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Consolidated Financial Results | |
for the Fiscal Year Ended May 31, 2022 | |
[Japanese GAAP] | |
July 14, 2022 | |
Company name: | SATORI ELECTRIC CO., LTD. |
Stock exchange listing: Tokyo Stock Exchange | |
Code number: | 7420 |
URL: | https://www.satori.co.jp/english/ |
Representative: | Hiroyuki Satori, Representative Director, President & CEO |
Contact: | Kouji Suwahara, Director, Managing Executive Officer |
Phone: | +81-3-3451-1040 |
Scheduled date of annual general meeting of shareholders: August 19, 2022
Scheduled date of filing annual securities report: August 19, 2022
Scheduled date of commencing dividend payments: August 4, 2022
Availability of supplementary briefing materials on annual financial results: Available
Schedule of annual financial results briefing session: Scheduled (for securities analysts and institutional investors)
(Amounts of less than one million yen are rounded down.)
1. Consolidated Financial Results for the Fiscal Year Ended May 31, 2022 (June 1, 2021 to May 31, 2022)
(1) Consolidated Operating Results | (% indicates changes from the previous corresponding period.) | |||||||||||||
Net sales | Operating profit | Ordinary profit | Profit attributable to | |||||||||||
owners of parent | ||||||||||||||
Fiscal year ended | Million yen | % | Million yen | % | Million yen | % | Million yen | % | ||||||
May 31, 2022 | 125,850 | 18.9 | 2,602 | 189.3 | 2,601 | 128.3 | 1,908 | 266.6 | ||||||
May 31, 2021 | 105,843 | (1.2) | 899 | 75.5 | 1,139 | 128.0 | 520 | 892.0 | ||||||
(Note) Comprehensive income: Fiscal year ended May 31, 2022: ¥2,711 million [82.1%] Fiscal year ended May 31, 2021: ¥1,489 million [689.0%]
Basic earnings | Diluted earnings | Return on equity | Ordinary profit to | Operating profit | ||||||||
per share | per share | total assets | to net sales | |||||||||
Fiscal year ended | Yen | Yen | % | % | % | |||||||
May 31, 2022 | 115.96 | - | 6.1 | 3.8 | 2.1 | |||||||
May 31, 2021 | 31.63 | - | 1.8 | 1.8 | 0.8 | |||||||
(Reference) Equity in earnings (losses) of affiliated companies: Fiscal year ended May 31, 2022: - | |||||
Fiscal year ended May 31, 2021: - | |||||
(2) Consolidated Financial Position | |||||
Total assets | Net assets | Equity ratio | Net assets per share | ||
Million yen | Million yen | % | Yen | ||
As of May 31, 2022 | 74,492 | 32,457 | 43.3 | 1,959.38 | |
As of May 31, 2021 | 63,216 | 30,372 | 47.8 | 1,836.81 |
(Reference) Equity: As of May 31, 2022: ¥32,240 million As of May 31, 2021: ¥30,224 million
(3) Consolidated Cash Flows
Cash flows from | Cash flows from | Cash flows from | Cash and cash | |||||||||||||
equivalents at end of | ||||||||||||||||
operating activities | investing activities | financing activities | ||||||||||||||
period | ||||||||||||||||
Fiscal year ended | Million yen | Million yen | Million yen | Million yen | ||||||||||||
May 31, 2022 | (1,413) | 502 | (855) | 7,996 | ||||||||||||
May 31, 2021 | 4,555 | (158) | (2,864) | 9,403 | ||||||||||||
2. Dividends | ||||||||||||||||
Annual dividends | Payout | Dividends | ||||||||||||||
Total | to net | |||||||||||||||
1st | 2nd | 3rd | ratio | |||||||||||||
assets | ||||||||||||||||
quarter-end | quarter-end | quarter-end | Year-end | Total | dividends (consolidated) | |||||||||||
(consolidated) | ||||||||||||||||
Fiscal year ended | Yen | Yen | Yen | Yen | Yen | Million yen | % | % | ||||||||
May 31, 2021 | - | 12.00 | - | 18.00 | 30.00 | 493 | 94.8 | 1.7 | ||||||||
May 31, 2022 | - | 18.00 | - | 44.00 | 62.00 | 1,020 | 53.5 | 3.3 | ||||||||
Fiscal year ending | ||||||||||||||||
May 31, 2023 | - | 26.00 | - | 36.00 | 62.00 | 51.0 | ||||||||||
(Forecast) |
3. Consolidated Financial Results Forecast for the Fiscal Year Ending May 31, 2023 (June 1, 2022 to May 31, 2023)
(% indicates changes from the previous corresponding period.)
Net sales | Operating profit | Ordinary profit | Profit attributable to | Basic earnings | ||||||||||||
owners of parent | per share | |||||||||||||||
Million yen | % | Million yen | % | Million yen | % | Million yen | % | Yen | ||||||||
First six months | 65,000 | 3.7 | 1,000 | (4.6) | 1,100 | (8.4) | 800 | (10.3) | 48.62 | |||||||
Full year | 135,000 | 7.3 | 2,300 | (11.6) | 2,500 | (3.9) | 2,000 | 4.8 | 121.55 | |||||||
* Notes:
-
Changes in significant subsidiaries during the period under review (changes in specified subsidiaries resulting in changes in scope of consolidation): No
Newly included: - (Company name)
Excluded: - (Company name) - Changes in accounting policies, changes in accounting estimates and retrospective restatement
- Changes in accounting policies due to the revision of accounting standards: Yes
- Changes in accounting policies other than 1) above: No
- Changes in accounting estimates: No
- Retrospective restatement: No
- Total number of issued shares (common shares)
- Total number of issued shares at the end of the period (including treasury shares):
May 31, 2022: 17,946,826 shares
May 31, 2021: 17,946,826 shares
-
Total number of treasury shares at the end of the period: May 31, 2022: 1,492,158 shares
May 31, 2021: 1,491,810 shares - Average number of shares during the period:
Fiscal year ended May 31, 2022: 16,454,791 shares
Fiscal year ended May 31, 2021: 16,455,021 shares
(Reference) Summary of Non-consolidated Financial Results
1. Non-consolidated Financial Results for the Fiscal Year Ended May 31, 2022 (June 1, 2021 to May 31, 2022)
(1) Non-consolidated Operating Results | (% indicates changes from the previous corresponding period.) | |||||||||||||||
Net sales | Operating profit | Ordinary profit | Profit | |||||||||||||
Fiscal year ended | Million yen | % | Million yen | % | Million yen | % | Million yen | % | ||||||||
May 31, 2022 | 44,593 | 2.1 | (1) | - | 1,461 | (42.2) | 373 | (82.4) | ||||||||
May 31, 2021 | 43,679 | (10.7) | (152) | - | 2,530 | - | 2,118 | - | ||||||||
Basic earnings per share | Diluted earnings per share | |||||||||||||||
Fiscal year ended | Yen | Yen | ||||||||||||||
May 31, 2022 | 22.69 | - | ||||||||||||||
May 31, 2021 | 128.75 | - |
(2) Non-consolidated Financial Position
Total assets | Net assets | Equity ratio | Net assets per share | |
Million yen | Million yen | % | Yen | |
As of May 31, 2022 | 41,760 | 24,312 | 58.2 | 1,477.53 |
As of May 31, 2021 | 43,424 | 24,905 | 57.4 | 1,513.56 |
(Reference) Equity: As of May 31, 2022: ¥24,312 million As of May 31, 2021: ¥24,905 million
- These consolidated financial results are outside the scope of audit by certified public accountants or audit firms.
- Explanation of the proper use of financial results forecast and other notes
The earnings forecasts and other forward-looking statements herein are based on information currently available to the Company and certain assumptions that the Company deems reasonable, and are not intended to guarantee the achievement of the forecasts. Actual results may differ significantly from these forecasts due to a wide range of factors. For the assumptions of financial results forecast and notes on using financial results forecast, please refer to "(4) Future Outlook" in "1. Overview of Business Results, etc." on page 4 of the Attachments.
The Company plans to hold a financial results briefing session for institutional investors and analysts by streaming a live video online. The video of the financial results briefing session and explanatory materials used in the session will be available on the Company's website.
Table of Contents - Attachments | ||
1. Overview of Business Results, etc. ..................................................................................................... 2 | ||
(1) | Overview of Business Results for the Period Under Review .......................................................... | 2 |
(2) | Overview of Financial Position for the Period Under Review ........................................................ | 2 |
(3) | Overview of Cash Flows for the Period Under Review .................................................................. | 3 |
(4) | Future Outlook ................................................................................................................................ | 4 |
2. Basic Stance Concerning Choice of Accounting Standards ................................................................ | 4 | |
3. Consolidated Financial Statements and Primary Notes ....................................................................... | 5 | |
(1) | Consolidated Balance Sheets .......................................................................................................... | 5 |
(2) | Consolidated Statements of Operations and Comprehensive Income ............................................. | 7 |
(3) | Consolidated Statements of Changes in Net Assets ........................................................................ | 9 |
(4) | Consolidated Statements of Cash Flows ....................................................................................... | 11 |
(5) | Notes to the Consolidated Financial Statements ........................................................................... | 12 |
(Notes on going concern assumption) ........................................................................................... | 12 | |
(Changes in scope of consolidation or scope of application of equity method) ............................ | 12 | |
(Changes in accounting policies) ................................................................................................... | 12 | |
(Additional information) ................................................................................................................ | 13 | |
(Segment information) ................................................................................................................... | 13 | |
(Per share information) .................................................................................................................. | 18 | |
(Significant subsequent events) ..................................................................................................... | 18 |
1
1. Overview of Business Results, etc.
(1) Overview of Business Results for the Period Under Review
The Japanese economy during the fiscal year under review faced uncertain factors, such as a limited supply of semi-conductors and other products, soaring raw material prices, weakening yen, and inflation fears, while COVID-19 preventive measures helped recovery in some areas.
Amid this environment, regarding financial results for the current fiscal year, net sales amounted to ¥125,850 million (an increase of 18.9% from the previous fiscal year), mainly boosted by the expansion of the semiconductor and electronic component markets, despite the impact of the COVID-19 pandemic. Regarding profits, operating profit amounted to ¥2,602 million (an increase of 189.3% from the previous fiscal year), driven by an increased gross profit associated with increased net sales and an improved gross margin ratio and by the effect of the yen depreciation, although the increased net sales also caused an increase in selling, general and administrative expenses, including packing and transportation costs, sales promotion costs and labor costs. Ordinary profit amounted to ¥2,601 million (an increase of 128.3% from the previous fiscal year) due to compensation income recorded associated with the transfer of transaction flows, despite an increase in foreign exchange losses. Profit attributable to owners of parent amounted to ¥1,908 million (an increase of 266.6% from the previous fiscal year) due to gain on sale of non-current assets of ¥1,090 million and a decrease in income taxes - deferred associated with the application of the group tax sharing system, despite extraordinary losses including impairment losses of ¥1,585 million.
The financial results of the segments are as follows:
1) Device Solution business
Net sales amounted to ¥103,273 million (an increase of 20.6% from the previous fiscal year), and segment profit amounted to ¥2,760 million (an increase of 153.1% from the previous fiscal year). This is attributable to increased sales of PC electronic components driven by greater demand for remote work and also attributable to extended procurement management services, despite decreased sales of semi-conductors for office equipment.
2) System Solution business
Net sales amounted to ¥22,577 million (an increase of 11.6% from the previous fiscal year), driven by the growth of the industrial infrastructure business including increased sales of control devices for semi-conductor manufacturing equipment, and segment loss amounted to ¥157 million (compared with a loss of ¥196 million in the previous fiscal year) due to continuous prior investment for business growth in the medium and long term.
- Overview of Financial Position for the Period Under Review (Assets)
Total assets at the end of the current fiscal year were ¥74,492 million, an increase of ¥11,276 million compared with ¥63,216 million at the end of the previous fiscal year. This is mainly attributable to an increase of ¥3,115 million in notes and accounts receivable - trade and an increase of ¥8,547 million in merchandise and finished goods, despite a decrease of ¥1,693 million in non-current assets.
(Liabilities)
Liabilities at the end of the current fiscal year were ¥42,035 million, an increase of ¥9,190 million compared with ¥32,844 million at the end of the previous fiscal year. This is mainly attributable to an increase of ¥4,852 million in notes and accounts payable - trade and an increase of ¥3,874 million in deposits received.
(Net assets)
Net assets at the end of the current fiscal year were ¥32,457 million, an increase of ¥2,085 million compared with ¥30,372 million at the end of the previous fiscal year. This is mainly attributable to an increase of ¥1,282 million in retained earnings and an increase of ¥1,152 million in foreign currency translation adjustment due to the yen depreciation. Equity ratio changed to 43.3% from 47.8% at the end of the previous fiscal year.
2
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Satori Electric Co. Ltd. published this content on 27 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 July 2022 06:31:12 UTC.