Financial Results
for the Fiscal Year Ended September 30, 2021
November 25, 2021
T. HASEGAWA CO., LTD.
Contents
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Summary of Consolidated Financial Results II. Impact of COVID-19
III. Management Policy IV. Global Strategy
V. Medium-TermThree-Year Plan Summary VI. Capital Policy
VII.Accompanying Materials
1
-
Summary of
Consolidated Financial Results
2
Market Environment
Japanese Market
-
Trends by category
FYE September 2021 (October 2020 to September 2021)
Category | Trend | |||
• Sluggish consumption owing partly to consumers refraining from going out as a result of | ||||
COVID-19 | ||||
Beverages | Decrease | • Sluggish demand from the office sector, particularly in large cities, with commercial and | ||
vending machine sales remaining weak | ||||
• Cool summer resulted in poor sales of sports drinks, barley tea, and other thirst-quenching | ||||
beverages | ||||
• In potato products, sales of bagged products increased slightly, and the proportion of premium | ||||
andSweetsavory snacks | Chocolate | Increase | products in the sales mix increased | |
large-bag products | ||||
Savory | Flat YoY | • In corn products, chips and puffs declined slightly, while popcorn grew | ||
snacks | • Sales of wheat flour products fell, and in other snacks, sales of small pouch-type products | |||
were strong | ||||
• Sales of chocolate bars fell back from a large increase in the previous year | ||||
• Sales of high-cocoa and functional products increased due to an expanded product lineup of | ||||
• Chocolate snacks grew, particularly for large-bag products | ||||
• During the summer, when demand is strongest, sales increased significantly in July, but fell in | ||||
Frozen desserts | Increase | August and September owing to cooler temperatures | ||
• Multipack products remained on par with the previous year despite a fallback from the previous | ||||
slightly | ||||
year's increase | ||||
• New products contributed | ||||
Instant noodles | Decrease | • Struggled in March-May owing to a fallback from special demand in the previous year | ||
• For cup noodles, the introduction of new products and stronger promotions at | ||||
supermarkets,and other factors made up for the delayed recovery in convenience store sales | ||||
Source: Nikkan Keizai Tsushin |
3
Summary of Consolidated Performance
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YoY
Sales increased mainly due to the contribution of MISSION (U.S.), which T. HASEGAWA U.S.A. Inc. acquired in December 2020, as well as higher sales at Chinese subsidiaries
Operating profit, ordinary profit, and net profit increased mainly due to an increase in net sales and an improvement in the cost-of-sales ratio - Vs. target
Achieved our net sales target, mainly due to performance at the Company (non-consolidated), U.S. subsidiaries, and Chinese subsidiaries exceeding targets
Achieved our operating profit target, mainly because net sales exceeded the target and SG&A expenses came in under the target
(Million yen)
FY 2020 | FY 2021 |
(targets revised | |
(actual) | |
on August 2) | |
Net sales | 50,192 | 54,700 | |
Cost of sales | 30,783 | 32,650 | |
Gross profit | 19,408 | 22,050 | |
SG&A expenses | 14,052 | 15,980 | |
Operating profit | 5,356 | 6,070 | |
Ordinary profit | 5,861 | 6,560 | |
Income before | 7,028 | 8,380 | |
income taxes | |||
Net profit | 5,090 | 5,950 | |
FY 2021 (actual)
55,755
33,106
22,648
15,788
6,859
7,466
9,692
6,763
Change
YoY | Vs. target | ||||
Amount | ％ | Amount | ％ | ||
5,562 | 11.1% | 1,055 | 1.9% | ||
2,322 | 7.5% | 456 | 1.4% | ||
3,239 | 16.7% | 598 | 2.7% | ||
1,736 | 12.4% | -191 | -1.2% | ||
1,503 | 28.1% | 789 | 13.0% | ||
1,605 | 27.4% | 906 | 13.8% | ||
2,664 | 37.9% | 1,312 | 15.7% | ||
1,672 | 32.9% | 813 | 13.7% | ||
EBITDA （※） | 8,360 | 9,800 | 10,618 |
- EBITDA = Operating profit + Depreciation + Amortization of goodwill EBITDA-to-sales ratio: 19.0%
2,258 | 27.0% | 818 | 8.4% |
4
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