May 25, 2021
Summary of Consolidated Financial Results for the Fiscal Year Ended March 31, 2021 [Japanese GAAP]
Company name: | ALCONIX CORPORATION | Listing: Tokyo Stock Exchange, First Section |
Stock code: | 3036 | URL: http://www.alconix.com |
Representative: Masato Takei, President and CEO | ||
Contact: | Hiroshi Teshirogi, Director, Director&Senior Managing Executive Officer, Corporate Div. | |
Tel: +81-3-3596-7400 | ||
Scheduled date of Annual General Meeting of Shareholders: | June 23, 2021 | |
Scheduled date of filing of Annual Securities Report: | June 24, 2021 | |
Scheduled date of payment of dividend: | June 24, 2021 | |
Preparation of supplementary materials for financial results: | Yes | |
Holding of financial results meeting: | Yes ((for institutional investors and analysts) |
Note: The original disclosure in Japanese was released on May 25, 2021 at 12:30 (GMT +9).
(All amounts are rounded down to the nearest million yen)
1. Consolidated Financial Results for the Fiscal Year Ended March 31, 2021 (April 1, 2020 - March 31, 2021)
(1) Consolidated results of operations | (Percentages represent year-on-year changes) | ||||||||
Net sales | Operating profit | Ordinary profit | Profit attributable to | ||||||
owners of parent | |||||||||
Million yen | % | Million yen | % | Million yen | % | Million yen | % | ||
Fiscal year ended Mar. 31, 2021 | 214,987 | (7.4) | 5,621 | 8.6 | 5,718 | 5.6 | 2,860 | (20.9) | |
Fiscal year ended Mar. 31, 2020 | 232,242 | (9.8) | 5,176 | (17.3) | 5,416 | (13.4) | 3,617 | (9.8) |
Note: Comprehensive income (million yen)
Fiscal year ended Mar. 31, 2021: 4,880 (up 66.1%)
Fiscal year ended Mar. 31, 2020: 2,936 (up 14.3%)
Net income per | Diluted net | Return on equity | Ordinary profit on | Operating profit | |
share | income per share | total assets | to net sales | ||
Yen | Yen | % | % | % | |
Fiscal year ended Mar. 31, 2021 | 113.60 | - | 6.9 | 4.1 | 2.6 |
Fiscal year ended Mar. 31, 2020 | 143.25 | - | 9.2 | 3.9 | 2.2 |
Reference: Share of profit (loss) of entities accounted for using equity method (million yen)
Fiscal year ended Mar. 31, 2021: 125Fiscal year ended Mar. 31, 2020: 270
Note: Diluted net income per share is not stated because dilutive shares do not exist.
(2) Consolidated financial position
Total assets | Net assets | Equity ratio | Net assets per share | |
Million yen | Million yen | % | Yen | |
As of Mar. 31, 2021 | 147,917 | 43,372 | 28.9 | 1,709.55 |
As of Mar. 31, 2020 | 134,463 | 41,277 | 30.1 | 1,578.62 |
Reference: Shareholders' equity (million yen) | As of Mar. 31, 2021: | 42,800 | As of Mar. 31, 2020: | 40,481 | |||||||||||||
(3) Consolidated cash flows | |||||||||||||||||
Cash flows from | Cash flows from | Cash flows from | Cash and cash | ||||||||||||||
equivalents at end of | |||||||||||||||||
operating activities | investing activities | financing activities | |||||||||||||||
period | |||||||||||||||||
Million yen | Million yen | Million yen | Million yen | ||||||||||||||
Fiscal year ended Mar. 31, 2021 | 4,098 | (2,472) | 2,849 | 26,002 | |||||||||||||
Fiscal year ended Mar. 31, 2020 | 9,091 | (3,171) | (7,993) | 21,595 | |||||||||||||
2. Dividends | |||||||||||||||||
Dividend per share | Total | Payout ratio | Dividend on | ||||||||||||||
equity | |||||||||||||||||
1Q-end | 2Q-end | 3Q-end | Year-end | Total | dividends | (consolidated) | |||||||||||
(consolidated) | |||||||||||||||||
Yen | Yen | Yen | Yen | Yen | Million yen | % | % | ||||||||||
Fiscal year ended Mar. 31, 2020 | - | 21.00 | - | 21.00 | 42.00 | 1,068 | 29.3 | 2.7 | |||||||||
Fiscal year ended Mar. 31, 2021 | - | 21.00 | - | 21.00 | 42.00 | 1,053 | 37.0 | 2.6 | |||||||||
Fiscal year ending Mar. 31, 2022 | - | 21.00 | - | 21.00 | 42.00 | 23.9 | |||||||||||
(forecast) | |||||||||||||||||
3. Consolidated Earnings Forecasts for the Fiscal Year Ending March 31, 2022 (April 1, 2021 - March 31, 2022)
(Percentages represent year-on-year changes)
Net sales | Operating profit | Ordinary profit | Profit attributable to | Net income per | |||||
owners of parent | share | ||||||||
Million yen | % | Million yen | % | Million yen | % | Million yen | % | Yen | |
First half | 57,300 | - | 3,200 | - | 3,600 | - | 2,700 | - | 105.29 |
Full year | 120,000 | - | 6,400 | - | 6,400 | - | 4,500 | - | 175.48 |
Note: ALCONIX is applying the Accounting Standard for Revenue Recognition, etc. (Accounting Standards Board of Japan (ASBJ) Statement No. 29), from the beginning of the fiscal year ending March 31, 2022. The above forecasts are the amounts after the application of this accounting standard and percentages for year-on-year changes are not shown.
* Notes
(1) Changes in significant subsidiaries during the period (changes in scope of consolidation): None
Newly added: - | Excluded: - |
- Changes in accounting policies and accounting-based estimates, and restatements
- Changes in accounting policies due to revisions in accounting standards, others: None
- Changes in accounting policies other than 1) above: None
- Changes in accounting-based estimates: None
- Restatements: None
- Number of outstanding shares (common stock)
- Number of shares outstanding at the end of period (including treasury shares)
As of Mar. 31, 2021: | 25,943,100 shares | As of Mar. 31, 2020: | 25,915,700 shares |
2) Number of treasury shares at the end of period | |||
As of Mar. 31, 2021: | 907,207 shares | As of Mar. 31, 2020: | 272,071 shares |
3) Average number of shares outstanding during the period | |||
Fiscal year ended Mar. 31, 2021: | 25,183,154 shares | Fiscal year ended Mar. 31, 2020: | 25,257,233 shares |
Reference: Summary of Non-consolidated Financial Results
1. Non-consolidated Financial Results for the Fiscal Year Ended March 31, 2021 (April 1, 2020 - March 31, 2021)
(1) Non-consolidated results of operations
Net sales | Operating profit | Ordinary profit | Profit | |||||||
Million yen | % | Million yen | % | Million yen | % | Million yen | % | |||
Fiscal year ended Mar. 31, 2021 | 107,697 | (2.6) | 930 | 16.7 | 3,019 | 13.2 | 2,845 | 24.5 | ||
Fiscal year ended Mar. 31, 2020 | 110,595 | (10.3) | 797 | 2.0 | 2,667 | (18.6) | 2,285 | (23.1) | ||
Net income per share | Diluted net income per share | |||||||||
Yen | Yen | |||||||||
Fiscal year ended Mar. 31, 2021 | 112.99 | - | ||||||||
Fiscal year ended Mar. 31, 2020 | 90.49 | - |
Note: Diluted net income per share is not stated because dilutive shares do not exist.
(2) Non-consolidated financial position
Total assets | Net assets | Equity ratio | Net assets per share | |||
Million yen | Million yen | % | Yen | |||
As of Mar. 31, 2021 | 75,071 | 16,825 | 22.3 | 669.97 | ||
As of Mar. 31, 2020 | 66,936 | 15,027 | 22.4 | 584.66 | ||
Reference: Shareholders' equity (million yen) | As of Mar. 31, 2021: 16,773 | As of Mar. 31, 2020: 14,992 |
- The current financial report is not subject to audit by certified public accountants or auditing firms.
-
Explanation of appropriate use of earnings forecasts, and other special items
Forecasts of future performance in these materials are based on assumptions judged to be valid and information available to ALCONIX's management at the time the materials were prepared. Actual results may differ significantly from these forecasts for a number of reasons.
ALCONIX CORPORATION (3036) Financial Results for FY3/21 | ||
Contents of Attachments | ||
1. Overview of Results of Operations, etc. | 2 | |
(1) | Analysis of Results of Operations | 2 |
(2) | Analysis of Financial Position | 4 |
(3) | Basic Policy for Profit Distribution, and Dividends in the Current and Next Fiscal Years | 5 |
2. Basic Approach to the Selection of Accounting Standards | 6 | |
3. Consolidated Financial Statements and Notes | 7 | |
(1) | Consolidated Balance Sheet | 7 |
(2) | Consolidated Statements of Income and Comprehensive Income | 9 |
Consolidated Statement of Income | 9 | |
Consolidated Statement of Comprehensive Income | 10 | |
(3) | Consolidated Statement of Changes in Equity | 11 |
(4) | Consolidated Statement of Cash Flows | 13 |
(5) | Notes to Consolidated Financial Statements | 15 |
Going Concern Assumption | 15 | |
Significant Accounting Policies in the Preparation of Consolidated Financial Statements | 15 | |
Segment and Other Information | 18 | |
Per Share Information | 22 | |
4. Non-consolidated Financial Statements and Notes | 23 | |
(1) | Balance Sheet | 23 |
(2) | Statement of Income | 25 |
(3) | Statement of Changes in Equity | 26 |
5. Others | 28 | |
(1) | Changes in Directors | 28 |
(2) | Others | 28 |
1
ALCONIX CORPORATION (3036) Financial Results for FY3/21
1. Overview of Results of Operations, etc.
(1) Analysis of Results of Operations
In the fiscal year ended March 31, 2021, economic activity worldwide began to resume in the second half of the fiscal year and the global economy started to recover, although there are still negative effects of the COVID-19 pandemic. The U.S. and Chinese economies were strong because of government economic stimulus measures. In Europe, the British economy is recovering because of progress with vaccinations but overall there is still uncertainty about the economic outlook.
In Japan, consumer spending, manufacturing and exports recovered rapidly along with the resumption of economic activity worldwide. However, there is still no broad-based recovery in corporate earnings.
In the automobile industry, where the ALCONIX Group operates, there is growth in the number and diversity of materials and parts involving the use of electronic components, reduction of vehicle weight and technologies for self-driving vehicles. Although automobile sales temporarily declined because of COVID-19, there was a rapid recovery in automobile sales in the second half of the fiscal year. As a result, demand for automotive parts increased. In the semiconductor and electronic components industries, most markets are growing along with the increasing volume of data transmissions because of the IoT, AI and other reasons, the increasing use of electronic automobile components, the full-scale launch of 5G mobile telecommunications, and other events. Furthermore, the demand for parts and materials used in IT equipment and semiconductor devices was consistently strong because of the growth of online economic activities and the penetration of remote work and telework.
At the ALCONIX Group, metal processing parts for semiconductor manufacturing equipment contributed to earnings as demand was up in market sectors involving semiconductors and data communications. In the Trading sector for electronic and advanced materials, the transaction volumes of electronic and battery materials used in smartphones and other IT products were higher than one year earlier. Earnings from metal precision stamped parts and carbon brushes for small motors improved as shipments surged from the second half onward because of the rapid worldwide recovery in automobile demand. In the Trading sector, transaction volumes of non-ferrous materials, aluminum rolled products and copper products did not reach the previous fiscal year's level, as these sales were unable to cover the downturn in automobile demand in the second half of the fiscal year. Operating profit and ordinary profit were higher than in the previous fiscal year due to the improvement in earnings as was just explained and the elimination of a valuation loss on inventories of minor metals in the electronic and advanced materials business recorded in the previous fiscal year, though there was a loss caused by an improper accounting procedure at a consolidated subsidiary. Profit attributable to owners of parent decreased because of a loss on the sale of the stock of an equity-method affiliate.
ALCONIX reported consolidated net sales of 214,987 million yen (down 7.4% year on year), operating profit of 5,621 million yen (up 8.6%), ordinary profit of 5,718 million yen (up 5.6%) and profit attributable to owners of parent of 2,860 million yen (down 20.9%).
Business segment performance was as follows, with sales in each segment including inter-segment sales.
- Trading-Electronicand Advanced Materials
Sales and earnings for materials used in smartphones and tablets increased because of the end of inventory adjustments due to the global COVID-19 pandemic. Sales and earnings for secondary battery and environmental applications also increased. There was a rapid recovery in demand following the temporary downturn in the first quarter caused by COVID-19 and demand associated with remote work and telework contributed to sales and earnings. On the other hand, sales and earnings for exports of titanium and nickel products to Europe were lower because of the impact of COVID-19 throughout the fiscal year.
In the minor metals and rare earths category, the transaction volume of rare earths used in magnetic materials increased. However, the transaction volume of tungsten and other minor metals were down from one year earlier because of the temporary downturn in demand in the automobile industry early in the fiscal year. There was a big increase in segment profit because of the recovery in transaction volume in several categories of this segment and because earnings one year earlier were reduced by a valuation loss on minor metal inventories, an issue that has largely ended.
2
ALCONIX CORPORATION (3036) Financial Results for FY3/21
As a result, the segment recorded sales of 63,195 million yen (down 11.9% year on year) and segment profit of 1,636 million yen (up 1,928.5%).
- Trading-Aluminumand Copper Products
In the non-ferrous products category, shipments of parts used in commercial air conditioning systems and other construction materials for large buildings were sluggish because of COVID-19. In the automobile industry, the demand for non-ferrous products recovered, mainly in China, as automakers continue to use more electronic components and reduce vehicle weight. In addition, the volume of imported aluminum foil for general applications increased along with the rising production of lithium-ion batteries for electric cars. Demand for semiconductors used in devices such as PCs and tablets increased because of more spending associated with staying home for safety, the growth of remote work, and the advancement of 5G mobile communications. As a result, the transaction volume of materials for semiconductor applications recovered to the prior-year level.
In the non-ferrous resources category, the demand for materials used in the automobile industry recovered rapidly in the second half of the fiscal year following the temporary downturn caused by COVID-19. The transaction volume of aluminum scrap and recycled aluminum ingots, the primary business of this category, increased but was still below the prior-year level. The transaction volume of copper scrap was higher than in the previous fiscal year because the price of copper increased steadily during the current fiscal year.
Earnings were lower because of the decline in sales and a loss caused by an improper accounting procedure at a consolidated subsidiary.
As a result, the segment recorded sales of 108,910 million yen (down 8.2% year on year) and segment profit of 408 million yen (down 41.2%).
- Manufacturing-Equipmentand Materials
In the United States, shipments of plating materials decreased, mainly in the automotive sector, because of COVID-
19. In China, where the economy recovered quickly from the impact of COVID-19, shipments of materials in the automotive and semiconductor sectors were higher than in the previous fiscal year. In the non-destructive testing equipment and marking devices category, sales benefited from an increase in shipments of large non-destructive testing equipment involving industrial plants and energy. Shipments of cashew resin products for brake friction materials, carbon brushes for small motors and welding rods started to recover. Demand for these products in Japan and other countries was down in the fiscal year's first half but automotive sector demand recovered rapidly in the second half.
As a result, the segment recorded sales of 24,919 million yen (down 3.6% year on year) and segment profit of 518 million yen (up 28.5%).
- Manufacturing-MetalProcessing
Shipments of precision grinding processing parts for semiconductor chip mounting equipment decreased mainly due to the impact of adjustments to the production levels of some materials, even though demand for this equipment remained firm as the demand for semiconductors increased. Shipments of precision machining processing parts for semiconductor manufacturing equipment increased as a result of higher demand for data telecommunications devices and semiconductors resulting from the full-scale launch of 5G mobile communications and the growth of remote work. Shipments of metal precision stamped parts increased along with the rapid recovery in automotive sector demand following the temporary downturn due to COVID-19. However, shipments were lower than one year earlier. In Mexico, where operations are in the start-up phase, earnings were held down by up-front expenditures. Fujine Sangyo Co., Ltd., a manufacturer of metal processed components used in air conditioning equipment and freezers, became a consolidated subsidiary on December 3, 2020, and is included in this segment. The results of operations of Fujine Sangyo are included in this segment's sales and earnings beginning in January 2021.
As a result, the segment recorded sales of 22,123 million yen (down 1.4% year on year) and segment profit of 3,159 million yen (down 25.1%).
3
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ALCONIX Corporation published this content on 25 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 May 2021 03:32:00 UTC.