Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.
Consolidated Financial Results | ||
for the Nine Months Ended December 31, 2023 | ||
(Under Japanese GAAP) | ||
February 8, 2024 | ||
Company name: | SHIBAURA MECHATRONICS CORPORATION | |
Listing: | Tokyo Stock Exchange | |
Securities code: | 6590 | |
URL: | https://www.shibaura.co.jp | |
Representative: | (Name) Keigo Imamura, (Title) Representative Director, | |
President and Chief Executive Officer | ||
Inquiries: | (Name) Kenichi Ikeda, (Title) Director and Executive Vice President, | |
Telephone: | +81- 45- 897- 2425 | Executive General Manager of Corporate Management Division |
Scheduled date to file quarterly report: | February 13, 2024 | |
Scheduled date to commence dividend payments: | - | |
Preparation of supplementary material on quarterly financial results: Yes | ||
Holding of quarterly financial results briefing: | None |
(Figures are rounded down to the nearest million yen)
1. Consolidated financial results for the nine months ended December 31, 2023 (from April 1, 2023 to December 31, 2023)
(1) Consolidated operating results | (Percentages indicate year-on-year change.) | |||||||||
Net sales | Operating income | Ordinary income | Net income attributable | |||||||
to owners of parent | ||||||||||
Nine months ended | Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | ||
December 31, 2023 | 47,899 | 5.4 | 8,104 | (2.5) | 7,999 | 2.8 | 6,050 | (1.4) | ||
December 31, 2022 | 45,457 | 35.0 | 8,316 | 179.7 | 7,782 | 175.0 | 6,139 | 303.1 |
Note: Comprehensive income | For the nine months ended December 31, 2023: | ¥6,367 million | [(0.1%)] | |||
For the nine months ended December 31, 2022: | ¥6,371 million | [274.8%] | ||||
Basic earnings | Diluted earnings | |||||
per share | per share | |||||
Nine months ended | Yen | Yen | ||||
December 31, 2023 | 457.79 | - | ||||
December 31, 2022 | 463.08 | - |
Note: The Company conducted a 3-for-1 stock split of common stock on October 1, 2023.Net income per share is calculated on the assumption that the stock split was conducted at the beginning of the previous fiscal year.
(2) Consolidated financial position
Total assets | Net assets | Equity-to-asset ratio | Net assets per share | |||
As of | Millions of yen | Millions of yen | % | Yen | ||
December 31, 2023 | 87,680 | 36,048 | 41.1 | 2,741.91 | ||
March 31, 2023 | 81,887 | 33,007 | 40.3 | 2,488.89 | ||
Reference: Equity | ||||||
As of December 31, 2023: | ¥36,048 million | |||||
As of March 31, 2023: | ¥33,007 million |
Note: The Company conducted a 3-for-1 stock split of shares of common stock on October 1, 2023.Net assets per share is calculated on the assumption that the stock split was conducted at the beginning of the previous fiscal year.
2. Cash dividends
Annual dividends per share | |||||||||||||||
First quarter-end | Second quarter-end | Third quarter-end | Fiscal | Total | |||||||||||
year-end | |||||||||||||||
Yen | Yen | Yen | Yen | Yen | |||||||||||
Fiscal year ended | - | 0.00 | - | 560.00 | 560.00 | ||||||||||
March 31, 2023 | |||||||||||||||
Fiscal year ending | - | 0.00 | - | ||||||||||||
March 31, 2024 | |||||||||||||||
Fiscal year ending | |||||||||||||||
March 31, 2024 | 170.00 | - | |||||||||||||
(Forecast) |
Note:
- Revisions to the forecast of cash dividends most recently announced: Yes.
-
The Company conducted a 3-for-1 stock split on October 1, 2023, and the year-end dividend per share for the fiscal year ending March 31, 2024 (forecast) takes into account the effect of this stock split. The year-end dividend per share for the fiscal year ending March 31, 2024 (forecast) takes into account the effect of the stock split, and the total annual dividend is shown as "-". The year-end dividend for the fiscal year ending March 31, 2024 (forecast) without the stock split is 510.00 yen, for a total annual dividend of
510.00 yen. - Consolidated financial results forecast for the fiscal year ended March 31, 2024 (from April 1, 2023 to
March 31, 2024)
(Percentages indicate year-on-year change.)
Net income | Earnings per | ||||||||
Net sales | Operating income | Ordinary income | attributable to owners | ||||||
share | |||||||||
of parent | |||||||||
Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | Yen | |
Full year | 66,000 | 8.2 | 10,500 | (3.7) | 10,000 | (4.9) | 7,450 | (19.0) | 563.65 |
Note:
- Revisions to the forecast of cash dividends most recently announced: Yes.
- The Company conducted a 3-for-1 stock split of shares of common stock on October 1, 2023, and the net income per share for the fiscal year ending March 31, 2024 (forecast) takes such stock split into account. Net income per share without such stock split would be 1,690.95 yen.
Notes
- Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the change in scope of consolidation): None
- Adoption of accounting treatment specific to the preparation of quarterly consolidated financial statements: None
- Changes in accounting policies, changes in accounting estimates, and restatement
- Changes in accounting policies due to revisions to accounting standards and other regulations: None
- Changes in accounting policies due to other reasons: None
- Changes in accounting estimates: None
- Restatement: None
- Number of issued shares (common stock)
- Total number of issued shares at the end of the period (including treasury shares)
As of December 31, 2023
As of March 31, 2023
13,971,900 shares
15,577,857 shares
(ii) Number of treasury shares at the end of the period
As of December 31, 2023
As of March 31, 2023
824,667 shares
2,316,042 shares
(iii) Average number of shares outstanding during the period
Nine months ended December 31, 2023 | 13,217,417 shares |
Nine months ended December 31, 2022 | 13,258,008 shares |
Note: The Company conducted a 3-for-1 stock split of common shares on October 1, 2023.The "number of shares outstanding at the end of the period," "number of shares of treasury stock at the end of the period," and "average number of shares during the period" are calculated on the assumption that the stock split was conducted at the beginning of the previous fiscal year.
Quarterly financial results reports are exempt from quarterly review conducted by certified public accountants or an audit corporation.
Explanation of the appropriate use of financial forecasts and other special matters
- The financial forecasts and estimates in this Consolidated Financial Results are based on the information available to the Company at the time of the report's publication and certain assumptions determined to be reasonable by the Company, and therefore are not guarantees of future performance. Consequently, actual results may differ substantially from those described in this Consolidated Financial Results. Please refer to "(3) Explanation of consolidated financial results forecast and other forward-looking statements" on page 5 of the Attachment for the conditions on which earnings forecasts are based and precautions for the use of earnings forecasts.
Table of contents - Attachments | |
1. Qualitative information regarding consolidated financial results for the nine months ended December 31, 2023 | 2 |
(1) Explanation of operation results | 2 |
(2) Explanation of financial position | 3 |
(3) Explanation of consolidated financial results forecast and other forward-looking statements | 3 |
2. Quarterly consolidated financial statements and major notes | 4 |
(1) Quarterly consolidated balance sheet | 4 |
(2) Quarterly consolidated statement of income and quarterly consolidated statement of comprehensive income | 6 |
Quarterly consolidated statement of income | |
First nine-month period | 6 |
Quarterly consolidated statement of comprehensive income | |
First nine-month period | 7 |
(3) Notes to quarterly consolidated financial statements | 8 |
(Notes on going concern assumption) | 8 |
(Significant changes in shareholders' equity) | 8 |
(Segment information) | 8 |
―1―
1. Qualitative information regarding consolidated financial results for the nine months ended December 31, 2023
- Explanation of operation results
- Overall results
During the first nine months of the fiscal year ending March 31, 2024, reflecting a decline in demand for smartphones and personal computers, capital investments, particularly for memory and wafers, slowed in the semiconductor industry, and capital investments remained low overall in the flat panel display (FPD) industry. On the other hand, in the semiconductor industry, demand related to IoT, 5G and AI remained solid. Capital investments for logic/foundries and power devices were firm. In both industries, supplies of parts and components continued to be unstable.
In this business environment, net sales in the first nine months under review in the semiconductor field increased from the same period of the previous year, and net sales in the FPD field decreased. Overall net sales stood at 47,899 million yen (up 5.4% year on year). On the profit front, operating income stood at 8,104 million yen (down 2.5% year on year), mainly reflecting an increase in selling, general and administrative expenses due to strengthened research and development, despite the contribution of increased sales in the semiconductor field. Ordinary income was 7,999 million yen (up 2.8% year on year) due to impact of exchange rates, and net income attributable to owners of parent came to 6,050 million yen (down 1.4% year on year).
In terms of orders, orders received for equipment for advanced packages were firm among back-end process equipment for semiconductors. For front-end process equipment, however, orders received declined from the same period of the previous year, when the level of orders received was high, as some customers mainly for equipment for wafers revised their capital investment plans. Orders in the FPD field were sluggish. As a result, orders received for the first nine months under review decreased to 46,586 million yen (down 20.9% year on year).
-
Results by segment
Results in major business segments were as follows. (Fine mechatronics)
Net sales of front-end process equipment for semiconductors increased from the same period of the previous year, reflecting successful sales of equipment for logic/foundries and equipment for wafers. Net sales of front-end process equipment for FPDs were sluggish, declining from the same period of the previous year. For the entire segment, net sales increased to 35,551 million yen (up 13.9% year on year).
Segment income increased to 7,287 million yen (up 5.3% year on year) chiefly due to an increase in net sales of front-end process equipment for semiconductors.
Orders received for front-end process equipment for semiconductors were firm, mainly for equipment for logic/foundry and masks. That said, due in part to some customers' revision of their capital investment plans, orders received decreased, mainly for equipment for wafers, compared to the same period of the previous year, when orders were particularly strong. Orders for front-end process equipment for FPDs were sluggish due to the impact of market conditions. For the entire segment, orders received declined from the same period of the previous year to 28,769 million yen (down 35.8% year on year).
(Mechatronics systems)
Net sales of back-end process equipment for semiconductors increased year on year due to firm sales of equipment for advanced packages. Net sales of back-end process equipment for FPDs declined significantly year on year, reflecting sluggish orders in the previous fiscal year, particularly in the second half. Net sales of vacuum equipment increased year on year, reflecting steady sales for the semiconductor field. For the entire segment, net sales decreased to 8,849 million yen (down
20.9% year on year).
Segment income came to 1,022 million yen (down 35.6% year on year), reflecting a decrease in net sales of back-end process equipment for FPDs.
Orders received for back-end process equipment for semiconductors were firm and increased year on year due to the significant increase of orders for equipment for advanced packages. Orders for back-end process equipment for FPDs decreased significantly from the same period of the previous year due to the impact of market conditions. Orders for vacuum equipment, particularly in the semiconductor field, were steady. For the entire segment, orders received increased to 13,113 million yen (up 19.7% year on year).(2) Explanation of financial position
Assets, liabilities and net assets
―2―
Total assets at the end of the third quarter under review increased 5,792 million yen from the end of the previous fiscal year, to 87,680 million yen. This was due to increases of 2,765 million yen in notes and accounts receivable - trade and contract assets; 925 million yen in merchandise and finished goods; and 1,519 million yen in work in process.
Total liabilities increased 2,751 million yen from the end of the previous fiscal year, to 51,632 million yen. This was due to increases of 3,293 million yen in notes and accounts payable-trade.
Total net assets at the end of the second quarter under review increased 3,041 million yen from the end of the previous fiscal year, to 36,048 million yen. This was mainly due to an increase of 6,050 million yen that resulted from the posting of net income attributable to owners of parent, which was partially offset by a decrease of 2,477 million yen reflecting dividends paid.
(3) Explanation of consolidated financial results forecast and other forward-looking statements
The full-year consolidated financial results forecast was revised up from the forecast that was announced on November 9, 2023, mainly reflecting progress in business performance in the nine months ended December 31, 2023. Specifically, the forecast amount of net sales was revised up from 65,000 million yen to 66,000 million yen, that of operating income from 10,000 million yen to 10,500 million yen, that of ordinary income from 9,700 million yen to 10,000 million yen, and that of net income attributable to owners of parent from 7,200 million yen to 7,450 million yen, respectively.
In addition, dividend forecast was also revised, reflecting the revisions to the full-year financial results forecast. Please refer to Notice Regarding Revision to Dividend Forecast for Fiscal Year Ending March 31, 2024, which was announced today (February 8).
The forward-looking statements including results forecasts contained in these materials are based on information currently available to the Company at the time of the release of these materials. Actual results may differ from the above forecasts due to a range of factors going forward.
―3―
2. Quarterly consolidated financial statements and major notes
(1) Quarterly consolidated balance sheet
(Millions of yen) | |||
As of March 31, 2023 | As of December 31, 2023 | ||
Assets | |||
Current assets | |||
Cash and deposits | 27,175 | 25,260 | |
Notes and accounts receivable - trade, and contract assets | 31,844 | 34,609 | |
Electronically recorded monetary claims - operating | 799 | 996 | |
Merchandise and finished goods | 1,376 | 2,301 | |
Work in process | 4,935 | 6,455 | |
Raw materials and supplies | 200 | 383 | |
Accounts receivable - other | 2,203 | 2,339 | |
Other | 315 | 771 | |
Allowance for doubtful accounts | (1,440) | (1,235) | |
Total current assets | 67,409 | 71,882 | |
Non-current assets | |||
Property, plant and equipment | |||
Buildings and structures | 28,572 | 30,066 | |
Accumulated depreciation | (20,489) | (20,821) | |
Buildings and structures, net | 8,082 | 9,245 | |
Machinery, equipment and vehicles | 7,401 | 9,079 | |
Accumulated depreciation | (5,308) | (6,100) | |
Machinery, equipment and vehicles, net | 2,092 | 2,978 | |
Tools, furniture and fixtures | 1,366 | 1,585 | |
Accumulated depreciation | (1,117) | (1,215) | |
Tools, furniture and fixtures, net | 248 | 369 | |
Land | 119 | 119 | |
Leased assets | 96 | 150 | |
Accumulated depreciation | (63) | (79) | |
Lease assets, net | 33 | 70 | |
Construction in progress | 1,086 | 825 | |
Total property, plant and equipment | 11,663 | 13,610 | |
Intangible assets | |||
Patent right | 388 | 410 | |
Other | 216 | 173 | |
Total intangible assets | 604 | 584 | |
Investments and other assets | |||
Investment securities | 0 | 0 | |
Long-term prepaid expenses | 12 | 24 | |
Deferred tax assets | 1,984 | 1,353 | |
Other | 214 | 225 | |
Allowance for doubtful accounts | (1) | (1) | |
Total investments and other assets | 2,211 | 1,603 | |
Total non-current assets | 14,478 | 15,798 | |
Total assets | 81,887 | 87,680 |
―4―
(Millions of yen) | |||
As of March 31, 2023 | As of December 31, 2023 | ||
Liabilities | |||
Current liabilities | |||
Notes and accounts payable - trade | 11,518 | 14,811 | |
Electronically recorded obligations - operating | 3,897 | 4,755 | |
Short-term borrowings | 3,750 | 3,750 | |
Current portion of long-term borrowings | ‒ | 2,700 | |
Lease liabilities | 16 | 22 | |
Income taxes payable | 1,684 | 473 | |
Accrued expenses | 3,926 | 3,307 | |
Advances received | 8,099 | 8,513 | |
Provision for bonuses for directors (and other officers) | 146 | 108 | |
Provision for product warranties | 108 | 131 | |
Other | 846 | 1,088 | |
Total current liabilities | 33,995 | 39,662 | |
Non-current liabilities | |||
Long-term borrowings | 5,000 | 2,300 | |
Lease liabilities | 20 | 51 | |
Retirement benefit liability | 6,380 | 6,107 | |
Provision for retirement benefits for directors (and other | 28 | 39 | |
officers) | |||
Provision for repairs | 310 | 325 | |
Asset retirement obligations | 67 | 67 | |
Long-term guarantee deposits | 3,078 | 3,078 | |
Total non-current liabilities | 14,885 | 11,969 | |
Total liabilities | 48,880 | 51,632 | |
Net assets | |||
Shareholders' equity | |||
Share capital | 6,761 | 6,761 | |
Capital surplus | 9,037 | 6,939 | |
Retained earnings | 20,944 | 23,843 | |
Treasury shares | (3,998) | (2,074) | |
Total shareholders' equity | 32,745 | 35,470 | |
Accumulated other comprehensive income | |||
Foreign currency translation adjustment | 535 | 734 | |
Remeasurements of defined benefit plans | (274) | (156) | |
Total accumulated other comprehensive income | 261 | 578 | |
Total net assets | 33,007 | 36,048 | |
Total liabilities and net assets | 81,887 | 87,680 |
―5―
-
Quarterly consolidated statement of income and quarterly consolidated statement of comprehensive income Quarterly consolidated statement of income
(First nine-month period)
(Millions of yen) | |||
Nine months ended | Nine months ended | ||
December 31, 2022 | December 31, 2023 | ||
Net sales | 45,457 | 47,899 | |
Cost of sales | 27,804 | 28,752 | |
Gross profit | 17,652 | 19,146 | |
Selling, general and administrative expenses | 9,336 | 11,042 | |
Operating income | 8,316 | 8,104 | |
Non-operating income | |||
Interest income | 3 | 11 | |
Dividend income | 0 | 0 | |
Foreign exchange gains | 95 | 419 | |
Other | 45 | 119 | |
Total non-operating income | 144 | 550 | |
Non-operating expenses | |||
Interest expenses | 59 | 53 | |
Loss on abandonment of non-current assets | 47 | 156 | |
Loss on valuation of derivatives | 500 | 303 | |
Other | 70 | 141 | |
Total non-operating expenses | 678 | 655 | |
Ordinary income | 7,782 | 7,999 | |
Net income before income taxes | 7,782 | 7,999 | |
Income taxes - current | 1,482 | 1,321 | |
Income taxes - deferred | 160 | 627 | |
Total income taxes | 1,643 | 1,948 | |
Net income | 6,139 | 6,050 | |
Net income attributable to owners of parent | 6,139 | 6,050 |
―6―
Quarterly consolidated statement of comprehensive income (First nine-month period)
(Millions of yen) | ||
Nine months ended | Nine months ended | |
December 31, 2022 | December 31, 2023 | |
Net income | 6,139 | 6,050 |
Other comprehensive income | ||
Foreign currency translation adjustment | 146 | 198 |
Remeasurements of defined benefit plans, net of tax | 84 | 118 |
Total other comprehensive income | 231 | 316 |
Comprehensive income | 6,371 | 6,367 |
Comprehensive income attributable to | ||
Comprehensive income attributable to owners of | 6,371 | 6,367 |
parent | ||
―7―
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Disclaimer
Shibaura Mechatronics Corporation published this content on 08 February 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 March 2024 03:20:02 UTC.