JAFCO Co., Ltd.
The original disclosure in Japanese was released on April 24, 2019 at 12:00 (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 |
1-23-1 Toranomon, Minato-ku, | Tel: +81-50-3734-2025 |
Tokyo 105-6324 Japan | ir@jafco.co.jp |
http://www.jafco.co.jp/english/ | |
April 24, 2019 |
Financial Results for the Year Ended March 31, 2019
[Japanese GAAP]
(Summary of Japanese announcement)
(Japanese yen figures less than one million yen are rounded down)
1.Consolidated Performance for the Year Ended March 31, 2019 (April 1, 2018 - March 31, 2019)
(1)Consolidated Operating Results
(figures with % indicate the rate of change from the same period of the previous fiscal year)
Net sales | Operating income | Ordinary income | Profit attributable to | ||||||
[¥ million] | [%] | [¥ million] [%] | [¥ million] | [%] | JAFCO Co., Ltd. | ||||
stockholders | |||||||||
[¥ million] | [%] | ||||||||
For the year ended | 25,878 | (12.2) | 12,239 | (14.1) | 13,410 | (13.8) | 10,162 | (58.1) | |
For the year ended | 29,470 | 5.8 | 14,252 | 15.6 | 15,554 | 13.8 | 24,235 | 118.9 | |
March 31, 2018 | |||||||||
Note: 1. Comprehensive income | Year ended March 31, 2019: | ¥7,186 million [(56.9 %)] | |||||||
Year ended March 31, 2018: | ¥18,151 million [(20.4%)] |
2.Figures for the year ended March 31, 2019 reflect the exclusion of the US subsidiary from the scope of consolidation based on the new revenue recognition standard.
Fully diluted net | Return | Ordinary income/ | Operating income/ | ||
Profit per share [¥] | income per share | on equity | total assets | net sales | |
[¥] | [%] | [%] | [%] | ||
For the year ended | 328.55 | - | 6.3 | 7.1 | 47.3 |
March 31, 2019 | |||||
For the year ended | 687.04 | - | 13.2 | 7.2 | 48.4 |
March 31, 2018 | |||||
(2) Consolidated Financial Position
Total assets | Net assets | Equity ratio | Net assets | ||||
[¥ million] | [¥ million] | [%] | per share [¥] | ||||
As of March 31, 2019 | 184,213 | 163,215 | 88.6 | 5,276.80 | |||
As of March 31, 2018 | 191,550 | 160,299 | 83.7 | 5,182.49 | |||
(Reference) Shareholders' equity | As of March 31, 2019: | ¥163,215 million | |||||
As of March 31, 2018: | ¥160,299 million |
Note: Figures as of March 31, 2019 reflect the exclusion of the US subsidiary from the scope of consolidation based on the new revenue recognition standard.
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JAFCO Co., Ltd.
(3) Consolidated Cash Flows
Net cash | Net cash | Net cash | Cash and cash | |
provided by (used in) | provided by (used in) | provided by (used in) | equivalents as of | |
operating activities | investing activities | financing activities | fiscal year end | |
[¥ million] | [¥ million] | [¥ million] | [¥ million] | |
For the year ended | (1,350) | 213 | (3,923) | 63,878 |
March 31, 2019 | ||||
For the year ended | 7,425 | 24,732 | (69,046) | 70,086 |
March 31, 2018 | ||||
Note: Figures as of March 31, 2019 reflect the exclusion of the US subsidiary from the scope of consolidation based on the new revenue recognition standard.
2. Dividends
Dividend per share [¥] | Total | Dividend/ | ||||||
dividends | Payout ratio | shareholders' | ||||||
End of | ||||||||
(Record date) | End of 1Q | End of 2Q | End of 3Q | Total | paid | [consolidated] | equity | |
the year | [¥ million] | [consolidated] | ||||||
For the year ended | - | - | - | 107.00 | 107.00 | 3,309 | 15.6% | 3.0% |
March 31, 2018 | ||||||||
For the year ended | - | - | - | 112.00 | 112.00 | 3,464 | 34.1% | 3.0% |
March 31, 2019 | ||||||||
For the year ending | - | - | - | - | - | - | ||
March 31, 2020 (Forecast) | ||||||||
Notes: The above dividend for the year ended March 31, 2019 is based on current plans. The forecast of dividend for the year ending March 31, 2020 is unfixed. We have set a policy to pay dividends of approximately 3% of shareholders' equity (initial and term-end average value) effective fiscal year ended March 31, 2017.
Dividend/ shareholders' equity: Dividend per share/ shareholders' equity per share (initial and term-end average value)
3. Business Forecasts for the Year ending March 31, 2020 (April 1, 2019 - March 31, 2020)
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
(1)Changes in significant subsidiaries during this period: None
(2)Changes in accounting principles, accounting estimates and correction of prior period errors
① Changes in accounting principles due to revisions to accounting standards: None
② Changes in accounting principles other than ① : Yes
③Changes in accounting estimates: None
④ Correction of prior period errors: None
Note: For details, please refer to P.15, (5) Notes for Consolidated Financial Statements (Change in accounting principles) of 3. Consolidated Financial Statements.
(3) Number of issued shares (common stock)
① Number of issued shares (including treasury stock)
As of March 31, 2019: | 32,550,000 | As of March 31, 2018: | 32,550,000 |
② Number of treasury stock | |||
As of March 31, 2019: | 1,619,264 | As of March 31, 2018: | 1,619,075 |
③ Average number of shares | |
Year ended March 31, 2019: | 30,930,856 |
Year ended March 31, 2018: | 35,274,901 |
*These financial results are not subject to audit procedures.
*Cautionary statements with respect to forward-looking statements and other notes
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JAFCO Co., Ltd.
(Access to the financial supplement materials)
The presentation material for the fiscal year ended March 31, 2019 will be released on JAFCO's website on April 24, 2019.
*Note to XBRL
Please 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.
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JAFCO Co., Ltd.
1. Outline of Operating Results
(1) Outline of Operating Results
In the consolidated fiscal year ended March 31, 2019 (the "current fiscal year"), the JAFCO Group posted net sales of ¥25,878 million, ordinary income of ¥13,410 million, and profit attributable to JAFCO Co., Ltd. stockholders of ¥10,162 million. This compares with net sales of ¥29,470 million, ordinary income of ¥15,554 million, and profit attributable to JAFCO Co., Ltd. stockholders of ¥24,235 million for the previous full year ended March 31, 2018 (the "previous full year"). Net assets were ¥163,215 million, total assets were ¥184,213 million and the equity ratio was 88.6% as of the end of the current fiscal year, compared with ¥160,299 million, ¥191,550 million and 83.7% respectively at the end of the previous full year.
Net sales were 12.2% lower than the previous full year due to a decrease in income from partnership management, etc. Profit attributable to JAFCO Co., Ltd. stockholders was 58.1% lower due to a decrease in gain on sales of investment securities.
(Outline of Capital Gains)
Capital gains remained mostly unchanged from the previous full year. Despite slow IPOs, M&A of a buyout investee in Japan and trade sales of overseas unlisted portfolio companies generated sizable capital gains. Exits other than IPOs have diversified as a result of increases in shareholdings in portfolio companies.
(Millions of Yen) | |||
For the year ended | For the year ended | ||
Revenues from operational | 23,470 | 23,291 | |
investment securities (1) | |||
Proceeds from sale of securities | 23,322 | 23,177 | |
Dividend and interest income | 147 | 113 | |
Cost of operational investment securities (2) | 9,848 | 9,274 | |
Cost of securities sold | 9,848 | 9,274 | |
Impairment | - | - | |
Capital gains (1) - (2) | 13,621 | 14,016 | |
Multiple (1) / (2) | 2.38 | 2.51 | |
Capital gains on listed shares | 11,281 | 5,264 | |
Capital gains on unlisted shares | 2,340 | 8,751 | |
Gains on sale | 6,750 | 11,069 | |
Losses on sale | 4,410 | 2,317 |
(Outline of Investment Loss Reserves)
The balance of investment loss reserves fell sharply as a result of improved portfolio quality and deeper management involvement under the highly selective, intensive investment policy. In the current fiscal year, the reserve ratio to unlisted operational investment securities was less than 20%.
(Millions of Yen) | |||
For the year ended | For the year ended | ||
Additions to investment loss reserves (1) | 2,283 | 1,687 | |
Company-by-company | 3,817 | 2,541 | |
reserves | |||
(Reversal of) General reserves | (1,534) | (854) | |
Reversal of investment loss reserves (2) | 3,148 | 2,399 | |
Net additions = (1)-(2) | (865) | (712) | |
(minus figures are reversals) | |||
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JAFCO Co., Ltd.
(Millions of Yen) | |||
As of March 31, 2018 | As of March 31, 2019 | ||
Balance of investment loss reserves | 10,351 | 9,501 | |
Company-by-company reserves | 8,644 | 8,651 | |
General reserves | 1,707 | 850 | |
Ratio to all unlisted operational investment securities | 20.9% | 18.4% | |
(Outline of Balance of Operational Investment Securities)
The balance of unlisted securities resulting from fund investment activity continued to trend upward over the previous year due to promotion of the highly selective, intensive investment strategy and portfolio reshuffle. The balance of listed securities in portfolio companies that made IPO fell due to sluggish IPOs in the current fiscal year.
(Millions of Yen) | ||||||||||||
As of March 31, 2019 | ||||||||||||
Difference between acquisition cost and market value of | 9,633 | 6,153 | ||||||||||
listed operational investment securities | ||||||||||||
Securities whose market value | 9,850 | 6,394 | ||||||||||
exceeds acquisition cost | ||||||||||||
Securities whose market value | (216) | (240) | ||||||||||
falls below acquisition cost | ||||||||||||
(Millions of Yen) | ||||||||||||
For the year ended | For the year ended | |||||||||||
(Reversal of) Unrealized losses on operational | (105) | 24 | ||||||||||
investment securities | ||||||||||||
Balance of Operational Investment Securities | ||||||||||||
(Millions of Yen) | ||||||||||||
As of March 31, 2018 | As of March 31, 2019 | |||||||||||
Acquisition cost | Figures on the | Acquisition cost | Figures on the | |||||||||
consolidated B/S | consolidated B/S | |||||||||||
Listed | 2,035 | 11,669 | 1,590 | 7,744 | ||||||||
Unlisted | 46,528 | 47,743 | 49,067 | 49,803 | ||||||||
Subtotal | 48,564 | 59,412 | 50,657 | 57,547 | ||||||||
Investments in | 1,807 | 1,874 | 1,632 | 1,719 | ||||||||
other funds | ||||||||||||
Total | 50,371 | 61,287 | 52,289 | 59,267 | ||||||||
Note: 1. "Investments in other funds" is investment in funds managed by third parties. |
2.The differences in "Acquisition cost" and "Figures on the consolidated balance sheets" for "Unlisted" securities and "Investments in other funds" only reflect foreign exchange translation difference.
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JAFCO Co. Ltd. published this content on 24 April 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 24 April 2019 03:27:06 UTC