September 11, 2020
CRE Inc.
Summary of Consolidated Financial Statements (Unaudited)
For the Fiscal Year ending July 31, 2020 (Translated from the Japanese original)
Corporate Information
Code: 3458 Listing: First Section of the Tokyo Stock Exchange (URL https://www.cre-jpn.com/english/)
Representative: Tadahide Kameyama, Representative Director, President
Contact: Hidetoshi Nagahama, Director
E-mail:ir@cre-jpn.com
Anticipated date of annual general meeting of shareholders: October 28, 2020
Expected date of payment for dividends: October 12, 2020
Anticipated date for filing Yuka Shoken Hokokusho (a Japanese-language business report): October 28, 2020
Preparation of supplementary explanation material for financial results: Yes
Presentation meeting for financial results: Yes (for institutional investors and analysts)
(Rounded down to the nearest million)
1. Consolidated Performance for Fiscal 2020 (August 1, 2019 through July 31, 2020)
(1) Consolidated Operating Results
(Percentages represent changes from corresponding period of previous year)
Net income attributable to | ||||||||||||||||||
Net sales | Operating profit | Recurring profit | owners of the parent | |||||||||||||||
company | ||||||||||||||||||
Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | |||||||||||
Fiscal 2020 | 41,194 | 72.1 | 4,228 | 156.1 | 4,049 | 193.0 | 2,611 | 274.9 | ||||||||||
Fiscal 2019 | 23,941 | (28.7) | 1,651 | (48.2) | 1,382 | (55.5) | 696 | (66.9) | ||||||||||
(Note) Comprehensive income: 3,141 million yen (224.9 %) (Fiscal 2020), 966 million yen ((55.3) %) (Fiscal 2019) | ||||||||||||||||||
Net income per | Fully diluted net | Return (net | Return (recurring | Return (operating | ||||||||||||||
share | income per share | income) on equity | profit) on assets | profit) on sales | ||||||||||||||
Yen | Yen | % | % | % | ||||||||||||||
Fiscal 2020 | 103.72 | 103.40 | 13.9 | 6.5 | 10.3 | |||||||||||||
Fiscal 2019 | 27.86 | 27.68 | 4.1 | 2.9 | 6.9 | |||||||||||||
(Reference) Equity in earnings or losses of affiliates: 112 million yen (Fiscal 2020), (48) million yen (Fiscal 2019)
(2) Consolidated Financial Position
Total assets | Net assets | Equity ratio | Net assets per share | ||
Millions of yen | Millions of yen | % | Yen | ||
Fiscal 2020 | 70,142 | 20,004 | 28.5 | 792.31 | |
Fiscal 2019 | 54,712 | 17,545 | 31.9 | 696.15 | |
(Reference) Equity capital: 20,002 million yen (July 31, 2020), 17,473 million yen (July 31, 2019)
(3) Consolidated Cash Flows
Cash flows from operating | Cash flows from | Cash flows from | Cash and cash equivalents | |
activities | investing activities | financing activities | at end of period | |
Millions of yen | Millions of yen | Millions of yen | Millions of yen | |
Fiscal 2020 | 7,725 | (471) | (1,820) | 14,466 |
Fiscal 2019 | (13,350) | (1,529) | 10,522 | 9,032 |
1
2. Payment of Dividends
Dividends per share | Dividend | |||||||||
Total dividends | Dividends on net | |||||||||
First | At end | Third | ||||||||
For the | payout ratio | |||||||||
quarter- | of first | quarter- | Year-end | (For the year) | assets (Consolidated) | |||||
year | (Consolidated) | |||||||||
end | half | end | ||||||||
yen | yen | yen | yen | yen | Millions of yen | % | % | |||
Fiscal 2019 | ― | 0.00 | ― | 21.00 | 21.00 | 527 | 75.4 | 3.1 | ||
Fiscal 2020 | ― | 0.00 | ― | 22.00 | 22.00 | 555 | 21.2 | 3.0 | ||
Fiscal 2021 | ― | 0.00 | ― | 23.00 | 23.00 | 21.7 | ||||
(Estimated) | ||||||||||
3. Anticipated Consolidated Results for Fiscal 2021 (August 1, 2020 through July 31, 2021)
(Percentages represent changes from corresponding period of previous year)
Net sales | Operating profit | Recurring profit | |||||||||||
Millions of yen | % | Millions of yen | % | Millions of yen | % | ||||||||
Full year | 54,700 | 32.8 | 5,000 | 18.2 | 4,500 | 11.1 | |||||||
Net income attributable to owners | Net income per share | ||||||||||||
of the parent company | |||||||||||||
Millions of yen | % | Yen | |||||||||||
Full year | 2,900 | 11.0 | 105.88 | ||||||||||
(Note)
Calculation of net income per share (anticipated) for fiscal 2021, ending July 31, 2021, takes into consideration an increase in the number of shares associated with issuance of new shares through a third-party allocation of shares and public offering, for which payment was completed in August 2020, and also associated with disposal of treasury stock, in addition to an increase in the number of shares reflecting third-party allocation related to a secondary offering by way of over-allotment, for which payment was completed in September 2020.
*Notes:
- Major reclassifications of subsidiaries during the term (changes in specified subsidiaries resulting in change in scope of consolidation): None
- Changes in accounting policy, changes in accounting estimate and retrospective restatement
- Changes associated with revision of accounting standards, etc: None
- Changes other than 1: None
- Changes in accounting estimates: None
- Restatements: None
(3) Number of outstanding shares (common stock)
-
Number of outstanding shares, including treasury stock, at end of term: 26,309,200 shares (July 31, 2020)
26,161,300 shares (July 31, 2019) - Number of shares of treasury stock at end of term:
1,063,311 shares (July 31, 2020)
1,060,832 shares (July 31, 2019)
3. Average outstanding number of shares (during the fiscal year): 25,181,574 shares (July 31, 2020)
25,004,324 shares (July 31, 2019)
2
(Reference) Non-consolidated Financial Results for Fiscal 2020 (August 1, 2019 through July 31, 2020)
1. Non-consolidated Performance for Fiscal 2020 (August 1, 2019 through July 31, 2020)
(1) Non-consolidated Operating Results
Net sales | Operating profit | Recurring profit | Net income | |||||||||||||||
Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | |||||||||||
Fiscal 2020 | 35,720 | 74.4 | 3,905 | 131.7 | 3,341 | 153.6 | 1,870 | 214.4 | ||||||||||
Fiscal 2019 | 20,477 | (24.4) | 1,685 | (39.6) | 1,317 | (51.0) | 595 | (64.1) | ||||||||||
Net income per share | Fully diluted net income | |||||||||||||||||
per share | ||||||||||||||||||
Yen | Yen | |||||||||||||||||
Fiscal 2020 | 74.29 | 74.06 | ||||||||||||||||
Fiscal 2019 | 23.80 | 23.65 | ||||||||||||||||
(2) Non-consolidated Financial Position | ||||||||||||||||||
Total assets | Net assets | Equity ratio | Net assets per share | |||||||||||||||
Millions of yen | Millions of yen | % | Yen | |||||||||||||||
Fiscal 2020 | 66,445 | 18,871 | 28.4 | 747.49 | ||||||||||||||
Fiscal 2019 | 50,700 | 16,768 | 33.1 | 668.07 | ||||||||||||||
(Reference) Equity capital: 18,871 million yen (July 31, 2020), 16,768 million yen (July 31, 2019)
*Audit Status
These materials are not subject to audit procedure requirements under Japan's Financial Instruments and Exchange Act which require auditing by certified public accountants or an accounting firm.
*Cautionary Note on Forward-Looking Statements and Other Important Matters
This report contains forward-looking statements about plans and expectations pertaining to CRE's business activities, based on information available to management at the time of preparation and on certain assumptions that management believes to be reasonable. These forward-looking statements are not guarantees of future performance, and actual results, performance, achievements and financial position may differ materially from statements expressed or implied herein due to various factors.
Ratios for cash flow analysis are as follows:
Fiscal 2016 | Fiscal 2017 | Fiscal 2018 | Fiscal 2019 | Fiscal 2020 | |
Equity ratio (%) | 30.4 | 42.7 | 39.9 | 31.9 | 28.5 |
Equity ratio (market value basis) (%) | 37.7 | 52.9 | 56.4 | 52.2 | 51.5 |
Cash flow to interest-bearing debt | 3.4 | 4.9 | 4.4 | ― | 3.2 |
ratio (years) | |||||
Interest coverage ratio (times) | 33.7 | 20.0 | 27.5 | ― | 40.7 |
Equity ratio: Equity capital / Total assets
Equity ratio (market-value basis): Total market value of stocks / Total assets
Cash flow to interest-bearing debt: Interest-bearing debt / Cash flow
Interest coverage ratio: Cash flow / Interest payments
(Notes) 1. All indicators were calculated using consolidated financial statement data.
- Total market value of stocks is based on the number of shares issued and outstanding, excluding treasury stock.
- Cash flow draws on cash flow from operating activities.
- "Interest-bearingdebt" is all debt on the consolidated balance sheet on which interest in payable.
- Neither cash flow to interest-bearing debt ratio nor interest coverage ratio for fiscal 2019 are provided because CRE posted negative cash flow from operating activities.
3
Consolidated Financial Statements | ||
(1) Consolidated Balance Sheets | ||
Fiscal 2019 | Fiscal 2020 | |
As of July 31, 2019 | As of July 31, 2020 | |
Thousands of yen | Thousands of yen | |
Assets | ||
Current assets | ||
Cash and deposits | 9,032,949 | 14,466,126 |
Accounts receivable-trade | 422,384 | 485,405 |
Notes receivable-trade and Accounts receivable from | 292,503 | 143,033 |
completed construction contracts | ||
Real estate for sale | 9,931,410 | 20,395,781 |
Real estate for sale in process | 14,669,953 | 8,715,918 |
Advance payments-trade | 55,779 | 3,374,710 |
Prepaid expenses | 782,650 | 1,055,477 |
Others | 1,082,975 | 703,577 |
Allowance for doubtful accounts | (25,260) | (15,963) |
Total current assets | 36,245,345 | 49,324,066 |
Fixed assets | ||
Tangible fixed assets | ||
Buildings and structures | 3,604,049 | 4,155,207 |
Accumulated depreciation | (1,829,915) | (1,927,543) |
Buildings and structures (net) | 1,774,134 | 2,227,664 |
Machinery, equipment and vehicles | 418,413 | 417,449 |
Accumulated depreciation | (197,261) | (246,911) |
Machinery, equipment and vehicles (net) | 221,151 | 170,538 |
Tools, furniture and fixtures | 109,299 | 147,500 |
Accumulated depreciation | (79,442) | (96,202) |
Tools, furniture and fixtures (net) | 29,856 | 51,297 |
Land | 1,558,832 | 1,877,030 |
Lease assets | 480,631 | 472,388 |
Accumulated depreciation | (231,499) | (251,183) |
Lease assets (net) | 249,131 | 221,205 |
Construction in progress | 71,478 | 14,013 |
Total tangible fixed assets | 3,904,584 | 4,561,749 |
Intangible fixed assets | ||
Goodwill | 1,533,085 | 1,296,836 |
Others | 130,444 | 144,898 |
Total intangible assets | 1,663,530 | 1,441,735 |
Investments and other fixed assets | ||
Investment securities | 6,708,305 | 7,210,680 |
Claims provable in bankruptcy, claims provable in | 37,476 | 62,468 |
rehabilitation and other | ||
Long-term prepaid expenses | 345,155 | 1,245,391 |
Deferred tax assets | 59,593 | 60,348 |
Lease and guarantee deposits | 5,730,005 | 6,218,658 |
Others | 59,092 | 83,564 |
Allowance for doubtful accounts | (40,726) | (65,718) |
Total investments and other fixed assets | 12,898,902 | 14,815,392 |
Total fixed assets | 18,467,017 | 20,818,877 |
Total assets | 54,712,362 | 70,142,943 |
4
Fiscal 2019 | Fiscal 2020 | |
As of July 31, 2019 | As of July 31, 2020 | |
Thousands of yen | Thousands of yen | |
Liabilities | ||
Current liabilities | ||
Accounts payable-trade | 1,917,810 | 11,994,136 |
Accounts payable for construction contracts | 399,470 | 135,032 |
Short-term loans payable | 25,000 | 1,000,000 |
Current portion of long-term loans payable | 3,601,592 | 9,752,331 |
Lease obligations | 28,045 | 28,804 |
Accrued corporate and other taxes | 208,507 | 1,377,803 |
Deposits received | 450,815 | 1,484,492 |
Unearned revenue | 1,564,691 | 1,620,977 |
Allowance for employees' bonuses | 47,242 | 49,799 |
Allowance for directors' bonuses | ― | 250,000 |
Allowance for sublease losses | 42,274 | 70,275 |
Asset retirement obligations | 119,124 | 587 |
Others | 425,738 | 274,689 |
Total current liabilities | 8,770,312 | 28,038,929 |
Fixed liabilities | ||
Long-term loans payable | 20,913,299 | 13,703,300 |
Lease obligations | 315,767 | 286,955 |
Liability for retirement benefits | 236,960 | 238,808 |
Allowance for loss on guarantees | 32,405 | 30,661 |
Asset retirement obligations | 218,279 | 253,361 |
Allowance for sublease losses | ― | 21,552 |
Lease and guarantee deposits received | 6,497,059 | 7,115,073 |
Others | 183,037 | 450,217 |
Total fixed liabilities | 28,396,809 | 22,099,930 |
Total liabilities | 37,167,121 | 50,138,860 |
Net assets | ||
Shareholders' equity | ||
Common stock | 2,195,714 | 2,240,348 |
Capital surplus | 3,784,614 | 3,612,271 |
Retained earnings | 12,085,463 | 14,170,090 |
Treasury stock | (955,107) | (955,171) |
Total shareholders' equity | 17,110,684 | 19,067,539 |
Accumulated other comprehensive income | ||
Unrealized gain (loss) on available-for-sale securities | 407,944 | 1,070,359 |
Deferred gains (losses) on hedges | (31,935) | (30,919) |
Foreign currency translation adjustment | (12,997) | (104,317) |
Total accumulated other comprehensive income | 363,011 | 935,122 |
Non-controlling interests | 71,545 | 1,420 |
Total net assets | 17,545,241 | 20,004,083 |
Total liabilities and net assets | 54,712,362 | 70,142,943 |
5
- Consolidated Statements of Income and Consolidated Statements of Comprehensive Income Consolidated Statements of Income
Fiscal 2019 | Fiscal 2020 | |
(August 1, 2018 through July | (August 1, 2019 through July | |
31, 2019) | 31, 2020) | |
Thousands of yen | Thousands of yen | |
Net sales | 23,941,977 | 41,194,446 |
Cost of sales | 18,758,825 | 32,722,525 |
Gross profit | 5,183,151 | 8,471,920 |
Selling, general and administrative expenses | 3,531,864 | 4,243,173 |
Operating profit | 1,651,286 | 4,228,747 |
Non-operating income | ||
Interest received | 5,063 | 4,370 |
Equity in income of affiliates | ― | 112,917 |
Foreign exchange gains | 6,794 | ― |
Penalty income | ― | 67,437 |
Settlement received | 4,000 | ― |
Others | 17,543 | 11,830 |
Total non-operating income | 33,401 | 196,556 |
Non-operating expenses | ||
Interest paid | 161,350 | 208,499 |
Commission fee | 86,237 | 90,584 |
Removal expenses | ― | 60,000 |
Equity in loss of affiliates | 48,607 | ― |
Others | 6,464 | 17,017 |
Total non-operating expenses | 302,659 | 376,102 |
Recurring profit | 1,382,028 | 4,049,201 |
Extraordinary income | ||
Gain on sales of investment securities | 17,825 | 162,460 |
Reversal of allowance for doubtful accounts | 112,000 | ― |
Gain on reversal of asset retirement obligations | 21,202 | ― |
Others | 17,941 | 1 |
Total extraordinary income | 168,968 | 162,461 |
Extraordinary expenses | ||
Loss on valuation of investment securities | 139,050 | 93,880 |
Impairment loss | 19,791 | 75,005 |
Provision for loss on guarantees | 32,405 | ― |
Others | 9,506 | 5,945 |
Total extraordinary expenses | 200,753 | 174,831 |
Profit before dividend distribution from silent partnerships | ||
1,350,244 | 4,036,831 | |
and income taxes | ||
Dividends distribution from silent partnerships | ― | 915 |
Income before income taxes | 1,350,244 | 4,035,915 |
Corporate, inhabitant and business taxes | 593,486 | 1,764,798 |
Adjustments to corporate and other taxes | 103,205 | (296,816) |
Total income taxes | 696,692 | 1,467,982 |
Net income | 653,552 | 2,567,933 |
Net income (loss) attributable to non-controlling interests | (43,036) | (43,803) |
Net income attributable to owners of the parent company | ||
696,588 | 2,611,737 | |
6
Consolidated Statements of Comprehensive Income | ||
Fiscal 2019 | Fiscal 2020 | |
(August 1, 2018 through July | (August 1, 2019 through July | |
31, 2019) | 31, 2020) | |
Thousands of yen | Thousands of yen | |
Net income | 653,552 | 2,567,933 |
Other comprehensive income | ||
Unrealized gain (loss) on available-for-sale securities | 319,522 | 670,558 |
Foreign currency translation adjustment | 936 | 9,114 |
Share of other comprehensive income of entities accounted for | (7,098) | (106,144) |
using equity method | ||
Total other comprehensive income | 313,361 | 573,529 |
Comprehensive income | 966,913 | 3,141,463 |
Comprehensive income attributable to owners of the parent | ||
1,009,946 | 3,183,848 | |
company | ||
Comprehensive income attributable to non-controlling | (43,033) | (42,385) |
interests | ||
7
- Consolidated statements of changes in shareholders' equity Fiscal 2019 (August 1, 2018 through July 31, 2019)
(Thousands of yen)
Shareholders' Equity | ||||||||||||||
Common stock | Capital surplus | Retained earnings | Treasury stock | Total shareholders' | ||||||||||
equity | ||||||||||||||
Balance at beginning | 2,145,976 | 3,734,876 | 11,886,295 | (955,107) | 16,812,040 | |||||||||
of fiscal year | ||||||||||||||
Changes | ||||||||||||||
Issuance of new | ||||||||||||||
shares-exercise of | 49,738 | 49,738 | 99,476 | |||||||||||
subscription rights to | ||||||||||||||
shares | ||||||||||||||
Dividends from | (497,420) | (497,420) | ||||||||||||
surplus | ||||||||||||||
Net income | ||||||||||||||
attributable to owners | 696,588 | 696,588 | ||||||||||||
of the parent | ||||||||||||||
company | ||||||||||||||
Net changes in items | ||||||||||||||
other than | ||||||||||||||
shareholders' equity | ||||||||||||||
during fiscal year | ||||||||||||||
Total changes | 49,738 | 49,738 | 199,167 | ― | 298,643 | |||||||||
Balance at end of | 2,195,714 | 3,784,614 | 12,085,463 | (955,107) | 17,110,684 | |||||||||
fiscal year | ||||||||||||||
Accumulated other comprehensive income | ||||||||||||||
Unrealized | Foreign | Total | ||||||||||||
Deferred gains | accumulated | Non-controlling | ||||||||||||
gains (losses) | currency | Total net assets | ||||||||||||
(losses) on | other | interests | ||||||||||||
on other | translation | |||||||||||||
hedges | comprehensive | |||||||||||||
securities | adjustment | |||||||||||||
income | ||||||||||||||
Balance at | ||||||||||||||
beginning of fiscal | 88,860 | (30,250) | (8,956) | 49,653 | 114,251 | 16,975,944 | ||||||||
year | ||||||||||||||
Changes | ||||||||||||||
Issuance of new | ||||||||||||||
shares-exercise of | 99,476 | |||||||||||||
subscription rights | ||||||||||||||
to shares | ||||||||||||||
Dividends from | (497,420) | |||||||||||||
surplus | ||||||||||||||
Net income | ||||||||||||||
attributable to | 696,588 | |||||||||||||
owners of the parent | ||||||||||||||
company | ||||||||||||||
Net changes in items | ||||||||||||||
other than | 319,084 | (1,685) | (4,040) | 313,358 | (42,705) | 270,652 | ||||||||
shareholders' equity | ||||||||||||||
during fiscal year | ||||||||||||||
Total changes | 319,084 | (1,685) | (4,040) | 313,358 | (42,705) | 569,296 | ||||||||
Balance at end of | 407,944 | (31,935) | (12,997) | 363,011 | 71,545 | 17,545,241 | ||||||||
fiscal year | ||||||||||||||
8
Fiscal 2020 (August 1, 2019 through July 31, 2020)
(Thousands of yen)
Shareholders' Equity | |||||||||||||
Common stock | Capital surplus | Retained earnings | Treasury stock | Total shareholders' | |||||||||
equity | |||||||||||||
Balance at beginning of | 2,195,714 | 3,784,614 | 12,085,463 | (955,107) | 17,110,684 | ||||||||
fiscal year | |||||||||||||
Changes | |||||||||||||
Issuance of new shares- | |||||||||||||
exercise of subscription | 44,634 | 44,634 | 89,268 | ||||||||||
rights to shares | |||||||||||||
Dividends from surplus | (527,109) | (527,109) | |||||||||||
Net income attributable to | |||||||||||||
owners of the parent | 2,611,737 | 2,611,737 | |||||||||||
company | |||||||||||||
Purchase of treasury stock | (63) | (63) | |||||||||||
Change in ownership | |||||||||||||
interest of parent due to | (216,976) | (216,976) | |||||||||||
transactions with non- | |||||||||||||
controlling interests | |||||||||||||
Net changes in items | |||||||||||||
other than shareholders' | |||||||||||||
equity during fiscal year | |||||||||||||
Total changes | 44,634 | (172,342) | 2,084,627 | (63) | 1,956,855 | ||||||||
Balance at end of fiscal | 2,240,348 | 3,612,271 | 14,170,090 | (955,171) | 19,067,539 | ||||||||
year | |||||||||||||
Accumulated other comprehensive income | |||||||||||||
Unrealized | Foreign | Total | |||||||||||
Deferred gains | accumulated | Non-controlling | |||||||||||
gains (losses) | currency | Total net assets | |||||||||||
(losses) on | other | interests | |||||||||||
on other | translation | ||||||||||||
hedges | comprehensive | ||||||||||||
securities | adjustment | ||||||||||||
income | |||||||||||||
Balance at beginning of | 407,944 | (31,935) | (12,997) | 363,011 | 71,545 | 17,545,241 | |||||||
fiscal year | |||||||||||||
Changes | |||||||||||||
Issuance of new shares- | |||||||||||||
exercise of subscription | 89,268 | ||||||||||||
rights to shares | |||||||||||||
Dividends from surplus | (527,109) | ||||||||||||
Net income attributable | |||||||||||||
to owners of the parent | 2,611,737 | ||||||||||||
company | |||||||||||||
Purchase of treasury | (63) | ||||||||||||
stock | |||||||||||||
Change in ownership | |||||||||||||
interest of parent due to | (216,976) | ||||||||||||
transactions with non- | |||||||||||||
controlling interests | |||||||||||||
Net changes in items | |||||||||||||
other than shareholders' | 662,414 | 1,016 | (91,320) | 572,111 | (70,124) | 501,986 | |||||||
equity during fiscal year | |||||||||||||
Total changes | 662,414 | 1,016 | (91,320) | 572,111 | (70,124) | 2,458,842 | |||||||
Balance at end of fiscal | 1,070,359 | (30,919) | (104,317) | 935,122 | 1,420 | 20,004,083 | |||||||
year | |||||||||||||
9
(4) Consolidated statements of cash flows | ||||||
Fiscal 2019 | Fiscal 2020 | |||||
(August 1, 2018 through July | (August 1, 2019 through July | |||||
31, 2019) | 31, 2020) | |||||
Thousands of yen | Thousands of yen | |||||
Cash flows from operating activities | ||||||
Income before income taxes | 1,350,244 | 4,035,915 | ||||
Depreciation and amortization | 280,756 | 339,948 | ||||
Impairment loss | 19,791 | 75,005 | ||||
Amortization of goodwill | 280,671 | 236,249 | ||||
Share of | (profit) | loss | of entities accounted | for using equity | 48,607 | (112,917) |
method | ||||||
Increase (decrease) in allowance for doubtful accounts | (111,637) | 15,695 | ||||
Increase (decrease) in allowance for employees' bonuses | 280 | 2,556 | ||||
Increase (decrease) in allowance for sublease losses | (54,456) | 49,553 | ||||
Increase (decrease) in allowance for loss on guarantees | 32,405 | (1,744) | ||||
Increase (decrease) in allowance for directors' bonuses | (116,520) | 250,000 | ||||
Increase (decrease) in liability for retirement benefits | 1,282 | 1,847 | ||||
Interest and dividends received | (5,186) | (4,510) | ||||
Interest paid | 161,350 | 208,499 | ||||
Loss (gain) on sales of investment securities | (17,825) | (162,459) | ||||
Loss (gain) on valuation of investment securities | 139,050 | 93,880 | ||||
Gain on reversal of asset retirement obligations | (21,202) | ― | ||||
(Increase) decrease in notes and accounts receivable | (169,777) | 86,449 | ||||
(Increase) decrease in inventories | (12,106,262) | (4,568,726) | ||||
Increase (decrease) in notes and accounts payable | (2,100,773) | 9,871,887 | ||||
Decrease (increase) in advance payments | 549,136 | (3,318,930) | ||||
(Increase) decrease in guarantee deposits | (67,488) | (484,539) | ||||
Increase (decrease) in lease and guarantee deposits received | (621) | 600,306 | ||||
Others | (339,317) | 1,341,182 | ||||
Subtotal | (12,247,491) | 8,555,149 | ||||
Proceeds from interest and dividend income | ||||||
1,687 | 386 | |||||
Payment of interest | (144,367) | (189,689) | ||||
Payment of income taxes | (959,986) | (640,738) | ||||
Net cash provided by operating activities | ||||||
(13,350,157) | 7,725,107 | |||||
Cash flows from investing activities | ||||||
Purchase of marketable and investment securities | (449,921) | (433,871) | ||||
Proceeds | from | sales | and redemption of | marketable and | 360,893 | 970,037 |
investment securities | ||||||
Purchase of shares of subsidiaries resulting from change of scope | (864,092) | ― | ||||
of consolidation | ||||||
Purchase of property, plant and equipment | (685,317) | (768,473) | ||||
Purchase of intangible fixed assets | (67,272) | (132,578) | ||||
Payments for asset retirement obligations | ― | (83,924) | ||||
Others | 176,610 | (23,091) | ||||
Net cash (used in) investing activities | ||||||
(1,529,098) | (471,902) | |||||
10
Fiscal 2019 | Fiscal 2020 | |
(August 1, 2018 through July | (August 1, 2019 through July | |
31, 2019) | 31, 2020) | |
Thousands of yen | Thousands of yen | |
Cash flows from financing activities | ||
Proceeds from short-term loans | 5,050,000 | 2,600,000 |
Repayment of short-term loans | (5,568,750) | (1,625,000) |
Proceeds from long-term loans | 16,162,071 | 8,296,852 |
Repayment of long-term loans | (4,627,907) | (10,511,260) |
Repayment of lease obligations | (27,270) | (28,060) |
Execution of stock option | 32,298 | 18,228 |
Cash dividends paid | (497,854) | (526,898) |
Payments from changes in ownership interests in subsidiaries | ― | (244,715) |
that do not result in change in scope of consolidation | ||
Others | ― | 200,780 |
Net cash provided by (used in) financing activities | 10,522,587 | (1,820,073) |
Effect of exchange rate change on cash and cash equivalents | 4,627 | 45 |
Net increase (decrease) in cash and cash equivalents | ||
(4,352,040) | 5,433,177 | |
Cash and cash equivalents at beginning of fiscal year | 13,384,989 | 9,032,949 |
Cash and cash equivalents at end of fiscal year | 9,092,949 | 14,466,126 |
11
Fiscal 2019 (August 1, 2018 through July 31, 2019)
(Thousands of yen) | ||||||||
Reporting Segments | Consolidated | |||||||
Real estate | Logistics | Asset | Other | Adjustment | statements | |||
Operations | Total | of income | ||||||
management | investment | management | Total | (Note 2) | ||||
(Note 1) | amount | |||||||
business | business | business | ||||||
(Note 3) | ||||||||
Sales | ||||||||
External | 21,537,610 | 1,599,994 | 784,217 | 23,921,822 | 20,154 | 23,941,977 | - | 23,941,977 |
customers | ||||||||
Inter-segment | 23,339 | 2,079 | 3,600 | 29,018 | - | 29,018 | (29,018) | - |
Total | 21,560,949 | 1,602,073 | 787,817 | 23,950,840 | 20,154 | 23,970,995 | (29,018) | 23,941,977 |
Segment income | 1,764,475 | 207,103 | 406,565 | 2,378,144 | 4,421 | 2,382,566 | (731,279) | 1,651,286 |
Segment assets | 15,860,061 | 25,226,772 | 5,221,419 | 46,308,253 | 827,912 | 47,136,165 | 7,576,196 | 54,712,362 |
Other | ||||||||
Depreciation and | 266,370 | 4,155 | 1,380 | 271,905 | 16 | 271,922 | 8,834 | 280,756 |
amortization | ||||||||
Amortization of | 256,539 | - | 24,132 | 280,671 | - | 280,671 | - | 280,671 |
goodwill | ||||||||
Impairment loss | 19,791 | - | - | 19,791 | - | 19,791 | - | 19,791 |
Investment in | ||||||||
affiliates | ||||||||
accounted for | - | 1,766,764 | - | 1,766,764 | - | 1,766,764 | - | 1,766,764 |
by equity | ||||||||
method | ||||||||
Increase on | ||||||||
tangible fixed | ||||||||
assets and | 709,592 | - | 1,150 | 710,742 | - | 710,742 | 44,031 | 754,773 |
intangible | ||||||||
fixed assets |
(Notes) 1. The classification "Other Operations" represents business segments not included under other reporting segments.
2. Adjustments are as follows:
- The (731,279) thousand yen segment income adjustment includes (2,071) thousand yen in inter-segment elimination and (733,351) thousand yen in corporate expenses not included in any segment. Primary corporate expenses are general administrative expenses which are not associated with reporting segments.
- The 7,576,196 thousand yen segment assets adjustment includes (332) thousand yen in inter-segment elimination and 7,576,529 thousand yen in corporate assets not included in any segment. Primary corporate assets are cash and deposits and general corporate assets which are not associated with reporting segments.
- The 8,834 thousand yen depreciation and amortization adjustment are corporate expenses which are not associated with reporting segments.
- The 44,031 thousand yen increase on tangible fixed assets and intangible fixed assets adjustment are amount of capital investments related to general corporate.
- Segment income has been reconciled with operating income on the consolidated statements of income.
- Increase paralleling the addition of a new consolidated subsidiary is not included in increase in tangible fixed assets and intangible fixed assets.
12
Fiscal 2020 (August 1, 2019 through July 31, 2020)
(Thousands of yen) | ||||||||
Reporting Segments | Consolidated | |||||||
Real estate | Logistics | Asset | Other | Adjustment | statements | |||
Operations | Total | of income | ||||||
management | investment | management | Total | (Note 2) | ||||
(Note 1) | amount | |||||||
business | business | business | ||||||
(Note 3) | ||||||||
Sales | ||||||||
External | 22,563,437 | 17,645,230 | 966,712 | 41,175,380 | 19,066 | 41,194,446 | - | 41,194,446 |
customers | ||||||||
Inter-segment | 496,723 | 900 | 4,823 | 502,447 | 1,991 | 504,438 | (504,438) | - |
Total | 23,060,160 | 17,646,131 | 971,536 | 41,677,828 | 21,057 | 41,698,885 | (504,438) | 41,194,446 |
Segment income | 2,163,844 | 2,521,378 | 503,775 | 5,188,997 | 3,876 | 5,192,874 | (964,126) | 4,228,747 |
Segment assets | 16,974,583 | 33,017,213 | 5,681,067 | 55,672,865 | 528,016 | 56,200,882 | 13,942,061 | 70,142,943 |
Other | ||||||||
Depreciation and | 316,916 | 3,455 | 4,922 | 325,285 | 14 | 325,300 | 14,648 | 339,948 |
amortization | ||||||||
Amortization of | 212,117 | - | 24,132 | 236,249 | - | 236,249 | - | 236,249 |
goodwill | ||||||||
Impairment loss | 75,005 | - | - | 75,005 | - | 75,005 | - | 75,005 |
Investment in | ||||||||
affiliates | ||||||||
accounted for | 315,482 | 1,745,572 | - | 2,061,054 | - | 2,061,054 | - | 2,061,054 |
by equity | ||||||||
method | ||||||||
Increase on | ||||||||
tangible fixed | ||||||||
assets and | 807,267 | - | 43,245 | 850,512 | - | 850,512 | 75,617 | 926,130 |
intangible | ||||||||
fixed assets |
(Notes) 1. The classification "Other Operations" represents business segments not included under other reporting segments.
2. Adjustments are as follows:
- The (964,126) thousand yen segment income adjustment includes (11,123) thousand yen in inter-segment elimination and (953,003) thousand yen in corporate expenses not included in any segment. Primary corporate expenses are general administrative expenses which are not associated with reporting segments.
- The 13,942,061 thousand yen segment assets adjustment includes (782,046) thousand yen in inter-segment elimination and 14,724,107 thousand yen in corporate assets not included in any segment. Primary corporate assets are cash and deposits and general corporate assets which are not associated with reporting segments.
- The 14,648 thousand yen depreciation and amortization adjustment are corporate expenses which are not associated with reporting segments.
-
The 75,617 thousand yen increase on tangible fixed assets and intangible fixed assets adjustment are amount of capital investments related to general corporate.
3. Segment income has been reconciled with operating income on the consolidated statements of income.
13
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CRE Inc. published this content on 11 September 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 September 2020 06:04:19 UTC