July 29, 2020
Fuyo General Lease Co., Ltd.
President & Chief Executive Officer: Yasunori Tsujita
Ticker: 8424, First Section, Tokyo Stock Exchange
Inquiries: Mayumi Kimura,
General Manager, Corporate Communication Division
Tel: +81-3-5275-8891
Fuyo General Lease Announces Summary of Results
for the First Three Months of the Fiscal Year Ending March 31, 2021
Fuyo General Lease Co., Ltd. today announced a summary of results for the first three months of the fiscal year ending March 31, 2021 (fiscal 2020). This announcement should be read in conjunction with the Consolidated Financial Report for the First Three Months of the Fiscal Year Ending March 31, 2021 (Fiscal 2020), also released today.
1. Overview of Results for the First Three Months of Fiscal 2020
(Consolidated)
Total revenues, operating profit, ordinary profit and profit attributable to the owners of a parent all exceeded the results of the same period of the previous year. Additionally, total revenues, operating profit and ordinary profit set record highs for the first 3 months.
The balance of operating assets (after deducting unrealized installment income) increased by 148 billion yen (6.2%) year-on-year to 2,532 billion yen by making Yamato Lease Co., Ltd. a consolidated subsidiary.
Summary of Consolidated Operating Results for the First Three Months of Fiscal 2020
(April 1-June 30, 2020)
(¥ millions)
Q1 FY2020 | YoY change | ||
Amount | % | ||
Total revenues | 179,019 | 14,053 | 8.5% |
Operating profit | 9,574 | 258 | 2.8% |
Ordinary profit | 10,219 | 295 | 3.0% |
Profit attributable to | 6,196 | 36 | 0.6% |
owners of parent | |||
1 |
Full-year
forecast
720,000
42,000
45,000
27,000
2. Year-on-year Comparison (Consolidated)
A comparison of operating results for the first three months of fiscal 2020 with the same period of the previous fiscal year is as follows:
((¥100 million; amounts are rounded to the nearest 100 million yen)
Q1 FY2019 | Q1 FY2020 | YoY change | ||||
Apr. 2019-June 2019 | Apr. 2020-June 2020 | |||||
Amount | % | |||||
Total revenues | 1,650 | 1,790 | 141 | 8.5 | ||
Total costs | 1,475 | 1,592 | 117 | 7.9 | ||
Interest expenses | 24 | 26 | 2 | 10.6 | ||
Gross profit | 174 | 198 | 24 | 13.7 | ||
Selling, general | 81 | 103 | 21 | 26.3 | ||
and administrative expenses | ||||||
Credit-related costs | 2 | 6 | 4 | 238.8 | ||
Operating profit | 93 | 96 | 3 | 2.8 | ||
Non-operating income | 6 | 6 | 0 | 6.1 | ||
Reversal of | 0 | 1 | 0 | 98.2 | ||
credit-related costs | ||||||
Ordinary profit | 99 | 102 | 3 | 3.0 | ||
Extraordinary gains | (0) | (0) | (0) | - | ||
Profit before income taxes | 99 | 102 | 3 | 2.7 | ||
Profit attributable to owners of parent | 62 | 62 | 0 | 0.6 | ||
Basic earnings per share | ¥204.23 | ¥206.71 | ||||
Net assets per share | ¥9,204.20 | ¥9,297.39 |
Note:
Calculation of year-on-year amount and percentage changes are derived from figures that include fractions less than 100 million yen.
3. Segment Results (Consolidated)
Operating results for each segment for the first three months of fiscal 2020 were as follows.
Fiscal 2020 Q1 Consolidated Operating Results (April 1, 2020 - June 30, 2020) | |||||||
(¥100 million; amounts are rounded to the nearest 100 million yen) | |||||||
Profit | |||||||
Revenues | Costs | before | Interest | Gross profit | |||
interest | expenses | ||||||
expenses | |||||||
Lease | 1,167 | 1,038 | 129 | 14 | 115 | ||
Installment Sales | 131 | 127 | 4 | 1 | 3 | ||
Lease and Installment | 1,298 | 1,165 | 133 | 14 | 119 | ||
Sales total | |||||||
Financing | 50 | 1 | 49 | 11 | 38 | ||
Other | 442 | 400 | 43 | 1 | 42 | ||
Total | 1,790 | 1,566 | 224 | 26 | 198 |
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For reference:
Fiscal 2019 Q1 Consolidated Operating Results (April 1, 2019 - June 30, 2019)
(¥100 million; amounts are rounded to the nearest 100 million yen)
Profit | ||||||
Revenues | Costs | before | Interest | Gross profit | ||
interest | expenses | |||||
expenses | ||||||
Lease | 1,127 | 1,000 | 127 | 13 | 115 | |
Installment Sales | 91 | 87 | 4 | 1 | 3 | |
Lease and Installment | 1,218 | 1,087 | 132 | 13 | 118 | |
Sales total | ||||||
Financing | 33 | 1 | 32 | 10 | 23 | |
Other | 398 | 364 | 34 | 0 | 33 | |
Total | 1,650 | 1,452 | 198 | 24 | 174 | |
3
4. Operating Assets (Consolidated)
Total operating assets at June 30, 2020 were ¥2,532 billion, up ¥148 billion, or 6.2%, from the end of fiscal 2019 (March 31, 2020).
(¥100 million) | Lease | Installment sales | Financing & Other | |||||||||||||||||
23,840 | 25,320 | |||||||||||||||||||
22,628 | ||||||||||||||||||||
7,096 | ||||||||||||||||||||
6,919 | ||||||||||||||||||||
6,020 | ||||||||||||||||||||
998 | ||||||||||||||||||||
784 | ||||||||||||||||||||
960 | ||||||||||||||||||||
17,226 | ||||
16,136 | ||||
15,648 | ||||
End of Fiscal 2018 | End of Fiscal 2019 | End of Q1 Fiscal 2020 | |
(June 30, 2020) | |||
Note: Installment receivables are net of deferred profit on installment sales.
5. Fund Procurement (Consolidated)
The funding balance at June 30, 2020 was ¥2,463.6 billion, up ¥232.6 billion, or 10.4%, from the end of fiscal 2019 (March 31, 2020). Direct financing provided 34.4% of total funds procured.
(¥100 million) | Direct financing | Indirect financing |
24,636
22,310
20,970
16,161
14,852 | |
13,821 | |
8,474 | |||||||||||||||||
7,459 | |||||||||||||||||
7,149 | |||||||||||||||||
Direct financing | |||||||||||||||||
Direct financing | |||||||||||||||||
Direct financing | |||||||||||||||||
34.4% | |||||||||||||||||
34.1% | 33.4% | ||||||||||||||||
End of Fiscal 2018 | End of Fiscal 2019 | End of Q1 Fiscal 2020 | |||||||||||||||
(June 30, 2020) | |||||||||||||||||
Note: Lease obligations are excluded. | |||||||||||||||||
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6. Status of Net Assets (Consolidated)
Net assets increased 4.7 billion yen (1.5%) to 316.5 billion yen from the end of previous fiscal year. The equity ratio became 9.4% from an increase in cash and deposits to secure liquidity on hand and an increase in total assets accompanying the conversion of Yamato Lease Co., Ltd. to a consolidated subsidiary.
(¥100 million) | Net Assets | Equity Ratio | ||||||||||||||||
3,118 | 3,165 | |||||||||||||||||
2,950 | ||||||||||||||||||
10.1% | ||||||||||||||||||
10.0% | ||||||||||||||||||
9.4% | ||||||||||||||||||
End of Q1 Fiscal 2020 | |||
End of Fiscal 2018 | End of Fiscal 2019 | ||
(June 30, 2020) | |||
7. Consolidated Full-year Earnings Forecast and Dividend Forecast for Fiscal 2020
The Company's consolidated full-year earnings forecast and cash dividend forecast for fiscal 2020 are unchanged from those announced on May 8, 2020.
(1) Consolidated Full-year Earnings Forecast for Fiscal 2020
(¥ millions, except per share amounts)
Total revenues | Operating profit | Ordinary profit | Profit attributable to | Basic earnings | |||||||||
per share | |||||||||||||
owners of parent | |||||||||||||
Full year | 720,000 | 42,000 | 45,000 | 27,000 | ¥900.84 | ||||||||
(2) Cash Dividend Forecast for Fiscal 2020 | |||||||||||||
Interim results | Year-end | Full year | |||||||||||
Dividend per share | ¥110.00 | ¥110.00 | ¥220.00 | ||||||||||
Note: | The above forecasts are based on currently available data and are subject to change due to | ||||||||||||
various factors. |
5
Reference: Newly Executed Contract Volume in the Lease Segment, by Equipment Type (Consolidated)
(¥100 million)
Q1 FY2019 | Q1 FY2020 | |||||
IT & Office Equipment | 528 | 446 | ||||
Industrial Machinery | 166 | 51 | ||||
Civil Engineering & | 30 | 23 | ||||
Construction Machinery | ||||||
Transportation Equipment | 108 | 85 | ||||
Medical Devices | 76 | 51 | ||||
Commercial/Services | 75 | 62 | ||||
Equipment | ||||||
Other | 711 | 511 | ||||
Total | 1,694 | 1,228 | ||||
Composition | ||||||
Q1 Fiscal 2019 | ||||||
IT & Office | ||||||
Other | Equipment | |||||
31% | ||||||
42% | ||||||
Civil Engineering | ||||||
Commercial/ | Industrial | & | ||||
Construction | ||||||
Services Equipment | ||||||
Machinery | Machinery | |||||
4% | ||||||
10% | 2% | |||||
Medical Devices | Transportation | |||||
Equipment | ||||||
5% | 6% | |||||
Q2 Fiscal 2020
Other | IT & Office | |
Equipment | ||
42% | ||
36% | ||
Commercial/ | Civil Engineering & | |
Services Equipment | ||
Construction | ||
5% | Industrial Machinery | |
4% | Machinery | |
2% | ||
Medical Devices | Transportation Equipment | |
4% | 7% |
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Fuyo General Lease Co. Ltd. published this content on 29 July 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 July 2020 05:05:24 UTC