July 29, 2020
Summary of the Consolidated Financial Results for the First Quarter
of the Fiscal Year Ending March 31, 2021 (FY3/21)
(Three Months Ended June 30, 2020)
[Japanese GAAP] | |||||||||||
Company name: Sakai Moving Service Co., Ltd. | Listing: Tokyo Stock Exchange, First Section | ||||||||||
Stock code: | 9039 | URL: http://www.hikkoshi-sakai.co.jp | |||||||||
Representative: | Tetsuyasu Tajima, President and Representative Director | ||||||||||
Inquiries: | Teruhiro Manabe, Director, Accounting General Manager | ||||||||||
Tel: +81-72-244-1174 | |||||||||||
Scheduled date of filing of Quarterly Report: | August 11, 2020 | ||||||||||
Scheduled date of payment of dividend: | - | ||||||||||
Preparation of supplementary materials for quarterly financial results: None | |||||||||||
Holding of quarterly financial results meeting: | None | ||||||||||
(All amounts are rounded down to the nearest million yen) | |||||||||||
1. Consolidated Financial Results for the First Quarter (April 1, 2020 to June 30, 2020) of FY3/21 | |||||||||||
(1) Consolidated results of operations | (Percentages represent year-on-year changes) | ||||||||||
Net sales | Operating profit | Ordinary profit | Profit attributable to | ||||||||
owners of parent | |||||||||||
Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | ||||
Three months ended Jun. 30, 2020 | 25,766 | (6.2) | 4,184 | (21.0) | 4,328 | (19.8) | 2,818 | (19.6) | |||
Three months ended Jun. 30, 2019 | 27,466 | 5.4 | 5,294 | 6.4 | 5,394 | 6.8 | 3,505 | 4.7 |
Note: Comprehensive income (millions of yen):
Three months ended Jun. 30, 2020: | 2,877 | (down 18.6%) |
Three months ended Jun. 30, 2019: | 3,536 | (up 5.5%) |
Net income per share | Diluted net income | |
per share | ||
Yen | Yen | |
Three months ended Jun. 30, 2020 | 137.28 | - |
Three months ended Jun. 30, 2019 | 170.72 | - |
(2) Consolidated financial position
Total assets | Net assets | Shareholders' equity ratio | ||||
Millions of yen | Millions of yen | % | ||||
As of Jun. 30, 2020 | 86,916 | 67,505 | 77.7 | |||
As of Mar. 31, 2020 | 93,245 | 65,559 | 70.3 | |||
Reference: Shareholders' equity (millions of yen): | As of Jun. 30, 2020: | 67,505 | As of Mar. 31, 2020: 65,559 |
2. Dividends
Dividend per share | ||||||||||
1Q-end | 2Q-end | 3Q-end | Year-end | Total | ||||||
Yen | Yen | Yen | Yen | Yen | ||||||
Fiscal year ended Mar. 31, 2020 | - | 15.00 | - | 45.00 | 60.00 | |||||
Fiscal year ending Mar. 31, 2021 | - | |||||||||
Fiscal year ending Mar. 31, 2021 | 15.00 | - | 45.00 | 60.00 | ||||||
(Forecast) | ||||||||||
Note: Revisions to the most recently announced dividend forecast: None
Composition of the year-end dividend for the fiscal year ending March 31, 2021: Ordinary dividend of 35.00 yen, commemorative dividend of 10.00 yen
3. Consolidated Forecasts for FY3/21 (April 1, 2020 to March 31, 2021)
There is no forecast for the fiscal year ending in March 2021 because it impossible at this time to determi ne the impact of the COVID-19 crisis on results of operations. An announcement will be made promptly once it becomes possible to determine a reliable forecast.
Note: Revisions to the most recently announced consolidated forecast: None
* Notes
- Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in changes in scope of consolidation): None
Newly added: - | Excluded: - |
- Application of special accounting methods for presenting quarterly consolidated financi al statements: None
- Changes in accounting policies and accounting-based estimates, and restatements
- Changes in accounting policies due to revisions in accounting standards, others: None
- Changes in accounting policies other than 1) above: None
- Changes in accounting-based estimates: None
- Restatements: None
- Number of outstanding shares (common shares)
- Number of shares outstanding at the end of the period (including treasury shares)
As of Jun. 30, 2020: | 21,162,000 shares | As of Mar. 31, 2020: | 21,162,000 shares |
2) Number of treasury shares at the end of the period | |||
As of Jun. 30, 2020: | 629,837 shares | As of Mar. 31, 2020: | 629,837 shares |
3) Average number of shares outstanding during the period | |||
Three months ended Jun. 30, 2020: | 20,532,163 shares | Three months ended Jun. 30, 2019 | 20,534,437 shares |
- The current quarterly financial report is not subject to quarterly review by certified public accountants or auditing firms.
-
Cautionary statement with respect to forward-looking statements and other special items
Forecasts of future performance in these materials are based on assumptions judged to be valid and information available to t he management of Sakai Moving Service at the time the materials were prepared. These materials are not promises by Sakai Moving Service regarding future performance. Actual results may differ significantly from these forecasts for a number of reasons. For a discussion of the assumptions for forecasts, precautions concerning usage and other information, please refe r to
"1. Qualitative Information on Quarterly Consolidated Financial Performance, (3) Explanation of Consolidated Forecast and Other Forward-looking Statements" on page 3.
Sakai Moving Service Co., Ltd. (9039) Consolidated Financial Results for 1Q of FY3/21 | ||
Contents of Attachments | ||
1. Qualitative Information on Quarterly Consolidated Financial Performance | 2 | |
(1) | Explanation of Results of Operations | 2 |
(2) | Explanation of Financial Position | 2 |
(3) | Explanation of Consolidated Forecast and Other Forward -looking Statements | 3 |
2. Quarterly Consolidated Financial Statements and Notes | 4 | |
(1) | Quarterly Consolidated Balance Sheet | 4 |
(2) | Quarterly Consolidated Statements of Income and Comprehensive Income | 5 |
Quarterly Consolidated Statement of Income | ||
For the Three-month Period | 5 | |
Quarterly Consolidated Statement of Comprehensive Income | ||
For the Three-month Period | 6 | |
(3) | Notes to Quarterly Consolidated Financial Statements | 7 |
Going-concern Assumption | 7 | |
Significant Changes in Shareholders' Equity | 7 |
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Sakai Moving Service Co., Ltd. (9039) Consolidated Financial Results for 1Q of FY3/21
1. Qualitative Information on Quarterly Consolidated Financial Performance
(1) Explanation of Results of Operations
In the first quarter of the current fiscal year, there was a state of emergency in Japan for almost two months due to the COVID-19 pandemic. Although the state of emergency ended in late May, there were restrictions on the activities of individuals and companies during the quarter and internal and external demand plunged because of the downturn of the global economy. Consequently, there is still uncertainty about a recovery of consumer spending and business activities in Japan.
In Japan's moving industry, the business climate remained challenging because of the declining number of housing starts and people who are relocating.
Due to many activities in response to these difficult market conditions during the first quarter, the Sakai Moving Service Group achieved a 2.1% increase from one year earlier in the number of jobs performed to 207,377, but the average unit rate for moving services decreased 8.2%. As a result, group companies were able to minimize the decline in sales caused by COVID-19.
Net sales decreased 6.2% year-on-year to 25,766 million yen, operating profit decreased 21.0% to 4,184 million yen, ordinary profit decreased 19.8% to 4,328 million yen, and profit attributable to owners of parent decreased 19.6% to 2,818 million yen.
(2) Explanation of Financial Position
1) Current assets
Current assets decreased by 5,952 million yen, or 22.7%, from the end of the previous fiscal year to 20,294 million yen.
This was attributable mainly to a decrease of 5,121 million yen in notes and accounts receivable-trade.
2) Non-current assets
Non-current assets decreased by 376 million yen, or 0.6%, from the end of the previous fiscal year to 66,622 million yen.
This was mainly attributable to a decrease of 477 million yen in deferred tax assets included in investments and other assets, while there was an increase of 570 million yen in construction in progress included in property, plant and equipment.
3) Current liabilities
Current liabilities decreased by 7,289 million yen, or 35.0%, from the end of the previous fiscal year to 13,564 million yen.
This was attributable mainly to decreases of 2,604 million yen in accounts payable-trade, 1,327 million yen in accrued expenses included in other current liabilities, 996 million yen in income taxes payable and 920 million yen in provision for bonuses.
4) Non-current liabilities
Current liabilities decreased by 984 million yen, or 14.4%, from the end of the previous fiscal year to 5,847 million yen.
This was attributable mainly to decreases of 575 million yen in long-term accounts payable-other included in other non-current liabilities and 349 million yen in long-term borrowings.
5) Net assets
Net assets increased by 1,945 million yen, or 3.0%, from the end of the previous fiscal year to 67,505 million yen.
This was attributable mainly to an increase of 1,896 million yen in retained earnings.
2
Sakai Moving Service Co., Ltd. (9039) Consolidated Financial Results for 1Q of FY3/21
(3) Explanation of Consolidated Forecast and Other Forward -looking Statements
There is no first-half and full-year forecasts for the fiscal year ending in March 2021 because it impossible at this time to determine the impact of the COVID-19 crisis on results of operations.
We continue to carefully monitor the trends of the COVID-19 pandemic. An announcement will be made promptly once it becomes possible to determine a reliable forecast.
3
Sakai Moving Service Co., Ltd. (9039) Consolidated Financial Results for 1Q of FY3/21
2. Quarterly Consolidated Financial Statements and Notes
(1) Quarterly Consolidated Balance Sheet
(Millions of yen) | |||
FY3/20 | First quarter of FY3/21 | ||
(as of Mar. 31, 2020) | (as of Jun. 30, 2020) | ||
Assets | |||
Current assets | |||
Cash and deposits | 16,758 | 16,061 | |
Notes and accounts receivable-trade | 7,754 | 2,632 | |
Merchandise | 460 | 429 | |
Other | 1,282 | 1,179 | |
Allowance for doubtful accounts | (9) | (8) | |
Total current assets | 26,247 | 20,294 | |
Non-current assets | |||
Property, plant and equipment | |||
Buildings, net | 9,016 | 8,944 | |
Land | 49,985 | 49,985 | |
Other, net | 2,106 | 2,483 | |
Total property, plant and equipment | 61,108 | 61,413 | |
Intangible assets | |||
Goodwill | 112 | 89 | |
Contract-based intangible assets | 255 | 226 | |
Other | 438 | 417 | |
Total intangible assets | 805 | 733 | |
Investments and other assets | |||
Other | 5,183 | 4,574 | |
Allowance for doubtful accounts | (99) | (99) | |
Total investments and other assets | 5,084 | 4,475 | |
Total non-current assets | 66,998 | 66,622 | |
Total assets | 93,245 | 86,916 | |
Liabilities | |||
Current liabilities | |||
Accounts payable-trade | 4,553 | 1,948 | |
Short-term borrowings | 1,834 | 1,770 | |
Income taxes payable | 2,168 | 1,172 | |
Provision for bonuses | 1,114 | 194 | |
Provision for point card certificates | 6 | 6 | |
Other | 11,176 | 8,472 | |
Total current liabilities | 20,854 | 13,564 | |
Non-current liabilities | |||
Long-term borrowings | 3,354 | 3,004 | |
Retirement benefit liability | 9 | 9 | |
Other | 3,468 | 2,833 | |
Total non-current liabilities | 6,832 | 5,847 | |
Total liabilities | 27,686 | 19,411 | |
Net assets | |||
Shareholders' equity | |||
Share capital | 4,731 | 4,731 | |
Capital surplus | 4,949 | 4,949 | |
Retained earnings | 59,247 | 61,143 | |
Treasury shares | (2,934) | (2,934) | |
Total shareholders' equity | 65,993 | 67,889 | |
Accumulated other comprehensive income | |||
Valuation difference on available-for-sale securities | (2) | 46 | |
Revaluation reserve for land | (431) | (431) | |
Total accumulated other comprehensive income | (434) | (384) | |
Total net assets | 65,559 | 67,505 | |
Total liabilities and net assets | 93,245 | 86,916 | |
4 |
Sakai Moving Service Co., Ltd. (9039) Consolidated Financial Results for 1Q of FY3/21
(2) Quarterly Consolidated Statements of Income and Comprehensive Income
(Quarterly Consolidated Statement of Income)
(For the Three-month Period)
(Millions of yen) | |||
First three months of FY3/20 | First three months of FY3/21 | ||
(Apr. 1, 2019 to Jun. 30, 2019) | (Apr. 1, 2020 to Jun. 30, 2020) | ||
Net sales | 27,466 | 25,766 | |
Cost of sales | 14,788 | 14,998 | |
Gross profit | 12,678 | 10,768 | |
Selling, general and administrative expenses | 7,383 | 6,583 | |
Operating profit | 5,294 | 4,184 | |
Non-operating income | |||
Interest income | 3 | 2 | |
Dividend income | 10 | 8 | |
Insurance claim income | 24 | 25 | |
Other | 63 | 110 | |
Total non-operating income | 102 | 147 | |
Non-operating expenses | |||
Interest expenses | 1 | 3 | |
Other | 0 | 0 | |
Total non-operating expenses | 1 | 3 | |
Ordinary profit | 5,394 | 4,328 | |
Extraordinary income | |||
Gain on sales of non-current assets | 1 | 0 | |
Gain on sales of investment securities | 45 | - | |
Total extraordinary income | 47 | 0 | |
Extraordinary losses | |||
Loss on disposal of non-current assets | 2 | - | |
Loss on valuation of investment securities | 152 | 71 | |
Loss on sales of investment securities | 27 | - | |
Total extraordinary losses | 182 | 71 | |
Profit before income taxes | 5,259 | 4,257 | |
Income taxes-current | 1,162 | 1,044 | |
Income taxes-deferred | 591 | 394 | |
Total income taxes | 1,754 | 1,438 | |
Profit | 3,505 | 2,818 | |
Profit attributable to non-controlling interests | - | - | |
Profit attributable to owners of parent | 3,505 | 2,818 | |
5
Sakai Moving Service Co., Ltd. (9039) Consolidated Financial Results for 1Q of FY3/21
(Quarterly Consolidated Statement of Comprehensive Income)
(For the Three-month Period)
(Millions of yen) | ||
First three months of FY3/20 | First three months of FY3/21 | |
(Apr. 1, 2019 to Jun. 30, 2019) | (Apr. 1, 2020 to Jun. 30, 2020) | |
Profit | 3,505 | 2,818 |
Other comprehensive income | ||
Valuation difference on available-for-sale | 30 | 59 |
securities | ||
Total other comprehensive income | 30 | 59 |
Comprehensive income | 3,536 | 2,877 |
Comprehensive income attributable to: | ||
Comprehensive income attributable to owners | 3,536 | 2,877 |
of parent | ||
Comprehensive income attributable to | - | - |
non-controlling interests | ||
6
Sakai Moving Service Co., Ltd. (9039) Consolidated Financial Results for 1Q of FY3/21
(3) Notes to Quarterly Consolidated Financial Statements Going-concern Assumption
Not applicable.
Significant Changes in Shareholders' Equity
Not applicable.
This summary report is solely a translation of "Kessan Tanshin" (in Japanese, including the attachme nts), which has been prepared in accordance with accounting principles and practices generally accepted in Japan, for the convenience of readers who prefer an English translation.
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Sakai Moving Service Co. Ltd. published this content on 27 August 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 August 2020 03:01:01 UTC