By January 7, 2014
YONDOSHI HOLDINGS INC. is listed on the First Section of the Tokyo Stock Exchange under the securities code number 8008.Representative: Hidenori Suzuki, President and Representative Director
Inquiries: Masahiko Nishimura, Director and General Manager Operations Dept.
Tel: +81-3-5719-3429
URL: http://www.yondoshi.co.jp/
Quarterly Securities Report filing date (planned): January 14, 2014
Supplemental materials prepared for quarterly financial results: No
Holding of quarterly financial results meeting: No
Dividend payment commencement date (planned): -
(Millions of yen rounded down)
1. Consolidated Operating Results for Nine-Month Period of Fiscal 2013 (March 1, 2013 to November 30, 2013)(1) Consolidated Operating Results (Cumulative)
(Percentage figures are the increase / (decrease) for the corresponding period of the previous fiscal year.)
Operating Revenues | Operating Income | Ordinary Income | Net Income | |
FY2013 Nine-Month Period FY2012 Nine-Month Period | Millions of yen ? 35,459 0.3 34,360 4.3 | Millions of yen ? 2,987 5.3 2,837 34.2 | Millions of yen ? 3,525 9.3 3,225 39.5 | Millions of yen ? 2,004 36.9 1,464 33.0 |
Note: Comprehensive income FY2013 Nine-Month Period: 2,494 million yen (78.9%) FY2012 Nine-Month Period: 1,394 million yen (43.5%)
Net Income per Share | Net Income per Share after Dilution | |
FY2013 Nine-Month Period FY2012 Nine-Month Period | Yen 73.33 53.40 | Yen 73.23 - |
(2) Consolidated Financial Position
(Reference)
Shareholders' equity: November 30, 2013: 43,071 million yen February 28, 2013: 41,086 million yen
2. DividendsNote: Revision to dividend forecast for the third quarter of the fiscal year ending February 28, 2014: Yes
Breakdown of period-end cash dividend for the fiscal year ending February 2014:
Ordinary cash dividend: ¥12.50 Special cash dividend: ¥5.00
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3. Forecasts of Consolidated Operating Results for the Fiscal Year Ending February 28, 2014 (March 1, 2013 to February 28, 2014)(% figures for the full fiscal year represent year-on-year increase or decrease)
Net Sales | Operating Income | Ordinary Income | Net Income | Net Income per Share | |
Fiscal year ending February 28, 2014 | Millions of yen % 50,000 3.7 | Millions of yen % 4,750 10.7 | Millions of yen % 5,400 10.6 | Millions of yen % 3,050 9.5 | Yen 111.57 |
Note: Revisions to consolidated operating forecasts for the third quarter of the fiscal year ending February 28, 2014: No
Notes(1) Changes in Important Subsidiaries during the Period: No
(Changes in specified subsidiaries that caused changes in the scope of consolidation): No
(2) Application of Special Accounting Practices in the Preparation of the Quarterly Consolidated
Financial Statements: No
(3) Changes in Accounting Policies, Changes in Accounting Estimates, and Restatements
1) Changes of accounting principles in line with revisions to accounting and other standards: Yes
2) Changes of accounting principles other than 1) above: No
3) Changes in accounting estimates: Yes
4) Retrospective restatement: No
Note: These are subject to Article 10-5 of the Ordinance on Terminology, Forms and Preparation
Methods of Quarterly Financial Statements. For more detailed information, please see the section "2. Summary Information (Notes)" on page 5.
(4) Number of Shares Issued and Outstanding (Common Stock)
1. Total number of shares issued and outstanding (including treasury stock) as of the
period-end:
November 30, 2013: 29,331,356 shares Feb. 28, 2013: 29,331,356 shares
2. Total number of treasury stock as of the period-end:
November 30, 2013: 1,939,003 shares Feb. 28, 2013: 2,109,450 shares
3. Average number of shares for the period (Cumulative total for the quarterly consolidated period)
FY2013 Nine-Month Period: 27,337,307 shares FY2012 Nine-Month Period: 27,426,420 shares
Note: The number of recorded treasury stock is inclusive of 175,100 of the Company's shares
held by the Yondoshi Holdings Employees' Shareholding Association Trust Account as of
the end of the quarterly period.
Regarding the Status of Quarterly Review Procedure Implementation
This financial report for the nine-month period of fiscal 2013 is not subject to the quarterly review procedures stipulated in the Financial Instruments and Exchange Act of Japan. As of the date of disclosure
of this report, the review procedures for the quarterly financial statements under the Financial Instruments and Exchange Act had not been completed.
Explanation concerning the Proper Use of Operating Results Forecasts and Other Relevant Specific Items The forecasts of operating results and other items concerning the future contained in this document are based on management's assumptions and beliefs that are determined to be reasonable in light of currently available information, YONDOSHI HOLDINGS INC. cautions readers that due to a variety of factors actual results may differ materially from forecasts. For the assumptions that underpin operating results forecasts as well as cautionary notes on the use of operating results forecasts, please refer to "Qualitative Information Regarding Forecasts of Consolidated Business Results" on page 5.
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Contents1. Qualitative Information Regarding Consolidated Quarterly Business Results 4 (1) Qualitative Information Regarding Consolidated Operating Results 4 (2) Qualitative Information Regarding Consolidated Financial Position 5 (3) Qualitative Information Regarding Forecasts of Consolidated Business Results 5
2. Summary Information (Notes) 5
(1) Changes in Important Subsidiaries During the Period 5
(2) Application of Special Accounting Practices in the Preparation of the Quarterly 5
Consolidated Financial Statements
(3) Changes in Accounting Policies, Changes in Accounting Estimates, and Restatements 5
3. Consolidated Quarterly Financial Statements 6 (1) Consolidated Quarterly Balance Sheets 6
(2) Consolidated Quarterly Statements of Income and Consolidated Quarterly Statements of 8
Comprehensive Income
Consolidated Quarterly Statements of Income Third Quarter Cumulative 8
Consolidated Quarterly Statements of Comprehensive Income Third Quarter Cumulative 9 (3) Notes Regarding Going Concern Assumptions 10 (4) Notes Regarding Substantial Changes in Shareholders' Equity 10 (5) Segment Information 10
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1. Qualitative Information Regarding Consolidated Quarterly Business Results (1) Qualitative Information Regarding Consolidated Operating ResultsDuring the third quarter cumulative period of the fiscal year ending February 28, 2014 (March 1 to November 30, 2013), the outlook for the Japanese economy remained clouded as a result of such factors as the weak European economy, and sluggish growth in developing countries. However, signs of recovery gradually appeared, including improvement in corporate earnings amid corrections to the strong yen and rising stock prices, attributable to favorable reactions to the government's economic measures and financial policies.
In the retail industry, sales of high-priced items were positive as a result of the wealth effect and other factors, though business conditions remained harsh overall as personal consumption fell short of a full-fledged recovery.
Under these circumstances, for fiscal 2013, the second year of its third medium-term management plan, the YONDOSHI HOLDINGS Group took steps to enhance its corporate value, including practicing CSR-based management to become a highly trusted corporate group, strengthening internal controls, providing returns to shareholders, and making longer term investments linked to earnings growth.
As a result, for the third quarter cumulative period, operating revenues amounted to ¥34,459 million (up 0.3% year on year), with operating income of ¥2,987 million (up 5.3%), ordinary income of
¥3,525 million (up 9.3%), and net income of ¥2,004 million (up 36.9%).
Operating income, ordinary income, and net income all reached record highs for the third quarter cumulative period.
Note: Operating revenues are the sum total of net sales and other operating revenues. Operating results by business segment were as follows.
The F.D.C. Products Group
The F.D.C. Products group posted an increase in sales and a considerable rise in operating income from the same period of the previous fiscal year, due mainly to positive performance at existing locations of mainstay 4°C brand jewelry stores and other outlets, along with an aggressive expansion program for
4°C BRIDAL and canal 4°C stores.
As a result, segment operating revenues amounted to ¥17,187 million (up 4.6% from the same period of the previous fiscal year), with operating income of ¥2,622 million (up 11.8%).
The AS'TY Group
The AS'TY group strengthened its project planning capabilities in the apparel manufacturing business, and took steps to enhance marketing activities, but sales and operating income both declined from the same period of the previous fiscal year as a result of the impact from the weak yen and other factors.
As a result, segment operating revenues amounted to ¥7,187 million (down 8.8% from the same period of the previous fiscal year), with operating income of ¥495 million (down 14.8%).
MISUZU
MISUZU Co., Ltd. conducted proactive sales promotion campaigns, and took steps to enhance product planning, but sales and operating income both declined from the same period of the previous fiscal year as a result of such factors as a decline in average spending per customer, and sluggish performance at new stores.
As a result, segment operating revenues amounted to ¥4,321 million (down 3.6% from the same period of the previous fiscal year), with an operating loss of ¥69 million (compared to operating income
of ¥64 million a year earlier).
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age
age Co., Ltd. posted increases in both sales and operating income from the same period of the previous fiscal year, due mainly to strenuous efforts at existing locations of the company's mainstay everyday fashion brand PALLET, along with expanded sales resulting from new store openings.
As a result, segment operating revenues amounted to ¥5,763 million (up 3.5% from the same period of the previous fiscal year), with operating income of ¥116 million (up 2.9%).
(2) Qualitative Information Regarding Consolidated Financial PositionTotal assets at the end of the subject third quarter cumulative period (November 30, 2013) amounted to
¥58,111 million, an increase of ¥4,816 million from the end of the previous fiscal year (February 28,
2013). This was due mainly to increases of ¥2,221 million in merchandise and finished goods; ¥1,178
million in notes and accounts receivable?trade; and ¥921 million in short-term investment securities.
Total liabilities amounted to ¥15,026 million, an increase of ¥2,837 million from the end of the previous fiscal year. This was due mainly to an increase of ¥1,798 million in notes and accounts payable- trade.
Total net assets at the end of the subject period amounted to ¥43,085 million, an increase of ¥1,978 million from the end of the previous fiscal year. This was due mainly to an increase of ¥1,293 million
in retained earnings.
(3) Qualitative Information Regarding Forecasts of Consolidated Business ResultsEarnings forecasts are unchanged from those announced on April 15, 2013.
2. Summary Information (Notes) (1) Changes in Important Subsidiaries during the PeriodNot applicable
(2) Application of Special Accounting Practices in the Preparation of the Quarterly Consolidated Financial StatementsNot applicable
(3) Changes in Accounting Policies, Changes in Accounting Estimates, and Restatements(Changes in Accounting Policies Difficult to Distinguish from Changes in Accounting Estimates)
In accordance with revisions to the Corporation Tax Act of Japan, YONDOSHI HOLDINGS and its domestic consolidated subsidiaries have changed their accounting policies for property and equipment acquired on or after March 1, 2013 to the depreciation method based on the revised Corporation Tax Act effective from the first quarter of fiscal 2013.
The impact of this change on profit and loss for the nine-month period of fiscal 2013 is minimal.
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3. Consolidated Quarterly Financial Statements (1) Consolidated Quarterly Balance Sheets(Thousands of yen)
ASSETS Current assets:
End of the Fiscal Year Ended
February 28, 2013
(As of February 28, 2013)
End of the Third Quarter of the Fiscal Year Ending February 28, 2014
(As of November 30, 2013)
Cash and deposits 521,769 660,423
Notes and accounts receivable ? trade 3,149,372 4,327,928
Short-term investment securities 1,590,000 1,980,000
Merchandise and finished goods 5,842,888 8,064,159
Work in process 447,256 454,436
Raw materials and supplies 464,404 555,555
Other current assets 979,526 996,785
Allowance for doubtful accounts (216) (4,527) Total current assets 12,995,001 17,034,762
Property, plant and equipment:
Buildings and structures, net 5,389,917 5,531,403
Land 5,617,629 5,549,208
Other, net 678,445 754,086
Total property, plant and equipment 11,685,992 11,834,697
Intangible assets:
Goodwill 6,726,954 6,330,437
Other intangible assets 624,005 705,109
Total intangible assets 7,350,959 7,035,546
Investments and other assets:
Investment securities 14,803,392 15,724,424
Prepaid pension cost 1,998,224 2,058,644
Other 5,045,991 5,005,327
Allowance for doubtful accounts (584,093) (581,875) Total investments and other assets 21,263,515 22,206,521
Total noncurrent assets 40,300,467 41,076,765
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(Thousands of yen)
LIABILITIES Current liabilities:
End of the Fiscal Year Ended
February 28, 2013
(As of February 28, 2013)
End of the Third Quarter of the Fiscal Year Ending February 28, 2014
(As of November 30, 2013)
Notes and accounts payable ? trade 3,810,018 5,608,522
Income taxes payable 855,113 503,412
Provision for bonuses 553,077 496,346
Provision for directors' bonuses 59,450 47,836
Other 2,895,275 3,917,175
Total current liabilities 8,172,934 10,573,292
Long-term loans payable 243,160 198,400
Provision for retirement benefits 540,621 548,989
Provision for directors' retirement benefits 380,602 326,808
Asset retirement obligations 845,241 926,463
Other 2,006,268 2,452,129
Total noncurrent liabilities 4,015,894 4,452,789
Capital stock 2,486,520 2,486,520
Capital surplus 18,300,303 18,322,104
Retained earnings 21,891,593 23,185,015
Treasury stock (1,670,933) (1,521,780) Total shareholders' equity 41,007,484 42,471,861
Valuation difference on available-for-sale securities 352,470 807,368
Deferred gains or losses on hedges 16,070 12,550
Revaluation reserve for land (264,512) (233,476) Foreign currency translation adjustments (25,239) 13,360
Total other accumulated comprehensive income 78,789 599,802
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(2) Consolidated Quarterly Statements of Income and Consolidated Quarterly Statements of Comprehensive Income Consolidated Quarterly Statements of Income Third Quarter Cumulative(Thousands of yen)
Nine-Month Period of the Fiscal Year Ended February 28, 2013 (March 1, 2012 to November 30, 2012)
Nine-Month Period of the Fiscal Year Ending February 28, 2014 (March 1, 2013 to November 30, 2013)
Gross profit 18,231,985 18,592,332
Other operating revenue 730,730 646,989
Operating gross profit 18,962,715 19,239,322
Interest income 1,495 6,564
Dividends received 42,865 45,891
Equity in earnings of affiliates 236,221 371,168
Rent of real estate for investment 66,172 73,752
Foreign exchange gains 19,744 14,312
Other 49,548 39,462
Total non-operating income 416,047 551,152
Interest expenses 11,152 2,492
Loss on insurance cancellation 4,405 1,925
Depreciation of real estate for investment 4,689 4,576
Other 7,714 4,139
Total non-operating expenses 27,961 13,135
Gain on sales of noncurrent assets 77,915 12,163
Gain on sales of investments in real estates ? 21,974
Gain on sales of golf club membership ? 1,500
Gain on sales of investment securities 244 ?
Foregift income 14,000 ?
Refund of consumer taxes for prior periods 92,159 35,638
Loss on retirement of noncurrent assets 4,036 ? Loss on valuation of investment securities 149,225 ? Impairment loss 155,425 96,808
Loss on closing of stores 9,935 1,762
Demolition expenses 18,000 ? Loss on valuation of golf club membership 23,004 ? Loss on withdrawal from employees' pension fund 183,983 ?
Total extraordinary losses 543,611 98,571
Net income before income taxes 2,773,855 3,462,100
Income taxes ? current 981,110 1,062,532
Income taxes ? deferred 328,550 394,868
Total income taxes 1,309,661 1,457,401
Income before minority interests 1,464,194 2,004,699
Minority interests in income (loss) (263) (0)
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Consolidated Quarterly Statements of Comprehensive Income Third Quarter Cumulative(Thousands of yen)
Nine-Month Period of the Fiscal Year Ended February 28, 2013 (March 1, 2012 to November 30, 2012)
Nine-Month Period of the Fiscal Year Ending February 28, 2014 (March 1, 2013 to November 30, 2013)
Income before minority interests 1,464,194 2,004,699
Other comprehensive income
Other valuation difference on available-for-sale securities (20,575) 381,903
Deferred gains or losses on hedges (5,563) (2,369) Foreign currency translation adjustments (6,233) 38,599
Share of other comprehensive income of associates accounted
for using equity method (37,568) 71,843
Total other comprehensive income (69,941) 489,977
Comprehensive income attributable to
Comprehensive income attributable to owners of the parent 1,394,515 2,494,677
Comprehensive income attributable to minority interests (263) (0)
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(3) Notes Regarding Going Concern AssumptionsNot applicable
(4) Notes Regarding Substantial Changes in Shareholders' EquityNot applicable
(5) Segment Information? The nine-month period of the fiscal year ended February 28, 2013 (March 1, 2012 to November 30, 2012)
1. Information Regarding Sales and Income or Loss by Reporting Segment(Thousands of yen)
Reporting Segments | Adjustment amount (Note 1) | Amount recorded on consolidated quarterly statements of income (Note 2) | |||||
F.D.C. Products group | AS'TY group | MISUZU | age | Total | Adjustment amount (Note 1) | Amount recorded on consolidated quarterly statements of income (Note 2) | |
Operating revenues Operating revenues to outside customers Intrasegment operating revenues and transfers | 16,429,578 30,478 | 7,880,200 1,097,032 | 4,484,101 38,782 | 5,566,641 134,176 | 34,360,522 1,300,469 | ? (1,300,469) | 34,360,522 ? |
Total | 16,460,056 | 8,977,232 | 4,522,883 | 5,700,818 | 35,660,991 | (1,300,469) | 34,360,522 |
Segment income | 2,345,822 | 582,160 | 64,231 | 113,252 | 3,105,467 | (268,246) | 2,837,221 |
Notes:
1. The adjustment amount of minus ¥268,246 thousand for segment income mainly includes corporate expenses that are not allocated to individual reporting segments. Corporate expenses are primarily general administrative expenses not attributable to reporting segments.
2. Segment income figures have been adjusted to operating income on the consolidated quarterly income statements.
2. Information Regarding Impairment Loss of Fixed Assets, Goodwill and Related Items by Reporting SegmentThere was no major impairment loss recorded during the period under review.
? The nine-month period of the fiscal year ending February 28, 2014 (March 1, 2013 to November 30, 2013)
1. Information Regarding Sales and Income or Loss by Reporting Segment(Thousands of yen)
Reporting Segments | Adjustment amount (Note 1) | Amount recorded on consolidated quarterly statements of income (Note 2) | |||||
F.D.C. Products group | AS'TY group | MISUZU | age | Total | Adjustment amount (Note 1) | Amount recorded on consolidated quarterly statements of income (Note 2) | |
Operating revenues Operating revenues to outside customers Intrasegment operating revenues and transfers | 17,187,935 28,927 | 7,187,167 1,086,667 | 4,321,103 17,536 | 5,763,493 155,980 | 34,459,700 1,289,113 | ? (1,289,113) | 34,459,700 ? |
Total | 17,216,863 | 8,273,835 | 4,338,640 | 5,919,474 | 35,748,813 | (1,289,113) | 34,459,700 |
Segment income or loss | 2,622,456 | 495,836 | (69,535) | 116,529 | 3,165,287 | (178,270) | 2,987,016 |
Notes:
1. The adjustment amount of minus ¥178,270 thousand for segment income or loss mainly includes corporate expenses that are not allocated to individual reporting segments. Corporate expenses are primarily general administrative expenses not attributable to reporting segments.
2. Segment income or loss figures have been adjusted to operating income on the consolidated quarterly income statements.
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2. Information Regarding Impairment Loss of Fixed Assets, Goodwill and Related ltems by
Reporting Segment
There was no major impairment loss recorded during the period under review.
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