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 Year Ended February 28, 2021
(Based on Japanese GAAP)
Company name: | IZUMI CO., LTD. | ||
Stock exchange listing: | Tokyo | ||
Stock code: | 8273 | URL https://www.izumi.co.jp/ | |
Representative: | President and Representative Director | Yasuaki Yamanishi | |
Inquiries: | Director and Senior Managing Executive | Tatsuya Mikamoto | |
Officer and Administration Division Manager | |||
Scheduled date of ordinary general meeting of shareholders: | May 26, 2021 | ||
Scheduled date to file Securities Report: | May 27, 2021 | ||
Scheduled date to commence dividend payments: | May 27, 2021 | ||
Preparation of supplementary material on financial results: | Yes | ||
Holding of financial results meeting: | Yes |
April 13, 2021
TEL +81-82-264-3211
(Amounts less than one million yen are rounded down) | |||||||||||||||||||||||||
1. Consolidated financial results for the year ended February 28, 2021 (from March 1, 2020 to February 28, 2021) | |||||||||||||||||||||||||
(1) Consolidated financial results | Percentages indicate year-on-year changes | ||||||||||||||||||||||||
Operating revenue | Operating profit | Ordinary profit | Profit attributable to | ||||||||||||||||||||||
owners of parent | |||||||||||||||||||||||||
Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | ||||||||||||||||||
Year ended February 28, 2021 | 679,778 | (8.7) | 35,781 | 12.2 | 36,078 | 12.8 | 23,053 | 15.5 | |||||||||||||||||
Year ended February 29, 2020 | 744,349 | 1.7 | 31,888 | (9.6) | 31,979 | (8.9) | 19,953 | (15.1) | |||||||||||||||||
Earnings per share | Diluted earnings | Profit/equity | Ordinary profit/total | Operating profit/net | |||||||||||||||||||||
per share | assets | sales | |||||||||||||||||||||||
Yen | Yen | % | % | % | |||||||||||||||||||||
Year ended February 28, 2021 | 321.72 | - | 10.3 | 7.4 | 5.5 | ||||||||||||||||||||
Year ended February 29, 2020 | 278.45 | - | 9.6 | 6.6 | 4.5 | ||||||||||||||||||||
(2) Consolidated financial position | |||||||||||||||||||||||||
Total assets | Net assets | Equity ratio | Net assets per share | ||||||||||||||||||||||
Millions of yen | Millions of yen | % | Yen | ||||||||||||||||||||||
As of February 28, 2021 | 489,692 | 245,411 | 47.5 | 3,244.56 | |||||||||||||||||||||
As of February 29, 2020 | 490,106 | 226,264 | 43.7 | 2,991.24 | |||||||||||||||||||||
(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 | ||||||||||||||||||||||
Millions of yen | Millions of yen | Millions of yen | Millions of yen | ||||||||||||||||||||||
Year ended February 28, 2021 | 48,320 | (6,633) | (25,361) | 25,306 | |||||||||||||||||||||
Year ended February 29, 2020 | 57,681 | (16,693) | (40,142) | 8,982 | |||||||||||||||||||||
2. Cash dividends | |||||||||||||||||||||||||
Annual dividends per share | Total cash | Dividend | Ratio of | ||||||||||||||||||||||
dividends | payout ratio | dividends to | |||||||||||||||||||||||
1st quarter-end | 2nd quarter-end | 3rd quarter-end | Fiscal year-end | Total | (Full year) | (Consolidated) | net assets | ||||||||||||||||||
(Consolidated) | |||||||||||||||||||||||||
Yen | Yen | Yen | Yen | Yen | Millions of yen | % | % | ||||||||||||||||||
Year ended February 29, 2020 | - | 40.00 | - | 40.00 | 80.00 | 5,732 | 28.7 | 2.8 | |||||||||||||||||
Year ended February 28, 2021 | - | 40.00 | - | 43.00 | 83.00 | 5,947 | 25.8 | 2.7 | |||||||||||||||||
Year ending February 28, 2022 (Forecast) | - | 43.00 | - | 43.00 | 86.00 | 26.2 |
1
3. Forecast of consolidated financial results for the fiscal year ending February 28, 2022 (from March 1, 2021 to February 28, 2022) Percentages indicate year-on-year changes
Operating revenue | Operating profit | Ordinary profit | Profit attributable to | Earnings per share | ||||||||
owners of parent | ||||||||||||
Six months ending | Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | Yen | |||
354,300 | 8.6 | 17,500 | 6.3 | 17,700 | 6.4 | 11,900 | 11.4 | 166.07 | ||||
August 31, 2021 | ||||||||||||
Full year | 721,400 | 6.1 | 36,700 | 2.6 | 36,800 | 2.0 | 23,500 | 1.9 | 327.95 | |||
4. Notes | ||||||||||||
(1) Changes in significant subsidiaries during the period | No | |||||||||||
(changes in specified subsidiaries resulting in the change in scope of consolidation): | ||||||||||||
(2) 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 |
(3) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of February 28, 2021 | 71,665,200 | shares | As of February 29, 2020 | 71,665,200 | shares | |
Number of treasury shares at the end of the period | ||||||
As of February 28, 2021 | 8,106 | shares | As of February 29, 2020 | 7,346 | shares | |
Average number of shares during the period | ||||||
Year ended February 28, 2021 | 71,657,606 | shares | Year ended February 29, 2020 | 71,658,190 | shares |
2
Consolidated financial statements
Consolidated balance sheets
(Millions of yen) | |||
As of February 29, 2020 | As of February 28, 2021 | ||
Assets | |||
Current assets | |||
Cash and deposits | 8,982 | 25,306 | |
Notes and accounts receivable - trade | 46,392 | 42,497 | |
Merchandise and finished goods | 25,780 | 21,661 | |
Work in process | 13 | 20 | |
Raw materials and supplies | 535 | 458 | |
Other | 17,242 | 17,717 | |
Allowance for doubtful accounts | (644) | (550) | |
Total current assets | 98,302 | 107,112 | |
Non-current assets | |||
Property, plant and equipment | |||
Buildings and structures | 399,826 | 400,335 | |
Accumulated depreciation | (238,153) | (245,053) | |
Buildings and structures, net | 161,672 | 155,281 | |
Machinery, equipment and vehicles | 10,062 | 11,242 | |
Accumulated depreciation | (6,683) | (7,185) | |
Machinery, equipment and vehicles, net | 3,379 | 4,057 | |
Land | 163,240 | 163,136 | |
Leased assets | 117 | 84 | |
Accumulated depreciation | (106) | (64) | |
Leased assets, net | 10 | 20 | |
Construction in progress | 1,552 | 497 | |
Other | 42,148 | 42,840 | |
Accumulated depreciation | (34,556) | (35,294) | |
Other, net | 7,591 | 7,545 | |
Total property, plant and equipment | 337,447 | 330,539 | |
Intangible assets | |||
Goodwill | 3,172 | 2,441 | |
Other | 8,307 | 8,249 | |
Total intangible assets | 11,479 | 10,690 | |
Investments and other assets | |||
Investment securities | 11,039 | 9,876 | |
Long-term loans receivable | 1,563 | 1,542 | |
Deferred tax assets | 8,326 | 9,244 | |
Leasehold and guarantee deposits | 17,722 | 16,909 | |
Other | 4,783 | 4,322 | |
Allowance for doubtful accounts | (558) | (546) | |
Total investments and other assets | 42,877 | 41,350 | |
Total non-current assets | 391,804 | 382,580 | |
Total assets | 490,106 | 489,692 | |
3
(Millions of yen) | |||
As of February 29, 2020 | As of February 28, 2021 | ||
Liabilities | |||
Current liabilities | |||
Notes and accounts payable - trade | 49,977 | 47,367 | |
Short-term borrowings | 2,000 | 1,300 | |
Current portion of long-term borrowings | 19,925 | 19,756 | |
Accounts payable - other | 15,653 | 14,076 | |
Income taxes payable | 5,089 | 7,983 | |
Provision for bonuses | 2,206 | 2,204 | |
Provision for bonuses for directors (and other officers) | 27 | 36 | |
Provision for point card certificates | 2,695 | 2,416 | |
Provision for loss on recollection of gift certificates | 81 | 115 | |
Provision for loss on building demolition | - | 117 | |
Asset retirement obligations | 13 | 39 | |
Other | 16,291 | 18,183 | |
Total current liabilities | 113,962 | 113,596 | |
Non-current liabilities | |||
Long-term borrowings | 106,991 | 88,335 | |
Lease obligations | 5 | 17 | |
Long-term leasehold and guarantee deposits received | 23,498 | 22,552 | |
Provision for retirement benefits for directors (and other | 1,002 | 915 | |
officers) | |||
Provision for loss on interest repayment | 114 | 146 | |
Provision for loss on building demolition | - | 436 | |
Retirement benefit liability | 8,514 | 8,852 | |
Deferred tax liabilities | 1,413 | 980 | |
Asset retirement obligations | 8,099 | 8,267 | |
Other | 237 | 180 | |
Total non-current liabilities | 149,879 | 130,684 | |
Total liabilities | 263,841 | 244,281 | |
Net assets | |||
Shareholders' equity | |||
Share capital | 19,613 | 19,613 | |
Capital surplus | 22,267 | 22,545 | |
Retained earnings | 171,751 | 189,072 | |
Treasury shares | (27) | (30) | |
Total shareholders' equity | 213,604 | 231,200 | |
Accumulated other comprehensive income | |||
Valuation difference on available-for-sale securities | 753 | 1,171 | |
Remeasurements of defined benefit plans | (12) | 123 | |
Total accumulated other comprehensive income | 741 | 1,294 | |
Non-controlling interests | 11,918 | 12,915 | |
Total net assets | 226,264 | 245,411 | |
Total liabilities and net assets | 490,106 | 489,692 | |
4
Consolidated statements of income and consolidated statements of comprehensive income
Consolidated statements of income
(Millions of yen) | |||
Year ended | Year ended | ||
February 29, 2020 | February 28, 2021 | ||
Net sales | 709,455 | 645,672 | |
Cost of sales | 553,351 | 498,204 | |
Gross profit | 156,103 | 147,467 | |
Operating revenue | 34,893 | 34,105 | |
Operating gross profit | 190,997 | 181,573 | |
Selling, general and administrative expenses | |||
Advertising and promotion expenses | 16,430 | 9,643 | |
Distribution expenses | 8,215 | 8,152 | |
Provision of allowance for doubtful accounts | 230 | 184 | |
Employees' salaries and bonuses | 54,998 | 53,319 | |
Provision for bonuses | 2,011 | 2,119 | |
Welfare expenses | 10,456 | 10,522 | |
Retirement benefit expenses | 1,295 | 1,213 | |
Rent expenses | 11,855 | 11,526 | |
Utilities expenses | 8,471 | 7,482 | |
Depreciation | 15,672 | 15,243 | |
Provision for retirement benefits for directors (and other | 61 | (57) | |
officers) | |||
Other | 29,409 | 26,441 | |
Total selling, general and administrative expenses | 159,108 | 145,791 | |
Operating profit | 31,888 | 35,781 | |
Non-operating income | |||
Interest and dividend income | 250 | 243 | |
Purchase discounts | 291 | 183 | |
Share of profit of entities accounted for using equity method | 9 | 84 | |
Penalty income | 164 | 149 | |
Other | 768 | 1,232 | |
Total non-operating income | 1,484 | 1,893 | |
Non-operating expenses | |||
Interest expenses | 818 | 700 | |
Compensation expenses | 142 | 115 | |
Other | 433 | 781 | |
Total non-operating expenses | 1,393 | 1,597 | |
Ordinary profit | 31,979 | 36,078 | |
5
(Millions of yen) | |||
Year ended | Year ended | ||
February 29, 2020 | February 28, 2021 | ||
Extraordinary income | |||
Gain on sales of non-current assets | 329 | 57 | |
Gain on sales of investment securities | 9 | 3,115 | |
Subsidy income | 310 | 25 | |
Income from insurance | - | 412 | |
Other | 19 | - | |
Total extraordinary income | 669 | 3,610 | |
Extraordinary losses | |||
Loss on sales of non-current assets | 21 | 1 | |
Loss on retirement of non-current assets | 333 | 121 | |
Impairment loss | 1,146 | 1,641 | |
Loss on valuation of investment securities | 486 | - | |
Loss on store closings | 419 | 38 | |
Loss on changes in construction project | 213 | - | |
Loss related to infectious disease | - | 2,074 | |
Loss on disaster | - | 222 | |
Provision for loss on building demolition | - | 556 | |
Other | 183 | 179 | |
Total extraordinary losses | 2,803 | 4,835 | |
Profit before income taxes | 29,845 | 34,852 | |
Income taxes - current | 9,685 | 11,788 | |
Income taxes - deferred | (179) | (1,482) | |
Total income taxes | 9,505 | 10,306 | |
Profit | 20,339 | 24,546 | |
Profit attributable to non-controlling interests | 385 | 1,493 | |
Profit attributable to owners of parent | 19,953 | 23,053 | |
6
Consolidated statements of comprehensive income
(Millions of yen) | ||
Year ended | Year ended | |
February 29, 2020 | February 28, 2021 | |
Profit | 20,339 | 24,546 |
Other comprehensive income | ||
Valuation difference on available-for-sale securities | 233 | 287 |
Remeasurements of defined benefit plans, net of tax | 195 | 126 |
Share of other comprehensive income of entities accounted | - | 12 |
for using equity method | ||
Total other comprehensive income | 429 | 425 |
Comprehensive income | 20,769 | 24,972 |
Comprehensive income attributable to | ||
Comprehensive income attributable to owners of parent | 20,164 | 23,607 |
Comprehensive income attributable to non-controlling | 604 | 1,365 |
interests | ||
7
Consolidated statements of changes in net assets
Fiscal year ended February 29, 2020
(Millions of yen)
Shareholders' equity | |||||
Share capital | Capital surplus | Retained earnings | Treasury shares | Total shareholders' | |
equity | |||||
Balance at beginning of | 19,613 | 22,247 | 157,530 | (25) | 199,367 |
period | |||||
Changes during period | |||||
Dividends of surplus | (5,732) | (5,732) | |||
Profit attributable to | 19,953 | 19,953 | |||
owners of parent | |||||
Purchase of treasury | (2) | (2) | |||
shares | |||||
Purchase of shares of | 19 | 19 | |||
consolidated subsidiaries | |||||
Net changes in items | |||||
other than shareholders' | |||||
equity | |||||
Total changes during period | - | 19 | 14,220 | (2) | 14,237 |
Balance at end of period | 19,613 | 22,267 | 171,751 | (27) | 213,604 |
Accumulated other comprehensive income | Non-controlling | ||||
Total net assets | |||||
Valuation difference on | Remeasurements of | Total accumulated other | |||
interests | |||||
available-for-sale securities | defined benefit plans | comprehensive income | |||
Balance at beginning of | 737 | (208) | 529 | 11,649 | 211,546 |
period | |||||
Changes during period | |||||
Dividends of surplus | (5,732) | ||||
Profit attributable to | 19,953 | ||||
owners of parent | |||||
Purchase of treasury | (2) | ||||
shares | |||||
Purchase of shares of | 19 | ||||
consolidated subsidiaries | |||||
Net changes in items | |||||
other than shareholders' | 15 | 195 | 211 | 269 | 480 |
equity | |||||
Total changes during period | 15 | 195 | 211 | 269 | 14,717 |
Balance at end of period | 753 | (12) | 741 | 11,918 | 226,264 |
8
Fiscal year ended February 28, 2021
(Millions of yen)
Shareholders' equity | |||||
Share capital | Capital surplus | Retained earnings | Treasury shares | Total shareholders' | |
equity | |||||
Balance at beginning of | 19,613 | 22,267 | 171,751 | (27) | 213,604 |
period | |||||
Changes during period | |||||
Dividends of surplus | (5,732) | (5,732) | |||
Profit attributable to | 23,053 | 23,053 | |||
owners of parent | |||||
Purchase of treasury | (2) | (2) | |||
shares | |||||
Purchase of shares of | 278 | 278 | |||
consolidated subsidiaries | |||||
Net changes in items | |||||
other than shareholders' | |||||
equity | |||||
Total changes during | - | 278 | 17,320 | (2) | 17,596 |
period | |||||
Balance at end of period | 19,613 | 22,545 | 189,072 | (30) | 231,200 |
Accumulated other comprehensive income | Non-controlling | ||||
Total net assets | |||||
Valuation difference on | Remeasurements of | Total accumulated other | |||
interests | |||||
available-for-sale securities | defined benefit plans | comprehensive income | |||
Balance at beginning of | 753 | (12) | 741 | 11,918 | 226,264 |
period | |||||
Changes during period | |||||
Dividends of surplus | (5,732) | ||||
Profit attributable to | 23,053 | ||||
owners of parent | |||||
Purchase of treasury | (2) | ||||
shares | |||||
Purchase of shares of | 278 | ||||
consolidated subsidiaries | |||||
Net changes in items | |||||
other than shareholders' | 418 | 135 | 553 | 996 | 1,550 |
equity | |||||
Total changes during | 418 | 135 | 553 | 996 | 19,146 |
period | |||||
Balance at end of period | 1,171 | 123 | 1,294 | 12,915 | 245,411 |
9
Consolidated statements of cash flows
(Millions of yen) | |||
Year ended | Year ended | ||
February 29, 2020 | February 28, 2021 | ||
Cash flows from operating activities | |||
Profit before income taxes | 29,845 | 34,852 | |
Depreciation | 16,164 | 15,872 | |
Amortization of goodwill | 785 | 737 | |
Increase (decrease) in allowance for doubtful accounts | 176 | (106) | |
Interest and dividend income | (250) | (243) | |
Interest expenses | 818 | 700 | |
Share of loss (profit) of entities accounted for using equity | (9) | (84) | |
method | |||
Subsidy income | (310) | (25) | |
Income from insurance | - | (412) | |
Loss (gain) on sales of non-current assets | (308) | (55) | |
Loss on retirement of non-current assets | 333 | 121 | |
Loss (gain) on sales of investment securities | (9) | (3,115) | |
Loss (gain) on valuation of investment securities | 486 | - | |
Impairment loss | 1,146 | 1,641 | |
Loss on store closings | 419 | 38 | |
Loss on changes in construction project | 213 | - | |
Loss related to infectious disease | - | 2,074 | |
Loss on disaster | - | 222 | |
Increase (decrease) in provision for loss on building | - | 554 | |
demolition | |||
Decrease (increase) in trade receivables | (6,570) | 3,895 | |
Decrease (increase) in inventories | 2,560 | 3,917 | |
Increase (decrease) in trade payables | 18,708 | (2,610) | |
Increase (decrease) in retirement benefit liability | 544 | 449 | |
Other, net | 1,938 | 904 | |
Subtotal | 66,683 | 59,328 | |
Interest and dividends received | 218 | 248 | |
Interest paid | (812) | (742) | |
Subsidies received | 1,040 | 115 | |
Proceeds from insurance income | - | 412 | |
Payment of loss related to infectious disease | - | (1,888) | |
Payments associated with disaster loss | - | (104) | |
Income taxes (paid) refund | (9,448) | (9,049) | |
Net cash provided by (used in) operating activities | 57,681 | 48,320 | |
Cash flows from investing activities | |||
Purchase of property, plant and equipment | (15,266) | (12,632) | |
Proceeds from sales of property, plant and equipment | 864 | 1,835 | |
Purchase of intangible assets | (1,330) | (1,289) | |
Purchase of investment securities | (476) | - | |
Proceeds from sales of investment securities | 39 | 4,697 | |
Payments for sales of shares of subsidiaries resulting in | (51) | - | |
change in scope of consolidation | |||
Other, net | (472) | 754 | |
Net cash provided by (used in) investing activities | (16,693) | (6,633) | |
10
(Millions of yen) | ||
Year ended | Year ended | |
February 29, 2020 | February 28, 2021 | |
Cash flows from financing activities | ||
Net increase (decrease) in short-term borrowings | (24,046) | (705) |
Proceeds from long-term borrowings | 11,000 | 1,100 |
Repayments of long-term borrowings | (21,259) | (19,925) |
Purchase of treasury shares | (2) | (2) |
Dividends paid | (5,732) | (5,732) |
Dividends paid to non-controlling interests | (34) | (34) |
Payments from changes in ownership interests in subsidiaries | (27) | (56) |
that do not result in change in scope of consolidation | ||
Other, net | (40) | (5) |
Net cash provided by (used in) financing activities | (40,142) | (25,361) |
Net increase (decrease) in cash and cash equivalents | 845 | 16,324 |
Cash and cash equivalents at beginning of period | 8,136 | 8,982 |
Cash and cash equivalents at end of period | 8,982 | 25,306 |
11
Attachments
- Original document
- Permalink
Disclaimer
Izumi Co. Ltd. published this content on 19 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 April 2021 00:01:06 UTC.