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 10, 2022
Consolidated Financial Results for the
Six Months Ended September 30, 2022 (Under IFRS)
Company name: | YUKIGUNI MAITAKE CO., LTD. | |
Listing: | Tokyo Stock Exchange | |
Securities code: | 1375 | |
URL: | https://www.maitake.co.jp/ | |
Representative: | Masafumi Yuzawa, President and CEO, Representative Director | |
Inquiries: | Takenori Sakurai, Senior Executive Officer (Chief Financial Officer) | |
Telephone: | +81-25-778-0162 | |
Scheduled date to file quarterly securities report: | November 11, 2022 | |
Scheduled date of dividend payment commencement | November 28, 2022 | |
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, 2022 (from April 1, 2022 to September 30, 2022)
(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, 2022 | 17,513 | -14.6 | 814 | -68.1 | 620 | -73.5 | 432 | -71.6 | ||
September 30, 2021 | 20,504 | -9.5 | 2,551 | -22.2 | 2,341 | -22.4 | 1,521 | -22.3 | ||
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, 2022 | 431 | -71.6 | 432 | -71.6 | 10.83 | 10.83 | ||||
September 30, 2021 | 1,521 | -22.6 | 1,520 | -22.9 | 38.13 | 38.13 | ||||
(Reference) | ||||||||||
Core operating profit | Core EBITDA | Core EBITDA margin | ||||||||
Six months ended | Millions of yen | % | Millions of yen | % | % | |||||
September 30, 2022 | 197 | -86.9 | 1,218 | -50.8 | 9.6 | |||||
September 30, 2021 | 1,510 | -46.4 | 2,479 | -34.3 | 17.9 | |||||
(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, 2022 | 34,844 | 10,268 | 10,268 | 29.5 | ||||||
September 30, 2021 | 36,096 | 10,470 | 10,471 | 29.0 | ||||||
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 | ‒ | 16.00 | 30.00 | |
March 31, 2022 | ||||||
Fiscal year ending | ‒ | 14.00 | ||||
March 31, 2023 | ||||||
Fiscal year ending | ||||||
March 31, 2023 | ‒ | 16.00 | 30.00 | |||
(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, 2023 (from April 1, 2022 to March 31, 2023)
(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 | 48,076 | 2.1 | 4,893 | -1.7 | 4,490 | -1.6 | 2,951 | -1.3 | 2,951 | -1.3 | 74.03 |
Note: Revisions from financial results forecasts announced most recently: None
(Reference)
Core Operating Profit | Core EBITDA | Core EBITDA Margin | ||||
Millions of yen | % | Millions of yen | % | % | ||
Full year | 5,060 | -9.5 | 7,212 | -4.7 | 20.9 |
* 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, 2022 | 39,910,700 shares |
As of March 31, 2022 | 39,910,700 shares |
(ii) Number of treasury shares at the end of the period
As of September 30, 2022 | 27,311 shares |
As of March 31, 2022 | 40,000 shares |
- Average number of shares outstanding during the period (cumulative from the beginning of the fiscal year)
Six months ended September 30, 2022 | 39,870,700 shares |
Six months ended September 30, 2021 | 39,910,700 shares |
- 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").
- Core operating profit = Operating profit - IAS41 "Agriculture" applying effects - Other income and expenses - One-time income and expenses
- Core EBITDA = Core operating profit + Depreciation + Amortization
- Core EBITDA margin = Core EBITDA / Revenue
- The effect of applying IAS 41 "Agriculture" is to apply IAS 41 "Agriculture" to the production process of mushrooms, from preparation to harvest, and to measure the mushrooms as biological assets at fair value less costs to sell. The gains or losses from the changes in fair value are considered as the impact amount.
- Other income and expenses are mainly impairment losses and loss on disposal of fixed assets.
- One-timeincome and expenses are income and expenses that are not incurred in the normal course of business (For example, listing-related expenses, etc., which were adjustment items in the financial statements for the previous fiscal year, are included). Currently, there are no one-time income and expenses incurred.
- Core operating profit, Core EBITDA and Core EBITDA margin 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. Core operating profit, Core EBITDA, Core EBITDA margin 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. Core operating profit, Core EBITDA, Core EBITDA margin 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 Tuesday, November 15, 2022 in a hybrid format of on-site and webcast. Supplementary financial results briefing materials are posted on our website on November 10, 2022.
Accompanying Materials - Contents
Ⅰ. Qualitative Information for the first Six-Month Period of the Fiscal Year Ended March 31, 2023…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
- . 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-Months Period of the Fiscal Year Ending March 31, 2023
1. Analysis of Operating Results
During the first half of the current consolidated fiscal year (April 1, 2022 to September 30, 2022), the Japanese economy continued to face difficult conditions due to the unstable international situation caused by Russia's invasion of Ukraine, soaring energy prices, and the rapid depreciation of the yen, although the action restrictions to prevent the spread of COVID19 have been relaxed and economic activities have shown signs of picking up. The environment surrounding the Group's business continues to be challenging, as consumers are becoming even more defensive of their household budgets due to a series of food price hike in response to soaring crude oil prices and other factors. In addition, the Group's earnings have also been squeezed by various cost increases due to soaring utility unit prices and the impact of raw material price hikes, etc.
In this environment, based on its medium-term business plan, the Group is working to establish a foundation as a comprehensive premium mushroom manufacturer by leveraging the Company's production technology, know-how, and sales capabilities that it has developed over the years. In addition to this, we have developed and promoted the functional properties of mushrooms, especially maitake mushrooms, to contribute to the health of consumers by providing safe and secure products, and we have been developing our business to contribute to the realization of a healthy society.
After about 6 years of development, we succeeded in developing and mass-producing a new in-house strain of white maitake mushroom, which is difficult to cultivate due to its delicate nature and there are many high hurdles to its stable production, and launched "Yukiguni Maitake Kiwami White" in August this year. The "Yukikuni-Maitake Kiwami White" is our original variety that inherits the texture and taste as well as the nutrients of the existing "Yukikuni-Maitake Kiwami". This was an opportunity to strengthen the Kiwami brand and conduct PR activities, which were well received by customers. Since it has only been a short time since the start of sales, the effect was limited in the first half of the current consolidated fiscal year. We will continue to expand our lineup of premium mushrooms to follow in the footsteps of "Yukiguni Maitake Kiwami White".
In order to introduce the appeal of "Yukiguni Maitake Kiwami" to consumers, we have been running TV commercials mainly in the Kanto and Kansai regions, when consumers have the most opportunities in autumn to see mushroom products. We will continue to promote the good qualities of our mushroom products such as "Yukiguni Maitake Kiwami" so that all our customers can enjoy a healthy and enjoyable diet by spreading awareness of the nutrition-rich taste and functionality of maitake mushrooms and the ease and convenience with which they can be easily prepared.
As a result of the above, Total income for the second quarter of the current consolidated cumulative period was ¥17,513 million (-14.6%year-on-year), of which revenue was ¥12,757 million (-7.7%year-on-year). Gross profit was ¥4,508 million (-28.7%year-on-year). Selling, general and administrative (SG&A) expenses were ¥3,668 million (-2.4%year-on-year).
Operating profit was ¥814 million (-68.1%year-on-year) and profit attributable to owners of the parent was ¥431 million (-71.6%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 ¥4,755 million (-28.9%year-on-year) and in the cost of sales of ¥3,959 million (-27.0%year-on-year).
[Business results for the six months ended September 30, 2022]
(Millions of yen)
Six months ended | Six months ended | % Change | |
September 30, 2021 | September 30, 2022 | year-on-year | |
Revenue | 13,816 | 12,757 | (7.7) |
Gains arising from changes in fair | 6,688 | 4,755 | (28.9) |
value | |||
Total income | 20,504 | 17,513 | (14.6) |
Operating profit | 2,551 | 814 | (68.1) |
Profit before tax | 2,341 | 620 | (73.5) |
Profit attributable to owners of parent | 1,521 | 431 | (71.6) |
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Yukiguni Maitake Co. Ltd. published this content on 10 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 November 2022 09:01:06 UTC.