Consolidated Financial Results (Japanese Accounting Standards)
for the Fiscal Year Ended March 31, 2022
URL: https://www.ahresty.co.jp
Contact for inquiries: Executive Officer, Chief of General Administrative Command
Planned date for annual shareholders' meeting:
Planned date for start of dividend payment:
Planned date for filing of securities report:
Supplementary documents for financial results:
(for securities analysts and institutional investors)
(Amounts of less than 1 million yen are rounded off.)
1. Consolidated results for year ended March 2022 (from April 1, 2021 to March 31, 2022)
Year ended March 2022 (2,267) million yen (_%)
2. Since the beginning of the consolidated fiscal year under review, the Company has adopted the "Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29, March 31, 2020), etc. The figures for the fiscal year ended March 2022 are the figures after the said accounting standards have been applied.
Year ended March 2022 9,496 million yen (-8.2%)
Year ended March 2021 10,346 million yen (-31.4%)
* EBITDA = operating income + depreciation and amortization
(Reference) Investment gain or loss under equity method
Year ended March 2021 － million yen
(Reference) Shareholders' equity Year ended March 2022 53,426 million yen Year ended March 2021 55,467 million yen
(Note) Since the beginning of the consolidated fiscal year under review, the Company has adopted the "Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29, March 31, 2020), etc. The figures for the fiscal year ended March 2022 are the figures after the said accounting standards have been applied.
(Note) Since the beginning of the consolidated fiscal year under review, the Company has adopted the "Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29, March 31, 2020), etc. The figures for the fiscal year ended March 2022 are the figures after the said accounting standards have been applied.
3. Forecast of consolidated results for year ending March 2023 (from April 1, 2022 to March 31, 2023)
(% shows the year-on-year change from previous year)
Changes in accounting policies and changes in or restatement of accounting estimates
Changes in accounting policies associated with revision of accounting standards, etc.:
Changes in accounting policies other than (i):
Number of shares outstanding (common stock)
(Reference) Overview of nonconsolidated results
1. Nonconsolidated results for year ended March 2022 (from April 1, 2021 to March 31, 2022)
(Note) Since the beginning of the consolidated fiscal year under review, the Company has adopted the "Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29, March 31, 2020), etc. The figures for the fiscal year ended March 2022 are the figures after the said accounting standards have been applied.
Year ended March 2022 35,332 million yen
(Note) Since the beginning of the consolidated fiscal year under review, the Company has adopted the "Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29, March 31, 2020), etc. The figures for the fiscal year ended March 2022 are the figures after the said accounting standards have been applied.
1. Outline of Operating Results, etc.
Outline of Operating Results for the Fiscal Year under Review
Outline of Financial Position for the Fiscal Year under Review
Basic Policy on Profit Distribution and Dividends for Current and Next Fiscal Years
2. Basic Concept for Choice of Accounting Standards
3. Consolidated Financial Statements and Key Notes
Consolidated Income Statement and Statement of Comprehensive Income
Consolidated Statement of Comprehensive Income
Consolidated Statement of Changes in Net Assets
Consolidated Statement of Cash Flows
(Notes on Going Concern Assumption)
(Changes in the Accounting Policy)
(Notes on Significant Change in the Amount of Shareholders' Equity)
1. Outline of Operating Results, etc.
Operating results by segment are as follows:
Regarding the Die Casting Business, in the automobile markets in all regions of Japan, North America and Asia, starting from the second quarter of the previous year, along with the resumption of economic activities in many countries, car manufacturers, our main customers, were putting their global car sales back on a recovery track. During the fiscal year under review, due to the impact of the global shortage of semiconductors and the spread of COVID-19 in Southeast Asia on auto parts production, the volume of orders received by the Ahresty Group, which had been on its way to recovery, declined again from the level of the second half of the previous year (84 in comparison with the FY2018 average set as 100), marking 74 for the full- year level of the consolidated fiscal year under review.
In terms of profitability, coupled with the impact of the decline in the volume of orders received, the prices of aluminum, our Group's key raw material, have been soaring. Since there is a certain delay in reflecting fluctuations in raw material prices in our selling prices, this served as a factor contributing to losses. Starting from the fourth quarter, the volume of orders received remained about the same (74 according to the same index). However, thanks to the advancement in adjustment of customer selling prices and the effect of manufacturing cost reduction, we regained operating income for the fourth quarter period.
As a result of the above, our Die Casting Business recorded in all segments an increase in net sales year on year due to the recovery from the impact of COVID-19 in the volume of orders, the booming aluminum market conditions and the weak yen in the foreign exchange market, but it recorded a segment loss due to the impact of the shortage of semiconductors on automobile production and the aluminum market condition.
Based on these circumstances, the performance of each segment is as follows.
(i) Die Casting Business: Japan
The Die Casting Business in Japan recorded net sales of ¥51,746 million (up 13.5% from the previous year). On the profitability side, the segment recorded a loss of ¥1,372 million. (A segment loss of ¥2,491 million was recorded for the previous year.)
(ii) Die Casting Business: North America
The Die Casting Business in North America recorded net sales of ¥28,111 million (up 30.0% from the previous year). On the profitability side, the segment recorded a loss of ¥1,096 million. (A segment profit of ¥94 million was recorded for the previous year.)
(iii) Die Casting Business: Asia
The Die Casting Business in Asia recorded net sales of ¥26,488 million (up 32.9% from the previous year). On the profitability side, the segment recorded a loss of ¥547 million. (A segment loss of ¥598 million was recorded for the previous
In the Aluminum Business, despite the impact of the production decrease of car manufacturers due mainly to the shortage of semiconductors, sales weight increased by 19.7% year on year, boosting net sales 85.6% from the previous year to ¥6,463 million. On the profitability front, the segment recorded a profit of ¥265 million (up 694.7% from the previous year) due mainly to the increase in net sales associated with the soaring aluminum prices and cost reduction efforts.
In the Proprietary Products business, net sales increased 49.4% year on year to ¥3,503 million, mainly reflecting an increase in orders for projects of the Company's main customers, namely a clean room at a semiconductor-related company and a data center at a telecommunications company. On the profitability side, segment profit decreased 2.3% year on year to ¥312 million chiefly due to the impact of fluctuations caused by individual projects.
Total assets at the end of the consolidated fiscal year under review decreased ¥921 million from the end of the previous consolidated fiscal year to ¥131,302 million. Current assets stood at ¥53,419 million, an increase of ¥8,035 million from the end of the previous consolidated fiscal year. This was mainly due to increases of ¥6,759 million in notes and accounts receivable and ¥3,759 million in inventories despite a decrease of ¥2,892 million in cash and time deposits. Fixed assets were ¥77,883 million, down ¥8,956 million from the end of the preceding fiscal year. This was due chiefly to decreases of ¥4,961 million in tangible fixed assets, ¥3,064 million in investment securities, and ¥780 million in deferred tax assets.
Liabilities at the end of the consolidated fiscal year under review increased ¥1,144 million from the end of the previous consolidated fiscal year to ¥77,736 million. Current liabilities stood at ¥53,261 million, an increase of ¥2,522 million from the end of the previous consolidated fiscal year. The principal factors contributing to this result included decreases of ¥2,518 million in short-term loans payable and ¥358 million in obligations for equipment, in contrast to an increase of ¥5,546 million in notes and accounts payable. Long-term liabilities stood at ¥24,474 million, down ¥1,377 million from the end of the previous consolidated fiscal year. The main factors included decreases of ¥802 million in long-term loans payable and ¥636 million in deferred tax liabilities.
Net assets at the end of the consolidated fiscal year under review decreased ¥2,065 million from the end of the previous consolidated fiscal year to ¥53,566 million. This was attributable primarily to decreases of ¥5,075 million in retained earnings and ¥1,596 million in difference on revaluation of other marketable securities despite an increase of ¥4,611 million in foreign currency translation adjustments.
As a result, the equity ratio was down from 41.9% at the end of the previous consolidated fiscal year to 40.7%.
Cash and cash equivalents ("cash") decreased ¥2,892 million from the end of the previous fiscal year during the consolidated fiscal year under review, coming to ¥9,356 million.
The status of each of the cash flow segments and contributing factors for the consolidated fiscal year under review are as follows.
(Cash flows from operating activities)
Net cash provided by operating activities totaled ¥8,259 million (net cash provided of ¥7,942 million in the previous fiscal year). This result was mainly due to factors increasing cash, such as depreciation and amortization of ¥11,919 million, an increase in notes and accounts payable of ¥4,861 million and an impairment loss of ¥4,228 million, as well as factors decreasing cash, such as loss before income taxes and others of ¥3,968 million, an increase in notes and accounts receivable of ¥3,470 million, and an increase in inventories of ¥1,940 million.
(Cash flows from investing activities)
Net cash used in investing activities was ¥6,083 million (net cash used of ¥11,570 million in the previous fiscal year). This was chiefly due to factors increasing cash, such as proceeds from sales of investment securities of ¥3,020 million, and factors decreasing cash, such as expenditures on purchases of tangible fixed assets of ¥9,248 million.
(Cash flows from financing activities)
Net cash used in financing activities totaled 5,101 million (net cash provided of ¥11,940 million in the previous year). This result was primarily due to factors increasing cash, such as proceeds from short-term loans of ¥117,253 million and long-term loans of ¥7,057 million, in comparison to factors decreasing cash, such as expenditures for repayments of short-term loans of ¥120,287 million and long-term loans of ¥8,570 million.
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AHRESTY Corporation published this content on 03 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 June 2022 10:51:01 UTC.