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 February 28, 2023
(Based on Japanese GAAP)
Company name: | IZUMI CO., LTD. | |
Stock exchange listing: | Tokyo | |
Stock code: | 8273 | URL https://www.izumi.co.jp/ |
Representative: | President and Representative Director | |
Inquiries: | General Manager of Finance & Accounting | |
Department | ||
Scheduled date of ordinary general meeting of shareholders: Scheduled date to file Securities Report:
Scheduled date to commence dividend payments: Preparation of supplementary material on financial results: Holding of financial results meeting:
April 11, 2023
Yasuaki Yamanishi | ||
Manabu Tanabe | TEL +81-82-264-3211 | |
May 24, 2023 | ||
May 25, 2023 | ||
May 25, 2023 | ||
Yes | ||
Yes | (For institutional investors and analysts) |
(Amounts less than one million yen are rounded down) | ||||||||||||||||
1. Consolidated financial results for the year ended February 28, 2023 (from March 1, 2022 to February 28, 2023) | ||||||||||||||||
(1) Consolidated financial results | Percentages indicate year-on-year changes | |||||||||||||||
Operating revenue | Operating profit | Ordinary profit | Profit attributable to | |||||||||||||
owners of parent | ||||||||||||||||
Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | |||||||||
Year ended February 28, 2023 | 460,140 | - | 33,644 | - | 34,396 | - | 23,188 | - | ||||||||
Year ended February 28, 2022 | 676,800 | (0.4) | 34,717 | (3.0) | 34,696 | (3.8) | 23,204 | 0.7 | ||||||||
Earnings per share | Diluted earnings | Profit/equity | Ordinary profit/total | Operating profit/ | ||||||||||||
per share | assets | operating revenue | ||||||||||||||
Yen | Yen | % | % | % | ||||||||||||
Year ended February 28, 2023 | 324.36 | - | 9.0 | 7.3 | 7.3 | |||||||||||
Year ended February 28, 2022 | 324.45 | - | 9.6 | 7.2 | 5.1 | |||||||||||
(Note) | The Company has applied the | "Accounting Standard for | Revenue Recognition" | (ASBJ Statement No. 29, | March 31, 2020) and relevant ASBJ regulations | |||||||||||
from the beginning of the fiscal year ended February 28, 2023, and each figure for the fiscal year ended February 28, 2023 is the figure after applying the | ||||||||||||||||
accounting standard and relevant ASBJ regulations. The percentage of year-on-year change is not shown. If the accounting standard and relevant ASBJ | ||||||||||||||||
regulations had not been applied, operating revenue would have been ¥700,824 million (up 3.5% year on year). | ||||||||||||||||
(2) Consolidated financial position | ||||||||||||||||
Total assets | Net assets | Equity ratio | Net assets per share | |||||||||||||
Millions of yen | Millions of yen | % | Yen | |||||||||||||
As of February 28, 2023 | 478,541 | 278,104 | 55.4 | 3,706.99 | ||||||||||||
As of February 28, 2022 | 468,798 | 262,433 | 53.0 | 3,479.26 | ||||||||||||
(Note) | The Company has applied the | "Accounting Standard for Revenue | Recognition" (ASBJ Statement No. 29, March 31, 2020) and relevant ASBJ regulations | |||||||||||||
from the beginning of the fiscal year ended February 28, 2023, and each figure for the fiscal year ended February 28, 2023 is the figure after applying the | ||||||||||||||||
accounting standard and relevant ASBJ regulations. | ||||||||||||||||
(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 February 28, 2023 | 38,313 | (10,045) | (29,557) | 10,331 | ||||||||||||
Year ended February 28, 2022 | 18,577 | (14,246) | (18,016) | 11,621 |
1
2. Cash dividends
Annual dividends per share | Total cash | Dividend | Ratio of | |||||
dividends | payout ratio | dividends to | ||||||
1st quarter-end | 2nd quarter-end | 3rd quarter-end | Fiscal year-end | Total | (Full year) | (Consolidated) | net assets | |
(Consolidated) | ||||||||
Yen | Yen | Yen | Yen | Yen | Millions of yen | % | % | |
Year ended February 28, 2022 | - | 43.00 | - | 43.00 | 86.00 | 6,147 | 26.5 | 2.6 |
Year ended February 28, 2023 | - | 43.00 | - | 44.00 | 87.00 | 6,220 | 26.8 | 2.4 |
Year ending February 29, 2024 (Forecast) | - | 44.00 | - | 44.00 | 88.00 | 32.9 |
3. Forecast of consolidated financial results for the fiscal year ending February 29, 2024 (from March 1, 2023 to February 29, 2024) Percentages indicate year-on-year changes
Operating revenue | Operating profit | Ordinary profit | Profit attributable to | Earnings per share | ||||||
owners of parent | ||||||||||
Six months ending | Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | Yen | |
230,300 | 2.8 | 14,200 | (9.5) | 14,200 | (10.7) | 8,900 | (16.3) | 124.48 | ||
August 31, 2023 | ||||||||||
Full year | 476,600 | 3.6 | 31,000 | (7.9) | 31,000 | (9.9) | 19,100 | (17.6) | 267.15 | |
4. Notes | ||||||||||
(1) Changes in significant subsidiaries during the period | 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 February 28, 2023 | 71,665,200 | shares | As of February 28, 2022 | 71,665,200 | shares | |
Number of treasury shares at the end of the period | ||||||
As of February 28, 2023 | 168,894 | shares | As of February 28, 2022 | 187,562 | shares | |
Average number of shares during the period | ||||||
Year ended February 28, 2023 | 71,490,583 | shares | Year ended February 28, 2022 | 71,517,631 | shares |
2
Consolidated financial statements
Consolidated balance sheets
(Millions of yen) | |||
As of February 28, 2022 | As of February 28, 2023 | ||
Assets | |||
Current assets | |||
Cash and deposits | 11,621 | 10,331 | |
Notes and accounts receivable - trade, and contract assets | - | 47,493 | |
Notes and accounts receivable - trade | 42,794 | - | |
Merchandise and finished goods | 20,381 | 23,741 | |
Work in process | 95 | 82 | |
Raw materials and supplies | 681 | 564 | |
Other | 13,803 | 18,376 | |
Allowance for doubtful accounts | (511) | (522) | |
Total current assets | 88,867 | 100,067 | |
Non-current assets | |||
Property, plant and equipment | |||
Buildings and structures | 408,013 | 408,757 | |
Accumulated depreciation | (258,508) | (264,264) | |
Buildings and structures, net | 149,504 | 144,492 | |
Machinery, equipment and vehicles | 11,873 | 12,179 | |
Accumulated depreciation | (7,968) | (8,474) | |
Machinery, equipment and vehicles, net | 3,904 | 3,705 | |
Land | 166,542 | 166,207 | |
Leased assets | 81 | 16 | |
Accumulated depreciation | (64) | (3) | |
Leased assets, net | 16 | 13 | |
Construction in progress | 2,002 | 6,444 | |
Other | 43,650 | 44,118 | |
Accumulated depreciation | (36,254) | (36,771) | |
Other, net | 7,396 | 7,346 | |
Total property, plant and equipment | 329,367 | 328,209 | |
Intangible assets | |||
Goodwill | 1,908 | 1,375 | |
Other | 9,325 | 10,455 | |
Total intangible assets | 11,234 | 11,831 | |
Investments and other assets | |||
Investment securities | 8,729 | 7,931 | |
Long-term loans receivable | 1,418 | 1,398 | |
Deferred tax assets | 9,750 | 10,690 | |
Leasehold and guarantee deposits | 15,846 | 15,488 | |
Other | 4,047 | 3,384 | |
Allowance for doubtful accounts | (462) | (460) | |
Total investments and other assets | 39,329 | 38,433 | |
Total non-current assets | 379,931 | 378,474 | |
Total assets | 468,798 | 478,541 | |
3
(Millions of yen) | |||
As of February 28, 2022 | As of February 28, 2023 | ||
Liabilities | |||
Current liabilities | |||
Notes and accounts payable - trade | 29,697 | 26,076 | |
Short-term borrowings | 10,220 | 7,590 | |
Current portion of long-term borrowings | 19,800 | 18,430 | |
Accounts payable - other | 7,429 | 14,133 | |
Income taxes payable | 6,135 | 6,124 | |
Provision for bonuses | 2,246 | 2,251 | |
Provision for bonuses for directors (and other officers) | 26 | 79 | |
Contract liabilities | - | 6,970 | |
Provision for point card certificates | 2,496 | - | |
Provision for loss on recollection of gift certificates | 201 | - | |
Provision for loss on building demolition | 357 | - | |
Provision for loss on lease contracts | 32 | 32 | |
Asset retirement obligations | 194 | - | |
Other | 14,994 | 25,374 | |
Total current liabilities | 93,835 | 107,064 | |
Non-current liabilities | |||
Long-term borrowings | 69,327 | 50,517 | |
Lease liabilities | 14 | 13 | |
Long-term leasehold and guarantee deposits received | 22,170 | 21,843 | |
Provision for retirement benefits for directors (and other | 69 | 68 | |
officers) | |||
Provision for loss on interest repayment | 204 | 241 | |
Provision for loss on lease contracts | 424 | 391 | |
Retirement benefit liability | 9,251 | 8,841 | |
Deferred tax liabilities | 870 | 950 | |
Asset retirement obligations | 9,143 | 9,484 | |
Other | 1,053 | 1,019 | |
Total non-current liabilities | 112,529 | 93,372 | |
Total liabilities | 206,364 | 200,437 | |
Net assets | |||
Shareholders' equity | |||
Share capital | 19,613 | 19,613 | |
Capital surplus | 22,580 | 22,753 | |
Retained earnings | 206,121 | 221,682 | |
Treasury shares | (800) | (720) | |
Total shareholders' equity | 247,515 | 263,329 | |
Accumulated other comprehensive income | |||
Valuation difference on available-for-sale securities | 1,028 | 1,041 | |
Remeasurements of defined benefit plans | 145 | 664 | |
Total accumulated other comprehensive income | 1,173 | 1,706 | |
Non-controlling interests | 13,744 | 13,068 | |
Total net assets | 262,433 | 278,104 | |
Total liabilities and net assets | 468,798 | 478,541 | |
4
Consolidated statements of income and consolidated statements of comprehensive income
Consolidated statements of income
(Millions of yen) | |||
Year ended | |||
Year ended | |||
February 28, 2022 | February 28, 2023 | ||
Operating revenue | 676,800 | 460,140 | |
Net sales | 643,280 | 406,857 | |
Cost of sales | 497,337 | 270,611 | |
Gross profit | 145,943 | 136,245 | |
Operating revenue | 33,519 | 53,282 | |
Operating gross profit | 179,463 | 189,528 | |
Selling, general and administrative expenses | |||
Advertising and promotion expenses | 9,647 | 8,814 | |
Distribution expenses | 8,005 | 8,850 | |
Provision of allowance for doubtful accounts | 159 | 208 | |
Employees' salaries and bonuses | 52,324 | 53,278 | |
Provision for bonuses | 2,136 | 2,117 | |
Welfare expenses | 10,320 | 10,645 | |
Retirement benefit expenses | 1,125 | 1,102 | |
Rent expenses | 11,248 | 11,307 | |
Utilities expenses | 7,986 | 14,979 | |
Depreciation | 15,267 | 15,147 | |
Provision for retirement benefits for directors (and other | 153 | 8 | |
officers) | |||
Other | 26,369 | 29,424 | |
Total selling, general and administrative expenses | 144,745 | 155,883 | |
Operating profit | 34,717 | 33,644 | |
Non-operating income | |||
Interest and dividend income | 224 | 226 | |
Purchase discounts | 193 | 199 | |
Gain on adjustment of account payable | 63 | 227 | |
Share of profit of entities accounted for using equity method | - | 5 | |
Penalty income | 97 | - | |
Other | 1,022 | 729 | |
Total non-operating income | 1,600 | 1,388 | |
Non-operating expenses | |||
Interest expenses | 555 | 429 | |
Compensation expenses | 101 | - | |
Share of loss of entities accounted for using equity method | 290 | - | |
Other | 674 | 207 | |
Total non-operating expenses | 1,621 | 636 | |
Ordinary profit | 34,696 | 34,396 | |
5
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Izumi Co. Ltd. published this content on 17 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 April 2023 08:06:09 UTC.