Okabe : Notice of Differences between Consolidated Financial Results Forecasts for the Fiscal Year Ended December 31, 2023 and Actual Results
February 18, 2024
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February 19, 2024
For Immediate Release
Company name
Okabe Co., Ltd.
Representative
Hirohide Kawase, Representative Director,
President and Chief Executive Officer
(Securities Code: 5959, TSE Prime Market)
Contact
Yasushi Hosomichi, Director and
Senior Managing Executive Officer
in charge of Administrative Division
(TEL. +81-3-3624-5119)
Notice of Differences between Consolidated Financial Results Forecasts
for the Fiscal Year Ended December 31, 2023 and Actual Results
Okabe Co., Ltd. (the "Company") hereby announces that differences have arisen between consolidated financial results forecasts for the fiscal year ended December 31, 2023 announced on January 25, 2024 and actual results disclosed today, as outlined below.
1. Differences between consolidated financial results forecasts for the fiscal year ended December 31, 2023 (January 1, 2023 to December 31, 2023) and actual results
Profit
Net sales
Operating profit
Ordinary profit
attributable to
Profit per share
owners of
parent
Million yen
Million yen
Million yen
Million yen
Yen
Previous forecast (A)
78,300
4,100
4,300
Undetermined
Undetermined
Actual results (B)
78,152
4,082
4,303
(7,097)
(153.32)
Change (B - A)
(147)
(17)
3
‒
Change (%)
(0.2)
(0.4)
0.1
‒
(Reference) Actual results
for previous fiscal year
76,854
5,271
5,471
3,848
81.30
(Fiscal year ended
December 31, 2022)
2. Reasons for the differences
In the "Notice of Revisions to Consolidated Financial Results Forecasts for the Fiscal Year Ended December 31, 2023" dated January 25, 2024, the Company announced that, although net sales, operating profit and ordinary profit remained generally as expected, profit attributable to owners of parent was expected to be significantly lower than the previous forecast. As the specific impact of relevant matters described below on the profit attributable to owners of parent was under close examination, it was announced as undetermined at the time of the above announcement. Recently, the Company finalized the amount of profit attributable to owners of parent which had been left unsettled, as it determined the total amount of extraordinary losses to be 10,307 million yen (mainly reflecting decreased profitability in the manufacturing and sales of battery terminals in the automobile products business, extraordinary losses caused by the transfer of consolidated subsidiaries associated with Chapter 11 filing and legal fees, etc. related to litigation against the Company and its US subsidiaries, and impairment losses of goodwill related to OCM Manufacturing LLC that operates building materials manufacturing business in the United States) and the amount of relevant income tax, etc.
For an outline of the extraordinary losses, please refer to the following announcements.
"Notice of Litigation Against Okabe and its US Subsidiaries in the United States" as of June 22, 2023
"Notice of Recording of Extraordinary Losses, Differences between Consolidated Financial Results Forecasts and Results for the First Six Months of Fiscal Year Ending December 31, 2023 and Revision to Consolidated Financial Results Forecasts for the Fiscal Year Ending December 31, 2023" as of July 28, 2023
"Notice of Recording of Extraordinary Losses (Impairment Losses of Goodwill)" as of January 25, 2024
"Notice of Change in Consolidated Subsidiaries in Association with the Chapter 11 Filing by Certain Subsidiaries (Business Transfer and Share Transfer) and Resulting Posting of Extraordinary Loss (Impairment Loss of Non- Current Assets)" as of January 25, 2024.
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OKABE Co. Ltd. published this content on
19 February 2024 and is solely responsible for the information contained therein. Distributed by
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06 March 2024 08:34:08 UTC.
OKABE CO., LTD. is a Japan-based company mainly engaged in the manufacture and sale of construction equipment and materials. The Company operates in three business segments. The Construction-related Product segment manufactures and sells temporary and formwork construction products, civil engineering products and structural products, and purchases and sells construction materials. The Automobile-related Product segment is engaged in the planning and sale of automobile related products. The Others segment manufactures and sells marine materials and supplies, and manufactures and sells fishing products in the United States.