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    8242   JP3774600005

H2O RETAILING CORPORATION

(8242)
  Report
Delayed Japan Exchange  -  01:00 2022-11-28 am EST
1182.00 JPY   -0.59%
11/04H2O Retailing Corporation's Equity Buyback announced on November 2, 2022, has expired with 6,868,100 shares, representing 5.57% for ą8,852.98 million.
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11/03Tranche Update on H2O Retailing Corporation's Equity Buyback Plan announced on November 2, 2022.
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11/02H2O Retailing Corporation announces an Equity Buyback for 8,100,000 shares, representing 6.57% for ą13,000 million.
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H2O Retailing : Consolidated Financial Statements for the First Quarter of the Fiscal Year Ending March 31,2023

08/04/2022 | 06:52am EST

Consolidated Financial Statements for the First Quarter

of the Fiscal Year Ending March 31, 2023 (Japanese accounting standards)

August 4, 2022

Corporate Name : H2O Retailing Corporation

Securities Code : 8242 (Tokyo Stock Exchange)

URL : http://www.h2o-retailing.co.jp/

Representative : Naoya Araki, President and Representative Director

Contact : Gaku Watanabe, Managing Executive Officer

TEL : +81-6-6365-8120

Scheduled date of filing of the financial report : August 12, 2022

Scheduled date of dividend payment :

Preparation of supplementary materials : Yes

Briefing session on quarterly financial results : Yes (for institutional investors and analysts

(Figures are rounded down to the nearest million yen.)

1. Consolidated Business Results of the Fiscal Year ending March 31, 2023 From April 1, 2022 to June 30, 2022

1Consolidated operating results (Cumulative total)

(Percentages indicate 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

%

1Q of FY2023

149,352

30.7

664

-

1,867

-

651

(89.6)

1Q of FY2022

114,285

-

(2,044)

-

(949)

-

6,277

-

Note : Comprehensive income 1Q of FY2023 5,627 million yen, 133.1% ,

1Q of FY2022 2,414 million yen, -%

Note : The Company has applied "Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29, March 31, 2020) andother standards from the beginning of the first quarter of FY2022. As for 1Q of FY2022, the percentage change from the same period of the previous fiscal year in net sales is not shown due to the significant impact on net sales.

Net Income

Net Income per

per Share

Share(Diluted)

Yen

Yen

1Q of FY2023

5.29

5.25

1Q of FY2022

50.73

50.41

2Consolidated financial position

Total Assets

Net Assets

Owner's Equity Ratio

Millions of yen

Millions of yen

%

1Q of FY2023

666,825

264,678

36.1

FY2022

654,558

260,938

36.2

Reference : Owner's equity

1Q of FY2023 240,739 million yen, FY2022 236,844 million yen

2. Dividends

Annual Dividends

First

Second

Third

Fiscal Year-

Total

Quarter

Quarter

Quarter

End

Yen

Yen

Yen

Yen

Yen

FY2022

-

12.50

-

12.50

25.00

FY2023

-

FY2023(Forecast)

12.50

-

12.50

25.00

Revision to recently disclosed dividends forecast : No

3. Forecast of Consolidated Business Results for the Fiscal Year ending March 31, 2023 From April 1, 2022 to March 31, 2023

Net Sales

Operating Income

Ordinary Profit

Profit attributable to

Net Income

owners of parent

per Share

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Yen

Half Year

320,000

35.0

(1,000)

-

(1,500)

-

0

-

-

Full Year

660,000

27.3

8,000

980.1

7,000

198.3

8,000

(19.0)

64.93

Note : Revision to recently disclosed consolidated business results forecast : No

Note : The Company has applied "Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29, March 31, 2020) and other standards from the beginning of the first quarter of FY2022.

Consolidated gross sales, which is equivalent to net sales up to the previous fiscal year excluding the effects of changes in accounting policies, amounted to 474,000 million yen (up 37.8% year on year) for the first half and 1,000,000 million yen (up 26.9% year on year) for the full year.

These financial statements have been prepared for reference only in accordance with accounting principles and practices generally accepted in Japan.

Notes

(1) Changes in significant subsidiaries during the period

(changes in specified subsidiaries resulting in the change in scope of consolidation) : No

  1. Adoption of special accounting methods for preparing quarterly consolidated financial statements : No
  2. Changes in accounting policies, changes in accounting estimates or restatements
  1. Changes in accounting policies due to changes in consolidated accounting standards : No
  2. Changes other than (a) : Yes
  3. Changes in accounting estimates : No
  4. Restatements due to correction : No
  1. Number of shares issued and outstanding (common stock)
  1. Number of shares issued at the end of the period (including treasury stock)

1Q of FY2023

125,201,396 shares

FY2022

125,201,396 shares

(b) Number of shares of treasury stock at the end of the period

1Q of FY2023

1,977,677 shares

FY2022

1,989,253shares

(c) Average number of shares during the period

1Q of FY2023

123,215,448 shares

1Q of FY2022

123,731,303 shares

Note : These consolidated financial results are outside the scope of audit by certified public accountants or auditing firms.

Note : Explanation regarding the appropriate use of forecast

The above-mentioned forecast is based on the information available to the company at present,

and including a potential risk and uncertainty. Actual achievements may differ from these forecasts due to many factors.

H2O Retailing Corporation(8242) Consolidated Financial Statements for the First Quarter of the Fiscal Year Ending March 31, 2023

1.Consolidated Financial Results

Following the business integration through a share exchange with Kansai Super Market Ltd. in December 2021, Kansai Food Market Ltd., Kansai Super Market Ltd., and Kansai Super Premium Co., Ltd. were included in the Supermarket Business segment. The above three companies were not included in the first quarter results of FY2021 and FY2022.

Sales

Consolidated net sales of 1Q of FY2023 was ¥149,352 million, increased by 30.7% YOY. Consolidated gross sales, which is equivalent to net sales up to the fiscal year before the application of Accounting Standard for Revenue Recognition, excluding the effects of changes in accounting policies, amounted to ¥227,919 million, increased by 41.4% YOY. In Department store Business segment, domestic existing store sales exceeded the pre-COVID-19 level due to the easing of the impact of COVID-19 infection and a recovery trend in consumer confidence. Sales grew significantly due in part to a rebound from the about one-and-a-half month of operating restrictions associated with COVID-19 expansion in the previous year. In Supermarket Business segment, although existing store sales fell below the previous year's level, consolidated sales increased due to the new consolidation of Kansai Super Market Ltd.

Operating Profit and Ordinary Profit

As a result of an increase in gross profit due to higher sales and controlling selling, general and administrative expenses less than planned in Department store Business segment, operating profit was ¥664 million (operating loss of ¥2,044 million in the previous fiscal year), and ordinary profit was ¥1,867 million (ordinary loss of ¥949 million in the previous fiscal year).

(Department store business)

Although the impact of the COVID-19 infection was remained, sales and the number of customers showed a recovery trend, including Golden Week, the first time in three years without restrictions on activities. At Hankyu Main Store, sales of women's fashion, in particular, performed well as fashion needs became more active with the increase in commuting and opportunities to go out. Sales of high- end items such as watches and luxury also increased. Hanshin Umeda Main Store celebrated its grand opening of entire building on April 6, 2022. Efforts to strengthen the value of experiences centered on food, resulted in a wide range of customers visiting the store.

Selling, general and administrative expenses increased due to the decrease of the transfer to extraordinary losses related to COVID-19 infection compared with the previous fiscal year and the opening of the Hanshin Umeda Main Store, but were reduced from the plan by controlling advertising expenses.

As results of above, gross sales was ¥108,678 million, increased by 62.9% YOY and operating profit was ¥1,224 million (operating loss of ¥1,846 million in the previous fiscal year).

H2O Retailing Corporation(8242) Consolidated Financial Statements for the First Quarter of the Fiscal Year Ending March 31, 2023

(Supermarket business)

Gross sales was ¥101,308 million, increased by 38.1% YOY and operating profit was ¥426 million, decreased by 68.1% YOY.

Izumiya Co., Ltd. and Hankyu Oasis Co., Ltd. worked to improve productivity through standardization of operations and labor-saving measures, such as unifying leaflets and sales promotion measures and developing product MD according to store formats, in the context of integrated management initiatives. Both the number of customers and average spend per customer declined as the impact of COVID-19 infection eased and demand for eating at home declined and opportunities to go out increased. As a result, existing store sales year-on-year for Izumiya Co., Ltd. were 94.4% (95.8% for number of customers and 98.5% for spend per customer), and existing store sales year-on-year for Hankyu Oasis Co., Ltd. were 90.0% (93.6% for number of customers and 96.2% for spend per customer). Izumiya Co., Ltd. renovated Daily Qanat Tengachaya store in June. Hankyu Oasis Co., Ltd. opened Oasis Town Suita SST store in April, with the themes of "health," "sustainability," and "multi-generational coexistence".

Selling, general and administrative expenses were lower than in the previous year due to efforts to reduce personnel and other costs in the context of integrated operations, while utility expenses increased at both companies.

Kansai Super Market Ltd. worked to realize a "total solution supermarket" that solves problems through environmental initiatives and social contributions with customers, employees, and local communities. Existing store sales were 96.3% (97.2% for number of customers and 99.0% for spend per customer). Existing store sales fell below the previous year's level, since we had the increase in demand for eating at home due to COVID-19 in the previous fiscal year.

Renovations were carried out at two stores, Makino store and Keihan Owada store.

Selling, general and administrative expenses were below the previous year's level due to a review of expenses for consumables and security, etc., while advertising expenses increased due to the resumption of newspaper inserts and utility costs soared.

The food manufacturing subsidiaries, which produces prepared foods and bakery products, increase in wholesale sales to supermarket companies. In addition, sales and profits increased due to a recovery in sales at specialty stores as a rebound to the previous year's closure.

(Shopping Center business)

Gross sales was ¥9,120 million, decreased by 30.0% YOY and operating profit was ¥596 million (operating profit of ¥23 million in the previous year).

In H2O Shopping Center Development Co., Ltd., which operates management of tenants and sales of apparel and home products at Izumiya stores, gross sales decreased due to closure of direct operation area and operating profit increased because of cost reduction by operational efficiency.

Oi Development Co., Ltd, which operates the business hotel, increased in income and profit due to improvement of occupancy rate compared to the previous year.

(Other business)

Gross sales was ¥8,812 million, increased by 8.7% YOY and operating loss was ¥769 million (operating loss of ¥1,090 million in the previous year).

The subsidiaries in the other businesses, excluding the Company as a holding company, posted an operating profit increase of ¥298 million, reflecting an increase in sales due to a reduction in the number and duration of COVID-19 related closed stores compared to the previous year.

Profit attributable to owners of parent

The Companies recorded extraordinary losses of ¥740 million including loss on retirement of noncurrent assets ¥482 million. As a result, profit attributable to owners of parent was ¥651 million decreased 89.6% YOY.

2. Forecast of FY2023

Consolidated results for the first quarter of the current fiscal year are largely in line with expectations, and there are no changes to the consolidated forecasts for the first half of the fiscal year and for the full year from those announced on May 12, 2022.

H2O Retailing Corporation(8242) Consolidated Financial Statements for the First Quarter of the Fiscal Year Ending March 31, 2023

Consolidated Financial Statements

(1) Consolidated Balance Sheets

(Millions of yen)

FY2022

1Q of FY2023

(as of March 31, 2022)

(as of June 30, 2022)

Assets

Current assets

Cash and deposits

34,724

33,166

Notes and accounts receivable -trade

59,906

63,517

Merchandise and finished goods

21,002

21,407

Work in process

231

252

Raw materials and supplies

1,405

1,270

Accounts receivable - other

7,398

4,507

Other

5,368

6,760

Allowance for doubtful accounts

(311)

(347)

Total current assets

129,725

130,534

Non-current assets

Property, plant and equipment

Buildings and structures, net

122,490

128,026

Machinery, equipment and vehicles, net

2,903

2,901

Land

162,462

165,015

Construction in progress

2,220

1,094

Other, net

11,167

11,262

Total property, plant and equipment

301,245

308,299

Intangible assets

Goodwill

2,197

2,070

Other

14,245

14,441

Total intangible assets

16,443

16,511

Investments and other assets

Investment securities

104,231

110,295

Long-term loans receivable

16,044

13,830

Guarantee deposits

73,074

73,148

Retirement benefit asset

4,156

4,394

Deferred tax assets

10,495

10,691

Other

1,943

1,913

Allowance for doubtful accounts

(2,802)

(2,796)

Total investments and other assets

207,143

211,478

Total non-current assets

524,832

536,290

Total Assets

654,558

666,825

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

H2O Retailing Corporation published this content on 04 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 August 2022 10:51:07 UTC.


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Sales 2023 640 B 4 597 M 4 597 M
Net income 2023 11 250 M 80,8 M 80,8 M
Net Debt 2023 - - -
P/E ratio 2023 12,8x
Yield 2023 2,12%
Capitalization 138 B 988 M 988 M
Capi. / Sales 2023 0,21x
Capi. / Sales 2024 0,21x
Nbr of Employees 9 856
Free-Float 66,9%
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Number of Analysts 2
Last Close Price 1 182,00 JPY
Average target price 1 250,00 JPY
Spread / Average Target 5,75%
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Managers and Directors
Naoya Araki President & Representative Director
Gaku Watanabe Managing Executive Officer & Head-Finance
Naoshi Ban Independent Outside Director
Kenjiro Nakano Independent Outside Director
Mayumi Ishihara Independent Outside Director
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