Prima Meat Packers : (Delayed) Consolidated Financial Results for the Fiscal Year March 31,2022 - bdsthanhhoavn.com

Prima Meat Packers : (Delayed) Consolidated Financial Results for the Fiscal Year March 31,2022







Consolidated Financial Results

for the Fiscal Year Ended March 31, 2022

[Japanese GAAP]

May 9, 2022

Company name: Prima Meat Packers, Ltd.

Stock exchange listing: Tokyo Stock Exchange

Securities Code number: 2281

URL: https://www.primaham.co.jp/

Representative: Naoto Chiba, President and CEO

Contact: Takahiro Uchiyama, Senior Managing Executive Officer

Phone: +81-3-6386-1800

Scheduled date of the Annual General Meeting of Shareholders: June 28, 2022

Scheduled date of commencing dividend payments: June 29, 2022

Scheduled date of filing annual securities report: June 28, 2022

Availability of supplementary briefing material on financial results: Yes

Schedule of financial results briefing session: 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 (April 1, 2021 to March 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

%

March 31, 2022

419,591

12,966

(39.6)

14,883

(33.6)

9,718

(31.4)

March 31, 2021

433,572

3.7

21,475

37.3

22,411

40.4

14,165

60.5

(Note) Comprehensive income: Fiscal year ended March 31, 2022: ¥12,088 million [(31.5)%] Fiscal year ended March 31, 2021: ¥17,657 million [106.4%]

Earnings

Diluted earnings

Return on equity

Return on assets

Operating margin

per share

per share

Fiscal year ended

Yen

Yen

%

%

%

March 31, 2022

193.41

9.0

6.8

3.1

March 31, 2021

281.90

14.6

10.9

5.0

(Reference) Share of profit of entities accounted for using equity method: Fiscal year ended March 31, 2022: ¥79 million

Fiscal year ended March 31, 2021: ¥182 million

Prima Meat Packers, Ltd. and its subsidiaries (“the Group”) has applied the “Accounting Standard for Revenue Recognition” (Accounting Standards Board of Japan (“ASBJ”) Statement No. 29, March 31, 2020), etc. from the beginning of the fiscal year. As a result, changes in net sales from the previous fiscal year before the said accounting standard was applied are not presented.

(2) Consolidated Financial Position

Total assets

Net assets

Equity ratio

Net assets per share

Million yen

Million yen

%

Yen

As of March 31, 2022

221,721

122,567

50.5

2,226.09

As of March 31, 2021

214,542

114,761

48.3

2,062.41

(Reference) Equity: As of March 31, 2022: ¥111,860 million As of March 31, 2021: ¥103,632 million

Excluded: –

(3) Consolidated Cash Flows

Cash flows from

Cash flows from

Cash flows from

Cash and cash

equivalents at end

operating activities

investing activities

financing activities

of period

Fiscal year ended

Million yen

Million yen

Million yen

Million yen

March 31, 2022

16,739

(23,713)

(6,616)

16,230

March 31, 2021

27,248

(12,205)

(7,509)

29,773

2. Dividends

Annual dividends

Total

Payout

Dividends

dividends

ratio

on equity

1st

2nd

3rd

Year-end

Total

quarter-end

quarter-end

quarter-end

(Total)

(Consolidated)

(Consolidated)

Fiscal year ended

Yen

Yen

Yen

Yen

Yen

Million yen

%

%

20.00

65.00

85.00

4,278

30.2

4.4

March 31, 2021

March 31, 2022

20.00

45.00

65.00

3,272

33.6

3.0

Fiscal year ending

March 31, 2023

20.00

45.00

65.00

(Forecast)

3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2023 (April 1, 2022 to March 31, 2023)

(% indicates changes from the previous corresponding period.)

Profit attributable

Earnings

Net sales

Operating profit

Ordinary profit

to owners of

per share

parent

Second quarter-end

Million yen

%

Million yen

%

Million yen

%

Million yen

%

Yen

219,900

4.8

8,500

6.3

8,800

(0.6)

5,600

5.9

111.44

(Cumulative)

Full year

441,000

5.1

16,100

24.2

16,600

11.5

10,600

9.1

210.95

Notes:

(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in changes in scope of consolidation): None

New:

  1. 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
  2. Total number of issued shares (common shares)
    1. Total number of issued shares at the end of the period (including treasury shares):

March 31, 2022: 50,524,399 shares

March 31, 2021: 50,524,399 shares

  1. Total number of treasury shares at the end of the period: March 31, 2022: 274,624 shares
    March 31, 2021: 275,939 shares

3) Average number of shares during the period

Fiscal year ended March 31, 2022: 50,249,471 shares

Fiscal year ended March 31, 2021: 50,248,927 shares

(Note) The number of treasury shares that has been excluded when calculating total number of treasury shares at the end of the period, and average number of shares during the period includes the Company’s shares owned by the Board Benefit Trust (“BBT”).

(Reference) Overview of Non-Consolidated Financial Results

1. Non-Consolidated Financial Results for the Fiscal Year Ended March 31, 2022 (April 1, 2021 to March 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

%

March 31, 2022

299,454

7,463

(36.2)

8,802

(32.4)

6,456

(26.8)

March 31, 2021

311,596

3.6

11,692

33.9

13,018

31.4

8,825

56.7

Earnings

Diluted earnings

per share

per share

Fiscal year ended

Yen

Yen

March 31, 2022

128.50

March 31, 2021

175.63

(2) Non-Consolidated Financial Position

Total assets

Net assets

Equity ratio

Net assets per share

Million yen

Million yen

%

Yen

As of March 31, 2022

144,700

74,406

51.4

1,480.72

As of March 31, 2021

143,742

71,841

50.0

1,429.72

(Reference) Equity: As of March 31, 2022: ¥74,406 million As of March 31, 2021: ¥71,841 million

*These financial results are outside the scope of audit procedures by a certified public accountant or an audit firm.

* Explanation of the proper use of the financial results forecast and other notes

  • The earnings forecasts and other forward-looking statements herein are based on information available to the Company at the time of preparation and certain assumptions deemed to be reasonable, and actual results may vary significantly due to various factors. For the assumptions and notes for earnings forecasts, please refer to “1. Overview of Operating Results, etc., (1) Overview of Operating Results for the Fiscal Year” on page 2 of the attachment.
  • The Company plans to hold a financial results briefing session for institutional investors and analysts on May 18, 2022. Soon after the event, we plan to post financial results briefing materials to be distributed at the briefing on our website.

Prima Meat Packers, Ltd. (2281)

Table of Contents

1. Overview of Operating Results, etc. ………………………………………………………………………………………………… 2

(1) Overview of Operating Results for the Fiscal Year …………………………………………………………………………

2

(2) Overview of Financial Position for the Fiscal Year …………………………………………………………………………

3

(3) Overview of Cash Flows for the Fiscal Year ………………………………………………………………………………….

4

(4) Future Outlook ………………………………………………………………………………………………………………………….

5

(5) Basic Policy for Distribution of Profit and Dividends for FY2021 and FY2022…………………………………..

5

2. Basic Policy on Selection of Accounting Standards ……………………………………………………………………………

5

3. Consolidated Financial Statements and Primary Notes ……………………………………………………………………….

6

(1) Consolidated Balance Sheets ……………………………………………………………………………………………………….

6

(2) Consolidated Statements of Income and Comprehensive Income …………………………………………………….

8

(3) Consolidated Statements of Changes in Equity ……………………………………………………………………………..

10

(4) Consolidated Statements of Cash Flows ……………………………………………………………………………………….

12

(5) Notes to the Consolidated Financial Statements …………………………………………………………………………..

14

(Notes on going concern assumption)………………………………………………………………………………………….

14

(Changes in accounting policies) ………………………………………………………………………………………………..

14

(Changes in presentation method) ……………………………………………………………………………………………..

14

(Additional information)……………………………………………………………………………………………………………

15

(Segment information) …………………………………………………………………………………………………………….

16

(Per share information) ……………………………………………………………………………………………………………

22

(Significant subsequent events) ………………………………………………………………………………………………….

22

Prima Meat Packers, Ltd. (2281)

1. Overview of Operating Results, etc.

(1) Overview of Operating Results for the Fiscal Year

Items in this document which relate to the future are judgments made by Prima Meat Packers, Ltd. and its subsidiaries (“the Group”) as of the end of the fiscal year.

The Group has applied the “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29, March 31, 2020, hereinafter the “Revenue Recognition Standard”), etc. from the beginning of the fiscal year. Accordingly, the explanation on operating results does not mention year-on-year comparison for net sales. For details, please refer to “3. Consolidated Financial Statements and Primary Notes, (5) Notes to the Consolidated Financial Statements (Changes in accounting policies).”

In addition, comments that make comparisons with net sales from the previous corresponding period also are based on figures calculated excluding the effects of the Revenue Recognition Standard.

During the fiscal year, the Japanese economy witnessed the food service, tourism, and other industries being severely impacted as the nation was asked to stay at home under the ongoing pre-emergency measures and the declaration of the state of emergency, implemented as part of measures to prevent the further spread of the infection. There were signs of improvement in the COVID-19 situation during the fiscal year, restrictions on the restaurant industry and events were lifted in stages, normal business operations resumed, and economic activities gradually began to recover, but the outbreak of the Omicron strain led to the re-issuance of pre-emergency measures. As a result of the third round of vaccinations, the government has fully lifted pre-emergency measures as of the end of the fiscal year, but the pace of recovery remains sluggish. The impact of the Russian invasion of Ukraine has also further increased the uncertain outlook for the future.

In the food industry, despite robust expenditures associated with household demand, with the delayed recovery of customer traffic to restaurants, the business climate overall remains harsh, and the economy is characterized by a clear divide in recovery fortunes depending on business format. Furthermore, consumption behavior is changing and new lifestyle patterns are taking hold, such as expanding demand for online purchases, home-delivery and take-away services.

In our sector, manufacturing costs have been significantly impacted by deteriorating terms of trade, including higher raw materials and crude oil prices, the depreciated yen, high grain market prices and rising transportation and labor costs. Under these circumstances, based on the basic philosophy of “Contributing to food culture and society through great taste and excitement,” we set and worked to attain the basic policy goal in our medium-term management plan of “Strengthening basic sustainability through ESG measures,” “Expanding the scope of existing businesses and further strengthening the earnings base,” and “Business creation and global expansion for growth markets.”

In particular, as a food business, we concentrated on stepping up measures for prevention of infection, and on continuing to supply safe, worry-free products, to meet the expectations of our customers and consumers.

In addition, under the severe environment of the industry has experienced, we have made every effort to improve the efficiency of manufacturing plants and logistics, etc. However, due to unpredictable cost increases, the situation has exceeded the limit of cost absorption through corporate efforts, and in order to continuously supply food loss and environmentally friendly products, we implemented price revisions (changes in product standards and increase in delivery price) for household products and products for business of ham, sausages and processed foods.

As a result, net sales amounted to ¥419,591 million (¥433,572 million for the same period of the previous fiscal year), operating profit was ¥12,966 million (down 39.6% year on year), ordinary profit was ¥14,883 million (down 33.6% year on year), and profit attributable to owners of parent was ¥9,718 million (down 31.4% year on year).

Results by segment are as follows:

1) Ham and sausage section

We implemented measures to increase our share in the retail product market, despite the overall market decline year on year due partly to a reactionary drop from last year. In the Koukun® Sausage series, one of our core brands, not only our standard two-piece bundle products size range but also the larger size range packed in zipper bag performed well. The series, with continuing the wide support of customers of all generations, and expanded sales share this year as well.

The retail products increased sales year on year mainly due to the contribution of the 90th anniversary sales promotion campaign. The products for business also increased sales year on year a partial recovery of the market and new product proposals. As marketing promotion strategies, we implemented the Tokyo Disney Resort® invitation

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Disclaimer

Prima Meat Packers Ltd. published this content on 06 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 June 2022 06:21:06 UTC.

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All news about PRIMA MEAT PACKERS, LTD.

Sales 2022 421 B
3 219 M
3 219 M
Net income 2022 10 200 M
78,0 M
78,0 M
Net Debt 2022 12 300 M
94,1 M
94,1 M
P/E ratio 2022 10,4x
Yield 2022 3,02%
Capitalization 108 B
828 M
828 M
EV / Sales 2022 0,29x
EV / Sales 2023 0,30x
Nbr of Employees 3 512
Free-Float 46,1%

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Mean consensus OUTPERFORM
Number of Analysts 2
Last Close Price 2 153,00 JPY
Average target price 2 685,00 JPY
Spread / Average Target 24,7%


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