Financial Results
For The Fiscal Year Ended March 2024
April 1, 2023 ▶ March 31, 2024
May, 10 2024
Securities Code 4290
⃰ This document has been translated from the Japanese original for reference purposes only.
In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.
1
Executive Summary
Medium- Term Business Plan
Three Consecutive Years
of Sales Growth
- Achieved steady growth in existing consignment businesses during the three-year period of the medium-term business plan, which was affected by the pandemic.
Increased | Despite the impact of lower profitability due to the | ||
All Types of Profit | completion of vaccine-related operations, all types of | ||
Year-on-Year | profit increased year-on-year. | ||
Formulation of New | Theme: Connecting Growth - Origin/Next 50 | ||
Medium-Term Business Plan | |||
© 2024 PRESTIGE International Inc. All Rights Reserved. | 2 |
2
▍Financial Results Summary for FY2024.3
▍Financial Results Summary for FY2024.3 by Segment ▍Financial Forecast for FY2025.3
▍KPI: Shareholder Returns ▍Appendix ▍Sustainability
© 2024 PRESTIGE International Inc. All Rights Reserved. | 3 |
3
▍Financial Results Summary for FY2024.3
© 2024 PRESTIGE International Inc. All Rights Reserved. | 4 |
4
Summary of Consolidated Results for FY2024.3
(million yen)
Amounts are rounded down to the nearest whole unit.
FY2023.3 | FY2024.3 | YoY | Full-Year | Achievement |
(%) | Forecast | Ratio | ||
Sales | 54,562 | 58,738 | +4,175 | 56,500 | 104.0% |
(+7.7%) | |||||
Operating profit | 7,840 | 7,921 | +80 | 8,200 | 96.6% |
(+1.0%) | |||||
Ordinary profit | 8,378 | 8,458 | +79 | 8,700 | 97.2% |
(+1.0%) | |||||
Profit attributable to | 5,318 | 5,791 | +472 | 5,200 | 111.4% |
owners of parent | (+8.9%) | ||||
- Although affected by vaccine-related operations, growth in existing businesses in major segments offset the decline of revenues.
- Operating profit fell short of the plan due to the impact of a temporary decline in profits from the completion of vaccine- related operations and the revision of the compensation system. However, the target for the final year of the original medium-term business plan was largely achieved.
- Profit attributable to owners of parent increased due to extraordinary gains from the sale of investment securities and the application of tax credits for a wage increase incentive system.
© 2024 PRESTIGE International Inc. All Rights Reserved. | 5 |
This is a summary of consolidated financial results.
Regarding sales, in the Customer Business, the vaccine-related operations that we had been engaged in for the past three years were scaled down and completely terminated in H1, but the Financial Guarantee Business and the Global Business performed well, and the Automotive Business was also strong. As a result, net sales increased by about JPY4.1 billion.
Regarding operating profit, although the downsizing and termination of the vaccine- related operations, which had been highly profitable, occurred as a factor that reduced sales against operating profit, the target of JPY8.2 billion was slightly higher YoY due to a slight revision of salaries outside the plan, partly due to the recent situation. Consequently, the target of JPY8.2 billion was not reached.
Regarding ordinary profit, equity in earnings of affiliates was positive, and net income increased YoY due to an extraordinary gain from the sale of shares and a decrease in tax burden resulting from the taxation of higher wages.
5
Consolidated P&L Statement for FY2024.3
(million yen)
Amounts are rounded down to the nearest whole unit.
FY2023.3
FY2024.3
Change
YoY(%)
Sales | 54,562 | 58,738 | +4,175 | +7.7% | ||
Cost of sales | 41,263 | 44,981 | +3,717 | +9.0% | ||
Gross profit | 13,299 | 13,757 | +458 | +3.4% | ||
Gross profit margin | 24.4% | 23.4% | (-1.0pt) | ― | ||
SG&A | 5,458 | 5,835 | +337 | +6.9% | ||
Operating profit | 7,840 | 7,921 | +80 | +1.0% | ||
Operating profit margin | 14.4% | 13.5% | (-0.9pt) | ― | ||
Ordinary Profit | 8,378 | 8,458 | +79 | +1.0% | ||
Ordinary profit margin | 15.4% | 14.4% | (-1.0pt) | ― | ||
Profit attributable to | 5,318 | 5,791 | +472 | +8.9% | ||
owners of parent | ||||||
© 2024 PRESTIGE International Inc. All Rights Reserved. | 6 |
Next, I will explain the income statement.
As for the cost of sales, personnel expenses mainly amounted to about JPY1 billion, and purchases due to roadside assistance vendor expenses amounted to about JPY1 billion. Rent payment fees from credit card transactions amounted to about JPY260 million. In addition, depreciation and amortization increased by JPY190 million YoY.
As for SG&A expenses, bad debts related to rent guarantees increased by approximately JPY130 million, and taxes and dues increased by approximately JPY38 million due to increased tax-exempt sales related to guarantees, resulting in an overall increase.
6
Consolidated Balance Sheet As of End of March, 2024
(million yen)
Amounts are rounded down to the nearest whole unit.
End of March | End of March | Change | Change(%) | |||
2023 | 2024 | |||||
Current assets | 35,892 | 40,740 | +4,847 | +13.5% | ||
Non-current assets | 24,380 | 27,096 | +2,715 | +11.1% | ||
Total assets | 60,273 | 67,836 | +7,563 | +12.5% | ||
Current liabilities | 15,701 | 17,778 | +2,077 | +13.2% | ||
Non-current liabilities | 2,753 | 2,832 | +79 | +2.9% | ||
Total liabilities | 18,455 | 20,611 | +2,156 | +11.7% | ||
Shareholders' equity | 36,781 | 40,603 | +3,821 | +10.4% | ||
Accumulated other | 2,297 | 3,418 | +1,120 | +48.8% | ||
comprehensive income | ||||||
Non-controlling | 2,738 | 3,203 | +464 | +17.0% | ||
interests, etc. | ||||||
Total net worth | 41,817 | 47,224 | +5,406 | +12.9% | ||
Total liabilities and | 60,273 | 67,836 | +7,563 | +12.5% | ||
equity | ||||||
© 2024 PRESTIGE International Inc. All Rights Reserved. | 7 |
Next, as for the balance sheet, current assets rose due to increased advances paid, accounts receivable, and bad debts.
In terms of fixed assets, there was an increase due to the construction of the BPO center in Ichinoseki, Iwate Prefecture, which will be opened in June.
Liabilities increased due to unearned income related to rent guarantees, insurance premiums from clients, and customer deposits, such as change for coin-operated parking lots.
7
Quarterly Sales
(million yen) | ||||||
Q1 | Q2 | Q3 | Q4 | |||
60,000 | ||||||
50,000 | ||||||
40,000 | ||||||
30,000 | 24,619 | 27,328 | ||||
23,385 | 24,225 | 22,223 | 6,936 | |||
20,000 | 6,281 | 6,133 | 6,010 | 6,570 | ||
6,920 | ||||||
5,716 | 6,462 | |||||
6,010 | 5,782 | |||||
10,000 | 5,838 | 6,449 | 5,422 | 6,050 | 6,816 | |
5,254 | 5,926 | 5,007 | 5,536 | 6,654 | ||
0 | ||||||
FY12.3 | FY13.3 | FY14.3 | FY15.3 | FY16.3 |
© 2024 PRESTIGE International Inc. All Rights Reserved.
58,738
54,562 | |||||||
46,744 | 14,993 | ||||||
14,110 | |||||||
42,377 | 40,617 | 12,483 | |||||
37,196 | |||||||
10,672 | |||||||
33,119 | 10,568 | 14,981 | |||||
14,272 | |||||||
29,477 | 9,816 | ||||||
8,684 | 11,016 | 11,967 | |||||
7,596 | 10,309 | ||||||
9,478 | |||||||
14,845 | |||||||
8,488 | 13,568 | ||||||
7,674 | |||||||
11,599 | |||||||
10,687 | 10,266 | ||||||
9,271 | |||||||
8,079 | |||||||
7,238 | |||||||
10,001 | 9,473 | 10,693 | 12,611 | 13,917 | |||
7,866 | 8,630 | ||||||
6,967 | |||||||
FY17.3 | FY18.3 | FY19.3 | FY20.3 | FY21.3 | FY22.3 | FY23.3 | FY24.3 |
Due to rounding down fractions, some values may not equal the sum of the separate figures.
8
As for the quarterly results, the top line has steadily increased, although it has been slightly bumpy.
8
Quarterly Operating Profit
(million yen) | ||||||||||||||
Q1 | Q2 | Q3 | Q4 OPM(full-year) | |||||||||||
10,000 | 14.6% | 14.4% | 15.0% | |||||||||||
13.5% | ||||||||||||||
12.6% | 12.2% | 12.8% | 12.8% | 12.6% | 12.9% | |||||||||
12.0% | ||||||||||||||
11.7% | 7,840 | 7,921 | ||||||||||||
8,000 | 11.2% | 12.0% | ||||||||||||
9.8% | 6,842 | 1,799 | 2,066 | |||||||||||
6,000 | 5,233 | 1,918 | 9.0% | |||||||||||
4,959 | ||||||||||||||
4,687 | 2,201 | |||||||||||||
4,230 | 1,997 | |||||||||||||
1,374 | ||||||||||||||
3,768 | 1,179 | |||||||||||||
4,000 | 1,860 | 6.0% | ||||||||||||
3,345 | 1,491 | |||||||||||||
1,368 | ||||||||||||||
2,952 | ||||||||||||||
2,809 | 1,064 | 1,247 | ||||||||||||
2,621 | 966 | 1,362 | 1,953 | 1,967 | ||||||||||
2,380 | ||||||||||||||
762 | 1,193 | |||||||||||||
746 | 1,051 | |||||||||||||
891 | 926 | 1,579 | ||||||||||||
2,000 | 720 | 737 | 858 | 1,128 | 1,314 | 3.0% | ||||||||
782 | ||||||||||||||
1,023 | ||||||||||||||
619 | 468 | 877 | 877 | |||||||||||
672 | 790 | 745 | 1,886 | 1,889 | ||||||||||
605 | 651 | 1,484 | ||||||||||||
933 | 978 | 1,289 | 1,296 | |||||||||||
540 | 609 | 661 | 775 | 899 | ||||||||||
0 | 504 | 0.0% | ||||||||||||
FY12.3 | FY13.3 | FY14.3 | FY15.3 | FY16.3 | FY17.3 | FY18.3 | FY19.3 | FY20.3 | FY21.3 | FY22.3 | FY23.3 | FY24.3 | ||
Due to rounding down fractions, some values may not equal the sum of the separate figures. | ||||||||||||||
© 2024 PRESTIGE International Inc. All Rights Reserved. | 9 |
Despite the increase in profit, the profit margin declined slightly due to the complete termination of the highly profitable vaccine-related operations in the previous quarter.
9
▍Financial Results Summary for FY2024.3 by Segment
© 2024 PRESTIGE International Inc. All Rights Reserved. | 10 |
10
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Prestige International Inc. published this content on 31 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 May 2024 08:52:07 UTC.