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Consolidated Financial Results
for the Three Months Ended June 30, 2022
[Japanese GAAP]
July 27, 2022
Company name: Japan Aviation Electronics Industry, Limited
Stock exchange listing: Tokyo Stock Exchange
Code number: 6807
URL: https://www.jae.com
Representative: Tsutomu Onohara, President
Contact: Kazuhiko Aoki, Associate Senior Vice President
General Manager Accounting and Financial Division
Phone: +81-3-3780-2752
Scheduled date of filing quarterly securities report: August 5, 2022
Scheduled date of commencing dividend payments: -
Availability of supplementary explanatory materials on quarterly financial results: Available
Schedule of quarterly financial results briefing session: Not scheduled
(Amounts of less than one million yen are rounded down.)
1. Consolidated Financial Results for the Three Months Ended June 30, 2022 (April 1, 2022 - June 30, 2022)
(1) Consolidated Operating Results | (% indicates changes from the previous corresponding period.) | |||||||||||||||
Net sales | Operating profit | Ordinary profit | Profit attributable to | |||||||||||||
owners of parent | ||||||||||||||||
Three months ended | Million yen | % | Million yen | % | Million yen | % | Million yen | % | ||||||||
June 30, 2022 | 56,452 | 7.4 | 5,225 | 45.0 | 7,749 | 115.4 | 5,853 | 118.3 | ||||||||
June 30, 2021 | 52,542 | 21.2 | 3,604 | - | 3,598 | - | 2,681 | - | ||||||||
(Note) Comprehensive income: Three months ended June 30, 2022: ¥10,131 million [256.7%] | ||||||||||||||||
Three months ended June 30, 2021: ¥2,840 million [-%] | ||||||||||||||||
Basic earnings | Diluted | |||||||||||||||
earnings | ||||||||||||||||
per share | ||||||||||||||||
per share | ||||||||||||||||
Three months ended | Yen | Yen | ||||||||||||||
June 30, 2022 | 64.32 | 64.29 | ||||||||||||||
June 30, 2021 | 29.48 | 29.47 | ||||||||||||||
(2) Consolidated Financial Position | ||||||||||||||||
Total assets | Net assets | Equity ratio | ||||||||||||||
Million yen | Million yen | % | ||||||||||||||
As of June 30, 2022 | 231,764 | 166,256 | 71.7 | |||||||||||||
As of March 31, 2022 | 225,343 | 157,887 | 70.0 |
(Reference) Equity: As of June 30, 2022: ¥166,125 million As of March 31, 2022: ¥157,754 million
2. Dividends
Annual dividends | ||||||||||
1st quarter- | 2nd quarter- | 3rd quarter- | Year-end | Total | ||||||
end | end | end | ||||||||
Yen | Yen | Yen | Yen | Yen | ||||||
Fiscal year ended | - | 15.00 | - | 20.00 | 35.00 | |||||
March 31, 2022 | ||||||||||
Fiscal year ended | - | |||||||||
March 31, 2023 | ||||||||||
Fiscal year ending | ||||||||||
March 31, 2023 | 20.00 | - | 20.00 | 40.00 | ||||||
(Forecast) |
(Note) Revision to the forecast for dividends announced most recently: None
3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2023 (April 1, 2022 - March 31, 2023)
(% indicates changes from the previous corresponding period.)
Profit attributable | Basic earnings | ||||||||
Net sales | Operating profit | Ordinary profit | to owners of | ||||||
per share | |||||||||
parent | |||||||||
Million yen | % | Million yen | % | Million yen | % | Million yen | % | Yen | |
First half | 123,000 | 9.8 | 10,000 | 8.4 | 12,000 | 34.1 | 9,000 | 32.6 | 98.89 |
Full year | - | - | - | - | - | - | - | - | - |
(Note) Revision to the financial results forecast announced most recently: Yes
Due to the difficulty of forecasting at this time, the forecast for the full year has been withdrawn and undecided from our initial projection announced on April 27, 2022. For details, please refer to the "Announcement of Revisions to Financial Results Forecast" released today (July 27, 2022).
* Notes:
- Changes in significant subsidiaries during the period under review (changes in specified subsidiaries resulting in changes in scope of consolidation): None
- Accounting methods adopted particularly for the preparation of quarterly consolidated financial statements: Yes (Note) For details, please refer to "2. Quarterly Consolidated Financial Statements and Principal Notes (3) Notes to Quarterly Consolidated Financial Statements (Accounting methods adopted particularly for the preparation
of quarterly consolidated financial statements)" on page 6 of the Attachments.- Changes in accounting policies, changes in accounting estimates and retrospective restatement
- Changes in accounting policies due to the revision of accounting standards: None
- Changes in accounting policies other than 1) above: None
- Changes in accounting estimates: None
- Retrospective restatement: None
- Total number of issued and outstanding shares (common shares)
- Total number of issued and outstanding shares at the end of the period (including treasury shares):
June 30, 2022: | 92,302,608 shares |
March 31, 2022: | 92,302,608 shares |
2) Total number of treasury shares at the end of the period: | |
June 30, 2022: | 1,278,945 shares |
March 31, 2022: | 1,309,945 shares |
3) Average number of shares during the period: | |
Three months ended June 30, 2022: | 91,004,913 shares |
Three months ended June 30, 2021: | 90,960,401 shares |
- These quarterly consolidated financial results are outside the scope of quarterly review by a certified public accountant or an audit firm.
-
Explanation of the proper use of performance forecast and other notes
The forward-looking statements concerning future financial results presented in this document are prepared based on the information currently available for the Company and certain preconditions which the Company believes to be reasonable at this time. Actual results may be substantially different from any projections presented herein due to various factors. Please refer to "Explanation of Consolidated Financial Results Forecast and Other Forward-looking Information" on page 2 of the Attachments for the assumptions underlying the financial results forecasts and precautions when using the forecasts.
We will post the quarterly financial results explanatory materials on our website.
Table of Contents - Attachments | ||
1. Qualitative Information on Quarterly Financial Results ..................................................................... | 2 | |
(1) | Explanation of Operating Results ................................................................................................... | 2 |
(2) | Explanation of Financial Position ................................................................................................... | 2 |
(3) | Explanation of Consolidated Financial Results Forecast and Other Forward-looking Information | 2 |
2. Quarterly Consolidated Financial Statements and Principal Notes ..................................................... | 3 | |
(1) | Quarterly Consolidated Balance Sheets .......................................................................................... | 3 |
(2) | Quarterly Consolidated Statements of Income and Comprehensive Income .................................. | 5 |
(3) | Notes to Quarterly Consolidated Financial Statements ................................................................... | 6 |
(Notes on going concern assumption) ........................................................................................ | 6 | |
(Notes in case of significant changes in shareholders' equity) ................................................... | 6 | |
(Accounting methods adopted particularly for the preparation of quarterly consolidated | ||
financial statements) ................................................................................................................. | 6 | |
(Segment information, etc.) ........................................................................................................ | 7 |
1
1. Qualitative Information on Quarterly Financial Results
-
Explanation of Operating Results
The world economy during the three months ended June 30, 2022 saw rising inflation against the background of a rapid recovery from economic stagnation caused by expanding COVID-19 infections as well as surging resource prices due to growing geopolitical risks, and differing monetary policies around the world in response to the inflation caused large fluctuations in exchange rates. In China, lockdowns owing to the expansion of infections mainly in Shanghai resulted in stagnant production and logistics disruptions, leading to slumping consumption. Such developments in the global economy added to the uncertainty over the Japanese economy, including sluggish personal consumption due to the yen's sharp depreciation and soaring prices.
In the electronics market relevant to the Group, the industrial market enjoyed a steady demand for capital investment in Japan and abroad. However, we faced a harsh business environment, such as sluggish demand in the Chinese mobile device market as well as output cuts by automakers due to prolonged semiconductor shortages and supply chain disruptions in the automotive market.
Under these circumstances, the Group aimed to expand orders received and sales by conducting active global marketing centered on its flagship Connector Business and speeding up development activities for new products. At the same time, the Group strived to achieve higher business performance by streamlining management as a whole, including cost reduction through further expansion of in-house production, improvement in efficiency of equipment, and the curbing of various expenses.
As a result, for the three months ended June 30, 2022, the Group recorded net sales totaling ¥56,452 million (107% compared to the corresponding period of the previous year). On the profit side, we posted operating profit totaling ¥5,225 million (145% compared to the corresponding period of the previous year), ordinary profit totaling ¥7,749 million (215% compared to the corresponding period of the previous year), and profit attributable to owners of parent totaling ¥5,853 million (218% compared to the corresponding period of the previous year). - Explanation of Financial Position
Total assets at the end of the three months ended June 30, 2022 amounted to ¥231,764 million, marking an increase of ¥6,421 million from the end of the consolidated fiscal year ended March 31, 2022. The increase was attributable to an increase in inventories due to logistics slowdown caused by lockdowns mainly in Shanghai, China, as well as the yen's steep depreciation affecting the end-of-period valuation of assets denominated in foreign currencies held by overseas subsidiaries.
Total liabilities amounted to ¥65,507 million, marking a decrease of ¥1,947 million from the end of the consolidated fiscal year ended March 31, 2022, mainly due to a decrease in trade payables and the scheduled payment of borrowings.
Net assets amounted to ¥166,256 million, marking an increase of ¥8,368 million from the end of the
consolidated fiscal year ended March 31, 2022, mainly due to the recording of profit attributable to owners of parent and an increase in foreign currency translation adjustment due to yen depreciation, improving the equity ratio by 1.7 percent points to 71.7%. - Explanation of Consolidated Financial Results Forecast and Other Forward-looking Information
We have revised the financial results forecast for the consolidated six months ending September 30, 2022, originally announced on April 27, 2022, because of anticipation of a steady demand in the industrial market in Japan and abroad and a continuing trend of yen depreciation. However, the forecast for the full year has been withdrawn and undecided from our initial projection announced on April 27, 2022, since we need to examine our plans for the second half of the fiscal year due to major changes in our business environment, including foreign exchange trends. For details, please refer to the "Announcement of Revisions to Financial Results Forecast" released today (July 27, 2022).
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JAE - Japan Aviation Electronics Industry Ltd. published this content on 27 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 July 2022 06:31:12 UTC.