Terumo Corporation
IFRS Financial Results for the Fiscal Year Ended
March 31, 2021

－1－

IFRS Financial Results for the Fiscal Year Ended March 31, 2021
May 12, 2021
Exchange where listed: TSE

Name of listed company: TERUMO CORPORATION(URL https://www.terumo.com/): 4543: Shinjiro Sato, President and CEO: Kenichi Hata, General Manager, Investor Relations Dept.
: +81 / 3-6742-8550

Company code number
Representative:
Please address all communications toPhone

1. Consolidated Financial Highlights for the Fiscal Year Ended March 31, 2021
(From April 1, 2020 to March 31, 2021)(1) Consolidated operating results(Notes: The amounts shown below ignore values of less than a million yen)

Revenue

Operating profit(Millions of yen)

Fiscal Year ended March, 2021
Fiscal Year ended March, 2020

Profit before tax% (Millions of yen)

613,842
628,897(2.4)
4.9

98,386110,611% (Millions of yen)

(11.1)
3.7

Profit for the year
attributable to theowners of the parent

Profit for the year
% (Millions of yen)

97,060106,466(8.8)
3.7

77,20085,037% (Millions of yen)

(9.2)
7.3

Total comprehensive
income for the year

% (Millions of yen)

77,26885,211(9.3)
7.2%

115,732
59,246

Basic Earnings per share

Diluted Earnings per share

Return on equity attributable tothe owners of the parentProfit before tax
per total assets

(Yen)

(Yen)

%%%

102.33102.11
9.6
7.5
Fiscal Year ended March, 2021
113.96112.61
11.7
9.0
Fiscal Year ended March, 2020
(Notes) Share of profit (loss) of investments accounted for using the equity method: March 2021: (716) million yen March 2020: (445) million yen
Adjusted operating profit: March 2021: 115,927 million yen March 2020: 124,998 million yen

16.0
17.6

95.3
(40.1)

Operating profit
to revenue(2) Consolidated financial position

As of March 31, 2021
As of March 31, 2020

Equity attributable to theowners of the parent ratio

Equity attributable to theowners of the parent per
share

Total assets

Net assets

Equity attributable to theowners of the parent(Millions of yen)

(Millions of yen)

(Millions of yen)

%

(Yen)

1,351,192
1,241,355

856,662
754,883

856,662
754,81363.4
60.8

1,133.13
1,003.36(3) Consolidated cash flows
Cash flows from operating activities Cash flows from investing activities Cash flows from financing activities

Cash and cash equivalents at theend of the year

(Millions of yen)

(Millions of yen)

(Millions of yen)

(Millions of yen)

121,485
117,479(85,317)(84,714)(7,436)
14,010200,770
166,898

Fiscal Year ended March, 2021
Fiscal Year ended March, 2020

2. Dividends
Cash dividends per share
1st quarter2nd quarter3rd quarter

4th quarter

Total

(Yen)

(Yen)

(Yen)

(Yen)

(Yen)

Total dividends(total)Payout ratio(consolidated)(Millions of yen)

14.00
14.00
28.00
21,010Fiscal Year ended March, 2020
14.00
15.00
29.00
21,917
Fiscal Year ended March, 2021
Fiscal Year ending March, 2022
15.00
15.00
30.00
(forecast)(Notes)The company revises year-end dividends per share for the fiscal year ended March 2021 from 14yen to 15yen.
Please refer to the May 12th, 2021 press release, “Terumo Announces Dividends for Fiscal Year Ended March 31, 2021 (increased payment).”

Ratio of dividends
to net assets(consolidated)

%%

24.6
28.3

2.9
2.7

26.2～27.7

3. Consolidated Forecast for the Fiscal Year Ending March, 2022 (From April 1, 2021 to March 31, 2022)
Revenue(Millions of yen)

Adjusted operating profit% (Millions of yen)

Profit for the year
attributable to the ownersof the parent

Operating profit% (Millions of yen)%(Millions of yen)

670,000
9.1
124,000
7.0
107,000
8.8
82,000~680,000~10.8~130,000~12.1~113,000~14.9~86,500(Notes) For the forecast for the fiscal year ending March, 2022, a yearly forecast is only disclosed in a range format due to the impact of COVID-19 pandemic.
Assumed exchange rate for the fiscal year ending March, 2022: USD1=107JPY, EUR1=128JPY
Fiscal Year ending March, 2022

Earnings per share%(Yen)

6.1
~11.9

108.46~114.42

Among the information that Terumo discloses, forecasts of financial performance on future projections contain potential risks and uncertainty since these are forecasts on projections made by Terumo based onlimited information available at the moment of disclosure. Accordingly, it should be noted that actual results may differ from those forecasts on projections due to various factors. Factors affecting to actual results
include, but are not limited to, changes in economic conditions surrounding Terumo, fluctuations of foreign exchange rates, and state of competition.

－2－4. Consolidated Financial Statements① Consolidated Statement of Financial Position（Unit: Millions of yen）
As of
March 31, 2021

As ofMarch 31, 2020
AssetsCurrent assets
Cash and cash equivalents

166,898

200,770

Trade and other receivables

131,728

128,770

Other current financial assets

397

1,116

147,147

175,576

Current tax assets

1,745

510

Other current assets

12,68917,222

Total current assets460,607

523,966

Property, plant and equipment

264,407299,679

Goodwill and intangible assets

461,506

471,834

Inventories

Non-current assets

Investments accounted for using
the equity method
Other non-current financial assets

5,275

3,644

17,733

19,449Deferred tax assets

27,307

23,729Other non-current assets

4,517

8,887

Total non-current assets

780,748827,225

1,241,355

1,351,192

Total assets－3－（Unit: Millions of yen）
As of
March 31, 2021

As ofMarch 31, 2020
Liabilities and Equity
Liabilities
Current liabilitiesTrade and other payables

88,044

83,528

Bonds and borrowings

50,32442,072Other current financial liabilities

6,144

7,784

Current tax liabilities

11,681

14,311

395

374

Other current liabilities

55,256

63,295

Total current liabilities

211,845

211,366

Bonds and borrowings

195,870

218,497

Other non-current financial liabilities

31,80232,122

Deferred tax liabilities

20,36015,962

Defined benefit liabilities

18,456

6,639

92

96

Other non-current liabilities

8,043

9,845

Total non-current liabilities

274,626

283,163486,472494,530

Share capital

38,716

38,716

Capital surplus

51,85851,829Treasury shares(14,103)(6,838)Retained earnings

705,765

775,078

Other components of equity(27,423)(2,123)754,813856,66269-

754,883

856,662

1,241,355

1,351,192

Provisions

Non-current liabilities

Provisions

Total liabilities
EquityTotal equity attributable to ownersof the parent
Non-controlling interests
Total equity
Total liabilities and equity－4－

② Consolidated Statement of Profit or Loss
For the fiscal year ended
March 31, 2020
628,897
284,964
343,932
235,1444,737
2,914
110,611
1,671
5,371

（Unit: Millions of yen）
For the fiscal year ended
March 31, 2021
613,842
287,219
326,623
228,566
3,814
3,485
98,386
1,727
2,337

(445)

(716)

106,466
21,42885,037

97,06019,85977,200Attributable to:
Owners of the parent
Non-controlling interests
Total profit for the year

85,211(173)
85,037

77,268(67)
77,200Earnings per share
Basic earnings per share (yen)Diluted earnings per share (yen)113.96112.61102.33102.11

Revenue
Cost of sales
Gross profitSelling, general and administrative expenses
Other income
Other expenses
Operating profit
Finance income
Finance costs
Share of profit/(loss) of investments
accounted for using the equity method
Profit before tax
Income tax expenses
Profit for the year－5－

③ Consolidated Statement of Comprehensive Income

For the fiscal year ended
March 31, 2020
85,037（Unit: Millions of yen）
For the fiscal year ended
March 31, 2021
77,200(1,181)

1,448(4,499)11,803(5,681)

13,252(19,813)

24,390204

667(500)

220(20,109)

25,278(25,790)

38,531

59,246115,732

Owners of the parent

59,415

115,801

Non-controlling interests

(169)

(69)

59,246

115,732

Profit for the year
Other comprehensive income
Items that will not be reclassified to profit or loss
Changes in financial assets measured at fair value
through other comprehensive income
Remeasurement of defined benefit plan
Total items that will not be reclassified toprofit or loss
Items that are or may be reclassified
subsequently to profit or loss
Exchange differences on translation offoreign operations
Cash flow hedges
Cost of hedging
Total items that are or may be reclassifiedsubsequently to profit or loss
Total other comprehensive income (loss)
for the year
Total comprehensive income for the year
Attributable toTotal comprehensive income for the year
(Note)

Items in the above statement are net of tax.

－6－

④ Consolidated Statements of Changes in Equity（Unit: Millions of yen）
Equity attributable to the owners of the parent
Other
CapitalTreasury
Retainedcomponents ofsurplus
sharesearnings
equitySharecapitalBalance as of April 1, 2019
Profit for the year
Other comprehensive income
Total comprehensive income
Acquisition of treasury shares
Disposal of treasury shares
Dividends
Transfer from other components ofequity to retained earnings
Change in shares of subsidiaries due
to capital increase
Share-based payments
Conversion of convertible bonds
Total transactions with the owners ofthe Company
Balance as of March 31, 2020

Noncontrollinginterests

Total

Total equity

38,716-52,029-(32,381)(3)
89-

646,223
85,211
85,211(21)(20,507)(6,553)(25,795)(25,795)(67)-

698,034
85,211(25,795)
59,415(3)0(20,507)78(173)
4(169)-

698,11385,037(25,790)
59,246(3)0(20,507)---(4,950)4,950---------

159

159

-

(50)
(120)

120
18,07282(272)41-

194
17,679-194
17,679-(170)

18,278(25,668)

4,924(2,636)159(2,476)

38,71651,858(14,103)705,765(27,423)754,81369

754,883（Unit: Millions of yen）
Equity attributable to the owners of the parent
Other
CapitalTreasury
Retainedcomponents
surplussharesearnings
of equity

Share
capitalBalance as of April 1, 2020
Profit for the year
Other comprehensive income
Total comprehensive incomeAcquisition of treasury shares
Disposal of treasury shares
Dividends
Transfer from other components ofequity to retained earnings
Share-based payments
Conversion of convertible bonds
Total transactions with the owners of
the parent
Balance as of March 31, 2021

Total

Noncontrollinginterests

Total equity

38,716-51,858-(14,103)(3)
96-705,765
77,26877,268(14)(21,109)(27,423)
38,53338,533(82)-754,813
77,26838,533
115,801(3)0(21,109)

69
(67)
(1)
(69)
-

754,883
77,20038,531
115,732(3)0(21,109)---

13,197(13,197)

----

0
(29)

99
7,072

102
(132)

47-

249
6,910

-

249
6,910

-

(29)

7,265

(7,956)(13,232)(13,953)-(13,953)

38,716

51,829(6,838)775,078(2,123)856,662-

856,662－7－

⑤ Consolidated Statements of Cash Flows
For the year ended
March 31, 2020
Cash flows from operating activities
Profit before tax
Depreciation and amortization
Share of (profit)/loss of investments accounted for using
the equity method
Increase/decrease in retirement benefit assets andliabilities
Interest and dividend income
Interest expenses
Foreign exchange (gain)/loss(Gain)/loss on disposal of property, plant and equipment(Increase)/decrease in trade and other receivables(Increase)/decrease in inventories
Increase/(decrease) in trade and other payables
OthersSub-totalInterest and dividend income received
Interest expenses paid
Income taxes paid
Net cash provided by/(used in) operating activities
Cash flow from investing activities
Payments for purchase of time deposits
Proceeds from withdrawal of time deposits
Payments for purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Payments for purchase of intangible assets
Proceeds from sale of intangible assets
Payments for purchase of financial instruments
Proceeds from sale of financial instruments
Payment for acquisition of shares of subsidiaries andother businesses
Net cash provided by/(used in) investing activities
Cash flow from financing activities
Proceeds from short-term borrowings
Repayments of short-term borrowings
Proceeds from long-term borrowings
Payments for redemption of corporate bonds
Proceeds from non-controlling interests
Repayments of lease liabilities
Payments for purchase of treasury shares
Payments for dividends
Net cash provided by/(used in) financing activities
Effect of exchange rate changes on cash and cash
equivalents
Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year

－8－

（Unit: Millions of yen）
For the year ended
March 31, 2021

106,466
52,35897,06053,932

445

716

(695)

256

(1,019)
1,828
262
114
(7,318)(17,284)
3,442
3,396
141,995
1,215(956)(24,774)
117,479

(539)
2,337
249498
6,417(21,985)
(814)
6,754
144,884740(1,062)(23,076)
121,485

(154)
1,313
(62,316)
23(21,168)(1,512)2(149)
305(62,318)
16(20,806)
212(2,102)
2,900

(902)

(3,374)(84,714)(85,317)40,000159(5,638)(3)(20,507)
14,010(40,000)
70,000(10,000)(6,277)(3)(21,155)(7,436)(2,859)5,139

43,916
122,982
166,898

33,871
166,898
200,770

5. Segment information
Reportable segment information(1) Main products of each reportable segment

Reportable Segments

Sub-segments

Main productsInterventional Systems (TIS)

Angiographic guidewires, Angiographiccatheters, Introducer sheaths, Vascular closure
devices, PTCA balloon catheters, Coronary
stents, Self-expanding peripheral stents, IVUS,
Imaging catheters and others

Neurovascular

Coils and stents for treating cerebral aneurysm,
Aspiration catheters and clot retrievers fortreating ischemic stroke and others

Cardiovascular

Oxygenators, Cardio-pulmonary bypass
systems and others

Vascular Graft

Artificial vascular grafts, Stent grafts

Hospital Systems

Infusion pumps, Syringe pumps, Solution sets,
Syringes, I.V. solutions, Pain management
products, Nutritious food, Adhesion barriers,
Blood glucose monitoring systems, Bloodpressure monitors, Digital thermometers andothers

Alliance

Contract manufacturing of prefilled syringes,
Devices to pharmaceutical companies for use in
drug kits (Prefillable syringes, Needles forpharmaceutical packaging business) and others-Blood bags, Component collection systems,
Automated blood processing systems, Pathogen
reduction systems, Centrifugal apheresis
systems, Cell expansion systems and others

Cardiac and Vascular CompanyGeneral Hospital Company

Blood and Cell Technologies Company－9－

(2)Revenue and operating results of the reportable segments of the Group are described below.
For the fiscal year ended March 31, 2020

Reportable Segments

Revenue
Revenue from sales toexternal customers
Segment Profit(Adjusted operatingprofit)(Adjustment item)
Amortization of
intangible assets
acquired throughbusiness
combinations
Non-recurring profit orloss(Note 2)(Unit: Millions of yen)Amountrecorded on
Adjustments
consolidated(Note 1)
financialstatements

Cardiac andVascularCompanyGeneral
HospitalCompany

Blood andCell
Technologies
Company

350,550

170,963

107,156

628,670226

628,897

86,85525,24815,053

127,157(2,158)

124,998(6,908)-(8,208)(15,117)(549)(15,667)

Total

1,280

Operating profit

110,611

Finance income

1,671

Finance costs
Share of profit/(loss) ofinvestment accounted
for using the equity
methodProfit before tax
Other items
Depreciation andamortization(Note 3)
Increase in property,
plant and equipment
and intangible assets(5,371)(445)
106,466

25,222

12,25014,54152,014344

52,35847,813

14,343

22,20584,362

5,147

89,510(Note 1) Amounts in “Adjustments” are as follows:(1) ¥226 million adjustments to Revenue from sales to external customers is mainly proceeds from outward
temporary staffing that is not attributable to reportable segments.
(2) ¥ (2,158) million adjustment to segment profit consists of ¥ (173) million for “inventories” and ¥ (1,929)
million for preparation expenses to comply with Medical Device Regulation in EU.
(Note 2) ¥ 1,280 million Non-recurring profit or loss mainly includes ¥ 1,181 million for insurance revenue related toa hurricane in Puerto Rico in the fiscal year ended March 31, 2018, ¥ (1,514) million for businessreorganization expenses and ¥ 2,239 million for the change in fair value of contingent consideration.
(Note 3) Amortization expenses of acquired intangible assets in business combinations are included in “Depreciationand amortization”.

－10－For the fiscal year ended March 31, 2021

Reportable Segments

Revenue
Revenue from sales toexternal customers
Segment Profit(Adjusted operatingprofit)(Adjustment item)
Amortization ofintangible assets
acquired throughbusiness
combinations
Non-recurring profit orloss(Note 2)(Unit: Millions of yen)Amountrecorded on
Adjustments
consolidated(Note 1)
financialstatements

Cardiac andVascularCompanyGeneral
HospitalCompany

Blood andCell
Technologies
Company

328,549

175,545

109,491

613,586

256

613,842

74,39925,73919,088119,227(3,300)115,927(6,948)-(8,012)(14,961)328(14,632)

Total(2,907)

Operating profit

98,386

Finance income

1,727

Finance costs
Share of profit/(loss) ofinvestment accounted
for using the equity
methodProfit before tax
Other items
Depreciation andamortization(Note 3)
Increase in property,
plant and equipment
and intangible assets(2,337)(716)
97,06027,216

13,057

14,80255,075(1,143)53,932

34,614

15,14423,282

73,041

4,167

77,208(Note 1) Amounts in “Adjustments” are as follows:(1) ¥256 million adjustments to Revenue from sales to external customers is mainly proceeds from outward
temporary staffing that is not attributable to reportable segments.
(2) ¥(3,300) million adjustment to segment profit consists of ¥931 million for “inventories” and ¥(2,676)
million for preparation expenses to comply with Medical Device Regulation in EU.
(Note 2) ¥(2,907) million Non-recurring profit or loss mainly includes ¥(1,365) million for the change in fair value ofcontingent consideration and ¥(692) million for business reorganization expenses.
(Note 3) Amortization expenses of acquired intangible assets in business combinations are included in“Depreciation and amortization”.

－11－