HIBIYA ENGINEERING, LTD. November 5, 2021
Summary of Consolidated Financial Results
For the Second Quarter of Fiscal Year Ending March 31, 2022 [Japan GAAP]
Company: Hibiya Engineering, Ltd.
Stock exchange listing: Tokyo Stock Exchange (First Section)
Stock code: 1982
URL: https://www.hibiya-eng.co.jp/English
Representative Director: Nagahiro Kuroda, President and CEO
Contact: Mitsuyoshi Suwa, Senior Executive Officer, Manager of IR and PR Office, Administration Division
Tel: 03-3454-2720
Date of filing of quarterly securities report: | November 5, 2021 (tentative) |
Date of commencement of dividend payment: | December 6, 2021 (tentative) |
Supplementary explanatory documents: | No |
Earnings presentation: | Yes (For institutional investors and analysts) |
(Yen in millions, rounded down, figures in parentheses indicate negative amounts or percentages)
1. Financial results for the first half of the fiscal year ending March 2022 (April 1, 2021 - September 30, 2021)
(1) Result of operations (Consolidated, year-to-date) | (Percentage figures represent year on year changes) | ||||||||||||
Net sales | Operating profit | Ordinary profit | Profit attributable to | ||||||||||
owners of parent | |||||||||||||
Million yen | % | Million yen | % | Million yen | % | Million yen | % | ||||||
First half ended September 2021 | 33,291 | 4.4 | 3,391 | 193.9 | 3,699 | 135.8 | 2,743 | 159.7 | |||||
First half ended September 2020 | 31,891 | 11.6 | 1,153 | - | 1,568 | - | 1,056 | - | |||||
Note: Comprehensive income: First half of FY3/2022: 3,059 million yen [24.8%], First half of FY3/2021: 2,452 million yen [-%] | |||||||||||||
Earnings per share | Earnings per share fully diluted | ||||||||||||
Yen | Yen | ||||||||||||
First half ended September 2021 | 114.87 | 114.38 | |||||||||||
First half ended September 2020 | 44.29 | 44.06 | |||||||||||
- Financial Position (Consolidated)
Total assets | Net assets | Equity ratio | Net assets per share | ||||||||||
Million yen | Million yen | % | Yen | ||||||||||
As of September 30, 2021 | 81,160 | 64,523 | 77.6 | 2,644.24 | |||||||||
As of March 31, 2021 | 86,138 | 62,593 | 70.9 | 2,556.56 | |||||||||
Reference: Shareholders' equity | |||||||||||||
As of September 30, 2021: | 62,964 million yen | As of March 31, 2021: | 61,049 million yen | ||||||||||
2. Dividends | |||||||||||||
Dividend per share | |||||||||||||
End of 1Q | End of 2Q | End of 3Q | End of FY | Full year | |||||||||
Yen | Yen | Yen | Yen | Yen | |||||||||
Fiscal year ended March 2021 | - | 40.00 | - | 40.00 | 80.00 | ||||||||
Fiscal year ending March 2022 | - | 40.00 | |||||||||||
Fiscal year ending March 2022 | |||||||||||||
(estimate) | - | 40.00 | 80.00 |
Note: Change in the estimation of dividend from the latest announcement: No
3. Forecast for the fiscal year ending March 2022 (Consolidated, April 1, 2021 to March 31, 2022)
(Percentage figures represent year on year changes)
Profit attributable | Earnings | ||||||||||
Net sales | Operating profit | Ordinary profit | to owners of | ||||||||
per share | |||||||||||
parent | |||||||||||
Million yen | % | Million yen | % | Million yen | % | Million yen | % | Yen | |||
Full year | 77,000 | 5.3 | 4,500 | 12.6 | 5,000 | 8.8 | 3,500 | 13.8 | 146.99 |
Note: Change in the forecast from the latest announcement: Yes
- Notes
- Changes in significant subsidiaries (Changes in specific subsidiaries accompanied by changes in the scope of consolidation): No
- Use of accounting methods specifically for the preparation of the quarterly consolidated financial statements: No
- Changes in accounting principles and estimates, and retrospective restatement
- Changes due to revision of accounting standards: Yes
- Changes other than in (a): No
- Changes in accounting estimates: No
- Retrospective restatement: No
(4) Number of shares outstanding (common shares)
(a) Shares outstanding (including treasury shares)
As of September 30, 2021: | 25,006,321 | As of March 31, 2021: | 25,006,321 |
(b) Treasury shares | |||
As of September 30, 2021: | 1,194,496 | As of March 31, 2021: | 1,126,701 |
(c) Average number of shares (first half) | |||
Period ended September 30, 2021: | 23,879,240 | Period ended September 30, 2020: | 23,847,914 |
Forward-looking statements, important notes, etc.
This report is exempt from the audit review by certified public accountant or audit firm.
These materials contain forward-looking statements that are based on information available to management as of the date of this report. Actual results may be materially different from the above forecasts for a number of reasons.
This is an English translation of the captioned report. This translation is prepared and provided for the purpose of the reader's convenience. All readers are recommended to refer to the original version in Japanese of the report for complete information.
Index for Supplementary Information | ||
(2) | Quarterly consolidated statements of income and consolidated statements of comprehensive income ....... | 5 |
(Quarterly consolidated statements of income) | ||
(For the first half) .......................................................................................................................................... | 5 | |
(Quarterly consolidated statements of comprehensive income) | ||
(For the first half) .......................................................................................................................................... | 6 | |
(3) | Notes to quarterly consolidated financial statements .................................................................................... | 7 |
(Notes on going concern assumptions) ........................................................................................................ | 7 | |
(Notes on significant change in shareholders' equity)................................................................................... | 7 |
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1. Results of Operations
-
Overview on consolidated business performance
During the first half of the fiscal year, the Japanese economy remained challenging due to economic restrictions and other effects of new waves of COVID-19 in Japan and other countries. Although there were signs of a return of economic activity to normal because of the Japanese government's measures to support the economy and progress with vaccinations, the economic outlook is still uncertain because of the semiconductor shortage, the rising cost of raw materials and other sources of concern.
In Japan's construction industry, there is a large volume of public works expenditures but companies need to continue to take actions that reflect increasingly heated competition for orders.
Based on the Hibiya Engineering Group's Seventh Medium-term Management Plan, many activities are under way including to capture more orders in the decarbonization and energy conservation business through cooperation with alliance partners and to use the digital transformation for more efficient job site management.
For the group's workforce, there are measures for staying healthy and encouraging people to use vacation time for reforms involving working styles and life styles. There are also efforts to achieve more progress with sales and technology strategies and revise the group's organizational structure to strengthen governance and increase corporate value. For initiatives for safety during the pandemic, group companies are continuing to use staggered working hours to avoid peak commuting times and allowing people to work from home.
In the first half, orders received increased 3.2% from one year earlier to 31,493 million yen. One reason is the decline in restrictions on sales activities because of COVID-19 compared with the first half of the previous fiscal year.
Sales increased 4.4% to 33,291 million yen mainly because of the completions during the first half of many large construction projects carried over from the previous fiscal year.
Earnings were higher not only because of the increase in sales, but also because of an improvement in profit margin as a result of cost reduction activities, an improvement in the efficiency of construction work at large projects and other reasons. Operating profit was up 193.9% to 3,391 million yen and ordinary profit increased 135.8% to 3,699 million yen. Profit attributable to owners of parent increased 159.7% to 2,743 million yen because of extraordinary income mainly due to gain on sale of cross-shareholdings. - Overview of financial condition
Assets
Total assets decreased 4,977 million yen from the end of the previous fiscal year to 81,160 million yen. Current assets decreased 5,076 million yen to 57,812 million yen and noncurrent assets increased 99 million yen to 23,348 million yen. Total assets decreased mainly because of a 5,958 million yen decrease in notes receivable, accounts receivable from completed construction contracts and other.
Liabilities
Liabilities decreased 6,907 million yen to 16,637 million yen. The main reason was a decrease of 5,126 million yen in notes payable, accounts payable for construction contracts and other.
Net assets
Net assets totaled 64,523 million yen at the end of the first half as retained earnings increased 1,749 million yen and for other reasons.
- Forecast for fiscal year ending in March 2022
The forecast for consolidated results of operations, announced on May 12, 2021, has been revised based on first half results of operations and other reasons. Details about this revision is in "Notice of Revision of the Consolidated Financial Forecast for the Fiscal Year ending March 2022" that was announced today (November 5,
2021).
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2. Quarterly Consolidated Financial Statements and Important Notes
- Quarterly consolidated balance sheet
(Million yen) | |||
Fiscal year ended March 2021 Second quarter ended Sep. 2021 | |||
(As of March 31, 2021) | (As of September 30, 2021) | ||
ASSETS | |||
Current assets | |||
Cash and deposits | 29,399 | 27,727 | |
Notes receivable, accounts receivable from | |||
completed construction contracts and other | 26,340 | 20,381 | |
Securities | 5,501 | 6,001 | |
Costs on construction contracts in progress | 810 | 1,137 | |
Other | 840 | 2,567 | |
Allowance for doubtful accounts | (4) | (3) | |
Total current assets | 62,888 | 57,812 | |
Noncurrent assets | |||
Property, plant and equipment | 590 | 609 | |
Intangible assets | 182 | 153 | |
Investments and other assets | |||
Investment securities | 17,751 | 17,839 | |
Other | 5,165 | 5,083 | |
Allowance for doubtful accounts | (441) | (338) | |
Total investments and other assets | 22,476 | 22,585 | |
Total noncurrent assets | 23,249 | 23,348 | |
Total assets | 86,138 | 81,160 |
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Hibiya Engineering Ltd. published this content on 29 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 November 2021 06:19:05 UTC.
