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| [Consolidated] | The Year ended March 31,2009 | The Year ended March 31,2008 |
| Sales | 505,250 | 533,970 |
| Changes from the previous year (%) | ▲5.4 | — |
| Operating income | 3,156 | 7,231 |
| Changes from the previous year (%) | ▲56.3 | — |
| Ordinary income | ▲1,222 | 6,758 |
| Changes from the previous year (%) | — | — |
| Net income | ▲16,239 | 9,390 |
| Changes from the previous year (%) | — | — |
| Net income per share | ▲58.74yen | 33.97yen |
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| Total assets | 385,462 | 396,739 |
| Net assets | 72,165 | 128,029 |
| Net assets per share | 201.64yen | 392.45yen |
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| Dividend | 10yen (Interim 5yen, Final 5yen) |
10yen (Interim 5yen, Final 5yen) |
Overview of the Year
In the industries in which the Company and its corporate group operate, sales prices in the domestic Marine Products business fell under the effects of the global recession, while conditions in the domestic Foods business also remained harsh as concerns over the safety of Chinese food products in the frozen prepared foods for household use continued to linger. In the U.S. and Europe, also, personal consumption declined drastically as a result of the recession.
Under these circumstances, the Company and its corporate group made a concerted effort to promote its medium-term management plan, the "New TGL Plan" (True Global Links), which aimed to enhance its business field to a higher state-of-the-art level and to improve the profitability of its business structure, as well as reinforce its quality assurance system to ensure the delivery of safe products that would satisfy every one of our customers.
As for our consolidated results, in addition to the poor performances by King & Prince Seafood Corp. in North America (Note 1) and Salmones Antartica, S.A. in Chile (Note 2), a year-end loss on valuation of inventories was recorded resulting from the decline in sales prices of marine products in Japan. Moreover, the Company's performance was also impacted by the amortization of goodwill of an overseas subsidiary (Note 3), the exclusion from inflation accounting (Note 4) and foreign exchange losses recorded on loans mainly denominated in USD as well as changes in the scope of consolidation. Consequently, operating results for the consolidated fiscal year under review were: net sales in the amount of 505,250 million yen, down 28,719 million yen (5.4%) year-on-year; operating income of 3,156 million yen, down 4,074 million yen (56.3%) year-on-year; and an ordinary loss of 1,222 million yen, down 7,981 million yen year-on-year.
In terms of extraordinary income or loss, extraordinary loss was recorded in the amount of 4,689 million yen, including loss on valuation of investment securities and loss on liquidation of subsidiaries and affiliates accompanying withdrawal of business, in addition to the impairment loss on goodwill of King & Prince and noncurrent assets such as the plants of Salmones Antartica, following the outbreak of the fish disease. As a consequence, net loss came to 16,239 million yen (down 25,629 million yen year-on-year) for the current consolidated fiscal year.
(Note 1) Company engaged in the manufacture and sales of frozen seafood for commercial use with headquarters in Brunswick, GA (U.S.A.)
(Note 2) A salmon aquaculture company with headquarters in Santiago, Chile
(Note 3) Major components of amortization of goodwill:
North America: Gorton's 1,071 million yen,
King & Prince Seafood Corp. 542 million yen
Europe: Cité Marine S.A.S. 66 million yen
Others: 62 million yen
(Note 4) 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 and management, etc. In accordance with International Financial Reporting Standards, the adjustment on inflation accounting of 2,253 million yen (non-operating income) has been omitted.
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Summary of Financial Statements for the Year ended March 31, 2009 |
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