Translation
Notice: This document is an excerpt translation of the original Japanese document and is for reference purposes only. In the event of any discrepancy between this translated document and the original Japanese document, the latter shall prevail.
Consolidated Financial Results for | |
the Fiscal Year Ended March 31, 2021 | |
(under IFRS) | |
April 26, 2021 | |
Company name: | JSR Corporation |
Listing: | Tokyo Stock Exchange |
Securities code: | 4185 |
URL: | https://www.jsr.co.jp/ |
Representative: | Eric Johnson, Representative Director, CEO |
Inquiries: | Yoshiko Takeda, General Manager of Corporate Communications Department |
TEL: | +81-3-6218-3517 |
Scheduled date of ordinary general shareholders meeting: | June 17, 2021 |
Scheduled date to commence dividend payments: | June 18, 2021 |
Scheduled date to file annual securities report: | June 17, 2021 |
Preparation of supplementary material on quarterly financial results: Yes | |
Holding of financial results presentation meeting: | Yes (for institutional investors and analysts) |
(Millions of yen with fractional amounts rounded, unless otherwise noted)
1. Consolidated financial results for the fiscal year ended March 31, 2021 (from April 1, 2020 to March 31, 2021)
(1) Consolidated operating results | (Percentages indicate year-on-year changes.) | ||||||||||
Revenue | Core Operating profit | Operating profit | Profit | ||||||||
Fiscal year ended | Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | |||
March 31, 2021 | 446,609 | (5.4) | 25,963 | (21.9) | (61,633) | - | (54,530) | - | |||
March 31, 2020 | 471,967 | (4.7) | 33,236 | - | 32,884 | (27.3) | 26,022 | (22.5) | |||
Profit attributable to | Total comprehensive | Basic earnings | Diluted earnings | ||||||||
owners of parent | income | per share | per share | ||||||||
Fiscal year ended | Millions of yen | % | Millions of yen | % | Yen | Yen | |||||
March 31, 2021 | (55,155) | - | (41,663) | - | (256.73) | (256.73) | |||||
March 31, 2020 | 22,604 | (27.4) | 20,136 | (28.5) | 104.38 | 104.19 | |||||
Return on equity | Return on assets | Operating profit ratio | |||||||||
Fiscal year ended | % | % | % | ||||||||
March 31, 2021 | (15.1) | (9.3) | (13.8) | ||||||||
March 31, 2020 | 5.7 | 4.8 | 7.0 |
(Reference) | Profit before tax | March 31, 2021 (62,430) millions yen | March 31, 2020 | 32,629 |
(Reference) | Share of profit of investments accounted for using equity method | March 31, 2020 | 64 | |
March 31, 2021 (4,132) million yen |
* Note
Core operating profit is calculated as operating profit excluding certain gains and expenses attributable to non- recurring factors.
- Note
The group has classified the Lithium-ion capacitor business as discontinued operations from the FY ended March 2020. In the condensed quarterly consolidated financial statements, the group has presented profit or loss from discontinued operations separately from continuing operations, and revenue, core operating profit, operating profit and profit before tax are presented for the amount of continuing operations. JSR lost control over the subsidiary for JM Energy Corporation (JM Energy) on April 1, 2020, and JM Energy became an equity method affiliate of JSR from the FY ended March 2021. The profit or loss using equity method from JM Energy is included in continuing operations in the FY ended March 2021. JM Energy changed its company name to Musashi Energy Solutions Co., Ltd. on November 1, 2020.
(2) Consolidated financial position
Ratio of equity | Equity attributable | ||||
Equity attributable | attributable to | ||||
Total assets | Total equity | to owners of parent | |||
to owners of parent | owners of parent to | ||||
total assets | per share | ||||
As of | Millions of yen | Millions of yen | Millions of yen | % | Yen |
March 31, 2021 | 672,773 | 370,736 | 333,995 | 49.6 | 1,554.17 |
March 31, 2020 | 677,713 | 437,412 | 396,793 | 58.5 | 1,848.01 |
(3) Consolidated cash flows
Cash flows from | Cash flows from | Cash flows from | Cash and cash | |
equivalents at end of | ||||
operating activities | investing activities | financing activities | ||
period | ||||
Fiscal year ended | Millions of yen | Millions of yen | Millions of yen | Millions of Yen |
March 31, 2021 | 70,403 | (52,687) | 4,297 | 85,377 |
March 31, 2020 | 54,228 | (35,592) | (25,264) | 61,931 |
2. Cash dividends
Annual dividends per share | Ratio of | |||||||
Total cash | Dividend payout | dividends | ||||||
First | Second | Third | ||||||
Fiscal | ratio | attributable to | ||||||
quarter- | quarter- | quarter- | Total | dividends (Total) | ||||
year-end | (Consolidated) | owners of parent | ||||||
end | end | end | (Consolidated) | |||||
Yen | Yen | Yen | Yen | Yen | Millions of yen | % | % | |
Fiscal year ended | - | 30.00 | - | 30.00 | 60.00 | 12,883 | 57.5 | 3.3 |
March 31, 2020 | ||||||||
Fiscal year ended | - | 30.00 | - | 30.00 | 60.00 | 12,894 | - | 3.5 |
March 31, 2021 | ||||||||
Fiscal year ending | ||||||||
March 31, 2022 | - | 30.00 | - | 30.00 | 60.00 | 40.3 | ||
(Forecast) | ||||||||
3. Consolidated earnings forecasts for the fiscal year ending March 31, 2022 (from April 1, 2021 to March 31, 2022)
(Percentages indicate year-on-year changes.) | |||||||||||||||||
Profit | Basic | ||||||||||||||||
Core Operating | attributable to | ||||||||||||||||
Revenue | Operating profit | Profit | earnings per | ||||||||||||||
profit | owners of | share | |||||||||||||||
parent | |||||||||||||||||
Millions | % | Millions | % | Millions | % | Millions | % | Millions | % | Yen | |||||||
of yen | of yen | of yen | of yen | of yen | |||||||||||||
Fiscal year ending | 468,000 | 4.8 | 53,000 | 104.1 | 53,000 | - | 35,000 | - | 32,000 | - | 148.90 | ||||||
March 31, 2022 | |||||||||||||||||
Reference: | Profit before tax | Fiscal year ended March 31, 2022 | 51,500 million yen |
- Notes
- Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the change in scope of consolidation): None
- Changes in accounting policies and changes in accounting estimates
- Changes in accounting policies required by IFRS: None
- Changes in accounting policies due to other reasons: None c. Changes in accounting estimates: None
-
Number of issued shares (ordinary shares)
a. Total number of issued shares at the end of the period (including treasury shares)
As of March 31, 2021 | 226,126,145 shares |
As of March 31, 2020 | 226,126,145 shares |
b. Number of treasury shares at the end of the period
As of March 31, 2021 | 11,223,335 shares | ||||||||||||||||
As of March 31, 2020 | 11,412,308 shares | ||||||||||||||||
c. Average number of shares during the period | |||||||||||||||||
For the fiscal year ended March 31, 2021 | 214,837,519 shares | ||||||||||||||||
For the fiscal year ended March 31, 2020 | 216,545,402 shares | ||||||||||||||||
(Reference) Summary of Non-consolidated financial results | |||||||||||||||||
Non-consolidated financial results for the fiscal year ended March 31, 2021 | |||||||||||||||||
(from April 1, 2020 to March 31, 2021) | |||||||||||||||||
(1) Non-consolidated operating results | (Percentages indicate year-on-year changes.) | ||||||||||||||||
Net sales | Operating income | Ordinary income | Net income | ||||||||||||||
Fiscal year ended | Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | |||||||||
March 31, 2021 | 210,480 | (6.5) | 11,897 | 1.4 | 17,711 | (8.8) | (30,217) | - | |||||||||
March 31, 2020 | 225,156 | (8.2) | 11,731 | (43.7) | 19,426 | (41.2) | 22,912 | (12.3) | |||||||||
Net income per share | Diluted net income | ||||||||||||||||
per share | |||||||||||||||||
Fiscal year ended | Yen | Yen | |||||||||||||||
March 31, 2021 | (140.65) | - | |||||||||||||||
March 31, 2020 | 105.81 | 105.61 | |||||||||||||||
(2) Non-consolidated financial position | |||||||||||||||||
Total assets | Net assets | Equity ratio | Net assets per share | ||||||||||||||
As of | Millions of yen | Millions of yen | % | Yen | |||||||||||||
March 31, 2021 | 428,120 | 269,874 | 62.9 | 1,253.80 | |||||||||||||
March 31, 2020 | 403,457 | 308,871 | 76.4 | 1,436.22 | |||||||||||||
(Reference) Equity | 269,446 million yen as of March 31, 2021 | 308,376 million yen as of March 31, 2020 |
- Financial results reports are not required to be subjected to quarterly reviews.
- Proper use of earnings forecasts, and other special matters
Caution regarding forward-looking statements
The forward-looking statements, including earnings forecasts, contained in these materials are based on information currently available to the Company and on certain assumptions deemed to be reasonable by the Company. These statements do not purport that the Company pledges to realize such statements. Actual business and other results may differ substantially due to various factors.
Please refer to the attached file on page 6 "1. Review of Operating Results (4) Business Outlook " for the prerequisites for the earnings forecast and precautions for use.
How to obtain supplementary material on financial results
The material on financial results is available on the Company's website on Monday, April 26, 2021
JSR (4185) Consolidated Financial Results for the Fiscal Year ended March 2021
Table of contents for the attachment
1. Review of Operating Results ………………………………………………………………………………………………… | 2 |
(1) Overview of Operating Results for FY ended March 2021 ……………………………………………………………… | 2 |
(2) Overview of Financial Position for FY ended March 2021 ……………………………………………………………… | 5 |
(3) Overview of Cash Flows for FY ended March 2021…………………………………………………………………… | 5 |
(4) Business Outlook………………………………………………………………………………………………………… | 6 |
2. Basic Approach to the Selection of Accounting Standards…………………………………………………………………… | 7 |
3. Consolidated Financial Statements…………………………………………………………………………………………… | 8 |
(1) Consolidated Statement of Financial Position…………………………………………………………………………… | 8 |
(2) Consolidated Statement of Profit or Loss and Consolidated Statement of Comprehensive Income…………………… | 10 |
(3) Consolidated Statement of Changes in Equity…………………………………………………………………………… | 12 |
(4) Consolidated Statement of Cash Flows…………………………………………………………………………………… | 13 |
(5) Notes on Condensed Consolidated Financial Statements………………………………………………………………… | 14 |
(Cautionary Notes regarding Assumptions of Going Concern) ………………………………………………………… | 14 |
(Segment Information) ………………………………………………………………………………………………… | 14 |
(Other Operating Income and Other Operating Expenses) | 18 |
(Per Share Information) ……………………………………………………………………………………………… | 18 |
(Material Subsequent Events) ………………………………………………………………………………………… | 18 |
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JSR (4185) Consolidated Financial Results for the Fiscal Year ended March 2021
1. Review of Operating Results
(1) Overview of Operating Results for FY ended March 2021
(General Review)
In FY ended March 2021 (April 1, 2020 to March 31, 2021), there were signs of a slowdown in the global economic recovery due to the spread of COVID-19, intensifying trade friction between the U.S. and China, the rise of protectionism, and other factors. As for trends among the Group's main customer industries, demand grew in the semiconductor market from 5G mobile communications systems (5G), computers, and data centers, and both memory and logic semiconductors performed well. The flat-panel display market was strong due to the promotion of telework and stay-at-home demand. Global automobile production for the full year fell from the previous year because of COVID-19 lockdowns and other restrictions, although production did recover in the second half of the year. Global automobile tire production over the full term was also down, due to the impact of falling automobile production and other factors, but a clear recovery trend was seen in the second half of the year. As for the exchange rate, the yen appreciated against the dollar year-on-year.
Amid these circumstances, JSR Group strived to expand business in growth fields as well as take steps such as cutting business costs to mitigate the risk of declining sales due to economic stagnation and weak demand. In the Elastomers Business, the Group focused on lowering manufacturing costs and other measures to guard against the risk of declining sales due to sluggish demand. The Group has been promoting the streamlining of raw materials and logistics and other cost-cutting measures, the optimization of sales prices, and the retooling of personnel structures with the implementation of an early retirement incentive program. Additionally, the Group has reorganized operations in the Display Materials Business by downsizing operations in South Korea and Taiwan and shifting operations to China, and in the Elastomers Business, the Group has implemented structural reforms throughout the organization, including adjustments to business and product segments. A one-time expense pertaining to these business structural reforms was recorded in FY ended March 2021.
In addition, JSR Group issued 35,000 million yen in straight bonds in May 2020 to secure funds for future investments in growth areas such as semiconductors and life sciences, and to diversify fund procurement to improve the stability of the Group's financial base. The Group took definitive steps regarding business expansion in growth areas, such as making Medical & Biological Laboratories Co., Ltd. (MBL) a wholly owned subsidiary to bolster competitiveness in the therapeutic discovery support field and in the development of new companion diagnostics, as well as commencing commercial production operations at a new U.S. facility of functional solvents intended for cutting-edge semiconductors.
As a result, the Group reported revenue of 446,609 million yen (down 5.4% year-on-year), an increase compared to the forecast at the time the Second Quarter results were announced, but a decrease compared to the previous fiscal year. Core operating profit was 25,963 million yen, up from the forecast at the time the Second Quarter results were announced, but down year-on-year. Although the Digital Solutions Business grew, the Group's business was affected by revenue declines in the Elastomers Business and Plastics Business, which were hit by the effects of COVID-19. The Group posted an operating loss of 61,633 million yen, versus an operating profit of 32,884 million yen in the previous fiscal year, due to the recording of restructuring expenses. Loss attributable to owners of parent was 55,155 million yen, compared with profit attributable to owners of parent of 22,604 million yen in the previous fiscal year.
-2-
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JSR Corporation published this content on 28 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 May 2021 06:02:04 UTC.