May 13, 2022 | ||
Consolidated Financial Results for the Fiscal Year Ended March 31, 2022 | ||
[Japanese GAAP] | ||
Company name: | C. Uyemura & Co., Ltd. | Listing: Tokyo Stock Exchange |
Stock code: | 4966 | URL: https://www.uyemura.co.jp/ |
Representative: | Hiroya Uyemura, President | |
Contact: | Shigeo Sakabe, Managing Director and Head of Corporate Management Division | |
Telephone: | +81-6-6202-8518 |
Scheduled date of annual general meeting of shareholders: | June 29, 2022 |
Scheduled date of filing of annual securities report: | June 29, 2022 |
Starting date of dividend payment: | June 30, 2022 |
Preparation of supplementary materials for financial results: | Yes |
Holding of financial results meeting: | Yes (for institutional investors and analysts) |
Note: The original disclosure in Japanese was released on May 13, 2022 at 13:20 (GMT +9).
(All amounts are rounded down to the nearest million yen.)
1. Consolidated Financial Results for the Fiscal Year Ended March 31, 2022 (April 1, 2021 - March 31, 2022)
(1) Results of operations | (Percentages represent year-over-yearchanges.) | |||||||||
Net sales | Operating profit | Ordinary profit | Profit attributable to | |||||||
owners of parent | ||||||||||
Million yen | % | Million yen | % | Million yen | % | Million yen | % | |||
Fiscal year ended Mar. 31, 2022 | 72,303 | 29.2 | 13,947 | 47.0 | 14,606 | 47.2 | 9,681 | 35.8 | ||
Fiscal year ended Mar. 31, 2021 | 55,947 | 7.1 | 9,490 | 25.9 | 9,920 | 26.1 | 7,128 | 33.0 |
Note: Comprehensive income (million yen) | Fiscal year ended Mar. 31, 2022: | 12,756 | (up 77.0%) | |||||
Fiscal year ended Mar. 31, 2021: | 7,205 | (up 41.4%) | ||||||
Net income per | Net income per | ROE | Ordinary profit | Operating profit | ||||
share (basic) | share (diluted) | on total assets | to net sales | |||||
Yen | Yen | % | % | % | ||||
Fiscal year ended Mar. 31, 2022 | 559.61 | - | 13.1 | 15.7 | 19.3 | |||
Fiscal year ended Mar. 31, 2021 | 402.89 | - | 10.7 | 12.1 | 17.0 | |||
Reference: Equity in earnings of unconsolidated subsidiaries (million yen) | Fiscal year ended Mar. 31, 2022: - | |||||||
Fiscal year ended Mar. 31, 2021: - |
Notes: 1. Beginning with the fiscal year ended on March 31, 2022, the Company has applied the Accounting Standard for Revenue Recognition (Accounting Standards Board of Japan (ASBJ) Statement No. 29, March 31, 2020). All figures for the fiscal year ended March 31, 2022 incorporate this accounting standard.
2. The Company conducted a 2-for-1 common stock split effective on July 1, 2021. Net income per share has been calculated as if this stock split had taken place at the beginning of the previous fiscal year.
- Financial position
Total assets | Net assets | Equity ratio | Net assets per share | ||
Million yen | Million yen | % | Yen | ||
As of Mar. 31, 2022 | 101,189 | 78,712 | 77.8 | 4,567.35 | |
As of Mar. 31, 2021 | 85,105 | 69,473 | 81.6 | 3,929.41 | |
Reference: Shareholders' equity (million yen) | As of Mar. 31, 2022: 78,712 | As of Mar. 31, 2021: 69,473 |
Notes: 1. Beginning with the fiscal year ended on March 31, 2022, the Company has applied the Accounting Standard for Revenue Recognition (ASBJ Statement No. 29, March 31, 2020). All figures as of March 31, 2022 incorporate this accounting standard.
2. The Company conducted a 2-for-1 common stock split effective on July 1, 2021. Net assets per share have been calculated as if this stock split had taken place at the beginning of the previous fiscal year.
- Cash flows
Net cash provided by (used in) | Cash and cash equivalents | |||
operating activities | investing activities | financing activities | at the end of period | |
Million yen | Million yen | Million yen | Million yen | |
Fiscal year ended Mar. 31, 2022 | 7,417 | (4,693) | (3,785) | 26,280 |
Fiscal year ended Mar. 31, 2021 | 8,677 | (3,905) | (1,782) | 26,149 |
2. Dividends
Dividend per share | Total | Payout ratio | Dividend on | |||||||
equity | ||||||||||
1Q-end | 2Q-end | 3Q-end | Year-end | Total | dividends | (Consolidated) | ||||
(Consolidated) | ||||||||||
Yen | Yen | Yen | Yen | Yen | Million yen | % | % | |||
Fiscal year ended Mar. 31, 2021 | - | 0.00 | - | 180.00 | 180.00 | 1,591 | 22.3 | 2.4 | ||
Fiscal year ended Mar. 31, 2022 | - | 0.00 | - | 130.00 | 130.00 | 2,240 | 23.2 | 3.1 | ||
Fiscal year ending Mar. 31, 2023 | - | 0.00 | - | 180.00 | 180.00 | 28.6 | ||||
(forecast) | ||||||||||
Note: The Company conducted a 2-for-1 common stock split effective on July 1, 2021. Figures for the fiscal year ended March 31, 2021 are the actual amount of dividends before the stock split.
3. Consolidated Forecast for the Fiscal Year Ending March 31, 2023 (April 1, 2022 - March 31, 2023)
(Percentages represent year-over-year changes.)
Net sales | Operating profit | Ordinary profit | Profit attributable to | Net income per share | ||||||
owners of parent | ||||||||||
Million yen | % | Million yen | % | Million yen | % | Million yen | % | Yen | ||
First half | 35,300 | 6.9 | 6,400 | 2.8 | 6,700 | 2.1 | 5,500 | 21.0 | 317.91 | |
Full year | 75,000 | 3.7 | 14,000 | 0.4 | 14,600 | (0.0) | 10,900 | 12.6 | 630.03 |
*Notes
(1) Changes in consolidated subsidiaries during the period (changes in scope of consolidation): None
Newly added: - | Excluded: - |
- Changes in accounting policies and accounting-based estimates, and restatements
- Changes in accounting policies due to revisions in accounting standards, others: Yes
- Changes in accounting policies other than 1) above: None
- Changes in accounting-based estimates: None
- Restatements: None
Note: For details, see "3. Consolidated Financial Statements and Notes, (5) Notes to Consolidated Financial Statements, Changes in Accounting Policies" on page 16 of the attachments.
- Number of shares outstanding (common shares)
- Number of shares outstanding at the end of the period (including treasury shares)
As of Mar. 31, 2022: | 19,756,080 shares | As of Mar. 31, 2021: | 19,756,080 shares |
2) Number of treasury shares at the end of the period | |||
As of Mar. 31, 2022: | 2,522,368 shares | As of Mar. 31, 2021: | 2,075,648 shares |
3) Average number of shares outstanding during the period | |||
Fiscal year ended Mar. 31, 2022: | 17,300,719 shares | Fiscal year ended Mar. 31, 2021: | 17,693,095 shares |
Note: The Company conducted a 2-for-1 common stock split effective on July 1, 2021. The number of shares outstanding at the end of the period, number of treasury shares at the end of the period and average number of shares outstanding during the period have been calculated as if this stock split had taken place at the beginning of the previous fiscal year.
(Reference) Summary of Non-consolidated Financial Results
Non-consolidated Financial Results for the Fiscal Year Ended March 31, 2022 (April 1, 2021 - March 31, 2022)
(1) Results of operations | (Percentages represent year-over-year changes.) | ||||||||||
Net sales | Operating profit | Ordinary profit | Profit | ||||||||
Million yen | % | Million yen | % | Million yen | % | Million yen | % | ||||
Fiscal year ended Mar. 31, 2022 | 37,258 | 13.5 | 6,296 | 12.4 | 11,509 | 24.7 | 9,288 | 26.9 | |||
Fiscal year ended Mar. 31, 2021 | 32,839 | 11.6 | 5,601 | 39.0 | 9,230 | 15.2 | 7,319 | 24.0 | |||
Net income per share (basic) | Net income per share (diluted) | ||||||||||
Yen | Yen | ||||||||||
Fiscal year ended Mar. 31, 2022 | 536.91 | - | |||||||||
Fiscal year ended Mar. 31, 2021 | 413.68 | - |
Notes: 1. Beginning with the fiscal year ended on March 31, 2022, the Company has applied the Accounting Standard for Revenue Recognition (Accounting Standards Board of Japan (ASBJ) Statement No. 29, March 31, 2020). All figures for the fiscal year ended March 31, 2022 incorporate this accounting standard.
2. The Company conducted a 2-for-1 common stock split effective on July 1, 2021. Net income per share has been calculated as if this stock split had taken place at the beginning of the previous fiscal year.
- Financial position
Total assets | Net assets | Equity ratio | Net assets per share | ||
Million yen | Million yen | % | Yen | ||
As of Mar. 31, 2022 | 65,320 | 54,283 | 83.1 | 3,149.82 | |
As of Mar. 31, 2021 | 58,062 | 48,543 | 83.6 | 2,745.61 | |
Reference: Shareholders' equity (million yen) | As of Mar. 31, 2022: 54,283 | As of Mar. 31, 2021: 48,543 |
Notes: 1. Beginning with the fiscal year ended on March 31, 2022, the Company has applied the Accounting Standard for Revenue Recognition (ASBJ Statement No. 29, March 31, 2020). All figures as of March 31, 2022 incorporate this accounting standard.
2. The Company conducted a 2-for-1 common stock split effective on July 1, 2021. Net assets per share have been calculated as if this stock split had taken place at the beginning of the previous fiscal year.
*The current financial report is not subject to audit by certified public accountants or auditing firms. *Cautionary statement with respect to forward-looking statements and other special items
Forecasts of future performance in this report are based on assumptions judged to be valid and information currently available to the Company, but are not promises by the Company regarding future performance. Actual results are affected by various factors and may differ substantially. For discussion of the assumptions and notes of caution for usage, please refer to "1. Overview of Results of Operations, (4) Outlook" on page 4 of the attachments.
C. Uyemura & Co., Ltd. (4966) Fiscal Year Ended March 31, 2022 | |
Contents of Attachments | |
1. Overview of Results of Operations | 2 |
(1) Results of Operations | 2 |
(2) Financial Position | 3 |
(3) Cash Flows | 3 |
(4) Outlook | 4 |
(5) Profit Allocation Policy and Dividends for the Current and Next Fiscal Years | 4 |
2. Basic Approach to the Selection of Accounting Standards | 5 |
3. Consolidated Financial Statements and Notes | 6 |
(1) Consolidated Balance Sheets | 6 |
(2) Consolidated Statements of Income and Comprehensive Income | 8 |
(3) Consolidated Statements of Changes in Shareholders' Equity | 10 |
(4) Consolidated Statements of Cash Flows | 12 |
(5) Notes to Consolidated Financial Statements | 13 |
Going Concern Assumption | 13 |
Basis for Presentation of the Consolidated Financial Statements | 13 |
Changes in Accounting Policies | 16 |
Notes to Consolidated Balance Sheets | 16 |
Notes to Consolidated Statements of Income and Comprehensive Income | 17 |
Notes to Consolidated Statements of Changes in Shareholders' Equity | 18 |
Notes to Consolidated Statements of Cash Flows | 19 |
Segment and Other Information | 20 |
Per Share Data | 23 |
Material Subsequent Events | 23 |
1
C. Uyemura & Co., Ltd. (4966) Fiscal Year Ended March 31, 2022
1. Overview of Results of Operations
(1) Results of Operations
For the fiscal year ended March 31, 2022 (hereinafter "the fiscal year under review"), the Japanese economy saw some signs of recovery with the gradual resumption of economic activities amid the lingering impact of the pandemic. However, the domestic economy remained unstable due to the resurgence of COVID -19 caused by the spread of its variants. Also, while surging natural resource prices and a shortage of semiconductors and other components are becoming apparent, Russian invasion to Ukraine may cause serious and prolonged impact to the global economy.
In the electronic device market, which is the Uyemura Group's main market area, demand for servers remained solid backed by the commercialization of the 5G (5th generation mobile communication system) related technologies and the wider spread of telework. In the car electronics segment, the production of automobiles and other products was affected by a shortage in the supply of semiconductors although the production of semiconductors themselves continued to improve the supply-demand balance.
In this environment, the Group has focused on the development of high value-added products, and proposal and sales activities for these products to make the operations more profitable.
As a result, consolidated sales for the fiscal year under review were 72,303 million yen (up 29.2% year-over-year), operating profit 13,947 million yen (up 47.0%), ordinary profit 14,606 million yen (up 47.2%), and profit attributable to owners of parent 9,681 million yen (up 35.8%). Due to the application of the Accounting Standard for Revenue Recognition (ASBJ Statement No.29, March 31, 2020, hereinafter, the Accounting Standard for Revenue Recognition), net sales increased by 145 million yen, operating profit increased by 16 million yen, and ordinary profit increased by 19 million yen.
The results of operations by business segment are shown as below.
1) Surface finishing materials business
Both segment sales and profit of mainstay plating chemicals for printed wiring boards (PWBs) and package PWBs saw year-over-year increases thanks to an increase in 5G and semiconductor market demand.
Consequently, sales in the surface finishing materials business increased 38.9% year -over-year to 59,920 million yen and segment profit increased 52.7% year-over-year to 12,717 million yen. Due to the application of the Accounting Standard for Revenue Recognition, segment sales and profit decreased by 3 million yen each.
2) Surface finishing machinery business
Both segment sales and profit of the surface finishing machinery business decreased year -over-year because of a decrease in sales of conventional surface finishing machinery, although demand for semiconductors and electronic components remained firm.
Consequently, sales in the surface finishing machinery business decreased 10.4% year -over-year to 7,013 million yen and segment profit decreased 25.7% year-over-year to 680 million yen. Due to the application of the Accounting Standard for Revenue Recognition, segment sales increased by 149 million yen and segment profit increased by 19 million yen.
3) Plating job business
Both segment sales and profit of the plating job business increased year-over-year. The business environment remained challenging with the persistent slowdown of the automotive industry in Thailand and Indonesia due to the spread of COVID-19. Meanwhile, plating job operations for PWBs in Taiwan continued to show strong performance.
Consequently, sales in the plating job business increased 7.7% year-over-year to 4,518 million yen and segment profit was 29 million yen (compared with segment loss of 222 million yen in the previous fiscal year).
2
C. Uyemura & Co., Ltd. (4966) Fiscal Year Ended March 31, 2022
4) Real estate rental business
Both segment sales and profit of the real estate rental business increased year-over-year thanks to the rent revision for an office building for rent in Shin-Osaka.
Consequently, sales in the real estate rental business increased 3.7% year-over-year to 834 million yen and segment profit increased 10.7% year-over-year to 503 million yen.
It is noted that sales of the segments above include intersegment sales and transfers
(2) Financial Position
Analysis of assets, liabilities, net assets
Total assets increased 16,083 million yen from the end of the previous fiscal year to 101,189 million yen at the end of the fiscal year under review. This was primarily attributable to a 3,588 million yen increase in accounts receivable-trade, a 2,042 million yen increase in raw materials and supplies, a 1,921 million yen increase in investment securities, and a 1,717 million yen increase in land, which were partially offset by a 242 million yen decrease in buildings and structures.
Total liabilities increased 6,845 million yen from the end of the previous fiscal year to 22,476 million yen. This was primarily attributable to a 2,538 million yen increase in contract liabilities, a 1,889 million yen increase in notes and account payable-trade, a 699 million yen increase in electronically recorded obligations -operating, and a 317 million yen increase in income taxes payable, which were partially offset by a 193 million yen decrease in provision for retirement benefits for directors (and other officers).
Total net assets increased 9,238 million yen from the end of the previous fiscal year t o 78,712 million yen. This was primarily attributable to a 8,144 million yen increase in retained earnings and a 3,104 million yen increase in foreign currency translation adjustment, which were partially offset by a 1,987 million yen increase in treasury shares.
As a result, the equity ratio decreased from 81.6% at the end of the previous fiscal year to 77.8%.
(3) Cash Flows
Cash and cash equivalents (hereinafter "net cash") at the end of the fiscal year under review increased 130 million yen from the end of the previous fiscal year to 26,280 million yen.
A summary of cash flows for the fiscal year under review is as follows:
(Cash flows from operating activities)
Net cash provided by operating activities was 7,417 million yen (compared with net cash prov ided of 8,677 million yen in the previous fiscal year). Positive factors included profit before income taxes of 14,067 million yen and depreciation of 1,913 million yen, while negative factors included a 4,193 million yen increase in inventories and income taxes paid of 4,184 million yen.
(Cash flows from investing activities)
Net cash used in investing activities was 4,693 million yen (compared with net cash used of 3,905 million yen in the previous fiscal year). Positive factors included proceeds from wit hdrawal of time deposits of 1,446 million yen, while negative factors included purchase of non-current assets of 2,718 million yen and purchase of investment securities of 2,028 million yen.
(Cash flows from financing activities)
Net cash used in financing activities was 3,785 million yen (compared with 1,782 million yen used in the previous fiscal year). Negative factors included purchase of treasury shares of 2,000 million yen, dividends paid of 1,591 million yen, and repayments of lease obligations of 172 million yen.
3
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C.Uyemura & Co. Ltd. published this content on 30 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 May 2022 07:05:16 UTC.