Summary of Financial Results the 3rd quarter FY05 / 2023 [JGAAP] (Consolidated) (HTML)

This site uses machine translation. Please note that it may not always be accurate and may differ from the original Japanese text.

 

 

Fiscal year ending May 2023Third Quarter Financial Results [Japanese Standards] (Consolidated)

 

 

 

 

March 23, 2023

Listed company name

Tsuruha Holdings Inc.

Listed exchangeeast

Code number

3391

URLhttps://tsuruha-hd.com

Representative

(Title)

President and CEO

(family name)Jun Tsuruha

Contact person

(Title)

Executive Officer General Manager of Administration Headquarters

(family name)Makoto Murakami

TEL011-783-2755

Scheduled quarterly report submission date

March 31, 2023

Scheduled payment start date

Whether or not supplementary explanatory materials for quarterly financial results have been created:Yes

 

Whether or not a quarterly Financial results announcement is held:Yes

(For institutional investors and analysts)

 

 

(Rounded down to the nearest million yen)

1. Consolidated financial results for the third quarter of the fiscal year ending May 2023 (May 16, 2022 to February 15, 2023)

(1) Consolidated business results (cumulative)

(% Display is the rate of increase / decrease from the same quarter of the previous year)

 

 

amount of sales

Operating income

Ordinary profit

Attribution to the shareholders of the parent company

Quarterly net income

 

One million yen

One million yen

One million yen

One million yen

Third Quarter of the Fiscal Year Ending May 2023

731,436

5.7

37,719

10.8

37,849

11.6

21,712

14.9

Third quarter of the fiscal year ending May 2022

691,890

1.2

34,050

14.3

33,925

13.8

18,903

16.2

 

(Note) Comprehensive income

Third Quarter of the Fiscal Year Ending May 2023

27,821

One million yen

51.8%)

 

Third quarter of the fiscal year ending May 2022

18,331

One million yen

(△29.8%)

 

 

Per share

Quarterly net income

After adjusting for potential stock

Per share

Quarterly net income

 

Yen

Yen

Third Quarter of the Fiscal Year Ending May 2023

446.96

446.10

Third quarter of the fiscal year ending May 2022

389.41

388.17

 

(2) Consolidated financial position

 

Total assets

Net worth

Capital adequacy ratio

Net assets per share

 

One million yen

One million yen

Yen

Third Quarter of the Fiscal Year Ending May 2023

527,608

300,461

51.8

5,624.23

May 2022

562,363

284,046

45.9

5,314.48

 

(Reference) Equity

Third Quarter of the Fiscal Year Ending May 2023

273,347

One million yen

 

May 2022

258,035

One million yen

 

2. 2. Dividend status

 

Annual dividend

End of first quarter

End of second quarter

End of third quarter

Term end

total

 

Yen

Yen

Yen

Yen

Yen

May 2022

83.50

83.50

167.00

Fiscal year ending May 2023

116.50

 

 

Fiscal Year Ending May 2023 (Forecast)

 

 

 

116.50

233.00

(Note) Whether or not there is any revision from the recently announced dividend forecast:Nothing

 

3. Consolidated earnings forecast for the fiscal year ending May 2023 (May 16, 2022 to May 15, 2023)

 

(% Display is the rate of increase / decrease from the previous period)

 

 

amount of sales

Operating income

Ordinary profit

Attribution to parent company shareholders

Net income

Per share

Net income

 

One million yen

One million yen

One million yen

One million yen

Yen

Full year

968,800

5.8

42,700

5.3

42,571

6.3

22,640

5.9

466.29

(Note) Whether or not there is any revision from the latest announced business forecast:Nothing

 

 

* Notes

(1) Changes in significant subsidiaries during the current quarterly consolidated cumulative period (changes in specified subsidiaries due to changes in the scope of consolidation):Nothing

 

 

(2) Application of accounting treatment specific to the preparation of quarterly consolidated financial statements:Yes

 

 

(3) Changes in accounting policies, changes in accounting estimates, and restatements of revisions

① Changes in accounting policies due to revisions to accounting standards, etc .:Nothing

(2) Changes in accounting policies other than (1):Nothing

③ Change of accounting estimateNothing

④ Correction redisplayNothing

 

 

(4) Number of issued shares (common stock)

① Number of issued shares at the end of the period (including treasury stock)

3Q of May 2023

49,488,468

stock

May 2022

49,439,968

stock

② Number of treasury stock at the end of the period

3Q of May 2023

886,721

stock

May 2022

886,655

stock

③ Average number of shares during the period (cumulative quarterly)

3Q of May 2023

48,578,191

stock

3Q for the fiscal year ending May 2022

48,542,781

stock

 

 

 

* Quarterly financial statements are not subject to quarterly reviews by certified accountants or audit corporations.

 

* Explanation of proper use of business forecasts and other special notes

The forecast figures given in this material are forecasts based on the information available at this time and may contain uncertainties. Actual business results may differ from the above figures due to changes in business conditions. Please see page 2 of the attached document for matters related to the above forecast.

 

○ Contents of attached materials

 

1. Qualitative Information on Quarterly Financial Results ……………………………………………………………………………………

2

(1) Explanation of operating results ………………………………………………………………………

2

(2) Explanation of financial position ……………………………………………………………………………………………

2

(3) Explanation of future forecast information such as consolidated earnings forecasts ………………………………………………………………

2

2. Quarterly Consolidated Financial Statements and Major Notes ……………………………………………………………………………………

3

(1) Quarterly Consolidated Balance Sheet ………………………………………………………………………………………

3

(2) Quarterly Consolidated Statements of Income and Quarterly Consolidated Statements of Comprehensive Income

5

Quarterly Consolidated Income Statement

 

3rd Quarter Consolidated Cumulative Period ………………………………………………………………………………………

5

Quarterly Consolidated Statement of Comprehensive Income

 

3rd Quarter Consolidated Cumulative Period ………………………………………………………………………………………

6

(3) Notes to Quarterly Consolidated Financial Statements ……………………………………………………………………

7

(Note regarding going concern assumption) ………………………………………………………………………………………

7

(Note when there is a significant change in the amount of shareholders' equity) …………………………………………………………

7

(Application of special accounting treatment to the preparation of quarterly consolidated financial statements)

7

 

1. Qualitative information on quarterly financial results

(1) Explanation of operating results

In the third quarter of the current consolidated cumulative period (May 16, 2022 to February 15, 2023), the economic situation is in a recovery trend despite the 7th and 8th waves of the spread of the new coronavirus infection. However, the economy showed signs of a gradual recovery. However, due to fluctuations in resource prices and exchange rates, prices for electricity and daily necessities continue to rise, making it difficult to expect an improvement in consumer sentiment for the time being. In the drugstore industry, competitors continued to expand their store openings, and although there was a temporary boost to COVID-19-related products, the business environment surrounding the Company remained severe.

Under these circumstances, the Group aims to achieve the goals of the new medium-term management plan. The store strategy is to improve the accuracy of store openings and promote renovations. We have worked to increase the sales composition ratio, and in the DX strategy, we have been working on sales promotion utilization of customer data, development of our own payment service, and IT system development. In addition, we have worked to improve profitability and reduce selling, general and administrative expenses by establishing a performance management system.

With regard to store development, we worked to further strengthen our dominance in existing areas and proceeded with the renovation and closure of unprofitable stores in order to strengthen competitiveness. Since the beginning of the fiscal year, we have opened 111 new stores, acquired the business of one store, and closed 63 stores. . As a result, the number of group stores as of the end of the third quarter was 2,571 directly managed stores.

 

The status of store openings and closures of the Group is as follows (unit: store)

 

 

End of the previous fiscal year

Number of stores

branch store

Subsidiary

etc

closed

Net increase

End of the 3rd quarter

Number of stores

home

Dispensing pharmacy

Hokkaido

422

15

14

1

423

117

East and North

570

32

1

14

19

589

135

Kanto Koshinetsu

520

16

12

4

524

211

Chubu / Kansai

247

13

5

8

255

145

China

326

17

2

15

341

118

Shikoku

220

8

1

7

227

66

Kyushu / Okinawa

217

10

15

△5

212

34

Domestic store total

2,522

111

1

63

49

2,571

826

In addition to the above, we have 17 overseas stores and 7 franchise stores.

 

As a result, the performance for the third quarter of the current consolidated cumulative period was 731,436 million yen in sales (up 5.7% year-on-year), 37,719 million yen in operating income (up 10.8% year-on-year), and 378 million yen in ordinary income. 49 million yen (up 11.6% year on year), and profit attributable to owners of parent of 21,712 million yen (up 14.9% year on year).

 

(2) Explanation of financial position

Total assets as of the end of the current third quarter consolidated accounting period decreased by 34,755 million yen from the end of the previous consolidated fiscal year to 527,608 million yen. This was mainly due to a decrease in cash and deposits and accounts receivable due to the fact that the end of the previous consolidated fiscal year was a holiday for financial institutions.

Total liabilities decreased by 51,170 million yen from the end of the previous consolidated fiscal year to 227,146 million yen. The main factors are

This was due to a decrease in accounts payable due to the impact of the financial institution holidays at the end of the previous consolidated fiscal year.

Total net assets increased ¥16,415 million from the end of the previous fiscal year to ¥300,461 million.

As a result of the above, the equity ratio increased by 5.9 percentage points to 51.8%.

 

(3) Explanation of future forecast information such as consolidated earnings forecasts

There is no change to the full-year earnings forecast announced on June 21, 2022.

2. 2. Quarterly consolidated financial statements and main notes

(1) Quarterly consolidated balance sheet

 

 

(Unit: million yen)

 

Previous consolidated fiscal year

(May 15, 2022)

Current third quarter consolidated accounting period

(February 15, 2023)

Assets

 

 

current assets

 

 

Cash and deposits

127,026

71,533

accounts receivable

49,155

43,856

Product

132,314

140,870

Raw materials and supplies

121

66

Short-term loans receivable

1

1

others

19,895

20,416

Total current assets

328,514

276,744

Fixed asset

 

 

Tangible fixed assets

 

 

Buildings and structures (net)

52,948

61,182

Mechanical equipment and carriers (net amount)

0

0

Tools, utensils and equipment (net)

14,702

15,540

land

14,435

14,615

Lease assets (net amount)

7,098

9,789

Construction in progress

2,113

2,602

Total property, plant and equipment

91,299

103,730

Intangible fixed assets

 

 

Goodwill

34,281

31,144

Software

2,494

2,984

Telephone subscription right

104

104

others

1,145

1,776

Total intangible assets

38,025

36,009

Investments and other assets

 

 

Investment securities

26,723

31,130

Long-term loan

9

8

Deferred tax asset

6,647

6,505

Deposit deposit

65,481

69,014

others

5,723

4,570

Allowance for doubtful accounts

62

105

Total investment and other assets

104,523

111,123

Total fixed assets

233,849

250,863

Total assets

562,363

527,608

 

 

 

 

(Unit: million yen)

 

Previous consolidated fiscal year

(May 15, 2022)

Current third quarter consolidated accounting period

(February 15, 2023)

Debt section

 

 

Current Liabilities

 

 

Accounts payable

155,660

108,906

Long-term borrowing scheduled to be repaid within one year

7,200

10,525

Accounts payable

20,347

15,819

Lease debt

551

742

Income taxes payable, etc.

5,278

7,814

Contract liability

10,418

13,915

Bonus reserve

5,996

3,293

Reserve for directors' bonuses

680

484

Point reserve

291

294

others

7,188

5,439

Total current liabilities

213,613

167,235

Fixed liabilities

 

 

Long-term borrowing

39,475

30,750

Lease debt

8,294

11,180

Deferred tax liability

5,204

6,420

Retirement Benefit Revenue

4,119

3,124

Asset retirement obligations

3,847

4,068

others

3,763

4,367

Total fixed liabilities

64,704

59,911

Total debt

278,317

227,146

Of Net Assets

 

 

Shareholders' equity

 

 

Capital

11,322

11,433

Capital surplus

29,375

29,486

an earned surplus

205,714

217,710

Treasury stock

5,312

5,313

Total shareholders' equity

241,098

253,316

Accumulated other comprehensive income

 

 

Valuation difference on other securities

16,988

20,057

Accumulated adjustment for retirement benefits

52

26

Total other comprehensive income

16,936

20,030

Stock acquisition right

2,269

1,697

Non-controlling interests

23,740

25,416

Total net assets

284,046

300,461

Total liabilities and net assets

562,363

527,608

 

(2) Quarterly consolidated income statement and quarterly consolidated income statement

(Quarterly consolidated income statement)

(Consolidated cumulative period for the third quarter)

 

 

(Unit: million yen)

 

Previous 3rd quarter consolidated cumulative period

(Own May 16, 2021

To February 15, 2022)

Consolidated cumulative period for the third quarter

(From May 16, 2022

To February 15, 2023)

amount of sales

691,890

731,436

Cost of sales

486,490

510,724

Gross profit

205,399

220,712

Selling, general and administrative expenses

171,349

182,992

Operating income

34,050

37,719

Non-operating income

 

 

Interest income

100

93

Dividend income

201

210

Equipment donations

530

453

Rent received

171

177

Compensation received

191

27

Insurance money received

92

123

others

393

342

Total non-operating income

1,681

1,428

Non-operating expenses

 

 

Interest expense

560

823

Premature cancellation penalty

402

219

Closed store related expenses

637

173

others

205

81

Total non-operating expenses

1,806

1,298

Ordinary profit

33,925

37,849

Extraordinary benefit

 

 

Gain on sales of fixed assets

9

40

Gain on reversal of stock acquisition rights

801

Subsidy income

29

others

0

Total extraordinary profit

39

842

Extraordinary loss

 

 

Loss on retirement of fixed assets

142

59

Loss on sale of fixed assets

28

Impairment loss

48

387

Loss due to disaster

52

Total extraordinary loss

219

498

Income before tax adjustment

33,745

38,193

Income Taxes

12,286

13,478

Quarterly net income

21,459

24,715

Quarterly net income attributable to non-controlling interests

2,556

3,002

Quarterly net income attributable to owners of the parent company

18,903

21,712

 

(Quarterly Consolidated Comprehensive Income Statement)

(Consolidated cumulative period for the third quarter)

 

 

(Unit: million yen)

 

Previous 3rd quarter consolidated cumulative period

(Own May 16, 2021

To February 15, 2022)

Consolidated cumulative period for the third quarter

(From May 16, 2022

To February 15, 2023)

Quarterly net income

21,459

24,715

Other comprehensive income

 

 

Valuation difference on other securities

3,187

3,078

Adjustment amount for retirement benefits

59

27

Total other comprehensive income

3,127

3,105

Quarterly comprehensive income

18,331

27,821

(breakdown)

 

 

Quarterly comprehensive income for parent company shareholders

15,764

24,806

Quarterly comprehensive income for non-controlling interests

2,566

3,014

 

(3) Notes to Quarterly Consolidated Financial Statements

(Notes on going concern assumption)

Not applicable.

 

(Note when there is a significant change in the amount of shareholders' equity)

Not applicable.

 

(Application of special accounting treatment to the preparation of quarterly consolidated financial statements)

(Calculation of tax costs)

For tax expenses, the effective tax rate after tax effect accounting is applied to the pre-tax net income for the consolidated fiscal year including the third quarter consolidated fiscal year is reasonably estimated, and the pre-tax net income is multiplied by the estimated effective tax rate. We are calculating.

However, if the calculation of tax costs using the estimated effective tax rate results in a significantly unreasonable result, the statutory effective tax rate is used.

The amount of corporate tax adjustment is included in the corporate tax.