JAMCO CORPORATION Consolidated Financial Results
for the Fiscal Year 2020
Ended March 31, 2021
[Japanese GAAP]
May 11, 2021
Company name: JAMCO Corporation
Stock exchange listing: Tokyo Stock Exchange
Stock Exchange Code: 7408
URL: https://www.jamco.co.jp/
Representative: Harutoshi Okita, President & CEO
Contact: Kentaro Goto, Director & Managing Executive Officer
Phone: +81-42-503-9145
Scheduled date of general meeting of shareholders held: June 25, 2021
The start date of payout of dividend: -
Submission date of securities report scheduled: June 25, 2021
Availability of supplementary briefing material on financial results: Yes
Schedule of financial results briefing session: Yes (for institutional investors)
(Amounts are rounded down to the nearest million yen.)
1. Consolidated Operating Results for the Fiscal Year 2020 (from April 1, 2020 to March 31, 2021)
(1) Consolidated Operating Results | (%: Changes from the previous fiscal year) | |||||||||||||||
Net sales | Operating income | Ordinary income | Net income attributable | |||||||||||||
to shareholders of | ||||||||||||||||
parent company | ||||||||||||||||
For the year ended | Million yen | % | Million yen | % | Million yen | % | Million yen | % | ||||||||
March 31, 2021 | 50,058 | (45.3) | (10,902) | - | (11,756) | - | (13,585) | - | ||||||||
March 31, 2020 | 91,535 | 8.9 | 1,807 | (58.2) | 1,178 | (64.2) | 605 | (68.3) | ||||||||
(Note) Comprehensive income: Year ended March 31, 2021: ¥(13,064) million [-%] | ||||||||||||||||
Year ended March 31, 2020: ¥219 million [(89.4)%] | ||||||||||||||||
Net income per | Diluted net | Rate of return | Ordinary | Operating | ||||||||||||
income per | income to total | income to net | ||||||||||||||
share | on equity | |||||||||||||||
share | assets | sales | ||||||||||||||
For the year ended | Yen | Yen | % | % | % | |||||||||||
March 31, 2021 | (506.46) | - | (59.0) | (10.6) | (21.8) | |||||||||||
March 31, 2020 | 22.58 | - | 2.0 | 1.1 | 2.0 | |||||||||||
(Reference) Equity in earnings (losses) of affiliates: Year ended March 31, 2021: ¥ 52 million | ||||||||||||||||
Year ended March 31, 2020: ¥(11) million | ||||||||||||||||
(2) Consolidated Financial Position | ||||||||||||||||
Total assets | Net assets | Equity ratio | Net assets per share | |||||||||||||
Million yen | Million yen | % | Yen | |||||||||||||
As of March 31, 2021 | 101,236 | 16,517 | 16.0 | 604.60 | ||||||||||||
As of March 31, 2020 | 120,184 | 30,373 | 24.8 | 1,112.58 |
(Reference) Equity: As of March 31, 2021: ¥16,218 million As of March 31, 2020: ¥29,844 million
(3) Consolidated Cash Flows
Cash flows | Cash flows from | Cash flows from | Cash and cash | |||||||||||
from operating | equivalents at the | |||||||||||||
investing activities | financing activities | |||||||||||||
activities | end of period | |||||||||||||
For the year ended | Million yen | Million yen | Million yen | Million yen | ||||||||||
March 31, 2021 | (11,615) | (1,104) | 9,581 | 3,946 | ||||||||||
March 31, 2020 | (11,285) | (2,570) | 16,953 | 7,167 | ||||||||||
2. Dividend distribution | ||||||||||||||
Dividend distribution per share | Total | Dividend | Dividends to | |||||||||||
1st | 2nd | 3rd | payout ratio | net assets | ||||||||||
Year-end | Total | dividends | ||||||||||||
quarter-end | quarter-end | quarter-end | (consolidated) | (consolidated) | ||||||||||
Yen | Yen | Yen | Yen | Yen | Million yen | % | % | |||||||
Fiscal year 2019 | - | 0.00 | - | 20.00 | 20.00 | 536 | 88.6 | 1.8 | ||||||
Fiscal year 2020 | - | 0.00 | - | 0.00 | 0.00 | 0 | 0.0 | 0.0 | ||||||
Fiscal year 2021 | - | 0.00 | - | 0.00 | 0.00 | 0.0 | ||||||||
(Planned) | ||||||||||||||
3. Consolidated Financial Results Forecast for the Fiscal Year 2021 (from April 1, 2021 to March 31, 2022)
(%: indicates changes from the previous corresponding period.)
Net income | |||||||||
Net sales | Operating income | Ordinary income | attributable to | Net income | |||||
shareholders of | per share | ||||||||
parent company | |||||||||
Million yen | % | Million yen | % | Million yen | % | Million yen | % | Yen | |
Full year | 43,500 | (13.1) | (3,980) | - | (4,360) | - | (3,120) | - | (116.31) |
- Notes:
- Changes in significant subsidiaries during the fiscal year 2020 (Changes in specified subsidiaries resulting in change in scope of consolidation): None
- Changes in accounting policies, changes in accounting estimates and retrospective restatement
- Changes in accounting policies due to the revision of accounting standards: None
- Changes in accounting policies other than 1) above: None
- Changes in accounting estimates: None
- Retrospective restatement: None
- Number of common shares issued
- Number of common shares outstanding (including the number of treasury stock):
As of March 31, 2021: 26,863,974 shares
As of March 31, 2020: 26,863,974 shares
2) Number of treasury stock:
As of March 31, 2021: 38,964 shares
As of March 31, 2020: 38,932 shares
3) Average number of common shares outstanding:
For the year ended March 31, 2021: 26,825,040 shares
For the year ended March 31, 2020: 26,825,073 shares
(Reference) Summary of Non-consolidated Financial Results
1. Non-consolidated Financial Results for the Fiscal Year 2020 (April 1, 2020 to March 31, 2021)
(1) Non-consolidated Operating Results | (%: Changes from the previous fiscal year) | |||||||||
Net sales | Operating income | Ordinary income | Net income | |||||||
For the year ended | Million yen | % | Million yen | % | Million yen | % | Million yen | % | ||
March 31, 2021 | 46,724 | (44.1) | (9,446) | - | (10,009) | - | (11,582) | - | ||
March 31, 2020 | 83,528 | 9.3 | 1,707 | (45.0) | 1,580 | (37.7) | 1,039 | (48.9) | ||
Net income | Diluted net income | |||||||||
per share | per share | |||||||||
For the year ended | Yen | Yen | ||||||||
March 31, 2021 | (431.76) | - | ||||||||
March 31, 2020 | 38.73 | - | ||||||||
(2) Non-consolidated Financial Position | ||||||||||
Total assets | Net assets | Equity ratio | Net assets per share | |||||||
Million yen | Million yen | % | Yen | |||||||
As of March 31, 2021 | 92,594 | 17,623 | 19.0 | 656.99 | ||||||
As of March 31, 2020 | 106,949 | 29,690 | 27.8 | 1,106.82 |
(Reference) Equity: As of March 31, 2021: ¥17,623 million As of March 31, 2020: ¥29,690 million
*Notes:
*1. This document is an English translation of a statement written initially in Japanese. The Japanese original document should be considered as the primary version.
*2. These consolidated financial results are outside the scope of audit by certified public accountants or audit firms.
*3. Explanation of the proper use of financial results forecast and other notes
The earnings forecasts and other forward-looking statements herein are based on information currently available to the Company and certain premises that the Company deems to be reasonable. Actual results may differ significantly from these forecasts due to a wide range of factors. For the conditions that form the premises of the forecasts, please refer to "Future Outlook" on page 5 of the Attachment.
The Company intends to hold a briefing session for institutional investors on May 25, 2021. The materials distributed at the briefing session are scheduled to be posted on the Company's corporate website.
Table of Contents
1. Overview of Business Results, etc. ................................................................................................................ 2
(1) | Overview of Business Results for the Fiscal Year Under Review................................................................ | 2 |
(2) | Overview of Financial Position for the Fiscal Year Under Review ........................................................... | 4 |
(3) | Overview of Cash Flows for the Fiscal Year Under Review ...................................................................... | 4 |
(4) | Future Outlook ............................................................................................................................................. | 5 |
(5) | Significant Events Regarding Going Concern Assumption ....................................................................... | 5 |
2. Basic Approach to the Selection of Accounting Standards .............................................................................. | 6 | |
3. Consolidated Financial Statements and Primary Notes .................................................................................... | 7 | |
(1) | Consolidated Balance Sheets ...................................................................................................................... | 7 |
(2) | Consolidated Statements of Income and Comprehensive Income ............................................................. | 9 |
(3) | Consolidated Statements of Changes in Equity ........................................................................................ | 11 |
(4) | Consolidated Statements of Cash Flows .................................................................................................... | 13 |
(5) | Notes to Consolidated Financial Statements ............................................................................................ | 15 |
(Notes on going concern assumption) ................................................................................................. | 15 | |
(Additional information) ..................................................................................................................... | 15 | |
(Consolidated Statements of Income) ................................................................................................. | 15 | |
(Segment information, etc.) ................................................................................................................. | 16 | |
(Per share information).......................................................................................................................... | 23 | |
(Significant subsequent events) ............................................................................................................. | 23 |
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1. Overview of Business Results, etc.
(1) Overview of Business Results for the Fiscal Year Under Review
During FY 2020, economies around the world were severely impacted by restrictions on movement of people and sluggish economic activities due to the global spread of COVID-19. Although COVID-19 vaccination has started, there is no sign of an end to the infection and economic recovery remains challenging. Under these circumstances, the dollar-yen exchange rate moved in the direction of yen appreciation within the range of ¥110 to ¥102 per US$1.
In the air transportation industry, the business environment has deteriorated significantly due to unprecedented flight reductions and cancellations as a result of the global COVID-19 pandemic, and airlines have been forced to reduce their workforce drastically. While demand for domestic flights is slowly recovering along with the resumption of economic activities with various COVID-19 countermeasures taken by airlines, demand for international flights continues to face a challenging situation. As for aircraft manufacturers too, both Boeing and Airbus are substantially reducing production due to the sharp decline in demand for air transportation.
Under this situation, in which the end of the infection remains unclear, the Group has promoted business process reforms and measures to enhance the efficiency of its production system on a company-wide level in preparation for a future recovery in demand for air transportation, aiming to improve quality and profitability while enhancing the efficiency of its management by reducing workforce and cost, limiting investment, reorganizing production bases, and reducing inventory, under the assumption that the current harsh business environment will continue for some time. In addition, we thoroughly enforced COVID-19 countermeasures while working to reduce physical contact between employees by adopting remote work, shift work, and the dispersion of work areas at the workplace, and flexibly responded to the sudden drop in workload through measures such as temporary leave of employees and secondment to companies outside the Group.
In the aircraft interiors business and the aircraft seat business, we carried out an urgent review of the production plan and reorganized production bases, in response to the sudden drop in air transportation demand. We also worked to develop products to ensure a clean and hygienic cabin in order to relieve the anxiety felt by passengers onboard. The amount of orders received decreased significantly compared to the previous fiscal year due to drastic production cuts by aircraft manufacturers as a result of a sharp drop in air transportation demand and partial postponement and cancellation of orders from airlines. However, inquiries and orders from airlines have increased from January onward with the expectation that the spread of COVID-19 will subside, as the effectiveness of vaccination has been confirmed.
In the aircraft components business, we took initiatives to improve productivity, while proceeding with in- house production of interiors-related and other parts by applying the processing technologies we have accumulated over the years. We are also proceeding with the development of lightweight aircraft components using thermoplastic CFRP.
In the aircraft maintenance business, we aimed to establish a business base capable of generating stable profits by continuing with initiatives to ensure flight safety and enhance quality, while also endeavoring to acquire orders for aircraft maintenance for airlines and government and municipal offices.
As a result, on a consolidated basis, during FY 2020, the Company posted net sales of ¥50,058 million (down ¥41,477 million compared to the previous fiscal year), operating loss of ¥10,902 million (an operating income of ¥1,807 million in the previous fiscal year), ordinary loss of ¥11,756 million (an ordinary income of ¥1,178 million in the previous fiscal year), and net loss attributable to shareholders of parent company of ¥13,585 million (a net income attributable to shareholders of parent company of ¥605 million in the previous fiscal year).
Provision for loss on construction contracts of ¥4,102 million for construction to be completed in or after the next fiscal year was recognized at the end of FY 2020. The impact of this provision for loss on construction contracts on income (loss) for the quarterly fourth quarter of FY 2020 was a decrease of ¥778 million in cost of sales (provision for loss on construction contracts as of December 31, 2020 was ¥4,881 million) and, for FY 2020, an increase of ¥494 million in cost of sales (provision for loss on construction contracts at the end of
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Jamco Corporation published this content on 18 June 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 June 2021 06:02:00 UTC.
