Summary Report on Financial Results for the Fiscal Year Ended March 31st, 2022

(Japan GAAP)

May 13th, 2022

Stock Listing: TSE-Standard Market

Company name: Fukuda Denshi Co., Ltd.

Code No.:

6960 (https://www.fukuda.co.jp)

Representative: Daijiro Shirai, President & COO

Inquiries:

Haruhiko Honbu, Senior Manager of Accounting & Finance Department

Tel:

+81-3-5684-1558 (main)

Scheduled date for the ordinary general meeting of shareholders: June 29th, 2022

Scheduled date for commencement of dividend payment:

June 30th, 2022

Scheduled date for filing the securities report:

June 29th, 2022

Supplementary material development:

Yes

Financial results meeting:

Yes

(Amounts less than one million yen are rounded down) (The number with parenthesis shows negative figure)

1. Consolidated financial results for the fiscal year ended March 31st, 2022 (April 1st, 2021 through March 31st, 2022)

(1) Consolidated operating results

(% represent increases or decreases from the previous year)

Net sales

Operating Profit

Ordinary Profit

Profit attributable to

owners of parent

million

%

million

%

million

%

million

%

Year ended

yen

yen

yen

yen

March 31st,

132,098

-

22,708

14.6

23,422

15.6

16,216

10.2

2022

Year ended

March 31st,

146,756

10.0

19,811

49.1

20,264

48.5

14,716

53.1

2021

(Note)Comprehensive income

Fiscal year ended March 31st, 2022: 16,432 million yen / 0.9 %

Fiscal year ended March 31st, 2021: 16,291 million yen / 87.3 %

The "Accounting Standards for Revenue Recognition" (ASBJ Statement No. 29, March 31st, 2020), etc. has been applied since the beginning of the FY2022, ended March 31st, 2022. Figures for FY2022 above include the effects of the standard. If the same standard is applied to the figures for FY2021, ended March 31st, 2021, the "Net sales" would be 130,748 million yen. By using the same accounting standard for both FY2021/FY2022, the percentage of year-on-year change for "Net sales" would be up 1.0%.

The percentage of year-on-year change for "Operating profit", "Ordinary profit", and "Profit attributable to owners of parent" are shown below, and they have not been affected by the Accounting Standard.

Earnings per

Diluted earnings

Return on

Ratio of

Ratio of

ordinary profit

operating profit

share

per share

equity

to total assets

to net sales

Year ended

yen

yen

%

%

%

March 31st,

1,072.38

-

11.3

12.1

17.2

2022

Year ended

March 31st,

973.33

-

11.2

11.2

13.5

2021

- 1 -

(Reference) Profit or loss on equity method investments: Fiscal year ended March 31st, 2022: - million yen Fiscal year ended March 31st, 2021: - million yen

(2) Consolidated financial situation

Total assets

Net assets

Shareholders'

Net assets

equity ratio

per share

Year ended

million yen

million yen

%

Yen

March 31st,

195,495

149,857

76.7

9,909.40

2022

Year ended

March 31st,

191,762

137,981

72.0

9,125.88

2021

(Reference)

Shareholders' equity:

Fiscal year ended March 31st, 2022: 149,857 million yen

Fiscal year ended March 31st, 2021: 137,981 million yen

(3) Consolidated cash flows statement

Cash flows from

Cash flows from

Cash flows from

Cash and cash

equivalents at the end

operating activities

investing activities

financing activities

of the year

Year ended

million yen

million yen

million yen

million yen

March 31st,

23,111

(10,789)

(4,832)

61,030

2022

Year ended

March 31st,

21,743

(11,267)

(3,046)

53,564

2021

2. Dividends

Annual Dividends per share

Total

Ratio of

End of

End of

End of

End of

dividends

Payout ratio

dividends to net

the

the

the

(for the

(consolidated)

assets

the

Annual

first

second

third

year)

(consolidated)

term

quarter

quarter

quarter

yen

Yen

yen

million

%

%

Year ended

yen

March 31st,

-

75.00

-

200.00

275.00

4,190

28.3

3.2

2021

Year ended

March 31st,

-

100.00

-

205.00

305.00

4,648

28.4

3.2

2022

Year ending

March 31st,

-

100.00

-

115.00

215.00

29.6

2023

(Forecast)

(Note)

The detail of second quarter dividend for the Year ended March 31st, 2021: ordinary dividend 55.00 yen, extra dividend 20.00 yen

The detail of year-end dividend for the Year ended March 31st, 2021: ordinary dividend 90.00 yen, extra dividend 110.00 yen

- 2 -

The detail of second quarter dividend for the Year ended March 31st, 2022: ordinary dividend 80.00 yen, extra dividend 20.00 yen

The detail of year-end dividend for the Year ended March 31st, 2022: ordinary dividend 80.00 yen, extra dividend 125.00 yen

The detail of second quarter dividend of Year ending March 2023 (Forecast): ordinary dividend 80.00 yen, extra dividend 20.00 yen

The detail of year-end dividend of Year ending March 2023 (Forecast): ordinary dividend 90.00 yen, extra dividend 25.00 yen

3. Forecast of consolidated financial results for fiscal year ending March 31st, 2023 (April 1st, 2022 through March 31st, 2023)

Profit

Earnings

Net sales

Operating Profit

Ordinary Profit

attributable to

per share

owners of parent

million

%

million

%

million

%

million

%

yen

yen

yen

yen

yen

Full-year

120,000

(9.2)

16,000

(29.5)

16,000

(31.7)

11,000

(32.2)

727.38

(Note)

Since the Fukuda Denshi Group's(herein after "the Group") operating results tend to peak in the fourth quarter and it is difficult to give a forecast every six months based on rational calculation, the consolidated forecast at the second quarter is not disclosed.

※Notes

  1. Changes in significant subsidiaries during the current fiscal year (changes in specified subsidiaries involving changes in the scope of consolidation): None
  2. Changes in accounting policies, accounting projections and restatement
  1. Changes in accounting policies associated with revision of accounting standards: Yes
  2. Changes other than (i) above: None
  3. Changes in accounting projections: None
  4. Restatement: None

Note: For details, please refer to "Changes in Accounting Policy" in (5) Notes to consolidated financial statement under the "3. Consolidated financial statements and Notes" section on page 19.

  1. Number of outstanding shares (common shares)
  1. Number of outstanding shares at the year-end (including treasury shares) Fiscal year ended March 31st, 2022: 19,588,000 shares
    Fiscal year ended March 31st, 2021: 19,588,000 shares
  2. Number of shares of treasury shares at the year-end:

Fiscal year ended March 31st, 2022: 4,465,240 shares

Fiscal year ended March 31st, 2021: 4,468,250 shares (ⅲ) Average number of shares during the period

Fiscal year ended March 31st, 2022: 15,121,593 shares

Fiscal year ended March 31st, 2021: 15,119,472 shares

- 3 -

(Reference) Summary of non-consolidated financial results

Non-consolidated financial results for the fiscal year ended March 31st, 2022 (April 1st, 2021 through March 31st, 2022)

(1) Non-consolidated operating results

(% represent increases or decreases from the previous year)

Net sales

Operating Profit

Ordinary Profit

Profit

million

%

million

%

million

%

million

%

Year ended

yen

yen

yen

yen

March 31st,

82,470

0.9

12,743

10.6

18,045

20.1

14,444

20.3

2022

Year ended

March 31st,

81,766

13.9

11,517

63.5

15,025

51.2

12,005

49.3

2021

Earnings per share

Diluted earnings per

share

Year ended

yen

yen

March 31st,

955.20

-

2022

Year ended

March 31st,

794.03

-

2021

(2) Non-consolidated financial position

Total assets

Net assets

Shareholders' equity

Net assets per

ratio

share

Year ended

million yen

million yen

%

Yen

March 31st,

163,543

117,086

71.6

7,742.42

2022

Year ended

March 31st,

158,059

107,167

67.8

7,087.89

2021

(Reference) Shareholders' equity:

Fiscal year ended March 31st, 2022: 117,086 million yen

Fiscal year ended March 31st, 2021: 107,167 million yen

  • This summary is not subject to audit procedure.
  • Explanation about the appropriate use of the forecasts of financial results, and other noteworthy matters

The projections and other statements with respect to the future included in this material are based on currently available information and certain assumptions that are judged reasonable by the Group. Please be advised that the Group does not guarantee in any way the achievement of the projections and other goals in this material and that cases may occur where the actual results and other situations differ materially from the projections due to various factors. With respect to the preconditions for the forecast of financial results, please refer to "(4) Forecast of results for the fiscal year ending March 31st,2022" under the "1. Operating results" section on page 8.

Financial results meeting is going to be held in the form of pre-recorded video distribution. It will be uploaded on our web site on May 20th,2022.

- 4 -

Contents of the Attached Materials

1. Operating results --------------------------------------------------------------------------------------------

6

(1)

Overview of operating results --------------------------------------------------------------------------

6

(2)

Overview of financial situation ------------------------------------------------------------------------

7

(3) Overview of cash flows ---------------------------------------------------------------------------------

7

(4)

Forecast of results for the fiscal year ending March 31st,2022 -----------------------------------

8

(5)

Business risks ---------------------------------------------------------------------------------------------

9

2. Basic policy on the selection of accounting standards ------------------------------------------------

10

3. Consolidated financial statements and Notes -----------------------------------------------------------

11

(1)

Consolidated balance sheets ----------------------------------------------------------------------------

11

(2)

Consolidated income statements and consolidated comprehensive income statements --------

13

(3)

Consolidated statements of changes in net assets ----------------------------------------------------

15

(4)

Consolidated statements of cash flows ----------------------------------------------------------------

17

(5)

Notes to consolidated financial statement ----------------------------------------------------------

19

(Notes regarding the premise for going concern) ---------------------------------------------------

19

(Changes in Accounting Policy) ---------------------------------------------------------------------------

19

(Changes in presentation) ---------------------------------------------------------------------------

19

(Segment information, etc.) --------------------------------------------------------------------------------

20

(Per share information) -------------------------------------------------------------------------------------

24

(Significant subsequent events) ---------------------------------------------------------------------------

24

4. Others --------------------------------------------------------------------------------------------------------

24

(1)

Changes of directors ------------------------------------------------------------------------------------

24

- 5 -

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Fukuda Denshi Co. Ltd. published this content on 23 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 June 2022 08:04:04 UTC.