Asahi Kasei Corporation
Head Office: 1-1-2 Yurakucho, Chiyoda-ku, Tokyo, Japan
Security code: 3407
Contact: Corporate Communications, Phone +81-3-6699-3008, Fax +81-3-6699-3187
August 4, 2022
Consolidated Results for 1st Quarter Fiscal 2022:
April 1, 2022 - June 30, 2022
(All figures in millions of yen, rounded to the nearest million, unless otherwise specified)
I. Summary of Consolidated Results
1. Operating results (percent change from previous year in brackets)
Q1 2022 | Q1 2021 | |||||
Net sales | 670,441 | [+14.9%] | 583,433 | [+28.2%] | ||
Operating income | 49,361 | [−18.4%] | 60,510 | [+101.0%] | ||
Ordinary income | 51,535 | [−20.9%] | 65,171 | [+115.6%] | ||
Net income attributable to owners of the parent | 29,831 | [−35.7%] | 46,428 | [+241.7%] | ||
Net income per share* | 21.50 | 33.46 | ||||
Diluted net income per share* | - | - |
* Yen
Note: Comprehensive income was ¥160,652 million during Q1 2022, and ¥43,759 million during Q1 2021.
2. Financial position
At end of | June 2022 | March 2022 | |||||
Total assets | 3,633,170 | 3,349,075 | |||||
Net assets | 1,855,843 | 1,718,815 | |||||
Net worth/total assets | 50.2% | 50.4% | |||||
Net worth per share* | 1,314.39 | 1,216.33 | |||||
* Yen
Notes:
- Net worth consists of shareholders' equity and accumulated other comprehensive income.
- Net worth was ¥1,823,437 million as of June 30, 2022, and ¥1,687,410 million as of March 31, 2022.
II. Cash Dividends
Fiscal year | Cash dividends per share* | |||||||||||||
Q1 | Q2 | Q3 | Q4 | Total annual | ||||||||||
2021 | - | 17.00 | - | 17.00 | 34.00 | |||||||||
2022 | - | |||||||||||||
2022 (forecast) | 18.00 | - | 18.00 | 36.00 |
* Yen
Note: The cash dividend forecast has not been revised.
Asahi Kasei | August 4, 2022 |
Consolidated Results | 1/8 |
- Forecast for Fiscal 2022 (April 1, 2022 - March 31, 2023)
1. Latest forecasts (percent change from results in year-ago period in brackets)
For Q1-Q2 | For the fiscal year | |||||||
Net sales | 1,387,000 | [+17.4%] | 2,731,000 | [+11.0%] | ||||
Operating income | 86,300 | [−23.7%] | 210,500 | [+3.9%] | ||||
Ordinary income | 87,500 | [−26.6%] | 216,500 | [+2.1%] | ||||
Net income attributable to owners of the parent | 52,800 | [−42.2%] | 164,500 | [+1.6%] | ||||
Net income per share* | 38.06 | 118.58 | ||||||
* Yen
Notes:
- Performance forecasts are based on the best information available at this time, but actual results may diverge from these forecasts due to a variety of factors which cannot be foreseen.
- The forecast for Q1-Q2 fiscal 2022 is newly added, while the full-year forecast is as announced on May 13, 2022.
IV. Other Information
1. Changes in significant subsidiaries which affected scope of consolidation during the period
Addition of one new subsidiary:
Bionova Holdings, Inc.
2. Special accounting methods for preparation of the consolidated financial statements
Income tax expenses: A reasonable estimate of the effective tax rate after applying tax-effect accounting for the current fiscal year is made, and quarterly income before income taxes is multiplied by the corresponding effective tax rate.
3. Changes in accounting policies, changes in accounting estimates, and retroactive restatement
Application of Implementation Guidance on Accounting Standard for Fair Value Measurement: Accounting Standards Board of Japan (ASBJ) Guidance No. 31 "Implementation Guidance on
Accounting Standard for Fair Value Measurement" is applied from the beginning of the first quarter of the fiscal year ending March 31, 2023. In accordance with Article 27-2 of the Implementation Guidance on Accounting Standard for Fair Value Measurement regarding transitional treatment, the new accounting policy is to be applied in the future. This change has no effect on the quarterly consolidated financial statements.
4. | Notable changes in shareholders' equity: None | ||
5. | Number of shares outstanding | ||
Q1 2022 | FY 2021 | ||
Number of shares outstanding at end of period | 1,393,932,032 | 1,393,932,032 | |
Number of shares of treasury stock at end of period | 6,642,136 | 6,640,935 | |
Average number of shares outstanding during period | 1,387,290,500 | 1,387,534,187* | |
* Q1 2021 |
Asahi Kasei | August 4, 2022 |
Consolidated Results | 2/8 |
V. Consolidated Financial Statements
1. Balance sheets
At end of | At end of | ||||||
March 2022 | June 2022 | ||||||
Assets | |||||||
Current assets | |||||||
Cash and deposits | 244,641 | 278,602 | |||||
Notes, accounts receivable-trade, and contract assets | 434,595 | 449,072 | |||||
Merchandise and finished goods | 252,521 | 282,932 | |||||
Work in process | 146,120 | 162,429 | |||||
Raw materials and supplies | 141,608 | 162,038 | |||||
Other | 117,195 | 133,947 | |||||
Allowance for doubtful accounts | (2,471) | (2,354) | |||||
Total current assets | 1,334,209 | 1,466,667 | |||||
Noncurrent assets | |||||||
Property, plant and equipment | |||||||
Buildings and structures | 646,311 | 658,333 | |||||
Accumulated depreciation | (333,966) | (340,265) | |||||
Buildings and structures, net | 312,344 | 318,068 | |||||
Machinery, equipment and vehicles | 1,569,782 | 1,603,641 | |||||
Accumulated depreciation | (1,288,462) | (1,307,449) | |||||
Machinery, equipment and vehicles, net | 281,320 | 296,191 | |||||
Land | 69,567 | 70,293 | |||||
Lease assets | 8,679 | 13,840 | |||||
Accumulated depreciation | (6,814) | (7,065) | |||||
Lease assets, net | 1,865 | 6,775 | |||||
Construction in progress | 102,284 | 103,158 | |||||
Other | 159,312 | 163,765 | |||||
Accumulated depreciation | (121,477) | (122,166) | |||||
Other, net | 37,834 | 41,598 | |||||
Subtotal | 805,215 | 836,084 | |||||
Intangible assets | |||||||
Goodwill | 431,335 | 507,170 | |||||
Other | 405,508 | 441,381 | |||||
Subtotal | 836,843 | 948,551 | |||||
Investments and other assets | |||||||
Investment securities | 246,701 | 247,468 | |||||
Long-term loans receivable | 6,227 | 8,762 | |||||
Long-term advance payments-trade | 30,432 | 30,295 | |||||
Net defined benefit asset | 1,193 | 2,129 | |||||
Deferred tax assets | 54,276 | 55,291 | |||||
Other | 34,404 | 38,370 | |||||
Allowance for doubtful accounts | (426) | (448) | |||||
Subtotal | 372,808 | 381,868 | |||||
Total noncurrent assets | 2,014,866 | 2,166,503 | |||||
Total assets | 3,349,075 | 3,633,170 |
Asahi Kasei | August 4, 2022 |
Consolidated Results | 3/8 |
At end of | At end of | ||||||
March 2022 | June 2022 | ||||||
Liabilities | |||||||
Current liabilities | |||||||
Notes and accounts payable-trade | 178,092 | 195,688 | |||||
Short-term loans payable | 239,491 | 308,331 | |||||
Commercial paper | 113,000 | 172,000 | |||||
Current portion of bonds payable | - | 20,000 | |||||
Lease obligations | 2,224 | 2,411 | |||||
Accrued expenses | 146,275 | 126,806 | |||||
Income taxes payable | 58,115 | 29,025 | |||||
Advances received | 62,476 | 67,637 | |||||
Provision for grant of shares | 208 | 208 | |||||
Provision for periodic repairs | 4,738 | 7,152 | |||||
Provision for product warranties | 4,007 | 4,280 | |||||
Provision for removal cost of property, plant and | 4,445 | 5,384 | |||||
equipment | |||||||
Other | 110,778 | 113,305 | |||||
Total current liabilities | 923,850 | 1,052,227 | |||||
Noncurrent liabilities | |||||||
Bonds payable | 160,000 | 140,000 | |||||
Long-term loans payable | 253,785 | 294,861 | |||||
Lease obligations | 8,715 | 12,199 | |||||
Deferred tax liabilities | 52,017 | 55,815 | |||||
Provision for grant of shares | 490 | 490 | |||||
Provision for periodic repairs | 5,396 | 3,989 | |||||
Provision for removal cost of property, plant and | 12,298 | 9,156 | |||||
equipment | |||||||
Net defined benefit liability | 152,081 | 151,955 | |||||
Long-term guarantee deposits | 22,490 | 22,531 | |||||
Other | 39,139 | 34,103 | |||||
Total noncurrent liabilities | 706,410 | 725,099 | |||||
Total liabilities | 1,630,260 | 1,777,326 | |||||
Net assets | |||||||
Shareholders' equity | |||||||
Capital stock | 103,389 | 103,389 | |||||
Capital surplus | 79,887 | 79,860 | |||||
Retained earnings | 1,282,325 | 1,288,431 | |||||
Treasury stock | (6,219) | (6,220) | |||||
Total shareholders' equity | 1,459,381 | 1,465,459 | |||||
Accumulated other comprehensive income | |||||||
Net unrealized gain on other securities | 66,287 | 65,761 | |||||
Deferred gains or losses on hedges | (341) | (174) | |||||
Foreign currency translation adjustment | 167,225 | 297,169 | |||||
Remeasurements of defined benefit plans | (5,142) | (4,779) | |||||
Total accumulated other comprehensive income | 228,029 | 357,978 | |||||
Non-controlling interests | 31,405 | 32,407 | |||||
Total net assets | 1,718,815 | 1,855,843 | |||||
Total liabilities and net assets | 3,349,075 | 3,633,170 |
Asahi Kasei | August 4, 2022 |
Consolidated Results | 4/8 |
2. Statements of income and statements of comprehensive income 1) Statements of income
Q1 2021 | Q1 2022 | ||||||
Net sales | 583,433 | 670,441 | |||||
Cost of sales | 388,057 | 464,487 | |||||
Gross profit | 195,376 | 205,954 | |||||
Selling, general and administrative expenses | 134,866 | 156,592 | |||||
Operating income | 60,510 | 49,361 | |||||
Non-operating income | |||||||
Interest income | 274 | 508 | |||||
Dividends income | 1,565 | 1,646 | |||||
Equity in earnings of affiliates | 3,685 | 1,600 | |||||
Other | 1,695 | 1,508 | |||||
Total non-operating income | 7,219 | 5,262 | |||||
Non-operating expenses | |||||||
Interest expense | 904 | 957 | |||||
Costs of idle facilities | 108 | 713 | |||||
Other | 1,545 | 1,418 | |||||
Total non-operating expenses | 2,557 | 3,088 | |||||
Ordinary income | 65,171 | 51,535 | |||||
Extraordinary income | |||||||
Gain on sales of investment securities | 5,637 | 2,240 | |||||
Gain on sales of noncurrent assets | 287 | 572 | |||||
Gain on step acquisitions | 1,700 | - | |||||
Total extraordinary income | 7,624 | 2,811 | |||||
Extraordinary loss | |||||||
Loss on valuation of investment securities | - | 1,033 | |||||
Loss on disposal of noncurrent assets | 1,547 | 1,155 | |||||
Impairment loss | 1 | 40 | |||||
Loss on fire at plant facilities | - | 1,633 | |||||
Business structure improvement expenses | 2,840 | 889 | |||||
Total extraordinary loss | 4,388 | 4,750 | |||||
Income before income taxes | 68,407 | 49,596 | |||||
Total income taxes | 21,624 | 19,648 | |||||
Net income | 46,783 | 29,948 | |||||
Net income attributable to non-controlling interests | 355 | 117 | |||||
Net income attributable to owners of the parent | 46,428 | 29,831 |
Asahi Kasei | August 4, 2022 |
Consolidated Results | 5/8 |
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Asahi Kasei Corporation published this content on 04 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 August 2022 03:46:00 UTC.