FUYO GENERAL LEASE C

8424
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Fuyo General Lease : Consolidated Financial Report for the First Three Months of the Fiscal Year Ending March 31, 2021 (Fiscal 2020)

07/29/2020 | 01:05am

(Member of Financial Accounting

Standards Foundation)

Consolidated Financial Report for the First Three Months of the

Fiscal Year Ending March 31, 2021 (Fiscal 2020)

July 29, 2020

Company

Fuyo General Lease Co., Ltd.

Stock Exchange Listing

First Section, Tokyo

Ticker

8424

Head office

Tokyo

(URL https://www.fgl.co.jp/)

President & CEO

Yasunori Tsujita

Inquiries, Person in Charge

Soichi Hosoi

Senior Managing Director

Tel: +81-3-5275-8800

Date of issue of quarterly

August 12, 2020 (planned)

Date of payout of

Securities Report

dividend

Supplementary materials to quarterly results: Available

Quarterly results presentation: Not conducted

(Figures in millions are rounded down to the nearest million yen)

1. Consolidated Operating Results for the First Three Months of Fiscal 2020 (April 1, 2020 -June 30, 2020)

(1) Consolidated Operating Results

(Percentage figures represent year-on-year changes.)

Total Revenues

Operating Profit

Ordinary Profit

Profit Attributable

to Owners of Parent

(¥ millions)

%

(¥ millions)

%

(¥ millions)

%

(¥ millions)

%

First three months

179,019

8.5

9,574

2.8

10,219

3.0

6,196

0.6

of FY2020

First three months

164,966

(0.2)

9,315

(0.5)

9,924

0.1

6,159

(5.2)

of FY2019

Note: Comprehensive income

First three months of FY2020

First three months of FY2019

¥9,414 million

641.0%

¥1,270 million (77.4)%

Basic Earnings per

Diluted Earnings

Share

per Share

(¥)

(¥)

First three months

206.71

205.26

of FY2020

First three months

204.23

202.69

of FY2019

  • During the fiscal year ended March 31, 2020, the Company finalized the provisional accounting treatment for business combinations. As a result, figures for the first three months of the fiscal year ended March 31, 2020 reflect the finalization of the provisional accounting treatment.
    1. Consolidated Financial Position

Total Assets

Net Assets

Shareholders'

Net Assets per Share

Equity Ratio

(¥ millions)

(¥ millions)

%

(¥)

June 30, 2020

2,964,698

316,533

9.4

9,297.39

March 31, 2020

2,752,598

311,819

10.0

9,204.20

Reference: Shareholders' Equity

June 30, 2020 ¥278,715 million

March 31, 2020

¥275,869 million

1

2. Cash Dividends

Dividend per share

End of first

End of second

End of third

Year-end

Full Year

quarter

quarter

quarter

(¥)

(¥)

(¥)

(¥)

(¥)

FY 2019

100.00

105.00

205.00

FY 2020

FY 2020

(planned)

110.00

110.00

220.00

Note: No changes were made to the most recently announced cash dividends forecasts.

3. Forecast for Fiscal 2020 (April 1, 2020 - March 31, 2021)

(Percentage figures represent comparisons with fiscal 2019 full-year results)

Total Revenues

Operating Profit

Ordinary Profit

Profit Attributable

Basic Earnings

to Owners of Parent

per Share

(¥ millions)

%

(¥ millions)

%

(¥ millions)

%

(¥ millions)

%

(¥)

Full Year

720,000

1.1

42,000

1.4

45,000

2.2

27,000

3.1

900.84

Note: No changes were made to the most recently announced earnings forecasts.

*Other Information

  1. Changes to the consolidation status of major subsidiaries during the period: None
  2. Accounting procedures specific to preparation of quarterly consolidated financial statements: Yes
  3. Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements after error corrections

() Changes in accounting policies due to revisions to accounting standards: None

() Changes in accounting policies due to other reasons: None

() Changes in accounting estimates: None

() Restatement of prior period financial statements after error corrections: None

(4) Number of

outstanding shares at

period-end (common shares)

()

Number of outstanding shares at period-end (including treasury stock)

June 30, 2020

30,287,810

shares

March 31, 2020

30,287,810

shares

()

Number of shares of treasury stock

June 30, 2020

309,982

shares

March 31, 2020

315,734

shares

() Average number of shares during the period (first three months)

June 30, 2020 29,976,385 shares June 30, 2019 30,158,666 shares

Note: The Company has introduced Board Benefit Trust (BBT). Number of shares of treasury stock includes the following Company's shares held by Board Benefit Trust (BBT) (96,700 shares as of June 30, 2020 and 102,500 shares as of March 31, 2020). Furthermore, shares of treasury stock that are deducted in the calculation of the average number of shares during the period (first three months) include the following Company's shares held by Board Benefit Trust (BBT) (98,165 shares as of June 30, 2020 and 102,976 shares as of June 30, 2019).

*Quarterly financial results are exempt from the quarterly review by certified public accountants or an audit corporation.

*Appropriate Use of Earnings Forecast and Other Important Information

(Caution Concerning Forward-Looking Statements)

Earnings forecasts and other forward-looking statements in this report are based on certain assumptions that are deemed reasonable and information available to the Company at the time of this report's preparation. Therefore the Company does not guarantee the achievement of any projections. Actual results may differ significantly from these forecasts for a number of reasons.

(Method of Obtaining Supplementary Explanation Materials)

The materials are disclosed on the Timely Disclosure network (TDnet) on the same day as the date of this report.

2

Supplementary Materials - Contents

1. Consolidated Financial Statements and Significant Notes Thereto

……………………… P.4

(1)

Consolidated Balance Sheets

……………………… P.4

(2)

Consolidated Statements of Income and Statements of Comprehensive Income

……………………… P.8

Consolidated Statements of Income

……………………… P.8

For the three months ended June 30, 2020

Consolidated Statements of Comprehensive Income

……………………… P.9

For the three months ended June 30, 2020

(3)

Notes to the Consolidated Financial Statements

……………………… P.10

Note on the Going-concern Assumption

……………………… P.10

Note on Significant Changes in Shareholders' Equity

……………………… P.10

Accounting Procedures Specific to Preparation of Quarterly Consolidated

……………………… P.10

Financial Statements

2. Newly Executed Contracts, Operating Assets

……………………… P.11

(1)

Executed Contracts Volume

……………………… P.11

(2)

Operating Assets

……………………… P.11

3

1. Consolidated Financial Statements and Significant Notes Thereto

  1. Consolidated Balance Sheets

(¥ millions)

As of March 31, 2020

As of June 30, 2020

Assets

Current assets

Cash and deposits

77,436

141,810

Installment sales trade receivables

79,753

101,071

Lease receivables and investment assets

1,106,840

1,162,383

Accounts receivable - operating loans

307,124

320,856

Accounts receivable - other loans to customers

109,652

103,127

Operational investment securities

234,837

235,367

Other operating assets

15,706

14,720

Lease and other trade receivables

24,862

24,386

Other

74,359

76,093

Allowance for doubtful receivables

(3,085)

(3,296)

Total current assets

2,027,487

2,176,521

Fixed assets

Tangible fixed assets

Leased assets

Leased assets

506,498

559,918

Advances on purchases of property and equipment for

6,911

11,480

lease

Total leased assets

513,409

571,398

Other operating assets

26,383

36,719

Own-used assets

13,319

3,095

Total tangible fixed assets

553,111

611,212

Intangible fixed assets

Software leased to customers

266

263

Other intangible fixed assets

Goodwill

21,749

21,705

Other

7,644

7,923

Total other intangible fixed assets

29,394

29,629

Total intangible fixed assets

29,660

29,892

4

(¥ millions)

As of March 31, 2020

As of June 30, 2020

Investments and other assets

Investment in securities

91,984

95,321

Claims provable in bankruptcy, claims provable in

602

699

rehabilitation and other

Retirement benefit asset

65

Deferred tax assets

2,762

2,723

Other

46,079

47,134

Allowance for doubtful receivables

(363)

(491)

Total investments and other assets

141,065

145,452

Total fixed assets

723,837

786,557

Deferred assets

Deferred organization expenses

1

1

Business commencement expenses

1,271

1,617

Total deferred assets

1,273

1,619

Total assets

2,752,598

2,964,698

5

(¥ millions)

As of March 31, 2020

As of June 30, 2020

Liabilities

Current liabilities

Notes and accounts payable-trade

45,391

30,166

Short-term loans from bank and other financial

530,317

614,341

institutions

Current portion of bonds payable

20,000

40,000

Current portion of long-term loans from bank and

274,820

272,639

other financial institutions

Commercial paper

450,700

550,200

Payables under fluidity lease receivables and

28,900

22,800

installment sales trade receivables

Current portion of payables under fluidity long-term

lease receivables and installment sales trade

41,396

38,293

receivables

Lease obligations Income taxes payable

Deferred profit on installment sales Provision for bonuses

Provision for directors' bonuses

Provision for share-based remuneration for directors (and other officers)

20,302

19,316

4,215

1,301

1,307

1,223

2,219

1,204

184

52

57

Provision for future lease payments

3

3

Provision for loss on guarantees

50

48

Asset retirement obligations

453

87

Other

45,254

35,905

Total current liabilities

1,465,573

1,627,583

Long-term liabilities

Bonds Payable

Long-term loans from bank and other financial institutions

Payables under fluidity long-term lease receivables and installment sales trade receivables

Lease obligations Deferred tax liabilities Net defined benefit liability

Accrued retirement benefits for directors and corporate auditors

Provision for share-based remuneration for directors (and other officers)

Provision for automobile maintenance costs Provision for loss on guarantees

Asset retirement obligations Other

Total long-term liabilities

Total liabilities

150,000

150,000

680,017

729,168

54,869

46,155

417

382

15,706

18,322

2,177

2,183

132

124

255

301

577

581

730

662

2,311

2,634

68,009

70,064

975,205

1,020,581

2,440,778

2,648,165

6

(¥ millions)

As of March 31, 2020

As of June 30, 2020

Net assets

Shareholders' equity

Common stock

10,532

10,532

Capital surplus

8,873

6,197

Retained earnings

228,285

231,323

Treasury stock, at cost

(2,075)

(2,037)

Total Shareholders' equity

245,615

246,016

Accumulated other comprehensive income

Net unrealized gains (losses) on available-for-sale

31,650

34,431

securities

Deferred gains (losses) on hedges

(798)

(621)

Foreign currency translation adjustment

(435)

(952)

Remeasurements of defined benefit plans

(163)

(157)

Total accumulated other comprehensive income

30,253

32,699

Share acquisition rights

764

764

Non-controlling interests

35,186

37,053

Total net assets

311,819

316,533

Total liabilities and net assets

2,752,598

2,964,698

7

  1. Consolidated Statements of Income and Statements of Comprehensive Income Consolidated Statements of Income
    For the three months ended June 30, 2020

(¥ millions)

FY2019

FY2020

(April 1, 2019 -

(April 1, 2020 -

June 30, 2019)

June 30, 2020)

Total revenues

164,966

179,019

Total costs

147,535

159,194

Gross profit

17,430

19,825

Selling, general and administrative expenses

8,115

10,251

Operating profit

9,315

9,574

Other income

Interest income

17

21

Dividend income

236

279

Foreign exchange gains

12

37

Gain on investments in partnership

25

Equity in earnings of affiliates

486

356

Bad debt recovered

17

18

Reversal of provision for loss on guarantees

26

70

Other

70

182

Total other income

868

991

Other expenses

Interest expenses

149

171

Bond issuance cost

9

8

Loss on investments in partnership

7

32

Loss on investments in silent partnership

1

Other

91

133

Total other expenses

259

345

Ordinary profit

9,924

10,219

Extraordinary gains

Subsidy income

727

Total extraordinary gains

727

Extraordinary losses

Loss on sales of investment securities

0

Loss on valuation of investment securities

3

Impairment loss

0

1

Loss on disposal of own-used assets

0

24

Loss on reduction of non-current assets

727

Loss on valuation of golf club membership

4

Total extraordinary losses

4

757

Profit before income taxes

9,919

10,190

Income taxes

3,032

3,223

Profit

6,886

6,966

Profit attributable to non-controlling interests

727

770

Profit attributable to owners of parent

6,159

6,196

8

Consolidated Statements of Comprehensive Income

For the three months ended June 30, 2020

(¥ millions)

FY2019

FY2020

(April 1, 2019 -

(April 1, 2020 -

June 30, 2019)

June 30, 2020)

Profit

6,886

6,966

Other comprehensive income

Net unrealized gains (losses) on available-for-sale

(5,712)

2,776

securities

Deferred gains (losses) on hedges

(40)

112

Foreign currency translation adjustment

154

(597)

Remeasurements of defined benefit plans

(0)

5

Share of other comprehensive income of entities

(17)

150

accounted for using equity method

Total other comprehensive income

(5,616)

2,

Comprehensive income

1,270

9,414

(Comprehensive income attributable to)

Comprehensive income attributable to owners of parent

543

8,642

Comprehensive income attributable to non-controlling

727

771

interests

9

  1. Notes to the Consolidated Financial Statements Note on the Going-concern Assumption
    Not applicable

Note on Significant Changes in Shareholders' Equity

Not applicable

Accounting Procedures Specific to Preparation of Quarterly Consolidated Financial Statements

(Calculation of Tax Expenses)

Tax expenses for certain consolidated subsidiaries of the Company were calculated by multiplying profit before income taxes by the estimated effective tax rates. The tax rate was determined by making a reasonable estimate of the effective tax rate after the adoption of tax effect accounting for profit before income taxes in the fiscal year including the first quarter ended June 30, 2020.

10

2. Newly Executed Contracts, Operating Assets

  1. Executed Contracts Volume

First three months of FY2019

First three months of FY2020

(April 1, 2019 -

(April 1, 2020 -

Net Change

June 30, 2019)

June 30, 2020)

Segment by Business

Executed

Executed

contracts

Composition

contracts

Composition

Amount

Pct.

volume

volume

(¥ millions)

(%)

(¥ millions)

(%)

(¥ millions)

(%)

Finance leases

97,161

28.2

81,446

25.3

(15,714)

(16.2)

Operating leases

72,276

21.0

41,343

12.8

(30,932)

(42.8)

Lease and

Total leases

169,437

49.2

122,790

38.1

(46,647)

(27.5)

installment

Installment sales

8,113

2.4

9,450

2.9

1,337

16.5

sales

Lease and installment

177,551

51.6

132,240

41.0

(45,310)

(25.5)

sales total

Financing

166,738

48.4

178,581

55.4

11,843

7.1

Other

71

0.0

11,722

3.6

11,651

Total

344,361

100.0

322,545

100.0

(21,816)

(6.3)

Notes:

  1. Operating leases are recorded at the acquisition costs of lease assets. The executed volume of re-lease transactions is not included.
  2. The figures for the lease segment are the purchase prices of lease assets acquired during each respective three-month period. The figures for the installment sales segment are the installment sales trade receivables net of the deferred profit on installment sales on an execution basis.
  3. A dash is presented for the percentage year-on-year net change for Other because the value exceeds 1,000%.
  1. Operating Assets

As of March 31, 2020

As of June 30, 2020

Net Change

Segment by Business

Balance

Composition

Balance

Composition

Amount

Pct.

(¥ millions)

(%)

(¥ millions)

(%)

(¥ millions)

(%)

Finance leases

1,106,840

46.4

1,162,383

45.9

55,543

5.0

Operating leases

506,765

21.3

560,181

22.1

53,415

10.5

Lease and

Total leases

1,613,605

67.7

1,722,564

68.0

108,959

6.8

installment

sales

Installment sales

78,445

3.3

99,848

3.9

21,402

27.3

Lease and installment

1,692,051

71.0

1,822,412

71.9

130,361

7.7

sales total

Financing

665,557

27.9

672,858

26.6

7,300

1.1

Other

26,383

1.1

36,719

1.5

10,336

39.2

Total

2,383,992

100.0

2,531,990

100.0

147,998

6.2

Note: The figures for the installment sales segment are the installment sales trade receivables net of the deferred profit on installment sales.

11

Disclaimer

Fuyo General Lease Co. Ltd. published this content on 29 July 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 July 2020 05:05:22 UTC

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