JAFCO Group Co., Ltd.
The original disclosure in Japanese was released on April 21, 2021 at 12:00 (GMT+9).
This is a summary translation of a press release made in Japanese for convenience only.
JAFCO Group Co., Ltd. (Ticker: 8595) | Contact: Investor Relations |
1-23-1 Toranomon, Minato-ku, | Tel: +81-50-3734-2025 |
Tokyo 105-6324 Japan | ir@jafco.co.jp |
https://www.jafco.co.jp/english/ | |
April 21, 2021 |
Financial Results for the Year Ended March 31, 2021
[Japanese GAAP]
(Summary of Japanese announcement)
(Japanese yen figures less than one million yen are rounded down)
1. Consolidated Performance for the Year ended March 31, 2021 (April 1, 2020 - March 31, 2021)
- Consolidated Operating Results
(Figures with % indicate the rate of change from the same period of the previous fiscal year)
Net sales | Operating income | Ordinary income | Profit attributable to | ||||||||||||||
[¥ million] | [%] | [¥ million] | [%] | [¥ million] | [%] | JAFCO Group Co., | |||||||||||
Ltd. stockholders | |||||||||||||||||
[¥ million] | [%] | ||||||||||||||||
For the year ended March | 21,512 | (27.9) | 8,964 | (40.1) | 11,707 | (31.3) | 38,504 | 225.2 | |||||||||
31, 2021 | |||||||||||||||||
For the year ended March | 29,855 | 15.4 | 14,970 | 22.3 | 17,045 | 27.1 | 11,839 | 16.5 | |||||||||
31, 2020 | |||||||||||||||||
Note: | Comprehensive income | Year ended March 31, 2021: | ¥40,675 million [42.1%] | ||||||||||||||
Year ended March 31, 2020: | ¥28,616 million [266.1%] | ||||||||||||||||
Fully diluted net | Return | Ordinary income/ | Operating income/ | ||||||||||||||
Profit per share [¥] | income per share | on equity | total assets | net sales | |||||||||||||
[¥] | [%] | [%] | [%] | ||||||||||||||
For the year ended | 1,249.43 | - | 19.1 | 4.8 | 41.7 | ||||||||||||
March 31, 2021 | |||||||||||||||||
For the year ended | 382.76 | - | 6.7 | 8.4 | 50.1 | ||||||||||||
March 31, 2020 | |||||||||||||||||
(2) Consolidated Financial Position
Total assets | Net assets | Equity ratio | Net assets | ||||
[¥ million] | [¥ million] | [%] | per share [¥] | ||||
As of March 31, 2021 | 262,383 | 215,237 | 82.0 | 7,316.12 | |||
As of March 31, 2020 | 222,059 | 188,366 | 84.8 | 6,089.99 | |||
(Reference) Shareholders' equity | As of March 31, 2021: | ¥215, 237 million | |||||
As of March 31, 2020: | ¥188,366 million |
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JAFCO Group Co., Ltd.
(3) Consolidated cash flows
Cash flows from | Cash flows from | Cash flows from | Cash and cash equivalents | ||
operating activities | investing activities | financial activities | at end of period | ||
[¥ million] | [¥ million] | [¥ million] | [¥ million] | ||
For the year ended | 8 | 49,154 | (13,944) | 107,517 | |
March 31, 2021 | |||||
For the year ended | 12,177 | (277) | (3,581) | 72,040 | |
March 31, 2020 | |||||
2. Dividends |
Dividend per share [¥] | Total | Dividend/ | ||||||
End of | dividends | Payout ratio | shareholders' | |||||
(Record date) | End of 1Q End of 2Q End of 3Q | Total | paid | [consolidated] | equity | |||
the year | [¥ million] | [consolidated] | ||||||
For the year ended | - | - | - | 118.00 | 118.00 | 3,649 | 30.8% | 3.0% |
March 31, 2020 | ||||||||
For the year ended | - | - | - | 138.00 | 138.00 | 4,059 | 11.0% | 3.0% |
March 31, 2021 | ||||||||
For the year ending | - | - | - | - | - | - | ||
March 31, 2022 (Forecast) | ||||||||
Notes: The above dividend for the year ended March 31, 2021 is based on current plans. The forecast of dividend for the year ending March 31, 2022 is unfixed. The Company has set a policy to pay dividends of approximately 3% of shareholders' equity (initial and term-end average value) effective fiscal year ended March 31, 2017.
Dividend/ shareholders' equity: Dividend per share/ shareholders' equity per share (initial and term-end average value)
3. Business Forecasts for the Year ending March 31, 2022 (April 1, 2021 - March 31, 2022)
Volatility in stock markets and the IPO environment in Japan and overseas causes performance to fluctuate, as a result of which it is difficult to make meaningful forecasts in earnings. Therefore, instead of announcing projections, the Company makes timely disclosure of quarterly financial results.
*Other Information
- Changes in significant subsidiaries during this period: None
- Changes in accounting principles, accounting estimates and correction of prior period errors
-
Changes in accounting principles due to revisions to accounting standards: None
② Changes in accounting principles other than ① : None
③ Changes in accounting estimates: None
④ Correction of prior period errors: None
-
Changes in accounting principles due to revisions to accounting standards: None
- Number of issued shares (common stock)
- Number of issued shares (including treasury shares)
As of March 31, 2021: 32,550,000 | As of March 31, 2020: 32,550,000 |
- Number of treasury shares
As of March 31, 2021: 3,130,406 | As of March 31, 2020: 1,619,534 |
- Average number of shares
Year ended March 31, 2021: | 30,817,354 |
Year ended March 31, 2020: | 30,930,598 |
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JAFCO Group Co., Ltd.
(Reference) Summary of Unconsolidated Performance
Unconsolidated Performance for the Year ended March 31, 2021 (April 1, 2020 - March 31, 2021)
(Figures with % indicate the rate of change from the same period of the previous fiscal year)
(1) Unconsolidated Operating Results
Net sales | Operating income | Ordinary income | Profit attributable to | |||||||||||||
[¥ million] | [%] | [¥ million] [%] | [¥ million] | [%] | JAFCO Group Co., | |||||||||||
Ltd. stockholders | ||||||||||||||||
[¥ million] | [%] | |||||||||||||||
For the year ended March | 20,407 | (16.8) | 8,317 | (20.6) | 10,896 | (33.5) | 37,757 | 223.7 | ||||||||
31, 2021 | ||||||||||||||||
For the year ended March | 24,534 | (0.5) | 10,470 | (6.5) | 16,377 | 32.9 | 11,663 | 28.7 | ||||||||
31, 2020 | ||||||||||||||||
Profit per share [¥] | Fully diluted net | |||||||||||||||
income per share [¥] | ||||||||||||||||
For the year ended | 1,225.20 | - | ||||||||||||||
March 31, 2021 | ||||||||||||||||
For the year ended | 377.08 | - | ||||||||||||||
March 31, 2020 | ||||||||||||||||
(2) Unconsolidated Financial Position | ||||||||||||||||
Total assets | Net assets | Equity ratio | Net assets | |||||||||||||
[¥ million] | [¥ million] | [%] | per share [¥] | |||||||||||||
As of March 31, 2021 | 256,461 | 211,143 | 82.3 | 7,176.97 | ||||||||||||
As of March 31, 2020 | 216,305 | 185,216 | 85.6 | 5,988.17 | ||||||||||||
(Reference) Shareholders' equity | As of March 31, 2021: | ¥211,143 million | ||||||||||||||
As of March 31, 2020: | ¥185,216 million |
*These financial results are not subject to audit procedures.
*Cautionary statements with respect to forward-looking statements and other notes
(Access to the financial supplement materials)
The presentation material for the year ended March 31, 2021 will be released on the Company's website on April 21, 2021.
*Note to XBRL
Please note that the names of the English accounts contained in XBRL data, which are available through EDINET and TDNet, may be different from those of the English accounts in our financial statements.
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JAFCO Group Co., Ltd.
1. Outline of Operating Results
(1) Outline of Operating Results
In the consolidated fiscal year ended March 31, 2021, the Company and its consolidated subsidiaries (collectively the "Company Group") posted net sales of ¥21,512 million, (down 27.9% from ¥29,855 million for the previous fiscal year), operating income of ¥8,964 million (down 40.1% from ¥14,970 million), ordinary income of ¥11,707 million (down 31.3% from ¥17,045 million), and profit attributable to JAFCO Group Co., Ltd. stockholders was ¥38,504 million (up 225.2% from ¥11,839 million).
During the current fiscal year, there were six portfolio IPOs (five in Japan and one overseas), and capital gains decreased year-on-year as a result. Meanwhile, additions to investment loss reserves rose due mainly to the impact of the new coronavirus pandemic.
With regard to the impact of the new coronavirus and the Company's response, please refer to the presentation material which will be released on the Company's website.
In the current consolidated fiscal year, the Company sold 15,500,000 common shares in Nomura Research Institute, Inc. (hereinafter "NRI") (39.3% of the Company's total shareholdings in NRI of 39,468,150 shares), which had been held purely for the purpose of investment, based on a resolution made by the board of directors. As a result, ¥44,764 million in gain on sale of investment securities was recorded as an extraordinary gain.
(Outline of Capital Gains)
Although capital gains on the sale of listed shares increased from the previous year due to six portfolio IPOs (five in Japan and one overseas), overall capital gains including those on the sale of other shares decreased in the current fiscal year.
(Millions of Yen) | ||||
Year ended | Year ended | Comparison (%) | ||
March 31, 2020 | March 31, 2021 | |||
(B) / (A) | ||||
(A) | (B) | |||
Revenues from operational | 23,697 | 16,164 | 68.2 | |
investment securities (1) | ||||
Proceeds from sale of securities | 23,540 | 16,074 | 68.3 | |
Dividend and interest income | 156 | 90 | 57.8 | |
Cost of operational investment | 8,337 | 4,903 | 58.8 | |
securities (2) | ||||
Cost of securities sold | 8,116 | 4,903 | 60.4 | |
Impairment | 221 | - | - | |
Capital gains (1) - (2) | 15,359 | 11,260 | 73.3 | |
Multiple (1) / (2) | 2.84 | 3.30 | - | |
Capital gains on listed shares | 2,627 | 7,567 | 288.0 | |
Capital gains on unlisted shares | 12,732 | 3,693 | 29.0 | |
Gain on sale | 16,726 | 4,435 | 26.5 | |
Loss on sale | 3,994 | 742 | 18.6 |
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JAFCO Group Co., Ltd.
(Outline of Investment Loss Reserves)
In the consolidated fiscal year ended March 31, 2021, additions to investment loss reserves rose due to the impact of the new coronavirus pandemic. The ratio of reserves to the balance of unlisted operational investment securities also increased.
(Millions of Yen) | |||||||
Year ended | Year ended | Comparison (%) | |||||
March 31, 2020 | March 31, 2021 | ||||||
(B) / (A) | |||||||
(A) | (B) | ||||||
Additions to investment loss reserves (1) | 3,084 | 3,483 | 112.9 | ||||
Company-by-company | 3,731 | 3,541 | 94.9 | ||||
reserves | |||||||
(Reversal of) General reserves | (647) | (58) | - | ||||
Reversal of investment loss reserves (2) | 3,599 | 803 | 22.3 | ||||
Net additions = (1)-(2) | (514) | 2,679 | - | ||||
(minus figures are reversals) | |||||||
(Millions of Yen) | |||||||
As of March 31, 2020 | As of March 31, 2021 | ||||||
Balance of investment loss reserves | 8,229 | 10,917 | |||||
Company-by-company reserves | 8,026 | 10,772 | |||||
General reserves | 203 | 145 | |||||
Ratio to all unlisted operational investment securities | 14.9% | 17.3% | |||||
(Outline of Balance of Operational Investment Securities)
The balance of operational investment securities rose in the consolidated year ended March 31, 2021 because of IPOs of portfolio companies, etc.
(Millions of Yen) | |||
As of March 31, 2020 | As of March 31, 2021 | ||
Difference between acquisition cost and market | 6,975 | 14,850 | |
value of listed operational investment securities | |||
Securities whose market value | 7,126 | 14,850 | |
exceeds acquisition cost | |||
Securities whose market value | (151) | - | |
falls below acquisition cost | |||
(Millions of Yen) | |||
Year ended March 31, 2020 | Year ended March 31, 2021 | ||
(Reversal of) Unrealized losses on operational | (88) | (150) | |
investment securities | |||
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JAFCO Group Co., Ltd.
Balance of Operational Investment Securities
(Millions of Yen) | ||||
As of March 31, 2020 | As of March 31, 2021 | |||
Acquisition cost | Figures on the | Acquisition cost | Figures on the | |
consolidated B/S | consolidated B/S | |||
Listed | 1,494 | 8,470 | 1,594 | 16,444 |
Unlisted | 54,696 | 55,061 | 62,511 | 63,102 |
Total | 56,191 | 63,532 | 64,105 | 79,547 |
Note: 1. Investments in other funds (investment in funds managed by third parties) have been included in investment securities holdings since the end of the previous fiscal year.
2. The differences in "Acquisition cost" and "Figures on the consolidated balance sheets" for "Unlisted" securities only reflect foreign exchange translation difference.
(Outline of Fund Operations)
Management fees from JAFCO SV6 Fund Series (SV6) and JAFCO Taiwan I Venture Capital Limited Partnership, both established in the previous fiscal year, increased.
(Millions of Yen) | |||||
Year ended March 31, 2020 | Year ended March 31, 2021 | Comparison (%) | |||
(A) | (B) | (B) / (A) | |||
Income from partnership | 6,155 | 5,340 | 86.8 | ||
management | |||||
Fund management | 2,586 | 2,871 | 111.0 | ||
fees | |||||
Success fees | 3,569 | 2,469 | 69.2 | ||
Note: | Fund management fees and success fees are based on commitment amount excluding the Company Group's commitment. |
- Outline of Financial Condition
- Outline of assets, liabilities, and net assets
Assets and liabilities increased mainly due to changes in the market value of investment securities holdings.
In the current consolidated fiscal year, the Company sold 39.3% of its shareholdings in NRI and passed a resolution to implement a share buyback up to ¥35,000 million, which is equivalent to after-tax sales proceeds of NRI shares. As a result, shares totaling ¥10,154 million had been bought back as of the end of the current consolidated fiscal year.
(Millions of Yen) | |||
As of March 31, 2020 | As of March 31, 2021 | ||
Total assets | 222,059 | 262,383 | |
Current assets | 128,421 | 177,455 | |
Non-current assets | 93,637 | 84,928 | |
Total liabilities | 33,693 | 47,145 | |
Current liabilities | 7,582 | 20,351 | |
Non-current liabilities | 26,110 | 26,794 | |
Net assets | 188,366 | 215,237 | |
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JAFCO Group Co., Ltd.
(ii) Outline of cash flows
(Millions of Yen) | ||||
For the year ended | For the year ended | |||
March 31, 2020 | March 31, 2021 | |||
Amount | Amount | Main factor | ||
Cash flows from operating activities | 12,177 | 8 | Revenue from the sale of | |
operational investment | ||||
securities, etc. | ||||
(277) | Revenue from the sale of | |||
Cash flows from investing activities | 49,154 | investment securities (NRI | ||
shares) | ||||
Cash flows from financing activities | (3,581) | (13,944) | Expenditure related to share | |
Buyback, etc. | ||||
Other | (156) | 258 | Exchange rate fluctuation | |
Term-end balance of cash and cash | 72,040 | 107,517 | ||
equivalents | ||||
[5,776] | [7,843] | |||
[Of which, interests in funds] | ||||
Note: JAFCO Group's uncalled commitments to JAFCO-managed funds as of March 31, 2021 were ¥31,624 million, compared with ¥31,939 million at the end of previous full year.
(Cash flow indices)
Fiscal year ended | March 2017 | March 2018 | March 2019 | March 2020 | March 2021 |
Equity ratio (%) | 87.4 | 83.7 | 88.6 | 84.8 | 82.0 |
Market price-based equity ratio (%) | 69.7 | 81.4 | 66.6 | 39.2 | 73.8 |
Cash flows/ Interest-bearing debt ratio (year) | 0.3 | 0.1 | - | 0.0 | 14.3 |
Interest coverage ratio (times) | 300.5 | 202.8 | - | 7,727.8 | 7.7 |
Equity ratio: Shareholders' equity / total assets
Market price-based equity ratio: Market capitalization/ total assets
Cash flow/ interest-bearing debt ratio: Interest-bearing debt/ cash flows
Interest coverage ratio: Cash flows/ interest expense
Notes: 1. Market capitalization is based on the number of issued shares excluding treasury shares.
- Operating cash flows are used as cash flows.
- The interest-bearing debts include all the liabilities on the balance sheets, whose interest is being paid.
- Cash flows/ interest-bearing debt ratio and interest coverage ratio for the fiscal year ended March 31, 2019 are not shown because operating cash flows were negative.
- Policy on Distribution of Profits and Dividends for the Current Fiscal Year/ Next Fiscal Year
In February 2021, JAFCO Group passed a resolution to implement a share buyback up to the total acquisition costs of ¥35 billion and not exceeding 7 million shares (acquisition period: until February 11, 2022). Concurrently, it announced the policy on future shareholder returns, which stipulates that if the sum of cash and equivalents and mark-to-market valuation (after tax) of NRI shares exceeds the amount of funds necessary for future investments (currently about ¥120 billion) by a certain amount, the Company will consider a share buyback.
In the current consolidated fiscal year, shares totaling ¥10,154 million were bought back based on the above resolution.
Regarding the dividend, the Company has set a policy to pay dividends of approximately 3% of shareholders' equity (initial and term-end average value). For the current fiscal year, it plans to pay ¥138 per share (previous full year: ¥118 per share) based on the above indicator.
The Company remains committed to secure necessary funds required to continue investment under any circumstances, while maintaining a good balance between proactive investment based on our investment policy and continuous shareholder returns.
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JAFCO Group Co., Ltd.
2. Basic Rationale for Selection of Accounting Standards
Valuation of unlisted securities and the scope of consolidation for funds, which are essential for the proper representation of the JAFCO Group's financial conditions and operating performance, differ between Japanese Accounting Standards and IFRS. At present, we consider Japanese Accounting Standards reasonable and have no immediate plans to convert to IFRS for the preparation of consolidated financial statement.
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JAFCO Group Co., Ltd.
3. Consolidated Financial Statements
(1) Consolidated Balance Sheets
(Millions of yen) | ||||||||
As of March 31, 2020 | As of March 31, 2021 | |||||||
Assets | ||||||||
Current assets | ||||||||
Cash and deposits | 69,540 | 107,517 | ||||||
Operational investment securities | 63,532 | 79,547 | ||||||
Investment loss reserves | (8,229) | (10,917) | ||||||
Securities | 2,500 | - | ||||||
Other | 1,078 | 1,307 | ||||||
Total current assets | 128,421 | 177,455 | ||||||
Non-current assets | ||||||||
Property, plant and equipment | ||||||||
Buildings, net | 332 | 295 | ||||||
Furniture and fixture | 102 | 75 | ||||||
Total property, plant and equipment | 435 | 370 | ||||||
Intangible assets | ||||||||
Software | 222 | 228 | ||||||
Total intangible assets | 222 | 228 | ||||||
Investments and other assets | ||||||||
Investment securities | 92,131 | 83,578 | ||||||
Investments in capital | 0 | 0 | ||||||
Long-term loans receivable | 117 | 162 | ||||||
Deferred tax assets | 334 | 193 | ||||||
Other | 396 | 394 | ||||||
Total investments and other assets | 92,980 | 84,329 | ||||||
Total non-current assets | 93,637 | 84,928 | ||||||
Total assets | 222,059 | 262,383 |
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JAFCO Group Co., Ltd.
(Millions of yen) | ||||||||||||||||
As of March 31, 2020 | As of March 31, 2021 | |||||||||||||||
Liabilities | ||||||||||||||||
Current liabilities | ||||||||||||||||
Current portion of long-term borrowings | 234 | 15 | ||||||||||||||
Income taxes payable | 4,344 | 17,124 | ||||||||||||||
Provision for bonuses | 226 | 257 | ||||||||||||||
Allowance for extraordinary compensation for | 89 | 86 | ||||||||||||||
directors | ||||||||||||||||
Other | 2,688 | 2,867 | ||||||||||||||
Total current liabilities | 7,582 | 20,351 | ||||||||||||||
Non-current liabilities | ||||||||||||||||
Long-term borrowings | 15 | 100 | ||||||||||||||
Retirement benefit liability | 434 | 427 | ||||||||||||||
Deferred tax liabilities | 25,528 | 26,148 | ||||||||||||||
Other | 132 | 119 | ||||||||||||||
Total non-current liabilities | 26,110 | 26,794 | ||||||||||||||
Total liabilities | 33,693 | 47,145 | ||||||||||||||
Net assets | ||||||||||||||||
Shareholders' equity | ||||||||||||||||
Share capital | 33,251 | 33,251 | ||||||||||||||
Capital surplus | 32,806 | 32,806 | ||||||||||||||
Retained earnings | 67,643 | 102,497 | ||||||||||||||
Treasury shares | (7,587) | (17,741) | ||||||||||||||
Total shareholders' equity | 126,113 | 150,813 | ||||||||||||||
Accumulated other comprehensive income | ||||||||||||||||
Valuation difference on available-for-sale | 61,529 | 63,688 | ||||||||||||||
securities | ||||||||||||||||
Foreign currency translation adjustment | 723 | 735 | ||||||||||||||
Total accumulated other comprehensive income | 62,252 | 64,424 | ||||||||||||||
Total net assets | 188,366 | 215,237 | ||||||||||||||
Total liabilities and net assets | 222,059 | 262,383 |
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JAFCO Group Co., Ltd.
(2) Consolidated Statements of Income and Consolidated Statement of Comprehensive Income (Consolidated Statements of Income)
(Millions of yen) | |||||||
Fiscal year ended | Fiscal year ended | ||||||
March 31, 2020 | March 31, 2021 | ||||||
Net sales | |||||||
Revenue from operational investment securities | 23,697 | 16,164 | |||||
Income from investment partnership management | 6,155 | 5,340 | |||||
Other sales | 1 | 6 | |||||
Total net sales | 29,855 | 21,512 | |||||
Cost of sales | |||||||
Cost of operational investment securities | 8,337 | 4,903 | |||||
Other costs | 3,061 | 795 | |||||
Total cost of sales | 11,399 | 5,699 | |||||
Gross profit | 18,455 | 15,812 | |||||
(Reversal of) Additions to investment loss reserves | (514) | 2,679 | |||||
(Reversal of) unrealized losses on operational | (88) | (150) | |||||
investment securities | |||||||
Gross profit - net | 19,059 | 13,284 | |||||
Selling, general and administrative expenses | 4,088 | 4,319 | |||||
Operating profit | 14,970 | 8,964 | |||||
Non-operating income | |||||||
Interest income | 109 | 69 | |||||
Dividend income | 2,040 | 1,409 | |||||
Foreign exchange gains | - | 354 | |||||
Gain on investment in other funds | - | 907 | |||||
Miscellaneous income | 19 | 21 | |||||
Total non-operating income | 2,169 | 2,761 | |||||
Non-operating expenses | |||||||
Interest expenses | 1 | 1 | |||||
Foreign exchange losses | 76 | - | |||||
Contribution to an investee | 11 | 11 | |||||
Commission for purchase of treasury shares | - | 5 | |||||
Miscellaneous losses | 5 | 0 | |||||
Total non-operating expenses | 94 | 18 | |||||
Ordinary profit | 17,045 | 11,707 | |||||
Extraordinary income | |||||||
Gain on sale of investment securities | - | 44,764 | |||||
Total extraordinary income | - | 44,764 | |||||
Extraordinary losses | |||||||
Total extraordinary losses | - | - | |||||
Profit before income taxes | 17,045 | 56,471 | |||||
Income taxes - current | 5,214 | 18,076 | |||||
Income taxes - deferred | (7) | (108) | |||||
Total income taxes | 5,206 | 17,967 | |||||
Profit | 11,839 | 38,504 | |||||
Profit attributable to non-controlling interests | - | - | |||||
Profit attributable to JAFCO Group Co., Ltd. | 11,839 | 38,504 | |||||
stakeholders | |||||||
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JAFCO Group Co., Ltd.
(Consolidated Statement of Comprehensive Income)
(Millions of yen) | |||||||
Fiscal year ended | Fiscal year ended | ||||||
March 31, 2020 | March 31, 2021 | ||||||
Profit | 11,839 | 38,504 | |||||
Other comprehensive income | |||||||
Valuation difference on available-for-sale securities | 16,809 | 2,159 | |||||
Foreign currency translation adjustment | (31) | 11 |
Total other comprehensive income
Comprehensive income
Comprehensive income attributable to Comprehensive income attributable to JAFCO Group Co., Ltd. stockholders Comprehensive income attributable to non- controlling interests
16,777 | 2,171 | |||
28,616 | 40,675 | |||
28,616 | 40,675 | |||
- | - | |||
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JAFCO Group Co., Ltd.
- Consolidated Statements of Changes in Shareholders' Equity Previous Consolidated Fiscal Year (April 1, 2019 - March 31, 2020)
(Millions of yen)
Shareholders' equity | ||||||||
Share capital | Capital surplus | Retained earnings | Treasury shares | Total shareholders' | ||||
equity | ||||||||
Balance at beginning of current | 33,251 | 32,806 | 59,268 | (7,586) | 117,739 | |||
period | ||||||||
Change of items during the | ||||||||
period | ||||||||
Dividends of surplus | (3,464) | (3,464) | ||||||
Profit attributable to JAFCO | ||||||||
Group Co., Ltd. | 11,839 | 11,839 | ||||||
stockholders | ||||||||
Purchase of treasury shares | (1) | (1) | ||||||
Net change of items other | ||||||||
than shareholders' equity | ||||||||
Total change of items during | - | - | 8,374 | (1) | 8,373 | |||
the period | ||||||||
Balance at end of period | 33,251 | 32,806 | 67,643 | (7,587) | 126,113 | |||
Other accumulated comprehensive income | ||||||||
Total | ||||||||
Valuation | Foreign currency | Total other | ||||||
difference on | accumulated | net assets | ||||||
translation | ||||||||
available-for-sale | comprehensive | |||||||
adjustment | ||||||||
securities | income | |||||||
Balance at beginning of current | 44,719 | 755 | 45,475 | 163,215 | ||||
period | ||||||||
Change of items during the | ||||||||
period | ||||||||
Dividends of surplus | (3,464) | |||||||
Profit attributable to JAFCO | ||||||||
Group Co., Ltd. | 11,839 | |||||||
stockholders | ||||||||
Purchase of treasury shares | (1) | |||||||
Net change of items other | 16,809 | (31) | 16,777 | 16,777 | ||||
than shareholders' equity | ||||||||
Total change of items during | 16,809 | (31) | 16,777 | 25,151 | ||||
the period | ||||||||
Balance at end of period | 61,529 | 723 | 62,252 | 188,366 | ||||
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JAFCO Group Co., Ltd.
Current Consolidated Fiscal Year (April 1, 2020 - March 31, 2021)
(Millions of yen) | |||||||||
Shareholders' equity | |||||||||
Share capital | Capital surplus | Retained earnings | Treasury shares | Total shareholders' | |||||
equity | |||||||||
Balance at beginning of period | 33,251 | 32,806 | 67,643 | (7,587) | 126,113 | ||||
Changes during period | |||||||||
Dividends of surplus | (3,649) | (3,649) | |||||||
Profit attributable to JAFCO | |||||||||
Group Co., Ltd. | 38,504 | 38,504 | |||||||
stockholders | |||||||||
Purchase of treasury shares | (10,154) | (10,154) | |||||||
Disposition of treasury | (0) | 0 | 0 | ||||||
shares | |||||||||
Net changes in items other | |||||||||
than shareholders' equity | |||||||||
Total changes during period | - | - | 34,854 | (10,154) | 24,700 | ||||
Balance at end of period | 33,251 | 32,806 | 102,497 | (17,741) | 150,813 | ||||
Accumulated other comprehensive income | |||||||||
Valuation | Total | Total net | |||||||
Foreign currency | accumulated | ||||||||
difference on | assets | ||||||||
translation | other | ||||||||
available-for-sale | |||||||||
adjustment | comprehensive | ||||||||
securities | |||||||||
income | |||||||||
Balance at beginning of period | 61,529 | 723 | 62,252 | 188,366 | |||||
Changes during period | |||||||||
Dividends of surplus | (3,649) | ||||||||
Profit attributable to JAFCO | |||||||||
Group Co., Ltd. | 38,504 | ||||||||
stockholders | |||||||||
Purchase of treasury shares | (10,154) | ||||||||
Disposition of treasury | 0 | ||||||||
shares | |||||||||
Net changes in items other | 2,159 | 11 | 2,171 | 2,171 | |||||
than shareholders' equity | |||||||||
Total changes during period | 2,159 | 11 | 2,171 | 26,871 | |||||
Balance at end of period | 63,688 | 735 | 64,424 | 215,237 | |||||
14
JAFCO Group Co., Ltd.
(4) Consolidated Statements of Cash Flows
(Millions of yen) | |||||||
Fiscal year ended | Fiscal year ended | ||||||
March 31, 2020 | March 31, 2021 | ||||||
Cash flows from operating activities | |||||||
Profit before income taxes | 17,045 | 56,471 | |||||
Depreciation | 189 | 192 | |||||
Increase (decrease) in allowance for investment loss | (514) | 2,679 | |||||
Increase (decrease) in provision for bonuses | 31 | 30 | |||||
Increase (decrease) in allowance for extraordinary | - | (2) | |||||
compensation for directors | |||||||
Increase (decrease) in retirement benefit liability | (18) | (7) | |||||
(Reversal of) unrealized losses on operational | (88) | (150) | |||||
investment securities | |||||||
Interest and dividend income | (2,149) | (1,478) | |||||
Interest expenses | 1 | 1 | |||||
Foreign exchange losses (gains) | 151 | (500) | |||||
Loss (gain) on sale of investment securities | - | (44,764) | |||||
Gain on investments in other funds | - | (907) | |||||
Decrease (increase) in investment securities for sale | (5,340) | (7,881) | |||||
Other, net | 2,325 | 424 | |||||
Subtotal | 11,632 | 4,107 | |||||
Interest and dividends received | 2,149 | 1,478 | |||||
Interest paid | (1) | (1) | |||||
Income taxes paid | (2,396) | (5,576) | |||||
Income taxes refund | 793 | 0 | |||||
Net cash provided by (used in) operating activities | 12,177 | 8 | |||||
Cash flows from investing activities | |||||||
Purchase of property, plant and equipment | (88) | (55) | |||||
Purchase of intangible assets | (84) | (72) | |||||
Proceeds from sale of investment securities | 41 | 48,253 | |||||
Long-term loan advances | (128) | (62) | |||||
Proceeds from collection of long-term loans | 18 | 17 | |||||
receivable | |||||||
Payment for investments in other funds | - | (176) | |||||
Proceeds from share of profits on investments in | - | 1,295 | |||||
other funds | |||||||
Increase in other investments and assets | (41) | (50) | |||||
Decrease in other investments and assets | 5 | 5 | |||||
Net cash provided by (used in) investing activities | (277) | 49,154 | |||||
Cash flows from financing activities | |||||||
Proceeds from long-term borrowings | - | 100 | |||||
Repayments of long-term borrowings | (116) | (234) | |||||
Dividends paid | (3,464) | (3,650) | |||||
Purchase of treasury shares | (1) | (10,160) | |||||
Proceeds from sale of treasury shares | - | 0 | |||||
Net cash provided by (used in) financing activities | (3,581) | (13,944) | |||||
Effect of exchange rate change on cash and cash | (156) | 258 | |||||
equivalents | |||||||
Net increase (decrease) in cash and cash equivalents | 8,162 | 35,476 | |||||
Cash and cash equivalents at beginning of period | 63,878 | 72,040 | |||||
Cash and cash equivalents at end of period | * 72,040 | * 107,517 |
*see notes (i) (ii) on P16
15
JAFCO Group Co., Ltd.
(5) Notes for Consolidated Financial Statements
(Notes on premise of going concern) None
(Related to consolidated statements of income)
Selling, general and administrative expenses (major items)
(Millions of Yen) | ||
For the year ended | For the year ended | |
March 31, 2020 | March 31, 2021 | |
Directors' compensation | 201 | 199 |
Allowance for extraordinary compensation for directors | 89 | 84 |
Salaries | 1,249 | 1,181 |
Bonuses to employees | 446 | 392 |
Retirement benefit expenses | 90 | 83 |
Rental expenses | 197 | 189 |
Taxes and dues | 592 | 1,192 |
(Related to consolidated statements of cash flows)
- Relationship between the balance of cash and cash equivalents as of the year-end and the items stated in the consolidated balance sheets
(Millions of Yen) | ||
For the year ended | For the year ended | |
March 31, 2020 | March 31, 2021 | |
Cash and time deposits | 69,540 | 107,517 |
Securities | 2,500 | - |
Cash and cash equivalents | 72,040 | 107,517 |
(ii) Breakdown of JAFCO's interest of cash and cash equivalents in funds
(Millions of Yen) | ||
For the year ended | For the year ended | |
March 31, 2020 | March 31, 2021 | |
Cash and time deposits | 5,776 | 7,843 |
Securities | - | - |
Cash and cash equivalents | 5,776 | 7,843 |
- The Company Group's uncalled commitments to funds managed by the Company Group as of March 31, 2021 were ¥31,624 million, compared with ¥31,939 million as of the end of previous full year.
(Segment information)
Previous consolidated fiscal year (April 1, 2019 -March 31, 2020) and current consolidated fiscal year (April 1, 2020 -March 31, 2021)
Since the JAFCO Group carries out managements of funds as a single business segment, business segment information is not presented.
(Notes on marketable securities)
- Held-to-maturitybonds None
16
JAFCO Group Co., Ltd.
(ii) Available-for-sale securities | (Millions of Yen) | ||||||||
As of March 31, 2020 | As of March 31, 2021 | ||||||||
Type | |||||||||
Figures on the | Acquisition cost | Difference | Figures on the | Acquisition cost | Difference | ||||
consolidated B/S | consolidated B/S | ||||||||
Operational | |||||||||
investment securities | |||||||||
(1) | Stock | 7,983 | 856 | 7,126 | 16,444 | 1,594 | 14,850 | ||
(2) | Bond | - | - | - | - | - | - | ||
(3) | Others | - | - | - | - | - | - | ||
Subtotal | 7,983 | 856 | 7,126 | 16,444 | 1,594 | 14,850 | |||
Securities | Investment securities | ||||||||
(1) | Stock | 90,480 | 9,319 | 81,160 | 82,156 | 5,851 | 76,305 | ||
whose B/S | |||||||||
amount | (2) | Bond | - | - | - | - | - | - | |
exceeds | (3) | Others | - | - | - | - | - | - | |
acquisition | |||||||||
cost | Subtotal | 90,480 | 9,319 | 81,160 | 82,156 | 5,851 | 76,305 | ||
Marketable securities | |||||||||
(1) | Stock | - | - | - | - | - | - | ||
(2) | Bond | - | - | - | - | - | - | ||
(3) | Others | - | - | - | - | - | - | ||
Subtotal | - | - | - | - | - | - | |||
Total | 98,463 | 10,175 | 88,287 | 98,601 | 7,445 | 91,156 | |||
Operational | |||||||||
investment securities | |||||||||
(1) | Stock | 487 | 638 | (151) | - | - | - | ||
(2) | Bond | - | - | - | - | - | - | ||
(3) | Others | - | - | - | - | - | - | ||
Subtotal | 487 | 638 | (151) | - | - | - | |||
Securities | Investment securities | ||||||||
(1) | Stock | 34 | 51 | (17) | 21 | 32 | (10) | ||
whose B/S | |||||||||
amount | (2) | Bond | - | - | - | - | - | - | |
falls below | |||||||||
acquisition | (3) | Others | - | - | - | - | - | - | |
cost | Subtotal | 34 | 51 | (17) | 21 | 32 | (10) | ||
Marketable securities | |||||||||
(1) | Stock | - | - | - | - | - | - | ||
(2) | Bond | - | - | - | - | - | - | ||
(3) | Others | 2,500 | 2,500 | - | - | - | - | ||
Subtotal | 2,500 | 2,500 | - | - | - | - | |||
Total | 3,021 | 3,190 | (168) | 21 | 32 | (10) | |||
Grand total | 101,485 | 13,366 | 88,118 | 98,622 | 7,477 | 91,145 |
17
JAFCO Group Co., Ltd.
(Millions of Yen)
Note: 1. The following items are not included in the above table because they have no market value, making it difficult to determine fair value.
(Millions of Yen) | ||||||||||||
As of March 31, 2020 | As of March 31, 2021 | |||||||||||
Figures on the consolidated B/S | Figures on the consolidated B/S | |||||||||||
Available-for-sale securities | ||||||||||||
Operational investment securities | ||||||||||||
Unlisted stock | 53,352 | 61,060 | ||||||||||
Unlisted domestic and foreign bonds | 938 | 1,271 | ||||||||||
Others | 770 | 770 | ||||||||||
Investment securities | ||||||||||||
Unlisted stock | 776 | 794 | ||||||||||
Others | 647 | 412 | ||||||||||
(iii) Available-for-sale securities which were sold | (Millions of Yen) | |||||||||||
For the year ended March 31, 2020 | For the year ended March 31, 2021 | |||||||||||
Proceeds | Total gain on | Total loss on | Proceeds | Total gain on | Total loss on | |||||||
from sale | sale | sale | from sale | sale | sale | |||||||
Operational | 23,540 | 19,418 | (3,994) | 16,074 | 11,912 | (742) | ||||||
investment securities | ||||||||||||
Investment securities | 39 | 8 | (11) | 48,257 | 44,767 | - | ||||||
Total | 23,579 | 19,427 | (4,006) | 64,331 | 56,680 | (742) | ||||||
(iv) Impairment of securities
In the current fiscal year, no impairment losses (write-down of acquisition cost) were recorded on available-for-sale securities (including those which are extremely difficult to determine fair value). Impairment losses of ¥221 million on available-for-sale securities (all operational investment securities) were recorded in the previous year.
18
JAFCO Group Co., Ltd.
(Per share information)
For the year ended | For the year ended | ||
March 31, 2020 | March 31, 2021 | ||
Net assets per share [¥] | 6,089.99 | Net assets per share [¥] | 7,316.12 |
Profit per share [¥] | 382.76 | Profit per share [¥] | 1,249.43 |
Notes: 1. Fully diluted profit per share is not shown because there are no dilutive potential shares. 2. Profit per share is calculated based on the following data.
For the year ended | For the year ended | |
March 31, 2020 | March 31, 2021 | |
Profit per share | ||
Profit attributable to JAFCO Group Co., | 11,839 | 38,504 |
Ltd. stockholders (¥ million) | ||
Amount not appertaining to | - | - |
common stock shareholders (¥ million) | ||
Profit related to common shares attributable | 11,839 | 38,504 |
to JAFCO Group Co., Ltd. stockholders | ||
(¥ million) | ||
Weighted average number of common | 30,930 | 30,817 |
shares (thousand shares) | ||
(Significant subsequent events) None
19
JAFCO Group Co., Ltd.
4. Other Information
- Investments and IPOs
- Investments
(Millions of Yen)
Year ended March 31, 2020 | Year ended March 31, 2021 | |||||||
(A) | (B) | Comparison (%) | ||||||
Amount | No. of | Amount | No. of | (B) / (A) | ||||
(A) | companies | (B) | companies | |||||
Equity | ||||||||
(Japan) | 24,883 | 35 | 21,491 | 35 | 86.4 | |||
(USA) | 8,425 | 24 | 7,637 | 18 | 90.6 | |||
(Asia) | 1,459 | 12 | 3,684 | 13 | 252.4 | |||
Total | 34,769 | 71 | 32,813 | 66 | 94.4 | |||
Notes: 1. Investment amount is a total of investments by the Company Group and funds. | ||||
2. Investments denominated in foreign currencies are translated into yen on a quarterly basis using the | ||||
exchange rate at the end of each quarter. | ||||
3.Overseas investments made in the venture investment division in Japan are included in Japan. | ||||
(ii) IPOs | ||||
(Japan) | (Millions of Yen) | |||
For the year ended March 31, 2020 | For the year ended March 31, 2021 | |||
Number of IPOs | 3 | 5 | ||
Investment cost (1) | 1,293 | 2,388 | ||
Market value at IPOs (2) | 13,396 | 35,210 | ||
Multiple (2)/(1) | 10.4 | 14.7 |
Notes: 1. "Investment cost" and "Market value at IPO" are total amounts by the Company Group and funds.
2. "Market value at IPO" is calculated by multiplying the number of shares held prior to the IPO by first price.
(Overseas) | (Millions of Yen) | |
For the year ended March 31, 2020 | For the year ended March 31, 2021 | |
Number of IPOs | 1 | 1 |
Investment cost (1) | 886 | 302 |
Market value at IPOs (2) | 13,881 | 2,315 |
Multiple (2)/(1) | 15.7 | 7.7 |
Notes: 1. "Investment cost" and "Market value at IPO" are total amounts by the Company Group and funds. Exchange rate at the time of IPO is used for conversion.
2. "Market value at IPO" is calculated by multiplying the number of shares held prior to the IPO by first price.
20
JAFCO Group Co., Ltd.
(2) Establishment of Funds
Year ended March 31, 2021 (April 1, 2020 - March 31, 2021)
(i) Newly established funds:
(Millions of USD) | |
Fund name | Total commitments as of |
March 31, 2021 | |
Icon Ventures VII, L.P. | 178 |
Note: Fundraising still underway |
(ii) Funds established in previous years whose total commitments increased in this period
(Millions of TWD)
Fund name | Total commitments | Total commitments | Increase in | |
as of | as of | |||
commitments | ||||
March 31, 2021 | March 31, 2020 | |||
JAFCO Taiwan I Venture | 2,006* | 1,037 | 969 | |
Capital Limited Partnership | ||||
*Yen equivalent using the exchange rate as of March 31, 2021: ¥7,803 million |
Previous full year (April 1, 2019 - March 31, 2020)
(i) Newly established funds:
(Millions of yen) | ||
Fund name | Total commitments as of | |
March 31, 2020 | ||
JAFCO SV6 Fund Series | 80,000 | |
(Millions of TWD) | ||
Fund name | Total commitments as of | |
March 31, 2020 | ||
JAFCO Taiwan I Venture | 1,037 * | |
Capital Limited Partnership | ||
*Yen equivalent using the exchange rate as of March 31, 2020: ¥3,681 million
- Funds established in previous years whose total commitments increased None
21
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JAFCO Co. Ltd. published this content on 21 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 April 2021 03:01:08 UTC.