TENMA CORPORATION Disclaimer: This document is an English translation of the original document in Japanese and has been prepared solely for reference purposes. In the event of any discrepancy between this English translation and the original in Japanese, the original shall prevail in all respects.
Consolidated Financial Results
for the Fiscal Year Ended March 31, 2022
[Japanese GAAP]
May 12, 2022
Company name: TENMA CORPORATION
Stock exchange listing: Tokyo Stock Exchange
Code number: 7958
URL: https://www.tenmacorp.co.jp
Representative: Hirohiko Hirono, President and Representative Director
Contact: Masaru Noritake, Director and in charge of General Affairs and Financial and Accounting Affairs and General Manager, General Affairs Department
Phone: +81-3-3598-5515
Scheduled date of Annual General Meeting of Shareholders: June 23, 2022
Scheduled date of filing annual securities report: June 23, 2022
Scheduled date of commencing dividend payments: June 24, 2022
Availability of supplementary briefing material on annual financial results: No
Schedule of annual financial results briefing session: Scheduled (for securities analysts and institutional investors)
(Amounts of less than one million yen are rounded off.)
1. Consolidated Financial Results for the Fiscal Year Ended March 31, 2022 (April 1, 2021 to March 31, 2022)
(1) Consolidated Operating Results | (% indicates changes from the previous corresponding period.) | |||||||
Net sales | Operating income | Ordinary income | Profit attributable to | |||||
owners of parent | ||||||||
Fiscal year ended | Million yen | % | Million yen | % | Million yen | % | Million yen | % |
March 31, 2022 | 82,697 | 12.3 | 1,970 | (31.9) | 2,430 | (16.7) | 1,058 | (64.8) |
March 31, 2021 | 73,639 | (14.1) | 2,892 | (5.7) | 2,919 | (18.9) | 3,006 | 20.0 |
(Note) Comprehensive income: Fiscal year ended March 31, 2022: ¥4,547 million [76.8 %] Fiscal year ended March 31, 2021: ¥ 2,572 million [37.2 %]
Basic earnings | Diluted earnings | Rate of return on | Ordinary income | Operating | |
income to net | |||||
per share | per share | equity | to total assets | ||
sales | |||||
Fiscal year ended | Yen | Yen | % | % | % |
March 31, 2022 | 46.61 | - | 1.4 | 2.6 | 2.4 |
March 31, 2021 | 127.08 | - | 4.1 | 3.1 | 3.9 |
(Reference) Equity in earnings (losses) of affiliated companies: Fiscal year ended March 31, 2022: ¥ 31 million Fiscal year ended March 31, 2021: ¥(4) million
- The Company has applied the "Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29 March 31, 2020), etc. from the beginning of the fiscal year under review. Regarding consolidated operating results, etc. of the previous consolidated fiscal year, the percent changes from the previous corresponding period are reference values due to non-application of retrospective calculation of said Accounting Standard, etc.
(2) Consolidated Financial Position
Total assets | Net assets | Equity ratio | Net assets per share | |
Million yen | Million yen | % | Yen | |
As of March 31, 2022 | 93,984 | 73,197 | 77.9 | 3,299.10 |
As of March 31, 2021 | 92,387 | 72,895 | 78.9 | 3,153.43 |
(Reference) Equity: As of March 31, 2022: ¥ 73,197 million As of March 31, 2021: ¥ 72,895 million
-
We have decided to apply the "Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29, March 31, 2020), etc., effective from the beginning of the consolidated fiscal year under review.
Each value for the year ended March 31, 2022 is after application of said Accounting Standard, etc.
(3) Consolidated Cash Flows
Net cash provided by | Net cash provided by | Net cash provided by | Cash and cash | |||||||||||
(used in) operating | (used in) investment | (used in) financing | equivalents at end of | |||||||||||
activities | activities abstract | activities | period | |||||||||||
Fiscal year ended | Million yen | Million yen | Million yen | Million yen | ||||||||||
March 31, 2022 | 2,995 | (229) | (4,724) | 15,281 | ||||||||||
March 31, 2021 | 5,799 | 2,320 | (4,241) | 16,106 | ||||||||||
2. Dividends | ||||||||||||||
Annual dividends | Payout | Dividends | ||||||||||||
Total | ratio | to net | ||||||||||||
1st | 2nd | 3rd | ||||||||||||
Year-end | Total | dividends | assets | |||||||||||
quarter-end | quarter-end | quarter-end | (consolidated) | (consolidated) | ||||||||||
Fiscal year ended | Yen | Yen | Yen | Yen | Yen | Million yen | % | % | ||||||
March 31, 2021 | - | 40.00 | - | 40.00 | 80.00 | 1,873 | 63.0 | 2.6 | ||||||
March 31, 2022 | - | 40.00 | - | 42.00 | 82.00 | 1,848 | 175.9 | 2.5 | ||||||
Fiscal year ending | ||||||||||||||
March 31, 2023 | - | 40.00 | - | 40.00 | 80.00 | 93.4 | ||||||||
(Forecast) |
3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2023 (April 1, 2022 to March 31, 2023)
(% indicates changes from the previous corresponding period.)
Net sales | Operating income | Ordinary income | Profit | Basic earnings | |||||
per share | |||||||||
Six months | Million yen | % | Million yen | % | Million yen | % | Million yen | % | Yen |
ended | 46,000 | 18.3 | 400 | (54.4) | 400 | (65.0) | 300 | (47.3) | 13.52 |
September | |||||||||
30, 2022 | |||||||||
Full year | 100,000 | 20.9 | 2,500 | 26.9 | 2,500 | 2.9 | 1,900 | 79.5 | 85.64 |
* Notes:
- Changes in significant subsidiaries during the fiscal year ended March 31, 2022 (changes in specified subsidiaries resulting in changes in scope of consolidation): No
- Changes in accounting policies, changes in accounting estimates and retrospective restatement
- Changes in accounting policies due to the revision of accounting standards: Yes
- Changes in accounting policies other than 1) above: No
- Changes in accounting estimates: No
- Retrospective restatement: No
- Further details are described on page 15 of the Attachments, "3. Consolidated Financial Statements and Primary Notes, (5) Notes to Consolidated Financial Statements, (Changes in accounting policies)."
-
Total number of issued shares (common shares)
1) Total number of issued shares at the end of the period (including treasury shares):
March 31, 2022: 25,313,026 shares
March 31, 2021: 26,813,026 shares
-
Total number of treasury shares at the end of the period: March 31, 2022: 3,126,076 shares
March 31, 2021: 3,696,769 shares - Average number of shares during the period:
Fiscal year ended March 31, 2022: 22,703,658 shares
Fiscal year ended March 31, 2021: 23,652,134 shares
- The Company's shares owned by the stock granting trust for Officers are included in the treasury shares to be deducted in the calculation of total number of treasury shares at the end of the period.
(Reference) Summary of Non-consolidated Financial Results
Non-consolidated Financial Results for the Fiscal Year Ended March 31, 2022 (April 1, 2021 to March 31, 2022)
(1) Non-consolidated Operating Results | (% indicates changes from the previous corresponding period.) | ||||||||||||
Net sales | Operating income | Ordinary income | Profit | ||||||||||
Fiscal year ended | Million yen | % | Million yen | % | Million yen | % | Million yen | % | |||||
March 31, 2022 | 20,561 | (10.0) | (578) | - | 964 | (51.7) | 456 | (74.2) | |||||
March 31, 2021 | 22,852 | 0.6 | 519 | - | 1,996 | 209.1 | 1,766 | 569.5 | |||||
Basic earnings per share | Diluted earnings per share | ||||||||||||
Fiscal year ended | Yen | Yen | |||||||||||
March 31, 2022 | 20.08 | - | |||||||||||
March 31, 2021 | 74.66 | - | |||||||||||
(2) Non-consolidated Financial Position | |||||||||||||
Total assets | Net assets | Equity ratio | Net assets per share | ||||||||||
Million yen | Million yen | % | Yen | ||||||||||
As of March 31, 2022 | 54,265 | 50,050 | 92.2 | 2,255.84 | |||||||||
As of March 31, 2021 | 58,581 | 53,894 | 92.0 | 2,331.42 |
(Reference) Equity: As of March 31, 2022: ¥50,050 million As of March 31, 2021: ¥53,894 million
- These consolidated financial results are outside the scope of audit by certified public accountants or audit firms.
- Explanation of the proper use of financial results forecast and other notes
The earnings forecasts and other forward-looking statements herein are based on information currently available to the Company and certain assumptions that the Company deems reasonable. Actual results may differ significantly from these forecasts due to a wide range of factors. Please refer to "1. Overview of Business Results, etc., (4) Future Outlook" on page 5 of the Attachments for the assumptions underlying the forecasts and precautions when using the forecasts.
Table of Contents - Attachments | ||
1. Overview of Business Results, etc. ................................................................................................................ 2 | ||
(1) | Overview of Business Results for the Period Under Review ..................................................................... | 2 |
(2) | Overview of Financial Position for the Period Under Review ................................................................... | 3 |
(3) | Overview of Cash Flows for the Period Under Review ............................................................................. | 4 |
(4) | Future Outlook ........................................................................................................................................... | 5 |
(5) | Dividend Policy and Payments for This Period and Next Period ............................................................... | 5 |
2. Basic Stance Concerning Choice of Accounting Standards ........................................................................... | 6 | |
3. Consolidated Financial Statements and Primary Notes .................................................................................. | 7 | |
(1) | Consolidated Balance Sheets ..................................................................................................................... | 7 |
(2) | Consolidated Statements of Income and Comprehensive Income ............................................................. | 9 |
Consolidated Statements of Income ........................................................................................................... | 9 | |
Consolidated Statements of Comprehensive Income ............................................................................... | 10 | |
(3) | Consolidated Statements of Changes in Net Assets ................................................................................. | 11 |
(4) | Consolidated Statements of Cash Flows .................................................................................................. | 13 |
(5) | Notes to Consolidated Financial Statements ............................................................................................ | 15 |
(Notes on Going Concern Assumption) ......................................................................................................... | 15 | |
(Notes to Consolidated Balance Sheets) ........................................................................................................ | 15 | |
(Changes in accounting policies) ................................................................................................................... | 15 | |
(Additional information) ................................................................................................................................ | 16 | |
(Segment information, etc.) ........................................................................................................................... | 17 | |
(Revenue Recognition related) ...................................................................................................................... | 20 | |
(Per share information) .................................................................................................................................... | 21 | |
(Significant subsequent events) ..................................................................................................................... | 22 |
1
1. Overview of Business Results, etc.
(1) Overview of Business Results for the Period Under Review
The world economy during the fiscal year (from April 1, 2021 to March 31, 2022) faced acceleration of rising prices partly due to the recent situation in Ukraine and the turmoil in demand and logistics. Even though the impact varies in accordance with area, the impact of the novel coronavirus (COVID-19) still persisted, and uncertainty about the future still remained.
Meanwhile, the Japanese economy saw rises in raw material prices and the continued depreciation of the yen that have led to higher import prices. Also, uncertainty about corporate performance increased due to shortages of semiconductors, electronics parts, etc., and stagnant automotive exports, etc. Furthermore, the high cost of living strangled household budgets, therefore, it is difficult to assume improvement in personal consumption.
In these circumstances, the Group developed building a foundation for achievement of the mid- to long-term growth strategy based on the "Third Medium-term Management Plan" released in May 2021. Meanwhile, even during COVID-19 pandemic, the Company maintained production systems in order to accommodate changes in production plans of business partners.
As a result, net sales amounted to 82,697 million yen (112.3 % year on-year), and exceeded 81,000 million yen, the goal of the first year of the Third Medium-term Management Plan.
Regarding profit, rises in raw material prices have led to the worsening of profitability in the field of household synthetic resin products and related products. Also, production efficiency deteriorated due to shortages of semiconductors, etc., and declining factory operating ratios in the field of industrial and synthetic resin products caused by the spread of COVID-19. Therefore, operating income amounted to 1,970 million yen (68.1% year on-year), falling significantly below the 3,400 million yen goal for the first year of the Third Medium-term Management Plan. Ordinary income amounted to 2,430 million yen (83.3% year on-year) partly due to improvement of exchange gains and losses, etc., and profit loss attributable to owners of parent amounted to 1,058 million yen (35.2% year on-year) partly due to non-occurrence of gain on sales of non- current assets and compensation income for expropriation which were recorded in the previous consolidated fiscal year, and partly due to the increase of income taxes - deferred.
Operating results by segment are as follows.
(Japan)
In the field of industrial synthetic resin products, sales related to vehicles decreased due to the production adjustment of business partners caused by shortages of semiconductors, etc., on the other hand, sales related to electrical and electronics increased due to the increase in demand of printers, etc., caused by the increase in remote working. In the business activities in the fields of new businesses such as energy related to telecommunications and digital, sales of this field slightly increased. In the mainstay household synthetic resin products and related products, the Company expanded the sales of Covid-19 related products such as acrylic boards for prevention of airborne droplets and household related products such as "gravels, bricks, and towels," in addition to original products. However, the slowdown in spending lingered after the decrease as a reaction to demand due to staying at home, and sales significantly decreased. Regarding profit, even though the Company worked on cost reduction by improvement of logistics efficiency, product assembly automation, etc., profit decreased due to the significant impact of a drop in sales in the field of household synthetic resin products and related products, and rises in raw material prices.
As a result, net sales for this segment amounted to 20,735 million yen (89.9% year on-year), and segment income (operating income) amounted to 669 million yen (37.2% year on-year.)
2
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TENMA Corporation published this content on 31 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 May 2022 07:39:12 UTC.
