Sakata Seed : Jul 13, 2022 Summary of Consolidated Financial Results for the Year Ended May 31, 2022（300.4KB）

Translation

Notice: This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the event of any discrepancy between this translated document and the original Japanese document, the latter shall prevail.

Summary of Consolidated Financial Results

for the Year Ended May 31, 2022

(Based on Japanese GAAP)

					July 13, 2022
Company name:	SAKATA SEED CORPORATION
Stock exchange listing:	Tokyo
Stock code:	1377	URL https://corporate.sakataseed.co.jp/
Representative:	President and Representative Director	Hiroshi Sakata
	Executive Officer
Inquiries:	Deputy Senior General Manager of General Administration Div.	Takenori Hoshi	TEL [phone]
	General Manager of Finance Dept.
Scheduled date of ordinary general meeting of shareholders:	August 25, 2022
Scheduled date to file Securities Report:	August 25, 2022
Scheduled date to commence dividend payments:	August 26, 2022
Preparation of supplementary material on financial results:	Yes
Holding of financial results meeting:		Yes	(for institutional investors and analysts)

(Amounts less than one million yen are rounded down)

1. Consolidated financial results for the year ended May 31, 2022 (from June 1, 2021 to May 31, 2022)

	(1) Consolidated operating results										(% indicates changes from the previous year.)
			Net sales				Operating profit			Ordinary profit			Profit attributable to
										owners of parent
			Millions of yen	%		Millions of yen	%		Millions of yen	%		Millions of yen	%
	Year ended May 31, 2022	73,049		-	11,181		-	12,114		-	12,256		-
	Year ended May 31, 2021		69,218		12.2		9,725		30.0		10,078		24.9		7,636		25.3

(Note) From the beginning of the year ended May 31, 2022, "Accounting Standard for Revenue Recognition" (ASBJ Statement No.29, March 31, 2020) etc. have been adopted. Therefore, the percentage compared to the previous year are not stated. When calculating the figures for the year ended May 31, 2022 in accordance with the same accounting standard before this adoption, net sales would be 76,472 million yen (10.5% increase compared to the previous year).

			Earnings per share Diluted earnings per	Profit attributable to	Ordinary profit/total	Operating profit/net
			owners of
					share	parent/equity	assets			sales
			Yen	Yen			%		%		%
	Year ended May 31, 2022	276.02		-			10.4		8.6		15.3
	Year ended May 31, 2021		171.24		-			7.2		7.9		14.1
	(2) Consolidated financial position
			Total assets	Net assets	Equity ratio	Net assets per share
			Millions of yen	Millions of yen		%			Yen
	As of May 31, 2022	147,423		125,466			84.9			2,821.58
	As of May 31, 2021			111,898			83.9			2,503.81
		133,077

(Note) From the beginning of the year ended May 31, 2022, "Accounting Standard for Revenue Recognition" (ASBJ Statement No.29, March 31, 2020) etc. have been adopted. Accordingly, the above figures as of May 31, 2022 include the effects of the new standards.

(3) Consolidated cash flows

			Cash flows from		Cash flows from		Cash flows from		Cash and cash equivalents
			operating activities		investing activities		financing activities		at end of year
			Millions of yen		Millions of yen		Millions of yen		Millions of yen
	Year ended May 31, 2022	10,039	468	(4,581)	21,747
	Year ended May 31, 2021		11,362		(5,165)		(4,005)		14,758

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2. Cash dividends

		Annual dividends per share			Total cash	Dividend payout	Ratio of dividends
							to net assets
							dividends (Total)	ratio (Consolidated)
	1st quarter-end	2nd quarter-end	3rd quarter-end	Fiscal year-end	Total		(Consolidated)
	Yen	Yen	Yen	Yen		Yen Millions of yen	%	%

Year ended May 31, 2021 Year ended May 31, 2022

Year ending May 31, 2023 (Forecast)

-	15.00		-	23.00	38.00	1,696	22.2	1.6
-	18.00		-	27.00	45.00	1,998	16.3	1.7
-		20.00		-		30.00		50.00		26.1

3. Forecast of consolidated financial results for the year ending May 31, 2023 (from June 1, 2022 to May 31, 2023)

(% indicates changes from the previous year.)

Net sales	Operating profit	Ordinary profit	Profit attributable to	Earnings per share
owners of parent
Millions of yen	% Millions of yen	% Millions of yen	% Millions of yen	%	Yen

Six months ending	37,600	15.0	5,400	(5.1)	5,800
November 30, 2022
Full year	78,000	6.8	11,300	1.1	11,800

4. Notes

1. Changes in significant subsidiaries during the year ended May 31, 2022
   (changes in specified subsidiaries resulting in the change in scope of consolidation):

(5.9)	4,000	(3.1)	90.20
(2.6)		(30.6)		191.67
8,500

No

(2) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements

Changes in accounting policies due to revisions of accounting standards and other regulations:	Yes
Changes in accounting policies due to other reasons:	Yes
Changes in accounting estimates:	No
Restatement of prior period financial statements:	No

(3) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
	As of May 31, 2022	47,410,750	shares	As of May 31, 2021	47,410,750	shares
Number of treasury shares at the end of the period
	As of May 31, 2022	3,063,072	shares	As of May 31, 2021	2,813,736	shares
Average number of shares during the period
	Year ended May 31, 2022	44,402,832	shares	Year ended May 31, 2021	44,597,405	shares

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Consolidated financial statements

Consolidated balance sheets

			(Millions of yen)
		As of May 31, 2021	As of May 31, 2022
Assets
Current assets
Cash and deposits	20,988	28,069
Notes and accounts receivable - trade	16,465	-
Notes and accounts receivable	-	18,181
- trade, and contract assets
Merchandise and finished goods	30,642	32,534
Work in process	2,554	4,214
Raw materials and supplies	2,240	868
Costs on construction contracts in progress	51	37
Other	4,387	5,768
Allowance for doubtful accounts	(416)	(444)
Total current assets	76,913	89,229
Non-current assets
Property, plant and equipment
Buildings and structures	33,073	34,844
Accumulated depreciation	(21,073)	(22,150)
Buildings and structures, net	12,000	12,694
Machinery, equipment and vehicles	14,842	16,813
Accumulated depreciation	(10,237)	(11,561)
Machinery, equipment and vehicles, net	4,604	5,251
Land	13,697	13,995
Construction in progress	1,647	2,115
Other	6,205	6,972
Accumulated depreciation	(3,917)	(4,523)
Other, net	2,287	2,449
Total property, plant and equipment	34,237	36,506
Intangible assets	4,591	4,405
Investments and other assets
Investment securities	14,848	14,077
Long-term loans receivable	25	21
Deferred tax assets	1,665	2,101
Other	808	1,093
Allowance for doubtful accounts	(13)	(12)
Total investments and other assets	17,334	17,281
Total non-current assets	56,163	58,193
Total assets		133,077	147,423

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			(Millions of yen)
		As of May 31, 2021	As of May 31, 2022
Liabilities
Current liabilities
Notes and accounts payable - trade	4,896	5,208
Short-term borrowings	1,894	937
Income taxes payable	1,447	2,488
Other	6,449	7,471
Total current liabilities	14,688	16,105
Non-current liabilities
Long-term borrowings	894	553
Deferred tax liabilities	1,256	1,194
Retirement benefit liability	1,819	1,590
Provision for retirement benefits for directors	44	45
(and other officers)
Provision for share awards for directors	101	118
(and other officers)
Other	2,374	2,348
Total non-current liabilities	6,490	5,850
Total liabilities	21,178	21,956
Net assets
Shareholders' equity
Share capital	13,500	13,500
Capital surplus	10,793	10,793
Retained earnings	91,099	101,225
Treasury shares	(4,487)	(5,393)
Total shareholders' equity	110,905	120,125
Accumulated other comprehensive income
Valuation difference	5,873	5,415
on available-for-sale securities
Foreign currency translation adjustment	(4,876)	(109)
Remeasurements of defined benefit plans	(240)	(301)
Total accumulated other comprehensive income	757	5,004
Non-controlling interests	235	336
Total net assets	111,898	125,466
Total liabilities and net assets		133,077	147,423

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Consolidated statements of income and consolidated statements of comprehensive income Consolidated statements of income

			(Millions of yen)
		Fiscal year ended	Fiscal year ended
		May 31, 2021	May 31, 2022
Net sales	69,218	73,049
Cost of sales	30,662	29,134
Gross profit	38,555	43,914
Selling, general and administrative expenses	28,830	32,733
Operating profit	9,725	11,181
Non-operating income
Interest income	113	254
Dividend income	286	278
Rental income	226	232
Foreign exchange gains	-	322
Other	203	251
Total non-operating income	830	1,338
Non-operating expenses
Interest expenses	119	105
Sales discounts	44	52
Share of loss of entities	15	73
accounted for using equity method
Foreign exchange losses	164	-
Other	133	174
Total non-operating expenses	477	406
Ordinary profit	10,078	12,114
Extraordinary income
Gain on sale of investment securities	130	30
Settlement income	150	-
Gain on sale of non-current assets	-	5,102
Total extraordinary income	280	5,133
Extraordinary losses
Loss on valuation of investment securities	272	74
Settlement payments	-	133
Impairment losses	114	439
Total extraordinary losses	387	647
Profit before income taxes	9,971	16,600
Income taxes - current	2,695	4,360
Income taxes - deferred	(411)	(87)
Total income taxes	2,284	4,272
Profit	7,686	12,327
Profit attributable to non-controlling interests	49	71
Profit attributable to owners of parent	7,636	12,256

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