Ended March 31, 2023 (April 1, 2022 to March 31, 2023)
(1) Consolidated Business Results (year-to-date)
(In millions of yen unless otherwise stated; percentage figures show the year-on-year change.)
Net Sales | Operating Income | Ordinary Income | Net Income Attributable | |||||||||||||||||||||||
to Owners of the Parent | ||||||||||||||||||||||||||
Fiscal year ended | 174,062 | 39.6% | -397 | - | -752 | - | -1,075 | - | ||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||
Fiscal year ended | 124,711 | 41.9% | 12,253 | 75.1% | 11,454 | 77.5% | 7,380 | 86.0% | ||||||||||||||||||
March 31, 2022 | ||||||||||||||||||||||||||
Note: Comprehensive income (loss): | Fiscal year ended March 31, 2023 | -1,029 million yen (-%) | ||||||||||||||||||||||||
Fiscal year ended March 31, 2022 | 7,401 million yen (75.9%) | |||||||||||||||||||||||||
Net Income per | Diluted Net Income | Net Income to | Ordinary Income to | Operating Income to | ||||||||||||||||||||||
Share (Yen) | per Share (Yen) | Equity Ratio (%) | Total Assets Ratio (%) | Net Sales Ratio (%) | ||||||||||||||||||||||
Fiscal year ended | -3.70 | - | -1.9 | -0.6 | -0.2 | |||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||
Fiscal year ended | 25.36 | - | 13.6 | 9.9 | 9.8 | |||||||||||||||||||||
March 31, 2022 | ||||||||||||||||||||||||||
(Reference) Equity method investment gains (losses): | Fiscal year ended March 31, 2023 | - million yen | ||||||||||||||||||||||||
Fiscal year ended March 31, 2022 | - million yen | |||||||||||||||||||||||||
(2) Consolidated Financial Position | ||||||||||||||||||||||||||
(In millions of yen unless otherwise stated) | ||||||||||||||||||||||||||
Total Assets | Net Assets | Equity Ratio (%) | Net Assets per Share (Yen) | |||||||||||||||||||||||
March 31, 2023 | 140,202 | 54,277 | 38.7 | 186.50 | ||||||||||||||||||||||
March 31, 2022 | 128,767 | 57,343 | 44.5 | 197.04 | ||||||||||||||||||||||
(Reference) Shareholders' equity: | March 31, 2023 | 54,277 million yen | ||||||||||||||||||||||||
March 31, 2022 57,343 million yen | ||||||||||||||||||||||||||
(3) Consolidated Cash Flows | ||||||||||||||||||||||||||
(In millions of yen unless otherwise stated) | ||||||||||||||||||||||||||
Cash Flows from | Cash Flows from | Cash Flows from | Cash and Cash Equivalents as | |||||||||||||||||||||||
Operating Activities | Investing Activities | Financing Activities | of the End of the Period | |||||||||||||||||||||||
Fiscal year ended | -12,402 | -8,094 | 21,091 | 5,616 | ||||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||
Fiscal year ended | 4,608 | -4,162 | -1,074 | 5,019 | ||||||||||||||||||||||
March 31, 2022 | ||||||||||||||||||||||||||
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Nippon Coke & Engineering Co., Ltd. (3315) Consolidated Financial Report for Fiscal Year Ended March 31, 2023
2. Dividend Information
Dividends per Share (Yen) | Total Dividend | Dividend | Dividend to | ||||||||
End of the | End of the | End of the | Fiscal | Total | (Annual) | Payout | Net Assets | ||||
First | Interim | Third | Year-End | (Millions of | Ratio (%) | Ratio (%) | |||||
Quarter | Period | Quarter | yen) | ||||||||
Fiscal year ended | - | 0.00 | - | 7.00 | 7.00 | 2,037 | 27.6 | 3.8 | |||
March 31, 2022 | |||||||||||
Fiscal year ended | - | 0.00 | - | 0.00 | 0.00 | - | - | - | |||
March 31, 2023 | |||||||||||
Fiscal year ending | - | 0.00 | - | 3.00 | 3.00 | 34.9 | |||||
March 31, 2024 (forecast) | |||||||||||
3. Consolidated Performance Forecast for Fiscal Year Ending March 31, 2024
(April 1, 2023 to March 31, 2024)
(In millions of yen unless otherwise stated; percentage figures show the year-on-year change)
Net | Operating | Ordinary | Net Income | Net Income | |||||||||
Attributable to | per Share | ||||||||||||
Sales | Income | Income | |||||||||||
Owners of the Parent | (Yen) | ||||||||||||
Interim period | 82,000 | -12.9% | 3,200 | -% | 2,800 | -% | 1,500 | -% | 5.15 | ||||
Full fiscal year | 159,000 | -8.7% | 6,300 | -% | 5,500 | -% | 2,500 | -% | 8.59 |
Cautionary Notes
- Changes in important subsidiaries during the period (Changes in special subsidiaries due to changes in the scope of
consolidation and application of the equity method): No
Newly included: - | Excluded: - |
- Changes in Accounting Policies, Changes in Accounting Estimates, and Retrospective Restatements
- Changes in accounting policies in accordance with revisions to accounting standards and other regulations: No
- Changes in accounting policies other than (a) above: No
- Changes in accounting estimates: Yes
- Retrospective restatements: No
- Issued shares (common stock)
- Number of issued shares as of the end of the period (including treasury stock)
- Number of shares of treasury stock as of the end of the period
- Average number of shares for the period (fiscal year-to-date)
March 31, 2023 | 302,349,449 shares | March 31, 2022 | 302,349,449 shares | |
March 31, 2023 | 11,323,046 | shares | March 31, 2022 | 11,321,741 shares |
Fiscal year ended | 291,027,077 | shares | Fiscal year ended | 291,028,238 shares |
March 31, 2023 | March 31, 2022 |
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Nippon Coke & Engineering Co., Ltd. (3315) Consolidated Financial Report for Fiscal Year Ended March 31, 2023
(Reference) Overview of Non-Consolidated Business Results
Non-Consolidated Performance for Fiscal Year Ended March 31, 2023 (April 1, 2022 to March 31, 2023)
(1) Non-Consolidated Business Results
(In millions of yen unless otherwise stated; percentage figures show the year-on-year change.)
Net Sales | Operating Income | Ordinary Income | Net Income | ||||||||||||||
Fiscal year ended | 165,580 | 41.8% | -1,191 | -% | -1,478 | -% | -1,525 | -% | |||||||||
March 31, 2023 | |||||||||||||||||
Fiscal year ended | 116,742 | 47.4% | 11,569 | 78.5% | 10,826 | 78.7% | 7,011 | 84.4% | |||||||||
March 31, 2022 | |||||||||||||||||
Net Income per Share (Yen) | Diluted Net Income per Share (Yen) | ||||||||||||||||
Fiscal year ended | -5.24 | - | |||||||||||||||
March 31, 2023 | |||||||||||||||||
Fiscal year ended | 24.09 | - | |||||||||||||||
March 31, 2022 | |||||||||||||||||
(2) Non-Consolidated Financial Position | |||||||||||||||||
(In millions of yen unless otherwise stated) | |||||||||||||||||
Total Assets | Net Assets | Equity Ratio (%) | Net Assets per Share (Yen) | ||||||||||||||
March 31, 2023 | 133,239 | 50,334 | 37.8 | 172.96 | |||||||||||||
March 31, 2022 | 122,296 | 53,857 | 44.0 | 185.06 | |||||||||||||
(Reference) Shareholders' equity: | March 31, 2023 | 50,334 million yen | March 31, 2022 53,857 million yen |
This consolidated financial report is not subject to audit by a certified public accountant or an auditor.
Cautionary Statement and Other Explanatory Notes
Forward-looking statements including performance forecasts contained in this document are based on certain reasonable presumptions and beliefs in light of information currently available to management and should not be interpreted as a promise or guarantee by the Company that information or quantitative data will be achieved. Moreover, readers are advised that actual results may differ materially from forecasts due to a variety of factors. Please refer to "(4) Future Outlook" under "1. Business Results" on page 6 for details of the presumptions that underpin performance forecasts as well as cautionary statements and other explanatory notes with respect to the use of performance forecasts.
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Nippon Coke & Engineering Co., Ltd. (3315) Consolidated Financial Report for Fiscal Year Ended March 31, 2023
1. Business Results
- Business Results for the Fiscal Year Ended March 31, 2023
During the fiscal year ended March 31, 2023, the Japanese economy continued to face downward risks from overseas economic situations, including volatile raw material prices due to the prolonged conflict in Ukraine and sharp fluctuations in exchange rates.
Under these circumstances, the Nippon Coke & Engineering Group recorded an increase of 49,350 million yen in consolidated net sales, compared with the previous fiscal year, to 174,062 million yen, due partly to improvement in market conditions for coking coal in the mainstay Coke Business as well as depreciation of the yen.
On the profit front, the Group recorded a consolidated operating loss of 397 million yen, compared with operating income of 12,253 million yen in the previous fiscal year. This loss was due to the impact of overvalued inventories resulting from a sharp decline in the coking coal market after a sharp rise in the market price. The Group recorded a consolidated ordinary loss of 752 million yen, compared with ordinary income of 11,454 million yen in the previous fiscal year.
The Group recorded extraordinary income of 183 million yen arising from such factors as gain on sales of non-current assets, against an extraordinary loss of 867 million yen due to loss on retirement of non-current assets.
As a result, net loss attributable to owners of the parent after income taxes stood at 1,075 million yen, compared to net income attributable to owners of the parent of 7,380 million yen in the previous fiscal year.
Segment Information
- Coke Business
The Group's sales volume in the Coke Business decreased by 270,000 tonnes compared to the previous fiscal year to 1,483,000 tonnes due to decreased productions resulting from the implementation of the 2A coke kiln renewal project. However, revenues increased mainly due to better market conditions for coking coal and depreciation of the yen.
Profit decreased due to the impact of overvalued inventories resulting from a sharp decline in the coking coal market after a sharp rise in the market price.
As a result, consolidated net sales in the Coke Business amounted to 110,243 million yen, up 25,993 million yen compared with the previous fiscal year. There was a consolidated operating loss of 3,880 million yen, compared to consolidated operating income of 10,308 million yen in the previous fiscal year.
- Fuel and Resource Recycling Business
The Group's sales volume in the Fuel and Resource Recycling Business amounted to 1,092,000 tonnes, down 151,000 tonnes year on year, owing to factors such as a decline in capacity utilization at major customers. However, revenue increased mainly due to better market conditions for fuel-use coal and depreciation of the yen.
As a result, consolidated net sales in the Fuel and Resource Recycling Business increased 22,041 million yen year on year to 51,768 million yen. Consolidated operating income increased 986 million yen to 3,243 million yen.
(iii) Comprehensive Engineering Business
In the Comprehensive Engineering Business, revenue in the Chemical Machinery Business increased as a result of increased capital investments at many of the Group's clients as they recovered from the effects of COVID-19.
As a result, consolidated net sales in the Comprehensive Engineering Business amounted to 8,159 million yen, up 1,187 million yen compared with the previous fiscal year. Consolidated operating income was 1,275 million yen, up 365 million yen year on year.
(iv) Other Businesses
In the Other Business segment, revenues increased due to the higher handling volume in the logistics business.
As a result, consolidated net sales in the Other Business segment were 3,891 million yen, up 128 million yen compared with the previous fiscal year. Consolidated operating income also increased 146 million yen year on year to 598 million yen.
- Financial Position
Assets, Liabilities and Net Assets
Total assets as of March 31, 2023 stood at 140,202 million, up 11,435 million yen compared with the balance as of March 31, 2022. The main changes were merchandise and finished goods, which were up 8,177 million yen; construction in progress, which were up 3,527 million yen; raw materials and supplies, which were up 3,160 million yen; other current assets, which were up 1,112 million yen; and accounts receivable-trade, which were down 5,184 million yen.
Total liabilities as of March 31, 2023 stood at 85,925 million yen, up 14,501 million yen compared with the balance
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Nippon Coke & Engineering Co., Ltd. (3315) Consolidated Financial Report for Fiscal Year Ended March 31, 2023
as of March 31, 2022. In main movements, short-term loans payable were up 23,496 million yen, notes and accounts payable-trade shrank by 5,662 million yen, and income taxes payable decreased 2,845 million yen.
Net assets as of March 31, 2023 stood at 54,277 million yen, down 3,066 million yen compared with the balance as of March 31, 2022. Based on the aforementioned, the equity ratio was 38.7%.
- Cash Flows
The balance of cash and cash equivalents (hereafter referred to as "funds") stood at 5,616 million yen as of March 31, 2023, 597 million yen higher than the end of the previous fiscal year.
The status and movements in various cash flows for the fiscal year ended March 31, 2023 were as follows.
(Cash Flows from Operating Activities)
Net cash used in operating activities was 12,402 million yen, an increase of 17,010 million yen compared with the previous fiscal year.
Major cash inflows were depreciation expenses of 5,381 million yen and a decrease in notes and accounts payable- trade and contract assets of 4,849 million yen. Principal cash outflows included an increase in inventories of 11,410 million yen, a decrease in notes and accounts payable-trade of 5,662 million yen, and payment of income taxes of 3,600 million yen.
(Cash Flows from Investing Activities)
Net cash used in investing activities totaled 8,094 million yen, an increase of 3,932 million yen compared with the previous fiscal year.
Major cash outflow in the fiscal year ended March 31, 2023 consisted of purchase of property, plant and equipment totaling 7,633 million yen.
(Cash Flows from Financing Activities)
Net cash provided by financing activities was 21,091 million yen, an increase of 22,165 million yen compared with the previous fiscal year.
In the fiscal year ended March 31, 2023, the proceeds from short-term loans payable amounted to 395,719 million yen, and proceeds from long-term loans payable amounted to 2,815 million yen. Against this, the repayment of short-term loans payable was 368,374 million yen, and the repayment of long-term loans payable was 7,020 million yen.
(Reference) Trends in Cash Flow Indices
Fiscal Year | Fiscal Year | Fiscal Year | Fiscal Year | Fiscal Year | |
Ended March | Ended March | Ended March | Ended March | Ended March | |
31, 2019 | 31, 2020 | 31, 2021 | 31, 2022 | 31, 2023 | |
Equity ratio1 (%) | 39.4 | 44.4 | 50.0 | 44.5 | 38.7 |
Equity ratio based on market | 23.8 | 16.7 | 32.5 | 32.5 | 18.1 |
capitalization2 (%) | |||||
Ratio of interest-bearing | 3.6 | 4.6 | 1.5 | 5.0 | - |
liabilities to cash flows3 (Years) | |||||
Interest coverage ratio4 (Times) | 26.1 | 17.8 | 55.3 | 21.0 | - |
1Equity ratio: (Net assets - Minority interests - New share subscription rights) / Total assets
2Equity ratio based on market capitalization: Market capitalization / Total assets
3Ratio of interest-bearing liabilities to cash flows: Interest-bearing liabilities / Cash flows from operating activities
4Interest coverage ratio: Cash flows from operating activities / Interest payments Notes:
- All indices have been calculated using figures on a consolidated basis.
- Market capitalization is calculated by multiplying the period-end closing share price with the number of shares issued and outstanding as of the fiscal period-end (after deducting treasury stock).
- Cash flows from operating activities are the cash flows from operating activities listed in the statement of consolidated cash flows. Interest-bearing liabilities include all liabilities listed on the consolidated balance sheet on which interest is paid. Moreover, with respect to the payment of interest, the amount listed under interest paid in the statement of consolidated cash flows has been used.
- The ratio of interest-bearing liabilities to cash flows and the interest coverage ratio for the fiscal year ended March 31, 2023 are omitted due to negative cash flows from operating activities.
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Nippon Coke & Engineering Company Limited published this content on 18 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 May 2023 04:28:07 UTC.