February 7, 2022
Summary of Consolidated Financial Results
for the Nine Months Ended December 31, 2021(unaudited)
Name of Company Listed:
Stock Exchange Listings:
Code Number:
URL:
Representative:
Person in Charge of Contact:
Planned date of Financial Report submission:
Planned date of the commencement of dividend payments:
Availability of support documentation:
Holding of financial result briefing:
Nippon Paper Industries Co., Ltd.
Tokyo 3863
https://www.nipponpapergroup.com/english/
Toru Nozawa, President
Hiromichi Matoba, General Manager of Accounting & Budgeting Dept. TEL +81-(0)3-6665-1111
February 10, 2022
-
Yes
Yes (for institutional investors and investment analysts)
(Amounts indicated are displayed with amounts of less than one million yen rounded off.)
1. Consolidated Financial Results of Operations for the Nine Months Ended December 2021 (April 1, 2021-December 31, 2021)
- Consolidated Results of Operations
(The percentages indicate the percentage increase or decrease compared to the same period of the previous fiscal year.)
Net salesOperating incomeOrdinary incomeProfit attributable to owners of parent
Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | |||
Nine months ended | 773,976 | 4.8 | 10,423 | -2.6 | 11,285 | 279.3 | 2,387 | 2.2 | ||
December 31, 2021 | ||||||||||
Nine months ended | 738,867 | -5.8 | 10,697 | -51.1 | 2,975 | -85.4 | 2,336 | -77.5 | ||
December 31, 2020 | ||||||||||
Note: Comprehensive income | ||||||||||
Nine months ended December 2021 | 14,101 million yen | (27.5%) | ||||||||
Nine months ended December 2020 | 11,057 million yen (-15.5 %) | |||||||||
Net income per share | Net income per share | |||||||||
after adjusting for dilution | ||||||||||
Yen | Yen | |||||||||
Nine months ended | 20.67 | - | ||||||||
December 31, 2022 | ||||||||||
Nine months ended | 20.22 | - | ||||||||
December 31, 2021 | ||||||||||
Note: Nippon paper has applied the "Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29, March 31,
2020), etc. effective from the beginning of the first quarter of the current consolidated fiscal year. The figures for the third quarter of the fiscal year ending March 31, 2022 are after the application of the relevant accounting standards.
(2) Consolidated Financial Status
Total assets | Net assets | Equity ratio | |
Millions of yen | Millions of yen | % | |
As of December 31, 2021 | 1,598,748 | 430,603 | 26.2 |
As of March 31, 2021 | 1,547,326 | 424,721 | 26.7 |
Reference: Shareholders' equity | As of December 31, 2021 | 419,133 million yen |
As of March 31, 2021 | 412,368 million yen |
Note: Nippon paper has applied the "Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29, March 31,
2020), etc. effective from the beginning of the first quarter of the current consolidated fiscal year. The figures for the third quarter of the fiscal year ending March 31, 2022 are after the application of the relevant accounting standards.
- 1 -
2. Dividend Status
Dividends per share | ||||||||||
1st quarter | 2nd quarter | 3rd quarter | End of | Annual | ||||||
end | end | end | fiscal year | |||||||
Yen | Yen | Yen | Yen | Yen | ||||||
Fiscal year ended March, | - | 10.00 | - | 30.00 | 40.00 | |||||
2021 | ||||||||||
Fiscal year ending March, | - | 10.00 | - | |||||||
2022 | ||||||||||
Fiscal year ending March, | 30.00 | 40.00 | ||||||||
2022 (Projection) | ||||||||||
Note: Recent revisions to dividend projection | /No |
3. Projection of Consolidated Financial Results for the Fiscal Year Ending March 2022 (April 1, 2021-March 31, 2022)
(The percentages indicate the percentage increase or decrease compared to the same period of the previous fiscal year.)
Net sales | Operating income | Ordinary income | Profit attributable to | Net income | ||||||
owners of parent | per share | |||||||||
Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | Yen | ||
Full fiscal year | 1,030,000 | 2.2 | 14,000 | -27.2 | 14,000 | 14.0 | 1,000 | -68.7 | 8.66 | |
Note: Recent revisions to projection of consolidated financial results/ No
Note: Nippon paper has applied the "Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29, March 31, 2020), etc. effective from the beginning of the first quarter of the current consolidated fiscal year. Consolidated financial forecasts for the fiscal year ending March 31, 2022 are after the application of the relevant accounting standards.
4. Others
- Has the Company made any important changes in its subsidiaries (changes in specified subsidiaries which result in changes in the scope of consolidation)? /No
New | - | (Company name:) |
Eliminated | - | (Company name:) |
- Has the Company adopted a specific accounting method for preparation of quarterly consolidated financial statements? /No
- Changes in Accounting principles, changes in accounting estimates, or restatements
- Has the Company made any changes in accounting principles following the revision of the Accounting Standard and others? /Yes
- Has the Company made any changes in accounting principles other than those described in (i)? /No
- Has the Company made any changes in accounting estimates? /No
- Has the Company made any restatements? /No
- Number of issued and outstanding shares (common stock)
(i) Number of issued and outstanding shares (including treasury stock) as of:
December 31, 2021 | 116,254,892 | Shares |
March 31, 2021 | 116,254,892 | Shares |
(ii) Number of treasury stock as of: | ||
December 31, 2021 | 719,687 | Shares |
March 31, 2021 | 750,237 | Shares |
(iii) Average number of shares during the periods of:
Nine months ended December 31, 2021 | 115,523,110 Shares |
Nine months ended December 31, 2020 | 115,508,898 Shares |
*We introduced the "Board Benefit Trust (BBT)", and have included our shares held by this trust in treasury stock, which is deducted from the calculation of the number of treasury shares at the end of the period and the average number of shares during the period.
* This "Summary of Consolidated Financial Results" is not subject to auditing.
*Disclaimer regarding forward-looking statement and other remarks:
- Any statement in this document regarding future performance of the Company is based on the information available at the time of the announcement and certain assumptions judged to be reasonable. Actual performance may differ from forecasts due to a variety of factors.
- The support documentation will be posted on the following our website.
https://www.nipponpapergroup.com/english/ir/library/
This document is an English-language translation of the Japanese-language original.
- 2 -
(Appendices)
1. Consolidated Operating Results for the Nine Months Ended September 2021 (April 1, 2021-December 31, 2021)
Operating results by business segment are as follows: | ||
Paper and Paperboard: | ||
Consolidated net sales | ¥ 396,037 million | (down 6.0% year-on-year) |
Consolidated operating income | ¥ -2,221 million | (The result for the same period of previous year |
was ¥ -170 million) | ||
Daily-life Products | ||
Consolidated net sales | ¥ 288,015 million | (up 24.0% year-on-year) |
Consolidated operating income | ¥ 3,232 million | (down 51.9% year-on-year) |
Energy | ||
Consolidated net sales | ¥ 22,743 million | (down 5.5% year-on-year) |
Consolidated operating income | ¥ 1,292 million | (down 75.0% year-on-year) |
Wood Products and Construction Related: | ||
Consolidated net sales | ¥ 45,459 million | (up 9.4% year-on-year) |
Consolidated operating income | ¥ 5,551 million | (up 44.5% year-on-year) |
(Reference information)
1. Changes in accounting policies
(Application of Accounting Standard for Revenue Recognition, etc.)
"Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29, March 31, 2020. Hereinafter "Revenue Recognition Standard") and related guidelines have been adopted from the beginning of the current first quarter. In line with this adoption, revenue is recognized at the time of the transfer of controls for promised goods or services to customers in the amount that reflects the consideration to which they expect to be entitled in exchange for those goods or services.
As a main change of the adoption of the new accounting standard, the compensation paid to some customers was previously recorded in selling, general and administrative expenses, but it has been changed to a method of reducing it from net sales. In addition, for certain transactions that qualify as an agent, the entire amount recieved as compensation from the customers was previously recognized as revenue, but now only the difference between the amount received from the customers and the amount paid to the supplier is recognized as revenue. In adopting the Revenue Recognition Standard, in accordance with the transitional treatment set forth in the proviso of Article 84 of the Revenue Recognition Standard, the cumulative effect of retrospective application of the standards prior to the beginning of the current first quarter was added to or subtracted from retained earnings at the beginning of the current first quarter. The new accounting policy was applied from the beginning balance of the current first quarter.
As a result, for the period of current third quarter, net sales decreased by ¥51,650 million, cost of sales decreased by ¥29,130 million, selling, general and administrative expenses decreased by ¥22,502million. Operating income, ordinary income, and profit before income taxes respectively decreased by ¥17 million. In addition, the balance of retained earnings at the beginning of the current first quarter decreased by ¥4 million.
In accordance with the transitional treatment stipulated in Paragraph 28-15 of the Accounting Standard for Quarterly Financial Reporting (ASBJ Statement No. 12, March 31, 2020), information on the breakdown of revenue generated from contracts with customers for the third quarter of the previous consolidated fiscal year is not shown.
2. Application of Accounting Standard for Fair Value Measurement, etc.
- Accounting Standard for Fair Value Measurement" (ASBJ Statement No. 30, July 4, 2019. Hereinafter "Fair Value Measurement Standard") and other standards have been adopted from the beginning of the current first quarter, and in accordance with the transitional treatment set forth in Article 19 of Fair Value Measurement Standard and Article 44-2 of "Accounting Standard for Financial Instruments" (ASBJ Statement No. 10, July 4, 2019), Nippon paper will continue to apply new accounting policies prescribed by Fair Value Measurement Standard and other standards into the future. There are no impacts from these changes in the Quarterly Consolidated Financial Statements.
- 3 -
1. Supplementary Financial Results Presentation Materials for the Nine Months Ended December 31, 2021
(1) Consolidated Balance Sheets
(Millions of yen) | ||
As of March 31, | As of December 31, | |
2021 | 2021 | |
Assets | ||
Current assets | ||
Cash and deposits | 69,733 | 68,640 |
Notes and accounts receivable-trade | 251,210 | 271,524 |
Merchandise and finished goods | 84,596 | 93,174 |
Work in process | 18,241 | 22,404 |
Raw materials and supplies | 70,840 | 81,040 |
Other | 39,993 | 47,536 |
Allowance for doubtful accounts | (851) | (851) |
Total current assets | 533,764 | 583,470 |
Non-current assets | ||
Property, plant and equipment | ||
Buildings and structures | 535,112 | 538,896 |
Accumulated depreciation | (382,445) | (389,651) |
Buildings and structures, net | 152,666 | 149,245 |
Machinery, equipment and vehicles | 2,325,630 | 2,341,120 |
Accumulated depreciation | (1,988,826) | (2,016,567) |
Machinery, equipment and vehicles, net | 336,803 | 324,552 |
Land | 207,556 | 208,177 |
Construction in progress | 35,275 | 38,583 |
Other | 96,338 | 99,247 |
Accumulated depreciation | (46,628) | (50,627) |
Other, net | 49,710 | 48,620 |
Total property, plant and equipment | 782,012 | 769,179 |
Intangible assets | 24,710 | 23,091 |
Investments and other assets | ||
Investments in securities | 161,375 | 179,784 |
Other | 46,041 | 43,794 |
Allowance for doubtful accounts | (577) | (571) |
Total investments and other assets | 206,839 | 223,007 |
Total non-current assets | 1,013,562 | 1,015,278 |
Total assets | 1,547,326 | 1,598,748 |
- 4 -
(Millions of yen) | ||
As of March 31, | As of December 31, | |
2021 | 2021 | |
Liabilities | ||
Current liabilities | ||
Notes and account payable-trade | 125,115 | 155,763 |
Short-term loans payable | 199,009 | 201,207 |
Income taxes payable | 3,799 | 901 |
Other | 98,762 | 96,747 |
Total current liabilities | 426,687 | 454,620 |
Non-current liabilities | ||
Bonds payable | 35,000 | 50,000 |
Long-term loans payable | 574,846 | 580,176 |
Provision for environmental measures | 14,223 | 13,042 |
Net defined benefit liability | 12,790 | 12,770 |
Other | 59,057 | 57,535 |
Total non-current liabilities | 695,918 | 713,524 |
Total liabilities | 1,122,605 | 1,168,144 |
Net assets | ||
Shareholders' equity | ||
Capital stock | 104,873 | 104,873 |
Capital surplus | 216,417 | 216,417 |
Retained earnings | 42,672 | 38,761 |
Treasury shares | (1,839) | (1,777) |
Total shareholders' equity | 362,124 | 358,274 |
Accumulated other comprehensive income | ||
Valuation difference on available-for-sale securities | 23,407 | 21,939 |
Deferred gains or losses on hedges | 140 | 3,263 |
Foreign currency translation adjustment | 22,160 | 29,090 |
Remeasurements of defined benefit plans | 4,536 | 6,565 |
Total accumulated other comprehensive income | 50,244 | 60,859 |
Non-controlling interests | 12,352 | 11,469 |
Total net assets | 424,721 | 430,603 |
Total liabilities and net assets | 1,547,326 | 1,598,748 |
- 5 -
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Nippon Paper Industries Co. Ltd. published this content on 07 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 February 2022 06:17:03 UTC.