May 13, 2021
Summary of Consolidated Financial Results for the Fiscal Year Ended March 31, 2021
[Japanese GAAP] | |||
Company name: | IWAKI CO.,LTD. | Listing: Tokyo Stock Exchange, First Section | |
Stock code: | 6237 | URL: https://www.iwakipumps.co.jp/ | |
Representative: | Shigeru Fujinaka, President | ||
Contact: | Makoto Inoue, Director, Executive Officer, | ||
Senior General Manager of Business Management Head Office | Tel: (81)3-3254-2931 | ||
Scheduled date of Annual General Meeting of Shareholders: June 29, 2021 | |||
Scheduled date of payment of dividend: | June 30, 2021 | ||
Scheduled date of filing of Annual Securities Report: | June 30, 2021 | ||
Preparation of supplementary materials for financial results: | Yes | ||
Holding of financial results meeting: | Yes (for institutional investors and analysts) |
(All amounts are rounded down to the nearest million yen)
1. Consolidated Financial Results for the Fiscal Year Ended March 31, 2021 (April 1, 2020 - March 31, 2021)
(1) Consolidated results of operations | (Percentages represent year-on-year changes) | |||||||||
Net sales | Operating profit | Ordinary profit | Profit attributable | |||||||
to owners of parent | ||||||||||
Million yen | % | Million yen | % | Million yen | % | Million yen | % | |||
Fiscal year ended Mar. 31, 2021 | 28,162 | (1.7) | 1,706 | (19.3) | 2,222 | (13.8) | 2,091 | (1.5) | ||
Fiscal year ended Mar. 31, 2020 | 28,636 | (1.8) | 2,114 | (9.6) | 2,578 | (9.5) | 2,122 | (1.9) |
Note: Comprehensive income (million yen) Fiscal year ended Mar. 31, 2021: | 2,514 | (up 48.5%) | |||||||||
Fiscal year ended Mar. 31, 2020: | 1,693 | (down 19.2%) | |||||||||
Net income per | Diluted net | Return on equity | Ordinary profit | Operating profit | |||||||
share | income per share | on total assets | to net sales | ||||||||
Yen | Yen | % | % | % | |||||||
Fiscal year ended Mar. 31, 2021 | 94.90 | - | 9.7 | 7.1 | 6.1 | ||||||
Fiscal year ended Mar. 31, 2020 | 96.06 | - | 10.5 | 8.5 | 7.4 | ||||||
Reference: Equity in earnings of affiliates (million yen) | Fiscal year ended Mar. 31, 2021: 509 | ||||||||||
Fiscal year ended Mar. 31, 2020: 433 | |||||||||||
(2) Consolidated financial position | |||||||||||
Total assets | Net assets | Capital adequacy ratio | Net assets per share | ||||||||
Million yen | Million yen | % | Yen | ||||||||
As of Mar. 31, 2021 | 32,211 | 22,520 | 69.7 | 1,018.96 | |||||||
As of Mar. 31, 2020 | 30,126 | 20,523 | 68.0 | 930.39 |
Reference: Owner's equity (million yen) | As of Mar. 31, 2021: 22,456 | As of Mar. 31, 2020: 20,492 | |||
(3) Consolidated cash flows | |||||
Cash flows from | Cash flows from | Cash flows from | Cash and cash equivalents | ||
operating activities | investing activities | financing activities | at end of period | ||
Million yen | Million yen | Million yen | Million yen | ||
Fiscal year ended Mar. 31, 2021 | 2,089 | (920) | 149 | 6,936 | |
Fiscal year ended Mar. 31, 2020 | 2,138 | (77) | (1,522) | 5,706 |
2. Dividends
Dividend per share | Total | Dividend | Dividend on | |||||||
payout ratio | equity | |||||||||
1Q-end | 2Q-end | 3Q-end | Year-end | Total | dividends | |||||
(consolidated) | (consolidated) | |||||||||
Yen | Yen | Yen | Yen | Yen | Million yen | % | % | |||
Fiscal year ended Mar. 31, 2020 | - | 13.00 | - | 17.50 | 30.50 | 671 | 31.8 | 3.4 | ||
Fiscal year ended Mar. 31, 2021 | - | 8.00 | - | 21.00 | 29.00 | 639 | 30.6 | 3.0 | ||
Fiscal year ending Mar. 31, 2022 | - | 10.00 | - | 15.50 | 25.50 | 30.4 | ||||
(forecast) | ||||||||||
3. Consolidated Earnings Forecasts for the Fiscal Year Ending March 31, 2022 (April 1, 2021 - March 31, 2022)
(Percentages represent year-on-year changes)
Net sales | Operating profit | Ordinary profit | Profit attributable to | Net income | ||||||||
owners of parent | per share | |||||||||||
Million yen | % | Million yen | % | Million yen | % | Million yen | % | Yen | ||||
First half | 14,824 | 12.6 | 712 | 0.0 | 965 | 3.2 | 815 | (23.7) | 37.26 | |||
Full year | 30,297 | 7.6 | 1,752 | 2.7 | 2,243 | 0.9 | 1,831 | (12.4) | 83.78 |
* Notes
- Changes in consolidated subsidiaries during the period (changes in scope of consolidation): None
- Changes in accounting policies and accounting-based estimates, and restatements
1) | Changes in accounting policies due to revisions in accounting standards, others: None | |
2) | Changes in accounting policies other than 1) above: | None |
3) | Changes in accounting-based estimates: | None |
4) | Restatements: | None |
(3) Number of outstanding shares (common shares)
1) | Number of shares outstanding at the end of the period (including treasury shares) | |||
As of Mar. 31, 2021: | 22,490,910 shares | As of Mar. 31, 2020: | 22,490,910 shares | |
2) | Number of treasury shares at the end of the period | |||
As of Mar. 31, 2021: | 451,856 shares | As of Mar. 31, 2020: | 465,389 shares | |
3) Average number of shares outstanding during the period | ||||
Fiscal year ended Mar. 31, 2021: | 22,035,190 shares | Fiscal year ended Mar. 31, 2020: | 22,096,699 shares |
Reference: Summary of Non-consolidated Financial Results Non-consolidated Financial Results for the Fiscal Year Ended March 31, 2021 (April 1, 2020 - March 31, 2021)
(1) Non-consolidated results of operations | (Percentages represent year-on-year changes) | ||||||||||||
Net sales | Operating profit | Ordinary profit | Profit | ||||||||||
Million yen | % | Million yen | % | Million yen | % | Million yen | % | ||||||
Fiscal year ended Mar. 31, 2021 | 22,293 | (1.7) | 1,237 | (14.0) | 1,870 | (8.1) | 1,500 | (15.7) | |||||
Fiscal year ended Mar. 31, 2020 | 22,675 | (5.2) | 1,439 | (17.4) | 2,035 | (12.4) | 1,780 | (1.4) | |||||
Net income per share | Diluted net income per share | ||||||||||||
Yen | Yen | ||||||||||||
Fiscal year ended Mar. 31, 2021 | 68.09 | - | |||||||||||
Fiscal year ended Mar. 31, 2020 | 80.58 | - | |||||||||||
(2) Non-consolidated financial position | |||||||||||||
Total assets | Net assets | Equity ratio | Net assets per share | ||||||||||
Million yen | Million yen | % | Yen | ||||||||||
As of Mar. 31, 2021 | 27,529 | 18,197 | 66.1 | 825.68 | |||||||||
As of Mar. 31, 2020 | 26,076 | 17,227 | 66.1 | 782.16 | |||||||||
Reference: Shareholders' equity (million yen): | As of Mar. 31, 2021: 18,197 | As of Mar. 31, 2020: | 17,227 |
- The current financial report is not subject to audit by certified public accountants or auditing firms.
-
Cautionary statement with respect to forward-looking statements Note concerning forward-looking statements
Forecasts of future performance in these materials are based on assumption judged to be v alid and information available to Iwaki's management at the time the materials were prepared, but are not promises by Iwaki regarding future performance. Actual results may differ materially from the forecasts. Please refer to "1. Overview of Results of Op erations, (1) Results of
Operations, 2) Outlook" on page 2 for forecast assumptions and notes of caution for usage.
How to view supplementary materials for the financial results
Iwaki plans to hold a financial results meeting for institutional investors and analysts on May 31, 2021. Materials to be distributed at this event will be available on the Company's website in advance.
IWAKI CO.,LTD. (6237) Financial Results for FY3/21 | ||
Contents of Attachments | ||
1. Overview of Results of Operations | 2 | |
(1) | Results of Operations | 2 |
(2) | Financial Position | 3 |
2. Basic Approach to the Selection of Accounting Standards | 4 | |
3. Consolidated Financial Statements and Notes | 5 | |
(1) | Consolidated Balance Sheet | 5 |
(2) | Consolidated Statements of Income and Comprehensive Income | 7 |
Consolidated Statement of Income | 7 | |
Consolidated Statement of Comprehensive Income | 8 | |
(3) | Consolidated Statement of Changes in Equity | 9 |
(4) | Consolidated Statement of Cash Flows | 11 |
(5) | Notes to Consolidated Financial Statements | 13 |
Going Concern Assumption | 13 | |
Reclassifications | 13 | |
Segment and Other Information | 13 | |
Per Share Information | 14 | |
Subsequent Events | 15 |
1
IWAKI CO.,LTD. (6237) Financial Results for FY3/21
1. Overview of Results of Operations
(1) Results of Operations
1) Operating results for the current fiscal year
In the fiscal year that ended on March 31, 2021, the COVID-19 pandemic triggered a steep global economic downturn in the first half because of restrictions on economic activity. Although economic activity began to resume as the severity of this crisis declined, uncertainty caused by COVID-19 about the global economy continued in the second half of the fiscal year. In Japan, economic activity resumed after the state of emergency ended in May 2020 and capital expenditures began to recover. However, the outlook remains unclear as progress with containing the pandemic is followed by setbacks.
In Japan, Iwaki took many actions based on the core policy of "winning by improving customer satisfaction." Overseas, there were activities encompassing 21 affiliated companies in 15 countries to increase sales. To improve its corporate value, the Iwaki Group will continue to accelerate the implementation of various measures for achieving numerical targets of the Iwaki Group 10 -year vision of net sales of 40 billion yen and an operating margin of 10% in the fiscal year ending on March 31, 2025 .
In addition, in order to fulfil our responsibility to provide for the needs of our customers, the Iwaki Group will continue to supply products while taking various actions, such as the use of teleworking. Furthermore, the Iwaki Group will implement procedures to prevent infection both inside and outside the company, in response to demands to control the spread of COVID -19.
Sales were higher than one year earlier in the semiconductor/liquid crystal and surface treatment equipment markets. However, sales were lower in other market se ctors, primarily the medical equipment market, where COVID-19 held down capital expenditures.
Sales in Japan decreased 3.9% from one year earlier to 16,686 million yen as a result of sluggish sales in the medical equipment market throughout the fiscal year. Overseas, sales are recovering but the impact of the COVID-19 pandemic was significant in the first half. As a result, sales in the United States fell 13.4% to 3,543 million yen. In Europe, while affected by the pandemic as in the United States, sales increased because of the inclusion beginning in the third quarter of the newly consolidated subsidiary Iwaki Nordic A/S and its subsidiaries Iwaki Suomi Oy, Iwaki Norge AS and Iwaki Sverige AB. As a result, sales in Europe increased 11.0% to 2,963 million yen. In Asia, demand in the semiconductor/liquid crystal and surface treatment equipment markets in Taiwan and South Korea remained strong, but sales decreased because of the COVID -19 pandemic, primarily the impact of this crisis on the water treatment mark et in Singapore. As a result, sales were 2,186 million yen (down 3.6% year-on-year). Sales in China were up 45.2% to 1,768 million yen because demand in the semiconductor/liquid crystal and medical equipment markets remained strong.
By product category, sales in the core metering pump category remained steady. In the magnetic drive pump category, although sales returned to the pre -crisis level in the fourth quarter, fiscal year sales were weak mainly because of restrictions on customer visits for sales activities. Sales of pneumatic drive pumps for the semiconductor/liquid crystal market remained strong.
As a result, consolidated net sales decreased 1.7% to 28,162 million yen.
Earnings were affected by lower sales and higher SG&A expenses. Operating profit decreased 19.3% to 1,706 million yen and ordinary profit decreased 13.8% to 2,222 million yen. Profit attributable to owners of parent decreased 1.5% to 2,091 million yen.
There is no business segment information because chemical pumps are the only business of the Iwaki Group.
2) Outlook
Although the outlook for the impact of the COVID -19 pandemic on the economy is unclear, we forecast higher sales in the fiscal year ending in March 2022 because of the recovery in capital expenditures and the growth in orders for the products of the Iwaki Group.
2
IWAKI CO.,LTD. (6237) Financial Results for FY3/21
While continuing to focus on the theme of "winning by improving customer satisfaction," we will use many activities in Japan for meeting the demand for product replacement and maintenance services. Overseas, we will create even closer ties with affiliated companies with the goal of more growth in overseas markets.
Based on this outlook, we forecast a 7.6% increase in consolidated sales to 30,297 million yen, a 2.7% increase in operating profit to 1,752 million yen, a 0.9% increase in ordinary profit to 2,243 million yen, and a 12.4% decrease in profit attributable to owners of parent to 1,831 million yen in the fiscal year ending on March 31, 2022.
These projections are based on information available at the time this report was released. Actual results may differ from projections due to a variety of factors.
(2) Financial Position
- Assets, liabilities and net assets Assets
The balance of current assets at the end of the current fiscal year was 22,724 million yen, up 1,188 million yen from the end of the previous fiscal year. This was mainly due to increases of 1,090 million yen in cash and deposits and 312 million yen in merchandise and finished goods, while there was a decrease of 203 million yen in raw materials and supplies. The balance of non-current assets was 9,486 million yen at the end of the current fiscal year, up 896 million yen from the end of the previous fiscal year. This was mainly because of a n increase of 767 million yen in goodwill.
As a result, total assets increased 2,085 million yen from the end of the previous fiscal year to 32,211 million yen.
Liabilities
The balance of current liabilities at the end of the current fiscal year was 7,733 million yen, up 72 million yen from the end of the previous fiscal year. This was mainly due to increases of 675 million yen in electronically recorded obligations-operating and 177 million yen in income taxes payable, while there was a decrease of 876 million yen in notes and accounts payable-trade. The balance of non-current liabilities was 1,957 million yen at the end of the current fiscal year, up 16 million yen from the end of the previous fiscal year. This was mainly due to increases of 637 million yen in long-term borrowings and 49 million yen in lease obligations while there was a decrease of 647 million yen in retirement benefit liability.
As a result, total liabilities increased 88 million yen from the end of the previous fiscal year to 9,691 million yen.
Net assets
The balance of net assets at the end of the current fiscal year was 22,520 million yen, up 1,996 million yen from the end of the previous fiscal year. The main factors include an increase of 1,529 million yen in retained earnings.
Consequently, the capital adequacy ratio was 69.7% (68.0% at the end of the previous fiscal year).
2) Cash flows
Cash and cash equivalents (hereinafter, "net cash") at the end of the current fiscal year was 6,936 million yen, up 1,229 million yen over the end of the previous fiscal year (a n increase of 454 million yen at the end of the previous fiscal year).
The cash flow components during the current fiscal year and the main reasons for changes are as described below.
3
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Iwaki Co. Ltd. published this content on 02 June 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 June 2021 07:02:06 UTC.