Consolidated Financial Results for the First Three Months of
the Fiscal Year Ending March 31, 2023 (JGAAP)
Toru Shiga, Executive Officer and General Manager of Administration Division
Scheduled date to file quarterly report:
Scheduled date for dividend payment:
Supplementary materials for quarterly financial statements:
Results briefing to be held:
(Amounts of less than one million yen are rounded down)
1. Consolidated financial results for the three months ended June 30, 2022 (April 1, 2022 to June 30, 2022)
(Note) Comprehensive income: Three months ended June 30, 2022: 231 million yen (-29.9%)
Three months ended June 30, 2021: 329 million yen (746.2%)
(Note) The Company split shares of common stock at a ratio of 2 for 1 on August 1, 2022.
Earnings per share are calculated based on the assumption that the stock split was implemented at the beginning of the previous fiscal year.
(Reference) Shareholders' equity: As of June 30, 2022: 13,207 million yen
As of March 31, 2022: 13,236 million yen
Fiscal year ending March 31, 2023 (forecast)
(Note) Changes in dividend forecast from the most recent announcement: None
(Note) The Company split shares of common stock at a ratio of 2 for 1 on August 1, 2022.
For the fiscal year ended March 2022, the actual amount of dividends before the stock split is stated. For the fiscal year ending March 2023 (forecast), the amount of dividends after the stock split is stated.
3. Consolidated earnings forecast for the fiscal year ending March 31, 2023 (April 1, 2022 to March 31, 2023)
(Note) Changes in earnings forecast from the most recent announcement: None
(Note) The Company split shares of common stock at a ratio of 2 for 1 on August 1, 2022.
Earnings per share are calculated based on the assumption that the stock split was implemented at the beginning of the previous fiscal year.
Changes in accounting policies due to revision of accounting standards:
Changes in accounting policies due to other reasons:
2) Total number of treasury shares at the end of the period:
3) Average number of shares outstanding during the period:
(Note) Company split shares of common stock at a ratio of 2 for 1 on August 1, 2022.
The number of issued shares (common stock) is calculated based on the assumption that the stock split was implemented at the beginning of the previous fiscal year.
1. Qualitative Information on Quarterly Financial Results ..................................................................................................
Explanation of Consolidated Financial Earnings Forecast and Other Forward-Looking Information ............................
2. Quarterly Consolidated Financial Statements and Primary Notes .................................................................................
Consolidated Statement of Income and Consolidated Statement of Comprehensive Income......................................
Notes to Quarterly Consolidated Financial Statements ................................................................................................
(Notes on going concern assumption)............................................................................................................................
(Notes in the event of significant changes in shareholders' equity) ................................................................................
(Application of special accounting treatment in preparing the quarterly financial statements) .......................................
1. Qualitative Information on Quarterly Financial Results
In the first three months of the fiscal year ending March 31, 2023 (April 1, 2022-June 30, 2022), increased raw material prices due to rising resource prices and stagnation in supply chains caused by the urban lockdown in China combined to suppress business confidence in Japan's manufacturing sector. Meanwhile, the non-manufacturing sector showed a recovery trend on the back of improvements in personal services and accommodation and food services, which had been impacted by COVID-19. On an all-industry basis, corporate earnings remained high, and capital investment continued to be proactive.
However, the economy presently faces numerous downside risks, including the outbreak of a new variant of COVID-19, Russia's invasion of Ukraine, China's zero-COVID policy, the depreciation of the yen, and increasing resource prices.
Under these conditions, during the three months ended June 30, 2022, demand for our products remained high as the food service and retail industries advanced their mechanization and laborsaving initiatives at an accelerated pace. On the other hand, the semiconductor and material supply shortage continued to affect our manufacturing activities, and we responded to the growing demand by securing new material and part vendors and changing product designs to enable the use of alternative parts.
In the domestic market, while the business environment surrounding the restaurant and retail industries remained challenging due to soaring raw material prices and utility costs, the full lifting of priority preventative measures against the spread of COVID-19 in March 2022 resulted in a recovery trend in demand for restaurant services, and the spread of takeout and delivery services and the continued movement toward laborsaving continued. By business category, while demand for products from supermarkets and others declined as stay-at-home demand normalized, demand for the Fuwarica rice serving machine from restaurants and cafeterias expanded, and demand for sushi robots from major conveyor belt sushi chains remained robust. In addition, domestic sales rose year on year since sales from Japan System Project Co., Ltd. (JSP), which joined our group in October 2021, contributed from the first quarter of the current fiscal year.
Overseas, demand for our products expanded as the intensified labor shortage and rising labor costs in the food service and retail industries accelerated the move to mechanization. By region, overseas sales were up year on year due to the growing demand for sushi robot products from food service operators and supermarkets, especially in North America.
As a result, net sales in the three months ended June 30, 2022 stood at 3,141 million yen (+14.5% YoY). Of the total, domestic sales were 2,041 million yen (+12.3% YoY) and overseas sales were 1,099 million yen (+18.8% YoY).
Summary of results in the first three months of the fiscal year ending March 31, 2023
On the profit front, gross profit was up 12.5% to 1,497 million yen owing to the increase in net sales. Operating profit decreased 29.2% to 257 million yen as a result of the addition of JSP to the group, an increase in packing and transportation
costs driven by soaring logistics costs, and selling, general and administrative expenses remaining generally in line with plans, centered on costs for the establishment of various systems and human resource investments toward business growth. Ordinary profit was down 28.9% to 266 million yen, and profit attributable to owners of parent was down 45.8% to 153 million yen attributable to an extraordinary loss of 25 million yen on the extinguishment of tie-in shares resulting from the absorption- type merger of Suzumo Maintenance Co., Ltd.
This is an excerpt of the original content. To continue reading it, access the original document here.
Suzumo Machinery Co. Ltd. published this content on 23 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 August 2022 08:55:06 UTC.