May 13, 2021
Consolidated Financial Results (Japanese Accounting Standards) for the FY 2020 (Ended March 31, 2021)
(English Translation)
Company name: | KAMEDA SEIKA CO., LTD. |
Stock exchange: | Tokyo Stock Exchange |
Stock code: | 2220 |
URL: | www.kamedaseika.co.jp |
Representative: | Isamu Sato, President and COO |
Contact: | Akira Kobayashi, General Manager Administrative Div. Director & CFO |
Tel. +81-25-382-2111 |
Scheduled date of ordinary shareholder's meeting: | June 16, 2021 |
Scheduled date of commencement of dividend payment: | June 17, 2021 |
Scheduled date for filing of securities report: | June 16, 2021 |
Supplementary documents for financial results: | Yes |
Financial results briefing: | Yes (for analysts and institutional investors) |
(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 show year-on-year changes.) | |||||||||||||||||||||||||
Net income | ||||||||||||||||||||||||||
Net sales | Operating income | Ordinary income | attributable to | |||||||||||||||||||||||
owners of the parent | ||||||||||||||||||||||||||
Year ended | ¥ million | % | ¥ million | % | ¥ million | % | ¥ million | % | ||||||||||||||||||
March 31, 2021 | 103,305 | -0.5 | 5,620 | -3.3 | 6,889 | -0.3 | 4,757 | 6.6 | ||||||||||||||||||
March 31, 2020 | 103,808 | 3.8 | 5,813 | 8.9 | 6,909 | 5.1 | 4,463 | 1.4 | ||||||||||||||||||
(Note) Comprehensive | income: | ¥ 6,314 million (116.2%) for the fiscal year ended March 31, 2021 | ||||||||||||||||||||||||
¥ 2,920 million (-33.4%) for the fiscal year ended March 31, 2020 | ||||||||||||||||||||||||||
Net income | Net income | Ratio of | Ratio of | |||||||||||||||||||||||
operating | ||||||||||||||||||||||||||
per share | per share | Return on equity | ordinary income | |||||||||||||||||||||||
income to net | ||||||||||||||||||||||||||
(basic) | (diluted) | to total assets | ||||||||||||||||||||||||
sales | ||||||||||||||||||||||||||
Year ended | ¥ | ¥ | % | % | % | |||||||||||||||||||||
March 31, 2021 | 225.62 | - | 8.6 | 7.7 | 5.4 | |||||||||||||||||||||
March 31, 2020 | 211.71 | - | 8.6 | 8.2 | 5.6 | |||||||||||||||||||||
(Reference) Equity in earnings of affiliates: | ¥ 926 million for the fiscal year ended March 31, 2021 | |||||||||||||||||||||||||
¥ 1,194 million for the fiscal year ended March 31, 2020 | ||||||||||||||||||||||||||
(2) Consolidated Results of Operations | ||||||||||||||||||||||||||
Total assets | Net assets | Equity ratio | Net assets per | |||||||||||||||||||||||
share | ||||||||||||||||||||||||||
¥ million | ¥ million | % | ¥ | |||||||||||||||||||||||
As of March 31, 2021 | 92,888 | 59,895 | 62.7 | 2,761.24 | ||||||||||||||||||||||
As of March 31, 2020 | 85,825 | 53,902 | 61.6 | 2,508.48 | ||||||||||||||||||||||
(Reference) Shareholder's | equity: | As of March | 31, 2021: ¥ 58,217 million | |||||||||||||||||||||||
As of March 31, 2020: ¥ 52,889 million | ||||||||||||||||||||||||||
(3) Consolidated Cash Flow | ||||||||||||||||||||||||||
Cash flows from | Cash flows from | Cash flows from | Cash and cash | |||||||||||||||||||||||
equivalents at end of | ||||||||||||||||||||||||||
operating activities | investing activities | financing activities | ||||||||||||||||||||||||
fiscal year | ||||||||||||||||||||||||||
Year ended | ¥ million | ¥ million | ¥ million | ¥ million | ||||||||||||||||||||||
March 31, 2021 | 8,671 | -6,337 | -257 | 6,505 | ||||||||||||||||||||||
March 31, 2020 | 8,048 | -7,631 | -161 | 4,581 | ||||||||||||||||||||||
2. Dividends
Dividend per share | Total | Ratio of | ||||||||
Payout ratio | dividends to | |||||||||
End of | End of | End of | dividends | |||||||
first | second | third | Year-end | Annual | (consolidated) | net assets | ||||
(annual) | ||||||||||
quarter | quarter | quarter | (consolidated) | |||||||
Year ended | ¥ | ¥ | ¥ | ¥ | ¥ | ¥ million | % | % | ||
- | 15.00 | - | 37.00 | 52.00 | 1,096 | 24.6 | 2.1 | |||
March 31, 2020 | ||||||||||
Year ended | - | 15.00 | - | 38.00 | 53.00 | 1,117 | 23.5 | 2.0 | ||
March 31, 2021 | ||||||||||
Year ending | ||||||||||
March 31, 2022 | - | 15.00 | - | 39.00 | 54.00 | 24.2 | ||||
(forecasts) |
3. Forecasts of Consolidated Financial Results for the Fiscal year Ending March 31, 2022 (April 1, 2021 - March 31, 2022)
(Percentage figures for the fiscal year represent the changes from the previous year,
While percentage figures for the six months' period represent the changes from the same period of the previous year)
Net income | Net | |||||||||
attributable to | ||||||||||
Net sales | Operating income | Ordinary income | income | |||||||
owners of the | ||||||||||
per share | ||||||||||
parent | ||||||||||
¥ million | % | ¥ million | % | ¥ million | % | ¥ million | % | ¥ | ||
Six months ending | 40,000 | - | 1,200 | -28.0 | 1,400 | -34.9 | 900 | -42.2 | 42.69 | |
September 30, 2021 | ||||||||||
Year ending March | 84,700 | - | 6,000 | 6.8 | 6,900 | 0.2 | 4,700 | -1.2 | 222.92 | |
31, 2022 | ||||||||||
(Note) Because the Company will apply the "Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29), etc. from the beginning of the fiscal year ending March 31, 2022, the above consolidated forecasts represent amounts obtained after the application of this accounting standard, etc., and the percentage changes in net sales from the previous fiscal year and from the same six month period of the previous year are not stated.
* Notes
- Changes of important subsidiaries during the period (changes of specific subsidiaries in accordance with changes in the scope of consolidation): Yes
2 new companies | (Company name) | 1. | Singha Kameda (Thailand) Co., Ltd. |
2. | Singha Kameda Trading (Thailand) Co., Ltd. |
(Note) For details, please refer to p.15 of the Appendix,"3. Quarterly Consolidated Financial Statements (5) Notes to the Quarterly Consolidated Financial Statements (Changes in Important Subsidiaries during the Period)"
- Changes in accounting policies and changes or restatement of accounting estimates
- Changes in accounting policies caused by revision of accounting standards
- Changes in accounting policies other than (i)
- Changes in accounting estimates
- Restatement
- Number of shares outstanding (common stock):
- Number of shares outstanding at end of period (including treasury stock)
As of March 31, 2021: | 22,318,650 shares |
As of March 31, 2020: | 22,318,650 shares |
- Number of treasury stock at end of period
As of March 31, 2021: | 1,234,695 shares |
As of March 31, 2020: | 1,234,462 shares |
- Average number of shares outstanding during the term
Year ended March 31, 2021: | 21,084,005 shares |
Year ended March 31, 2020: | 21,084,225 shares |
:None
:None
:None
:None
(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 | (Percentages show year-on-year changes) | |||||||||||
Net sales | Operating income | Ordinary income | Net income | |||||||||
¥ million | % | ¥ million | % | ¥ million | % | ¥ million | % | |||||
Year ended | 78,108 | 1.2 | 4,148 | -0.9 | 5,869 | 37.0 | 4,153 | 65.5 | ||||
March 31, 2021 | ||||||||||||
Year ended | 77,194 | 3.6 | 4,183 | 3.5 | 4,283 | -8.2 | 2,510 | 14.8 | ||||
March 31, 2020 | ||||||||||||
Net income | Net income | |||||||||||
Per share | Per share | |||||||||||
(basic) | (diluted) | |||||||||||
Year ended | ¥ | ¥ | ||||||||||
197.01 | - | |||||||||||
March 31, 2021 | ||||||||||||
Year ended | 119.07 | - | ||||||||||
March 31, 2020 | ||||||||||||
(2) Non-Consolidated Financial Position | ||||||||||||
Total assets | Net assets | Equity ratio | Net assets per share | |||||||||
¥ | million | ¥ million | % | ¥ | ||||||||
Year ended | 70,518 | 41,501 | 58.9 | 1,968.41 | ||||||||
March 31, 2021 | ||||||||||||
Year ended | 64,919 | 38,336 | 59.1 | 1,818.24 | ||||||||
March 31, 2020 | ||||||||||||
(Reference) Shareholder's equity: Year ended March 31, 2021: ¥ 41,501 million | ||||||||||||
Year ended March 31, 2020: ¥ 38,336 million |
- These financial results are not subject to auditing.
-
Statement regarding the appropriate use of operating forecasts and special notes (Caution concerning statements, etc. regarding the future)
The forward-looking statements such as performance forecasts included in this document are based on the information available to the Company at the time of the announcement and on certain assumptions considered reasonable. Actual results may differ significantly from these forecasts due to various factors. See "1. Summary of Consolidated Operating Results etc. (4) Future Prospects" on page 6 of the Appendix for the conditions assumed in consolidated forecasts and notes on the use of consolidated forecasts.
(How to obtain supplementary explanatory materials on financial results and details of financial results briefing session) The Company intends to hold a telephone conference for analysts and institutional investors on Monday, May 24, 2021.
Any explanatory materials used on that day will be available on the Company's website before the session starts.
Contents of Appendix | |
1. Summary of Consolidated Operating Results etc. ……………………………………………….………….... | 2 |
(1) Summary of Consolidated Operating Results for the Period under Review ………………………………. | 2 |
(2) Summary of Consolidated Financial Position for the Period under Review ……………………………… | 4 |
(3) Summary of Cash Flows for the Period under Review …………………………………………………… | 4 |
(4) Future Prospects……………………………………………………………………………………………. | 6 |
2. Basic View Concerning Choice of Accounting Standards……………………………………………………… | 6 |
3. Consolidated Financial Statements …………………………………………………………………………….. 7
(1) Consolidated Balance Sheet ……………………………………………………………………………….. 7
(2) Consolidated Income Statement and Consolidated Comprehensive Income Statement…... ………………... | 9 |
Consolidated Income Statement ………………………………………………………………………….. | 9 |
Consolidated Comprehensive Income Statement ………………………………………………………… | 10 |
(3) Consolidated Statement of Changes in Shareholders' Equity ……………………………………………… | 11 |
(4) Consolidated Cash Flow Statement ………………………………………………………………………... | 13 |
(5) Notes to the Consolidated Financial Statements……………………..……………………………………… | 15 |
(Notes to the going concern assumption)…….……………………..……………………………………… | 15 |
(Important notes on the basis of preparation of the financial statements)…………………………………. 15
(Changes in the method of presentation) …………………………………………………………………... 17
(Notes to the Consolidated Balance Sheet) ……………………………………………………………….. 18
(Notes to the Consolidated Income Statement)…………………………………………………………….. 19
(Notes to the Consolidated Comprehensive Income Statement)…………………………………………… 22
(Notes to the Consolidated Statement of Changes in Shareholder Equity)………………………………... 23
(Notes to the Consolidated Cash Flow Statement)………………………………………………………… | 25 |
(Business Combinations)…………………………………..……………………………………………… | 26 |
(Method Adopted to Estimate Approximate effects)………….…………………………………………… | 27 |
(Segment information)…………………………………………………………………………………...... | 27 |
(Per Share Information)……………………………………………………………………………………. 30
(Material Subsequent Events)……………………………………………………………………………... 30
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1. Summary of Consolidated Operating Results etc.
- Summary of Consolidated Operating Results for the Period under Review
During the fiscal year ended March 31, 2021, the Japanese economy continued to face an uncertain future and people are forced to engage in economic activities while it was still uncertain when the disease would be contained.
In the global economy, although there were signs of recovery due to a gradual resumption of economic activities and the effects of economic stimulus measures, there were also concerns that economic activities would stagnate due to uncertainty surrounding the spread of COVID-19.
In the food industry, despite support from firm demand, various costs were on the rise, and the earnings environment remained severe due to the combination of these rising costs with the budget-consciousness of customers.
Based on these economic conditions and changes in the environment surrounding the food industry, the Kameda Seika Group will continue its efforts as part of the medium-term business plan to achieve sustainable growth and enhance corporate value by providing customer value from the standpoint of the slogan "Better for You," which represents "contribution to a healthy lifestyle through the selection, eating and enjoyment of things that are delicious and good for the body," and realizing its goal of becoming a "Global Food Company."
During the period of the medium-term business plan, which continues to FY2023, we are striving to realize our vision as a distinctive global corporation that stands firmly on the foundation provided by the three pillars of our Domestic Rice Cracker Business, Overseas Business, and Food Business. At the same time, we will implement structural reforms from a medium-to-long-term perspective by taking measures to cope with changes in the business environment, such as changes in customer lifestyles due to the spread of COVID-19, with the aim of achieving sustainable growth and enhancing our corporate value.
We have been focusing on policies targeting future growth for some time, and for FY2020, we adopted more dynamic approaches over both the short and medium-to-long term, in light of the current changes in the business environment. In the Domestic Rice Cracker Business, we have been working to further strengthen our revenue base in order to solidify our position, which is by far the best in the industry, while the Overseas Business has been working to pave the way toward securing stable profits for its North American subsidiaries and restoring the overall profitability of the segment, and the Food Business has been working to achieve sales growth through an expansion of plant-based foods.
In the Domestic Rice Cracker Business, we focused on manufacturing and sales of our core products in response to growing drinking-at-home demand, in association with establishment of a habit of staying at home due to the COVID-19 pandemic. As a result, sales of our core products, such as "KAMEDA Kaki-no-Tane" and "Tsumami Dane," which are our savory snacks line products, grew significantly. Among these products, the seasonal "Tsumami Dane" and the new "Mugen Ebi" were highly popular among customers.
From the perspective of medium-to-long-term brand value enhancement, we changed the ratio of "Kaki-no-Tane" crackers to peanuts for the first time in about 40 years for "KAMEDA Kaki-no-Tane," in response to consumer feedback from a nationwide poll that we conducted in the previous fiscal year. In addition, we worked to further evolve our products through campaigns that directly connect with customers who have supported our products, in an effort to capture diversifying customer needs. On the other hand, for subsidiaries that deal with products for department stores and sell souvenirs, although the worst is over, the effects of voluntary restraint on going out and restrictions on travel continue to persist, and the situation remains difficult due to concerns regarding the reemergence of COVID-19.
As a result of these initiatives, net sales of our core brands, "KAMEDA Kaki-no-Tane," "Tsumami Dane," "Potapota Yaki," "Age-Ichiban," and "Soft Salad" were up year-on-year. Meanwhile, "Happy Turn," "KAMEDA Magari Senbei," "Teshioya," "Usuyaki," "Waza-no-KodaWari," "Katabutsu," and "HaiHain" were down year-on-year due to reduced effectiveness of aggressive sales promotion activities.
In the Overseas Business, although certain operations were restricted due to the global spread of COVID-19, Mary's Gone Crackers, Inc. in North America, which is positioned as a key base, continued its factory operations and maintained stable performance. In addition, net sales increased year-on-year, thanks to our ongoing efforts for gaining new customers and expanding our sales areas against the backdrop of growing health consciousness, combined with consumer household spending and demand for stockpiling of food.
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KAMEDA SEIKA Co. Ltd. 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 07:51:07 UTC.