Consolidated Earnings Report for Fiscal 2019
[Japanese GAAP]
April 23, 2019
Company Name: | KOITO MANUFACTURING CO., LTD. |
Stock Listing: | First Section, Tokyo Stock Exchange |
Code Number: | 7276 |
URL: | https://www.koito.co.jp |
Representative Director: | Hiroshi Mihara, President |
Inquiries: | Hideharu Konagaya, Senior Managing Director |
Tel: | +81-3-3443-7111 |
Planned Date of the General Meeting of Shareholders: | June 27, 2019 |
Planned Date of Dividends Payment: | June 28, 2019 |
Planned Date of Filing of Annual Securities Report: | June 28, 2019 |
Supplementary explanatory materials prepared: | Yes |
Explanatory meeting: | Yes |
(¥ millions are rounded down)
1.Consolidated Results for Fiscal 2019 (April 1, 2018 to March 31, 2019)
(1) | Consolidated Operating Result | (¥ millions; percentage figures represent year-on-year changes) | ||||||||||||||
Net sales | Operating income | Recurring profit | Profit attributable to | |||||||||||||
owners of parent | ||||||||||||||||
Fiscal 2019 | 826,257 | △2.7% | 101,534 | △2.2% | 105,494 | △2.3% | 72,895 | △12.6% | ||||||||
Fiscal 2018 | 848,868 | 0.9% | 103,785 | 12.2% | 107,945 | 13.2% | 83,397 | 47.1% | ||||||||
Note: Comprehensive | income: Fiscal 2019: ¥ | 75,707 million (△20.3%), | Fiscal 2018: ¥94,999 million (49.1%) | |||||||||||||
Net income | Net income per | Return on equity | Recurring profit to | Operating income to | ||||||||||||
per share (¥) | share (diluted) (¥) | (%) | total assets ratio (%) | net sales ratio (%) | ||||||||||||
Fiscal 2019 | 453.52 | 453.37 | 16.7 | 15.0 | 12.3 | |||||||||||
Fiscal 2018 | 518.90 | 518.72 | 22.4 | 16.2 | 12.2 | |||||||||||
Note: Equity in | earnings of affiliated companies: Fiscal 2019: ¥1 million, Fiscal 2018: ¥714 million | |||||||||||||||
(2) | Consolidated Financial Position | (¥ millions) | ||||||||||||||
Total assets | Net assets | Equity ratio | Net assets | |||||||||||||
(%) | per share (¥) | |||||||||||||||
March 31, 2019 | 738,175 | 503,564 | 62.5 | 2,870.24 | ||||||||||||
March 31, 2018 | 672,055 | 444,808 | 61.0 | 2,551.48 | ||||||||||||
Note: Equity: March | 31, 2019: ¥461,336 million, March 31, 2018: ¥410,102 million | |||||||||||||||
(3) | Consolidated Cash Flows | (¥ millions) | ||||||||||||||
Cash and cash | ||||||||||||||||
Operating activities | Investing activities | Financing activities | equivalents at end of | |||||||||||||
year | ||||||||||||||||
Fiscal 2019 | 96,666 | △25,906 | △13,063 | 97,993 | ||||||||||||
Fiscal 2018 | 94,793 | △67,260 | △17,633 | 41,050 |
2.Dividends
Dividend per share (¥) | Ratio of | |||||||||
Dividend paid | Payout ratio | dividends | ||||||||
First | Second | Third | Year end | Full year | (annual) | (Consolidated) | to net assets | |||
quarter | quarter | quarter | (¥ millions) | (%) | (Consolidated) | |||||
(%) | ||||||||||
Fiscal 2018 | - | 36.00 | - | 60.00 | 96.00 | 15,430 | 18.5 | 4.1 | ||
Fiscal 2019 | - | 40.00 | - | 52.00 | 92.00 | 14,787 | 20.3 | 3.4 | ||
Fiscal 2020 | - | - | - | - | - | - | ||||
(forecast) | ||||||||||
Notes: 1. Breakdown of fiscal 2018 year-end dividend: Ordinary dividend: ¥40.00; Extraordinary dividend: ¥20.00 | ||||||||||
2. Forecasts of dividends for fiscal 2020 are currently undecided. |
3. Forecast of Consolidated Results for Fiscal 2020 (April 1, 2019 to March 31, 2020)
(¥ millions; percentage figures represent year-on-year changes)
Profit | Net income per | ||||||||
Net sales | Operating income | Recurring profit | attributable to | ||||||
share (¥) | |||||||||
owners of parent | |||||||||
First half | 397,000 | 1.1% | 42,000 | △9.7% | 43,000 | △12.0% | 29,000 | △12.5% | 180.43 |
Full year | 825,000 | △0.2% | 92,000 | △9.4% | 94,000 | △10.9% | 63,000 | △13.6% | 391.96 |
*Notes
(1)Changes to important subsidiaries during fiscal 2019 (changes in specified subsidiaries resulting in revised scope of consolidation): None
(2)Changes in accounting principles, accounting estimates and restatements
① Changes in accounting policies in conjunction with revisions to accounting standards: None
②Other changes: None
③Changes in accounting estimates : None
④Restatements: None
(3)Number of shares issued (common stock)
① Number of shares issued (including treasury stock):
②Number of treasury stocks:
③Average number of shares during the year:
(shares) | |||
March 31, 2019 | 160,789,436 | March 31, 2018 | 160,789,436 |
March 31, 2019 | 58,220 | March 31, 2018 | 58,106 |
Fiscal 2019 | 160,731,257 | Fiscal 2018 | 160,719,794 |
《For Reference Only 》
Non-consolidated Earnings Report for Fiscal 2019
1.Non-consolidatedResults for Fiscal 2019 (April 1, 2018 to March 31, 2019)
(1) Non-consolidated Business Results | (¥ millions; percentage figures represent year-on-year changes) | |||||||
Net sales | Operating income | Recurring profit | Net income | |||||
Fiscal 2019 | 364,104 | 7.1% | 38,346 | 2.0% | 56,652 | 1.5% | 44,132 | △29.1% |
Fiscal 2018 | 339,976 | 14.2% | 37,599 | 28.5% | 55,791 | 22.0% | 62,228 | 100.1% |
Net income | Net income | |||||||
per share (¥) | per share (diluted) (¥) | |||||||
Fiscal 2019 | 274.57 | 274.48 | ||||||
Fiscal 2018 | 387.18 | 387.05 | ||||||
(2) Non-consolidated Financial Position | (¥ millions) | |||||||
Total assets | Net assets | Equity ratio | Net assets | |||||
(%) | per share (¥) | |||||||
March 31, 2019 | 419,791 | 303,560 | 72.3 | 1,887.09 | ||||
March 31, 2018 | 403,989 | 279,726 | 69.2 | 1,738.81 | ||||
Note: Equity: March | 31, 2019: ¥303,314 million, March 31, 2018: ¥279,481 million |
2.Forecast of Non-consolidated Results for Fiscal 2020 (April 1, 2019 to March 31, 2020)
(¥ millions; percentage figures represent year-on-year changes)
Net sales | Operating income | Recurring profit | Net income | Net income per | |||||
share (¥) | |||||||||
First half | 178,000 | 3.9% | 15,000 | △21.5% | 27,000 | △12.4% | 21,500 | △7.7% | 133.76 |
Full year | 362,000 | △0.6% | 31,000 | △19.2% | 51,000 | △10.0% | 39,000 | △11.6% | 242.64 |
*This consolidated earnings report is not subject to the auditing procedures by certified public accountants or auditing
firms.
*Explanations concerning proper use of business forecasts and other noteworthy matters (Note concerning forecast)
The above forecasts are based on information available, and certain assumptions that are judged to be reasonable, at the time of the release of this report. KOITO is not promising that the Company will achieve these forecasts. Actual results could differ from forecasts due to a variety of factors.
(Supplementary materials for financial results)
KOITO is scheduled to have an earnings release conference for securities analysts and institutional investors on May 9, 2019. Supplementary materials will be available on our website after the conference.
Table of Contents of Supplementary Materials
1.Outline of Consolidated Results………………………………………………………………………………………….2
(1)Outline of Consolidated Results in Fiscal 2019…………………………………………………………………. 2
(2)Outline of Financial Position in Fiscal 2019……………………………………………………………………… 3
(3)Forecasts for Fiscal 2020………………………………………………………………………………………………3
(4)Basic Earnings Distribution Policies and Dividend Payments for Fiscal 2019 and Fiscal 2020…………………… 3
2.KOITO Group…………………………………………………………………………………………………………….5
3.Management Policies…………………………………………………………………………………………………... 6
4.Basic Approach in Selection of Accounting Standard…………………………………………………………………. 7
5.Consolidated Financial Statements and Notes………………………………………………………………………….. 8
(1)Consolidated Balance Sheets……………………………………………………………………………………….. 8
(2)Consolidated Statements of Income and Comprehensive Income……………………………………………….. 10
(3)Consolidated Statements of Changes in Shareholders' Equity………………………………………………………12
(4)Consolidated Statements of Cash Flows…………………………………………………………………………….14
(5)Notes to Consolidated Financial Statements…………………………………………………………………………15 (Going Concern Assumption)………………………………………………………………………………………. 15 (Changes in Presentation Method) ………………………………………………………………………………… 15 (Segment Information)……………………………………………………………………………………………….16 (Per Share Information)…………………………………………………………………………………………… 18 (Significant Subsequent Events)……………………………………………………………………………………..18
6.Non-consolidatedFinancial Statements………………………………………………………………………………...19
(1)Non-consolidatedBalance Sheets………………………………………………………………………………….. 19
(2)Non-consolidatedStatements of Income……………………………………………………………………………21
1
1. Outline of Consolidated Results
(1) Outline of Consolidated Results in Fiscal 2019
During fiscal 2019, the period under review, the Japanese economy showed a trend of moderate expansion due to an increase in capital investment and robust personal consumption. Although the global economy experienced intensifying trade tensions between U.S. and China, Brexit issues in U.K., and geopolitical risks, it remained to be robust as a whole. This was due primarily to firm economies in the U.S. and Asia.
In the Japanese auto industry, the production volume remained flat for both domestic and export vehicles. Despite increased demand in ASEAN countries and India, the global automobile production volume decreased year on year. This was due mainly to the decreased production volume in China caused by the expired tax reduction on compact cars in the previous fiscal year, and production decrease in Europe.
In this climate, for the purpose of expanding earnings of automotive lighting equipment in the mid- and long- term perspective, KOITO Group has reinforced its overseas production capacity, strengthened development capability, and expanded marketing activities. In addition to KOITO's subsidiary in Brazil put into operation in May 2018, KOITO has expanded plants and put into operations in FUZHOU KOITO TAYIH AUTOMOTIVE LAMP., LTD. in November 2018, and PT. INDONESIA KOITO in March 2019.
KOITO Group's consolidated net sales decreased 2.7% year on year to ¥826.2 billion. This was attributable to a decrease in the automobile production volume and the status change of Shanghai Koito Automotive Lamp Co., Ltd. ("Shanghai Koito") from a consolidated company to a company accounted for by the equity-method in the end of September 2017, and its non-consolidation in the end of March 2018.
Results by geographical segment are outlined as follows:
〔Japan〕
While domestic automobile production remained flat, sales in Japan increased 5.5% year on year to ¥384.6 billion due to an increase in new orders and a shift in automobile lamps to LED.
〔North America〕
While automobile production in the region remained flat, sales in North America increased 7.2% year on year to ¥200.3 billion due to an increase in new orders and a shift in automobile lamps to LED.
〔China〕
Despite the decrease in production volume, new orders expanded in China. However, sales in China decreased 40.6% year on year to ¥93.7 billion due to the effect of non-consolidation of Shanghai Koito.
〔Asia〕
Sales in Asia increased 10.2% year on year to ¥106.3 billion. Sales growth was mainly driven by an increase in automobile production volume and an increase in new orders in Thailand.
〔Europe〕
Sales in Europe decreased 10.3% year on year to ¥38.5 billion. This was mainly attributable to the decrease in automobile production volume and completion of current round of new vehicle stage effects or the end of production of some of our ordered products portfolio in this region.
〔Other regions〕
KOITO's subsidiary, NAL Brasil commenced operations in May 2018. Sales in the region was ¥2.5 billion.
On the earnings front, although KOITO implemented rationalization in Japan and overseas, operating income decreased 2.2% year on year to ¥101.5 billion, and recurring profit decreased 2.3% year on year to ¥105.4 billion. This was attributable to the effect of non-consolidation of Shanghai Koito and increased R&D expenses. As KOITO recorded extraordinary gain on sales of investment in Shanghai Koito's capital in the previous fiscal year, profit attributable to owners of parent decreased 12.6% year on year to ¥72.8 billion.
2
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original document
- Permalink
Disclaimer
Koito Manufacturing Co. Ltd. published this content on 23 April 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 23 April 2019 07:38:22 UTC