Kaneko Seeds : ［Delayed］Summary of Consolidated Financial Results for the Year Ended May 31,2022(Based on Japanese GAAP)

July 12, 2022

Company name:

KANEKO SEEDS CO., LTD.

Stock exchange listing:

Tokyo

Stock code:

1376

URL http://www.kanekoseeds.jp

Representative:

PRESIDENT

MASAHIKO KANEKO

Inquiries:

SENIOR MANAGING DIRECTOR HEAD

HIROKATSU HASE

TEL 027-251-1619

OF GENERAL ADMINISTRATION

Scheduled date of ordinary general meeting of shareholders:

August 26, 2022

Scheduled date to file Securities Report:

August 29, 2022

Scheduled date to commence dividend payments:

August 29, 2022

Preparation of supplementary material on financial results:

Yes

Holding of financial results meeting:

Yes

(for institutional investors and analysts)

(Amounts less than one million yen are rounded down)

1. Consolidated financial results for the year ended May 31, 2022 (from June 1, 2021 to May 31, 2022)

(1) Consolidated operating results

Percentages indicate year-on-year changes

Net sales

Operating profit

Ordinary profit

Profit attributable to

owners of parent

Millions of yen

%

Millions of yen

%

Millions of yen

%

Millions of yen

%

Year ended May 31, 2022

60,691

(0.1)

1,835

10.5

1,909

8.1

1,302

(9.3)

Year ended May 31, 2021

60,779

4.5

1,661

11.7

1,765

9.4

1,436

27.9

Earnings per share

Diluted earnings per

Profit attributable to

Ordinary profit/total

Operating profit/net

share

owners of

assets

sales

parent/equity

Yen

Yen

%

%

%

Year ended May 31, 2022

111.83

-

5.9

4.0

3.0

Year ended May 31, 2021

123.09

-

6.8

3.7

2.7

(2) Consolidated financial position

Total assets

Net assets

Equity ratio

Net assets per share

Millions of yen

Millions of yen

%

Yen

As of May 31, 2022

48,932

22,645

46.3

1,956.51

As of May 31, 2021

47,452

21,696

45.7

1,859.82

(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 May 31, 2022

570

(752)

(531)

4,776

Year ended May 31, 2021

2,294

(838)

(384)

5,486

2. Cash dividends

Annual dividends per share

Total cash

Dividend payout

Ratio of dividends

to net assets

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Total

dividends (Total)

ratio (Consolidated)

(Consolidated)

Yen

Yen

Yen

Yen

Yen

Millions of yen

%

%

Year ended May 31, 2021

-

11.00

-

18.00

29.00

340

23.6

1.6

Year ended May 31, 2022

-

11.00

-

18.00

29.00

338

25.9

1.5

Year ending May 31, 2023

-

11.00

-

18.00

29.00

26.9

(Forecast)

Net sales

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

-

-

-

-

-

-

-

-

-

November 30, 2022

Full year

61,500

1.3

1,850

0.8

1,950

2.1

1,250

(4.0)

108.00

4. Notes

(1) Changes in significant subsidiaries during the year ended May 31, 2022

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 May 31, 2022

11,772,626 shares

As of May 31, 2021

11,772,626 shares

Number of treasury shares at the end of the period

As of May 31, 2022

198,197 shares

As of May 31, 2021

106,548 shares

Average number of shares during the period

Year ended May 31, 2022

11,647,285 shares

Year ended May 31, 2021

11,666,385 shares

(Thousands of yen)

As of May 31, 2021

As of May 31, 2022

Assets

Current assets

Cash and deposits

5,819,502

5,109,988

Notes and accounts receivable - trade

21,887,080

21,909,529

Merchandise

8,150,033

9,165,220

Accounts receivable - other

1,445,365

2,025,776

Other

163,560

325,594

Allowance for doubtful accounts

(21,979)

(21,972)

Total current assets

37,443,562

38,514,137

Non-current assets

Property, plant and equipment

Buildings and structures, net

2,193,242

2,369,735

Land

4,009,290

3,993,961

Other, net

235,076

255,043

Total property, plant and equipment

6,437,610

6,618,740

Intangible assets

733,683

898,471

Investments and other assets

Investment securities

2,153,610

2,368,588

Deferred tax assets

281,375

129,825

Other

421,366

409,395

Allowance for doubtful accounts

(19,177)

(6,559)

Total investments and other assets

2,837,175

2,901,250

Total non-current assets

10,008,469

10,418,461

Total assets

47,452,032

48,932,599

(Thousands of yen)

As of May 31, 2021

As of May 31, 2022

Liabilities

Current liabilities

Notes and accounts payable - trade

22,522,053

22,602,856

Income taxes payable

250,761

250,013

Other

1,325,948

1,797,473

Total current liabilities

24,098,762

24,650,342

Non-current liabilities

Retirement benefit liability

1,330,235

1,292,668

Provision for share awards for directors (and other

39,368

51,958

officers)

Other

286,711

291,847

Total non-current liabilities

1,656,315

1,636,474

Total liabilities

25,755,078

26,286,817

Net assets

Shareholders' equity

Share capital

1,491,267

1,491,267

Capital surplus

1,765,224

1,765,224

Retained earnings

17,711,991

18,632,298

Treasury shares

(130,303)

(276,921)

Total shareholders' equity

20,838,179

21,611,868

Accumulated other comprehensive income

Valuation difference on available-for-sale securities

856,070

1,000,036

Foreign currency translation adjustment

(24,937)

(13,803)

Remeasurements of defined benefit plans

27,435

47,439

Total accumulated other comprehensive income

858,569

1,033,673

Non-controlling interests

205

240

Total net assets

21,696,954

22,645,781

Total liabilities and net assets

47,452,032

48,932,599

(Thousands of yen)

Fiscal year ended

Fiscal year ended

May 31, 2021

May 31, 2022

Net sales

60,779,093

60,691,766

Cost of sales

51,352,635

51,203,850

Gross profit

9,426,457

9,487,916

Selling, general and administrative expenses

7,765,058

7,652,290

Operating profit

1,661,398

1,835,625

Non-operating income

Interest income

3,607

3,571

Dividend income

37,062

40,013

Rental income from buildings

67,956

69,119

Compensation income

6,190

16,190

Other

35,100

25,447

Total non-operating income

149,917

154,343

Non-operating expenses

Interest expenses

12,178

11,950

Foreign exchange losses

32,699

67,246

Other

758

1,769

Total non-operating expenses

45,636

80,966

Ordinary profit

1,765,679

1,909,002

Extraordinary income

Gain on sale of non-current assets

35,992

500

Gain on sale of investment securities

3,044

-

Compensation for forced relocation

166,682

151

Total extraordinary income

205,719

651

Extraordinary losses

Loss on sale of non-current assets

-

10,108

Loss on disposal of non-current assets

41,235

46,399

Impairment losses

57,447

5,400

Total extraordinary losses

98,682

61,908

Profit before income taxes

1,872,716

1,847,745

Income taxes - current

470,209

450,744

Income taxes - deferred

(33,602)

94,378

Total income taxes

436,606

545,123

Profit

1,436,109

1,302,622

Profit attributable to non-controlling interests

43

51

Profit attributable to owners of parent

1,436,066

1,302,571