KOITO MANUFACTURING CO., LTD. Consolidated Earnings Report for the First Quarter of Fiscal 2022
[Japanese GAAP]
July 28, 2021
Company Name: | KOITO MANUFACTURING CO., LTD. |
Stock Listing: | First Section, Tokyo Stock Exchange |
Code Number: | 7276 |
URL: | https://www.koito.co.jp |
Representative Director: | Michiaki Kato, President |
Inquiries: | Hideharu Konagaya, Senior Managing Director |
Tel: | +81-3-3443-7111 |
Filing of Quarterly Securities Report: | August 3, 2021 |
Scheduled Payment of Dividends: | － |
Supplementary explanatory materials prepared: | None |
Explanatory meeting: | None |
(¥ millions are rounded down)
1. Consolidated Results for the First Quarter of Fiscal 2022 (April 1, 2021 to June 30, 2021)
(1) Consolidated Operating Results | (¥ millions; percentage figures represent year-on-year changes) | |||||||
First Quarter | Net sales | Operating income | Recurring profit | Profit attributable to | ||||
owners of parent | ||||||||
Fiscal 2022 | 183,911 | 69.8% | 15,534 | － | 16,345 | － | 10,654 | － |
Fiscal 2021 | 108,296 | △45.0% | △7,405 | － | △5,993 | － | △4,938 | － |
Note: Comprehensive income or loss : June 30, 2021: ¥14,286 million (－%), June 30, 2020: ¥△314 million (－%)
First Quarter | Net income | Net income | |||||||||||
per share (¥) | per share (diluted) (¥) | ||||||||||||
Fiscal 2022 | 66.28 | 66.26 | |||||||||||
Fiscal 2021 | △30.72 | － | |||||||||||
(2) | Consolidated Financial Position | (¥ millions) | |||||||||||
Total assets | Net assets | Equity ratio | Net assets | ||||||||||
(%) | per share (¥) | ||||||||||||
June 30, 2021 | 791,161 | 578,249 | 69.1 | 3,401.29 | |||||||||
March 31, 2021 | 782,163 | 569,438 | 68.7 | 3,344.65 | |||||||||
Note: Equity: June 30, 2021: ¥546,708 million, March 31, 2021: ¥537,605 million | |||||||||||||
2. | Dividends | ||||||||||||
Dividend per share (¥) | |||||||||||||
First Quarter | Second Quarter | Third Quarter | Year End | Full Year | |||||||||
Fiscal 2021 | － | 20.00 | － | 30.00 | 50.00 | ||||||||
Fiscal 2022 | － | ||||||||||||
Fiscal 2022 (forecast) | － | － | － | － |
Notes: 1. Revisions to recent dividend forecasts: None
2. The dividend record dates are September 30 and March 31, as prescribed by KOITO's Articles of Incorporation; the dividend forecast for the September 30, 2021 and March 31, 2022 record date are currently undecided.
3. Forecast of Consolidated Results for Fiscal 2022 (April 1, 2021 to March 31, 2022)
(¥ millions; percentage figures represent | year-on-year | changes) | ||||||||
Profit attributable to | Net income | |||||||||
Net sales | Operating income | Recurring profit | per share | |||||||
owners of parent | ||||||||||
(¥) | ||||||||||
First half | 362,000 | 24.5% | 27,000 | 246.9% | 28,000 | 165.1% | 18,000 | 180.4% | 111.99 | |
Full year | 775,000 | 9.7% | 65,000 | 14.6% | 67,000 | 9.6% | 44,000 | 17.0% | 273.74 |
Note: Revisions to recent consolidated business forecasts: Yes
*Notes
- Changes to important subsidiaries during the first quarter of fiscal 2022 (changes in specified subsidiaries resulting in revised scope of consolidation): None
- Application of special accounting methods in the preparation of quarterly consolidated financial statements: None
- Changes in accounting principles, accounting estimates and restatements
① Changes in accounting policies in conjunction with revisions to accounting standards: Yes
②Other changes: None
③Changes in accounting estimates: None
④Restatements: None
Note: For details, please refer to the attached material P.9 "2. Quarterly Consolidated Financial Statements and Notes (4)Note Regarding Changes in accounting policies in conjunction with revisions to accounting standards (Note Regarding Changes in accounting policies in conjunction with revisions to accounting standards)"
(4) Number of shares issued (common stock)
① Number of shares issued (including treasury stock):
②Number of treasury stock:
③Average number of stock during the first quarter:
Fiscal 2022, 1Q | 160,789,436 | Fiscal 2021 | 160,789,436 |
Fiscal 2022, 1Q | 53,634 | Fiscal 2021 | 53,614 |
Fiscal 2022, 1Q | 160,735,817 | Fiscal 2021, 1Q | 160,734,000 |
*This quarterly financial report is not subject to the quarterly audit procedure to be conducted by certified public accountants or auditing firms.
*Explanations concerning proper use of business forecasts and other noteworthy matters (Notes on future assumptions)
The above forecasts are based on information available, and certain assumptions that are judged to be reasonable, at the time of the release of this report. KOITO is not promising that the Company will achieve these forecasts. Actual results could differ from forecasts due to a variety of factors.
The exchange conversion rate based on the business forecast for fiscal 2022, the year ending March 2022 is calculated as 1.00 US$ = ¥102.4 and 1 CNY = ¥15.5.
- For Reference Only 》
Forecast of Non-consolidated Result for Fiscal 2022 (April 1, 2021 to March 31, 2022)
(¥ millions; percentage figures represent year-on-year changes)
Net sales | Operating income | Recurring profit | Net income | Net income | |||||
per share (¥) | |||||||||
First half | 155,000 | 17.5% | 10,000 | 122.1% | 23,000 | 33.0% | 18,500 | △25.6% | 115.10 |
Full year | 326,000 | 4.4% | 22,000 | 4.1% | 41,000 | 7.4% | 31,500 | △17.2% | 195.97 |
Note: Revisions to recent non-consolidated business forecasts: Yes
Table of Contents of Supplementary Materials
1. Qualitative Information Concerning Quarterly Financial Statements and Other Matters………………………………. | 2 |
2 | |
(1) Explanation Regarding Consolidated Operating Results…………………………………………………………… | 22 |
(2) Explanation Regarding Consolidated Financial Position…..……………………………………………………..… | 22 |
(3) Explanation Regarding Forecast of Consolidated Results for Fiscal 2022 and Other Future Projections………………3 | |
2. Quarterly Consolidated Financial Statements and Notes………………………………………………………………… | 4 |
(1) Quarterly Consolidated Balance Sheets……………………………………………………………………………… | 5 |
4 | |
(2) Quarterly Consolidated Statements of Income and Comprehensive Income……………………………………………6 | |
First quarter, for the three months ended June 30………………………………………………………………………6 | |
(3) Quarterly Consolidated Statements of Cash Flows……………………………………………………………………… | |
(4) Notes on Quarterly Consolidated Financial Statements……………………………………………………………… | 8 |
9 | |
(Going Concern Assumption) ……………………………………………………………………………………… | |
(Note Regarding Significant Changes in Shareholders' Equity) ………………………………………………………9 | |
(Note Regarding Changes in accounting policies in conjunction with revisions to accounting standards)……………9 | |
(Segment Information)……………………………………………………………………………………………… | 9 |
10 |
1
1. Qualitative Information Concerning Quarterly Financial Statements and Other Matters
(1) Explanation Regarding Consolidated Operating Results
During the first quarter of fiscal 2022, the period under review, the economic conditions in Japan and overseas indicated a gradual recovery tendency, where improvement in the business confidence could be seen mainly in the U.S.A. and China, due to movement towards normalization of economic activities by the progress with vaccinations and the economic stimulus packages of each country, even though the impact of COVID-19 pandemic, as well as the constraints in supply and demand of semiconductors from the previous fiscal year remains.
The global automobile production volume has greatly increased year on year, because there was a decrease in production caused by production adjustments and suspensions due to the spread of COVID-19 infections in the first quarter of the previous fiscal year.
In this climate, due to our strong performance in automotive lighting equipment business, net sales for the first quarter in all geographical segments increased year on year: by 39.0% in Japan, 163.9% in North America, 24.7% in China and 111.4% in Asia. As a result, the KOITO Group's net sales for the first quarter of fiscal 2022 increased 69.8% year on year to ¥183.9 billion.
With regard to profits, reflecting an increase in net sales, each profit increased significantly year on year, the operating income was ¥15.5 billion, recurring profit was ¥16.3 billion, and the profit attributable to owners of parent was ¥10.6 billion.
-
Explanation Regarding Consolidated Financial Position -1. Analysis of assets, liabilities and net assets
Total assets at the end of the first quarter increased by ¥8.9 billion from the end of the previous fiscal year to ¥791.1 billion due to an increase in cash and deposits, and an increase in investment securities along an increase in the market value of security holdings.
Total liabilities remained flat from the end of the previous period at ¥212.9 billion.
Total net assets increased by ¥8.8 billion from the end of the previous period to ¥578.2 billion due to an increase in the retained earnings led by an increased net income.
-2. Analysis of cash flows
Cash flows from the operating activities provided ¥28.6 billion, mainly reflecting the net income before income taxes of ¥16.2 billion and depreciation of ¥8.0 billion, which secured net cash of ¥33.4 billion after payment of taxes.
Cash flows from investing activities resulted in expenditures of ¥14.8 billion as a result of payments into time deposits of ¥28.4 billion, and acquisitions of property and equipment of ¥7.0 billion, compared to the revenue from the proceeds from time deposits of ¥20.7 billion.
Cash flows from financing activities resulted in expenditures of ¥4.7 billion, the result of mainly reflecting the dividend paid of ¥5.1 billion.
As a result, the balance of cash and cash equivalents at the end of the period increased ¥9.2 billion year on year to ¥171.1 billion.
(3) Explanation Regarding Forecasts for Fiscal 2022 and Other Future Projections
In the business forecast for fiscal 2022, the year ending March 2022, net sales are expected to increase year on year, because the global automobile production volume is expected to increase year on year. Even though the global economy remains unclear caused by the continuous constraints in supply and demand of semiconductors, and concerns of resurgence of COVID-19 infections with variants. As for profits, even though we are planning to make further investment to meet new orders and promote R&D activities for the future growth, each of the operating income, recurring profit, and profit attributable to owners of parent is expected to increase year on year.
The first half and full-year business forecasts (consolidated and non-consolidated) for fiscal 2022 announced in the "Consolidated Earnings Report for Fiscal 2021" on April 27, 2021, were revised as follows.
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Koito Manufacturing Co. Ltd. published this content on 28 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 July 2021 07:02:05 UTC.
