May 09, 2022
Consolidated Financial Results
for the Fiscal Year Ended March 31, 2022 (Japanese Accounting Standards)
Company name: | Itoham Yonekyu Holdings Inc. |
Stockexchange listing: | Tokyo Stock Exchange |
Stock code: | 2296 |
URL: | https://www.itoham-yonekyu-holdings.com |
Representative: | Isao Miyashita, President and Representative Director |
Contact: | Masaru Kato, General Manager, Public &Investor Relations Office |
Tel. +81-3-5723-6889 | |
Scheduled date for general shareholders' meeting: | June 24, 2022 |
Scheduled date for filing of securities report: | June 24, 2022 |
Scheduled date of commencement of dividend payment: June 06, 2022 | |
Supplementary documents for financial results: | Yes |
Quarterly results briefing: | Yes (For institutional investors, analysts) |
(Amounts of less than one million yen are truncated)
1. Consolidated Financial Results for the Fiscal Year Ended March 31, 2022 (April 1, 2020-March 31, 2022)
(1) Consolidated Results of Operations | (% figures show year-on-year change) | ||||||||
Net sales | Operating profit | Ordinary profit | Profit (loss) | ||||||
attributable to owners | |||||||||
For the fiscal year ended | Million Yen | % | Million Yen | % | Million Yen | % | Million Yen | % | |
March 31, 2022 | 854,374 | ― | 24,611 | ― | 28,596 | ― | 19,118 | ― | |
March 31, 2021 | 842,675 | -1.1 | 24,018 | 39.1 | 27,000 | 38.2 | 20,204 | 76.6 | |
(Note) Comprehensive income: | The fiscal year ended March 31, 2022 | 21,979 | million Yen (-%) | ||||||
The fiscal year ended March 31, 2021 | 25,209 | million Yen (136.5%) | |||||||
Profit (loss) | Diluted net income | Net income to | Ordinary Income to | Operating income | |||||
per share | per share | shreholder's equity | assets | to net sales | |||||
For the fiscal year ended | Yen | Yen | % | % | % | ||||
March 31, 2022 | 65.34 | 65.31 | 7.5 | 7.1 | 2.9 | ||||
March 31, 2021 | 68.61 | 68.57 | 8.5 | 6.9 | 2.9 | ||||
(Reference) Equity in income or losses of affiliates: | The Fiscal Year Ended March 31, 2022 | 605 | million Yen | ||||||
The Fiscal Year Ended March 31, 2021 | 1,040 | million Yen |
(Note) As the "Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29), etc. has been applied from the beginning of the first quarter of the fiscal year ending March 31, 2022, the figures for the first nine months of the fiscal year ending March 31, 2022 are after the application of the said accounting standard, etc., and the percentage change from the same period of the previous year is not stated.
(2) Consolidated financial position | |||||||
Total assets | Net assets | Equity ratio | Net assets per share | ||||
Million Yen | Million Yen | % | Yen | ||||
As of March 31, 2022 | 413,123 | 262,740 | 63.4 | 897.66 | |||
As of March 31, 2021 | 394,086 | 247,648 | 62.7 | 843.52 | |||
(Reference) Shareholders' equity: | As of March 31, 2022 | 262,023 | million Yen | ||||
As of March 31, 2021 | 246,931 | million Yen | |||||
(Note) The Accounting Standard for Revenue Recognition (Accounting Standards Board of Japan (ASBJ) Statement No. 29 ), etc. has been applied | |||||||
since the beginning of the six months of the consolidated fiscal year under review. As a result, the accounting treatment of revenue | |||||||
differs from that of the six months of the previous fiscal year. | |||||||
(3) Consolidated cash flows | |||||||
From operating | From investing | From finacing | Cash and cash | ||||
equivalents at the end | |||||||
activities | activities | activities | |||||
of fiscal year | |||||||
For the fiscal year ended | Million Yen | Million Yen | Million Yen | Million Yen | |||
March 31, 2022 | 18,473 | -11,251 | -10,653 | 47,690 | |||
March 31, 2021 | 40,862 | -10,837 | -21,097 | 50,651 |
2. Dividends
Dividend per share | Total amount | Ratio of | |||||||
total amount | |||||||||
of | Dividend | ||||||||
of | |||||||||
First | Second | Third | Fiscal | cash | payout ratio | ||||
Total | dividends to | ||||||||
quarter-end | quarter-end | quarter-end | quarter-end | dividends | (consolidated) | ||||
shareholders' | |||||||||
(annual) | equity | ||||||||
For the fiscal year ended | Yen | Yen | Yen | Yen | Yen | Million Yen | % | % | |
March 31, 2021 | - | 0.00 | - | 21.00 | 21.00 | 6,147 | 30.6 | 2.6 | |
March 31, 2022 | - | 0.00 | - | 23.00 | 23.00 | 6,713 | 35.2 | 2.6 | |
For the fiscal year ending | |||||||||
March 31, 2023 | - | 0.00 | - | 24.00 | 24.00 | 46.7 | |||
(Forecast) |
3. Forecast of Consolidated Financial Results for the Fiscal Year Ending March 31, 2023
(April 1, 2022 to March 31, 2023)
(% figures show year-on-year change)
Net Sales | Operating profit | Ordinary income | Profit (loss) | Profit (loss) per share | ||||||
attributable to owners | ||||||||||
Million Yen | % | Million Yen | % | Million Yen | % | Million Yen | % | Yen | ||
Second quarter-end | 422,000 | 1.0 | 11,500 | -20.6 | 13,000 | -21.4 | 8,500 | -28.0 | 29.12 | |
(Cumulative) | ||||||||||
Full year | 865,000 | 1.2 | 21,000 | -14.7 | 24,000 | -16.1 | 15,000 | -21.5 | 51.39 |
* Notes
- Changes in significant subsidiaries during the term (changes in specific subsidiaries accompanied by a change in the
scope of consolidation): | None |
- Chaneges in accounting policies,chaneges of accounting estimates and restatement
(i) | Changes in accounting policies due to amendments to accounting standards: | Yes |
(ii) Other Chaneges in accounting policies: | None | |
(iii) Chaneges in accounting esteimates: | None | |
(iv) | Restatement: | None |
(Note) For details, please see "(5) Notes on consolidated financial statements, (Change in accounting policies)" under "3. Consolidated Financial Statements and Key Notes" on page 11.
- Numbers of shares outstanding (common stock)
- Numbers of issued shares at end of period:
Year ended March 31, 2022: | 297,335,059 shares |
Year ended March 31, 2021: | 297,335,059 shares |
- Numbers of treasury shares at end of period:
Year ended March 31, 2022: | 5,458,762 shares |
Year ended March 31, 2021: | 4,616,157 shares |
- Average number of shares outstanding during period:
Year ended March 31, 2022: | 292,581,811 shares | ||||||||
Year ended March 31, 2021: | 294,497,098 shares | ||||||||
(Reference) Non-Consolidated Financial Results | |||||||||
Non-Consolidated Financial Results for the Fiscal Year Ended March 31, 2022 (April 1, 2020-March 31, 2022) | |||||||||
(1) Non-Consolidated Results of Operations | (% figures show year-on-year change) | ||||||||
Operating revenue | Operating profit | Ordinary profit | net income | ||||||
For the fiscal year ended | Million Yen | % | Million Yen | % | Million Yen | % | Million Yen | % | |
March 31, 2022 | 21,300 | 55.0 | 15,788 | 56.8 | 15,854 | 55.4 | 14,358 | 39.6 | |
March 31, 2021 | 13,738 | -21.1 | 10,071 | -27.4 | 10,202 | -27.0 | 10,282 | -25.5 | |
Profit (loss) | Diluted net income | ||||||||
per share | per share | ||||||||
For the fiscal year ended | Yen | Yen | |||||||
March 31, 2022 | 49.08 | 49.05 | |||||||
March 31, 2021 | 34.92 | 34.90 | |||||||
(2) Individual financial position | (% figures show year-on-year change) | ||||||||
Total assets | Net assets | Equity ratio | Net assets per share | ||||||
Million Yen | Million Yen | % | Yen | ||||||
As of March 31, 2022 | 230,345 | 200,684 | 87.1 | 687.11 | |||||
As of March 31, 2021 | 225,231 | 193,021 | 85.6 | 658.91 | |||||
(Reference) Shareholders' equity: | As of March 31, 2022 | 200,565 | million Yen | ||||||
As of March 31, 2021 | 192,889 | million Yen |
- This Summary of Consolidated Financial Results is outside the scope of the external audit.
- Explanation for using the forecasted informaiton and the other special notes
(Notes concerning forward-looking statements, etc.)
This summary financial report contains forward-looking statements and forecasts are made based on information available to the company at the time of preparation and certain assumption deemed to reasonable and actual result may significantly due to various factors.
For assumptions used for earnings forecasts and notes on the use of earnings forecasts, please refer to "(4) Future outlook" under "1. Overview of Operations etc." on page "3".
(Access to Supplementary Explanations)
We plan to hold a briefing for institutional investors and analysts at the same time as the web conference on Wednesday May 11, 2022. Supplementary information will be published on TD-net for viewing in Japan and on our website.
ItohamYonekyu Holdings Inc. (2296)
Contents | ||
2. Basic Concept for the Selection of Accounting Standards................................................................................................ | 4 | |
3. Comsolidated Financial Statements and Key Notes ......................................................................................................... | 5 | |
(1) | Consolidated balance sheets ............................................................................................................................................ | 5 |
(2) | Consolidated statements of income and comprehensive income .......................................................................................... | 7 |
Consolidated statements of income .................................................................................................................................... | 7 | |
Consolidated statements of comprehensive income.............................................................................................................. | 8 | |
(3) | Consolidated statement of changes in equity .............................................................................................................. | 9 |
(4) | Consolidated statements of cssh flows ...................................................................................................................... | 11 |
(5) | Notes on the consolidated financial statements ......................................................................................................... | 12 |
(Notes on going concern assumptions) ....................................................................................................................... | 12 | |
(Change in accounting policies).................................................................................................................................. | 12 | |
(Segment information) ................................................................................................................................................ | 13 | |
(Per share information) ............................................................................................................................................... | 15 | |
(Significant subsequent events) .................................................................................................................................. | 16 |
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ItohamYonekyu Holdings Inc. (2296)
1. Overview of Operating Results and Financial Position
The Accounting Standard for Revenue Recognition (Accounting Standards Board of Japan (ASBJ) Statement No. 29 issued on March 31, 2020; hereinafter the "Revenue Recognition Accounting Standard"), etc. has been applied from the beginning of the fiscal year under review. As a result, the accounting treatment of revenue differs from that of the previous fiscal year. Therefore, the explanation is provided without stating the amount of change or the year-on-year comparison (%) in the following (1) Overview of operating results for the fiscal year ended March 31, 2022. For the amount of change corrected to the same accounting standards and the comparison with the previous year, please refer to the supplementary materials.
(1) Overview of operating results
During the fiscal year under review, the Japanese economy showed some signs of recovery due to the normalization of socioeconomic activities while taking thorough countermeasures against COVID-19, despite the continuing concerns over the spread of COVID-19. However, the outlook remains uncertain due to the widespread impact of rising crude oil prices and commodity prices.
In the industry where Itoham Yonekyu Holdings Inc. (the "Company") and its subsidiaries (collectively the "Group") operate, the business environment remained harsh because of soaring raw material and energy prices, as well as high logistics and labor costs. In addition, the Company is required to respond to rapidly changing and diversifying consumer needs and values, such as change in consumer behavior and accelerating digitalization under the COVID- 19 situation, and growing interest in sustainability.
In this environment, the Group is executing product and sales strategies that properly and promptly respond to changes in the world. To fulfill its supply responsibilities as a food manufacturer, the Group operates in an environment that allows each employee to practice a variety of work styles in a safe and secure manner, while continuing thorough countermeasures against COVID-19. In addition, the Group has developed the Medium-Term Management Plan 2023 for the period of three years starting from fiscal year 2021, setting the Group philosophy as "We will contribute to achieving a sound and affluent society through business" and the vision of becoming "a leading food company that emphasizes the spirit of fairness, rises to the challenge of transformation and achieves sustainable growth with its employees." Under this philosophy and vision, the Group also set four priority policies: strengthening its management base, strengthening its earnings base, pursuing initiatives for new businesses and markets and taking initiatives for sustainability. Specifically, the Group is taking measures including reorganization into business segment unit based on strategy to maximize integration effects; promotion of operational efficiency through digital strategies utilizing RPA and expense management systems, etc.; and switch the packaging from drawstring bag form to eco-friendly one for the products such as "The GRAND Alt Bayern."
Focusing on return on invested capital (ROIC) as a quantitative indicator in the Medium-Term Management Plan 2023, the Group targets to improve it to 6.8% during the such period. The Group has also committed to implement shareholder return policies in consideration of financial soundness and capital efficiency. To maximize shareholder value, the Company increase dividends steadily within the payout ratio ranging from 30% to 50%, with targeting payout ratio to be approx. 40%.
As mentioned above, the Company implemented efforts to respond to changes in the business environment, and it recorded net sales of 854,374 million yen, operating income of 24,611 million yen, ordinary income of 28,596 million yen, and net income attributable to owners of parent of 19,118 million yen for the fiscal year under review.
The results by reportable segment are as outlined below.
With regard to hams and sausages, net sales remained almost flat year on year. Although there was positive impact from the efforts to expand sales of the main products for home use such as The Grand Alt Bayern, Asano Fresh Series, Pork Bits, Gotenba Kogen Arabiki Pork, and Genkei Bacon Block Series, by launching TV commercials and conducting consumer campaigns, beside the impact from the sales growth of roast beef for business use, they were offset by the impact of reviewing unprofitable products to improve profitability.
In processed food, net sales increased due to sales growth in products that respond to diversifying consumer needs, such as Umazutsumi Volume Rich Hamburg and the soy-meat-based Marude Oniku! series and higher sales of
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ItohamYonekyu Holdings Inc. (2296)
commercial-use products for food service companies, in addition to the solid growth in Pizza products such as La Pizza and Pizza Garden.
As for gifts, sales of cooked food gifts grew as a result of efforts to expand sales centering on the Densho series by launching TV commercials with a new concept. However, overall gift sales volume and net sales were lower than the previous year due to the impact of the shrinking market as a whole.
As a result of the above, the processed food division recorded net sales of 302,309 million yen, and operating income of 11,086 million yen affected by soaring raw materials and energy prices.
In domestic businesses, despite a lower demand for home cooking food, net sales increased due to sales volume growth of imported chicken products for commercial use and domestic chicken products for mass merchandisers, as well as remained high market prices of imported and domestic beef. On the other hand, profits declined, partly due to higher procurement prices resulting from increased market prices and continued congestion in marine container transport.
As for overseas businesses, both net sales and profits increased due to ANZCO Foods Ltd.'s efforts to focus on profitability for procurement and sales, in addition to strong demand for meat products overseas.
As a result, the meat division recorded net sales of 547,843 million yen and operating income of 14,860 million yen.
(2) Overview of financial positions
Total assets at the end of the fiscal year under review was 413,123 million yen, an increase of 19,036 million yen from the end of the previous fiscal year. This mainly reflects an increase in inventories.
Liabilities totaled 150,383 million yen, an increase of 3,944 million yen from the end of the previous fiscal year. This was mainly due to an increase in notes and accounts payable - trade and a decrease in loans payable.
Net assets was 262,740 million yen increased by 15,091 million yen from the end of the previous fiscal year. This was primarily attributable to an increase in retained earnings.
Due to the application of the Revenue Recognition Accounting Standard, etc., the beginning balance of retained earnings decreased 155 million yen.
(3) Overview of cash flows
The balance of cash and cash equivalents (hereinafter referred to as "Funds") at the end of the fiscal year under review decreased by 2,961 million yen from the end of the previous fiscal year (an increase of 8,879 million yen in the previous fiscal year) to 47,690 million yen.
◇Cash flows from operating activities
Operating activities increased funds by 18,473 million yen (an increase of 40,862 million yen in the previous fiscal year). Main positive factor was net income before taxes, while the main negative factors were an increase in inventories and payments of income taxes.
◇Cash flows from investing activities
Investing activities decreased funds by 11,251 million yen (a decrease of 10,837 million yen in the previous fiscal year). The decrease was mainly due to purchase of property, plant and equipment, including the renewal of facilities. ◇Cash flows from financing activities
Financing activities decreased funds by 10,653 million yen (a decrease of 21,097 million yen in the previous period). The decrease was mainly due to a decrease in loans payable and payment of dividends.
(4) Outlook
Net income | Net income per | ||||
Net sales | Operating income | Ordinary income | attributable to | ||
share | |||||
owners of parent | |||||
(Million Yen) | (Million Yen) | (Million Yen) | (Million Yen) | (Yen) | |
For the fiscal year | |||||
ending March 31, | 865,000 | 21,000 | 24,000 | 15,000 | 51.39 |
2023 | |||||
For the fiscal year | |||||
ended March 31, | 854,374 | 24,611 | 28,596 | 19,118 | 65.34 |
2022 | |||||
Percentage change | 1.2 | -14.7 | -16.1 | -21.5 | |
(%) | |||||
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Itoham Yonekyu Holdings Inc. published this content on 20 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 May 2022 06:14:04 UTC.