Financial Highlights
for the Six Months Ended September 30, 2021
November 12, 2021
Japan Post Holdings: Financial Highlights
Results of Operations for the Six Months Ended September 30, 2021 | (Billions of yen) | |||
Japan Post Holdings | ||||
Japan Post Co. | Japan Post Bank | Japan Post Insurance | ||
(Consolidated) | ||||
(Consolidated) | (Consolidated) | (Consolidated) | ||
Ordinary income | 5,750.7 | 1,788.7 | 1,154.0 | 3,226.1 |
Year-on-year | + 111.6 | (60.7) | + 323.5 | (159.2) |
(for the six months ended | ||||
September 30, 2020) | + 2.0% | (3.3)% | + 38.9% | (4.7)% |
Change | ||||
Net ordinary income | 547.6 | 34.8 | 325.6 | 183.8 |
Year-on-year | + 187.0 | + 19.3 | + 153.5 | + 21.1 |
(for the six months ended | ||||
September 30, 2020) | + 51.9% | + 124.6% | + 89.2% | + 13.0% |
Change | ||||
Net income | 265.1 | 6.4 | 235.3 | 80.5 |
Year-on-year | + 86.2 | + 12.9 | + 111.0 | (13.1) |
(for the six months ended | ||||
September 30, 2020) | + 48.2% | -% | + 89.4% | (14.0)% |
Change |
- Forecast for the Fiscal Year Ending March 31, 2022 (Announced in May 2021)
Net ordinary income | 730.0 | 75.0 | 355.0 | 290.0 |
[percentage achievement] | [75.0%] | [46.5%] | [91.7%] | [63.4%] |
Net income | 340.0 | 20.0 | 260.0 | 118.0 |
[percentage achievement] | [78.0%] | [32.1%] | [90.5%] | [68.3%] |
Notes: 1.Figures less than ¥0.1 billion are rounded down. The figures of Japan Post Holdings (consolidated) and the combined figures of each subsidiary do not correspond because of other consolidated accounting procedures, etc. 2.The amount of ordinary profit on the consolidated statements of income of Japan Post Insurance has been used for net ordinary income of Japan Post Insurance.
3.The amounts of net income attributable to Japan Post Holdings, net income attributable to Japan Post Co., net income attributable to Japan Post Bank and net income attributable to Japan Post Insurance have been used for net income of Japan Post Holdings (consolidated), Japan Post Co. (consolidated), Japan Post Bank (consolidated) and Japan Post Insurance (consolidated), respectively.
Copyright © 2021 JAPAN POST GROUP. All Rights Reserved. 1
Japan Post Co. (Consolidated) [Postal and Domestic Logistics Business]:
Financial Results
- The volume of items handled decreased by 1.5% in total year-on-year. Mail decreased by 1.4% and Yu-Mail increased by 2.8%, mainly due to the abatement of the impact of the decline in mail due to COVID-19 seen in the previous fiscal year. On the other hand, Yu-Pack(note) decreased by 13.3% year-on-year (including a decline of 22.7% in Yu-Packet), due mainly to a reactionary decline following the increase in stay-at-home consumption in the previous fiscal year.
- Operating income decreased by ¥8.6 billion year-on-year (a decrease of 0.9% year-on-year), with an increase in income from resuming international mail service not enough to offset a decrease in income from parcels due to a decline in Yu-Pack(note) volumes.
- Net operating income was almost unchanged year-on-year, increasing by ¥0.7 billion as a result of a decrease in operating expenses mainly due to cost control initiatives.
Analysis of Year-on-year Change in Net Operating Income
〔Trends in Net Operating Income〕 | (Billions of yen) | ||||||||||||||||||
2019 | 2020 | 2021 | |||||||||||||||||
28.3 | 6.4 | 7.2 | |||||||||||||||||
(six months ended September 30) | Net operating | ||||||||||||||||||
Net operating | income | ||||||||||||||||||
income | Other expenses (1.3) | (Six months | |||||||||||||||||
(Six months | ended | ||||||||||||||||||
ended | Decrease in | Miscellaneous | September 30, | ||||||||||||||||
September 30, | operating | transport | expenses | 2021) | |||||||||||||||
2020) | income | Personnel | and delivery | (7.6) | 7.2 | ||||||||||||||
6.4 | (8.6) | expenses | outsourcing | ||||||||||||||||
(8.0) | +6.2 | ||||||||||||||||||
Postal service | (6.3) | ||||||||||
Parcels | (18.4) | commissions | |||||||||
(Yu-Pack(note) and Yu-Mail) | |||||||||||
International mails | + 6.0 | ||||||||||
Standard mail | (4.6) | delivery expense | |||||||||
International mail | + 8.9 | Salaries and | (4.7) | ||||||||
allowances, etc. | |||||||||||
International mail remuneration | + 6.2 | Legal welfare | (2.4) | ||||||||
(terminal dues, etc.) | expenses | ||||||||||
Note: Yu-Pack includes Yu-Packet.
Trends in Volume of Items Handled
10,000 | 9,595 | (Volume of items handled in millions) | ||||
( 7.7 %) | ||||||
468 | ||||||
9,000 | +21.0 % | 8,858 | ( 1.5 %) | 8,729 | ||
567 | Yu-Pack(note) | |||||
1,700 | ( 13.3 %) | 491 | ||||
( 9.5 %) | ||||||
8,000 | ||||||
Yu-Mail | ||||||
7,000 | 1,539 | +2.8 % | 1,582 | |||
(9.1 %) | ||||||
6,000 | 7,427 | 6,753 | ( 1.4 %) | 6,655 | ||
0 | ||||||
2019 | 2020 | 2021 |
(six months ended September 30)
Results of Operations for the Six Months Ended September 30, 2021
For the six | (Billions of yen) | |||
For the six | Year-on-year | |||
months ended | months ended | |||
change | ||||
Sept. 30, 2021 | Sept. 30, 2020 | |||
Operating income | 954.0 | 962.7 | (8.6) | |
Operating expenses | 946.8 | 956.2 | (9.4) | |
Personnel expenses | 604.0 | 612.0 | (8.0) | |
Other expenses | 342.7 | 344.1 | (1.3) |
Net operating income | 7.2 | 6.4 | + 0.7 |
Copyright © 2021 JAPAN POST GROUP. All Rights Reserved. 2
Japan Post Co. (Consolidated) [Post Office Business]:
Financial Results
- Operating income decreased by ¥43.7 billion year-on-year (a decrease of 7.1% year-on-year), with a decline in income from the merchandising business due to the impact of the application of a new Accounting Standard for Revenue Recognition (note) and the absence of the income from real estate sales recorded in the previous year, as well as a continuing decrease in banking commissions and insurance commissions.
- Net operating income decreased by ¥3.2 billion year-on-year (a decrease of 14.2% year-on-year), although operating expenses also continued to decrease primarily as a result of a decrease in other expenses in the merchandising business due to the impact of the application of a new Accounting Standard for Revenue Recognition (note).
Analysis of Year-on-year Change in Net Operating Income
〔Trends in Net Operating Income〕 | (Billions of yen) | ||
2019 | 2020 | 2021 | |
36.0 | 22.8 | 19.5 |
(six months ended September 30) | |||||
Net operating | |||||
income | Net operating | ||||
(Six months | |||||
Commissions | income | ||||
ended | |||||
(Six months | |||||
September 30, | for business | ||||
ended | |||||
2020) | consignment | Funds to | Other | September 30, | |
22.8 | (9.0) | Other | expenses | 2021) | |
maintain post | operating | (37.2) | 19.5 | ||
office network | |||||
income | |||||
(1.2) | |||||
(33.5) | |||||
Personnel |
expenses |
(3.3) |
Merchandising | (32.0) | ||||||
Banking | (5.5) | Merchandising | (31.4) | business (note) | |||
business (note) | Depreciation | ||||||
commissions | (3.0) | ||||||
Insurance | (2.8) | Real estate | (5.4) | and amortization | |||
business | |||||||
Commissions | |||||||
Third-party | Legal welfare | (1.8) | |||||
Postal service | |||||||
(0.6) | financial product | (1.1) | expenses | ||||
commissions | agency services | Salaries and | (0.5) | ||||
allowances, etc. | |||||||
Note: Pursuant to the application of a new Accounting Standard for Revenue Recognition, certain transactions in the Merchandising business, etc. are now treated as transactions undertaken as an agent, and the amount of income recognized for these transactions has changed from a gross amount to a net amount (resulting in a reduction of ¥29.2 billion).
Trends in the Earnings Structure
665.5 | (Billions of yen) | |||||||
( 48.8) | 616.6 | |||||||
600.0 | 93.1 | (43.7) | 572.8 | Of which: | ||||
( 7.4) | ||||||||
85.7 | Other operating income | |||||||
94.4 | (33.5) | 52.2 | Merchandising | |||||
+ 3.1 | ||||||||
97.5 | (0.6) | 96.9 | business (note) | 16.1 | ||||
Real estate | ||||||||
400.0 | 189.1 | business | 16.0 | |||||
( 1.9) | 187.2 | Third-party | ||||||
(5.5) | 181.7 | |||||||
financial product | 4.0 | |||||||
agency services | ||||||||
141.0 | ( 41.6) | Postal service | ||||||
200.0 | 99.3 | (2.8) | 96.5 | commissions | ||||
Banking commissions | ||||||||
147.6 | ( 0.9) | 146.7 | (1.2) | 145.4 | Insurance commissions | |||
Funds to maintain post | ||||||||
0.0 | office network | |||||||
2019 | 2020 | 2021 | ||||||
(six months ended September 30) |
Results of Operations for the Six Months Ended September 30, 2021
(Billions of yen)
For the six | For the six | Year-on-year | ||
months ended | months ended | |||
change | ||||
Sept. 30, 2021 | Sept. 30, 2020 | |||
Operating income | 572.8 | 616.6 | (43.7) | |
Operating expenses | 553.3 | 593.8 | (40.5) | |
Personnel expenses | 416.0 | 419.3 | (3.3) | |
Other expenses | 137.2 | 174.4 | (37.2) | |
Net operating income | 19.5 | 22.8 | (3.2) | |
Copyright © 2021 JAPAN POST GROUP. All Rights Reserved. | 3 |
Japan Post Co. (Consolidated) [International Logistics Business]:
Financial Results
- Operating income decreased by A$659 million year-on-year (a decrease of 12.9% year-on-year), due mainly to a decrease in large-scale handling related to COVID-19 by the Global Logistics business and a reduction in income due to the completed transfer of the Global Express business, despite an increase in the Global Forwarding business due to greater cargo demand.
- Operating expenses decreased by A$931 million year-on-year (a decrease of 18.0% year-on-year), due mainly to a decline in other expenses due to the decrease in large-scale handling by the Global Logistics business and a reduction in expenses due to the completed transfer of the Global Express business, despite an increase in the Global Forwarding business due to greater cargo demand. Net operating income (EBIT) returned to profit, increasing by A$271 million year-on-year.
Results of Operations for the Six Months
Trends in Net Operating Income (Loss) (EBIT)
Ended September 30, 2021
Total EBIT( | ) | (Millions of Australian dollars) | (Millions of Australian dollars) | |||||||
(63) | (84) | 187 | [Billions of yen] | |||||||
210 | For the six | For the six | Year-on-year | |||||||
months ended | months ended | |||||||||
change | ||||||||||
150 | 61 | Sept. 30, 2021 | Sept. 30, 2020 | |||||||
4,439 | 5,098 | (659) | ||||||||
Operating income | ||||||||||
90 | 93 | (revenue) | [366.8] | [373.6] | [(6.8)] | |||||
30 | 61 | 53 | Operating | 4,251 | 5,182 | (931) | ||||
20 | Note 4 | expenses | [351.3] | [379.8] | [(28.4)] | |||||
(3) | ||||||||||
(6) | (19) | Personnel | 1,141 | 1,297 | (155) | |||||
(30) | (41) | Note 5 | ||||||||
expenses | [94.3] | [95.0] | [(0.7)] | |||||||
(34) | (121) | |||||||||
Other | 3,109 | 3,885 | (775) | |||||||
(90) | ||||||||||
(20) | expenses | [256.9] | [284.7] | [(27.7)] | ||||||
(150) | Net operating | 187 | (84) | + 271 | ||||||
2019 | 2020 | 2021 | ||||||||
income (loss) | [15.4] | [(6.1)] | [+ 21.6] | |||||||
(six months ended September 30) | (EBIT) | |||||||||
■ Global Logistics | ■ Global Forwarding | ■ Global Express | ■ Corporate/Other |
Notes: 1. Operating income (revenue), operating expenses and net operating income (loss) (EBIT) are the total amount of Toll, JP Toll Logistics and Toll Express Japan, respectively.
- Figures for each fiscal year in the above graph have been reclassified due to a partial reclassification of businesses between segments for the fiscal years ended/ending March 31, 2022 and 2021(total amounts are unchanged).
- Figures in square brackets are presented in billions of yen (Average exchange rate for the six months ended September 30, 2021: ¥82.63 to A$1.00 and for the six months ended September 30, 2020: ¥73.28 to A$1.00).
- Depreciation and amortization that have been suspended based on IFRS are recorded in operating income (loss) (EBIT) for the Global Express business for the six months ended September 30, 2021 (the effect of this is offset through Corporate/Other).
- Income (loss) for the Global Express business only includes the period up to August 2021, due to the completion of the business transfer on August 31, 2021.
Copyright © 2021 JAPAN POST GROUP. All Rights Reserved. 4
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original document
- Permalink
Disclaimer
Japan Post Holdings Co. Ltd. published this content on 12 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 November 2021 08:26:07 UTC.