Consolidated Financial Results for FY2020 Ended March 2021
(Japanese GAAP)
TOPCON CORPORATION
Release Date: May 11, 2021
1. Summary of Business Results for FY2020 ended March 2021 (April 1, 2020 - March 31, 2021)
- indicate year-to-year increase (decrease)
(1) Consolidated business results | (Rounded down to the nearest million yen) | ||||||||||||
Net sales | Operating profit | Ordinary profit | Profit attributable to | ||||||||||
owners of parent | |||||||||||||
million yen | % | million yen | % | million yen | % | million yen | % | ||||||
FY2020 ended March 2021 | 137,247 | (1.2) | 6,593 | 22.5 | 5,587 | 93.0 | 2,376 | 154.0 | |||||
FY2019 ended March 2020 | 138,916 | (6.6) | 5,381 | (60.4) | 2,895 | (74.8) | 935 | (85.7) | |||||
Note: | Comprehensive income | 7,463 million yen ( - % ) | |||||||||||
FY2020 ended March 2021 | |||||||||||||
FY2019 ended March 2020 | (2,013) million yen ( - % ) | ||||||||||||
Basic earnings per | Diluted earnings | Rate of return on | Ordinary profit to | Operating profit to | |||||||||
share | per share | equity | total assets ratio | net sales ratio | |||||||||
yen | yen | % | % | % | |||||||||
FY2020 ended March 2021 | 22.59 | 22.59 | 3.6 | 3.4 | 4.8 | ||||||||
FY2019 ended March 2020 | 8.87 | 8.87 | 1.4 | 1.8 | 3.9 | ||||||||
Note: | Share of | profit (loss) of entities | accounted for using | equity method | |||||||||
FY2020 ended March 2021 | (296) million yen | ||||||||||||
FY2019 ended March 2020 | (416) million yen | ||||||||||||
(2) Consolidated financial position | |||||||||||||
Total assets | Net assets | Shareholders' equity | Shareholders' equity | ||||||||||
ratio | per share | ||||||||||||
million yen | million yen | % | yen | ||||||||||
FY2020 ended March 2021 | 168,210 | 70,687 | 41.2 | 659.31 | |||||||||
FY2019 ended March 2020 | 161,721 | 64,659 | 39.0 | 600.03 | |||||||||
Note: | Shareholders' equity | 69,351 million yen | |||||||||||
FY2020 ended March 2021 | |||||||||||||
FY2019 ended March 2020 | 63,100 million yen | ||||||||||||
(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 | ||||||||||
million yen | million yen | million yen | million yen | ||||||||||
FY2020 ended March 2021 | 19,439 | (9,226) | (6,195) | 20,446 | |||||||||
FY2019 ended March 2020 | 7,944 | (6,806) | 1,995 | 15,784 |
2. Dividends
Dividends per share | Dividends paid | Dividends | Dividends on | ||||||||
(Annual) | payout ratio | equity | |||||||||
end of 1st qtr | end of 2nd qtr | end of 3rd qtr | year-end | Total | (Consolidated) | (Consolidated) | |||||
yen | yen | yen | yen | yen | million yen | % | % | ||||
FY2019 ended March 2020 | - | 14.00 | - | 10.00 | 24.00 | 2,523 | 270.7 | 3.8 | |||
FY2020 ended March 2021 | - | 0.00 | - | 10.00 | 10.00 | 1,051 | 44.3 | 1.6 | |||
FY2021 ending March 2022 (forecast) | - | 10.00 | - | 10.00 | 20.00 | 42.0 |
3. Business Forecasts for FY2021 ending March 2022 (April 1, 2021 - March 31, 2022)
% indicate year-to-year increase (decrease) | |||||||||||
Net sales | Operating profit | Ordinary profit | Profit attributable to | Basic earnings | |||||||
owners of parent | per share | ||||||||||
Annual | million yen | % | million yen | % | million yen | % | million yen | % | yen | ||
149,000 | 8.6 | 10,000 | 51.7 | 8,000 | 43.2 | 5,000 | 110.4 | 47.54 |
Note: | The forecasts above were prepared on the premise of future forecasts available at the time of the release of this document, such as trends |
of business, competition environment, and currency exchange rates. Due to unforeseen circumstances, however, the actual results may | |
differ from these forecast data. |
Consolidated financial statements
Consolidated balance sheets
(Unit: million yen) | ||
FY2019 | FY2020 | |
ended March 2020 | ended March 2021 | |
Assets | ||
Current assets | 16,134 | 20,815 |
Cash and deposits | ||
Notes and accounts receivable - trade | 40,631 | 42,028 |
Merchandise and finished goods | 21,063 | 17,570 |
Work in process | 1,510 | 1,537 |
Raw materials and supplies | 13,188 | 13,298 |
Other | 8,555 | 9,665 |
Allowance for doubtful accounts | (2,555) | (2,973) |
Total current assets | 98,528 | 101,942 |
Non-current assets | ||
Property, plant and equipment | 7,078 | 9,051 |
Buildings and structures, net | ||
Machinery, equipment and vehicles, net | 2,687 | 3,204 |
Land | 3,100 | 3,363 |
Construction in progress | 1,374 | 541 |
Other, net | 6,497 | 6,359 |
Total property, plant and equipment | 20,738 | 22,520 |
Intangible assets | 10,856 | 9,307 |
Goodwill | ||
Software | 10,821 | 10,568 |
Other | 7,004 | 8,079 |
Total intangible assets | 28,683 | 27,955 |
Investments and other assets | 2,301 | 4,407 |
Investment securities | ||
Long-term loans receivable | 695 | 358 |
Deferred tax assets | 9,679 | 9,873 |
Other | 1,108 | 1,168 |
Allowance for doubtful accounts | (15) | (14) |
Total investments and other assets | 13,770 | 15,792 |
Total non-current assets | 63,192 | 66,268 |
Total assets | 161,721 | 168,210 |
Liabilities | ||
Current liabilities | 12,981 | 12,880 |
Notes and accounts payable - trade | ||
Short-term borrowings | 26,831 | 12,530 |
Lease obligations | 1,260 | 1,357 |
Accrued expenses | 8,655 | 12,375 |
Income taxes payable | 1,159 | 1,005 |
Provision for product warranties | 1,124 | 1,009 |
Current portion of bonds payable | 10,000 | - |
Other | 6,353 | 7,902 |
Total current liabilities | 68,366 | 49,062 |
Non-current liabilities | 10,000 | 30,000 |
Bonds payable | ||
Long-term borrowings | 4,397 | 5,162 |
Lease obligations | 4,883 | 3,937 |
Deferred tax liabilities | 2,388 | 3,049 |
Provision for retirement benefits for directors (and other officers) | 44 | 51 |
Retirement benefit liability | 5,263 | 4,582 |
Other | 1,718 | 1,677 |
Total non-current liabilities | 28,695 | 48,460 |
Total liabilities | 97,062 | 97,522 |
Net assets | ||
Shareholders' equity | 16,680 | 16,697 |
Share capital | ||
Capital surplus | 20,630 | 20,599 |
Retained earnings | 35,749 | 37,074 |
Treasury shares | (3,170) | (3,170) |
Total shareholders' equity | 69,889 | 71,200 |
Accumulated other comprehensive income | 434 | 1,095 |
Valuation difference on available-for-sale securities | ||
Deferred gains or losses on hedges | (47) | (14) |
Foreign currency translation adjustment | (6,278) | (2,360) |
Remeasurements of defined benefit plans | (897) | (569) |
Total accumulated other comprehensive income | (6,788) | (1,849) |
Share acquisition rights | 58 | 67 |
Non-controlling interests | 1,499 | 1,269 |
Total net assets | 64,659 | 70,687 |
Total liabilities and net assets | ||
161,721 | 168,210 |
Consolidated statements of income
(Unit: million yen) | ||
FY2019 | FY2020 | |
ended March 2020 | ended March 2021 | |
Net sales | 138,916 | 137,247 |
Cost of sales | 66,283 | 69,351 |
Gross profit | 72,632 | 67,895 |
Selling, general and administrative expenses | 67,251 | 61,301 |
Operating profit | 5,381 | 6,593 |
Non-operating income | ||
Interest income | 182 | 92 |
Dividend income | 67 | 54 |
Subsidy income | - | 142 |
Other | 226 | 560 |
Total non-operating income | 476 | 849 |
Non-operating expenses | ||
Interest expenses | 915 | 601 |
Share of loss of entities accounted for using equity method | 416 | 296 |
Foreign exchange losses | 531 | 179 |
Provision of allowance for doubtful accounts | 562 | - |
Other | 537 | 776 |
Total non-operating expenses | 2,962 | 1,855 |
Ordinary profit | 2,895 | 5,587 |
Extraordinary income | ||
Gain on sale of investment securities | 572 | - |
Total extraordinary income | 572 | - |
Extraordinary losses | ||
Free repair expense | - | 125 |
Impairment losses | - | 91 |
Extra retirement payments | - | 334 |
Business structure reform expenses | - | 115 |
Loss on sale of shares of subsidiaries | 554 | - |
Total extraordinary losses | 554 | 667 |
Profit before income taxes | 2,912 | 4,919 |
Income taxes - current | 2,293 | 2,065 |
Income taxes - deferred | (252) | 365 |
Total income taxes | 2,041 | 2,430 |
Profit | 871 | 2,489 |
Profit (loss) attributable to non-controlling interests | (64) | 113 |
Profit attributable to owners of parent | 935 | 2,376 |
Consolidated statements of cash flows
(Unit: Million Yen) | ||
FY2019 | FY2020 | |
ended March 2020 | ended March 2021 | |
Cash flows from operating activities | 2,912 | 4,919 |
Profit before income taxes | ||
Depreciation | 6,757 | 7,416 |
Amortization of goodwill | 1,999 | 1,858 |
Increase (decrease) in allowance for doubtful accounts | 502 | 304 |
Interest and dividend income | (249) | (146) |
Interest expenses | 915 | 601 |
Loss on retirement of property, plant and equipment | 14 | 39 |
Loss (gain) on valuation of investment securities | - | 89 |
Share of loss (profit) of entities accounted for using equity method | 416 | 296 |
Loss (gain) on sale of investment securities | (572) | - |
Loss (gain) on sale of shares of subsidiaries | 554 | - |
Free repair expense | - | 125 |
Impairment losses | - | 91 |
Extra retirement payments | - | 334 |
Decrease (increase) in retirement benefit asset | 63 | 110 |
Increase (decrease) in retirement benefit liability | (1,057) | (65) |
Decrease (increase) in trade receivables | 3,212 | (461) |
Decrease (increase) in inventories | (5,181) | 4,043 |
Decrease (increase) in prepaid expenses | 238 | (328) |
Increase (decrease) in trade payables | 1,269 | (244) |
Increase (decrease) in accrued expenses | (680) | 2,677 |
Other, net | 8 | 740 |
Subtotal | 11,124 | 22,402 |
Interest and dividends received | 276 | 163 |
Interest paid | (915) | (589) |
Extra retirement payments | - | (309) |
Income taxes paid | (2,540) | (2,227) |
Net cash provided by (used in) operating activities | 7,944 | 19,439 |
Cash flows from investing activities | (57) | (56) |
Payments into time deposits | ||
Proceeds from withdrawal of time deposits | 619 | 56 |
Purchase of property, plant and equipment | (4,954) | (5,262) |
Proceeds from sale of property, plant and equipment | 108 | 173 |
Purchase of intangible assets | (3,371) | (4,653) |
Purchase of investment securities | (330) | (1,383) |
Proceeds from sale of investment securities | 1,228 | 149 |
Payments for acquisition of businesses | - | (44) |
Proceeds from sale of businesses | - | 1,412 |
Decrease (increase) in short-term loans receivable | 28 | 71 |
Long-term loan advances | (16) | (4) |
Proceeds from collection of long-term loans receivable | 9 | 321 |
Other, net | (71) | (6) |
Net cash provided by (used in) investing activities | (6,806) | (9,226) |
Cash flows from financing activities | 10,359 | (12,244) |
Net increase (decrease) in short-term borrowings | ||
Proceeds from long-term borrowings | - | 2,248 |
Repayments of long-term borrowings | (2,751) | (3,376) |
Proceeds from issuance of bonds | - | 20,000 |
Redemption of bonds | - | (10,000) |
Purchase of treasury shares | (1,079) | (0) |
Dividends paid | (2,744) | (1,051) |
Dividends paid to non-controlling interests | (54) | (31) |
Repayments of lease obligations | (1,426) | (1,509) |
Proceeds from sale of shares of subsidiaries not resulting in change in | - | 28 |
scope of consolidation | ||
(308) | (139) | |
Purchase of shares of subsidiaries not resulting in change in scope of consolidation | ||
Other, net | - | (119) |
Net cash provided by (used in) financing activities | 1,995 | (6,195) |
Effect of exchange rate change on cash and cash equivalents | (285) | 645 |
Net increase (decrease) in cash and cash equivalents | 2,848 | 4,662 |
Cash and cash equivalents at beginning of period | 12,935 | 15,784 |
Cash and cash equivalents at end of period | 15,784 | 20,446 |
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Topcon Corporation published this content on 11 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 May 2021 04:45:00 UTC.