SUMMARY OF FINANCIAL STATEMENTS [Japan GAAP] (CONSOLIDATED)
Financial Results for the First Quarter (April 1 to June 30, 2021) of the Fiscal Year Ending March 31, 2022
August 06, 2021
Company Name: Yamaichi Electronics Co., Ltd.
Code: 6941 Tokyo Stock Exchange 1st section | URL: http://www.yamaichi.co.jp | |
President: | Junichi Kameya | |
Managing Director : | Kazuhiro Matsuda | Tel: (03)3734-0115 |
Scheduled date of securities report submission: | August 13, 2021 | |
Scheduled date of dividend payment commencement: | ― |
Supplementary materials for the quarterly financial statements: Yes
Presentation to explain for the quarterly financial statement: Yes (for institutional Investors and analysts)
1. Consolidated Financial Results for the First Quarter (April 01 to June 30, 2021) of the Fiscal Year Ending March 31, 2022
(1) Consolidated Operating Results (aggregated)
(Percentage figures represent changes from the same period of the previous year)
Net Sales | Operating income | Ordinary income | Profit attributable to | |||||
owners of parent | ||||||||
Millions of yen | % | Millions of yen % | Millions of yen | % | Millions of yen | % | ||
First Quarter ended June 30, 2021 | 8,901 | 36.9 | 1,808 | 145.9 | 1,840 | 176.6 | 1,445 | 206.7 |
First Quarter ended June 30, 2020 | 6,503 | 6.1 | 735 | 44.2 | 665 | 41.8 | 471 | △1.3 |
Note: Comprehensive income | First quarter ended June 30, 2021 | ¥ | 1,491 million (211.0%) | |
First quarter ended June 30, 2020 | ¥ | 479 million (178.8%) | ||
Net profit per share | Diluted net profit per share | |||
Yen | Yen | |||
First Quarter ended June 30, 2021 | 67.59 | ― | ||
First Quarter ended June 30, 2020 | 22.02 | ― | ||
Note: The "Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29, March 31, 2020), etc. has been applied since the beginning of the first quarter of the current consolidated fiscal year. Figures for first quarter ended June 30, 2021 are stated after the application of the said accounting standards, etc.
(2) Consolidated Financial Positions
Total assets | Net assets | Equity ratio | Net assets per share | |
Millions of yen | Millions of yen | % | Yen | |
As of June 30, 2021 | 36,692 | 26,347 | 71.0 | 1,223.10 |
As of March 31, 2021 | 35,463 | 25,655 | 71.5 | 1,183.69 |
Reference: Shareholders' equity as of June 30, 2021: ¥ 26,034 million ; as of March 31, 2021: ¥ 25,343 million.
Note: The "Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29, March 31, 2020), etc. has been applied since the beginning of the first quarter of the current consolidated fiscal year. Figures for as of June 30, 2021 are stated after the application of the said accounting standards, etc.
2. Dividends
Dividends per share | ||||||
1Q | 2Q | 3Q | 4Q | Total | ||
Yen | Yen | Yen | Yen | Yen | ||
Year ended March 31, 2021 | ― | 10.00 | ― | 27.00 | 37.00 | |
Year ending March 31, 2022 | ― | |||||
Forecast: Year ending March 31, 2022 | 15.00 | ― | 25.00 | 40.00 |
Note: Modifications in the dividend projection from the latest announcement: No
3. Forecast of Consolidated Operating Results for the year ending March 31, 2022
(Percentage | figures represent | changes | from | the same period of previous year.) | ||||||
Net Sales | Operating income | Ordinary income | Profit attributable | Net profit | ||||||
to owners of parent | per share | |||||||||
Millions of yen % | Millions of yen | % | Millions of yen | % | Millions of yen % | Yen | ||||
Half year ending Sep 30, 2021 | 16,880 | 20.0 | 3,020 | 42.9 | 2,970 | 45.3 | 2,300 | 41.1 | 108.00 | |
Year ending March 31, 2022 | 31,160 | 12.6 | 4,300 | 34.7 | 4,200 | 33.6 | 3,200 | 23.4 | 150.63 |
Note: Modifications in the dividend projection from the latest announcement: Yes
We have adopted a system of the company's acquisition of treasury shares in accordance with the resolution made by the board of directors' meeting, and a system of disposal of treasury shares as restricted stocks remuneration. Net profit per share in the Forecast of Consolidated Operating Results is calculated taking into account the impact of the relevant purchase and disposal of treasury shares.
4. Other
- Changes in significant subsidiaries during current quarter consolidated period
(changes in specified subsidiaries with change in scope of consolidation); No
- Adoption of special accounting treatments for quarterly consolidated financial statements : No
- Changes in accounting policies, changes in accounting estimates and restatements
- Changes in accounting policies due to revisions of accounting standards etc.: Yes
- Changes in accounting policies other than 1) : No
- Changes in accounting estimates : No
- Restatements : No
- Number of outstanding shares (common stock)
- Number of outstanding shares (including treasury shares) at term end:
June 30, 2021 | 23,329,775 | shares |
March 31, 2021 | 23,329,775 | shares |
2) Number of treasury shares at term end:
June 30, 2021 | 2,044,476 | shares |
March 31, 2021 | 1,919,540 | shares |
3) Average number of outstanding shares (during the first quarter ended June 30):
June 30, 2021 | 21,390,703 | shares |
June 30, 2020 | 21,410,326 | shares |
- This summary of quarterly consolidated financial results falls outside the scope of quarterly review procedures to be performed by certified public accountants or an audit firm.
- Explanation of the appropriate use of performance forecasts and other related items
All forecasts in this presentation are based on information currently available to the management and on assumptions judged to be reasonable. The Company's actual results may differ substantially from such statements due to various risks and uncertainties.
-2-
ENGLISH TRANSLATION OF JAPANESE-LANGUAGE DOCUMENT.
This is a translation of the original Japanese-language document and is provided for convenience only. In all cases, the Japanese-language original shall take precedence.
1. Qualitative Information on Quarterly Financial Results
(1) Summary of Business Results
The global economy during the first quarter of the current consolidated cumulative period showed a gradual recovery as novel coronavirus (COVID-19) vaccinations progressed despite regional differences, economic activity resumed in stages in the United States and Europe seeing economic recovery, and China proceeded with its economic normalization from the COVID-19 disaster. However, it remains difficult to control the pandemic due to the delay in the spread of the vaccine, and the production adjustment of automobiles and other electronic equipment due to the shortage of semiconductor continues, it is expected that the global market will remain uncertain.
Under these circumstances, however, the Yamaichi Electronics Group's new three-yearmedium-term business plan (from the fiscal year ending March 2021 to the fiscal year ending March 2023), which began in fiscal 2020, will be tackled as the same in basic policy from the previous medium-term business plan. We aim to grow into a corporate group that can provide products and services that satisfy our customers. From the perspective of creating products that will create the future under our global collaboration, we are working to achieve our management goal. We will continue to promote growth strategy and structural reform.
As a result, our business performance in the first quarter of the current consolidated cumulative period marked net sales of 8,901 million yen (an increase of 36.9 % year on year), operating profit of 1,808 million yen (an increase of 145.9 % year on year), ordinary profit of 1,840 million yen (an increase of
- % year on year), and profit attributable to owners of parent of 1,445 million yen (an increase of
-
% year on year).
In addition, "Accounting Standards for Revenue Recognition" (ASBJ Statement No. 29, March 31, 2020, hereinafter referred to as "Revenue Recognition Accounting Standards"), etc. has been applied since the beginning of the first quarter of the current consolidated fiscal year. Net sales for the first quarter of the current consolidated fiscal year were increased by 9 million yen. Operating profit, ordinary profit and
profit before income taxes of first quarter period of current year were increased by 7 million yen each Our business performance on a segment-by-segment basis is shown below.
[Test Solutions Business]
In addition to our strong sales of test socket products for smartphones, sales of burn-in sockets products for NAND as well as products for automotive ADAS, PCs, and servers were also strong.
As a result, our business performance resulted in net sales of 4,551 million yen (an increase of 47.9 % year on year), and the operating profit was 1,456 million yen (an increase of 180.8 % year on year).
In addition, due to the application of Revenue Recognition Accounting Standards, etc., net sales were increased by 9 million yen and operating profit was increased by 7 million yen.
[Connector Solutions Business]
Our product sales for in-vehicle equipment and industrial equipment showed strong sales due to demand recovery. However, product sales for telecommunications equipment remained in a difficult situation, because inventory adjustments and production adjustments by major customers due to the US-China trade friction continued.
As a result, our business performance resulted in net sales of 3,964 million yen (an increase of 32.8 %
-3-
ENGLISH TRANSLATION OF JAPANESE-LANGUAGE DOCUMENT.
This is a translation of the original Japanese-language document and is provided for convenience only. In all cases, the Japanese-language original shall take precedence.
year on year), and the operating profit was 299 million yen (an increase of 30.6 % year on year).
[Optics-related Business]
In addition to our sales of high value filter products, etc., for medical equipment and industrial equipment was firm, a progress in productivity improvements led to improved profits.
As a result, our business performance resulted in net sales of 386 million yen (a decrease of 12.5 % year on year), and the operating profit was 54 million yen (an increase of 52.4 % year on year).
-
Explanation of Financial Conditions (Assets)
Our current assets at the end of the first quarter of the consolidated cumulative period were 21,874 million yen, an increase of 1,229 million yen from the end of the previous consolidated fiscal year. This was mainly due to an increase of notes and accounts receivable by 1,077 million yen for increase in net sales, although the amount of cash and deposits decreased by 283 million yen for dividends of surplus and acquisition of treasury shares. Non-current assets amounted to 14,817 million yen (14,818 million yen at the end of the previous consolidated fiscal year)
As a result, our total assets amounted to 36,692 million yen, an increase of 1,228 million yen from the end of the previous consolidated fiscal year.
(Liabilities)
Our current liabilities at the end of the first quarter of the consolidated cumulative period amounted to 7,489 million yen, an increase of 245 million yen from the end of the previous consolidated fiscal year. This was mainly due to an increase of 228 million yen in notes and accounts payable for increase in purchases due to increase in net sales, although the amount of short-term borrowings decreased by 218 million yen. Our non-current liabilities amounted to 2,855 million yen, an increase of 291 million yen from the end of the previous consolidated fiscal year, due to increases in long-term borrowings etc.
As a result, our total liabilities amounted to 10,344 million yen, an increase of 536 million yen from the end of the previous consolidated fiscal year.
(Net Assets)
Our total net assets at the end of the first quarter of the consolidated cumulative period were 26,347 million yen, an increase of 691 million yen from the end of the previous consolidated fiscal year. This was mainly due to the recorded profit attributable to owners of parent of 1,445 million yen, although there were 578 million yen for dividends of surplus and 213 million yen for acquisition of treasury shares.
As a result, the equity ratio was 71.0 % (71.5 % at the end of the previous fiscal year).
(3) Risk Information on the COVID-19 pandemic
To prevent the spread of infection, the Group continues to improve the work system and environment that enable telework. However, if the infectious disease spreads further and prolongs, it may further affect the Group's business performance and financial condition. The suspension of factory operations and refraining from business activities might be considered.
-4-
Consolidated Balance Sheets
(Thousands of yen) | ||||
As of March 31, 2021 | As of June 30, 2021 | |||
Amount | Amount | |||
(ASSETS) | ||||
Current assets | ||||
Cash and deposits | 9,471,217 | 9,187,294 | ||
Notes and accounts receivable | 5,120,304 | 6,197,798 | ||
Electronically recorded monetary claims | 296,227 | 355,326 | ||
Merchandise and finished goods | 2,063,548 | 2,278,602 | ||
Work in process | 236,236 | 248,581 | ||
Raw materials and supplies | 1,894,147 | 2,183,869 | ||
Other | 1,579,539 | 1,439,722 | ||
Allowance for doubtful accounts | △16,045 | △16,535 | ||
Total current assets | 20,645,175 | 21,874,659 | ||
Non-current assets | ||||
Property, plant and equipment | ||||
Buildings and structures | 2,609,061 | 2,577,023 | ||
Machinery, equipment and vehicles | 2,069,244 | 2,036,689 | ||
Tools, furniture and fixtures | 1,693,858 | 1,779,994 | ||
Land | 3,412,785 | 3,412,785 | ||
Lease assets | 36,993 | 33,478 | ||
Right-of-use assets | 2,954,360 | 2,931,224 | ||
Construction in progress | 381,060 | 400,741 | ||
Total property, plant and equipment | ||||
13,157,365 | 13,171,937 | |||
Intangible fixed assets | ||||
125,543 | 143,077 | |||
Investments and other assets | ||||
Investment securities | 247,900 | 271,519 | ||
Deferred tax assets | 235,717 | 171,420 | ||
Net defined benefit asset | 712,106 | 710,660 | ||
Other | 339,668 | 348,740 | ||
Allowance for doubtful accounts | 0 | 0 | ||
Total investments and other assets | ||||
1,535,391 | 1,502,341 | |||
△ | △ | |||
Total non-current assets | 14,818,300 | 14,817,356 | ||
Total assets | ||||
35,463,476 | 36,692,015 | |||
-5-
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original document
- Permalink
Disclaimer
YAMAICHI Electronics Co. Ltd. published this content on 06 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 August 2021 06:20:03 UTC.