Fujimori Kogyo : Summary of Consolidated Financial Results for the Three Months Ended June 30, 2021

Translation

Notice: This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the event of any discrepancy between this translated document and the original Japanese document, the latter shall prevail.

Summary of Consolidated Financial Results for the Three Months Ended June 30, 2021

(Based on Japanese GAAP)

August 10, 2021

Company name

FUJIMORI KOGYO CO., LTD.

Stock exchange listing

Tokyo

Stock Code

7917

URL https://www.zacros.co.jp/

Representative

President & CEO

Eishi Fuyama

Inquiries

Senior Executive Officer in Charge of Administration

Michihiko Sato

TEL [phone]

Scheduled date to file Quarterly Securities Report

August 13, 2021

Scheduled date to commence dividend payments

―

Preparation of supplementary material on quarterly earnings

none

Holding of quarterly earnings performance review

none

(Amounts less than one million yen are rounded down)

1. Consolidated financial results for the three months ended June 30, 2021 (from April 1, 2021 to June 30, 2021)

(1) Consolidated operating results (cumulative)

(Percentages indicate year-on-year changes)

Net sales

Operating income

Ordinary income

Net income attributable

to owners of parent

Millions of yen

%

Millions of yen

%

Millions of yen

% Millions of yen

%

Three months ended June 30, 2021

31,220

6.4

3,398

7.9

3,565

9.5

2,400

9.7

Three months ended June 30, 2020

29,353

2.6

3,150

20.8

3,256

21.8

2,187

27.9

Note: Comprehensive income Three months ended June 30, 2021

¥3,114 million[137.0%]

Three months ended June 30, 2020

¥1,314 million [(31.0)%]

Net income

Diluted net income

per share

per share

Yen

Yen

Three months ended June 30, 2021

126.08

124.46

Three months ended June 30, 2020

114.92

113.52

(2) Consolidated financial position

Total assets

Net assets

Equity ratio

Net assets per share

Millions of yen

Millions of yen

%

Yen

As of June 30, 2021

121,391

80,275

61.5

3,914.66

As of March 31, 2021

117,393

77,941

61.8

3,811.40

Reference: Equity

As of June 30, 2021

¥74,639 million

As of March 31, 2021

¥72,539 million

2. Cash dividends

Annual dividends

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Total

Yen

Yen

Yen

Yen

Yen

Year ended March 31, 2021

-

35.00

-

40.00

75.00

Year ending March 31, 2022

-

Year ending March 31, 2022 (Forecast)

40.00

-

40.00

80.00

Note: Revisions to the forecasts of cash dividends most recently announced: none

3. Forecast of consolidated financial results for the year ending March 31, 2022 (from April 1, 2021 to March 31, 2022)

(Percentages indicate year-on-year changes)

Net sales

Operating income

Ordinary income

Net income attributable

Net income

to owners of parent

per share

Millions of yen

% Millions of yen

% Millions of yen

% Millions of yen

%

Yen

Full year

120,000

2.3

10,300

0.1

10,500

(2.0)

7,000

(3.8)

367.28

Note: Revisions to the forecasts most recently announced: none

*Notes

(1) Changes in significant subsidiaries during the three months ended June 30, 2021

(changes in specified subsidiaries resulting in change in scope of consolidation):

none

(2) Application of special accounting for preparing quarterly consolidated financial statements:

none

(3) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements after error corrections

a. Changes in accounting policies due to revisions to accounting standards and other regulations:	yes
b. Changes in accounting policies due to other reasons:	none
c. Changes in accounting estimates:	none
d. Restatement of prior period financial statements after error corrections:	none

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

	As of June 30, 2021	19,267,760 shares	As of March 31, 2021	19,267,760 shares
b. Number of treasury shares at the end of the period
	As of June 30, 2021	201,031 shares	As of March 31, 2021	235,631 shares
c. Average number of shares during the period (cumulative from the beginning of the fiscal year)
	Three months ended June 30, 2021	19,035,931 shares	Three months ended June 30, 2020	19,032,218 shares

• Quarterly financial results reports are exempt from quarterly reviews conducted by certified public accountants or an audit corporation.
• Proper use of earnings forecasts, and other special matters
  The above forecasts of consolidated financial results are based on information currently available to the Company and on certain assumptions deemed to be reasonable. However, the Company makes no guarantee that these forecasts will be achieved. Consequently, actual business and other results may differ substantially due to various factors.

1. Quarterly consolidated financial statements

(1) Quarterly consolidated balance sheets

		(Millions of yen)
	As of March 31, 2021	As of June 30, 2021
Assets
Current assets
Cash and deposits	8,980	9,328
Notes and accounts receivable - trade	33,520	-
Notes and accounts receivable - trade, and contract	-	35,333
assets
Securities	15,297	16,098
Merchandise and finished goods	5,279	5,690
Work in process	1,645	1,675
Raw materials and supplies	3,804	4,143
Other	2,324	1,781
Allowance for doubtful accounts	(43)	(50)
Total current assets	70,809	74,000
Non-current assets
Property, plant and equipment
Buildings and structures	42,450	43,042
Accumulated depreciation	(25,037)	(25,502)
Buildings and structures, net	17,412	17,540
Machinery, equipment and vehicles	58,405	59,599
Accumulated depreciation	(49,665)	(50,552)
Machinery, equipment and vehicles, net	8,739	9,047
Tools, furniture and fixtures	7,706	7,884
Accumulated depreciation	(6,547)	(6,711)
Tools, furniture and fixtures, net	1,159	1,172
Land	8,130	8,229
Construction in progress	2,306	2,769
Other	891	960
Accumulated depreciation	(309)	(353)
Other, net	582	607
Total property, plant and equipment	38,330	39,366
Intangible assets
Goodwill	283	285
Other	777	804
Total intangible assets	1,061	1,090
Investments and other assets
Investment securities	5,717	5,528
Deferred tax assets	703	653
Other	812	783
Allowance for doubtful accounts	(41)	(30)
Total investments and other assets	7,191	6,933
Total non-current assets	46,583	47,391
Total assets	117,393	121,391

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		(Millions of yen)
	As of March 31, 2021	As of June 30, 2021
Liabilities
Current liabilities
Notes and accounts payable - trade	21,763	24,009
Short-term loans payable	1,643	867
Accounts payable - other	3,455	5,030
Income taxes payable	1,915	1,120
Provision for bonuses	1,484	810
Provision for directors' bonuses	185	48
Other	1,567	1,826
Total current liabilities	32,014	33,713
Non-current liabilities
Long-term loans payable	1,075	1,050
Deferred tax liabilities	312	177
Net defined benefit liability	4,599	4,645
Provision for directors' retirement benefits	576	575
Other	873	953
Total non-current liabilities	7,436	7,402
Total liabilities	39,451	41,116
Net assets
Shareholders' equity
Capital stock	6,600	6,600
Capital surplus	6,454	6,451
Retained earnings	57,358	58,997
Treasury shares	(502)	(429)
Total shareholders' equity	69,910	71,619
Accumulated other comprehensive income
Valuation difference on available-for-sale securities	2,175	2,043
Foreign currency translation adjustment	425	946
Remeasurements of defined benefit plans	27	29
Total accumulated other comprehensive income	2,628	3,019
Subscription rights to shares	523	466
Non-controlling interests	4,878	5,169
Total net assets	77,941	80,275
Total liabilities and net assets	117,393	121,391

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1. Quarterly consolidated statements of income (cumulative) and quarterly consolidated statements of comprehensive income (cumulative)
   (Quarterly consolidated statements of income (cumulative))

		(Millions of yen)
	Three months ended	Three months ended
	June 30, 2020	June 30, 2021
Net sales	29,353	31,220
Cost of sales	22,375	23,765
Gross profit	6,977	7,455
Selling, general and administrative expenses	3,827	4,056
Operating income	3,150	3,398
Non-operating income
Interest income	21	16
Dividend income	30	37
Insurance and dividend income	0	4
Foreign exchange gains	5	72
Subsidy income	-	0
Income from recycling	14	19
Other	50	30
Total non-operating income	122	181
Non-operating expenses
Interest expenses	6	5
Sales discounts	8	8
Other	1	0
Total non-operating expenses	16	14
Ordinary income	3,256	3,565
Extraordinary income
Gain on sales of non-current assets	0	3
Gain on sales of investment securities	-	0
Total extraordinary income	0	3
Extraordinary losses
Loss on sales of non-current assets	-	0
Loss on retirement of non-current assets	1	5
Total extraordinary losses	1	6
Income before income taxes	3,255	3,562
Income taxes - current	1,079	993
Income taxes - deferred	(166)	(21)
Total income taxes	913	972
Net income	2,341	2,590
Net income attributable to non-controlling interests	154	190
Net income attributable to owners of parent	2,187	2,400

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