Yamazaki Baking : Fiscal 2022 Second Quarter Results

Fiscal 2021

Fiscal 2022

Increase/

Percentage

Reasons

2nd Quarter

%

2nd Quarter

%

(decrease)

change

Gross profit

181,131

35.4

173,835

32.9

(7,296)

(4.0)

Figures in brackets indicate the actual

<192,443>

<35.1>

<11,311>

<6.2>

performance before application of

revenue recognition

Selling, general and

168,907

33.0

159,454

30.2

(9,453)

(5.6)

administrative expenses

<178,061>

<32.5>

<9,154>

<5.4>

Sales promotion expenses

17,677

3,236

(14,441)

<18,050>

<372>

Advertising expenses

5,541

5,856

315

<6,062>

<520>

Haulage expenses

31,789

31,377

(412)

<33,630>

<1,840>

Personnel expenses

69,617

72,962

3,344

Depreciation and amortization

5,759

6,123

363

Rental fees

10,769

11,608

838

Others

27,751

28,288

537

<29,624>

<1,872>

Operating income

12,223

2.4

14,381

2.7

2,157

17.7

Nonoperating income

2,324

0.5

3,438

0.6

1,113

47.9

Interest income

70

62

(8)

Dividend income

717

747

29

Rent income on fixed assets

451

496

44

Foreign exchange gains

342

1,143

801

Equity in earnings of affiliates

231

339

107

Other nonoperating income

510

650

139

Nonoperating expenses

795

0.2

708

0.1

(86)

(10.9)

Interest expense

356

367

11

Rent expenses on fixed assets

149

163

13

Other nonoperating expenses

289

177

(111)

Ordinary income

13,753

2.7

17,111

3.2

3,358

24.4

Extraordinary gains

972

0.1

441

0.1

(531)

(54.6)

Gain on sales of fixed assets

47

52

4

Subsidy income

922

375

(547)

Other extraordinary gains

2

13

11

Extraordinary losses

1,222

0.2

1,756

0.3

534

43.7

Loss on sales and retirement

475

658

183

of fixed assets

Impairment loss

479

610

131

Loss on valuation of investment

20

305

284

securities

Other extraordinary losses

247

182

(65)

Income before income taxes

13,503

2.6

15,796

3.0

2,292

17.0

Income and other taxes

5,554

1.0

5,673

1.1

119

2.1

Profit

7,949

1.6

10,122

1.9

2,173

27.3

Profit attributable to non-

712

0.2

1,099

0.2

387

54.4

controlling interests

Profit attributable to owners of

7,237

1.4

9,023

1.7

1,786

24.7

parent

Comprehensive income

10,441

2.0

12,897

2.4

2,456

23.5

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

(Millions of yen)

Fiscal 2021

Fiscal 2022

Increase/

Reasons

2nd Quarter

(decrease)

Current assets

289,984

275,113

(14,871)

Cash and deposits

138,143

145,689

7,545

Decrease in loans payable: ¥7.9 billion

Collection of accounts receivable, etc.: ¥15.4 billion

Notes and accounts receivable

114,588

90,911

(23,676)

Decrease due to seasonal fluctuation

Merchandise and finished goods

12,034

12,764

730

Work in process

718

1,125

406

Raw materials and supplies

11,793

10,948

(845)

Other current assets

13,093

14,017

924

Allowance for doubtful accounts

(387)

(344)

43

Fixed assets

467,367

463,199

(4,168)

Capital investment: ¥15.0 billion

Depreciation and amortization: ¥18.9 billion

Tangible fixed assets

328,527

327,119

(1,407)

Buildings and structures

108,925

109,473

547

Machinery, equipment and vehicles

86,902

83,691

(3,210)

Tools, furniture and fixtures

7,631

7,903

272

Land

113,331

114,149

817

Lease assets

6,779

6,679

(100)

Construction in progress

4,957

5,222

265

Intangible fixed assets

22,258

22,254

(4)

Investments and other assets

116,581

113,824

(2,756)

Investment securities

65,219

62,986

(2,233)

Decrease due to mark-to-market valuation difference: ¥0.9 billion

Long-term loans receivable

877

879

2

Net defined benefit asset

457

541

84

Deferred tax assets

22,309

22,331

22

Other investments and other assets

30,243

29,486

(756)

Allowance for doubtful accounts

(2,525)

(2,400)

124

Total assets

757,352

738,312

(19,040)

Current liabilities

235,286

219,986

(15,300)

Notes and accounts payable

76,414

74,787

(1,627)

Decrease due to seasonal fluctuation

Short-term loans payable

60,913

57,946

(2,966)

Transfer from long-term loans payable: ¥6.2 billion

Decrease due to repayment, etc.: ¥9.5 billion

Lease obligations

2,942

2,927

(15)

Accrued income tax

5,793

7,207

1,413

Accrued expenses

41,634

34,779

(6,854)

Decrease due to application of revenue recognition: ¥5.3 billion

Decrease due to seasonal fluctuation: ¥1.5 billion

Allowance for employees' bonuses

4,952

4,772

(180)

Reserve for sales promotion expenses

1,238

-

(1,238)

Decrease due to application of revenue recognition: ¥1.2 billion

Provision for loss on store closures

37

42

5

Asset retirement obligations

16

12

(3)

Other current liabilities

41,342

37,509

(3,832)

Long-term liabilities

139,848

134,139

(5,709)

Long-term loans payable

29,172

24,445

(4,727)

Increase in new loans payable: ¥1.4 billion

Transfer to short-term loans payable: ¥6.2 billion

Lease obligations

4,831

4,426

(404)

Reserve for retirement benefits for

4,212

4,650

437

directors and corporate auditors

Provision for environmental measures

-

0

0

Reserve for loss on guarantees

33

33

-

Net defined benefit liability

89,943

88,553

(1,389)

Increase due to provision for liabilities: ¥6.2 billion

Decrease due to pension contributions/benefits: ¥7.6 billion

Asset retirement obligations

5,043

5,023

(19)

Other long-term liabilities

6,611

7,004

392

Total liabilities

375,135

354,125

(21,009)

Total net assets

382,217

384,186

1,969

Non-controlling interests: ¥42.6 billion (up ¥2.9 billion)

Total liabilities and net assets

757,352

738,312

(19,040)

(2） Operating income

(Millions of yen)

Fiscal 2021

Fiscal 2022

Increase/

2nd Quarter

2nd Quarter

(decrease)

Fujiya Co., Ltd. (Consolidated)

1,621

2,160

539

Sun-Delica Co., Ltd.

(169)

(64)

105

Yamazaki Biscuits Co., Ltd.

503

255

(248)

Vie de France Co., Ltd.

(1,487)

(662)

825

Tohato Inc.

844

610

(234)

Fiscal 2021

Fiscal 2022

Increase/

2nd Quarter

2nd Quarter

(decrease)

Capital investment

15,618

15,074

(543)

Depreciation and amortization

17,753

18,919

1,166