Summary of 2nd Quarter Report for Fiscal Year 2008
(*)Qualification: This is directly translated into English for the convenience
of readers, and all financial results with the accounting principles generally
accepted in Japan
Million yen
| [Consolidated] |
The Year ended March 31,2008 |
The Year ended March 31,2007 |
| Sales |
259,043 |
267,691 |
| Changes from the previous year (%) |
▲4.8 |
— |
| Operating income |
2,503 |
6,206 |
| Changes from the previous year (%) |
▲26.6 |
— |
| Ordinary income |
1,115 |
5,827 |
| Changes from the previous year (%) |
▲28.2 |
— |
| Net income |
▲2,069 |
1,238 |
| Changes from the previous year (%) |
▲66.5 |
— |
| 2nd quarter net income per share |
▲7.49yen |
4.48yen |
 |
| Total assets |
419,816 |
396,739 |
| Net assets |
110,748 |
128,029 |
| Net assets per share |
335.94yen |
392.45yen |
|
| Dividend per share |
10yen
(Interim 5yen,
Final 5yen) |
10yen
(Interim 5yen,
Final 5yen) |
Overview of the Year
Qualitative information on consolidated financial results During the
current cumulative 2nd quarter, the Japanese economy showed strong signs
of heading toward a recession, in the midst of declining corporate earnings
and slumping personal consumption resulting from soaring crude oil and
raw materials prices, which are compounded by the turmoil on the world
financial markets.
In terms of the world economy, the U.S. has gradually entered a recessionary
phase as a result of the subprime mortgage problem having developed into
a full-blown financial crisis, while the economy in Europe has weakened
and the growth of the Chinese economy, which had led the economic expansion
in Asia, has also slowed down.
In the industries in which the Company and its corporate group operate,
while the rising seafood prices backed by strong worldwide demand brought
on positive effects to the Marine Products business, the business environment
for Foods business, which primarily depended on marine products for its
raw materials, remained austere as a result of the hike in other raw materials
prices in addition to the high level of mistrust toward the safety of
foods produced in China. In the U.S. and Europe, the price of white fish
remained steady, while the U.S. commercial precooked frozen seafood company,
which primarily depended on white fish for its raw materials, witnessed
a downturn in personal consumption resulting in the deterioration of the
market. Under these circumstances, the commercial precooked frozen seafood
company in North America and the salmon aquaculture company in Chile continued
to perform poorly, while the effects of changes in the scope of consolidation,
the amortization of goodwill of an overseas subsidiary (Note 1), and the
exclusion from inflation accounting (Note 2) were also felt. Consequently,
operating results for the current cumulative 2nd quarter were sales in
the amount of 259,043 million yen, down 8,647 million yen year-on-year;
operating income of 2,503 million yen, down 3,703 million yen year-on-year;
ordinary income of 1,115 million yen, down 4,712 million yen year-on-year,
and a net loss of 2,069 million yen, down 3,308 million yen year-on-year.
(Note 1) Major components of goodwill:
Gorton’s (North America): 626 million yen, King & Prince (North
America): 316 million yen, Cité Marine S.A.A. (Europe): 43 million
yen, Others: 41 million
(Note 2) The accounting method applied in Chile, whereby fluctuations
in the prices of commodities are reflected in business accounting in order
to disclose an accurate picture of a company’s finances. In accordance
with International Financial Reporting Standards, the adjustment gains
of 1,317 million yen (non-operating income) resulting from said accounting
method has been omitted.
The past data should look at IR
Library. IR
Library
