Asahi Kasei Corporation
Head Office: 1-1-2 Yurakucho, Chiyoda-ku, Tokyo, Japan
Security code: 3407
Contact: Corporate Communications, Phone +81-3-6699-3008, Fax +81-3-6699-3187
May 13, 2021
Consolidated Results for Fiscal 2020:
April 1, 2020 - March 31, 2021
(All figures in millions of yen, rounded to the nearest million, unless otherwise specified)
I. Summary of Consolidated Results
1. Operating results (percent change from previous year in brackets)
FY 2020 | FY 2019 | ||||||
Net sales | 2,106,051 | [−2.1%] | 2,151,646 | [−0.9%] | |||
Operating income | 171,808 | [−3.1%] | 177,264 | [−15.4%] | |||
Ordinary income | 178,036 | [−3.2%] | 184,008 | [−16.4%] | |||
Net income attributable to owners of the parent | 79,768 | [−23.2%] | 103,931 | [−29.5%] | |||
Net income per share* | 57.49 | 74.85 | |||||
Diluted net income per share* | - | - | |||||
Net income/shareholders' equity | 5.6% | 7.6% | |||||
Ordinary income/total assets | 6.2% | 6.8% | |||||
Operating income/net sales | 8.2% | 8.2% | |||||
* Yen |
Notes:
• Comprehensive income was ¥157,941 million during fiscal 2020, and ¥37,167 million during fiscal 2019.
• Equity in earnings of affiliates was ¥3,451 million during fiscal 2020, and ¥7,138 million during fiscal 2019.
2. Financial position
At fiscal year end March | 2021 | 2020 |
Total assets | 2,918,941 | 2,822,277 |
Net assets | 1,494,535 | 1,383,460 |
Net worth/total assets | 50.3% | 48.2% |
Net worth per share* | 1,057.61 | 979.69 |
* Yen
Notes:
• Net worth consists of shareholders' equity and accumulated other comprehensive income.
• Net worth was ¥1,467,476 million as of March 31, 2021, and ¥1,359,314 million as of March 31, 2020.
• Calculation of total assets as of March 31, 2020, previously based on provisional accounting treatment related to business combinations, has been finalized.
3. Cash flows
FY 2020 | FY 2019 | |||||
Cash flows from operating activities | 253,676 | 124,460 | ||||
Cash flows from investing activities | (157,751) | (318,156) | ||||
Cash flows from financing activities | (95,869) | 221,923 | ||||
Cash and cash equivalents at end of period | 216,235 | 204,771 |
Asahi Kasei | May 13, 2021 |
Consolidated Results | 1/17 |
II. Cash Dividends
Cash dividends per share* | Total annual | Dividends/ | Dividends/ | ||||||||||||||||||||
Fiscal year | Q1 | Q2 | Q3 | Q4 | Total | dividend | consolidated | consolidated | |||||||||||||||
annual | amount | net income | net worth | ||||||||||||||||||||
2019 | - | 18.00 | - | 16.00 | 34.00 | 47,188 | 45.4% | 3.5% | |||||||||||||||
2020 | - | 17.00 | - | 17.00 | 34.00 | 47,187 | 59.1% | 3.3% | |||||||||||||||
2021 | - | - | - | - | 34.00 | 30.4% | |||||||||||||||||
(forecast) | |||||||||||||||||||||||
* Yen
- Forecast for Fiscal 2021 (April 1, 2021 - March 31, 2022) (percent change from same period of previous year in brackets)
For Q1-Q2 | For the fiscal year | |||
Net sales | 1,149,000 | [+16.1%] | 2,375,000 | [+12.8%] |
Operating income | 88,500 | [+15.3%] | 190,000 | [+10.6%] |
Ordinary income | 91,500 | [+18.1%] | 196,000 | [+10.1%] |
Net income attributable to owners of the parent | 87,000 | [+86.0%] | 155,000 | [+94.3%] |
Net income per share* | 62.70 | 111.71 | ||
* Yen
Note:
Performance forecasts are based on the best information available at this time, but actual results may diverge from these forecasts due to a variety of factors which cannot be foreseen.
IV. Other Information
1. Changes in significant subsidiaries which affected scope of consolidation during the period:
Addition of one new subsidiary:
Sage Automotive Interiors Germany GmbH
- Changes in accounting policies, changes in accounting estimates, and retroactive restatement: None
- Number of shares outstanding
2021 | 2020 | |
Number of shares outstanding at end of period | 1,393,932,032 | 1,393,932,032 |
Number of shares of treasury stock at end of period | 6,396,867 | 6,440,327 |
Average number of shares outstanding during period | 1,387,525,767 | 1,388,564,157 |
Asahi Kasei | May 13, 2021 |
Consolidated Results | 2/17 |
- Summary of Non-Consolidated Results
1. Results for fiscal 2020 (April 1, 2020 - March 31, 2021)
(1) Operating results (percent change from previous year in brackets)
FY 2020 | FY 2019 | |||||||||
Net sales | 548,149 | [−8.6%] | 599,972 [−9.9%] | |||||||
Operating income | 6,374 | [−69.1%] | 20,648 [−59.6%] | |||||||
Ordinary income | 64,546 | [−15.9%] | 76,768 [−28.0%] | |||||||
Net income | 67,717 | [+17.0%] | 57,873 [−35.2%] | |||||||
Net income per share* | 48.80 | 41.68 | ||||||||
Diluted net income per share* | - | - | ||||||||
* Yen | ||||||||||
(2) Financial position | ||||||||||
At fiscal year end, March | 2021 | 2020 | ||||||||
Total assets | 2,289,241 | 1,919,199 | ||||||||
Net assets | 790,312 | 744,199 | ||||||||
Net worth/total assets | 34.5% | 38.8% | ||||||||
Net worth per share* | 569.58 | 536.36 | ||||||||
* Yen |
VI. Overview of Consolidated Results
1. Consolidated group results
Operating income increased in the Health Care segment with firm performance of operations related to the treatment of COVID-19, while the Material segment was impacted by the global economic deterioration caused by the coronavirus pandemic and the Homes segment was impacted by a consumption tax increase in Japan and by the pandemic. Consolidated net sales decreased by ¥45.6 billion from a year ago to ¥2,106.1 billion, operating income decreased by ¥5.5 billion from a year ago to ¥171.8 billion, and ordinary income decreased by ¥6.0 billion from a year ago to ¥178.0 billion. Net income attributable to owners of the parent decreased by ¥24.2 billion to ¥79.8 billion with extraordinary loss incurred due to a semiconductor plant fire and income tax expenses temporary elevated due to reconfiguration of organizations related to Veloxis Pharmaceuticals, Inc.
2. Results by operating segment
The Asahi Kasei Group's operations are described by major business classification: three reportable segments of Material, Homes, and Health Care, together with an "Others" category.
MATERIAL
Sales decreased by ¥101.9 billion from a year ago to ¥991.2 billion, and operating income decreased by ¥25.9 billion from a year ago to ¥66.5 billion.
Performance recovered from the second quarter with recovery of automotive-related markets and recovery of petrochemical market prices, but there was a significant impact from the pandemic especially in the first quarter.
HOMES
Sales decreased by ¥11.8 billion from a year ago to ¥692.6 billion, and operating income decreased by ¥9.2 billion from a year ago to ¥63.5 billion.
Although real estate operations performed well, order-built homes operations and remodeling operations were impacted by a consumption tax increase in Japan and COVID-19 restrictions.
Asahi Kasei | May 13, 2021 |
Consolidated Results | 3/17 |
HEALTH CARE
Sales increased by ¥70.1 billion from a year ago to ¥407.9 billion, and operating income increased by ¥24.1 billion from a year ago to ¥67.6 billion.
Although sales activities were restricted due to COVID-19, critical care operations had a large-scale increase in demand for ventilators and pharmaceutical and medical device operations performed well.
OTHERS
Sales decreased by ¥2.0 billion from a year ago to ¥14.3 billion, and operating income increased by ¥0.6 billion from a year ago to ¥3.8 billion.
Asahi Kasei | May 13, 2021 |
Consolidated Results | 4/17 |
VII. Consolidated Financial Statements
1. Balance sheets
At end of | At end of | ||||||
March 2020 | March 2021 | ||||||
Assets | |||||||
Current assets | |||||||
Cash and deposits | 207,957 | 221,779 | |||||
Notes and accounts receivable-trade | 330,999 | 338,640 | |||||
Merchandise and finished goods | 216,463 | 203,159 | |||||
Work in process | 160,064 | 166,494 | |||||
Raw materials and supplies | 101,313 | 111,798 | |||||
Other | 92,153 | 97,131 | |||||
Allowance for doubtful accounts | (1,519) | (2,225) | |||||
Total current assets | 1,107,430 | 1,136,776 | |||||
Noncurrent assets | |||||||
Property, plant and equipment | |||||||
Buildings and structures | 563,110 | 598,675 | |||||
Accumulated depreciation | (305,259) | (319,144) | |||||
Buildings and structures, net | 257,851 | 279,531 | |||||
Machinery, equipment and vehicles | 1,466,958 | 1,535,326 | |||||
Accumulated depreciation | (1,243,780) | (1,286,057) | |||||
Machinery, equipment and vehicles, net | 223,179 | 249,269 | |||||
Land | 67,024 | 70,577 | |||||
Lease assets | 9,645 | 8,615 | |||||
Accumulated depreciation | (8,964) | (7,687) | |||||
Lease assets, net | 681 | 928 | |||||
Construction in progress | 75,487 | 84,463 | |||||
Other | 172,674 | 182,414 | |||||
Accumulated depreciation | (143,210) | (149,920) | |||||
Other, net | 29,464 | 32,495 | |||||
Subtotal | 653,686 | 717,262 | |||||
Intangible assets | |||||||
Goodwill | 365,680 | 351,921 | |||||
Other | 349,566 | 342,454 | |||||
Subtotal | 715,246 | 694,374 | |||||
Investments and other assets | |||||||
Investment securities | 244,581 | 286,517 | |||||
Long-term loans receivable | 7,951 | 1,241 | |||||
Long-term advance payments-trade | 20,467 | 29,390 | |||||
Deferred tax assets | 44,466 | 21,116 | |||||
Other | 28,883 | 32,709 | |||||
Allowance for doubtful accounts | (435) | (445) | |||||
Subtotal | 345,914 | 370,529 | |||||
Total noncurrent assets | 1,714,846 | 1,782,165 | |||||
Total assets | 2,822,277 | 2,918,941 |
Asahi Kasei | May 13, 2021 |
Consolidated Results | 5/17 |
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Asahi Kasei Corporation published this content on 13 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 May 2021 08:07:09 UTC.