Summary of Consolidated Financial Results for theFiscal Year 2023 (Japanese GAAP)May 13, 2024
Company name:Securities code:
Representative:
Contact:

Nippon Chemiphar Co., Ltd.
Listing: Tokyo Stock Exchange4539
URL: https://www.chemiphar.co.jp/english/
Kazushiro Yamaguchi, President & CEO
Shinji Nakajima, Corporate Officer and Senior Manager of Accounts & Finance Department
Phone: 03-3863-1211
Scheduled date of ordinary general meeting of shareholders: June 21, 2024
Scheduled date of dividend payout:
June 24, 2024
Supplementary documents for annual financial results: Yes
Annual financial results briefing:
None*Amounts less than one million yen are rounded down

1. Consolidated Financial Results for the FY2023 (from April 1, 2023 to March 31, 2024)(1) Business Results(Percentages represent year-on-year changes.)
Profit attributable toNet sales
Operating profit
Ordinary profit
owners of parent
Year ended

Million yen%

Million yen

30,74831,559

(2.6)
(2.9)

(494)
(241)

March 31, 2024
March 31, 2023
(Note) Comprehensive income:%Million yen%

Million yen%

(219)
58–
(94.3)(180)
339–(51.6)––

Fiscal year ended March 31, 2024: 126 million yen (down 41.4 %)Fiscal year ended March 31, 2023: 216 million yen (down 64.7%)

Earnings pershare
Year ended

Diluted earnings
per share

Yen

March 31, 2024
March 31, 2023

Return on equity

Yen(50.14)
94.07––(Reference) Share of profit/loss of entities accounted for using equity method:

Ordinary profit tototal assets

Operating profit
to net sales

%%%

(1.0)
1.8

(0.4)
0.1

(1.6)
(0.8)

As of March 31, 2024: 23 million yen
As of March 31, 2023: 27 million yen(2) Financial Position
Total assets
As ofMarch 31, 2024
March 31, 2023
(Reference) Equity:

Net assets

Equity ratio

Net assets per share

Million yen

Million yen%

Yen

49,54848,571

18,46018,53437.3
38.1

5,116.02
5,130.65

As of March 31, 2024: 18,460 million yen

As of March 31, 2023: 18,517 million yen(3) Cash Flows
Cash flows fromoperating activities
Year ended

March 31, 2024
March 31, 2023

Cash flows frominvesting activities

Cash and cash
equivalents at end ofperiod

Cash flows fromfinancing activities

Million yenMillion yen

Million yen

Million yen

296(916)(3,139)
(394)

1,447
144

9,200
10,5292. Dividends
Dividend per share

Year ended

March 31, 2023
Year ended

March 31, 2024
Year ending

March 31, 2025 (forecast)End of Q1

End of Q2

End of Q3

End offiscal year

Yen

Yen

Yen

Yen

AnnualDividends
total(Annual)

Payout ratio(Consolidated)

Dividends tonet assets(Consolidated)

Yen

Million yen

%%

–

0.00

–

50.00

50.00

182

53.2

1.0

–

0.00

–

50.00

50.00

182

–

0.00

–

50.00

50.00

–

1.0300.7

3. Forecast of Consolidated Financial Results for the FY2024 (from April 1, 2024 to March 31, 2025)(Percentages represent year-on-year changes.)

Net sales
Million yen

Operating profit%

Million yen

Profit attributable toowners of parent

Ordinary profit%

Million yen%

Million yen%

Earnings per share
Yen

Full-year
31,5002.4
200–
100–60–16.63* Notes(1) Changes in significant subsidiaries during the period (changes in specific subsidiaries accompanied by a change in the scopeof consolidation): No(2) Changes in accounting policies and changes or restatement of accounting estimates(i) Changes in accounting policies accompanying amendments to accounting standards, etc.: No(ii) Changes in accounting policies other than (i):No
(iii) Changes in accounting estimates:No(iv) Restatement:No(3) Number of shares outstanding (common stock)(i) Number of shares outstanding at the end of the period (including treasury shares)
As of March 31, 2024:
4,261,420 shares
As of March 31, 2023:
4,261,420 shares(ii) Number of treasury shares at the end of the period
As of March 31, 2024:
652,976 shares
As of March 31, 2023:
652,254 shares(iii) Average number of outstanding shares during the period (cumulative from the beginning of the period)
Fiscal year ended March 31, 2024:
3,608,835 sharesFiscal year ended March 31, 2023:
3,609,412 shares4. Consolidated Financial Statements(1) Consolidated Balance Sheets(Millions of yen)
FY2022(As of March 31, 2023)

FY2023(As of March 31, 2024)

10,529
7,516
3,738
6,468
1,277
3,010
220
675
33,436

9,200
7,736
3,790
5,785
1,476
3,461
20
364
31,836

15,956(11,170)
4,786
9,353
(7,717)
1,636
2,755(2,376)
379
4,344
376
(205)
170
200
11,518

16,139(11,598)
4,541
9,457
(8,120)1,337
2,936(2,549)
387
4,344
398
(227)
171
2,442
13,224

15
54
383
47
59
9
569

10
47
100
73
40
9
281

1,385
496
401
57
353
414
(61)
3,046
15,134
48,571

2,066
492
967
52
267
420
(61)
4,206
17,71249,548AssetsCurrent assets
Cash and deposits
Notes and accounts receivable―trade, and contract assets
Electronically recorded monetary claims―operating
Merchandise and finished goods
Work in process
Raw materials and supplies
Income taxes refund receivable
OthersTotal current assets
Non-current assets
Property, plant, and equipment
Buildings and structures
Accumulated depreciation
Buildings and structures, net
Machinery, equipment, and vehicles
Accumulated depreciation
Machinery, equipment, and vehicles, net
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
Land
Leased assets
Accumulated depreciation
Leased assets, net
Construction in progress
Total property, plant and equipment
Intangible assets
Patent rightsTrademark rights
Sales rights
Leased assets
SoftwareTelephone subscription rights
Total intangible assets
Investments and other assets
Investment securities
Long-term prepaid expenses
Retirement benefit assets
Leasehold and guarantee deposits
Deferred tax assets
OthersAllowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets– 1 –(Millions of yen)
FY2022(As of March 31, 2023)

FY2023(As of March 31, 2024)

2,545
6,399
392
2,650
77
84
81
91
1,678
175
221
369

2,020
4,958
568
2,801
868273
301
2,032
213
210
437

14,766

13,786

11,950
161
457
139
915
1,645

13,344
182
483
128
915
2,246

15,27017,301

Total liabilities

30,03731,087

Net assets
Shareholders’ equity
Capital stock
Capital surplus
Retained earnings
Treasury shares

4,304
1,263
13,636
ሺ3,110)

4,304
1,263
13,273(3,111)

Liabilities
Current liabilities
Notes and accounts payable—trade
Electronically recorded obligations—operating
Short-term borrowings
Current portion of long-term borrowings
Lease obligations
Accounts payable—otherIncome taxes payable
Accrued consumption taxes
Accrued expenses
Deposits received
Refund liabilities
OthersTotal current liabilities
Non-current liabilities
Long-term borrowings
Lease obligations
Provision for retirement benefits for directors
Net defined benefit liability
Deferred tax liabilities for land revaluation
OthersTotal non-current liabilities

Total shareholders’ equity

16,093

15,729

Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Revaluation reserve for land
Foreign currency translation adjustment
Remeasurements of defined benefit plans3352,072
(20)
35455
2,072
(95)
298

Total accumulated other comprehensive income

2,423

2,731

17–

Share acquisition rights
Total net assets

18,534

18,460Total liabilities and net assets

48,57149,548– 2 –(2) Consolidated Statements of Income and Comprehensive Income
Consolidated Statements of Income(Millions of yen)
FY2022(Year ended March 31, 2023)

FY2023(Year ended March 31, 2024)

Net sales
Cost of sales

31,55923,37430,74823,010Gross profit
Selling, general and administrative expenses

8,184
8,425

7,737
8,232

Operating profit (loss)(241)(494)230633662723386
813349819

Non-operating income
Interest income
Dividend income
Rental income from non-current assets
Share of profit of entities accounted for using equity
methodForeign exchange gains
Dividend income of insurance
OthersTotal non-operating income

475

449

Non-operating expenses
Interest expenses
Commission expense
OthersTotal non-operating expenses

122
39
13
175

150
815
174

Ordinary profit (loss)

58(219)Extraordinary income
Gain on sales of non-current assets
Gain on sales of investment securities
Gain on reversal of share acquisition rights

10411
–

–
–
17

Total extraordinary income

422

17

Profit (loss) before income taxes

480(202)

Income taxes—current
Income taxes—deferred

796157(78)

Total income taxes

141(21)

Profit (loss)

339

(180)

Profit attributable to non-controlling interests––

Profit (loss) attributable to owners of parent

339

(180)

– 3 –

Consolidated Statement of Comprehensive Income(Millions of yen)
FY2022(Year ended March 31, 2023)
Profit (loss)
Other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total other comprehensive income

FY2023(Year ended March 31, 2024)

339

(180)

(211)
150(62)

119
(75)
263

(123)

307

Comprehensive income

216

126

Comprehensive income attributable to:
Owners of parent
Non-controlling interests

216
–126
–– 4 –

(3) Consolidated Statements of Changes in Equity
FY2022 (from April 1, 2022 to March 31, 2023)(Millions of yen)
Shareholders’ equity
Capitalstock
Balance at beginning ofperiod
Changes during period
Dividends of surplus
Profit attributable toowners of parent
Purchase of treasury shares
Reversal of revaluation
reserve for land
Net changes in items otherthan shareholders’ equity
Total changes during period
Balance at end of period

4,304

CapitalsurplusRetainedearnings

1,263

13,482

Treasuryshares(3,110)

(182)

339

339

(1)

–
1,263

15,939

(182)

(0)

–
4,304

Total
shareholders’equity154
13,636

(0)
(1)

(0)
(3,110)154
16,093(Millions of yen)

Accumulated other comprehensive income

Balance at beginning ofperiod
Changes during period
Dividends of surplus
Profit attributable toowners of parent
Purchase of treasury shares
Reversal of revaluation
reserve for land
Net changes in items otherthan shareholders’ equity
Total changes during period
Balance at end of period

Valuationdifference on
available-forsale securities
547

Revaluation
reservefor land

Foreigncurrencytranslation
adjustment

Remeasurements ofdefined
benefit plans

Total
accumulated
othercomprehensive income

ShareacquisitionrightsTotal net
assets

2,070

(170)

98

2,545

17

18,501
(182)
339
(0)
(1)

(211)

1150

(62)

(121)

–(121)

(211)
335

1
2,072

150(20)

(62)
35

(121)
2,423

–
1732
18,534– 5 –FY2023 (from April 1, 2023 to March 31, 2024)(Millions of yen)
Shareholders’ equity
Capitalstock
Balance at beginning ofperiod
Changes during period
Dividends of surplus
Loss attributable to ownersof parent
Purchase of treasury shares
Net changes in items otherthan shareholders’ equity
Total changes during period
Balance at end of period

4,304

–
4,304

CapitalsurplusRetainedearnings

1,263

–
1,263

13,636

Treasuryshares(3,110)Total
shareholders’equity16,093

(182)

(182)

(180)

(180)

(363)
13,273

(0)

(0)

(0)
(3,111)(364)
15,729(Millions of yen)

Accumulated other comprehensive income

Balance at beginning ofperiod
Changes during period
Dividends of surplus
Loss attributable to ownersof parent
Purchase of treasury shares
Net changes in items otherthan shareholders’ equity
Total changes during period
Balance at end of period

Valuationdifference on
available-forsale securities
335

Revaluation
reservefor landForeigncurrencytranslation
adjustment

Remeasurements ofdefined
benefit plans

Total
accumulated
othercomprehensive income

ShareacquisitionrightsTotal net
assets2,072(20)

35

2,423

17

18,534
(182)
(180)
(0)

119

–

(75)

263

307

(17)

290

119
455

–
2,072

(75)
(95)

263
298

307
2,731

(17)
–(73)
18,460– 6 –(4) Consolidated Statements of Cash Flows(Millions of yen)
FY2022(Year ended March 31,2023)
Cash flows from operating activities:
Profit (loss) before income taxes
Depreciation
Increase (decrease) in refund liabilities
Increase (decrease) in provision for retirement benefits for directors
Increase (decrease) in net defined benefit liabilityDecrease (increase) in net defined benefit asset
Interest and dividend income
Interest expenses
Foreign exchange losses (gains)
Loss (gain) on sales of non-current assets
Loss (gain) on sales of investment securities
Decrease (increase) in trade receivables and contract assets
Gain on reversal of share acquisition rights
Decrease (increase) in inventories
Decrease (increase) in other current assets
Decrease (increase) in long-term prepaid expenses
Increase (decrease) in notes and accounts payable - trade
Increase (decrease) in accrued consumption taxes
Increase (decrease) in other current liabilities
Increase (decrease) in other non-current liabilities
OtherSubtotal
Interest and dividends received
Interest paid
Income taxes paid
Income taxes refund
Net cash provided by (used in) operating activities
Cash flows from investing activities:
Purchase of property, plant and equipment
Purchase of intangible assets
Proceeds from sales of property, plant and equipment
Purchase of investment securities
Proceeds from sales of investment securities
Proceeds from refund of guarantee deposits
OtherNet cash provided by (used in) investing activities
Cash flows from financing activities:
Net increase (decrease) in short-term borrowings
Proceeds from long-term borrowings
Repayments of long-term borrowings
Redemption of bonds
Cash dividends paid
OtherNet cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period– 7 –FY2023(Year ended March 31,2024)480
1,500(79)(11)
11(186)(32)
122(386)(10)
(411)
1,392
‒
(1,859)
(166)
(95)
(641)
(98)
(313)
495
(62)
(354)
43(120)(484)‒(916)

(202)
1,459
(10)
25(11)(186)(40)
150(349)
––
(262)
(17)
74
137
24(2,011)
220
449
601
206
260
51
(145)
(90)
220
296

(1,005)(9)29(24)
611
11(7)
(394)

(2,627)(9)‒(500)‒
4(7)(3,139)(8)
3,400(2,779)
(200)
(183)
(84)
144
51
(1,115)
11,645
10,529176
4,350(2,805)‒(182)
(90)
1,447
66
(1,329)10,5299,200