Consolidated Financial Report
for the First Three Months of the Fiscal Year Ending October 31, 2024
(Japanese GAAP)
March 14, 2024 | |||||||||||||||||||||||||
Company name: | PARK24 CO., LTD. | Stock listing: Prime Market of TSE | |||||||||||||||||||||||
Code number: | 4666 | URL | : https://www.park24.co.jp/en | ||||||||||||||||||||||
Representative: | Koichi Nishikawa, President | ||||||||||||||||||||||||
Inquiries: | Takao Miki, Director, | Senior Corporate Officer, | |||||||||||||||||||||||
Senior General Manager of Corporate Planning Division | |||||||||||||||||||||||||
TEL | : +81-3-6747-8120 | ||||||||||||||||||||||||
Scheduled day of submission of a financial report | : March 14, 2024 | ||||||||||||||||||||||||
Scheduled day of commencing dividend payment | : - | ||||||||||||||||||||||||
Preparation of supplementary financial data | : Yes | ||||||||||||||||||||||||
Information meeting for financial results to be held | : Yes, only in Japanese | ||||||||||||||||||||||||
(For institutional investors and analysts) | |||||||||||||||||||||||||
(Figures are rounded down to the nearest one million yen) | |||||||||||||||||||||||||
1. Overview of the First Three Months of Fiscal Year Ending October 31, 2024 (November 1, 2023 - | |||||||||||||||||||||||||
January 31, 2024) | |||||||||||||||||||||||||
(1) Consolidated Operating Results | (Figures in percentages denote the year-on-year change) | ||||||||||||||||||||||||
Net sales | Operating profit | Recurring profit | Profit attributable to | ||||||||||||||||||||||
owners of parent | |||||||||||||||||||||||||
Three months ended | Million yen | % | Million yen | % | Million yen | % | Million yen | % | |||||||||||||||||
January 31, 2024 | 86,731 | 9.8 | 8,622 | 2.4 | 7,975 | 100.3 | 5,086 | 61.5 | |||||||||||||||||
January 31, 2023 | 79,022 | 13.0 | 8,416 | 80.9 | 3,981 | 6.5 | 3,148 | 564.3 | |||||||||||||||||
(Note) Comprehensive income: Three months ended January 31, 2024: 4,456 million yen -28.3% | |||||||||||||||||||||||||
Three months ended January 31, 2023: 6,212 million yen −% | |||||||||||||||||||||||||
Net income per share | Net income per share | ||||||||||||||||||||||||
after dilution | |||||||||||||||||||||||||
Three months ended | Yen | Yen | |||||||||||||||||||||||
January 31, 2024 | 29.83 | 27.26 | |||||||||||||||||||||||
January 31, 2023 | 18.47 | 17.52 | |||||||||||||||||||||||
(2) Consolidated Financial Position | |||||||||||||||||||||||||
Total assets | Net assets | Equity ratio | |||||||||||||||||||||||
Million yen | Million yen | % | |||||||||||||||||||||||
As of January 31, 2024 | 303,638 | 62,871 | 20.7 | ||||||||||||||||||||||
As of October 31, 2023 | 308,157 | 58,416 | 18.9 | ||||||||||||||||||||||
(Reference) Equity: As of January 31, 2024: 62,821 million yen | |||||||||||||||||||||||||
As of October 31, 2023: 58,364 million yen | |||||||||||||||||||||||||
2. Dividend status | |||||||||||||||||||||||||
Dividend per share | |||||||||||||||||||||||||
End of Q1 | End of Q2 | End of Q3 | End of term | Annual | |||||||||||||||||||||
Fiscal year ended | Yen | Yen | Yen | Yen | Yen | ||||||||||||||||||||
October 31, 2023 | - | 0.00 | - | 0.00 | 0.00 | ||||||||||||||||||||
October 31, 2024 | - | ||||||||||||||||||||||||
Fiscal year ending | 0.00 | - | 5.00 | 5.00 | |||||||||||||||||||||
October 31, 2024(Forecasts) | |||||||||||||||||||||||||
(Notes) Revisions to dividend projection published most recently: None |
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3. Consolidated Forecasts for the Fiscal Year ending October 31, 2024 (November 1, 2023 - October 31, 2024)
(The percentages indicate the rates of increase or decrease compared with the same period of the previous year)
Profit attributable | Net income | |||||||||||
Net sales | Operating profit | Recurring profit | to owners of | |||||||||
per share | ||||||||||||
parent | ||||||||||||
million yen | % | million yen | % | million yen | % | million yen | % | yen | ||||
Interim | 170,000 | 8.2 | 15,500 | 2.7 | 13,500 | 17.5 | 8,500 | 6.5 | 49.82 | |||
Full year | 357,000 | 8.1 | 35,000 | 9.4 | 31,000 | 12.0 | 20,000 | 14.0 | 117.23 | |||
(Notes) Revisions to consolidated results projection published most recently: None | ||||||||||||
(Notes) | ||||||||||||
(1) Changes in important subsidiaries during the term | :No | |||||||||||
New: -- company ( | ) | Eliminated: -- company ( | ) | |||||||||
(2) Adoption of special accounting methods for preparation of quarterly | :No | |||||||||||
consolidated financial statement | ||||||||||||
(3) Changes in accounting policies and changes or restatement of accounting estimates | ||||||||||||
1) | Changes in accounting policies caused by revision of accounting standards | :No | ||||||||||
2) | Changes in accounting policies other than 1) | :No | ||||||||||
3) | Changes in accounting estimates | :No | ||||||||||
4) | Restatement | :No |
(4) Number of shares issued (common stock) | ||||
1) Number of shares issued at the | Three Months ended | 171,048,369 | Fiscal year ended | 171,048,369 |
end of the period (including | ||||
January 31, 2024 | shares | October 31,2023 | shares | |
treasury stock) | ||||
2) Number of treasury stock at the | Three Months ended | 528,494 | Fiscal year ended | 528,494 |
end of the period | January 31, 2024 | shares | October 31,2023 | shares |
3) Average number of shares | Three Months ended | 170,519,875 | Three Months ended | 170,519,914 |
during the term (consolidated | ||||
January 31, 2024 | shares | January 31, 2023 | shares | |
cumulative period) | ||||
* This financial summary falls outside the scope of audit procedures of certified public accountant or audit corporation
* Explanations and other special notes concerning the appropriate use of business performance forecasts
The consolidated business performance forecasts given in this document are based on assumptions, prospects, and future business plans, currently available on the date this document was published. Actual results may differ from these forecasts for a variety of reasons. For other matters relating to the forecasts, please refer to "1. Qualitative Data, Financial Statements and Other Information (4) Information on the future outlook, including consolidated business performance forecasts".
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Accompanying Materials - Contents
- Qualitative Data, Financial Statements and Other Information …………………………………………………………… 4
- Qualitative data on the consolidated financial results …………………………………………………………………… 4
- Overview of financial position……………………………………………………………………………………………… 6
- Cash flow situation…………………………………………………………………………………………………………… 6
- Information on the future outlook, including consolidated business performance forecasts………………………… 7
- Consolidated Financial Statements and Notes………………………………………………………………………………8
- Consolidated balance sheet …………………………………………………………………………………………………8
- Consolidated statements of profit and loss, and comprehensive income………………………………………………10
- Consolidated statement of cash flows………………………………………………………………………………………12
-
Matters Related to Summary Information (Notes)…………………………………………………………………………13
(Note on going concern assumptions)………………………………………………………………………………………13
(Note when there is a considerable change in the amount of shareholders' equity)……………………………………13
(Additional Information)………………………………………………………………………………………………………13
(Segment information)…………………………………………………………………………………………………………13
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1. Qualitative Data, Financial Statements and Other Information
(1) Qualitative data on the consolidated financial results
To achieve its medium-term business growth strategy; "expansion and seamless connection of our four networks (people, cars, communities and parking facilities)", the Group is focusing on "accelerating network expansion" and "facilitating the evolution of services" in the fiscal year ending October 31, 2024. To expand the networks, the Group aims to expand its revenue base by developing new sites in the Parking Business. In the Mobility Business, the Group aims to increase the number of vehicles, Times CAR rental sites, and Times CAR members. Evolution of services is our effort to achieve further growth by pursuing convenience so that we continue to be the choice of customers, and by implementing digitalization to build robust infrastructure enabling the creation and provision of new services.
During the first three months of the consolidated fiscal year under review, Parking Business Japan and Mobility Business performed well. In Parking Business International, parking operation remained robust except for certain areas where parking operation was weaker than expected. The Group's operating results in the first three months under review are as shown below.
(Unit: million yen) | |||||
Three months | Three months | YoY change | |||
ended January | ended January | ||||
Amount | % | ||||
31, 2023 | 31, 2024 | ||||
Net sales | 79,022 | 86,731 | 7,709 | 9.8% | |
Operating profit | 8,416 | 8,622 | 205 | 2.4% | |
Recurring profit | 3,981 | 7,975 | 3,994 | 100.3% | |
Profit attributable to owners of parent | 3,148 | 5,086 | 1,937 | 61.5% | |
Results by business segment (including intersegment sales) are as follows.
Parking Business Japan
Parking operation performed well. The Group expanded its operations while maintaining profitability by leveraging the expertise it accumulated in selective development. In the first three months under review, the Group developed 269 parking facilities. As part of its efforts to facilitate the evolution of services, it is working to expand car number recognition camera-assisted parking sites, and in doing so build next-generation parking services that enable easier entry, exit and settlement. Results in the first three months under review reflecting these initiatives are as shown below.
- Results
(Unit: million yen) | ||||||
Three months | Three months | YoY change | ||||
ended January | ended January | |||||
Amount | % | |||||
31, 2023 | 31, 2024 | |||||
Net sales | 41,068 | 43,616 | 2,548 | 6.2% | ||
Operating profit | 9,210 | 9,734 | 523 | 5.7% | ||
- Expansion of the networks | ||||||
As of October | As of January | Vs. the previous fiscal year | ||||
31, 2023 | 31, 2024 | Number | % | |||
Number of Times PARKING | (Sites) | 17,639 | 17,768 | 129 | 0.7% | |
facilities | ||||||
Number of Times PARKING | (Spaces) | 576,262 | 584,158 | 7,896 | 1.4% | |
spaces | ||||||
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Total number of parking sites* | (Sites) | 25,379 | 25,375 | -4 | -0.0% |
Total number of parking | (Spaces) | 761,654 | 768,618 | 6,964 | 0.9% |
spaces* | |||||
*The number of sites/spaces in the monthly parking and facility management services is included.
Parking Business International
In the United Kingdom, among the regions in which the Group operates, parking operation progressed steadily. In Australia, parking operation was weaker than expected especially in urban areas. In other regions, parking operation performed well.
The Group promoted the development of short-term contract parking facilities (localized Times PARKING) suited for demand for parking facilities in each region, based on the strategy of "small, dispersed and dominant" used in the Parking Business Japan. Thorough this, it has optimized the business portfolio which concentrated heavily on large and long-term contract parking facilities, aiming to reduce business risk. Also, the Group took steps to improve the profitability of existing parking sites by instituting measures according to regional characteristics and utilizing the parking site operation management system. Additionally, the Group is working to improve customer convenience and satisfaction by evolving services including measures to facilitate cashless payments. Results in the first three months under review are as shown below.
- The results for the three months of the fiscal year ended October 31, 2023, and the three months of the fiscal year ending October 31, 2024, are the results of overseas subsidiaries for the period from October 1 to December 31, 2022, and the period from October 1 to December 31, 2023, respectively.
- Results
(Unit: million yen) | |||||
Three months | Three months | YoY change | |||
ended January | ended January | ||||
Amount | % | ||||
31, 2023 | 31, 2024 | ||||
Net sales | 17,053 | 19,256 | 2,203 | 12.9% | |
Operating loss* | -283 | -317 | -34 | - | |
*Amortization of goodwill includes minus 322 million yen for the three months ended October 31, 2023 and minus 345 million yen for the three months ended October 31, 2024.
- Expansion of the networks
As of October | As of January | Vs. the previous fiscal year | |||
31, 2023 | 31, 2024 | Number | % | ||
Number of localized Times | (Sites) | 1,348 | 1,397 | 49 | 3.6% |
PARKING sites | |||||
Number of localized Times | (Spaces) | 52,598 | 52,972 | 374 | 0.7% |
PARKING spaces | |||||
Total number of parking sites* | (Sites) | 2,586 | 2,634 | 48 | 1.9% |
Total number of parking | (Spaces) | 538,161 | 537,161 | -1,000 | -0.2% |
spaces* | |||||
*The number of sites/spaces in the monthly parking and facility management services is included.
Mobility Business
The number of Times CAR members and the use of cars grew steadily due to the increase in the recognition of Times
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CAR through the continuous implementation of promotions, increased convenience as a result of improved member programs and the enhanced user interface of applications, and the implementation of campaigns and other programs aimed at facilitating use. During the first three months under review, the Group increased 1,674 vehicles and 966 Times CAR rental sites. Usage fees per vehicle rose, as did the number of vehicles, as the Group expanded its fleet and rental sites based on demand and regional characteristics. Results in the first three months under review are as shown below.
- Results
(Unit: million yen) | ||||||
Three months | Three months | YoY change | ||||
ended January | ended January | |||||
Amount | % | |||||
31, 2023 | 31, 2024 | |||||
Net sales | 22,170 | 25,244 | 3,073 | 13.9% | ||
Operating profit | 3,044 | 3,406 | 362 | 11.9% | ||
- Expansion of the networks | ||||||
As of October | As of January | Vs. the previous fiscal year | ||||
31, 2023 | 31, 2024 | Number | % | |||
Number of vehicles | (Units) | 60,047 | 61,721 | 1,674 | 2.8% | |
Number of Times CAR rental | (Sites) | 16,017 | 16,983 | 966 | 6.0% | |
sites | ||||||
Number of members | (Thousand | 2,423 | 2,564 | 140 | 5.8% | |
people) | ||||||
(2) Overview of financial position
The Group's financial position at the end of the first three months under review is as shown below.
As of October 31, 2023 | As of January 31,2024 | Change | ||
Total assets | (Million yen) | 308,157 | 303,638 | -4,518 |
Interest-bearing | (Million yen) | 170,724 | 171,706 | 982 |
liabilities | ||||
Total shareholders' | (Million yen) | 70,301 | 75,387 | 5,086 |
equity | ||||
Shareholders' equity | (%) | 22.8 | 24.8 | 2.0 |
ratio (%) | ||||
Net D/E ratio* | (Times) | 1.38 | 1.34 | -0.04 |
*(Interest-bearing liabilities - Cash and deposits)/Total shareholders' equity |
(3) Cash flow situation
The cash flow situation by category for the first three months under review was as follows.
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(Unit: million yen) | ||||
Three months ended | Three months ended | Change | ||
January 31, 2023 | January 31, 2024 | |||
Cash flows from operating activities | 4,545 | 6,330 | 1,784 | |
Cash flows from investing activities | -2,535 | -6,190 | -3,654 | |
Free cash flow | 2,009 | 140 | -1,869 | |
Cash flows from financing activities | -3,288 | -3,107 | 180 | |
Cash and cash equivalents at end | 83,487 | 70,179 | -13,307 | |
of period | ||||
(4) Information on the future outlook, including consolidated business performance forecasts
The consolidated earnings forecasts for the fiscal year ending October 31, 2024 have not been changed from the figures announced on December 14, 2023 in the Consolidated Financial Report for the Fiscal Year Ended October 31, 2023.
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2. Consolidated Financial Statements and Notes
(1) Consolidated balance sheet
(Unit: million yen) | |||||
As of | As of | ||||
October 31,2023 | January 31,2024 | ||||
Asset | |||||
Current assets | |||||
Cash and deposits | 73,957 | 70,830 | |||
Notes and accounts receivable -trade | 23,624 | 21,826 | |||
Inventories | 2,044 | 2,108 | |||
Other | 34,454 | 34,395 | |||
Allowance for doubtful accounts | -745 | -632 | |||
Total current assets | 133,335 | 128,528 | |||
Non-current assets | |||||
Property, plant and equipment | |||||
Buildings and structures, net | 28,608 | 28,347 | |||
Machinery, equipment and vehicles, net | 32,548 | 33,519 | |||
Land | 24,899 | 24,899 | |||
Leased assets, net | 7,592 | 7,693 | |||
Right of use assets, net | 20,049 | 20,181 | |||
Other, net | 7,467 | 8,053 | |||
Total property, plant and equipment | 121,167 | 122,694 | |||
Intangible assets | |||||
Goodwill | 18,117 | 17,634 | |||
Contract-based intangible assets | 6,545 | 6,377 | |||
Other | 7,392 | 7,579 | |||
Total intangible assets | 32,055 | 31,591 | |||
Investments and other assets | 21,425 | 20,679 | |||
Total non-current assets | 174,647 | 174,966 | |||
Deferred assets | 174 | 143 | |||
Total assets | 308,157 | 303,638 | |||
Liabilities | |||||
Current liabilities | |||||
Short-term borrowings | 3,154 | 3,168 | |||
Current portion of long-term borrowings | 28,257 | 28,139 | |||
Lease liabilities | 10,742 | 10,671 | |||
Income taxes payable | 6,119 | 1,752 | |||
Provision for bonuses | 3,390 | 1,314 | |||
Other | 52,258 | 49,913 | |||
Total current liabilities | 103,922 | 94,959 | |||
Current liabilities | |||||
Bonds with share acquisition rights | 42,310 | 42,310 | |||
Long-term borrowings | 68,204 | 68,101 | |||
Lease liabilities | 18,055 | 19,316 | |||
Deferred tax liabilities | 1,709 | 1,674 | |||
Asset retirement obligations | 9,722 | 9,726 | |||
Other | 5,817 | 4,678 | |||
Total non-current liabilities | 145,818 | 145,807 | |||
Total liabilities | 249,741 | 240,767 | |||
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(Unit: million yen) | |||
As of | As of | ||
October 31,2023 | January 31,2024 | ||
Net assets | |||
Shareholders' equity | |||
Share capital | 32,739 | 32,739 | |
Capital surplus | 28,326 | 28,326 | |
Retained earnings | 10,491 | 15,577 | |
Treasury shares | -1,255 | -1,255 | |
Total shareholders' equity | 70,301 | 75,387 | |
Accumulated other comprehensive income | |||
Valuation difference on available-for-sale securities | 118 | 125 | |
Deferred gains or losses on hedges | 23 | -5 | |
Revaluation reserve for land | -1,035 | -1,035 | |
Foreign currency translation adjustment | -8,099 | -8,736 | |
Remeasurements of defined benefit plans | -2,943 | -2,914 | |
Total accumulated other comprehensive income | -11,936 | -12,565 | |
Share acquisition rights | 51 | 50 | |
Total net assets | 58,416 | 62,871 | |
Total liabilities and net assets | 308,157 | 303,638 | |
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(2) Consolidated statements of profit and loss, and comprehensive income (Consolidated statement of profit and loss of the first three months of fiscal 2024)
(Unit: million yen) | |||
Three months ended January | Three months ended January | ||
31, 2023 (November 1, 2022- | 31, 2024 (November 1, 2023- | ||
January 31, 2023) | January 31, 2024) | ||
Net sales | 79,022 | 86,731 | |
Cost of sales | 57,419 | 63,718 | |
Gross profit | 21,602 | 23,013 | |
Selling, general and administrative expenses | 13,185 | 14,390 | |
Operating profit | 8,416 | 8,622 | |
Non-operating income | |||
Foreign exchange gains | - | 227 | |
Void ticket | 42 | 42 | |
Other | 66 | 65 | |
Total non-operating income | 109 | 334 | |
Non-operating expenses | |||
Interest expenses | 992 | 872 | |
Foreign exchange losses | 3,391 | - | |
Expence incurred for evacuation of parking facilities | 57 | 45 | |
Other | 103 | 64 | |
Total non-operating expenses | 4,544 | 982 | |
Recurring profit | 3,981 | 7,975 | |
Extraordinary income | |||
Gain on sale of investment securities | 979 | - | |
Total extraordinary income | 979 | - | |
Extraordinary losses | |||
Loss on retirement of non-current assets | 41 | 46 | |
Other | 0 | 1 | |
Total extraordinary losses | 41 | 47 | |
Profit before income taxes | 4,919 | 7,927 | |
Income taxes - current | 2,021 | 1,489 | |
Income taxes - deferred | -250 | 1,351 | |
Total income taxes | 1,770 | 2,841 | |
Profit | 3,148 | 5,086 | |
Profit attributable to owners of parent | 3,148 | 5,086 | |
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Park24 Co. Ltd. published this content on 13 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 March 2024 07:16:03 UTC.