Consolidated Financial Results
for the Fiscal Year Ended November 20, 2021
[Japanese GAAP]
December 24, 2021
Company name: Zojirushi Corporation
Stock exchange listing: Tokyo Stock Exchange
Securities code: 7965
URL: https://www.zojirushi.co.jp
Representative: Norio Ichikawa, Representative Director, President and Corporate Officer
Contact: Shigehisa Okamoto, Corporate Officer and General Manager, Accounting Department
Phone: +81-6-6356-2368
Scheduled date of general shareholders' meeting: February 17, 2022
Scheduled date of commencing dividend payments: February 18, 2022
Scheduled date of filing securities report: February 18, 2022
Availability of supplementary explanatory materials on annual financial results: Available
Schedule of annual financial results briefing session: Scheduled
(Amounts of less than one million yen are rounded down.)
1. Consolidated Financial Results for the Fiscal Year Ended November 20, 2021 (November 21, 2020 to
November 20, 2021) | ||||||||||
(1) Consolidated Operating Results | (% indicates changes from the previous corresponding period.) | |||||||||
Net sales | Operating profit | Ordinary profit | Profit attributable to | |||||||
owners of parent | ||||||||||
Fiscal year ended | Million yen | % | Million yen | % | Million yen | % | Million yen | % | ||
November 20, 2021 | 77,673 | 3.6 | 6,399 | 17.6 | 6,791 | 18.6 | 4,509 | 14.3 | ||
November 20, 2020 | 74,947 | (5.3) | 5,440 | (0.1) | 5,725 | (2.6) | 3,943 | (3.4) |
(Note) Comprehensive income: Fiscal year ended November 20, 2021: ¥5,848 million [56.2%] | ||||||
Fiscal year ended November 20, 2020: ¥3,744 million [17.6%] | ||||||
Basic earnings | Diluted | Return on | Ratio of | Ratio of | ||
earnings | ordinary profit | operating profit | ||||
per share | equity | |||||
per share | to total assets | to net sales | ||||
Fiscal year ended | Yen | Yen | % | % | % | |
November 20, 2021 | 66.69 | - | 6.1 | 6.8 | 8.2 | |
November 20, 2020 | 58.34 | - | 5.5 | 6.1 | 7.3 |
(Reference) Equity in earnings (losses) of affiliated companies: Fiscal year ended November 20, 2021: ¥(170) million Fiscal year ended November 20, 2020: ¥256 million
(2) Consolidated Financial Position
Total assets | Net assets | Equity ratio | Net assets per share | |||||||||
Million yen | Million yen | % | Yen | |||||||||
As of November 20, 2021 | 101,913 | 76,837 | 74.8 | 1,127.06 | ||||||||
As of November 20, 2020 | 97,019 | 72,917 | 74.5 | 1,069.58 | ||||||||
(Reference) Equity: As of November 20, 2021: ¥76,224 million | ||||||||||||
As of November 20, 2020: ¥72,317 million | ||||||||||||
(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 | ||||||||||||
Fiscal year ended | Million yen | Million yen | Million yen | Million yen | ||||||||
November 20, 2021 | 5,150 | (799) | (2,365) | 35,209 | ||||||||
November 20, 2020 | 7,366 | (1,608) | (2,206) | 32,582 |
2. Dividends
Annual dividends | Total | Ratio of | ||||||||
Payout ratio | dividends to | |||||||||
1st | 2nd | 3rd | Year- | dividends | ||||||
quarter- | quarter- | quarter- | Total | (consolidated) | net assets | |||||
end | (annual) | |||||||||
end | end | end | (consolidated) | |||||||
Yen | Yen | Yen | Yen | Yen | Million yen | % | % | |||
Fiscal year ended | ||||||||||
November 20, | - | 13.00 | - | 13.00 | 26.00 | 1,757 | 44.6 | 2.5 | ||
2020 | ||||||||||
Fiscal year ended | ||||||||||
November 20, | - | 15.00 | - | 19.00 | 34.00 | 2,299 | 51.0 | 3.1 | ||
2021 | ||||||||||
Fiscal year ending | ||||||||||
November 20, | - | 17.00 | - | 17.00 | 34.00 | 67.6 | ||||
2022 (Forecast) |
3. Consolidated Financial Results Forecast for the Fiscal Year Ending November 20, 2022 (November 21, 2021 to November 20, 2022)
(% indicates changes from the previous corresponding period.)
Profit attributable | Basic earnings | ||||||||
Net sales | Operating profit | Ordinary profit | to owners of | ||||||
per share | |||||||||
parent | |||||||||
2nd quarter | Million yen | % | Million yen | % | Million yen | % | Million yen | % | Yen |
43,300 | - | 3,000 | - | 3,200 | - | 2,250 | - | 33.27 | |
(cumulative) | |||||||||
Full year | 79,300 | - | 4,400 | - | 4,700 | - | 3,400 | - | 50.27 |
(Note) The Company is applying the Accounting Standard for Revenue Recognition (ASBJ Statement No. 29, March 31, 2020) and related standards from the beginning of the fiscal year ending November 20, 2022, and therefore the financial results forecast above shows the amounts after the adoption of these accounting standards. Accordingly, changes from the previous corresponding period are not shown.
* Notes:
-
Changes in significant subsidiaries during the period under review: None (Changes in specified subsidiaries resulting in changes in scope of consolidation) Newly included: - (Name) -
Excluded: - (Name) - - Changes in accounting policies, changes in accounting estimates and retrospective restatement
- Changes in accounting policies due to the revision of accounting standards: None
- Changes in accounting policies other than 1) above: None
- Changes in accounting estimates: None
- Retrospective restatement: None
- Total number of issued shares (common shares)
- Total number of issued shares at the end of the period (including treasury shares):
November 20, 2021: | 72,600,000 shares |
November 20, 2020: | 72,600,000 shares |
2) Total number of treasury shares at the end of the period: | |
November 20, 2021: | 4,968,791 shares |
November 20, 2020: | 4,987,621 shares |
3) Average number of shares during the period: | |
Fiscal year ended November 20, 2021: | 67,623,974 shares |
Fiscal year ended November 20, 2020: | 67,608,818 shares |
(Reference) Summary of Non-consolidated Financial Results
1. Non-consolidated Financial Results for the Fiscal Year Ended November 20, 2021 (November 21, 2020 to November 20, 2021)
(1) Non-consolidated Operating Results | (% indicates changes from the previous corresponding period.) | |||||||||
Net sales | Operating profit | Ordinary profit | Profit | |||||||
Fiscal year ended | Million yen | % | Million yen | % | Million yen | % | Million yen | % | ||
November 20, 2021 | 66,784 | 3.1 | 4,535 | 35.4 | 5,590 | 37.8 | 4,031 | 36.6 | ||
November 20, 2020 | 64,800 | (4.6) | 3,349 | 1.3 | 4,057 | (8.0) | 2,952 | (8.3) | ||
Basic earnings | Diluted earnings | |||||||||
per share | per share | |||||||||
Fiscal year ended | Yen | Yen | ||||||||
November 20, 2021 | 59.62 | - | ||||||||
November 20, 2020 | 43.67 | - |
(2) Non-consolidated Financial Position
Total assets | Net assets | Equity ratio | Net assets per share | |
Million yen | Million yen | % | Yen | |
As of November 20, 2021 | 80,380 | 62,917 | 78.3 | 930.30 |
As of November 20, 2020 | 79,172 | 60,967 | 77.0 | 901.72 |
(Reference) Equity: As of November 20, 2021: ¥62,917 million As of November 20, 2020: ¥60,967 million
- These consolidated financial results are outside the scope of audit by certified public accountants or an audit firm.
-
Explanation of the proper use of financial results forecast and other notes
Forward-looking statements, such as performance forecasts, made in this document are based on information currently available to the Company and certain assumptions deemed reasonable, and the Company does not in any way guarantee the achievement of the projections. Actual results, etc., may differ significantly due to various factors.
Table of Contents - Attachments
1. Overview of Operating Results, etc. .................................................................................................... 2
(1) | Overview of Operating Results for the Fiscal Year under Review | .................................................. 2 |
(2) | Overview of Financial Position for the Fiscal Year under Review | ................................................. 3 |
(3) | Overview of Cash Flows for the Fiscal Year under Review ............................................................ | 4 |
(4) | Future Outlook ................................................................................................................................ | 5 |
2. Basic Policy on Selection of Accounting Standards ............................................................................ | 6 | |
3. Consolidated Financial Statements and Principal Notes ..................................................................... | 7 | |
(1) | Consolidated Balance Sheets .......................................................................................................... | 7 |
(2) | Consolidated Statements of Income and Comprehensive Income | .................................................. 9 |
(3) | Consolidated Statements of Changes in Equity ............................................................................ | 11 |
(4) | Consolidated Statements of Cash Flows ....................................................................................... | 13 |
(5) | Notes to Consolidated Financial Statements ................................................................................. | 14 |
(Notes on going concern assumption) ...................................................................................... | 14 | |
(Consolidated balance sheets) .................................................................................................. | 14 | |
(Consolidated statements of income) ....................................................................................... | 14 | |
(Consolidated statements of cash flows) .................................................................................. | 16 | |
(Segment information, etc.) ...................................................................................................... | 16 | |
(Per share information) ............................................................................................................. | 17 | |
(Significant subsequent events) ................................................................................................ | 17 |
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1. Overview of Operating Results, etc.
-
Overview of Operating Results for the Fiscal Year under Review
The global economy during the fiscal year under review continued to head toward recovery thanks to gradual resumptions of economic activities prompted by the progress in vaccinations and the effects of economic stimulus packages, despite resurgence of the COVID-19 pandemic. Following the economic recovery, however, rising inflation is raising concerns worldwide, mainly due to shortages of supply from increased demand, disruptions in supply chains, and increases in raw materials costs. Moreover, the outlook is expected to remain uncertain, with economic activities significantly swayed by how COVID-19 develops, such as the recent emergence of new variants.
Amid such management environment, on November 21, 2020, the Group initiated its new two-yearmedium-term plan, ADAPT Phase II, that accounts for the new normal, and has since worked on horizontal expansion of domains, vertical expansion of domains, and a stronger management platform in order to develop Zojirushi from the current brand of household products into a food and lifestyle solution brand.
For horizontal expansion of domains, we worked on developing new markets and sales channels with existing products and expanding our product lineup to deepen existing markets and sales channels. For vertical expansion of domains, we opened a bento box store, "Zojirushi Ginpaku Bento," in Osaka following the opening of gohan (rice) restaurant, "Zojirushi Gohan Restaurant" in 2018, as part of our business development centered around delicious rice. In addition, we opened Zojirushi Direct, a direct sales e-commerce website offering Zojirushi products, and began offering Zojirushi Rental Service, comprised of Trial Rentals with which customers can try our products before purchasing and Seasonal Rentals whereby customers can use our products just for the period they need and return them after use. As our efforts to build a stronger management platform, we improved productivity and enhanced price competitiveness through streamlining of operations, established an organizational structure that facilitates the execution of ADAPT Phase II, and advanced our initiatives on ESG issues.
As a result, net sales for the fiscal year under review increased by ¥2,725 million year on year to ¥77,673 million (up 3.6% year on year). Net sales by product category also increased year on year in cooking appliances, household and thermal products, and household appliances. On a consolidated basis, domestic net sales amounted to ¥51,995 million (down 1.1% year on year) and overseas net sales amounted to ¥25,677 million (up 14.6% year on year), resulting in overseas net sales making up 33.1% of net sales. Outside of Japan, net sales increased year on year in regions including North America where e-commerce sales are strong, as well as China and Southeast Asia.
As for profits, the Company recorded operating profit of ¥6,399 million (up 17.6% year on year) due to an increase in net sales mainly of high added-value products. Ordinary profit was ¥6,791 million (up 18.6% year on year), and profit attributable to owners of parent was ¥4,509 million (up 14.3% year on year).
Business results by product category were as follows.
- Cooking appliances
Net sales of cooking appliances amounted to ¥55,806 million (up 2.7% year on year).
In Japan, overall sales of rice cookers/warmers decreased year on year due to a slump in the sales of products in the affordable price range, despite strong sales of the Embudaki series, the highest grade of induction heating pressure rice cookers which reproduces heat from swaying flame of traditional cooking stoves. Sales of electric pots were weak due in part to the shrinking market. Among electric cooking appliances, steady sales of electric griddles and coffee makers, whose demand was strong due to at-home consumption, resulted in a year-on-year increase.
Overseas, sales of rice cookers/warmers, electric pots, and electric cooking appliances were strong in the North American, Chinese, and Southeast Asian markets. In particular, sales of cooking appliances increased significantly in the North American market due to increased demand from at-home consumption.
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Zojirushi Corporation published this content on 11 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 January 2022 06:37:08 UTC.