The original disclosure in Japanese was released on January 20, 2017 at 15:15 (GMT+9). This is a summary translation of a press release made in Japanese for convenience only.
JAFCO Co., Ltd. (Ticker: 8595) Contact: Investor Relations 1-5-1 Otemachi, Chiyoda-ku Tel: +81-3-5223-7073
Tokyo 100-0004 Japan ir@jafco.co.jp
http://www.jafco.co.jp
January 20, 2017
Financial Results for the Nine Months Ended December 31, 2016[Japanese GAAP]
(Summary of Japanese announcement)
(Japanese yen figures less than one million yen are rounded down)
- Consolidated Performance for the Nine Months Ended December 31, 2016 (April 1, 2016 - December 31, 2016)
-
Consolidated Operating Results
(figures with % indicate the rate of change from the same period of the previous fiscal year)
Net sales [¥ million] [%]
Operating income [¥ million] [%]
Ordinary income [¥ million] [%]
Profit attributable to JAFCO Co., Ltd.
stockholders [¥ million] [%]
For nine months ended December 31, 2016
20,983
(38.8)
9,566
(48.6)
11,033
(43.3)
9,243
(40.7)
For nine months ended December 31, 2015
34,304
(25.0)
18,613
(39.6)
19,446
(40.0)
15,581
(36.6)
Note: Comprehensive income Nine months ended December 31, 2016: ¥14,942 million (negative 10.2%)
Nine months ended December 31, 2015: ¥16,646 million (negative 10.4%)
Profit per share [¥]
Fully diluted net income per share [¥]
For nine months ended December 31, 2016
For nine months ended December 31, 2015
208.33
351.19
-
-
- Consolidated Financial Position
Total assets [¥ million]
Net assets [¥ million]
Equity ratio [%]
Net assets per share [¥]
As of December 31, 2016
As of March 31, 2016
226,488
214,245
200,005
189,501
88.3
88.5
4,507.94
4,271.15
(Reference) Shareholders' equity As of December 31, 2016: ¥200,005 million
As of March 31, 2016: ¥189,501 million
-
Dividends
Dividend per share [¥]
(Record date)
End of 1Q
End of 2Q
End of 3Q
End of the year
Total
For the year ended March 31, 2016
-
-
-
100.00
100.00
For the year ending March 31, 2017
-
-
-
For the year ending March 31, 2017 (Forecast)
-
-
Notes: The forecast of dividend amount is unfixed.
-
Business Forecasts (April 1, 2016 - March 31, 2017)
Volatility in stock markets and the IPO environment in Japan and overseas causes performance to fluctuate, as a result of which it is difficult to make meaningful forecasts in earnings. Therefore, instead of announcing projections, JAFCO makes timely disclosure of quarterly financial results.
*Other Information Changes in significant subsidiaries during this period: None
Adoption of specific accounting methods for the preparation of quarterly consolidated financial statements: None
Changes in accounting principles, accounting estimates and correction of prior period errors
① Changes in accounting principles due to revisions to accounting standards: Yes
② Changes in accounting principles other than ①: None
③ Changes in accounting estimates: None
④ Correction of prior period errors: None
Notes: For details, please refer to P7, (3) Changes in accounting principles, accounting estimates and correction of prior period errors (Changes in accounting principle).
Number of issued shares (common stock)
① Number of issued shares (including treasury stock)
As of December 31, 2016: 48,294,336 As of March 31, 2016: 48,294,336
② Number of treasury stock
As of December 31, 2016: 3,926,884 As of March 31, 2016: 3,926,600
③ Average number of shares
For nine months ended December 31, 2016: 44,367,602
For nine months ended December 31, 2015: 44,367,922
*Disclosure regarding the implementation of audit procedures
This financial summary is not subject to the audit procedures required under the Financial Instruments and Exchange Act. At the time of the disclosure of this report, the audit of consolidated financial statements pursuant to the Act had not been completed.
*Cautionary statements with respect to forward-looking statements and other notes(Access to the financial supplement materials)
The presentation material for the nine months ended December 31, 2016 was released on JAFCO's website on January 20, 2017.
*Note to XBRLPlease note that the names of the English accounts contained in XBRL data, which are available through EDINET and TDNet, may be different from those of the English accounts in our financial statements.
1. Qualitative Analysis and Financial Statements (1) Qualitative Analysis of Consolidated Operating ResultsJAFCO posted net sales of ¥20,983 million, ordinary income of ¥11,033 million, and profit attributable to JAFCO Co., Ltd. stockholders of ¥9,243 million in the consolidated fiscal nine months ended December 31, 2016. This compares with net sales of ¥41,155 million, ordinary income of ¥19,808 million, and profit attributable to JAFCO Co., Ltd. stockholders of ¥17,018 million for the previous full year ended March 31, 2016 (the "previous full year").
(Outline of Investments)
The JAFCO Group and its funds made investments totaling ¥15,320 million (40 companies) in the nine months ended December 31, 2016, compared with ¥21,441 million (62 companies) in the previous full year. The details are shown on page 16.
(Outline of Capital Gains and IPOs)
JAFCO posted ¥15,891 million in revenues from operational investment securities (previous full year:
¥32,376 million). Capital gains came to ¥6,919 million (previous full year: ¥15,689 million), out of which capital gains on listed shares were ¥4,800 million (previous full year: ¥9,989 million) and capital gains on unlisted shares were ¥2,118 million (previous full year: ¥5,699 million). This ¥2,118 million consisted of ¥4,987 million (previous full year: ¥10,586 million) in gains on sale and ¥2,869 million (previous full year: ¥4,887 million) in losses on sale. Capital gains include dividends and interest income and are net of impairment.
There were three IPOs in Japan and three overseas by portfolio companies of the JAFCO Group and its funds (previous full year: eight IPOs in Japan and six overseas). The details are shown on page 17-19.
(Millions of Yen)
For the year ended March 31,
2016 (A)
For nine months ended December 31,
2015
For nine months ended December 31,
2016 (B)
Annualized comparison [(B)/3×4]/(A) (%)
Revenues from operational investment securities (1)
32,376
26,668
15,891
65.4
Proceeds from sale of securities
30,824
25,427
15,740
68.1
Dividend and interest income
1,551
1,241
150
12.9
Cost of operational investment securities (2)
16,687
12,185
8,971
71.7
Cost of securities sold
16,687
12,185
8,971
71.7
Impairment
-
-
-
-
Capital gains (1) - (2)
15,689
14,483
6,919
58.8
Multiple (1) / (2)
1.94
2.19
1.77
-
Capital gains on listed shares
9,989
9,416
4,800
64.1
Capital gains on unlisted shares
5,699
5,066
2,118
49.6
Gains on sale
10,586
8,275
4,987
62.8
Losses on sale
4,887
3,208
2,869
78.3
(Outline of Investment Loss Reserves)
JAFCO makes investment loss reserves for operational investment securities after taking investees' business performance into consideration. Company-by-company reserves are made if the estimated recovery amount falls below 70% of acquisition cost. General reserves are made to cover all other unlisted portfolio companies based on our accumulated expertise in private equity.
Additions to investment loss reserves for the nine months ended December 31, 2016 totaled ¥1,632 million, consisting of ¥1,465 million in company-by-company reserves and of ¥167 million in general reserves, compared with ¥3,098 million, ¥3,370 million and a reversal of ¥272 million respectively in the previous full year.
Company-by-company reserves were reversed by ¥3,920 million following the sale and impairment of securities in the nine months ended December 31, 2016, compared with ¥3,673 million reversed in the previous full year. As a result, net additions to investment loss reserves were negative ¥2,287 million, compared with negative ¥574 million in the previous full year.
Balance of investment loss reserves came to ¥12,891 million (26.6% of the balance of unlisted operational investment securities) as of December 31, 2016, compared with ¥15,176 million (29.8% of the balance of unlisted operational investment securities) at the end of the previous full year.
(Millions of Yen)
For the year ended March 31,
2016 (A)
For nine months ended December 31,
2015
For nine months ended December 31,
2016 (B)
Annualized comparison [(B)/3×4]/(A) (%)
Additions to investment loss reserves (1)
3,098
2,207
1,632
70.3
Company-by-company reserves
3,370
2,286
1,465
58.0
(Reversal of) General reserves
(272)
(79)
167
-
Reversal of investment loss reserves (2)
3,673
2,735
3,920
142.3
Net additions = (1)-(2) (minus figures are reversals)
(574)
(528)
(2,287)
-
(Millions of Yen)
As of March 31, 2016
As of December 31, 2016
Balance of investment loss reserves
15,176
12,891
Company-by-company reserves
11,834
9,382
General reserves
3,342
3,509
Ratio for all unlisted operational investment securities
29.8%
26.6%
JAFCO Co. Ltd. published this content on 20 January 2017 and is solely responsible for the information contained herein.
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