Consolidated Financial Results
for the Fiscal Year Ended March 31, 2021
[Japanese GAAP]
May 10, 2021
Company name: Prima Meat Packers, Ltd.
Stock exchange listing: Tokyo Stock Exchange
Securities Code number: 2281
URL: https://www.primaham.co.jp/
Representative: Naoto Chiba, President and Representative Director
Contact: Takahiro Uchiyama, Senior Managing Executive Officer
Phone: +81-3-6386-1800
Scheduled date of the Annual General Meeting of Shareholders: June 29, 2021
Scheduled date of commencing dividend payments: June 30, 2021
Scheduled date of filing annual securities report: June 29, 2021
Availability of supplementary briefing material on financial results: Yes
Schedule of financial results briefing session: Yes (for institutional investors and analysts)
(Amounts of less than one million yen are rounded down.) | ||||||||||||||
1. Consolidated Financial Results for the Fiscal Year Ended March 31, 2021(April 1, 2020 to March 31, | ||||||||||||||
2021) | ||||||||||||||
(1) Consolidated Operating Results | (% indicates changes from the previous corresponding period.) | |||||||||||||
Net sales | Operating income | Ordinary income | Net income | |||||||||||
attributable to | ||||||||||||||
owners of parent | ||||||||||||||
Fiscal year ended | Million yen | % | Million yen | % | Million yen | % | Million yen | % | ||||||
March 31, 2021 | 433,572 | 3.7 | 21,475 | 37.3 | 22,411 | 40.4 | 14,165 | 60.5 | ||||||
March 31, 2020 | 418,060 | 1.2 | 15,636 | 18.7 | 15,959 | 15.4 | 8,823 | 6.5 | ||||||
(Note) Comprehensive income: Fiscal year ended March 31, 2021: ¥17,657 million [106.4%] | ||||||||||||||
Fiscal year ended March 31, 2020: ¥8,555 million [2.0%] | ||||||||||||||
Net income | Diluted net | Return on equity | Return on assets | Operating margin | ||||||||||
per share | income per share | |||||||||||||
Fiscal year ended | Yen | Yen | % | % | % | |||||||||
March 31, 2021 | 281.90 | - | 14.6 | 10.9 | 5.0 | |||||||||
March 31, 2020 | 175.57 | - | 10.0 | 7.9 | 3.7 |
(Reference) Equity in earnings of affiliates: Fiscal year ended March 31, 2021: ¥182 million Fiscal year ended March 31, 2020: ¥(386) million
(2) Consolidated Financial Position
Total assets | Net assets | Equity ratio | Net assets per share | |
Million yen | Million yen | % | Yen | |
As of March 31, 2021 | 214,542 | 114,761 | 48.3 | 2,062.41 |
As of March 31, 2020 | 198,530 | 100,134 | 45.6 | 1,802.47 |
(Reference) Equity: As of March 31, 2021: ¥103,632 million As of March 31, 2020: ¥90,573 million
(3) Consolidated Cash Flows
Cash flows from | Cash flows from | Cash flows from | Cash and cash | ||||||||||||||
equivalents at end | |||||||||||||||||
operating activities | investing activities | financing activities | |||||||||||||||
of period | |||||||||||||||||
Fiscal year ended | Million yen | Million yen | Million yen | Million yen | |||||||||||||
March 31, 2021 | 27,248 | (12,205) | (7,509) | 29,773 | |||||||||||||
March 31, 2020 | 22,304 | (5,875) | (7,924) | 22,214 | |||||||||||||
2. Dividends | |||||||||||||||||
Annual dividends | Total | Payout | Dividends | ||||||||||||||
dividends | ratio | on equity | |||||||||||||||
1st | 2nd | 3rd | Year-end | Total | |||||||||||||
quarter-end | quarter-end | quarter-end | (Total) | (Consolidated) | (Consolidated) | ||||||||||||
Fiscal year ended | Yen | Yen | Yen | Yen | Yen | Million yen | % | % | |||||||||
- | 20.00 | - | 40.00 | 60.00 | 3,020 | 34.2 | 3.4 | ||||||||||
March 31, 2020 | |||||||||||||||||
March 31, 2021 | - | 20.00 | - | 65.00 | 85.00 | 4,276 | 30.2 | 4.4 | |||||||||
Fiscal year ending | |||||||||||||||||
March 31, 2022 | - | 20.00 | - | 45.00 | 65.00 | - | |||||||||||
(Forecast) |
(Note) The year-end dividend for the fiscal year ended March 31, 2021 included an ordinary dividend of ¥45.00 and a commemorative dividend of ¥20.00 to mark the 90th anniversary of the foundation.
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 income | Net income | ||||||||
Net sales | Operating income | Ordinary income | attributable to | ||||||
per share | |||||||||
owners of parent | |||||||||
Second quarter-end | Million yen | % | Million yen | % | Million yen | % | Million yen | % | Yen |
220,600 | 3.9 | 8,100 | (27.3) | 8,200 | (28.4) | 5,200 | (25.3) | 103.49 | |
(Comulative) | |||||||||
Full year | 437,700 | 1.0 | 16,600 | (22.7) | 16,800 | (25.0) | 10,500 | (25.9) | 208.96 |
Notes:
- Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in changes in scope of consolidation): None
New: -
- Changes in accounting policies, changes in accounting estimates and retrospective restatement
- Changes in accounting policies due to the revision of accounting standards: None
- Changes in accounting policies other than 1) above: None
- Changes in accounting estimates: None
- Retrospective restatement: None
- Total number of issued shares (common shares)
- Total number of issued shares at the end of the period (including treasury shares):
March 31, 2021: 50,524,399 shares
March 31, 2020: 50,524,399 shares
-
Total number of treasury shares at the end of the period: March 31, 2021: 275,939 shares
March 31, 2020: 275,049 shares
3) Average number of shares during the period
Fiscal year ended March 31, 2021: 50,248,927 shares
Fiscal year ended March 31, 2020: 50,252,828 shares
(Note) The number of treasury shares that has been excluded when calculating total number of treasury shares at the end of the period, and average number of shares during the period includes the Company's shares owned by the Board Benefit Trust (BBT).
(Reference) Overview of Non-Consolidated Financial Results
1. Non-Consolidated Financial Results for the Fiscal Year Ended March 31, 2021(April 1, 2020 to March 31, 2021)
(1) Non-Consolidated Operating Results | (% indicates changes from the previous corresponding period.) | ||||||||||||||
Net sales | Operating income | Ordinary income | Net income | ||||||||||||
Fiscal year ended | Million yen | % | Million yen | % | Million yen | % | Million yen | % | |||||||
March 31, 2021 | 311,596 | 3.6 | 11,692 | 33.9 | 13,018 | 31.4 | 8,825 | 56.7 | |||||||
March 31, 2020 | 300,862 | 1.3 | 8,730 | 2.2 | 9,907 | 3.7 | 5,631 | (20.4) | |||||||
Net income | Diluted net income | ||||||||||||||
per share | per share | ||||||||||||||
Fiscal year ended | Yen | Yen | |||||||||||||
March 31, 2021 | 175.63 | - | |||||||||||||
March 31, 2020 | 112.06 | - | |||||||||||||
(2) Non-Consolidated Financial Position | |||||||||||||||
Total assets | Net assets | Equity ratio | Net assets per share | ||||||||||||
Million yen | Million yen | % | Yen | ||||||||||||
As of March 31, 2021 | 143,742 | 71,841 | 50.0 | 1,429.72 | |||||||||||
As of March 31, 2020 | 136,538 | 65,560 | 48.0 | 1,304.70 |
(Reference) Equity: As of March 31, 2021: ¥71,841 million As of March 31, 2020: ¥65,560 million
*These financial results are outside the scope of audit procedures by a certified public accountant or an audit firm.
* Explanation of the proper use of the financial results forecast 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 vary significantly due to various factors. For the assumptions and notes for earnings forecasts, please refer to "1. Overview of Operating Results, etc., (1) Overview of Operating Results for the Fiscal Year Under Review" on page 2 of the attachment.
- The Company plans to hold a financial results briefing session for institutional investors and analysts on May 24, 2021. Soon after the event, we plan to post financial results briefing materials to be distributed at the briefing on our website.
Prima Meat Packers, Ltd. (2281) | |
Table of Contents | |
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 ................................................ | 3 |
(3) Overview of Cash Flows for the Fiscal Year Under Review ........................................................... | 4 |
(4) Future Outlook ................................................................................................................................ | 5 |
(5) Basic Policy for Distribution of Profit and Dividends for FY2020 and FY2021.............................. | 5 |
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 .............................................................................. | 10 |
(4) Consolidated Statements of Cash Flows ....................................................................................... | 12 |
(5) Notes to the Consolidated Financial Statements ........................................................................... | 14 |
(Notes on going concern assumption) .......................................................................................... | 14 |
(Changes in presentation method) ................................................................................................. | 14 |
(Additional information)................................................................................................................ | 14 |
(Segment information) ................................................................................................................. | 15 |
(Per share information) ................................................................................................................ | 21 |
(Significant subsequent events) ..................................................................................................... | 21 |
1
Prima Meat Packers, Ltd. (2281)
1. Overview of Operating Results, etc.
(1) Overview of Operating Results for the Fiscal Year Under Review
Items in this document which relate to the future are judgments made by Prima Meat Packers, Ltd., and its subsidiaries (the "Group") as of the end of fiscal 2020, consolidated basis.
During the fiscal year ended March 31, 2021, the Japanese economy was hit hard by COVID-19, particularly in the first quarter, as shown by indicators such as GDP and economic trend indices. Although gradual recovery set in after that, the impact of the pandemic became drawn out, prompting among other measures a new state of emergency declaration, and the economy was characterized by a clear divide in recovery fortunes depending on business sector and format.
While total household consumer spending continued to fall year on year, personal spending on food purchases for home consumption was at a high level. Demand for online purchasing, home-delivery and take- away services further expanded, fueling rapid change in consumer behavior and lifestyle patterns.
In our sector, overseas suppliers from which we import materials for processed foods were affected notably by the spread of COVID-19 and concerns over African swine fever, introducing supply-side uncertainty into the market environment. At the same time, in both pork and poultry markets in Japan, market prices remained high throughout the year, supported by strong demand for consumption at home.
Based on our mission as a group of creating "Healthy, well-rounded dietary habits and contributing to communities and a hearty food culture by providing safe, reliable products," we set and worked to attain the basic policy goal in our medium-term management plan of "Strengthening corporate governance, continuous management innovation through CSR promotion," "Expanding the scope of businesses and further strengthening the earnings base," and "Business creation and global expansion for growth markets."
In particular, as a food business, we concentrated on stepping up measures for prevention of infection, and on continuing to supply safe, worry-free products, to meet the expectations of our customers and consumers.
As a result, net sales amounted to ¥433,572million (up 3.7% year on year). In terms of profit, operating income was ¥21,475 million (up 37.3% year on year), ordinary income was ¥22,411 million (up 40.4% year on year), and net income attributable to owners of parent was ¥14,165 million (up 60.5% year on year).
Results by segment are as follows:
1) Ham and sausage sectionWe implemented measures to increase our share of a market characterized by robust home-cooking demand. In the Koukun® Sausage series, we won plaudits for not only our classic drawstring-packaged range but also for products in large packs with zippered. Appreciated for its fine taste, the series is supported widely by customers of all generations. With series awareness increasing, it is one of our core brands among customers.
Cured ham products and bacon products also continued to show strong performances, on demand for finger foods. Growth outpaced the market, and as a result we were able to increase market share.
In marketing promotion strategies, the events we hold at Tokyo Disney Resort® and other venues have not been fully reinstated, and some changes and cancellations have been necessary in the private events "Exclusive Precious Night" invitation campaign. However, we launched new initiatives such as the LINE campaign and launch of an official corporate Twitter account. At our plants, likewise, we continue to introduce reforms and improvements to raise productivity in production activities, even as we take rigorous measures against infectious disease. We embarked on man-hour productivity improvements, utility cost-cutting and other initiatives, steadily improving our cost competitiveness. As a result of measures to smoothly expand production at our new Ibaraki Plant, we also increased total net sales and volumes year on year in the ham and sausage section.
2
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Prima Meat Packers Ltd. published this content on 09 June 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 June 2021 02:02:03 UTC.