Yamazaki Baking : Fiscal 2022 Results

Consolidated Results

4．Income and Expenses

(Millions of yen)

Fiscal 2021

Fiscal 2022

Increase/

Percentage

Reasons

%

%

(decrease)

change

Gross profit

367,855

34.9

343,607

31.9

(24,248)

(6.6)

Figures in brackets indicate the actual

<381,636>

<34.1>

<13,780>

<3.7>

performance before application of

revenue recognition

Selling, general and

349,496

33.2

321,574

29.9

(27,921)

(8.0)

administrative expenses

<359,603>

<32.2>

<10,107>

<2.9>

Sales promotion expenses

34,916

5,381

(29,534)

<35,065>

<148>

Advertising expenses

11,165

11,735

569

<12,135>

<970>

Haulage expenses

65,270

63,361

(1,909)

<68,666>

<3,395>

Personnel expenses

143,803

146,413

2,610

Depreciation and amortization

13,020

12,836

(183)

Rental fees

22,969

23,456

487

Others

58,351

58,389

38

<61,030>

<2,679>

Operating income

18,359

1.7

22,032

2.0

3,673

20.0

Nonoperating income

4,624

0.4

5,615

0.5

990

21.4

Interest income

149

122

(27)

Dividend income

1,292

1,383

91

Rent income on fixed assets

892

992

99

Foreign exchange gains

546

879

333

Equity in earnings of affiliates

510

585

74

Other nonoperating income

1,232

1,652

419

Nonoperating expenses

1,601

0.1

1,520

0.1

(81)

(5.1)

Interest expense

787

752

(35)

Rent expenses on fixed assets

315

327

11

Other nonoperating expenses

498

441

(57)

Ordinary income

21,382

2.0

26,127

2.4

4,745

22.2

Extraordinary gains

2,430

0.2

900

0.1

(1,530)

(63.0)

Gain on sales of fixed assets

100

108

8

Subsidy income

2,329

591

(1,737)

Subsidy income

-

168

168

Other extraordinary gains

1

31

30

Extraordinary losses

3,857

0.3

3,808

0.3

(48)

(1.3)

Loss on sales and retirement

1,375

1,617

241

of fixed assets

Impairment loss

1,827

1,449

(377)

Other extraordinary losses

654

742

87

Income before income taxes

19,955

1.9

23,218

2.2

3,263

16.4

Income and other taxes

7,475

0.7

8,728

0.9

1,253

16.8

Profit

12,480

1.2

14,490

1.3

2,009

16.1

Profit attributable to non-controlling

2,102

0.2

2,121

0.2

19

0.9

interests

Profit attributable to owners of

10,378

1.0

12,368

1.1

1,990

19.2

parent

Comprehensive income

24,012

2.3

36,628

3.4

12,616

52.5

Consolidated Results

5．Consolidated Balance Sheets (Including Reasons for Major Changes)

(Millions of yen)

Fiscal 2021

Fiscal 2022

Increase/

Reasons

(decrease)

Current assets

289,984

291,321

1,336

Cash and deposits

138,143

125,184

(12,958)

Repayments of loans payable: ¥18.1 billion

New loans payable: ¥6.3 billion

Notes and accounts receivable

114,588

123,705

9,117

Increase due to higher sales

Merchandise and finished goods

12,034

13,254

1,219

Work in process

718

922

203

Raw materials and supplies

11,793

13,952

2,158

Other current assets

13,093

14,690

1,597

Allowance for doubtful accounts

(387)

(388)

(1)

Fixed assets

467,367

466,709

(657)

Capital investment: ¥41.4 billion

Depreciation and amortization: ¥39.4 billion

Tangible fixed assets

328,527

332,385

3,858

Buildings and structures

108,925

112,360

3,434

Confectionery production facilities of Hadano Factory of Fujiya Co., Ltd.:

2.8 billion

Machinery, equipment and vehicles

86,902

88,336

1,434

Construction of a new factory and confectionery production facilities of

Fujiya (Hangzhou) Food Co., Ltd.: 2.3 billion

Tools, furniture and fixtures

7,631

7,628

(2)

Land

113,331

114,813

1,481

Lease assets

6,779

6,939

159

Construction in progress

4,957

2,307

(2,649)

Intangible fixed assets

22,258

23,365

1,107

Renewal of financial and management accounting systems of Yamazaki

Baking Co., Ltd.: 1.3 billion

Investments and other assets

116,581

110,958

(5,623)

Investment securities

65,219

65,876

657

Long-term loans receivable

877

812

(65)

Net defined benefit asset

457

490

33

Deferred tax assets

22,309

16,129

(6,179)

Decrease due to tax effect of retirement benefit accounting: ¥6.5 billion

Other investments and other assets

30,243

29,866

(377)

Allowance for doubtful accounts

(2,525)

(2,217)

308

Total assets

757,352

758,031

678

Current liabilities

235,286

237,341

2,055

Notes and accounts payable

76,414

83,496

7,081

Increase in purchase amount due to higher sales

Short-term loans payable

60,913

55,795

(5,118)

Decrease due to repayment: ¥17.5 billion

Transfer from long-term loans payable: ¥10.8 billion

Lease obligations

2,942

3,159

216

Accrued income tax

5,793

6,273

480

Accrued expenses

41,634

39,079

(2,554)

Decrease due to application of revenue recognition

Allowance for employees' bonuses

4,952

5,186

233

Reserve for sales promotion expenses

1,238

-

(1,238)

Decrease due to application of revenue recognition

Provision for loss on store closures

37

47

10

Asset retirement obligations

16

29

13

Other current liabilities

41,342

44,272

2,930

Increase due to application of revenue recognition

Long-term liabilities

139,848

112,791

(27,057)

Long-term loans payable

29,172

22,779

(6,393)

Transfer to short-term loans payable: ¥10.8 billion

Increase in new loans payable: ¥5.1 billion

Lease obligations

4,831

4,476

(354)

Reserve for retirement benefits for

4,212

4,795

582

directors and corporate auditors

Reserve for loss on guarantees

33

33

-

Net defined benefit liability

89,943

68,598

(21,344)

Decrease due to higher discount rate: 28.2 billion

Increase due to deteriorated pension asset management: 6.8 billion

Asset retirement obligations

5,043

4,977

(66)

Other long-term liabilities

6,611

7,131

519

Total liabilities

375,135

350,133

(25,001)

Total net assets

382,217

407,897

25,680

Non-controlling interests: ¥44.1 billion (up ¥4.5 billion)

Total liabilities and net assets

757,352

758,031

678

(2） Operating income

(Millions of yen)

Fiscal 2021

Fiscal 2022

Increase/

(decrease)

Fujiya Co., Ltd. (Consolidated)

4,146

4,334

188

Sun-Delica Co., Ltd.

54

366

312

Yamazaki Biscuits Co., Ltd.

553

(450)

(1,003)

Vie de France Co., Ltd.

(2,677)

(1,138)

1,539

Tohato Inc.

1,473

986

(486)

7．Capital Investment and Depreciation and Amortization

(Millions of yen)

Fiscal 2021

Fiscal 2022

Increase/

(decrease)

Capital investment

43,625

41,447

(2,177)

Depreciation and amortization

38,997

39,436

438

8．Interest-bearing Debt

(Millions of yen)

Fiscal 2021

Fiscal 2022

Increase/

Reasons

(decrease)

Interest-bearing debt

104,074

92,277

(11,796)