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
- Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the change in scope of consolidation): None
- 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
- Number of issued shares (ordinary shares)
- 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 |
- 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)
- The Company and its consolidated subsidiaries (together, "the Group") apply the International Financial Reporting Standards (hereinafter "IFRS").
- Adjusted operating profit = Operating profit + Management fee + Listing-related expenses
- Adjusted EBITDA = Adjusted operating profit + Depreciation + Amortization
- Adjusted profit for the period or year = Profit for the period or year + Management fee + Listing-related expenses + Refinancing-related gains/losses + Tax adjustments
- 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.
- Adjusted basic earnings per share = Adjusted profit for the period or year/Average number of shares during the period or year
- 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
- Analysis of Operating Results………………………………………………………………………………2
- Analysis of Financial Position………………………………………………………………………………3
- Analysis of Cash Flows ………………………………………………………………………………………4
- Explanations about Forward-Looking Information Including Forecast of Consolidated Financial Results…4
Ⅱ. Summarized Quarterly Consolidated Financial Statements and Significant Notes ………………………5
- Summarized Quarterly Consolidated Statements of Financial Position………………………………………5
- Summarized Quarterly Consolidated Statements of Income and Comprehensive Income …………………7
- Summarized Quarterly Consolidated Statement of Changes in Equity………………………………………9
- Summarized Quarterly Consolidated Statements of Cash Flows……………………………………………10
- Notes to Summarized Consolidated Financial Statements…………………………………………………11 (Going Concern Assumptions) ……………………………………………………………………………11 (Segment Information) ……………………………………………………………………………………11 (Earnings per Share) ………………………………………………………………………………………12 (Significant Subsequent Events) …………………………………………………………………………12
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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
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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.