Consolidated Financial Results for the Three-month Period Ended 30 June 2020
(Japanese GAAP) (Unaudited)
Nagoya Railroad Co., Ltd. | 6 August 2020 | |
Stock exchange Listing: | Tokyo Nagoya | |
Securities code: | 9048 | |
URL: | https://top.meitetsu.co.jp/ | |
Representative: | Takashi Ando, President, Director | |
For further information contact: | Yukinaga Furuhashi, Executive Officer and General Manager, Finance and Accounting Dept. | |
Tel: +81-52-588-0846 |
Scheduled date of filing of quarterly report: | 7 August 2020 |
Scheduled date of dividend payment commencement: | - |
Supplementary explanations of quarterly financial results: | Yes |
Quarterly financial results presentation meeting: | None |
- Amounts of less than ¥1 million have been rounded down.
1. Consolidated results for the three-month period ended 30 June 2020
(1 April 2020 - 30 June 2020)
(1) Consolidated operating results | (%: year-on-year) | ||||||||||||||||
Operating revenues | Operating income | Ordinary income | Profit attributable to | ||||||||||||||
owners of the parent | |||||||||||||||||
Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | ||||||||||
Three-month period | 109,052 | (25.7) | (10,250) | - | (8,526) | - | (7,622) | - | |||||||||
ended 30 June 2020 | |||||||||||||||||
Three-month period | 146,680 | 2.5 | 12,507 | 12.1 | 13,833 | 14.4 | 9,208 | 21.4 | |||||||||
ended 30 June 2019 | |||||||||||||||||
Note: Comprehensive income - | for the | three-month period ended 30 June 2020 | ¥(7,937) million [-%] | ||||||||||||||
for the three-month period ended 30 June 2019 | ¥6,177 million [(25.1%)] | ||||||||||||||||
Net income per | Net income per | ||||||||||||||||
share-basic | share-diluted | ||||||||||||||||
Yen | Yen | ||||||||||||||||
Three-month period | (38.76) | - | |||||||||||||||
ended 30 June 2020 | |||||||||||||||||
Three-month period | 46.87 | 43.75 | |||||||||||||||
ended 30 June 2019 | |||||||||||||||||
Note: Net income per share-diluted for the three-month period ended 30 June 2020 is not shown in the above table, because net | |||||||||||||||||
income per share was loss although there are potential common shares with dilution effects. | |||||||||||||||||
(2) Consolidated financial position | |||||||||||||||||
Total assets | Net assets | Equity ratio | |||||||||||||||
As of | Millions of yen | Millions of yen | % | ||||||||||||||
30 June 2020 | 1,147,303 | 424,325 | 34.0 | ||||||||||||||
31 March 2020 | 1,164,979 | 438,401 | 34.7 | ||||||||||||||
Reference: Shareholders' | equity- | as of 30 | June 2020 | ¥389,837 million | |||||||||||||
as of 31 March 2020 | ¥403,771 million | ||||||||||||||||
2. Cash dividends | |||||||||||||||||
Annual dividends | |||||||||||||||||
1st quarter end | 2nd quarter end | 3rd quarter end | Fiscal year end | Total | |||||||||||||
Yen | Yen | Yen | Yen | Yen | |||||||||||||
Fiscal year ended 31 | - | 0.00 | - | 25.00 | 25.00 | ||||||||||||
March 2020 | |||||||||||||||||
Fiscal year ending 31 | - | ||||||||||||||||
March 2021 | |||||||||||||||||
Fiscal year ending 31 | - | - | - | - | |||||||||||||
March 2021 (forecast) | |||||||||||||||||
Note: The dividend forecast for the fiscal year ending 31 March 2021 has not been determined.
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3. Consolidated operating results forecast for the fiscal year ending 31 March 2021
The consolidated operating results forecast for the fiscal year ending 31 March 2021 is undetermined because it is difficult to reasonably calculate the impact of COVID-19 at this time. We will announce it as soon as it becomes possible to disclose the operating results forecast.
Notes
- Changes in significant consolidated subsidiaries during the period (changes in specific consolidated subsidiaries resulting in changes in the scope of consolidation): None
- Application of accounting methods which are exceptional for quarterly consolidated financial statements: None
- Changes in accounting policies, changes in accounting estimates, and restatement of revisions
- Changes in accounting policies resulting from the revision of the accounting standards: None
- Changes in accounting policies other than the above: None
- Changes in accounting estimates: None
- Restatement of revisions: None
(4) Number of issued shares (Common stock) | (Shares) | |
Number of issued shares | Number of treasury stock | |
(including treasury stock) | ||
As of | ||
30 June 2020 | 196,700,692 | 37,205 |
31 March 2020 | 196,700,692 | 36,349 |
(Shares) | ||
Average number of shares | ||
outstanding during the periods | ||
Three-month period | 196,663,953 | |
ended 30 June 2020 | ||
Three-month period | 196,469,584 | |
ended 30 June 2019 | ||
- This report is not subject to audit procedures.
-
Explanation for appropriate use of forecasts and other notes
The operating results forecasts are undetermined because it is difficult to reasonably calculate the impact of COVID-19 at this time.
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4. Quarterly consolidated financial statements and Main Notes
- Quarterly Consolidated Balance Sheets (Unaudited)
Millions of yen | ||
31 March 2020 | 30 June 2020 | |
ASSETS | ||
Current assets | ||
Cash and deposits | 27,702 | 33,672 |
Trade notes and accounts receivable | 56,644 | 42,385 |
Short-term loans receivable | 2,084 | 2,089 |
Land and buildings for sale | 65,804 | 57,716 |
Merchandise and finished goods | 9,019 | 9,229 |
Work in process | 1,641 | 1,484 |
Raw materials and supplies | 4,269 | 4,370 |
Others | 22,184 | 19,376 |
Allowance for doubtful accounts | (208) | (205) |
Total current assets | 189,143 | 170,119 |
Non-current assets | ||
Property and equipment | ||
Buildings and structures, net | 297,403 | 295,858 |
Machinery, equipment and vehicles, net | 86,005 | 83,995 |
Land | 367,748 | 368,237 |
Lease assets, net | 9,679 | 11,032 |
Construction in progress | 62,158 | 64,746 |
Other properties, net | 8,776 | 8,480 |
Total property and equipment | 831,771 | 832,350 |
Intangible assets | ||
Right-of-use facilities | 5,586 | 5,500 |
Goodwill | 1,211 | 1,122 |
Lease assets | 119 | 105 |
Other intangible assets | 3,085 | 2,919 |
Total intangible assets | 10,002 | 9,647 |
Investments and other assets | ||
Investment securities | 98,625 | 96,218 |
Long-term loans receivable | 549 | 529 |
Deferred tax assets | 18,665 | 22,270 |
Others | 16,607 | 16,549 |
Allowance for doubtful accounts | (385) | (381) |
Total investments and other assets | 134,062 | 135,186 |
Total non-current assets | 975,836 | 977,184 |
Total assets | 1,164,979 | 1,147,303 |
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(1) Quarterly Consolidated Balance Sheets (Unaudited) | ||
Millions of yen | ||
31 March 2020 | 30 June 2020 | |
LIABILITIES AND NET ASSETS | ||
Liabilities | ||
Current liabilities | ||
Trade notes and accounts payable | 77,526 | 48,022 |
Short-term loans payable | 45,995 | 57,170 |
Current portion of bonds payable | 10,000 | 25,000 |
Lease obligations | 1,932 | 1,940 |
Income taxes payable | 8,180 | 2,298 |
Deposits received from employees | 19,949 | 20,378 |
Provision for bonuses | 6,091 | 2,466 |
Provision for loss on liquidation | 1,088 | 527 |
Allowance for loss on collection of gift certificates outstanding | 1,838 | 1,836 |
Others | 90,185 | 100,849 |
Total current liabilities | 262,787 | 260,490 |
Non-current liabilities | ||
Bonds payable | 175,100 | 170,100 |
Long-term loans payable | 161,514 | 164,264 |
Lease obligations | 8,884 | 10,438 |
Deferred tax liabilities | 3,116 | 2,665 |
Deferred tax liabilities for land revaluation | 56,110 | 56,105 |
Accrued retirement benefits for directors | 1,344 | 1,318 |
Provision for loss on liquidation | 4,403 | 4,273 |
Allowance for loss on collection of gift certificates outstanding | 380 | 372 |
Employee retirement benefit liability | 32,514 | 32,982 |
Others | 20,422 | 19,966 |
Total non-current liabilities | 463,790 | 462,487 |
Total liabilities | 726,577 | 722,978 |
Net assets | ||
Shareholders' equity | ||
Common stock | 101,158 | 101,158 |
Capital surplus | 35,266 | 35,305 |
Retained earnings | 167,207 | 153,907 |
Treasury stock | (59) | (62) |
Total shareholders' equity | 303,572 | 290,308 |
Accumulated other comprehensive income | ||
Net unrealised gains on available-for-sale securities | 13,012 | 12,136 |
Deferred gains and losses on hedges | (617) | (388) |
Land revaluation increment | 87,227 | 87,216 |
Foreign currency translation adjustments | (27) | (29) |
Retirement benefit adjustments | 603 | 594 |
Total accumulated other comprehensive income | 100,198 | 99,529 |
Non-controlling interests | 34,630 | 34,487 |
Total net assets | 438,401 | 424,325 |
Total liabilities and net assets | 1,164,979 | 1,147,303 |
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- Quarterly Consolidated Statements of Income and Consolidated Statements of Comprehensive Income (Unaudited) Quarterly Consolidated Statements of Income
Millions of yen | |||
1 April 2019 | 1 April 2020 | ||
-30 June 2019 | -30 June 2020 | ||
Operating revenues | 146,680 | 109,052 | |
Operating expenses | |||
Transportation, other services and cost of sales | 120,590 | 107,857 | |
Selling, general and administrative expenses | 13,582 | 11,446 | |
Total operating expenses | 134,173 | 119,303 | |
Operating income (loss) | 12,507 | (10,250) | |
Non-operating income | |||
Interest income | 7 | 4 | |
Dividend income | 1,287 | 717 | |
Equity in net earnings of affiliates | 549 | 377 | |
Subsidies for employment adjustment | - | 1,156 | |
Miscellaneous income | 486 | 404 | |
Total non-operating income | 2,330 | 2,660 | |
Non-operating expenses | |||
Interest expenses | 834 | 798 | |
Miscellaneous expenses | 169 | 137 | |
Total non-operating expenses | 1,004 | 936 | |
Ordinary income (loss) | 13,833 | (8,526) | |
Extraordinary income | |||
Gain on sales of fixed assets | 81 | 115 | |
Gain on contributions for construction | 452 | 433 | |
Gain on sales of investment securities | 120 | 497 | |
Others | 60 | 126 | |
Total extraordinary income | 714 | 1,172 | |
Extraordinary losses | |||
Loss on sales of fixed assets | 3 | 15 | |
Impairment loss on fixed assets | 22 | 16 | |
Loss on disposition of fixed assets | 94 | 62 | |
Loss on valuation of investment securities | - | 948 | |
Loss on reduction of property and equipment | 397 | 372 | |
Others | 6 | 697 | |
Total extraordinary losses | 524 | 2,111 | |
Profit (loss) before income taxes | 14,024 | (9,465) | |
Income taxes - current | 3,739 | 1,436 | |
Income taxes - deferred | 386 | (3,470) | |
Total income taxes | 4,126 | (2,034) | |
Profit (loss) | 9,898 | (7,431) | |
Profit (loss) attributable to: | |||
Non-controlling interests | 689 | 191 | |
Owners of the parent | 9,208 | (7,622) |
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Quarterly Consolidated Statements of Comprehensive Income (Unaudited) | ||
Millions of yen | ||
1 April 2019 | 1 April 2020 | |
-30 June 2019 | -30 June 2020 | |
Profit (loss) | 9,898 | (7,431) |
Other comprehensive income | ||
Net unrealised gains and losses on available-for-sale securities | (3,476) | (782) |
Deferred gains and losses on hedges | (87) | 236 |
Foreign currency translation adjustments | 0 | (1) |
Retirement benefit adjustments | (16) | 1 |
Share of other comprehensive income of affiliates accounted for using | (141) | 41 |
the equity method | ||
Total other comprehensive income | (3,720) | (505) |
Comprehensive income | 6,177 | (7,937) |
Comprehensive income attributable to: | ||
Owners of the parent | 5,540 | (8,187) |
Non-controlling interests | 637 | 250 |
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-
Notes to Quarterly Consolidated Statements (Unaudited) Notes on going concern assumption: None
Notes on significant changes in shareholders' equity: None
Additional Information
(Accounting estimate for the impact of COVID-19)
It is difficult to accurately predict how COVID-19 will spread in the future or when the pandemic will come to an end. However, the Company estimates future cash flows for the impairment of fixed assets, the recoverability of deferred tax assets and other matters assuming that during the fiscal year ending 31 March 2021, economic activities would be limited under certain restrictions, but that the situation will gradually normalize over a certain period of time, potentially from June 2020 onwards.
Segment information
Information about reportable segments for the three-month period ended 30 June 2019 was as follows.
Quarterly | ||||||||||||
Traffic | Transport | Real Estate | Leisure and | Distribution | Aviation | Others (*1) | Total | Adjustment | consolidated | |||
Service | Services | (*2) | financial | |||||||||
statements (*3) | ||||||||||||
Operating revenues: | ||||||||||||
External customers | 41,959 | 34,162 | 16,092 | 12,524 | 31,721 | 5,479 | 4,740 | 146,680 | - | 146,680 | ||
Intersegment sales/transfer | 547 | 86 | 2,638 | 357 | 3,374 | - | 4,543 | 11,547 | (11,547) | - | ||
Total | 42,506 | 34,249 | 18,730 | 12,882 | 35,095 | 5,479 | 9,283 | 158,227 | (11,547) | 146,680 | ||
Segment income | 8,045 | 1,541 | 2,221 | 210 | 235 | 116 | 8 | 12,380 | 127 | 12,507 | ||
*1) | " Others " is a | business | segment that is not considered a reportable segment. It includes the business of equipment | |||||||||
maintenance, information processing, insurance agency and others. | ||||||||||||
*2) | Segment income adjustment amounting to ¥127 million was treated as intersegment elimination. | |||||||||||
*3) | Segment income was reconciled to operating income in the accompanying quarterly consolidated statements of income. |
Information about reportable segments for the three-month period ended 30 June 2020 was as follows.
Quarterly | |||||||||||
Traffic | Transport | Real Estate | Leisure and | Distribution | Aviation | Others (*1) | Total | Adjustment | consolidated | ||
Service | Services | (*2) | financial | ||||||||
statements (*3) | |||||||||||
Operating revenues: | |||||||||||
External customers | 21,000 | 30,030 | 26,805 | 2,350 | 19,621 | 4,411 | 4,832 | 109,052 | - | 109,052 | |
Intersegment sales/transfer | 523 | 71 | 2,463 | 83 | 2,141 | - | 4,424 | 9,709 | (9,709) | - | |
Total | 21,523 | 30,102 | 29,269 | 2,434 | 21,763 | 4,411 | 9,256 | 118,762 | (9,709) | 109,052 | |
Segment income(loss) | (8,638) | (390) | 5,617 | (5,125) | (1,294) | (216) | (49) | (10,097) | (152) | (10,250) | |
*1) | " Others " is a | business | segment that is not considered a reportable segment. It includes the business of equipment | ||||||||
maintenance, information processing, insurance agency and others. | |||||||||||
*2) | Segment income (loss) adjustment amounting to ¥(152) million was treated as intersegment elimination. | ||||||||||
*3) | Segment income (loss) was reconciled to operating loss in the accompanying quarterly consolidated statements of income. |
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Nagoya Railroad Co. Ltd. published this content on 06 August 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 August 2020 06:13:12 UTC