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    7282   JP3634200004

TOYODA GOSEI CO., LTD.

(7282)
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Toyoda Gosei : Summary of Consolidated Financial Results for the Fiscal Year Ended March 31, 2021(under IFRS)

05/12/2021 | 06:04am EDT

Note: This document has been translated from a part of the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.

Summary of Consolidated Financial Results

for the Fiscal Year Ended March 31, 2021

(under IFRS)

April 28, 2021

1Company name:

Toyoda Gosei Co., Ltd.

Listing:

Tokyo Stock Exchange and Nagoya Stock Exchange

Securities code:

7282

URL:

http://www.toyoda-gosei.co.jp

Representative:

Toru Koyama, President

Inquiries:

Hideaki Kondo, General Manager of Finance and Accounting Division

TEL:

+81-52-400-5131

Scheduled date of ordinary general meeting of shareholders:

June 17, 2021

Scheduled date to file Securities Report:

June 18, 2021

Scheduled date to commence dividend payments:

June 2, 2021

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 fiscal year ended March 31, 2021(from April 1, 2020 to March 31, 2021)

(1) Consolidated operating results

Percentages indicate year-on-year changes

Revenue

Operating profit

Profit before tax

Profit

Millions of yen

%

Millions of yen

%

Millions of yen

%

Millions of yen

%

Year ended March 31, 2021

721,498

(11.2)

36,479

103.9

37,301

131.6

38,075

175.1

Year ended March 31, 2020

812,937

(3.3)

17,888

(51.0)

16,106

(56.9)

13,841

(47.0)

Profit attributable to

Total comprehensive

owners of parent

income

Millions of yen

%

Millions of yen

%

Year ended March 31, 2021

35,205

213.6

57,974

-

Year ended March 31, 2020

11,226

(51.8)

111

(99.6)

Basic earnings

Diluted earnings

Ratio of profit to

Ratio of profit

Ratio of operating

equity attributable to

before tax to total

per share

per share

profit to revenue

owners of parent

assets

Yen

Yen

%

%

%

Year ended March 31, 2021

271.99

271.97

9.6

5.0

5.1

Year ended March 31, 2020

86.74

-

3.2

2.3

2.2

Note: Share of profit of investments accounted for using equity method:

Fiscal year ended March 31, 2021:

¥903 millions;

Fiscal year ended March 31, 2020:

¥913 millions

(2) Consolidated financial position

Ratio of equity

Equity attributable

Equity attributable

attributable to

Total assets

Total equity

to owners of parent

to owners of parent

owners of parent to

total assets

per share

Millions of yen

Millions of yen

Millions of yen

%

Yen

As of March 31, 2021

775,155

420,455

391,083

50.5

3,021.28

As of March 31, 2020

709,185

370,275

345,070

48.7

2,665.98

(3) Consolidated cash flows

Net cash provided by

Net cash used in

Net cash used in

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 March 31, 2021

67,247

(49,949)

(13,065)

134,003

Year ended March 31, 2020

65,247

(54,174)

12,525

127,930

1

2. Cash dividends

Annual dividends per share

Ratio of dividends

Total cash

Dividend payout

to equity

First

Second quarter-

Third quarter-

Fiscal year-end

Total

dividends (Total)

ratio (Consolidated)

attributable to

owners of parent

quarter-end

end

end

(consolidated)

Yen

Yen

Yen

Yen

Yen

Millions of yen

%

%

Year ended March 31, 2020 Year ended March 31, 2021

Year ending March 31, 2022 (Forecast)

-

30.00

-

30.00

60.00

7,767

69.2

2.2

-

25.00

-

35.00

60.00

7,768

22.1

2.1

-

35.00

-

35.00

70.00

30.2

3. Consolidated earnings forecasts for the fiscal year ending March 31, 2022 (from April 1, 2021 to March 31, 2022)

Percentages indicate year-on-year changes

Revenue

Operating profit

Profit before tax

Profit attributable to

Basic earnings per

owners of parent

share

Millions of yen

%

Millions of yen

%

Millions of yen

%

Millions of yen

%

Yen

Six months ending

410,000

32.5

22,000

387.3

22,000

488.8

13,000

278.2

100.43

September 30, 2021

Full year

840,000

16.4

53,000

45.3

53,500

43.4

30,000

(14.8)

231.74

* Notes

(1) Changes in significant subsidiaries during the year ended March 31, 2021

None

(changes in specified subsidiaries resulting in the change in scope of consolidation)

(2) Changes in accounting policies and changes in accounting estimates

Changes in accounting policies required by IFRS:

None

Changes in accounting policies due to other reasons:

None

Changes in accounting estimates:

None

(3) Number of issued shares (ordinary shares)

Total number of issued shares at the end of the period (including treasury shares)

As of March 31, 2021

130,031,215

shares

As of March 31, 2020

130,010,011

shares

Number of treasury shares at the end of the period

As of March 31, 2021

583,167

shares

As of March 31, 2020

575,292

shares

Average number of shares during the period

Year ended March 31, 2021

129,446,426

shares

Year ended March 31, 2020

129,434,956

shares

  • 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
    The above forward-looking statements are prepared based on judgment and assumption from information currently available to the Company. These statements do not purport that the Company pledges to realize such statements. Actual business results may differ from the forecast figures due to various factors such as uncertainties of the information, future economic conditions, stock prices and exchange rates trends.

2

1. Overview of Business Results

  1. Analysis of Business Results

(Business results for the fiscal year under review)

The global economy during the fiscal year under review saw a significant regression in the first half of FY2020 in conjunction with the worldwide spread of the novel coronavirus infection that emerged at the end of 2019 (hereinafter, "COVID-19").

Despite turning on a recovery path during the middle of the year, at present, there is no foreseeable end to the situation.

The Japanese economy has also been greatly affected by COVID-19, however this has been used as an opportunity to accelerate digital transformation (hereinafter, DX), and to conduct major reviews on working methods, including teleworking. In addition, the 2050 Carbon Neutral Declaration was established by the Suga Cabinet in September 2020, and society as a whole has made great moves towards CO2 reduction.

In the first half of the fiscal year, the automobile industry, in addition to the market decline that continued on from the previous fiscal year, saw a lockdown due to the spread of the COVID-19 infection around the world, particularly in Europe and the United States, which resulted in factories being forced to shut down and production decreasing significantly. Production increased rapidly in the second half of the fiscal year, however despite recovering, production numbers have fallen year on year both within Japan and overseas.

Under such circumstances, the Group positioned the first half of the fiscal year as an emergency mode for the entire Group, and devoted effort towards emergency profit measures in order to respond to the fall in sales. From the second half of the fiscal year onward, in conjunction with the drastic changes in the external environment, we prioritized the introduction of resources towards the realization of the medium- to long-term plan entitled "2025 Business Plan," and worked on a growth strategy focused on "the three pillars of activity."

Our first pillar of activity is to "Venture into innovation and actions for new mobility," where we are working to achieve early commercialization in new, unexplored areas using innovative technology.

First of all, in order to accelerate commercialization, we reviewed the Development Department in January 2020, including the strengthening of advanced development functions.

In addition, in order to respond to the drastic change in the business environment, and to realize sustainable growth, in FY2020 as well, we actively worked on investment in startup companies through the use of CVC (Corporate Venture Capital), which was created in FY2018, and focused on the creation of new business and the development of new products compatible with CASE / MaaS in the automotive area, through the fusion of core technologies that have been accumulated over many years as well as external knowledge.

Deep UV LED, which is one of the new technologies, has been under development as a high-value-added LED since 2017, and was confirmed to inactivate the coronavirus by irradiation; in order to contribute to a safe and secure life in the coronavirus era, we commenced the sale of the "Deep UV LED water purification unit" for installation in the water circulation-type portable hand washing stand called "WOSH" in November 2020, then in December of that year, sold the "UVC air sterilizer device," which sterilizes the air, and also commenced the development of products for individual users.

In addition, we took steps towards commercialization in new fields, including the commencement of production of hydrogen tanks for Toyota Motor Corporation's fuel cell vehicle called "MIRAI" in November 2020 at our Inabe Plant in Mie Prefecture.

Our second pillar of activity is "Strategy for growing markets/fields," in which the Americas and Asia have been positioned as priority regions, and with a focus on high-value-added products such as airbags, resin fuel filler pipes, and radiator grilles, we are actively expanding sales not only to Toyota Motor Corporation, but also to Japanese car manufactures such as Honda Motor Co., Ltd., and foreign car makers such as the Detroit Big Three.

3

In addition, in India, which has been positioned as one of our priority regions in Asia, we will integrate the subsidiaries in the region and operate the business as a uniform entity, which will promote increased profits through the expansion of the market and the improved efficiency of management in India, which is a growth market.

Our third pillar of activity is "Innovative manufacturing at production sites," and we have engaged in efforts towards the improvement of the business efficiency of mainly indirect departments, such as through online business trips and teleworking, as well as preparation towards manufacturing through DX, labor-saving, and automation, in order to promote the work efficiency of the Production Department, including through preparation for remote production and the reduction of losses through the utilization of IoT.

Revenue for the fiscal year under review decreased to ¥721.4 billion (down 11.2% year on year), despite increased sales in China due to an increase in automobile production numbers at major customers, due to decreased sales in all other regions due to the effects of COVID-19 in the first half of the fiscal year, the exclusion of the German production subsidiary Toyoda Gosei Meteor GmbH (hereinafter, "TGM") from the scope of consolidation in the previous fiscal year, and the effects of foreign exchange rates due to a strong yen.

With regard to profits, operating profit came to ¥36.4 billion (up 103.9% year on year), and profit attributable to owners of parent came to ¥35.2 billion (up 213.6% year on year), due to rationalization efforts including the utilization of government subsidies, labor cost and expense control, and the absence of a loss on business liquidation recorded in the previous fiscal year after the transfer of all shares of TGM to an external party, despite the effects of reduced sales due to COVID-19 and the recording of restructuring provisions for a subsidiary in the United Kingdom. Furthermore, the exchange rate for the fiscal year under review was ¥106 to US$1 compared to ¥109 to US$1 in the previous fiscal year. Results by segment are as follows.

  1. Japan

Revenue came to ¥358.0 billion (down 11.6% year on year), mainly due the effects of reduced sales caused by COVID-19.

As for profits, segment income came to ¥12.0 billion (compared to a segment loss of ¥5.0 billion in the previous fiscal year) due to thorough reductions in labor costs and expenses, as well as the absence of a loss on business liquidation recorded in the previous fiscal year after the transfer of all shares of TGM to an external party, despite the effects of reduced sales caused by COVID-19.

(ii) Americas

Revenue came to ¥203.4 billion (down 16.5% year on year) mainly due to the effects of reduced sales caused by COVID-19, semiconductor shortages, and the cold wave in the United States.

As for profits, segment income came to ¥13.8 billion (down 16.7% year on year) due to the effects of reduced sales, despite reductions in labor costs (government subsidies, etc.).

(iii) Asia

Revenue came to ¥190.4 billion (up 1.2% year on year), mainly due to the effects of increased sales at major customers in China, despite the effects of reduced sales in Thailand and Indonesia.

As for profits, segment income came to ¥14.4 billion (up 36.4% year on year) due to the effects of increased sales in China and cost improvements, despite the effects of reduced sales in Thailand and Indonesia.

(iv) Europe and Africa

Revenue came to ¥26.2 billion (down 28.2% year on year), mainly due to the exclusion of TGM from the scope of consolidation in the third quarter of the previous fiscal year and the effects of reduced sales due to COVID-19.

4

As for profits, we were able to reduce the segment loss to ¥3.9 billion (compared to a segment loss of ¥4.2 billion in the previous fiscal year) due to the exclusion of TGM from the scope of consolidation and reduction in labor costs (government subsidies, etc.), despite recording restructuring provisions for a subsidiary in the United Kingdom.

(Outlook for the next fiscal year)

The future of the global economy is in a position where, due to the effects of COVID-19, etc., it is extremely difficult to predict the future.

The automobile industry is also in an unpredictable situation, with fierce competition involving different industries and other businesses anticipated due to the rapid development of CASE / MaaS, etc.

Although the environment is difficult, to achieve the best performance in the fiscal year ending March 31, 2022, we will engage in R&D for the future, strengthen our product supply structure in Japan and overseas, and undertake Group-wide rationalization efforts. Accordingly, we project revenue of ¥840.0 billion, operating profit of ¥53.0 billion, profit before tax of ¥53.5 billion, and profit attributable to owners of parent of ¥30.0 billion.

The foreign exchange rate for the next fiscal year is ¥105 to US$1.

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Toyoda Gosei Co. Ltd. published this content on 11 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 May 2021 10:03:15 UTC.


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Sales 2021 734 B 6 661 M 6 661 M
Net income 2021 23 769 M 216 M 216 M
Net Debt 2021 20 816 M 189 M 189 M
P/E ratio 2021 14,8x
Yield 2021 2,16%
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EV / Sales 2021 0,50x
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Nbr of Employees 39 403
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Number of Analysts 9
Average target price 3 335,71 JPY
Last Close Price 2 695,00 JPY
Spread / Highest target 44,7%
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Spread / Lowest Target 3,90%
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NameTitle
Toru Koyama President & Representative Director
Naoki Miyazaki Chairman
Masaki Oka Director, GM-Accounting & Information Technology
Sojiro Tsuchiya Independent Outside Director
Kimio Yamaka Independent Outside Director
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