SHIN-ETSU POLYMER CO.,LTD. Consolidated Financial Summary (Japanese Accounting Standards)
(For the fiscal year ended March 31, 2022)
April 26, 2022
Listed company: Shin-Etsu Polymer Co., Ltd.
Listing code: | No. 7970 (URLhttps://www.shinpoly.co.jp/en/) |
Listing stock exchange: | Tokyo |
Representative: | Yoshiaki Ono, President, Chief Executive Officer |
Person to contact: | Osamu Kowada, Executive Officer, General Manager of Accounting & Finance Department |
TEL: +81-3-5289-3716 |
Scheduled date of annual shareholders' meeting: | June 23, 2022 |
Scheduled date of dividend payout: | June 24, 2022 |
Scheduled date to submit the Securities Report (Yukashoken Hokokusho): | June 23, 2022 |
Supplementary documents for quarterly results: | Yes |
Quarterly results briefing: | Yes (for analysts) |
(Amounts under a million yen are truncated.) | |
1. Consolidated Financial Highlights (April 1, 2021 to March 31, 2022) | |
(1) Consolidated Financial Results | (The percentages indicate the year-on-year change.) |
Net sales | Operating profit | Ordinary profit | Profit attributable to owners of parent | |
March 2022 March 2021 | Million yen %
| Million yen %
| Million yen %
| Million yen %
|
(Note) Comprehensive income (loss): March 2022: ¥9,849 million (175.3%); March 2021: ¥3,577 million (-36.0%)
Basic earnings per share | Diluted earnings per share | Return on equity | Ordinary profit to total assets | Operating profit to net sales | |
March 2022 March 2021 | Yen 78.15 56.09 | Yen 77.89 55.98 | % 7.0 5.3 | % 8.8 6.6 | % 10.5 9.4 |
(Reference) Equity in income of affiliates accounted for by the equity method: March 2022: ¥- million; March 2021: ¥- million
(2) Consolidated Financial Position
Total assets | Net assets | Equity ratio | Net assets per share | |
March 2022 March 2021 | Million yen 122,577 108,212 | Million yen 94,337 86,677 | % 76.7 79.8 | Yen 1,166.23 1,067.58 |
(Reference) Equity capital: March 2022: ¥93,995 million; March 2021: ¥86,362 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 the end of the term | |
March 2022 March 2021 | Million yen 9,759 10,641 | Million yen (9,664) (3,736) | Million yen (2,364) (1,691) | Million yen 45,848 45,948 |
2. Dividends
Dividend per share | Total dividends paid (annual) | Payout ratio (consolidated) | Dividends to net assets (consolidated) | |||||
1st quarter | 2nd quarter | 3rd quarter | Year-end | Annual | ||||
March 2021 March 2022 | Yen - - | Yen 9.00 12.00 | Yen - - | Yen 11.00 14.00 | Yen 20.00 26.00 | Million yen 1,617 2,099 | % 35.7 33.3 | % 1.9 2.3 |
March 2023 (forecast) | - | - | - | - | - | - |
(Note) The year-end dividend forecast for the fiscal year ended March 2022 have been revised.
Dividends for the fiscal year ending March 31, 2023 are not yet decided. The dividends will be disclosed as soon as the Company's performance for the fiscal year ending March 31, 2022 can be estimated.
3. Consolidated Financial Forecasts for the Fiscal Year Ending March 31, 2023 (April 1, 2022 to March 31, 2023) Consolidated financial forecasts for the fiscal year ending March 31, 2023 are not announced, as it is difficult to reasonably estimate consolidated financial results at this point. We will announce our consolidated forecast as soon as it can be estimated.
* Notes | |
(1) Any change in important subsidiaries during the year | |
(any changes in specific subsidiaries accompanied by a change in the scope of consolidating): | None |
Newly added: None, Eliminated: None | |
(2) Any changes in accounting policies and changes or restatement of accounting estimates | |
1. Changes in accounting policies associated with the revision of accounting standards, etc.: | Yes |
2. Changes in accounting policies other than the above: | None |
3. Changes in accounting estimates: | None |
4. Restatement: | None |
(Note) For details, please refer to 3. Consolidated Financial Statements and Key Notes, (5) Explanatory Notes to
Consolidated Financial Statements (Changes in Accounting Policies) on page 12 of the Accompanying Materials.
(3) Number of shares issued (common stock)
1. Number of shares issued as of the term end (including treasury shares): March 2022 82,623,376 shares March 2021 82,623,376 shares
2. Number of treasury shares as of the term end:
March 2022
March 2021
3. Average number of shares during the term:
March 2022
March 2021
2,025,709 shares 1,727,742 shares 80,723,355 shares 80,888,567 shares
Reference: Non-Consolidated Financial Summary
1. Non-Consolidated Financial Highlights (April 1, 2021 to March 31, 2022) (1) Non-Consolidated Financial Results
(The percentages indicate the year-on-year change.)
Net sales | Operating profit | Ordinary profit | Profit | |
March 2022 March 2021 | Million yen %
| Million yen %
| Million yen %
| Million yen %
|
Basic earnings per share | Diluted earnings per share | |
March 2022 March 2021 | Yen 80.30 48.00 | Yen 80.04 47.91 |
(2) Non-Consolidated Financial Position
Total assets | Net assets | Equity ratio | Net assets per share | |
March 2022 March 2021 | Million yen 83,042 74,176 | Million yen 57,474 53,218 | % 68.8 71.3 | Yen 708.87 653.97 |
(Reference) Equity capital: March 2021: ¥57,133 million; March 2021: ¥52,903 million
This report on summaries of accounts is not subject to audits by certified public accountants or auditing firms.
Statement regarding the proper use of financial forecasts and other special remarks
The Company will hold a business results meeting for analysts on May 10, 2022 (Tuesday).The presentation material used at this meeting will be posted on the Company's website by the day before the meeting.
Accompanying Materials - Contents
1. Outline of Consolidated Financial Results, etc ......................................................................................... 2
(1) Outline of consolidated financial results for the fiscal year under review ............................................ 2
(2) Outline of financial position for the consolidated fiscal year under review .......................................... 3
(3) Outline of cash flows for the consolidated fiscal year under review ..................................................... 3
(4) Future outlook ....................................................................................................................................... 4
2. Basic Concept of the Selection of Accounting Standards ............................................................................ 4
3. Consolidated Financial Statements and Key Notes ...................................................................................... 5
(1) Consolidated Balance Sheets ................................................................................................................ 5
(2) Consolidated Statements of Income / Consolidated Statement of Comprehensive Income .................. 7
(3) Consolidated Statements of Changes in Net Assets .............................................................................. 9
(4) Consolidated Statements of Cash Flows ............................................................................................. 11
(5) Explanatory Notes to Consolidated Financial Statements ................................................................... 12
(Notes on the Premise of a Going Concern) ........................................................................................ 12
(Changes in the Scope of Consolidation or the Scope of Equity Method Application) ...................... 12
(Changes in Accounting Policies) ....................................................................................................... 12
(Segment Information) ........................................................................................................................ 13
1. Outline of Consolidated Financial Results, etc.
(1) Outline of consolidated financial results for the fiscal year under review
During the consolidated fiscal year under review, signs of a recovery continued to spread, but the sense of uncertainty about the global economic outlook increased, given factors such as the recurrent spread of COVID-19, steep rises in the prices of raw materials, the insufficient supply of semiconductors, and geopolitical upside risks in Ukraine. In the United States, employment recovered, and consumer spending also gained strength. In Europe, business was generally weak, albeit with a recovery. In Asia, the Chinese economy continued to recover. However, recovery slowed in India and ASEAN countries due to COVID-19's recurred spread.
In the Japanese economy, corporate capital expenditure, production and exports picked up. However, more time appears necessary for a full-scale economic recovery, as demonstrated by consumer spending which stalled from the turn of the year.
The Group's business environment remained favorable overall, reflecting continued growth in demand in the semiconductor and electronics component industries and a recovery in demand in the automotive sector.
In this operating environment, the Group took steps to control the spread of the coronavirus while also continuing to focus its sales activities on boosting sales of both key products and new businesses in Japan and overseas and working to expand the production/supply systems as well. The Group also strengthened the food wrapping film business through M&A.
As a result, consolidated net sales during the fiscal year under review stood at ¥92,640 million (up 20.5% year on year), operating profit was ¥9,732 million (up 34.8%), ordinary profit amounted to ¥10,129 million (up 44.3%), and profit attributable to owners of parent was ¥6,308 million (up 39.0%).
Consolidated results by segment are as follows.
1) Electronic Devices segment
In the Electronic Devices segment, overall sales were substantially higher than the year-ago level, reflecting strong shipments particularly of input devices, supported by a recovery in demand in the automotive sector. Overall sales for input devices increased attributable to the recovered shipments of mainstay automotive key switches and the strong shipments of touchpads for slim notebook personal computers.
Overall sales for display-related products expanded significantly thanks to the strong shipments of LCD connectors and view/light path control film (VCF).
Sales for component-related products grew sharply, reflecting strong shipments of electronic-part testing connectors and automotive windshield wipers.
As a result, segment sales stood at ¥21,996 million (up 22.0% year on year) and operating profit was ¥1,186 million (up 33.5% year on year).
2) Precision Molding Products segment
In the Precision Molding Products segment, overall sales far surpassed the year-ago level, supported by shipments of semiconductor-related containers and carrier tape-related products which remained favorable. Sales for semiconductor-related containers grew sharply, reflecting strong shipments of 300-mm wafer shipping containers and other products with lively demand in the semiconductor industry in the background.
Sales of office automation equipment increased due to the recovery in shipments of rollers for laser printers, which are mainstay products.
Sales of carrier tape-related products grew because shipments of electronic components for automobiles and smartphones remained strong.
Sales of silicone rubber molded products generally remained flat despite steady shipments of mainstay medical equipment and general molded products.
As a result, segment sales stood at ¥42,147 million (up 23.4% year on year) and operating profit was ¥7,658 million (up 38.8% year on year).
3) Housing & Living Materials segment
In the Housing & Living Materials segment, the Company revised prices and promoted M&A in the extremely difficult market environment for PVC products. Overall sales for the segment rose significantly from the previous fiscal year, supported by a recovery in demand for automotive-related materials.
Sales of packing materials such as wrapping films increased significantly, reflecting firm shipments to supermarkets and the consolidation of Kitche Nista Co., Ltd.
Sales of PVC pipes and related products were sluggish due to weak demand.
Functional compounds rose significantly, reflecting a recovery in demand for those for robot cables and for automobiles and an increase in sales to new customers.
Sales for exterior materials decreased due to weak demand.
Sales for conductive polymer rose, reflecting increased orders for display and automotive electronic components.
As a result, segment sales stood at ¥21,406 million (up 20.7% year on year) and operating profit was ¥485 million (down 9.9% year on year).
4) Others segment
Sales from the construction business grew year on year with increases in orders for projects for building and renovating commercial facilities, particularly in Tokyo and neighboring areas, and projects for finishing the interior of public facilities. New business development-related projects that are not included in any of the above business segments are also included in the Others segment.
As a result, segment sales amounted to ¥7,090 million (up 1.7% year on year) and operating profit was ¥400 million (up 47.4% year on year).
(2) Outline of financial position for the consolidated fiscal year under review
Total assets at the end of the consolidated fiscal year under review amounted to ¥122,577 million (an increase of ¥14,365 million from the end of the previous fiscal year). This result was mainly attributable to increases of ¥3,047 million in notes and accounts receivable - trade, and contract assets, ¥2,045 million in construction in progress, ¥1,931 million in merchandise and finished goods, ¥1,750 million in raw materials and supplies, ¥1,574 million yen in goodwill, ¥1,124 million in machinery, equipment and vehicles (net), and ¥1,051 million yen in buildings and structures (net).
Liabilities at the end of the consolidated fiscal year under review increased ¥6,705 million from the end of the previous fiscal year, to ¥28,240 million. This result was mainly due to decreases of ¥2,646 million in notes and accounts payable - trade, ¥1,778 million in accounts payable-other, ¥568 million in income taxes payable.
Net assets at the end of the consolidated fiscal year under review amounted to ¥94,337 million (an increase of ¥7,659 million from the end of the previous fiscal year), mainly reflecting increases of ¥4,413 million in retained earnings and ¥3,557 million in foreign currency translation adjustment.
(3) Outline of cash flows for the consolidated fiscal year under review
Cash and cash equivalents (hereinafter "cash") at the end of the consolidated fiscal year under review decreased ¥100 million from the end of the previous fiscal year, to ¥45,848 million.
Cash flows by activities and contributing factors were as follows:
(Cash flows from operating activities)
Net cash provided by operating activities was ¥9,759 million for the consolidated fiscal year under review, a decrease of ¥882 million from the previous fiscal year. This result was due to factors that contributed to an increase, including the posting of ¥9,413 million in profit before income taxes, ¥3,543 million in depreciation and ¥744 million as an impairment loss and an increase of ¥1,682 million yen in trade payables, and factors that contributed to a decrease, including an increase of ¥2,950 million in inventory assets, ¥2,102 million in income taxes paid and an increase of ¥786 million in notes and accounts receivable - trade.
(Cash flows from investing activities)
Net cash used in investing activities in the consolidated fiscal year under review was ¥9,664 million (a year-on-year increase in net cash used of ¥5,928 million), which was primarily attributable to the payment of
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Shin-Etsu Polymer Co. Ltd. published this content on 28 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 April 2022 00:43:01 UTC.
