Translation
Notice: This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the event of any discrepancy between this translated document and the original Japanese document, the latter shall prevail.
October 31, 2023
Consolidated Financial Results | |
for the Six Months Ended September 30, 2023 | |
(Under Japanese GAAP) | |
Company name: | Nankai Electric Railway Co., Ltd. |
Listing: | Tokyo Stock Exchange |
Securities code: | 9044 |
URL: | https://www.nankai.co.jp/ |
Representative: | Nobuyuki Okajima, Representative Director and President |
Inquiries: | Satoshi Sakamoto, Chief Manager, Finance & Accounting Department |
Telephone: | +81-06-6644-7145 |
Scheduled date to file quarterly securities report: | November 9, 2023 | |||||||||||
Scheduled date to commence dividend payments: | - | |||||||||||
Preparation of supplementary material on quarterly financial results: | Yes | |||||||||||
Holding of quarterly financial results briefing: | Yes (for institutional investors and analysts) | |||||||||||
(Yen amounts are rounded down to millions, unless otherwise noted.) | ||||||||||||
1. Consolidated financial results for the six months ended September 30, 2023 (from April 1, 2023 to September 30, 2023) | ||||||||||||
(1) Consolidated operating results (cumulative) | (Percentages indicate year-on-year changes.) | |||||||||||
Operating revenue | Operating income | Ordinary income | Profit attributable to | |||||||||
owners of parent | ||||||||||||
Six months ended | Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | ||||
September 30, 2023 | 117,672 | 8.7 | 14,237 | 50.7 | 13,268 | 61.5 | 8,867 | 24.6 | ||||
September 30, 2022 | 108,240 | 18.1 | 9,446 | 148.8 | 8,215 | 226.2 | 7,116 | 348.4 | ||||
Note: Comprehensive income | For the six months ended | September 30, 2023: |
For the six months ended | September 30, 2022: |
13,490 | million | [ | 115.3 | %] | |
6,267 | million | [ | 258.1 | %] |
Basic earnings per share | Diluted earnings per share | |||||||||||
Six months ended | Yen | Yen | ||||||||||
September 30, 2023 | 78.32 | - | ||||||||||
September 30, 2022 | 62.83 | - | ||||||||||
(2) Consolidated financial position | ||||||||||||
Total assets | Net assets | Equity-to-asset ratio | ||||||||||
As of | Millions of yen | Millions of yen | % | |||||||||
September 30, 2023 | 926,415 | 285,223 | 29.3 | |||||||||
March 31, 2023 | 935,113 | 274,586 | 27.9 | |||||||||
Reference: Equity | As of September 30, 2023: | 271,517 million | ||||||||||
As of March 31, 2023: | 261,121 million | |||||||||||
2. Cash dividends | ||||||||||||
Annual dividends per share | ||||||||||||
First quarter-end | Second quarter-end | Third quarter-end | Fiscal year-end | Total | ||||||||
Yen | Yen | Yen | Yen | Yen | ||||||||
Fiscal year ended March 31, 2023 | - | 0.00 | - | 25.00 | 25.00 | |||||||
Fiscal year ending March 31, 2024 | - | 0.00 | ||||||||||
Fiscal year ending March 31, 2024 | - | 25.00 | 25.00 | |||||||||
(Forecast) | ||||||||||||
Note: Revisions to the forecast of cash dividends most recently announced: | None |
3. Forecast of consolidated financial results for the year ending March 31, 2024 (from April 1, 2023 to March 31, 2024)
(Percentages indicate year-on-year changes.)
Operating revenue | Operating income | Ordinary income | Profit attributable to owners | Basic earnings | ||||||||
of parent | per share | |||||||||||
Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | Yen | ||||
Full year | 248,000 | 12.1 | 27,200 | 29.4 | 25,400 | 33.9 | 21,800 | 49.1 | 192.52 |
Note: Revisions to the forecast of consolidated financial results most recently announced: | Yes |
* Notes | |||
(1) | Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the change | None | |
in scope of consolidation): | |||
(2) | Adoption of accounting treatment specific to the preparation of quarterly consolidated financial statements: | None | |
(3) | Changes in accounting policies, changes in accounting estimates, and restatement | ||
(i) Changes in accounting policies due to revisions to accounting standards and other regulations: | None | ||
(ii) Changes in accounting policies due to other reasons: | None | ||
(iii) | Changes in accounting estimates: | None | |
(iv) | Restatement: | None |
- Number of issued shares (common shares)
- Total number of issued shares at the end of the period (including treasury shares)
As of | September 30, 2023 | 113,402,446 | shares | As of | March 31, 2023 | 113,402,446 | shares |
(ii) Number of treasury shares at the end of the period | |||||||
As of | September 30, 2023 | 168,425 | shares | As of | March 31, 2023 | 174,018 | shares |
(iii) Average number of shares outstanding during the period (cumulative from the beginning of the fiscal year) | |||||||
Six months ended September 30, 2023 | 113,229,993 | shares | Six months ended September 30, 2022 | 113,264,885 | shares |
Quarterly consolidated financial statements
Consolidated balance sheets
(Millions of yen) | ||
As of March 31, 2023 | As of September 30, 2023 | |
Assets | ||
Current assets | ||
Cash and deposits | 38,409 | 25,161 |
Notes and accounts receivable - trade, | 23,904 | 27,141 |
and contract assets | ||
Merchandise and finished goods | 23,089 | 21,284 |
Work in process | 586 | 1,533 |
Raw materials and supplies | 3,017 | 3,098 |
Other | 14,710 | 9,427 |
Allowance for doubtful accounts | △102 | △111 |
Total current assets | 103,616 | 87,536 |
Non-current assets | ||
Property, plant and equipment | ||
Buildings and structures, net | 351,213 | 344,477 |
Land | 359,470 | 359,394 |
Construction in progress | 28,219 | 33,269 |
Other, net | 29,817 | 31,294 |
Total property, plant and equipment | 768,721 | 768,435 |
Intangible assets | 9,544 | 9,214 |
Investments and other assets | ||
Investment securities | 37,581 | 45,648 |
Retirement benefit asset | 2,072 | 2,077 |
Other | 14,116 | 14,034 |
Allowance for doubtful accounts | △538 | △532 |
Total investments and other assets | 53,231 | 61,228 |
Total non-current assets | 831,497 | 838,879 |
Total assets | 935,113 | 926,415 |
(Millions of yen) | ||
As of March 31, 2023 | As of September 30, 2023 | |
Liabilities | ||
Current liabilities | ||
Notes and accounts payable - trade | 19,453 | 16,581 |
Short-term borrowings | 94,776 | 89,404 |
Current portion of bonds payable | 10,000 | 10,000 |
Income taxes payable | 1,658 | 2,526 |
Provision for bonuses | 2,836 | 2,916 |
Other | 47,803 | 61,877 |
Total current liabilities | 176,529 | 183,306 |
Non-current liabilities | ||
Bonds payable | 130,000 | 120,000 |
Long-term borrowings | 239,738 | 220,248 |
Retirement benefit liability | 18,719 | 18,882 |
Other | 95,539 | 98,755 |
Total non-current liabilities | 483,997 | 457,885 |
Total liabilities | 660,526 | 641,192 |
Net assets | ||
Shareholders' equity | ||
Share capital | 72,983 | 72,983 |
Capital surplus | 28,145 | 28,149 |
Retained earnings | 113,688 | 119,726 |
Treasury shares | △468 | △454 |
Total shareholders' equity | 214,348 | 220,404 |
Accumulated other comprehensive income | ||
Valuation difference on available-for- | 11,773 | 16,410 |
sale securities | ||
Deferred gains or losses on hedges | △0 | - |
Revaluation reserve for land | 34,484 | 34,480 |
Remeasurements of defined benefit plans | 515 | 221 |
Total accumulated other comprehensive | 46,772 | 51,112 |
income | ||
Non-controlling interests | 13,465 | 13,705 |
Total net assets | 274,586 | 285,223 |
Total liabilities and net assets | 935,113 | 926,415 |
Consolidated statements of income (cumulative) and consolidated statements of comprehensive income (cumulative)
Consolidated statements of income (cumulative)
(Millions of yen) | ||
Six months ended | Six months ended | |
September 30, 2022 | September 30, 2023 | |
Operating revenue | 108,240 | 117,672 |
Operating expenses | ||
Operating expenses and cost of sales of | 95,412 | 99,887 |
transportation | ||
Selling, general and administrative expenses | 3,381 | 3,546 |
Total operating expenses | 98,794 | 103,434 |
Operating income | 9,446 | 14,237 |
Non-operating income | ||
Interest income | 13 | 13 |
Dividend income | 524 | 640 |
Miscellaneous income | 316 | 321 |
Total non-operating income | 854 | 974 |
Non-operating expenses | ||
Interest expenses | 1,798 | 1,711 |
Miscellaneous expenses | 286 | 232 |
Total non-operating expenses | 2,085 | 1,944 |
Ordinary income | 8,215 | 13,268 |
Extraordinary income | ||
Contribution received for construction | 178 | 153 |
Subsidies | 195 | - |
Other | 16 | 2 |
Total extraordinary income | 390 | 156 |
Extraordinary losses | ||
Loss on valuation of investment securities | - | 332 |
Tax purpose reduction entry of contribution | 158 | 150 |
for construction | ||
Loss on liquidation of subsidiaries and | 197 | - |
associates | ||
Other | 237 | 42 |
Total extraordinary losses | 593 | 525 |
Profit before income taxes | 8,012 | 12,899 |
Income taxes - current | 1,134 | 2,463 |
Income taxes - deferred | △354 | 1,466 |
Total income taxes | 779 | 3,929 |
Profit | 7,233 | 8,969 |
Profit attributable to non-controlling | 116 | 101 |
interests | ||
Profit attributable to owners of parent | 7,116 | 8,867 |
Consolidated statements of comprehensive income (cumulative)
(Millions of yen) | ||
Six months ended | Six months ended | |
September 30, 2022 | September 30, 2023 | |
Profit | 7,233 | 8,969 |
Other comprehensive income | ||
Valuation difference on available-for-sale | △797 | 4,823 |
securities | ||
Deferred gains or losses on hedges | - | 0 |
Remeasurements of defined benefit plans, net | △168 | △302 |
of tax | ||
Total other comprehensive income | △965 | 4,520 |
Comprehensive income | 6,267 | 13,490 |
Comprehensive income attributable to | ||
Comprehensive income attributable to owners | 6,223 | 13,211 |
of parent | ||
Comprehensive income attributable to non- | 44 | 278 |
controlling interests | ||
Consolidated statements of cash flows
(Millions of yen) | ||
Six months ended | Six months ended | |
September 30, 2022 | September 30, 2023 | |
Cash flows from operating activities | ||
Profit before income taxes | 8,012 | 12,899 |
Depreciation | 13,738 | 13,545 |
Reduction entry of land contribution for | 158 | 150 |
construction | ||
Interest expenses | 1,798 | 1,711 |
Contribution received for construction | △178 | △153 |
Decrease (increase) in trade receivables | 2,701 | △921 |
Increase (decrease) in trade payables | △5,749 | △4,695 |
Decrease (increase) in inventories | △272 | 777 |
Other, net | △1,956 | △666 |
Subtotal | 18,252 | 22,647 |
Interest and dividends received | 526 | 622 |
Interest paid | △1,798 | △1,688 |
Income taxes refund (paid) | △1,609 | △842 |
Net cash provided by (used in) operating | 15,371 | 20,739 |
activities | ||
Cash flows from investing activities | ||
Purchase of non-current assets | △16,955 | △12,605 |
Proceeds from sale of non-current assets | 138 | 3,586 |
Proceeds from contribution received for | 5,681 | 6,653 |
construction | ||
Purchase of investment securities | △195 | △1,470 |
Other, net | △522 | △318 |
Net cash provided by (used in) investing | △11,852 | △4,153 |
activities | ||
Cash flows from financing activities | ||
Net increase (decrease) in short-term | △1,730 | △2,860 |
borrowings | ||
Net increase (decrease) in commercial papers | 7,000 | 8,000 |
Proceeds from long-term borrowings | 11,200 | 7,030 |
Repayments of long-term borrowings | △21,309 | △29,032 |
Redemption of bonds | - | △10,000 |
Dividends paid | △2,809 | △2,805 |
Other, net | △260 | △200 |
Net cash provided by (used in) financing | △7,909 | △29,868 |
activities | ||
Net increase (decrease) in cash and cash | △4,390 | △13,282 |
equivalents | ||
Cash and cash equivalents at beginning of | 36,101 | 37,540 |
period | ||
Cash and cash equivalents at end of period | 31,710 | 24,257 |
Segment information
Six months ended September 30, 2022
Information on operating revenue and operating income or loss by reported segment
(Millions of yen)
Transportation | Real Estate | Distribution | Leisure and | Construction | Other | Total | Adjustment | Consolidated | |
Services | |||||||||
Operating revenue | |||||||||
Revenues from external | 45,834 | 22,280 | 11,565 | 13,312 | 15,184 | 62 | 108,240 | - | 108,240 |
customers | |||||||||
Transactions with | 501 | 513 | 258 | 5,000 | 4,134 | 1,018 | 11,427 | △11,427 | - |
other segments | |||||||||
Total | 46,335 | 22,794 | 11,824 | 18,312 | 19,319 | 1,080 | 119,668 | △11,427 | 108,240 |
Operating income (loss) | △885 | 6,657 | 925 | 1,624 | 980 | △49 | 9,254 | 192 | 9,446 |
Six months ended September 30, 2023
Information on operating revenue and operating income or loss by reported segment
(Millions of yen)
Transportation | Real Estate | Distribution | Leisure and | Construction | Other | Total | Adjustment | Consolidated | |
Services | |||||||||
Operating revenue | |||||||||
Revenues from external | 48,068 | 24,668 | 12,770 | 14,510 | 17,586 | 66 | 117,672 | - | 117,672 |
customers | |||||||||
Transactions with | 563 | 549 | 294 | 5,586 | 4,585 | 1,247 | 12,826 | △12,826 | - |
other segments | |||||||||
Total | 48,632 | 25,218 | 13,064 | 20,097 | 22,172 | 1,313 | 130,498 | △12,826 | 117,672 |
Operating income (loss) | 3,456 | 7,072 | 1,616 | 1,701 | 173 | △58 | 13,961 | 276 | 14,237 |
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Nankai Electric Railway Co. Ltd. published this content on 31 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 October 2023 06:08:48 UTC.