Yamazen : Summary of Consolidated Financial Results for the Three Months Ended June 30, 2020 (Based on Japanese GAAP)

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 Three Months Ended June 30, 2020 (Based on Japanese GAAP)

																		August 7, 2020
Company name:	YAMAZEN CORPORATION
Stock exchange listing:	Tokyo
Stock code:	8051	URL	https://www.yamazen.co.jp/
Representative:	President, CEO					Yuji NAGAO
Inquiries:	Manager, IR & PR Dept.			Hayato HIRATA	TEL	06-6534-3003
Scheduled date to file Quarterly Securities Report:			August 7, 2020
Scheduled date to commence dividend payments:			-
Preparation of supplementary material on quarterly financial results:	No
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, 2020 (from April 1, 2020 to June 30, 2020)
(1) Consolidated operating results (cumulative)							Percentages indicate year-on-year changes
			Net sales			Operating profit	Ordinary profit		Profit attributable to
							owners of parent
			Millions of yen		%	Millions of yen	%	Millions of yen		%	Millions of yen		%
Three months ended June 30, 2020		98,725		(14.6)	1,804	(19.1)	1,816		(18.0)			1,170		(17.3)
Three months ended June 30, 2019		115,576		(10.4)	2,231	(44.3)	2,216		(44.4)			1,415		(48.4)
			Earnings per share		Diluted earnings per share
						Yen				Yen
Three months ended June 30, 2020				12.41				-
Three months ended June 30, 2019				14.96				-
(2) Consolidated financial position
			Total assets		Net assets	Equity ratio			Net assets per share
			Millions of yen		Millions of yen					%					Yen
As of June 30, 2020			222,841				97,367					43.5			1,027.57
As of March 31, 2020			230,320				95,439					41.3			1,007.30
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, 2020				-		16.00			-				14.00			30.00
Year ending March 31, 2021				-
Year ending March 31, 2021 (Forecast)					10.00			-						-			-

3. Forecast of consolidated financial results for the year ending March 31, 2021 (from April 1, 2020 to March 31, 2021)

Percentages indicate year-on-year changes

	Net sales		Operating profit	Ordinary profit	Profit attributable to	Earnings per share
		owners of parent
	Millions of yen	%	Millions of yen	%	Millions of yen	%	Millions of yen	%	Yen
Six months ending	200,000	(17.6)	3,000	(52.3)	3,000	(51.7)	1,950	(51.7)	20.66
September 30, 2020
Full year	420,000	(11.1)	8,000	(33.8)	8,000	(32.7)	5,200	(35.7)	55.10

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4. Notes
(1)	Changes in significant subsidiaries during the three months ended June 30, 2020	No
	(changes in specified subsidiaries resulting in the change in scope of consolidation):
(2)	Application of special accounting methods for preparing quarterly consolidated financial statements:	No
(3)	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
(4)	Number of issued shares (common shares)
	Total number of issued shares at the end of the period (including treasury shares)
		As of June 30, 2020	95,305,435 shares	As of March 31, 2020		95,305,435	shares
	Number of treasury shares at the end of the period
		As of June 30, 2020	937,956 shares	As of March 31, 2020		937,956 shares
	Average number of shares during the period (cumulative from the beginning of the fiscal year)
		Three months ended June 30, 2020	94,367,479 shares	Three months ended June 30, 2019	94,597,832	shares

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Quarterly consolidated financial statements

Consolidated balance sheets

			(Millions of yen)
		As of March 31, 2020	As of June 30, 2020
Assets
Current assets
Cash and deposits	57,587	49,865
Notes and accounts receivable - trade	85,200	77,501
Electronically recorded monetary claims -	14,016	14,221
operating
Securities	11,000	12,000
Merchandise and finished goods	27,099	30,596
Other	3,339	3,104
Allowance for doubtful accounts	(526)	(424)
Total current assets	197,717	186,863
Non-current assets
Property, plant and equipment
Buildings and structures, net	2,333	2,344
Machinery, equipment and vehicles, net	90	87
Tools, furniture and fixtures, net	776	748
Land	3,580	3,677
Leased assets, net	3,690	3,629
Other, net	1,562	2,079
Total property, plant and equipment	12,034	12,566
Intangible assets	6,343	6,613
Investments and other assets
Investment securities	11,720	14,164
Distressed receivables	85	93
Retirement benefit asset	610	690
Deferred tax assets	356	370
Other	1,620	1,654
Allowance for doubtful accounts	(167)	(175)
Total investments and other assets	14,225	16,797
Total non-current assets	32,603	35,977
Total assets		230,320	222,841

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			(Millions of yen)
		As of March 31, 2020	As of June 30, 2020
Liabilities
Current liabilities
Notes and accounts payable - trade	57,758	51,963
Electronically recorded obligations - operating	56,039	52,143
Short-term borrowings	174	29
Lease obligations	394	397
Income taxes payable	662	423
Provision for bonuses	2,381	1,232
Provision for voluntary recall of goods	32	32
Other	9,492	9,673
Total current liabilities	126,935	115,894
Non-current liabilities
Long-term borrowings	-	157
Lease obligations	4,405	4,343
Deferred tax liabilities	1,652	2,755
Retirement benefit liability	328	343
Other	1,558	1,979
Total non-current liabilities	7,945	9,579
Total liabilities	134,881	125,474
Net assets
Shareholders' equity
Share capital	7,909	7,909
Capital surplus	7,561	7,561
Retained earnings	77,604	77,451
Treasury shares	(957)	(957)
Total shareholders' equity	92,118	91,964
Accumulated other comprehensive income
Valuation difference on available-for-sale	4,447	6,244
securities
Deferred gains or losses on hedges	68	52
Foreign currency translation adjustment	379	560
Remeasurements of defined benefit plans	(1,956)	(1,852)
Total accumulated other comprehensive income	2,938	5,004
Non-controlling interests	382	397
Total net assets	95,439	97,367
Total liabilities and net assets		230,320	222,841

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Consolidated statements of income (cumulative) and consolidated statements of comprehensive income (cumulative)

Consolidated statements of income (cumulative)

			(Millions of yen)
		Three months ended	Three months ended
		June 30, 2019	June 30, 2020
Net sales	115,576	98,725
Cost of sales	100,249	84,485
Gross profit	15,327	14,240
Selling, general and administrative expenses	13,096	12,436
Operating profit	2,231	1,804
Non-operating income
Interest income	418	355
Dividend income	92	87
Other	65	50
Total non-operating income	577	493
Non-operating expenses
Interest expenses	524	457
Other	67	23
Total non-operating expenses	591	481
Ordinary profit	2,216	1,816
Extraordinary losses
Loss on sales of non-current assets	-	0
Loss on retirement of non-current assets	0	0
Loss on valuation of golf club membership	18	-
Total extraordinary losses	18	0
Profit before income taxes	2,197	1,816
Income taxes - current	248	311
Income taxes - deferred	523	315
Total income taxes	771	626
Profit	1,426	1,189
Profit attributable to non-controlling interests	10	18
Profit attributable to owners of parent		1,415	1,170

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Consolidated statements of comprehensive income (cumulative)

		(Millions of yen)
	Three months ended	Three months ended
	June 30, 2019	June 30, 2020
Profit	1,426	1,189
Other comprehensive income
Valuation difference on available-for-sale securities	307	1,796
Deferred gains or losses on hedges	(33)	(16)
Foreign currency translation adjustment	(507)	226
Remeasurements of defined benefit plans, net of tax	101	103
Total other comprehensive income	(131)	2,110
Comprehensive income	1,294	3,300
Comprehensive income attributable to
Comprehensive income attributable to owners of	1,293	3,285
parent
Comprehensive income attributable to non-	0	15
controlling interests

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