TOA CORPORATION Consolidated Financial Results
for the Nine Months Ended December 31, 2021
[Japanese GAAP]
February 2, 2022
Company name: TOA Corporation
Stock exchange listing: Tokyo Stock Exchange
Code number: 6809
URL: https://www.toa.jp/
Representative: TAKEUCHI Kazuhiro, President, CEO
Contact: YOSHIDA Keigo, General Manager of Accounting & Financial Department
Scheduled date of filing quarterly securities report: February 14, 2022
Scheduled date of commencing dividend payments: -
Availability of supplementary briefing material on quarterly financial results: Yes
Schedule of quarterly financial results briefing session: No
(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 | 29,128 | 3.8 | 1,148 | 32.3 | 1,294 | 32.1 | 803 | 56.3 | |
December 31, 2020 | 28,074 | (10.1) | 868 | (52.0) | 980 | (50.2) | 514 | (53.1) |
(Note) Comprehensive income: Nine months ended December 31, 2021: ¥3,306 million [42.8%] | |||||||||||||||||||||
Nine months ended December 31, 2020: ¥2,314 million [83.1%] | |||||||||||||||||||||
Basic earnings | Diluted earnings | ||||||||||||||||||||
per share | per share | ||||||||||||||||||||
Nine months ended | Yen | Yen | |||||||||||||||||||
December 31, 2021 | 24.70 | - | |||||||||||||||||||
December 31, 2020 | 15.71 | - | |||||||||||||||||||
(2) Consolidated Financial Position | |||||||||||||||||||||
Total assets | Net assets | Equity ratio | |||||||||||||||||||
Million yen | Million yen | % | |||||||||||||||||||
As of December 31, 2021 | 63,404 | 48,809 | 73.7 | ||||||||||||||||||
As of March 31, 2021 | 58,572 | 46,365 | 75.8 | ||||||||||||||||||
(Reference) Equity: As of | December 31, 2021: ¥46,750 million | ||||||||||||||||||||
As of March 31, 2021: ¥44,402 million | |||||||||||||||||||||
2. Dividends | |||||||||||||||||||||
Annual dividends | |||||||||||||||||||||
1st | 2nd | 3rd | Year-end | Total | |||||||||||||||||
quarter-end | quarter-end | quarter-end | |||||||||||||||||||
yen | yen | yen | yen | yen | |||||||||||||||||
Fiscal year ended March 31, 2021 | - | 10.00 | - | 10.00 | 20.00 | ||||||||||||||||
Fiscal year ending March 31, 2022 | - | 10.00 | - | ||||||||||||||||||
Fiscal year ending March 31, 2022 | 10.00 | 20.00 | |||||||||||||||||||
(Forecast) | |||||||||||||||||||||
(Note) Revision to the forecast for dividends announced most recently: No | |||||||||||||||||||||
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Breakdown of the dividends for the fiscal year ended March 31, 2021: Stable dividend ¥20
Dividends for the fiscal year ending March 31, 2022 (Forecast) will be determined by taking into account the performances on stable dividend of ¥20, aiming at a consolidated dividend payout ratio of 35%, as announced in "Consolidated Financial Results for the Fiscal Year Ended March 31, 2021" on May 7, 2021.
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.)
Net sales | Operating profit | Ordinary profit | Profit attributable to | Basic earnings | |||||
owners of parent | per share | ||||||||
Million yen | % | Million yen | % | Million yen | % | Million yen | % | Yen | |
Full year | 42,000 | 3.5 | 2,550 | 11.2 | 2,600 | 1.6 | 1,700 | 6.5 | 52.23 |
(Note) Revision to the financial results forecast announced most recently: No
* Notes:
- Changes in significant subsidiaries during the period under review (changes in specified subsidiaries resulting in changes in scope of consolidation): No
- Accounting policies adopted specially 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: No
- Changes in accounting estimates: No
- Retrospective restatement: No
- Total number of issued shares (common shares)
- Total number of issued shares at the end of the period (including treasury shares):
December 31, 2021: 34,536,635 shares
March 31, 2021: 34,536,635 shares
-
Total number of treasury shares at the end of the period: December 31, 2021: 1,990,647 shares
March 31, 2021: 2,017,212 shares - Average number of shares during the period:
Nine months ended December 31, 2021: 32,534,367 shares
Nine months ended December 31, 2020: 32,723,736 shares
- These quarterly financial results are outside the scope of quarterly review by a certified public accountant or an audit corporation.
- Explanation of the proper use of financial results forecast and other notes
- Forecasts presented herein are the current prospects based on information currently available and contain elements of uncertainty. Actual results may therefore differ from the above forecasts due to subsequent changes in the circumstances.
・The Company plans to post a supplementary briefing material on quarterly financial results on its website.
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Table of Contents | ||
1. Qualitative Information on Quarterly Financial Results for the Period under Review.................................. | 4 | |
(1) | Explanation of Operating Results.............................................................................................................. | 4 |
(2) | Explanation of Financial Position ............................................................................................................. | 5 |
(3) | Explanation of Consolidated Financial Results Forecast and Other Forward-Looking Information ........ | 5 |
2. Quarterly Consolidated Financial Statements and Primary Notes................................................................. | 6 | |
(1) | Quarterly Consolidated Balance Sheets .................................................................................................... | 6 |
(2) | Quarterly Consolidated Statements of Income and Comprehensive Income ............................................ | 8 |
Quarterly Consolidated Statements of Income.......................................................................................... | 8 | |
Quarterly Consolidated Statements of Comprehensive Income................................................................ | 9 | |
(3) | Notes to the Quarterly Consolidated Financial Statements ..................................................................... | 10 |
(Notes on going concern assumption)..................................................................................................... | 10 | |
(Notes in the case of significant changes in shareholders' equity).......................................................... | 10 | |
(Accounting policies adopted specially for the preparation of quarterly consolidated financial | ||
statements) .............................................................................................................................................. | 10 | |
(Changes in accounting policies) ............................................................................................................ | 10 | |
(Segment information) ............................................................................................................................ | 12 |
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1. Qualitative Information on Quarterly Financial Results for the Period under Review
(1) Explanation of Operating Results
During the nine months ended December 31, 2021, although the environment surrounding TOA Corporation (hereinafter "the Company") and its subsidiaries (collectively, the "Group") remains severe due to the effect of coronavirus disease (hereinafter "COVID-19"), thanks to rising vaccination rates, the global economy continued on a recovery track despite difficulties. However, concerns over another surge in COVID-19 cases with the spread of variants, soaring costs of raw materials and components such as crude oil, natural gas, steel, and semiconductors, and rises in shipping costs mean that close attention must be paid with regard the outlook for the global economy.
In such an environment, in an effort to realize our corporate value "Smiles for the Public," we formulated a new management vision targeting 2030, "Dr. Sound-becoming a professional organization that improves sound in society." We will aim to create the value of reassurance, reliability, and emotion as a reliable partner that will realize along with our customers a cycle of identifying, solving, and improving social issues through the continuous provision of "good sound experiences" that customers will choose. In the domestic market, in order to offer new value, we are proceeding with efforts to solve social issues by furthering levels of co-creation and cooperation among industry, academia, and government agencies. Overseas, we are strengthening our sales activities and increasing their efficiency as we see signs of recovery in socioeconomic activities.
As a result, net sales during the nine months ended December 31, 2021 were ¥29,128 million (up ¥1,053 million, or 3.8%, year on year). Profits showed year-on-year improvement at all levels thanks to the increase in net sales despite a rise in the cost ratio due to soaring costs of raw materials and components, and an increase in selling, general and administrative expenses. Operating profit was ¥1,148 million (up ¥280 million, or 32.3%, year on year), ordinary profit was ¥1,294 million (up ¥314 million, or 32.1%, year on year), and profit attributable to owners of parent was ¥803 million (up ¥289 million, or 56.3%, year on year).
Performance by segment is as follows.
(Japan)
Net sales amounted to ¥18,165 million (down ¥538 million, or 2.9%, year on year), and segment profit (operating profit) to ¥3,487 million (down ¥227 million, or 6.1%, year on year).
Sales to the education market increased and there was progress in the delivering of large-scale projects for airport facilities. Further, net sales of visual equipment also increased by capturing the demand for street- crime prevention, etc. However, sales of products for railway cars decreased and net sales of the entire segment decreased.
Segment profit decreased due to the decrease in net sales.
(Asia & Pacific)
Net sales amounted to ¥4,499 million (up ¥273 million, or 6.5%, year on year), and segment profit (operating profit) to ¥731 million (up ¥45 million, or 6.7%, year on year).
In Indonesia and Malaysia, the delivery of large-scale projects for public offices progressed and sales of audio equipment to the religious market were solid, causing net sales to increase. In Thailand and Vietnam, although there was progress in the delivery of large-scale projects, net sales decreased due to factors, such as the impact of delays in construction attributable to the spread of COVID-19. As a result, net sales for the entire segment increased.
Segment profit increased due to the increase in net sales.
(Europe, Middle East & Africa)
4
Net sales amounted to ¥3,345 million (up ¥509 million, or 18.0%, year on year), and segment profit (operating profit) to ¥476 million (up ¥293 million, or 160.4%, year on year).
Net sales increased due mainly to progress in delivering large-scale projects in the Middle East, United Kingdom, and South Africa, robust sales in Europe, and the impact of currency fluctuations.
Segment profit increased due to the increase in net sales.
(The Americas)
Net sales amounted to ¥1,651 million (up ¥418 million, or 34.0%, year on year), and segment profit (operating profit) to ¥157 million (up ¥130 million, or 485.4%, year on year).
In the United States, net sales increased as delivery of large-scale projects for commercial facilities progressed. In Canada, net sales increased as sales to the education market grew.
Segment profit increased due to the increase in net sales.
(China & East Asia)
Net sales amounted to ¥1,465 million (up ¥389 million, or 36.2%, year on year), and segment profit (operating profit) to ¥192 million (up ¥101 million, or 111.2%, year on year).
In Taiwan, delivery of projects for large-scale sports facilities and plant markets progressed, while in China there was delivery of multiple large-scale projects for education and other markets. Net sales for the entire segment increased despite a decrease in net sales for Hong Kong.
Segment profit increased due to the increase in net sales.
(2) Explanation of Financial Position
Total assets at the end of the nine months ended December 31, 2021 increased ¥4,831 million from the end of the previous fiscal year to ¥63,404 million. Assets increased due mainly to increases in inventories as well as a revaluation of investment securities. The increase in liabilities and net assets is mainly attributable to an increase in trade payables and an increase in valuation difference on available-for-sale securities.
- Explanation of Consolidated Financial Results Forecast and Other Forward-Looking Information
The financial results forecast for the fiscal year ending March 31, 2022 has not been revised from the initial forecast announced in "Consolidated Financial Results for the Fiscal Year Ended March 31, 2021."
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TOA Corporation published this content on 02 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 February 2022 06:08:30 UTC.
