HIBIYA ENGINEERING, LTD. February 8, 2023
Summary of Consolidated Financial Results for the
First Three Quarters of the Fiscal Year Ending March 31, 2023 [Japan GAAP]
Company: Hibiya Engineering, Ltd.
Stock exchange listing: Tokyo Stock Exchange (Prime Market)
Stock code: 1982
URL: https://www.hibiya-eng.co.jp/English
Representative Director: Nagahiro Kuroda, President and CEO
Contact: Akira Domon, Executive Officer, Manager of IR and PR Office, Administration Division
Tel: 03-3454-2720 | |
Date of filing of quarterly securities report: | February 8, 2023 |
Date of commencement of dividend payment: ‒ | |
Supplementary explanatory documents: | No |
Earnings presentation: | No |
(Yen in millions, rounded down, figures in parentheses indicate negative amounts or percentages)
1. Financial results for the first three quarters of the fiscal year ending March 2023 (April 1, 2022 - December 31, 2022)
(1) Result of operations (Consolidated, year-to-date)
Net sales | Operating profit | Ordinary profit | Profit attributable to | ||||||
owners of parent | |||||||||
First three quarters ended | Million yen | % | Million yen | % | Million yen | % | Million yen | % | |
December 2022 | 51,265 | (1.1) | 2,966 | (32.3) | 3,576 | (26.5) | 2,400 | (31.9) | |
December 2021 | 51,846 | 5.9 | 4,383 | 121.8 | 4,864 | 91.8 | 3,524 | 108.0 | |
Note: Comprehensive income: First three quarters of FY3/2023: 2,063 million yen [-30.1%],
First three quarters of FY3/2022: 2,949 million yen [-19.3%]
Earnings per share | Earnings per share fully diluted | ||||
First three quarters ended | Yen | Yen | |||
December 2022 | 103.32 | 102.88 | |||
December 2021 | 147.88 | 147.26 | |||
(2) Financial position (Consolidated) | |||||
Total assets | Net assets | Equity ratio | Net assets per share | ||
As of | Million yen | Million yen | % | Yen | |
December 31, 2022 | 82,394 | 62,626 | 74.1 | 2,656.52 | |
March 31, 2022 | 87,466 | 63,409 | 70.7 | 2,635.31 | |
Reference: Shareholders' equity: As of December 31, 2022: 61,053 million yen, As of March 31, 2022: 61,843 million yen
2. Dividends
Dividend per share | ||||||
End of 1Q | End of 2Q | End of 3Q | End of FY | Annual | ||
Yen | Yen | Yen | Yen | Yen | ||
FY3/22 | ‒ | 40.00 | ‒ | 42.00 | 82.00 | |
FY3/23 | ‒ | 42.00 | ‒ | |||
FY3/23 (Estimate) | 42.00 | 84.00 | ||||
Note: Change in the estimation of dividend from the latest announcement: No
3. Forecast for the fiscal year ending March 2023 (Consolidated, April 1, 2022 - March 31, 2023)
(Percentage figures represent year on year changes)
Net sales | Operating profit | Ordinary profit | Profit attributable to | Earnings | ||||||||
owners of parent | per share | |||||||||||
Million yen | % | Million yen | % | Million yen | % | Million yen | % | Yen | ||||
Full year | 80,000 | 6.0 | 4,500 | (20.5) | 5,000 | (18.9) | 3,500 | (20.0) | 149.14 | |||
Note: Change in the forecast from the latest announcement: No
- 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
- Number of shares outstanding (common stock)
- Shares outstanding (including treasury shares)
As of December 31, 2022: | 25,006,321 | As of March 31, 2022: | 25,006,321 |
(b) Treasury shares | |||
As of December 31, 2022: | 2,023,844 | As of March 31, 2022: | 1,539,127 |
(c) Average number of shares (quarterly consolidated cumulative period) | |||
Period ended December 31, 2022: | 23,230,297 | Period ended December 31, 2021: 23,830,925 |
This report is exempt from the audit review by certified public accountant or audit firm.
Forward-looking statements, important notes, etc.
The forward-looking statements such as the forecasts of financial results stated in this report are based on the information currently available to the Company and certain assumptions that the Company judges as rational. These statements are not guarantees of future performance. Actual results may be materially different from the above forecasts for a number of reasons. For more information about these assumptions and other conditions that form the basis of these forecasts, please see page 2 of the supplementary information, "1. Results of Operations, (3) Forecast for the fiscal year ending March 2023."
Summary of Consolidated Financial Results for the First Three Quarters of the Fiscal Year Ending March 2023 of Hibiya Engineering, Ltd. (1982)
Index for Supplementary Information | ||
2. Quarterly Consolidated Financial Statements and Important Notes | ||
(2) | Quarterly consolidated statement of income and consolidated statement of | |
comprehensive income | 5 | |
(Quarterly consolidated statement of income) | 5 | |
(Quarterly consolidated statement of comprehensive income) | 6 | |
(3) | Notes to quarterly consolidated financial statements | 7 |
(Notes on going concern assumptions) | 7 | |
(Notes on significant change in shareholders' equity) | 7 | |
(Change in accounting principle) | 7 |
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Summary of Consolidated Financial Results for the First Three Quarters of the Fiscal Year Ending March 2023 of Hibiya Engineering, Ltd. (1982)
1. Results of Operations
-
Overview of consolidated business performance
During the first three quarters of the fiscal year under review, the Japanese economy showed signs of recovery, largely reflecting the easing of movement restrictions imposed in the country in response to COVID-19 and effects of economic policies undertaken by the government. However, the outlook remained uncertain given concerns about a downturn in the economy mainly due to soaring prices against the backdrop of the protracted situation in Ukraine and fluctuations in exchange rates, among other factors.
In Japan's construction industry, public investment was firm and showed signs of recovery, but the industry still needed to respond appropriately to rising raw material prices and supply-side constraints.
Under these circumstances, we focused on various initiatives in accordance with the basic strategy of our Seventh Medium-term Management Plan, including expanding operations through cooperation with alliance partners and proposing ZEB renovation for museums and town halls to local governments with a view to expanding high added value business. On the operational front, the Hibiya Engineering Group has promoted the use and application of ICT and digital technologies and introduced a workflow system to coincide with the renewal of the core system to optimize operations and improve efficiency.
As a result of the efforts above, orders increased by 14.0% year on year, to 62,467 million yen, reflecting the strong performance of orders, including new orders for large redevelopment and new construction projects.
Net sales fell by 1.1% year on year, to 51,265 million yen, mainly reflecting steady progress in the implementation of projects in hand including those carried forward from the previous fiscal year.
In terms of profits, the Group posted gross profit of 9,031 million yen (down 13.9% year on year), operating profit of 2,966 million yen (down 32.3% year on year) and ordinary profit of 3,576 million yen (down 26.5% year on year) mainly due to a year-on-year decline in large profitable projects reflecting improved construction efficiency and other factors. Profit attributable to owners of parent decreased 2,400 million yen (down 31.9% year on year). - Overview of financial condition
Assets
The Group's total assets at the end of the third quarter of the consolidated fiscal year under review stood at 82,394 million yen, a decrease of 5,072 million yen from the end of the previous consolidated fiscal year. Current assets decreased 4,902 million yen to 60,129 million yen and noncurrent assets decreased 169 million yen to 22,265 million yen.
A major factor for the decrease in total assets was a decline in cash and deposits of 4,796 million yen from the end of the previous fiscal year.
Liabilities
At the end of the consolidated third quarter under review, the Group's total liabilities amounted to 19,768 million yen, down 4,289 million yen from the end of the previous fiscal year.
The decline in liabilities is primarily due to a decrease of 1,386 million yen in notes payable - trade and accounts payable for construction contracts from the end of the previous fiscal year.
Net assets
The Group's net assets totaled 62,626 million yen at the end of the third quarter under review, including a contribution from profit attributable to owners of parent of 2,400 million yen. - Forecast for the fiscal year ending March 2023
There is no change in the forecast for consolidated results of operations that was announced on May 12, 2022.
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Summary of Consolidated Financial Results for the First Three Quarters of the Fiscal Year Ending March 2023 of Hibiya Engineering, Ltd. (1982)
2. Quarterly Consolidated Financial Statements and Important Notes
- Quarterly consolidated balance sheet
(Million yen)
Fiscal year ended March 2022 | First three quarters ended | ||
December 2022 | |||
(As of March 31, 2022) | |||
(As of December 31, 2022) | |||
Assets | |||
Current assets | |||
Cash and deposits | 27,965 | 23,169 | |
Notes receivable, accounts receivable from | 29,779 | 26,363 | |
completed construction contracts and other | |||
Securities | 5,999 | 6,999 | |
Costs on construction contracts in progress | 873 | 1,626 | |
Other | 417 | 1,974 | |
Allowance for doubtful accounts | (4) | (4) | |
Total current assets | 65,031 | 60,129 | |
Noncurrent assets | |||
Property, plant and equipment | 598 | 717 | |
Intangible assets | 118 | 302 | |
Investments and other assets | |||
Investment securities | 16,228 | 16,603 | |
Other | 5,827 | 4,967 | |
Allowance for doubtful accounts | (339) | (326) | |
Total investments and other assets | 21,717 | 21,245 | |
Total noncurrent assets | 22,434 | 22,265 | |
Total assets | 87,466 | 82,394 | |
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Hibiya Engineering Ltd. published this content on 16 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 February 2023 08:38:01 UTC.
