Translation

May 14, 2021

Consolidated Financial Results

for the Fiscal Year Ended March 31, 2021

J-GAAP>

Company name: Toyo Suisan Kaisha, Ltd.

Listing:

First Section of the Tokyo Stock Exchange

Securities code:

2875

URL:

https://www.maruchan.co.jp/

Representative:

Masanari Imamura, Representative Director and President

Contact:

Chiyoko Matsumoto, General Manager of Accounting Department

TEL: +81-3-3458-5246 (from overseas)

Scheduled date of ordinary general meeting of shareholders:

June 24, 2021

Scheduled date of start of dividend payment:

June 25, 2021

Scheduled date of filing of annual securities report:

June 24, 2021

Preparation of results presentation materials:

Yes

Holding of results briefing meeting:

Yes (for institutional investors and analysts)

(Amounts less than one million yen have been omitted.)

1. Consolidated Operating Results (from April 1, 2020 to March 31, 2021)

(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

%

FY2021 ended Mar. 31, 2021

417,511

0.4

36,460

28.6

38,697

23.4

29,070

24.3

FY2020 ended Mar. 31, 2020

416,031

3.7

28,348

19.8

31,350

19.8

23,379

26.8

Note: Comprehensive income

FY2021 ended

March

31, 2021:

33,642 million yen

[81.1%]

FY2020 ended March 31, 2020:

18,581 million yen

[(19.7)%]

Basic earnings

Diluted earnings

Ratio of

Ratio of

Return on equity

ordinary profit

operating profit

per share

per share

to total assets

to net sales

Yen

Yen

%

%

%

FY2021 ended Mar. 31, 2021

284.64

-

9.1

9.3

8.7

FY2020 ended Mar. 31, 2020

228.92

-

7.8

7.9

6.8

Reference: Share of profit (loss) of entities accounted for using equity method

FY2021 ended March 31, 2021:

40 million yen

FY2020 ended March 31, 2020:

150 million yen

(2)

Consolidated Financial Position

Total assets

Net assets

Equity ratio

Net assets per share

Millions of yen

Millions of yen

%

Yen

As of Mar. 31, 2021

426,071

343,319

77.8

3,245.53

As of Mar. 31, 2020

402,608

317,994

76.2

3,002.58

Reference: Equity

As of March 31, 2021: 331,459 million yen

As of March 31, 2020: 306,648 million yen

(3) Consolidated Cash Flows

Cash flows from

Cash flows from

Cash flows from

Cash and cash

equivalents at end

operating activities

investing activities

financing activities

of period

Millions of yen

Millions of yen

Millions of yen

Millions of yen

FY2021 ended Mar. 31, 2021

47,783

(49,985)

(8,591)

32,832

FY2020 ended Mar. 31, 2020

47,692

(18,454)

(8,912)

43,396

2. Dividends

Full Year Dividends

Total dividend

Payout ratio

Dividend

1st

2nd

3rd

Year-

For

payments

on equity

quarter-

quarter-

quarter-

(Full-year)

(Consolidated)

(Consolidated)

end

the year

end

end

end

Yen

Yen

Yen

Yen

Yen

Millions of yen

%

%

FY2020

-

40.00

-

40.00

80.00

8,174

35.0

2.7

FY2021

-

40.00

-

50.00

90.00

9,195

31.6

2.9

FY2022 (Forecast)

-

40.00

-

50.00

90.00

35.4

3. Consolidated Results Forecasts for FY2022 (from April 1, 2021 to March 31, 2022)

(Percentages indicate year-on-year changes.)

Net sales

Operating profit

Ordinary profit

Profit attributable to

Basic earnings

owners of parent

per share

Millions of

%

Millions of

%

Millions of

%

Millions of

%

Yen

yen

yen

yen

yen

Half year

171,500

-

15,000

-

16,000

-

11,500

-

112.60

Full year

353,500

-

33,500

-

35,000

-

26,000

-

254.58

Note: The Company will apply the "Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29), etc., from the beginning of the fiscal year ending March 31, 2022. Therefore, the above consolidated results forecasts represent the amounts calculated by applying the said accounting standard, etc., and do not include year-on-year changes.

  • Notes
  1. Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the change in scope of consolidation): None
  2. Changes in accounting policies, changes in accounting estimates, and restatement
    1. Changes in accounting policies due to amendments to accounting standards and other regulations: None
    2. Changes in accounting policies due to other reasons: None
    3. Changes in accounting estimates: None
    4. Restatement: None
  4. Number of shares issued (common stock)
    1. Number of shares issued at end of period (including treasury shares)

As of March 31, 2021

110,881,044 shares

As of March 31, 2020

110,881,044 shares

  1. Number of treasury shares at end of period

As of March 31, 2021

8,753,164 shares

As of March 31, 2020

8,752,690 shares

  1. Average number of shares outstanding during the period

FY2021 ended March 31, 2021

102,128,064 shares

FY2020 ended March 31, 2020

102,128,546 shares

(Reference) Summary of Non-Consolidated Operating Results

1. Non-Consolidated Operating Results (from April 1, 2020 to March 31, 2021)

(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

%

FY2021 ended Mar. 31, 2021

268,730

1.5

17,023

31.4

23,071

25.9

17,767

21.1

FY2020 ended Mar. 31, 2020

264,895

5.0

12,957

29.9

18,326

23.8

14,675

30.6

Basic earnings

Diluted earnings

per share

per share

Yen

Yen

FY2021 ended Mar. 31, 2021

173.89

-

FY2020 ended Mar. 31, 2020

143.63

-

(2) Non-Consolidated Financial Position

Total assets

Net assets

Equity ratio

Net assets per share

Millions of yen

Millions of yen

%

Yen

As of Mar. 31, 2021

262,910

182,234

69.3

1,783.52

As of Mar. 31, 2020

252,795

171,155

67.7

1,675.08

Reference: Equity

As of March 31, 2021: 182,234 million yen

As of March 31, 2020: 171,155 million yen

  • Financial results reports are not required to be audited by certified public accountants or an audit corporation.
  • Explanation related to the appropriate use of the results forecasts and other items warranting special mention(Caution regarding forward-looking statements)
    Forward-looking statements in this document, including the results forecasts, etc., are based on the information available as of the date of the release of this document and the preconditions that the Company deemed to be reasonable; they are not meant to be a commitment by the Company, and a variety of factors in the future may cause actual results to differ materially from these forecasts. Please refer to Section: "1. Overview of Operating Results and Others, (4) Future outlook" on page 4 of the attachments for the preconditions for the results forecasts and items to exercise caution in the use of these results forecasts.

Index of Attachments

1. Overview of Operating Results and Others ...............................................................................................

2

(1)

Overview of the consolidated operating results for the current fiscal year ..............................................

2

(2)

Overview of the financial position for the current fiscal year..................................................................

3

(3)

Overview of cash flows for the current fiscal year ..................................................................................

3

(4)

Future outlook..........................................................................................................................................

4

2. Basic Rationale for Selection of Accounting Standard..............................................................................

5

3. Consolidated Financial Statements.............................................................................................................

6

(1)

Consolidated balance sheets.....................................................................................................................

6

(2)

Consolidated statements of income and comprehensive income .............................................................

8

(Consolidated statements of income) .......................................................................................................

8

(Consolidated statements of comprehensive income) ............................................................................

10

(3)

Consolidated statements of changes in equity........................................................................................

11

(4)

Consolidated statements of cash flows ..................................................................................................

13

(Segment information, etc.) .......................................................................................................................

15

1

1. Overview of Operating Results and Others

  1. Overview of the consolidated operating results for the current fiscal year

During the fiscal year ended March 31, 2021, the conditions in the Japanese economy remained challenging due to the impact of the novel coronavirus disease (COVID-19). Looking ahead, although a recovery is expected to continue, on the back of results from various economic measures and the improvement of overseas economies amid a pickup in the level of socioeconomic activities as measures to prevent the spread of infections are implemented, it is necessary to closely monitor the impact of infection trends on the economies of Japan and other countries and the impact of fluctuations in financial and capital markets, etc.

Under these circumstances, the Toyo Suisan Group (hereafter, the "Group") has remained committed to its mission "to contribute to society through foods" and "to provide safe and secure foods and services to customers" under the corporate slogan of "Smiles for All." The Group continued to implement further cost reductions and promoted aggressive sales activities in its efforts to face an increasingly competitive sales environment.

As a result, net sales were ¥417,511 million (up 0.4% year on year), operating profit was ¥36,460 million (up 28.6% year on year), ordinary profit was ¥38,697 million (up 23.4% year on year), and profit attributable to owners of parent was ¥29,070 million (up 24.3% year on year) for the current fiscal year.

The foreign exchange rate for the fiscal year was ¥110.71 to the U.S. dollar (¥108.81 to the U.S. dollar for the previous fiscal year).

The operating results by segment are as follows.

[Seafood Segment]

In the Seafood Segment, due to the impact of the home-cooking trend brought by requests for the public to stay at home and other measures to prevent the spread of COVID-19, although the sales for some supermarkets and food delivery businesses increased due to their increasing demand, there was a drop off in demand for convenience stores, restaurants and hotels, and sales volumes decreased overall. Sales also decreased due to the effects of a decline in market prices for the core products of salmon and trout and poor fish catches in foreshore operations. As a result, segment sales were ¥25,681 million (down 14.0% year on year) and segment profit was ¥15 million (compared with a segment loss of ¥671 million in the previous fiscal year) owing to the effect of inventory valuation review conducted in the previous fiscal year, the selling products at reasonable prices, and other factors, despite increases in personnel expenses and depreciation due to investments in processing facilities at consolidated subsidiaries.

[Overseas Instant Noodles Segment]

In the Overseas Instant Noodles Segment, sales increased in the U.S. because of strong growth in our signature products, the bag-type noodle product Ramen series and the cup-type noodle product Instant Lunch series, owing to higher demand for instant noodles due to the impact of the spread of COVID-19. In Mexico, despite the impact of the weak peso, sales increased due to favorable sales of bag-type noodles and steady sales of cup-type noodles, our signature products. As a result, segment sales were ¥94,002 million (up 5.6% year on year) and segment profit was ¥16,103 million (up 32.1% year on year) mainly due to the curbing of sales promotion costs, despite increases in distribution costs and personnel expenses.

[Domestic Instant Noodles Segment]

In the Domestic Instant Noodles Segment, due to the impact of requests for the public to stay at home and other measures to prevent the spread of COVID-19, the opportunities for dining at home increased, leading to higher demand. Cup-type noodles saw decreased sales overall despite steady sales of the Japanese-style series including Akai Kitsune Udon and Midori no Tanuki Ten Soba in addition to the Gotsu Mori series and the MARUCHAN QTTA series, for which we actively introduced new products. Sales in bag-type noodles increased thanks to favorable sales mainly of the Maruchan Seimen series. As a result, segment sales were ¥133,426 million (up 0.1% year on year) and segment profit was ¥13,310 million (up 20.1% year on year) due to decreases mainly in sales promotion costs, advertising expenses, and raw material costs, despite factors such as an increase in personnel expenses.

[Frozen and Refrigerated Foods Segment]

In the Frozen and Refrigerated Foods Segment, due to the impact of requests for the public to stay at home and other measures to prevent the spread of COVID-19, the opportunities for dining at home increased, leading to higher demand for household products despite a decrease in sales of products for restaurants, etc. For fresh noodles, sales were favorable mainly for the Maruchan Yakisoba (Three-MealPackage) series as well as for the signature products of udon noodles, ramen noodles, etc. In addition, sales were favorable for the Pari-PariMugen series, which is in its fourth year on the market since being launched. Although sales of chilled foods were favorable

2

This is an excerpt of the original content. To continue reading it, access the original document here.

Attachments

  • Original document
  • Permalink

Disclaimer

Toyo Suisan Kaisha Co. Ltd. published this content on 14 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 May 2021 14:48:06 UTC.