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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  Funai Soken Holdings Incorporated    9757   JP3825800000

FUNAI SOKEN HOLDINGS INCORPORATED

(9757)
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Funai Soken Incorporated : Financial Results for the 2nd Quarter of the Fiscal Year Ending December 2020

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09/17/2020 | 02:35am EDT

Consolidated Financial Results for the First Half of the Fiscal Year Ending December 31, 2020

(January 1, 2020 - June 30, 2020)

August 20, 2020

Company name:

Funai Soken Holdings, Inc.

Stock Exchange listing: Tokyo Stock Exchange

Stock code:

9757

URL: https://hd.funaisoken.co.jp

President & Group CEO:

Sakae Takashima

Takahisa Okumura, director and senior vice president,

Contact:

Head of Management Administration Divisional Headquarters

Telephone: +81-(0)6-6232-0130

Scheduled date of payment of dividend:

September 14, 2020

Scheduled date of filing quarterly report:

August 21, 2020

Supplementary materials compiled to explain 1st-quarter financial statements?

/

No

Yes

Briefing to be held to explain 1st-quarter financial results?

/

No (For institutional investors and analysts)

Yes

(Figures are rounded to the nearest million yen; fractions of one million discarded rather than rounded up or down)

1. 2020 1st Half Consolidated Financial Results (January 1, 2020 - June 30, 2020)

(1) Consolidated Results of Operations

(Percentages represent change from the same quarter last year)

Net sales

Operating income

Ordinary income

Net income attributable to

owners of the parent

Six months ending

Million yen

%

Million yen

%

Million yen

%

Million yen

%

12,234

1.2

2,584

10.1)

2,640

9.4)

1,745

9.0)

Jun. 30, 2020

(

(14.8

(12.3

Jun. 30, 2019

12,087

21.1

2,874

14.9

2,914

1,918

Notes:

Comprehensive income: 1,672 million yen (down 15.4%) in the six months ending Jun. 30, 2020

1,977 million yen (up 9.9%) in the six months ending Jun. 30, 2019

Earnings per share

Earnings per share

(basic)

(diluted)

Six months ending

Yen

Yen

35.06

34.68

Jun. 30, 2020

Jun. 30, 2019

38.02

37.66

(2) Consolidated Financial Position

Total assets

Net assets

Equity ratio

Million yen

Million yen

%

As of Jun. 30, 2020

27,466

23,765

84.1

As of Dec. 31, 2019

28,419

23,165

79.4

Reference:

Shareholders' equity:

23,102 million

yen as of Jun. 30, 2020

22,573 million yen as of Dec. 31, 2019

2. Dividends

Dividend per share

1Q-end

2Q-end

3Q-end

Year end

Total

Yen

Yen

Yen

Yen

Yen

Year ending Dec. 31, 2019

17.00

23.00

40.00

Year ending Dec. 31, 2020

20.00

FY2020 forecast

25.00

45.00

Notes:

Amendments to dividend numbers compared to most recently announced forecasts?

None

Notes: FY2019 dividend per share comprised an ordinary dividend of 20.00 yen and a commemorative bonus dividend of 3.00 yen. The bonus dividend was to commemorate the group's 50th anniversary.

3. Forecast Consolidated Financial Results for FY2020 (January 1, 2020 - December 31, 2020)

(Percentages represent year-on-year change)

Net sales

Operating income

Ordinary income

Net income attributable to

Earnings per

owners of the parent

share

Million yen

%

Million yen

%

Million yen

%

Million yen

%

Yen

Full year

24,000

Down 6.8

4,300

Down 24.6

4,350

Down 24.4

2,900

Down 25.0

58.26

to 25,760

to 0.0

to 5,150

to 9.7

to 5,200

to 9.6

to 3,500

to 9.5

to 70.31

Notes: Amendments to performance numbers compared to most recently announced forecasts?

Yes

Please refer to our Notice Regarding Revision of Financial Result Forecast released on August 20, 2020, for information relating to consolidated forecasts for the fiscal year ending December 31, 2020.

Remarks

(1) Changes in consolidated subsidiaries in 1Q and 2Q: Changes in scope of consolidation:

No. of new companies added: Names of new companies added: No. of companies removed: Names of companies removed:

  1. Application of specific accounting procedures when compiling 2Q consolidated financial statements:
  2. Changes in accounting policies; changes in estimates; re-statement of amendments
    1. Changes in accounting policies caused by revision of accounting standards:
    2. Other changes in accounting policies:
    3. Changes in accounting estimates:
    4. Re-statementof amendments:
  3. Number of issued shares (common stock)

None

None

None

None

None

None

None

None

1)

Number of shares issued at end of three-month period (including treasury stock)

Jun. 30, 2020

53,000,000

Dec. 31, 2019

53,000,000

2)

Number of treasury shares at end of three-month period

Jun. 30, 2020

3,220,157

Dec. 31, 2019

3,220,991

3) Average number of shares during three-month period (cumulative total)

Jun. 30, 2020

49,779,095

Jun. 30, 2020

50,458,177

Notes: This financial summary is excluded from quarterly review by a CPA or auditing company.

Statement Regarding the Use of Forward-Looking Statements

Forecasts in these materials regarding future performance are based on reasonable judgments made in accordance with information currently available. Actual results may differ greatly from these forecasts for a number of factors. Please refer to "Results of Operations" on page 2 of the appendix for further information concerning the conditions on which these forecasts are based and further cautions with respect to the use of forward-looking statements.

Appendix Contents

1.

Qualitative Information Regarding the Six Months Ending Jun. 30, 2020..................................................................

2

(1)

Results of Operations ............................................................................................................................................

2

(2)

Financial Position ..................................................................................................................................................

3

(3)

Consolidated Forecast and Other Forward-Looking Information ..........................................................................

4

2.

Consolidated Financial Statements and Notes ............................................................................................................

5

(1)

Consolidated Balance Sheet ..................................................................................................................................

5

(2)

Consolidated Statements of Income and Comprehensive Income .........................................................................

7

(3)

Consolidated Cash Flow Statement .......................................................................................................................

9

(4)

Notes on Consolidated Financial Statements.........................................................................................................

10

Notes on Going Concern Assumptions................................................................................................................

10

Notes on Significant Changes to Shareholders' Equity .......................................................................................

10

Segment Information...........................................................................................................................................

11

3.

Other Information .......................................................................................................................................................

12

(1)

Orders and Sales....................................................................................................................................................

12

- 1 -

1. Qualitative Information Regarding the Six Months Ending Jun. 30, 2020

(1) Results of Operations

The second quarter was severe for the Japanese economy, as a state of emergency was declared due to COVID-19, causing the economy at home to deteriorate suddenly, corporate profits to decline, and the effective job-to-application ratio to fall. With an uncertain outlook, it is necessary to pay attention to further impact of the infectious disease both in Japan and overseas.

We at the Funai Soken Consulting Group sought to make the best of the restricted circumstances with online seminars, web-based consulting, and telecommuting.

As a result, for the six months ended June 30, 2020, net sales were 12,234 million yen (up 1.2% over the same quarter in the preceding year); operating income was 2,584 million yen (down 10.1%); ordinary income was 2,640 million yen (down 9.4%); and net income attributable to owners of the parent was 1,745 million yen (down 9.0%).

I. Net sales: 12,234 million yen (up 1.2% over the same period of the preceding year)

Sales of online advertisement agency services (part of our consulting business) grew, as did sales in our direct recruiting business, even though we were not able to secure sufficient sales activities due to COVID-19.

Consequently, net sales rose 1.2% over the same period of the previous year to 12,234 million yen.

II. Operating income: 2,584 million yen (down 10.1% over the same period of the preceding year)

Cost of sales increased to 8,081 million yen from 7,750 million yen in the same period of the preceding year, and SG&A rose to 1,568 million yen from 1,462 million yen

Consequently, operating income decreased 10.1% over the same period of the previous year to 2,584 million yen.

III. Ordinary income: 2,640 million yen (down 9.4% over the same period of the preceding year)

Non-operating income was 65 million yen (48 million yen in the same period of the preceding year), mainly due to gains on sales of investment securities acquired by investing surplus funds, while non-operating expenses were 9 million yen (8 million yen in the same period of the preceding year).

Consequently, ordinary income decreased 9.4% over the same period of the previous year to 2,640 million yen.

IV. Net income attributable to owners of the parent: 1,745 million yen (down 9.0% over the same period of the preceding year)

Income taxes totaled 890 million yen (989 million yen in the same period of the preceding year), and net income attributable to owners of the parent was 1,745 million yen, down 9.0% over the same period in the preceding year.

Segment-Specific Performance

The performance of each business segment is outlined below.

I. Consulting

Sales of performance improvement consulting for our main housing and real estate industry, as well as education, childcare, and school industry, increased over the same period in the previous year. Sales of online advertisement agency services also grew, as the percentage of website use among our clients increases as the way to attract customers. However, in many other sectors, new orders were sluggish due to restrictions on sales activities and the suspension of face-to-face seminars caused by the outbreak of COVID-19. As a result, sales for the second quarter decreased year on year. Sales at Funai Consulting Shanghai Inc., based in Shanghai, China, declined due to significant restrictions on business operations from the beginning of the fiscal year, although operations resumed gradually from April.

Profits declined as fixed cost increase due to a rise in the number of employees and sales decline were not fully made up for by a significant reduction in travel expenses and seminar venue expenses due to restrictions on commuting to offices and business trips.

Consequently, net sales decreased 2.1% from the same period of the preceding year to 9,071 million yen, and operating income decreased 12.1% from the same period of the preceding year to 2,513 million yen.

- 2 -

II. Logistics

Deeper mining of existing clients and spot orders resulted in increased sales for our logistics operations compared with the same period in the preceding year. In the logistics consulting business, although new orders were sluggish, we were able to secure an increase in revenue. However, in the logistics trading business, sales decreased compared with the same period of the preceding year due to a decrease in fuel sales volume resulting from a decrease in the transfer of companies and employees, and a decrease in the fuel unit price. Profits declined due to a decrease in the overall profit margin resulting from a decline in the percentage in the overall sales of the logistics consulting business, which has a high profit margin, and also due to an increase in personnel expenses associated with an increase in the number of employees.

Consequently, net sales rose 9.4% over the same period of the preceding year to 1,279 million yen, while operating income decreased 0.5% from the same period of the preceding year to 165 million yen.

III. Direct Recruiting

Net sales increased 24.4% over the same period in the preceding year as the base contracts increased year on year even though COVID-19 caused the cancellation of seminars, which resulted in a decrease in new clients and in help-wanted ads. The direct recruiting business ran an operating loss in 1Q and 2Q due to continuous upfront investments aimed at early sales expansion. The investments are made mainly in sales promotions, and personnel costs and system development costs related to our operating framework. The loss amount was smaller than that in the same period last year.

Consequently, net sales rose 24.4% over the same period of the preceding year to 1,358 million yen, with operating loss of 66 million yen (153 million yen loss in the same period of the previous year).

IV. Other Businesses

Sales and operating income were both down as COVID-19 resulted in restrictions on operations and delayed work.

Consequently, net sales decreased 6.3% from the same period of the preceding year to 513 million yen with operating loss of 51 million yen (operating income of 6 million yen in the same period of the preceding year).

(2) Financial Position

Assets

Total assets at the end of the second quarter decreased 953 million yen from the end of FY2019 to 27,466 million yen.

Current assets decreased 896 million yen from the end of FY2019 to 15,798 million yen. This was mainly due to an increase in cash and deposits, and a decrease in trade notes and accounts receivable and short-term investment securities.

Noncurrent assets decreased 56 million yen from the end of FY2019 to 11,667 million yen. This was mainly due to a decrease in buildings and structures.

Liabilities

Total liabilities decreased 1,553 million yen from the end of FY2019 to 3,700 million yen at the end of the second quarter. Current liabilities decreased 1,521 million yen from the end of FY2019 to 3,410 million yen. This was mainly due to a decrease

in current portion of bonds and a decrease in accounts payable and deposits received, which are included in other current liabilities. Noncurrent liabilities decreased 31 million yen from the end of FY2019 to 290 million yen. This was mainly due to a decrease

in deferred tax liabilities.

Net Assets

Total net assets increased 600 million yen from the end of FY2019 to 23,765 million yen at the end of the second quarter.

Equity Ratio

Equity ratio increased 4.7 points from the end of FY2019 to 84.1% at the end of the second quarter.

(2) Cash flow

Cash and cash equivalents (hereinafter "net cash") increased 379 million yen from the end of FY2019 to 12,009 million yen at the

- 3 -

end of the second quarter.

Trends in cash flow during the first half of FY2020 are described below.

(Net cash provided by (used in) operations)

Net cash provided by operations totaled 1,562 million yen (2,168 million yen in the same period of the preceding year).

This was mainly due to net income before income taxes and other adjustments of 2,635 million yen, and income taxes paid of 1,108 million yen.

(Net cash provided by (used in) investment)

Net cash provided by investments totaled 271 million yen (net use of 435 million yen in the same period of the previous year). This was mainly due to net proceeds of 395 million yen from the purchase, sale and redemption of investment securities, and

expenditure of 123 million yen on purchases of property, plant, and equipment, and intangible assets.

(Net cash provided by (used in) financing)

Net cash used in financing totaled 1,453 million yen (net use of 1,019 million yen in the same period of the previous year). This was mainly due to 1,142 million yen distributed as dividends.

(3) Consolidated Forecast and Other Forward-Looking Information

During the current fiscal year, the Japanese economy remained in a difficult situation due to the COVID-19 infection. Its impact on the domestic and overseas economies is expected to last long, affecting to a certain degree SMEs, our main source of clients. The Funai Soken Consulting Group is changing the style of seminars for proprietors from the traditional in-person style to an online style, and promoting a shift in our consulting activities from visiting-based consulting to remote consulting using web conferencing system. In addition, our early uptake of web-based operations and telecommuting as part of our digital shift has ensured hiring and back-office operations remain intact.

In the consolidated financial summary for the first quarter of FY 2020, we expressed our decision not to announce the full-year business performance forecast for FY2020, considering the difficulty in reasonably forecasting our performance and dividends to be paid, as it was uncertain, in the midst of COVID-19 infection, when the restrictions on consulting activities would be lifted or when the impact of the viral spread on SMEs would diminish. Although the outlook for the end of the infection is still uncertain at this point, we have forecast the earnings based on information and prospects available now. For details, please refer to our Notice Regarding Revision of Financial Result Forecast and Dividend of Surplus (Interim Dividend) released on August 20, 2020.

The revised forecast of the full-year consolidated results is as follows: net sales of 24,000 million to 25,760 million yen, operating income of 4,300 million to 5,150 million yen, ordinary income of 4,350 million to 5,200 million yen, and net income attributable to owners of the parent of 2,900 million to 3,500 million yen.

- 4 -

2. Consolidated Financial Statements and Notes

(1) Consolidated Balance Sheet

(Unit: Thousand yen)

FY12/19

First half of FY12/20

(As of Dec. 31, 2019)

(As of Jun. 30, 2020)

Assets

Current assets

Cash and deposits

11,630,554

12,009,933

Trade notes and accounts receivable

2,870,051

2,266,403

Short-term investment securities

1,001,132

504,781

Work in process

155,685

162,784

Raw materials and supplies

5,759

7,307

Other current assets

1,071,147

890,119

Allowance for doubtful accounts

39,543)

43,204)

Total current assets

16,694,787

15,798,126

(

(

Noncurrent assets

Property, plant, and equipment

Buildings and structures, net

1,311,009

1,270,334

Land

4,602,643

4,602,643

Other property, plant, and equipment, net

196,280

178,268

Total property, plant, and equipment

6,109,933

6,051,246

Intangible assets

Leasehold rights

322,400

322,400

Software

274,379

295,157

Other intangible assets

177,210

126,211

Total intangible assets

773,990

743,768

Investments and other assets

Investment securities

3,907,279

3,885,945

Assets related to retirement benefits

473,196

494,561

Other investments and other assets

468,046

502,039

Allowance for doubtful accounts

8,006)

9,612)

Total investments and other assets

4,840,516

4,872,935

(

(

Total noncurrent assets

11,724,440

11,667,950

Total assets

28,419,227

27,466,076

- 5 -

(Unit: Thousand yen)

FY12/19

First half of FY12/20

(As of Dec. 31, 2019)

(As of Jun. 30, 2020)

Liabilities

Current liabilities

Trade notes and accounts payable

347,821

297,991

Current portion of bonds payable

500,000

Short-term loans payable

200,000

Income taxes payable

1,159,020

948,550

Provision for bonuses

152,464

Other current liabilities

2,925,055

1,811,041

Total current liabilities

4,931,897

3,410,047

Noncurrent liabilities

Long-term loans payable

100,000

100,000

Retirement benefit liabilities

60,876

63,669

Deferred tax liabilities

109,949

80,186

Other noncurrent liabilities

51,377

46,825

Total noncurrent liabilities

322,203

290,681

Total liabilities

5,254,101

3,700,729

Net assets

Shareholders' equity

Capital stock

3,125,231

3,125,231

Capital surplus

2,947,675

2,951,287

Retained earnings

19,731,165

20,331,733

Treasury stock

3,342,957)

3,345,503)

(22,461,115

(23,062,748

Total shareholders' equity

Accumulated other comprehensive income

Valuation difference on available-for-sale securities

211,575

127,075

Foreign currency translation adjustments

16,146

15,620

Accumulated adjustments for retirement benefits

114,954)

103,214)

Total accumulated other comprehensive income

( 112,766

(

39,481

Subscription rights for shares

591,243

663,116

Total net assets

23,165,126

23,765,346

Total liabilities and net assets

28,419,227

27,466,076

- 6 -

(2) Consolidated Statements of Income and Comprehensive Income

Consolidated Statement of Income

First Half

(Unit: Thousand yen)

First half of FY12/19

First half of FY12/20

(Jan. 1 - Jun. 30, 2019)

(Jan. 1 - Jun. 30, 2020)

Net sales

12,087,880

12,234,202

Cost of sales

7,750,723

8,081,952

Gross profit

4,337,156

4,152,249

SG&A expenses

1,462,648

1,568,071

Operating income

2,874,508

2,584,178

Non-operating income

Interest income

4,525

8,521

Dividend income

5,013

4,709

Gain on sales of investment securities

18,891

36,305

Gain on valuation of investment securities

1,464

2,893

Consumption taxes refund

11,429

Other non-operating income

7,440

13,218

Total non-operating income

48,766

65,649

Non-operating expenses

Interest expenses

2,590

1,652

Loss on valuation of investment securities

1,914

887

Foreign exchange losses

757

4,398

Investment partnership management expenses

2,047

1,824

Other non-operating expenses

1,047

435

Total non-operating expenses

8,358

9,198

Ordinary income

2,914,915

2,640,629

Extraordinary income

Gain on sales of investment securities

626

32

Total extraordinary income

626

32

Extraordinary losses

Loss on retirement of noncurrent assets

394

5,135

Loss on sales of investment securities

6,807

Total extraordinary losses

7,201

5,135

Net income before income taxes and other adjustments

2,908,341

2,635,525

Current income taxes

1,017,542

901,389

Deferred income taxes

27,843)

11,349)

Total income taxes

(989,699

(890,040

Net income

1,918,641

1,745,484

Net income attributable to owners of the parent

1,918,641

1,745,484

- 7 -

Consolidated Statement of Income

Second Quarter

(Unit: Thousand yen)

First half of FY12/19

First half of FY12/20

(Jan. 1 - Jun. 30, 2019)

(Jan. 1 - Jun. 30, 2020)

Net income

1,918,641

1,745,484

Other comprehensive income

(

Valuation difference on available-for-sale securities

84,499)

45,008

Foreign currency translation adjustments

918)

525)

Adjustments for retirement benefits

14,921

11,740

(

(

Total other comprehensive income

59,011

73,284)

Comprehensive income

1,977,653

1,672,199

(

Details

Comprehensive income attributable to owners of the

1,977,653

1,672,199

parent

- 8 -

(3) Consolidated Cash Flow Statement

(Unit: Thousand yen)

First half of FY12/19

First half of FY12/20

(Jan. 1 - Jun. 30, 2019)

(Jan. 1 - Jun. 30, 2020)

Net cash provided by (used in) operations

Net income before income taxes and other adjustments

2,908,341

2,635,525

Depreciation

132,626

142,357

Amortization of goodwill

33,417

22,569

Share-based compensation expenses

95,275

78,473

Increase (decrease) in allowance for doubtful accounts

300

5,266

Decrease

(increase)

in

assets

related

to

retirement

9,495)

9,623)

benefits

(12,504

(

Increase (decrease) in liabilities related to retirement

2,793

benefits

Increase (decrease) in provision for bonuses

120,941

152,596

(

Loss (gain) on valuation of investment securities

449

2,006)

Loss (gain) on sales of investment securities

12,710)

36,337)

Interest and dividend income

(

9,539)

(13,231)

Interest expenses

(

2,590

(

1,652

Loss (gain) on exchange

367)

863)

Loss on retirement of property, plant, and equipment

(

394

2,427

(

Loss on retirement of intangible assets

2,708

Decrease

(increase)

in

trade

notes

and

accounts

31,213)

603,482

receivable

Decrease (increase) in other assets

453,610)

265,605)

(

(

Increase (decrease) in other liabilities

13,486)

1,129,053)

Other cash provided by (used in) operations

(

4,274

( (

5,036

Subtotal

2,780,692

2,198,169

Interest and dividends received

20,003

20,369

Interest paid

(

(

2,601)

(

(

1,619)

Income taxes paid

972,367)

1,108,372)

Income taxes refund

343,175

454,299

Net cash provided by (used in) operations

2,168,902

1,562,846

Net cash provided by (used in) investments

Purchase of securities

(

100,067)

Proceeds from sale and redemption of securities

100,000

600,000

Purchase of investment securities

(

163,405)

(

205,550)

Proceeds from sale and redemption of investment

14,272

797

securities

Purchase of property, plant, and equipment

221,369)

36,472)

Purchase of Intangible assets

(

73,809)

(87,278)

Proceeds from cancellation of insurance funds

(

8,938

(

Net cash provided by (used in) investments

(

435,439)

271,496

Net cash provided by (used in) financing

Increase (decrease) in short-term loans payable

200,000

Redemption of bonds

(

500,000)

Repayment of lease obligations

7,376)

5,102)

Purchase of treasury shares

(7,021)

(5,538)

Proceeds from sale of treasury shares

(

148

(

2

Dividends paid

1,005,609)

1,142,610)

(1,019,860)

(1,453,247)

Net cash provided by (used in) financing

Effect of exchange rate changes on cash and cash

(

(

1,791)

(

(

1,715)

equivalents

Net increase (decrease) in cash and cash equivalents

711,810

379,379

Cash and cash equivalents at start of fiscal year

11,022,585

11,630,554

Cash and cash equivalents at end of quarter

11,734,395

12,009,933

- 9 -

(4) Notes on Consolidated Financial Statements

Notes on Going Concern Assumptions

None to report.

Notes on Significant Changes to Shareholders' Equity

None to report.

- 10 -

Segment Information

I. First Half of FY12/19 (Jan. 1 - Jun. 30, 2019)

Information About Net Sales, Income, and Losses for Each Segment

(Unit: Thousand yen)

Amount listed

Consulting

Logistics

Direct

Other

Total

Adjustment(2)

in consolidated

recruiting

businesses(1)

statement of

income (3)

Net sales

Sales to external

9,267,413

1,169,556

1,091,494

547,584

12,076,049

11,831

12,087,880

customers

Inter-segment sales

98,870

289,287

7,079

12,761

407,999

407,999)

transfers

and

(

Total

9,366,284

1,458,844

1,098,574

560,345

12,484,048

396,167)

12,087,880

Segment income

2,859,256

166,664

(

153,502)

6,858

2,879,277

(

(

4,768)

2,874,508

Notes

  1. The "other businesses" category includes income from IT consulting, contact center consulting, and systems development.
  2. Adjustments of segment income/losses include elimination of inter-segment transactions and whole-group revenues and expenses that are not attributable to any segment. Whole-group income is comprised of outsourcing fees, consulting fees, and rental income from group companies, and whole-group expenses are comprised of those incurred in the operations of the group's holding company not attributable to any segment.
  3. Income/losses are adjusted against operating income in the consolidated statement of income.

II. First Half of FY12/20 (Jan. 1 - Jun. 30, 2020)

Information About Net Sales, Income, and Losses for Each Segment

(Unit: Thousand yen)

Amount listed

Consulting

Logistics

Direct

Other

Total

Adjustment(2)

in consolidated

recruiting

businesses(1)

statement of

income (3)

Net sales

Sales to external

9,071,551

1,279,621

1,358,033

513,164

12,222,370

11,831

12,234,202

customers

Inter-segment sales

70,968

135,590

2,280

1,552

210,391

210,391)

transfers

and

(

Total

9,142,520

1,415,211

1,360,313

514,716

12,432,762

198,560)

12,234,202

Segment income

2,513,083

165,823

(

66,305)

(

51,637)

2,560,963

(

23,215

2,584,178

Notes

  1. The "other businesses" category includes income from IT consulting, contact center consulting, and systems development.
  2. Adjustments of segment income/losses include elimination of inter-segment transactions and whole-group revenues and expenses that are not attributable to any segment. Whole-group income is comprised of outsourcing fees, consulting fees, and rental income from group companies, and whole-group expenses are comprised of those incurred in the operations of the group's holding company not attributable to any segment.
  3. Income/losses are adjusted against operating income in the consolidated statement of income.

- 11 -

3. Other Information

(1) Orders and Sales

  1. Orders
    Orders won by each operating segment in the first half of FY2020 are as follows.

Segment

Orders received

Change from same

Orders outstanding

Change from same

(unit: 1,000 yen)

period last year (%)

(unit: 1,000 yen)

period last year (%)

Consulting

6,213,032

12.3)

6,487,496

5.6)

(

(

Logistics

183,143

40.7)

214,595

6.3)

(

(

Other businesses

152,825

51.0)

164,370

23.1

Notes

(

  1. Consulting orders above include only consulting revenues; membership fees and seminar fees are excluded as they are recurring revenues.
  2. Logistics revenues include only that earned from logistics consulting activities.
  3. Direct recruiting entails no consulting revenues and is therefore not included in the above table.
  4. Other income includes only that earned from IT and contact center consulting.
  5. The above amounts are based on sale prices.
  6. The above amounts do not include consumption tax.

II. Sales

Sales made by each operating segment in the first half of FY2020 are as follows.

Segment

Sales (unit: 1,000 yen)

Change from same period last year (%)

Consulting

9,071,551

(

2.1)

Logistics

1,279,621

9.4

Direct recruiting

1,358,033

24.4

Other businesses

513,164

(

6.3)

Total

12,222,370

1.2

Notes

  1. Sales amounts indicate sales to external customers.
  2. The above amounts do not include consumption tax.
  3. No single customer accounted for 10% or more of aggregate net sales.

- 12 -

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Funai Soken Holdings Co. Ltd. published this content on 17 September 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 September 2020 06:34:06 UTC

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Sales 2020 25 450 M 241 M 241 M
Net income 2020 3 425 M 32,5 M 32,5 M
Net cash 2020 13 147 M 125 M 125 M
P/E ratio 2020 34,5x
Yield 2020 1,90%
Capitalization 118 B 1 120 M 1 120 M
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Nbr of Employees 1 209
Free-Float 78,6%
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Average target price 2 950,00 JPY
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Spread / Highest target 30,6%
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Sakae Takashima President, CEO & Representative Director
Takayuki Nakatani Director & General Manager-Operations
Tatsuro Ono Director & General Manager-Human Resources
Takahisa Okumura Director & GM-Business Administration
Masahiro Hyakumura Director
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