Consolidated Financial Statements for the
Third Quarter of the Fiscal Year
Ending March 31, 2022
April 1, 2021 to December 31, 2021
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.
Page 1 of 16
SUMMARY OF FINANCIAL STATEMENTS (consolidated)
Third Quarter Results for the Fiscal Year Ending March 31, 2022
Calbee, Inc. | February 1, 2022 |
Stock exchange listings: Tokyo 1st section, code number 2229 | |
URL: https://www.calbee.co.jp/en/ | Contact: Koichi Kikuchi |
Senior Managing Director & CFO | |
Telephone: +81-3-5220-6222 |
Representative: Shuji Ito, President & CEO, Representative Director
Scheduled date for submission of the third quarter financial report: February 10, 2022
Scheduled date for distribution of dividends: --
Availability of supplementary explanatory material for the third quarter results: Available
Quarterly results presentation meeting: Yes (conference call for institutional investors and analysts)
- Consolidated results for the first nine months (April 1, 2021 to December 31, 2021) of the fiscal year ending March 31, 2022
(1) Consolidated Operating Results | Millions of yen, rounded down | |||||
Nine months ended | Nine months ended | |||||
December 31, 2020 | December 31, 2021 | |||||
% change | % change | |||||
............................................................Net sales | 201,203 | 4.7 | 185,470 | - | ||
Operating profit................................................... | 21,841 | (0.2) | 20,885 | (4.4) | ||
Ordinary profit..................................................... | 21,401 | (1.7) | 21,570 | 0.8 | ||
Profit attributable to owners of parent................. | 14,048 | (4.3) | 14,701 | 4.7 | ||
Earnings per share (¥)........................................ | 105.11 | 110.23 | ||||
Earnings per share (diluted) (¥).......................... | - | - |
Notes: 1. The percentages shown above are a comparison with the same period in the previous fiscal year.
- Comprehensive income: Nine months ended December 31, 2021: ¥15,818 million (8.7%) Nine months ended December 31, 2020: ¥14,555 million (0.5%)
- As the Company applied the "Accounting Standard for Revenue Recognition" (Business Accounting Standards No. 29) from the beginning of the fiscal year ending March 2022, the percentage change in net sales from the same period of the previous fiscal year is not shown. Assuming that the same accounting standard as before was applied to sales for the third quarter of the fiscal year ending March 2022, the percentage of change from the same period of the previous fiscal year is 4.3%, excluding the impact of the application of this accounting standard.
(2) Consolidated Financial Position | Millions of yen, rounded down | ||
As of March 31, 2021 | As of December 31, 2021 | ||
Total assets........................................................ | 238,978 | 237,154 | |
Net assets .......................................................... | 182,740 | 183,141 | |
Shareholders' equity/total assets (%) ................. | 73.4 | 73.9 | |
Shareholders' equity: As of December 31, 2021: ¥175,355 million | |||
As of March 31, 2021: ¥175,369 million | |||
2) Dividends | |||
Yen | |||
FY ended | FY ending | ||
March 31, 2021 | March 31, 2022 (forecast) | ||
Interim period per share ..................................... | 0.00 | 0.00 | |
Year-end dividend per share .............................. | 50.00 | 52.00 | |
Annual dividend per share.................................. | 50.00 | 52.00 |
Note: Changes from the most recently announced dividend forecast: None
3) Consolidated forecasts for the fiscal year ending March 31, 2022(April 1, 2021 to March 31, 2022)
Millions of yen
Net sales ............................................................ | 243,000 | % change |
- | ||
Operating profit................................................... | 25,500 | (5.8) |
Ordinary profit..................................................... | 26,000 | (5.5) |
Profit attributable to owners of parent................. | 17,500 | (1.0) |
Earnings per share (¥)........................................ | 131.75 |
Notes: 1. The percentages shown above are a comparison with the same period in the previous fiscal year.
- Changes from the most recently announced results forecast: Yes
- As the Company applied the "Accounting Standard for Revenue Recognition" (ASBJ No. 29) from the beginning of the fiscal year ending March 2022, the percentage change in net sales from the previous fiscal year is not shown. Assuming that the same accounting standard as before was applied to sales for the fiscal year ending March 2022, the percentage of change from the previous fiscal year is 3.5%, excluding the impact of the application of this standard.
Page 2 of 16
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: Yes
- 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, 2021: | As of December 31, 2021: | ||
1. | Number of outstanding shares | 133,929,800 shares | 133,929,800 shares |
(including treasury shares) | |||
2. | Number of treasury shares | 289,176 shares | 2,758,326 shares |
Nine months to December | Nine months to December | ||
31, 2020: | 31, 2021: | ||
3. | Average number of shares during the period | 133,656,967 shares | 133,374,659 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 December 31, 2021 and 288,265 of these shares as of March 31, 2021, and the average number of shares excludes 274,118 treasury shares in the nine months to December 31, 2021, and 271,921 treasury shares in the nine months to December 31, 2020.
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, 2022.
- The earnings per share forecast for the fiscal year ending March 31, 2022 is calculated using 132,831,408 shares as the expected average number of shares for the period.
- Calbee, Inc. has scheduled a financial results phone conference for institutional investors and analysts on February 1, 2022. An audio recording of the conference will be made available on our Japanese website after the conference.
Page 3 of 16
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 |
Changes in accounting policy ……………………………………………………………………………. 16
Subsequent events…………………………………………………….................................................. 16
Page 4 of 16
1. Operating results
(1) Summary of business performance
(All comparisons are with the same period of the previous fiscal year, unless stated otherwise.)
Effective from the beginning of the first quarter of the current fiscal year, the Group adopted the "Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29) and changed the method to deduct a portion of selling expenses (rebates, etc.) from sales, which was previously recorded in selling, general and administrative expenses. Net sales (by business, by product, and by region) and operating margin are compared and analyzed year-on-year, excluding the impact of the adoption of accounting standards. For more information on this change, please refer to ""Changes in accounting policy" in "(4) Notes to Consolidated Financial Statements" .
Net sales during the nine-month period of the current fiscal year totaled ¥185,470 million. Growth in overseas business led to an increase of 4.3% excluding the impact of the adoption of revenue recognition standards. In the domestic business, sales of Jagarico and products with new value such as bean-based snack Miino grew, but sales of Potato Chips declined due to the impact of smaller potato harvest. As a result, sales remained flat from the same period of previous fiscal year. In the overseas business, sales increased due to growth in sales of snacks in all regions.
Operating profit decreased 4.4% to ¥20,885 million, due to a sharp rise in the prices of raw materials such as cooking oil. Operating margin was 11.3%, decrease 0.9 percentage points from the same period of previous fiscal year excluding the impact of the adoption of revenue recognition standards. Ordinary profit increased 0.8% to ¥21,570 million due to the recording of foreign exchange gains and other factors. Profit attributable to owners of parent increased 4.7% to ¥14,701 million due to the recognition of gain on forgiveness of debt (gain on forgiveness of payroll protection program loans in the U.S.).
Results by business are as follows.
Millions of yen, rounded down | ||||
Q3 FY ended | Q3 FY ending | |||
March 31, 2021 | March 31, 2022 | |||
Amount | Amount | Growth (%) | ||
Domestic production and sale of | 161,038 | 162,317 | +0.8 | |
snack and other foods business | ||||
Domestic snack foods | 132,028 | 134,869 | +2.2 | |
Domestic cereals | 21,621 | 18,896 | -12.6 | |
Domestic others | 7,388 | 8,551 | +15.7 | |
Overseas production and sale of | 40,164 | 47,506 | +18.3 | |
snack and other foods business | ||||
Subtotal | 201,203 | 209,823 | +4.3 | |
Deduction of rebates, etc. | - | -24,352 | - | |
Production and sale of snack and | 201,203 | 185,470 | - | |
other foods business Total | ||||
Page 5 of 16
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Calbee Inc. published this content on 01 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 February 2022 05:31:04 UTC.