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Consolidated Financial Results for the Fiscal Year Ended February 20, 2022
[Japanese GAAP]
April 4, 2022
Company name: OKUWA Co., Ltd.
Stock exchange listing: Tokyo Stock Exchange Code number: 8217
URL:http://www.okuwa.net
Representative: Hirotsugu Okuwa, President and Representative Director
Contact: Kozo Togawa, Managing Director; Executive Officer; General Manager, Administration Headquarters; and
General Manager, IR Office
Phone: +81-73-425-2481
Scheduled date of general shareholders' meeting: May 12, 2022 Scheduled date of commencing dividend payments: May 13, 2022 Scheduled date of filing securities report: May 12, 2022
Availability of supplementary explanatory materials on annual financial results: Available
Schedule of annual financial results briefing session: Scheduled (for institutional investors and financial analysts)
(Amounts of less than one million yen are rounded down.)
1. Consolidated Financial Results for the Fiscal Year Ended February 20, 2022 (February 21, 2021 - February 20, 2022)
(1) Consolidated Operating Results (% indicates changes from the previous corresponding period.)
Operating income | Operating profit | Ordinary profit | Profit attributable to owners of parent | |
Fiscal year ended February 20, 2022 February 20, 2021 | Million yen %
| Million yen %
| Million yen %
| Million yen %
|
(Note) Comprehensive income: Fiscal year ended February 20, 2022: ¥1,560 million [(58.8)%]
Fiscal year ended February 20, 2021: ¥3,783 million [170.4%]
Basic earnings per share | Diluted earnings per share | Return on equity | Ratio of ordinary profit to total assets | Ratio of operating profit to operating income | |
Fiscal year ended February 20, 2022 February 20, 2021 | Yen 34.74 86.38 | Yen 34.74 86.35 | % 2.0 5.0 | % 4.0 5.8 | % 2.0 2.8 |
(Reference) Share of loss (profit) of entities accounted for using equity method:
Fiscal year ended February 20, 2022: ¥(24) million Fiscal year ended February 20, 2021: ¥(18) million
(2) Consolidated Financial Position
Total assets | Net assets | Equity ratio | Net assets per share | |
As of February 20, 2022 As of February 20, 2021 | Million yen 133,513 137,863 | Million yen 78,170 77,747 | % 58.3 56.2 | Yen 1,775.94 1,767.36 |
(Reference) Equity: As of February 20, 2022: ¥77,876 million
As of February 20, 2021: ¥77,475 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 February 20, 2022 February 20, 2021 | Million yen 8,590 13,772 | Million yen (7,016) (5,034) | Million yen (3,144) (6,515) | Million yen 16,668 18,239 |
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 February 20, 2021 Fiscal year ended February 20, 2022 | Yen - - | Yen 13.00 13.00 | Yen - - | Yen 13.00 13.00 | Yen 26.00 26.00 | Million yen 1,139 1,140 | % 30.1 74.8 | % 1.5 1.5 |
Fiscal year ending February 20, 2023 (Forecast) | - | 13.00 | - | 13.00 | 26.00 | 55.6 |
3. Consolidated Financial Results Forecast for the Fiscal Year Ending February 20, 2023 (February 21, 2022, -
February 20, 2023)
(% indicates changes from the previous corresponding period.)
Operating income | Operating profit | Ordinary profit | Profit attributable to owners of parent | Basic earnings per share | |
First half Full year | Million yen % 125,000 - 252,000 - | Million yen % 2,000 (19.0) 5,400 3.2 | Million yen % 2,100 (19.6) 5,600 2.5 | Million yen %
| Yen 22.80 46.75 |
(Note) The company has applied the "Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29), etc.
since the beginning of the fiscal year ending February 20, 2023. Therefore, the figures in the above financial results forecast show the amounts after the relevant accounting standards are applied, and for the operating income, changes from the previous corresponding period are not described.
* Notes:
(1) Changes in significant subsidiaries during the fiscal year under review: None (Changes in specified subsidiaries resulting in changes in scope of consolidation) Newly included: - ( ), Excluded: - ( )
(2) Changes in accounting policies, changes in accounting estimates and retrospective restatement
1) Changes in accounting policies due to the revision of accounting standards: None
2) Changes in accounting policies other than 1) above: None
3) Changes in accounting estimates: None
4) Retrospective restatement: None
(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):
February 20, 2022:
February 20, 2021:
45,237,297 shares 45,237,297 shares
2) Total number of treasury shares at the end of the year:
February 20, 2022:
February 20, 2021:
1,386,767 shares 1,400,405 shares
3) Average number of shares during the year:
Year ended February 20, 2022:
Year ended February 20, 2021:
43,847,571 shares 43,835,644 shares
(Reference) Summary of Non-consolidated Financial Results
1. Non-consolidated Financial Results for the Fiscal Year Ended February 20, 2022 (February 21, 2021 -
February 20, 2022)
(1) Non-consolidated Operating Results (% indicates changes from the previous corresponding period.)
Operating income | Operating profit | Ordinary profit | Net income | |
Year ended February 20, 2022 February 20, 2021 | Million yen %
| Million yen %
| Million yen %
| Million yen %
|
Basic earnings per share | Diluted earnings per share | |
Year ended February 20, 2022 February 20, 2021 | Yen 33.85 85.42 | Yen 33.85 85.40 |
(2) Non-consolidated Financial Position
Total assets | Net assets | Equity ratio | Net assets per share | |
As of February 20, 2022 As of February 20, 2021 | Million yen 132,766 136,835 | Million yen 77,672 77,231 | % 58.5 56.4 | Yen 1,770.28 1,760.62 |
(Reference) Equity: As of February 20, 2022: ¥77,627 million
As of February 20, 2021: ¥77,180 million
2. Non-consolidated Financial Results Forecast for the Fiscal Year Ending February 20, 2023 (February 21, 2022, - February 20, 2023)
(% indicates changes from the previous corresponding period.)
Operating income | Operating profit | Ordinary profit | Basic earnings per share | |
First half Full year | Million yen 122,000 246,000 % - - | Million yen %
| Million yen %
| Yen 22.80 45.61 |
(Note) The company has applied the "Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29), etc.
since the beginning of the fiscal year ending February 20, 2023. Therefore, the figures in the above financial results forecast show the amounts after the relevant accounting standards are applied, and for the operating income, changes from the previous corresponding period are not described.
* These consolidated financial results are outside the scope of audit by certified public accountants or an audit firm.
* Explanation of the proper use of financial results forecast and other notes
The earnings forecasts and other forward-looking statements herein are based on certain information available to the Company as of the date of publication of this document and on certain assumptions deemed reasonable. As such, actual results may differ significantly from these forecasts due to a wide range of factors. For the assumptions used as the basis for the financial results forecast and notes on the use of the forecast, please refer to "1. Overview of Operating Results, etc. (4) Future Outlook" on page 4 of the Attachments to this report.
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 ............................................................ 3
(4) Future Outlook ................................................................................................................................ 4
2. Basic Policy on Selection of Accounting Standards ............................................................................ 5
3. Consolidated Financial Statements and Primary Notes ....................................................................... 6
(1) Consolidated Balance Sheets .......................................................................................................... 6
(2) Consolidated Statements of Income and Comprehensive Income .................................................. 8
(3) Consolidated Statements of Changes in Equity ............................................................................ 11
(4) Consolidated Statements of Cash Flows ....................................................................................... 13
(5) Notes to Consolidated Financial Statements ................................................................................. 15
(Notes on Going Concern Assumption) ................................................................................... 15
(Significant Accounting Estimates) ............................................................................................ 15
(Change in Presentation) ............................................................................................................ 15
(Additional Information) .......................................................................................................... 16
(Notes to Consolidated Statements of Income) ........................................................................ 16
(Segment Information, etc.) ...................................................................................................... 18
(Per Share Information) ............................................................................................................ 19
(Significant Subsequent Events) ............................................................................................... 19
4. Non-consolidated Financial Statements and Primary Notes ............................................................. 20
(1) Balance Sheets ............................................................................................................................... 20
(2) Statements of Income .................................................................................................................... 22
(3) Statements of Changes in Equity ................................................................................................... 23
(4) Notes to Non-consolidated Financial Statements .......................................................................... 25
(Notes on Going Concern Assumption) ................................................................................... 25
1. Overview of Operating Results, etc.
(1) Overview of Operating Results for the Fiscal Year under Review
The Japanese economy in the consolidated fiscal year under review is under the influence of the prolonged COVID-19 (hereinafter referred to as the infection) pandemic, and the economy has repeatedly declined and recovered due to the repeated declaration of the states of emergency and application of the quasi-emergency measures throughout the country. Although the Japanese economy has begun to show signs of temporary recovery such as the decrease in the number of infections due to the progress in vaccine rollout, the impact of the outbreak of the new variant of the infection is significant and the outlook remains uncertain due to soaring prices of raw materials and a rise in the prices of crude oil mainly due to increased geopolitical risk.
The retail industry continued to face a severe situation as well, mainly due to the recurrent outbreak and containment of the infection, especially the thorough implementation of measures to prevent the spread of the infection in stores, responding to rising demand for eating at home, and persistent consumer savings consciousness due to the outbreak of the new variant of the infection.
Under such circumstances, we have decided the slogan for the fiscal year as "Let's respond to changes in the social environment and diversifying customer needs by changing the mindset of each individual and taking action" under the new management system. With the basic stance of responding to the ever-changing social environment and customer needs, and providing customers with food safety and security, and a prosperous life, we have worked to provide products and services that can respond to changing lifestyles with an eye on a post-COVID-19 world. In addition, we have continued to thoroughly implement preventive measures against the infection at each store, and have worked to provide sales systems and services to ensure the safety of employees and earn the trust of our customers.
As for the new store openings for the current fiscal year, we opened the "Tanabe Higashiyama Store" (Tanabe-shi, Wakayama) in March and the "Pare Marche Jingumae Store" (Nagoya-shi, Aichi) in July. As for the revitalization of existing stores, we renovated the "Pavilion City Tanabe Store" (Tanabe-shi, Wakayama), the "Katsuragi Store" (Katsuragi-cho, Ito-gun, Wakayama), the "Hisai Shoda Store" (Tsu-shi, Mie), the "Kashihara Bojo Store" (Kashihara-shi, Nara) and the "Wakayama Nakanoshima Store" (Wakayama-shi, Wakayama), etc.
On the other hand, in order to improve management efficiency, we closed the "Pare Marche Jingu Store" (Nagoya-shi, Aichi), the "Price Cut Nagai Store" (Nara-shi, Nara), the "Price Cut Nishinokyo Store" (Nara-shi, Nara), the "Yakata Store" (Wakayama-shi, Wakayama), the "Price Cut Kamikura Store" (Shingu-shi, Wakayama), the "Iga Midorigaoka Store" (Iga-shi, Mie), the "Pare Marche Nishiharu Store" (Kita Nagoya-shi, Aichi) and the "Price Cut Yanaizu Store" (Gifu-shi, Gifu).
As for consolidated subsidiaries, Hiramatsu Co., Ltd., a food supermarket, and SUNRISE., CO. LTD., which handles the processing and delivery of agricultural products, etc., saw lower sales and profits due in part to the reactionary fall from the stay-at-home demand. On the other hand, OAK FOODS CO.LTD. which operates restaurant businesses, posted higher sales and profits due to a partial recovery of demand for restaurants.
As a result, for the consolidated fiscal year under review, the Group posted operating income (net sales and operating revenue) of 266,532 million yen (a decrease of 4.5% year on year), operating profit of 5,233 million yen (a decrease of 33.3% year on year), ordinary profit of 5,463 million yen (a decrease of 31.8% year on year), and profit attributable to owners of parent of 1,523 million yen (a decrease of 59.8% year on year), against a backdrop of the reactionary fall from the stay-at-home demand in 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 decreased by 4,349 million yen from the end of the previous consolidated fiscal year to 133,513 million yen. The breakdown of the changes is as follows: a decrease of 2,134 million yen in current assets, primarily due to a decrease of 1,563 million yen in cash and deposits and a decrease of 530 million yen in merchandise and finished goods; and a decrease of 2,215 million
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OKUWA Co. Ltd. published this content on 11 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 April 2022 06:18:11 UTC.