Kotobuki Spirits Co., Ltd.TSE: 2222

Summary of Consolidated Financial Results for the Nine Months Ended December 31, 2021

Feb 4, 2022 at 8:25 AM UTC · Issued by Kotobuki Spirits Co., Ltd.

Translation

Notice: This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the event of any discrepancy between this translated document and the original Japanese document, the latter shall prevail.

Summary of Consolidated Financial Results for the Nine Months Ended December 31, 2021 (Based on Japanese GAAP)

				February 3, 2022
Company name:	Kotobuki Spirits Co., Ltd.
Stock exchange listing:	Tokyo
Stock code:	2222	URL https://www.kotobukispirits.co.jp/
Representative:	PRESIDENT	Seigo Kawagoe
Inquiries:	Managing Director, Corporate Planning	Shinji Matsumoto	TEL 0859-22-7477
Scheduled date to file Quarterly Securities Report:	February 14, 2022
Scheduled date to commence dividend payments:	-
Preparation of supplementary material on quarterly financial results:	Yes
Holding of quarterly financial results meeting:	No

(Amounts less than one million yen are rounded down)

1. Consolidated financial results for the nine months ended December 31, 2021 (from April 1, 2021 to December 31, 2021)

(1) Consolidated operating results (cumulative)							Percentages indicate year-on-year changes
	Net sales			Operating profit	Ordinary profit		Profit attributable to
					owners of parent

	Millions of yen		%	Millions of yen	%	Millions of yen			%	Millions of yen	%
Nine months ended December 31, 2021	22,921		40.6	860	-		2,216			-		1,477	-
Nine months ended December 31, 2020	16,306	(54.3)	(2,307)	-		(302)			-		(174)	-

	Earnings per share		Diluted earnings per share
			Yen				Yen
Nine months ended December 31, 2021			47.47				-
Nine months ended December 31, 2020			(5.60)				-
(2) Consolidated financial position
	Total assets			Net assets	Equity ratio			Net assets per share
	Millions of yen		Millions of yen					%			Yen
As of December 31, 2021		27,250				19,878				72.9			638.78
As of March 31, 2021		25,052				19,341				77.2			621.53
2. Cash dividends
					Annual dividends per share
	1st quarter-end	2nd quarter-end		3rd quarter-end	Fiscal year-end	Total
	Yen			Yen			Yen				Yen		Yen
Year ended March 31, 2021		-		0.00			-				30.00		30.00
Year ending March 31, 2022		-		0.00			-
Year ending March 31, 2022 (Forecast)												30.00		30.00

3. Forecast of consolidated financial results for the year ending March 31, 2022 (from April 1, 2021 to March 31, 2022)

Percentages indicate year-on-year changes

	Net sales		Operating profit		Ordinary profit		Profit attributable to	Earnings per share
				owners of parent

	Millions of yen	%	Millions of yen		%	Millions of yen		%	Millions of yen	%	Yen
Full year	30,700	32.3	150		-	1,450		-	947	-	30.43

4. Notes

Changes in significant subsidiaries during the nine months ended December 31, 2021 (changes in specified subsidiaries resulting in the change in scope of consolidation):
Application of special accounting methods for preparing quarterly consolidated financial statements:

Yes

(3) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements
Changes in accounting policies due to revisions to accounting standards and other regulations:	Yes
Changes in accounting policies due to other reasons:	No
Changes in accounting estimates:	No
Restatement of prior period financial statements:	No

(4) Number of issued shares (common shares)

Total number of issued shares at the end of the period (including treasury shares)

	As of December 31, 2021	31,121,520	shares	As of March 31, 2021	31,121,520	shares
Number of treasury shares at the end of the period
	As of December 31, 2021	2,208	shares	As of March 31, 2021	2,164	shares
Average number of shares during the period (cumulative from the beginning of the fiscal year)
	Nine months ended December 31, 2021	31,119,325	shares	Nine months ended December 31, 2020	31,119,548	shares

Quarterly consolidated financial statements

Consolidated balance sheets

			(Thousands of yen)
		As of March 31, 2021	As of December 31, 2021
Assets
Current assets
Cash and deposits	7,309,405	7,558,377
Notes and accounts receivable - trade	2,889,677	5,571,745
Merchandise and finished goods	861,540	1,305,540
Work in process	61,368	53,961
Raw materials and supplies	580,020	627,352
Other	913,470	263,603
Allowance for doubtful accounts	(667)	(246)
Total current assets	12,614,813	15,380,332
Non-current assets
Property, plant and equipment
Buildings and structures, net	4,268,125	4,063,513
Machinery, equipment and vehicles, net	2,410,815	2,124,059
Tools, furniture and fixtures, net	349,125	322,452
Land	2,887,139	2,860,362
Leased assets, net	10,587	8,755
Construction in progress	2,312	2,434
Total property, plant and equipment	9,928,103	9,381,575
Intangible assets	151,437	143,598
Investments and other assets
Other	2,373,437	2,360,306
Allowance for doubtful accounts	(15,507)	(15,507)
Total investments and other assets	2,357,930	2,344,799
Total non-current assets	12,437,470	11,869,972
Total assets	25,052,283	27,250,304
Liabilities
Current liabilities
Notes and accounts payable - trade	838,006	1,463,373
Current portion of long-term borrowings	239,880	251,300
Accounts payable - other	668,485	1,180,366
Income taxes payable	99,040	674,221
Provision for bonuses	697,316	345,392
Provision for point card certificates	8,675	-
Other	525,578	914,592
Total current liabilities	3,076,980	4,829,244
Non-current liabilities
Long-term borrowings	725,860	545,950
Retirement benefit liability	1,711,820	1,802,367
Other	195,874	194,414
Total non-current liabilities	2,633,554	2,542,731
Total liabilities		5,710,534	7,371,975

			(Thousands of yen)
		As of March 31, 2021	As of December 31, 2021
Net assets
Shareholders' equity
Share capital	1,217,800	1,217,800
Capital surplus	1,323,161	1,323,161
Retained earnings	16,841,423	17,361,378
Treasury shares	(3,852)	(4,158)
Total shareholders' equity	19,378,532	19,898,181
Accumulated other comprehensive income
Valuation difference on available-for-sale securities	(20)	5,889
Foreign currency translation adjustment	(23,868)	(17,032)
Remeasurements of defined benefit plans	(12,895)	(8,709)
Total accumulated other comprehensive income	(36,783)	(19,852)
Total net assets	19,341,749	19,878,329
Total liabilities and net assets		25,052,283	27,250,304

Consolidated statements of income (cumulative) and consolidated statements of comprehensive income (cumulative)

Consolidated statements of income (cumulative)

			(Thousands of yen)
		Nine months ended	Nine months ended
		December 31, 2020	December 31, 2021
Net sales	16,306,411	22,921,465
Cost of sales	8,361,106	10,495,408
Gross profit	7,945,305	12,426,057
Selling, general and administrative expenses	10,252,568	11,565,576
Operating profit (loss)	(2,307,263)	860,481
Non-operating income
Interest income	54	94
Dividend income	4,003	4,197
Rental income from land and buildings	33,975	39,983
Subsidy income	1,869,592	1,281,646
Other	106,021	39,512
Total non-operating income	2,013,645	1,365,432
Non-operating expenses
Interest expenses	721	902
Other	8,362	8,209
Total non-operating expenses	9,083	9,111
Ordinary profit (loss)	(302,701)	2,216,802
Extraordinary income
Gain on sale of non-current assets	7,782	383
Total extraordinary income	7,782	383
Extraordinary losses
Loss on sale of non-current assets	5	2,795
Loss on retirement of non-current assets	9,848	4,200
Impairment losses	7,143	26,777
Total extraordinary losses	16,996	33,772
Profit (loss) before income taxes	(311,915)	2,183,413
Income taxes	(137,713)	706,056
Profit (loss)	(174,202)	1,477,357
Profit (loss) attributable to owners of parent		(174,202)	1,477,357

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