YUASA TRADING CO., LTD. Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.
November 9, 2021
Consolidated Financial Results
for the Six Months Ended September 30, 2021
(Under Japanese GAAP)
Company name: | YUASA TRADING CO., LTD. |
Listing: | Tokyo Stock Exchange |
Securities code: | 8074 |
URL: | https://www.yuasa.co.jp |
Representative: | Hiroyuki Tamura, Representative Director, President & CEO |
Inquiries: | Hideki Tani, General Manager Finance Dept. |
Telephone: | +81-3-6369-1366 |
Scheduled date to file quarterly securities report: | November 11, 2021 |
Scheduled date to commence dividend payments: | December 1, 2021 |
Preparation of supplementary material on quarterly financial results: Yes | |
Holding of quarterly financial results briefing: | Yes (for institutional investors and analysts) |
(Yen amounts are rounded down to millions, unless otherwise noted.)
1. Consolidated financial results for the six months ended September 30, 2021 (from April 1, 2021 to September 30, 2021)
(1) Consolidated operating results (cumulative) | (Percentages indicate year-on-year changes.) | ||||||||
Net sales | Operating profit | Ordinary profit | Profit attributable to | ||||||
owners of parent | |||||||||
Six months ended | Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | |
September 30, 2021 | 211,201 | - | 4,458 | 9.4 | 3,751 | (18.2) | 2,688 | (9.2) | |
September 30, 2020 | 202,309 | (16.7) | 4,074 | (28.1) | 4,584 | (25.9) | 2,959 | (28.8) | |
Notes: 1. YUASA TRADING CO., LTD. (the "Company") has applied the "Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29, March 31, 2020) and relevant revised ASBJ regulations from the beginning of the first quarter of the fiscal year ending March 31, 2022, and each figure for the six months ended September 30, 2021, is the figure after applying said accounting standard and relevant revised ASBJ regulations. The percentage of year-on-year change is not shown for net sales. If said standard, etc. were not applied, net sales would be ¥219,531 million (up 8.5% year on year).
2. Comprehensive income | For the six months ended September 30, 2021: | ¥1,362 million | [(65.0)%] | |||
For the six months ended September 30, 2020: | ¥3,889 million | [9.1%] | ||||
Basic earnings | Diluted earnings | |||||
per share | per share | |||||
Six months ended | Yen | Yen | ||||
September 30, 2021 | 121.61 | 120.83 | ||||
September 30, 2020 | 133.36 | 132.44 | ||||
(2) Consolidated financial position
Total assets | Net assets | Equity-to-asset ratio | |
As of | Millions of yen | Millions of yen | % |
September 30, 2021 | 231,235 | 90,069 | 38.7 |
March 31, 2021 | 237,487 | 90,242 | 37.7 |
Reference: Equity | |||
As of September 30, 2021: | ¥89,466 million | ||
As of March 31, 2021: | ¥89,601 million |
2. Cash dividends
Annual dividends per share | ||||||
First quarter-end | Second quarter-end | Third quarter-end | Fiscal year-end | Total | ||
Yen | Yen | Yen | Yen | Yen | ||
Fiscal year ended | - | 30.00 | - | 70.00 | 100.00 | |
March 31, 2021 | ||||||
Fiscal year ending | - | 49.00 | ||||
March 31, 2022 | ||||||
Fiscal year ending | ||||||
March 31, 2022 | - | 74.00 | 123.00 | |||
(Forecast) | ||||||
Note: Revisions to the forecast of cash dividends most recently announced: None
3. Consolidated earnings forecasts for the fiscal year ending March 31, 2022 (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 yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | Yen | |
Full year | 471,000 | - | 11,700 | 30.2 | 11,300 | 12.9 | 7,600 | 9.7 | 343.83 |
Notes: 1. Revisions to the earnings forecasts most recently announced: Yes
2. The Company has applied the "Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29, March 31, 2020) and relevant revised ASBJ regulations from the beginning of the first quarter of the fiscal year ending March 31, 2022, and the consolidated earnings forecasts above are based on the figures after applying said accounting standard and relevant revised ASBJ regulations. The percentage of year-on-year change is not shown for net sales. If said standard, etc. were not applied, net sales would be ¥492,000 million for the full year (up 13.8% year on year).
* Notes
- Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the change in scope of consolidation): None
- Adoption of accounting treatment specific to the preparation of quarterly consolidated financial statements: None
- Changes in accounting policies, changes in accounting estimates, and restatement
- Changes in accounting policies due to revisions to accounting standards and other regulations: Yes
- Changes in accounting policies due to other reasons: None
- Changes in accounting estimates: None
- Restatement: None
- Number of issued shares (common shares)
- Total number of issued shares at the end of the period (including treasury shares)
As of September 30, 2021 | 23,155,882 shares |
As of March 31, 2021 | 23,155,882 shares |
(ii) Number of treasury shares at the end of the period
As of September 30, 2021 | 1,048,498 shares |
As of March 31, 2021 | 1,071,190 shares |
- Average number of shares outstanding during the period (cumulative from the beginning of the fiscal year)
Six months ended September 30, 2021 | 22,103,922 shares |
Six months ended September 30, 2020 | 22,191,435 shares |
Note: The shares of the Company held by the "Board Incentive Plan (BIP) Trust" are included in the number of treasury shares at the end of the period (188,917 shares as of September 30, 2021 and 196,129 shares as of March 31, 2021). Also, the shares of the Company held by the "Board Incentive Plan (BIP) Trust" are included in treasury shares that are deducted for calculation of the average number of shares outstanding during the period (cumulative from the beginning of the fiscal year) (192,523 shares for the six months ended September 30, 2021 and 96,119 shares for the six months ended September 30, 2020).
- Quarterly financial results reports are exempt from quarterly review conducted by certified public accountants or an audit corporation.
-
Proper use of earnings forecasts, and other special matters (Caution regarding forward-looking statements)
The forward-looking statements, including earnings forecasts, contained in this document are based on information currently available to the Company and on certain assumptions deemed to be reasonable. These statements do not purport that the Company pledges to realize such statements. Actual business and other results may differ substantially due to various factors. For the suppositions that form the assumptions for earnings forecasts and cautions concerning the use thereof, please refer to "1. Qualitative Information Regarding Results for the First Six Months, (3) Explanation of consolidated earnings forecasts and other forward-looking statements" on page 5 of the attached material.
(Means of access to contents of financial results briefing)
The Company plans to hold a financial results briefing for institutional investors and analysts on Monday, November 15, 2021. The materials for this briefing is to be posted on the Company's website promptly after the briefing.
Attached Materials | ||
1. Qualitative Information Regarding Results for the First Six Months ........................................................................... | 2 | |
(1) | Explanation of operating results................................................................................................................................ | 2 |
(2) | Explanation of financial position .............................................................................................................................. | 5 |
(3) | Explanation of consolidated earnings forecasts and other forward-looking statements............................................ | 5 |
2. Quarterly consolidated financial statements and significant notes thereto ................................................................... | 6 | |
(1) | Consolidated balance sheet ....................................................................................................................................... | 6 |
(2) | Consolidated statement of income and consolidated statement of comprehensive income ...................................... | 8 |
Consolidated statement of income (cumulative) ....................................................................................................... | 8 | |
Consolidated statement of comprehensive income (cumulative) .............................................................................. | 9 | |
(3) | Consolidated statement of cash flows ..................................................................................................................... | 10 |
(4) | Notes to quarterly consolidated financial statements .............................................................................................. | 12 |
Notes on going concern assumption........................................................................................................................ | 12 | |
Notes on significant changes in the amount of shareholders' equity ...................................................................... | 12 | |
Change in Accounting Policy.................................................................................................................................. | 12 | |
Additional information............................................................................................................................................ | 13 | |
Segment information............................................................................................................................................... | 14 |
1
1. Qualitative Information Regarding Results for the First Six Months
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Explanation of operating results
The Company has applied the "Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29, March 31, 2020) and relevant revised ASBJ regulations from the beginning of the first quarter of the fiscal year ending March 31, 2022. Therefore, the following explanation of the operating results shows the actual values of the net sales for the same quarter during the previous fiscal year, which do not retroactively apply the "Accounting Standard for Revenue Recognition," without showing the net sales compared to the same quarter during the previous fiscal year (%).
For details, please refer to "Change in Accounting Policy" of "(4) Notes to quarterly consolidated financial statements" in "2. Quarterly consolidated financial statements and significant notes thereto."
The Japanese economy during the six months under review (April 1, 2021 to September 30, 2021) remained uncertain due to the reissuing of a declaration of a state of emergency and other factors, but as COVID-19 vaccinations progressed, economic activity showed signs of normalization and headed toward recovery. In the industrial field, although there was an impact on production activities mainly in the automobile-related industry due to a supply shortage of semiconductors, moves toward recovery accelerated in capital investment demand, and the order environment recovered. Moreover, in the construction and housing field, the number of new housing starts gradually recovered with a focus on condominiums, and public capital investment also remained firm.
At the same time, economies overseas recovered mainly in the US and China, but economic activity stagnated in Southeast Asian countries such as Indonesia and Vietnam due to resurgence of COVID-19 infections. In addition, there are continued supply chain disruptions such as shortages of components and materials due to the effects of power shortages in China and factory operation restrictions in Southeast Asia.
Under these circumstances, based on the Group Mid-term Management Plan "Growing Together 2023," aiming to evolve into a "TSUNAGU Service Integrated Shosha Group," we executed various policies under the basic policies of a "growth business strategy," "core business strategy," and "strengthening management foundation" while also strengthening our initiatives on "ESG" and "SDGs."
In the "growth business strategy," we concentrated on the development of new products and services in fields such as climate change, infection prevention, labor-saving and automation measures, based on the understanding that growth businesses are businesses that solve social issues. As for "core business strategy," we strengthened and expanded our efforts toward becoming a "TSUNAGU Service Integrated Shosha Group," which enables us to demonstrate our comprehensive strengths in one-stop, while promoting the deep cultivation of our core businesses.
Under "strengthening management foundation," we implemented various measures to strengthen our competitiveness, launching initiatives aimed at transforming into a digital trading company shifting "From Single Item Business to Integrated Product-Service" through the promotion of DX. In addition, we have increased the number of Outside Directors by one at the Ordinary General Meeting of Shareholders held in June 2021, raising the ratio of Outside Directors to more than one-third of all Directors, in an effort to further strengthen corporate governance. Furthermore, with the aim of promoting the resolution of social issues through its core business, the Group has formulated the "sustainability declaration" and "action plan" in October 2021, and expressed its support for the TCFD (Task Force on Climate-related Financial Disclosures) and will actively contribute to the establishment of a sustainable society.
As a result, consolidated net sales for the six months under review were ¥211,201 million (¥202,309 million in the same period of the previous fiscal year). Operating profit was ¥4,458 million (up 9.4% year on year), ordinary profit was ¥3,751 million (down 18.2% year on year), and profit attributable to owners of parent was ¥2,688 million (down 9.2% year on year).
Furthermore, net sales show the actual value for the same quarter of the previous fiscal year, which does not retroactively apply the "Accounting Standard for Revenue Recognition."
Results by reportable segment are as follows:
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Yuasa Trading Co. Ltd. published this content on 19 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 November 2021 08:22:06 UTC.
