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 May 31, 2022
(Based on Japanese GAAP)
July 13, 2022 | |||||
Company name: | SAKATA SEED CORPORATION | ||||
Stock exchange listing: | Tokyo | ||||
Stock code: | 1377 | URL https://corporate.sakataseed.co.jp/ | |||
Representative: | President and Representative Director | Hiroshi Sakata | |||
Executive Officer | |||||
Inquiries: | Deputy Senior General Manager of General Administration Div. | Takenori Hoshi | TEL 045-945-8800 | ||
General Manager of Finance Dept. | |||||
Scheduled date of ordinary general meeting of shareholders: | August 25, 2022 | ||||
Scheduled date to file Securities Report: | August 25, 2022 | ||||
Scheduled date to commence dividend payments: | August 26, 2022 | ||||
Preparation of supplementary material on financial results: | Yes | ||||
Holding of financial results meeting: | Yes | (for institutional investors and analysts) |
(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the year ended May 31, 2022 (from June 1, 2021 to May 31, 2022)
(1) Consolidated operating results | (% indicates changes from the 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 May 31, 2022 | 73,049 | - | 11,181 | - | 12,114 | - | 12,256 | - | ||||||||||
Year ended May 31, 2021 | 69,218 | 12.2 | 9,725 | 30.0 | 10,078 | 24.9 | 7,636 | 25.3 | ||||||||||
(Note) From the beginning of the year ended May 31, 2022, "Accounting Standard for Revenue Recognition" (ASBJ Statement No.29, March 31, 2020) etc. have been adopted. Therefore, the percentage compared to the previous year are not stated. When calculating the figures for the year ended May 31, 2022 in accordance with the same accounting standard before this adoption, net sales would be 76,472 million yen (10.5% increase compared to the previous year).
Earnings per share Diluted earnings per | Profit attributable to | Ordinary profit/total | Operating profit/net | ||||||||||
owners of | |||||||||||||
share | parent/equity | assets | sales | ||||||||||
Yen | Yen | % | % | % | |||||||||
Year ended May 31, 2022 | 276.02 | - | 10.4 | 8.6 | 15.3 | ||||||||
Year ended May 31, 2021 | 171.24 | - | 7.2 | 7.9 | 14.1 | ||||||||
(2) Consolidated financial position | |||||||||||||
Total assets | Net assets | Equity ratio | Net assets per share | ||||||||||
Millions of yen | Millions of yen | % | Yen | ||||||||||
As of May 31, 2022 | 147,423 | 125,466 | 84.9 | 2,821.58 | |||||||||
As of May 31, 2021 | 111,898 | 83.9 | 2,503.81 | ||||||||||
133,077 | |||||||||||||
(Note) From the beginning of the year ended May 31, 2022, "Accounting Standard for Revenue Recognition" (ASBJ Statement No.29, March 31, 2020) etc. have been adopted. Accordingly, the above figures as of May 31, 2022 include the effects of the new standards.
(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 year | |||||||
Millions of yen | Millions of yen | Millions of yen | Millions of yen | |||||||
Year ended May 31, 2022 | 10,039 | 468 | (4,581) | 21,747 | ||||||
Year ended May 31, 2021 | 11,362 | (5,165) | (4,005) | 14,758 | ||||||
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2. Cash dividends
Annual dividends per share | Total cash | Dividend payout | Ratio of dividends | |||||||
to net assets | ||||||||||
dividends (Total) | ratio (Consolidated) | |||||||||
1st quarter-end | 2nd quarter-end | 3rd quarter-end | Fiscal year-end | Total | (Consolidated) | |||||
Yen | Yen | Yen | Yen | Yen Millions of yen | % | % | ||||
Year ended May 31, 2021 Year ended May 31, 2022
Year ending May 31, 2023 (Forecast)
- | 15.00 | - | 23.00 | 38.00 | 1,696 | 22.2 | 1.6 | ||||
- | 18.00 | - | 27.00 | 45.00 | 1,998 | 16.3 | 1.7 | ||||
- | 20.00 | - | 30.00 | 50.00 | 26.1 | ||||||
3. Forecast of consolidated financial results for the year ending May 31, 2023 (from June 1, 2022 to May 31, 2023)
(% indicates changes from the previous year.)
Net sales | Operating profit | Ordinary profit | Profit attributable to | Earnings per share | |
owners of parent | |||||
Millions of yen | % Millions of yen | % Millions of yen | % Millions of yen | % | Yen |
Six months ending | 37,600 | 15.0 | 5,400 | (5.1) | 5,800 |
November 30, 2022 | |||||
Full year | 78,000 | 6.8 | 11,300 | 1.1 | 11,800 |
4. Notes
-
Changes in significant subsidiaries during the year ended May 31, 2022
(changes in specified subsidiaries resulting in the change in scope of consolidation):
(5.9) | 4,000 | (3.1) | 90.20 | |
(2.6) | (30.6) | 191.67 | ||
8,500 | ||||
No
(2) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements
Changes in accounting policies due to revisions of accounting standards and other regulations: | Yes |
Changes in accounting policies due to other reasons: | Yes |
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 May 31, 2022 | 47,410,750 | shares | As of May 31, 2021 | 47,410,750 | shares | |
Number of treasury shares at the end of the period | ||||||
As of May 31, 2022 | 3,063,072 | shares | As of May 31, 2021 | 2,813,736 | shares | |
Average number of shares during the period | ||||||
Year ended May 31, 2022 | 44,402,832 | shares | Year ended May 31, 2021 | 44,597,405 | shares |
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Consolidated financial statements
Consolidated balance sheets
(Millions of yen) | |||
As of May 31, 2021 | As of May 31, 2022 | ||
Assets | |||
Current assets | |||
Cash and deposits | 20,988 | 28,069 | |
Notes and accounts receivable - trade | 16,465 | - | |
Notes and accounts receivable | - | 18,181 | |
- trade, and contract assets | |||
Merchandise and finished goods | 30,642 | 32,534 | |
Work in process | 2,554 | 4,214 | |
Raw materials and supplies | 2,240 | 868 | |
Costs on construction contracts in progress | 51 | 37 | |
Other | 4,387 | 5,768 | |
Allowance for doubtful accounts | (416) | (444) | |
Total current assets | 76,913 | 89,229 | |
Non-current assets | |||
Property, plant and equipment | |||
Buildings and structures | 33,073 | 34,844 | |
Accumulated depreciation | (21,073) | (22,150) | |
Buildings and structures, net | 12,000 | 12,694 | |
Machinery, equipment and vehicles | 14,842 | 16,813 | |
Accumulated depreciation | (10,237) | (11,561) | |
Machinery, equipment and vehicles, net | 4,604 | 5,251 | |
Land | 13,697 | 13,995 | |
Construction in progress | 1,647 | 2,115 | |
Other | 6,205 | 6,972 | |
Accumulated depreciation | (3,917) | (4,523) | |
Other, net | 2,287 | 2,449 | |
Total property, plant and equipment | 34,237 | 36,506 | |
Intangible assets | 4,591 | 4,405 | |
Investments and other assets | |||
Investment securities | 14,848 | 14,077 | |
Long-term loans receivable | 25 | 21 | |
Deferred tax assets | 1,665 | 2,101 | |
Other | 808 | 1,093 | |
Allowance for doubtful accounts | (13) | (12) | |
Total investments and other assets | 17,334 | 17,281 | |
Total non-current assets | 56,163 | 58,193 | |
Total assets | 133,077 | 147,423 |
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(Millions of yen) | |||
As of May 31, 2021 | As of May 31, 2022 | ||
Liabilities | |||
Current liabilities | |||
Notes and accounts payable - trade | 4,896 | 5,208 | |
Short-term borrowings | 1,894 | 937 | |
Income taxes payable | 1,447 | 2,488 | |
Other | 6,449 | 7,471 | |
Total current liabilities | 14,688 | 16,105 | |
Non-current liabilities | |||
Long-term borrowings | 894 | 553 | |
Deferred tax liabilities | 1,256 | 1,194 | |
Retirement benefit liability | 1,819 | 1,590 | |
Provision for retirement benefits for directors | 44 | 45 | |
(and other officers) | |||
Provision for share awards for directors | 101 | 118 | |
(and other officers) | |||
Other | 2,374 | 2,348 | |
Total non-current liabilities | 6,490 | 5,850 | |
Total liabilities | 21,178 | 21,956 | |
Net assets | |||
Shareholders' equity | |||
Share capital | 13,500 | 13,500 | |
Capital surplus | 10,793 | 10,793 | |
Retained earnings | 91,099 | 101,225 | |
Treasury shares | (4,487) | (5,393) | |
Total shareholders' equity | 110,905 | 120,125 | |
Accumulated other comprehensive income | |||
Valuation difference | 5,873 | 5,415 | |
on available-for-sale securities | |||
Foreign currency translation adjustment | (4,876) | (109) | |
Remeasurements of defined benefit plans | (240) | (301) | |
Total accumulated other comprehensive income | 757 | 5,004 | |
Non-controlling interests | 235 | 336 | |
Total net assets | 111,898 | 125,466 | |
Total liabilities and net assets | 133,077 | 147,423 |
4
Consolidated statements of income and consolidated statements of comprehensive income Consolidated statements of income
(Millions of yen) | |||
Fiscal year ended | Fiscal year ended | ||
May 31, 2021 | May 31, 2022 | ||
Net sales | 69,218 | 73,049 | |
Cost of sales | 30,662 | 29,134 | |
Gross profit | 38,555 | 43,914 | |
Selling, general and administrative expenses | 28,830 | 32,733 | |
Operating profit | 9,725 | 11,181 | |
Non-operating income | |||
Interest income | 113 | 254 | |
Dividend income | 286 | 278 | |
Rental income | 226 | 232 | |
Foreign exchange gains | - | 322 | |
Other | 203 | 251 | |
Total non-operating income | 830 | 1,338 | |
Non-operating expenses | |||
Interest expenses | 119 | 105 | |
Sales discounts | 44 | 52 | |
Share of loss of entities | 15 | 73 | |
accounted for using equity method | |||
Foreign exchange losses | 164 | - | |
Other | 133 | 174 | |
Total non-operating expenses | 477 | 406 | |
Ordinary profit | 10,078 | 12,114 | |
Extraordinary income | |||
Gain on sale of investment securities | 130 | 30 | |
Settlement income | 150 | - | |
Gain on sale of non-current assets | - | 5,102 | |
Total extraordinary income | 280 | 5,133 | |
Extraordinary losses | |||
Loss on valuation of investment securities | 272 | 74 | |
Settlement payments | - | 133 | |
Impairment losses | 114 | 439 | |
Total extraordinary losses | 387 | 647 | |
Profit before income taxes | 9,971 | 16,600 | |
Income taxes - current | 2,695 | 4,360 | |
Income taxes - deferred | (411) | (87) | |
Total income taxes | 2,284 | 4,272 | |
Profit | 7,686 | 12,327 | |
Profit attributable to non-controlling interests | 49 | 71 | |
Profit attributable to owners of parent | 7,636 | 12,256 | |
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Sakata Seed Co. published this content on 13 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 July 2022 08:13:01 UTC.