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    9962   JP3885400006

MISUMI GROUP INC.

(9962)
  Report
Delayed Quote. Delayed Japan Exchange - 01/18 01:00:00 am
4110 JPY   -0.72%
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FY2021 2Q Consolidated Financial Results (426KB)

10/28/2021 | 03:11am EST

This is an abridged translation of the original document in Japanese and is intended for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the Japanese original shall prevail.

Consolidated Financial Results

for the Six Months Ended September 30, 2021

[Japanese GAAP]

October 28, 2021

Company name: MISUMI Group Inc.

Stock exchange listing: Tokyo Stock Exchange

Securities Code: 9962

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

Representative: Ryusei Ono, Representative Director and President

Contact: Toru Takanami, CFO and Representative Corporate Officer, Finance Platform Phone: +81-3-5805-7401

Scheduled date of filing quarterly securities report: November 5, 2021

Scheduled date of dividend payments: December 7, 2021

Preparation of supplemental explanatory materials: Yes (materials for institutional investors)

Holding of quarterly financial results meeting: Yes (meeting for institutional investors)

(Amounts of less than one million yen are rounded down.)

1. Consolidated Financial Results for the Six Months Ended September 30, 2021 (April 1, 2021 to September 30, 2021)

(1) Consolidated Operating Results (Accumulated) (% indicates changes from the previous corresponding period.)

Net sales

Operating income

Ordinary income

Net income

attributable to

owners of parent

Six months ended

Million yen

%

Million yen

%

Million yen

%

Million yen

%

September 30, 2021

182,238

27.2

28,494

212.2

28,694

215.0

20,831

210.5

September 30, 2020

143,302

(8.8)

9,126

(22.2)

9,108

(21.3)

6,708

(21.2)

(Note) Comprehensive income: Six months ended September 30, 2021: ¥22,213 million 231.5%

Six months ended September 30, 2020: ¥6,701 million

130.2%

Net income per share

Net income per share

(diluted)

Six months ended

Yen

Yen

September 30, 2021

73.31

73.08

September 30, 2020

23.63

23.55

(2) Consolidated Financial Position

Total assets

Net assets

Equity ratio

Million yen

Million yen

%

As of September 30, 2021

310,862

253,502

80.7

As of March 31, 2021

288,921

233,569

80.0

(Reference) Shareholders' equity: As of September 30, 2021: ¥250,824 million

As of March 31, 2021 : ¥231,147 million

2. Cash Dividends

Cash dividends per share for the fiscal year (yen)

1st

2nd

3rd

Year-end

Total

quarter-end

quarter-end

quarter-end

Yen

Yen

Yen

Yen

Yen

Fiscal year ended March 31, 2021

5.91

9.18

15.09

Fiscal year ending March 31, 2022

18.33

Fiscal year ending March 31, 2022

12.65

30.98

(Forecast)

(Note) Revision of the latest forecast for cash dividends: Yes

3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2022 (April 1, 2021 to March 31, 2022)

(% indicates changes from the previous corresponding period.)

Net sales

Operating

Ordinary

Net income

Net income per

attributable to

income

income

share

owners of parent

Million yen

%

Million yen

%

Million yen

%

Million yen

%

Yen

Full year

356,000

14.6

48,500

78.3

48,500

78.4

35,200

105.4

123.87

(Note) Revision of the latest financial results forecasts: Yes

*Notes:

  1. Changes in significant consolidated subsidiaries during the period (changes in specified subsidiaries resulting in changes in scope of consolidation): None
  2. Adoption of special accounting procedures for the preparation of quarterly consolidated financial statements: None
  3. 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 2. Quarterly Consolidated Financial Statements and Primary Notes, (4) Notes to the Quarterly Consolidated Financial Statements (Changes in accounting policies) on page 9 of the attached document.

  1. Total number of shares outstanding (common shares)
    1) Total number of shares outstanding at the end of the period (including treasury stock):

As of September 30, 2021 : 284,309,297 shares

As of March 31, 2021

: 284,244,497 shares

2) Total number of treasury stock at the end of the period: As of September 30, 2021 : 129,849 shares

As of March 31, 2021

: 129,760 shares

    1. Weighted average number of shares outstanding during the period: Six months ended September 30, 2021 : 284,149,628 shares Six months ended September 30, 2020 : 283,904,005 shares
  • These quarterly financial results are outside the scope of quarterly review by certified public accountants or audit corporations.
  • Explanation on the appropriate use of forecasts and other notes
    • The earnings forecasts and other forward-looking statements herein are based on information available to the Company at the time of preparation and certain assumptions deemed to be reasonable, and actual results may differ significantly from the forecasts due to various factors. For the assumptions on the earnings forecasts and notes on their use, please refer to "Explanation of Consolidated Financial Results Forecast and Other Forward- looking Statements" on page 3 of the attached document.

Contents of Attachment

1. Qualitative Information on Quarterly Financial Results ..........................................................................

2

(1)

Explanation of Operating Results .........................................................................................................

2

(2)

Explanation of Financial Position ........................................................................................................

3

(3)

Explanation of Consolidated Financial Results Forecast and Other Forward-looking Statements ......

3

2. Quarterly Consolidated Financial Statements and Primary Notes ...........................................................

4

(1)

Quarterly Consolidated Balance Sheet .................................................................................................

4

(2)

Quarterly Consolidated Statement of Income and Comprehensive Income .........................................

6

(3)

Quarterly Consolidated Statement of Cash Flows ................................................................................

8

(4)

Notes to the Quarterly Consolidated Financial Statements ..................................................................

9

(Notes on going concern assumption)......................................................................................................

9

(Notes on significant changes in shareholders' equity)............................................................................

9

(Changes in accounting policies) .............................................................................................................

9

(Additional information) ..........................................................................................................................

9

(Segment information) ...........................................................................................................................

11

1

1. Qualitative Information on Quarterly Financial Results

(1) Explanation of Operating Results

The global economy during the first half of FY2021 started to recover from the COVID-19 pandemic, capital investment and operations in the manufacturing industry were solid worldwide. Demand that has been driven by China, also recovered in all other regions, including Japan. On the other hand, concerns such as the strong recovery in demand causing a shortage of some components, including semiconductors, and supply chain disruptions in certain regions due to COVID-19, became apparent.

Under this economic environment, MISUMI Group is leveraging its unique business model, which encompasses both manufacturing and distribution businesses. By advancing the business foundation that supports these businesses globally, we contribute to industries worldwide that related to automation demand, particularly the manufacturing industry, by responding to customers' reliable, quick delivery needs.

By utilizing the strong business foundation built to date in IT, logistics, and production as well as our global network, we have continued to provide a stable supply of products to customers around the world while responding to changes taking place in the environment such as the impact of COVID-19 infections and geopolitical risks.

Consequently, consolidated net sales was ¥182,238 million (27.2% increase year-on-year). In terms of profits, operating income was ¥28,494 million (212.2% increase year-on-year) due to the recovery of sales and the effects of ongoing efforts to improve profitability since the previous fiscal year. Ordinary income was ¥28,694 million (215.0% increase year-on-year), and net income attributable to owners of parent was ¥20,831 million (210.5% increase year-on-year). Both sales and profits reaching record highs for the half-year period.

The Company has applied Accounting Standard for Revenue Recognition (ASBJ Statement No. 29, March 31, 2020), etc. from the beginning of the first quarter of the fiscal year. For details, please refer to 2. Quarterly Consolidated Financial Statements and Primary Notes, (4) Notes to the Quarterly Consolidated Financial Statements (Changes in accounting policies).

  • Factory Automation (FA) Business

In the FA business, sales was ¥59,073 million (23.6% increase year-on-year) and operating income was ¥12,796 million (108.8% increase year-on-year) due to continued growth in China and continued recovery in all other regions, including Japan.

  • Die Components Business

In the Die components business, automobile-related demand showed sign of recovery in Asia, the U.S. and Europe with sales of ¥37,515 million (20.9% increase year-on-year), and operating income was ¥5,091 million (300.0% increase year-on-year).

  • VONA Business

VONA business is MISUMI Group's sales and distribution business of manufacturing, automation-related equipment parts / indirect materials, and MRO (consumables) products. This business segment includes MISUMI brand products, as well as third-party manufacturers' products. Due to the strong global demand for automation, sales was ¥85,649 million (32.9% increase year-on-year), and consequently, operating income was ¥10,606 million (515.0% increase year-on-year).

2

  1. Explanation of Financial Position
  1. Assets, liabilities and net assets

Total assets as of the end of the second quarter of the fiscal year were ¥310,862 million, an increase of ¥21,941 million (+7.6%) compared to the previous year-end. This was mainly attributable to an increase of ¥19,746 million (+9.7%) in current assets due to increases in cash and deposits, and merchandise and finished goods, and an increase of ¥2,600 million (+8.2%) in intangible assets.

Total liabilities amounted to ¥57,360 million, an increase of ¥2,009 million (+3.6%) compared to the previous year-end. This was mainly attributable to an increase of ¥1,374 million (+3.2%) in current liabilities caused primarily by an increase in income taxes payable and to an increase of ¥634 million (+5.0%) in long-term liabilities.

Total net assets amounted to ¥253,502 million, an increase of ¥19,932 million (+8.5%) compared to the previous year-end. This was primarily because shareholders' equity increased by ¥18,343 million (+8.0%) due to an increase in retained earnings.

As a result, the equity ratio was 80.7%, compared to 80.0% at the end of the previous year.

  1. Cash flows

At the end of the second quarter of the fiscal year, cash and cash equivalents amounted to ¥84,816 million, an increase of ¥12,852 million compared to the previous year-end.

Cash flows from operating activities amounted to a net cash inflow of ¥28,345 million (a net cash inflow of ¥13,611 million for the same period in the previous year). The breakdown of cash flows from operating activities is as follows. Income before income taxes was ¥28,379 million. Depreciation and amortization amounted to ¥7,494 million. The amount of a decrease in notes and accounts receivables - trade was ¥1,733 million. An increase in inventories was ¥1,537 million. Income taxes paid was ¥5,808 million.

Cash flows from investing activities amounted to a net cash outflow of ¥12,494 million (a net cash outflow of ¥1,525 million for the same period in the previous year). The main items of cash flows from investing activities were purchase of fixed assets of ¥7,704 million and payments into time deposits of ¥6,012 million.

Cash flows from financing activities amounted to a net cash outflow of ¥3,503 million (a net cash outflow of ¥2,948 million for the same period in the previous year). The main item of cash flows from financing activities was dividends paid of ¥2,608 million.

(3) Explanation of Consolidated Financial Results Forecast and Other Forward-looking Statements

Based on the financial results for the six months ended September 30, 2021 and recent business trends, we have revised the full-year consolidated financial results forecast announced on July 30, 2021, for the fiscal year ending March 31, 2022 as follows.

[Full-year consolidated financial results forecast for the fiscal year ending March 31, 2022 (April 1, 2021 to March 31, 2022)]

Net sales

Operating

Ordinary

Net income

Net income per

attributable to

income

income

share

(million yen)

owners of parent

(million yen)

(million yen)

(yen)

(million yen)

Revised forecast

356,000

48,500

48,500

35,200

123.87

Previous forecast

354,000

45,500

45,200

33,000

116.14

The forecast for dividends is announced in the press release dated October 28, 2021, titled "Announcing an interim dividend distribution and revisions to forecasts for year-end and annual dividends."

3

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Misumi Group Inc. published this content on 28 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 October 2021 07:10:03 UTC.


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Toshinari Sato Managing Director & Chief Information Officer
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