(Member of Financial Accounting
Standards Foundation)
Consolidated Financial Report for the First Three Months of the
Fiscal Year Ending March 31, 2021 (Fiscal 2020)
July 29, 2020 | ||||
Company | Fuyo General Lease Co., Ltd. | Stock Exchange Listing | First Section, Tokyo | |
Ticker | 8424 | Head office | Tokyo | |
(URL https://www.fgl.co.jp/) | ||||
President & CEO | Yasunori Tsujita | |||
Inquiries, Person in Charge | Soichi Hosoi | Senior Managing Director | Tel: +81-3-5275-8800 | |
Date of issue of quarterly | August 12, 2020 (planned) | Date of payout of | - | |
Securities Report | dividend | |||
Supplementary materials to quarterly results: Available
Quarterly results presentation: Not conducted
(Figures in millions are rounded down to the nearest million yen)
1. Consolidated Operating Results for the First Three Months of Fiscal 2020 (April 1, 2020 -June 30, 2020)
(1) Consolidated Operating Results | (Percentage figures represent year-on-year changes.) | ||||||||
Total Revenues | Operating Profit | Ordinary Profit | Profit Attributable | ||||||
to Owners of Parent | |||||||||
(¥ millions) | % | (¥ millions) | % | (¥ millions) | % | (¥ millions) | % | ||
First three months | 179,019 | 8.5 | 9,574 | 2.8 | 10,219 | 3.0 | 6,196 | 0.6 | |
of FY2020 | |||||||||
First three months | 164,966 | (0.2) | 9,315 | (0.5) | 9,924 | 0.1 | 6,159 | (5.2) | |
of FY2019 | |||||||||
Note: Comprehensive income | First three months of FY2020 | First three months of FY2019 | |||||||
¥9,414 million | 641.0% | ¥1,270 million (77.4)% | |||||||
Basic Earnings per | Diluted Earnings | ||||||||
Share | per Share | ||||||||
(¥) | (¥) | ||||||||
First three months | 206.71 | 205.26 | |||||||
of FY2020 | |||||||||
First three months | 204.23 | 202.69 | |||||||
of FY2019 | |||||||||
- During the fiscal year ended March 31, 2020, the Company finalized the provisional accounting treatment for business combinations. As a result, figures for the first three months of the fiscal year ended March 31, 2020 reflect the finalization of the provisional accounting treatment.
- Consolidated Financial Position
Total Assets | Net Assets | Shareholders' | Net Assets per Share | |||
Equity Ratio | ||||||
(¥ millions) | (¥ millions) | % | (¥) | |||
June 30, 2020 | 2,964,698 | 316,533 | 9.4 | 9,297.39 | ||
March 31, 2020 | 2,752,598 | 311,819 | 10.0 | 9,204.20 | ||
Reference: Shareholders' Equity | June 30, 2020 ¥278,715 million | March 31, 2020 | ¥275,869 million |
- 1 -
2. Cash Dividends
Dividend per share | |||||||
End of first | End of second | End of third | Year-end | Full Year | |||
quarter | quarter | quarter | |||||
(¥) | (¥) | (¥) | (¥) | (¥) | |||
FY 2019 | - | 100.00 | - | 105.00 | 205.00 | ||
FY 2020 | - | ||||||
FY 2020 | (planned) | 110.00 | - | 110.00 | 220.00 | ||
Note: No changes were made to the most recently announced cash dividends forecasts.
3. Forecast for Fiscal 2020 (April 1, 2020 - March 31, 2021)
(Percentage figures represent comparisons with fiscal 2019 full-year results)
Total Revenues | Operating Profit | Ordinary Profit | Profit Attributable | Basic Earnings | |||||
to Owners of Parent | per Share | ||||||||
(¥ millions) | % | (¥ millions) | % | (¥ millions) | % | (¥ millions) | % | (¥) | |
Full Year | 720,000 | 1.1 | 42,000 | 1.4 | 45,000 | 2.2 | 27,000 | 3.1 | 900.84 |
Note: No changes were made to the most recently announced earnings forecasts.
*Other Information
- Changes to the consolidation status of major subsidiaries during the period: None
- Accounting procedures specific to preparation of quarterly consolidated financial statements: Yes
- Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements after error corrections
(ⅰ) Changes in accounting policies due to revisions to accounting standards: None
(ⅱ) Changes in accounting policies due to other reasons: None
(ⅲ) Changes in accounting estimates: None
(ⅳ) Restatement of prior period financial statements after error corrections: None
(4) Number of | outstanding shares at | period-end (common shares) | ||||||
(ⅰ) | Number of outstanding shares at period-end (including treasury stock) | |||||||
June 30, 2020 | 30,287,810 | shares | March 31, 2020 | 30,287,810 | shares | |||
(ⅱ) | Number of shares of treasury stock | |||||||
June 30, 2020 | 309,982 | shares | March 31, 2020 | 315,734 | shares |
(ⅲ) Average number of shares during the period (first three months)
June 30, 2020 29,976,385 shares June 30, 2019 30,158,666 shares
Note: The Company has introduced Board Benefit Trust (BBT). Number of shares of treasury stock includes the following Company's shares held by Board Benefit Trust (BBT) (96,700 shares as of June 30, 2020 and 102,500 shares as of March 31, 2020). Furthermore, shares of treasury stock that are deducted in the calculation of the average number of shares during the period (first three months) include the following Company's shares held by Board Benefit Trust (BBT) (98,165 shares as of June 30, 2020 and 102,976 shares as of June 30, 2019).
*Quarterly financial results are exempt from the quarterly review by certified public accountants or an audit corporation.
*Appropriate Use of Earnings Forecast and Other Important Information
(Caution Concerning Forward-Looking Statements)
Earnings forecasts and other forward-looking statements in this report are based on certain assumptions that are deemed reasonable and information available to the Company at the time of this report's preparation. Therefore the Company does not guarantee the achievement of any projections. Actual results may differ significantly from these forecasts for a number of reasons.
(Method of Obtaining Supplementary Explanation Materials)
The materials are disclosed on the Timely Disclosure network (TDnet) on the same day as the date of this report.
- 2 -
Supplementary Materials - Contents
1. Consolidated Financial Statements and Significant Notes Thereto | ……………………… P.4 | |
(1) | Consolidated Balance Sheets | ……………………… P.4 |
(2) | Consolidated Statements of Income and Statements of Comprehensive Income | ……………………… P.8 |
Consolidated Statements of Income | ……………………… P.8 | |
For the three months ended June 30, 2020 | ||
Consolidated Statements of Comprehensive Income | ……………………… P.9 | |
For the three months ended June 30, 2020 | ||
(3) | Notes to the Consolidated Financial Statements | ……………………… P.10 |
Note on the Going-concern Assumption | ……………………… P.10 | |
Note on Significant Changes in Shareholders' Equity | ……………………… P.10 | |
Accounting Procedures Specific to Preparation of Quarterly Consolidated | ……………………… P.10 | |
Financial Statements | ||
2. Newly Executed Contracts, Operating Assets | ……………………… P.11 | |
(1) | Executed Contracts Volume | ……………………… P.11 |
(2) | Operating Assets | ……………………… P.11 |
- 3 -
1. Consolidated Financial Statements and Significant Notes Thereto
- Consolidated Balance Sheets
(¥ millions) | |||
As of March 31, 2020 | As of June 30, 2020 | ||
Assets | |||
Current assets | |||
Cash and deposits | 77,436 | 141,810 | |
Installment sales trade receivables | 79,753 | 101,071 | |
Lease receivables and investment assets | 1,106,840 | 1,162,383 | |
Accounts receivable - operating loans | 307,124 | 320,856 | |
Accounts receivable - other loans to customers | 109,652 | 103,127 | |
Operational investment securities | 234,837 | 235,367 | |
Other operating assets | 15,706 | 14,720 | |
Lease and other trade receivables | 24,862 | 24,386 | |
Other | 74,359 | 76,093 | |
Allowance for doubtful receivables | (3,085) | (3,296) | |
Total current assets | 2,027,487 | 2,176,521 | |
Fixed assets | |||
Tangible fixed assets | |||
Leased assets | |||
Leased assets | 506,498 | 559,918 | |
Advances on purchases of property and equipment for | 6,911 | 11,480 | |
lease | |||
Total leased assets | 513,409 | 571,398 | |
Other operating assets | 26,383 | 36,719 | |
Own-used assets | 13,319 | 3,095 | |
Total tangible fixed assets | 553,111 | 611,212 | |
Intangible fixed assets | |||
Software leased to customers | 266 | 263 | |
Other intangible fixed assets | |||
Goodwill | 21,749 | 21,705 | |
Other | 7,644 | 7,923 | |
Total other intangible fixed assets | 29,394 | 29,629 | |
Total intangible fixed assets | 29,660 | 29,892 | |
- 4 -
(¥ millions) | |||
As of March 31, 2020 | As of June 30, 2020 | ||
Investments and other assets | |||
Investment in securities | 91,984 | 95,321 | |
Claims provable in bankruptcy, claims provable in | 602 | 699 | |
rehabilitation and other | |||
Retirement benefit asset | - | 65 | |
Deferred tax assets | 2,762 | 2,723 | |
Other | 46,079 | 47,134 | |
Allowance for doubtful receivables | (363) | (491) | |
Total investments and other assets | 141,065 | 145,452 | |
Total fixed assets | 723,837 | 786,557 | |
Deferred assets | |||
Deferred organization expenses | 1 | 1 | |
Business commencement expenses | 1,271 | 1,617 | |
Total deferred assets | 1,273 | 1,619 | |
Total assets | 2,752,598 | 2,964,698 | |
- 5 -
(¥ millions) | ||
As of March 31, 2020 | As of June 30, 2020 | |
Liabilities | ||
Current liabilities | ||
Notes and accounts payable-trade | 45,391 | 30,166 |
Short-term loans from bank and other financial | 530,317 | 614,341 |
institutions | ||
Current portion of bonds payable | 20,000 | 40,000 |
Current portion of long-term loans from bank and | 274,820 | 272,639 |
other financial institutions | ||
Commercial paper | 450,700 | 550,200 |
Payables under fluidity lease receivables and | 28,900 | 22,800 |
installment sales trade receivables | ||
Current portion of payables under fluidity long-term | ||
lease receivables and installment sales trade | 41,396 | 38,293 |
receivables |
Lease obligations Income taxes payable
Deferred profit on installment sales Provision for bonuses
Provision for directors' bonuses
Provision for share-based remuneration for directors (and other officers)
20,302 | 19,316 |
4,215 | 1,301 |
1,307 | 1,223 |
2,219 | 1,204 |
184 | 52 |
57 | - |
Provision for future lease payments | 3 | 3 |
Provision for loss on guarantees | 50 | 48 |
Asset retirement obligations | 453 | 87 |
Other | 45,254 | 35,905 |
Total current liabilities | 1,465,573 | 1,627,583 |
Long-term liabilities
Bonds Payable
Long-term loans from bank and other financial institutions
Payables under fluidity long-term lease receivables and installment sales trade receivables
Lease obligations Deferred tax liabilities Net defined benefit liability
Accrued retirement benefits for directors and corporate auditors
Provision for share-based remuneration for directors (and other officers)
Provision for automobile maintenance costs Provision for loss on guarantees
Asset retirement obligations Other
Total long-term liabilities
Total liabilities
150,000 | 150,000 |
680,017 | 729,168 |
54,869 | 46,155 |
417 | 382 |
15,706 | 18,322 |
2,177 | 2,183 |
132 | 124 |
255 | 301 |
577 | 581 |
730 | 662 |
2,311 | 2,634 |
68,009 | 70,064 |
975,205 | 1,020,581 |
2,440,778 | 2,648,165 |
- 6 -
(¥ millions) | |||
As of March 31, 2020 | As of June 30, 2020 | ||
Net assets | |||
Shareholders' equity | |||
Common stock | 10,532 | 10,532 | |
Capital surplus | 8,873 | 6,197 | |
Retained earnings | 228,285 | 231,323 | |
Treasury stock, at cost | (2,075) | (2,037) | |
Total Shareholders' equity | 245,615 | 246,016 | |
Accumulated other comprehensive income | |||
Net unrealized gains (losses) on available-for-sale | 31,650 | 34,431 | |
securities | |||
Deferred gains (losses) on hedges | (798) | (621) | |
Foreign currency translation adjustment | (435) | (952) | |
Remeasurements of defined benefit plans | (163) | (157) | |
Total accumulated other comprehensive income | 30,253 | 32,699 | |
Share acquisition rights | 764 | 764 | |
Non-controlling interests | 35,186 | 37,053 | |
Total net assets | 311,819 | 316,533 | |
Total liabilities and net assets | 2,752,598 | 2,964,698 | |
- 7 -
- Consolidated Statements of Income and Statements of Comprehensive Income Consolidated Statements of Income
For the three months ended June 30, 2020
(¥ millions) | |||
FY2019 | FY2020 | ||
(April 1, 2019 - | (April 1, 2020 - | ||
June 30, 2019) | June 30, 2020) | ||
Total revenues | 164,966 | 179,019 | |
Total costs | 147,535 | 159,194 | |
Gross profit | 17,430 | 19,825 | |
Selling, general and administrative expenses | 8,115 | 10,251 | |
Operating profit | 9,315 | 9,574 | |
Other income | |||
Interest income | 17 | 21 | |
Dividend income | 236 | 279 | |
Foreign exchange gains | 12 | 37 | |
Gain on investments in partnership | - | 25 | |
Equity in earnings of affiliates | 486 | 356 | |
Bad debt recovered | 17 | 18 | |
Reversal of provision for loss on guarantees | 26 | 70 | |
Other | 70 | 182 | |
Total other income | 868 | 991 | |
Other expenses | |||
Interest expenses | 149 | 171 | |
Bond issuance cost | 9 | 8 | |
Loss on investments in partnership | 7 | 32 | |
Loss on investments in silent partnership | 1 | - | |
Other | 91 | 133 | |
Total other expenses | 259 | 345 | |
Ordinary profit | 9,924 | 10,219 | |
Extraordinary gains | |||
Subsidy income | - | 727 | |
Total extraordinary gains | - | 727 | |
Extraordinary losses | |||
Loss on sales of investment securities | 0 | - | |
Loss on valuation of investment securities | - | 3 | |
Impairment loss | 0 | 1 | |
Loss on disposal of own-used assets | 0 | 24 | |
Loss on reduction of non-current assets | - | 727 | |
Loss on valuation of golf club membership | 4 | - | |
Total extraordinary losses | 4 | 757 | |
Profit before income taxes | 9,919 | 10,190 | |
Income taxes | 3,032 | 3,223 | |
Profit | 6,886 | 6,966 | |
Profit attributable to non-controlling interests | 727 | 770 | |
Profit attributable to owners of parent | 6,159 | 6,196 | |
- 8 -
Consolidated Statements of Comprehensive Income
For the three months ended June 30, 2020
(¥ millions) | ||
FY2019 | FY2020 | |
(April 1, 2019 - | (April 1, 2020 - | |
June 30, 2019) | June 30, 2020) | |
Profit | 6,886 | 6,966 |
Other comprehensive income | ||
Net unrealized gains (losses) on available-for-sale | (5,712) | 2,776 |
securities | ||
Deferred gains (losses) on hedges | (40) | 112 |
Foreign currency translation adjustment | 154 | (597) |
Remeasurements of defined benefit plans | (0) | 5 |
Share of other comprehensive income of entities | (17) | 150 |
accounted for using equity method | ||
Total other comprehensive income | (5,616) | 2,447 |
Comprehensive income | 1,270 | 9,414 |
(Comprehensive income attributable to) | ||
Comprehensive income attributable to owners of parent | 543 | 8,642 |
Comprehensive income attributable to non-controlling | 727 | 771 |
interests | ||
- 9 -
-
Notes to the Consolidated Financial Statements Note on the Going-concern Assumption
Not applicable
Note on Significant Changes in Shareholders' Equity
Not applicable
Accounting Procedures Specific to Preparation of Quarterly Consolidated Financial Statements
(Calculation of Tax Expenses)
Tax expenses for certain consolidated subsidiaries of the Company were calculated by multiplying profit before income taxes by the estimated effective tax rates. The tax rate was determined by making a reasonable estimate of the effective tax rate after the adoption of tax effect accounting for profit before income taxes in the fiscal year including the first quarter ended June 30, 2020.
- 10 -
2. Newly Executed Contracts, Operating Assets
- Executed Contracts Volume
First three months of FY2019 | First three months of FY2020 | ||||||||
(April 1, 2019 - | (April 1, 2020 - | Net Change | |||||||
June 30, 2019) | June 30, 2020) | ||||||||
Segment by Business | Executed | Executed | |||||||
contracts | Composition | contracts | Composition | Amount | Pct. | ||||
volume | volume | ||||||||
(¥ millions) | (%) | (¥ millions) | (%) | (¥ millions) | (%) | ||||
Finance leases | 97,161 | 28.2 | 81,446 | 25.3 | (15,714) | (16.2) | |||
Operating leases | 72,276 | 21.0 | 41,343 | 12.8 | (30,932) | (42.8) | |||
Lease and | |||||||||
Total leases | 169,437 | 49.2 | 122,790 | 38.1 | (46,647) | (27.5) | |||
installment | |||||||||
Installment sales | 8,113 | 2.4 | 9,450 | 2.9 | 1,337 | 16.5 | |||
sales | |||||||||
Lease and installment | 177,551 | 51.6 | 132,240 | 41.0 | (45,310) | (25.5) | |||
sales total | |||||||||
Financing | 166,738 | 48.4 | 178,581 | 55.4 | 11,843 | 7.1 | |||
Other | 71 | 0.0 | 11,722 | 3.6 | 11,651 | - | |||
Total | 344,361 | 100.0 | 322,545 | 100.0 | (21,816) | (6.3) | |||
Notes:
- Operating leases are recorded at the acquisition costs of lease assets. The executed volume of re-lease transactions is not included.
- The figures for the lease segment are the purchase prices of lease assets acquired during each respective three-month period. The figures for the installment sales segment are the installment sales trade receivables net of the deferred profit on installment sales on an execution basis.
- A dash is presented for the percentage year-on-year net change for Other because the value exceeds 1,000%.
- Operating Assets
As of March 31, 2020 | As of June 30, 2020 | Net Change | |||||||
Segment by Business | |||||||||
Balance | Composition | Balance | Composition | Amount | Pct. | ||||
(¥ millions) | (%) | (¥ millions) | (%) | (¥ millions) | (%) | ||||
Finance leases | 1,106,840 | 46.4 | 1,162,383 | 45.9 | 55,543 | 5.0 | |||
Operating leases | 506,765 | 21.3 | 560,181 | 22.1 | 53,415 | 10.5 | |||
Lease and | |||||||||
Total leases | 1,613,605 | 67.7 | 1,722,564 | 68.0 | 108,959 | 6.8 | |||
installment | |||||||||
sales | Installment sales | 78,445 | 3.3 | 99,848 | 3.9 | 21,402 | 27.3 | ||
Lease and installment | 1,692,051 | 71.0 | 1,822,412 | 71.9 | 130,361 | 7.7 | |||
sales total | |||||||||
Financing | 665,557 | 27.9 | 672,858 | 26.6 | 7,300 | 1.1 | |||
Other | 26,383 | 1.1 | 36,719 | 1.5 | 10,336 | 39.2 | |||
Total | 2,383,992 | 100.0 | 2,531,990 | 100.0 | 147,998 | 6.2 | |||
Note: The figures for the installment sales segment are the installment sales trade receivables net of the deferred profit on installment sales.
- 11 -
Attachments
- Original document
- Permalink
Disclaimer
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 05:05:22 UTC