IWAKI CO., LTD. May 13, 2022
Summary of Consolidated Financial Results for the Fiscal Year Ended March 31, 2022
[Japanese GAAP] | ||
Company name: | IWAKI CO.,LTD. | Listing: Tokyo Stock Exchange |
Stock code: | 6237 | URL: https://www.iwakipumps.co.jp/ |
Representative: | Shigeru Fujinaka, President | |
Contact: | Makoto Inoue, Executive Officer, |
Senior General Manager of Business Management Head Office | Tel: (81)3-3254-2931 | |
Scheduled date of Annual General Meeting of Shareholders: | June 29, 2022 | |
Scheduled date of payment of dividend: | June 30, 2022 | |
Scheduled date of filing of Annual Securities Report: | June 30, 2022 | |
Preparation of supplementary materials for financial results: | Yes | |
Holding of financial results meeting: | Yes (for institutional investors and analysts) |
(All amounts are rounded down to the nearest million yen)
1. Consolidated Financial Results for the Fiscal Year Ended March 31, 2022 (April 1, 2021 - March 31, 2022)
(1) Consolidated results of operations | (Percentages represent year-on-year changes) | |||||||||
Net sales | Operating profit | Ordinary profit | Profit attributable | |||||||
to owners of parent | ||||||||||
Million yen | % | Million yen | % | Million yen | % | Million yen | % | |||
Fiscal year ended Mar. 31, 2022 | 32,439 | 15.2 | 2,139 | 25.4 | 2,992 | 34.7 | 2,396 | 14.6 | ||
Fiscal year ended Mar. 31, 2021 | 28,162 | (1.7) | 1,706 | (19.3) | 2,222 | (13.8) | 2,091 | (1.5) | ||
Note: Comprehensive income (million yen) | Fiscal year ended Mar. 31, 2022: | 3,602 | (up 43.3%) | |||||
Fiscal year ended Mar. 31, 2021: | 2,514 | (up 48.5%) | ||||||
Net income per | Diluted net | Return on equity | Ordinary profit | Operating profit | ||||
share | income per share | on total assets | to net sales | |||||
Yen | Yen | % | % | % | ||||
Fiscal year ended Mar. 31, 2022 | 109.37 | - | 10.1 | 8.5 | 6.6 | |||
Fiscal year ended Mar. 31, 2021 | 94.90 | - | 9.7 | 7.1 | 6.1 |
Reference: Equity in earnings of affiliates (million yen) | Fiscal year ended Mar. 31, 2022: 801 | |||
Fiscal year ended Mar. 31, 2021: 509 | ||||
(2) Consolidated financial position | ||||
Total assets | Net assets | Capital adequacy ratio | Net assets per share | |
Million yen | Million yen | % | Yen | |
As of Mar. 31, 2022 | 37,963 | 25,251 | 66.3 | 1,149.41 |
As of Mar. 31, 2021 | 32,211 | 22,520 | 69.7 | 1,018.96 |
Reference: Owner's equity (million yen) | As of Mar. 31, 2022: 25,177 | As of Mar. 31, 2021: 22,456 | ||||
(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 | |||
Million yen | Million yen | Million yen | Million yen | |||
Fiscal year ended Mar. 31, 2022 | 2,710 | (429) | (579) | 8,573 | ||
Fiscal year ended Mar. 31, 2021 | 2,089 | (920) | 149 | 6,936 |
2. Dividends
Dividend per share | Total | Dividend | Dividend on | |||||||
payout ratio | equity | |||||||||
1Q-end | 2Q-end | 3Q-end | Year-end | Total | dividends | |||||
(consolidated) | (consolidated) | |||||||||
Yen | Yen | Yen | Yen | Yen | Million yen | % | % | |||
Fiscal year ended Mar. 31, 2021 | - | 8.00 | - | 21.00 | 29.00 | 639 | 30.6 | 3.0 | ||
Fiscal year ended Mar. 31, 2022 | - | 12.00 | - | 21.50 | 33.50 | 733 | 30.6 | 3.1 | ||
Fiscal year ending Mar. 31, 2023 | - | 13.00 | - | 22.00 | 35.00 | 30.1 | ||||
(forecast) | ||||||||||
3. Consolidated Earnings Forecasts for the Fiscal Year Ending March 31, 2023 (April 1, 2022 - March 31, 2023)
(Percentages represent year-on-year changes)
Net sales | Operating profit | Ordinary profit | Profit attributable to | Net income per | |||||||
owners of parent | share | ||||||||||
Million yen | % | Million yen | % | Million yen | % | Million yen | % | Yen | |||
First half | 17,082 | 9.6 | 1,196 | 13.0 | 1,533 | 0.5 | 1,091 | (8.4) | 49.83 | ||
Full year | 34,830 | 7.4 | 2,748 | 28.5 | 3,411 | 14.0 | 2,547 | 6.3 | 116.31 |
* Notes
- Changes in consolidated subsidiaries during the period (changes in scope of consolidation): None
- Changes in accounting policies and accounting-based estimates, and restatements
1) | Changes in accounting policies due to revisions in accounting standards, others: | Yes |
2) | Changes in accounting policies other than 1) above: | None |
3) | Changes in accounting-based estimates: | None |
4) | Restatements: | None |
Note: Please refer to page 13 "3. Consolidated Financial Statements and Notes, (5) Notes to Consolidated Financial Statements, Changes in Accounting Policies" for details.
(3) Number of outstanding shares (common shares)
1) | Number of shares outstanding at the end of the period (including treasury shares) | |||
As of Mar. 31, 2022: | 22,490,910 shares | As of Mar. 31, 2021: | 22,490,910 shares | |
2) | Number of treasury shares at the end of the period | |||
As of Mar. 31, 2022: | 585,863 shares | As of Mar. 31, 2021: | 451,856 shares | |
3) Average number of shares outstanding during the period | ||||
Fiscal year ended Mar. 31, 2022: | 21,913,149 shares | Fiscal year ended Mar. 31, 2021: | 22,035,190 shares |
Reference: Summary of Non-consolidated Financial Results
Non-consolidated Financial Results for the Fiscal Year Ended March 31, 2022 (April 1, 2021 - March 31, 2022)
(1) Non-consolidated results of operations | (Percentages represent year-on-year changes) | ||||||||||||
Net sales | Operating profit | Ordinary profit | Profit | ||||||||||
Million yen | % | Million yen | % | Million yen | % | Million yen | % | ||||||
Fiscal year ended Mar. 31, 2022 | 25,622 | 14.9 | 2,002 | 61.7 | 2,649 | 41.6 | 2,227 | 48.5 | |||||
Fiscal year ended Mar. 31, 2021 | 22,293 | (1.7) | 1,237 | (14.0) | 1,870 | (8.1) | 1,500 | (15.7) | |||||
Net income per share | Diluted net income per share | ||||||||||||
Yen | Yen | ||||||||||||
Fiscal year ended Mar. 31, 2022 | 101.66 | - | |||||||||||
Fiscal year ended Mar. 31, 2021 | 68.09 | - | |||||||||||
(2) Non-consolidated financial position | |||||||||||||
Total assets | Net assets | Equity ratio | Net assets per share | ||||||||||
Million yen | Million yen | % | Yen | ||||||||||
As of Mar. 31, 2022 | 31,350 | 19,464 | 62.1 | 888.58 | |||||||||
As of Mar. 31, 2021 | 27,529 | 18,197 | 66.1 | 825.68 | |||||||||
Reference: Shareholders' equity (million yen): | As of Mar. 31, 2022: 19,464 | As of Mar. 31, 2021: | 18,197 |
- The current financial report is not subject to audit by certified public accountants or auditing firms.
-
Cautionary statement with respect to forward-looking statements Note concerning forward-looking statements
Forecasts of future performance in these materials are based on assumption judged to be valid and information available to Iwaki's management at the time the materials were prepared, but are not promises by Iwaki regarding future performance. Actual results may differ materially from the forecasts. Please refer to "1. Overview of Results of Operations, (1) Results of
Operations, 2) Outlook" on page 2 for forecast assumptions and not es of caution for usage.
How to view supplementary materials for the financial results
Iwaki plans to hold a financial results meeting for institutional investors and analysts on May 27, 2022. Materials to be distributed at this event will be available on the Company's website in advance.
IWAKI CO.,LTD. (6237) Financial Results for FY3/22 | ||
Contents of Attachments | ||
1. Overview of Results of Operations | 2 | |
(1) | Results of Operations | 2 |
(2) | Financial Position | 3 |
2. Basic Approach to the Selection of Accounting Standards | 4 | |
3. Consolidated Financial Statements and Notes | 5 | |
(1) | Consolidated Balance Sheet | 5 |
(2) | Consolidated Statements of Income and Comprehensive Income | 7 |
Consolidated Statement of Income | 7 | |
Consolidated Statement of Comprehensive Income | 8 | |
(3) | Consolidated Statement of Changes in Equity | 9 |
(4) | Consolidated Statement of Cash Flows | 11 |
(5) | Notes to Consolidated Financial Statements | 13 |
Going Concern Assumption | 13 | |
Changes in Accounting Policies | 13 | |
Reclassifications | 13 | |
Segment and Other Information | 14 | |
Per Share Information | 15 | |
Subsequent Events | 15 |
1
IWAKI CO.,LTD. (6237) Financial Results for the Third Quarter of FY3/22
1. Overview of Results of Operations
(1) Results of Operations
1) Operating results for the current fiscal year
During the fiscal year that ended on March 31, 2022, the Japanese economy moved toward normalcy as capital investment showed signs of recovery and the state of emergency and other restrictive measures were lifted. Nevertheless, the outlook remains uncertain because of global shortages of semiconductors and electronic components, soaring raw material prices, and the spread of new mutant strains of the COVID-19 virus.
Overseas economies are also headed toward recovery as restrictions due to the COVID -19 pandemic are being eased. However, concerns about risks of economic downturn remain due to rising tensions in Ukraine which has led to sharply higher energy prices and supply chains disruptions.
Iwaki has been taking many actions in Japan to improve its corporate value based on the core policy of "winning by improving customer satisfaction." Overseas, there wer e activities encompassing 21 affiliated companies in 15 countries to increase sales. The Iwaki Group continued to accelerate the implementation of various measures for achieving numerical targets of the Iwaki Gr oup 10-year vision of net sales of 40 billion yen and an operating margin of 10% in the fiscal year ending on March 31, 2025 based on the policy of "supplying the world's best products as All Iwaki."
The semiconductor/liquid crystal market remained strong, increasing 51.2% from one year earlier and driving up sales against the backdrop of strong production of semiconductor manufacturing equipment. In addition, sales were also higher than one year earlier in all other markets . As a result, overall sales were favorable.
Sales in Japan increased 7.9% from one year earlier to 17,997 million yen as a result of higher sales particularly in the semiconductor/liquid crystal, medical equipment and surface treatment equipment markets. Overseas, sales in Europe increased 34.0% to 3,972 million yen. This was because the four Iwaki Nordic Group companies (Denmark, Sweden, Finland, and Norway) were included in the consolidation for the full year (only from the third quarter in the previous fiscal year). In addition, overall sales, excluding the Iwaki Nordic Group, were also strong. Sales in the United States rose 21.4% to 4,301 million yen because sales largely increased particularly in the water treatment market. In Asia, sales rose mainly in the semiconductor/liquid crystal and surface treatment equipment markets for South Korea and Taiwan. As a result, sales were 2,865 million yen (up 31.1% year-on-year). Sales in China were up 15.6% to 2,044 million yen because sales to the semiconductor/liquid crystal and new energy markets increased, although the recovery in the medical equipment market was lackluster throughout the fiscal year. Sales were higher in all regional markets.
By product category, sales of pneumatic drive pumps for the semiconductor/liquid crystal market have also made a significant contribution to the increase in sales . Sales of core versatile magnetic drive pumps were strong, and sales of metering pumps remained steady.
As a result, consolidated net sales increased 15.2% to 32,439 million yen.
Higher sales offset the rise in the cost of sales ratio and increase in selling, general and administrative expenses. As a result, operating profit increased 25.4% from one year earlier to 2,139 million yen. Ordinary profit was up 34.7% to 2,992 million yen as the share of profit of entities accounted for using equity method rose sharply. Profit attributable to owners of parent increased 14.6% to 2,396 million yen as there was no extraordinary income as in the previous fiscal year, increase in income taxes and other factors.
There is no business segment information because chemical pumps are the only bus iness of the Iwaki Group.
2) Outlook
Although the impact of the difficulties in parts procurement, soaring raw material prices and prolonged geopolitical risks resulting from the invasion of Ukraine on the economy is unclear, we forecast higher sales in the fiscal year ending March 31, 2023 because of the expected recovery in capital expenditures and the steady growth in orders for the products of the Iwaki Group .
2
IWAKI CO.,LTD. (6237) Financial Results for the Third Quarter of FY3/22
While continuing to focus on the theme of "winning by improving customer satisfaction," we w ill use many activities in Japan for meeting the demand for product replacement and maintenance services. Overseas, we will create even closer ties with affiliated co mpanies with the goal of more growth in overseas markets.
Based on this outlook, we forecast a 7.4% increase in consolidated net sales to 34,830 million yen, a 28.5% increase in operating profit to 2,748 million yen, a 14.0% increase in ordinary profit to 3,411 million yen, and a 6.3% increase in profit attributable to owners of parent to 2,547 million yen in the fiscal year ending on March 31, 2023.
These projections are based on information available at the time this report was released. Actual results may differ from projections due to a variety of factors.
(2) Financial Position
- Assets, liabilities and net assets Assets
The balance of current assets at the end of the current fiscal year was 27,370 million yen, up 4,646 million yen from the end of the previous fiscal year. This was mainly due to increases of 1,654 million yen in cash and deposits, 727 million yen in electronically recorded monetary claims-operating, and 1,153 million yen in raw materials and supplies. The balance of non-current assets was 10,592 million yen at the end of the current fiscal year, up 1,105 million yen from the end of the previous fiscal year. This was mainly because of increases of 216 million yen in investment securities and 887 million yen in retirement benefit asset.
As a result, total assets increased 5,751 million yen from the end of the previous fiscal year to 37,963 million yen.
Liabilities
The balance of current liabilities at the end of the current fiscal year was 11,034 million yen, up 3,301 million yen from the end of the previous fiscal year. This was mainly due to an increase of 3,209 million yen in electronically recorded obligations-operating. The balance of non-current liabilities was 1,677 million yen at the end of the current fiscal year, down 280 million yen from the end of the previous fiscal year. This was mainly due to a decrease of 264 million yen in retirement benefit liability.
As a result, total liabilities increased 3,020 million yen from the end of the previous fiscal year to 12,711 million yen.
Net assets
The balance of net assets at the end of the current fiscal year was 25,251 million yen, up 2,731 million yen from the end of the previous fiscal year. The main factors include increases of 1,668 million yen in retained earnings and 739 million yen in remeasurements of defined benefit plans.
Consequently, the capital adequacy ratio was 66.3% (69.7% at the end of the previous fiscal year).
2) Cash flows
Cash and cash equivalents (hereinafter, "net cash") at the end of the current fiscal year was 8,573 million yen, up 1,637 million yen over the end of the previous fiscal year (a n increase of 1,229 million yen in the previous fiscal year).
The cash flow components during the current fiscal year and the main reasons for changes are as described below.
Cash flows from operating activities
Net cash provided by operating activities was 2,710 million yen (2,089 million yen provided in the previous fiscal year). Positive factors include profit before income taxes of 3,107 million yen, which offset negative
3
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Iwaki Co. Ltd. published this content on 07 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 June 2022 02:31:03 UTC.
