Translation
Notice: This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the event of any discrepancy between this translated document and the original Japanese document, the latter shall prevail.
Summary of Consolidated Financial Results
for the Year Ended December 31, 2021
(Based on Japanese GAAP)
February 10, 2022 | ||||||||||||||||
Company name: | Euglena Co., Ltd. | |||||||||||||||
Stock exchange listing: | Tokyo | |||||||||||||||
Stock code: | 2931 | URL | http://www.euglena.jp/ | |||||||||||||
Representative: | Representative Director, President | Mitsuru Izumo | ||||||||||||||
Inquiries: | Executive Officer, CFiO | Tomohiro Wakahara | TEL | 03(3454)4907 | ||||||||||||
Scheduled date of ordinary general meeting of shareholders: | March 26, 2022 | |||||||||||||||
Scheduled date to file Securities Report: | March 28, 2022 | |||||||||||||||
Scheduled date to commence dividend payments: | - | |||||||||||||||
Preparation of supplementary material on financial results: | Yes | |||||||||||||||
Holding of financial results meeting: | Yes | (for analysts and institutional investors) | ||||||||||||||
(Amounts less than one million yen are rounded down) | ||||||||||||||||
1. Consolidated financial results for the year ended December 31, 2021 (from October 1, 2020 to December 31, 2021) | ||||||||||||||||
(1) Consolidated operating results | Percentages indicate year-on-year changes | |||||||||||||||
Net sales | Adjusted EBITDA* | Operating profit | Ordinary profit | Profit attributable | ||||||||||||
to owners of parent | ||||||||||||||||
Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | |||||||
Year ended December 31, 2021 | 34,420 | - | 1,368 | - | (6,565) | - | (6,354) | - | (5,038) | - | ||||||
Year ended September 30, 2020 | 13,317 | (4.7) | (732) | - | (1,807) | - | (1,457) | - | (1,486) | - |
- Because management has shifted its focus to cash flow management, the Company now presents adjusted EBITDA as a key performance indicator to show its capacity for generating free cash flows.
Note 1: Comprehensive income Year ended December 31, 2021 | ¥(5,853) | million | [-%] |
Year ended September 30, 2020 | ¥(1,483) | million | [-%] |
Note 2: The fiscal year ended December 31, 2021 is an irregular 15-month period due to the change in the fiscal year end. Consequently, year- on-year changes are not presented.
Earnings per share | Diluted earnings per | Profit attributable to | Ordinary profit/total | Operating profit/net | ||||||||
share | owners of | assets | sales | |||||||||
parent/equity | ||||||||||||
Yen | Yen | % | % | % | ||||||||
Year ended December 31, 2021 | (49.07) | - | (34.1) | (16.5) | (19.1) | |||||||
Year ended September 30, 2020 | (16.00) | - | (14.7) | (9.0) | (13.6) | |||||||
Reference: Share of profit (loss) of entities accounted for using equity method | ||||||||||||
Year ended December 31, 2021 | ¥58 million | |||||||||||
Year ended September 30, 2020 | ¥(27) million | |||||||||||
(2) Consolidated financial position | ||||||||||||
Total assets | Net assets | Equity ratio | Net assets per share | |||||||||
Millions of yen | Millions of yen | % | Yen | |||||||||
As of December 31, 2021 | 61,007 | 20,588 | 33.0 | 181.35 | ||||||||
As of September 30, 2020 | 15,351 | 9,386 | 61.0 | 100.58 | ||||||||
Reference: Equity | As of December 31, 2021 | ¥20,355 million | ||||||||||
As of September 30, 2020 | ¥9,363 million | |||||||||||
(3) Consolidated cash flows | ||||||||||||
Cash flows from | Cash flows from | Cash flows from | Cash and cash equivalents | |||||||||
operating activities | investing activities | financing activities | at end of period | |||||||||
Millions of yen | Millions of yen | Millions of yen | Millions of yen | |||||||||
Year ended December 31, 2021 | 1,378 | (10,338) | 12,062 | 9,820 | ||||||||
Year ended September 30, 2020 | (1,217) | (350) | 162 | 6,253 | ||||||||
1 |
2. Cash dividends
Annual dividends per share | Total cash | Dividend payout | Ratio of dividends | ||||||
to net assets | |||||||||
1st quarter-end | 2nd quarter-end | 3rd quarter-end | 4th quarter-end | Fiscal year-end | Total | dividends (Total) | ratio (Consolidated) | (Consolidated) | |
Yen | Yen | Yen | Yen | Yen | Yen | Millions of yen | % | % | |
Year ended September 30, 2020 | - | 0.00 | - | - | 0.00 | 0.00 | - | - | - |
Year ended December 31, 2021 | - | 0.00 | - | - | 0.00 | 0.00 | - | - | - |
Year ending December 31, 2022 | - | 0.00 | - | - | 0.00 | 0.00 | - | ||
(Forecast) | |||||||||
3. Forecast of consolidated financial results for the year ending December 31, 2022 (from January 1, 2022 to December 31, 2022)
Percentages indicate year-on-year changes
Net sales | Adjusted EBITDA* | Operating profit | Ordinary profit | Profit attributable to | Earnings per | ||||||||
owners of parent | share | ||||||||||||
Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | Yen | |||
Full year | 48,000 | - | 2,100 | - | - | - | - | - | - | - | - |
Reference: Adjusted EBITDA = EBITDA (Operating profit + Amortization of goodwill and Depreciation) + Subsidy income + Stock-related remuneration + Inventory step-up effect.
4. Notes
(1) | Changes in significant subsidiaries during the year ended December 31, 2021 | Yes |
(changes in specified subsidiaries resulting in the change in scope of consolidation): | ||
(2) | Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements | |
Changes in accounting policies due to revisions to accounting standards and other regulations: | No | |
Changes in accounting policies due to other reasons: | No | |
Changes in accounting estimates: | No | |
Restatement of prior period financial statements: | No |
(3) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of December 31, 2021 | 111,161,886 | shares | As of September 30, 2020 | 93,153,322 | shares | |
Number of treasury shares at the end of the period | ||||||
As of December 31, 2021 | 20,431 | shares | As of September 30, 2020 | 56,459 | shares | |
Average number of shares during the period | ||||||
Year ended December 31, 2021 | 102,692,699 | shares | Year ended September 30, 2020 | 92,900,464 | shares |
- Financial results reports are exempt from review conducted by certified public accountants or an audit corporation.
-
Proper use of financial results forecast, and other special matters
The forward-looking statements, including the earnings forecasts, shown in this document are based on information currently available to the Company and on certain assumptions deemed to be reasonable.
2
Consolidated financial statements
Consolidated balance sheets
(Thousands of yen) | |||
As of September 30, 2020 | As of December 31, 2021 | ||
Assets | |||
Current assets | |||
Cash and deposits | 6,253,900 | 9,900,624 | |
Notes and accounts receivable - trade | 1,076,070 | 3,182,255 | |
Securities | - | 285,340 | |
Merchandise and finished goods | 805,920 | 4,572,465 | |
Work in process | 44,636 | 744,762 | |
Raw materials and supplies | 949,842 | 1,144,292 | |
Other | 669,477 | 673,020 | |
Allowance for doubtful accounts | (8,292) | (64,383) | |
Total current assets | 9,791,554 | 20,438,377 | |
Non-current assets | |||
Property, plant and equipment | |||
Buildings and structures | 3,068,137 | 7,314,680 | |
Machinery, equipment and vehicles | 1,488,471 | 3,375,030 | |
Tools, furniture and fixtures | 391,575 | 1,396,667 | |
Land | 900,520 | 2,499,773 | |
Leased assets | 25,946 | 109,588 | |
Construction in progress | 6,253 | 5,457 | |
Accumulated depreciation | (2,576,423) | (7,849,249) | |
Total property, plant and equipment | 3,304,480 | 6,851,949 | |
Intangible assets | |||
Goodwill | 961,239 | 13,034,671 | |
Customer-related assets | 285,941 | 17,011,026 | |
Other | 312,416 | 1,858,079 | |
Total intangible assets | 1,559,597 | 31,903,777 | |
Investments and other assets | |||
Investment securities | 319,946 | 397,252 | |
Guarantee deposits | 283,979 | 317,686 | |
Deferred tax assets | 8,291 | 740,246 | |
Other | 83,248 | 395,616 | |
Allowance for doubtful accounts | - | (37,173) | |
Total investments and other assets | 695,465 | 1,813,629 | |
Total non-current assets | 5,559,543 | 40,569,356 | |
Total assets | 15,351,098 | 61,007,734 |
3
(Thousands of yen) | |||
As of September 30, 2020 | As of December 31, 2021 | ||
Liabilities | |||
Current liabilities | |||
Notes and accounts payable - trade | 260,402 | 1,082,104 | |
Short-term borrowings | 547,425 | 2,287,746 | |
Accounts payable - other | 935,975 | 3,715,753 | |
Lease obligations | 291 | 8,898 | |
Income taxes payable | 8,500 | 486,483 | |
Provision for bonuses | 28,800 | 267,344 | |
Provision for point card certificates | 22,200 | 1,202,169 | |
Provision for business restructuring | - | 31,319 | |
Asset retirement obligations | 24,620 | - | |
Other | 332,185 | 1,552,228 | |
Total current liabilities | 2,160,401 | 10,634,047 | |
Non-current liabilities | |||
Long-term borrowings | 3,216,532 | 22,598,636 | |
Lease obligations | 24 | 14,285 | |
Provision for retirement benefits for directors (and other | - | 52,647 | |
officers) | |||
Retirement benefit liability | 19,839 | 390,482 | |
Asset retirement obligations | 399,080 | 427,027 | |
Deferred tax liabilities | 164,805 | 6,297,173 | |
Other | 3,656 | 4,574 | |
Total non-current liabilities | 3,803,938 | 29,784,827 | |
Total liabilities | 5,964,339 | 40,418,874 | |
Net assets | |||
Shareholders' equity | |||
Share capital | 7,323,548 | 13,888,478 | |
Capital surplus | 2,229,643 | 11,602,445 | |
Retained earnings | (84,993) | (5,273,240) | |
Treasury shares | (94,737) | (34,282) | |
Total shareholders' equity | 9,373,460 | 20,183,400 | |
Accumulated other comprehensive income | |||
Valuation difference on available-for-sale securities | (1,802) | (2,121) | |
Foreign currency translation adjustment | (8,227) | (20,625) | |
Remeasurements of defined benefit plans | - | (5,035) | |
Total accumulated other comprehensive income | (10,029) | (27,782) | |
Share acquisition rights | 13,556 | 427,696 | |
Non-controlling interests | 9,771 | 5,545 | |
Total net assets | 9,386,758 | 20,588,859 | |
Total liabilities and net assets | 15,351,098 | 61,007,734 |
4
Consolidated statements of income and consolidated statements of comprehensive income Consolidated statements of income
(Thousands of yen) | |||
Fiscal year ended | Fiscal year ended | ||
September 30, 2020 | December 31, 2021 | ||
Net sales | 13,317,316 | 34,420,387 | |
Cost of sales | 3,825,098 | 12,951,062 | |
Gross profit | 9,492,218 | 21,469,324 | |
Selling, general and administrative expenses | 11,299,938 | 28,034,551 | |
Operating loss | (1,807,720) | (6,565,226) | |
Non-operating income | |||
Interest income | 2,008 | 379 | |
Subsidy income | 329,227 | 334,268 | |
Commission income | 12,000 | 45,705 | |
Foreign exchange gains | 2,054 | 5,121 | |
Share of profit of entities accounted for using equity method | - | 58,412 | |
Surrender value of insurance policies | - | 143,160 | |
Other | 43,949 | 107,706 | |
Total non-operating income | 389,239 | 694,753 | |
Non-operating expenses | |||
Interest expenses | 8,957 | 306,315 | |
Share issuance costs | - | 160,160 | |
Share of loss of entities accounted for using equity method | 27,492 | - | |
Other | 2,759 | 17,385 | |
Total non-operating expenses | 39,208 | 483,861 | |
Ordinary loss | (1,457,689) | (6,354,334) | |
Extraordinary income | |||
Gain on reversal of share acquisition rights | 1,662 | 12,296 | |
Gain on sale of non-current assets | 365 | 299 | |
Gain on sale of investment securities | 36,278 | - | |
Gain on change in equity | 12,856 | - | |
Gain on step acquisitions | - | 174,000 | |
Total extraordinary income | 51,162 | 186,596 | |
Extraordinary losses | |||
Loss on sale of non-current assets | - | 256 | |
Impairment losses | 26,672 | 54,896 | |
Loss on change in equity | - | 5,791 | |
Loss on valuation of investment securities | 1,027 | 42,542 | |
Loss on extinguishment of tie-in shares | - | 4,275 | |
Provision for business restructuring | - | 461,952 | |
Total extraordinary losses | 27,699 | 569,715 | |
Loss before income taxes | (1,434,226) | (6,737,453) | |
Income taxes - current | 153,443 | 492,342 | |
Income taxes - deferred | (101,170) | (1,392,464) | |
Total income taxes | 52,272 | (900,121) | |
Loss | (1,486,498) | (5,837,331) | |
Profit (loss) attributable to non-controlling interests | 188 | (798,390) | |
Loss attributable to owners of parent | (1,486,686) | (5,038,941) |
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Euglena Co. Ltd. published this content on 22 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 February 2022 06:30:06 UTC.