Financial Results for the First Quarter
of the Fiscal Year Ending June 30, 2022 [IFRS] (Consolidated)
November 12, 2021 | ||
Company name: | QB Net Holdings Co., Ltd. | Listed on: Tokyo Stock Exchange |
Code number: | 6571 | URL: http://www.qbnet.jp/ |
Representative: | Yasuo Kitano, President CEO | |
Contact: | Osamu Matsumoto, Director and General Manager of Administration Department | |
Tel.: +81-3-6418-9190 | ||
Scheduled date of quarterly report submission: November 12, 2021 | ||
Scheduled date for commencement of dividend payment: - |
Supplementary explanatory materials for quarterly financial results: Yes
Quarterly financial results briefings: No
(Rounded down to the nearest million yen)
1. Consolidated Financial Results for the First Quarter of the Fiscal Year Ending June 30, 2022 (July 1, 2021 to September 30, 2021)
(1) Consolidated Operating Results (Cumulative) | (Percentages indicate changes from the same period of the previous fiscal year.) | ||||||||||||||||||||||||
Profit attributable | Total | ||||||||||||||||||||||||
Revenue | Operating profit | Profit before tax | Profit | to owners of | comprehensive | ||||||||||||||||||||
parent | income | ||||||||||||||||||||||||
million yen | % | million yen | % | million yen | % | million yen | % | million yen | % | million yen | % | ||||||||||||||
Q1 FYE June 2022 | 5,052 | 9.5 | 432 | (2.9) | 392 | (1.5) | 262 | (7.7) | 262 | (7.7) | 273 | 2.7 | |||||||||||||
Q1 FYE June 2021 | 4,615 | (18.8) | 445 | (41.9) | 398 | (45.6) | 284 | (41.7) | 284 | (41.7) | 266 | (44.2) | |||||||||||||
Basic earnings per | Diluted earnings per | ||||||||||||||||||||||||
share | share | ||||||||||||||||||||||||
yen | yen | ||||||||||||||||||||||||
Q1 FYE June 2022 | 20.44 | 19.63 | |||||||||||||||||||||||
Q1 FYE June 2021 | 22.31 | 21.29 | |||||||||||||||||||||||
(2) Consolidated Financial Position | |||||||||||||||||||||||||
Equity attributable to | Ratio of equity | ||||||||||||||||||||||||
Total assets | Total equity | attributable to owners | |||||||||||||||||||||||
owners of parent | |||||||||||||||||||||||||
of parent | |||||||||||||||||||||||||
million yen | million yen | million yen | % | ||||||||||||||||||||||
Q1 FYE June 2022 | 30,516 | 10,451 | 10,451 | 34.2 | |||||||||||||||||||||
FYE June 2021 | 30,634 | 10,156 | 10,156 | 33.2 | |||||||||||||||||||||
2. Dividends | |||||||||||||||||||||||||
Annual dividends | |||||||||||||||||||||||||
End-Q1 | End-Q2 | End-Q3 | Year-end | Total | |||||||||||||||||||||
yen | yen | yen | yen | yen | |||||||||||||||||||||
FYE June 2021 | - | 0.00 | - | 0.00 | 0.00 | ||||||||||||||||||||
FYE June 2022 | - | ||||||||||||||||||||||||
FYE June 2022 | |||||||||||||||||||||||||
(Forecast) | 0.00 | - | - | - | |||||||||||||||||||||
(Note) | Revision from the last announcement of dividend forecast: No | ||||||||||||||||||||||||
The forecast of the year-end dividend for the fiscal year ending June 30, 2022 has not yet been determined. |
3. Consolidated Earnings Forecast for the Fiscal Year Ending June 30, 2022 (July 1, 2021 to June 30, 2022)
(Percentages indicate changes from the same period of the previous fiscal year.)
Profit | ||||||||||||||||
Revenue | Operating profit | Profit before tax | Profit | attributable to | Basic earnings | |||||||||||
owners of | per share | |||||||||||||||
parent | ||||||||||||||||
million yen | % | million yen | % | million yen | % | million yen | % | million yen | % | yen | ||||||
First six months | 10,140 | 9.0 | 480 | 33.9 | 390 | 46.2 | 270 | 17.9 | 270 | 17.9 | 21.02 | |||||
Full year | 20,840 | 10.1 | 1,100 | 137.3 | 920 | 221.2 | 640 | 162.4 | 640 | 162.4 | 49.09 | |||||
(Note) | Revision from the last announcement of earnings forecast: No |
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* Notes
-
Changes in significant subsidiaries during the period: No
(Changes in specific subsidiaries with changes in the scope of consolidation)
Newly consolidated - companies (Company names) -, Excluded - companies (Company names) - - Changes in accounting policies and accounting estimates
- Changes in accounting policies required by IFRS: No
- Changes in accounting policies other than (i): No
- Changes in accounting estimates: No
- Number of shares outstanding (common stock)
- Number of shares outstanding at the
end of the period (including treasury | Q1 FYE June 2022 | 12,857,200 | shares | FYE June 2021 | 12,820,900 | shares | |
shares) | |||||||
(ii) | Number of treasury shares at the | Q1 FYE June 2022 | 123 | shares | FYE June 2021 | 123 | shares |
end of the period | |||||||
(iii) | Average number of shares | ||||||
outstanding during the period | Q1 FYE June 2022 | 12,835,970 | shares | Q1 FYE June 2021 | 12,748,297 | shares | |
(cumulative) |
- Quarterly financial results are not subject to quarterly review by certified public accountants or audit firms.
-
Explanation on the appropriate use of earnings forecasts and other special notes (Notes on forward-looking statements)
Forward-looking statements and others included in this document, including earnings forecasts, are based on information currently available to and certain premises deemed to be rational by the Company, and it is not committed to achieving such. Actual earnings and others may differ due to various factors.
(How to obtain supplementary explanatory materials for financial results)
Supplementary explanatory materials for financial results were disclosed on TDnet on the same day. They will also be posted on the Company website.
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- Table of Contents for the Attachment
(1) | ||
(2) | ||
(3) | Explanation of Information on Future Forecasts Including Consolidated Earnings Forecast .................................... | 6 |
2.Condensed Quarterly Consolidated Financial Statements and Main Notes...................................................................... | 7 | |
(1) | Condensed Quarterly Consolidated Statement of Financial Position ........................................................................ | 7 |
(2) | Condensed Quarterly Consolidated Statement of Profit or Loss ............................................................................... | 8 |
(3) | Condensed Quarterly Consolidated Statement of Comprehensive Income .............................................................. | 9 |
(4) | Condensed Quarterly Consolidated Statement of Changes in Equity ..................................................................... | 10 |
(5) | Condensed Quarterly Consolidated Statement of Cash Flows ............................................................................... | 12 |
(6) | Notes on the Condensed Quarterly Consolidated Financial Statements................................................................. | 13 |
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1. Qualitative Information Regarding the Quarterly Financial Results Under Review
(1) Explanation of Operating Results
During the consolidated first three months of the fiscal year under review (from July 1, 2021 to September 30, 2021), the Company Group has operated its stores while taking all possible measures to prevent infections amid the impact of new coronavirus infections (hereinafter referred to as "COVID-19") persisting for a long time.
Revenue increased by 437 million yen year on year to 5,052 million yen despite the impact of COVID-19. The status of COVID-19 and its impact on revenue in each country is as described below.
(Million yen) | ||||
Cumulative Q1 of | Cumulative Q1 of | Changes | ||
(Excluding | ||||
previous fiscal year | current fiscal year | |||
Changes | foreign | |||
(From July 1, 2020 to | (From July 1, 2021 to | |||
exchange | ||||
September 30, 2020) | September 30, 2021) | |||
effects) | ||||
Domestic | 3,832 | 4,201 | 368 | - |
operations | ||||
Overseas | 782 | 851 | 68 | 23 |
operations | ||||
Hong Kong | ||||
436 | 486 | 49 | 29 | |
Singapore | 196 | 206 | 9 | (2) |
Taiwan | 129 | 116 | (13) | (25) |
United States | 19 | 42 | 23 | 22 |
Consolidated | ||||
4,615 | 5,052 | 437 | 23 |
(Note) Amounts are after deducting intercompany transactions among group companies.
During the state of emergency declared in July 2021, with the exception of some stores that were temporarily closed or opened for shorter business hours due to the decision of the facilities that housed them, we managed to continue business with thorough measures against infections in place. As a result, we saw the number of customers visiting our stores on a recovery path although that number was below the level prior to the spread of COVID-19. Revenue increased by 368 million yen year on year.
With the situation of infections settling down, the number of customers visiting all our stores including new ones has recovered to the level before the spread of COVID-19. Revenue increased by 49 million yen year on year including foreign exchange effects.
As the number of newly infected patients increased, government agencies continued to take measures to prevent infections. As a result, revenue was generally unchanged year on year, including foreign exchange effects.
Revenue decreased by 13 million yen year on year mainly due to preventive measures taken by government agencies as the number of new infections surged in the middle of May 2021.
Although new infections continue to occur, the number of customers visiting our stores is recovering partly due to an easing of preventive measures taken by government agencies. Revenue increased by 23 million yen year on year partly due to price revisions including foreign exchange effects.
Cost of sales decreased by 48 million yen year on year to 4,043 million yen. The main changes are as follows.
(Million yen)
Item | Changes | Main reasons for change |
Personnel expenses | (36) | A decrease in the number of store stylists due to the optimization |
of personnel | ||
Outsourcing fees | 34 | An increase in revenue at consigned salons |
Consumables | (24) | A decrease in the purchase number due to the start of the reuse |
of combs | ||
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Selling, general and administrative expenses decreased by 74 million yen year on year to 583 million yen. The main changes are as follows.
(Million yen) | ||||
Item | Changes | Main reasons for change | ||
Provision for bonuses | (29) | A decrease in provision for performance-based pay, etc. | ||
Personnel expenses | (24) | A decrease in in-house haircut school trainees and staff in the | ||
head office | ||||
Recruitment | (13) | The Company aired help-wanted ads in TV commercials during | ||
expenses | the previous quarter. |
Other operating income decreased by 579 million yen from the same period of the previous fiscal year, when we recorded income from employment adjustment subsidies in Japan, to 10 million yen. Other operating expenses decreased by 6 million yen year on year to 4 million yen.
As a result, consolidated earnings in the first three months of the fiscal year under review were as follows: Revenue amounted to 5,052 million yen (up 9.5% year on year), operating profit was 432 million yen (down 2.9% year on year), profit before tax was 392 million yen (down 1.5% year on year), and profit attributable to owners of parent came to 262 million yen (down 7.7% year on year).
In terms of our store network, we opened five stores. The breakdown is four stores in Japan and one overseas, in Hong Kong. Moreover, since we closed three stores mainly due to redevelopment work of railway stations, we had 716 stores as of the end of the first quarter of the fiscal year under review, an increase of two stores from the end of the previous fiscal year.
The description by segment is omitted because the Company Group engages in a single segment of the haircutting business.
(2) Explanation of Financial Position
(i) Assets, liabilities and equity
Assets, liabilities and equity at the end of the first quarter under review were as follows:
Current assets increased by 132 million yen from the end of the previous fiscal year to 5,773 million yen. This was mainly due to an increase of 146 million yen in cash and cash equivalents and an increase of 31 million yen in other current assets. Non-current assets decreased by 250 million yen from the end of the previous fiscal year to 24,742 million yen. This was mainly due to a decrease of 31 million yen in property, plant and equipment and a decrease of 225 million yen in right-of-use assets. As a result, assets decreased by 118 million yen from the end of the previous fiscal year to 30,516 million yen.
Current liabilities decreased by 134 million yen from the end of the previous fiscal year to 7,565 million yen. This was mainly due to a decrease of 110 million yen in lease obligations and a decrease of 82 million yen in other current liabilities. Non-current liabilities decreased by 278 million yen from the end of the previous fiscal year to 12,499 million yen. This was mainly due to a decrease of 171 million yen in borrowings and a decrease of 115 million yen in lease obligations. As a result, liabilities decreased by 412 million yen from the end of the previous fiscal year to 20,065 million yen.
Equity increased by 294 million yen from the end of the previous fiscal year to 10,451 million yen. This was mainly due to an increase of 262 million yen in retained earnings.
(ii) Cash flows
Cash and cash equivalents (hereinafter referred to as "cash") at the end of the first quarter under review increased by 146 million yen from the end of the previous fiscal year to 4,748 million yen. Individual cash flows for the first three months of the fiscal year under review and the factors behind them were as follows:
(Cash flows from operating activities)
Cash provided by operating activities was 1,027 million yen (1,118 million yen provided in the same period of the previous fiscal year). This was mainly attributable to factors causing an increase in cash, such as the recording of profit before tax of 392 million yen and depreciation and amortization of 787 million yen, in contrast to decreasing factors, such as interest paid of 39 million yen and income taxes paid of 38 million yen.
(Cash flows from investing activities)
Cash used in investing activities was 84 million yen (135 million yen used in the same period of the previous fiscal year). This was mainly attributable to factors causing a decrease in cash, such as purchase of property, plant and equipment of 68 million yen and payments of guarantee deposits of 17 million yen.
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QB Net Holdings Co. Ltd. published this content on 30 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 November 2021 04:40:07 UTC.