Sakata Seed : Oct 07, 2022 Summary of Consolidated Financial Results for the Three Months Ended August 31, 2022（261.0KB）

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 Three Months Ended August 31, 2022 (Based on Japanese GAAP)

October 7, 2022

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 to file Quarterly Securities Report:

October 11, 2022

Scheduled date to commence dividend payments:

-

Preparation of supplementary material on quarterly financial results:

Yes

Holding of quarterly financial results meeting:

No

(Amounts less than one million yen are rounded down)

1. Consolidated financial results for the three months ended August 31, 2022 (from June 1, 2022 to August 31, 2022)

(1) Consolidated operating results (cumulative)

(% indicates changes from the previous corresponding period.)

Net sales

Operating profit

Ordinary profit

Profit attributable to

owners of parent

Millions of yen

%

Millions of yen

%

Millions of yen

%

Millions of yen

%

Three months ended August 31, 2022

17,736

8.3

2,467 (25.6)

3,217

(5.8)

2,098

(4.9)

Three months ended August 31, 2021

16,372

-

3,316

-

3,417

-

2,207

-

(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 corresponding periods for the three months ended August 31, 2021 are not stated.

		Earnings per share	Diluted earnings per share
		Yen			Yen
	Three months ended August 31, 2022	47.32			-
	Three months ended August 31, 2021	49.54			-
	(2) Consolidated financial position
		Total assets	Net assets	Equity ratio
		Millions of yen	Millions of yen	%
	As of August 31, 2022	156,399		131,690		84.0
	As of May 31, 2022			125,466		84.9
	147,423

2. Cash dividends

								Annual dividends per share
				1st quarter-end	2nd quarter-end		3rd quarter-end			Fiscal year-end		Total
					Yen		Yen					Yen	Yen		Yen
Year ended May 31, 2022				-		18.00						-	27.00	45.00
Year ending May 31, 2023				-
Year ending May 31, 2023 (Forecast)					20.00						-			30.00		50.00
3. Forecast of consolidated financial results for the year ending May 31, 2023 (from June 1, 2022 to May 31, 2023)
								(% indicates changes from the previous corresponding period.)
		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	37,600		15.0	5,400	(5.1)		5,800		(5.9)		4,000	(3.1)	90.20
November 30, 2022
Full year		78,000		6.8	11,300	1.1	11,800		(2.6)		8,500	(30.6)	191.67
							1

4. Notes

1. Changes in significant subsidiaries during the three months ended August 31, 2022 (changes in specified subsidiaries resulting in the change in scope of consolidation):
2. Application of special accounting methods for preparing quarterly consolidated financial statements:

No

Yes

(3) 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

(4) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
	As of August 31, 2022	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 August 31, 2022	3,063,082	shares	As of May 31, 2022	3,063,072	shares
Average number of shares during the period (cumulative from the beginning of the fiscal year)
	Three months ended August 31, 2022	44,347,677	shares	Three months ended August 31, 2021	44,554,918	shares

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Quarterly consolidated financial statements

Consolidated balance sheets

			(Millions of yen)
		As of May 31, 2022	As of August 31, 2022
Assets
Current assets
Cash and deposits	28,069	29,699
Notes and accounts receivable	18,181	17,236
- trade, and contract assets
Merchandise and finished goods	32,534	35,697
Work in process	4,214	4,110
Raw materials and supplies	868	931
Costs on construction contracts in progress	37	66
Other	5,768	6,621
Allowance for doubtful accounts	(444)	(470)
Total current assets	89,229	93,891
Non-current assets
Property, plant and equipment
Buildings and structures	34,844	35,663
Accumulated depreciation	(22,150)	(22,536)
Buildings and structures, net	12,694	13,127
Machinery, equipment and vehicles	16,813	17,619
Accumulated depreciation	(11,561)	(12,239)
Machinery, equipment and vehicles, net	5,251	5,380
Land	13,995	14,061
Construction in progress	2,115	2,806
Other	6,972	8,921
Accumulated depreciation	(4,523)	(5,354)
Other, net	2,449	3,566
Total property, plant and equipment	36,506	38,942
Intangible assets	4,405	4,336
Investments and other assets
Investment securities	14,077	15,978
Long-term loans receivable	21	18
Deferred tax assets	2,101	2,150
Other	1,093	1,094
Allowance for doubtful accounts	(12)	(12)
Total investments and other assets	17,281	19,228
Total non-current assets	58,193	62,507
Total assets		147,423	156,399

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			(Millions of yen)
		As of May 31, 2022	As of August 31, 2022
Liabilities
Current liabilities
Notes and accounts payable - trade	5,208	6,010
Short-term borrowings	937	967
Income taxes payable	2,488	2,908
Other	7,471	7,773
Total current liabilities	16,105	17,659
Non-current liabilities
Long-term borrowings	553	708
Deferred tax liabilities	1,194	1,555
Retirement benefit liability	1,590	1,433
Provision for retirement benefits for directors	45	41
(and other officers)
Provision for share awards for directors	118	126
(and other officers)
Other	2,348	3,183
Total non-current liabilities	5,850	7,049
Total liabilities	21,956	24,708
Net assets
Shareholders' equity
Share capital	13,500	13,500
Capital surplus	10,793	10,793
Retained earnings	101,225	101,972
Treasury shares	(5,393)	(5,382)
Total shareholders' equity	120,125	120,883
Accumulated other comprehensive income
Valuation difference on available-for-sale	5,415	6,582
securities
Foreign currency translation adjustment	(109)	4,175
Remeasurements of defined benefit plans	(301)	(291)
Total accumulated other comprehensive income	5,004	10,466
Non-controlling interests	336	340
Total net assets	125,466	131,690
Total liabilities and net assets		147,423	156,399

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Consolidated statements of income (cumulative) and consolidated statements of comprehensive income (cumulative)

Consolidated statements of income (cumulative)

			(Millions of yen)
		Three months ended	Three months ended
		August 31, 2021	August 31, 2022
Net sales	16,372	17,736
Cost of sales	5,574	6,711
Gross profit	10,798	11,025
Selling, general and administrative expenses	7,481	8,557
Operating profit	3,316	2,467
Non-operating income
Interest income	25	112
Dividend income	152	195
Rental income	56	35
Foreign exchange gains	-	503
Other	100	80
Total non-operating income	336	927
Non-operating expenses
Interest expenses	22	14
Foreign exchange losses	168	-
Losses on net monetary position	-	88
Other	44	73
Total non-operating expenses	235	177
Ordinary profit	3,417	3,217
Extraordinary losses
Impairment losses	-	5
Total extraordinary losses	-	5
Profit before income taxes	3,417	3,211
Income taxes	1,196	1,090
Profit	2,220	2,121
Profit attributable to non-controlling interests	13	22
Profit attributable to owners of parent	2,207	2,098

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