YAKULT HONSHA CO.,LTD. Consolidated Financial Results for the Year Ended March 31, 2023
(Japanese Generally Accepted Accounting Principles)
May 12, 2023 | |||
Name of company | Yakult Honsha Co., Ltd. | ||
Stock exchange listing | Prime Market in Tokyo Stock Exchange | ||
Code number | 2267 | ||
URL | https://www.yakult.co.jp | ||
Representative | President and Representative Director | Hiroshi Narita | |
Contact person | Managing Executive officer | Shuichi Watanabe | TEL +81-3-6625-8960 |
Scheduled date of ordinary shareholder's meeting | June 21, 2023 | |
Scheduled date of payment of dividends | June 2, | 2023 |
Scheduled date of filing annual security report | June 22, | 2023 |
Preparation of support documentation of results : Yes
Holding of briefing for analysts and institutional investors : Yes
(Figures less than 1 million yen have been rounded down)
1. Consolidated financial results for the year ended March 31, 2023 (April 1, 2022 - March 31, 2023)
(1) Consolidated Financial Results (Accumulated)
Net Sales | Operating Profit | Ordinary Profit | ||||||||
million yen | % | million yen | % | million yen | % | |||||
FY2022 | 483,071 | 16.4 | 66,068 | 24.2 | 77,970 | 13.7 | ||||
FY2021 | 415,116 | 7.6 | 53,202 | 21.8 | 68,549 | 19.0 | ||||
(Note) Comprehensive income for FY2022 94,015 million yen ｛35.4%｝ | FY2021 69,441 million yen ｛87.2%｝ |
%
12.7
14.4
Basic earnings per | Diluted earnings per | Return on Equity | Ordinary Profit ratio | Operating Profit ratio | |
Share | Share | to Total Assets | margin | ||
yen | yen | % | % | % | |
FY2022 | 324.18 | － | 10.7 | 11.0 | 13.7 |
FY2021 | 280.36 | － | 10.6 | 10.5 | 12.8 |
(Ref.) Share of profit of entities accounted for using equity method for FY2022 2,638 million yen FY 2021 6,432 million yen
(2) Consolidated Financial Position
Total Assets | Net Assets | Equity to Asset Ratio | Net Assets per Share | |||||||||||||||||||
million yen | million yen | % | yen | |||||||||||||||||||
FY2022 | 749,419 | 545,496 | 66.5 | 3,195.09 | ||||||||||||||||||
FY2021 | 672,855 | 484,935 | 66.3 | 2,812.63 | ||||||||||||||||||
(Ref.) Equity for FY2022 498,659 million yen | FY2021 446,068 million yen | |||||||||||||||||||||
(3) Consolidated Cash Flows | ||||||||||||||||||||||
Cash Flow from | Cash Flow from | Cash Flow from | Cash and Cash equivalents | |||||||||||||||||||
Operating Activities | Investing Activities | Financing Activities | at end of period | |||||||||||||||||||
million yen | million yen | million yen | million yen | |||||||||||||||||||
FY2022 | 86,513 | (19,024) | (44,531) | 190,489 | ||||||||||||||||||
FY2021 | 73,390 | (11,875) | (45,156) | 150,725 | ||||||||||||||||||
2. Dividends | ||||||||||||||||||||||
Dividends per Share | Total | Dividend | Dividends Ratio | |||||||||||||||||||
1st Qrt. | 2nd Qrt. | 3rd Qrt. | Year End | Total | Dividends | payout ratio | to Net Assets | |||||||||||||||
(Annual) | (Consolidated) | (Consolidated) | ||||||||||||||||||||
yen | yen | yen | yen | yen | million yen | % | % | |||||||||||||||
FY2021 | － | 36.00 | － | 36.00 | 72.00 | 11,489 | 25.7 | 2.7 | ||||||||||||||
FY2022 | － | 45.00 | － | 45.00 | 90.00 | 14,042 | 27.8 | 3.0 | ||||||||||||||
FY2023 | － | 55.00 | － | 55.00 | 110.00 | 29.3 | ||||||||||||||||
(Forecast) | ||||||||||||||||||||||
3. Forecast for consolidated financial results for FY 2023 (April 1, 2023 - March 31, 2024) | ||||||||||||||||||||||
(Percentage figures presents year-on-year changes) | ||||||||||||||||||||||
Net Sales | Operating Profit | Ordinary Profit | Profit attributable to | Basic earnings per | ||||||||||||||||||
owners of parent | Share | |||||||||||||||||||||
million yen | % | million yen | % | million yen | % | million yen | % | yen | ||||||||||||||
2nd Qrt. | 261,500 | 12.3 | 37,000 | 4.8 | 44,500 | 6.0 | 27,500 | 2.2 | 176.20 | |||||||||||||
Annual | 531,000 | 9.9 | 75,500 | 14.3 | 91,000 | 16.7 | 58,500 | 15.5 | 374.83 |
*Notes | ||||||||||||||||
(1) Changes of important subsidiaries during the period: | No | |||||||||||||||
(Change in specified subsidiary with change in scope of consolidation) | ||||||||||||||||
(2) Change in accounting policies and estimates, correction of prior period errors | ||||||||||||||||
(a) Change in accounting policy with revision of accounting standard: | No | |||||||||||||||
(b) Change in account policy other than (a): | No | |||||||||||||||
(c) Change in accounting estimates: | No | |||||||||||||||
(d) Correction of prior period errors: | No | |||||||||||||||
(3) Shares issued (common stock) | ||||||||||||||||
(a)Number of shares issued (including treasury stocks) | ||||||||||||||||
FY2022 | 171,045,418 | |||||||||||||||
FY2021 | 171,045,418 | |||||||||||||||
(b)Number of treasury stocks | ||||||||||||||||
FY2022 | 14,975,095 | |||||||||||||||
FY2021 | 12,450,484 | |||||||||||||||
(c)Weighted average of number of shares | ||||||||||||||||
FY2022 | 156,214,185 | |||||||||||||||
FY2021 | 160,216,716 | |||||||||||||||
(Ref.) Summary of Non-consolidated Financial Results | ||||||||||||||||
1. Non-consolidated financial results for the year ended March 31, 2023 ( April 1, 2022 - March 31, 2023) | ||||||||||||||||
(1) Non-consolidated financial results | (Percentage figures presents year-on-year changes) | |||||||||||||||
Net sales | Operating Profit | Ordinary Profit | Profit | |||||||||||||
million yen | % | million yen | % | million yen | % | million yen | % | |||||||||
FY2022 | 176,787 | 12.8 | 22,888 | 76.4 | 48,996 | 34.4 | 40,790 | 31.0 | ||||||||
FY2021 | 156,677 | (6.6) | 12,977 | 69.8 | 36,448 | 18.5 | 31,130 | 14.7 | ||||||||
Basic earnings per Share | Diluted earnings per Share | |||||||||||||||
yen | yen | |||||||||||||||
FY2022 | 261.08 | － | ||||||||||||||
FY2021 | 194.21 | － | ||||||||||||||
(2) Non-consolidated financial position | ||||||||||||||||
Total Assets | Net Assets | Equity to Asset Ratio | Net Assets per Share | |||||||||||||
million yen | million yen | % | yen | |||||||||||||
FY2022 | 345,192 | 207,752 | 60.2 | 1,331.15 | ||||||||||||
FY2021 | 323,463 | 195,512 | 60.4 | 1,232.19 | ||||||||||||
(Ref.) Equity for FY2022 207,752 million yen | FY2021 195,512 million yen |
2. Forecast for non-consolidated financial results for FY 2023 (April 1, 2023 - March 31, 2024)
(Percentage figures presents year-on-year changes)
Net Sales | Ordinary Profit | Profit Attributable to | Basic Earnings per | ||||||
owners of parent | Share | ||||||||
million yen | % | million yen | % | million yen | % | yen | |||
2nd Qrt. | 96,000 | 8.9 | 23,000 | 7.2 | 18,500 | 6.8 | 118.54 | ||
Annual | 191,000 | 8.0 | 52,500 | 7.2 | 42,500 | 4.2 | 272.31 | ||
*These consolidated financial results are not subjected to audit by our auditor.
*Explanation for the appropriate use of the financial forecast and the other comments Note concerning statements about the future, etc.
The statements about the future, including earnings projections, contained in this report are based on information currently available as well as certain assumptions considered reasonable.
Actual results may vary considerably from these projections owing to a range of factors.
Procedure for obtaining supplementary information on financial results
We plan to hold a briefing for analysts and institutional investors on May 12, 2023.
Materials used in the briefing will be posted on the company's website.
Yakult Honsha Co., Ltd. (2267) Financial Report for the year ended March 31, 2023
Table of Contents | ||
1. Business Performance Overview | 2 | |
(1) Qualitative Information Regarding Consolidated Business Results | 2 | |
(2) Financial Position | 4 | |
(3) Cash Flow | 5 | |
(4) Forward Looking Statements | 6 | |
(5) Basic Policy on the Distribution of Profits; Dividends in Fiscal 2022 and 2023 | 7 | |
2. Group Companies | 8 | |
3. Basic Policy Regarding Selection of Accounting Standards | 10 | |
4. Consolidated Financial Statements and Notes | 11 | |
(1) | Consolidated Balance Sheet | 11 |
(2) | Consolidated Statements of Income and Comprehensive Income | 13 |
(3) | Consolidated Statement of Changes in Equity | 15 |
(4) | Consolidated Statement of Cash Flows | 17 |
(5) | Notes on Consolidated Financial Statements | 18 |
(Notes Related to Going Concern Assumption) | 18 | |
(Significant Accounting Policies for the Consolidated Financial Statements) | 18 | |
(Consolidated Statement of Income) | 20 | |
(Segment Information, etc.) | 21 | |
(Per Share Information) | 24 | |
(Significant Subsequent Events) | 24 |
1
Yakult Honsha Co., Ltd. (2267) Financial Report for the year ended March 31, 2023
1. Business Performance Overview
- Qualitative Information Regarding Consolidated Business Results
- Performance Overview
During the fiscal year ended March 31, 2023, despite increasing expectations of a recovery in economic conditions, the Japanese economy remained susceptible to downward risks due to global monetary tightening and other factors, and to the impacts of developments such as rises in the cost of living.
Against this background, the Yakult Group worked to build awareness and understanding of the probiotics that constitute the bedrock of our operations, while striving to communicate the superiority of our products. Guided by our long-term vision, Yakult Group Global Vision 2030, we pursued business activities and sought to improve our performance, aiming to evolve into a healthcare company that continues contributing to people's health around the world.
Following these efforts, consolidated net sales for the fiscal year under review increased 16.4% from the previous year to 483,071 million yen. Operating profit increased 24.2% to 66,068 million yen, while ordinary profit rose 13.7% to 77,970 million yen. Profit attributable to owners of parent increased 12.7% to 50,641 million yen.
- Overview by Segment
- Food and Beverages (Japan)
In dairy products, Yakult focused on broadening recognition of the science behind its proprietary living Lactobacillus casei strain Shirota1 and Bifidobacterium breve strain Yakult by proactively conducting grassroots value dissemination initiatives, while also taking measures to prevent novel coronavirus infection.
In our home delivery channel, we utilized evidence in initiatives to encourage customers to drink Yakult products, focusing on the fermented milk drink Yakult 1000 and the Yakult 400 series. Further, we strengthened our customer contact points through our online ordering service, Yakult Delivery Net, and through the dissemination of information on our website and other means. To strengthen our home delivery organization, we pressed ahead with our efforts to conduct recruitment activities and create convenient working conditions for Yakult Ladies.
As for the retail store channel, we conducted social media campaigns for the New Yakult fermented milk drink series and introduced limited-time packaging designs to encourage families to consume products from the series together. We also worked to increase revenue by using displays and other means to create sales spaces offering high visibility for these products.
In product-specific initiatives, we addressed rising demand for Yakult 1000 and Y1000 by increasing production capacity for both products. We will continue taking action to ensure stable supply going forward. Meanwhile, our initiatives to boost the hard-type yogurt brand Sofuhl included launching Sofuhl Lemon as a limited-time item in January 2023 in collaboration with Pokka Sapporo Food & Beverage Ltd.
In other beverages, we implemented price revisions in November 2022 in response to rising raw material costs and the sudden sharp rise in logistics, fuel, and other costs. We also worked to increase sales for our Toughman series of energy drinks through various initiatives, including consumer campaigns.
In addition, we conducted activities to commemorate the Tokyo Yakult Swallows winning the Central League championship and to thank everyone for their support.
As a result of these and other efforts to bolster sales, the results for both dairy products and other beverages surpassed those of the previous year.
Consequently, consolidated net sales for the Food and Beverages (Japan) segment increased 18.3% from the previous fiscal year, totaling 240,455 million yen.
-
Classified as Lacticaseibacillus paracasei strain Shirota as of April 2020.
2
Yakult Honsha Co., Ltd. (2267) Financial Report for the year ended March 31, 2023
- Food and Beverages (Overseas)
Yakult's operations outside Japan commenced in March 1964 with the establishment of Yakult Taiwan Co., Ltd., and now the manufacture and sale of Yakult outside of Japan spans 39 countries and regions centered around 29 companies and one research center, with average daily bottle sales of approximately 29.91 million bottles as of March 2023.
The impact of the novel coronavirus varies across countries and regions depending on the extent of the infection's spread, as well as the policies and official guidance of local and national governments, among other factors. We are therefore taking measures appropriate to each location and following the instructions of governmental agencies as we conduct our operations and manufacturing activities.
a. The Americas
In the Americas, Yakult and other products are manufactured and sold by Yakult S/A Ind. E Com. (Brazil), Yakult S.A. De C.V. (Mexico), and Yakult U.S.A. Inc.
At Yakult U.S.A. Inc., sales figures increased steadily as a result of boosting support for sales through publicity campaigns and other initiatives, and making proactive efforts to cultivate new business, which led to more stores stocking our products.
In other regions within the Americas, we strived to increase revenue by reinforcing the sales networks for both the home delivery and retail store sales channels.
As a result of these efforts, consolidated net sales in the Food and Beverages (The Americas) segment increased 37.0% from the previous year to 64,920 million yen.
b. Asia and Oceania
In Asia and Oceania, Yakult and other products are manufactured and sold by Hong Kong Yakult Co., Ltd.; Yakult (Singapore) Pte. Ltd.; PT. Yakult Indonesia Persada; Yakult Australia Pty. Ltd.; Guangzhou Yakult Co., Ltd.; Yakult (Malaysia) Sdn. Bhd.; Shanghai Yakult Co., Ltd.; Beijing Yakult Co., Ltd.; Yakult (China) Corporation; Yakult Vietnam Co., Ltd.; and Yakult Danone India Pvt. Ltd.; among others. In addition, Yakult Middle East FZCO imports Yakult and other products for sale.
At Yakult Vietnam Co., Ltd., sales rose steadily as a result of efforts to enhance the home delivery organization and increase the number of stores stocking our products, in combination with value dissemination initiatives.
However, sales were significantly impacted at Guangzhou Yakult Co., Ltd., Shanghai Yakult Co., Ltd., Beijing Yakult Co., Ltd., and Yakult (China) Corporation, as the effects of lockdowns and other measures in response to the spread of the novel coronavirus caused activities in many districts to be restricted.
As a result of the above, consolidated net sales in the Food and Beverages (Asia and Oceania) segment rose 9.6% from the previous year to 140,465 million yen.
c. Europe
In Europe, Yakult and other products are manufactured by Yakult Europe B.V., and sold by Yakult Nederland B.V., Yakult Belgium N.V./S.A., Yakult Europe B.V., Yakult UK Ltd., Yakult Deutschland GmbH, Yakult Oesterreich GmbH, and Yakult Italia S.r.l.
In this region, where the promotion of probiotics faces strict regulation, we engaged in a variety of initiatives in our efforts to receive approval for health claims related to our products. At the same time, taking advantage of heightened health consciousness, we aimed for sustainable growth by conducting sales activities tailored to each individual country's market.
Meanwhile, the prolongation of the conflict between Russia and Ukraine means that, although we do not operate in either country, we will continue to pay close attention to the impact of the conflict on Europe as a whole.
As a result of the above efforts, consolidated net sales in the Food and Beverages (Europe) segment increased 3.3% from the previous year to 9,724 million yen.
3
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Yakult Honsha Co. Ltd. published this content on 14 June 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 June 2023 07:25:08 UTC.
