OBAYASHI CORPORATION OBAYASHI CORPORATION
Summary of the Third Quarter (cumulative) Financial Results for FY2015 Ending March 2016
Disclaimer: This financial information, a digest of Obayashi Corporation's "Summary of the Third Quarter (cumulative) Financial Results for FY2015 ending March 2016" ("Kessan Tanshin") disclosed at the Tokyo Stock Exchange on February 9, 2016 was translated into English and presented solely for the convenience of non-Japanese speaking users. If there is any discrepancy between Japanese "Kessan Tanshin" and this document, Japanese "Kessan Tanshin" will prevail. This document includes forward- looking statements based on the information available at the time of the release of Japanese "Kessan Tanshin". Due to various factors, the actual results may vary from the forward-looking statements contained herein. Obayashi Corporation (non-consolidated) is called the "Company" hereinafter.
(Rounded down to the nearest million yen)
Summary of the Third Quarter (cumulative) Results for FY2015 ending March 2016 (April 1, 2015 - December 31, 2015)
Consolidated Business Results (cumulative) (% shows the increase (decrease) from the results of the same quarter of the previous FY.)
Net Sales
Operating Income
Ordinary Income
Profit attributable to owners of parent
3rd Quarter of FY2015 3rd Quarter of FY2014
(Unit: million yen)
1,296,951
1,261,440
%
2.8
12.1
(Unit: million yen)
74,050
27,645
%
167.9
69.4
(Unit: million yen)
79,226
37,753
%
109.9
58.9
(Unit: million yen)
50,667
24,295
%
108.5
75.4
(Note) Comprehensive income: [3Q/FY2015] 35,574 million yen (-45.7%); [3Q/FY2014] 65,465 million yen (19.9%)
Net Income per Share
Net Income per Share Adjusted for Latent Shares
3rd Quarter of FY2015 3rd Quarter of FY2014
(Unit: yen)
70.57
33.83
(Unit: yen)
Consolidated Financial Position
Dividends
Dividend per share (Unit: yen)
End of 1Q
End of 2Q
End of 3Q
End of 4Q
Total
FY2014 ended Mar. 2015
(Unit: yen)
(Unit: yen)
(Unit: yen)
(Unit: yen)
6.00
(Unit: yen)
10.00
4.00
FY2015 ending Mar. 2016
5.00
FY2015 ending Mar. 2016 (Forecast)
5.00
10.00
The consolidated forecasts for the full year were not revised in this third quarter.
The forecasts above were prepared on the basis of information available at the time of the release of Japanese "Kessan Tanshin." Due to various factors, the actual result may vary from the forecasts.
Consolidated Forecast for FY2015 ending March 2016 (April 1, 2015 - March 31, 2016)
The consolidated forecasts were not revised in this third quarter.
The forecasts above were prepared on the basis of information available at the time of the release of Japanese "Kessan Tanshin." Due to various factors, the actual result may vary from the forecasts.
The non-consolidated forecasts were not revised in this third quarter.
The forecasts above were prepared on the basis of information available at the time of the release of Japanese "Kessan Tanshin." Due to various factors, the actual results may vary from the forecasts.
-
Overview of consolidated business performance
With regard to consolidated business performance of the Obayashi Group for the third quarter (from April 1, 2015 to December 31, 2015) of this fiscal year, net sales amounted to 1,296.9 billion yen, increased by 2.8% from the same quarter of the previous fiscal year primarily due to an increase in net sales of the construction business.
On the earnings front, consequent to an increase in gross profit on completed construction contracts as a result of an improvement in gross profit margin on completed construction contracts of the Company's domestic construction business, operating income increased by 167.9% to 74.0 billion yen, ordinary income increased by 109.9% to 79.2 billion yen, and profit attributable to owners of parent increased by 108.5% to 50.6 billion yen from the same quarter of the previous fiscal year.
-
Overview of consolidated financial position
Total assets at the end of the third quarter of this fiscal year increased by 38.0 billion yen (1.9%) to 2,034.2 billion yen compared with the balance at the end of the previous fiscal year mainly due to an increase in "Notes and accounts receivable from completed construction contracts and other" as well as an increase in "Land" as a result of the purchase of real estate for leasing business, despite a decrease in "Investment securities" as a result of a decline in market value.
Total liabilities at the end of the third quarter of this fiscal year increased by 11.1 billion yen (0.8%) to 1,457.8 billion yen compared with the balance at the end of the previous fiscal year primarily due to an increase in interest-bearing debt such as "Commercial papers" on the purpose of funding, despite a decrease in accounts payable for construction contracts (the aggregate of "Notes and accounts payable for construction contracts and other" and "Electronically recorded obligations"). Consolidated balance of interest-bearing debt at the end of this fiscal year will be
360.0 billion yen, although the balance at the end of the third quarter of this fiscal year increased by 37.3 billion yen (9.1%) to 448.1 billion yen compared with the balance at the end of the previous fiscal year.
Total net assets at the end of the third quarter of this fiscal year increased by 26.9 billion yen (4.9%) to 576.4 billion yen compared with the balance at the end of the previous fiscal year mainly due to an increase in "Retained earnings" since profit attributable to owners of parent was recognized, while "Valuation difference on available-for-sale securities" decreased.
As a result, equity ratio at the end of the third quarter of this fiscal year was 26.2%, up 0.8 percentage point from the end of the previous fiscal year.
- Consolidated forecasts
Total Assets | Net Assets | Equity Ratio | |
At December 31, 2015 At March 31, 2015 | (Unit: million yen) 2,034,277 1,996,193 | (Unit: million yen) 576,432 549,483 | % 26.2 25.4 |
(For reference) Equity (net income less minority interests): [At December 31, 2015] 532,164 million yen, [At March 31, 2015] 507,670 million yen
(% shows the increase (decrease) from the previous FY results)
Net Sales | Operating Income | Ordinary Income | Profit attributable to owners of parent | Profit attributable to owners of parent per share | |||||
Full Year | (Unit: million yen) 1,800,000 | % 1.5 | (Unit: million yen) 80,000 | % 65.3 | (Unit: million yen) 85,000 | % 41.9 | (Unit: million yen) 50,000 | % 74.2 | (Unit: yen) 69.66 |
Reference: Non-consolidated Forecasts for FY2015 ending March 2016 (April 1, 2015 - March 31, 2016)
(% shows the increase (decrease) from the previous FY results)
Net Sales | Operating Income | Ordinary Income | Profit | Profit per share | |||||
Full year | (Unit: million yen) 1,230,000 | % (2.4) | (Unit: million yen) 56,000 | % 195.4 | (Unit: million yen) 63,000 | % 102.3 | (Unit: million yen) 40,000 | % 209.5 | (Unit: yen) 55.72 |
Based on the review at the time of the release of this document, the consolidated and
non-consolidated forecasts of the financial performance for the fiscal year ending March 2016 were not revised from the ones announced on November 10, 2015 when the financial results for the second quarter were presented.
(Important Note) Changes in Accounting PoliciesThe Company adopted the "Revised Accounting Standard for Business Combinations" (Accounting Standard Board of Japan (ASBJ) Statement No. 21 of September 13, 2013, hereinafter referred to as the "Business Combinations Accounting Standard"), the "Revised Accounting Standard for Consolidated Financial Statements" (ASBJ Statement No. 22 of September 13, 2013, hereinafter referred to as the "Consolidated Financial Statements Accounting Standard") and the "Revised Accounting Standard for Business Divestitures" (ASBJ Statement No. 7 of September 13, 2013, hereinafter referred to as the "Business Divestitures Accounting Standard") as of the first quarter of this fiscal year.
In consequence, the differences arising from the changes in the equity portion for the subsidiaries the Company continues to control are recognized in capital surplus, and costs associated with the acquisition are treated as expenses in the fiscal year in which they incurred. Additionally, for business combinations that are implemented after the beginning of the first quarter of this fiscal year, the revision of acquisition costs allocation due to determination of provisional accounting treatment is reflected in the quarterly consolidated financial statements for the quarter in which the business combination occurred.
Furthermore, the Company changed the method of presenting quarterly net income and moved "Minority interests" to "Non-controlling interests."
In order to reflect these changes in representation, the Company reclassified its quarterly consolidated financial statements for the third quarter of the previous fiscal year and consolidated financial statements for the previous fiscal year.
The Company applied these standards in accordance with the transitional treatment prescribed in Section 58-2 (4) of the Business Combinations Accounting Standard, Section 44-5 (4) of the Consolidated Financial Statements Accounting Standard, and Section 57-4 (4) of the Business Divestitures Accounting Standard, and continue to apply these standards from the beginning of the first quarter of this fiscal year into the future.
The impact of these changes in accounting policies had minor effect on the quarterly consolidated financial statements for the third quarter of this fiscal year.
Obayashi Corporation issued this content on 09 February 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 09 February 2016 03:27:13 UTC
Original Document: http://www.obayashi.co.jp/english/ir/documents/FY2015Q3_20160209.pdf
