SHIZUOKA GAS CO., LTD. Flash Report for the First Quarterof 2024[Japan GAAP](Consolidated)
May 9, 2024 | ||
Company Name: SHIZUOKA GAS CO., LTD. | Listing: Tokyo Stock Exchange | |
Code Number: | 9543 | URL:https://ir.shizuokagas.co.jp/en/ |
Representative: | Matsumoto Yoshitake, Representative Director and President | |
Contact: | Yamazaki Junya, Accounting and Finance Manager, Management Planning Dept. | |
Telephone: | +81-54-284-4141 | |
Date for presentation of the quarterly report: | May 10, 2024 | |
Date of dividend payment: | - | |
Preparation of supplemental explanatory materials: | Yes | |
Holding of quarterly results briefing session: | No |
1. Consolidated Business Results for the First Quarter (January 1 through March 31, 2024)
(Amounts under one million yen are omitted; YoY % change) | ||||||||
(1) Operating Results | ||||||||
Net sales | Operating profit | Ordinary profit | ||||||
(¥ million) | (¥ million) | (¥ million) | ||||||
Reporting First Quarter | 54,365 | (26.2)% | 2,735 (( (80.2)% | 3,931 | (( (72.7)% | |||
Previous First Quarter | 73,699 | ( 52.2% | 13,801 (( 370.4% | 14,374 | ((341.3% | |||
Note: Total comprehensive income (¥ million) | ||||||||
Reporting First Quarter: 4,655 ((52.5%)) | Previous First Quarter: 9,794 (251.1%) | |||||||
Profit attributable to owners | Profit | Diluted profit | ||||||
of parent (¥ million) | per share (¥) | per share (¥) | ||||||
Reporting First Quarter | 2,576 ( (75.2)% | 34.65 | 34.60 | |||||
Previous First Quarter | 10,398 ( 399.3% | 140.24 | 140.03 | |||||
(2) Financial Position | ||||||||
Total assets | Net assets | Equity ratio | Net assets per | |||||
(¥ million) | (¥ million) | (%) | share (¥) | |||||
Reporting First Quarter | 159,362 | 118,388 | 70.0 | 1,483.06 | ||||
Previous full term | 154,709 | 114,421 | 69.4 | 1,447.28 |
Note: Net assets excluding share acquisition rights and non-controlling interests (¥ million) | |
Reporting First Quarter: 111,495 | Previous full term: 107,359 |
2. Dividend Payment
Annual dividend per share (¥) | |||||
1Q | 2Q | 3Q | Term-end | Total | |
FY 2023 | - | 10.00 | - | 15.00 | 25.00 |
FY 2024 | - | / | / | / | / |
FY 2024(forecast) | / | 13.00 | - | 13.00 | 26.00 |
Note: Revision of previously announced dividend forecast: No
3. Consolidated Business Forecast for Current Term (January 1 through December 31, 2024)
(Amounts under one million yen are omitted; YoY % change) | |||||
Net sales | Operating profit | Ordinary profit | Profit attributable to | Profit per | |
owners of parent | |||||
(¥ million) | (¥ million) | (¥ million) | share (¥) | ||
(¥ million) | |||||
Full term | 206,710 (3.4)% | 8,070 (56.0)% | 8,770 (56.3)% | 5,460 (61.3)% | 73.60 |
Note: Revision of previously announced consolidated business forecast: No |
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※Notes
(1) Major changes in subsidiaries: No
Note: Transfer of specified subsidiaries during the reporting First Quarter resulting in changes in the scope of consolidation
-
Simplified accounting and special accounting methods for quarterly financial reporting: Yes
(Please refer to the section "(3)Notes Application of Special Accounting Methods in Preparation of Quarterly Consolidated Financial Statements" on P7) - Changes in accounting policies, estimates, or retrospective restatements
- Changes in accounting policies due to revisions of accounting standards: No
- Other: No
- Changes in accounting estimates: No
- Retrospective restatements: No
- Number of issued shares (ordinary shares)
- Number of shares issued at end of period (including treasury shares)
Reporting First Quarter: | 76,192,950 |
Previous full term: | 76,192,950 |
b) Number of treasury shares at end of period | |
Reporting First Quarter: | 1,013,483 |
Previous full term: | 2,013,483 |
c) Average number of shares outstanding during the term
Reporting First Quarter: | 74,328,741 |
Previous First Quarter: | 74,149,070 |
Quarterly Review
Quarterly financial results are exempt from quarterly review.
Notes on proper use of forecast, and other matters
Business forecast and other forward-looking statements contained in this document are assumptions based on information available to the company and judgments deemed rational at the time this document was published. Forward-looking statements are not a guarantee that forecast will be achieved. Actual earnings may differ significantly from business forecast due to various factors.
2
Quarterly Consolidated Financial Statements
(1) Consolidated Balance Sheets
(Millions of yen) | ||
As of December 31, 2023 | As of March 31, 2024 | |
Assets | ||
Non-current assets | ||
Property, plant and equipment | ||
Production facilities | 5,892 | 5,624 |
Distribution facilities | 34,485 | 34,485 |
Service and maintenance facilities | 5,507 | 5,431 |
Other facilities | 13,654 | 13,693 |
Construction in progress | 2,256 | 2,200 |
Total property, plant and equipment | 61,795 | 61,435 |
Intangible assets | 2,769 | 2,741 |
Investments and other assets | ||
Investment securities | 16,661 | 18,831 |
Long-term loans receivable | 2,673 | 2,480 |
Deferred tax assets | 634 | 634 |
Other investments | 3,509 | 4,823 |
Allowance for doubtful accounts | (76) | (83) |
Total investments and other assets | 23,402 | 26,686 |
Total non-current assets | 87,967 | 90,863 |
Current assets | ||
Cash and deposits | 35,621 | 35,491 |
Notes and accounts receivable - trade, and contract | 17,237 | 21,115 |
assets | ||
Merchandise and finished goods | 692 | 729 |
Raw materials and supplies | 10,376 | 7,965 |
Accounts receivable - other | 1,075 | 1,005 |
Other current assets | 1,776 | 2,236 |
Allowance for doubtful accounts | (38) | (44) |
Total current assets | 66,741 | 68,499 |
Total assets | 154,709 | 159,362 |
3
(Millions of yen) | ||
As of December 31, 2023 | As of March 31, 2024 | |
Liabilities | ||
Non-current liabilities | ||
Bonds payable | 5,000 | 5,000 |
Long-term borrowings | 12,233 | 11,887 |
Deferred tax liabilities | 1,526 | 2,280 |
Retirement benefit liability | 2,280 | 2,317 |
Asset retirement obligations | 109 | 110 |
Other noncurrent liabilities | 191 | 171 |
Total non-current liabilities | 21,342 | 21,767 |
Current liabilities | ||
Current portion of non-current liabilities | 984 | 934 |
Accounts payable - trade | 3,268 | 9,688 |
Short-term borrowings | 95 | 130 |
Accounts payable - other | 4,794 | 2,179 |
Income taxes payable | 5,093 | 1,599 |
Provision for bonuses | 566 | 740 |
Other current liabilities | 4,142 | 3,932 |
Total current liabilities | 18,945 | 19,206 |
Total liabilities | 40,287 | 40,973 |
Net assets | ||
Shareholders' equity | ||
Share capital | 6,279 | 6,279 |
Capital surplus | 5,028 | 5,420 |
Retained earnings | 90,260 | 91,724 |
Treasury shares | (1,023) | (515) |
Total shareholders' equity | 100,544 | 102,909 |
Accumulated other comprehensive income | ||
Valuation difference on available-for-sale | 5,944 | 7,645 |
securities | ||
Deferred gains or losses on hedges | 45 | 123 |
Foreign currency translation adjustment | 178 | 191 |
Remeasurements of defined benefit plans | 646 | 627 |
Total accumulated other comprehensive income | 6,814 | 8,586 |
Share acquisition rights | 85 | 85 |
Non-controlling interests | 6,976 | 6,806 |
Total net assets | 114,421 | 118,388 |
Total liabilities and net assets | 154,709 | 159,362 |
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(2) Consolidated Statements of Income and Comprehensive Income Consolidated Statements of Income
(Millions of yen) | ||
For the three months | For the three months | |
ended March 31, 2023 | ended March 31, 2024 | |
Net sales | 73,699 | 54,365 |
Cost of sales | 52,672 | 44,562 |
Gross profit | 21,026 | 9,803 |
Selling, general and administrative expenses | 7,225 | 7,067 |
Operating profit | 13,801 | 2,735 |
Non-operating income | ||
Interest income | 19 | 19 |
Dividend income | 166 | 184 |
Share of profit of entities accounted for using equity | 155 | 80 |
method | ||
Foreign exchange gains | 8 | 63 |
Gain on investments in silent partnerships | 193 | 832 |
Miscellaneous income | 107 | 115 |
Total non-operating income | 650 | 1,295 |
Non-operating expenses | ||
Interest expenses | 32 | 35 |
Share issuance costs | - | 45 |
Bond issuance costs | 19 | - |
Miscellaneous expenses | 24 | 19 |
Total non-operating expenses | 77 | 100 |
Ordinary profit | 14,374 | 3,931 |
Profit before income taxes | 14,374 | 3,931 |
Income taxes | 3,734 | 1,065 |
Profit | 10,640 | 2,865 |
Profit attributable to non-controlling interests | 241 | 289 |
Profit attributable to owners of parent | 10,398 | 2,576 |
5
Consolidated Statements of Comprehensive Income
(Millions of yen)
Profit
Other comprehensive income
Valuation difference on available-for-sale securities Deferred gains or losses on hedges
Foreign currency translation adjustment Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities accounted for using equity method
Total other comprehensive income Comprehensive income
Comprehensive income attributable to
Comprehensive income attributable to owners of parent
Comprehensive income attributable to non-controlling interests
For the three months | For the three months |
ended March 31, 2023 | ended March 31, 2024 |
10,640 | 2,865 |
(465) | 1,713 |
(382) | 78 |
1 | 5 |
(35) | (19) |
34 | 12 |
(846) | 1,790 |
9,794 | 4,655 |
9,548 | 4,348 |
245 | 306 |
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(3) Notes
(Note on Going Concerns' Premise) Not applicable.
(Note on Significant Change in Shareholders' Equity) Not applicable.
(Application of Special Accounting Methods in Preparation of Quarterly Consolidated Financial Statements)
(Calculation of tax expenses)
The Company calculates tax expenses based on a reasonable estimate of the effective tax rate after the application of tax effect accounting to profit before income taxes for the current consolidated fiscal year including the consolidated first quarter. We multiply this effective tax rate by the quarterly profit before income taxes for the cumulative period to calculate tax expenses.
(Additional Information)
(Payment related to the LNG procurement contract)
We postponed the delivery of a certain portion of contracted volume to subsequent years based on the LNG procurement contract in response to the dramatic decrease in demand caused by COVID-19. We paid US$24 million during the first quarter of the 2021 fiscal year. This payment does not affect the consolidated
financial statements for the first quarter of the current fiscal year.
This payment may be used to reduce future payments by allocating said payment to the price when taking delivery of the volume in question in subsequent years. However, based on projected demand as of the end of the current consolidated first quarter and the circumstances surrounding LNG procurement contracts, we have not yet determined the timing of said delivery.
7
Segment Information
Net Sales and Income (Loss) by Reportable Segment | |||||||
Three Months Ended March 31, 2023 | (Millions of yen) | ||||||
Reportable segment | Amount | ||||||
LPG and | Other | recorded on | |||||
Adjustments | consolidated | ||||||
businesses | Total | ||||||
Gas | other | Total | (Note2) | statement of | |||
energy | (Note1) | ||||||
income | |||||||
services | (Note3) | ||||||
Net sales | |||||||
Sales to | |||||||
external | 62,488 | 8,011 | 70,500 | 3,199 | 73,699 | ― | 73,699 |
customers | |||||||
Inter-segment | |||||||
sales and | 668 | 341 | 1,010 | 1,371 | 2,381 | (2,381) | ― |
transfers | |||||||
Total | 63,157 | 8,353 | 71,511 | 4,570 | 76,081 | (2,381) | 73,699 |
Segment income | 14,113 | 498 | 14,612 | 291 | 14,903 | (1,102) | 13,801 |
Notes：
- The Other businesses category consists of businesses not categorized as individual reportable segments. Other businesses include orders for construction related to the gas business, sales of gas appliances, remodeling, and leasing.
- The (¥1,102) million in segment income adjustments include ¥71 million in inter-segment eliminations and
(¥1,174) million in corporate expenses not allocable to a reportable segment. Corporate expenses are general and administrative expenses not allocable to a reportable segment.
3. Segment income is adjusted to reflect operating profit as recorded on the Company's quarterly consolidated statements of income.
Three Months Ended March 31, 2024 | (Millions of yen) | ||||||
Reportable segment | Amount | ||||||
Other | recorded on | ||||||
LPG and | Adjustments | consolidated | |||||
businesses | Total | ||||||
Gas | Total | (Note2) | statement of | ||||
other energy | (Note1) | ||||||
income | |||||||
services | |||||||
(Note3) | |||||||
Net sales | |||||||
Sales to | |||||||
external | 43,557 | 7,615 | 51,172 | 3,192 | 54,365 | ― | 54,365 |
customers | |||||||
Inter-segment | |||||||
sales and | 665 | 335 | 1,000 | 1,089 | 2,090 | (2,090) | ― |
transfers | |||||||
Total | 44,222 | 7,951 | 52,173 | 4,282 | 56,455 | (2,090) | 54,365 |
Segment income | 2,862 | 620 | 3,482 | 155 | 3,638 | (902) | 2,735 |
Notes：
- The Other businesses category consists of businesses not categorized as individual reportable segments. Other businesses include orders for construction related to the gas business, sales of gas appliances, remodeling, and leasing.
- The (¥902) million in segment income adjustments include ¥75 million in inter-segment eliminations and (¥977) million in corporate expenses not allocable to a reportable segment. Corporate expenses are general and administrative expenses not allocable to a reportable segment.
- Segment income is adjusted to reflect operating profit as recorded on the Company's quarterly consolidated statements of income.
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Shizuoka Gas Co. Ltd. published this content on 09 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 May 2024 06:11:25 UTC.
