Translation-Original text in Japanese
Consolidated Financial Results for the Fiscal Year Ended March 31, 2023
(Under Japanese GAAP)
April 28, 2023 | |||
Company name: | CHORI CO., LTD. | Listing: | Tokyo Stock Exchange (Prime) |
Securities code: | 8014 | URL: | https://www.chori.co.jp |
Representative: | Kazuo Sakihama, President, CEO & COO | ||
Inquiries: | Yasutaka Kawamura, Manager of Corporate Management Dept. | ||
Telephone: | +81-3-5781-6201 |
Scheduled date of annual general meeting of shareholders: | June 16, 2023 |
Scheduled date to commence dividend payments: | June 1, 2023 |
Scheduled date to file annual securities report: | June 19, 2023 |
Preparation of supplementary materials on financial results: | Yes |
Holding of financial results briefing: | Yes (for institutional investors and analysts) |
(Amounts are rounded down to the nearest million yen) |
1. Consolidated Financial Results for the Fiscal Year Ended March 31, 2023 (from April 1, 2022 to March 31, 2023)
(1) Consolidated operating results
(Percentages indicate year-on-year changes)
Net sales | Operating profit | Ordinary profit | Net profit attributable | |||||||
to owners of parent | ||||||||||
Fiscal year ended | Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | ||
Mar. 31, 2023 | 329,389 | 15.9 | 12,656 | 35.7 | 12,437 | 21.1 | 8,124 | 19.3 | ||
Mar. 31, 2022 | 284,096 | 31.4 | 9,328 | 154.6 | 10,274 | 120.6 | 6,811 | 446.2 | ||
Note: Comprehensive income | ||||||||||
For the fiscal year ended Mar.31, 2023: 9,397 million yen [15.2%] | ||||||||||
For the fiscal year ended Mar.31, 2022: 8,157 million yen [212.3%] |
Basic earnings | Diluted earnings | Return on equity | Ratio of ordinary | Ratio of operating | |
per share | per share | profit to total assets | profit to net sales | ||
Fiscal year ended | yen | yen | % | % | % |
Mar. 31, 2023 | 330.16 | - | 11.8 | 9.0 | 3.8 |
Mar. 31, 2022 | 276.82 | - | 11.0 | 8.4 | 3.3 |
Reference: Share of profit of entities accounted for using equity method
For the fiscal year ended Mar.31, 2023: 185 million yen
For the fiscal year ended Mar.31, 2022: 295 million yen
(2) Consolidated financial position
Total assets | Net assets | Equity-to-asset ratio | Net assets per share | |
As of | Millions of yen | Millions of yen | % | yen |
Mar. 31, 2023 | 143,200 | 72,158 | 50.4 | 2,932.46 |
Mar. 31, 2022 | 134,121 | 65,096 | 48.5 | 2,643.55 |
Reference: Total Equity |
As of Mar.31, 2023: 72,158 million yen
As of Mar.31, 2022: 65,055 million yen
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(3) Consolidated cash flows
Cash flows from | Cash flows from | Cash flows from | Cash and cash | |
equivalents at end of | ||||
operating activities | investing activities | financing activities | ||
period | ||||
Fiscal year ended | Millions of yen | Millions of yen | Millions of yen | Millions of yen |
Mar. 31, 2023 | 9,596 | (261) | (3,099) | 18,860 |
Mar. 31, 2022 | (2,330) | 197 | (4,015) | 12,024 |
2. Dividends
Annual dividends per share | Total cash | Ratio of | ||||||
Payout ratio | dividends to | |||||||
1st quarter | 2nd quarter | 3rd quarter | Fiscal | Total | dividends | (Consolidated) | net assets | |
year-end | (Consolidated) | |||||||
Fiscal year ended | yen | yen | yen | yen | yen | Millions of yen | % | % |
Mar. 31, 2022 | - | 42.00 | - | 42.00 | 84.00 | 2,067 | 30.3 | 3.3 |
Mar. 31, 2023 | - | 50.00 | - | 55.00 | 105.00 | 2,583 | 31.8 | 3.8 |
Fiscal year ending | - | 58.00 | - | 58.00 | 116.00 | 30.4 | ||
Mar. 31, 2024 (Forecast) | ||||||||
3. Forecast of Consolidated Financial Results for the Fiscal Year Ending March 31, 2024 (from April 1, 2023 to March 31, 2024)
(Percentages indicate year-on-year changes) | |||||||||||
Net profit | Basic earnings | ||||||||||
Net sales | Operating | profit | Ordinary | profit | attributable to | ||||||
per share | |||||||||||
owners of parent | |||||||||||
Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | yen | |||
Full Year | 340,000 | 3.2 | 14,200 | 12.2 | 14,000 | 12.6 | 9,400 | 15.7 | 382.00 | ||
* Notes
(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in changes
in scope of consolidation): | None | ||
Newly included: ― | |||
Excluded: | ― | ||
(2) Changes in accounting policies, changes in accounting estimates and restatements | |||
1. Changes in accounting policies due to the revision of accounting standards, etc.: | None | ||
2. | Changes in accounting policies due to other reasons: | None | |
3. | Changes in accounting estimates: | None | |
4. | Restatements: | None |
(3) | Number of issued shares (common shares) | |||||
1. | Total number of issued shares at the end | As of Mar. 31, 2023 | 25,303,478 shares | As of Mar. 31, 2022 | 25,303,478 shares | |
of the period (including treasury shares) | ||||||
2. | Number of treasury shares at the end of | As of Mar. 31, 2023 | 696,464 shares | As of Mar. 31, 2022 | 694,494 shares | |
the period | ||||||
3. | Average number of shares outstanding | Fiscal year ended | 24,607,482 shares | Fiscal year ended | 24,606,380 shares | |
during the period | Mar. 31, 2023 | Mar. 31, 2022 | ||||
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Reference: Non-consolidated Financial Results
1. Non-consolidated Financial Results for the Fiscal Year Ended March 31, 2023 (from April 1, 2022 to March 31, 2023)
(1) Non-consolidated operating results
(Percentages indicate year-on-year changes)
Net sales | Operating profit | Ordinary profit | Net profit | ||||||||
Fiscal year ended | Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | |||
Mar. 31, 2023 | 163,507 | 11.3 | 7,612 | 23.2 | 10,060 | 24.4 | 7,552 | 26.9 | |||
Mar. 31, 2022 | 146,897 | 21.3 | 6,180 | 6.3 | 8,089 | 268.8 | 5,950 | - |
Basic earnings | Diluted earnings | |
per share | per share | |
Fiscal year ended | yen | yen |
Mar. 31, 2023 | 306.91 | - |
Mar. 31, 2022 | 241.83 | - |
Note: The percentage change of net profit for the fiscal year ended March 31, 2022 against net profit in the fiscal year ended
Note: March 31, 2021 has not been stated because the change is greater than 1,000%.
(2) Non-consolidated financial position
Total assets | Net assets | Equity-to-asset ratio | Net assets per share | ||
As of | Millions of yen | Millions of yen | % | yen | |
Mar. 31, 2023 | 86,639 | 57,601 | 66.5 | 2,340.85 | |
Mar. 31, 2022 | 84,471 | 52,541 | 62.2 | 2,135.07 | |
Reference: Total equity |
As of Mar. 31, 2023: 57,601 million yen
As of Mar. 31, 2022: 52,541 million yen
< Reasons for differences in the non-consolidated financial results from the previous fiscal year >
Net sales totaled 163,507 million yen, an increase of 11.3% against the previous fiscal year, mainly due to strong sales in both the Textiles and Chemicals Business. In terms on profit, ordinary profit totaled 10,060 million yen, an increase of 24.4% and net profit came to 7,552 million yen, an increase of 26.9% against the previous fiscal year due to strong performance in overall chemical products and the accurate response to recovering demand for domestic apparel in the Textiles Business.
*Financial results reports are exempt from audit conducted by certified public accountants or an audit corporation.
* Proper use of earnings forecasts, and other special matters
The forward-looking statements in this document are based on the information available at the time of publication and certain assumptions that the Company judges as rational. Actual financial results may vary significantly due to various reasons. The Company, therefore, wishes to caution that readers should not place undue reliance on forward- looking statements.
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Consolidated financial statements
Consolidated balance sheets
(Unit: Millions of yen) | ||
As of Mar. 31, 2022 | As of Mar. 31, 2023 | |
Assets | ||
Current assets | ||
Cash and deposits | 12,242 | 16,463 |
Deposits paid to subsidiaries and affiliates | - | 2,500 |
Notes and accounts receivable - trade | 74,272 | 77,130 |
Merchandise and finished goods | 17,346 | 19,212 |
Work in process | 1,045 | 831 |
Raw materials and supplies | 4 | 17 |
Goods in transit | 3,704 | 1,967 |
Other | 6,220 | 6,614 |
Allowance for doubtful accounts | (964) | (2,656) |
Total current assets | 113,871 | 122,081 |
Non-current assets | ||
Property, plant and equipment | ||
Buildings and structures | 859 | 847 |
Accumulated depreciation | (546) | (574) |
Buildings and structures, net | 313 | 272 |
Machinery, equipment and vehicles | 2,645 | 2,555 |
Accumulated depreciation | (1,665) | (1,734) |
Machinery, equipment and vehicles, net | 979 | 820 |
Tools, furniture and fixtures | 790 | 813 |
Accumulated depreciation | (579) | (619) |
Tools, furniture and fixtures, net | 210 | 193 |
Construction in progress | 12 | 13 |
Land | 262 | 259 |
Leased assets | 767 | 764 |
Accumulated depreciation | (582) | (404) |
Leased assets, net | 185 | 359 |
Total property, plant and equipment | 1,964 | 1,919 |
Intangible assets | ||
Goodwill | 1,053 | 645 |
Customer-related assets | 993 | 893 |
Other | 401 | 1,316 |
Total intangible assets | 2,449 | 2,855 |
Investments and other assets | ||
Investment securities | 10,616 | 10,766 |
Long-term loans receivable | 1,258 | 1,436 |
Distressed receivables | 6,146 | 6,536 |
Retirement benefit asset | 78 | - |
Deferred tax assets | 692 | 789 |
Other | 3,186 | 3,378 |
Allowance for doubtful accounts | (6,142) | (6,562) |
Total investments and other assets | 15,836 | 16,344 |
Total non-current assets | 20,249 | 21,118 |
Total assets | 134,121 | 143,200 |
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(Unit: Millions of yen) | ||
As of Mar. 31, 2022 | As of Mar. 31, 2023 | |
Liabilities | ||
Current liabilities | ||
Notes and accounts payable - trade | 52,213 | 52,919 |
Short-term borrowings | 4,944 | 4,816 |
Current portion of long-term borrowings | 113 | 113 |
Income taxes payable | 2,028 | 2,387 |
Provision for bonuses | 916 | 927 |
Provision for loss on liquidation of subsidiaries and affiliates | 42 | 42 |
Other | 5,203 | 6,456 |
Total current liabilities | 65,461 | 67,663 |
Non-current liabilities | ||
Long-term borrowings | 245 | 132 |
Deferred tax liabilities | 843 | 797 |
Retirement benefit liability | 2,366 | 2,233 |
Other | 107 | 215 |
Total non-current liabilities | 3,562 | 3,378 |
Total liabilities | 69,024 | 71,041 |
Net assets | ||
Shareholders' equity | ||
Share capital | 6,800 | 6,800 |
Capital surplus | 1,799 | 1,804 |
Retained earnings | 54,804 | 60,634 |
Treasury shares | (689) | (689) |
Total shareholders' equity | 62,714 | 68,549 |
Accumulated other comprehensive income | ||
Valuation difference on available-for-sale securities | 1,221 | 1,392 |
Deferred gains or losses on hedges | 285 | (138) |
Foreign currency translation adjustment | 917 | 2,421 |
Remeasurements of defined benefit plans | (84) | (66) |
Total accumulated other comprehensive income | 2,340 | 3,609 |
Non-controlling interests | 41 | - |
Total net assets | 65,096 | 72,158 |
Total liabilities and net assets | 134,121 | 143,200 |
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Chori Co. Ltd. published this content on 24 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 May 2023 09:04:01 UTC.