Consolidated Financial Results for the Fiscal Year Ended January 31, 2021
[Japanese GAAP]
March 15, 2021
Company name: Tri Chemical Laboratories Inc.
Stock exchange listing: Tokyo Stock Exchange Code number: 4369
URL:http://www.trichemical.comRepresentative: Kiyoshi Tazuke, President Contact: Yoshihide Suzuki, Director Phone: +81-554-63-6600
Scheduled date of Annual General Meeting of Shareholders: April 27, 2021 Scheduled date of filing annual securities report: April 28, 2021
Scheduled date of commencing dividend payments: April 28, 2021
Availability of supplementary briefing material on annual financial results: Not available
Scheduled date of annual financial results briefing session: Scheduled (for institutional investors and analysts)
(Amounts of less than one million yen are rounded down.)
1. Consolidated Financial Results for the Fiscal Year Ended January 31, 2021 (February 1, 2020 to January 31, 2021)
(1) Consolidated Operating Results (cumulative) (% indicates changes from the previous corresponding period.)
Net sales | Operating profit | Ordinary profit | Profit attributable to owners of parent | |
Fiscal year ended January 31, 2021 January 31, 2020 | Million yen %
| Million yen %
| Million yen %
| Million yen %
|
(Note) Comprehensive income: Fiscal year ended January 31, 2021: ¥3,473 million (19.4 %)
Fiscal year ended January 31, 2020: ¥2,907 million (33.8 %)
Basic earnings per share | Diluted earnings per share | Rate of return on equity | Ordinary profit to total assets | Operating profit to net sales | |
Fiscal year ended January 31, 2021 January 31, 2020 | Yen 108.08 94.08 | Yen - - | % 30.4 35.4 | % 24.7 28.5 | % 27.5 28.1 |
(Reference) Equity in earnings of affiliated companies: Fiscal year ended January 31, 2021: ¥1,540 million
Fiscal year ended January 31, 2020: ¥1,324 million
(Note) The Company executed a four-for-one stock split for each common share on February 1, 2021. Accordingly, the figures for basic earnings per share have been calculated assuming that the stock split was executed at the beginning of the fiscal year ended January 31, 2020. Diluted earnings per share for the fiscal year ended January 31, 2021, are not presented as there were no dilutive shares.
(2) Consolidated Financial Position
Total assets | Net assets | Equity ratio | Net assets per share | |
As of January 31, 2021 As of January 31, 2020 | Million yen 19,867 15,144 | Million yen 12,601 9,581 | % 63.4 63.3 | Yen 403.28 306.65 |
(Reference) Equity: As of January 31, 2021: ¥12,601 million
As of January 31, 2020: ¥9,581 million
(Note) The Company executed a four-for-one stock split for each common share on February 1, 2021. Accordingly, the figures for net assets per share have been calculated assuming that the stock split was executed at the beginning of the fiscal year ended January 31, 2020.
(3) Consolidated Cash Flows
Cash flows from operating activities | Cash flows from investing activities | Cash flows from financing activities | Cash and cash equivalents at end of period | |
Fiscal year ended January 31,2021 January 31,2020 | Million yen 2,090 1,809 | Million yen (2,963) (1,564) | Million yen 948 (226) | Million yen 1,698 1,618 |
2. Dividends
Annual dividends | Total dividends | Payout ratio (consolidated) | Dividends to net assets (consolidated) | |||||
1st quarter-end | 2nd quarter-end | 3rd quarter-end | Year-end | Total | ||||
Fiscal year ended January 31, 2020 January 31, 2021 | Yen - - | Yen 0.00 0.00 | Yen - - | Yen 58.00 68.00 | Yen 58.00 68.00 | Million yen 453 531 | % 15.4 15.7 | % 5.5 4.8 |
Fiscal year ending January 31, 2022 (Forecast) | - | 0.00 | - | 17.00 | 17.00 | 15.9 |
(Note) The Company executed a four-for-one stock split for each common share on February 1, 2021. For the fiscal year ended
January 31, 2020 and the fiscal year ended January 31, 2021, the figures for dividends are presented in amounts of the actual dividends paid, and the figures for dividends for the fiscal year ending January 31, 2022 (forecast) are presented in amounts after the said stock split.
3. Consolidated Financial Results Forecast for the Fiscal Year Ending January 31, 2022 (February 1, 2021 to
January 31, 2022)
(% indicates changes from the previous corresponding period.)
Net sales | Operating profit | Ordinary profit | Profit attributable to owners of parent | Basic earnings per share | |
First half Full year | Million yen %
| Million yen % 1,220 (21.1) 2,700 0.3 | Million yen % 1,880 (18.1) 4,400 1.8 | Million yen %
| Yen 45.47 107.05 |
(Note) Basic earnings per share of the consolidated financial results for the fiscal year ending January 31, 2022, have been calculated based on the expected average number of issued shares during the period including the number of publicly offered shares (1,250,000 shares) and have taken no account of the number of shares to be issued for capital increase through third-party allocation related to the offering by way of overallotment (up to 187,500 shares).
* Notes:
(1) Changes in significant subsidiaries during the period under review: No (Changes in specific subsidiaries due to changes in the scope of consolidation)New: - companies (company name)
, excluded: - companies (company name)
(2) Changes in accounting policies, changes in accounting estimates and retrospective restatement
1) Changes in accounting policies due to the revision of accounting standards: No
2) Changes in accounting policies other than 1) above: No
3) Changes in accounting estimates: No
4) Retrospective restatement: No
(3) Total number of issued shares (common shares)
1) Total number of issued shares at the end of the period (including treasury shares):
January 31, 2021: 31,248,640 shares
January 31, 2020: 31,248,640 shares
2) Total number of treasury shares at the end of the period:
January 31, 2021: 1,580 shares
January 31, 2020: 1,412 shares
3) Average number of shares during the period:
Fiscal year ended January 31, 2021: 31,247,189 shares Fiscal year ended January 31, 2020: 31,247,315 shares
(Note) The Company executed a four-for-one stock split for each common share on February 1, 2021. Accordingly, the total number of issued shares at the end of the period, the total number of treasury shares at the end of the period, and the average number of shares during the period have been calculated assuming that the stock split was executed at the beginning of the fiscal year ended January 31, 2020.
(Reference) Overview of Non-consolidated Financial Results
1. Non-consolidated Financial Results for the Fiscal Year Ended January 31, 2021 (February 1, 2020 to January 31, 2021)
(1) Non-consolidated Operating Results (cumulative) (% indicates changes from the previous corresponding period.)
Net sales | Operating profit | Ordinary profit | Profit | |
Fiscal year ended January 31, 2021 January 31, 2020 | Million yen %
| Million yen %
| Million yen %
| Million yen %
|
Basic earnings per share | Diluted earnings per share | |
Fiscal year ended January 31, 2021 January 31, 2020 | Yen 74.61 54.79 | Yen - - |
(Note) The Company executed a four-for-one stock split for each common share on February 1, 2021. Accordingly, the figures for basic earnings per share have been calculated assuming that the stock split was executed at the beginning of the fiscal year ended January 31, 2020. Diluted earnings per share for the fiscal year ended January 31, 2021, are not presented as there were no dilutive shares.
(2) Non-consolidated Financial Position
Total assets | Net assets | Equity ratio | Net assets per share | |
As of January 31, 2021 As of January 31, 2020 | Million yen 16,396 12,653 | Million yen 9,632 7,747 | % 58.7 61.2 | Yen 308.28 247.94 |
(Reference) Equity: As of January 31, 2021: ¥9,632 million
As of January 31, 2020: ¥7,747 million
(Note) The Company executed a four-for-one stock split for each common share on February 1, 2021. Accordingly, the figures for net assets per share have been calculated assuming that the stock split was executed at the beginning of the fiscal year ended January 31, 2020.
* These 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
The earnings forecasts and other forward-looking statements herein are based on information currently available to the Company and certain assumptions deemed reasonable, and do not represent a commitment by the Company that they will be achieved. Actual results may differ significantly from these forecasts due to a wide range of factors.
The Company plans to hold a financial results briefing for institutional investors and analysts on March 17, 2021. Financial results materials to be used at the briefing will be available on the Company's website immediately after the session.
Consolidated Financial Statements (1) Consolidated Balance Sheets
As of January 31, 2020
As of January 31, 2021
Assets |
Current assets
Cash and deposits
Notes and accounts receivable - trade Electronically recorded monetary claims - operating Merchandise and finished goods
Work in process
Raw materials and supplies
1,618,491 1,698,612
2,171,236 2,783,207
884,517 1,119,212
32,836 13,422
525,926 713,613
Other 247,186 | 374,759 |
Total current assets 7,584,706
666,977 881,878 6,147,171
Non-current assets |
Buildings and structures
Property, plant and equipment
Accumulated depreciation
2,638,742 5,020,683
(1,040,904)
(1,233,191)
Buildings and structures, net 1,597,838 | 3,787,491 |
2,026,251
Machinery, equipment and vehicles 2,669,674
Accumulated depreciation (1,204,553) | (1,429,693) |
821,698 1,239,980
Machinery, equipment and vehicles, net
Tools, furniture and fixtures 1,919,127 | 2,195,213 |
Accumulated depreciation (1,319,677)
(1,452,432)
Tools, furniture and fixtures, net 599,449 | 742,780 |
540,648 548,961
Land 714,933
Leased assets
Accumulated depreciation
714,933
(68,137)
(132,268)
Leased assets, net 472,510 | 416,692 |
1,516,300
Construction in progress 759,476
Other
Accumulated depreciation
208,414 248,499
(15,023) (30,348)
Other, net 193,391 | 218,151 |
5,916,123
Total property, plant and equipment 7,879,507
Intangible assets 192,982 | 208,508 |
Investments and other assets
Investment securities Deferred tax assets
2,862,052 4,147,328
6,357
22,189
Other 19,659 | 25,518 |
2,888,069 4,195,036
Total investments and other assets
Total non-current assets 8,997,175 | 12,283,053 |
15,144,347 19,867,759
Total assets
(Thousand yen)As of January 31, 2020
As of January 31, 2021
Liabilities |
Current liabilities
Accounts payable - trade Short-term loans payable
Current portion of long-term loans payable Lease obligations
Income taxes payable Provision for bonuses
402,082 525,821
580,000 580,000
566,629 615,547
80,420 88,307
454,563 593,172
69,387 76,084
Other 897,059 | 811,527 |
Total current liabilities
3,050,141 3,290,460
Non-current liabilities |
Long-term loans payable Lease obligations Deferred tax liabilities
1,722,873 3,160,646
636,798 601,566
49,080 111,368
Net defined benefit liability 103,523 | 102,327 |
2,512,274
Total non-current liabilities
3,975,908
Total liabilities 5,562,416 | 7,266,369 |
Net assets
Shareholders' equity
Capital stock Capital surplus Retained earnings
808,912
808,912
Treasury shares (1,150) | (1,720) |
709,912 8,138,541 9,656,216
Total shareholders' equity
709,912 11,062,738 12,579,843
Accumulated other comprehensive income |
(168)
Valuation difference on available-for-sale securities Foreign currency translation adjustments Remeasurements of defined benefit plans
(7,867)
Total accumulated other comprehensive income (74,285) | 21,545 |
Total net assets
(42,299) | 38,500 |
(24,119) | (16,785) |
9,581,930 | 12,601,389 |
Total liabilities and net assets | 15,144,347 | 19,867,759 |
(2) Consolidated Statements of Income and Comprehensive Income
Consolidated Statements of Income
For the fiscal year ended January 31, 2020
For the fiscal year ended January 31, 2021
Net sales | 8,267,457 | 9,801,982 |
Cost of sales 5,420,934
4,314,779
Gross profit 3,952,678 | 4,381,047 |
1,689,666
Selling, general and administrative expenses 1,625,752
Operating profit 2,326,925 | 2,691,380 |
Non-operating income
Interest income Dividend income
Share of profit of entities accounted for using equity method Other
222 158
313 355
1,324,993 1,540,068
125,740 147,237
Total non-operating income 1,451,270 | 1,687,821 |
32,529 34,448
Non-operating expenses
Interest expenses
Loss on retirement of non-current assets Loss on valuation of investment securities Other
143 9,725
- 9,772
Total non-operating expenses 33,905 | 55,871 |
1,231 1,924 3,744,290
Ordinary profit
4,323,329
Profit before income taxes 3,744,290 | 4,323,329 |
735,121
Income taxes - current 902,154
Income taxes - deferred 69,376 | 43,893 |
Total income taxes 804,497
946,048
Profit 2,939,792 | 3,377,281 |
2,939,792
Profit attributable to owners of parent
3,377,281
Consolidated Statements of Comprehensive Income
(Thousand yen)For the fiscal year ended January 31, 2020
For the fiscal year ended January 31, 2021
Profit | 2,939,792 | 3,377,281 |
Other comprehensive income
Valuation difference on available-for-sale securities Foreign currency translation adjustments Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities accounted for using equity method
(3,468)
7,698
6,229 4,523 (39,145)
16,135 7,333 64,664
Total other comprehensive income (31,860) | 95,831 |
Comprehensive income 2,907,932
Comprehensive income attributable to |
Comprehensive income attributable to owners of parent 2,907,932
Comprehensive income attributable to non-controlling interests
-3,473,113 3,473,113 -
(3) Consolidated Statements of Changes in Net Assets
For the fiscal year ended January 31, 2020
Shareholders' equity | |||||
Capital stock | Capital surplus | Retained earnings | Treasury shares | Total shareholders' equity | |
Balance at beginning of current period | 808,912 | 709,912 | 5,550,282 | (897) | 7,068,210 |
Changes of items during period | |||||
Dividends of surplus | (351,533) | (351,533) | |||
Profit attributable to owners of parent | 2,939,792 | 2,939,792 | |||
Purchase of treasury shares | (253) | (253) | |||
Net changes of items other than shareholders' equity | |||||
Total changes of items during period | - | - | 2,588,259 | (253) | 2,588,005 |
Balance at end of current period | 808,912 | 709,912 | 8,138,541 | (1,150) | 9,656,216 |
Accumulated other comprehensive income | Total net assets | ||||
Valuation difference on available-for-sale securities | Foreign currency translation adjustments | Remeasurements of defined benefit plans | Total accumulated other comprehensive income | ||
Balance at beginning of current period | (4,399) | (9,382) | (28,642) | (42,424) | 7,025,785 |
Changes of items during period | |||||
Dividends of surplus | (351,533) | ||||
Profit attributable to owners of parent | 2,939,792 | ||||
Purchase of treasury shares | (253) | ||||
Net changes of items other than shareholders' equity | (3,468) | (32,916) | 4,523 | (31,860) | (31,860) |
Total changes of items during period | (3,468) | (32,916) | 4,523 | (31,860) | 2,556,144 |
Balance at end of current period | (7,867) | (42,299) | (24,119) | (74,285) | 9,581,930 |
For the fiscal year ended January 31, 2021
(Thousand yen)
Shareholders' equity | |||||
Capital stock | Capital surplus | Retained earnings | Treasury shares | Total shareholders' equity | |
Balance at beginning of current period | 808,912 | 709,912 | 8,138,541 | (1,150) | 9,656,216 |
Changes of items during period | |||||
Dividends of surplus | (453,084) | (453,084) | |||
Profit attributable to owners of parent | 3,377,281 | 3,377,281 | |||
Purchase of treasury shares | (569) | (569) | |||
Net changes of items other than shareholders' equity | |||||
Total changes of items during period | - | - | 2,924,197 | (569) | 2,923,627 |
Balance at end of current period | 808,912 | 709,912 | 11,062,738 | (1,720) | 12,579,843 |
Accumulated other comprehensive income | Total net assets | ||||
Valuation difference on available-for-sale securities | Foreign currency translation adjustments | Remeasurements of defined benefit plans | Total accumulated other comprehensive income | ||
Balance at beginning of current period | (7,867) | (42,299) | (24,119) | (74,285) | 9,581,930 |
Changes of items during period | |||||
Dividends of surplus | (453,084) | ||||
Profit attributable to owners of parent | 3,377,281 | ||||
Purchase of treasury shares | (569) | ||||
Net changes of items other than shareholders' equity | 7,698 | 80,799 | 7,333 | 95,831 | 95,831 |
Total changes of items during period | 7,698 | 80,799 | 7,333 | 95,831 | 3,019,459 |
Balance at end of current period | (168) | 38,500 | (16,785) | 21,545 | 12,601,389 |
(4) Consolidated Statements of Cash Flows
(Thousand yen)For the fiscal year ended January 31, 2020
For the fiscal year ended January 31, 2021
Cash flows from operating activities |
3,744,290
Profit before income taxes Depreciation
Increase (decrease) in provision for bonusesInterest and dividend income Interest expenses
Share of loss (profit) of entities accounted for using equity method
Loss (gain) on valuation of investment securities
Decrease (increase) in notes and accounts receivable - trade Decrease (increase) in inventories
Increase (decrease) in notes and accounts payable - trade Decrease/increase in consumption taxes receivable/payable Increase (decrease) in accounts payable - other
Decrease (increase) in other current assets Increase (decrease) in other current liabilities Increase (decrease) in other non-current liabilities
4,323,329
642,186 5,513 (535)
814,438 6,600
(514)
32,529 (1,324,993)
34,448 (1,540,068)
-
9,772
(204,384) (843,028)
(291,680) (378,187)
48,399
120,660
(40,891)
(88,654)
16,943
112,202
(103,127)
(35,707)
(21,865)
61,938
9,334
(1,196)
Other, net 18,032 | (15,437) |
Subtotal
2,529,752
2,580,596
Interest and dividend income received 535 | 308,298 |
(32,538)
Interest expenses paid (34,049)Income taxes paid Income taxes refund
(688,008) (764,461)
180
-
Net cash provided by (used in) operating activities 1,809,921 | 2,090,384 |
Cash flows from investing activities
Purchase of investment securities Purchase of property, plant and equipment
(1,199)
(1,200)
(1,405,010) (2,925,335)
Purchase of intangible assets (158,122) | (37,291) |
Net cash provided by (used in) investing activities (1,564,332)
(2,963,827)
Cash flows from financing activities |
930,000
Proceeds from long-term loans payable Repayments of long-term loans payable Repayments of lease obligations Purchase of treasury shares
Cash dividends paid
2,070,000
(731,217) (583,309)
(74,856) (83,786)
(253) (569)
(349,852)
(453,992)
Net cash provided by (used in) financing activities (226,179) | 948,342 |
3,3345,220
Effect of exchange rate change on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents 22,744 | 80,121 |
1,595,747
Cash and cash equivalents at beginning of period
1,618,491
Cash and cash equivalents at end of period | 1,618,491 | 1,698,612 |