Fiscal 2011 Results. Yamazaki Baking Co., Ltd. (For the Period from January 1, 2011, to December 31, 2011) (February 14, 2012)

Transcription

1 Results (For the Period from January 1, 2011, to December 31, 2011) Yamazaki Baking Co., Ltd (February 14, 2012)

2 Consolidated Results 1. Overview Fiscal 2010 % % Net sales 928, , , Operating income 26, , , Ordinary income 27, , , Net income 12, , (4,700) (36.9) Comprehensive income 12, , (4,399) (34.7) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Net sales 225, , , , ,794 Operating income 5,886 9,665 4,639 8,485 28,677 Fiscal 2010 Number of consolidated subsidiaries Number of equity-method subsidiaries * In fiscal 2011, one subsidiary was newly included in the scope of consolidation. 2. Net Sales by Segment Fiscal 2010 of total of total Food business 856, , Bread 92, , Sweet buns 306, , , Japanese-style confectionery 66, , (183) (0.3) Western-style confectionery 121, , (6,337) (5.2) Processed bread and prepared rice and side dishes 100, , , Biscuits, crackers, sembei and other merchandise 168, , (12,473) (7.4) Retail business 64, , , Other businesses 7, , Total 928, , , Operating Income by Segment Fiscal 2010 Food business 24,017 26,544 2, Retail business (783) (86.2) Other businesses 1,354 1,316 (37) (2.8) Subtotal 26,281 27,986 1, Adjustment (19) Total 26,991 28,677 1,

3 4. Income and Expenses Fiscal 2010 % % Increase / Gross profit 343, , (2,551) (0.7) Selling, general and administrative expenses 316, , (4,236) (1.3) Advertising expenses 50,416 45,318 (5,098) Shipping and transport expenses 46,620 47,785 1,164 Personnel expenses 126, ,164 (674) Depreciation and amortization 14,986 15, Rental fees 27,236 26,583 (653) Others 50,620 50, Operating income 26, , , Nonoperating income 3, , (299) (7.8) Interest income (10) Dividends income Rent income on fixed assets (2) Consolidated Results Reasons 15-month results of Fujiya Co., Ltd. due to the of fiscal year in FY2010 Equity in earnings of affiliates 1, (349) Other nonoperating income 1,270 1, Portions of Fujiya Co., Ltd.'s affiliated companies and Nichiryo Baking Co., LTD. Nonoperating expenses 3, , (680) (20.7) Interest expense 2,324 2,074 (250) Foreign ex losses (290) Loans to affiliated companies Other nonoperating expenses (139) Ordinary income 27, , , Extraordinary gains (219) (66.5) Gain on sales of fixed assets Compensation income (196) Gain on sales of investment securities (14) Reversal of provision for loss on guarantees Reversal of provision for loss on store closing (38) Others 6 0 (6) Extraordinary losses 3, , , Loss on sales and retirement of fixed assets 1,985 1,756 (229) Earthquake-related expenses - 2,556 2,556 Loss on adjustment for s of accounting standard for asset retirement obligations - 1,696 1,696 Loss on devaluation of investment securities 11 1,165 1,154 Loss incurred by Great East Japan Earthquake Asset retirement obligations in past years Impairment due to sluggish stock prices Impairment loss Loss on closing of stores (208) Provision for employees' retirement benefits (920) Provision for reserve for loss on guarantees 43 - (43) Results of newly consolidated company in Fiscal 2010 Other extraordinary losses Income before income taxes 23, , (3,148) (13.1) Income and other taxes 9, , , Income before minority interests 14, , (5,189) (37.0) Minority interests 1, (489) (37.2) Net income 12, , (4,700) (36.9) Comprehensive income 12, , (4,399) (34.7) - 2 -

4 Consolidated Results 5. Consolidated Balance Sheets (Including Reasons for Major Changes) Fiscal 2010 Reasons Current assets 204, ,930 (395) Cash and deposits 77,200 74,682 (2,518) Decrease due to repayment of loans Notes and accounts receivable 91,880 94,923 3,042 Increase in accounts receivable: \3 billion Merchandise and finished goods 10,129 10,002 (127) Work in process Raw materials and supplies 7,874 8, Deferred tax assets 3,609 3,408 (200) Other current assets 13,774 12,812 (962) Allowance for doubtful accounts (762) (755) 7 Fixed assets 434, ,927 (4,094) Capital investment: \39 billion/ Depreciation and amortization: \40.3 billion Tangible fixed assets 296, ,934 (776) Assets regarding asset retirement obligations: \3.4 billion Buildings and structures 89,348 88,298 (1,049) Machinery, equipment and vehicles 74,472 71,568 (2,904) Tools, furniture and fixtures 3,830 3,406 (424) Land 111, , Lease assets 16,582 17, Construction in progress 795 3,513 2,717 Intangible fixed assets 32,989 31,632 (1,356) Decrease in goodwill: \1.2 billion Investments and other assets 104, ,360 (1,961) Investment securities 40,872 39,359 (1,512) Decrease due to devaluation loss: \1.8 billion Long-term loans receivable 1,543 1, Deferred tax assets 24,938 26,510 1,571 Other investment and other assets 40,683 38,482 (2,200) Transfer of long-term time deposits to current assets: \1 billion Allowance for doubtful accounts (3,715) (3,564) 151 Total assets 638, ,858 (4,490) Current liabilities 219, , Notes and accounts payable 73,564 74, Short-term loans payable 62,246 59,833 (2,412) Decrease due to scheduled repayment Lease obligations 3,963 4, Current portion of bonds 1,234 1,234 - Accrued income tax 7,918 8, Accrued expenses 32,402 33,458 1,056 Allowance for employees' bonuses 3,241 3, Reserve for sales promotion expenses (52) Provision for loss on store closures (23) Asset retirement obligations Changes in accounting treatment Other current liabilities 33,876 33,338 (538) Long-term liabilities 171, ,737 (10,007) Bonds 6,167 4,933 (1,234) Long-term loans payable 58,676 42,355 (16,321) Transfer to current portion of current liabilities Lease obligations 13,148 12,671 (476) Allowance for employees' retirement benefits 79,156 82,365 3,209 Increase in retirement benefit expenses Reserve for retirement benefits for directors and corporate auditors 3,047 3, Reserve for loss on guarantees 1,406 1,377 (29) Asset retirement obligations - 3,745 3,745 Changes in accounting treatment Other long-term liabilities 10,141 11, Total liabilities 391, ,469 (9,743) Total net assets 247, ,388 5,253 Minority interests: \20.4 billion (up \0.9 billion) Total liabilities and net assets 638, ,858 (4,490) - 3 -

5 Consolidated Results 6. Major Subsidiaries (1) Net sales Fiscal 2010 Fujiya Co., Ltd. (Consolidated) 106,671 87,639 (19,031) Fujiya Co., Ltd. (Consolidated)- Previous FY 82,978 87,639 4,661 Sun-Delica Co., Ltd. 70,372 81,435 11,063 Yamazaki Nabisco Co., Ltd. 34,972 34,587 (384) Vie de France Co., Ltd. 30,064 30, Tohato Inc. 23,695 24, Daily Yamazaki Co., Ltd. 69,807 74,932 5,124 * For Fujiya Co., Ltd., the above table indicates figures for the following fiscal periods: Fiscal 2010: October December 2010 (15 months) : January December 2011 (12 months) (2) Operating income Fiscal 2010 Fujiya Co., Ltd. (Consolidated) 1,499 1,042 (457) Fujiya Co., Ltd. (Consolidated)- Previous FY 175 1, Sun-Delica Co., Ltd. 1,633 2, Yamazaki Nabisco Co., Ltd. 2,030 1,881 (149) Vie de France Co., Ltd. 90 (125) (216) Tohato Inc. 1,686 1, Daily Yamazaki Co., Ltd (783) * For Fujiya Co., Ltd., the above table indicates figures for the following fiscal periods: Fiscal 2010: October December 2010 (15 months) : January December 2011 (12 months) 7. Capital Investment and Depreciation and Amortization Fiscal 2010 Capital investment 38,551 39, Depreciation and amortization 40,181 40, * The amounts of capital investment and depreciation and amortization of tangible fixed assets and of intangible fixed assets including lease assets have been disclosed. 8. Interest-bearing Debt Fiscal 2010 Reasons Interest-bearing Debt 134, ,429 (19,680) Decrease due to repayment of loans - 4 -

6 Consolidated Results 9. Cash Flows Net cash provided by operating activities Net cash used in investing activities Net cash used in financing activities Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period Fiscal ,394 56,961 (2,432) (30,526) (33,528) (3,001) (8,640) (27,828) (19,188) Decrease due to repeyment of loans 52,917 75,296 22,379 75,296 70,943 (4,353) Reasons Decrease due to an increase in payment of income and other taxes Decrease due to an increase in acquisition of fixed assets 10. Number of Employees by Segment (Number of employees) Fiscal 2010 Food business 22,284 [22,737] 22,886 [23,503] 602 [766] Retail business 771 [287] 797 [282] 26 [(5)] Other businesses 579 [506] 621 [496] 42 [(10)] Total 23,634 [23,530] 24,304 [24,281] 670 [751] * Figures without brackets indicate permanent employees, and figures with brackets indicate the average number of temporary employees for each respective period. 11. Number of Stores (Number of stores) Fiscal 2010 Fujiya [Number of Western-style confectionery stores] Daily Yamazaki Co., Ltd. 1,634 1, Vie de France Co., Ltd

7 Projections for Consolidated Results 1. Overview % projection % Net sales 932, , , Gross profit 341, , , Selling, general and administrative expenses 312, , , Operating income 28, , , Ordinary income 29, , , Extraordinary losses (8,775) (0.9) (4,100) (0.4) 4,676 (53.3) Net income 8, , , first half projection second half projection Net sales 471,000 10, ,000 10, Operating income 16, ,500 2, Ordinary income 17,000 1, ,000 2, Net income 7,500 3, ,500 2, Net Sales by Segment projection Food business 856, ,320 18, Bread 92,910 94,040 1, Sweet buns 313, ,980 7, Japanese-style confectionery 66,337 67,440 1, Western-style confectionery 115, , Processed bread and prepared rice and side dishes 112, ,110 3, Biscuits, crackers, sembei and other merchandise 155, ,350 4, Retail business 68,731 68, Other businesses 7,605 8,820 1, Total 932, ,000 20, Operating Income by Segment projection Food business 26,544 28,800 2, Retail business Other businesses 1,316 1, Subtotal 27,986 31,260 3, Adjustment Total 28,677 32,000 3,

8 Projections for Consolidated Results 4. Major Subsidiaries (1) Net sales Fujiya Co., Ltd. (Consolidated) 87,639 90,500 2,860 Sun-Delica Co., Ltd. 81,435 86,430 4,994 Yamazaki Nabisco Co., Ltd. 34,587 35, Vie de France Co., Ltd. 30,823 31,880 1,056 Tohato Inc. 24,112 24, Daily Yamazaki Co., Ltd. 74,932 75, plan (2) Operating income Fujiya Co., Ltd. (Consolidated) 1,042 1, Sun-Delica Co., Ltd. 2,392 2, Yamazaki Nabisco Co., Ltd. 1,881 1, Vie de France Co., Ltd. (125) Tohato Inc. 1,770 1, Daily Yamazaki Co., Ltd plan 5. Capital Investment and Depreciation and Amortization Capital investment 39,030 41,470 2,439 Depreciation and amortization 40,341 41,460 1,118 * The amounts of capital investment and depreciation and amortization of tangible fixed assets and of intangible fixed assets including lease assets have been disclosed. plan - 7 -

9 Nonconsolidated Results 1. Overview Fiscal 2010 % % Net sales 615, , , Operating income 16, , , Ordinary income 18, , , Net income 9, , (3,844) (42.5) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Net sales 152, , , , ,945 Operating income 4,295 7,226 2,780 4,546 18, Net Sales by Product Category Fiscal 2010 of total of total Bread 94, , Sweet buns 286, , , Japanese-style confectionery 66, , (295) (0.4) Western-style confectionery 82, , , Processed bread and prepared rice and side dishes 40, , (1,277) (3.1) Biscuits, crackers, sembei and other merchandise 44, , (1,964) (4.4) Total 615, , ,

10 Nonconsolidated Results 3. Operating income Fiscal 2010 % % Operating income 16, , , <Detail of increase/decrease> % % Gross profit 192, , , Increase in net sales \2.7 billion Selling, general and administrative expenses Fiscal 2010 Increase in raw material expenses Decrease in labor cost Increase in expenses Decrease in amortization Others (\0.6 billion) \0.4 billion (\0.4 billion) \0.2 billion \0.4 billion 176, , Increase in personnel expenses (\0.8 billion) Decrease in expenses * Negative impacts on operating income are shown in parentheses in the column of "Factors affecting operating income increase/." Factors affecting operating income increase/ \0.5 billion - 9 -

11 Nonconsolidated Results 4. Number of Employees (Number of employees) Fiscal 2010 Number of Employees 16,174 [10,066] 16,450 [10,174] 276 [108] * Figures without brackets indicate permanent employees, and figures with brackets indicate the average number of temporary employees for each respective period. 5. Number of Stores by Sales Channel (Number of stores) Fiscal 2010 Daily Yamazaki 1,564 1, Yamazaki Shop 3,719 3,727 8 Sun Etoile Other licensed stores Supermarkets 15,793 16, Convenience stores 40,939 41,964 1,025 General stores and other 36,027 36, Total 98, ,994 2,003 * The number of stores in the Daily Yamazaki sales channel is the number of stores to which Yamazaki Baking sells directly. The total number of Daily Yamazaki stores is 1, Sales by Sales Channel (%) Fiscal 2010 Daily Yamazaki Yamazaki Shop (0.1) Sun Etoile (0.1) Other licensed stores Supermarkets Convenience stores General stores and other (1.0) Total

12 Plans for Nonconsolidated Results 1. Overview % plan % Net sales 620, , , Gross profit 195, , , Selling, general and administrative expenses 176, , , Operating income 18, , , Ordinary income 21, , , Extraordinary losses (4,337) (0.7) (1,800) (0.3) 2,537 (58.5) Net income 5, , , first half plan second half plan Net sales 316,000 5, ,000 3, Operating income 12, , Ordinary income 13, , Net income 7,100 1, ,100 4, Net Sales by Product Category of total plan of total Bread 94, , , Sweet buns 294, , , Japanese-style confectionery 65, , , Western-style confectionery 83, , , Processed bread and prepared rice and side dishes 39, , Biscuits, crackers, sembei and other merchandise 42, , Total 620, , ,

13 Plans for Nonconsolidated Results 3. Operating income % plan % Operating income 18, , , <Detail of increase/decrease> % plan % Gross profit 195, , , Increase in net sales \4.3 billion Selling, general and administrative expenses Factors affecting operating income increase/ Decrease in raw material expenses \0.3 billion Increase in labor cost (\0.7 billion) Increase in expenses (\0.2 billion) Increase in amortization (\0.4 billion) 176, , , Increase in personnel expenses (\0.9 billion) Increase in expenses Increase in amortization * Negative impacts on operating income are shown in parentheses in the column of "Factors affecting operating income increase/." (\0.9 billion) (\0.4 billion)

14 Cautionary Statements This document contains discussions that include management plans, projections, strategies and estimates that are not historical facts. Projections of future performance are based on management extrapolations from current data, but actual future performance may differ materially from projections