Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.
Flash Report for the First Quarter Period Ended June 30, 2023
(based on Japan GAAP) (on a consolidated basis)
August 9, 2023
Name of the listed company: Fuji Seal International, Inc.
Code No.: 7864 Stock exchange: Tokyo
URL: http://www.fujiseal.com
Representative: Shigeko Okazaki, President and CEO
Contact: Akikazu Yada, Executive Officer in charge of Finance, CFO TEL 06-6350-1080
Scheduled date for submission of Quarterly Report: August 10, 2023
Scheduled date for initiation of dividend payments: -
Prepared supplementary presentation material on quarterly results: Yes
Held quarterly results briefing: None
* All amounts are rounded down to the nearest million yen.
1. Consolidated Results for the First Quarter Period Ended June 30, 2023 (April 1, 2023 to June 30, 2023)
(1) Consolidated operating results | (¥ million) (%: year on year change) | |||||||
Net sales | Operating income | Ordinary income | Net income attributable | |||||
to owners of the parent | ||||||||
1st quarter ended June 30, 2023 | ¥ 47,015 | 7.5% | ¥2,833 | 7.4% | ¥3,708 | 27.5% | ¥2,445 | 32.1% |
1st quarter ended June 30, 2022 | 43,739 | 0.1 | 2,638 | (41.2) | 2,909 | (35.8) | 1,851 | (33.1)% |
Note: Comprehensive income | ||||||||
1st quarter ended June 30, 2023: ¥3,346 million [(38.2)%] | ||||||||
1st quarter ended June 30, 2022: ¥5,414 million [16.1%] | ||||||||
Earnings per share (¥) | Diluted EPS (¥) | |||||||
1st quarter ended June 30, 2023 | ¥44.65 | ¥ - | ||||||
1st quarter ended June 30, 2022 | 33.82 | - |
(2) Consolidated financial position | (¥ million) | |||
Total assets | Net assets | Equity ratio | Net assets per share (¥) | |
As of June 30, 2023 | ¥185,207 | ¥122,932 | 66.4% | ¥2,244.50 |
As of March 31, 2023 | 180,004 | 120,571 | 67.0 | 2,201.40 |
Reference: Owners' equity | ||||
As of June 30, 2023: ¥122,932 million | ||||
As of March 31, 2023: ¥120,571 million |
2. Dividends
Cash dividends per share (¥) | |||||||||
Quarter-end | Year-end | Annual | |||||||
1st | 2nd | 3rd | |||||||
Year ended March 31, 2023 | - | ¥17.00 | - | ¥18.00 | ¥35.00 | ||||
Year ending March 31, 2024 | - | ||||||||
Year ending March 31, 2024 (forecast) | 17.00 | - | 18.00 | 35.00 |
Note: Revisions to the most recently disclosed dividend payment forecasts: None
3. Business Performance Forecasts for the Year Ending March 31, 2024 (April 1, 2023 to March 31, 2024)
(¥ million) (%: year on year change)
Net income | Earnings | |||||
Net sales | Operating income | Ordinary income | attributable to | |||
per share (¥) | ||||||
owners of the parent | ||||||
Full term | ¥191,000 3.8% | ¥10,600 29.4% | ¥10,300 22.2% | ¥6,200 | (9.7)% | ¥113.20 |
Note: Revisions to the most recently disclosed business performance forecasts: None |
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4. Notes
(1) Changes in significant subsidiaries during the period
(changes in specified subsidiaries resulting in changes in scope of consolidation): None
New: - (Company name:-) Excluded: - (Company name:-)
- Application of specific accounting treatment to the preparation of quarterly consolidated financial statements: None
- Changes in accounting policies, changes in accounting estimates, and restatements
- Changes in accounting policies due to revisions to accounting standards, etc.: None
- Changes in accounting policies other than 1.: None
- Changes in accounting estimates: None
- Restatements: None
- Number of ordinary shares issued at the end of the period
- Number of shares issued at the end of the period (including treasury shares)
- Number of treasury shares at the end of the period
- Average number of shares during the period (cumulative from the beginning of the fiscal year)
As of June 30, 2023 | 60,161,956 | As of March 31, 2023 | 60,161,956 |
shares | shares | ||
As of June 30, 2023 | 5,391,456 | As of March 31, 2023 | 5,391,436 |
shares | shares | ||
As of June 30, 2023 | 54,770,515 | As of June 30, 2022 | 54,750,065 |
shares | shares | ||
Notes
- Flash Reports (quarterly financial reports) are not reviewed by certified public accountants or auditing companies.
-
Explanations concerning the appropriate use of business performance forecasts and other special notes
This report contains business performance forecasts and other forward-looking statements based on data currently available to the Company as well as certain assumptions judged by the Company to be reasonable. The Company offers no assurance that its business performance forecasts and other forward-looking statements will be achieved. Actual financial results may differ significantly from expectations due to a variety of factors. Please refer to page 5 "(3) Information Regarding Business Performance Forecasts" under "1. Qualitative Information for the First Quarter Ended June 30, 2023 (Consolidated Basis)" for details on assumptions for business performance forecasts and cautionary matters regarding the use of business performance forecasts.
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1. Qualitative Information for the First Quarter Ended June 30, 2023 (Consolidated Basis)
(1) Overview of Consolidated Operating Results
For the first quarter of fiscal 2023 (the fiscal year ending March 31, 2024), net sales at Fuji Seal International, Inc. came to ¥47,015 million (up 7.5% year on year), operating income was ¥2,833 million (up 7.4%), and ordinary income totaled ¥3,708 million (up 27.5%). Net income attributable to owners of the parent was ¥2,445 million (up 32.1%).
(¥ million)
1st quarter ended | 1st quarter ended | Change | |
June 30, 2022 | June 30, 2023 | ||
Net sales | 43,739 | 47,015 | 7.5% |
Operating income | 2,638 | 2,833 | 7.4% |
Ordinary income | 2,909 | 3,708 | 27.5% |
Net income attributable to | 1,851 | 2,445 | 32.1% |
owners of the parent | |||
Average exchange rate vs | 116.34 | 132.42 | 13.8% |
US dollar (yen) | |||
Average exchange rate vs | 130.40 | 142.16 | 9.0% |
euro (yen) | |||
The following is a breakdown of business performance by segment.
(¥ million) | |||||||||||
1st quarter ended | 1st quarter ended | Change | Change in local | ||||||||
June 30, 2022 | June 30, 2023 | currency terms | |||||||||
Japan | |||||||||||
Shrink Sleeve Labels | 12,889 | 13,398 | 4.0% | - | |||||||
Pressure Sensitive Labels | 2,534 | 2,135 | (15.7)% | - | |||||||
Spouted Pouches | 5,099 | 5,472 | 7.3% | - | |||||||
Machinery | 477 | 1,152 | 141.4% | - | |||||||
Other | 2,816 | 3,068 | 9.0% | - | |||||||
Total sales | 23,817 | 25,228 | 5.9% | - | |||||||
Operating income | 2,417 | 2,357 | (2.5)% | - | |||||||
Americas | |||||||||||
Shrink Sleeve Labels | 9,315 | 10,103 | 8.5% | (4.7)% | |||||||
Pressure Sensitive Labels | 377 | 505 | 33.9% | 17.6% | |||||||
Spouted Pouches | 69 | 77 | 10.1% | (3.2)% | |||||||
Machinery | 1,196 | 1,305 | 9.1% | (4.1)% | |||||||
Other | 270 | 183 | (32.1)% | (40.3)% | |||||||
Total sales | 11,229 | 12,175 | 8.4% | (4.7)% | |||||||
Operating income | 823 | 368 | (55.3)% | (60.7)% | |||||||
Europe | |||||||||||
Shrink Sleeve Labels | 3,377 | 4,335 | 28.4% | 17.8% | |||||||
Pressure Sensitive Labels | 1,393 | 1,602 | 15.0% | 5.5% | |||||||
Spouted Pouches | 20 | - | - | - | |||||||
Machinery | 1,958 | 1,205 | (38.5)% | (43.5)% | |||||||
Total sales | 6,749 | 7,143 | 5.8% | (2.9)% | |||||||
Operating income (loss) | (345) | (54) | - | - | |||||||
ASEAN | |||||||||||
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Shrink Sleeve Labels | 2,102 | 2,130 | 1.3% | (11.0)% | |
Pressure Sensitive Labels | 46 | 48 | 6.1% | (6.8)% | |
Spouted Pouches | 1,948 | 2,112 | 8.4% | (4.7)% | |
Machinery | 74 | 38 | (48.2)% | (54.5)% | |
Other | 46 | 22 | (51.8)% | (57.7)% | |
Total sales | 4,218 | 4,352 | 3.2% | (9.4)% | |
Operating income (loss) | (173) | 82 | - | - | |
Japan
Sales of shrink sleeve labels increased 4.0% year on year to ¥13,398 million. Sales of pressure sensitive labels decreased 15.7% to ¥2,135 million. Sales of spouted pouches increased 7.3% to ¥5,472 million. Machinery sales rose 141.4% to ¥1,152 million. Sales of other products increased 9.0% to ¥3,068 million.
As a result, total sales in Japan came to ¥25,228 million (up 5.9% year on year). On the earnings front, operating income declined 2.5% to ¥2,357 million.
Americas
Sales of shrink sleeve labels increased 8.5% (down 4.7% on a local currency basis) to ¥10,103 million. Sales of pressure sensitive labels increased 33.9% (up 17.6% on a local currency basis) to ¥505 million. Sales of spouted pouches increased 10.1% (down 3.2% on a local currency basis) to ¥77 million. Machinery sales rose 9.1% (down 4.1% on a local currency basis) to ¥1,305 million. Sales of other products declined 32.1% (down 40.3% on a local currency basis) to ¥183 million.
As a result, total sales in the Americas increased 8.4% (down 4.7% on a local currency basis) to ¥12,175 million. On the earnings front, operating income declined 55.3% (down 60.7% on a local currency basis) to ¥368 million.
Europe
Sales of shrink sleeve labels increased 28.4% (up 17.8% on a local currency basis) to ¥4,335 million. Sales of pressure sensitive labels increased 15.0% (up 5.5% on a local currency basis) to ¥1,602 million. Machinery sales declined 38.5% (down 43.5% on a local currency basis) to ¥1,205 million.
As a result, total sales in Europe increased 5.8% (down 2.9% on a local currency basis) to ¥7,143 million. On the earnings front, operating loss of ¥54 million was recorded (operating loss of ¥345 million in the corresponding period of the previous fiscal year).
ASEAN
Sales of shrink sleeve labels increased 1.3% (down 11.0% on a local currency basis) to ¥2,130 million. Sales of pressure sensitive labels increased 6.1% (down 6.8% on a local currency basis) to ¥48 million. Sales of spouted pouches increased 8.4% (down 4.7% on a local currency basis) to ¥2,112 million. Machinery sales declined 48.2% (down 54.5% on a local currency basis) to ¥38 million. Sales of other products declined 51.8% (down 57.7% on a local currency basis) to ¥22 million.
As a result, total sales in ASEAN increased 3.2% (down 9.4% on a local currency basis) to ¥4,352 million. On the earnings front, operating income of ¥82 million was recorded (operating loss of ¥173 million in the corresponding period of the previous fiscal year).
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Overview of Financial Condition Assets, Liabilities and Net Assets
At the end of the first quarter ended June 30, 2023, total assets had increased ¥5,202 million compared with the previous fiscal year-end to ¥185,207 million.
The main factors were a ¥1,969 million increase in notes and accounts receivable (including electronically recorded monetary claims), a ¥900 million increase in tangible fixed assets, and a ¥1,056 million increase in goodwill.
Total liabilities were up ¥2,842 million compared to the previous fiscal year-end to ¥62,274 million.
The main factors were a ¥2,459 million increase in notes and accounts payable (including electronically recorded monetary obligations) and a ¥1,596 million decrease in borrowings.
Total net assets were up ¥2,360 million compared to the previous fiscal year-end to ¥122,932 million. This mainly reflected a ¥1,459 million increase in retained earnings and a ¥968 million increase in foreign currency translation adjustments.
Cash Flows
Net cash provided by operating activities for the first quarter ended June 30, 2023 was ¥5,456 million (compared with net cash of ¥2,615 million provided in the corresponding period of the previous fiscal year). The main items increasing cash were the posting of income before income taxes of ¥3,692 million and depreciation and amortization of ¥1,934 million, along with a ¥2,265 million increase in notes and accounts payable, while the main items decreasing cash were a ¥1,571 million increase in notes and accounts receivable, and ¥1,860 million in income taxes paid.
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Net cash used in investing activities amounted to ¥3,320 million (compared with net cash of ¥3,467 million used in the corresponding period of the previous fiscal year). This was due primarily to ¥1,988 million used in purchase of tangible fixed assets and ¥1,204 million used in purchase of shares of subsidiaries resulting in change in scope of consolidation.
Net cash used in financing activities was ¥2,603 million (compared with net cash of ¥4,065 million used in the corresponding period of the previous fiscal year). This was due primarily to a ¥1,509 million decrease in borrowings and ¥985 million in cash dividends paid.
As a result, cash and cash equivalents at the end of the first quarter ended June 30, 2023 had increased ¥287 million from the previous fiscal year-end to ¥17,635 million.
(3) Information Regarding Business Performance Forecasts
The Company's full-year consolidated business performance forecast for the fiscal year ending March 31, 2024 has not been revised from the forecast announced on May 11, 2023.
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Fuji Seal International Inc. published this content on 22 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 August 2023 08:09:03 UTC.