This document is a summary translation of the Japanese language original version. In the event of any discrepancy, errors and/or omissions, the Japanese language version shall prevail.
May 9, 2024
Highlights of Consolidated Results for Fiscal Year ended March 31, 2024
Millions of yen (except for per share amounts) | |||||||
Year ended Mar. 31, 2023 | Year ended Mar. 31, 2024 | Change | |||||
Revenue | 815,269 | 822,930 | 0.9% | ||||
Business segment profit | 60,404 | 75,579 | 25.1% | ||||
Operating profit | 55,378 | 49,792 | -10.1% | ||||
Profit before income taxes | 56,953 | 52,523 | -7.8% | ||||
Profit for the year | 39,086 | 31,662 | -19.0% | ||||
Profit for the year attributable to owners of the parent company | 39,082 | 31,645 | -19.0% | ||||
Comprehensive income for the period | 59,900 | 88,710 | 48.1% | ||||
Basic earnings per share for the period (yen) | 152.67 | 123.81 | |||||
Diluted earnings per share for the period (yen) | 152.22 | 123.48 | |||||
Dividends per common share (yen) | 68.00 | 84.00 |
(Note) Business segment profit is calculated by subtracting cost of sales and selling, general and administrative expenses from revenue.
As of Mar. 31, 2023 | As of Mar. 31, 2024 | |||||
Total assets | 850,486 | 896,109 | ||||
Total equity | 596,680 | 668,121 | ||||
Equity attributable to owners of the parent company | 596,619 | 668,047 | ||||
Equity attributable to owners of the parent company ratio | 70.2 | % | 74.5 | % | ||
Equity attributable to owners of the parent company per share (yen) | 2,334.34 | 2,613.43 | ||||
Year ended Mar. 31, 2023 | Year ended Mar. 31, 2024 | |||||
Net cash provided by operating activities | 14,432 | 141,028 | ||||
Net cash provided by (used in) investing activities | (32,198) | (42,068) | ||||
Net cash provided by (used in) financing activities | (36,638) | (61,584) | ||||
Cash and cash equivalents at end of period | 119,042 | 166,146 |
Highlights of Consolidated Forecast for Fiscal Year ending March 31, 2025
Millions of yen (except for per share amounts) | |||||||
[Forecast] | |||||||
Year ended Mar. 31, 2024 | Year ended Mar. 31, 2025 | Change | |||||
Revenue | 822,930 | 880,000 | 6.9% | ||||
Business segment profit | 75,579 | 88,000 | 16.4% | ||||
Operating profit | 49,792 | 88,000 | 76.7% | ||||
Profit before income taxes | 52,523 | 88,000 | 67.5% | ||||
Profit for the year | 31,662 | 63,000 | 99.0% | ||||
Profit for the year attributable to owners of the parent company | 31,645 | 63,000 | 99.1% | ||||
Basic earnings per share for the period (yen) | 123.81 | 246.48 | |||||
Dividends per common share (yen) | 84.00 | 100.00 |
(Note) Business segment profit is calculated by subtracting cost of sales and selling, general and administrative expenses from revenue.
- 1 -
Notes
- The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS).
- Amounts less than 1 million yen have been rounded down.
- Operating results for the year ended Mar. 31, 2024 are based on the following currency exchange rates: Actual average rates for the year ended Mar. 31, 2024: US$=144.40 yen, EURO=156.80 yen Forecasts for the year ending Mar. 31, 2025 are based on the following currency exchange rates: Assumed average rates for the year ending Mar. 31, 2025: US$=145.00 yen, EURO=155.00 yen
- Number of shares outstanding (including treasury stock)
As of Mar. 31, 2023 = 257,755 thousands As of Mar. 31, 2024 = 257,755 thousands
Number of treasury stock outstanding As of Mar. 31, 2023 = 2,172 thousands As of Mar. 31, 2024 = 2,135 thousands
Number of weighted average shares
During the year ended Mar. 31, 2023 = 255,993 thousands During the year ended Mar. 31, 2024 = 255,599 thousands
(Note) The Company has introduced a Performance Share using a BIP trust for directors, and the Company's shares held by the trust (258,000 shares for the year ending Mar. 31, 2023 and 250,465 shares for the year ending Mar. 31, 2024) are included in treasury stock.
-
Changes in Accounting Policies: Adoption of IAS 12
The Brother Group applied IAS 12 Income Taxes (revised in May 2021) from the year ending Mar. 31,2024.
- 2 -
Consolidated Statement of Financial Position | ||||
Millions of yen | ||||
FY2022 | FY2023 | |||
(As of Mar. 31, | (As of Mar. 31, | |||
2023) | 2024) | |||
Assets | ||||
Current assets | ||||
Cash and cash equivalents | 119,042 | 166,146 | ||
Trade and other receivables | 123,260 | 131,591 | ||
Other financial assets | 10,867 | 7,417 | ||
Inventories | 222,133 | 207,971 | ||
Other current assets | 36,441 | 28,772 | ||
Total current assets | 511,746 | 541,899 | ||
Non-current assets | ||||
Property, plant and equipment | 128,496 | 147,757 | ||
Right-of-use assets | 25,002 | 32,602 | ||
Investment property | 6,217 | 5,801 | ||
Goodwill and intangible assets | 114,220 | 97,241 | ||
Investments accounted for using the equity method | 2,006 | 2,186 | ||
Other financial assets | 29,497 | 31,355 | ||
Deferred tax assets | 20,818 | 20,659 | ||
Other non-current assets | 12,480 | 16,606 | ||
Total non-current assets | 338,740 | 354,210 | ||
Total assets | 850,486 | 896,109 |
- 3 -
Millions of yen | |||
FY2022 | FY2023 | ||
(As of Mar. 31, | (As of Mar. 31, | ||
2023) | 2024) | ||
Liabilities and Equity | |||
Liabilities | |||
Current liabilities | |||
Trade and other payables | 82,755 | 74,289 | |
Bonds and borrowings | 36,823 | - | |
Other financial liabilities | 9,387 | 10,650 | |
Income tax payables | 5,472 | 7,597 | |
Provisions | 4,031 | 5,136 | |
Contract liabilities | 6,556 | 7,010 | |
Other current liabilities | 56,249 | 62,059 | |
Total current liabilities | 201,276 | 166,743 | |
Non-current liabilities | |||
Bonds and borrowings | 600 | 600 | |
Other financial liabilities | 23,105 | 29,478 | |
Retirement benefits liabilities | 14,997 | 16,182 | |
Provisions | 3,593 | 3,968 | |
Deferred tax liabilities | 7,055 | 7,219 | |
Contract liabilities | 2,049 | 2,562 | |
Other non-current liabilities | 1,127 | 1,232 | |
Total non-current liabilities | 52,529 | 61,244 | |
Total liabilities | 253,806 | 227,988 | |
Equity | |||
Capital stock | 19,209 | 19,209 | |
Capital surplus | 17,849 | 17,920 | |
Retained earnings | 568,055 | 584,293 | |
Treasury stock | (3,533) | (3,443) | |
Other components of equity | (4,962) | 50,066 | |
Equity attributable to owners of the parent company | 596,619 | 668,047 | |
Non-controlling interests | 60 | 73 | |
Total equity | 596,680 | 668,121 | |
Total equity and liabilities | 850,486 | 896,109 |
- 4 -
Consolidated Statement of Income | ||||
Millions of yen | ||||
FY2022 | FY2023 | |||
(Year ended | (Year ended | |||
Mar. 31, 2023) | Mar. 31, 2024) | |||
Revenue | 815,269 | 822,930 | ||
Cost of sales | (495,681) | (467,589) | ||
Gross profit | 319,587 | 355,340 | ||
Selling, general and administrative expenses | (259,183) | (279,761) | ||
Other income | 9,544 | 8,157 | ||
Other expenses | (14,570) | (33,944) | ||
Operating profit | 55,378 | 49,792 | ||
Finance income | 6,306 | 5,881 | ||
Finance expenses | (4,983) | (3,441) | ||
Share of profit/(loss) of investments accounted for | 251 | 291 | ||
using the equity method | ||||
Profit before income taxes | 56,953 | 52,523 | ||
Income tax expenses | (17,866) | (20,861) | ||
Profit for the year | 39,086 | 31,662 | ||
Profit for the year attributable to: | ||||
Owners of the parent company | 39,082 | 31,645 | ||
Non-controlling interests | 4 | 16 | ||
Profit for the year | 39,086 | 31,662 | ||
Yen | ||||
FY2022 | FY2023 | |||
(Year ended | (Year ended | |||
Mar. 31, 2023) | Mar. 31, 2024) | |||
Earnings per share | ||||
Basic earnings per share | 152.67 | 123.81 | ||
Diluted earnings per share | 152.22 | 123.48 |
- 5 -
Consolidated Statement of Comprehensive Income | ||||
Millions of yen | ||||
FY2022 | FY2023 | |||
(Year ended | (Year ended | |||
Mar. 31, 2023) | Mar. 31, 2024) | |||
Profit for the year | 39,086 | 31,662 |
Other comprehensive income, net of income tax
Items that will not be reclassified subsequently to profit or loss
Gains/(Losses) on investments in equity instruments designated as FVTOCI
Remeasurement of the net defined benefit liability (asset)
Share of other comprehensive income of investments accounted for using the equity method
-
1,347
1,314671
(0)-
Total of items that will not be reclassified | 363 | 2,019 |
subsequently to profit or loss | ||
Items that may be reclassified subsequently to | ||
profit or loss | ||
Exchange differences on translating foreign | 20,449 | 55,028 |
operations | ||
Total of items that may be reclassified | 20,449 | 55,028 |
subsequently to profit or loss | ||
Other comprehensive income for the year, net of | 20,813 | 57,047 |
income tax | ||
Comprehensive income for the year | 59,900 | 88,710 |
Comprehensive income for the year attributable to: | ||
Owners of the parent company | 59,896 | 88,690 |
Non-controlling interests | 3 | 19 |
Comprehensive income for the year | 59,900 | 88,710 |
- 6 -
Consolidated Statement of Changes in Equity
FY2022 (Year Ended March 31, 2023)
(Millions of yen)
Equity attributable to owners of the parent company
Other components of equity | ||||||
Exchange | Gains/(losses) | |||||
Capital | Capital | Retained | Treasury | on investments | ||
differences on | ||||||
stock | surplus | earnings | stock | translating | in equity | |
foreign | instruments | |||||
designated as | ||||||
operations | ||||||
FVTOCI | ||||||
Balance as of Apr. 1, 2022 | 19,209 | 17,866 | 554,910 | (5,428) | (25,411) | - |
Profit for the year | - | - | 39,082 | - | - | - |
Other comprehensive income | - | - | - | - | 20,449 | (950) |
Total comprehensive income | - | - | 39,082 | - | 20,449 | (950) |
for the year | ||||||
Acquisition of treasury stock | - | - | - | (7,022) | - | - |
Disposal of treasury stock | - | (112) | (51) | 163 | - | - |
Cancellation of treasury stock | - | (149) | (8,740) | 8,889 | - | - |
Dividends paid | - | - | (17,510) | - | - | - |
Share-based payment transaction | - | 244 | - | (136) | - | - |
Reclassification to retained earnings | - | - | 364 | - | - | 950 |
Total transactions with owners | - | (17) | (25,937) | 1,895 | - | 950 |
Balance as of Mar. 31, 2023 | 19,209 | 17,849 | 568,055 | (3,533) | (4,962) | - |
Equity attributable to owners of the
parent company
Other components of equity | Non- | ||||
controlling | Total equity | ||||
Remeasurement of | |||||
Total | interests | ||||
the net defined | Total | ||||
benefit liability | |||||
(asset) | |||||
Balance as of Apr. 1, 2022 | - | (25,411) | 561,146 | 65 | 561,211 |
Profit for the year | - | - | 39,082 | 4 | 39,086 |
Other comprehensive income | 1,314 | 20,813 | 20,813 | (0) | 20,813 |
Total comprehensive income | 1,314 | 20,813 | 59,896 | 3 | 59,900 |
for the year | |||||
Acquisition of treasury stock | - | - | (7,022) | - | (7,022) |
Disposal of treasury stock | - | - | - | - | - |
Cancellation of treasury stock | - | - | - | - | - |
Dividends paid | - | - | (17,510) | (7) | (17,518) |
Share-based payment transaction | - | - | 108 | - | 108 |
Reclassification to retained earnings | (1,314) | (364) | - | - | - |
Total transactions with owners | (1,314) | (364) | (24,423) | (7) | (24,431) |
Balance as of Mar. 31, 2023 | - | (4,962) | 596,619 | 60 | 596,680 |
- 7 -
FY2023 (Year Ended March 31, 2024)
(Millions of yen)
Equity attributable to owners of the parent company
Other components of equity | ||||||
Exchange | Gains/(losses) | |||||
Capital | Capital | Retained | Treasury | on investments | ||
differences on | ||||||
stock | surplus | earnings | stock | translating | in equity | |
foreign | instruments | |||||
designated as | ||||||
operations | ||||||
FVTOCI | ||||||
Balance as of Apr. 1, 2023 | 19,209 | 17,849 | 568,055 | (3,533) | (4,962) | - |
Profit for the year | - | - | 31,645 | - | - | - |
Other comprehensive income | - | - | - | - | 55,028 | 1,347 |
Total comprehensive income | - | - | 31,645 | - | 55,028 | 1,347 |
for the year | ||||||
Acquisition of treasury stock | - | - | - | (4) | - | - |
Disposal of treasury stock | - | (91) | (2) | 95 | - | - |
Dividends paid | - | - | (17,421) | - | - | - |
Share-based payment transaction | - | 162 | - | - | - | - |
Reclassification to retained earnings | - | - | 2,016 | - | - | (1,347) |
Total transactions with owners | - | 71 | (15,407) | 90 | - | (1,347) |
Balance as of Mar. 31, 2024 | 19,209 | 17,920 | 584,293 | (3,443) | 50,066 | - |
Equity attributable to owners of the
parent company
Other components of equity | Non- | ||||
controlling | Total equity | ||||
Remeasurement of | |||||
Total | interests | ||||
the net defined | Total | ||||
benefit liability | |||||
(asset) | |||||
Balance as of Apr. 1, 2023 | - | (4,962) | 596,619 | 60 | 596,680 |
Profit for the year | - | - | 31,645 | 16 | 31,662 |
Other comprehensive income | 669 | 57,045 | 57,045 | 2 | 57,047 |
Total comprehensive income | 669 | 57,045 | 88,690 | 19 | 88,710 |
for the year | |||||
Acquisition of treasury stock | - | - | (4) | - | (4) |
Disposal of treasury stock | - | - | 0 | - | 0 |
Dividends paid | - | - | (17,421) | (6) | (17,427) |
Share-based payment transaction | - | - | 162 | - | 162 |
Reclassification to retained earnings | (669) | (2,016) | - | - | - |
Total transactions with owners | (669) | (2,016) | (17,262) | (6) | (17,269) |
Balance as of Mar. 31, 2024 | - | 50,066 | 668,047 | 73 | 668,121 |
- 8 -
Consolidated Statement of Cash Flows
Millions of yen | |||
FY2022 | FY2023 | ||
(Year ended | (Year ended | ||
Mar. 31, 2023) | Mar. 31, 2024) | ||
Cash flows from operating activities | |||
Profit before income taxes | 56,953 | 52,523 | |
Depreciation and amortization | 42,575 | 47,537 | |
Impairment losses | 11,063 | 28,325 | |
Finance expenses/(income) | (1,323) | (2,440) | |
Share of (profit)/loss of investments accounted for using the equity | (251) | (291) | |
method | |||
Losses/(gains) on sale or disposal of fixed assets | (4,514) | (2,794) | |
Decrease/(increase) in trade and other receivables | (16,125) | 3,351 | |
Decrease/(increase) in inventories | (44,252) | 34,417 | |
Increase/(decrease) in trade and other payables | 6,174 | (15,070) | |
Decrease/(increase) in retirement benefit assets | (1,735) | (2,269) | |
Increase/(decrease) in retirement benefit liabilities | (2,103) | (33) | |
Other | 1,636 | 3,968 | |
Subtotal | 48,097 | 147,224 | |
Interest received | 2,222 | 3,555 | |
Dividends received | 402 | 475 | |
Interest paid | (984) | (1,026) | |
Income taxes paid | (35,304) | (9,200) | |
Net cash provided by operating activities | 14,432 | 141,028 | |
Cash flows from investing activities | |||
Purchases of property, plant and equipment | (31,191) | (38,015) | |
Proceeds from sales of property, plant and equipment | 759 | 1,016 | |
Purchases of intangible assets | (11,291) | (9,470) | |
Proceeds from sales of investment properties | 6,500 | 3,000 | |
Purchases of investments in equity instruments | (1,059) | (1,013) | |
Proceeds from sales of investments in equity instruments | 10 | 5 | |
Purchases of investments in debt instruments | (3,251) | (4,269) | |
Proceeds from sales or redemption of investments in debt | 7,695 | 8,158 | |
instruments | |||
Payments for acquisition of businesses | - | (157) | |
Other | (370) | (1,322) | |
Net cash used in investing activities | (32,198) | (42,068) | |
Cash flows from financing activities | |||
Net increase (decrease) in short-term borrowings | 15,571 | (15,616) | |
Repayment of long-term borrowings | (19,997) | (19,997) | |
Repayment of lease obligations | (7,690) | (8,543) | |
Dividends paid | (17,510) | (17,421) | |
Purchase of treasury stock | (7,003) | (3) | |
Dividends paid to non-controlling interests | (8) | (7) | |
Other | 0 | 4 | |
Net cash used in financing activities | (36,638) | (61,584) | |
Effect of exchange rate changes on cash and cash equivalents | 5,531 | 9,727 | |
Net increase/(decrease) in cash and cash equivalents | (48,872) | 47,103 | |
Cash and cash equivalents at the beginning of the year | 167,915 | 119,042 | |
Cash and cash equivalents at the end of the year | 119,042 | 166,146 |
- 9 -
Segment Information
FY2022 (Year Ended March 31, 2023)
(Millions of yen)
Reportable segment | ||||||||||||
Total | Reconciliations | Consolidated | ||||||||||
Printing & | Machinery | Domino | Nissei | Personal | Network | Others | ||||||
& | & | (Note 2) | ||||||||||
Solutions | Home | Contents | (Note 1) | |||||||||
Revenue | ||||||||||||
Customers | 496,726 | 96,404 | 100,830 | 23,485 | 51,004 | 35,254 | 11,563 | 815,269 | - | 815,269 | ||
Intersegment | - | - | - | - | - | - | 19,343 | 19,343 | (19,343) | - | ||
Total | 496,726 | 96,404 | 100,830 | 23,485 | 51,004 | 35,254 | 30,907 | 834,612 | (19,343) | 815,269 | ||
Business | ||||||||||||
segment | 37,088 | 9,538 | 5,572 | 1,901 | 5,781 | 457 | 368 | 60,708 | (304) | 60,404 | ||
profit/(loss) | ||||||||||||
Other income | (634) | 302 | (11,360) | (84) | 71 | 358 | 6,321 | (5,025) | - | (5,025) | ||
and | ||||||||||||
expenses | ||||||||||||
Operating | 36,454 | 9,841 | (5,787) | 1,817 | 5,852 | 815 | 6,689 | 55,683 | (304) | 55,378 | ||
profit/(loss) | ||||||||||||
Finance | ||||||||||||
income and | 1,323 | |||||||||||
expenses | ||||||||||||
Share of | ||||||||||||
profit/(loss) | ||||||||||||
of | ||||||||||||
investments | 251 | |||||||||||
accounted | ||||||||||||
for using the | ||||||||||||
equity | ||||||||||||
method | ||||||||||||
Profit before | ||||||||||||
income | 56,953 | |||||||||||
taxes | ||||||||||||
(Notes)
- "Others" consists of real estate and other areas of business.
- Reconciliation amount of ¥(304) million for segment profit (operating profit) is for the elimination of intersegment transactions.
Main products in each business segment are as follows:
Printing & Solutions Printers, All-in-Ones, Labeling Systems, Label Printers, Scanners, etc. Machinery Machine Tools, Industrial Sewing Machines, Garment Printers, etc.
Domino Coding & Marking Equipment, Digital Printing Equipment, etc. Nissei Reducers, Gears, etc.
Personal & Home Home Sewing Machines, Home Cutting Machines, etc.
Network & Contents Online Karaoke Systems, Management of Karaoke Clubs, Content Services, etc.
- 10 -
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Disclaimer
Brother Industries Ltd. published this content on 09 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 May 2024 06:14:27 UTC.