FY2020 Financial Results
Tsutomu Hiranaka, President & COO
Yorozu Corporation
This is an internal English translation of the YOROZU FY2020 Financial Report issued in the Japanese language and is provided solely for the convenience of English speaking readers. In case of discrepancy the Japanese version prevails.
Contents
Ⅰ . FY2020 Results
Ⅱ. FY2021 Forecast
Ⅲ. New Mid-Term Business Plan (YSP2023)
Ⅳ. Shareholder Return
(Explained in the New Mid-Term Business Plan)
© YOROZU CORPORATION. 2021 All Rights Reserved. | 1 |
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Ⅰ . FY2020 Results
Ⅱ. FY2021 Forecast
Ⅲ. New Mid-Term Business Plan (YSP2023)
Ⅳ. Shareholder Return
(Explained in the New Mid-Term Business Plan)
© YOROZU CORPORATION. 2021 All Rights Reserved. | 2 |
FY2020 Consolidated Financial Summary
Million yen | 1H FY2020 | 2H FY2020 | FY2020 Full Year |
Sales | 43,930 | 74,933 | 118,863 |
Operating Income | - 4,160 | 4,537 | 377 |
Operating Income | - 9.5% | 6.1% | 0.3% |
Ratio | |||
Factors that pushed up 2H results
◆Effect of fixed costs reduction through swift optimization of production capacity to align with production volume, in addition to profit increase
as a result of production recovery in the 2nd half of FY2020
◆Effect of cost reduction through our hard efforts in Emergency Profit Kaizen activities, particularly "Won't waste, won't buy," that we had been working on since the 2nd half of FY2019
◆Rapid recovery of production at China sites contributed to the upturn
© YOROZU CORPORATION. 2021 All Rights Reserved. | 3 |
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FY2020 Consolidated Financial Summary
(year-on-year)
FY2020 | Against | ||||
Million yen | FY2019 | FY2020 | Year-on-Year | Latest | latest |
forecast*2 | forecast | ||||
Sales | 157,680 | 118,863 | - 24.6% | 118,000 | +0.7% |
Operating Income | 2,206 | 377 | - 82.9% | 200 | +88.6% |
Ordinary Income | 770 | 1,449 | +88.1% | 1,300 | +11.5% |
Net Income *1 | - 12,933 | - 6,195 | ー | - 8,000 | ー |
*1 Net income attributable to parent company shareholders | *2 Estimated figures as of March 25, 2021 | ||||
FY2019 | FY2020 | Difference | Percentage | ||
A | B | B-A | change | ||
Net Income per Share | - 544.05 yen | - 259.07 yen | 284.98 yen | ー | |
Exchange Rate Applied | 109.03 yen/$ | 106.76 yen/$ | - 2.27 yen/$ | - 2.1% | |
- Sales: Decline caused by production reduction on a global scale due to COVID-19 outbreak
- Operating income: While showing decline, profits increased due to recovery in production in the 2nd half, and profits were secured through fixed costs reduction efforts
- Ordinary income: Profit margin expanded thanks to exchange gain and employment adjustment subsidies
- Net income: Loss from impairment accounting of tangible fixed assets in the U.S. and Thailand, and corporate tax burden due to reversal of deferred tax assets
© YOROZU CORPORATION. 2021 All Rights Reserved. | 4 |
Consolidated Sales by Customer(FY2019 vs. FY2020)
Million yen | Million yen | ||||||||||||||||||||||
180,000 | |||||||||||||||||||||||
Customer | FY2019 | (%) | FY2020 | (%) | |||||||||||||||||||
157,680 | |||||||||||||||||||||||
160,000 | Nissan Gr * | 104,453 | 66.2% | 75,994 | 63.9% | ||||||||||||||||||
Honda Gr | 24,935 | 15.8% | 20,070 | 16.9% | |||||||||||||||||||
140,000 | 118,863 | ||||||||||||||||||||||
Toyota Gr | 8,185 | 5.2% | 7,191 | 6.0% | |||||||||||||||||||
Toyota | |||||||||||||||||||||||
120,000 | Isuzu | 4,917 | 3.1% | 4,188 | 3.5% | ||||||||||||||||||
Honda | -994 | ||||||||||||||||||||||
100,000 | (-12.1%) | Mazda | 4,705 | 3.0% | 2,855 | 2.4% | |||||||||||||||||
Toyota | -4,865 | Kubota | 2,259 | 1.4% | 2,027 | 1.7% | |||||||||||||||||
Honda | (- | 19.5%) | |||||||||||||||||||||
80,000 | VW | 2,596 | 1.6% | 1,576 | 1.3% | ||||||||||||||||||
-28,459 | Daimler | 667 | 0.4% | 1,539 | 1.3% | ||||||||||||||||||
60,000 | Nissan | (-27.2%) | |||||||||||||||||||||
Suzuki | 1,851 | 1.2% | 1,068 | 0.9% | |||||||||||||||||||
40,000 | Nissan | Others | 3,112 | 2.1% | 2,355 | 2.1% | |||||||||||||||||
Total | 157,680 | 100.0% | 118,863 | 100.0% | |||||||||||||||||||
20,000 | |||||||||||||||||||||||
* Includes sales to Renault and Mitsubishi | |||||||||||||||||||||||
0 | Significant decline in sales due to the global spread of COVID-19 | ||||||||||||||||||||||
Percentage of sales to Nissan decreased as a result of sales | |||||||||||||||||||||||
FY2019 actual | FY2020 actual | increase to Honda and Toyota | |||||||||||||||||||||
5 | |||||||||||||||||||||||
© YOROZU CORPORATION. 2021 All Rights Reserved. |
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Analysis of Impact on Consolidated Operating Income | ||||||||
Million yen | (FY2019 vs. FY2020) | |||||||
10,000 | ||||||||
8,000 | Sales | |||||||
decrease | ||||||||
966 | 192 | 171 | ||||||
Consolidation | ||||||||
6,000 | COVID-19 | Exchange adjustment | ||||||
rate effect | ||||||||
related | ||||||||
1,493 extraordinary | ||||||||
Depreciation | loss | |||||||
4,000 | cost | |||||||
2,769 | ||||||||
-6,968 | ||||||||
2,000 | Dies and | |||||||
Cost-saving | equipment | |||||||
2,206 | efforts | -452 | ||||||
377 | ||||||||
0 | FY2019 results | Operating income (-1,829) | FY2020 results | |||||
Despite loss due to the enormous impact of COVID-19 on the sales, we have | ||||||||
made untiring efforts to save costs and managed to secure profits | ||||||||
© YOROZU CORPORATION. 2021 All Rights Reserved. | 6 |
Sales and Operating Income by Region
Before Consolidation Adjustment FY2019 vs. FY2020
◆Sales | Japan | Americas | Asia | ||||||||||||||||||||||||||||
Changes | |||||||||||||||||||||||||||||||
-10,179 | -22,742 | -8,323 | |||||||||||||||||||||||||||||
Million yen | % of change | ||||||||||||||||||||||||||||||
100,000 | -20.4% | -33.7% | -15.8% | ||||||||||||||||||||||||||||
67,571 | 52,563 | ||||||||||||||||||||||||||||||
50,000 | 49,977 | 39,798 | 44,829 | 44,240 | |||||||||||||||||||||||||||
0 | |||||||||||||||||||||||||||||||
FY19 | FY20 | FY19 | FY20 | FY19 | FY20 | ||||||||||||||||||||||||||
◆Operating Income | -619 | -602 | -779 | ||||||||||||||||||||||||||||
Million yen | |||||||||||||||||||||||||||||||
-35.3% | -31.7% | -35.6% | |||||||||||||||||||||||||||||
5,000 | |||||||||||||||||||||||||||||||
1,755 | 2,186 | ||||||||||||||||||||||||||||||
1,407 | |||||||||||||||||||||||||||||||
1,136 | |||||||||||||||||||||||||||||||
0 | |||||||||||||||||||||||||||||||
-1,900 | |||||||||||||||||||||||||||||||
-5,000 | -2,502 | ||||||||||||||||||||||||||||||
FY19 | FY20 | FY19 | FY20 | FY19 | FY20 | ||||||||||||||||||||||||||
Sales and profits declined from the previous year level in all segments due to COVID-19 impact
- Japan: Despite drop in parts sales and royalty income, our cost-saving efforts helped restore profits
- The Americas: Massive production reduction due to long-term shutdown in the 1st half led to net loss despite making recovery in the 2nd half
- Asia: Recovery in the 2nd half helped bring the bottom line back in black
© YOROZU CORPORATION. 2021 All Rights Reserved. | 7 |
4
Financial Standing | for the year ended March 31, 2021 | ||||||||
(Million Yen) | Mar. 31, 2020 A | Mar. 31, 2021 B Year on Year (B-A) | |||||||
Net Worth | 59,608 | 53,383 | -6,225 | -10.4% | |||||
Equity Ratio | 42.7% | 39.6% | -- | -- | |||||
D/E Ratio | |||||||||
Interest-bearing Debt | 0.68 | 40,389 | 0.84 | 44,769 | 4,380 | 10.8% | |||
Net D/E Ratio | 0.36 | 0.29 | |||||||
Net Interest-bearing Debt | 21,370 | 15,509 | -5,861 | -27.4% | |||||
Total Asset | 139,700 | 134,723 | -4,977 | -3.6% | |||||
(Million Yen) | FY2019 A | FY2020 B | Year on Year (B-A) | ||||||
(Full Term) | (Full Term) | ||||||||
Cash Flow from | 10,824 | 13,029 | 2,205 | 20.5% | |||||
Operating Activities | |||||||||
Cash Flow from | -9,584 | -6,859 | 2,725 | -- | |||||
Investing Activities | |||||||||
Cash Flow from | -7,718 | 3,775 | 11,493 | -- | |||||
Financing Activities | |||||||||
The net interest-bearing debt and the net D/E ratio decreased while cash on hand was secured. FCF was positive due to suppressed capital investment during the covid-19 pandemic.
© YOROZU CORPORATION. 2021 All Rights Reserved. | 8 |
(Reference) Consolidated Balance Sheet Summary
for the year ended March 31, 2021
Million yen | Mar. 31, | Mar. 31, | Difference | ||
2020 A | 2021 B | B-A | |||
Current Assets | 58,386 | 63,721 | +5,335 | ||
Fixed Assets | 81,313 | 71,001 | -10,312 | ||
Total Assets | 139,700 | 134,723 | -4,977 | ||
Current Liabilities | 37,550 | 39,331 | +1,781 | ||
Fixed Liabilities | 27,598 | 29,653 | +2,055 | ||
Total Liabilities | 65,149 | 68,984 | +3,835 | ||
Shareholders' Equity | 67,677 | 61,295 | -6,382 | ||
Other Accumulated | -8,068 | -7,912 | +156 | ||
Comprehensive Income | |||||
Non-controlling | 14,941 | 12,355 | -2,586 | ||
Interest, etc. | |||||
Total Net Assets | 74,550 | 65,738 | -8,812 | ||
Total Liabilities and Net | 139,700 | 134,723 | -4,977 | ||
Assets | |||||
© YOROZU CORPORATION. 2021 All Rights Reserved. |
Cash & bank deposit | +10,240 |
Notes & accounts receivable +247
Inventories | -3,639 |
Other current assets | -1,513 |
Tangible fixed assets | -11,383 |
Investment securities | +2,241 |
Deferred tax assets | -1,381 |
Notes and accounts payable +1,372 Electronically recorded obligations -852
Short term debts | -2,936 |
Long term debts due within 1 year
+5,185 | ||
Accrued expenses | -1,124 | |
Long term debts | +2,740 | |
Lease debts | -648 | |
Net income (loss) | -6,195 | |
Dividend payment | -309 | |
Other securities
Valuation difference +1,389 Foreign currency translation
adjustment-1,180
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YOROZU Corporation published this content on 16 June 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 June 2021 06:25:01 UTC.