Consolidated Financial Results for the First Nine Months of | |
the Fiscal Year Ending March 31, 2022 (JGAAP) | |
February 10, 2022 | |
Company name: | Suzumo Machinery Co., Ltd. |
Listing: | Tokyo Stock Exchange |
Stock code: | 6405 |
URL: | http://www.suzumokikou.com/ |
Representative: | Minako Suzuki, President |
Contact: | Toru Shiga, Executive Officer and General Manager of Administration Division |
Phone: | +81-3-3993-1371 |
Scheduled date to file quarterly report:
Scheduled date for dividend payment:
Supplementary materials for quarterly financial statements:
Results briefing to be held:
(Amounts of less than one million yen are rounded down)
1. Consolidated financial results for the nine months ended December 31, 2021 (April 1, 2021 to December 31, 2021)
(1) Consolidated Operating Results | (Percentages indicate year-on-year change) | ||||||||
Net sales | Operating profit | Ordinary profit | Profit attributable to | ||||||
owners of parent | |||||||||
Nine months ended | Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | |
December 31, 2021 | 8,747 | 26.1 | 1,358 | 114.3 | 1,372 | 117.1 | 963 | 128.9 | |
December 31, 2020 | 6,935 | 0.4 | 634 | -11.0 | 631 | - 1.9 | 420 | 81.1 |
(Note) Comprehensive income: Nine months ended December 31, 2021: 1,028 million yen (139.4%)
Nine months ended December 31, 2020: 429 million yen (107.7%) | |||||||||
Earnings | Diluted earnings | ||||||||
per share | per share | ||||||||
Nine months ended | Yen | Yen | |||||||
December 31, 2021 | 149.37 | ― | |||||||
December 31, 2020 | 65.09 | ― | |||||||
(2) Consolidated Financial Position | |||||||||
Total assets | Net assets | Equity ratio | |||||||
As of | Millions of yen | Millions of yen | % | ||||||
December 31, 2021 | 16,090 | 13,115 | 81.4 | ||||||
March 31, 2021 | 14,694 | 12,198 | 82.9 | ||||||
(Reference) Shareholders' equity: As of December 31, 2021: 13,099 million yen | |||||||||
As of March 31, 2021: 12,184 million yen | |||||||||
2. Dividends | |||||||||
Annual dividend per share | |||||||||
1st | 2nd | 3rd | Year-end | Total | |||||
quarter | quarter | quarter | |||||||
Yen | Yen | Yen | Yen | Yen | |||||
Fiscal year ended March 31, 2021 | ― | 0.00 | ― | 20.00 | 20.00 | ||||
Fiscal year ending March 31, 2022 | ― | 0.00 | |||||||
Fiscal year ending March 31, 2022 (forecast) | ― | 40.00 | 40.00 | ||||||
(Note) Changes in dividend forecast from the most recent announcement: Yes
3. Consolidated earnings forecast for the fiscal year ending March 31, 2022 (April 1, 2021 to March 31, 2022)
(Percentages indicate year-on-year change)
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 | 11,770 | 24.1 | 1,700 | 84.9 | 1,710 | 85.7 | 1,150 | 68.3 | 178.30 | |
(Note) Changes in earnings forecast from the most recent announcement: Yes
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Notes:
- Changes in significant subsidiaries during the period under review (changes in specified subsidiaries resulting in a
change in the scope of consolidation): None
Newly included: -
Excluded:-
- Application of special accounting treatment in preparing the quarterly financial statements: Yes
(Note) For details, please see the attached materials on page 8, "2. Quarterly Consolidated Financial Statements and Primary Notes; (3) Notes to the Financial Statements (Application of special accounting treatment in preparing the quarterly financial statements)." - Changes in accounting policies, changes in accounting estimates, and retrospective restatement
1) | Changes in accounting policies due to revision of accounting standards: | Yes |
2) | Changes in accounting policies due to other reasons: | None |
3) | Changes in accounting estimates: | None |
4) | Retrospective restatement: | None |
- Total number of issued shares (common stock)
- Total number of issued shares at the end of the period (including treasury shares):
December 31, 2021: | 6,480,000 shares |
March 31, 2021: | 6,480,000 shares |
2) Total number of treasury shares at the end of the period: | |
December 31, 2021: | 27,767 shares |
March 31, 2021: | 35,598 shares |
3) Average number of shares outstanding during the period: | |
Nine months ended December 31, 2021: | 6,449,245 shares |
Nine months ended December 31, 2020: | 6,465,222 shares |
- The quarterly financial statements are outside the scope of quarterly reviews by certified public accountants and auditing firms.
-
Explanation of the proper use of financial results forecast and other notes
Forward-looking statements in this document, including outlook on future performance, are based on currently available information and certain assumptions that the Company regards as reasonable, and the Company does not in any way guarantee their achievement. Actual results may differ substantially from the projections herein depending on various factors. For the preconditions of and precautions in using the financial results forecast, please refer to "1. Qualitative Information on Quarterly Financial Results, (3) Explanation of Consolidated Financial Earnings Forecast and Other Forward-Looking Information" on page 3 of the Attachment.
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Contents of Attached Materials | ||
1. Qualitative Information on Quarterly Financial Results .................................................................................................. | 4 | |
(1) | Explanation of Business Results .................................................................................................................................. | 4 |
(2) | Explanation of Financial Condition ............................................................................................................................... | 6 |
(3) | Explanation of Consolidated Financial Earnings Forecast and Other Forward-Looking Information ............................ | 6 |
2. Quarterly Consolidated Financial Statements and Primary Notes ................................................................................. | 7 | |
(1) | Consolidated Balance Sheet ........................................................................................................................................ | 7 |
(2) | Consolidated Statement of Income and Consolidated Statement of Comprehensive Income...................................... | 9 |
(3) | Notes to Quarterly Consolidated Financial Statements ............................................................................................... | 11 |
(Notes on going concern assumption) ................................................................... | 11 | |
(Notes in the event of significant changes in shareholders' equity) ........................................... | 11 | |
(Application of special accounting treatment in preparing the quarterly financial statements) .................... | 11 | |
(Changes in accounting policies) ....................................................................... | 11 | |
(Business combination) ................................................................................................................................................ | 12 |
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1. Qualitative Information on Quarterly Financial Results
- Explanation of Business Results
In the first nine months of the fiscal year ending March 31, 2022 (April 1, 2021-December 31, 2021), the Japanese economy showed an improvement in corporate business sentiment, due to strong overseas demand and easing of supply constraints in the manufacturing industry and a pickup in service consumption because of easing of activity restrictions in the non-manufacturing industries. However, a full-fledge recovery in corporate capital investment and consumption still hinges on the status of the spread of COVID-19. As such, the risk of an economic downturn due to the spread of new variant strains of the virus and shortages in the supply of semiconductors and components is currently a source of concern.
Under such circumstances, during the nine months ended December 31, 2021, demand for our products remained at robust levels as the trend towards automation and laborsaving in the food service and retail industries accelerated. On the other hand, shortages in the supply of semiconductors and components continued to affect production activities, and we responded to growing demand by cultivating new suppliers of components.
In the domestic market, the restaurant industry experienced a moderate recovery as a result of the lifting of the state- of-emergency declaration and quasi-emergency measures. Take-out and delivery services continued to expand, while the trend toward laborsaving advanced. By customer category, major conveyor belt sushi chains introduced sushi machines in conjunction with the opening of new restaurants, and demand for sushi machines suited for preparing take-out sushi increased. In addition, demand for the Fuwarica rice-serving machine expanded from new customer segments, such as hotels, inns, and company cafeterias, against a backdrop of growing hygiene awareness and concern about food loss among businesses and end consumers. As a result, domestic sales increased year on year.
In the overseas market, the trend towards automation (replacement of manpower with machines) further accelerated as the shortage of labor in the food service and retail industries became more severe, despite concerns about the impact of the spread of new variant strains of COVID-19 on economic activities. By region, demand for sushi machines continued to grow substantially among food service operators and supermarkets in North America and Europe, driving a significant increase in overseas sales year on year.
As a result, net sales in the nine months ended December 31, 2021 stood at 8,747 million yen (+26.1% YoY), marking considerable growth from a year ago. Of the total, domestic sales were 5,685 million yen (+5.3% YoY) and overseas sales were 3,062 million yen (+99.6% YoY).
Summary of results in the first nine months of the fiscal year ending March 31, 2022
Nine months ended | Nine months ended | Amount of | Percentage | |||||
December 31, 2020 | December 31, 2021 | change | change | |||||
Millions of yen | % of net sales | Millions of yen | % of net sales | Millions of yen | % | |||
Net sales | 6,935 | 100.0 | 8,747 | 100.0 | 1,812 | 26.1 | ||
Domestic | 5,401 | 77.9 | 5,685 | 65.0 | 284 | 5.3 | ||
Overseas | 1,534 | 22.1 | 3,062 | 35.0 | 1,528 | 99.6 | ||
Gross profit | 3,184 | 45.9 | 4,294 | 49.1 | 1,110 | 34.9 | ||
Operating profit | 634 | 9.1 | 1,358 | 15.5 | 724 | 114.3 | ||
Ordinary profit | 631 | 9.1 | 1,372 | 15.7 | 740 | 117.1 | ||
Profit attributable | to | 420 | 6.1 | 963 | 11.0 | 542 | 128.9 | |
owners of parent | ||||||||
On the profit front, all profit lines rose sharply year on year driven by growth in net sales. Gross profit was up 34.9% to 4,294 million yen, operating profit increased 114.3% to 1,358 million yen, and ordinary profit rose 117.1% to 1,372 million yen. Profit attributable to owners of parent surged 128.9% to 963 million yen due to recording a 39 million yen
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gain on sale of investment securities (extraordinary income) in the first quarter, in addition to the overall sales growth.
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