Sakata Seed : Jul 14, 2023 Summary of Consolidated Financial Results for the Year Ended May 31, 2023（301.6KB）

Translation

Notice: This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the event of any discrepancy between this translated document and the original Japanese document, the latter shall prevail.

Summary of Consolidated Financial Results

for the Year Ended May 31, 2023

(Based on Japanese GAAP)

										July 14, 2023
Company name:	SAKATA SEED CORPORATION
Stock exchange listing:	Tokyo
Stock code:	1377	URL	https://corporate.sakataseed.co.jp/
Representative:	President and Representative Director			Hiroshi Sakata
	Executive Officer
Inquiries:	Deputy Senior General Manager of General Administration Div.	Takenori Hoshi		TEL [phone]
	General Manager of Finance Dept.
Scheduled date of ordinary general meeting of shareholders:				August 30, 2023
Scheduled date to file Securities Report:					August 30, 2023
Scheduled date to commence dividend payments:				August 31, 2023
Preparation of supplementary material on financial results:				Yes
Holding of financial results meeting:						Yes	(for institutional investors and analysts)
						(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the year ended May 31, 2023 (from June 1, 2022 to May 31, 2023)
(1) Consolidated operating results							(% indicates changes from the previous 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	%
Year ended May 31, 2023		77,263	5.8	10,918	(2.4)	12,304	1.6	9,489	(22.6)
Year ended May 31, 2022		73,049	-	11,181	-		12,114	-	12,256	-

(Note)From the beginning of the previous year ending May 31, 2022, "Accounting Standard for Revenue Recognition" (ASBJ Statement No.29,March 31, 2020) etc. have been adopted. Therefore, the percentage compared to the previous year for the year ended May 31, 2022 are not stated.

Earnings per share	Diluted earnings per	Profit attributable to	Ordinary profit/total	Operating profit/net
	share	owners of	assets			sales
			parent/equity
	Yen		Yen		%		%		%
Year ended May 31, 2023	213.98		-		7.2		8.0		14.1
Year ended May 31, 2022	276.02		-		10.4		8.6		15.3
(2) Consolidated financial position
Total assets		Net assets	Equity ratio	Net assets per share
Millions of yen	Millions of yen		%			Yen
As of May 31, 2023	160,715		138,080		85.7			3,104.40
As of May 31, 2022	147,423		125,466		84.9			2,821.58
(3) Consolidated cash flows
Cash flows from		Cash flows from	Cash flows from	Cash and cash equivalents
operating activities	investing activities	financing activities		at end of period
Millions of yen	Millions of yen		Millions of yen		Millions of yen
Year ended May 31, 2023	8,351		(8,107)		(2,828)			20,334
Year ended May 31, 2022	10,039		468		(4,581)			21,747
2. Cash dividends
		Annual dividends per share		Total cash	Dividend payout	Ratio of dividends
						to net assets
						dividends (Total)	ratio (Consolidated)
1st quarter-end	2nd quarter-end	3rd quarter-end Fiscal year-end	Total	(Consolidated)
Yen		Yen	Yen	Yen	Yen Millions of yen		%	%

Year ended May 31, 2022 Year ended May 31, 2023

Year ending May 31, 2024 (Forecast)

-	18.00	-	27.00	45.00	1,998	16.3	1.7
-	20.00	-	35.00	55.00	2,442	25.7	1.9
-	25.00	-	30.00	55.00		30.5
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3. Forecast of consolidated financial results for the year ending May 31, 2024 (from June 1, 2023 to May 31, 2024)
						(% indicates changes from the previous year.)
	Net sales		Operating profit	Ordinary profit	Profit attributable to	Earnings per share
		owners of parent
Millions of yen	%	Millions of yen	%	Millions of yen	% Millions of yen	%	Yen
Six months ending	41,000	7.9	5,400	(2.7)	5,600	(14.0)		3,800	(11.2)	85.68
November 30, 2023
Full year	84,000	8.7	11,000	0.7	11,000	(10.6)		8,000	(15.7)	180.38
4. Notes
(1) Changes in significant subsidiaries during the year ended May 31, 2023			No
(changes in specified subsidiaries resulting in the change in scope of consolidation):
(2) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements
Changes in accounting policies due to revisions to accounting standards and other regulations:		Yes
Changes in accounting policies due to other reasons:					No
Changes in accounting estimates:							No
Restatement of prior period financial statements:					No
(3) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of May 31, 2023			47,410,750 shares	As of May 31, 2022				47,410,750 shares
Number of treasury shares at the end of the period
As of May 31, 2023			3,061,185 shares	As of May 31, 2022				3,063,072 shares
Average number of shares during the period
Year ended May 31, 2023		44,350,242 shares	Year ended May 31, 2022			44,402,832 shares

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Consolidated financial statements

Consolidated balance sheets

		(Millions of yen)
	As of May 31, 2022	As of May 31, 2023
Assets
Current assets
Cash and deposits	28,069	28,942
Notes and accounts receivable	18,181	18,352
- trade, and contract assets
Merchandise and finished goods	32,534	36,345
Work in process	4,214	4,604
Raw materials and supplies	868	977
Costs on construction contracts in progress	37	166
Other	5,768	7,136
Allowance for doubtful accounts	(444)	(388)
Total current assets	89,229	96,137
Non-current assets
Property, plant and equipment
Buildings and structures	34,844	37,083
Accumulated depreciation	(22,150)	(22,679)
Buildings and structures, net	12,694	14,403
Machinery, equipment and vehicles	16,813	18,762
Accumulated depreciation	(11,561)	(12,775)
Machinery, equipment and vehicles, net	5,251	5,986
Land	13,995	13,949
Construction in progress	2,115	2,647
Other	6,972	8,759
Accumulated depreciation	(4,523)	(5,377)
Other, net	2,449	3,382
Total property, plant and equipment	36,506	40,369
Intangible assets	4,405	4,028
Investments and other assets
Investment securities	14,077	16,261
Long-term loans receivable	21	22
Deferred tax assets	2,101	2,615
Other	1,093	1,292
Allowance for doubtful accounts	(12)	(12)
Total investments and other assets	17,281	20,179
Total non-current assets	58,193	64,577
Total assets	147,423	160,715

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		(Millions of yen)
	As of May 31, 2022	As of May 31, 2023
Liabilities
Current liabilities
Notes and accounts payable - trade	5,208	5,336
Short-term borrowings	937	929
Income taxes payable	2,488	1,155
Other	7,471	8,012
Total current liabilities	16,105	15,434
Non-current liabilities
Long-term borrowings	553	536
Deferred tax liabilities	1,194	2,092
Retirement benefit liability	1,590	1,607
Provision for retirement benefits for directors	45	47
(and other officers)
Provision for share awards for directors	118	151
(and other officers)
Other	2,348	2,765
Total non-current liabilities	5,850	7,200
Total liabilities	21,956	22,634
Net assets
Shareholders' equity
Share capital	13,500	13,500
Capital surplus	10,793	10,793
Retained earnings	101,225	108,467
Treasury shares	(5,393)	(5,386)
Total shareholders' equity	120,125	127,373
Accumulated other comprehensive income
Valuation difference on available-for-sale	5,415	7,240
securities
Foreign currency translation adjustment	(109)	3,387
Remeasurements of defined benefit plans	(301)	(322)
Total accumulated other comprehensive income	5,004	10,305
Non-controlling interests	336	401
Total net assets	125,466	138,080
Total liabilities and net assets	147,423	160,715

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Consolidated statements of income and consolidated statements of comprehensive income Consolidated statements of income

		(Millions of yen)
	Fiscal year ended	Fiscal year ended
	May 31, 2022	May 31, 2023
Net sales	73,049	77,263
Cost of sales	29,134	29,743
Gross profit	43,914	47,519
Selling, general and administrative expenses	32,733	36,601
Operating profit	11,181	10,918
Non-operating income
Interest income	254	609
Dividend income	278	322
Rental income	232	143
Foreign exchange gains	322	572
Other	251	596
Total non-operating income	1,338	2,244
Non-operating expenses
Interest expenses	105	77
Sales discounts	52	-
Share of loss of entities accounted for using equity	73	510
method
Losses on net monetary position	-	47
Other	174	222
Total non-operating expenses	406	858
Ordinary profit	12,114	12,304
Extraordinary income
Gain on sale of investment securities	30	51
Gain on sale of non-current assets	5,102	151
Total extraordinary income	5,133	203
Extraordinary losses
Loss on valuation of investment securities	74	-
Settlement payments	133	-
Impairment losses	439	19
Total extraordinary losses	647	19
Profit before income taxes	16,600	12,487
Income taxes - current	4,360	2,943
Income taxes - deferred	(87)	(30)
Total income taxes	4,272	2,913
Profit	12,327	9,574
Profit attributable to non-controlling interests	71	84
Profit attributable to owners of parent	12,256	9,489

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