FOR IMMEDIATE RELEASE | May 10, 2024 |
Contact: IR Section
Corporate Planning and Control Dept.
2-47, Shikitsuhigashi 1-chome,
Naniwa-ku, Osaka 556-8601, Japan
Phone: +81-6-6648-2645
FINANCIAL RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2024 [IFRS]
Kubota Corporation hereby reports its consolidated results for the three months ended March 31, 2024.
Consolidated Financial Highlights
1. Consolidated financial results for the three months ended March 31, 2024
(1) Results of operations | (Unit: millions of yen, except per share amounts) | ||||
Mar. 31, 2024 | (%) | Mar. 31, 2023 | (%) | ||
Revenue | ¥ 775,232 | (0.8) | ¥ 781,563 | 31.8 | |
Operating profit | ¥ 102,950 | (0.3) | ¥ 103,248 | 54.6 | |
Profit before income taxes | ¥ 106,119 | 0.6 | ¥ 105,495 | 41.0 | |
Profit for the period | ¥ 79,183 | 5.1 | ¥ 75,318 | 35.7 | |
Profit attributable to owners of the parent | ¥ 72,922 | 5.5 | ¥ 69,100 | 36.6 | |
Comprehensive income for the period | ¥ 187,158 | 76.8 | ¥ 105,849 | (22.0) | |
Earnings per share attributable to owners of the parent: | |||||
Basic | ¥ 62.06 | ¥ 58.11 | |||
Diluted | |||||
(2) Financial position | (Unit: millions of yen) | ||||
Mar. 31, 2024 | Dec. 31, 2023 | ||||
Total assets | ¥ 5,752,993 | ¥ 5,359,247 | |||
Total equity | ¥ 2,575,421 | ¥ 2,416,067 | |||
Equity attributable to owners of the parent | ¥ 2,321,530 | ¥ 2,175,773 | |||
Ratio of equity attributable to owners of the parent | |||||
to total assets | 40.4% | 40.6% |
Notes:
- Change (%) represents the percentage change from the same period in the prior year.
- Amounts less than one million yen are rounded.
2. Cash dividends
Year ending Dec. 31, 2024
Year ended Dec. 31, 2023
Note:
(Unit: yen)
Cash dividends per common share
Year-end
Undecided
Although Kubota Corporation's basic policy for the return of profit to shareholders is to maintain stable dividends and raise dividends, the specific amount of cash dividends for each fiscal year is decided in consideration of the development of business performance, financial position, and shareholder return ratio calculated from dividends and share buybacks. The specific amount of year-end cash dividends for the year ending December 31, 2024 has not been decided at this time, and Kubota Corporation will publicize the amount as soon as a decision is made.
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Kubota Corporation
and Its Subsidiaries
3. Forecasts of operations for the year ending December 31, 2024 | (Unit: millions of yen, except per share amounts) | ||||||
Six months ending | Change | Year ending | Change | ||||
June 30, 2024 | (%) | Dec. 31, 2024 | (%) | ||||
Revenue | ¥ 1,550,000 | 2.0 | ¥ 3,050,000 | 1.0 | |||
Operating profit | ¥ 180,000 | (2.5) | ¥ 320,000 | (2.7) | |||
Profit before income taxes | ¥ 188,000 | (2.0) | ¥ 333,000 | (2.7) | |||
Profit attributable to owners of the parent | ¥ 130,000 | 0.9 | ¥ 226,000 | (5.2) | |||
Earnings per share attributable to owners of the parent - basic | |||||||
Notes:
- Change (%) represents the percentage change from the prior year.
- Please refer to the accompanying materials, "1. Review of operations and financial results (3) Forecasts for the year ending December 31, 2024" on page 6 for further information related to the forecasts of operations.
4. Other information
- Changes in significant subsidiaries during the three months ended March 31, 2024 (changes in specified subsidiaries resulting in the changes in scope of consolidation): None
- Changes in accounting policies and changes in accounting estimates
- Changes in accounting policies due to reasons other than a) above: None
- Changes in accounting estimates: None
- Number of common shares issued
a) Number of common shares issued including treasury shares as of March 31, 2024 | : | 1,176,666,846 |
Number of common shares issued including treasury shares as of December 31, 2023 | : | 1,176,666,846 |
b) Number of treasury shares as of March 31, 2024 | : | 1,685,485 |
Number of treasury shares as of December 31, 2023 | : | 1,685,151 |
c) Weighted-average number of common shares outstanding during the three months ended March 31, 2024 | : | 1,174,981,464 |
Weighted-average number of common shares outstanding during the three months ended March 31, 2023 | : | 1,189,168,601 |
Information on the status of the quarterly review by the independent auditor
This release is not subject to the quarterly review by the independent auditor.
Method of obtaining supplementary materials on the financial results
Kubota Corporation plans to hold a result briefing (conference call) for institutional investors and securities analysts on May
< Cautionary statements with respect to forward-looking statements >
This document may contain forward-sumptions. These statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Therefore, actual future results may differ materially from what is forecast in forward-looking statements due to a variety of factors, including, without limitation: general economic conditions in the Company's markets, particularly government agricultural policies, levels of capital expenditures both in public and private sectors, foreign currency exchange rates, the occurrence of natural disasters, continued competitive pricing pressures in the marketplace, as well as the Company's ability to continue to gain acceptance of its products.
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Kubota Corporation
and Its Subsidiaries
Index to Accompanying Materials | |
1. | 4 |
(1) | 4 |
(2) | 5 |
(3) | 6 |
2. | 6 |
(1) | 6 |
(2) | 6 |
3. | 7 |
(1) | 7 |
(2) | 9 |
(3) | 10 |
(4) | 11 |
(5) | 12 |
(6) | 12 |
(7) | 13 |
(8) | 14 |
-3-
1) Farm & Industrial Machinery
2) Water & Environment
3) Other
a)
b)
Kubota Corporation
and Its Subsidiaries
3. Condensed consolidated financial statements
(1) Condensed consolidated statement of financial position
ASSETS | (Unit: millions of yen) | |||||||||
Mar. 31, 2024 | Dec. 31, 2023 | Change | ||||||||
Amount | % | Amount | % | Amount | ||||||
Current assets: | ||||||||||
Cash and cash equivalents | ¥ | 249,155 | ¥ | 222,118 | ¥ | 27,037 | ||||
Trade receivables | 1,105,408 | 945,490 | 159,918 | |||||||
Finance receivables | 578,546 | 552,419 | 26,127 | |||||||
Other financial assets | 92,330 | 83,018 | 9,312 | |||||||
Contract assets | 29,727 | 47,669 | (17,942) | |||||||
Inventories | 707,208 | 668,048 | 39,160 | |||||||
Income taxes receivable | 2,296 | 5,763 | (3,467) | |||||||
Other current assets | 77,485 | 55,846 | 21,639 | |||||||
Total current assets | 2,842,155 | 49.4 | 2,580,371 | 48.1 | 261,784 | |||||
Noncurrent assets: | ||||||||||
Investments accounted for using | 46,666 | 46,523 | 143 | |||||||
the equity method | ||||||||||
Finance receivables | 1,399,026 | 1,349,047 | 49,979 | |||||||
Other financial assets | 207,402 | 188,654 | 18,748 | |||||||
Property, plant, and equipment | 767,825 | 727,061 | 40,764 | |||||||
Goodwill | 154,438 | 145,715 | 8,723 | |||||||
Intangible assets | 193,297 | 187,000 | 6,297 | |||||||
Deferred tax assets | 102,029 | 96,091 | 5,938 | |||||||
Other noncurrent assets | 40,155 | 38,785 | 1,370 | |||||||
Total noncurrent assets | 2,910,838 | 50.6 | 2,778,876 | 51.9 | 131,962 | |||||
Total assets | ¥ | 5,752,993 | 100.0 | ¥ | 5,359,247 | 100.0 | ¥ | 393,746 | ||
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Kubota Corporation | ||||||||||||
and Its Subsidiaries | ||||||||||||
LIABILITIES AND EQUITY | (Unit: millions of yen) | |||||||||||
Mar. 31, 2024 | Dec. 31, 2023 | Change | ||||||||||
Amount | % | Amount | % | Amount | ||||||||
Current liabilities: | ||||||||||||
Bonds and borrowings | ¥ | 779,640 | ¥ | 663,294 | ¥ | 116,346 | ||||||
Trade payables | 315,589 | 300,902 | 14,687 | |||||||||
Other financial liabilities | 97,725 | 93,270 | 4,455 | |||||||||
Insurance contract liabilities | 53,718 | 51,333 | 2,385 | |||||||||
Income taxes payable | 35,693 | 29,706 | 5,987 | |||||||||
Provisions | 78,451 | 77,191 | 1,260 | |||||||||
Contract liabilities | 35,665 | 33,043 | 2,622 | |||||||||
Other current liabilities | 272,966 | 244,323 | 28,643 | |||||||||
Total current liabilities | 1,669,447 | 29.0 | 1,493,062 | 27.9 | 176,385 | |||||||
Noncurrent liabilities: | ||||||||||||
Bonds and borrowings | 1,383,989 | 1,326,913 | 57,076 | |||||||||
Other financial liabilities | 42,275 | 44,701 | (2,426) | |||||||||
Retirement benefit liabilities | 16,024 | 15,907 | 117 | |||||||||
Deferred tax liabilities | 58,816 | 55,653 | 3,163 | |||||||||
Other noncurrent liabilities | 7,021 | 6,944 | 77 | |||||||||
Total noncurrent liabilities | 1,508,125 | 26.2 | 1,450,118 | 27.0 | 58,007 | |||||||
Total liabilities | 3,177,572 | 55.2 | 2,943,180 | 54.9 | 234,392 | |||||||
Equity: | ||||||||||||
Share capital | 84,130 | 84,130 | ||||||||||
Share premium | 97,730 | 97,377 | 353 | |||||||||
Retained earnings | 1,738,396 | 1,693,681 | 44,715 | |||||||||
Other components of equity | 404,484 | 303,794 | 100,690 | |||||||||
Treasury shares | (3,210) | (3,209) | (1) | |||||||||
Total equity attributable to owners of the parent | 2,321,530 | 40.4 | 2,175,773 | 40.6 | 145,757 | |||||||
Noncontrolling interests | 253,891 | 4.4 | 240,294 | 4.5 | 13,597 | |||||||
Total equity | 2,575,421 | 44.8 | 2,416,067 | 45.1 | 159,354 | |||||||
Total liabilities and equity | ¥ | 5,752,993 | 100.0 | ¥ | 5,359,247 | 100.0 | ¥ | 393,746 | ||||
-8-
Kubota Corporation
and Its Subsidiaries
(2) Condensed consolidated statement of profit or loss
(Unit: millions of yen, except earnings per share) | |||||||||||||
Three months ended | Three months ended | Change | |||||||||||
Mar. 31, 2024 | Mar. 31, 2023 | ||||||||||||
Amount | % | Amount | % | Amount | % | ||||||||
Revenue | ¥ | 775,232 | 100.0 | ¥ | 781,563 | 100.0 | ¥ | (6,331) | (0.8) | ||||
Cost of sales | (537,884) | (551,394) | 13,510 | ||||||||||
Selling, general, and administrative expenses | (136,733) | (126,798) | (9,935) | ||||||||||
Other income | 4,113 | 1,060 | 3,053 | ||||||||||
Other expenses | (1,778) | (1,183) | (595) | ||||||||||
Operating profit | 102,950 | 13.3 | 103,248 | 13.2 | (298) | (0.3) | |||||||
Finance income | 4,687 | 3,293 | 1,394 | ||||||||||
Finance costs | (1,518) | (1,046) | (472) | ||||||||||
Profit before income taxes | 106,119 | 13.7 | 105,495 | 13.5 | 624 | 0.6 | |||||||
Income tax expenses | (27,048) | (30,290) | 3,242 | ||||||||||
Share of profits of investments accounted for | 112 | 113 | (1) | ||||||||||
using the equity method | |||||||||||||
Profit for the period | ¥ | 79,183 | 10.2 | ¥ | 75,318 | 9.6 | ¥ | 3,865 | 5.1 | ||||
Profit attributable to:
Owners of the parent
Noncontrolling interests
Earnings per share attributable to owners of the parent: Basic
Diluted
-
72,922
6,261 - 62.06
9.4 ¥ | 69,100 |
0.8 6,218
- 58.11
8.8 ¥ | 3,822 |
0.843
5.5
0.7
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Kubota Corporation
and Its Subsidiaries
(3) Condensed consolidated statement of comprehensive income
(Unit: millions of yen) | ||||||||
Three months ended | Three months ended | Change | ||||||
Mar. 31, 2024 | Mar. 31, 2023 | |||||||
Profit for the period | ¥ | 79,183 | ¥ | 75,318 | ¥ | 3,865 | ||
Other comprehensive income, net of income tax: | ||||||||
Items that will not be reclassified subsequently to profit or loss: | ||||||||
Remeasurement of defined benefit | (149) | (4) | (145) | |||||
pension plans | ||||||||
Net change in fair value of financial assets measured at | 11,046 | 3,290 | 7,756 | |||||
fair value through other comprehensive income | ||||||||
Items that may be reclassified subsequently to profit or loss: | ||||||||
Exchange rate differences on translating | 97,078 | 27,245 | 69,833 | |||||
foreign operations | ||||||||
Total other comprehensive income, net of income tax | 107,975 | 30,531 | 77,444 | |||||
Comprehensive income for the period | ¥ | 187,158 | ¥ | 105,849 | ¥ | 81,309 | ||
Comprehensive income attributable to: | ||||||||
Owners of the parent | ¥ | 173,613 | ¥ | 94,712 | ¥ | 78,901 | ||
Noncontrolling interests | 13,545 | 11,137 | 2,408 | |||||
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Kubota Corporation published this content on 10 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 May 2024 06:04:09 UTC.