ITOCHU ENEX CO.,LTD. 【添付資料③】
ITOCHU ENEX CO., LTD.
(TSE Prime, 8133)
FY2023 Financial Results for First Six Months
October 31, 2023
Note
We pay close attention to the content of the material, but the Company and information providers will not be liable for any damage caused by errors in the information posted or damage suffered based on the information posted in this material.
The current plans and strategies of the Company posted in this material are forecasts prepared by the Company based on information currently available, and these future forecasts include risks and uncertainties. Accordingly, the actual results may differ materially from the forecasts posted. Please note that the Company does not guarantee the certainty of these forecasts.
・Unless otherwise noted, all the numerical values in this material are based on the International Financial Reporting Standards (IFRS).
・In this material, the notation has been replaced as follows. | |
"Profit from operating activities" "Operating profit" | |
"Net profit attributable to Itochu Enex's shareholders" | "Net profit" |
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Results Highlights
FY2023 Financial Results for First Six Months
- Quarterly net profits increased 2.0 billion yen year on year, to 8.9 billion yen.
- Profits increased thanks to the contribution from the electricity retailing and car dealer businesses, coupled with gains on the sale of fixed assets for the replacement of assets, which more than offset a reactionary decline recorded by Industrial Business, which had performed strongly in the same period a year before, and a negative impact on margins in Home-Life.
Net sales
Gross profit
455.6
42.9
billion yen | (-8.8% year on year) | Operating |
profit | ||
billion yen | (-2.4% year on year) | Net profit |
15.9
8.9
billion yen (+46.7% year on year)
billion yen (+28.5% year on year)
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Contents
- Overview of Consolidated Financial Results for First Six Months of FY2023
- Overview of the Entire Company
- Overview by Segment
- Appendix
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Overview of Consolidated Financial Results for First Six Months of FY2023
(1) Overview of the Entire Company
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Summary of Financial Results for 2Q/FY2023
(100 million yen)
Net sales
Gross profit
Selling, general and administrative expenses
Gain (loss) from tangible assets, intangible assets and goodwill
FY2022/1H | FY2023/1H | Changes |
Results | Results | |
4,995 | 4,556 | -439 |
440 | 429 | -10 |
-333 | -339 | -6 |
-1 | 65 | +66 |
FY2023 Plan | Achievement rate |
12,00038%
Operating profit | 108 | 159 | +51 | ||
Share of profit (loss) of investments | 13 | 2 | -11 | ||
accounted for using equity method | |||||
Net profit | 69 | 89 | +20 | ||
Ratio of SG&A expenses to gross profit | 75.7% | 79.0% | +3.3 pt | ||
Dividends (yen/share) | 24 | 26 | +2 | ||
- Quarterly net profits increased 2.0 billion yen year on year, to 8.9 billion yen.
- Profits increased, reflecting the strong performances recorded by the electricity retailing and car dealer businesses, coupled with gains on the sale of fixed assets for the replacement of assets, which more than offset a reactionary decline recorded by Industrial Business, which had performed strongly in the same period of the previous year, and the negative impact from fluctuations in inventory unit prices in Home- Life due to a fall in the LP gas import price.
20976%
13566%
[Reference] Quarterly results (net profit)
44 | 51 | ||||||
39 | 38 | ||||||
30 | |||||||
25 | |||||||
1Q | 2Q | 3Q | 4Q | 1Q | 2Q | 3Q | 4Q |
FY2022 | FY2023 |
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Net Profit in 1H by Segment
(100 million yen)
100
90
80
70
60
50
40
30
20
10
0
-10
FY2022/1H
Results
69
6
24
35
3
2
FY2023/1H
Results
89
38
11
44
2
-7
Major factors for increase/decrease
- Home-Life(YoY: -¥1,200million, Percent of the plan achieved:↓ )
Profit decreased due to the impact of fluctuations in inventory unit prices on margins following a drop in the LP gas import price.
- Car-Life(YoY: +¥1,500 million, Percent of the plan achieved: 89%)
Profits increased because of the contribution by the car dealer business and a gain on the sale of former CS sites.
- Industrial Business (YoY: -¥2,400million, Percent of the plan achieved: 35%)
Profits decreased due to the reactionary decline in the marine fuel business and in the distribution terminal business, both of which achieved strong performances in the same period in the preceding year.
- Power & Utility (YoY: +¥4,100 million, Percent of the plan achieved: 120%)
Profit rose significantly, reflecting the contribution by the electricity retailing business and gains on the sale of mega solar plants.
(*) CS: Stands for car life station, which is a multi-service station offered by the Company.
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Analysis of Net Profit in 1H by Segment
▋Home-Life
▋Car-Life
▋Industrial
Business
▋Power & Utility
▋Other
(100 million yen)
Major
factors for
increase/de
crease
69.4
Impact of fluctuations in inventory unit prices on
margins, etc. | -4.4 |
Share of profit (loss) of investments accounted for using equity method -10.7
Business efficiency improvement, etc. +2.7
-12.4
Petroleum sales
business +10.9
Automotive business +3.8
+14.7
Distribution terminals
-16.6 | |
Marine products | -5.1 |
Environmental | |
businesses | +0.4 |
Fuel cards | -1.9 |
Asphalt | -1.5 |
Industrial gas | +1.0 |
Other | -0.1 |
-23.8
+19.8
Financial business +29.9
Electric power generation business
-0.2
Provision of heat +2.0
Electricity sales +10.1
Other-0.7
+41.1
Expenses +0.2
+0.2
89.2
FY2022/1H | FY2023/1H |
Results | Results |
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Financial Position
Total assets decreased mainly due to divestment of mega solar power plants.
- Total assets:Decreased 6.5 billion yen from the end of the previous fiscal year to 426.6 billion yen, mainly due to the divestment of mega solar power plants.
- Shareholders' equity: Increased 6.8 billion yen from the end of the previous year to 159.8 billion yen, mainly reflecting a rise in net profit.
❏ PBR: | Improved by 0.23 from the end of the previous | ||||
year to 1.06 times due to higher share prices. | |||||
End of | End of | ||||
(100 million yen) | March 2023 | September 2023 | Changes | ||
Results | Results | ||||
Total assets | 4,330 | 4,266 | -65 | ||
Net interest-bearing | -179 | -210 | -32 | ||
debt | |||||
Shareholders' equity | 1,530 | 1,598 | +68 | ||
Ratio of shareholders' | |||||
35.3% | 37.5% | +2.1 pt | |||
equity to net assets | |||||
(100 million yen)
4,600
4,100
3,600
3,100
2,600
2,100
1,600
1,100
600
100
4,330
1,530
-0.12-179
4,266
1,598
-0.13-210
0.30 (Times)
0.20
0.10
0.00
-0.10
Net DER | -0.12 | -0.13 | -0.01 |
PBR | 0.83 | 1.06 | +0.23 |
-400
End of | End of | |
March 2023 | September 2023 | |
Total assets | Net interest-bearing debt | |
Shareholders' equity | Net DER (Right-hand scale) | |
-0.20
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Cash Flows
Continued to create cash flows from operating activities. Cash flows from financing activities decreased mainly due to repayments of borrowings.
Cash Flows | (100 million yen) | FY2020/1H Results | FY2021/1H Results | FY2022/1H Results | FY2023/1H Results |
Cash flows from operating activities | 221 | 181 | 119 | 125 | |
Cash flows from investing activities | 59 | -26 | -55 | 5 | |
(Free cash flows) | 280 | 155 | 63 | 130 | |
Cash flows from financing activities | -104 | -95 | -148 | -212 | |
Substantive cash flows
Substantive operating cash flows (*)
170
182
189
126
(*) Operating CF - Increase/decrease in working capital
Operating CF
Investing CF
Financing CF
FCF
Substantive operating CF
(100 million yen)
350 | ||||||||
250 | 280 | |||||||
182 | 189 | |||||||
170 | 130 | |||||||
150 | ||||||||
221 | 181 | 155 | ||||||
59 | 63 | 126 | ||||||
50 | 119 | 125 | ||||||
-50 | -26 | -95 | -55 | 5 | ||||
-150 | -104 | -148 | -212 | |||||
-250 | FY2020/1H Results | FY2021/1H Results | FY2022/1H Results | FY2023/1H Results |
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Attachments
- Original Link
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Disclaimer
Itochu Enex Co. Ltd. published this content on 13 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 November 2023 16:49:18 UTC.
