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    1375   JP3947010009

YUKIGUNI MAITAKE CO., LTD.

(1375)
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[Delayed] Consolidated Financial Results for the Six Months Ended September 30, 2021 (Under IFRS)

11/05/2021 | 01:43am EST

Note: This document has been translated from 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.

November 4, 2021

Consolidated Financial Results for the

Six Months Ended September 30, 2021 (Under IFRS)

Company name:

YUKIGUNI MAITAKE CO., LTD.

Listing:

Tokyo Stock Exchange

Securities code:

1375

URL:

https://www.maitake.co.jp/

Representative:

Iwao Ashikaga, President and CEO, Representative Director

Inquiries:

Takenori Sakurai, Executive Officer (Chief Financial Officer)

Telephone:

+81-25-778-0162

Scheduled date to file quarterly securities report:

November 5, 2021

Scheduled date to commence dividend payments:

November 29, 2021

Preparation of supplementary material on quarterly financial results: Yes

Holding of quarterly financial results briefing:

Yes (for institutional investors and analysts)

(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated Financial Results for the First Six Months Ended September 30, 2021 (from April 1, 2021 to September 30, 2021)

(1) Consolidated Operating Results (Cumulative)

(Percentages indicate year-on-year changes.)

Total income

Operating profit

Profit before tax

Profit

Six months ended

Millions of yen

%

Millions of yen

%

Millions of yen

%

Millions of yen

%

September 30, 2021

20,504

-9.5

2,551

-22.2

2,341

-22.4

1,521

-22.3

September 30, 2020

22,655

6.1

3,280

19.2

3,019

22.6

1,959

22.6

Profit attributable to

Total comprehensive

Basic earnings

Diluted earnings

owners of parent

income

per share

per share

Six months ended

Millions of yen

%

Millions of yen

%

Yen

Yen

September 30, 2021

1,521

-22.6

1,520

-22.9

38.13

38.13

September 30, 2020

1,966

22.9

1,972

24.0

49.35

49.32

Note: Effective July 30, 2020, YUKIGUNI MAITAKE CO., LTD. (hereinafter "the Company") split the shares of its common stock on a 100-for-1 basis. Basic earnings per share and diluted earnings per share have been restated, as appropriate, on the assumption that the stock split was conducted at the beginning of the previous consolidated fiscal year.

(Reference)

Adjusted

Adjusted

Adjusted

Adjusted basic earnings

operating profit

EBITDA

profit

per share

Six months ended

Millions of yen

%

Millions of yen

%

Millions of yen

%

Yen

September 30, 2021

2,551

-28.0

3,525

-21.8

1,590

-28.4

39.84

September 30, 2020

3,544

24.1

4,509

21.8

2,221

29.1

55.75

(2) Consolidated Financial Position

Equity attributable to

Ratio of equity

Total assets

Total equity

attributable to owners of

owners of parent

parent to total assets

As of

Millions of yen

Millions of yen

Millions of yen

%

September 30, 2021

35,840

9,634

9,636

26.9

March 31, 2021

35,644

9,230

9,233

25.9

2. Cash Dividends

Annual dividends per share

First quarter-end

Second quarter-end

Third quarter-end

Fiscal year-end

Total

Yen

Yen

Yen

Yen

Yen

Fiscal year ended

14.00

28.00

42.00

March 31, 2021

Fiscal year ending

14.00

March 31, 2022

Fiscal year ending

March 31, 2022

28.00

42.00

(Forecast)

Note: Revisions to the forecast of cash dividends most recently announced: None

3. Forecast of Consolidated Financial Results for the Fiscal Year Ending March 31, 2022 (from April 1, 2021 to March 31, 2022)

(Percentages indicate year-on-year changes.)

Total income

Operating profit

Profit before tax

Profit

Profit attributable to

Basic earnings

owners of parent

per share

Millions of yen

%

Millions of yen

%

Millions of yen

%

Millions of yen

%

Millions of yen

%

Yen

Full year

51,553

0.3

7,434

-5.0

6,982

-2.0

4,581

-3.3

4,581

-3.4

114.80

Note: Revisions from financial results forecasts announced most recently: None

(Reference)

Adjusted operating profit

Adjusted EBITDA

Adjusted profit

Adjusted basic earnings

per share

Millions of yen

%

Millions of yen

%

Millions of yen

%

Yen

Full year

7,434

-8.1

9,388

-6.8

4,749

-9.0

119.01

* Notes

  1. Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the change in scope of consolidation): None
  2. Changes in accounting policies and changes in accounting estimates
    1. Changes in accounting policies required by IFRS: None
    2. Changes in accounting policies due to other reasons: None
    3. Changes in accounting estimates: None
  3. Number of issued shares (ordinary shares)
    1. Total number of issued shares at the end of the period (including treasury shares)

As of September 30, 2021

39,910,700 shares

As of March 31, 2021

39,910,700 shares

(ii) Number of treasury shares at the end of the period

As of September 30, 2021

‒ shares

As of March 31, 2021

‒ shares

  1. Average number of shares outstanding during the period (cumulative from the beginning of the fiscal year)

Six months ended September 30, 2021

39,910,700 shares

Six months ended September 30, 2020

39,850,000 shares

Note: Effective July 30, 2020, the Company split the shares of its common stock on a 100-for-1 basis. The number of shares issued has been restated, as appropriate, to reflect a 100-for-1 stock split effective on July 30, 2020.

  • Quarterly financial results reports are exempt from quarterly review conducted by certified public accountants or an audit firm.
  • Proper use of earnings forecasts, and other special matters
    (Caution concerning forward-looking statements)
    The forward-looking statements, such as forecasts of financial results, included in this document are based on information available to the management as of the date of the document and certain assumptions that the management considers reasonable. The Company does not promise that forecasts will be achieved. Actual results may differ significantly due to a range of factors.

(Other special comments)

  1. The Company and its consolidated subsidiaries (together, "the Group") apply the International Financial Reporting Standards (hereinafter "IFRS").
  2. Adjusted operating profit = Operating profit + Management fee + Listing-related expenses
  3. Adjusted EBITDA = Adjusted operating profit + Depreciation + Amortization
  4. Adjusted profit for the period or year = Profit for the period or year + Management fee + Listing-related expenses + Refinancing-related gains/losses + Tax adjustments
  5. In (2) and (4), "Listing-related expenses" are temporary costs including listing preparation advisory costs, costs related to building an organizational structure for listing, costs related to the introduction of IFRS and timely disclosure system for listing, real estate registration costs associated with a merger, etc. "Refinancing-related gains / losses" are advisory expenses that were temporarily incurred in connection with refinancing carried out after the Company was closed to the public. These expenses are offset by temporary gains that were incurred due to the decline in contract interest rates associated with the refinancing and the increase in interest expense during the remaining contract period that occurs in conjunction with the refinancing.
  6. Adjusted basic earnings per share = Adjusted profit for the period or year/Average number of shares during the period or year
  7. Adjusted operating profit, Adjusted EBITDA, Adjusted profit for the period or year and Adjusted basic earnings per share are not indicators defined by IFRS, but the Group assumes these indicators are useful for investors to evaluate the Group's performance. These financial indicators exclude some expenses and non-recurring gains / losses that are not expected to occur after listing. Adjusted Operating Profit, Adjusted EBITDA, Adjusted profit for the period or year and Adjusted basic earnings per share should not be considered as indicators to replace the other indicators shown in accordance with IFRS because they do not include some of the items that affect the profit for the period, so they are subject to significant restrictions as means of analysis. Adjusted Operating Profit, Adjusted EBITDA, Adjusted profit for the period or year and Adjusted basic earnings per share disclosed by the Group may be less useful in comparison with the same or similar indicators of other competitors because they are calculated according to a different method from those of such other companies.

(How to obtain supplementary financial results briefing materials and financial results briefing details)

A presentation for institutional investors and analysts is scheduled to be held on November 9, 2021 via live webcast. Supplementary financial results briefing materials are posted on our website on November 4, 2021.

Accompanying Materials - Contents

Ⅰ. Qualitative Information for the First Six-Month Period of the Fiscal Year Ended March 31, 2022……………2

  1. Analysis of Operating Results………………………………………………………………………………2
  2. Analysis of Financial Position………………………………………………………………………………3
  3. Analysis of Cash Flows ………………………………………………………………………………………4
  4. Explanations about Forward-Looking Information Including Forecast of Consolidated Financial Results…4

Ⅱ. Summarized Quarterly Consolidated Financial Statements and Significant Notes ………………………5

  1. Summarized Quarterly Consolidated Statements of Financial Position………………………………………5
  2. Summarized Quarterly Consolidated Statements of Income and Comprehensive Income …………………7
  3. Summarized Quarterly Consolidated Statement of Changes in Equity………………………………………9
  4. Summarized Quarterly Consolidated Statements of Cash Flows……………………………………………10
  5. Notes to Summarized Consolidated Financial Statements…………………………………………………11 (Going Concern Assumptions) ……………………………………………………………………………11 (Segment Information) ……………………………………………………………………………………11 (Earnings per Share) ………………………………………………………………………………………12 (Significant Subsequent Events) …………………………………………………………………………12

- 1 -

Ⅰ. Qualitative Information for the First Six-Month Period of the Fiscal Year Ending March 31, 2022

1. Analysis of Operating Results

During the first half of the current fiscal year (April 1, 2021 to September 30, 2021), the Japanese economy showed signs of cooling consumer sentiment and continued frugality due to the impact of the COVID-19 infection. Although the economy is expected to pick up with the progress of vaccinations, signs of a temporary recovery, and the recent cancellation of the emergency declaration issued in July, it is still difficult to predict the future due to concerns about the reemergence of the COVID-19 infection.

In the business environment surrounding our company's operations, the domestic mushroom market was weak overall due to a reaction to the nesting demands of the previous year, a decrease in the frequency of visits to supermarkets due to the prolonged effects of the COVID-19 infection, and an increase in frugality.

In such an environment, our group has been working to establish a foundation as a comprehensive manufacturer of premium mushrooms by utilizing our production technology, know-how, and sales capabilities that we have cultivated over the years. By developing and promoting the functionality of mushrooms, mainly maitake, we have been developing our business to contribute to the health of consumers and the realization of a healthy society by providing safe and secure products.

Total income for the second quarter of the current consolidated cumulative period was ¥20,504 million (- 9.5% year-on-year), of which revenue was ¥13,816 million (-7.9%year-on-year). Gross profit was ¥6,327 million (-14.3%year-on-year) due to the decrease in sales in the mushroom business. Selling, general and administrative expenses were ¥3,760 million (-5.0%year-on-year) due to the recording of listing-related expenses and other expenses in the same period of the previous fiscal year.

As a result of the above, operating income was ¥2,551 million (-22.2%year-on-year), and quarterly income attributable to owners of the parent was ¥1,521 million (-22.6%year-on-year). In the current consolidated cumulative period, gains arising from changes in fair value related to the application of IFRS Agricultural Accounting (IAS 41) were included in total income of ¥6,688 million (-12.7%year-on-year) and the cost of sales of ¥5,422 million. (-20.8%year-on-year)

[Business results for the six months ended September 30, 2021]

(Millions of yen)

Six months ended

Six months ended

% Change

September 30, 2020

September 30, 2021

year-on-year

Revenue

14,997

13,816

-7.9

Gains arising from changes in fair

7,657

6,688

-12.7

value

Total income

22,655

20,504

-9.5

Operating profit

3,280

2,551

-22.2

Profit before tax

3,019

2,341

-22.4

Profit attributable to owners of parent

1,966

1,521

-22.6

The status of revenue by business segment during the current consolidated fiscal year is as follows. [Mushroom business]

1) Maitake

We have developed a product strategy that appeals to the functionality of maitake and takes advantage of our extensive product lineup. In addition, as part of our efforts to promote the product as a year-round foodstuff rather than a seasonal one, we proposed ways of eating maitake through joint projects with other food manufacturers, aired TV commercials for western Japan, and proposed sales floor plans linked to the TV commercials. As a result of our promotional efforts, there was a trend of strong sales in the latter half of the current consolidated cumulative second quarter, and thus sales volume was slightly higher than the previous year, but unit sales prices remained weak compared to the same period of the

- 2 -

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

Disclaimer

Yukiguni Maitake Co. Ltd. published this content on 05 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 November 2021 06:42:10 UTC.


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Sales 2022 49 506 M 432 M 432 M
Net income 2022 4 377 M 38,2 M 38,2 M
Net Debt 2022 - - -
P/E ratio 2022 11,2x
Yield 2022 3,41%
Capitalization 49 170 M 432 M 429 M
Capi. / Sales 2022 0,99x
Capi. / Sales 2023 0,94x
Nbr of Employees 1 105
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Number of Analysts 1
Last Close Price 1 232,00 JPY
Average target price 1 700,00 JPY
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Managers and Directors
Iwao Ashikaga President & Representative Director
Shunsuke Nakahama Director
Yuji Sugimoto Director
Toshiyuki Saegusa Managing Director
Mitsuo Fujio Outside Director