Overview of
Consolidated Financial Results
of Japan Post Co.
for the Six Months Ended September 30, 2023
November 13, 2023
Copyright © 2023 JAPAN POST GROUP. All Rights Reserved.
Table of Contents
1. | Consolidated Balance Sheets | 1 | |
2. | Consolidated Statements of Income and Consolidated Statements of | ||
Comprehensive Income | 3 | ||
(1) | Consolidated Statements of Income | 3 | |
(2) | Consolidated Statements of Comprehensive Income | 4 | |
3. | Segment Information | 5 |
1. Consolidated Balance Sheets
(Millions of yen)
As of March 31, 2023 | As of September 30, 2023 |
Assets | ||||
Current assets | ||||
Cash and deposits | 1,761,329 | |||
Notes receivable, operating accounts | 284,308 | |||
receivable and contract assets | ||||
Securities | 15,000 | |||
Inventories | 56,190 | |||
Outstanding amount of banking | ||||
13,803 | ||||
business consignment | ||||
Other current assets | 51,169 | |||
Reserve for possible loan losses | (968) | |||
Total current assets | 2,180,833 | |||
Non-current assets | ||||
Tangible fixed assets | ||||
Buildings | 844,242 | |||
Land | 1,291,080 | |||
Right-of-use assets | 48,380 | |||
Other tangible fixed assets | 359,327 | |||
Total tangible fixed assets | 2,543,030 | |||
Intangible assets | 72,161 | |||
Investments and other assets | ||||
Other investments and other assets | 80,455 | |||
Reserve for possible loan losses | (3,456) | |||
Total investments and other assets | 76,998 | |||
Total non-current assets | 2,692,190 | |||
Total assets | 4,873,023 |
1,495,977
278,513
15,000
61,002
46,323
59,083
(876)
1,955,023
893,824
1,356,055
53,765
208,445
2,512,091
88,967
80,206
(3,269)
76,936
2,677,995
4,633,018
1
(Millions of yen)
As of March 31, 2023 | As of September 30, 2023 |
Liabilities
Current liabilities
Notes payable and operating accounts payable
Short-term borrowings Other accounts payable Outstanding amount of life insurance
business consignment Income taxes payable Deposits received
Fund deposits for post offices
Reserve for bonuses
Reserve for losses on rebuilding of branches
Other current liabilities
Total current liabilities
Long-term liabilities
Lease obligations
Deferred tax liabilities
Reserve for management board benefit Trust
Liability for retirement benefits
Other long-term liabilities
Total long-term liabilities
Total liabilities
Net assets
Shareholders' equity
Capital stock
Capital surplus
Retained earnings
Total shareholders' equity
Accumulated other comprehensive Income
Net unrealized gains (losses) on available-for-sale securities
Net deferred gains (losses) on hedges Foreign currency translation
Adjustments Accumulated adjustments for
retirement benefits
104,703
144,506
260,965
1,149
4,127
205,542
840,000
105,985
197
182,059
1,849,237
86,598
9,488
153
1,988,082
90,194
2,174,517
4,023,754
400,000
141,930
294,446
836,377
143
33
(116,148)
107,911
105,473
147,575
163,378
942
12,532
167,719
810,000
105,857
197
162,976
1,676,653
90,111
10,158
134
2,008,229
90,787
2,199,420
3,876,074
400,000
141,930
211,302
753,233
359
-
(114,379)
96,920
Total accumulated other comprehensive | (8,060) | (17,098) | |||||
Loss | |||||||
Non-controlling interests | 20,951 | 20,810 | |||||
Total net assets | 849,268 | 756,944 | |||||
Total liabilities and net assets | 4,873,023 | 4,633,018 |
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2. Consolidated Statements of Income and Consolidated Statements of Comprehensive Income
- Consolidated Statements of Income Six months ended September 30
(Millions of yen) | |
Six months ended | Six months ended |
September 30, 2022 | September 30, 2023 |
Operating income
Postal service business income Commissions for banking business
consignment
Commissions for life insurance business consignment
Funds to maintain post office network International logistics business income Other operating income
968,229
174,297
69,419
140,409
293,285
55,871
934,024
163,388
62,520
150,028
212,662
57,219
Total operating income | 1,701,513 | 1,579,844 |
Operating costs | 1,553,862 | 1,492,178 |
Gross operating income | 147,651 | 87,666 |
Sales, general and administrative costs | 112,620 | 107,853 |
Net operating income (loss) | 35,030 | (20,187) |
Other income | ||||
Interest income | 251 | |||
Dividend income | 124 | |||
Equity in earnings of affiliates | 604 | |||
Foreign exchange gains | 1,749 | |||
Subsidy income | 795 | |||
Others | 2,082 | |||
Total other income | 5,607 | |||
Other expenses | ||||
Interest expenses | 5,351 | |||
Others | 512 |
628
7
4
273
813
1,106
2,833
5,091
537
Total other expenses | 5,864 | 5,628 | |
Net ordinary income (loss) | 34,773 | (22,983) | |
Extraordinary gains | ||||
Gains on sales of fixed assets | 5,637 | |||
Compensation for transfer | 90 | |||
Insurance claim income | 831 | |||
Reversal of losses on transfer of business | - | |||
Others | 23 | |||
Total extraordinary gains | 6,583 | |||
Extraordinary losses | ||||
Losses on sales of fixed assets | 118 | |||
Losses on disposal of fixed assets | 345 | |||
Losses on impairment of fixed assets | 452 | |||
Losses on business restructuring | - | |||
Others | 24 |
2,227
1,323
2,126
1,808
1,310
8,796
241
705
318
475
644
Total extraordinary losses | 941 | 2,387 | ||
Income (loss) before income taxes | 40,415 | (16,574) | ||
Income taxes current | 14,933 | 4,267 | ||
Income taxes deferred | (542) | 639 | ||
Total income taxes | 14,391 | 4,907 | ||
Net income (loss) | 26,024 | (21,481) | ||
Net loss attributable to non-controlling interests | (363) | (449) | ||
Net income (loss) attributable to Japan Post Co. | 26,387 | (21,032) |
3
(2) Consolidated Statements of Comprehensive Income Six months ended September 30
(Millions of yen) | |
Six months ended | Six months ended |
September 30, 2022 | September 30, 2023 |
Net income (loss)
Other comprehensive loss
Net unrealized gains (losses) on available-for- sale securities
Net deferred gains (losses) on hedges Foreign currency translation adjustments Adjustments for retirement benefits
Share of other comprehensive income (loss) of affiliates
Total other comprehensive loss
Comprehensive income (loss)
Total comprehensive income (loss) attributable to: Japan Post Co.
Non-controlling interests
26,024
232
1,157
(7,260)
(11,511)
3
(17,379)
8,644
8,765
(120)
(21,481)
218
(33)
2,625
(10,990)
(2)
(8,182)
(29,663)
(30,071)
407
4
3. Segment Information
Six months ended September 30, 2022
1. Operating income and segment profit (loss) of reportable segments
(Millions of yen) | ||||||
Reportable segments | ||||||
Postal and | International | Other | Total | |||
domestic | Post office | logistics | Subtotal | |||
logistics | business | business | ||||
business | (Note) | |||||
Operating income | ||||||
Operating income from | 971,080 | 437,147 | 293,285 | 1,701,513 | - | 1,701,513 |
third parties | ||||||
Intersegment operating | 4,922 | 100,741 | 134 | 105,798 | - | 105,798 |
income | ||||||
Total | 976,002 | 537,888 | 293,420 | 1,807,311 | - | 1,807,311 |
Segment profit (loss) | (6,275) | 37,198 | 8,133 | 39,057 | - | 39,057 |
(Note)
The amount presented in segment profit (loss) for the international logistics business segment is EBIT.
2. Reconciliation between total segment profit (loss) of reportable segments and net operating income on the consolidated statements of income
(Millions of yen) | |
Items | Amount |
Total segment profit (loss) of reportable segments | 39,057 |
Segment profit in other business | - |
Eliminations of intersegment transactions | 412 |
Corporate expenses (Note) | (1,049) |
Other adjustments | (3,389) |
Net operating income on the consolidated statements of | 35,030 |
income | |
(Note)
"Corporate expenses" consists mainly of general and administrative costs which are not attributable to any reportable segments.
5
Six months ended September 30, 2023
1. Operating income and segment profit (loss) of reportable segments
(Millions of yen) | |||||||
Reportable segments | |||||||
Postal and | International | Other | Total | ||||
domestic | Post office | logistics | Subtotal | ||||
logistics | business | business | |||||
business | (Note) | ||||||
Operating income | |||||||
Operating income from | 936,824 | 430,356 | 212,662 | 1,579,844 | - | 1,579,844 | |
third parties | |||||||
Intersegment operating | 4,765 | 99,672 | 338 | 104,775 | - | 104,775 | |
income | |||||||
Total | 941,589 | 530,028 | 213,000 | 1,684,619 | - | 1,684,619 | |
Segment profit (loss) | (50,760) | 30,471 | 3,475 | (16,813) | - | (16,813) | |
(Note)
The amount presented in segment profit (loss) for the international logistics business segment is EBIT.
2. Reconciliation between total segment profit (loss) of reportable segments and net operating income on the consolidated statements of income
(Millions of yen) | |
Items | Amount |
Total segment profit (loss) of reportable segments | (16,813) |
Segment profit in other business | - |
Eliminations of intersegment transactions | 426 |
Corporate expenses (Note) | (1,451) |
Other adjustments | (2,349) |
Net operating loss on the consolidated statements of | (20,187) |
income | |
(Note)
"Corporate expenses" consists mainly of general and administrative costs which are not attributable to any reportable segments.
3. Changes in reportable segments
(Changes in classification of reportable segments)
Pursuant to a partial change in performance management classifications within the Group, the businesses conducted by JP Logistics Group Co., Ltd. and JP Logistics Co., Ltd., which were previously included in the "international logistics business," have been reclassified as part of the "postal and domestic logistics business" beginning from the three months ended June 30, 2023.
The segment information for the six months ended September 30, 2022 was presented based on the new classification.
(Change in Accounting Treatment from the International Financial Reporting Standards to Japanese Accounting Standards)
JP Logistics Group Co., Ltd. and JP Logistics Co., Ltd., which were previously included in the "international logistics business" and therefore applied the International Financial Reporting Standards, have adopted Japanese Accounting Standards from the beginning of the three months ended June 30, 2023.
The figures presented in segment information for the six months ended September 30, 2022 have been prepared after the retrospective application of this change.
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Japan Post Holdings Co. Ltd. published this content on 13 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 November 2023 13:56:42 UTC.