THE NISSHIN OILLIO GROUP,LTD. Note: This document is a translation of the original Japanese version and provided for reference purposes only. In the event of any discrepancy between the Japanese original and this English translation, the Japanese original shall prevail.
Consolidated Financial Results
for the Six Months Ended September 30, 2022
[Japanese GAAP]
November 9, 2022
Company name: The Nisshin OilliO Group, Ltd.
Stock exchange listing: Tokyo
Code number: 2602
URL: https://www.nisshin-oillio.com/english/
Representative: Takahisa Kuno Representative Director and President
Contact: | Osamu Kawabe Executive Officer, General Manager of Financial Dept. | |||||||||||||||||
Phone: | +81-3 (3206) 5036 | |||||||||||||||||
Scheduled date of filing quarterly securities report: November 11, 2022 | ||||||||||||||||||
Scheduled date of commencing dividend payments: December 2, 2022 | ||||||||||||||||||
Availability of supplementary briefing material on quarterly financial results: Yes | ||||||||||||||||||
Quarterly financial results briefing session: Yes (for analysts and institutional investors) | ||||||||||||||||||
(Amounts of less than one million yen are rounded down) | ||||||||||||||||||
1. Consolidated Financial Results for the Six Months Ended September 30, 2022 (April 1, 2022 to September 30, 2022) | ||||||||||||||||||
(1) Consolidated Operating Results | (% indicates changes from the previous corresponding period.) | |||||||||||||||||
Net sales | Operating profit | Ordinary profit | Profit attributable to | |||||||||||||||
owners of parent | ||||||||||||||||||
Six months ended | Million yen | % | Million yen | % | Million yen | % | Million yen | % | ||||||||||
September 30, 2022 | 275,621 | 41.1 | 9,436 | 50.2 | 9,895 | 38.0 | 7,784 | 46.9 | ||||||||||
September 30, 2021 | 195,329 | 20.9 | 6,284 | (20.1) | 7,171 | (9.9) | 5,298 | (4.9) | ||||||||||
(Note) Comprehensive income: | Six months ended September 30, 2022: | ¥ | 13,115 | million | [ | 56.0%] | ||||||||||||
Six months ended September 30, 2021: | ¥ | 8,408 | million | [ | 50.3%] | |||||||||||||
Basic earnings per | Diluted earnings per | |||||||||||||||||
share | share | |||||||||||||||||
Six months ended | Yen | Yen | ||||||||||||||||
September 30, 2022 | 240.20 | - | ||||||||||||||||
September 30, 2021 | 163.49 | - | ||||||||||||||||
(2) Consolidated Financial Position | ||||||||||||||||||
Total assets | Net assets | Capital adequacy ratio | ||||||||||||||||
As of | Million yen | Million yen | % | |||||||||||||||
September 30, 2022 | 393,461 | 176,038 | 42.5 | |||||||||||||||
March 31, 2022 | 344,506 | 164,314 | 45.3 | |||||||||||||||
(Reference) Equity: As of September 30, 2022: | ¥ | 167,047 | million | |||||||||||||||
As of March 31, 2022: | ¥ | 156,225 | million |
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2. Dividends
Annual dividends | ||||||
1st | 2nd | 3rd | Year-end | Total | ||
quarter-end | quarter-end | quarter-end | ||||
Yen | Yen | Yen | Yen | Yen | ||
Fiscal year ended March 31, 2022 | - | 45.00 | - | 45.00 | 90.00 | |
Fiscal year ending March 31, 2023 | - | 45.00 | ||||
Fiscal year ending March 31, 2023 | - | 45.00 | 90.00 | |||
(Forecast) | ||||||
(Note) Revision to the dividend forecast announced most recently: No |
3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2023 (April 1, 2022 to March 31, 2023)
(% indicates changes from the previous corresponding period.)
Net sales | Operating profit | Ordinary profit | Profit attributable to | Basic earnings | ||||||
owners of parent | per share | |||||||||
Million yen | % | Million yen | % | Million yen | % | Million yen | % | Yen | ||
Full year | 500,000 | 15.5 | 13,000 | 11.4 | 13,300 | 5.1 | 9,200 | 7.0 | 283.88 |
(Note) Revision to the financial results forecast announced most recently: No
Notes:
- Changes in significant subsidiaries during the six months ended September 30, 2022 (changes in specified subsidiaries resulting in changes in scope of consolidation): No
New | - | (Company name: | ) |
Exclusion: | - | (Company name: | ) |
- Accounting policies adopted specially for the preparation of quarterly consolidated financial statements: No
- Changes in accounting policies, changes in accounting estimates and retrospective restatement
- Changes in accounting policies due to the revision of accounting standards: No
- Changes in accounting policies other than 1) above: No
- Changes in accounting estimates: No
- Retrospective restatement: No
- Total number of issued shares (common shares)
- Total number of issued shares at the end of the period (including treasury shares):
September 30, 2022: | 33,716,257 | shares |
March 31, 2022: | 33,716,257 | shares |
2) Total number of treasury shares at the end of the period: | ||
September 30, 2022: | 1,305,372 | shares |
March 31, 2022: | 1,307,629 | shares |
3) Average number of shares during the period: | ||
Six months ended September 30, 2022: | 32,409,347 | shares |
Six months ended September 30, 2021: | 32,406,428 | shares |
* The Company's shares held by the Trust Account for Stock Delivery to Directors are included in treasury shares.
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- The Quarterly Consolidated Financial Results are not subject to quarterly review by certified public accountants or audit firms.
- Explanation of the appropriate use of earnings forecasts and other notes: The forward-looking statements, including earnings forecasts, contained in this document are based on information currently available to the Company and certain assumptions deemed reasonable, and are not intended as a promise by the Company that they will be achieved. Actual results may differ materially due to a variety of factors. Please refer to "1. Qualitative Information on the Quarterly Consolidated Financial Results,
- Explanation of the Forecast Data, including Consolidated Results Forecast" on page 10 for the conditions that form the assumptions for the forecast of financial results and cautions concerning the use of the forecast of financial results.
The Company will hold a financial results briefing for analysts and institutional investors via live webcast on Thursday, November 17, 2022. Language used: Japanese.
Materials to be used in this briefing will be posted on the Company's website on the same day as the briefing.
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[Reference]
Table of Contents
- Qualitative Information on the Quarterly Consolidated Financial Results ………………………………………….………....… 5
- Overview of Business Performance …………………………………………………………………………………………………………… 5
- Overview of Financial Position ……………………………………………………………………………………….………………………... 10
- Explanation of the Forecast Data, including Consolidated Results Forecast ……………………………………………... 10
- Quarterly Consolidated Financial Statements and Related Notes …………………………………………………….……...………12
- Quarterly Consolidated Balance Sheets ……………………………………………………………………………………...…...………12
- Quarterly Consolidated Statements of Income and Comprehensive Income …………………………………….…… 14
- Quarterly Consolidated Statements of Cash Flows …………………………………………………………………………………… 16
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Notes to the Quarterly Consolidated Financial Statements ……………………………………………………………………… 17 Notes on going concern assumption ………………………………………………………………………………………………17
Notes on any significant fluctuation in the amount of shareholders' equity ……………………………………… 17 Additional information ………………………………………………………………………………………………………………………17
Segment information ………………………………………………….……………………………………………………………………… 18 Revenue recognition ………………………………………………………………………………………………………………………… 20
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1. Qualitative Information on the Quarterly Consolidated Financial Results
Any forward-looking statement herein are based on management's judgment as of September 30, 2022.
(1) Overview of Business Performance
During the first half of the fiscal year ending March 31, 2023, the Japanese economy showed signs of gradual recovery, mainly in personal consumption, as no restriction such as the Semi-emergency (Coronavirus) Spread Prevention Measures was imposed, despite the re-expansion of the spread of the virus and the increase in the number of the infected since July.
Meanwhile, prices of crude oil and other international commodities soared. The sharp depreciation of the yen against the US dollar, with the backdrop of diverging US and Japanese monetary policies, has caused energy and raw materials prices to rise, leading to concerns about potential decline in corporate profits and consumer confidence.
In the global economy, the impact of COVID-19 on the economy as a whole was limited, despite lockdowns in various cities in China. However, there are concerns about the risk of recession due to disruptions in the supply chain caused by Russia's invasion of Ukraine, soaring energy and raw materials prices, and significant monetary tightening in various countries to control inflation.
Within this environment, the Group continues to mobilize its core policy, "Transform ourselves into a corporate group that continuously creates diverse value through customer centricity," in advancing the "Value Up+" medium- term management plan (FY2021-FY2024). This includes accelerating its growth route with the creation of shared values in six priority sectors as the drivers to growth, while leveraging the "Natural Power of Plants" as the basis for value creation. The aim is to sustain growth through cultivation of diverse values to be shared with society.
The consolidated financial results for the six months of the fiscal year ending March 31, 2023, were as detailed below.
(Million yen) | ||||
Six months ended | Six months ended | Change | YoY (%) | |
September 30, 2021 | September 30, 2022 | |||
Net sales | 195,329 | 275,621 | +80,291 | 141.1% |
Operating profit | 6,284 | 9,436 | +3,152 | 150.2% |
Ordinary profit | 7,171 | 9,895 | +2,723 | 138.0% |
Profit attributable to | 5,298 | 7,784 | +2,486 | 146.9% |
owners of parent | ||||
Overview by Segment
<< Oil and Fat >>
In the oil and fat segment, in addition to the increase of oils and fats demand due to global economic recovery from the COVID-19 pandemic, concerns over the supply of raw materials linked to Russia's invasion of Ukraine and the rapid depreciation of the yen as the backdrop, caused the raw materials prices to rise even further. Such conditions prompted thorough efforts to raise productivity and reduce costs, along with the formation of appropriate sales prices. In addition to expanding sales of value-added products, the Company focused on creating new markets and strengthening solution proposals. As a result, both net sales and operating profit increased over the same period of the previous year.
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Nisshin Oillio Group Ltd. published this content on 09 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 November 2022 06:30:02 UTC.
