May 13, 2021
Consolidated Financial Results for the Year ended March 31, 2021 (April 1, 2020, through March 31, 2021)
Qualification: This is directly translated into English for readers' convenience, and all financial results conform with the accounting principles generally accepted in Japan.
Company: Nippon Suisan Kaisha, Ltd. | Listed on Tokyo Stock Exchange with the register code 1332 | ||||||||||||
1. Consolidated Financial Data for Fiscal Year ended March 31, 2021 | https://www.nissui.co.jp/english/index.html | ||||||||||||
(1) Consolidated Financial Results | (Amounts less than one million yen are omitted) | ||||||||||||
Net Sales | Operating profit | Ordinary profit | Profit attributable to | ||||||||||
owners of parent | |||||||||||||
Million yen | % | Million yen | % | Million yen | % | Million yen | % | ||||||
FY ended March 31, 2021 | 656,491 | (4.9) | 18,079 | (20.8) | 22,750 | (11.8) | 14,452 | (2.1) | |||||
FY ended march 31, 2020 | 690,016 | (3.1) | 22,834 | 5.3 | 25,807 | 1.8 | 14,768 | (4.0) | |||||
(Note): Each percentage figure shows changes from the previous year. | |||||||||||||
Comprehensive income: March 31, 2021: 20,009 Million yen (100.8%) | March 31, 2020: 9,963 Million yen ((18.9%)) | ||||||||||||
Earnings per share | Diluted income per | Profit attributable to owners | Ordinary Profit | Operating Profit | |||||||||
of parent/ Total | |||||||||||||
share | / Total Assets | / Net Sales | |||||||||||
shareholders equity | |||||||||||||
Yen | Yen | % | % | % | |||||||||
FY ended March 31, 2021 | 46.45 | - | 9.0 | 4.7 | 2.8 | ||||||||
FY ended March 31, 2020 | 47.47 | - | 9.9 | 5.3 | 3.3 | ||||||||
Ref,) Share of profit on entities, accounted for using equity method: | |
March 31, 2021: 2,770 Million yen | March 31, 2020: 2,820 Million yen |
(2) Consolidated Financial Position
Total assets | Net assets | Equity ratio | Net assets per share | |
Million yen | Million yen | % | yen | |
As of March 31, 2021 | 475,415 | 187,926 | 35.7 | 545.02 |
As of March 31, 2020 | 491,533 | 172,300 | 31.2 | 492.23 |
(Note): Total shareholders' equity As of March 31, 2021: 169,574 Million yen As of March 31, 2020: 153,152 Million yen
(3) Consolidated Cash-Flow
Net cash provided by (used | Net cash provide by (used | Net cash provided by (used | Cash and cash equivalents | |
in) operating activities | in) investing activities | in) financing activities | at end of fiscal year | |
Million yen | Million yen | Million yen | Million yen | |
FY ended March 31, 2021 | 45,910 | (18,023) | (44,786) | 14,760 |
FY ended March 31, 2020 | 18,786 | (29,446) | 25,942 | 31,647 |
2. Dividend
Dividend per share | Total | Payout ratio | Dividend | |||||||
/Net assets | ||||||||||
dividend | ||||||||||
1Q | 2Q | 3Q | Final | Annual | (Consolidated) | (Consolidated) | ||||
Yen | Yen | Yen | Yen | Yen | Million yen | % | % | |||
FY ended March 31, 2020 | - | 4.00 | - | 4.50 | 8.50 | 2,648 | 17.9 | 1.8 | ||
FY ended March 31, 2021 | - | 4.00 | - | 5.50 | 9.50 | 2,960 | 20.5 | 1.8 | ||
FY ended March 31, 2022 | - | 4.50 | - | 5.00 | 9.50 | 19.7 | ||||
(Forecast) | ||||||||||
3. Forecast for the Year ending March 31, 2022, Consolidated
Net Sales | Operating Profit | Ordinary Profit | Profit attributable to | Earnings per share | ||||||
owners of parent | ||||||||||
Million yen | % | Million yen | % | Million yen | % | Million yen | % | Yen | ||
FY ended March 31, 2022 | 642,000 | - | 20,000 | - | 23,000 | - | 15,000 | - | 48.21 |
(Note) We applied the "Accounting Standard for Revenue Recognition" (ASBJ Statement No.29), etc. From the beginning of the fiscal year ending March 2022, the above consolidated earnings forecasts are based on the amounts after the application. Therefore, we do not state changes from the previous fiscal year.
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* Notes
1) | Changes in scope of consolidation due to transfer of significant subsidiaries during the term: None | ||||||
2) | Changes in accounting policy, Changes in accounting estimate, and restatement: | ||||||
i. Changes in accounting policy associated with the revision of the accounting standard, etc.: None | |||||||
ii. Changes in accounting policy other than those stated above: None | |||||||
iii. Changes in accounting estimate: None | |||||||
iv. Restatement: None | |||||||
3) | Number of issued shares (Common stock) | ||||||
FY2020 | 312,430,277 | FY2019 | 312,430,277 | ||||
i. Number of issued shares at the end of the term (Including | |||||||
treasury stock) | FY2020 | 1,296,387 | FY2019 | 1,289,063 | |||
ii. Number of treasury stock at the end of the term | |||||||
iii. Average number of shares during the term (For the current | FY2020 | 311,139,338 | FY2019 | 311,143,760 | |||
consolidated second quarter) | |||||||
(Note) Nissui has introduced the "Board Benefit Trust (BBT)" as its performance-linked and share-based compensation plan since FY2018, and its own shares remaining in the Trust is included as treasury shares. The number of treasury stock at the end of the term and the average number of shares during the term is 330,500.
(Reference) Summary of Non-consolidated financial statements
1. Non-consolidated Financial Data for Fiscal Year ended March 31, 2021
(1) Non-consolidated Financial Results
Net Sales | Operating Profit | Ordinary Profit | Profit attributable to | |||||
owners of parent | ||||||||
Million yen | % | Million yen | % | Million yen | % | Million yen | % | |
FY ended March 31, 2021 | 370,547 | (5.2) | 3,876 | 32.6 | 9,739 | 14.6 | 9,222 | 69.6 |
FY ended march 31, 2020 | 390,977 | (1.5) | 2,922 | 45.7 | 8,499 | 27.9 | 5,438 | (0.8) |
Note: Each percentage figure shows changes from the previous year.
Earnings per share | Diluted income | ||||||||||
per share | |||||||||||
Yen | Yen | ||||||||||
FY ended March 31, 2021 | 29.63 | - | |||||||||
FY ended March 31, 2020 | 17.47 | - | |||||||||
(2) Non-consolidated Financial Position | |||||||||||
Total assets | Net assets | Equity ratio | Net assets per share | ||||||||
Million yen | Million yen | % | Yen | ||||||||
As of March 31, 2021 | 331,064 | 102,319 | 30.9 | 328.72 | |||||||
As of March 31, 2020 | 345,274 | 90,818 | 26.3 | 291.77 | |||||||
Note: Total shareholders' | equity | ||||||||||
As of March 31, 2021: 102,319 | Million yen | As of March 31, 2020: | 90,818 Million yen |
* The summary of financial results is not subject to audits.
*Explanation on the proper use of the forecasts and other noteworthy items
The performance forecasts in this report are based on information available at present and certain premises thought to be reasonable. Accordingly, the final results may change substantially due to various factors. For conditions from which the premises for the forecasts were derived and the other noteworthy items relating to the use of the forecasts, please refer to "Full- year forecast" on page 7 of the Consolidated Financial Results (Appendix).
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1. Qualitative information for the fiscal year ended March 31, 2021
- Explanation on consolidated financial results
During the consolidated fiscal year under review, the economic activity was deteriorated in the first half in Japan due to the restriction on going out caused by declarations of an emergency in April. Both corporate profit and personal consumption have been increasing in the second half, thanks to various economic policies launched by the Japanese government. However, due to the re-spread of the infection at the end of 2020, the emergency declaration was re-issued. The future is still uncertain, and no one predicts when the infection end.
In terms of the global economy during the period subject to consolidated accounting from January to December, corporate earnings and consumer spending dropped rapidly due partly to the gradual emergence of impacts from COVID-19 in late February and declarations of an emergency and lockdowns taken place in the United States and European countries in March. The governments partially relaxed the regulation from late April, and economic activity resumed in stages. Still, the situation remains severe, with the infection re-spread in the United States and Europe from October.
The Company and its corporate group's sales of food for households were strong both in Japan and overseas countries thanks to increased household consumption due to the restriction on going out. However, dining out and tourism demand sharply declined, and marine products and food sales for hotels and restaurants decreased. In addition to the worsening marine products market condition because of the reduced demand, sales of products for convenience stores also exhibited impacts. In Japan and overseas, the business environment was severe in the aquaculture business due to falling unit sales prices and production cuts.
Under these circumstances, the consolidated financial results through the consolidated fiscal year under review were as follows: net sales were 656,491 million yen, down 33,524 million yen year-on-year; operating profit was 18,079 million yen, down 4,755 million yen year-on-year; ordinary profit was 22,750 million yen, down 3,056 million yen year-on-year; and the profit attributable to the owners of the parent company was 14,452 million yen, down 316 million yen year-on-year.
The Company and its corporate group are working on expanding and innovating the aquaculture business to reduce the marine environment's burden to make people worldwide healthy from sustainable marine resources. We will continue to advance the aquaculture business and accelerate overseas expansion, which is our primary strategy and provide products that respond to lifestyle changes, such as rapidly expanding remote work and increased health awareness.
As for our measures against COVID-19, we will continue to implement workstyles for employees to realize the 3Cs, namely avoiding "closed spaces," "crowded places," and "close-contact settings," by combining "working from home" and "web meetings," etc., to prevent the spread of infection. We are committed to ensuring our business partner's and employees' safety and fulfilling our responsibilities to produce and supply food.
(Unit: million yen) | |||||
Net Sales | Operating Profit | Ordinary Profit | Profit attributable to | ||
owners of parent | |||||
FY2020 | 656,491 | 18,079 | 22,750 | 14,452 | |
FY2019 | 690,016 | 22,834 | 25,807 | 14,768 | |
Difference | (33,524) | (4,755) | (3,056) | (316) | |
Percentage difference (%) | 95.1% | 79.2% | 88.2% | 97.9% | |
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The summary by segment is as follows.
(Unit: million yen) | ||||||
Net Sales | Increase/Decrease | Y-on-Y | Operating Profit | Increase/Decrease | Y-on-Y | |
(Y-on-Y) | ||||||
(Y-on-Y) | ||||||
Marine Products | 262,108 | (27,481) | 90.5% | 5,984 | (5,865) | 50.5% |
Food Products | 330,037 | (7,207) | 97.9% | 14,005 | 1,244 | 109.7% |
Fine Chemicals | 26,421 | (601) | 97.8% | 2,397 | (202) | 92.2% |
General Distribution | 16,671 | 75 | 100.5% | 2,202 | 215 | 110.9% |
Other (Note) | 21,251 | 1,690 | 108.6% | 734 | 321 | 177.7% |
Common Costs | - | - | - | (7,245) | (468) | 106.9% |
Total | 656,491 | (33,524) | 95.1% | 18,079 | (4,755) | 79.2% |
(Note) "Other" refers to Engineering (planning, design, construction of plants and equipment), business and Ship Operation Business, etc.
(1) Marine Products Business
The Marine Products segment is engaged in the fishery, aquaculture, and seafood processing and trading businesses.
We recorded 262,108 million yen, down 27,481 million yen year-on-year in sales, and 5,984 million yen, down 5,865 million yen year-on-year, in operating profit in the Marine Products Business.
Fishery Business:Both revenue and income decreased year-on-year.
[Japan]
・Sardine and mackerel catches were strong, but buri yellowtail and others' catches were weak and sluggish fish prices resulting in reduced revenue and income.
[South America]
・Both revenue and income declined since Southern blue whiting catch was slow.
Aquaculture Business:Both revenue and income decreased year-on-year.
[Japan]
・Sales of farmed fish to mass retailers increased thanks to increased consumption in households due to self-restraint from going out. However, in addition to falling sales prices, many farmed tunas died due to typhoons, resulting in higher costs and lower profits.
[South America]
・Both revenue and income decreased in the salmon/trout business due to the decline in sales volume because of reducing production in addition to falling sales prices.
Seafood Processing and Trading Business: Both revenue and income decreased year-on-year.
[Japan]
・Revenue decreased as the sales prices of salmon/trout, surimi, and buri yellowtail declined, in addition to the decreasing sales volume of salmon/trout and pollock roe.
[ North America]
・Both revenue and income decreased as the yield decreased in the surimi and fillet of Alaskan pollock and increased labor costs.
[Europe]
・Both revenue and income decreased as sales for dining out and cruise ship has shrunk.
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(2) Food Products Business
The Food Products segment is engaged in the food processing and chilled foods businesses.
We recorded 330,037 million yen, down 7,207 million yen year-on-year in sales and 14,005 million yen, up 1,244 million yen year-on-year, in operating profit in the Food Products Business.
Processed Foods Business:Revenue decreased, but income increased year-on-year.
・Income increased by covering the struggling commercial foods thanks to the strong sales in frozen food and chilled food for household use both in Japan and overseas.
Chilled Foods Business: Both revenue and income decreased year-on-year.
- Orders for convenience stores declined in the first half as the number of people going outside decreased because of increasing work from home and decreased demand tourism. Both revenue and income decreased while sales for chilled bento, or lunch box, and cooked noodles grew, and the cost reduction effect emerged in the second half.
(3) Fine Chemicals Business
The Fine Chemicals segment is engaged in the manufacture and sale of pharmaceutical raw materials, functional raw materials (Note 1), functional foods (Note 2), diagnostic medicines, and test drug.
We recorded 26,421 million yen, down 601 million yen in sales year-on-year, and 2,397 million yen, down 202 million yen year-on-year, in operating profit in the Fine Chemical Business.
[Pharmaceutical Raw Materials, Functional Raw Materials and Functional Foods]
・Income increased as functional raw materials and functional foods sold well while sales of pharmaceutical raw materials decreased.
[Clinical Diagnostic and Test Drug]
・Although sales of diagnostic equipment increased, the sales composition ratio of products with high-cost ratios increased, resulting in lower revenue and income.
(4) General Distribution Business
The General Distribution segment is engaged in cold storage, transportation, and customs clearing businesses.
We recorded 16,671 million yen, up 75 million yen year-on-year, in sales and 2,202 million yen, up 215 million yen year-on- year, in operating profit in the General Distribution Business.
・Despite a continuing trend of sluggish cargo movement and a decrease in warehousing by commercial customers, income increased thanks to the new operation of Osaka Maishima Logistics Center Building No. 2 and the effect of cost reduction.
(Note 1) EPA, DHA, and others mainly used as ingredients of health supplements and infant formula
(Note 2) Supplements such as EPA, DHA, and "i-mark S," food for specified health uses (FOSHU), for online business
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Nippon Suisan Kaisha 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 08:01:08 UTC.