IINO KAIUN KAISHA, LTD. October 31, 2023
IINO Kaiun Kaisha, Ltd.
Supplementary Report for Financial Results of FY2023 2Q
IINO Kaiun Kaisha Ltd. (IINO) today announced financial results for the FY2023 2Q. In addition to the existing summarized consolidated financial report, we have been releasing a supplemental financial report that provides more detailed information not only on financial results and forecasts, but also ESG initiatives, shipping and real estate market conditions, and other information in an easy-to-understand slide format. Contents are provided on the following pages.
Page. | Table of Contents | Main contents |
P03-06 | FY2023 2Q Results | Financial Highlights / Consolidated and Segment Summary / Operating Profit Breakdown (YoY) |
Financial Forecasts, Sensitivity of Exchange Rate, Spot Contracts Ratio / Operating Profit | ||
P07-09 | FY2023 Full Year Forecasts | |
Breakdown (Actual vs. Forecast) | ||
P10-14 | FY2023 Market Outlooks | Market Outlooks of Chemical Tanker, Large Gas (LPG) Carrier and Dry Bulk Carrier |
Mid-term Management Plan | Numerical Targets / Shareholder Return Policy / Sustainability and Business Topics / Initiatives | |
P15-20 | ||
(FY2023~FY2025) | of ESG and DX Promotion | |
P21-24 | Business Performance | Performance of Revenue and Profit / Equity Ratio, Stock Price and Consolidated Cash Flow |
P25-27 | Facility Status/ Investment Plan | Buildings for Lease / Tonnage in Operation / Investment Plan |
Market Trends (Chemical Tankers, Bunker Prices, Palm Oil, Large LPG Carriers, Dry Bulk | ||
P28-33 | Shipping Market | |
Carriers), Seaborne Trade Forecast and Existing Vessels and Orderbook | ||
P34-35 | Real Estate Market | Rent and Vacancy Rate Trends including Vacancy Rate of our Building and Market Outlooks |
<_today27_s disclosure="">＞
Other financial resultspublicationsare available inthe IR library on the company's website.
https://www.iino.co.jp/kaiun/english/ir/ir_library.html
Glossary (Shipping Industry)
Glossary of terms used to explain contract forms specific to the shipping industry and other words that are difficult to understand
Market Data (Shipping Market) released on October 23
Graphs for chemical tankers, large gas (LPG) carriers and dry bulk carriers, which are affected by marketconditions, are updated monthly
(other oil tankers, large gas (LNG) carriers, and dedicated carriers are composed only of medium- and long-term contracts, which are not
affected by market conditions)
We will continue to strive to provide our stakeholders with easy-to-understand information. If you have any questions or comments, please do not hesitate to contact us (Contact : Stakeholder Relations Department / Phone: +81-3-6273-3069 /Inquiry Form).
October 31, 2023
IINO Kaiun Kaisha, Ltd.
Supplementary Report for Financial Results of FY2023 2Q
IINO Kaiun Kaisha Ltd. (IINO) today announced financial results for the FY2023 2Q. In addition to the existing summarized consolidated financial report, we have been releasing a supplemental financial report that provides more detailed information not only on financial results and forecasts, but also ESG initiatives, shipping and real estate market conditions, and other information in an easy-to-understand slide format. Contents are provided on the following pages.
Page. | Table of Contents | Main contents |
P03-06 | FY2023 2Q Results | Financial Highlights / Consolidated and Segment Summary / Operating Profit Breakdown (YoY) |
Financial Forecasts, Sensitivity of Exchange Rate, Spot Contracts Ratio / Operating Profit | ||
P07-09 | FY2023 Full Year Forecasts | |
Breakdown (Actual vs. Forecast) | ||
P10-14 | FY2023 Market Outlooks | Market Outlooks of Chemical Tanker, Large Gas (LPG) Carrier and Dry Bulk Carrier |
Mid-term Management Plan | Numerical Targets / Shareholder Return Policy / Sustainability and Business Topics / Initiatives | |
P15-20 | ||
(FY2023~FY2025) | of ESG and DX Promotion | |
P21-24 | Business Performance | Performance of Revenue and Profit / Equity Ratio, Stock Price and Consolidated Cash Flow |
P25-27 | Facility Status/ Investment Plan | Buildings for Lease / Tonnage in Operation / Investment Plan |
Market Trends (Chemical Tankers, Bunker Prices, Palm Oil, Large LPG Carriers, Dry Bulk | ||
P28-33 | Shipping Market | |
Carriers), Seaborne Trade Forecast and Existing Vessels and Orderbook | ||
P34-35 | Real Estate Market | Rent and Vacancy Rate Trends including Vacancy Rate of our Building and Market Outlooks |
<_today27_s disclosure="">＞
Consolidated Financial Results For the Six Months Ended September 30, 2023
Announcement of Differences between Financial Forecast and Actual Results for the Six Months Ended September 30, 2023, Revisions to Consolidated Financial Forecast for the Full Year Ending March 31, 2024, Distribution of Interim Dividend of Surplus, and Revisionsto Year-end Dividend Forecast
Glossary (Shipping Industry)
Glossary of terms used to explain contract forms specific to the shipping industry and other words that are difficult to understand
Market Data (Shipping Market) released on October 23
Graphs for chemical tankers, large gas (LPG) carriers and dry bulk carriers, which are affected by market conditions, are updated
monthly (other oil tankers, large gas (LNG) carriers, and dedicated carriers are composed only of medium- and long-term contracts,
which are not affected by market conditions).
We will continue to strive to provide our stakeholders with easy-to-understand information. If you have any questions or comments, please do not hesitate to contact us (Contact : Stakeholder Relations Department / Phone: +81-3-6273-3069 /Inquiry Form).
IINO KAIUN KAISHA, LTD.
Tokyo Stock Exchange Prime Market (Stock Code: 9119)
Supplementary Report for Financial Results of FY2023 2Q
Table of Contents
P. 03FY2023 2Q Results
P. 07Financial Forecasts for FY2023
P. 10Market Forecast for FY2023
P. 15Mid-term Management Plan (FY2023-2025)
P. 21Reference Information
-Business Performance P.21/ Status of Facilities & Investment Plan P.25-Shipping Market P.28/ Real Estate Market P.34
The Adventure to Our Sustainable Future | 2 |
FY2023 2Q Results
3
Financial Highlights
FY2023 2Q Results: Decrease in sales and profits compared to the same period of the previous year
(Billion Yen) | ||
Net Sales | Operating Ordinary | Net |
FY2023 Full-year forecasts:
Compared with previous forecasts, the chemical tanker market and the large LPG carrier market are expected to remain firm. In addition, consolidated forecasts for the full year have been revised in light of the trend toward a weaker yen (against the US dollar) and the fact that profits from the sale of a vessel, etc., not anticipated in the previous forecast have been realized.
Profit | Profit | Income |
FY2022 2Q* | 70.5 | 10.4 | 11.8 | 14.4 |
(Billion Yen) | ||||
Net sales | Operating | Ordinary | Net Income | |
Profit | Profit | |||
Previous Forecast | 128.0 | 13.0 | 13.3 | 12.3 |
(as of 7/31) | ||||
Revised Forecast | 135.0 | 16.2 | 17.4 | 17.5 |
(as of 10/31) | ||||
Previous | +5.5% | +24.6% | +30.8% | +42.3% |
vs Revised | ||||
Go to P8
for details.
FY2023 2Q | 67.6 | 8.8 | 10.4 | 9.7 |
Dividend forecast for FY2023: Full-year dividend of 50 yen per share
Based on the expected improvement in business performance and the dividend policy (payout ratio of 30%) that has been maintained since the previous mid-term management plan, we plan to pay an annual dividend of 50 yen per share.
(Yen/share)
year on year | ▲4.1% | ▲15.3% | ▲12.0％ | ▲32.7% |
*Results are retrospectively adjusted
(For details, please refer to page 14 of the Consolidated Financial Results For the Six Months Ended September 30, 2023)
The Adventure to Our Sustainable Future | 4 |
Interim | Year-end | Total | ||
FY2022 Results | 27 | 38 | 65 | |
FY2023 | ||||
Forecast | 25 | 25 | 50 | |
(as of 10/31) | Go to P17 | |||
Difference | ▲2 | ▲13 | ▲15 | |
for details. | ||||
Financial Results by Consolidated and Segments
Consolidated Financial Results
（Billion Yen）
Year on Year
Financial Results by Segments | （Billion Yen） |
Year on Year
FY2023 2Q | |
Net Sales | 67.6 |
Operating Profit | 8.8 |
Ordinary Profit | 10.4 |
Net Income | 9.7 |
Exchange Rate (/$) | ¥139.93 |
Bunker Price | $597 |
(/MT)* | |
FY2022 2Q
70.5
10.4
11.8
14.4
¥131.56
$910
Difference %
▲ 2.9 ▲4.1%
- 1.6 ▲15.3%
- 1.4 ▲12.0%
- 4.7 ▲32.7%
+8.37 -
- 313 -
FY2023 2Q | |
Net Sales | 67.6 |
Oceangoing Shipping | 56.2 |
Short-sea / Domestic | 5.0 |
Shipping | |
Real Estate | 6.5 |
Operating Profit | 8.8 |
Oceangoing Shipping | 7.0 |
Short-sea / Domestic | ▲ 0.1 |
Shipping | |
FY2022 2Q
70.5
58.8
5.3
6.4
10.4
8.1
0.2
Difference %
- 2.9 ▲4.1%
- 2.6 ▲4.5%
-
0.4 ▲6.9%
+0.1 +1.5% - 1.6 ▲15.3%
- 1.1 ▲13.9%
▲ 0.3 | - |
* Compliant fuel oil (Very Low Sulfur Fuel Oil)
Real Estate | 1.9 |
2.1
▲ 0.2 ▲7.9%
The Adventure to Our Sustainable Future | 5 | 5 |
Operating Profit (FY2022 2Q vs. FY2023 2Q)
Breakdown of Operating Profit Changes Year on Year | (Billion Yen) |
(Billion Yen)
Oil Tanker | ▲0.6 |
Chemical Tanker | +0.2 |
Large Gas Carrier | +0.6 |
Dry Bulk Carrier | ▲1.8 |
Real Estate | ▲0.2 |
Other+0.2
Profit decreased due to docking of some vessels and a decrease in operation caused by the sale of a vessel implemented in the previous fiscal year
In addition to stable contracts of affreightment, profitability has improved significantly by proactively taking in spot cargos.
We secured stable net sales mainly from existing medium- to long-term contracts. In addition, a market-linked vessel enjoyed favorable market conditions.
Although we secured profitability that exceeded initial forecasts and made efforts to efficiently allocate and operate vessels, profits declined due to market conditions.
Office floors continued to operate smoothly and maintained stable net sales, but repair and maintenance costs increased.
Profit increased due to the impact of yen's depreciation and other factors.
Dry Bulk Carrier
1.6
Billion
Yen
Oil Tanker | |
Real Estate | Other |
Chemical Large Gas
Tanker Carrier
FY2022 2Q | FY2023 2Q |
The Adventure to Our Sustainable Future | 6 |
Financial Forecast for FY2023
7
Forecast for FY2023
Consolidated Financial Forecasts | （Billion Yen） |
Sensitivity on Ordinary Profit
Exchange rate (2H)*³:
per 1 Yen/$ Change
FY2023 Forcast | |||
1H | 2H | Full Year | |
Net Sales | 67.6 | 67.4 | 135.0 |
Operating Profit | 8.8 | 7.4 | 16.2 |
Ordinary Profit | 10.4 | 7.0 | 17.4 |
Net Income | 9.7 | 7.8 | 17.5 |
Exchange Rate (/$) | ¥139.93 | ¥145.00 (3Q) | - |
¥140.00 (4Q) | |||
Bunker Price (/MT)*¹ | $597 | $700 | - |
Panamax ($/day) $10,562*² | $13,000 | - | |
Market | |||
assumption | |||
of Dry Bulk Small Handy | $8,739*² | $11,000 | - |
($/day) | |||
*¹ Compliant fuel oil (Very Low Sulfur Fuel Oil) *² Pacific Round（Source: Tramp Data Service）
Previous Forcast
1H | 2H | Full year |
65.0 63.0 128.0
7.4 | 5.6 | 13.0 | |
7.9 | 5.4 | 13.3 | |
7.3 | 5.0 | 12.3 | |
¥133.00 | (2Q) | ¥128.00 | - |
$610 | (2Q) | $610 | - |
$12,500 | (2Q) | $13,000 | - |
$11,500 | (2Q) | $12,000 | - |
FY2022 Result
Full Year | Difference |
141.3 ▲6.3
(▲4.5%)
20.0 ▲3.8
(▲19.0%)
20.9 ▲3.5
(▲16.7%)
23.4 ▲5.9
(▲25.2%)
¥135.07-
$802-
$16,274*²-
$14,647*²-
74 Million Yen / Half Year
*³ Exchange rate sensitivity excludes foreign exchange gains/losses
Ratio of market exposure (spot*⁴) in fleet
(As of Oct. 31, 2023 forecast, to be updated in every 2Q/4Q) | ||
VLCC | 0% | |
Chemical Tankers*⁵ | 25% | |
Large LPG Carriers / Ammonia Carrier | 14% | |
Large LNG Carriers*⁶ | 0% | |
Panamax and Small Handy Dry Bulk | 54% | |
Carriers | ||
Dedicated Carriers | 0% | |
Large crude oil tankers, large gas (LNG) carriers, and dedicated carriers comprise only medium- and long-termcontracts that are not affected by market conditions.
*⁴ Contract on a per-voyage basis. (Not long-term) *⁵ Not including time charter and other vessels
*⁶ The calculation includes 1 owned vessel, 24 LNG carriers are jointly owned or involved in the portfolio companies
The escalation of tensions in the Middle East due to Israel conflict, has not had any impact on our business performance at this point, and we have not incorporated any impact into our full-year earnings forecast. If it becomes necessary to revise our earnings forecast in light of the situation
in the Middle East, we will promptly disclose the revised forecast.
The Adventure to Our Sustainable Future | 8 |
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Iino Kaiun Kaisha Ltd. published this content on 31 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 October 2023 05:09:22 UTC.
