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 March 31, 2022
(Based on Japanese GAAP)
May 13, 2022 | |||||||||||
Company name: | TODA KOGYO CORP. | ||||||||||
Stock exchange listing: | Tokyo | ||||||||||
Stock code: | 4100 | URL https://www.todakogyo.co.jp | |||||||||
Representative: | President and Representative Director | Shigeru Takaragi | |||||||||
Inquiries: | Department Manager of Corporate Planning | Atsushi Tomokawa | TEL +81-82-577-0055 | ||||||||
Department | |||||||||||
Scheduled date of ordinary general meeting of shareholders: | June 28, 2022 | ||||||||||
Scheduled date to file Securities Report: | June 29, 2022 | ||||||||||
Scheduled date to commence dividend payments: | - | ||||||||||
Preparation of supplementary material on financial results: | Yes | ||||||||||
Holding of financial results meeting: | Yes | (Via video streaming - scheduled) | |||||||||
(Amounts less than one million yen are rounded down) | |||||||||||
1. Consolidated financial results for the year ended March 31, 2022 (from April 1, 2021 to March 31, 2022) | |||||||||||
(1) Consolidated operating results | Percentages indicate year-on-year changes | ||||||||||
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 March 31, 2022 | 35,332 | - | 2,519 | - | 4,184 | - | 3,116 | - | |||
Year ended March 31, 2021 | 29,024 | (12.4) | 11 | - | (600) | - | (4,142) | - |
Note: Comprehensive income | Year ended March 31, 2022: | ¥4,810 million | [-%] | ||||||
Year ended March 31, 2021: | ¥ (3,195) million | [-%] | |||||||
Earnings per share | Diluted earnings per Profit attributable to | Ordinary profit/total | Operating profit/net | ||||||
share | owners of | assets | sales | ||||||
parent/equity | |||||||||
Yen | Yen | % | % | % | |||||
Year ended March 31, 2022 | 540.59 | 537.04 | 30.3 | 9.0 | 7.1 | ||||
Year ended March 31, 2021 | (718.76) | - | (42.2) | (1.4) | 0.0 | ||||
Reference: Share of profit (loss) of entities accounted for using equity method | |||||||||
Year ended March 31, 2022: | ¥1,520 million | ||||||||
Year ended March 31, 2021: | ¥ (831) million |
Note: TODA KOGYO CORP. (the "Company") has applied the "Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29, March 31, 2020) and relevant ASBJ regulations from the beginning of the current fiscal year, and each figure for the fiscal year ended March 31, 2022, is the figure after applying the accounting standard and relevant ASBJ regulations. The percentage change from the previous fiscal year is not shown for net sales that are significantly impacted by the application of the accounting standard.
(2) Consolidated financial position
Total assets | Net assets | Equity ratio | Net assets per share | |
Millions of yen | Millions of yen | % | Yen | |
As of March 31, 2022 | 51,292 | 13,958 | 24.2 | 2,155.82 |
As of March 31, 2021 | 41,783 | 9,375 | 19.5 | 1,411.60 |
Reference: Equity | ||||
As of March 31, 2022: | ¥12,427 million | |||
As of March 31, 2021: | ¥8,135 million |
Note: The Company has applied the "Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29, March 31, 2020) and relevant ASBJ regulations from the beginning of the current fiscal year, and each figure for the fiscal year ended March 31, 2022, is the figure after applying the accounting standard and relevant ASBJ regulations.
(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 period | |||||||||||||||||||
Millions of yen | Millions of yen | Millions of yen | Millions of yen | |||||||||||||||||||
Year ended March 31, 2022 | 903 | (1,138) | 913 | 7,527 | ||||||||||||||||||
Year ended March 31, 2021 | 612 | (1,219) | 1,416 | 6,492 | ||||||||||||||||||
2. Cash dividends | ||||||||||||||||||||||
Annual dividends per share | Total cash | Dividend payout | Ratio of dividends | |||||||||||||||||||
to net assets | ||||||||||||||||||||||
1st quarter-end | 2nd quarter-end | 3rd quarter-end | Fiscal year-end | Total | dividends (Total) | ratio (Consolidated) | (Consolidated) | |||||||||||||||
Yen | Yen | Yen | Yen | Yen | Millions of yen | % | % | |||||||||||||||
Year ended March 31, 2021 | - | 0.00 | - | 0.00 | 0.00 | - | - | - | ||||||||||||||
Year ended March 31, 2022 | - | 0.00 | - | 0.00 | 0.00 | - | - | - | ||||||||||||||
Year ending March 31, 2023 | - | 0.00 | - | 0.00 | 0.00 | - | ||||||||||||||||
(Forecast) | ||||||||||||||||||||||
3. Forecast of consolidated financial results for the year ending March 31, 2023 (from April 1, 2022 to March 31, 2023) | ||||||||||||||||||||||
Percentages indicate year-on-year changes | ||||||||||||||||||||||
Net sales | Operating profit | Ordinary profit | Profit attributable to | Earnings per share | ||||||||||||||||||
owners of parent | ||||||||||||||||||||||
Six months ending | Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | Yen | |||||||||||||
19,000 | 18.9 | 800 | (36.5) | 1,200 | (35.7) | 700 | (54.9) | 121.44 | ||||||||||||||
September 30, 2022 | ||||||||||||||||||||||
Full year | 40,000 | 13.2 | 1,600 | (36.5) | 2,500 | (40.3) | 1,500 | (51.9) | 260.22 | |||||||||||||
* Notes | ||||||||||||||||||||||
(1) Changes in significant subsidiaries during the year ended March 31, 2022 | No | |||||||||||||||||||||
(changes in specified subsidiaries resulting in the change in scope of consolidation): | ||||||||||||||||||||||
(2) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements | ||||||||||||||||||||||
Changes in accounting policies due to revisions to accounting standards and other regulations: | Yes | |||||||||||||||||||||
Changes in accounting policies due to other reasons: | No | |||||||||||||||||||||
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 March 31, 2022 | 6,099,192 shares | As of March 31, 2021 | 6,099,192 shares | |||||||||||||||||||
Number of treasury shares at the end of the period | ||||||||||||||||||||||
As of March 31, 2022 | 334,712 shares | As of March 31, 2021 | 335,871 shares | |||||||||||||||||||
Average number of shares during the period | ||||||||||||||||||||||
Year ended March 31, 2022 | 5,764,281 shares | Year ended March 31, 2021 | 5,763,677 shares |
[Reference] Overview of non-consolidated financial results | ||||||||||
1. Non-consolidated financial results for the year ended March 31, 2022 (from April 1, 2021 to March 31, 2022) | ||||||||||
(1) Non-consolidated operating results | Percentages indicate year-on-year changes | |||||||||
Net sales | Operating profit | Ordinary profit | Profit | |||||||
Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | |||
Year ended March 31, 2022 | 17,033 | - | 833 | - | 1,231 | - | 1,598 | - | ||
Year ended March 31, 2021 | 17,284 | (17.5) | (760) | - | (650) | - | (3,541) | - | ||
Earnings per share | Diluted earnings per share | |||||||||
Yen | Yen | |||||||||
Year ended March 31, 2022 | 277.35 | 275.53 | ||||||||
Year ended March 31, 2021 | (614.51) | - |
Note: The Company has applied the "Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29, March 31, 2020) and relevant ASBJ regulations from the beginning of the current fiscal year, and each figure for the fiscal year ended March 31, 2022, is the figure after applying the accounting standard and relevant ASBJ regulations. The percentage change from the previous fiscal year is not shown for net sales that are significantly impacted by the application of the accounting standard.
(2) Non-consolidated financial position
Total assets | Net assets | Equity ratio | Net assets per share | |||
Millions of yen | Millions of yen | % | Yen | |||
As of March 31, 2022 | 38,647 | 9,022 | 23.1 | 1,549.88 | ||
As of March 31, 2021 | 35,299 | 7,556 | 21.2 | 1,299.63 | ||
Reference: Equity | ||||||
As of March 31, 2022: | ¥8,934 million | |||||
As of March 31, 2021: | ¥7,490 million |
Note: The Company has applied the "Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29, March 31, 2020) and relevant ASBJ regulations from the beginning of the current fiscal year, and each figure for the fiscal year ended March 31, 2022, is the figure after applying the accounting standard and relevant ASBJ regulations.
- Financial results reports are exempt from audit conducted by certified public accountants or an audit corporation.
-
Proper use of earnings forecasts, and other special matters (Caution regarding forward-looking statements and others)
The forward-looking statements, including earnings forecasts, contained in these materials are based on information currently available to the Company and on certain assumptions deemed to be reasonable. Consequently, any statements herein do not constitute assurances regarding actual results by the Company. Actual business and other results may differ substantially due to various factors. Please refer to the section of "(4) Future Outlook" of "1. Summary of Operating Results, Etc." on page 4 of Attached Material for the suppositions that form the assumptions for earnings forecasts and cautions concerning the use thereof.
(Method of accessing supplementary material on financial results and contents of financial results meeting)
Supplementary material on financial results will be posted on the Company's website on June 7, 2022.
In order to prevent the spread of the novel coronavirus disease (COVID-19), instead of holding the usual financial results meeting, the Company plans to post a video of the financial results on its website on or after June 7, as soon as such material is ready.
Attached Material | ||
Index | ||
1. Summary of Operating Results, Etc.................................................................................................................. | ||
Summary of Operating Results for Fiscal Year Under Review ................................................................... | ||
(2) | Summary of Financial Position for Fiscal Year Under Review.................................................................... | 2 |
(3) | Summary of Cash Flow for Fiscal Year Under Review ................................................................................ | 2 |
(4) | Future Outlook................................................................................................................................................. | 3 |
2. Basic Approach to Selection of Accounting Standards .................................................................................... | 3 | |
3. Consolidated Financial Statements and Significant Notes Thereto................................................................ | 4 | |
(1) | Consolidated Balance Sheets........................................................................................................................... | 4 |
(2) | Consolidated Statements of Income and Consolidated Statements of Comprehensive Income ............... | 6 |
Consolidated Statements of Income ............................................................................................................... | 6 | |
Consolidated Statements of Comprehensive Income.................................................................................... | 8 | |
(3) | Consolidated Statements of Changes in Equity ............................................................................................ | 9 |
(4) | Consolidated Statements of Cash Flows ...................................................................................................... | 11 |
(5) | Notes on Consolidated Financial Statements .............................................................................................. | 13 |
(Notes on Assumptions of Going Concern).................................................................................................. | 13 | |
(Change in Scope of Application of Equity Method and Scope of Consolidation)................................... | 13 | |
(Changes in Accounting Policies).................................................................................................................. | 13 | |
(Changes in Presentation) ............................................................................................................................. | 14 | |
(Segment Information, Etc.) ......................................................................................................................... | 14 | |
(Per-ShareInformation)................................................................................................................................ | 17 | |
(Significant Subsequent Events) ................................................................................................................... | 18 |
1. Summary of Operating Results, Etc.
-
Summary of Operating Results for Fiscal Year Under Review
In the business environment surrounding the TODA KOGYO Group (the "Group") during the fiscal year ended March 31, 2022 (the "fiscal year under review"), restrictions on behavior were relaxed due largely to global developments in vaccinations for the novel coronavirus (COVID-19), and there was a visible recovery in economic conditions. However, due to the appearance of new virus variants and the resulting resurgence in COVID-19, the situation surrounding the future continues to be unclear.
Additionally, due to the situation in Ukraine, the stagnation of economic activity globally, including further rises in the prices of raw materials and energy, is a worry.
Under such conditions, during the fiscal year under review, demand recovered both domestically and overseas against the backdrop of the recovery of the global economy, and sales were strong.
In terms of profit, while it is being impacted by the rise in marine transport expenses due to the container shortages as well as in the price of raw materials and energy, the Group experienced an increase in marginal profit in line with an increase in net sales and growth in sales of products with high profit margins. In addition, during the previous fiscal year, as demand for finished goods by the Group was sluggish due to the COVID-19 pandemic, the Group was forced to make groupwide production adjustments. During the fiscal year under review, however, productivity increased due to stable operation.
As a result of the above, net sales came to ¥35,332 million and operating profit came to ¥2,519 million (operating profit of ¥11 million in the previous fiscal year).
For non-operating income and expenses, revenues from affiliates accounted for using the equity method progressed on a favorable note. As a result, the Group posted ¥1,520 million in the share of profit of entities accounted for using the equity method. And the exchange rate veering toward depreciation of the yen, the Group posted foreign exchange gains of ¥151 million. Largely due to this, ordinary profit came to ¥4,184 million (ordinary loss of ¥600 million in the previous fiscal year) and profit attributable to owners of parent came to ¥3,116 million (loss attributable to owners of parent of ¥4,142 million in the previous fiscal year).
Notes: 1 The Group has applied the "Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29, March 31, 2020) and relevant ASBJ regulations from the beginning of the fiscal year under review. In line with this, while the Group had originally recognized the total amount of consideration that it receives from customers as revenues for some transactions, it has changed to the method of recognizing revenues based on the net amount. As a result, compared to the original posting method (total amount of consideration), net sales for the fiscal year under review decreased by ¥4,643 million. Accordingly, the Group has not indicated year-on-year comparisons (%) for net sales.
2 In the fiscal year under review, the Company has included Jiangmen & Partner's Magnetic Product Co., Ltd. in its scope of consolidation due to converting it into a subsidiary after acquiring a stake in it. Note that the closing date for Jiangmen & Partner's Magnetic Product Co., Ltd.'s settlement of accounts is December 31, differing by three months from the closing date of the Group's consolidated settlement of accounts. Because the Group has established July 1, 2021 as the deemed acquisition date, operating results for the period from July 1, 2021 to December 31, 2021 have been included in the consolidated statement of income for the fiscal year under review.
The status of each segment is as follows.
Functional pigments
Net sales in general progressed favorably relative to the previous fiscal year. In particular, materials for copiers and printers slumped in the previous fiscal year due to the impact of suppression of economic and social activity largely as a result of government orders prohibiting people from venturing outdoors and businesses suspending their operation, but recovered considerably in the fiscal year under review. Additionally, materials for coatings and catalysts that performed favorably due to the recovery in demand. As a result of the above, net sales came to ¥13,568 million and segment profit came to ¥2,124 million, an increase of 68.9% year on year.
Note that in line with the application of the "Accounting Standard for Revenue Recognition" and relevant ASBJ regulations, the amount of net sales posted for certain transactions has been changed from the total
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TODA Kogyo Corp. published this content on 06 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 June 2022 06:41:07 UTC.