SHIZUOKA GAS CO., LTD. Company Name: SHIZUOKA GAS CO., LTD. Listing: Tokyo Stock Exchange (1st section)
February 8, 2016
Code Number: 9543 URL: http://ir.shizuokagas.co.jp/corp_en/Top.html Representative: Hiroshi Tonoya, President
Contact: Nobuhide Nakamura, Accounting Manager, Corporate Service Dept.
Tel: +81-54-284-7990
Date of annual general meeting of shareholders: March 23, 2016
Date for presentation of the financial statements report: March 24, 2016 Date of dividend payment: March 24, 2016
Preparation of supplemental explanatory materials：Yes
Holding of FY2015 financial briefing session：Yes(for institutional investors)
-
Consolidated Business Results (January 1 to December 31, 2015)
(Amounts under one million yen are omitted; YoY % change)
Operating Results
Net sales (¥ million)
Operating income (¥ million)
Ordinary income (¥ million)
Net income (¥ million)
Reporting term
146,058
(12.3)%
11,563
101.0%
12,056
101.0%
7,638
162.6%
Previous term
166,599
8.6
5,753
(5.5)
5,996
(6.9)
2,909
(25.2)
Note: Total comprehensive income（¥ million） Reporting term: 8,831(112.3%) Previous term: 4,160((37.0%))
Earnings per share (¥)
Diluted net income per share (¥)
Return on equity (ROE) (%)
Ordinary income / Total assets (%)
Operating income / Net sales (%)
Reporting term
103.60
103.47
12.2
10.3
7.9
Previous term
39.45
39.43
5.0
5.1
3.5
Reference: Income or loss on investment accounted for by equity method（¥ million） Reporting term: 93 Previous term: (33)
Total assets (¥ million)
Net assets (¥ million)
Equity ratio (%)
Owners' equity per share (¥)
Reporting term
115,466
73,148
56.5
884.63
Previous term
117,926
67,284
50.7
811.33
Financial Position
Reference: Owners' equity (¥ million) Reporting term: 65,223 Previous term: 59,818
Cash Flows
-
Dividend Payment
Dividend per share (¥) Total amount for
annual dividend
payments
Pay-out ratio
Dividend payments/
FY 2014
FY 2015
FY 2016
(forecast)
Q1 Q2 Q3 Term-end Total
- 5.00
- 5.00
10.00
737
25.3
1.3
- 6.00
- 6.00
12.00
811
11.6
1.4
- 6.50
- 6.50
13.00
/
24.7
/
(¥ million)
(%)
Net assets (%)
- Consolidated Business Forecast for Current Term (January 1 to December 31, 2016)
Major changes in subsidiaries: No
Note: Transfer of specified subsidiaries during the reporting period resulting in changes in the scope of consolidation
Changes in accounting policies, estimates, or retrospective restatements
Changes in accounting policies due to revisions of accounting standards: Yes
Changes in accounting policies other than a) above: No
Changes in accounting estimates: No
Retrospective restatements: No
Number of issued shares (common stock)
Number of issued shares at end of the period (including treasury shares) Reporting term: 76,192,950
Previous term: 76,192,950
Number of treasury shares at end of the period Reporting term: 2,464,080
Previous term: 2,464,038
Average number of shares outstanding during the term Reporting term: 73,728,896
Gas
Customers (installed meter basis) increased by 1,398 during the period, up to 346,858 as of the period-end. This increase was mainly due to our efforts to grow our customer base in the new housing and existing housing markets in the face of intensifying competition from other fuel sources.
Gas sales volume increased 1.0% year on year, up to 1, 394 million㎥. Residential-use gas volume decreased
2.1% year on year to 93 million ㎥, mainly due to the higher temperatures and lower demand for hot water and
heating. Commercial-use gas (offices, retail outlets, public facilities, and medical institutions) volume increased 0.2%, up to 77 million㎥, mainly due to our efforts to win new demand. Industrial-use gas volume decreased 2.7%, down to 644 million㎥. This was mainly due to a slowdown in operations at customer facilities. Wholesale gas volume increased 6.1%, up to 580 million ㎥. This increase was mainly due to the whole open of the Shizuhama
Trunkline in October 2015.
Gas net sales fell 12.4% year on year to ¥127,821 million, mainly due to lower unit gas sales prices stemming from the gas rate adjustment system.
Segment income (operating income) rose 66.1% to ¥13,750 million. This increase was mainly due to the time lag between raw materials prices and the reflection of these cost decreases in unit gas sales prices.
LPG and Other Energy Services
LPG sales decreased 17.6% year on year to ¥10,728 million, mainly due to decreases in unit gas sales prices and gas sales volume. Segment income (operating income) increased 8.6% to ¥486 million. This increase was mainly due to lower cost of sales stemming from lower raw materials prices.
Other Businesses
Net sales for our Other Businesses segment (facilities construction, gas piping installations, gas appliance sales, etc.) amounted to ¥13,590 million, representing a 3.7% year-on-year decrease. This decrease was mainly due to lower facilities construction revenues. However, segment income (operating income) increased 46.2% to ¥624 million, owing mainly to decreases in operating expenses.
FY 2015
FY 2014
Change
Change (%)
Number of Customers
346,858
345,460
1,398
0.4
Gas Sales
Residential
million m3
93
95
(2)
(2.1)
Commercial
〃
77
77
0
0.2
Industrial
〃
644
662
(18)
(2.7)
Wholesale
〃
580
547
33
6.1
Total
〃
1,394
1,381
14
1.0
(Notes)
Number of Customers represents the number of meters installed as of the end of the period.
Number of Customers does not include the number of end users of wholesale customers.
Segment performance includes inter-segment transactions.
Sales volume reflects a conversion of 45MJ/㎥, rounded down to the nearest whole unit.
Consumption tax excluded.
Cash flows from operating activities (¥ million) | Cash flows from investing activities (¥ million) | Cash flows from financing activities (¥ million) | Cash and cash equivalents at term end (¥ million) | |
Reporting term | 30,845 | (9,253) | (12,010) | 9,999 |
Previous term | 13,050 | (9,823) | (3,284) | 446 |
(Amounts under one million yen are omitted; YoY % change)
Net sales (¥ million) | Operating income (¥ million) | Ordinary income (¥ million) | Profit attributable to owners of parent (¥ million) | Earnings per share (¥) | |||||
Half term | 63,120 | (23.7)% | 7,930 | (10.3) % | 8,200 | (6.3) % | 4,750 | (14.4) % | 64.42 |
Full term | 123,040 | (15.8) | 5,970 | (48.4) | 6,440 | (46.6) | 3,880 | (49.2) | 52.62 |
※Notes
Previous term: 73,728,972
This flash report is exempt from review procedures under the Financial Instruments and Exchange Act. Furthermore, this flash report was undergoing the review procedure process under the Financial Instruments and Exchange Act at the time of this release.
Caution Concerning Forward-Looking Statements
The preceding earnings forecasts are based on information available as of the date of the publication of this document and do not constitute any guarantee that such results will be achieved. Actual earnings may differ from forecasts due to various factors occurring in the future. For further details, please refer to " FY2016 Forecast " on page 4.
1. Operating Results and Financial PositionDuring the consolidated fiscal year, the Japanese economy showed signs of a gradual recovery, supported by stable personal consumption amid continuing improvements in corporate earnings and employment.
In the energy industry, a determination has been made for the energy mix leading up to the year 2030. While natural gas is becoming more important, authorities have made advancements in the institutional design of electricity and gas systems. At the same time, upcoming deregulation has created a more competitive environment with new entrants into the market and cross-industry tie-ups.
In response to these circumstances, the Shizuoka Gas Group is engaged in initiatives for the wider use of city gas, for expanding home renovation services, and for products related to electricity and home living. We have pursued these and other initiatives to grow our solutions businesses to meet customer needs.
Consolidated Net sales for the fiscal year amounted to ¥146,058 million, a 12.3% year-on-year decrease. This decrease was mainly due to downward revisions in gas unit sales prices necessitated under the gas rate adjustment system.
Operating income amounted to ¥11,563 million, representing a 101.0% year-on-year increase, with ordinary income of ¥12,056 million (101.0% increase). Net income amounted to ¥7,638 million (162.6% increase). These gains mainly reflect a time lag between the decrease in raw materials prices for gas and the time that such decreases are reflected in gas unit sales prices.
The following describes our performance by segment.
The Company forecasts net sales of ¥123,040 million, representing a 15.8% decrease year on year. This forecast reflects lower gas unit sales prices due to the effects of the gas rate adjustment system, despite higher gas sales volume. We forecast operating income of ¥5,970 million (48.4% decrease), ordinary income of
¥6,440 million (46.6% decrease), and profit attributable to owners of parent in the amount of ¥3,880 million (49.2% decrease). Despite lower raw materials prices, the time lag in price changes reflected in gas sales prices results in a smaller-scale decrease in raw materials prices when compared to net sales. The Company plans to make capital investments of ¥10,490 million (29.0% increase year on year) related to construction of electric power facilities for Shizuoka Gas & Power.
(Unit: million yen)
Account | FY 2016 Forecast | FY 2015 Result | Change | Change (%) |
Net Sales | 123,040 | 146,058 | (23,018) | (15.8) |
Operating Income | 5,970 | 11,563 | (5,593) | (48.4) |
Ordinary Income | 6,440 | 12,056 | (5,616) | (46.6) |
Profit attributable to owners of parent | 3,880 | 7,638 | (3,758) | (49.2) |
Capital Investment | 10,490 | 8,125 | 2,364 | 29.0 |
Assumptions: Crude oil prices (Japan CIF) $ 53/bbl, Exchange rate ¥125/USD
Shizuoka Gas Co. Ltd. issued this content on 10 February 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 10 February 2016 02:39:28 UTC
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