RESORTTRUST, INC. RESORTTRUST
FINANCIAL DATA
CONSOLIDATED FINANCIAL SUMMARY
1Q FY 2023 (from April 1, 2023 to June 30, 2023)
（securities code： 4681）
CONSOLIDATED FINANCIAL SUMMARY
For the First Quarter Ended June 30, 2021,2022 and 2023
(Millions of yen) | ||||||
1Q | Fiscal Year | |||||
Apr.-Jun. | Apr.-Jun. | Apr.-Jun. | 2023/3 | 2024/3 | ||
2021 | 2022 | 2023 | Result | Revision | ||
Targets | ||||||
Net sales | 37,319 | 40,224 | 42,994 | 169,830 | 201,000 | |
Operating income | 920 | 2,510 | 3,250 | 12,270 | 19,000 | |
Ordinary income | 1,498 | 2,578 | 3,427 | 13,247 | 19,000 | |
Net income (interim) | 1,905 | 7,426 | 3,042 | 16,906 | 14,000 | |
Net assets | 105,378 | 114,145 | 124,549 | 123,889 | ||
Assets | 407,308 | 410,835 | 443,118 | 439,999 | ||
Net income per share (yen) | 17.80 | 69.95 | 28.58 | 158.97 | ||
(Primary) | ||||||
Net income per share (yen) | 16.37 | - | - | - | ||
(Fully Diluted) | ||||||
Equity ratio (%) | 24.6 | 26.5 | 26.8 | 26.8 | ||
Return on assets | (%) | - | - | - | 3.18% | |
Return on equity | (%) | - | - | - | 15.42% | |
Net cash provided by | (3,620) | 786 | 2,656 | 24,285 | ||
(used in) operating activities | ||||||
Net cash provided by | (5,664) | 14,066 | 2,095 | 6,314 | ||
(used in) investment activities | ||||||
Net cash provided by | (1,415) | (12,589) | (6,275) | (30,995) | ||
(used in) financing activities | ||||||
Cash and cash equivalents | 42,101 | 31,511 | 27,402 | 28,926 | ||
RESORTTRUST, INC. | -1- |
Business Results
Overview of 1Q The Fiscal Year 2023(Ending March 31, 2024)
1. Summary of Business Results
(Millions of Yen) | |||
1Q FY2022 | 1Q FY2023 | Year-on-Year Change | |
(Results) | (Results) | ||
Net sales | 40,224 | 42,994 | +6.9% |
Operating income | 2,510 | 3,250 | +29.5% |
Ordinary income | 2,578 | 3,427 | +32.9% |
Net income | 7,426 | 3,042 | (59.0%) |
Evaluated Operating Income | 4,972 | 6,074 | +22.2% |
In the same period of the previous fiscal year, sales of hotel memberships mainly for SANCTUARY COURT BIWAKO, which began sales in March 2022, were strong in Membership Operations. In the current fiscal year, with the addition of the strong sales of SANCTUARY COURT NIKKO, which began sales in October 2022, the number of contracts concluded exceeded that of the previous fiscal year. In addition, in Hotel and Restaurant Operations, occupancy rates of membership resort hotels in the urban areas, which had been slow to bounce back, improved; in Medical Operations, sales of medical memberships remained strong, exceeding previous fiscal year levels, and an increase in income fees in line with the increased number of memberships, etc., contributed to revenue; while the occupancy rates of senior residences, which had been an issue, also began to rise. As a result, the Group as a whole recorded higher sales and higher income in ordinary income items; however, given the recording of extraordinary income (approximately 8.0 billion yen) resulting from the sale of non-membership hotels in the same period of the previous fiscal year, net income attributable to owners of the parent decreased. Furthermore, evaluated operating income, an indicator of real performance, after deducting the effects of deferral of revenue from real estate sales and other factors, improved significantly thanks to the strong sales of hotel memberships.
(Reference) Evaluated Operating Income
In the pre-opening hotel membership sales, accounting figures for the real estate cost of the membership fee is deferred until the opening of the hotel as the revenue is realized in a lump sum at the time of opening. Evaluated operating income represents income assuming that such income to be deferred had been recorded during the current fiscal year. In addition, it is used as a management indicator of real performance during the current fiscal year, taking into account the effect of Accounting Standard for Revenue Recognition for medical memberships, etc.
During the three-month period ended June 30, 2023, the Japanese economy witnessed companies being required to address such issues as rising prices, wage hikes, and manpower shortages, amid the impact of the steep rise in resource prices, the cost of living, and labor costs on personal consumption and corporate activities. Under these circumstances, the Company Group's business performance has been characterized by strong sales of hotel and medical memberships continuing from the previous fiscal year. The Group has been taking measures against the risk of inflation by raising the prices of certain memberships in June, in addition to the effects of the price hikes implemented in the previous fiscal year in Hotel and Restaurant Operations. Meanwhile, due to factors including the recording of an extraordinary income of approximately 8.0 billion yen from the sale of non-membership hotels in the same period of the previous fiscal year, net sales were 42,994 million yen (up 6.9% year-on-year), operating income was 3,250 million yen (up 29.5%), ordinary income was 3,427 million yen (up 32.9%), and net income attributable to owners of the parent was 3,042 million yen (down 59.0%).
RESORTTRUST, INC. | - 2 - |
2. Summary of Business Segments | ||||
【Membership Operations】 | (Millions of Yen) | |||
1Q FY2022 | 1Q FY2023 | Year-on-Year Change | ||
(Results) | (Results) | |||
Net sales | 9,112 | 9,232 | +1.3% | |
Operating income | 2,967 | 2,399 | (19.2%) |
Membership Operation Segment recorded higher sales and lower income, despite the strong sales of memberships for SANCTUARY COURT BIWAKO, which began sales in March 2022, and SANCTUARY COURT NIKKO, which was launched in October 2022. This was due to the deferral of net sales and cost of real estate until the hotels' opening and a rise in costs including outsourcing fees for the introduction of potential membership customers as well as personnel expenses including across-the-board pay increases for the sales staff. The Group has been addressing these cost increases by raising the prices of certain memberships since June.
【Hotel and Restaurant Operations】 | (Millions of Yen) | |||
1Q FY2022 | 1Q FY2023 | Year-on-Year Change | ||
(Results) | (Results) | |||
Net sales | 20,086 | 22,224 | +10.6% | |
Operating income | 400 | 1,363 | +240.5% |
Hotel and Restaurant Operation Segment recorded higher sales and higher income due to decreased costs due to the absence of preparation costs, which were incurred for the sale of some hotels in the previous fiscal year, as well as the price hikes since November 2022. Furthermore, thanks to the recovery in the occupancy rates of urban resorts such as Tokyo Baycourt Club, which had been slow to bounce back, the Group was able to absorb the increased costs associated with the implementation of personnel measures such as the across-the-board pay increases and abolishing long breaks during the shifts of employees.
【Medical Operations】 | (Millions of Yen) | ||
1Q FY2022 | 1Q FY2023 | Year-on-Year Change | |
(Results) | (Results) | ||
Net sales | 10,846 | 11,362 | +4.8% |
Operating income | 1,446 | 1,523 | +5.3% |
Medical Operation Segment recorded higher sales and higher income, as membership sales of Grand HIMEDIC Club, a comprehensive medical support club, were steady, resulting in the increase in annual fees, etc., in line with the increased number of membership holders. The recovery in the occupancy rates of senior residences was also a contributing factor.
【Others】 | (Millions of Yen) | |||
1Q FY2022 | 1Q FY2023 | Year-on-Year Change | ||
(Results) | (Results) | |||
Net sales | 180 | 174 | (3.4%) | |
Operating income | 121 | 101 | (16.1%) |
Others cover business segments that are not part of reportable segments and include real estate businesses.
RESORTTRUST, INC. | - 3 - |
3． Outlook for the Fiscal Year 2023(Ending March 31, 2024)
(Millions of Yen) | |||
FY2022 | FY 2023 | Year-on-year Change | |
(Results) | (Revision Targets) | ||
Net sales | 169,830 | 201,000 | +18.4% |
Operating income | 12,270 | 19,000 | +54.8% |
Ordinary income | 13,247 | 19,000 | +43.4% |
Net income | 16,906 | 14,000 | (17.2%) |
Evaluated Operating Income
22,358
19,380
(13.3%)
The Resorttrust Group announced the outline of the new Medium-term Management Plan for the five-year period from April 2023 to March 2028.For the next five years, in addition to firmly "connecting," each operation, which has been cultivated to date, through horizontal collaboration, which was the concept of the previous medium-term management plan, we will create an axis of sustainability in each operation to aim at achieving both social value and economic value, based on which we will pursue "stakeholder wellbeing" together with our members and employees to achieve a stronger Group brand as well as aim to become a Group which has close membership ties that last for a lifetime.
Under these circumstances, for the FY2023 forecast, with the opening of the membership resort hotel SANCTUARY COURT TAKAYAMA in March 2024, the revenue from real estate sales previously deferred will be recorded in a lump sum, and operating revenues primarily from hotel, golf, medical and senior-life will expand, leading to the creation of new value, and expanding human capital investments that continuously raise wages will create a virtuous cycle aimed at further improvement of productivity and creativity. As a result, we expect the Group as a whole to report net sales of 201,000 million yen (up 18.4% year-on-year), operating income of 19,000 million yen (up 54.8% year-on-year), and ordinary income of 19,000 million yen (up 43.4% year-on-year). The Company expects an increase in both sales and income, with net sales and operating income reaching record highs. Meanwhile, we expect a decrease in income by reporting a net income attributable to the owners of the parent of 14,000 million yen (down 17.2% year-on-year) due mainly to the absence of the extraordinary income resulting from the sale of non-membership hotels. It should be noted that the Company, effective July 14, 2023, made an upward revision of its earnings forecast, as it expects to report a gain on redemption of securities, among others, under extraordinary income.
The Company expects to increase its annual dividend to 50 yen (forecast), an increase of 5 yen from the same period of the previous fiscal year, by adding a 50th anniversary commemorative dividend of 4 yen to its annual dividend of 46 yen, which will be a record high dividend amount (breakdown of expected annual dividend: interim dividend of 23 yen + commemorative dividend of 2 yen, year-end dividend of 23 yen + commemorative dividend of 2 yen).
RESORTTRUST, INC. | - 4 - |
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Resorttrust Inc. published this content on 10 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 August 2023 06:32:08 UTC.
