Kokuyo : Financial Results for the Fiscal Year Ended December 31, 2022 （811KB）

February 13, 2023

KOKUYO CO., LTD.

FINANCIAL RESULTS

(Consolidated)

Results for the fiscal year ended December 31, 2022

Company name: KOKUYO Co., Ltd.

Stock listings: Tokyo Stock Exchange (Prime)

Stock code: 7984 (URL https://www.kokuyo.com)

Representative: Hidekuni Kuroda, President

For further information, please contact: Naotaka Umeda, Managing Officer, Financial Administration Division

Telephone: [phone] (general)

Ordinary General Meeting of Shareholders: March 30, 2023

Commencement date for dividend payments: March 31, 2023

Date for submission of securities report: March 31, 2023

Supplemental material for the full-year results: No

Convening briefing on the full-year results: Yes (for institutional investors and securities analysts)

(Figure less than ¥1 million have been omitted.)

1. Full-period Results (January 1, 2022 to December 31, 2022)

(1) Consolidated operating results

Net sales

Operating income

Ordinary income

% change from

% change from

% change from

Millions of yen

the previous

Millions of yen

the previous

Millions of yen

the previous

year

year

year

Fiscal year ended

300,929

−

19,321

−

21,355

−

December 31, 2022

Fiscal year ended

320,170

6.5

20,004

35.1

16,415

15.8

December 31, 2021

(Note) Comprehensive income:

For the fiscal year ended December 31, 2022

¥16,861 million [−%]

For the fiscal year ended December 31, 2021

¥12,787 million [31.2%]

Diluted

Ordinary

Operating

Profit attributable to owners of

Earnings

Return on

income to

income to

earnings

parent

per share

equity

total assets

net sales

per share

ratio

ratio

Millions of yen

% change from

Yen

Yen

%

%

%

the previous year

Fiscal year ended

18,375

−

158.97

−

7.9

6.5

6.4

December 31, 2022

Fiscal year ended

13,703

65.2

116.76

−

6.0

5.1

6.2

December 31, 2021

(Reference) Equity in net income of affiliates:

For the fiscal year ended December 31, 2022	¥570 million
For the fiscal year ended December 31, 2021	(¥5,202 million)

(Note) We have applied the ASBJ Accounting Standard for Revenue Recognition (ASBJ Statement No. 29, March 31, 2020) since the start of the period under review (the fiscal year ended December 2022). Whereas the results for the period under review are stated in accordance with this standard, those for the previous period (the fiscal year ended December 2021) are not. We have therefore omitted percentage changes between the two periods.

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(2) Consolidated financial position

			Total assets		Net assets	Equity ratio	Net assets per share
			Millions of yen		Millions of yen	%	Yen
	December 31, 2022		337,166		239,745	70.6	2,059.21
	December 31, 2021		324,576		230,105	70.4	1,967.60
(Reference) Equity:
	December 31, 2022	¥237,871 million
	December 31, 2021	¥228,470 million

(Note) We have applied the ASBJ Accounting Standard for Revenue Recognition (ASBJ Statement No. 29, March 31, 2020) since the start of the period under review (the fiscal year ended December 2022). Whereas the results for the period under review are stated in accordance with this standard, those for the previous period (the fiscal year ended December 2021) are not.

(3) Consolidated cash flows

	Cash flows from	Cash flows from	Cash flows from	Cash and cash
	operating activities	investing activities	financing activities	equivalents at year end
	Millions of yen	Millions of yen	Millions of yen	Millions of yen
Fiscal year ended	9,577	(3,320)	(8,991)	98,351
December 31, 2022
Fiscal year ended	21,789	2,563	(15,059)	100,575
December 31, 2021

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2. Dividends

							Dividend per share
		March 31		June 30	September 30	Year-end	Full-year
				dividend	dividend
		Yen			Yen	Yen				Yen	Yen
Fiscal year ended		-			21.50	-		25.50	47.00
December 31, 2021
Fiscal period ended		-			28.00	-		29.00	57.00
December 31, 2022
Fiscal period ending		-			29.00	-		29.00	58.00
December 31, 2023
(forecast)
		Total annual dividend		Consolidated payout ratio			Ratio of dividends to net
		payments					assets (consolidated)
		Millions of yen				%					%
Fiscal year ended				5,487			40.3				2.4
December 31, 2021
Fiscal period ended				6,585			35.9				2.8
December 31, 2022
Fiscal period ending								42.9
December 31, 2023
(forecast)

3. Consolidated Forecasts for the Fiscal Period Ending December 31, 2023 (January 1, 2023 to December 31, 2023)

	Net sales		Operating income	Ordinary income
			% change from				% change from		% change from
	Millions of yen		the previous		Millions of yen	the previous	Millions of yen	the previous
			year				year		year
June 30, 2023	176,100	12.6	13,200		3.7	14,000	(4.2)
interim period
December 31, 2023	337,000	12.0	20,000		3.5	21,400	0.2
fiscal period
	Profit attributable to owners of		Earnings per
	parent		share
	Millions of yen		% change from		Yen
		the previous year
June 30, 2023	9,600		(11.5)		83.11
interim period
December 31, 2023	15,600		(15.1)		135.05
fiscal period

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* Others

1. Significant changes in subsidiaries during the period under review (changes in certain specified subsidiaries accompanying revised scope of consolidation): Yes

New: 1) Kokuyo Hong Kong Limited, 2) Dongguan Lamex Furniture Co., Ltd.

Removed: － -

1. Changes in accounting principles, procedures and methods of presentation relating to preparation of the consolidated financial statements
2. 1. Changes due to revision of accounting standards: Yes
   2. Changes other than those under above: None
   3. Changes in accounting estimates: None
   4. Restatement: None

(Note) See page 24 of the reference document (5. Consolidated Financial Statements, (5) Notes: Changes in accounting principles).

(3) Number of shares of common stock issued

1)	Number of shares of common stock (including treasury stock) issued at:
	December 31, 2022	128,742,463
	December 31, 2021	128,742,463
2)	Number of shares of treasury stock held at:
	December 31, 2022	13,226,417
	December 31, 2021	12,626,419
3)	Number of shares of average stock during a term held at:
	December 31, 2022	115,587,198
	December 31, 2021	117,365,002

(Reference) Summary of non-consolidated results

1. Full-period Results (January 1, 2022 to December 31, 2022)

(1) Non-consolidated operating results (1)

	Net sales	Operating income	Ordinary income
		% change from			% change from			% change from
	Millions of yen	the previous	Millions of yen		the previous	Millions of yen		the previous
		year			year			year
Fiscal year ended	158,261	-	11,440		-	16,565		-
December 31, 2022
Fiscal year ended	165,438	6.0	12,541		38.0	17,270		34.6
December 31, 2021
	Net income	Earnings per share	Diluted earnings per share
		% change from
	Millions of yen	the previous	Yen		Yen
		year
Fiscal year ended	15,189	-			131.40			-
December 31, 2022
Fiscal year ended	12,172	29.6			103.70			-
December 31, 2021

(Note) We have applied the ASBJ Accounting Standard for Revenue Recognition (ASBJ Statement No. 29, March 31, 2020) since the start of the period under review (the fiscal year ended December 2022). Whereas the results for the period under review are stated in accordance with this standard, those for the previous period (the fiscal year ended December 2021) are not. We have therefore omitted percentage changes between the two periods.

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(2) Non-consolidated financial position

			Total assets		Net assets	Equity ratio	Net assets per share
			Millions of yen		Millions of yen	%	Yen
	December 31, 2022		296,319		223,324	75.4	1,933.08
	December 31, 2021		297,158		216,669	72.9	1,865.79
(Reference) Equity:
	December 31, 2022	¥223,324 million
	December 31, 2021	¥216,669 million

(Note) We have applied the ASBJ Accounting Standard for Revenue Recognition (ASBJ Statement No. 29, March 31, 2020) since the start of the period under review (the fiscal year ended December 2022). Whereas the results for the period under review are stated in accordance with this standard, those for the previous period (the fiscal year ended December 2021) are not.

• This financial summary is not subject to a review by a certified public accountant or independent auditor.
• Advice relating to appropriate use of financial forecasts and other relevant information

This document contains performance forecasts and other forward-looking statements. Such statements are based on information available at the time and, in part, on what are deemed to be reasonable assumptions. They are not guarantees of future performance. Actual results may differ markedly from what the forward- looking statements suggest due to a plethora of variables. For more on the assumptions underlying the performance forecasts, as well as cautionary notes regarding the use of thereof, see page 9 of this document

1. Outlook for Fiscal 2023 of (1) Analysis of business Results, 1. Overview of the Consolidated Statements of Operations)

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