Translation
May 10, 2023
Consolidated Financial Results for the Year Ended March 31, 2023
Company name: | Yamato Holdings Co., Ltd. |
Listing: | Tokyo Stock Exchange |
Stock code: | 9064 |
URL: | https://www.yamato-hd.co.jp/ |
Representative: | Yutaka Nagao, President |
Contact: | Toshizo Kurisu, Executive Officer and Vice President, Responsible for Finance |
Tel: +81-3-3541-4141 (from overseas)
Scheduled date of the ordinary general meeting of shareholders: | June 23, 2023 |
Scheduled date of the commencement of dividend payment: | June 2, 2023 |
Scheduled date of the submission of annual securities report: | June 16, 2023 |
Preparation of supplementary materials on financial results: | Yes |
Holding of financial results meeting: | Yes |
(Amounts less than 1 million yen are discarded.) |
1. Consolidated financial results for fiscal year 2023 (from April 1, 2022 to March 31, 2023)
(1) Consolidated operating results
(Percentages represent year-on-year changes.)
Operating revenue | Operating profit | Ordinary profit | Profit attributable to | |||||||||
owners of parent | ||||||||||||
For the year ended | Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | ||||
March 31, 2023 | 1,800,668 | 0.4 | 60,085 | (22.2) | 58,066 | (31.1) | 45,898 | (18.0) | ||||
March 31, 2022 | 1,793,618 | 5.8 | 77,199 | (16.2) | 84,330 | (10.3) | 55,956 | (1.3) | ||||
(Note) Comprehensive income: | For the year ended March 31, 2023: | 46,114 million yen ((2.5)%) | |||||
For the year ended March 31, 2022: | 47,276 million yen ((35.5)%) | ||||||
Basic earnings per | Diluted earnings | Ratio of ordinary | Ratio of operating | ||||
Return on equity | profit to operating | ||||||
share | per share | profit to total assets | |||||
revenue | |||||||
For the year ended | Yen | Yen | % | % | % | ||
March 31, 2023 | 126.64 | - | 7.6 | 5.3 | 3.3 | ||
March 31, 2022 | 151.03 | - | 9.6 | 7.7 | 4.3 | ||
(Reference) Share of loss (profit) of entities accounted for using equity method: For the year ended March 31, 2023: (4,158) million yen For the year ended March 31, 2022: (242) million yen
(2) Consolidated financial position
Total assets | Net assets | Equity-to-asset ratio | Net assets per share | |
As of | Millions of yen | Millions of yen | % | Yen |
March 31, 2023 | 1,107,587 | 616,430 | 55.1 | 1,684.87 |
March 31, 2022 | 1,086,854 | 598,233 | 54.3 | 1,611.34 |
(Reference) Equity: As of March 31, 2023: 610,380 million yen As of March 31, 2022: 590,542 million yen
(3) Consolidated cash flows
Cash flows from | Cash flows from | Cash flows from | Cash and cash equivalents | |
operating activities | investing activities | financing activities | at end of period | |
For the year ended | Millions of yen | Millions of yen | Millions of yen | Millions of Yen |
March 31, 2023 | 89,953 | (49,420) | (38,617) | 183,225 |
March 31, 2022 | 52,016 | (58,943) | (54,456) | 180,603 |
2. Dividends
Annual dividends | Total annual | Payout ratio | Dividends on | ||||||||||
First | Second | Third | Fiscal | equity | |||||||||
Total | dividends | (consolidated) | |||||||||||
quarter | quarter | quarter | year-end | (consolidated) | |||||||||
Fiscal year | Yen | Yen | Yen | Yen | Yen | Millions of yen | % | % | |||||
ended | |||||||||||||
March 31, 2022 | - | 23.00 | - | 23.00 | 46.00 | 16,985 | 30.5 | 2.9 | |||||
March 31, 2023 | - | 23.00 | - | 23.00 | 46.00 | 16,686 | 36.3 | 2.8 | |||||
March 31, 2024 | - | 23.00 | - | 23.00 | 46.00 | 32.2 | |||||||
(Forecast) | |||||||||||||
3. Consolidated earnings forecasts for fiscal year 2024 (from April 1, 2023 to March 31, 2024)
(Percentages represent year-on-year changes.) | |||||||||||||
Profit attributable to | Basic | ||||||||||||
Operating revenue | Operating profit | Ordinary profit | earnings | ||||||||||
owners of parent | |||||||||||||
per share | |||||||||||||
Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | Yen | |||||
Half year | 896,000 | 1.4 | 13,000 | (28.0) | 13,000 | (28.9) | 6,000 | (42.1) | 16.81 | ||||
Full year | 1,860,000 | 3.3 | 80,000 | 33.1 | 81,000 | 39.5 | 50,000 | 8.9 | 142.78 | ||||
- Notes
- Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the change in scope of consolidation): None
- Changes in accounting policies, changes in accounting estimates, and restatement
a. Changes due to revision to accounting standards, etc.: | None |
b. Changes other than a: | None |
c. Changes in accounting estimates: | None |
d. Restatement: | None |
- Number of issued shares (common shares)
a. Number of issued shares as of the end of the period (including treasury shares)
As of March 31, 2023: | 379,824,892 shares |
As of March 31, 2022: | 388,575,592 shares |
- Number of treasury shares as of the end of the period
As of March 31, 2023: | 17,552,067 shares |
As of March 31, 2022: | 22,084,421 shares |
- Average number of shares during the period
For the year ended March 31, 2023: | 362,445,520 shares |
For the year ended March 31, 2022: | 370,487,598 shares |
(Note) For details of the number of shares used to calculate consolidated basic earnings per share, please see "3. Consolidated Financial Statements and Significant Notes Thereto, (5) Notes to consolidated financial statements (Per share information)" on page 24 of the attached materials to the financial results report.
*Financial results reports are exempt from audit conducted by certified public accountants or an audit firm.
*Proper use of earnings forecasts and other noteworthy events
- Descriptions of the above financial projections and other data are based on information currently available to the Company and certain assumptions that the Company considers to be reasonable. Actual financial results may differ significantly from the projections for various reasons. For points to note when using such assumptions and financial projections, please see "1. Overview of Operating Results and Others, (4) Future outlook" on page 7 of the attached materials to the financial results report.
- The Company plans to post supplementary materials on financial results on the Company's website promptly after the announcement of the financial results.
Attached Materials | ||
Index | ||
Overview of operating results for the fiscal year ended March 31, 2023 | ||
(2) | Overview of financial position for the fiscal year ended March 31, 2023 | 7 |
(3) | Overview of cash flows for the fiscal year ended March 31, 2023 | 7 |
(4) | Future outlook | 7 |
(5) | Operational and financial issues to be addressed | 8 |
2. Fundamental Approach to Selection of Accounting Standards | 9 | |
3. Consolidated Financial Statements and Significant Notes Thereto | 10 | |
(1) | Consolidated balance sheet | 10 |
(2) | Consolidated statement of income and consolidated statement of comprehensive income | 13 |
(3) | Consolidated statement of changes in equity | 16 |
(4) | Consolidated statement of cash flows | 18 |
(5) | Notes to consolidated financial statements | 20 |
(Notes to premise of going concern) | 20 | |
(Significant matters forming the basis of preparing the consolidated financial statements) | 20 | |
(Segment information, etc.) | 21 | |
(Per share information) | 24 | |
(Important subsequent matters) | 25 | |
4. Others | 26 | |
Operating revenue by segment | 26 |
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1. Overview of Operating Results and Others
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Overview of operating results for the fiscal year ended March 31, 2023
During the fiscal year ended March 2023, the impact of COVID-19 weakened, and there was progress towards the normalization of economic activity. On the other hand, the global economy seems to be moving towards a slowdown, due to reasons including the major central banks in the U.S. and Europe continuing their monetary tightening, in order to address worldwide inflation, including energy prices remaining high, as well as the rise in raw material prices, caused by the instability in global affairs. With consumer spending becoming more sluggish here in Japan due to the rise in prices, it remains hard to anticipate a full-fledged economic recovery. Moreover, COVID-19 has triggered a change in consumption behavior and lifestyles and the expansion of e- commerce in various industries, driven by more people working from home, as well as medical treatment and education taking place online.
Under these circumstances, the Yamato Group focused on providing comprehensive value to address the needs of customers and society, in order to achieve sustainable corporate value enhancement through "Helping to enrich our society" which is part of our Management Philosophy, under the Group management structure in which we brought together the management resources of each Group company, and based on the Medium- term management plan "One YAMATO 2023" with the fiscal year ending March 2024 as the final year, towards innovating the supply chain to address changes in people's lifestyles and the distribution structure.
Our consolidated financial results for the full year ended March 31, 2023 are as follows:
(Millions of yen) | ||||
Item | Fiscal year ended | Fiscal year ended | Change | Growth (%) |
March 31, 2022 | March 31, 2023 | |||
Operating revenue | 1,793,618 | 1,800,668 | 7,050 | 0.4 |
Operating profit | 77,199 | 60,085 | (17,114) | (22.2) |
Ordinary profit | 84,330 | 58,066 | (26,264) | (31.1) |
Net profit attributable to | 55,956 | 45,898 | (10,057) | (18.0) |
owners of parent | ||||
For the fiscal year ended March 31, 2023, operating revenue was 1 trillion 800,668 million yen, up 7,050 million yen from the previous year. This was largely attributable to the increase in parcel delivery volume as a result of capturing demand from the e-commerce domain where growth is continuing, as well as our focus on optimizing logistics for customers.
Operating expenses was 1 trillion 740,583 million yen, up 24,164 million yen from the previous year.
This was due to the increase in costs associated with the promotion of our Medium-term management plan "One YAMATO 2023", such as the fact that we are still in the process of optimizing transportation and delivery operations between the EC logistics network, which we are building to address the growing EC demand, and in our existing network, in addition to higher hourly wages, fuel unit prices and electricity costs.
As a result, for the fiscal year ended March 31, 2023, operating profit was 60,085 million yen, down 17,114 million yen from the previous year.
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Initiatives for the entire Yamato Group
The Yamato Group has been working to stably provide logistics services, including TA-Q-BIN, while paying consideration to hygiene management of our employees. Moreover, based on the Medium-term management plan "One YAMATO 2023", which aims to provide comprehensive value to address the diversifying needs of customers and society, we have continued to implement the following measures:
- Enhancing value provision to corporate clients
In response to growing EC demand and changes in the supply chain of corporate customers, our Sales Drivers and the sales people covering corporate clients worked together to solve challenges faced by our clients and continue to provide value to cover the entire supply chain, through measures such as making maximum use of our facilities and the transportation & delivery network, achieving both inventory optimization as well as shortening the shipment and delivery lead-time, thereby helping clients optimize their logistics costs.
- Structural reforms of our network operations
In order to address the growing EC demand, we are continuing to build the EC logistics network with a simplified operation process covering sorting, transportation and last-mile deliveries, mainly in the urban areas. In addition, we continued to work on improving productivity of the overall logistics network and optimizing operating costs, by consolidating and enlarging the TA-Q-BIN Sales offices, in contrast with our previous strategy of opening many small offices, in order to be able to make adjustments more flexibly in accordance with fluctuations in parcel volume, as well as redefining the functions of our Terminals, enhancing operational efficiency using IT systems, and improving safety, quality and the work environment.
- Promoting strategies for achieving sustainable enhancement of corporate value
With the aim of sustainably enhancing our corporate value, we are engaging in initiatives under our Medium-term management plan "One YAMATO 2023" that involves promoting data and innovation strategies, reforming the management structure and reinforcing governance, our HR strategy, improving capital efficiency, and strengthening sustainable management.
As for our digital strategy, we continued to develop digital data and strengthen digital platforms in order to further enhance our use of data. We are also providing services using digital data and improving our operations using digital data.
Meanwhile, we made progress in our innovation strategy with initiatives to promote open innovation, which entails discovering and collaborating with startups, as well as to invest in such startups with the aim of creating new businesses.
As for our HR strategy, we are working to create an environment that maximizes the value created by employees, such as by establishing a multi-track talent management structure, in which employees can take ownership in their own growth, and brings out the best of our diverse range of talent.
We are also working on sophisticating corporate governance, separating management supervision and execution, maintaining and enhancing management transparency, as well as strengthening governance with an emphasis on the speed of our decision-making.
As for strengthening our sustainable management, we are promoting management that considers the environment and society through measures such as connecting people, resources and information at a high level, and making our transportation more efficient, in order to achieve both sustainable growth and sustainable social development, under our two visions of "Connect. Deliver the Future via Green Logistics" and "Through Co-Creation and Fair Business Activities, Help Create a Society That 'Leaves No One Behind'". In terms of the environment, we are promoting measures such as "introducing 20,000 EVs", "introducing 810 solar power generation facilities" and "improving the usage rate of renewable energy- based electricity", in order to achieve the target of "48% reduction in GHG in 2030, compared to fiscal year ended March 2021" and "Carbon neutrality (in-house emissions) in 2050". In September 2022, we announced our endorsement of the Task Force on Climate-related Financial Disclosures ("TCFD") and, based on TCFD, disclosed on our corporate website information on the risks and opportunities from climate change that may affect our business activities. Yamato will continue to accelerate its sustainability initiatives including those related to climate change and addressing social issues, thereby promoting sustainable corporate growth.
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Yamato Holdings Co. Ltd. published this content on 10 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 May 2023 06:06:10 UTC.