FY2023 2nd Quarter
Financial Results
(April 1, 2023 to September 30, 2023)
November 6, 2023
Contents
- Summary of Financial Results
- Qualitative Information
- Financial Highlights
- Operating Results and Forecasts for Reportable Segments
- Non-consolidatedOrders Received, Net Sales and Projects in Process
- Main Projects
- Consolidated Financial Statements
- Non-consolidatedFinancial Statements
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Disclaimer:
This "Financial Results" is the English version of the Japanese "Kessan Tanshin" and "Kessan Setsumei Shiryo" released on Nov ember 6, 2023. It was translated into English and presented solely for the convenience of users who are not familiar with Japanese. If there is any discrepancy bet ween Japanese "Kessan Tanshin" and "Kessan Setsumei Shiryo" and this document, the Japanese "Kessan Tanshin" and "Kessan Setsumei Shiryo" will prevail. This document in cludes forward-looking statements based on the information available at the time the Japanese "Kessan Tanshin" and "Kessan Setsumei Shiryo" were released. Actual res ults may vary from the forward-looking statements contained herein due to various factors. Obayashi Corporation (non-consolidated) is called the "Company" in these materials.
1 Summary of Financial Results
- Consolidated Financial Results
① Consolidated Business Results
(Percentages indicate the percentage year on year change)
Net Sales | Operating Income | Ordinary Income | Profit Attributable to | ||||||||||||
Owners of Parent | |||||||||||||||
Six Months Ended | Yen in millions | % | Yen in millions | % | Yen in millions | % | Yen in millions | % | |||||||
September 30, 2023 | 1,081,360 | 17.0 | 30,843 | (26.2) | 38,009 | (21.9) | 29,741 | (22.7) | |||||||
September 30, 2022 | 924,391 | 2.8 | 41,785 | 116.5 | 48,659 | 110.2 | 38,494 | 103.8 | |||||||
(Note) Comprehensive income : [Six Months Ended September 30, 2023] 93,526 million yen, 75.4% ; [Six Months Ended September 30, 2022] 53,307 million yen, 78.0% | |||||||||||||||
Profit Attributable to Owners of | |||||||||||||||
Parent per Share (EPS) | |||||||||||||||
Six Months Ended | Yen | ||||||||||||||
September 30, 2023 | 41.48 | ||||||||||||||
September 30, 2022 | 53.69 | ||||||||||||||
②Consolidated Financial Position | |||||||||||||||
Total Assets | Net Assets | Equity Ratio | Net Assets per Share | ||||||||||||
(BPS) | |||||||||||||||
As of | Yen in millions | Yen in millions | % | Yen | |||||||||||
September 30, 2023 | 2,752,133 | 1,113,793 | 38.9 | 1,494.63 | |||||||||||
March 31, 2023 | 2,609,929 | 1,035,881 | 38.2 | 1,390.77 | |||||||||||
(For reference) Equity (net assets less non-controlling interests) : [As of September 30, 2023] 1,071,654 million yen ; [As of March 31, 2023] 997,109 million yen | |||||||||||||||
(2) Consolidated Forecast for FY2023 | |||||||||||||||
(Percentages indicate the percentage year on year change) | |||||||||||||||
Profit Attributable to | Profit Attributable to | ||||||||||||||
Net Sales | Operating Income | Ordinary Income | Owners of Parent per | ||||||||||||
Owners of Parent | |||||||||||||||
Share (EPS) | |||||||||||||||
Yen in millions | % | Yen in millions | % | Yen in millions | % | Yen in millions | % | Yen | |||||||
Fiscal Year Ending March 31, 2024 | 2,280,000 | 14.9 | 74,000 | (21.1) | 79,000 | (21.6) | 59,000 | (24.0) | 82.29 |
* The forecasts announced on August 7, 2023 have been revised. Please see 2 (4) Consolidated forecasts for fiscal year ending March 31, 2024 on page 3 of this report.
- Non-consolidatedFinancial Results
① Non-consolidated Business Results
(Percentages indicate the percentage year on year change)
Net Sales | Operating Income | Ordinary Income | Profit | Profit per Share | |||||||
(EPS) | |||||||||||
Six Months Ended | Yen in millions | % | Yen in millions | % | Yen in millions | % | Yen in millions | % | Yen | ||
September 30, 2023 | 744,196 | 14.6 | 14,001 | (50.2) | 21,680 | (42.2) | 19,665 | (37.9) | 27.43 | ||
September 30, 2022 | 649,623 | (0.2) | 28,114 | 532.0 | 37,477 | 247.4 | 31,646 | 197.8 | 44.14 | ||
②Non-consolidated Financial Position
Total Assets | Net Assets | Equity Ratio | Net Assets per Share (BPS) | |||
As of | Yen in millions | Yen in millions | % | Yen | ||
September 30, 2023 | 2,001,903 | 804,243 | 40.2 | 1,121.68 | ||
March 31, 2023 | 1,943,098 | 758,739 | 39.0 | 1,058.29 | ||
(Reference) Equity (net assets less non-controlling interests) : [As of September 30, 2023] 804,243 million yen ; [As of March 31, 2023] | 758,739 | million yen |
(4) Non-consolidated Forecast for FY2023
(Percentages indicate the percentage year on year change)
Net Sales | Operating Income | Ordinary Income | Profit | Profit per Share (EPS) | |||||||
Yen in millions | % | Yen in millions | % | Yen in millions | % | Yen in millions | % | Yen | |||
Fiscal Year Ending March 31, 2024 | 1,575,000 | 13.6 | 43,000 | (28.3) | 50,500 | (29.1) | 45,000 | (28.1) | 62.76 |
- The forecasts anounced on August 7, 2023 have been revised.
- Dividends
Dividend per Share | Total Dividends | Dividend Payout | Dividends-Net Assets | ||||||
Ratio | |||||||||
End of 1Q | End of 2Q | End of 3Q | End of 4Q | Total | Paid (Full Year) | Ratio (Consolidated) | |||
(Consolidated) | |||||||||
Yen | Yen | Yen | Yen in millions | % | % | ||||
FY2022 | ― | 21.00 | ― | 21.00 | 42.00 | 30,157 | 38.8 | 3.1 | |
FY2023 (Including Forecast) | ― | 21.00 | ― | 21.00 | 42.00 | 51.0 |
* There have been no revisions to the forecasts previously annouunced.
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2 Qualitative Information
(1) Overview of consolidated business results
During the first six months of the fiscal year under review (from April 1 to September 30, 2023), the Japanese economy continued its gradual recovery, given the upturn in consumer spending and improvement in corporate profits as economic and social activities returned to normal. On the other hand, there are concerns about a slowdown in global economic growth due to factors such as countries raising their policy interest rates in addition to the price increases from the rapid depreciation of the Japanese yen and soaring raw materials and energy prices, causing uncertainty over the future.
In the domestic construction market, public and private construction orders have been firm. Yet, the outlook for the orders received environment remains uncertain, given that the rising interest rates around the world and the soaring cost of raw materials may deter companies from making capital investments.
Amid these conditions, the Obayashi Group's consolidated net sales for the first six months of the fiscal year ending March 31, 2024, amounted to 1,081.3 billion yen, an increase of 156.9 billion yen (17.0%) from the first six months of the previous fiscal year, due to the progress in large-scale projects in the domestic and overseas building construction businesses. As for profit and loss, gross profit on completed construction contracts declined in the domestic building construction business as the unprofitable projects for which the Company received orders in previous fiscal years progressed, and construction gross profit margin worsened, gross profit on real estate business and other decreased in reaction to the recording of a gain on a sale of large-scale properties in the first six months of the previous fiscal year, and selling, general and administrative expenses rose mainly due to higher personnel expenses from base pay increases and increases in technology-related investment, resulting in operating income of 30.8 billion yen, a decrease of 10.9 billion yen (26.2%) from the same period in the previous fiscal year. Ordinary income was 38.0 billion yen, a decrease of 10.6 billion yen (21.9%) year-on-year, and profit attributable to owners of parent was 29.7 billion yen, a decrease of 8.7 billion yen (22.7%) year-on-year.
The Obayashi Group consolidated performance by business segment for the first six months of fiscal year ending March 31, 2024 was as follows:
Construction business
Consolidated construction orders received increased by 79.5 billion yen (9.3%) from the same period in the previous fiscal year to 932.7 billion yen, as overseas subsidiaries received orders for multiple large-scale construction projects. More specifically, orders received for domestic building construction were 421.3 billion yen; for overseas building construction, 299.3 billion yen; for domestic civil engineering, 153.4 billion yen; and for overseas civil engineering, 58.5 billion yen.
Consolidated net sales for the construction business increased by 173.9 billion yen (20.2%) from the same period in the previous fiscal year to 1,036.6 billion yen. This increase resulted from an increase in net sales for the domestic building construction business and overseas building construction business of subsidiaries as multiple large-scale construction projects made progress in Japan and North America. More specifically, net sales for domestic building construction were 594.5 billion yen; for overseas building construction, 217.3 billion yen; for domestic civil engineering, 174.6 billion yen; and for overseas civil engineering, 50.1 billion yen.
Operating income decreased by 1.9 billion yen (7.3%) to 24.4 billion yen from the previous fiscal year, mainly due to the progress in unprofitable projects for which the Company received orders in previous fiscal years worsened the construction gross profit margin in the domestic building construction business.
Real estate business
Net sales from the real estate business decreased by 18.3 billion yen (48.3%) to 19.6 billion yen from the previous fiscal year, and operating income decreased by 9.0 billion yen (63.1%) to 5.3 billion yen. These decreases were mainly drops from the figures for the six months of the previous fiscal year for the sale of a large-scale property held by the Company.
Other businesses
Net sales from other businesses increased by 1.3 billion yen (5.7%) to 25.0 billion yen from the previous fiscal year and operating income increased by 0.02 billion yen (2.4%) to 1.0 billion yen.
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(Yen in millions) | |||||||||
Construction business | Real Estate | Other | |||||||
Segment | Total | ||||||||
Domestic | Overseas | Domestic | Overseas | Total | |||||
Business | Businesses | ||||||||
Building | Building | Civil | Civil | Construction | |||||
Construction | Construction | Engineering | Engineering | Business | |||||
Net Sales | 594,560 | 217,335 | 174,665 | 50,129 | 1,036,690 | 19,634 | 25,036 | 1,081,360 | |
Operating | 5,992 | 7,667 | 10,038 | 758 | 24,456 | 5,302 | 1,084 | 30,843 | |
Income | |||||||||
(2) Overview of consolidated financial position
Total assets as of September 30, 2023 increased by 142.2 billion yen (5.4%) compared with the balance at the end of the previous fiscal year, to 2,752.1 billion yen. This was mainly due to an increase in trade receivables related to construction contracts (the sum of "Notes and accounts receivable from completed construction contracts and other" and "Electronically recorded monetary claims") and also an increase in "Investment securities" due to the rises in the prices of shares held as cross-shareholdings, while "Cash and deposits" declined.
Total liabilities as of September 30, 2023 increased by 64.2 billion yen (4.1%) compared with the balance at the end of the previous fiscal year to 1,638.3 billion yen. This was mainly due to increases in trade payables related to construction costs (the sum of "Notes and accounts payable for construction contracts and other" and "Electronically recorded obligations") and interest-bearing debt that includes "Short-term loans payable" and "Long-term loans payable." The balance of interest-bearing debt as of September 30, 2023, increased by 16.3 billion yen (4.8%) compared with the balance at the end of the previous fiscal year, to 354.2 billion yen.
Total net assets as of September 30, 2023 increased by 77.9 billion yen (7.5%) compared with the balance at the end of the previous fiscal year, to 1,113.7 billion yen. This was mainly due to increases in "Retained earnings" from the recognition of profit attributable to owners of parent and in "Valuation difference on available-for-sale securities"
As a result, the equity ratio as of September 30, 2023 was 38.9%, up 0.7 percentage points from the end of the previous fiscal year.
(3) Overview of consolidated cash flows
During the first six months of the fiscal year ending March 31, 2024, net cash used in operating activities amounted to 96.7 billion yen, primarily due to upfront spending in the domestic construction business (net cash provided by operating activities was 62.7 billion yen in the same period during the previous fiscal year). Net cash used in investing activities amounted to 58.2 billion yen, primarily due to the purchase of commercial real estate (net cash used in investing activities was 54.1 billion yen in the same period during the previous fiscal year). Net cash used in financing activities amounted to 5.6 billion yen, primarily due to the payment of dividends and redemption of bonds, which exceeded proceeds from loans payable (net cash provided by financing activities was 53.9 billion yen in the same period during the previous fiscal year).
Consequently, cash and cash equivalents as of September 30, 2023 decreased by 151.7 billion yen to 253.8 billion yen compared with the balance at the end of the previous fiscal year.
(4) Consolidated forecasts for fiscal year ending March 31, 2024
The consolidated forecasts for the full year ending March 31, 2024 are 2,135.0 billion yen in orders
received, net sales of 2,280.0 billion yen, operating income of 74.0 billion yen, ordinary income of 79.0 billion yen (no revision from the previously announced forecast on August 7, 2023). On the other hand,
profit attributable to owners of parent is expected to be 59.0 billion yen, an increase of 4.0 billion yen (7.3%) from the previously announced forecast (55.0 billion yen), as the gain on sales of cross-
shareholdings are expected to exceed the level anticipated at the beginning of the fiscal year.
It has not been finalized at the time of announcement of this report whether it is necessary to revise the full-year forecasts due to the accident that occurred at the site of the urban redevelopment project for Yaesu 1-chome east area district B in front of Tokyo Station, facilities construction on September 19, 2023. The impact of the accident, therefore, is not incorporated in the above forecasts.
3
(5) Policy regarding cross-shareholdings
The Company owns shares in its customers' businesses (cross-shareholdings) to maintain and strengthen trade relationships with the customers. The Company reviews the significance of owning shares in each company by regularly reporting to the Board of Directors on valuation gains/losses, and collective consideration of indicators of profitability such as capital cost and return on business from maintaining and strengthening the business relationship with a company. The Company verifies the economic rationale for owning shares over the medium and long term, and sells shares as needed when the business significance of owning the shares has weakened.
The Medium-term Business Plan 2022 states that the Company will proceed further on reassessment of the significance of owning shares and overall investment efficiency for the Company. The Company has reduced cross-shareholdings, aiming to bring the ratio of cross-shareholdings to 20% or less of consolidated net assets as soon as possible before the end of March 2027.
To achieve this goal, the Company has sold cross-shareholdings worth a total of 47.8 billion yen since the fiscal year ended March 31, 2022, with the sale target of around 150 billion yen from the level of the outstanding cross-shareholdings as of the end of the fiscal year ended March 31, 2021. However, the amount of cross-shareholdings has increased as of the end of the second quarter of the fiscal year ending March 31, 2024, compared with the balance at the end of the fiscal year ended March 31, 2021, given the recent rise in the stock market. Going forward, the Company will proceed with further sales of cross- shareholdings irrespective of the initial sale target of 150 billion yen and will strive to reduce such shares to 20% or less of consolidated net assets by the end of March 2027.
The Company plans to use the proceeds from sales of cross-shareholdings effectively to enhance corporate value, by investing in areas that will contribute to sustained growth with medium- to long-term growth in mind, in addition to investing for the purpose of securing stable investment revenue.
(Consolidated)
(Consolidated)
4
- Financial Highlights
(1) Financial Results for the Six Months Ended September 30, 2023 (YoY Comparison)
Consolidated | ||||||||
Six Months | Six Months | Change | % | |||||
Ended | Ended | |||||||
Change | ||||||||
September 30, 2022 | September 30, 2023 | |||||||
Net sales of completed | % | % | ||||||
8,627 | 10,366 | 1,739 | 20.2 | |||||
construction contracts | ||||||||
Building Construction | - | - | - | - | ||||
Civil Engineering | - | - | - | - | ||||
Gross profit on completed | 9.3 | 803 | 8.2 | 844 | 41 | 5.1 | ||
construction contracts | ||||||||
Building Construction | - | - | - | - | ||||
Civil Engineering | - | - | - | - | ||||
Net sales of real estate business | 616 | 446 | (170) | (27.6) | ||||
and other | ||||||||
Gross profit on real estate business | 32.2 | 198 | 26.0 | 116 | (82) | (41.6) | ||
and other | ||||||||
Net sales | 9,243 | 10,813 | 1,569 | 17.0 | ||||
Gross profit | 10.8 | 1,002 | 8.9 | 961 | (41) | (4.1) | ||
Selling, general and | 6.3 | 584 | 6.0 | 652 | 68 | 11.7 | ||
administrative expenses | ||||||||
(Personnel expenses) | 321 | 349 | 28 | |||||
(Others) | 263 | 302 | 39 | |||||
Operating Income | 4.5 | 417 | 2.9 | 308 | (109) | (26.2) | ||
Non-operating income | 84 | 92 | 7 | 8.7 | ||||
Non-operating expenses | 16 | 20 | 4 | 27.8 | ||||
Ordinary income | 5.3 | 486 | 3.5 | 380 | (106) | (21.9) | ||
Extraordinary income | 65 | 54 | (11) | (17.4) | ||||
Extraordinary loss | 9 | 17 | 7 | 82.0 | ||||
Income before income taxes | 5.9 | 542 | 3.9 | 416 | (125) | (23.2) | ||
Total income taxes | 145 | 105 | (40) | (27.7) | ||||
Profit | 396 | 311 | (85) | (21.6) | ||||
Profit attributable to non-controlling | 11 | 13 | 2 | 17.3 | ||||
interests (deduction) | ||||||||
Profit attributable to | ||||||||
owners of parent | 4.2 | 384 | 2.8 | 297 | (87) | (22.7) | ||
(Non-consolidated: Profit) |
(Yen in 100 millions) | ||||||
Non-consolidated | ||||||
Results | Results | Change | % | |||
Ended | Ended | |||||
Change | ||||||
September 30, 2022 | September 30, 2023 | |||||
% | % | |||||
6,264 | 7,334 | 1,070 | 17.1 | |||
4,913 | 5,869 | 956 | 19.5 | |||
1,350 | 1,464 | 113 | 8.4 | |||
9.4 | 586 | 7.6 | 554 | (32) | (5.5) | |
7.5 | 370 | 5.7 | 336 | (33) | (9.0) | |
16.0 | 215 | 14.8 | 217 | 1 | 0.6 | |
232 | 107 | (124) | (53.6) | |||
44.5 | 103 | 25.2 | 27 | (76) | (73.8) | |
6,496 | 7,441 | 945 | 14.6 | |||
10.6 | 689 | 7.8 | 581 | (108) | (15.7) | |
6.3 | 408 | 5.9 | 441 | 32 | 8.0 | |
204 | 215 | 11 | ||||
204 | 225 | 21 | ||||
4.3 | 281 | 1.9 | 140 | (141) | (50.2) | |
101 | 83 | (18) | (17.8) | |||
7 | 6 | (1) | (15.2) | |||
5.8 | 374 | 2.9 | 216 | (157) | (42.2) | |
63 | 69 | 5 | 9.1 | |||
7 | 17 | 9 | 124.7 | |||
6.6 | 430 | 3.6 | 268 | (161) | (37.6) | |
114 | 72 | (41) | (36.7) | |||
- | - | - | - | |||
- | - | - | - | |||
4.9 | 316 | 2.6 | 196 | (119) | (37.9) | |
Orders Received
Consolidated | ||||||
Six Months | Six Months | Change | % | |||
Ended | Ended | |||||
Change | ||||||
September 30, 2022 | September 30, 2023 | |||||
Building Construction | 6,442 | 7,207 | 764 | 11.9 | ||
Domestic | 4,010 | 4,213 | 203 | 5.1 | ||
Overseas | 2,432 | 2,993 | 561 | 23.1 | ||
Civil Engineering | 2,090 | 2,120 | 30 | 1.5 | ||
Domestic | 1,731 | 1,534 | (197) | (11.4) | ||
Overseas | 358 | 585 | 227 | 63.5 | ||
Construction Total | 8,532 | 9,327 | 795 | 9.3 | ||
Domestic | 5,742 | 5,748 | 5 | 0.1 | ||
Overseas | 2,790 | 3,579 | 789 | 28.3 | ||
Real Estate Business and Other | 502 | 407 | (94) | (18.8) | ||
Total Orders received | 9,035 | 9,735 | 700 | 7.8 |
(Yen in 100 millions) | ||||||
Non-consolidated | ||||||
Six Months | Six Months | Change | % | |||
Ended | Ended | |||||
Change | ||||||
September 30, 2022 | September 30, 2023 | |||||
4,042 | 3,985 | (56) | (1.4) | |||
3,845 | 3,965 | 120 | 3.1 | |||
197 | 19 | (177) | (90.0) | |||
1,358 | 1,302 | (55) | (4.1) | |||
1,319 | 1,121 | (197) | (15.0) | |||
39 | 180 | 141 | 363.4 | |||
5,400 | 5,288 | (112) | (2.1) | |||
5,164 | 5,087 | (76) | (1.5) | |||
236 | 200 | (35) | (15.0) | |||
232 | 108 | (123) | (53.4) | |||
5,632 | 5,396 | (236) | (4.2) |
Interest-bearing Debt Balances
Consolidated | ||||
Results | Results | % | ||
As of | As of | Change | ||
Change | ||||
March 31, 2023 | September 30, 2023 | |||
Interest-bearing debt | 2,612 | 2,803 | 191 | 7.3 |
(except nonrecourse loans) | ||||
Nonrecourse loans | 766 | 739 | (27) | (3.6) |
Total Interest-bearing debt | 3,379 | 3,542 | 163 | 4.8 |
(Yen in 100 millions) | ||||
Non-consolidated | ||||
Results | Results | % | ||
As of | As of | Change | ||
Change | ||||
March 31, 2023 | September 30, 2023 | |||
1,946 | 1,984 | 37 | 2.0 | |
- | - | - | - | |
1,946 | 1,984 | 37 | 2.0 | |
5
(2) Forecasts for FY2023 (Comparison with the forecasts announced on August 7)
(Unit: 100 million yen)
Consolidated | ||||||||
Forecasts | Forecasts | % | ||||||
announced on | Fiscal Year Ending | Change | ||||||
Change | ||||||||
August 7, 2023 | March 31, 2024 | |||||||
% | % | |||||||
Net sales of completed | 21,600 | 21,600 | - | 48.0 | ||||
construction contracts | ||||||||
Building Construction | - | - | - | - | ||||
Civil Engineering | - | - | - | - | ||||
Gross profit on completed | 8.1 | 1,750 | 8.1 | 1,750 | - | 48.3 | ||
construction contracts | ||||||||
Building Construction | - | - | - | - | ||||
Civil Engineering | - | - | - | - | ||||
Net sales of real estate business | 1,200 | 1,200 | - | 37.2 | ||||
and other | ||||||||
Gross profit on real estate business | 22.1 | 265 | 22.1 | 265 | - | 43.9 | ||
and other | ||||||||
Net sales | 22,800 | 22,800 | - | 47.4 | ||||
Gross profit | 8.8 | 2,015 | 8.8 | 2,015 | - | 47.7 | ||
Selling, general and | 5.6 | 1,275 | 5.6 | 1,275 | - | 51.2 | ||
administrative expenses | ||||||||
(Personnel expenses) | 670 | 670 | - | |||||
(Others) | 605 | 605 | - | |||||
Operating Income | 3.2 | 740 | 3.2 | 740 | - | 41.7 | ||
Non-operating income | 90 | 90 | - | 102.5 | ||||
Non-operating expenses | 40 | 40 | - | 51.4 | ||||
Ordinary income | 3.5 | 790 | 3.5 | 790 | - | 48.1 | ||
Extraordinary income | 60 | 160 | 100 | 33.9 | ||||
Extraordinary loss | 30 | 60 | 30 | 29.5 | ||||
Income before income taxes | 3.6 | 820 | 3.9 | 890 | 70 | 46.8 | ||
Total income taxes | 240 | 270 | 30 | 39.1 | ||||
Profit | 580 | 620 | 40 | 50.2 | ||||
Profit attributable to non-controlling | 30 | 30 | - | 45.8 | ||||
interests (deduction) | ||||||||
Profit attributable to | ||||||||
owners of parent | 2.4 | 550 | 2.6 | 590 | 40 | 50.4 | ||
(Non-consolidated: Profit) |
Non-consolidated
Forecasts | Forecasts | % | |||
announced on | Fiscal Year Ending | Change | |||
Change | |||||
August 7, 2023 | March 31, 2024 | ||||
% | % | ||||
15,410 | 15,410 | - | 47.6 | ||
12,480 | 12,480 | - | 47.0 | ||
2,930 | 2,930 | - | 50.0 | ||
8.0 | 1,240 | 8.0 | 1,240 | - | 44.7 |
6.9 | 865 | 6.9 | 865 | - | 38.9 |
12.8 | 375 | 12.8 | 375 | - | 57.9 |
340 | 340 | - | 31.7 | ||
20.6 | 70 | 20.6 | 70 | - | 38.8 |
15,750 | 15,750 | - | 47.3 | ||
8.3 | 1,310 | 8.3 | 1,310 | - | 44.4 |
5.6 | 880 | 5.6 | 880 | - | 50.1 |
430 | 430 | - | |||
450 | 450 | - | |||
2.7 | 430 | 2.7 | 430 | - | 32.6 |
90 | 90 | - | 92.7 | ||
15 | 15 | - | 44.2 | ||
3.2 | 505 | 3.2 | 505 | - | 42.9 |
60 | 180 | 120 | 38.4 | ||
30 | 60 | 30 | 28.4 | ||
3.4 | 535 | 4.0 | 625 | 90 | 43.0 |
145 | 175 | 30 | 41.3 | ||
- | - | - | - | ||
- | - | - | - | ||
2.5 | 390 | 2.9 | 450 | 60 | 43.7 |
* The forecasts announced on August 7, 2023 have been revised. Please see 2 (4) Consolidated forecasts for fiscal year endingMarch 31, 2024 on page 3 of this report.
Orders received
(Unit: 100 million yen)
Consolidated | Non-consolidated | |||||||||||||
Forecasts | Forecasts | % | Forecasts | Forecasts | % | |||||||||
announced on | Fiscal Year Ending | Change | announced on | Fiscal Year Ending | Change | |||||||||
Change | Change | |||||||||||||
August 7, 2023 | March 31, 2024 | August 7, 2023 | March 31, 2024 | |||||||||||
Building Construction | 15,250 | 15,250 | - | 47.3 | 10,900 | 10,900 | - | 36.6 | ||||||
(Domestic) | 11,320 | 11,320 | - | 37.2 | 10,700 | 10,700 | - | 37.1 | ||||||
(Overseas) | 3,930 | 3,930 | - | 76.2 | 200 | 200 | - | 9.9 | ||||||
Civil Engineering | 5,100 | 5,100 | - | 41.6 | 3,300 | 3,300 | - | 39.5 | ||||||
(Domestic) | 3,750 | 3,750 | - | 40.9 | 2,900 | 2,900 | - | 38.7 | ||||||
(Overseas) | 1,350 | 1,350 | - | 43.4 | 400 | 400 | - | 45.2 | ||||||
Construction Total | 20,350 | 20,350 | - | 45.8 | 14,200 | 14,200 | - | 37.2 | ||||||
(Domestic) | 15,070 | 15,070 | - | 38.1 | 13,600 | 13,600 | - | 37.4 | ||||||
(Overseas) | 5,280 | 5,280 | - | 67.8 | 600 | 600 | - | 33.5 | ||||||
Real Estate Business and Other | 1,000 | 1,000 | - | 40.8 | 340 | 340 | - | 31.8 | ||||||
Total orders received | 21,350 | 21,350 | - | 45.6 | 14,540 | 14,540 | - | 37.1 |
6
(3) Forecasts for FY2023 (YoY Comparison)
(Yen in 100 millions)
Consolidated | |||||||||
Results | Forecasts | Change | % | ||||||
Fiscal Year Ended | Fiscal Year Ending | ||||||||
Change | |||||||||
March 31, 2023 | March 31, 2024 | ||||||||
Net sales of completed | % | % | |||||||
18,476 | 21,600 | 3,123 | 16.9 | ||||||
construction contracts | |||||||||
Building Construction | - | - | - | - | |||||
Civil Engineering | - | - | - | - | |||||
Gross profit on completed | 9.6 | 1,778 | 8.1 | 1,750 | (28) | (1.6) | |||
construction contracts | |||||||||
Building Construction | - | - | - | - | |||||
Civil Engineering | - | - | - | - | |||||
Net sales of real estate business | 1,362 | 1,200 | (162) | (11.9) | |||||
and other | |||||||||
Gross profit on real estate business | 28.4 | 386 | 22.1 | 265 | (121) | (31.5) | |||
and other | |||||||||
Net sales | 19,838 | 22,800 | 2,961 | 14.9 | |||||
Gross profit | 10.9 | 2,165 | 8.8 | 2,015 | (150) | (7.0) | |||
Selling, general and | 6.2 | 1,227 | 5.6 | 1,275 | 47 | 3.9 | |||
administrative expenses | |||||||||
645 | 670 | 24 | |||||||
(Personnel expenses) | |||||||||
(Others) | 581 | 605 | 23 | ||||||
Operating Income | 4.7 | 938 | 3.2 | 740 | (198) | (21.1) | |||
Non-operating income | 113 | 90 | (23) | (20.9) | |||||
Non-operating expenses | 43 | 40 | (3) | (8.7) | |||||
Ordinary income | 5.1 | 1,008 | 3.5 | 790 | (218) | (21.6) | |||
Extraordinary income | 146 | 160 | 13 | 9.3 | |||||
Extraordinary loss | 17 | 60 | 42 | 246.4 | |||||
Income before income taxes | 5.7 | 1,137 | 3.9 | 890 | (247) | (21.7) | |||
Total income taxes | 338 | 270 | (68) | (20.2) | |||||
Profit | 798 | 620 | (178) | (22.4) | |||||
Profit attributable to non-controlling | 21 | 30 | 8 | 37.1 | |||||
interests (deduction) | |||||||||
Profit attributable to | |||||||||
owners of parent | 3.9 | 776 | 2.6 | 590 | (186) | (24.0) | |||
(Non-consolidated: Profit) |
Non-consolidated
Results | Forecasts | Change | % | ||
Fiscal Year Ended | Fiscal Year Ending | ||||
Change | |||||
March 31, 2023 | March 31, 2024 | ||||
% | % | ||||
13,481 | 15,410 | 1,928 | 14.3 | ||
10,515 | 12,480 | 1,964 | 18.7 | ||
2,965 | 2,930 | (35) | (1.2) | ||
9.9 | 1,331 | 8.0 | 1,240 | (91) | (6.8) |
8.3 | 878 | 6.9 | 865 | (13) | (1.5) |
15.3 | 453 | 12.8 | 375 | (78) | (17.2) |
389 | 340 | (49) | (12.6) | ||
34.4 | 133 | 20.6 | 70 | (63) | (47.6) |
13,870 | 15,750 | 1,879 | 13.6 | ||
10.6 | 1,464 | 8.3 | 1,310 | (154) | (10.6) |
6.3 | 865 | 5.6 | 880 | 14 | 1.7 |
411 | 430 | 18 | |||
453 | 450 | (3) | |||
4.3 | 599 | 2.7 | 430 | (169) | (28.3) |
137 | 90 | (47) | (34.7) | ||
25 | 15 | (10) | (41.2) | ||
5.1 | 711 | 3.2 | 505 | (206) | (29.1) |
140 | 180 | 39 | 28.2 | ||
10 | 60 | 49 | 455.0 | ||
6.1 | 841 | 4.0 | 625 | (216) | (25.7) |
215 | 175 | (40) | (18.9) | ||
- | - | - | - | ||
- | - | - | - | ||
4.5 | 625 | 2.9 | 450 | (175) | (28.1) |
Orders Received
(Yen in 100 millions)
Consolidated | Non-consolidated | |||||||||||||
Results | Forecasts | Change | % | Results | Forecasts | Change | % | |||||||
Fiscal Year Ended | Fiscal Year Ending | Fiscal Year Ended | Fiscal Year Ending | |||||||||||
Change | Change | |||||||||||||
March 31, 2023 | March 31, 2024 | March 31, 2023 | March 31, 2024 | |||||||||||
Building Construction | 16,128 | 15,250 | (878) | (5.4) | 11,120 | 10,900 | (220) | (2.0) | ||||||
Domestic | 11,242 | 11,320 | 77 | 16.9 | 10,931 | 10,700 | (231) | (2.1) | ||||||
Overseas | 4,885 | 3,930 | (955) | (19.6) | 189 | 200 | 10 | 5.8 | ||||||
Civil Engineering | 4,945 | 5,100 | 154 | 3.1 | 3,429 | 3,300 | (129) | (3.8) | ||||||
Domestic | 3,607 | 3,750 | 142 | 4.0 | 2,801 | 2,900 | 98 | 3.5 | ||||||
Overseas | 1,338 | 1,350 | 11 | 0.9 | 628 | 400 | (228) | (36.4) | ||||||
Construction Total | 21,073 | 20,350 | (723) | (3.4) | 14,549 | 14,200 | (349) | (2.4) | ||||||
Domestic | 14,849 | 15,070 | 220 | 1.5 | 13,732 | 13,600 | (132) | (1.0) | ||||||
Overseas | 6,224 | 5,280 | (944) | (15.2) | 817 | 600 | (217) | (26.6) | ||||||
Real Estate Business and Other | 1,149 | 1,000 | (149) | (13.0) | 389 | 340 | (49) | (12.6) | ||||||
Total Orders received | 22,222 | 21,350 | (872) | (3.9) | 14,938 | 14,540 | (398) | (2.7) |
Interest-bearing Debt Balances
Consolidated | |||||
Results | Forecasts | % | |||
As of | As of | Change | |||
Change | |||||
March 31, 2023 | March 31, 2024 | ||||
Interest-bearing debt | 2,612 | 2,500 | (112) | (4.3) | |
(except nonrecourse loans) | |||||
Nonrecourse loans | 766 | 900 | 133 | 17.3 | |
Total Interest-bearing debt | 3,379 | 3,400 | 20 | 0.6 | |
* There have been no revisions to the forecasts previously annouced.
(Yen in 100 millions) | |||
Non-consolidated | |||
Results | Forecasts | % | |
As of | As of | Change | |
Change | |||
March 31, 2023 | March 31, 2024 | ||
1,946 | 1,800 | (146) | (7.5) |
- | - | - | - |
1,946 | 1,800 | (146) | (7.5) |
7
4 Operating Results and Forecasts for Reportable Segments
(1) Operating Results for the Six Months Ended September 30, 2023 (YoY Comparison)
【Consolidated】 | (Yen in millions) | |||||||||||
Net Sales | Operating Income | |||||||||||
Results | Results | % | Results | Results | % | |||||||
Six Months Ended | Six Months Ended | Change | Six Months Ended | Six Months Ended | Change | |||||||
Change | Change | |||||||||||
September 30, 2022 | September 30, 2023 | September 30, 2022 | September 30, 2023 | |||||||||
% Profit | % Profit | |||||||||||
Building Construction | ||||||||||||
Domestic | 492,020 | 594,560 | 102,539 | 20.8 | 2.4 | 12,000 | 1.0 | 5,992 | (6,008) | (50.1) | ||
Overseas | 170,023 | 217,335 | 47,312 | 27.8 | 2.4 | 4,061 | 3.5 | 7,667 | 3,605 | 88.8 | ||
Subtotal | 662,043 | 811,895 | 149,851 | 22.6 | 2.4 | 16,062 | 1.7 | 13,660 | (2,402) | (15.0) | ||
Civil Engineering | ||||||||||||
Domestic | 151,922 | 174,665 | 22,742 | 15.0 | 5.3 | 8,073 | 5.7 | 10,038 | 1,964 | 24.3 | ||
Overseas | 48,746 | 50,129 | 1,382 | 2.8 | 4.6 | 2,233 | 1.5 | 758 | (1,475) | (66.1) | ||
Subtotal | 200,669 | 224,794 | 24,124 | 12.0 | 5.1 | 10,307 | 4.8 | 10,796 | 488 | 4.7 | ||
Construction Total | ||||||||||||
Domestic | 643,943 | 769,225 | 125,282 | 19.5 | 3.1 | 20,074 | 2.1 | 16,030 | (4,043) | (20.1) | ||
Overseas | 218,769 | 267,464 | 48,694 | 22.3 | 2.9 | 6,295 | 3.2 | 8,425 | 2,130 | 33.8 | ||
Subtotal | 862,713 | 1,036,690 | 173,976 | 20.2 | 3.1 | 26,370 | 2.4 | 24,456 | (1,913) | (7.3) | ||
Real Estate Business and Other | ||||||||||||
Real Estate Business | 38,001 | 19,634 | (18,366) | (48.3) | 37.8 | 14,355 | 27.0 | 5,302 | (9,053) | (63.1) | ||
Other | 23,677 | 25,036 | 1,358 | 5.7 | 4.5 | 1,059 | 4.3 | 1,084 | 25 | 2.4 | ||
Subtotal | 61,678 | 44,670 | (17,008) | (27.6) | 25.0 | 15,415 | 14.3 | 6,387 | (9,028) | (58.6) | ||
Total | 924,391 | 1,081,360 | 156,968 | 17.0 | 4.5 | 41,785 | 2.9 | 30,843 | (10,941) | (26.2) | ||
*Consolidated net sales and operating income show the sales and operating income for external customers.
【Non-consolidated】 | (Yen in millions) | |||||||||||
Net Sales | Gross Profit | |||||||||||
Results | Results | % | Results | Results | % | |||||||
Six Months Ended | Six Months Ended | Change | Six Months Ended | Six Months Ended | Change | |||||||
Change | Change | |||||||||||
September 30, 2022 | September 30, 2023 | September 30, 2022 | September 30, 2023 | |||||||||
% Profit | % Profit | |||||||||||
Building Construction | ||||||||||||
Domestic | 489,180 | 583,453 | 94,273 | 19.3 | 7.6 | 36,971 | 5.8 | 33,573 | (3,398) | (9.2) | ||
Overseas | 2,139 | 3,479 | 1,339 | 62.6 | 2.7 | 58 | 3.4 | 116 | 58 | 101.6 | ||
Subtotal | 491,320 | 586,933 | 95,613 | 19.5 | 7.5 | 37,029 | 5.7 | 33,690 | (3,339) | (9.0) | ||
Civil Engineering | ||||||||||||
Domestic | 117,266 | 136,944 | 19,677 | 16.8 | 16.0 | 18,801 | 14.9 | 20,368 | 1,566 | 8.3 | ||
Overseas | 17,815 | 9,535 | (8,280) | (46.5) | 15.6 | 2,774 | 14.1 | 1,341 | (1,433) | (51.6) | ||
Subtotal | 135,082 | 146,479 | 11,397 | 8.4 | 16.0 | 21,576 | 14.8 | 21,710 | 133 | 0.6 | ||
Construction Total | ||||||||||||
Domestic | 606,447 | 720,398 | 113,951 | 18.8 | 9.2 | 55,773 | 7.5 | 53,941 | (1,831) | (3.3) | ||
Overseas | 19,955 | 13,014 | (6,940) | (34.8) | 14.2 | 2,832 | 11.2 | 1,458 | (1,374) | (48.5) | ||
Subtotal | 626,402 | 733,413 | 107,010 | 17.1 | 9.4 | 58,606 | 7.6 | 55,400 | (3,206) | (5.5) | ||
Real Estate Business and Other | 23,221 | 10,783 | (12,437) | (53.6) | 44.5 | 10,344 | 25.2 | 2,714 | (7,629) | (73.8) | ||
Total | 649,623 | 744,196 | 94,573 | 14.6 | 10.6 | 68,951 | 7.8 | 58,115 | (10,835) | (15.7) | ||
8
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Obayashi Corporation published this content on 06 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 November 2023 06:52:50 UTC.