Notice: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.
August 5, 2022
Consolidated Financial Results
for the Three Months Ended June 30, 2022
(Based on Japanese GAAP)
Company name: | GOLDWIN INC. |
Stock exchange listing: | Tokyo |
Securities code: | 8111 |
URL: | https://www.goldwin.co.jp |
Representative: | Takao Watanabe, President and Representative Director |
Inquiries: | Michio Shirasaki, Managing Director, Director-General Administration |
TEL: | +81-3-3481-7203 |
Scheduled date to file Quarterly Securities Report: | August 12, 2022 |
Scheduled date to commence dividend payments: | - |
Preparation of supplementary material on quarterly financial results: Yes | |
Holding of quarterly financial results meeting: | No |
(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the three months ended June 30, 2022 (from April 1, 2022 to June 30, 2022)
(1) Consolidated operating results (cumulative) | (Percentages indicate year-on-year changes) | |||||||||||||
Net sales | Operating profit | Ordinary profit | Profit attributable to | |||||||||||
owners of parent | ||||||||||||||
Three months ended | Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | ||||||
June 30, 2022 | 21,099 | 23.5 | 2,266 | 99.6 | 3,368 | 98.5 | 2,603 | 110.8 | ||||||
June 30, 2021 | 17,078 | 40.0 | 1,135 | - | 1,696 | - | 1,235 | - | ||||||
Note: Comprehensive income | Three months ended June 30, 2022: | ¥3,636 million | [99.6%] | |||||||||||
Three months ended June 30, 2021: | ¥1,821 million | [-%] | ||||||||||||
Earnings per | Diluted earnings | |||||||||||||
share | per share | |||||||||||||
Three months ended | Yen | Yen | ||||||||||||
June 30, 2022 | 57.74 | - | ||||||||||||
June 30, 2021 | 27.23 | - | ||||||||||||
(2) Consolidated financial position | ||||||||||||||
Total assets | Net assets | Equity ratio | ||||||||||||
As of | Millions of yen | Millions of yen | % | |||||||||||
June 30, 2022 | 94,125 | 62,008 | 65.8 | |||||||||||
March 31, 2022 | 99,085 | 63,411 | 63.9 | |||||||||||
Reference: Equity | ||||||||||||||
As of June 30, 2022 | ¥61,914 million | |||||||||||||
As of March 31, 2022 | ¥63,278 million |
2. Cash dividends
Annual dividends per share | ||||||
1st quarter-end | 2nd quarter-end | 3rd quarter-end | Fiscal year-end | Total | ||
Yen | Yen | Yen | Yen | Yen | ||
Year ended March 31, | - | 20.00 | - | 65.00 | 85.00 | |
2022 | ||||||
Year ending March 31, | - | |||||
2023 | ||||||
Year ending March 31, | 25.00 | - | 65.00 | 90.00 | ||
2023 (Forecast) | ||||||
Note: Revisions to the forecast of cash dividends most recently announced: No |
3. Forecast of consolidated financial results for the year ending March 31, 2023 (from April 1, 2022 to March 31, 2023)
(Percentages indicate year-on-year changes)
Net sales | Operating profit | Ordinary profit | Profit attributable to | Earnings per | ||||||
owners of parent | share | |||||||||
Millions of | % | Millions of | % | Millions of | % | Millions of | % | Yen | ||
yen | yen | yen | yen | |||||||
Six months ending | 44,400 | 16.2 | 3,900 | 18.2 | 5,900 | 53.8 | 4,130 | 56.9 | 91.58 | |
September 30, 2022 | ||||||||||
Full year | 106,000 | 7.9 | 17,000 | 3.0 | 21,400 | 5.5 | 16,000 | 11.5 | 354.79 |
Note: Revisions to the forecast of consolidated financial results most recently announced: Yes
* Notes
- Changes in significant subsidiaries during the three months ended June 30, 2022 (changes in specified subsidiaries resulting in the change in scope of consolidation): No
- Application of special accounting methods for preparing quarterly consolidated financial statements: No
- 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: Yes
- Changes in accounting policies due to other reasons: No
- Changes in accounting estimates: No
- Restatement of prior period financial statements: No
- Number of issued shares (common shares)
- Total number of issued shares at the end of the period (including treasury shares)
As of June 30, 2022 | 47,448,172 | shares |
As of March 31, 2022 | 47,448,172 | shares |
(ii) Number of treasury shares at the end of the period
As of June 30, 2022 | 2,450,606 | shares |
As of March 31, 2022 | 2,202,276 | shares |
(iii) Average number of shares during the period (cumulative from the beginning of the fiscal year)
Three months ended June 30, 2022 | 45,096,981 | shares |
Three months ended June 30, 2021 | 45,365,674 | shares |
- Quarterly financial results reports are exempt from quarterly review conducted by certified public accountants or an audit corporation.
-
Proper use of financial forecasts, and other special matters
Descriptions of the above financial forecasts and other data are based on information currently available to the Company and certain assumptions that we consider to be reasonable. Actual financial results may differ significantly from the forecasts for various reasons. Please refer to "1. Qualitative Information on Financial Results for the Period under Review, (3) Explanation of consolidated financial results forecasts and other forward-looking statements" on page 3 of the attached materials for the suppositions that form the assumptions for the financial forecasts and cautions regarding the use of the financial forecasts.
Attached Material | ||
Index | ||
1. Qualitative Information on Financial Results for the Period under Review ............................................. | 2 | |
(1) | Explanation of operating results......................................................................................................... | 2 |
(2) | Explanation of financial position........................................................................................................ | 2 |
(3) | Explanation of consolidated financial results forecasts and other forward-looking statements ......... | 3 |
2. Quarterly Consolidated Financial Statements and Significant Notes Thereto .......................................... | 4 | |
(1) | Quarterly consolidated balance sheet ................................................................................................. | 4 |
(2) | Quarterly consolidated statement of income and quarterly consolidated statement of comprehensive | |
income ................................................................................................................................................ | 6 | |
Quarterly consolidated statement of income (cumulative)................................................................. | 6 | |
Quarterly consolidated statement of comprehensive income (cumulative)........................................ | 7 | |
(3) | Notes regarding quarterly consolidated financial statements ............................................................. | 8 |
(Notes regarding assumptions of going concern) ............................................................................... | 8 | |
(Notes on significant changes in the amount of shareholders' equity) ............................................... | 8 | |
(Changes in accounting policies)........................................................................................................ | 8 | |
(Segment information) ....................................................................................................................... | 8 |
- 1 -
1. Qualitative Information on Financial Results for the Period under Review
-
Explanation of operating results
During the three months ended June 30, 2022, amid a trend of decline in the number of novel coronavirus disease (COVID-19) cases, the Japanese economy experienced a nationwide move to reopen economic activities with the easing of COVID-19-related restrictions. However, the impact of Russia's invasion of Ukraine, which started in February 2022, led to a global surge in raw materials prices and resulted in broad-based price increases. In the foreign exchange market, import costs increased with the progressing sharp deterioration in the Japanese yen, and the approximately two- month-long lockdown in the global trading port of Shanghai starting at the end of March had a large impact on the supply chain. As such, the future of the economy remains uncertain overall.
Amid these conditions, in the first quarter (April to June), the Group saw a move toward recovery in private consumption with more opportunities to leave home as no state of emergency declarations, etc. were issued. Outdoor-related products offered by THE NORTH FACE and other brands enjoyed strong sales of lifestyle wear for kids, ladies, etc. in addition to high-performance wear. With solid growth in a wide range of goods-related products such as backpacks and shoes, net sales were ¥21,099 million (up 23.5% from the previous year), a record for the highest net sales ever in the first quarter.
In terms of operating profit, as described above, factors of increase in selling, general and administrative expenses such as rising manufacturing costs and distribution costs began to impact a wide range of products. Amid these conditions, in terms of procurement, as we have built long-standing relationships over many years in joint development with materials manufacturers, we concluded long- term agreements for many of our mainstay materials, working to minimize the impact on prices for spring and summer goods. Furthermore, in terms of production, for our annual mainstay products centered on outdoor wear, we worked to reduce manufacturing costs through planning and production that took advantage of the off season. The Shanghai lockdown led to an increase in distribution costs due to the airborne shipping of certain goods. However, as we had already received shipments to Japan for many spring and summer goods prior to the lockdown, the increase in our distribution costs was limited. As a result, our gross profit margin improved by 0.1 percentage points year-on-year to 52.7%, absorbing the increase in expenses and leading operating profit to rise by 99.6% year-on-year to ¥2,266 million and setting an all-time record for the first quarter. In this way, even during unpredictable conditions, our actual demand-oriented business model that we have worked for many years to develop with materials manufacturers, wholesalers, etc. demonstrated its strength in facilitating a "chain of value" from the procurement of raw materials all the way to sales to our customers.
Ordinary profit was ¥3,368 million (up 98.5% year on year), mainly due to the strong performance of YOUNGONE OUTDOOR Corporation, an equity-method affiliate in South Korea, in addition to an increase in operating profit.
Profit attributable to owners of parent also reached ¥2,603 million (up 110.8% year on year) thanks to the success of the above efforts, and both ordinary profit and profit attributable to owners of parent reached new record highs for the first quarter.
Furthermore, during the approximately one month from April 23, 2022 through May 29, 2022 in the first quarter, we ran the PLAY EARTH PARK event at Roppongi's Tokyo Midtown on the theme of enjoying the earth and having formative sports experiences. At this event, we installed playground equipment designed with the collaboration of architects. PLAY EARTH PARK saw more than 34,000 visitors, succeeding in realizing the concept of PLAY EARTH put forth in our Medium-Term Management Plan. We moved the playground equipment used in the PLAY EARTH PARK event to Toyama Prefecture, the region where the Company was founded, and hold events at Fugan Unga Kansui Park and the Toyama Prefectural Museum of Art and Design from July 23, 2022 to August 14, 2022. We had postponed many customer events like these for approximately two years due to the COVID-19 pandemic, and we plan to continue promoting similar events while being mindful of COVID-19 conditions. - Explanation of financial position
Total assets at the end of the period under review amounted to ¥94,125 million, down ¥4,960 million from the end of the previous fiscal year. The main factors were a ¥5,672 million decrease in cash and deposits, a ¥2,483 million decrease in notes and accounts receivable - trade, and contract assets, despite - 2 -
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Goldwin Inc. published this content on 19 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 August 2022 07:43:12 UTC.