Consolidated Financial Results for the Year Ended March 31, 2021
(All financial information has been prepared in accordance with Generally Accepted Accounting Principles in Japan)
May 12, 2021
Company name | : DAICEL CORPORATION |
Stock Exchange on which the shares are listed | : Tokyo Stock Exchange in Japan |
Code number | : 4202 |
URL | : https://www.daicel.com |
Representative | : Yoshimi Ogawa, President and CEO |
Contact person | : Masahiko Hirokawa, General Manager-Investor Relations & Corporate Communications |
Phone +81-3-6711-8121 | |
Scheduled date of the general meeting of shareholders | : June 25, 2021 |
Scheduled date for submitting financial statements | : June 28, 2021 |
Scheduled date for dividend payment | : June 28, 2021 |
The additional materials of the Financial Results | : Yes |
The briefing session of the Financial Results | : Yes (for institutional investors and analysts) |
1. Consolidated Financial Results for the Year Ended March 31, 2021 | (Amounts are rounded down to the nearest million) | |||||||||
(1) Consolidated Operating Results | (% of change from previous year) | |||||||||
Net sales | Operating profit | Ordinary profit | Profit attributable | |||||||
to owners of parent | ||||||||||
Millions of Yen | % | Millions of Yen | % | Millions of Yen | % | Millions of Yen | % | |||
Year ended Mar. 31, 2021 | 393,568 | (4.7) | 31,723 | 7.0 | 34,683 | 9.1 | 19,713 | 296.0 | ||
Year ended Mar. 31, 2020 | 412,826 | (11.2) | 29,644 | (42.1) | 31,781 | (40.5) | 4,978 | (85.9) | ||
(Note) Comprehensive income: 45,214 millions of yen [1,865.9%] for the Year ended March 31, 2021 and | 2,299millions of yen [(94.1%)] for the | ||||||
Year ended March 31, 2020 | |||||||
Profit per share | Diluted profit | Return on equity | Ordinary profit | Operating profit | |||
per share | to total assets | to net sales | |||||
Yen | Yen | % | % | % | |||
Year ended Mar. 31, 2021 | 65.18 | - | 6.6 | 5.6 | 8.1 | ||
Year ended Mar. 31, 2020 | 15.49 | - | 1.3 | 5.1 | 7.2 | ||
(Reference) Share of profit of entities accounted for using equity method: 1,785 millions of yen for the Year ended March 31, 2021 and 1,772 millions of yen for the Year ended March 31, 2020
(2) Consolidated Financial Position
Total assets | Net assets | Capital adequacy ratio | Net assets per share | |
Millions of Yen | Millions of Yen | % | Yen | |
Year ended Mar. 31, 2021 | 640,385 | 245,000 | 37.1 | 789.34 |
Year ended Mar. 31, 2020 | 597,992 | 392,583 | 60.6 | 1,166.56 |
(Reference) Shareholders' equity:237,852 millions of yen as of March 31, 2021 and 362,545 millions of yen as of March 31, 2020 |
(3) Consolidated Cash Flows
Cash flows from | Cash flows from | Cash flows from | Cash and cash equivalents | |
operating activities | investing activities | financing activities | at the end of year | |
Millions of Yen | Millions of Yen | Millions of Yen | Millions of Yen | |
Year ended Mar. 31, 2021 | 57,869 | (34,220) | (17,050) | 90,747 |
Year ended Mar. 31, 2020 | 57,193 | (45,864) | (47,883) | 80,674 |
2. Dividends
Cash dividends per share | Dividends in | Dividend | Dividends to | |||||
payout ratio | net assets | |||||||
total | ||||||||
(Consolidated | (Consolidated | |||||||
(Reference data) | 1st quarter | 2nd quarter | 3rd quarter | 4th quarter | Annual | (Annual) | ||
basis) | basis) | |||||||
Yen | Yen | Yen | Yen | Yen | Millions of Yen | % | % | |
Year ended Mar. 31, 2020 | - | 16.00 | - | 18.00 | 34.00 | 10,754 | 219.5 | 2.9 |
Year ended Mar. 31, 2021 | - | 16.00 | - | 16.00 | 32.00 | 9,642 | 49.1 | 3.3 |
Year ending Mar. 31, 2022 | - | 16.00 | - | 16.00 | 32.00 | 43.8 | ||
(Forecast) | ||||||||
(Note) Breakdown of the year-end dividend for the Year ended March 31, 2020: ordinary dividend 16.00 yen and commemorative dividend 2.00 yen (100th-anniversary commemoration)
ⅰ Number of shares issued at the end of each period | As of Mar. 31, 2021 | 302,942,682 shares | As of Mar. 31, 2020 | 315,942,682 shares |
(Including treasury shares) | ||||
ⅱ Number of treasury shares at the end of each period | As of Mar. 31, 2021 | 1,609,633 shares | As of Mar. 31, 2020 | 5,160,966 shares |
ⅲ Average number of shares during the each period | Year ended | 302,448,286 shares | Year ended | 321,385,570 shares |
(Cumulative from the beginning of the fiscal year) | Mar. 31, 2021 | Mar. 31, 2020 | ||
(Reference) Overview of the Unconsolidated Financial Results | ||||||||||
Unconsolidated Financial Results for the Year Ended March 31, 2021 | (Amounts are rounded down to the nearest million) | |||||||||
(1) Unconsolidated Operating Results | (% of change from previous year) | |||||||||
Net sales | Operating profit | Ordinary profit | Profit | |||||||
Millions of Yen | % | Millions of Yen | % | Millions of Yen | % | Millions of Yen | % | |||
Year ended Mar. 31, 2021 | 194,371 | (4.4) | 4,781 | 47.5 | 26,319 | 67.5 | 23,190 | 181.7 | ||
Year ended Mar. 31, 2020 | 203,228 | (12.9) | 3,240 | (74.1) | 15,714 | (36.8) | 8,231 | (54.4) | ||
Profit per share | Diluted profit | |||||||||
per share | ||||||||||
Yen | Yen | |||||||||
Year ended Mar. 31, 2021 | 76.68 | - | ||||||||
Year ended Mar. 31, 2020 | 25.61 | - | ||||||||
(2) Unconsolidated Financial Position | ||||||||||
Total assets | Net assets | Capital adequacy ratio | Net assets per share | |||||||
Millions of Yen | Millions of Yen | % | Yen | |||||||
Year ended Mar. 31, 2021 | 599,050 | 265,492 | 44.3 | 881.06 | ||||||
Year ended Mar. 31, 2020 | 399,142 | 251,324 | 63.0 | 808.68 | ||||||
(Reference) Shareholders' equity: 265,492 millions of yen as of March 31, 2021 and 251,324 millions of yen as of March 31, 2020
*This Financial Results report is not subject to audit.
*Explanations or other special matters to appropriate use of the forecast of consolidated financial results
The forecast of consolidated financial results and certain other statements contained in this document are forward-looking statements, which are rationally determined based on information currently available to the company. For a variety of reasons, actual performance may differ substantially from these projections.
4. Overview of the operating results
-
Overview of the operating results for the quarter under review
Looking at the world trends during the fiscal year ended March 2021, although economic stagnation caused by the
spread of COVID-19 has been recovering in some points, the global economy remained uncertain due to the shortage of semiconductors and the cold wave in North America toward the end of the fiscal year.
Amid such circumstances, our business was affected by sluggish demand in various industries in the first half of the fiscal year. However, the Group has steadily seized sales opportunities due to the recovery of automobile production demand, worked hard to reduce cost, and recovered its business performance over the period. In the consolidated fiscal year, these factors have resulted in lower revenue but higher profit compared to the previous fiscal year.
As a result, sales revenue for the consolidated fiscal year under review totaled 393,568 million (down 4.7% year-on-year). On the income front, operating income amounted to 31,723 (up 7.0% year-on-year), ordinary income was 34,683 (up 9.1% year-on-year), and net income attributable to owners of the parent was 19,713 (up 296.0% year-on-year) due mainly to Polyplastics becoming a wholly owned subsidiary of Daicel.
(Unit: Million Yen) | ||||
Net Sales | Operating Income | Ordinary Income | Net income | |
attributable to | ||||
owners of parent | ||||
Year ended March 31, 2021 | 393,568 | 31,723 | 34,683 | 19,713 |
Year ended March 31, 2020 | 412,826 | 29,644 | 31,781 | 4,978 |
Change from previous year | -19,258 | 2,079 | 2,902 | 14,735 |
% of change | -4.7 | 7.0 | 9.1 | 296.0 |
Capital investment for the fiscal year under review
(Unit: Million Yen)
Capital investment | Depreciation and | Foreign | ||||||
R&D | exchange | |||||||
amortization | ||||||||
Tangible | Intangibl | Total | Tangible | Intangibl | Total | (USD/JPY) | ||
e | e | |||||||
Year ended March 31, | 37,538 | 2,016 | 39,555 | 23,768 | 2,062 | 25,830 | 19,540 | 106 |
2021 | ||||||||
Year ended March 31, | 45,458 | 2,109 | 47,568 | 27,022 | 1,979 | 29,002 | 21,295 | 109 |
2020 | ||||||||
Change from previous | -7,920 | -93 | -8,013 | -3,254 | 82 | -3,171 | -1,755 | - |
year | ||||||||
% of change | -17.4 | -4.4 | -16.9 | -12.0 | 4.2 | -10.9 | -8.2 | - |
Note: Depreciation and amortization do not include amortization of goodwill.
Segment information is summarized as follows.
We have changed the segmentation reporting as of the current consolidated fiscal year.
[Medical / Healthcare]
Although the sales volume of cosmetic ingredients increased under the influence of demand recovery in China, the healthcare business decreased in sales revenue due to market decline resulting from a drop in domestic demand.
The chiral separation business increased in sales revenue due to strong sales in China and India, and increased sales volume of optical resolution columns.
The overall segment sales came to ¥16,209 million (up 7.4% year-on-year). Operating income amounted to ¥1,561 million (up 16.6% year-on-year) due to an increase in sales volume.
[Smart]
Although sales volume of high-performance films for automobiles increased, sales volume of cellulose acetate for optical films decreased due to decline in demand for display applications. As a result, the display business posted a decline in sales revenue.
The IC/Semiconductor business, such as solvents for printed electronics and resist materials registered growth in sales revenue due to steady demand in the semiconductor market, resulting in higher sales.
The overall segment sales fell to ¥24,701 million (down 2.6% year-on-year). Operating income amounted to ¥3,412 million (up 1.9% year-on-year), due to a price decline of raw materials and fuel cost.
[Safety]
The automobile airbag inflator (gas-generating device) and other mobility business were affected by a decrease in automobile production volume in the first half. However, we increased our sales volume reflecting the recovery of automobile production volume in the second half, and our annual sales volume had a slight decrease. Including the impact of exchange rate fluctuation, the business posted a decrease in sales revenue.
Consequently, overall segment sales came to ¥67,218 million (down 10.1% year-on-year). Operating income also dropped to ¥2,231 million (down 32.4% year-on-year) due to a utilization rate decline from a decrease in sales volume in the first half.
[Materials]
The market conditions for acetic acid improved, reflecting a recovery in demand in the second half of the fiscal year. Although this increase in demand raised the sales volume, the sales revenue posted a decrease due to a downward trend in the market in the first half.
Sales volume of acetic acid derivatives increased due to increase in demand for some products, and the selling price also appreciated in the second half, reflecting an upward trend in the market. Even though, sales revenue fell due to declining market conditions in the first half.
Acetate tow sales volume was flat, but sales declined due to lower selling prices under the influence of exchange rates.
Although demand recovered for some applications, Caprolactone derivatives and alicyclic-epoxy-resin posted a decline due to a decrease in sales volume resulting from the continuously low demand in the European and American markets in the first half.
Consequently, overall segment sales fell to ¥104,203 million (down 4.7 % year-on-year). Operating income amounted to ¥17,921 million (up 13.3% year-on-year), due to cost reductions, lower raw material and fuel prices, and other factors.
[Engineering Plastics]
In the engineering plastics business, such as polyacetal (POM), Polybutylene terephthalate (PBT) resin and liquid crystal polymers (LCP), the demand for automobiles and smartphones decreased significantly in the first half. Although it recovered in the second half and the sales volume increased, the sales decreased due to the effect of decline in demand in the first half.
The plastic compound business, centering on ABS resin and engineering plastic alloy resin, also decreased in sales revenue resulting from the decrease in demand due to recession.
As for the plastic processing business, including molded containers and films, sales decreased due to the slowdown of sales revenue in packaging film and other factors.
Consequently, overall segment sales amounted to ¥168,556 million (down 4.3% year-on-year). Operating income was ¥21,172 million (up 1.3% year-on-year) due to a decrease in raw material and fuel price and other factors.
[Other Businesses]
Sales revenue of other businesses increased due to higher sales volume of defense-related business. Consequently, overall segment sales increased to 12,679 (up 4.9% year-on-year). Operating income amounted to
1,482 (up 82.1% year-on-year).
(2) Overview of financial position for the fiscal year under review
Total assets as of March 31, 2021 were 640,385 million, an increase of 42,393 million from March 31, 2020, due primarily to increases in notes and accounts receivable, property, plant and equipment despite a decrease in inventory.
Total liabilities were 395,384 million, an increase of 189,976 million from March 31, 2020, due primarily to an increase in bonds payable and short-term loans payable.
Total net assets were 245,000 million. Total shareholders' equity, which is calculated as the net assets minus non-controlling interests, was 237,852 million. Shareholders' equity ratio was 37.1%.
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Daicel Corporation published this content on 12 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 May 2021 12:39:10 UTC.