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    2678   JP3119920001

ASKUL CORPORATION

(2678)
  Report
Delayed Japan Exchange  -  02:00 2022-10-04 am EDT
1513.00 JPY   -0.53%
09/30Askul Logs Net Sales Growth for Fiscal Month Ended Sept. 20
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09/29ASKUL Corporation Announces Non-Consolidated Sales Results for September 2022
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09/16Japan Index Ends Week in Red as Recession Fears Grow; Toyota Motor's Thai Unit Ordered to Pay $270 Million in Taxes
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ASKUL : Consolidated Financial Results for the Year Ended May 20, 2022

07/08/2022 | 12:04am EDT

Disclaimer

This document is a translation of the original Japanese version and provided for reference purposes only. In the event of any discrepancy between the Japanese original and this English translation, the Japanese original shall prevail.

Consolidated Financial Results for the Year Ended May 20, 2022 [Japanese GAAP]*

July 1, 2022

Company name:ASKUL Corporation

Stock exchange listing: Tokyo

Code number:

2678

URL: https://www.askul.co.jp/kaisya/ir/

Representative:

Akira Yoshioka

President and chief executive officer

Contact:

Tsuguhiro Tamai

Executive officer and chief financial officer

Phone:

+81-3-4330-5130

Scheduled date of Annual General Meeting of Shareholders:

August 4, 2022

Scheduled date of commencing dividend payments:

August 5, 2022

Scheduled date of filing annual securities report:

July 29, 2022

Availability of supplementary briefing material on annual financial results:

Yes

Schedule of annual financial results briefing session:

Yes (for institutional investors and analysts)

(Amounts of less than one million yen are rounded down)

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

(1) Consolidated Operating Results

(% indicates changes from the previous corresponding period.)

Net sales

Operating profit

Ordinary profit

Profit attributable to

owners of parent

Fiscal year ended

Million yen

%

Million yen

%

Million yen

%

Million yen

%

May 20, 2022

428,517

1.5

14,309

2.8

14,270

3.0

9,206

18.7

May 20, 2021

422,151

5.4

13,923

57.8

13,850

60.0

7,758

37.2

(Note) Comprehensive income:

Fiscal year ended May 20, 2022:

¥9,255

million

[19.6%]

Fiscal year ended May 20, 2021:

¥7,740

million

[35.3%]

Basic earnings

Diluted earnings

Rate of return on

Ordinary profit to

Operating profit to

per share

per share

equity

total assets ratio

net sales ratio

Fiscal year ended

Yen

Yen

%

%

%

May 20, 2022

90.83

90.77

15.9

7.5

3.3

May 20, 2021

75.83

75.68

14.0

7.6

3.3

(Reference) Equity in earnings (losses) of affiliated companies: Fiscal year ended May 20, 2022:

¥-

million

Fiscal year ended May 20, 2021:

¥-

million

(Notes) 1. The Group has applied "Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29, March 31, 2020), etc., effective the beginning of the current period. Accordingly, the above figures for the fiscal year ended May 20, 2022 indicates the amounts after the application of the said accounting standard, etc.

When calculating the figures for the fiscal year ended May 20, 2021 in accordance with the same Accounting Standard, change ratio of net sales would be 2.7%.

  1. 2. ASKUL Corporation conducted a 2-for-1 stock split of common stock on May 21, 2021. "Basic earnings per share" and "Diluted earnings per share" are calculated on the assumption that the said stock split was implemented at the beginning of the preceding fiscal year.

  2. Consolidated Financial Position

Total assets

Net assets

Capital adequacy ratio

Net assets per share

As of

Million yen

Million yen

%

Yen

May 20, 2022

188,024

57,271

30.2

582.43

May 20, 2021

190,107

59,203

30.9

573.57

(Reference) Equity: As of May 20, 2022:

¥56,755

million

As of May 20, 2021:

¥58,777

million

(Notes) 1. The Group has applied "Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29, March 31, 2020), etc., effective the beginning of the current period. Accordingly, the above figures for the fiscal year ended May 20, 2022 indicates the amounts after the application of the said accounting standard, etc.

2. ASKUL Corporation conducted a 2-for-1 stock split of common stock on May 21, 2021. "Net assets per share" is calculated on the assumption that the said stock split was implemented at the beginning of the preceding fiscal year.

Disclaimer

This document is a translation of the original Japanese version and provided for reference purposes only. In the event of any discrepancy between the Japanese original and this English translation, the Japanese original shall prevail.

(3) Consolidated Cash Flows

Cash flows from

Cash flows from

Cash flows from

Cash and cash

equivalents at the end

operating activities

investing activities

financing activities

of period

Fiscal year ended

Million yen

Million yen

Million yen

Million yen

May 20, 2022

17,952

(10,748)

(14,674)

58,789

May 20, 2021

15,998

(9,079)

(3,919)

66,259

2. Dividends

Annual dividends

Payout

Dividends

Total

to net

ratio

1st

2nd

3rd

Year-end

Total

dividends

assets

(consolidated)

quarter-end

quarter-end

quarter-end

(consolidated)

Fiscal year ended

Yen

Yen

Yen

Yen

Yen

Million yen

%

%

May 20, 2021

-

19.00

-

30.00

49.00

2,508

32.3

4.5

May 20, 2022

-

15.00

-

16.00

31.00

3,095

34.1

5.4

Fiscal year ending

May 20, 2023

-

16.00

-

16.00

32.00

33.2

(Forecast)

(Notes) 1. ASKUL Corporation conducted a 2-for-1 stock split of common stock on May 21, 2021. The actual amounts of dividends before the said stock split are described for the fiscal year ended May 20, 2021.

2. The year-end dividend forecast for the fiscal year ended May 20, 2022, announced on July 2, 2021, has been revised. For details, please see "Notice Regarding Distribution of Surplus," announced today.

3. Consolidated Financial Results Forecast for the Fiscal Year Ending May 20, 2023 (May 21, 2022 to May 20, 2023)

(% indicates changes from the previous corresponding period.)

Profit attributable

Basic earnings

Net sales

Operating profit

Ordinary profit

to owners of

per share

parent

Million yen

%

Million yen

%

Million yen

%

Million yen

%

Yen

Full year

455,500

6.3

14,500

1.3

14,300

0.2

9,400

2.1

96.46

* Notes:

(1) Changes in significant subsidiaries during the period under review

(changes in specified subsidiaries resulting in changes in scope of consolidation): No

(2) Changes in accounting policies, changes in accounting estimates and retrospective restatement

1)

Changes in accounting policies due to the revision of accounting standards: Yes

2)

Changes in accounting policies other than 1) above:

No

3)

Changes in accounting estimates:

Yes

4)

Retrospective restatement:

No

  1. Total number of issued shares (common shares)
    1) Total number of issued shares at the end of the period (including treasury shares):

May 20, 2022:

97,518,800

shares

May 20, 2021:

102,518,800

shares

2) Total number of treasury shares at the end of the period:

May 20, 2022:

71,871

shares

May 20, 2021:

41,874

shares

3) Average number of shares during the period:

Fiscal Year ended May 20, 2022:

101,358,926

shares

Fiscal Year ended May 20, 2021:

102,303,044

shares

(Note) ASKUL Corporation conducted a 2-for-1 stock split of common stock on May 21, 2021.

"Total number of issued shares," "Total number of treasury shares," and "Average number of shares during the period" are calculated on the assumption that the said stock split was implemented at the beginning of the preceding fiscal year.

Disclaimer

This document is a translation of the original Japanese version and provided for reference purposes only. In the event of any discrepancy between the Japanese original and this English translation, the Japanese original shall prevail.

(Reference) Summary of Non-consolidated Financial Results

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

(1) Non-consolidated Operating Results

(% indicates changes from the previous corresponding period.)

Net sales

Operating profit

Ordinary profit

Net income

Fiscal year ended

Million yen

%

Million yen

%

Million yen

%

Million yen

%

May 20, 2022

371,659

0.9

11,696

(3.4)

12,047

(2.0)

8,281

1.9

May 20, 2021

368,188

5.5

12,108

68.6

12,299

64.4

8,125

65.2

Basic earnings per

Diluted earnings per

share

share

Fiscal year ended

Yen

Yen

May 20, 2022

81.70

-

May 20, 2021

79.43

79.31

(Note)

ASKUL Corporation conducted a 2-for-1 stock split of common stock on May 21, 2021.

"Basic earnings per share" and "Diluted earnings per share" are calculated on the assumption that the said stock split was

implemented at the beginning of the preceding fiscal year.

(2) Non-consolidated Financial Position

Total assets

Net assets

Capital adequacy ratio

Net assets per share

As of

Million yen

Million yen

%

Yen

May 20, 2022

168,179

55,950

33.3

574.17

May 20, 2021

173,554

58,855

33.9

574.30

(Reference) Equity: As of May 20, 2022:

¥55,950

million

As of May 20, 2021:

¥58,852

million

(Note)

ASKUL Corporation conducted a 2-for-1 stock split of common stock on May 21, 2021. "Net assets per share" is calculated on

the assumption that the said stock split was implemented at the beginning of the preceding fiscal year.

  • This Summary of Consolidated Financial Results is not subject to audit.
  • Notes for using forecasted information and others
    Earnings forecasts and other forward-looking statements contained in this document are based on the information ASKUL has obtained to date and on certain assumptions it considers reasonable. As such, these forecasts and statements are not intended as a commitment by the Company to achieve them. Note also that actual results and other future events may differ materially from these forecasts and statements due to a variety of factors. For the assumptions on which earnings forecasts are based and notes and information on the use of earnings forecasts, see "1. Overview of Business Results, Etc. (4) Future Outlook" on Page 6 of Attached Materials.

Disclaimer

This document is a translation of a part of the original Japanese version and provided for reference purposes only. In the event of any discrepancy between the Japanese original and this English translation, the Japanese original shall prevail.

○Table of Contents for Attached Materials

1. Overview of Business Results, Etc. ...............................................................................................................................

- 2 -

(1)

Overview of Business Results for the Fiscal Year under Review..............................................................................

- 2 -

(2)

Overview of Financial Condition for the Fiscal Year Under Review ..........................................................................

- 4 -

(3)

Overview of Cash Flows for the Fiscal Year under Review ......................................................................................

- 5 -

(4)

Future Outlook..........................................................................................................................................................

- 6 -

2. Basic Thinking on the Selection of Accounting Standards.............................................................................................

- 8 -

3. Consolidated Financial Statements ...............................................................................................................................

- 9 -

(1)

Consolidated Balance Sheets ..................................................................................................................................

- 9 -

(2)

Consolidated Statements of Income and Comprehensive Income .........................................................................

- 11 -

(3)

Consolidated Statements of Changes in Net Assets ..............................................................................................

- 13 -

(4)

Consolidated Statements of Cash Flows................................................................................................................

- 15 -

(5)

Notes to Consolidated Financial Statements..........................................................................................................

- 17 -

(Notes to Going Concern Assumptions) ...................................................................................................................

- 17 -

(Change in Accounting Policies)...............................................................................................................................

- 17 -

(Changes in Accounting Estimates) .........................................................................................................................

- 18 -

(Segment Information, etc.)......................................................................................................................................

- 19 -

(Per Share Information)............................................................................................................................................

- 22 -

(Significant Subsequent Events) ..............................................................................................................................

- 22 -

4. Other ...........................................................................................................................................................................

- 23 -

(1)

Change in Officers..................................................................................................................................................

- 23 -

(2)

Details of Selling, General and Administrative Expenses (Consolidated)...............................................................

- 23 -

- 1 -

Disclaimer

This document is a translation of a part of the original Japanese version and provided for reference purposes only. In the event of any discrepancy between the Japanese original and this English translation, the Japanese original shall prevail.

1. Overview of Business Results, Etc.

(1) Overview of Business Results for the Fiscal Year under Review

During the fiscal year under review (from May 21, 2021 to May 20, 2022), Japan's economy saw a surge in energy prices and a rise in concerns over the trend of foreign exchange rates including the rapid depreciation of the yen and others, coupled with the negative impact of the resurgence of COVID-19 infections on corporate and consumer behavior in Japan. Accordingly, the economic outlook remains uncertain.

The e-commerce market, in which the Group operates, keeps growing as it is strongly hoped that the market will play the role of allowing shopping activities where there is reduced contact among people with new lifestyles, which has been necessitated by the spread of COVID-19. On the other hand, competition in the industry for better service quality has continued. As a result, it has become a business management issue to realize sustainable growth in sales and profits while accommodating diverse customer demands.

Under such circumstances, the Group positions the fiscal year ended May 20, 2022 as the year to cement the foothold to fulfill the Medium-term Management Plan (from the fiscal year ended May 20, 2022 to the fiscal year ending May 20, 2025). To this end, the Group has actively made capital investments, including in the establishment of the distribution center of ASKUL Tokyo DC and the new ASKUL website (Note 1), both of which will become drivers to achieve the Medium-term Management Plan.

During the fiscal year under review, the B-to-B business saw a net sales increase due to growth in sales of living supplies and MRO (Note 2) supplies, which are fields it focuses on, despite declines in special demand for infection-prevention products and in demand for office supplies, such as stationery, mainly due to changes in workstyles. On the other hand, the B-to-B business suffered a profit decrease due to a drop in the gross profit margin resulting from the fall in special demand and the incurring of rents prior to the operational start of ASKUL Tokyo DC, although the result was in line with the plan. In the B-to-C business, net sales increased due to a rise in demand for products for overseas use and strengthened promotional collaboration mainly with the Z Holdings Group. Also, the effort to improve earnings has delivered the result as planned thanks to a reduction in fixed costs accompanying the renewal of LOHACO Main Store and growth in the profit of Charm Co., Ltd., which is a consolidated subsidiary, in addition to an improvement in the variable cost ratio (real value excluding the effects of adopting "Accounting Standard for Revenue Recognition" etc.).

In the Logistics business, earnings improved significantly in part due to the expansion of the contract business of logistics, and achieved a shift from an operating loss to an operating profit in the second half of the fiscal year under review.

As a result, the financial performance of the Group for the fiscal year under review was net sales of 428,517 million yen, a 1.5% increase year on year and a 2.7% increase year on year in real terms (Note 3), operating profit of 14,309 million yen, a 2.8% increase year on year, ordinary profit of 14,270 million yen, up 3.0% year on year, and profit attributable to owners of parent of 9,206 million yen, a 18.7% increase year on year. They each reached record highs for a fiscal year.

The Group has applied the "Accounting Standard for Revenue Recognition" (Accounting Standards Board of Japan (ASBJ) Statement No. 29, March 31, 2020; hereinafter referred to as the "Accounting Standard for Revenue Recognition"), etc. since the beginning of the fiscal year under review. Accordingly, net sales for fiscal year under review decreased 5,192 million yen.

Operating results by segment are outlined below. <> business>

In the B-to-B business, the mainstay business of the Group, net sales remained solid. Net sales for the fiscal year under review increased as sales grew in living supplies, such as beverages consumed in diverse workplaces; MRO supplies, such as packing materials, whose demand rose due to increasing demand for e-commerce; and long tail products whose lineups are reinforced as a key effort. This was despite declines

- 2 -

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

Disclaimer

ASKUL Corporation published this content on 08 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 July 2022 04:03:03 UTC.


© Publicnow 2022
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Sales 2023 454 B 3 144 M 3 144 M
Net income 2023 9 406 M 65,1 M 65,1 M
Net cash 2023 44 421 M 308 M 308 M
P/E ratio 2023 15,8x
Yield 2023 2,12%
Capitalization 147 B 1 022 M 1 021 M
EV / Sales 2023 0,23x
EV / Sales 2024 0,18x
Nbr of Employees 3 380
Free-Float 36,8%
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Number of Analysts 9
Last Close Price 1 513,00 JPY
Average target price 2 016,67 JPY
Spread / Average Target 33,3%
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Akira Yoshioka Executive Officer Head-Medical & Care
Tsuguhiro Tamai CFO, Director, Head-Finance, Risk & Accounting
Noritomo Miyazawa Chief Digital Transformation Officer
Hideo Amanuma Executive Officer & Deputy GM-Technologies
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