Benefit One Inc. TSE 1, Security Code: 2412 https://corp.benefit-one.co.jp/
February 1, 2022
Operating Performance at Benefit One for the First Nine Months of the Fiscal
Year Ending March 2022 (cumulative Q3 FY03/22)
Summary of Consolidated Operating Results for cumulative Q3 FY03/22
The Healthcare business contributed significantly to overall performance; consolidated operating income up 37.9%
- COVID-19vaccination support operations expanded in the Healthcare business, boosting consolidated earnings.
- Towards the end of 2021, member usage of services provided through the Employee Benefit Services business grew, and rebate-related expenditures were on the rise.
- With the conversion of JTB Benefit Service, Inc. into a subsidiary, total member count exceeded 10 million(Note 1). This change will be reflected in the Company's consolidated income statement starting in Q4.
- The Company's adoption of new accounting standards had a downward impact of ¥5,835 million on sales and an insignificant impact on income.
- The Company has made no changes to the full-year projections it announced on May 12, 2021.
Note 1: Total number of members including Employee Benefit Services members, Individual Benefit Services members, and CRM
members.
1. Consolidated operating performance in cumulative Q3 FY03/22 (April 1-December31, 2021)
Nine months ended | Nine months ended | YoY | Full-year forecast | ||||||||||||||
December 31, 2020 | December 31, 2021 | ||||||||||||||||
(Millions of yen) | % of | % of | Progress | ||||||||||||||
Amount | Amount | Change | % | Amount | vs. | ||||||||||||
sales | sales | ||||||||||||||||
forecast | |||||||||||||||||
Sales | 27,074 | - | 27,068 | - | ▲5 | ▲0.0% | 37,310 | 72.6% | |||||||||
Cost of sales | 15,215 | 56.2% | 12,256 | 45.3% | ▲2,959 | ▲19.5% | - | - | |||||||||
Gross profit | 11,858 | 43.8% | 14,812 | 54.7% | +2,954 | +24.9% | - | - | |||||||||
SG&A expenses | 4,942 | 18.3% | 5,274 | 19.5% | +332 | +6.7% | - | - | |||||||||
Operating income | 6,916 | 25.5% | 9,538 | 35.2% | +2,621 | +37.9% | 11,750 | 81.2% | |||||||||
Ordinary income | 6,960 | 25.7% | 9,552 | 35.3% | +2,591 | +37.2% | 11,830 | 80.7% | |||||||||
Net income attributable | 4,772 | 17.6% | 6,663 | 24.6% | +1,890 | +39.6% | 8,120 | 82.1% | |||||||||
to owners of parent | |||||||||||||||||
Note 2: The Company's application of the Accounting Standard for Revenue Recognition from the start of FY03/22 had downward impacts of ¥5,835 million on sales, ¥5,821 million on cost of sales, and ¥14 million on income.
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Benefit One Inc. TSE 1, Security Code: 2412 https://corp.benefit-one.co.jp/
2.Performance of Major Businesses (April 1, 2021-December 31, 2021)
(Millions of yen) | Sales | YoY | Operating | YoY | Reasons for change | ||||||||||
Change | % | income | Change | % | |||||||||||
Employee Benefit | 13,075 | ▲279 | ▲2.1% | | Recovery | in member service | |||||||||
Services | |||||||||||||||
usage; increase in rebate- | |||||||||||||||
Individual Benefit | 1,444 | ▲134 | ▲8.5% | related expenditures | |||||||||||
Services | |||||||||||||||
| Sales impact of change in | ||||||||||||||
6,889 | +718 | +11.6% | accounting | standards: -¥368 | |||||||||||
million | |||||||||||||||
CRM | 328 | +7 | +2.3% | | Income impact of changes in | ||||||||||
the allocation | method | for | |||||||||||||
companywide | shared | ||||||||||||||
expenses: +¥928 million | |||||||||||||||
Incentive | 2,586 | ▲323 | ▲11.1% | 612 | ▲73 | ▲10.7% | | Decline in service usage from | |||||||
major existing clients | |||||||||||||||
| Contribution from expansion in | ||||||||||||||
COVID-19 vaccination support | |||||||||||||||
Healthcare | 7,441 | +561 | +8.1% | 3,570 | +3,227 | +942.3% | services | ||||||||
| Sales impact of change in | ||||||||||||||
accounting standards: -¥5,467 | |||||||||||||||
million | |||||||||||||||
| Continued to incur COVID-19- | ||||||||||||||
Purchase and | 477 | ▲27 | ▲5.3% | 60 | +18 | +44.0% | related impact despite | ||||||||
Settlement Service | |||||||||||||||
recovery in the use of the | |||||||||||||||
service on business trips | |||||||||||||||
| Launch of Kyutokubarai and | ||||||||||||||
Payment | 8 | +1 | +21.6% | ▲54 | ▲59 | - | upfront spending associated | ||||||||
with the launch | |||||||||||||||
| Transactions with existing | ||||||||||||||
Overseas | 1,080 | +97 | +9.8% | ▲105 | ▲23 | - | customers strong despite | ||||||||
COVID-19-related impact | |||||||||||||||
| Increase | in | expenses | ||||||||||||
Other (company-wide | 629 | +92 | - | ▲1,434 | ▲1,187 | - | stemming | from | changes | in | |||||
shared expenses, etc.) | expense allocation method | ||||||||||||||
Total | 27,068 | ▲5 | ▲0.0% | 9,538 | +2,621 | +37.9% | |||||||||
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Benefit One Inc. TSE 1, Security Code: 2412 https://corp.benefit-one.co.jp/
3.Performance of Major Businesses, by Quarter
FY03/20 | FY03/21 | FY03/22 | ||||||||||||||||||||||||||||||||||
(Millions of yen) | ||||||||||||||||||||||||||||||||||||
1Q | 2Q | 3Q | 4Q | 1Q | 2Q | 3Q | 4Q | 1Q | 2Q | 3Q | ||||||||||||||||||||||||||
Employee Benefit | 4,359 | 4,471 | 4,396 | 4,484 | 4,441 | 4,443 | 4,470 | 4,577 | 4,372 | 4,344 | 4,359 | |||||||||||||||||||||||||
Services | ||||||||||||||||||||||||||||||||||||
Individual Benefit | 647 | 650 | 628 | 589 | 539 | 536 | 503 | 478 | 498 | 484 | 462 | |||||||||||||||||||||||||
Services | ||||||||||||||||||||||||||||||||||||
CRM | 130 | 114 | 103 | 142 | 109 | 111 | 101 | 151 | 109 | 110 | 108 | |||||||||||||||||||||||||
Incentive | 1,295 | 770 | 630 | 986 | 995 | 1,120 | 794 | 1,048 | 981 | 921 | 683 | |||||||||||||||||||||||||
Healthcare | 1,837 | 2,711 | 2,737 | 3,313 | 1,616 | 2,123 | 3,141 | 3,486 | 1,811 | 3,733 | 1,897 | |||||||||||||||||||||||||
Purchase and | 189 | 187 | 179 | 195 | 160 | 162 | 182 | 191 | 165 | 161 | 150 | |||||||||||||||||||||||||
Settlement Service | ||||||||||||||||||||||||||||||||||||
Payment | - | - | - | - | - | - | - | - | 3 | 2 | 3 | |||||||||||||||||||||||||
Overseas | 107 | 253 | 227 | 268 | 230 | 331 | 422 | 441 | 348 | 293 | 438 | |||||||||||||||||||||||||
Other | 115 | 122 | 205 | 233 | 158 | 115 | 271 | 395 | 196 | 217 | 219 | |||||||||||||||||||||||||
Sales | 8,679 | 9,278 | 9,105 | 10,210 | 8,248 | 8,941 | 9,884 | 10,767 | 8,483 | 10,265 | 8,319 | |||||||||||||||||||||||||
Gross profit | 3,553 | 3,406 | 3,754 | 4,089 | 3,832 | 3,951 | 4,076 | 4,564 | 4,600 | 5,790 | 4,421 | |||||||||||||||||||||||||
Gross profit margin (%) | 40.9% | 36.7% | 41.2% | 40.0% | 46.5% | 44.2% | 41.2% | 42.4% | 54.2% | 56.4% | 53.1% | |||||||||||||||||||||||||
SG&A expenses | 1,636 | 1,560 | 1,562 | 1,649 | 1,666 | 1,662 | 1,614 | 1,707 | 1,754 | 1,746 | 1,773 | |||||||||||||||||||||||||
Employee Benefit | ||||||||||||||||||||||||||||||||||||
Services + Individual | 1,624 | 1,605 | 1,849 | 1,801 | 1,999 | 2,074 | 2,098 | 2,218 | 2,285 | 2,451 | 2,153 | |||||||||||||||||||||||||
Benefit Services + CRM | ||||||||||||||||||||||||||||||||||||
Incentive | 289 | 127 | 122 | 252 | 233 | 291 | 161 | 290 | 269 | 216 | 127 | |||||||||||||||||||||||||
Healthcare | 85 | 233 | 325 | 489 | 29 | 50 | 264 | 413 | 792 | 1,882 | 896 | |||||||||||||||||||||||||
Purchase and | 34 | 21 | 22 | 32 | 16 | 4 | 22 | 31 | 17 | 15 | 28 | |||||||||||||||||||||||||
Settlement Service | ||||||||||||||||||||||||||||||||||||
Payment | - | - | - | - | - | - | - | - | ▲23 | ▲17 | ▲14 | |||||||||||||||||||||||||
Overseas | ▲75 | ▲66 | ▲48 | ▲42 | ▲37 | ▲25 | ▲20 | ▲22 | ▲41 | ▲33 | ▲31 | |||||||||||||||||||||||||
Other (company-wide | ▲41 | ▲74 | ▲78 | ▲92 | ▲75 | ▲105 | ▲63 | ▲72 | ▲453 | ▲470 | ▲512 | |||||||||||||||||||||||||
shared expenses, etc.) | ||||||||||||||||||||||||||||||||||||
Operating income | 1,916 | 1,846 | 2,192 | 2,440 | 2,165 | 2,289 | 2,462 | 2,858 | 2,846 | 4,044 | 2,647 | |||||||||||||||||||||||||
Operating income margin | 22.1% | 19.9% | 24.1% | 23.9% | 26.3% | 25.6% | 24.9% | 26.5% | 33.6% | 39.4% | 31.8% | |||||||||||||||||||||||||
(%) | ||||||||||||||||||||||||||||||||||||
Ordinary income | 1,925 | 1,870 | 2,208 | 2,459 | 2,179 | 2,307 | 2,474 | 2,898 | 2,877 | 4,010 | 2,664 | |||||||||||||||||||||||||
Ordinary income margin | 22.2% | 20.2% | 24.3% | 24.1% | 26.4% | 25.8% | 25.0% | 26.9% | 33.9% | 39.1% | 32.0% | |||||||||||||||||||||||||
(%) | ||||||||||||||||||||||||||||||||||||
Net income attributable | 1,314 | 1,289 | 1,504 | 1,534 | 1,489 | 1,582 | 1,701 | 1,994 | 2,051 | 2,774 | 1,837 | |||||||||||||||||||||||||
to owners of parent | ||||||||||||||||||||||||||||||||||||
Net income margin (%) | 15.1% | 13.9% | 16.5% | 15.0% | 18.1% | 17.7% | 17.2% | 18.5% | 24.2% | 27.0% | 22.1% | |||||||||||||||||||||||||
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Benefit One Inc. TSE 1, Security Code: 2412 https://corp.benefit-one.co.jp/
4.Quarterly member count by business
Ten thousand | FY03/20 | FY03/21 | FY03/22 | ||||||||||||||||||||||||||||||||||||
members | Jun. | Sep. | Dec. | Mar. | Jun. | Sep. | Dec. | Mar. | Jun. | Sep. | Dec. | ||||||||||||||||||||||||||||
Employee | 513 | 522 | 522 | 522 | 590 | 624 | 624 | 621 | 634 | 635 | 893 | ||||||||||||||||||||||||||||
Benefit Services | (-) | (-) | (-) | (-) | (-) | (-) | (-) | (-) | (-) | (-) | (258) | ||||||||||||||||||||||||||||
Individual Benefit | 137 | 141 | 140 | 134 | 125 | 120 | 115 | 111 | 106 | 101 | 105 | ||||||||||||||||||||||||||||
Services | (-) | (-) | (-) | (-) | (-) | (-) | (-) | (-) | (-) | (-) | (11) | ||||||||||||||||||||||||||||
CRM | 119 | 118 | 117 | 124 | 124 | 124 | 125 | 130 | 127 | 127 | 139 | ||||||||||||||||||||||||||||
(-) | (-) | (-) | (-) | (-) | (-) | (-) | (-) | (-) | (-) | (12) | |||||||||||||||||||||||||||||
Total members (Note 3) | 769 | 781 | 779 | 780 | 839 | 868 | 864 | 862 | 867 | 863 | 1,137 | ||||||||||||||||||||||||||||
(-) | (-) | (-) | (-) | (-) | (-) | (-) | (-) | (-) | (-) | (281) | |||||||||||||||||||||||||||||
Note 3: JTB Benefit Service, Inc.'s contributions to individual member counts are displayed in parentheses (to be reflected in the consolidated income statement starting in Q4).
5.Number of consultations in the Healthcre business
FY03/20 | FY03/21 | FY03/22 | |||||||||
(10,000 cases) | |||||||||||
1Q | 2Q | 3Q | 4Q | 1Q | 2Q | 3Q | 4Q | 1Q | 2Q | 3Q | |
Health checkup: number of | 15 | 23 | 13 | 10 | 1 | 28 | 16 | 13 | 16 | 25 | 14 |
consultations(Note 4) | |||||||||||
Specific health guidance: number of | |||||||||||
2 | 2 | 3 | 4 | 1 | 2 | 3 | 4 | 3 | 3 | 3 | |
initial consultations(Note 5) | |||||||||||
COVID-19 vaccinations(Note 6) | - | - | - | - | - | - | - | - | 34 | 72 | 25 |
Note 4: "Health checkup: number of checkups" refers to the number of health checkups for which Benefit One made appointments on behalf of service members.
Note 5: "Specific health guidance: number of initial consultations" refers to the number of initial consultations members eligible for this service had with specialist staff.
Note 6: "COVID-19 vaccinations" refers to the number of COVID-19 vaccinations that were arranged by the Company and administered by municipal governments or at workplaces.
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Benefit One Inc. TSE 1, Security Code: 2412 https://corp.benefit-one.co.jp/
6.Qualitative information regarding consolidated operating performance forecast (April 1,
2021-March 31, 2022)
(Assumptions underlying the forecast as of the date of its release on May 12, 2021)
In the operating performance forecast for the fiscal year ending March 2022 (FY03/22) announced on May 12, 2021, we expected the impact of the COVID-19 pandemic on the service usage by members in the Employee Benefit Services business and the use of the service on business trips in the Purchase and Settlement Service business would gradually dissipate over the second half of the fiscal year. We did not anticipate the pandemic to have a significant impact on other businesses, and formulated the forecast based on the assumption that transactions and profit would increase primarily in the Healthcare business.
(Consolidated operating results for cumulative Q3)
In the Employee Benefit Services business, recovery in member usage of services was initially hampered by states of emergency issued in response to the COVID-19 pandemic, but we began to observe steady recovery from October 2021 once the state of emergency was lifted. Meanwhile, in the Healthcare business, contribution from COVID-19 vaccination support operations expanded, driving overall growth in consolidated income.
(Assumptions for operating performance outlook going forward)
We project ongoing recovery in member usage of services offered through our Employee Benefit Services business, and through our Healthcare business, we expect to provide additional support for the third dose of COVID-19 vaccinations moving forward. However, we also acknowledge that these projections, as well as performance in other business areas, could be affected by changing trends associated with the COVID-19 pandemic. We plan to begin reflecting financial results generated through JTB Benefit Service, Inc. (acquired as a subsidiary on October 29, 2021) within our consolidated income statement in Q4. The Company projects that JTB Benefit Service's impact on FY03/22 consolidated financial results will be limited because its period of inclusion within these results will be short and synergies stemming from its organizational integration are not anticipated until FY03/23.
In light of these factors, we have maintained the full-year projections we previously released on May 12, 2021.
These materials are intended to provide information pertaining to financial results. They are not intended to solicit investments in securities issued by the Company. These materials were prepared on the basis of data as of December 31, 2021. Accordingly, opinions or forecasts contained in these materials are based on the judgment of the Company as of the date the materials were prepared. The Company makes no guarantees or pledges as to the accuracy or completeness of this information. Furthermore, this information may be changed without notice.
IR contact: Corporate Planning Division | TEL:03-6870-3802/MAIL:ir_inquiry@benefit-one.co.jp |
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Benefit One Inc. published this content on 03 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 February 2022 03:18:08 UTC.