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Mitsubishi : Subsidiary Chuo Kagaku Co., Ltd. Notices Regarding Q2 Earnings Forecasts and Results, and Revision of full-year Earnings ForecastsTSE

11/10/2020 | 06:19am

November 10, 2020

(Translation of report filed with the Tokyo Stock Exchange by Chuo Kagaku Co., Ltd on November 10, 2020)

Notice Regarding Q2 Earnings Forecasts and Results, and Revision of full-year Earnings

Forecasts of Chuo Kagaku Co., Ltd.

Chuo Kagaku Co., Ltd, (Chuo) has announced that its actual second-quarter (Q2) earnings for the fiscal year ending March 2021 (FY2020) differed from its forecast of August 12, 2020. The company has also revised its FY2020 full-year consolidated and non-consolidated earnings forecasts.

1. Forecasts

  1. Difference Between Consolidated FY2020 Q2 Earnings Forecast and Results (April 1, 2020 to September 30, 2020)

Net Sales

Operating

Ordinary

Net Income

Net Income

(million

Income

Income

(million yen)

Per Share

yen)

(million yen)

(million yen)

(yen)

Previous

24,600

600

400

300

14.89

Forecast (A)

Result (B)

23,853

1,158

1,105

964

47.87

Difference

- 746

558

705

664

(B-A)

Difference

- 3.0

93.2

176.5

221.5

(%)

Previous

24,743

607

309

241

11.98

Year*

* April 1, 2019 to September 30, 2019

  1. Revised Full-year Consolidated Earnings Forecast for FY2020 (April 1, 2020 to March 31, 2021)

Net Sales

Operating

Ordinary

Net Income

Net Income

(million

Income

Income

(million yen)

Per Share

yen)

(million yen)

(million yen)

(yen)

Previous

48,400

1,300

1,000

800

39.70

Forecast (A)

Revised

47,600

1,800

1,700

1,400

69.48

Forecast (B)

Difference

- 800

500

700

600

(B-A)

Difference

- 1.7%

38.5%

70.0%

75.0%

(%)

Previous

48,034

1,107

751

479

23.78

Year*

* April 1, 2019 to March 31, 2020

  1. Difference Between Non-Consolidated FY2020 Q2 Earnings Forecast and Results (April 1, 2020 to September 30, 2020)

Net Sales

Ordinary Income

Net Income

Net Income

(million yen)

(million yen)

(million yen)

Per Share (yen)

Previous

21,000

200

100

4.96

Forecast (A)

Result (B)

20,658

603

538

26.75

Difference (B-

- 341

403

438

A)

Difference (%)

- 1.6

201.9

439.0

Previous

21,842

257

196

9.74

Year*

* April 1, 2019 to September 30, 2019

  1. Revised Full-YearNon-Consolidated Earnings Forecast for FY2020 (April 1, 2020 to March 31, 2021)

Net Sales

Ordinary Income

Net Income

Net Income

(million yen)

(million yen)

(million yen)

Per Share (yen)

Previous

41,700

700

500

24.82

Forecast (A)

Revised

41,400

1,100

900

44.67

Forecast (B)

Difference (B-

- 300

400

400

A)

Difference (%)

- 0.7

57.1

80.0

Previous

42,203

354

95

4.76

Year*

*April 1, 2019 to March 31, 2020

2. Details

(1) Difference Between Half-Year Earnings Results and Forecasts

Lifestyle changes in Japan necessitated by the COVID-19 led to more people working away from their offices, studying online rather than in classrooms, and otherwise remaining at home. Despite those changes resulting in a surge in demand for takeout, delivery and other products and services catering to in-home eating, there was a significant drop in demand for those catering to events, outside dining, tourism and inbound. As a result, Chuo's second-quarter net sales fell short of its forecast. Conversely, falling raw-materials prices, efforts to increase operational efficiency, and other factors resulted in Chuo outperforming its forecasts for both ordinary and net income.

Despite general business restrictions in China, Chuo was able to maintain stability in its Chinese operations. As in Japan, growing demand for products and services catering to the COVID-19- driven, stay-at-home lifestyle changes, coupled with falling raw-materials prices and other positive forces helped to strengthen Chuo's performance. Although sales were below the company's forecast for China, all income categories exceeded it.

(2) Full-year Earnings Forecasts

Although Chuo anticipates continued uncertainty in its operating environment due to the COVID- 19 and outlooks for both the Japanese and world economies, it expects its second-half performance to remain in line with its recently announced figures and has revised its earnings forecasts accordingly.

Remarks

The above forecasts were prepared based on information available at the time of this announcement. Actual results may differ from the forecasts due to a variety of factors.

Disclaimer

Mitsubishi Corporation published this content on 10 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 November 2020 11:18:01 UTC

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