SUMITOMO REALTY & DEVELOPMENT CO., LTD. Consolidated Financial Results for the First Quarter of Fiscal 2023 (April 1, 2023 - June 30, 2023)
Fiscal 2023 (Year ending March 31, 2024)
August 10, 2023
SUMITOMO REALTY & DEVELOPMENT CO., LTD.
Stock Exchange Listings | TSE Prime Market |
Securities Code | 8830 |
Location of Head Office | Tokyo, Japan |
URL | https://www.sumitomo-rd.co.jp/english/ |
1. Results for First Quarter (April 1, 2023 - June 30, 2023)
(1) Consolidated financial results (Amounts less than one million yen, except for per share amounts, are omitted.)
Revenue from operations | Operating income | Ordinary profit | Profit attributable to | |||||
owners of parent | ||||||||
Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | |
Three months ended Jun 30, 2023 | 253,138 | 3.9 | 78,151 | 6.2 | 82,071 | 7.6 | 56,880 | 7.5 |
Three months ended Jun 30, 2022 | 243,524 | (2.7) | 73,595 | 3.6 | 76,264 | 5.6 | 52,890 | 7.5 |
(Reference) Fiscal 2022 | 939,904 | 0.1 | 241,274 | 3.2 | 236,651 | 5.1 | 161,925 | 7.6 |
Notes 1: Comprehensive Income
Fiscal 2023, 1st quarter: 104,092 millions of yen, 105.0%; Fiscal 2022, 1st quarter: 50,785 millions of yen, 34.6%
2: Percentages represent changes year on year.
Earnings per share | Diluted earnings per | |
share | ||
Yen | Yen | |
Three months ended Jun 30, 2023 | 120.02 | ― |
Three months ended Jun 30, 2022 | 111.60 | ― |
(Reference) Fiscal 2022 | 341.66 | ― |
Note: Average number of shares issued and outstanding (consolidated)
Fiscal 2023, 1st quarter: 473,938,544 shares; Fiscal 2022, 1st quarter: 473,938,867 shares
(2) Consolidated financial position (Amounts less than one million yen, except for per share amounts, are omitted.)
Total assets | Shareholders' equity | Shareholders' equity ratio | |
Millions of yen | Millions of yen | % | |
As of Jun 30, 2023 | 6,454,240 | 1,890,194 | 29.3 |
As of Jun 30, 2022 | 5,797,748 | 1,673,911 | 28.9 |
(Reference) Fiscal 2022 | 6,365,436 | 1,799,372 | 28.3 |
Note: Number of shares issued and outstanding (consolidated)
As of Jun 30, 2023 : 473,938,527 shares; As of Jun 30, 2022 : 473,938,763 shares
2. Dividend Position
Dividends per share | |||||
Interim | Year end | Annual | |||
Yen | Yen | Yen | |||
Fiscal 2022 | 24.00 | 28.00 | 52.00 | ||
Forecast for Fiscal 2023 | 29.00 | 30.00 | 59.00 |
3. Consolidated Business Forecasts for Fiscal 2023 (Year ending March 31, 2024)
Revenue from operations | Operating income | Ordinary profit | Profit attributable to | ||
owners of parent | |||||
Millions of yen | Millions of yen | Millions of yen | Millions of yen | ||
Fiscal 2023 | 970,000 | 255,000 | 250,000 | 175,000 | |
Consolidated business forecasts announced | on May 11, 2023 have not been revised. | ||||
Note: The foregoing estimates were based on information available as of the date this data was released, and actual results may differ from estimates due to | |||||
various arising in the future. |
4. Results of main segments
(1) Revenue from operations | ||||
Three months ended | Three months ended | Increase | ||
Jun 30, 2022 | Jun 30, 2023 | (Decrease) | ||
Leasing | 103,488 | 107,508 | +4,020 | |
Sales | 94,888 | 100,924 | +6,036 | |
Construction | 26,440 | 24,987 | (1,452) | |
Brokerage | 18,041 | 18,995 | +953 | |
Other and Elimination/Corporate | 666 | 722 | +56 | |
Total | 243,524 | 253,138 | +9,613 | |
(2) Operating income | ||||
Three months ended | Three months ended | Increase | ||
Jun 30, 2022 | Jun 30, 2023 | (Decrease) | ||
Leasing | 43,622 | 43,508 | (114) | |
Sales | 30,176 | 34,471 | +4,295 | |
Construction | (1,317) | (1,314) | +3 | |
Brokerage | 5,134 | 5,494 | +360 | |
Other and Elimination/Corporate | (4,020) | (4,008) | +12 | |
Total | 73,595 | 78,151 | +4,556 |
(Millions of yen) | |
Forecast for | Achieved |
Fiscal 2023 | (%) |
445,000 | 24 |
225,000 | 45 |
220,000 | 11 |
77,000 | 25 |
3,000 | － |
970,000 | 26 |
(Millions of yen) | |
Forecast for | Achieved |
Fiscal 2023 | (%) |
172,000 | 25 |
54,000 | 64 |
23,000 | － |
22,000 | 25 |
(16,000) | － |
255,000 | 31 |
Consolidated Balance Sheets
Sumitomo Realty & Development Co., Ltd. and its consolidated subsidiaries
Millions of yen
Assets
June 30, | March 31, |
2023 | 2023 |
Current assets:
Cash and deposits | 203,095 | 185,119 | |||
Accounts receivable―trade | 17,411 | 38,047 | |||
Real estate for sale | 369,072 | 399,244 | |||
Real estate for sale in process | 386,086 | 381,753 | |||
Costs on uncompleted construction contracts | 16,401 | 8,002 | |||
Other inventories | 820 | 1,070 | |||
Other current assets | 67,352 | 73,659 | |||
Allowance for doubtful accounts | (40) | (24) | |||
Total current assets | 1,060,198 | 1,086,872 | |||
Fixed assets: | |||||
Property and equipment | |||||
Buildings and structures, net | 1,246,428 | 1,265,357 | |||
Land | 3,079,788 | 3,057,436 | |||
Construction in progress | 136,289 | 126,591 | |||
Other property and equipment, net | 14,707 | 15,078 | |||
Total property and equipment | 4,477,213 | 4,464,465 | |||
Intangibles | |||||
Leasehold rights | 60,886 | 60,846 | |||
Other intangibles | 2,599 | 2,446 | |||
Total intangibles | 63,485 | 63,292 | |||
Investment and other assets | |||||
Investments securities | 734,464 | 628,396 | |||
Guarantee and lease deposits | 66,463 | 67,043 | |||
Net defined benefit asset | 334 | 292 | |||
Deferred income taxes | 13,148 | 13,249 | |||
Other investments and other assets | 39,820 | 42,728 | |||
Allowance for doubtful accounts | (888) | (905) | |||
Total investment and other assets | 853,343 | 750,805 | |||
Total fixed assets | 5,394,042 | 5,278,563 | |||
Total assets | 6,454,240 | 6,365,436 |
Millions of yen
Liabilities and Net Assets
June 30, | March 31, |
2023 | 2023 |
Current liabilities:
Notes and accounts payable―trade | 26,295 | 29,066 | |||
Short-term debt | 34,605 | 28,610 | |||
Long-term debt due within one year | 213,140 | 219,472 | |||
Long-termnon-recourse debt due within one year | 4,572 | 4,640 | |||
Commercial paper | 168,000 | 180,000 | |||
Corporate bonds due within one year | 110,000 | 70,000 | |||
Accrued income taxes | 24,826 | 30,827 | |||
Deposits received | 41,526 | 75,117 | |||
Provision for bonuses | 932 | 4,924 | |||
Other current liabilities | 203,632 | 198,870 | |||
Total current liabilities | 827,530 | 841,527 | |||
Long-term liabilities: | |||||
Corporate bonds | 280,000 | 250,000 | |||
Non-recourse bonds | 35,600 | 35,600 | |||
Long-term debt | 2,863,407 | 2,898,052 | |||
Long-termnon-recourse debt | 250,546 | 251,647 | |||
Net defined benefit liability | 5,496 | 5,534 | |||
Guarantee and lease deposits received | 252,577 | 254,008 | |||
Long-term deposits received | 565 | 2,324 | |||
Other long-term liabilities | 48,322 | 27,368 | |||
Total long-term liabilities | 3,736,515 | 3,724,536 | |||
Total liabilities | 4,564,046 | 4,566,064 | |||
Net assets: | |||||
Shareholders' equity | |||||
Capital | 122,805 | 122,805 | |||
Capital surplus | 104,153 | 104,153 | |||
Retained earnings | 1,440,003 | 1,396,392 | |||
Treasury stock | (4,476) | (4,476) | |||
Total shareholders' equity | 1,662,485 | 1,618,875 | |||
Accumulated other comprehensive income (loss) | |||||
Net unrealized holding gains on securities | 220,705 | 171,827 | |||
Net deferred gains (losses) on hedges | 4,134 | 5,979 | |||
Foreign currency translation adjustments | 2,845 | 2,659 | |||
Remeasurements of defined benefit plans | 23 | 30 | |||
Total accumulated other comprehensive income | 227,708 | 180,497 | |||
Total net assets | 1,890,194 | 1,799,372 | |||
Total liabilities and net assets | 6,454,240 | 6,365,436 |
Consolidated Statements of Income
Sumitomo Realty & Development Co., Ltd. and its consolidated subsidiaries
Millions of yen
Fiscal year ended June 30,
2023 | 2022 | ||||
Revenue from operations | 253,138 | 243,524 | |||
Cost of revenue from operations | 159,029 | 155,119 | |||
Gross profit | 94,108 | 88,405 | |||
Selling, general and administrative expenses | 15,956 | 14,810 | |||
Operating income | 78,151 | 73,595 | |||
Non-operating income | |||||
Interest and dividend income | 9,336 | 7,793 | |||
Other non-operating income | 60 | 34 | |||
Total non-operating income | 9,396 | 7,827 | |||
Non-operating expenses | |||||
Interest expenses | 4,526 | 4,307 | |||
Other non-operating expenses | 950 | 851 | |||
Total non-operating expenses | 5,477 | 5,158 | |||
Ordinary profit | 82,071 | 76,264 | |||
Extraordinary income | |||||
Gain on sale of property and equipment | 1 | － | |||
Gain on sale of investment securities | 0 | 0 | |||
Total extraordinary income | 2 | 0 | |||
Extraordinary loss | |||||
Loss on disposal of property and equipment | 185 | 170 | |||
Loss on devaluation of investment securities | － | 290 | |||
Loss on sale of investment securities | － | 1 | |||
Other extraordinary loss | 0 | 24 | |||
Total extraordinary loss | 185 | 486 | |||
Income before income taxes | 81,888 | 75,777 | |||
Income taxes | 25,007 | 22,886 | |||
Profit | 56,880 | 52,890 | |||
Profit attributable to non-controlling interests | － | － | |||
Profit attributable to owners of parent | 56,880 | 52,890 |
Consolidated Statements of Comprehensive Income
Sumitomo Realty & Development Co., Ltd. and its consolidated subsidiaries
Millions of yen
Fiscal year ended June 30,
2023 | 2022 | ||||
Profit | 56,880 | 52,890 | |||
Other comprehensive income (loss) |
Net unrealized holding gains (losses) on securities
Net deferred gains (losses) on hedges
Foreign currency translation adjustments
Remeasurements of defined benefit plans
Total other comprehensive income (loss)
Comprehensive income
Comprehensive income attributable to:
Owners of the parent
Non-controlling interests
48,878 | (6,689) | |
(1,844) | 2,792 | |
185 | 1,718 | |
(7) | 74 | |
47,211 | (2,105) | |
104,092 | 50,785 | |
104,092 | 50,785 | |
－ | － | |
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Sumitomo Realty & Development Co. Ltd. published this content on 10 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 August 2023 06:30:07 UTC.
