Consolidated Financial Results
for the Nine Months Ended December 31, 2021
[Japanese GAAP]
February 2, 2022
Company name: Prima Meat Packers, Ltd.
Stock exchange listing: Tokyo Stock Exchange
Securities Code number: 2281
URL: https://www.primaham.co.jp/
Representative: Naoto Chiba, President and CEO
Contact: Takahiro Uchiyama, Senior Managing Executive Officer
Phone: +81-3-6386-1800
Scheduled date of filing quarterly securities report: February 9, 2022
Scheduled date of commencing dividend payments: -
Availability of supplementary briefing material on quarterly financial results: None
Schedule of quarterly financial results briefing session: None
(Amounts of less than one million yen are rounded down.) | ||||||||||||
1. Consolidated Financial Results for the Nine Months Ended December 31, 2021 (April 1, 2021 to | ||||||||||||
December 31, 2021) | ||||||||||||
(1) Consolidated Operating Results | (% indicates changes from the previous corresponding period.) | |||||||||||
Net sales | Operating profit | Ordinary profit | Profit attributable to | |||||||||
owners of parent | ||||||||||||
Nine months ended | Million yen | % | Million yen | % | Million yen | % | Million yen | % | ||||
December 31, 2021 | 320,114 | - | 11,516 | (36.7) | 12,900 | (31.1) | 7,735 | (33.8) | ||||
December 31, 2020 | 332,319 | 4.2 | 18,187 | 46.4 | 18,729 | 44.2 | 11,680 | 41.1 | ||||
(Note) Comprehensive income: Nine months ended December 31, 2021: ¥8,841 million [(35.3)%] | ||||||||||||
Nine months ended December 31, 2020: ¥13,659 million [40.8%] | ||||||||||||
Earnings | Diluted earnings | |||||||||||
per share | per share | |||||||||||
Nine months ended | Yen | Yen | ||||||||||
December 31, 2021 | 153.95 | - | ||||||||||
December 31, 2020 | 232.45 | - |
The Company and its subsidiaries (The "Group") has applied the "Accounting Standard for Revenue Recognition" (Accounting Standards Board of Japan (ASBJ) Statement No. 29, March 31, 2020), etc. from the beginning of the first quarter ended June 30, 2021. As a result, changes in net sales from the previous corresponding period before the said accounting standard was applied are not presented.
(2) Consolidated Financial Position
Total assets | Net assets | Equity ratio | |
Million yen | Million yen | % | |
As of December 31, 2021 | 230,905 | 119,320 | 46.4 |
As of March 31, 2021 | 214,542 | 114,761 | 48.3 |
(Reference) Equity: As of December 31, 2021: ¥107,247 million As of March 31, 2021: ¥103,632 million
2. Dividends
Annual dividends | |||||||
1st | 2nd | 3rd | Year-end | Total | |||
quarter-end | quarter-end | quarter-end | |||||
Fiscal year ended | Yen | Yen | Yen | Yen | Yen | ||
- | 20.00 | - | 65.00 | 85.00 | |||
March 31, 2021 | |||||||
Fiscal year ending | - | 20.00 | - | ||||
March 31, 2022 | |||||||
Fiscal year ending | |||||||
March 31, 2022 | 45.00 | 65.00 | |||||
(Forecast) | |||||||
(Note) Revision to the dividend forecast announced most recently: None |
3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2022 (April 1, 2021 to March 31, 2022)
(% indicates changes from the previous corresponding period.)
Profit attributable | Earnings | ||||||||
Net sales | Operating profit | Ordinary profit | to owners of | ||||||
per share | |||||||||
parent | |||||||||
Million yen | % | Million yen | % | Million yen | % | Million yen | % | Yen | |
Full year | 419,700 | - | 14,100 | (34.3) | 15,800 | (29.5) | 10,500 | (25.9) | 208.96 |
(Note) Revision to the financial results forecast announced most recently: Yes
The Group has applied the "Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29, March 31, 2020), etc. from the beginning of the first quarter ended June 30, 2021. As a result, changes in net sales from the previous corresponding period are not presented.
For the revision to the financial results forecast, please refer to the "Notice regarding Revision of Financial Results Forecast" announced today (February 2, 2022).
Notes:
- Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in changes in scope of consolidation): None
New: -
- Accounting applied especially for the preparation of quarterly consolidated financial statements: Yes
- Changes in accounting policies, changes in accounting estimates and retrospective restatement
- Changes in accounting policies due to the revision of accounting standards: Yes
- Changes in accounting policies other than 1) above: None
- Changes in accounting estimates: None
- Retrospective restatement: None
- Total number of issued shares (common shares)
- Total number of issued shares at the end of the period (including treasury shares):
December 31, 2021: 50,524,399 shares
March 31, 2021: 50,524,399 shares
-
Total number of treasury shares at the end of the period: December 31, 2021: 274,538 shares
March 31, 2021: 275,939 shares - Average number of shares during the period:
Nine months ended December 31, 2021: 50,249,380shares
Nine months ended December 31, 2020: 50,249,053 shares
(Note) The number of treasury shares that has been excluded when calculating total number of treasury shares at the end of the period and average number of shares during the period includes the Company's shares owned by the Board Benefit Trust (BBT).
- These quarterly financial results are outside the scope of quarterly review by a certified public accountant or an audit firm.
- Explanation of the proper use of the financial results forecast and other notes
The earnings forecasts and other forward-looking statements herein are based on information available to the Company at the time of preparation and certain assumptions deemed to be reasonable, and actual results may vary significantly due to various factors. For the assumptions and notes for earnings forecasts, please refer to "1. Qualitative Information on Quarterly Financial Results for the Period, (1) Explanation on Operating Results" on page 2 of the attachment.
Prima Meat Packers, Ltd. (2281) | ||
Table of Contents | ||
1. Qualitative Information on Quarterly Financial Results for the Period ............................................... | 2 | |
(1) | Explanation on Operating Results ................................................................................................... | 2 |
(2) | Explanation on Financial Position ................................................................................................... | 3 |
(3) Explanation on Consolidated Financial Results Forecast | ||
and Other Forward-looking Information ......................................................................................... | 4 | |
2. Quarterly Consolidated Financial Statements and Primary Notes ...................................................... | 5 | |
(1) | Quarterly Consolidated Balance Sheets .......................................................................................... | 5 |
(2) | Quarterly Consolidated Statements of Income and Comprehensive Income .................................. | 7 |
(3) | Quarterly Consolidated Statements of Cash Flows ......................................................................... | 9 |
(4) | Notes to the Quarterly Consolidated Financial Statements ........................................................... | 11 |
(Notes on going concern assumption) .......................................................................................... | 11 | |
(Notes in the case of significant changes in shareholders' equity) ................................................ | 11 | |
(Accounting applied especially for the preparation | ||
of quarterly consolidated financial statements) ........................................................................... | 12 | |
(Changes in accounting policies) ................................................................................................. | 12 | |
(Segment information, etc.) ......................................................................................................... | 13 |
1
Prima Meat Packers, Ltd. (2281)
1. Qualitative Information on Quarterly Financial Results for the Period
- Explanation on Operating Results
Items in this document which relate to the future are judgments made by Prima Meat Packers, Ltd., and its subsidiaries (the "Group") as of the end of the third quarter ended December 31, 2021, consolidated basis.
The Group has applied the "Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29, March 31, 2020, hereinafter the "Revenue Recognition Standard"), etc. from the beginning of the first quarter ended June 30, 2021. Accordingly, the explanation on operating results does not mention year-on-year comparison for net sales. For details, please refer to "2. Quarterly Consolidated Financial Statements and Primary Notes, (4) Notes to the Quarterly Consolidated Financial Statements (Changes in accounting policies)."
In addition, comments that make comparisons with net sales from the previous corresponding period also are based on figures calculated excluding the effects of the Revenue Recognition Standard.
During the nine months ended December 31, 2021, the Japanese economy witnessed the food service, tourism, and other industries being severely impacted as the nation was asked to stay at home under the ongoing pre-emergency measures and the declaration of the state of emergency, implemented as part of measures to prevent the further spread of the infection.
Meanwhile, thanks to the steady rollout of the vaccine, the declaration of the state of emergency was lifted throughout the nation in October in response to the decline in the number of new cases of COVID-19, and government restrictions on the food service industry and various events were gradually eased, allowing operators to resume normal operations, and economic activities also began to pick up. Nevertheless, there remain numerous industries where business has not recovered to previous levels and the economy has not been able to completely cast off its prevailing state of uncertainty. In the food industry, despite robust expenditures associated with household demand, with the delayed recovery of customer traffic to restaurants, the business climate overall remains harsh and demand has fallen below the levels of the previous year. Furthermore, since the beginning of the new year, the exponential rise in the number of new infections in Japan due to the Omicron variant, which had been rapidly multiplying overseas, has once again made our outlook increasingly uncertain.
In our sector, we have been impacted by such factors as higher crude oil prices, the depreciating yen, and increasing demand resulting from the government's decision from an early stage to coexist with COVID-19, which has led to the rise in the prices of not only the major raw materials for ham, sausages, and other processed foods but also the secondary materials, such as flour and packaging materials while also heavily affecting manufacturing costs, due to escalating fuel costs, transport cost, and labor costs.
Under these circumstances, based on the basic philosophy of "Contributing to food culture and society through great taste and excitement," we set and worked to attain the basic policy goal in our medium-term management plan of "Strengthening basic sustainability through ESG measures," "Expanding the scope of existing businesses and further strengthening the earnings base," and "Business creation and global expansion for growth markets."
As a result, net sales amounted to ¥320,114 million (¥332,319 million for the same period of the previous fiscal year), operating profit was ¥11,516 million (down 36.7% year on year), ordinary profit was ¥12,900 million (down 31.1% year on year), and profit attributable to owners of parent was ¥7,735 million (down 33.8% year on year).
Results by segment are as follows:
1) Ham and sausage sectionWe implemented measures to increase our share in the retail product market, despite the overall market decline year on year due partly to a reactionary drop from last year, resulting in sales volume and net sales to increase year on year. Particularly in the Koukun® Sausage series, one of our core brands, not only our standard- size range but also the larger size range packed in zipper bag performed well. The series, with the wide support of customers of all generations, increased sales both in value and volume again this year.
On the other hand, the products for business also increased sales year on year mainly due to a partial recovery of the market and new product proposals. As marketing promotion strategies, we implemented the Tokyo Disney Resort® invitation campaign and the Disney items present campaign, as well as other campaigns utilizing our official corporate Twitter account and LINE as part of new initiatives. At our plants, we continued
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Prima Meat Packers Ltd. published this content on 28 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 February 2022 05:11:02 UTC.