Consolidated Financial Results for the Fiscal Year Ended March 31, 2023 (JGAAP)

May 12, 2023

Company name:

Suzumo Machinery Co., Ltd.

Listing:

Tokyo Stock Exchange

Stock code:

6405

URL:

https://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 24, 2023

Scheduled date for dividend payment:

June 26, 2023

Scheduled date to file securities report:

June 26, 2023

Supplementary materials for 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, 2023 (April 1, 2022 to March 31, 2023)

(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, 2023

13,456

16.3

1,203

-20.7

1,139

-26.2

825

-22.8

March 31, 2022

11,565

21.9

1,517

65.1

1,543

67.7

1,070

56.6

(Note) Comprehensive income: Fiscal year ended March 31 2023: 885 million yen (-24.1%)

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

Earnings per

Diluted earnings

Return on

Ordinary profit to

Operating profit

share

per share

equity

total assets

to net sales

Fiscal year ended

Yen

Yen

%

%

%

March 31, 2023

63.93

―

6.1

6.8

8.9

March 31, 2022

82.96

―

8.4

9.9

13.1

(Reference) Equity in earnings of affiliates: Fiscal year ended March 31 2023: -127 million yen Fiscal year ended March 31 2022: -2 million yen

(Note) The Company split shares of common stock at a ratio of 2 for 1 on August 1, 2022. Earnings per share are calculated based on the assumption that the stock split was implemented at the beginning of the previous fiscal year.

(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, 2023

17,033

13,716

80.4

1,059.19

March 31, 2022

16,416

13,254

80.6

1,025.82

(Reference) Shareholders' equity: Fiscal year ended March 31 2023: 13,691 million yen Fiscal year ended March 31 2022: 13,236 million yen

(Note) The Company split shares of common stock at a ratio of 2 for 1 on August 1, 2022. Net assets per share are calculated based on the assumption that the stock split was implemented at the beginning of the previous fiscal year.

(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, 2023

(11)

(3,062)

(463)

4,865

March 31, 2022

1,340

(268)

(194)

8,276

(Percentage figures indicate year-on-yearchanges)

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, 2022

-

0.00

-

40.00

40.00

258

24.1

2.2

March 31, 2023

-

15.00

-

16.00

31.00

400

48.5

3.0

Fiscal year ending

March 31, 2024

-

15.00

-

16.00

31.00

39.3

(forecast)

(Note 1) Changes in dividend forecast from the most recent announcement: None

(Note 2) The Company split shares of common stock at a ratio of 2 for 1 on August 1, 2022. For the fiscal year ended March 2022, the actual amount of dividends before the stock split is stated. For the fiscal year ended March 2023 and the fiscal year ending March 2024 (forecast), the amount of dividends after the stock split is stated.

3. Consolidated earnings forecast for the fiscal year ending March 31, 2024 (April 1, 2023 to March 31, 2024)

(Percentages indicate changes from the previous year for full-year figures, and from the same quarter of the previous year for quarterly figures.)

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

Six months ending

September 30,

6,960

9.6

330

-24.4

335

-28.6

220

-42.0

17.02

2023

Full-year

15,000

11.5

1,500

24.6

1,505

32.1

1,020

23.5

78.88

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:

None

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, 2023:

12,960,000 shares

March 31, 2022:

12,960,000 shares

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

March 31, 2023:

34,014 shares

March 31, 2022:

56,900 shares

3) Average number of shares outstanding during the period:

March 31, 2023:

12,919,453 shares

March 31, 2022:

12,899,718 shares

(Note) The Company conducted a 2-for-1 stock split of shares of common stock on August 1, 2022. The number of issued shares (common stock) is calculated based on the assumption that the stock split was implemented at the beginning of the previous fiscal year.

(Reference) Summary of non-consolidated financial results

1. Non-consolidated financial results for the fiscal year ended March 31, 2023 (April 1, 2022 to March 31, 2023)

(1) Non-consolidated operating results

Net sales

Operating profit

Ordinary profit

Profit

Fiscal year ended

Millions of

%

Millions of

%

Millions of

%

Millions of

%

yen

yen

yen

yen

March 31, 2023

10,718

9.1

816

-25.2

979

-21.3

589

-38.3

March 31, 2022

9,824

20.3

1,091

59.8

1,243

64.8

956

61.2

Earnings per share

Diluted earnings per

share

Fiscal year ended

Yen

Yen

March 31, 2023

45.67

-

March 31, 2022

74.16

-

(Note) The Company split shares of common stock at a ratio of 2 for 1 on August 1, 2022. Earnings per share are calculated based on the assumption that the stock split was implemented at the beginning of the previous fiscal year.

(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, 2023

15,307

12,751

83.3

986.54

March 31, 2022

14,971

12,676

84.7

982.44

(Reference) Shareholders' equity: Fiscal year ended March 31 2023: 12,751 million yen Fiscal year ended March 31 2022: 12,676 million yen

(Note) The Company split shares of common stock at a ratio of 2 for 1 on August 1, 2022. Net assets per share are calculated based on the assumption that the stock split was implemented at the beginning of the previous fiscal year.

2. Forecast for the fiscal year ending March 31, 2024 (April 1, 2023 to March 31, 2024)

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.

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

4

(3)

Cash Flows for the Fiscal Year

4

(4)

Outlook

5

2. Approach to Selection of Accounting Standards

6

3. Consolidated Financial Statements and Primary Notes

7

(1)

Consolidated Balance Sheet

7

(2)

Consolidated Statement of Income and Consolidated Statement of Comprehensive Income

9

(3)

Consolidated Statement of Changes in Net Assets

11

(4)

Consolidated Statement of Cash Flows

13

(5)

Notes to Consolidated Financial Statements

15

(Notes on Going Concern Assumption)

15

(Segment Information, etc.)

15

(Per-Share Information)

15

(Subsequent Material Events)

15

1

1. Summary of Business Results

(1) Summary of Business Results for the Fiscal Year

During the consolidated fiscal year ended March 31, 2023 (April 1, 2022-March 31, 2023), the Japanese economy was impacted significantly by the prolonged COVID-19 pandemic, energy prices driven upward by Russia's invasion of Ukraine, climbing raw material costs, global-scale inflation, and a weakened yen. From the second half of the fiscal year, recovery became evident in consumer spending as the with-COVID lifestyle took root. Moreover, consumption-related business sentiment improved significantly due to a rapid recovery in inbound demand.

Under these circumstances, during the fiscal year ended March 31, 2023, product demand remained high as the restaurant and retail industries, our key customers, further accelerated their mechanization and labor-saving initiatives. Meanwhile, although the semiconductor and material supply shortage from the previous fiscal year has continued to affect our manufacturing activities, improvements have been progressing since the third quarter of the fiscal year ended March 31, 2023. In addition, we have continued to expand our supply chain for parts and materials and switch to alternative parts through changes in product designs to meet growing demand.

In Japan, the business environment remained difficult for the restaurant and retail industries due to soaring raw material and energy prices, but product demand remained strong on the easing of restrictions related to COVID-19, recovery of inbound demand, and accelerated labor-saving moves amidst an ongoing labor shortage. By business category, demand for sushi robots from supermarkets ran its course, but demand for the Fuwarica rice serving machine increased from restaurants and cafeterias, and the demand for sushi robots from major conveyor-belt sushi chains remained strong. In addition, domestic sales rose year on year because sales from Japan System Project Co., Ltd., which joined our group in October 2021, contributed to consolidated results from the first quarter of the current fiscal year.

Overseas, product demand remained firm despite the rising risk of recession-primarily in the US and Europe-due to inflation and tightening of financial conditions. This was attributable to the accelerating trend toward mechanization, which replaces human labor with machines, amidst the worsening labor shortage and soaring labor costs in the restaurant and retail industries. By region, in Europe, demand for products declined, owing to factors such as the cancellation or postponement of capital investment plans, as soaring energy prices and worsening supply concerns caused by Russia's invasion of Ukraine had a severe impact on businesses. Overseas sales were up year on year, however, due to expanding product demand in Southeast Asia as food service demand continued to recover, and continuing strong demand for sushi robot products from restaurant operators and supermarkets in North America.

As a result, net sales for the fiscal year ended March 31, 2023 totaled 13,456 million yen (+16.3% YoY). Of the total, domestic sales were 8,927 million yen (+15.5% YoY), and overseas sales came to 4,528 million yen (+18.1% YoY).

Summary of results for the fiscal year ended March 31, 2023

Fiscal year ended

Fiscal year ended

Amount of

Percentage

March 31, 2022

March 31, 2023

change

change

Millions of yen

% of net sales

Millions of yen

% of net sales

Millions of yen

%

Net sales

11,565

100.0

13,456

100.0

1,890

16.3

Domestic

7,729

66.8

8,927

66.3

1,197

15.5

Overseas

3,836

33.2

4,528

33.7

692

18.1

Gross profit

5,683

49.1

6,368

47.3

685

12.1

Operating profit

1,517

13.1

1,203

8.9

(313)

-20.7

Ordinary profit

1,543

13.3

1,139

8.5

(404)

-26.2

Profit attributable

1,070

9.3

825

6.1

(244)

-22.8

to owners of

parent

2

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Suzumo Machinery Co. Ltd. published this content on 29 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 May 2023 05:26:00 UTC.