FY2021 Financial Results

Tsutomu Hiranaka, President & COO

This is an internal English translation of the YOROZU FY2021 Financial Report issued in the Japanese language and

is provided solely for the convenience of English speaking readers. In case of discrepancy the Japanese version prevails.

Prime Market in Tokyo Stock Exchange (Securities Code: 7294)

Ⅰ . Financial Summary

Ⅱ. FY2021 Results

Ⅲ. FY2022 Forecast

Ⅳ. FY2022 Activities

Ⅴ. Shareholder Return

© YOROZU CORPORATION. 2022 All Rights Reserved.

2

1

Financial Summary

FY2021

・Delivered a full year profit up sharply year-on-year

Results

benefitting from Profit Kaizen Activities, despite of stagnant

sales due to car production drop in the latter half

・Maintained financial health by making loan repayment

・Expects an increase in both sales and profits year-on-year

FY2022

driven by appropriate repricing and ongoing Profit Kaizen

Forecast

Activities in spite of ambiguities in strong recovery of car

production due to the long-term semiconductor shortages and

surge in raw material prices and logistical costs

・Keeps focusing on YSP2023 Mid-term Business Plan to

accelerate achievement

・FY2021 year-end dividend per share of JPY7.00 (annual

Shareholder

Return

dividend per share of JPY13.00) with the dividend payout ratio

of 35.6%

・Plans to increase the annual dividend for FY2022 by JPY20.00

(around 2.5 times) year-on-year to JPY33.00 per share and

expects the dividend payout ratio of 35.7%

© YOROZU CORPORATION. 2022 All Rights Reserved.

3

Ⅰ . Financial Summary

Ⅱ. FY2021 Results

Ⅲ. FY2022 Forecast

Ⅳ. FY2022 Activities

Ⅴ. Shareholder Return

© YOROZU CORPORATION. 2022 All Rights Reserved.

4

2

FY2021 Consolidated Financial Summary

(year on year)

FY2021 Against

Million yen FY2020 FY2021 Year-on-YearLatest Latest

Forecast*2 Forecast

Sales

118,863

127,316

+7.1%

126,000

+1.0％

Operating Income

377

2,096

+455.8%

1,260

+66.4％

Ordinary Income

1,449

2,284

+57.7%

1,240

+84.2％

Net Income*1

-6,195

876

ー

650

+34.9%

*1 Net Income attributable to parent company shareholders

*2 Estimated figures as of Feb. 9, 2022

FY2020

FY2021

Difference

Percentage

A

B

B-A

of Change

Net Income per Share

-259.07 yen

36.55 yen

+295.62 yen

ー

Exchange Rate Applied

106.76 yen/$

109.90 yen/$

+3.14 yen/$

+2.9%

  • Sales: A rise in steel material prices and the impact of weak yen brought a positive effect on sales.
  • Operating income: Thorough implementation of Yosedome (a lean word meaning the consolidation of operations or processes to pursue efficiency) in the production system and slimmed-down fixed costs posted a sharp increase in the profit.
  • Ordinary income: Employment adjustment subsidy made a great contribution to the profit.
  • Net income: From the deficit in the previous term, the net income turned surplus.

© YOROZU CORPORATION. 2022 All Rights Reserved.

5

Consolidated Sales by Customer

Million yen

(FY2020 vs. FY2021)

Million yen

140,000

127,316

Customer

FY2020

(%)

FY2021

(%)

118,863

75,994

63.9%

78,015

61.3%

Nissan Gr *

120,000

+1,808

Honda Gr

20,070

16.9%

21,095

16.6%

Toyota

（+25.1％） Toyota Gr

7,191

6.0%

8,999

7.1%

100,000

Toyota

+1,025

Isuzu

4,188

3.5%

5,093

4.0%

Honda

Honda

（+5.1％）

Mazda

2,855

2.4%

3,060

2.4%

80,000

+2,021

Kubota

2,027

1.7%

2,882

2.3%

（+2.7％）

Daimler

1,539

1.3%

1,994

1.6%

60,000

VW

1,576

1.3%

1,857

1.5%

Nissan

Nissan

Suzuki

1,068

0.9%

1,593

1.3%

40,000

2,355

2.1%

2,728

1.9%

Others

Total

118,863

100.0%

127,316

100.0%

20,000

* Includes sales to Renault and Mitsubishi

0

Sales to all customers increased year-on-year.

FY2020 actual FY2021 actual

The composition ratio of Nissan fell down as the

sales to Toyota and others expanded.

6

© YOROZU CORPORATION. 2022 All Rights Reserved.

3

Analysis of Impact on Consolidated Operating Income

Million yen

(year on year)

5,000

Transfer of

extraordinary

losses related

4,000

to Covid-19

926

112

-966

Die

Exchange

rate effect

equipment

3,000

Consolidation

Cost-saving

-425

adjustments

A decrease

efforts

in sales

-370

-67

2,000

2,509

1,000

2,096

0

377

Depreciation

FY2020 results

FY2021 results

Operating income (+1,719）

We experienced significant profit growth year-on-year after consistently slimming down depreciation and other fixed costs and accumulating cost-saving efforts

© YOROZU CORPORATION. 2022 All Rights Reserved.

7

Sales and Operating Income by Region Before Consolidation Adjustment

FY2020 vs. FY2021

◆Sales

Japan

Americas

Asia

Changes

Million yen

-2,320

+1,305

+6,301

% of change

100,000

-5.8％

+2.9％

+14.2％

39,798

37,478

44,829

46,134

44,240

50,541

50,000

0

FY20

FY21

FY20

FY21

FY20

FY21

◆Operating Income

Million yen

-48

+1,593

+193

-4.2％

+63.7％

+13.7％

5,000

1,136

1,088

1,407

1,600

0

-909

-5,000

-2,502

FY20

FY21

FY20

FY21

FY20

FY21

  • Japan: The declined sales of parts and tooling eroded a rise in royalty and led to a decrease in both sales and profit.
  • The Americas: Foreign exchange helped overcome sluggish production and make a small rise in sales. Operating loss was also reduced thanks to cost-saving efforts.
  • Asia: An increase in sales and profit was posted as vehicle production grew in Thailand and India.

© YOROZU CORPORATION. 2022 All Rights Reserved.

8

4

Financial Standing for the year ended March 31, 2022

(Million Yen）

Mar. 31, 2021 A Mar. 31, 2022 B

Year on Year (B-A)

Net Worth

53,383

57,039

+3,656

6.8％

Equity Ratio

39.6%

42.6%

--

--

D/E ratio

Interest-bearing Debt

0.84

44,769

0.60

34,259

-10,510

-23.5%

NET D/E ratio

0.29

15,509

0.09

5,392

-10,117

-65.2%

Net Interest-bearing Debt

Total Asset

134,723

133,992

-731

-0.5%

(Million Yen）

FY2020

FY2021

Year on Year (B-A)

(Full term) A

(Full term) B

Cash flow from

13,218

14,914

+1,696

12.8%

Operating Activities

Cash flow from

-7,048

-4,536

+2,512

--

Investing Activities

Cash flow from

3,775

-13,816

-17,591

--

Financing Activities

The net interest-bearing debt and the net D/E ratio decreased while cash on hand

was secured. FCF was positive for the second consecutive year.

©

9

YOROZU CORPORATION. 2022 All Rights Reserved.

(Reference) Consolidated Balance Sheet Summary

For the year ended March 31, 2022

Million yen

Mar. 31,

Mar. 31,

Difference

2021 A

2022 B

B-A

Current Assets

63,721

66,475

+2,754

Fixed Assets

71,001

67,516

-3,485

Total Assets

134,723

133,992

-731

Current Liabilities

39,331

44,592

+5,261

Fixed Liabilities

29,653

19,021

-10,632

Total Liabilities

68,984

63,613

-5,371

Shareholders' Equity

61,295

61,761

+466

Other Accumulated

-7,912

-4,721

+3,191

Comprehensive Income

Non-controlling Interest,

12,355

13,338

+983

etc.

Total Net Assets

65,738

70,378

+4,640

Total Liabilities and Net Assets

134,723

133,992

-731

© YOROZU CORPORATION. 2022 All Rights Reserved.

Cash & bank deposit

-393

Notes & accounts receivable +817

Inventories

+2,652

Other current assets

-321

Tangible fixed assets

-2,262

Investment securities

-753

Deferred tax assets

-18

Notes and accounts payable

+1,073

Electronically recorded obligations +204

Short term debts

+250

Long-term debts due within 1 year -180

Others+4,012

Long-term debts

-10,089

Retirement benefit obligations

-172

Net income

+876

Dividend payment

-455

Other securities

Valuation difference -504 Foreign currency translation

adjustment+3,628

10

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Attachments

  • Original Link
  • Original Document
  • Permalink

Disclaimer

YOROZU Corporation published this content on 08 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 June 2022 02:01:10 UTC.