Consolidated Financial Results for the Fiscal Year Ended March 31, 2022 (JGAAP)

May 13, 2022

Company name:

Suzumo Machinery Co., Ltd.

Listing:

Tokyo Stock Exchange

Stock code:

6405

URL:

http://www.suzumokikou.com/

Representative:

Minako Suzuki, President

Contact:

Toru Shiga, Executive Officer and General Manager of Administration Division

Phone:

+81-3-3993-1371

Scheduled date to hold the ordinary general meeting of shareholders: June 25, 2022

Scheduled date for dividend payment:

June 27, 2022

Scheduled date to file quarterly report:

June 27, 2022

Supplementary materials for quarterly financial statements:

Yes

Results briefing to be held:

Yes (For analysts and institutional investors)

(Amounts of less than one million yen are rounded down)

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

(1) Consolidated Operating Results

(Percentages indicate year-on-year change)

Net sales

Operating profit

Ordinary profit

Profit attributable to

owners of parent

Fiscal year ended

Millions of yen

%

Millions of yen

%

Millions of yen

%

Millions of yen

%

March 31, 2022

11,565

21.9

1,517

65.1

1,543

67.7

1,070

56.6

March 31, 2021

9,486

6.2

919

20.1

920

31.1

683

112.4

(Note) Comprehensive income: Fiscal year ended March 31 2022: 1,166 million yen (66.1%)

Fiscal year ended March 31 2021: 702 million yen (146.9%)

Basic earnings

Diluted earnings

Return on

Ordinary profit to

Operating profit

per share

per share

equity

total assets

to net sales

Fiscal year ended

Yen

Yen

%

%

%

March 31, 2022

165.92

―

8.4

9.9

13.1

March 31, 2021

105.76

―

5.7

6.5

9.7

(Reference) Equity in earnings of affiliates: Fiscal year ended March 31 2022: -2 million yen

Fiscal year ended March 31 2021: -3 million yen

(2) Consolidated Financial Position

Total assets

Net assets

Equity ratio

Net assets per share

As of

Millions of yen

Millions of yen

%

Yen

March 31, 2022

16,416

13,254

80.6

2,051.63

March 31, 2021

14,694

12,198

82.9

1,890.64

(Reference) Shareholders' equity: Fiscal year ended March 31 2022: 13,236 million yen

Fiscal year ended March 31 2021: 12,184 million yen

(3) Consolidated cash flows

Cash flows from

Cash flows from

Cash flows from

Cash and cash

equivalents at end of

operating activities

investing activities

financing activities

period

Fiscal year ended

Millions of yen

Millions of yen

Millions of yen

Millions of yen

March 31, 2022

1,340

(268)

(194)

8,276

March 31, 2021

1,245

(344)

(184)

7,342

1

2. Dividends

Annual dividends

Total

Dividends to

Payout ratio

1st

2nd

3rd

dividend

quarter-

quarter-

quarter-

Year-end

Total

(Consolidated)

net assets

paid

(Consolidated)

end

end

end

Fiscal year ended

Yen

Yen

Yen

Yen

Yen

Millions of yen

%

%

March 31, 2021

-

0.00

-

20.00

20.00

128

18.9

1.1

March 31, 2022

-

0.00

-

40.00

40.00

258

24.1

2.2

Fiscal year ending

March 31, 2023

-

30.00

-

32.00

62.00

30.4

(forecast)

3. Consolidated earnings forecast for the fiscal year ending March 31, 2023 (April 1, 2022 to March 31, 2023)

(Percentages indicate year-on-year change)

Net sales

Operating profit

Ordinary profit

Profit attributable to

Earnings per share

owners of parent

Millions of yen

%

Millions of yen

%

Millions of yen

%

Millions of yen

%

Yen

Full-year

13,000

12.4

1,800

18.6

1,800

16.6

1,315

22.9

203.62

Notes:

  1. Changes in significant subsidiaries during the period under review (changes in specified subsidiaries resulting in a change in the scope of consolidation): None

Newly included:

-

Excluded:

-

  1. Changes in accounting policies, changes in accounting estimates, and retrospective restatement

1)

Changes in accounting policies due to revision of accounting standards:

Yes

2)

Changes in accounting policies due to other reasons:

None

3)

Changes in accounting estimates:

None

4)

Retrospective restatement:

None

  1. Total number of issued shares (common stock)
  1. Total number of issued shares at the end of the period (including treasury shares):

March 31, 2022:

6,480,000 shares

March 31, 2021:

6,480,000 shares

2) Total number of treasury shares at the end of the period:

March 31, 2022:

28,450 shares

March 31, 2021:

35,598 shares

3) Average number of shares outstanding during the period:

March 31, 2022:

6,449,859 shares

March 31, 2021:

6,461,987 shares

(Reference) Summary of non-consolidated financial results

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

(1) Non-consolidated operating results

(Percentage figures indicate year-on-year changes)

Net sales

Operating profit

Ordinary profit

Profit

Fiscal year ended

Millions of

%

Millions of

%

Millions of

%

Millions of

%

yen

yen

yen

yen

March 31, 2022

9,824

20.3

1,091

59.8

1,243

64.8

956

61.2

March 31, 2021

8,163

4.2

683

19.1

754

21.3

593

96.8

Basic earnings per

Diluted earnings per

share

share

Fiscal year ended

Yen

Yen

March 31, 2022

148.31

-

March 31, 2021

91.81

-

2

(2) Non-consolidated financial position

Total assets

Net assets

Equity ratio

Net assets per share

As of

Millions of yen

Millions of yen

%

Yen

March 31, 2022

14,971

12,676

84.7

1,964.89

March 31, 2021

13,936

11,839

84.9

1,837.14

(Reference) Shareholders' equity: Fiscal year ended March 31 2022: 12,676 million yen

Fiscal year ended March 31 2021: 11,839 million yen

2. Forecast for the fiscal year ending March 31, 2023 (April 1, 2022 to March 31, 2023)

The Company has omitted the disclosure of non-consolidated earnings forecasts from the fiscal year ended March 31, 2022.

  • The financial statements are outside the scope of reviews by certified public accountants and auditing firms.
  • Explanation of the proper use of financial results forecast and other notes
    Forward-looking statements in this document, including outlook on future performance, are based on currently available information and certain assumptions that the Company regards as reasonable, and actual results may differ substantially from the projections herein depending on various factors. For the preconditions of and precautions in using the financial results forecast, please refer to "1. Summary of Business Results" on page 2 of the Attachment.

3

Contents of Attached Materials

1. Summary of Business Results

2

(1)

Business Results for the Fiscal Year

2

(2)

Financial Condition During the Fiscal Year

3

(3)

Cash Flows for the Fiscal Year

3

(4)

Outlook

4

2. Approach to Selection of Accounting Standards

5

3. Consolidated Financial Statements and Primary Notes

6

(1)

Consolidated Balance Sheet

6

(2)

Consolidated Statement of Income and Consolidated Statement of Comprehensive Income

8

(3)

Consolidated Statement of Change in Net Assets

10

(4)

Consolidated Cash Flow Statement

12

(5)

Notes to Consolidated Financial Statements

14

(Notes on Going Concern Assumption)

14

(Changes in Accounting Policies)

14

(Segment Information)

15

(Per-Share Information)

15

(Subsequent Material Events)

15

4. Other

16

(1) Changes in Directors and Corporate Auditors

16

1

1. Summary of Business Results

(1) Summary of Business Results for the Fiscal Year

Japan spent most of the current fiscal year either under emergency declarations due to the COVID-19 pandemic or priority measures to prevent the spread. Conditions were tough for personal services and accommodation and food services. However, manufacturing sector exports are in an uptrend as overseas demand recovers, primarily in advanced economies, as economic activities return to normal from the pandemic. The economy faces numerous risks going forward, including restricted supply of components such as semiconductors and Russia's invasion of Ukraine and associated increases in prices in general and resources in particular.

Under these conditions, in the current fiscal year, demand for the Company's products was strong as moves by the restaurant and retail industries to mechanize and reduce labor accelerated. However, from the second quarter, our manufacturing operations remained impacted by the shortages of semiconductors and materials, and we worked to secure materials suppliers in order to meet rising demand.

In Japan, while emergency declarations due to the pandemic and priority measures to prevent the spread COVID- 19 weighed on eating out demand, takeout and delivery continued to grow and labor-saving moves progressed. By customer category, demand from major conveyor belt sushi chains grew as they installed machines for preparing takeout sushi and opened new restaurants. Mounting concerns about hygiene and food loss among business operators and end consumers saw rising demand for the Fuwarica rice-serving machine from new customer segments, such as hotels, inns, company cafeterias, and hospitals. In addition, sales from Japan System Project Co., Ltd. (JSP), which joined our group in October 2021, contributed from the fourth quarter. Domestic sales increased year on year.

Overseas, demand for our products increased as economies reopened and the labor shortage in the food service and retail industries intensified and mechanization, the trend to replace human labor with machines, accelerated. By region, demand for sushi machines continued to grow among food service operators and supermarkets, especially in North America and Europe. Despite a recent impact on sales to Europe as logistics have been interrupted by Russia's invasion of Ukraine, overseas sales were up significantly year on year.

As a result, sales increased versus the year ended March 31, 2021. Net sales for the fiscal year ended March 31, 2022 came to 11,565 million yen (+21.9% YoY). This broke down to domestic sales of 7,729 million yen (+6.4% YoY) and overseas sales of 3,836 million yen (+72.7% YoY).

Summary of results for the fiscal year ended March 31, 2022

Fiscal year ended

Fiscal year ended

Amount of

Percentage

March 31, 2021

March 31, 2022

change

change

Millions of yen

% of net sales

Millions of yen

% of net sales

Millions of yen

%

Net sales

9,486

100.0

11,565

100.0

2,079

21.9

Domestic

7,264

76.6

7,729

66.8

465

6.4

Overseas

2,221

23.4

3,836

33.2

1,614

72.7

Gross profit

4,394

46.3

5,683

49.1

1,289

29.3

Operating profit

919

9.7

1,517

13.1

597

65.1

Ordinary profit

920

9.7

1,543

13.3

622

67.7

Profit attributable

to owners of

683

7.2

1,070

9.3

386

56.6

parent

On the profit front, all profit lines rose sharply year on year, driven by growth in net sales. Gross profit was up 29.3% to 5,683 million yen, operating profit increased by 65.1% to 1,517 million yen, and ordinary profit rose 67.7% to 1,543 million yen. Profit attributable to owners of parent rose 56.6% to 1,070 million yen.

2

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Suzumo Machinery Co. Ltd. published this content on 01 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 June 2022 01:41:05 UTC.