JAPAN AVIATION ELECTRONICS INDUSTRY, LIMITED Disclaimer: This document is an English translation of the original document in Japanese and has been prepared solely for reference purposes. In the event of any discrepancy between this English translation and the original in Japanese, the original shall prevail in all respects.
Consolidated Financial Results for the Fiscal Year Ended March 31, 2022
[Japanese GAAP]
April 27, 2022
Company name: Japan Aviation Electronics Industry, Limited
Stock exchange listing: Tokyo Stock Exchange
Code number: 6807
URL:https://www.jae.com
Representative: Tsutomu Onohara, President
Contact: Kazuhiko Aoki, Associate Senior Vice President
General Manager Accounting and Financial Division
Phone: +81-3-3780-2752
Scheduled date of general shareholders' meeting: June 23, 2022 Scheduled date of commencing dividend payments: June 8, 2022 Scheduled date of filing securities report: June 23, 2022
Availability of supplementary explanatory materials on annual financial results: Available Schedule of annual financial results briefing session: Scheduled
(Amounts of less than one million yen are rounded down.)
1. Consolidated Financial Results for the Fiscal Year Ended March 31, 2022 (April 1, 2021 - March 31, 2022)
(1) Consolidated Operating Results (% indicates changes from the previous corresponding period.)
Net sales | Operating profit | Ordinary profit | Profit attributable to owners of parent | |
Fiscal year ended March 31, 2022 March 31, 2021 | Million yen %
| Million yen %
| Million yen %
| Million yen %
|
(Note) Comprehensive income: Fiscal year ended March 31, 2022: ¥18,511 million [105.6%]
Fiscal year ended March 31, 2021: ¥9,003 million [9.0%]
Basic earnings per share | Diluted earnings per share | Net income to shareholders' equity ratio | Ordinary profit to total assets ratio | Operating profit to net sales ratio | |
Fiscal year ended March 31, 2022 March 31, 2021 | Yen 157.46 62.58 | Yen 157.42 - | % 9.6 4.1 | % 8.3 3.8 | % 8.0 4.2 |
(Reference) Share of loss (profit) of entities accounted for using equity method:
Fiscal year ended March 31, 2022: ¥- million
Fiscal year ended March 31, 2021: ¥- million
(Note) Diluted earnings per share for the fiscal year ended March 31, 2021 are not stated since there were no dilutive potential shares.
(2) Consolidated Financial Position
Total assets | Net assets | Equity ratio | Net assets per share | |
As of March 31, 2022 As of March 31, 2021 | Million yen 225,343 220,066 | Million yen 157,887 142,059 | % 70.0 64.5 | Yen 1,733.71 1,560.08 |
(Reference) Equity: As of March 31, 2022: ¥157,754 million
As of March 31, 2021: ¥141,899 million
(3) Consolidated Cash Flows
Cash flows from operating activities | Cash flows from investing activities | Cash flows from financing activities | Cash and cash equivalents at year-end | |
Fiscal year ended March 31, 2022 March 31, 2021 | Million yen 24,432 29,114 | Million yen (20,285) (18,802) | Million yen (9,985) 15,454 | Million yen 65,559 70,086 |
2. Dividends
Annual dividends | Total dividends (annual) | Payout ratio (consolidated) | Ratio of dividends to net assets (consolidated) | |||||
1st quarter-end | 2nd quarter-end | 3rd quarter-end | Year-end | Total | ||||
Fiscal year ended March 31, 2021 Fiscal year ended March 31, 2022 | Yen - - | Yen 10.00 15.00 | Yen - - | Yen 15.00 20.00 | Yen 25.00 35.00 | Million yen 2,273 3,184 | % 39.9 22.2 | % 1.6 2.1 |
Fiscal year ending March 31, 2023 (Forecast) | - | 20.00 | - | 20.00 | 40.00 | 25.4 |
3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2023 (April 1, 2022 -
March 31, 2023)
(% indicates changes from the previous corresponding period.)
Net sales | Operating profit | Ordinary profit | Profit attributable to owners of parent | Basic earnings per share | |
First half Full year | Million yen %
| Million yen %
| Million yen %
| Million yen %
| Yen 73.63 157.71 |
* Notes:
(1) Changes in significant subsidiaries during the fiscal year under review (changes in specified subsidiaries resulting in changes in scope of consolidation): None
(2) Changes in accounting policies, changes in accounting estimates and retrospective restatement
1) Changes in accounting policies due to the revision of accounting standards: Yes
2) Changes in accounting policies other than 1) above: None
3) Changes in accounting estimates: None
4) Retrospective restatement: None
(Note) For details, please refer to "3. (5) Notes to Consolidated Financial Statements (Changes in accounting policies)" on page 10 of the Attachments.
(3) Total number of issued and outstanding shares (common shares)
1) Total number of issued and outstanding shares at the end of the year (including treasury shares):
March 31, 2022:
March 31, 2021:
92,302,608 shares 92,302,608 shares
2) Total number of treasury shares at the end of the year:
March 31, 2022:
March 31, 2021:
1,309,945 shares 1,345,707 shares
3) Average number of shares during the year:
Fiscal year ended March 31, 2022: Fiscal year ended March 31, 2021:
90,973,614 shares 90,957,145 shares
* These consolidated financial results are outside the scope of review by a certified public accountant or an audit firm.
* Explanation of the proper use of performance forecast and other notes
The forward-looking statements concerning future financial results presented in this document are prepared based on the information currently available for the Company and certain preconditions which the Company believes to be reasonable at this time. Actual results may be substantially different from any projections presented herein due to various factors. Please refer to "1. Overview of Operating Results, etc. (4) Future Outlook" on page 3 of the Attachments for the assumptions underlying the financial results forecasts and precautions when using the forecasts.
The Company is scheduled to hold a financial results briefing session (telephone conference) for institutional investors and analysts on April 27, 2022. We will post the financial results explanatory materials to be used at the session on our website on the same day.
Table of Contents - Attachments
1. Overview of Operating Results, etc. .................................................................................................... 2
(1) Overview of Operating Results for the Fiscal Year under Review .................................................. 2
(2) Overview of Financial Position for the Fiscal Year under Review ................................................. 2
(3) Overview of Cash Flows for the Fiscal Year under Review ............................................................ 2
(4) Future Outlook ................................................................................................................................ 3
2. Basic Policy on Selection of Accounting Standards ............................................................................ 3
3. Consolidated Financial Statements and Principal Notes ..................................................................... 4
(1) Consolidated Balance Sheets .......................................................................................................... 4
(2) Consolidated Statements of Income and Comprehensive Income .................................................. 6
(3) Consolidated Statements of Changes in Equity .............................................................................. 7
(4) Consolidated Statements of Cash Flows ......................................................................................... 9
(5) Notes to Consolidated Financial Statements ................................................................................. 10
(Notes on going concern assumption) ...................................................................................... 10
(Changes in accounting policies) ................................................................................................ 10
(Segment information, etc.) ...................................................................................................... 11
(Per share information) ............................................................................................................. 13
(Significant subsequent events) ................................................................................................ 14
1. Overview of Operating Results, etc.
(1) Overview of Operating Results for the Fiscal Year under Review
The world economy during the consolidated fiscal year under review saw the expansion of economic activities compared to the previous fiscal year when it was heavily affected by the spread of COVID-19, due to such factors as the relaxation of behavioral restrictions following wide use of vaccines, and the real GDP of major countries was back on a recovery track.
However, uncertainty grew because of increasing geopolitical risks in the latter half of the fiscal year, accelerating inflation owing to rising energy and resource prices, and the yen's sharp depreciation caused by monetary policy in response to the soaring prices, in addition to supply restrictions including difficulties in procuring parts and disruptions in logistics.
In the electronics market relevant to the Company, demand continued to expand against the background of economic recovery and advancing digitalization, despite production adjustment in the Chinese mobile device market and the impact of output cuts caused by semiconductor shortages and supply chain disruptions in the automotive market. In addition, the industrial market enjoyed a greater demand on the back of a recovery in capital investment in Japan and abroad.
Under these circumstances, the Group aimed to expand orders received and sales by conducting active global marketing centered on its flagship Connector Business and speeding up development activities for new products. At the same time, the Group strived to achieve higher business performance by streamlining management as a whole, including cost reduction through further expansion of in-house production, improvement in efficiency of equipment, and the curbing of various expenses.
As a result, for the consolidated fiscal year under review, the Group recorded net sales totaling ¥225,079 million (107% compared to the previous fiscal year). On the profit side, we posted operating profit totaling ¥18,049 million (207% compared to the previous fiscal year), ordinary profit totaling ¥18,594 million (236% compared to the previous fiscal year), and profit attributable to owners of parent totaling ¥14,325 million (252% compared to the previous fiscal year).
(2) Overview of Financial Position for the Fiscal Year under Review
Total assets at the end of the consolidated fiscal year under review amounted to ¥225,343 million, marking a year-on-year increase of ¥5,277 million. The rise was attributable to wider use of shipping service to reduce distribution costs and an increase in inventories due to the recording of supply for-a-fee transactions following the application of the Accounting Standard for Revenue Recognition, etc.
Total liabilities amounted to ¥67,455 million, marking a year-on-year decrease of ¥10,550 million, due to the scheduled payment of borrowings and a decrease in trade payables, despite an increase in income taxes payable and the recording of liabilities related to supply-for-a-fee transactions.
Net assets amounted to ¥157,887 million, marking a year-on-year increase of ¥15,828 million, mainly due to the recording of profit attributable to owners of parent and an increase in foreign currency translation adjustment due to yen depreciation, bringing the equity ratio to 70.0%.
(3) Overview of Cash Flows for the Fiscal Year under Review
Net cash provided by operating activities for the consolidated fiscal year under review was ¥24,432 million (¥29,114 million provided in the previous consolidated fiscal year). This was attributable to the recording of profit before income taxes and depreciation, despite negative factors such as income taxes paid, in addition to an increase in inventories and a decrease in trade payables.
Net cash used in investing activities was ¥20,285 million (¥18,802 million used in the previous consolidated fiscal year), mainly due to expenses arising from the purchase of property, plant and equipment centered on equipment to manufacture new products.
Net cash used in financing activities was ¥9,985 million (¥15,454 million provided in the previous consolidated fiscal year), due to the repayment of borrowings and dividends paid.
As a result, the balance of cash and equivalents at the end of the fiscal year under review declined by
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JAE - Japan Aviation Electronics Industry Ltd. published this content on 27 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 April 2022 06:14:04 UTC.
