Consolidated Financial Results for Fiscal Year Ended March 31, 2022 (Under Japanese GAAP)
05/11/2022 | ||||||
Listed company | Listing: | |||||
name: | MITSUBA Corporation | Tokyo Stock Exchange | ||||
Securities code: | 7280 | URL | https://www.mitsuba.co.jp | |||
Representative: | (Title) | Representative Director, President | (Name) | Katsuyoshi Kitada | ||
Inquiries: | (Title) | Operating Officer and General | (Name) | |||
Manager of Accounting and | ||||||
Finance Department | Yoshiaki Takei | (TEL) 0277-52-0113 | ||||
Scheduled date of the annual general meeting of shareholders: | June 23, 2022 | |||||
Scheduled date of securities report filing: | June 23, 2022 | |||||
Scheduled date to commence dividend payments: | June 8, 2022 | |||||
Preparation of supplementary materials on financial results: | : | Yes | ||||
Holding of financial results briefing: | : | Yes (for analysts) | ||||
(Yen amounts are rounded down to nearest million, | ||||||
unless otherwise noted.) |
1. Consolidated financial results for fiscal year ended March 31, 2022 (from April 1, 2021 to March 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 | % | ||
Fiscal year ended March 2022 | 286,482 | 6.4 | 7,187 | (15.9) | 7,529 | (13.9) | 83 | (88.5) | |
Fiscal year ended March 2021 | 269,202 | (11.5) | 8,548 | 0.2 | 8,748 | 26.9 | 732 | - |
Note: Comprehensive income | Fiscal year ended March 2022 | ¥13,244 million | [(1.5)%] | |||
Fiscal year ended March 2021 | ¥13,442 million | [-%] | ||||
Basic earnings | Diluted earnings | Return on | Ratio of ordinary | Ratio of operating | ||
per share | per share | equity | profit to total assets | profit to net sales | ||
Yen | Yen | % | % | % | ||
Fiscal year ended March 2022 | 1.87 | 1.46 | 0.1 | 2.2 | 2.5 | |
Fiscal year ended March 2021 | 16.36 | 14.30 | 1.7 | 2.7 | 3.2 |
Reference: Share of profit (loss) of entities accounted for using equity method
Fiscal year ended March 2022 | ¥69 million |
Fiscal year ended March 2021 | ¥254 million |
(2) Consolidated financial position | |||||
Total assets | Net assets | Equity-to-asset ratio | Net assets per share | ||
Millions of yen | Millions of yen | % | Yen | ||
As of March 31, 2022 | 342,750 | 88,201 | 19.8 | 1,052.91 | |
As of March 31, 2021 | 343,136 | 76,217 | 17.0 | 847.31 | |
Reference: Equity | As of March 31, 2022 | ¥68,024 million | |||
As of March 31, 2021 | ¥58,372 million |
(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 | |
Fiscal year ended March 2022 | 11,996 | (6,842) | (13,025) | 73,267 |
Fiscal year ended March 2021 | 15,410 | (6,655) | 12,816 | 77,389 |
2. Cash dividends
Annual dividends per share | Total cash | Ratio of | |||||||||
First | Second | Third | Fiscal | dividends | Payout ratio | dividends to | |||||
quarter- | quarter- | quarter- | Total | (Consolidated) | net assets | ||||||
year-end | (Total) | ||||||||||
end | end | end | (Consolidated) | ||||||||
Yen | Yen | Yen | Yen | Yen | Millions of yen | % | % | ||||
Fiscal year ended March 2022 | - | 0.00 | - | 0.00 | 0.00 | - | - | - | |||
Fiscal year ended March 2021 | - | 0.00 | - | 3.00 | 3.00 | 134 | 160.0 | 0.3 | |||
Fiscal year ending March | - | 0.00 | - | 3.00 | 3.00 | 4.3 | |||||
2023 (Forecast) | |||||||||||
Note: | "Cash dividends" above presents the status of dividends related to common | stocks. Please | refer to "Cash dividends of class | ||||||||
stock," mentioned later, for the status of dividends related to class stocks (unlisted) that have different rights from common | |||||||||||
stocks that the Company issues. |
3. Consolidated earnings forecast for the fiscal year ending March 31, 2023 (from April 1, 2022 to March 31, 2023)
(Percentages indicate change from the previous corresponding period.)
Net sales | Operating profit | Ordinary profit | Profit attributable | Basic earnings | ||||||
to owners of parent | per share | |||||||||
Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | Yen | ||
First 6 months | 155,000 | 13.2 | 2,000 | (42.5) | 1,200 | (65.6) | (1,000) | - | (32.43) | |
Full year | 330,000 | 15.2 | 11,000 | 53.1 | 9,600 | 27.5 | 4,000 | - | 69.26 |
- Notes
- Changes in significant subsidiaries during the period (changes in specified subsidiaries
resulting in the change in scope of consolidation) | : None |
- Changes in accounting policies, changes in accounting estimates, and restatement
- Changes in accounting policies due to revisions to accounting standards and other
regulations | : | Yes | |
2) | Changes in accounting policies due to other reasons | : | None |
3) | Changes in accounting estimates | : | None |
4) | Restatement | : | None |
(3) Number of issued shares (common shares) | |||||
1) | Total number of issued shares at the end of the | As of March 31, | 45,581,809 | As of March 31, | 45,581,809 |
period (including treasury shares) | 2022 | shares | 2021 | shares | |
2) | Number of treasury shares at the end of the | As of March 31, | 825,524 | As of March 31, | 825,208 |
period | 2022 | shares | 2021 | shares | |
3) | Average number of shares outstanding during | Fiscal year ended | 44,756,405 | Fiscal year ended | 44,756,794 |
the period (quarterly total) | March 2022 | shares | March 2021 | shares |
[Reference] Overview of non-consolidated financial results
1. Non-consolidated financial results for the fiscal year ended March 31, 2022 (from April 1, 2021 to March 31, 2022) | ||||||||||
(1) Non-consolidated operating results | (Percentages indicate year-on-year changes.) | |||||||||
Net sales | Operating profit | Ordinary profit | Profit | |||||||
Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | |||
Fiscal year ended March | 130,679 | 3.3 | 135 | - | 2,387 | 302.5 | 2,768 | - | ||
2022 | ||||||||||
Fiscal year ended March | 126,525 | (11.8) | (562) | - | 593 | (79.1) | (1,734) | - | ||
2021 | ||||||||||
Basic earnings per | Diluted earnings | |||||||||
share | per share | |||||||||
Yen | Yen | |||||||||
Fiscal year ended March | 61.86 | 48.09 | ||||||||
2022 | ||||||||||
Fiscal year ended March | (38.76) | - | ||||||||
2021 | ||||||||||
(2) Non-consolidated financial position | ||||||||||
Total assets | Net assets | Equity-to-asset ratio | Net assets per share | |||||||
Millions of yen | Millions of yen | % | Yen | |||||||
Fiscal year ended March | 236,069 | 42,320 | 17.9 | 478.60 | ||||||
2022 | ||||||||||
Fiscal year ended March | 245,512 | 40,507 | 16.5 | 448.16 | ||||||
2021 | ||||||||||
Reference: Equity | Fiscal year ended March 2022 | ¥42,320 million | ||||||||
Fiscal year ended March 2021 | ¥40,507 million |
- Financial results reports are exempt from audits conducted by certified public accountants or an audit corporation.
-
Proper use of earnings forecasts, and other special matters
Earnings forecasts and other forward-looking statements in this report are based on information currently available to the Company and certain assumptions that the Company deems reasonable. Therefore, actual results and others may differ materially due to a variety of factors.
Please refer to "(4) Future Outlook in 1. Overview of Operating Results" on page 3 of the attachment material for cautionary notes regarding underlying assumptions for and the use of earnings forecasts.
(How to access the supplementary materials on financial results)
The Company plans to hold an online financial results briefing on May 20, 2022. The materials on financial results to be used at this briefing are scheduled to be posted on the Company's website.
Cash dividends of class stock
The following is the breakdown of dividends per share related to class stocks that have different rights from common stocks.
Annual dividends per share | |||||||
First quarter-end | Second quarter-end | Third quarter-end | Fiscal year-end | Total | |||
Class A stock | Yen | Yen | Yen | Yen | Yen | ||
Fiscal year ended March | - | 0.00 | - | ||||
2021 | 30,000.00 | 30,000.00 | |||||
Fiscal year ended March | - | 0.00 | - | ||||
2022 | 60,085.90 | 60,085.90 | |||||
Fiscal year ending March | - | 0.00 | - | ||||
2023 (Forecast) | 60,000.00 | 60,000.00 | |||||
Note: | The dividends for the fiscal year ended March 2022 will be paid out from capital surplus. For details, please refer to | ||||||
"Breakdown of dividends to be paid out from capital surplus" mentioned later. |
Breakdown of dividends to be paid out from capital surplus
The following is a breakdown of dividends for the fiscal year ended March 2022 that will be paid out from capital surplus.
Record date | Fiscal year-end | Total | |
Dividend per share | 60,085.90 yen | 60,085.90 yen | |
Total dividends | 901 million yen | 901 million yen | |
Note: | Ratio of decrease of net assets: 0.022 |
○ Table of Contents of Attachments | ||
1. Overview of Operating Results ............................................................................................................................... | 5 | |
(1) | Overview of Operating Results for Fiscal Year under Review .......................................................................... | 5 |
(2) | Overview of Financial Position for Fiscal Year under Review ........................................................................... | 6 |
(3) | Overview of Cash Flows for Fiscal Year under Review ..................................................................................... | 6 |
(4) | Future Outlook .................................................................................................................................................. | 6 |
(5) | Basic Policy concerning the Allocation of Profits and Dividends for Fiscal Year under Review and Next | |
Fiscal Year ........................................................................................................................................................ | 7 | |
2. Basic Approach to Selection of Accounting Standards ............................................................................................... | 7 | |
3. Consolidated Financial Statements and Key Notes ................................................................................................. | 8 | |
(1) | Consolidated Balance Sheet ................................................................................................................................ | 8 |
(2) | Consolidated Statement of Income and Consolidated Statement of Comprehensive Income ......................... | 10 |
Consolidated Statement of Income ................................................................................................................ | 10 | |
Consolidated Statement of Comprehensive Income ...................................................................................... | 11 | |
(3) | Consolidated Statement of Changes in Equity ................................................................................................ | 12 |
(4) | Consolidated Statement of Cash Flows ............................................................................................................. | 14 |
(5) | Notes to Consolidated Financial Statements ..................................................................................................... | 16 |
(Notes to assumptions for going concerns) ...................................................................................................... | 16 | |
(Significant Accounting Policies for Preparing Consolidated Financial Statements) ...................................... | 16 | |
(Changes in Accounting Policies) .................................................................................................................... | 16 | |
(Segment Information) .................................................................................................................................... | 18 | |
(Matters Related to Revenue Recognition) ...................................................................................................... | 19 | |
(Per Share Information) ................................................................................................................................... | 20 | |
(Important Subsequent Events) ....................................................................................................................... | 21 | |
4. Others ...................................................................................................................................................................... | 21 | |
(1) Change of Directors ………………………………………………………………………………………21 |
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1. Overview of Operating Results
(1) Overview of Operating Results for Fiscal Year under Review
In the consolidated fiscal year under review, the global economy saw the easing of various restrictions and regulations against the spread of COVID-19. In the US and Europe, the economic conditions have picked up with consumption and capital investment increasing moderately. In Asia as well, there are signs of improvement, but the economic recovery has slowed down in China. In Japan, consumption and corporate earnings have started reviving, and economic and social activities are expected to return to normal down the road.
However, the outlook for the global economy is uncertain mainly due to surging prices of crude oil, natural gas and other natural resources, and the impact of economic sanctions that Western countries imposed on Russia with the Russian invasion of Ukraine since the end of the fiscal year under review.
In the automotive industry, the number of four-wheeled vehicles sold globally was 81,306 thousand units in calendar year 2021 (up 4.6% year on year). The U.S. continues to be affected by supply shortages of semiconductors, but has recovered from the impact of COVID-19 infections that spread last year. The number of cars sold there reached 15,079 thousand units in the calendar year (up 3.4% from the previous year), the first year-on-year increase in three years. Europe has recovered from the impact of COVID-19 infections that spread last year. The number of cars sold there reached 11,775 thousand units in the calendar year (up 1.8% from the previous year), the first year-on-year increase in two years. China has recovered from the impact of COVID-19 infections that spread last year. The number of cars sold there reached 26,275 thousand units in the calendar year (up 3.8% from the previous year), the first year-on-year increase in four years. In Japan, the number of cars sold was 4,216 thousand units in FY2021 (down 9.5% from the previous fiscal year), posting a year-on-year decrease for three consecutive years. The number of registrations was 2,661 thousand units (down 8.2% year on year), a year-on-year decrease for five consecutive years. Registrations of mini cars was 1,555 thousand units (down 11.5% year on year), a year-on-year decrease for three consecutive years.
On the other hand, global sales of two-wheeled vehicles was 14,470 thousand units in the calendar year (up 3.7% from the previous year), the first year-on-year increase in three years. The increase was a rebound from a sales decline in India, the largest market, caused by COVID-19 infections that spread last year. Indonesia has recovered from the impact of COVID-19 infections that spread last year. The number sold there reached 5,139 thousand units in the calendar year (up 37.3% from the previous year), the first year-on-year increase in three years.
In Japan, the number sold was 379 thousand units in the calendar year (up 16.2% from the previous year), the first year-on- year increase in eight years. The increase was due to a rise in motorcycle type 1 (50cc or less), motorcycle type 2 (125cc or less) and small-size motorcycle (over 250cc) despite a decline in mini-size motorcycles (250cc or less).
Under these circumstances, the Group has steadily pursued the key policies in its 12th midterm management plan (from FY2020 to FY2024): "Business restructuring," "Reinforcement of corporate structure," and "Measures aimed at next-generation businesses." During the consolidated fiscal year under review, the Company decided to withdraw from the four-wheeled car lamp business as part of the selection and concentration of businesses and closed down the Niigata Plant for the purpose of optimizing its production system. Moreover, the Company decided to relocate the Yokohama R&D Center with the aim of realizing the most effective organization and sold the real property of the center. The Company continues to hold down capital investment and cut expenses on a global basis, and strives to reinforce its corporate structure through measures including the disposal of shares held strategically from the viewpoint of improving assets efficiency.
As a result, consolidated financial results for the consolidated fiscal year under review are as follows: Consolidated net sales increased from the previous year to 286,482 million yen (up 6.4% year on year) mainly due to the lessening impact of COVID- 19 infections and an ease in production cutbacks of auto manufacturers caused by supply shortages of semiconductors. However, consolidated operating profit and ordinary profit decreased from the previous year to 7,187 million yen (down 15.9% year on year) and 7,529 million yen (down 13.9% year on year), respectively, primarily because of a rise in materials costs resulting from surging prices of raw materials and an increase in distribution costs caused by disruption in the logistics network. Profit attributable to owners of parent was 83 million yen (down 88.5% year on year) mainly due to the recording of 1,586 million yen, which was expenses incurred in connection with infection prevention measures and lockdowns in Asia, in loss on disaster as well as the posting of provision for business restructuring of 1,420 million yen in extraordinary losses.
Operating results by business segment are presented as follows.
In the Transportation equipment-related operations, although net sales increased year on year to 268,177 million yen (up 7.3% from the previous year), as mentioned before, segment profit decreased from the previous year to 5,405 million yen (down 20.7% year on year) due to a combination of cost-increasing factors.
In the Information service operations, net sales decreased year on year to 15,501 million yen (down 6.8% year on year) mainly due to the postponement of introduction of IT systems by delayed procurement of hardware, resulting from semiconductor shortages in the social and industrial business segment, although sales of IT systems for municipalities in the public works segment remained steady. However, segment profit was 1,426 million yen (down 0.4% year on year), maintaining the level of the previous year primarily due to the effect of expense reduction.
In Other operations, net sales were 6,678 million yen (up 5.6% year on year), and segment profit was 346 million yen (up 19.5% year on year) as products for cars and motorcycles remained strong.
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Mitsuba Corporation published this content on 26 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 May 2022 11:18:12 UTC.