TAIHEI DENGYO KAISHA, LTD. Consolidated Financial Statements for the Fiscal Year Ended March 31, 2021 [Japanese GAAP]
May 14, 2021
Company name: TAIHEI DENGYO KAISHA, LTD.
Stock exchange listing: Tokyo Stock Exchange
Code number: 1968
URL: https://www.taihei-dengyo.co.jp/
Representative: Jo Nojiri, Representative Director, President and Chief Executive Officer
Contact: Shinya Kusaka, Director and Senior Executive Officer/General Manager, General Affairs Administrative Division
Phone: +81-3-5213-7211
Scheduled date of annual general meeting of shareholders: June 29, 2021
Scheduled date of commencing dividend payments: June 30, 2021
Scheduled date of filing securities report: June 29, 2021
Preparation of supplementary explanatory materials: Yes
Financial results briefing: Yes
(Amounts of less than one million yen are rounded down.) | ||||||||||||||
1. Consolidated Results for the Fiscal Year Ended March 31, 2021 (April 1, 2020 - March 31, 2021) | ||||||||||||||
(1) Consolidated Operating Results | (% indicates changes from the previous corresponding period.) | |||||||||||||
Net sales | Operating profit | Ordinary profit | Profit attributable to | |||||||||||
owners of parent | ||||||||||||||
Year ended | Million yen | % | Million yen | % | Million yen | % | Million yen | % | ||||||
March 31, 2021 | 127,779 | 7.0 | 7,400 | (21.7) | 8,329 | (13.1) | 5,613 | (9.3) | ||||||
March 31, 2020 | 119,459 | 18.1 | 9,450 | 170.6 | 9,580 | 138.7 | 6,190 | 121.4 | ||||||
(Note) Comprehensive income: Year ended March 31, 2021: 7,308 million yen [33.1%] Year ended March 31, 2020: 5,493 million yen [150.4%]
Basic earnings | Diluted earnings | Return on | Ratio of | Ratio of | |
ordinary profit | operating profit | ||||
per share | per share | equity | |||
to total assets | to net sales | ||||
Year ended | Yen | Yen | % | % | % |
March 31, 2021 | 295.54 | - | 8.1 | 6.5 | 5.8 |
March 31, 2020 | 326.75 | - | 9.6 | 8.1 | 7.9 |
(Note) Equity in earnings of affiliated companies: | Year ended March 31, 2021: 112 million yen | ||||||||||||
Year ended March 31, 2020: 87 million yen | |||||||||||||
(2) Consolidated Financial Position | |||||||||||||
Total assets | Net assets | Equity-to-asset | Net assets per share | ||||||||||
ratio | |||||||||||||
Million yen | Million yen | % | Yen | ||||||||||
As of March 31, 2021 | 128,757 | 73,113 | 55.9 | 3,786.40 | |||||||||
As of March 31, 2020 | 127,571 | 67,623 | 52.4 | 3,517.91 | |||||||||
(Reference) Equity: As of March 31, 2021: 71,936 million yen | |||||||||||||
As of March 31, 2020: 66,794 million yen | |||||||||||||
(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 | |||||||||||||
Year ended | Million yen | Million yen | Million yen | Million yen | |||||||||
March 31, 2021 | 19,576 | (2,011) | (3,927) | 30,941 | |||||||||
March 31, 2020 | (3,587) | (4,332) | 7,022 | 16,974 | |||||||||
2. Cash Dividends
Annual dividends | Total | Ratio of | ||||||||
1st | 2nd | 3rd | Payout ratio | dividends to | ||||||
Year- | dividends | |||||||||
quarter- | quarter | quarter | Total | (consolidated) | net assets | |||||
end | (annual) | |||||||||
end | - end | -end | (consolidated) | |||||||
Year ended | Yen | Yen | Yen | Yen | Yen | Million yen | % | % | ||
March 31, 2020 | - | - | - | 90.00 | 90.00 | 1,714 | 27.5 | 2.6 | ||
March 31, 2021 | - | - | - | 80.00 | 80.00 | 1,527 | 27.1 | 2.1 | ||
Year ending | ||||||||||
March 31, 2022 | - | - | - | 100.00 | 100.00 | 33.3 | ||||
(Forecast) |
(Note) Breakdown of year-end dividends for the fiscal year ended March 31, 2020: Ordinary dividend of 70.00 yen and commemorative dividend of 20.00 yen (to commemorate completion of the Seifu-shinto Biomass Power Plant)
3. Forecast of Consolidated Results for the Fiscal Year Ending March 31, 2022 (April 1, 2021 - March 31, 2022)
(% indicates changes from the previous corresponding period.)
Net sales | Operating profit | Ordinary profit | Profit attributable | Basic earnings | |||||
to owners of parent | per share | ||||||||
Million yen | % | Million yen | % | Million yen | % | Million yen | % | Yen | |
Full year | 127,000 | (0.6) | 7,000 | (5.4) | 8,800 | 5.7 | 5,700 | 1.5 | 300.02 |
* Notes:
- Changes in significant subsidiaries during the period under review (changes in specified subsidiaries resulting in changes in scope of consolidation): None
Newly included: - (Company name) | Excluded: - (Company name) |
- 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
- Total number of shares issued and outstanding (common shares)
-
Number of shares issued and outstanding at the end of the period (including treasury shares): March 31, 2021: 20,341,980 shares
March 31, 2020: 20,341,980 shares - Number of treasury shares at the end of the period:
-
Number of shares issued and outstanding at the end of the period (including treasury shares): March 31, 2021: 20,341,980 shares
March 31, 2021: 1,343,371 shares
March 31, 2020: 1,354,922 shares
- Average number of shares during the period: Year ended March 31, 2021: 18,995,471 shares Year ended March 31, 2020: 18,944,771 shares
(Reference) Summary of Non-consolidated Results
1. Non-consolidated Results for the Fiscal Year Ended March 31, 2021 (April 1, 2020 - March 31, 2021)
(1) Non-consolidated Operating Results | (% indicates changes from the previous corresponding period.) | |||||||||||||||
Net sales | Operating profit | Ordinary profit | Profit | |||||||||||||
Year ended | Million yen | % | Million yen | % | Million yen | % | Million yen | % | ||||||||
March 31, 2021 | 122,106 | 7.8 | 6,818 | (22.7) | 7,573 | (14.5) | 5,394 | (8.5) | ||||||||
March 31, 2020 | 113,246 | 17.0 | 8,824 | 180.1 | 8,858 | 141.9 | 5,892 | 111.8 | ||||||||
Basic earnings | Diluted earnings | |||||||||||||||
per share | per share | |||||||||||||||
Year ended | Yen | Yen | ||||||||||||||
March 31, 2021 | 283.94 | - | ||||||||||||||
March 31, 2020 | 310.99 | - |
(2) Non-consolidated Financial Position
Total assets | Net assets | Equity-to-asset | Net assets per share | |
ratio | ||||
Million yen | Million yen | % | Yen | |
As of March 31, 2021 | 124,022 | 70,733 | 57.0 | 3,722.45 |
As of March 31, 2020 | 122,990 | 65,704 | 53.4 | 3,459.92 |
(Reference) Equity: As of March 31, 2021: 70,733 million yen As of March 31, 2020: 65,704 million yen
2. Forecast of Non-Consolidated Results for the Fiscal Year Ending March 31, 2022 (April 1, 2021 - March 31, 2022)
(% indicates changes from the previous corresponding period.)
Net sales | Operating profit | Profit | Basic earnings per | ||||
share | |||||||
Million yen | % | Million yen | % | Million yen | % | Yen | |
Full year | 120,000 | (1.7) | 8,000 | 5.6 | 5,400 | 0.1 | 284.18 |
- These financial results are outside the scope of audit procedures by certified public accountants or audit corporations.
- Explanation of the proper use of performance forecast and other notes
The earnings forecast and other forward-looking statements herein are based on the information currently available and certain assumptions deemed reasonable by the Company, and thus actual results may differ significantly from these forecasts due to a wide range of factors.
For details, please see "1. Overview of Operating Results, etc., (4) Future Outlook" on page 4 of the attached materials.
Table of Contents | ||
1. Overview of Operating Results, etc....................................................................................................... | 2 | |
(1) | Overview of Operating Results for the Fiscal Year under Review.................................................... | 2 |
(2) | Overview of Financial Position for the Fiscal Year under Review ................................................... | 3 |
(3) | Overview of Cash Flows for the Fiscal Year under Review.............................................................. | 3 |
(4) | Future Outlook .................................................................................................................................. | 4 |
2. Basic Policy Regarding Selection of Accounting Standards ................................................................. | 4 | |
3. Consolidated Financial Statements and Primary Notes......................................................................... | 5 | |
(1) | Consolidated Balance Sheet .............................................................................................................. | 5 |
(2) | Consolidated Statement of Income and Comprehensive Income...................................................... | 7 |
(3) | Consolidated Statement of Changes in Equity.................................................................................. | 9 |
(4) | Consolidated Statement of Cash Flows........................................................................................... | 11 |
(5) | Notes to Consolidated Financial Statements ................................................................................... | 13 |
(Notes on going concern assumption) ........................................................................................ | 13 | |
(Changes in significant subsidiaries during this cumulative quarter)......................................... | 13 | |
(Segment information, etc.)........................................................................................................ | 13 | |
(Per share information)............................................................................................................... | 15 | |
(Significant subsequent events).................................................................................................. | 15 | |
4. Others .................................................................................................................................................. | 16 | |
(1) | Orders Received, Net Sales and Order Backlog by Segment.......................................................... | 16 |
(2) Changes in Officers......................................................................................................................... | 17 |
1
1. Overview of Operating Results, etc.
(1) Overview of Operating Results for the Fiscal Year under Review
Regarding the Japanese economy in the current consolidated fiscal year, corporate profits have continued to decrease particularly in the tourism, restaurant, and transportation industries due to the impact of requests for staying at home and the declaration of states of emergency by the government, to prevent the spread of COVID-19. The future outlook remains unclear as the number of COVID-19 cases are still increasing.
The electric power industry, the main business of the TAIHEI DENGYO KAISHA Group (the TDK Group), encourages new entry into the market since the Electricity System Reform entered into the final phase of separation of power generation and transmission in April 2020. In addition, fuel conversion has been required for thermal power stations toward the achievement of carbon neutrality by 2050. Concerning the establishment of zero-emission power sources, efforts are underway to improve reliability for nuclear power by safety confirmation through investigation of performance-based assessment.
Under these business circumstances, the TDK Group has started the Mid-Term Business Plan (FY2020 - FY2022) which focuses on "Enhancing the corporate foundation for sustainable growth" and "Securing a revenue base that responds to changes in the business environment". Commencing with the establishment of Wind Energy Project as a new organization in March 2020, we have continued to develop new methods of construction by assimilating our expertise and accumulated technologies. Also, along with conducting market survey and business operation for new business fields such as fuel conversion, we have improved our business enterprise system by allocating personnel efficiently, developing work supervisors, and finding new ideal business partners. Furthermore, we have tried to realize diversity in workstyle, for example, introducing short- time work system for childcare and dispatching a female engineer to overseas project for the first time since our foundation.
As a result, for the results of the current consolidated fiscal year, orders received amounted to 124,747 million yen (a decrease of 0.5% YoY) and net sales amounted to 127,779 million yen (an increase of 7.0% YoY) including 6,340 million yen (an increase of 21.3% YoY) for overseas works.
Regarding profits, operating profit amounted to 7,400 million yen (a decrease of 21.7% YoY), ordinary profit amounted to 8,329 million yen (a decrease of 13.1% YoY) and profit attributable to owners of parent amounted to 5,613 million yen (a decrease of 9.3% YoY).
As for the year-end dividend for the current consolidated fiscal year, the Company decided at the Board of Directors meeting held on February 12, 2021, to pay an ordinary dividend of 80 yen, an increase of 10 yen per share from ordinary dividend at the end of the previous consolidated fiscal year (excluding the commemorative dividend of 20 yen) in accordance with a distribution policy of surplus with long-term and stable return of profit as a basis.
Performance results by business segment are as follows.
(Construction Segment)
Orders received amounted to 60,418 million yen (an increase of 14.5% YoY, composition ratio: 48.4%). Despite a decrease in that of works for thermal power plants for business use, orders received in works for thermal power plants for private use and for iron and steel-related plants increased, resulting in an increase for the overall segment.
Net sales amounted to 57,510 million yen (an increase of 13.4% YoY, composition ratio: 45.0%). Despite a decrease in that for works for environmental preservation plants, net sales of works for thermal power plants for business use increased, resulting in an increase for the overall segment. Segment profit amounted to 2,555 million yen (an increase of 326.0% YoY).
(Maintenance and Renovation Segment)
Orders received amounted to 64,329 million yen (a decrease of 11.5% YoY, composition ratio: 51.6%). Orders received in works for thermal power plants for business use and for iron and steel-related plants
2
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Taihei Dengyo Kaisha Ltd. published this content on 27 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 May 2021 01:02:02 UTC.
