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    5933   JP3126100001

ALINCO INCORPORATED

(5933)
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Delayed Japan Exchange  -  02:00 2022-08-12 am EDT
907.00 JPY   +0.89%
06/27ALINCO INCORPORATED : Results of Operations for the Fiscal Year Ending March 20, 2022
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06/13ALINCO INCORPORATED : Summary of Consolidated Financial Results for the Fiscal Year Ended March 20, 2022
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06/13Alinco Incorporated Announces Year-End Dividend for the Fiscal Year Ended March 20, 2022, Payable on May 30, 2022
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Alinco Incorporated : Summary of Consolidated Financial Results for the Fiscal Year Ended March 20, 2022

06/13/2022 | 04:13am EDT

Summary of Consolidated Financial Results for the Fiscal Year Ended March 20, 2022

[Japanese GAAP]

May 2, 2022

Company name:

ALINCO INCORPORATED

Listing: Tokyo Stock Exchange

Stock code:

5933

URL: https://www.alinco.co.jp/

Representative:

Nobuo Kobayashi, Representative Director and President, Chief Operating Officer

Contact:

Takashi Sakaguchi, Director, Managing Executive Officer,

General Manager of Accounting and Control Division

Tel: +81-6-7636-2222

Scheduled date of Annual General Meeting of Shareholders:

June 17, 2022

Scheduled date of payment of dividend:

May 30, 2022

Scheduled date of filing of Annual Securities Report:

June 20, 2022

Preparation of supplementary materials for financial results:

Yes

Holding of financial results meeting:

Yes (for securities analysts, institutional investors and

individual investors)

(All amounts are rounded down to the nearest million yen)

1. Consolidated Financial Results for the Fiscal Year Ended March 20, 2022 (March 21, 2021 - March 20, 2022)

(1) Consolidated results of operations

(Percentages represent year-on-year changes)

Net sales

Operating profit

Ordinary profit

Profit attributable to

owners of parent

Million yen

%

Million yen

%

Million yen

%

Million yen

%

Fiscal year ended Mar. 20, 2022

55,255

3.6

1,119

(56.2)

1,126

(60.8)

451

(72.9)

Fiscal year ended Mar. 20, 2021

53,341

(4.1)

2,554

(23.5)

2,874

(17.0)

1,664

(22.8)

Note: Comprehensive income

Fiscal year ended Mar. 20, 2022: 510 million yen

(down 78.5%)

Fiscal year ended Mar. 20, 2021: 2,370 million yen

(up 31.7%)

Net income

Diluted net

Return on

Ordinary

Operating

income per

profit to total

profit to net

EBITDA

per share

equity

share

assets

sales

Yen

Yen

%

%

%

Million yen

%

Fiscal year ended Mar. 20, 2022

23.28

-

1.6

2.0

2.0

5,318

(17.2)

Fiscal year ended Mar. 20, 2021

85.32

-

6.2

5.2

4.8

6,425

(10.0)

Reference: Equity in earnings of affiliates

Fiscal year ended Mar. 20, 2022: (878) million yen

Fiscal year ended Mar. 20, 2021: (18) million yen

Note: EBITDA = Ordinary profit + Depreciation + Amortization of goodwill + Equity in earnings of affiliates

(2) Consolidated financial position

Total assets

Net assets

Equity ratio

Net assets per share

Million yen

Million yen

%

Yen

As of Mar. 20, 2022

58,234

27,518

47.2

1,413.42

As of Mar. 20, 2021

55,443

27,679

49.8

1,428.84

Reference: Shareholders' equity

As of Mar. 20, 2022: 27,497 million yen

As of Mar. 20, 2021: 27,597 million yen

(3) Consolidated cash flows

Cash flows from

Cash flows from

Cash flows from

Cash and cash equivalents

operating activities

investing activities

financing activities

at end of period

Million yen

Million yen

Million yen

Million yen

Fiscal year ended Mar. 20, 2022

2,711

(3,664)

583

5,081

Fiscal year ended Mar. 20, 2021

5,293

(4,681)

(157)

5,414

2. Dividends

Dividends per share

Total

Dividend

Dividend on

payout ratio

net assets

1Q-end

2Q-end

3Q-end

Year-end

Total

dividends

(consolidated)

(consolidated)

Yen

Yen

Yen

Yen

Yen

Million yen

%

%

Fiscal year ended Mar. 20, 2021

-

19.00

-

19.00

38.00

743

44.5

2.8

Fiscal year ended Mar. 20, 2022

-

20.00

-

20.00

40.00

793

171.8

2.8

Fiscal year ending Mar. 20, 2023

-

20.00

-

20.00

40.00

77.1

(forecast)

3. Consolidated Forecast for the Fiscal Year Ending March 20, 2023 (March 21, 2022 - March 20, 2023)

(Percentages represent year-on-year changes)

Net sales

Operating profit

Ordinary profit

Profit attributable to

Net income per

owners of parent

share

Million yen

%

Million yen

%

Million yen

%

Million yen

%

Yen

First half

28,650

7.2

200

(78.3)

280

(75.9)

160

(78.6)

8.22

Full year

58,020

5.0

1,540

37.6

1,660

47.4

1,010

123.8

51.91

Reference: EBITDA forecast for the fiscal year ending March 20, 2023 5,067 million yen (down 4.7%)

* Notes

  1. Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in changes in scope of consolidation): None

Newly added: -

Excluded: -

  1. Changes in accounting policies and accounting-based estimates, and restatements
    1. Changes in accounting policies due to revisions in accounting standards, others: None
    2. Changes in accounting policies other than 1) above: None
    3. Changes in accounting-based estimates: None
    4. Restatements: None
  2. Number of shares outstanding (common shares)
    1. Number of shares outstanding at the end of the period (including treasury shares)

As of Mar. 20, 2022:

21,039,326 shares

As of Mar. 20, 2021:

21,039,326 shares

2) Number of treasury shares at the end of the period

As of Mar. 20, 2022:

1,584,825 shares

As of Mar. 20, 2021:

1,724,357 shares

3) Average number of shares outstanding during the period

Fiscal year ended Mar. 20, 2022:

19,383,189 shares

Fiscal year ended Mar. 20, 2021:

19,512,254 shares

Note: For the purpose of calculating net assets per share, the number of shares of the Company held by the ALINCO Employee Shareholding Association Exclusive Trust Account (506,100 shares as of March 20, 2021, 391,800 shares as of March 20, 2022) under the "Trust-type Employee Shareholding Incentive Plan (E-Ship)" is included in the number of treasury shares, which was to be deducted from the calculation of the number of shares outstanding at the end of the period. For the purpose of calculating net income per share, the Company's shares held by the trust are also included in the number of treasury shares, which was to be deducted from the calculation of the average number of shares outstanding during the period (506,100 shares for the fiscal year ended March 20, 2021, 453,408 shares for the fiscal year ended March 20, 2022).

Reference: Summary of Non-consolidated Financial Results

1. Non-consolidated Financial Results for the Fiscal Year Ended March 20, 2022 (March 21, 2021 - March 20, 2022)

(1) Non-consolidated results of operations

(Percentages represent year-on-year changes)

Net sales

Operating profit

Ordinary profit

Profit

Million yen

%

Million yen

%

Million yen

%

Million yen

%

Fiscal year ended Mar. 20, 2022

44,655

4.3

1,054

(42.9)

2,220

(0.0)

568

(58.3)

Fiscal year ended Mar. 20, 2021

42,804

(8.0)

1,849

(29.1)

2,220

(23.2)

1,361

(22.1)

Net income per share

Diluted net income per share

Yen

Yen

Fiscal year ended Mar. 20, 2022

29.32

-

Fiscal year ended Mar. 20, 2021

69.78

-

(2) Non-consolidated financial position

Total assets

Net assets

Equity ratio

Net assets per share

Million yen

Million yen

%

Yen

As of Mar. 20, 2022

53,510

27,167

50.8

1,396.48

As of Mar. 20, 2021

51,230

27,285

53.3

1,412.65

Reference: Shareholders' equity

As of Mar. 20, 2022: 27,167 million yen

As of Mar. 20, 2021: 27,285 million yen

*The current financial report is not subject to audit by certified public accountants or auditing firms.

*Cautionary statement with respect to forward-looking statements and other special items

Forecasts of future performance in these materials are based on assumption judged to be valid and information available to the ALINCO's management at the time the materials were prepared. Actual results may differ materially from the forecasts for a number of reasons. Please refer to "1. Overview of Results of Operations, (5) Outlook" on page 5 for forecast assumptions and notes of caution for usage.

ALINCO INCORPORATED (5933) Financial Results for FY3/22

Contents of Attachments

1. Overview of Results of Operations

2

(1)

Results of Operations

2

(2)

Financial Position

4

(3)

Cash Flows

5

(4)

Basic Policy for Profit Distribution and Dividends for the Current and Next Fiscal Years

5

(5)

Outlook

5

2. Basic Approach to the Selection of Accounting Standards

6

3. Consolidated Financial Statements and Notes

7

(1)

Consolidated Balance Sheet

7

(2)

Consolidated Statements of Income and Comprehensive Income

9

(3)

Consolidated Statement of Changes in Equity

11

(4)

Consolidated Statement of Cash Flows

13

(5)

Notes to Consolidated Financial Statements

15

Going Concern Assumption

15

Significant Changes in Shareholders' Equity

15

Segment Information

16

Per Share Information

18

Subsequent Events

18

1

ALINCO INCORPORATED (5933) Financial Results for FY3/22

1. Overview of Results of Operations

(1) Results of Operations

During the fiscal year ended March 20, 2022, the Japanese economy remained challenging due to many events. As the pandemic continued, the economy was affected by concerns about a global economic slowdown due to the Ukraine crisis, supply chain turmoil, rapidly rising prices of energy and resources, and other events. Furthermore, the outlook for the economy is extremely unclear.

In the construction and housing related sectors, which are the primary industry of ALINCO group, there were indications of a recovery in industry trends in the current fiscal year, such as the continuation of year-on-year growth in building construction starts based on floor area. Sales of the new ring lock ALBATROSS system (ALBATROSS), our main product, were much higher than in the previous fiscal year as the market share of this product rose steadily because of the start of shipments to fill new orders received from a major construction company. In the rental business, the utilization rate for rental scaffolding materials recovered to the pre-pandemic level during the summer of 2021 and continued to increase. In the fitness equipment business, however, sales of home fitness equipment fell sharply following record-high sales in the previous fiscal year backed by strong stay-home demand during the pandemic.

Sales in the current fiscal year were 55,255 million yen, 3.6% higher than one year earlier, because of the recovery of sales in our core business of scaffolding manufacture, sales and rental. Operating profit decreased 56.2% to 1,119 million yen due to several factors that made expenses significantly higher than anticipated. Major factors include the increase in prices of raw materials, including steel and aluminum, which are affected by the international commodity market prices, and the depreciation of yen. Although selling prices were raised to reflect higher expenses and improve profit margins, the benefit of price increases was limited because of further increases in prices of raw materials and the accelerated yen's depreciation in a short period of time.

Ordinary profit fell 60.8% to 1,126 million yen because of an equity-method loss associated with PT. KAPURINDO SENTANA BAJA (KAPURINDO), an equity-method affiliate in Indonesia because of doubts about the ability of this company to repay long-term loans received from ALINCO. By making investments in KAPURINDO, ALINCO has been involved in Indonesia with the business of renting scaffolding and other construction materials for use at private sector building and civil engineering projects and power plant construction projects. Currently, activity at many construction sites in Indonesia has been temporarily suspended and other construction projects have been delayed or postponed because of the extended impact of the pandemic. Due to this situation, there are doubts about the ability of KAPURINDO to repay long-term loans received from

ALINCO.

As a result from above, profit attributable to owners of parent decreased 72.9% to 451 million yen, although there is a record of extraordinary income because of subsidy income related to Fukuchiyama Logistic Center and partial sales of cross-shareholding.

HIGASHI ELECTRONICS INDUSTRY CO., LTD. (Higashi Electronics Industry) and UEKIN Co. Ltd. (Uekin) have been added to the consolidated financial statements based on an acquisition date of July 31, 2021 and November 30, 2021, respectively, for accounting purposes. Consequently, the income statement for the current fiscal year includes results of operations of Higashi Electronics Industry for the six-month period from August 1, 2021 to January 31, 2022 and of Uekin for the three-month period from December 1, 2021 to February 28, 2022. (Higashi Electronics Industry is in the electronic equipment segment and Uekin is in the construction materials segment.)

Major components of year-on-year changes in sales and earnings

2

ALINCO INCORPORATED (5933) Financial Results for FY3/22

(Millions of yen)

FY3/21

FY3/22

YoY change

Major components of changes

Increase in sales of scaffolding materials (+2,918)

Two newly consolidated subsidiaries (+769)

Net sales

53,341

55,255

+1,914

Increase in scaffolding material rental business sales

(+683)

Lower fitness equipment sales due to a decline

following strong pandemic stay-at-home demand

(-2,190)

Higher earnings due to higher sales (+539)

Decrease in amortization of goodwill (+210)

Rising costs of raw materials including steel and

aluminum (-985)

Operating profit

2,554

1,119

(1,435)

Rising procurement cost due to the depreciation of yen

(-591)

Lower profit margins in the scaffolding material rental

business (-239)

Increase in freight rates (-53)

Increase in gain on sales of scrap and other

miscellaneous income (+206)

Increase in foreign exchange gain due to hedging effect

Ordinary profit

2,874

1,126

(1,748)

of foreign exchange contract, etc. (+197)

Valuation gain on foreign currency-denominated assets

(+65)

Increase in equity-method loss (-860)

Profit

Lower taxes due to decline in earnings (+283)

(1,213)

Increase in extraordinary income due to subsidy income

attributable to

1,664

451

owners of parent

related to construction of Fukuchiyama Logistic Center

(+124)

The performance for each business segment was as follows. Segment sales do not include intersegment sales.

(Millions of yen)

Segment

Net sales

Segment profit (loss)

Amount

YoY change (%)

Amount

YoY change (%)

Construction materials

19,880

14.3

1,349

(4.4)

Scaffolding material rental

15,948

4.5

86

54.6

Home equipment

15,070

(11.0)

(200)

-

Electronic equipment

4,355

16.1

153

185.7

Total for reportable segments

55,255

3.6

1,389

(45.5)

Adjustment

-

-

(263)

-

Amounts shown on consolidated

55,255

3.6

1,126

(60.8)

statement of income

Notes: 1. Segment profit (loss) is adjusted to be consistent with ordinary profit in the consolidated statement of income.

2. The adjustment to segment profit (loss) is primarily non-operating income and expenses, such as equity-method income and losses, foreign exchange gains and losses, and interest expenses that cannot be allocated to a reportable segment.

In accordance with "Practical Guidelines on Equity method Accounting," an equity-method loss of 878 million yen was recorded for long-term loans extended by ALINCO to equity-method affiliate PT. KAPURINDO SENTANA BAJA.

Construction materials

Sales increased 14.3% from one year earlier to 19,880 million yen. Sales of scaffolding and other temporary materials used at construction sites rose sharply by 57.7% year on year because of sales to new customers such as start of ALBATROSS shipments to a major construction company that decided to adopt this scaffolding system and additional ALBATROSS sales to current customers. In addition, sales of racks for distribution warehouses also remained strong.

3

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Alinco Inc. published this content on 13 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 June 2022 08:12:04 UTC.


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Financials
Sales 2022 55 255 M 414 M 414 M
Net income 2022 451 M 3,38 M 3,38 M
Net Debt 2022 12 158 M 91,0 M 91,0 M
P/E ratio 2022 36,7x
Yield 2022 4,68%
Capitalization 17 658 M 132 M 132 M
EV / Sales 2021 0,59x
EV / Sales 2022 0,52x
Nbr of Employees -
Free-Float 55,0%
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Last Close Price 907,00
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Managers and Directors
Katsuhiro Oyama Manager-Temporary Leasing
Goshi Sakaguchi Manager-Accounting
Yusaku Inoue Senior Managing Director
Nobuo Kobayashi Executive Officer & Manager-Finance
Shin Nashiwa Independent Outside Director
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