国際紙パルプ商事(9274) – [Delayed]Financial Results for the Fiscal Year Ended March 31, 2022 [Japanese GAAP] (Consolidated)

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開示日時:2022/05/25 16:30:00

損益

決算期 売上高 営業益 経常益 EPS
2018.03 37,771,400 236,600 246,400 36.55
2019.03 38,497,300 228,400 236,900 34.74
2020.03 38,139,700 185,400 206,200 16.86
2021.03 43,040,400 -903,100 -935,600 19.7

※金額の単位は[万円]

キャッシュフロー

決算期 フリーCF 営業CF
2018.03 -456,400 401,900
2019.03 367,100 421,700
2020.03 282,800 490,500
2021.03 -824,800 -647,200

※金額の単位は[万円]

▼テキスト箇所の抽出

Financial Results for the Fiscal Year Ended March 31, 2022 [Japanese GAAP] (Consolidated) May 13, 2022 Company name: Kokusai Pulp & Paper Co., Ltd. Stock exchange listing: Tokyo Stock Exchange Code number: 9274 URL: https://www.kppc.co.jp/ Representative: Tadashi Kurihara, Director of the Board, President & Executive Officer Contact: Tatsuhiko Tachibana, Managing Executive Officer and General Manager of Administration Division Phone: +81-3-3542-4169 Scheduled date of Ordinary General Meeting of Shareholders: June 29, 2022 Scheduled date of commencing dividend payments: June 30, 2022 Scheduled date of filing the securities report: June 29, 2022 Preparation of supplementary explanatory materials for financial results: Yes Convening financial results briefing: Yes (For institutional investors and analysts) (Amounts of less than one million yen are rounded down.) 1. Consolidated Financial Results for the Fiscal Year Ended March 31, 2022 (From April 1, 2021 to March 31, 2022) (1) Consolidated Operating Results Fiscal year ended March 31, 2022Fiscal year endedMarch 31, 2021(Note) Comprehensive income: 563,414430,404Net sales Operating profit Million yen%Million yen%(Percentages represent year-on-year changes.) Profit attributable to owners of parentMillion yenOrdinary profit Million yen%%(cid:150) 9,379(cid:150) 8,844(cid:150) 7,497(cid:150) (9,035)12.8Fiscal year ended March 31, 2022: ¥13,904 million [(cid:150)%] Fiscal year ended March 31, 2021: ¥(1,736) million [(cid:150)%] (12,041)(cid:150)(cid:150)1,41615.0Profit per shareProfit per share – diluted Profit to shareholders(cid:146) equityTotal assetsOrdinary profit marginNet salesOperating profit marginYenYen%104.39Fiscal year ended March 31, 2022Fiscal year endedMarch 31, 2021(Reference) Share of profit/loss of entities accounted for using equity method 19.7015.03.1(cid:150)(cid:150) Fiscal year ended March 31, 2022: ¥103 million Fiscal year ended March 31, 2021: ¥(2,452) million %3.1(5.2)(Note) The Company has adopted the (cid:147)Accounting Standard for Revenue Recognition(cid:148) (ASBJ Statement No. 29, March 31, 2020), etc. from the beginning of the fiscal year under review, and therefore the figures for the fiscal year ended March 31, 2022 are those after the adoption of the said accounting standard, etc., and they do not include any year-on-year percentage changes. (2) Consolidated Financial Position As of March 31, 2022As of March 31, 2021(Reference) Equity: Total assets Net assets Equity ratio Million yen290,707Million yen56,374Net assets per shareYen%19.415.8275,11943,581As of March 31, 2022: ¥56,291 million As of March 31, 2021: ¥43,489 million %1.7(2.1) 783.65605.71 Net cash provided by (used in) operating activitiesNet cash provided by (used in) investing activitiesNet cash provided by (used in) financing activitiesCash and cash equivalents at end of periodMillion yen3,828Million yen(2,678)Million yen(10,810)Million yen22,631(6,472)23,0466,59730,543Annual dividends 1st quarter-end 2nd quarter-end 3rd quarter-end Year-endTotal Total amount of annual dividendsDividend payout ratio (consoli-dated) Ratio of dividends to net assets (consoli-dated)Yen(cid:150)(cid:150)(cid:150)Yen0.005.007.00Yen(cid:150)(cid:150)(cid:150)Yen10.009.00Yen Million yen10.0014.007321,0258.0015.00%50.813.4(cid:150)%1.62.0(3) Consolidated Cash Flows Fiscal year ended March 31, 2022Fiscal year endedMarch 31, 20212. Dividends Fiscal year endedMarch 31, 2021Fiscal year ended March 31, 2022Fiscal year ending March 31, 2023 (Forecast)March 31, 2023) 3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2023 (From April 1, 2022 to Net sales Operating profitOrdinary profit (Percentages represent year-on-year changes.) Profit attributable to owners of parentBasic earningsper share Full yearMillion yen590,000% Million yen12,0004.7% Million yen9,40027.9% Million yen7,5006.3%0.0Yen104.41* Notes: (1) Changes in significant subsidiaries during the fiscal year: None (2) Changes in accounting policies, changes in accounting estimates and retrospective restatement 1) Changes in accounting policies due to the revision of accounting standards: Yes 2) Changes in accounting policies other than 1) above: None 3) Changes in accounting estimates: None 4) Retrospective restatement: None (3) Total number of issued and outstanding shares (common shares) 1) Total number of issued and outstanding shares at the end of the period (including treasury shares): As of March 31, 2022: As of March 31, 2021: As of March 31, 2022: As of March 31, 2021: 73,244,408 shares75,077,406 shares1,410,953 shares3,278,133 shares2) Total number of treasury shares at the end of the period: 3) Average number of shares during the period: Fiscal year ended March 31, 2022: Fiscal year ended March 31, 2021: 71,823,736 shares71,917,550 shares(Reference) Summary of Non-Consolidated Financial Results 1. Non-Consolidated Financial Results for the Fiscal Year Ended March 31, 2022 (From April 1, 2021 to March 31, (1) Non-Consolidated Operating Results (Percentages represent year-on-year changes.) Net sales Million yen%Operating profit Million yen%Ordinary profit Profit Million yen%Million yen%257,8221.91,92529.23,246253,111(13.1)1,490(20.1)(5,876)(cid:150) (cid:150) 1,782(1,820)(cid:150) (cid:150) 2022) Fiscal year ended March 31, 2022Fiscal year ended March 31, 2021Fiscal year ended March 31, 2022Fiscal year ended March 31, 2021Profit per share Profit per share -dilutedYen24.82 (25.31)Yen(cid:150) (cid:150) (2) Non-Consolidated Financial Position Total assets Net assets Equity ratio As of March 31, 2022 As of March 31, 2021 (Reference) Equity: Million yen165,694152,378Million yen43,99143,647As of March 31, 2022: ¥43,991 million As of March 31, 2021: ¥43,647 million Net assets per shareYen612.41607.90%26.528.6* These financial results are outside the scope of audits by certified public accountants or auditing firms. * Explanation of the proper use of financial results forecast and other notes (Cautionary notes regarding forward-looking statements) The results forecast and other forward-looking statements contained in this document are based on the information currently available to the Company and certain assumptions deemed to be reasonable, and are not intended as a guarantee that the Company will achieve them. Actual results may differ significantly due to various factors. For assumptions for the results forecast and points to consider in utilizing them, please see (cid:147)1. Overview of Operating Results, etc., (4) Future Outlook(cid:148) of the attachments. (How to obtain supplementary explanatory materials for financial results) The Company plans to hold a briefing for institutional investors and analysts on Monday, June 13, 2022. The explanatory materials for financial results distributed at the briefing will be posted on the Company(cid:146)s website as soon as it is held. (cid:1) Table of Contents of Attachments 1. Overview of Operating Results, etc. ……………………………………………………………………………………………………. 2(1) Overview of Operating Results for the Current Fiscal Year …………………………………………………………….. 2(2) Overview of Financial Position for the Current Fiscal Year …………………………………………………………….. 3(3) Overview of Cash Flows for the Current Fiscal Year ……………………………………………………………………… 3(4) Future Outlook ………………………………………………………………………………………………………………………….. 4(5) Significant Events, etc. Related to Going Concern Assumption ………………………………………………………. 42. Basic Approach to the Selection of Accounting Standards ……………………………………………………………………… 43. Consolidated Financial Statements and Key Notes ……………………………………………………………………………….. 6(1) Consolidated Balance Sheet ……………………………………………………………………………………………………….. 6(2) Consolidated Statements of Income and Comprehensive Income …………………………………………………….. 8(3) Consolidated Statement of Changes in Equity ……………………………………………………………………………… 11(4) Consolidated Statement of Cash Flows ………………………………………………………………………………………. 13(5) Notes to Consolidated Financial Statements ……………………………………………………………………………….. 15(Notes on Going Concern Assumption) ………………………………………………………………………………………. 15(Changes in Accounting Policies) ………………………………………………………………………………………………. 15(Segment Information, etc.) ………………………………………………………………………………………………………. 17(Per-share Information) ……………………………………………………………………………………………………………. 19(Significant Subsequent Events) ………………………………………………………………………………………………… 191 1. Overview of Operating Results, etc. (1) Overview of Operating Results for the Current Fiscal Year The Group has adopted the (cid:147)Accounting Standard for Revenue Recognition(cid:148) (ASBJ Statement No. 29, March 31, 2020), etc. from the beginning of the fiscal year under review. Therefore, with respect to net sales, the explanation of operating results for the fiscal year under review is provided without stating percentage changes from the previous fiscal year. 1) Operating results In the fiscal year under review, the outlook for the Japanese economy remained uncertain due to concerns about the spread of a new variant, Omicron, despite some signs of economic recovery due to the progress of vaccination and the effects of various policies. In the pulp and paper industry, which is the Company(cid:146)s core business, domestic demand for paper and paperboard recovered slightly from the previous fiscal year, but did not recover to the level before the spread of COVID-19. On the other hand, in the global economy, there is a difference in the speed of economic recovery between developing countries and Western countries where vaccination has progressed. In China in particular, the impact of intermittent urban lockdowns under the zero-COVID policy on society and the economy has cast a shadow. In addition, while supply shortages are becoming normal due to supply chain disruptions caused by a shortage of port workers and containers, the future is uncertain due to the invasion of Ukraine by Russia as a new issue. Under these circumstances, the Group(cid:146)s consolidated net sales for the fiscal year under review were 563,414 million yen, operating profit was 9,379 million yen (compared with operating loss of 9,035 million yen in the previous fiscal year), ordinary profit came to 8,844 million yen (compared with ordinary loss of 12,041 million yen in the previous fiscal year), and profit attributable to owners of parent was 7,497 million yen. 2) Overview by segment for the fiscal year under review Net sales by business segment are as follows. In the paper field, following the resumption of economic activities, both sales volume and net sales increased from the previous fiscal year, which was greatly affected by COVID-19. However, as the tourism and event business was on the way to recovery mainly due to reduced office demand, priority measures to prevent the spread of the disease and the reissuance of a state of emergency, they did not recover to the level before the COVID-19 disaster. In the paperboard field, on the other hand, positive factors such as the e-commerce home delivery business and economic resumption boosted demand for paperboard for paper containers and containerboard, and both sales volume and net sales increased from the previous fiscal year. In the paper materials field, although the sales volume of waste paper fell below the previous fiscal year(cid:146)s level as a result of a decrease in the volume of waste paper generated by households due to the extension of the state of emergency, net sales increased from the previous fiscal year due to higher prices. Although demand for pulp for domestic household paper manufacturers decreased, both sales volume and net sales increased from the previous fiscal year due to increased exports to China and higher sales unit prices. As a result of the above, net sales of the wholesale pulp and paper, domestic locations, were 256,282 million yen and segment profit was 4,982 million yen (up 34.3% year-on-year). Trade business In the trade business, the trading volume remained sluggish due to production limits on paper manufacturers in addition to supply chain disruptions and container shortages. 2 Intraregional business In the ANZ (Australia and New Zealand) and European markets, demand recovered as economic activities resumed, backed by the (cid:147)living with COVID(cid:148) policy. In addition, prices have continued to rise due to supply shortages and energy cost problems. Under these circumstances, both net sales and profit increased significantly partly due to the full-year contribution of the financial results of Antalis S.A.S., which was acquired in the previous fiscal year. In the ASEAN region, although economic recovery has been slow, synergies have been generated through consolidation of overlapping locations. In the China business, net sales and ordinary profit increased from the previous fiscal year as sales in the paper wholesale business at subsidiaries and newly established branches contributed. As a result of the above, net sales of the wholesale pulp and paper, overseas locations, were 305,901 million yen and segment profit was 7,160 million yen (compared with segment loss of 10,557 million yen in the previous fiscal year). In the office building market in major cities throughout Japan, office demand has declined mainly due to the economic downturn caused by the effects of the COVID-19 disaster and the spread of teleworking, resulting in a continued rise in the average vacancy rate and continued decline in the average rent. Close attention needs to be paid to the balance of supply and demand as new buildings are scheduled to be completed in many areas in the future. In the Group, although full operation of the main KPP Yaesu Building continued, net sales fell year-on-year partly due to a decrease in rent income associated with the redevelopment of properties owned. As a result of the above, net sales of real estate leasing were 1,230 million yen and segment profit was 176 million yen (down 72.0% year-on-year). (2) Overview of Financial Position for the Current Fiscal Year (Assets) (Liabilities) (Net assets) Total assets at the end of the fiscal year under review were 290,707 million yen, up 15,587 million yen from the end of the previous fiscal year. This was mainly due to an increase in merchandise and finished goods and an increase in retirement benefit asset. Liabilities were up 2,794 million yen to 234,332 million yen from the end of the previous fiscal year. This was mainly due to an increase in trade payables despite a decrease in interest-bearing debt. Net assets grew 12,792 million yen to 56,374 million yen from the end of the previous fiscal year, and the equity ratio increased 3.8 points to 19.4% from the end of the previous fiscal year. This was mainly due to an increase in profit attributable to owners of parent and an increase in remeasurements of defined benefit plans. (3) Overview of Cash Flows for the Current Fiscal Year Cash and cash equivalents at the end of the fiscal year under review (hereinafter referred to as (cid:147)funds(cid:148)) were 22,631 million yen, down 7,912 million yen from the end of the previous fiscal year. This was mainly a result of appropriation of funds provided by profit before income taxes to purchase of non-current assets and decreased short-term borrowings. Funds provided by operating activities totaled 3,828 million yen (compared with funds used in operating activities of 6,472 million yen for the previous fiscal year). This was mainly due to the acquisition of profit before income taxes and an increase in trade payables. 3 Funds used in investing activities totaled 2,678 million yen (compared with funds provided by investing activities of 23,046 million yen for the previous fiscal year). This was mainly due to purchase of non-current assets. Funds used in financing activities totaled 10,810 million yen (compared with funds provided by financing activities of 6,597 million yen for the previous fiscal year). This was mainly due to a decrease in short-term borrowings. (4) Future Outlook Looking ahead, the global economy is expected to continue on a recovery trend, owing to the eased restrictions along with the spread of vaccinations against COVID-19, and supported by fiscal and monetary policies, although they vary depending on the country, region and industry. In Japan, the economy is expected to head toward a gradual recovery due to the penetration of measures to prevent the spread of COVID-19 and the progress of vaccinations. But it remains uncertain when the spread of infections will cease and the economic uncertainty is expected to persist. Under these circumstances, the consolidated results forecast for the fiscal year ending March 31, 2023 is as follows. Net sales Operating profit Ordinary profit Million yenMillion yenMillion yenProfit attributable to owners of parentMillion yenResults forecast for the fiscal year ending March 31, 2023Operating results for the fiscal year ended March 31, 2022Changes590,000 12,000 9,400 7,500 563,414 26,5859,379 2,6208,844 5557,497 2The financial results for the fiscal year ended March 31, 2022 set new record highs in net sales and each profit on a consolidated basis, reflecting the full-year contribution of the financial results of Antalis S.A.S., which was acquired in the previous fiscal year, and strong performance in Europe and Oceania. For the fiscal year ending March 31, 2023, the Group expects both net sales and profit to increase on a consolidated basis based on the expected recovery of demand in domestic and overseas markets following the resumption of economic activities as well as the rising market conditions due to product supply shortages and energy cost problems. * Notes on forward-looking information The results forecast and other forward-looking statements contained herein are based on information currently available to the Company and certain assumptions deemed to be reasonable. Actual results may differ substantially due to various factors, and the forecast and other forward-looking statements are not intended as a guarantee that the Company will achieve them. (5) Significant Events, etc. Related to Going Concern Assumption Not applicable. 2. Basic Approach to the Selection of Accounting Standards For the time being, the Group has a policy to prepare consolidated financial statements in accordance with Japan GAAP, taking into account the comparability of consolidated financial statements over time and among entities. 4 Regarding the adoption of the International Financial Reporting Standards (IFRS), the Group will respond appropriately in consideration of various domestic and international situations. 5 3. Consolidated Financial Statements and Key Notes (1) Consolidated Balance Sheet Previous fiscal year(March 31, 2021)Current fiscal year(March 31, 2022)(Million yen)30,546112,78212,92840,01210,138(5,735)200,6726,9351,2551,2109,58117815,57610834,8454,2354,3272138,77717,8061881,5949,23011,190(9,184)30,82474,447275,11922,634111,16815,79751,27014,830(5,177)210,5236,3331,4671,1849,26821014,99773434,1964,5084,5831569,24817,028221,49916,51811,809(10,139)36,73880,183290,707Assets Current assets Cash and deposits Notes and accounts receivable – trade Electronically recorded monetary claims – operatingMerchandise and finished goods Other Allowance for doubtful accounts Total current assets Non-current assets Property, plant and equipment Buildings and structures, net Machinery, equipment and vehicles, net Tools, furniture and fixtures, net Land Leased assets, net Right-of-use assets, net Construction in progress Total property, plant and equipment Intangible assets Goodwill Software Other Total intangible assets Investments and other assets Investment securities Long-term loans receivable Deferred tax assets Retirement benefit asset Other Allowance for doubtful accounts Total investments and other assets Total non-current assets Total assets 6 Previous fiscal year (March 31, 2021) Current fiscal year (March 31, 2022) (Million yen) Liabilities Current liabilities recorded Notes and accounts payable – trade Electronically operatingShort-term borrowings Commercial papers obligations – Lease obligations Income taxes payable Provision for bonuses Provision for bonuses for directors (and other officers)Provision for point card certificates Provision for product warranties Provision for loss on business liquidation Provision for risk costs Other Total current liabilities Non-current liabilities Long-term borrowings Lease obligations Deferred tax liabilities Provision for retirement benefits for directors (and other officers)Provision for share awards for directors (and other officers)Provision for risk costs Retirement benefit liability Asset retirement obligations Other Total non-current liabilities Total liabilities Net assets Shareholders(cid:146) equity Capital stock Capital surplus Retained earnings Treasury shares Total shareholders(cid:146) equity Accumulated other comprehensive income Valuation difference on available-for-sale securitiesDeferred gains or losses on hedges Foreign currency translation adjustment Remeasurements of defined benefit plans Total accumulated other comprehensive incomeNon-controlling interests Total net assets Total liabilities and net assets 7 81,6723,55267,999−4,7549,2732,2914726601,29813419,882190,99315,27212,490694161103164,8114316,40140,544231,5374,7237,83331,826(1,089)43,2933,798(54)(1,380)(2,167)1959243,581275,11990,7433,76026,61511,0004,8531,2643,29018423257597627,568170,16442,62211,7501,910181663844,6164342,26364,167234,3324,7237,29238,225(535)49,7053,480(112)(782)4,0006,5868256,374290,707(2) Consolidated Statements of Income and Comprehensive Income Consolidated Statement of Income Previous fiscal year (From April 1, 2020 to March 31, 2021) Current fiscal year (From April 1, 2021 to March 31, 2022) (Million yen) Net sales Cost of sales Gross profit Selling, general and administrative expenses Selling expenses Employees’ salaries and allowances Provision for bonuses Provision for bonuses for directors (and other officers)Retirement benefit expenses Provision of allowance for doubtful accounts Provision for retirement benefits for directors (and other officers)Provision for share awards for directors (and other officers)Provision for risk costs Other Total selling, general and administrative expensesOperating profit Non-operating income Interest income Dividend income Share of profit of entities accounted for using equity methodForeign exchange gains Reversal of allowance for doubtful accounts Other Total non-operating income Non-operating expenses Interest expenses Loss on sale of trade receivables Share of loss of entities accounted for using equity methodInsurance expenses Other Total non-operating expenses Ordinary profit 430,404378,48951,9159,74716,7492,2434670511,627(5)352319,77660,950(9,035)273443−274−3681,3601,2212332,4521702894,366(12,041)563,414470,46392,95115,61630,4913,2651841,863255168−31,82383,5719,379313851033739333362,1641,604393−3883122,6998,8448 Extraordinary income Gain on sale of non-current assets Gain on sale of investment securities Gain on bargain purchase Other Total extraordinary income Extraordinary losses Business restructuring expenses Loss on retirement of non-current assets Impairment loss Loss on sale of investment securities Loss on valuation of investment securities Loss on cancellation of leases Other Total extraordinary losses Profit before income taxes Income taxes – current Income taxes – deferred Total income taxes Profit Profit attributable to non-controlling interests Profit attributable to owners of parent Previous fiscal year (From April 1, 2020 to March 31, 2021) Current fiscal year (From April 1, 2021 to March 31, 2022) (Million yen) 10,5999241,67976313,9661817218−22911957631,1613,537(3,647)(109)1,271(145)1,4161,344265−3451,9563313482044681−11,5729,2272,892(1,178)1,7137,513167,4979 Consolidated Statement of Comprehensive Income Previous fiscal year (From April 1, 2020 to March 31, 2021) Current fiscal year (From April 1, 2021 to March 31, 2022) (Million yen) Profit Other comprehensive income on difference available-for-sale Valuation securitiesDeferred gains or losses on hedges Foreign currency translation adjustment Remeasurements of defined benefit plans, net of taxShare of other comprehensive income of entities accounted for using equity methodTotal other comprehensive income Comprehensive income Comprehensive income attributable to Comprehensive income attributable to owners of parentComprehensive controlling interestsincome attributable to non-1,2711,017(55)(956)(2,232)(779)(3,007)(1,736)(1,590)(145)7,513(317)(58)5556,168426,39013,90413,8881610 (3) Consolidated Statement of Changes in Equity Previous fiscal year (From April 1, 2020 to March 31, 2021) Capital stock Capital surplus Retained earningsTreasury shares Shareholders(cid:146) equity 4,723 8,952 (Million yen) Total shareholders(cid:146) equity (1,118)31,151 (741)1,416 (845)(263)19 − 4,723 (1,118)7,833 675 31,826 (244)(1,089)(687)43,293 Valuation difference on available-for-sale securities2,781 Accumulated other comprehensive incomeDeferred gains or losses on hedgesForeign currency translation adjustment Remeasurements of defined benefit plans Non-controlling interests Total net assets1 355 64 9247,277Balance at beginning of period Changes during period Dividends of surplus Profit attributable to owners of parent Purchase of treasury Disposal of treasury shares shares Change in ownership interest of parent due to transactions with non-controlling interestsNet changes in items other than shareholders’ equityTotal changes during period Balance at end of periodBalance at beginning of period Changes during period Dividends of surplus Profit attributable to owners of parent Purchase of treasury Disposal of treasury shares shares Change in ownership interest of parent due to transactions with non-controlling interestsNet changes in items other than shareholders’ equityTotal changes during period Balance at end of period43,981 (741)1,416 (263)19 (1,118)(741)1,416(263)19(1,118)(3,007)(3,695)43,5811,017 1,017 3,798 (55)(55)(54)(1,735)(2,232)(1,735)(1,380)(2,232)(2,167)(0)(0)9211 Current fiscal year (From April 1, 2021 to March 31, 2022) Capital stock Capital surplus Retained earningsTreasury shares Shareholders(cid:146) equity 4,723 7,833 −4,723 (540)(540)7,292 31,826 (1,098)7,497 6,398 38,225 (Million yen) Total shareholders(cid:146) equity43,293 (1,098)7,497 −12 (1,089) 540 12 553 (535)6,411 49,705 Accumulated other comprehensive incomeValuation difference on available-for-sale securitiesDeferred gains or losses on hedgesForeign currency translation adjustment Remeasurements of defined benefit plans Non-controlling interests Total net assets3,798 (54)(1,380)(2,167)9243,581 (317)(317)3,480 (58)(58)(112)597 6,168 597 (782)6,168 4,000 (10)(10)82(1,098)7,497−126,38012,79256,374Balance at beginning of period Changes during period Dividends of surplus Profit attributable to owners of parent Cancellation of treasury shares Disposal of treasury shares Net changes in items other than shareholders’ equityTotal changes during period Balance at end of periodBalance at beginning of period Changes during period Dividends of surplus Profit attributable to owners of parent Cancellation of treasury shares Disposal of treasury shares Net changes in items other than shareholders’ equityTotal changes during period Balance at end of period12 (4) Consolidated Statement of Cash Flows Previous fiscal year (From April 1, 2020 to March 31, 2021)(Million yen) Current fiscal year (From April 1, 2021 to March 31, 2022)Cash flows from operating activitiesProfit before income taxesDepreciationImpairment lossAmortization of goodwillGain on bargain purchaseShare of loss (profit) of entities accounted for using equity methodLoss (gain) on valuation of investment securitiesIncrease (decrease) in retirement benefit liabilityIncrease (decrease) in provision for retirement benefits for directors (and other officers)Increase (decrease) in provision for share awards for directors (and other officers)Increase (decrease) in provision for bonusesIncrease (decrease) in provision for bonuses for directors (and other officers)Increase (decrease) in allowance for doubtful accountsIncrease (decrease) in provision for point card certificatesInterest and dividend incomeInterest expensesLoss (gain) on sale and retirement of non-current assetsLoss (gain) on sale of investment securitiesReversal foreign adjustmentsDecrease (increase) in trade receivablesDecrease (increase) in inventoriesDecrease (increase) in other assetsIncrease (decrease) in trade payablesIncrease (decrease) in other liabilitiesOtherSubtotalInterest and dividends receivedInterest paidIncome taxes paidNet cash provided by (used in) operating activitiestranslation currency of Cash flows from investing activitiesPayments into time depositsProceeds from withdrawal of time depositsPurchase of property, plant and equipment and intangible assetsProceeds from sale of property, plant and equipment and intangible assetsPurchase of investment securitiesProceeds from sale of investment securitiesPayments for acquisition of businessesLoan advancesProceeds from collection of loans receivable13 1,1614,461218485(1,679)2,452229(570)(5)15531(72)10,501(2)(717)1,221(10,590)(924)(296)5,9841,902(892)(14,386)(2,754)(1,120)(4,846)717(1,247)(1,096)(6,472)(2)10(1,776)20,133(101)1,978(3,551)(179)969,2277,226204638−(103)68151155948136(968)(3)(416)1,604(994)(261)−1,633(9,982)(4,145)7,4982,267(854)14,447438(1,667)(9,390)3,828(2)2(3,182)1,795(227)494(341)(65)171 Previous fiscal year (From April 1, 2020 to March 31, 2021)Current fiscal year (From April 1, 2021 to March 31, 2022)Purchase of shares of subsidiaries resulting in change in scope of consolidationProceeds from purchase of shares of subsidiaries resulting in change in scope of consolidationPayments for sale of shares of subsidiaries resulting in change in scope of consolidationOtherNet cash provided by (used in) investing activitiesCash flows from financing activities Net increase (decrease) in short-term borrowings Net increase (decrease) in commercial papers Proceeds from long-term borrowings Repayments of long-term borrowings Repayments of lease obligations Proceeds from share issuance to non-controlling shareholdersPurchase of treasury shares Proceeds from sale of treasury shares Dividends paid Net cash provided by (used in) financing activitiesEffect of exchange rate change on cash and cash equivalentsNet increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period Previous fiscal year (From April 1, 2020 to March 31, 2021) (Million yen) Current fiscal year (From April 1, 2021 to March 31, 2022) (714)7,154−023,04614,607(4,000)2,327(687)(3,441)(1,223)(263)19(741)6,597(403)22,7687,77530,543(1,247)5(86)6(2,678)(44,357)11,00029,079(650)(4,783)−−−(1,098)(10,810)1,748(7,912)30,54322,63114 (5) Notes to Consolidated Financial Statements (Notes on Going Concern Assumption) Not applicable. (Changes in Accounting Policies) (Adoption of the Accounting Standard for Revenue Recognition, etc.) The Company has adopted the “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29, March 31, 2020; hereinafter referred to as the “Revenue Recognition Accounting Standard”), etc. from the beginning of the fiscal year under review, and recognizes revenue when control over the promised goods or services is transferred to customers in the amount expected to be received in exchange for the said goods or services. The main changes resulting from the adoption of the Revenue Recognition Accounting Standard, etc. are as follows. (cid:127) Revenue recognition for agent transactions In the wholesale pulp and paper business, the Company previously recognized the total amount of consideration received from customers as revenue. However, in the case of transactions in which the provision of goods or services to customers is performed as an agent, based on the judgment of the role (principal or agent) in the provision of goods or services to customers, it changed the method to recognize revenue as the net amount excluding payments to suppliers from the total amount. (cid:127) Variable consideration (sales rebates and transactions at provisional prices) Although the Company previously treated the reassessment of the amount of sales rebates or transactions at provisional prices as cost of sales, it changed the method to include the estimated amount of the variable portion of the transaction consideration in the transaction price when goods or services are provided to customers. In applying the Revenue Recognition Accounting Standard, etc., the Company has followed the transitional treatment prescribed in the proviso of Paragraph 84 of Revenue Recognition Accounting Standard. The cumulative effect of the retrospective application, assuming the new accounting policy had been applied prior to the beginning of the fiscal year under review, is added to or deducted from retained earnings at the beginning of the fiscal year under review, and the new accounting policy is applied from the balance at the beginning of the period. As a result, net sales for the fiscal year under review decreased 16,675 million yen and cost of sales fell by 16,675 million yen, respectively. There is no impact on the balance of retained earnings at the beginning of the period. In accordance with the transitional treatment prescribed in Paragraph 89-3 of the Revenue Recognition Accounting Standard, breakdowns of revenue arising from contracts with customers for the previous fiscal year are not presented. (Adoption of the Accounting Standard for Fair Value Measurement, etc.) The Company has adopted the “Accounting Standard for Fair Value Measurement” (ASBJ Statement No. 30, July 4, 2019; hereinafter referred to as the “Fair Value Measurement Accounting Standard”), etc. from the beginning of the fiscal year under review. The Company has adopted the new accounting policy prescribed by the Fair Value Measurement Accounting Standard, etc. prospectively, in accordance with the transitional treatment prescribed in Paragraph 19 of the “Fair Value Measurement Accounting Standard” and Paragraph 15 44-2 of the “Accounting Standard for Financial Instruments” (ASBJ Statement No. 10, July 4, 2019). There is no impact on the consolidated financial statements. 16 (Segment Information, etc.) [Segment Information] 1. Outline of Reportable Segments The Company’s reportable segments are components of the Group for which separate financial information is available and which are subject to periodic review by the Board of Directors in determining the allocation of management resources and in assessing performance. The allocation of management resources is determined and performance is assessed for the Company by accounting unit based on its business and locations in Japan, and for its consolidated subsidiaries principally by company, and the Group identifies them as business segments. By consolidating these business segments by business and location (domestic and overseas) in consideration of the similarity in economic characteristics and other factors, the Group has three reportable segments: “wholesale pulp and paper, domestic locations,” “wholesale pulp and paper, overseas locations” and “real estate leasing.” In “wholesale pulp and paper, domestic locations” and “wholesale pulp and paper, overseas locations,” the Group sells paper, paperboard, pulp, waste paper and other paper-related materials. In “real estate leasing,” the Group rents out real estate. 2. Method Used to Calculate Net Sales, Profit or Loss, Assets and Other Items by Reportable Segment The method of accounting for reportable business segments is generally the same as that described in “Significant Matters Forming the Basis in Preparation of Consolidated Financial Statements.” Profit in the reportable segments is based on operating profit. Intersegment revenues and transfers are based on prevailing market prices. 3. Information on Net Sales, Profit or Loss, Assets and Other Items by Reportable Segment Previous fiscal year (From April 1, 2020 to March 31, 2021) Reportable segmentWholesale pulp and paper, domestic locationsWholesale pulp and paper, overseas locationsReal estate leasingTotalAdjustment (Note 1)(Million yen) Amount recorded in consolidated financial statements (Note 2)Net sales 252,104 177,052 1,247 430,404 −430,404Other items Net sales to external customers Intersegment net sales or transfers Total Segment income (loss) Segment assets Depreciation Amortization of goodwill Investment in entities accounted for using equity method Increase in property, plant and equipment and intangible assets4,902 251 257,006 177,304 3,710 (10,557)136,782 555 105 571 145,994 3,939 380 711 674 7,600 17 1,264 629 6,873 180 − − 17 5,171 435,575 (6,217)289,649 4,675 485 1,283 8,293 (5,171)(5,171)(2,817)−430,404(9,035)(14,529)275,11931−−534,7074851,2838,34617 (Notes) 1. Details of the adjustment are as follows. (1) The adjustment to segment profit of (2,817) million yen consists of intersegment eliminations of 4 million yen and corporate expenses of (2,821) million yen. Corporate expenses are mainly general and administrative expenses at administrative divisions of the head office that are not attributable to any reportable segment. (2) The adjustment to segment assets of (14,529) million yen consists of intersegment eliminations of (32,925) million yen and corporate assets of 18,395 million yen. Corporate assets are mainly surplus operating funds, long-term investment funds and assets related to administrative divisions of the head office that are not attributable to any reportable segment. 2. Segment profit (loss) is adjusted with operating profit in consolidated financial statements. Current fiscal year (From April 1, 2021 to March 31, 2022) Reportable segmentReal estate leasingWholesale pulp and paper, domestic locationsWholesale pulp and paper, overseas locationsTotalAdjustment (Note 1) (Million yen) Amount recorded in consolidated financial statements (Note 2)Net sales 256,282305,9011,230563,414−563,414Net sales to external customers Intersegment net sales or transfers Total Segment profit Segment assets Other items Depreciation Amortization of goodwill Investment in entities accounted for using equity method Increase in property, plant and equipment and intangible assets 5,296261,5794,982148,000 329105646625148306,0507,160148,511 6,691533772271,2581766,581 183−−5,472568,88712,319303,092 7,2046381,419(5,472)(5,472)(2,940)(12,385)22−−−563,4149,379290,7077,2266381,4191,8914242,9412413,182(Notes) 1. Details of the adjustment are as follows. (1) The adjustment to segment profit of (2,940) million yen consists of intersegment eliminations of (18) million yen and corporate expenses of (2,921) million yen. Corporate expenses are mainly general and administrative expenses at administrative divisions of the head office that are not attributable to any reportable segment. (2) The adjustment to segment assets of (12,385) million yen consists of intersegment eliminations of (30,652) million yen and corporate assets of 18,266 million yen. Corporate assets are mainly surplus operating funds, long-term investment funds and assets related to administrative divisions of the head office that are not attributable to any reportable segment. 2. Segment profit is adjusted with operating profit in consolidated financial statements.As described in “Changes in Accounting Policies,” the Company has adopted the Revenue Recognition Accounting Standard, etc. beginning with the consolidated financial statements for the fiscal year under review, and has changed the accounting method for revenue recognition. Accordingly, it has changed the method for calculating profit of business segments in the same way. As a result of this change, compared with the previous method, net sales of the wholesale pulp and paper, domestic locations, for the fiscal year under review decreased 16,675 million yen. 18 (Per-share Information) Net assets per shareProfit per shareProfit per share – diluted(Notes) 1. 2. Previous fiscal year (From April 1, 2020 to March 31, 2021)Current fiscal year (From April 1, 2021 to March 31, 2022)605.71 yen19.70 yen-783.65 yen104.39 yen-Profit per share – diluted is not stated as there are no dilutive shares that have a dilutive effect. In calculating “net assets per share,” the Company’s shares owned by the executive compensation BIP trust are included in treasury shares to be deducted from the total number of outstanding shares at the end of the fiscal year (1,445 thousand shares in the previous fiscal year, and 1,410 thousand shares in the fiscal year under review). In calculating “profit per share,” the Company’s shares owned by the executive compensation BIP trust are included in treasury shares to be deducted in the calculation of average number of shares during the fiscal year (1,459 thousand shares in the previous fiscal year, and 1,420 thousand shares in the fiscal year under review). 3. The basis for calculating the amount of net assets per share is as follows. Previous fiscal year end (March 31, 2021)Current fiscal year end (March 31, 2022)Total net assets (million yen)Amount to be deducted from total net assets (million yen)(Non-controlling interests (million yen))Net assets at the end of the fiscal year related to common shares (million yen)Number of common shares at the end of the fiscal year used for calculation of net assets per share (thousand shares)4. The basis for calculating profit per share is as follows. Profit per shareProfit attributable to owners of parent (million yen)Amount not attributable to common shareholders (million yen)Profit attributable to owners of parent related to common shares (million yen)Average number of common shares during the fiscal year (thousand shares)Outline of dilutive shares not included in the calculation of profit per share – diluted because they have no dilutive effect43,58192(92)43,48971,7991,416−1,41671,918―Previous fiscal year (From April 1, 2020 to March 31, 2021)Current fiscal year (From April 1, 2021 to March 31, 2022)56,37482(82)56,29171,8337,497−7,49771,824―(Significant Subsequent Events) (Acquisition of companies, etc. through share purchase) The Company resolved at the Board of Directors meeting held on March 28, 2022, that ANTALIS GmbH (Frechen, Germany), a business company of Antalis S.A.S. (Paris, France; hereinafter referred to as “Antalis,” which has a December 31 fiscal year-end), the Company’s consolidated subsidiary, would make BB Pack GmbH (Gotha, Germany; hereinafter referred to as “BB Pack”), a German package manufacturer and 19 distributer, Cr8packaging GmbH (Berlin, Germany; hereinafter referred to as “Cr8,” a subsidiary of BB Pack) and Printmate GmbH (Berlin, Germany; hereinafter referred to as “Printmate”) (these three companies are collectively referred to as the “BB Pack Group”) into subsidiaries (sub-subsidiaries), and purchased all of their shares as of April 29, 2022. (1) Purpose of share purchase The BB Pack Group has a customer base mainly in the e-commerce sector and provides customized solutions for packages in that sector. Antalis has focused on expanding its packaging business as an area of future growth. The decision to purchase these shares was based on the expectation that the BB Pack Group’s business model will help to further expand the packaging business and to boost consolidated profit through packaging materials, design and customized printing solutions, in addition to attracting new users and expanding the product lineup. (2) Name, business description and size of the acquired company 1) Name of the acquired company: BB Pack GmbH Business description Manufacture of packaged products Amount of capital stock 25,000 euros 2) Name of the acquired company: Cr8packaging GmbH Business description Design, processing and sale of packaged products Amount of capital stock 25,000 euros 3) Name of the acquired company: Printmate GmbH Business description Manufacture and sale of packaged products Amount of capital stock 39,683 euros (3) Timing of share purchase April 29, 2022 (4) Number of shares to be purchased, purchase price and equity ratio after purchase 1) BB Pack Number of shares to be purchased 2 Purchase price Not disclosed * The purchase price will not be disclosed based on a confidentiality agreement with the counterparty. The purchase price was determined by comprehensively taking into consideration the evaluation by a third-party appraiser and other factors. The purchase price also includes consideration for Cr8. Advisory fees, etc.: 39 million yen (290,000 euros) * The advisory fees are the total for the BB Pack Group. Equity ratio after purchase 100% 2) Printmate GmbH Number of shares to be purchased 39,683 20 Purchase price Not disclosed Equity ratio after purchase 100% * The purchase price will not be disclosed based on a confidentiality agreement with the counterparty. The purchase price was determined by comprehensively taking into consideration the evaluation by a third-party appraiser and other factors. 21

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