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    8273   JP3138400001

IZUMI CO., LTD.

(8273)
  Report
Delayed Japan Exchange  -  01:00:00 2023-02-07 am EST
2881.00 JPY   -0.14%
08:06aJapan’s Amamiya as New BoJ Governor Suggests No Abrupt Policy Shift, BofA Says
MT
01/18Izumi's FY23 Nine-month Profit Falls on Lower Sales, Higher Expenses
MT
01/16Izumi : Summary of Consolidated Financial Results for the Nine Months Ended November 30, 2022
PU
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Izumi : Summary of Consolidated Financial Results for the Year Ended February 28, 2021

04/19/2021 | 08:02pm EST
(For institutional investors and analysts)

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 Year Ended February 28, 2021

(Based on Japanese GAAP)

Company name:

IZUMI CO., LTD.

Stock exchange listing:

Tokyo

Stock code:

8273

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

Representative:

President and Representative Director

Yasuaki Yamanishi

Inquiries:

Director and Senior Managing Executive

Tatsuya Mikamoto

Officer and Administration Division Manager

Scheduled date of ordinary general meeting of shareholders:

May 26, 2021

Scheduled date to file Securities Report:

May 27, 2021

Scheduled date to commence dividend payments:

May 27, 2021

Preparation of supplementary material on financial results:

Yes

Holding of financial results meeting:

Yes

April 13, 2021

TEL +81-82-264-3211

(Amounts less than one million yen are rounded down)

1. Consolidated financial results for the year ended February 28, 2021 (from March 1, 2020 to February 28, 2021)

(1) Consolidated financial results

Percentages indicate year-on-year changes

Operating revenue

Operating profit

Ordinary profit

Profit attributable to

owners of parent

Millions of yen

%

Millions of yen

%

Millions of yen

%

Millions of yen

%

Year ended February 28, 2021

679,778

(8.7)

35,781

12.2

36,078

12.8

23,053

15.5

Year ended February 29, 2020

744,349

1.7

31,888

(9.6)

31,979

(8.9)

19,953

(15.1)

Earnings per share

Diluted earnings

Profit/equity

Ordinary profit/total

Operating profit/net

per share

assets

sales

Yen

Yen

%

%

%

Year ended February 28, 2021

321.72

-

10.3

7.4

5.5

Year ended February 29, 2020

278.45

-

9.6

6.6

4.5

(2) Consolidated financial position

Total assets

Net assets

Equity ratio

Net assets per share

Millions of yen

Millions of yen

%

Yen

As of February 28, 2021

489,692

245,411

47.5

3,244.56

As of February 29, 2020

490,106

226,264

43.7

2,991.24

(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

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Year ended February 28, 2021

48,320

(6,633)

(25,361)

25,306

Year ended February 29, 2020

57,681

(16,693)

(40,142)

8,982

2. Cash dividends

Annual dividends per share

Total cash

Dividend

Ratio of

dividends

payout ratio

dividends to

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Total

(Full year)

(Consolidated)

net assets

(Consolidated)

Yen

Yen

Yen

Yen

Yen

Millions of yen

%

%

Year ended February 29, 2020

-

40.00

-

40.00

80.00

5,732

28.7

2.8

Year ended February 28, 2021

-

40.00

-

43.00

83.00

5,947

25.8

2.7

Year ending February 28, 2022 (Forecast)

-

43.00

-

43.00

86.00

26.2

1

3. Forecast of consolidated financial results for the fiscal year ending February 28, 2022 (from March 1, 2021 to February 28, 2022) Percentages indicate year-on-year changes

Operating revenue

Operating profit

Ordinary profit

Profit attributable to

Earnings per share

owners of parent

Six months ending

Millions of yen

%

Millions of yen

%

Millions of yen

%

Millions of yen

%

Yen

354,300

8.6

17,500

6.3

17,700

6.4

11,900

11.4

166.07

August 31, 2021

Full year

721,400

6.1

36,700

2.6

36,800

2.0

23,500

1.9

327.95

4. Notes

(1) Changes in significant subsidiaries during the period

No

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

(2) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements

Changes in accounting policies due to revisions to accounting standards and other regulations:

No

Changes in accounting policies due to other reasons:

No

Changes in accounting estimates:

No

Restatement of prior period financial statements:

No

(3) Number of issued shares (common shares)

Total number of issued shares at the end of the period (including treasury shares)

As of February 28, 2021

71,665,200

shares

As of February 29, 2020

71,665,200

shares

Number of treasury shares at the end of the period

As of February 28, 2021

8,106

shares

As of February 29, 2020

7,346

shares

Average number of shares during the period

Year ended February 28, 2021

71,657,606

shares

Year ended February 29, 2020

71,658,190

shares

2

Consolidated financial statements

Consolidated balance sheets

(Millions of yen)

As of February 29, 2020

As of February 28, 2021

Assets

Current assets

Cash and deposits

8,982

25,306

Notes and accounts receivable - trade

46,392

42,497

Merchandise and finished goods

25,780

21,661

Work in process

13

20

Raw materials and supplies

535

458

Other

17,242

17,717

Allowance for doubtful accounts

(644)

(550)

Total current assets

98,302

107,112

Non-current assets

Property, plant and equipment

Buildings and structures

399,826

400,335

Accumulated depreciation

(238,153)

(245,053)

Buildings and structures, net

161,672

155,281

Machinery, equipment and vehicles

10,062

11,242

Accumulated depreciation

(6,683)

(7,185)

Machinery, equipment and vehicles, net

3,379

4,057

Land

163,240

163,136

Leased assets

117

84

Accumulated depreciation

(106)

(64)

Leased assets, net

10

20

Construction in progress

1,552

497

Other

42,148

42,840

Accumulated depreciation

(34,556)

(35,294)

Other, net

7,591

7,545

Total property, plant and equipment

337,447

330,539

Intangible assets

Goodwill

3,172

2,441

Other

8,307

8,249

Total intangible assets

11,479

10,690

Investments and other assets

Investment securities

11,039

9,876

Long-term loans receivable

1,563

1,542

Deferred tax assets

8,326

9,244

Leasehold and guarantee deposits

17,722

16,909

Other

4,783

4,322

Allowance for doubtful accounts

(558)

(546)

Total investments and other assets

42,877

41,350

Total non-current assets

391,804

382,580

Total assets

490,106

489,692

3

(Millions of yen)

As of February 29, 2020

As of February 28, 2021

Liabilities

Current liabilities

Notes and accounts payable - trade

49,977

47,367

Short-term borrowings

2,000

1,300

Current portion of long-term borrowings

19,925

19,756

Accounts payable - other

15,653

14,076

Income taxes payable

5,089

7,983

Provision for bonuses

2,206

2,204

Provision for bonuses for directors (and other officers)

27

36

Provision for point card certificates

2,695

2,416

Provision for loss on recollection of gift certificates

81

115

Provision for loss on building demolition

-

117

Asset retirement obligations

13

39

Other

16,291

18,183

Total current liabilities

113,962

113,596

Non-current liabilities

Long-term borrowings

106,991

88,335

Lease obligations

5

17

Long-term leasehold and guarantee deposits received

23,498

22,552

Provision for retirement benefits for directors (and other

1,002

915

officers)

Provision for loss on interest repayment

114

146

Provision for loss on building demolition

-

436

Retirement benefit liability

8,514

8,852

Deferred tax liabilities

1,413

980

Asset retirement obligations

8,099

8,267

Other

237

180

Total non-current liabilities

149,879

130,684

Total liabilities

263,841

244,281

Net assets

Shareholders' equity

Share capital

19,613

19,613

Capital surplus

22,267

22,545

Retained earnings

171,751

189,072

Treasury shares

(27)

(30)

Total shareholders' equity

213,604

231,200

Accumulated other comprehensive income

Valuation difference on available-for-sale securities

753

1,171

Remeasurements of defined benefit plans

(12)

123

Total accumulated other comprehensive income

741

1,294

Non-controlling interests

11,918

12,915

Total net assets

226,264

245,411

Total liabilities and net assets

490,106

489,692

4

Consolidated statements of income and consolidated statements of comprehensive income

Consolidated statements of income

(Millions of yen)

Year ended

Year ended

February 29, 2020

February 28, 2021

Net sales

709,455

645,672

Cost of sales

553,351

498,204

Gross profit

156,103

147,467

Operating revenue

34,893

34,105

Operating gross profit

190,997

181,573

Selling, general and administrative expenses

Advertising and promotion expenses

16,430

9,643

Distribution expenses

8,215

8,152

Provision of allowance for doubtful accounts

230

184

Employees' salaries and bonuses

54,998

53,319

Provision for bonuses

2,011

2,119

Welfare expenses

10,456

10,522

Retirement benefit expenses

1,295

1,213

Rent expenses

11,855

11,526

Utilities expenses

8,471

7,482

Depreciation

15,672

15,243

Provision for retirement benefits for directors (and other

61

(57)

officers)

Other

29,409

26,441

Total selling, general and administrative expenses

159,108

145,791

Operating profit

31,888

35,781

Non-operating income

Interest and dividend income

250

243

Purchase discounts

291

183

Share of profit of entities accounted for using equity method

9

84

Penalty income

164

149

Other

768

1,232

Total non-operating income

1,484

1,893

Non-operating expenses

Interest expenses

818

700

Compensation expenses

142

115

Other

433

781

Total non-operating expenses

1,393

1,597

Ordinary profit

31,979

36,078

5

(Millions of yen)

Year ended

Year ended

February 29, 2020

February 28, 2021

Extraordinary income

Gain on sales of non-current assets

329

57

Gain on sales of investment securities

9

3,115

Subsidy income

310

25

Income from insurance

-

412

Other

19

-

Total extraordinary income

669

3,610

Extraordinary losses

Loss on sales of non-current assets

21

1

Loss on retirement of non-current assets

333

121

Impairment loss

1,146

1,641

Loss on valuation of investment securities

486

-

Loss on store closings

419

38

Loss on changes in construction project

213

-

Loss related to infectious disease

-

2,074

Loss on disaster

-

222

Provision for loss on building demolition

-

556

Other

183

179

Total extraordinary losses

2,803

4,835

Profit before income taxes

29,845

34,852

Income taxes - current

9,685

11,788

Income taxes - deferred

(179)

(1,482)

Total income taxes

9,505

10,306

Profit

20,339

24,546

Profit attributable to non-controlling interests

385

1,493

Profit attributable to owners of parent

19,953

23,053

6

Consolidated statements of comprehensive income

(Millions of yen)

Year ended

Year ended

February 29, 2020

February 28, 2021

Profit

20,339

24,546

Other comprehensive income

Valuation difference on available-for-sale securities

233

287

Remeasurements of defined benefit plans, net of tax

195

126

Share of other comprehensive income of entities accounted

-

12

for using equity method

Total other comprehensive income

429

425

Comprehensive income

20,769

24,972

Comprehensive income attributable to

Comprehensive income attributable to owners of parent

20,164

23,607

Comprehensive income attributable to non-controlling

604

1,365

interests

7

Consolidated statements of changes in net assets

Fiscal year ended February 29, 2020

(Millions of yen)

Shareholders' equity

Share capital

Capital surplus

Retained earnings

Treasury shares

Total shareholders'

equity

Balance at beginning of

19,613

22,247

157,530

(25)

199,367

period

Changes during period

Dividends of surplus

(5,732)

(5,732)

Profit attributable to

19,953

19,953

owners of parent

Purchase of treasury

(2)

(2)

shares

Purchase of shares of

19

19

consolidated subsidiaries

Net changes in items

other than shareholders'

equity

Total changes during period

-

19

14,220

(2)

14,237

Balance at end of period

19,613

22,267

171,751

(27)

213,604

Accumulated other comprehensive income

Non-controlling

Total net assets

Valuation difference on

Remeasurements of

Total accumulated other

interests

available-for-sale securities

defined benefit plans

comprehensive income

Balance at beginning of

737

(208)

529

11,649

211,546

period

Changes during period

Dividends of surplus

(5,732)

Profit attributable to

19,953

owners of parent

Purchase of treasury

(2)

shares

Purchase of shares of

19

consolidated subsidiaries

Net changes in items

other than shareholders'

15

195

211

269

480

equity

Total changes during period

15

195

211

269

14,717

Balance at end of period

753

(12)

741

11,918

226,264

8

Fiscal year ended February 28, 2021

(Millions of yen)

Shareholders' equity

Share capital

Capital surplus

Retained earnings

Treasury shares

Total shareholders'

equity

Balance at beginning of

19,613

22,267

171,751

(27)

213,604

period

Changes during period

Dividends of surplus

(5,732)

(5,732)

Profit attributable to

23,053

23,053

owners of parent

Purchase of treasury

(2)

(2)

shares

Purchase of shares of

278

278

consolidated subsidiaries

Net changes in items

other than shareholders'

equity

Total changes during

-

278

17,320

(2)

17,596

period

Balance at end of period

19,613

22,545

189,072

(30)

231,200

Accumulated other comprehensive income

Non-controlling

Total net assets

Valuation difference on

Remeasurements of

Total accumulated other

interests

available-for-sale securities

defined benefit plans

comprehensive income

Balance at beginning of

753

(12)

741

11,918

226,264

period

Changes during period

Dividends of surplus

(5,732)

Profit attributable to

23,053

owners of parent

Purchase of treasury

(2)

shares

Purchase of shares of

278

consolidated subsidiaries

Net changes in items

other than shareholders'

418

135

553

996

1,550

equity

Total changes during

418

135

553

996

19,146

period

Balance at end of period

1,171

123

1,294

12,915

245,411

9

Consolidated statements of cash flows

(Millions of yen)

Year ended

Year ended

February 29, 2020

February 28, 2021

Cash flows from operating activities

Profit before income taxes

29,845

34,852

Depreciation

16,164

15,872

Amortization of goodwill

785

737

Increase (decrease) in allowance for doubtful accounts

176

(106)

Interest and dividend income

(250)

(243)

Interest expenses

818

700

Share of loss (profit) of entities accounted for using equity

(9)

(84)

method

Subsidy income

(310)

(25)

Income from insurance

-

(412)

Loss (gain) on sales of non-current assets

(308)

(55)

Loss on retirement of non-current assets

333

121

Loss (gain) on sales of investment securities

(9)

(3,115)

Loss (gain) on valuation of investment securities

486

-

Impairment loss

1,146

1,641

Loss on store closings

419

38

Loss on changes in construction project

213

-

Loss related to infectious disease

-

2,074

Loss on disaster

-

222

Increase (decrease) in provision for loss on building

-

554

demolition

Decrease (increase) in trade receivables

(6,570)

3,895

Decrease (increase) in inventories

2,560

3,917

Increase (decrease) in trade payables

18,708

(2,610)

Increase (decrease) in retirement benefit liability

544

449

Other, net

1,938

904

Subtotal

66,683

59,328

Interest and dividends received

218

248

Interest paid

(812)

(742)

Subsidies received

1,040

115

Proceeds from insurance income

-

412

Payment of loss related to infectious disease

-

(1,888)

Payments associated with disaster loss

-

(104)

Income taxes (paid) refund

(9,448)

(9,049)

Net cash provided by (used in) operating activities

57,681

48,320

Cash flows from investing activities

Purchase of property, plant and equipment

(15,266)

(12,632)

Proceeds from sales of property, plant and equipment

864

1,835

Purchase of intangible assets

(1,330)

(1,289)

Purchase of investment securities

(476)

-

Proceeds from sales of investment securities

39

4,697

Payments for sales of shares of subsidiaries resulting in

(51)

-

change in scope of consolidation

Other, net

(472)

754

Net cash provided by (used in) investing activities

(16,693)

(6,633)

10

(Millions of yen)

Year ended

Year ended

February 29, 2020

February 28, 2021

Cash flows from financing activities

Net increase (decrease) in short-term borrowings

(24,046)

(705)

Proceeds from long-term borrowings

11,000

1,100

Repayments of long-term borrowings

(21,259)

(19,925)

Purchase of treasury shares

(2)

(2)

Dividends paid

(5,732)

(5,732)

Dividends paid to non-controlling interests

(34)

(34)

Payments from changes in ownership interests in subsidiaries

(27)

(56)

that do not result in change in scope of consolidation

Other, net

(40)

(5)

Net cash provided by (used in) financing activities

(40,142)

(25,361)

Net increase (decrease) in cash and cash equivalents

845

16,324

Cash and cash equivalents at beginning of period

8,136

8,982

Cash and cash equivalents at end of period

8,982

25,306

11

Disclaimer

Izumi Co. Ltd. published this content on 19 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 April 2021 00:01:06 UTC.


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Financials
Sales 2023 452 B 3 406 M 3 406 M
Net income 2023 21 625 M 163 M 163 M
Net Debt 2023 83 200 M 627 M 627 M
P/E ratio 2023 9,54x
Yield 2023 3,00%
Capitalization 206 B 1 552 M 1 552 M
EV / Sales 2023 0,64x
EV / Sales 2024 0,63x
Nbr of Employees 4 399
Free-Float 56,9%
Chart IZUMI CO., LTD.
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Izumi Co., Ltd. Technical Analysis Chart | MarketScreener
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Technical analysis trends IZUMI CO., LTD.
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TrendsNeutralBearishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 3
Last Close Price 2 885,00 JPY
Average target price 4 000,00 JPY
Spread / Average Target 38,6%
EPS Revisions
Managers and Directors
Yasuaki Yamanishi Managing Director
Kazunori Nishimoto Manager-Finance & Accounting
Daisuke Yamanishi Senior Executive Officer & GM-Administration
Kunihiko Yoneda Independent Outside Director
Akio Nitori Independent Outside Director
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