Consolidated Financial Statements for the
First Quarter of the Fiscal Year
Ending March 31, 2023
April 1, 2022 to June 30, 2022
This document has been translated from the original Japanese as a guide for non-Japanese investors. It contains forward-looking statements based on a number of assumptions and beliefs made by management in light of information currently available. Actual financial results may differ materially depending on a number of factors, including changing economic conditions, legislative and regulatory developments, delay in new product launches, and pricing and product initiatives of competitors.
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SUMMARY OF FINANCIAL STATEMENTS (consolidated)
First Quarter Results for the Fiscal Year Ending March 31, 2023
Calbee, Inc. | August 2, 2022 |
Stock exchange listings: Prime Market of Tokyo, code number 2229 | |
URL: https://www.calbee.co.jp/en/ | Contact: Chisa Hayakawa |
Managing Executive Officer & CFO | |
Telephone: +81-3-5220-6222 |
Representative: Shuji Ito, President & CEO, Representative Director
Scheduled date for submission of the first quarter financial report: August 10, 2022
Scheduled date for distribution of dividends: --
Availability of supplementary explanatory material for the first quarter results: Available
Quarterly results presentation meeting: Yes (conference call for institutional investors and analysts)
- Consolidated results for the first three months (April 1, 2022 to June 30, 2022) of the fiscal year ending March 31, 2023
(1) Consolidated Operating Results | Millions of yen, rounded down | |||||||
Three months ended | Three months ended | |||||||
June 30, 2021 | June 30, 2022 | |||||||
% change | % change | |||||||
Net sales ............................................................ | 59,896 | - | 65,323 | 9.1 | ||||
...................................................Operating profit | 6,938 | 5.9 | 5,363 | (22.7) | ||||
.....................................................Ordinary profit | 7,034 | 9.7 | 6,955 | (1.1) | ||||
.................Profit attributable to owners of parent | 4,953 | 22.3 | 4,553 | (8.1) | ||||
Earnings per share (¥)........................................ | 37.07 | 35.26 | ||||||
..........................Earnings per share (diluted) (¥) | - | - |
Notes: 1. The percentages shown above are a comparison with the same period in the previous fiscal year.
- Comprehensive income: Three months ended June 30, 2022: ¥7,882 million (56.1%) Three months ended June 30, 2021: ¥5,050 million (7.9%)
- As Calbee applied the "Accounting Standard for Revenue Recognition" (Business Accounting Standards No. 29) from the beginning of the fiscal year ended March 2022, the percentage change in net sales from the same period of the previous fiscal year ended March 2022 is not shown. Assuming that the same accounting standard as before was applied to sales for the first quarter of the fiscal year ended March 2022, the percentage of change from the same period of the previous fiscal year is 4.6%, excluding the impact of the application of this accounting standard.
(2) Consolidated Financial Position | ||||||||
Millions of yen, rounded down | ||||||||
As of March 31, 2022 | As of June 30, 2022 | |||||||
Total assets ........................................................ | 236,598 | 236,472 | ||||||
..........................................................Net assets | 183,458 | 184,991 | ||||||
.................Shareholders' equity/total assets (%) | 74.1 | 74.4 | ||||||
Shareholders' equity: As of June 30, 2022: ¥175,876 million | ||||||||
As of March 31, 2022: ¥175,379 million | ||||||||
2) Dividends | ||||||||
Yen | ||||||||
FY ended | FY ending | |||||||
March 31, 2022 | March 31, 2023 (forecast) | |||||||
Interim period per share ..................................... | 0.00 | 0.00 | ||||||
Year-end dividend per share .............................. | 52.00 | 52.00 | ||||||
Annual dividend per share.................................. | 52.00 | 52.00 |
Note: Changes from the most recently announced dividend forecast: None
3) Consolidated forecasts for the fiscal year ending March 31, 2023(April 1, 2022 to March 31, 2023)
Millions of yen
% change | |||
Net sales ............................................................ | 268,000 | 9.2 | |
...................................................Operating profit | 25,500 | 1.4 | |
.....................................................Ordinary profit | 25,000 | (7.2) | |
.................Profit attributable to owners of parent | 15,500 | (14.1) | |
Earnings per share (¥)........................................ | 120.04 |
Notes: 1. The percentages shown above are a comparison with the same period in the previous fiscal year. 2. Changes from the most recently announced results forecast: None
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Notes
- Transfers of important subsidiaries during the period (transfers of specified subsidiaries resulting in changes in the scope of consolidation): None
- Use of special accounting procedures: None
- Changes in accounting policy, changes in accounting estimates, and restatements:
- Changes in accounting policies following revisions of accounting standards: None
- Changes in accounting policies other than 1: None
- Changes in accounting estimates: None
- Restatements: None
- Number of outstanding shares (common stock)
As of March 31, 2022: | As of June 30, 2022: | ||
1. | Number of outstanding shares | 133,929,800 shares | 133,929,800 shares |
(including treasury shares) | |||
2. | Number of treasury shares | 4,808,426 shares | 4,808,466 shares |
Three months to June 30, | Three months to June 30, | ||
2021: | 2022: | ||
3. | Average number of shares during the period | 133,640,624 shares | 129,121,355 shares |
Note: Regarding Calbee stock held in trust as treasury stock within shareholders' equity, the number of treasury shares includes 263,265 of these shares as of June 30, 2022 and 263,265 of these shares as of March 31, 2022, and the average number of shares excludes 263,265 treasury shares in the three months to June 30, 2022, and 288,265 treasury shares in the three months to June 30, 2021.
Financial Statements are not subject to audit by a certified public accountant or audit firm Appropriate use of financial forecasts and other items
- Forecasts, etc., recorded in this document include forward-looking statements that are based on management's estimates, assumptions and projections at the time of publication. A number of factors could cause actual results to differ materially from expectations. For details of forecasts, please see Page 9, 1. Operating results (3) Consolidated forecasts for the fiscal year ending March 31, 2023.
- The earnings per share forecast for the fiscal year ending March 31, 2023 is calculated using 129,121,334 shares as the expected average number of shares for the period.
- Calbee, Inc. has scheduled a financial results conference for institutional investors and analysts for August 2, 2022. An audio recording of the conference will be made available on our Japanese website after the conference.
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Contents
- Operating results ……………………………………………………………………………………….…... 5
- Summary of business performance………………………………………………………………………. 5
- Analysis of financial position………………………………………………………………………………. 8
- Consolidated forecasts…………………………………………………………………………………….. 9
- Consolidated financial statements and key notes……………………………………………….…. 10
- Consolidated balance sheets……………………………………………………………………………... 10
- Consolidated statements of income and comprehensive income…………………………………….. 12
- Consolidated statements of cash flows………………………………………………………………….. 14
(4) Notes to consolidated financial statements……………………………………………………………… | 16 |
Notes related to going concern assumption……………………………………………………………. | 16 |
Notes on occurrence of significant changes to shareholders' equity………………………………… | 16 |
Subsequent events…………………………………………………….................................................. | 16 |
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1. Operating results
(1) Summary of business performance
(All comparisons are with the same period of the previous fiscal year, unless stated otherwise.)
Net sales for the first quarter of the current fiscal year were ¥65,323 million (up 9.1%), driven by contributions from overseas business. Sales in the domestic business were ¥48,233 million (up 3.8%). Convenience store and gift snack item sales recovered with the relaxation of COVID restrictions aimed at normalizing socio-economic activities. This was achieved despite the significant impact of restrained sales promotional activities and revision of product launch schedules on a shortage of Hokkaido-grown potatoes due to last year's high temperatures and drought. Sales in the overseas business were ¥17,090 million (up 27.2%), driven by sales growth in North America, where we expanded sales of bean-based snack Harvest Snaps, and Greater China, which grew as economic activities resumed following the lifting of lockdowns.
Operating profit was ¥5,363 million (down 22.7%), and operating margin was 8.2%, a decrease of
3.4 percentage points as contributions from price and content revisions both domestically and overseas and increased sales could not offset the negative impact of rising raw material costs (cooking oils, imported potatoes, etc.) and energy costs. Ordinary profit was ¥6,955 million (down 1.1%), influenced by the recording of foreign exchange gains, and profit attributable to owners of parent was ¥4,553 million (down 8.1%).
Results by business are as follows.
Millions of yen, rounded down
Q1 FY ended | Q1 FY ending | |||
March 31, 2022 | March 31, 2023 | |||
Amount | Amount | Growth (%) | ||
Domestic production and sale of | 46,456 | 48,233 | +3.8 | |
snack and other foods business | ||||
Domestic snack foods | 42,857 | 43,972 | +2.6 | |
Domestic cereals | 6,629 | 6,648 | +0.3 | |
Domestic, others | 2,775 | 2,865 | +3.2 | |
Deduction of rebates, etc. | (5,806) | (5,253) | - | |
Overseas production and sale of | 13,439 | 17,090 | +27.2 | |
snack and other foods business | ||||
Total, production and sale of snack | 59,896 | 65,323 | +9.1 | |
and other foods business | ||||
- Sales of "Domestic snack foods", "Domestic cereals" and "Domestic, others" are before deduction of rebates, etc.
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Calbee Inc. published this content on 02 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 August 2022 05:19:05 UTC.