TOHO GAS CO., LTD. October 31, 2023
Consolidated Financial Results
for the 2nd Quarter of the Fiscal Year Ending March 31, 2024
(Six Months Ended September 30, 2023)
Toho Gas Co., Ltd.
Code No.: | 9533 (URL https://www.tohogas.co.jp/) | Shares listed on: |
Representative: Nobuyuki Masuda, Representative Director, President | Tokyo Stock Exchange, Nagoya Stock Exchange | |
Contact: | Yutaka Katahira, | |
General Manager of Finance Dept | ||
Tel: | +81-52-872-9341 |
Date of filing quarterly financial report: November 13, 2023
Commencement of dividend payments: November 30, 2023
Quarterly earnings supplementary explanatory documents: Yes
Quarterly earnings presentation: Yes (for institutional investors)
(Rounded down to the nearest million yen)
1. Consolidated Results for the 2nd Quarter Ended September 30, 2023 (April 1 - September 30, 2023)
(1) Consolidated business results | (Percentage figures indicate the percentage change on the results for the previous year) | ||||||||
Net income | |||||||||
Net sales | Operating income | Ordinary income | attributable to owners | ||||||
of the parent | |||||||||
(Unit: million yen) | (％) | (Unit: million yen) | (％) | (Unit: million yen) | (％) | (Unit: million yen) | (％) | ||
April 1 | - September 30, 2023 | 300,906 | -0.6 | 28,819 | 242.3 | 31,909 | 225.5 | 24,597 | 257.0 |
April 1 | - September 30, 2022 | 302,843 | 45.7 | 8,420 | 200.1 | 9,803 | 133.7 | 6,891 | 135.8 |
Note: Comprehensive income 2nd Quarter ended September 2023: ¥42,708 million (866.9%), 2nd Quarter ended September 2022: ¥4,417 million (-58.0%)
Net income per share | Diluted earnings per share | ||
(Unit: yen) | (Unit: yen) | ||
April 1 | - September 30, 2023 | 233.98 | - |
April 1 | - September 30, 2022 | 65.56 | - |
(2) Consolidated financial position
Total assets | Net assets | Equity ratio | |
(Unit: million yen) | (Unit: million yen) | (％) | |
2nd Quarter ended September 2023 | 711,083 | 442,113 | 62.2 |
FY2022 ended March 2023 | 693,519 | 402,502 | 58.0 |
Reference: Net assets (excluding minority interests)
2nd Quarter ended September 2023: ¥442,113 million, FY2022 ended March 2023: ¥402,502 million
2. Dividends
Dividend per share | |||||
End of | End of | End of | End of | Total | |
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | ||
(Unit: yen) | (Unit: yen) | (Unit: yen) | (Unit: yen) | (Unit: yen) | |
FY2022 ended March 2023 | - | 30.00 | - | 30.00 | 60.00 |
FY2023 ending March 2024 | - | 30.00 | |||
FY2023 ending March 2024 (forecasts) | - | 30.00 | 60.00 |
Notes: Revision of previously announced dividend forecasts: No
- 1 -
3. Consolidated Results Forecast for the Year Ending March 2024 (April 1, 2023 - March 31, 2024)
(Percentage figures indicate the percentage change on the results for the previous year)
Net income | |||||||||
Net sales | Operating income | Ordinary income | attributable to | Net income per share | |||||
owners of the parent | |||||||||
(Unit: million yen) | (％) | (Unit: million yen) | (％) | (Unit: million yen) | (％) | (Unit: million yen) | (％) | (Unit: yen) | |
Full term | 660,000 | -6.5 | 25,000 | -42.8 | 29,000 | -39.8 | 22,000 | -34.8 | 209.24 |
Notes: Revision of previously announced forecasts during this period: Yes
- Notes
- Changes in significant consolidated subsidiaries: No
- Application of accounting treatment peculiar to quarterly consolidated financial statement preparation: Yes*
- For details, please refer to "3. Notes about Consolidated Statements (Application of accounting treatment specific to the preparation of quarterly consolidated financial statements)" on page 6.
- Changes in accounting treatment principles, changes in accounting estimates, and retrospective restatements
- Changes accompanied by reform of accounting standards: No
- Other changes: No
- Changes in accounting estimates: No
- Retrospective restatements: No
- Number of outstanding shares (common stock)
Number of outstanding shares at the end of the term (Inclusive of treasury stock)
Number of treasury stock at the end of the term
Average number of outstanding shares during the term
2nd Quarter ended September 2023 | 105,256,285 shares | FY2022 ended March 2023 | 105,256,285 shares |
2nd Quarter ended September 2023 | 113,580 shares | FY2022 ended March 2023 | 135,913 shares |
2nd Quarter ended September 2023 | 105,127,487 shares | 2nd Quarter ended September 2022 | 105,107,714 shares |
- This report of consolidated financial results is not subject to audit.
- Notes on proper use of forecasts and other matters
The forecasts in this document are based on the information available at the time of the release of this document. Due to various factors, the actual result may vary from the forecast data.
- 2 -
1. Consolidated balance sheet
(Unit: million yen) | ||
As of March 31, 2023 | As of September 30, 2023 | |
Assets | ||
Noncurrent assets | ||
Property, plant and equipment | ||
Production facilities | 59,734 | 57,822 |
Distribution facilities | 135,897 | 143,165 |
Service and maintenance facilities | 31,106 | 29,889 |
Other facilities | 47,797 | 47,699 |
Construction in progress | 29,864 | 18,394 |
Total property, plant and equipment | 304,400 | 296,971 |
Intangible assets | ||
Other | 12,937 | 14,395 |
Total intangible assets | 12,937 | 14,395 |
Investments and other assets | ||
Investment securities | 129,425 | 150,805 |
Net defined benefit asset | 26,346 | 26,955 |
Other | 31,406 | 32,589 |
Allowance for doubtful accounts | -75 | -86 |
Total investments and other assets | 187,101 | 210,263 |
Total noncurrent assets | 504,439 | 521,629 |
Current assets | ||
Cash and deposits | 34,013 | 28,849 |
Trade notes and accounts receivable and contract assets | 87,750 | 68,180 |
Securities | - | 17,000 |
Inventories | 37,549 | 38,542 |
Other | 30,623 | 37,631 |
Allowance for doubtful accounts | -857 | -749 |
Total current assets | 189,079 | 189,454 |
Total assets | 693,519 | 711,083 |
- 3 -
(Unit: million yen) | ||
As of March 31, 2023 | As of September 30, 2023 | |
Liabilities | ||
Noncurrent liabilities | ||
Bonds payable | 67,500 | 67,500 |
Long-term loans payable | 47,962 | 49,691 |
Provision for gas holder repairs | 1,000 | 1,027 |
Reserve for safety measures | 21,628 | 20,165 |
Provision for gas appliance warranties | 1,964 | 1,750 |
Net defined benefit liability | 5,942 | 5,950 |
Other | 12,868 | 17,095 |
Total noncurrent liabilities | 158,867 | 163,181 |
Current liabilities | ||
Current portion of noncurrent liabilities | 24,306 | 13,303 |
Notes and accounts payable-trade | 40,400 | 42,015 |
Short-term loans payable | 2,680 | 2,480 |
Income taxes payable | 15,016 | 10,408 |
Other | 49,745 | 37,581 |
Total current liabilities | 132,148 | 105,788 |
Total liabilities | 291,016 | 268,970 |
Net assets | ||
Shareholders' equity | ||
Capital stock | 33,072 | 33,072 |
Capital surplus | 8,387 | 8,387 |
Retained earnings | 295,428 | 316,855 |
Treasury stock | -435 | -362 |
Total shareholders' equity | 336,453 | 357,952 |
Other comprehensive income | ||
Valuation difference on available-for-sale securities | 44,071 | 56,144 |
Deferred gains or losses on hedges | 3,184 | 5,691 |
Foreign currency translation adjustment | 7,582 | 11,749 |
Remeasurements of defined benefit plans | 11,210 | 10,574 |
Total other comprehensive income | 66,049 | 84,160 |
Total net assets | 402,502 | 442,113 |
Total liabilities and net assets | 693,519 | 711,083 |
- 4 -
2. Consolidated statements of income and comprehensive income, Consolidated statements of income for the Six Months
(Unit: million yen) | ||
2nd Quarter of FY2022 | 2nd Quarter of FY2023 | |
(April - September 2022) | (April - September 2023) | |
Net sales | 302,843 | 300,906 |
Cost of sales | 232,864 | 210,924 |
Gross profit | 69,979 | 89,981 |
Selling, general and administrative expenses | 61,558 | 61,162 |
Operating income | 8,420 | 28,819 |
Non-operating income | ||
Interest income | 160 | 463 |
Dividend income | 1,255 | 1,288 |
Rent income | 348 | 327 |
Miscellaneous income | 1,423 | 1,795 |
Total non-operating income | 3,187 | 3,873 |
Non-operating expenses | ||
Interest expenses | 468 | 416 |
Loan modification loss | 691 | - |
Share of profit of investments accounted for | - | 183 |
using equity method | ||
Miscellaneous expenses | 645 | 183 |
Total non-operating expenses | 1,804 | 783 |
Ordinary income | 9,803 | 31,909 |
Extraordinary income | ||
Gain on sale of fixed assets | - | 2,318 |
Total extraordinary income | - | 2,318 |
Income before income taxes | 9,803 | 34,228 |
Income taxes | 2,912 | 9,630 |
Net income | 6,891 | 24,597 |
Net income attributable to owners of the parent | 6,891 | 24,597 |
Consolidated statements of comprehensive income for the Six Months
(Unit: million yen) | ||
2nd Quarter of FY2022 | 2nd Quarter of FY2023 | |
(April - September 2022) | (April - September 2023) | |
Net income | 6,891 | 24,597 |
Other comprehensive income | ||
Valuation difference on available-for-sale securities | -5,607 | 12,073 |
Deferred gains or losses on hedges | -1,691 | 2,476 |
Foreign currency translation adjustment | 4,436 | 2,893 |
Remeasurements of defined benefit plans, net of tax | -413 | -794 |
Share of other comprehensive income of | 801 | 1,462 |
entities accounted for using equity method | ||
Total other comprehensive income | -2,473 | 18,111 |
Comprehensive income | 4,417 | 42,708 |
Comprehensive income attributable to | ||
Comprehensive income attributable to owners of | 4,417 | 42,708 |
the parent | ||
Comprehensive income attributable to non-controlling | - | - |
interests |
- 5 -
3. Notes about consolidated statements
- Note of going concerns' premise: No
- Significant change in shareholders' equity: No
- Application of accounting treatment specific to the preparation of quarterly consolidated financial statements
Calculation of tax costs
Tax expenses are calculated by multiplying the quarterly net income before tax adjustment by the estimated effective tax rate for the current consolidated fiscal year.
The amount of corporate tax adjustment is included in Income taxes.
- Segment information
Segment information by category of business
Six months ended September 30, 2022 (April 1 - September 30, 2022)
（Unit: million yen） | |||||||||
Business segment reported | Consolidated | ||||||||
statements of | |||||||||
LPG and | Other | Total | Adjustments | ||||||
income | |||||||||
Gas sales | other | Electricity | Total | (Note.1) | (Note.2) | ||||
(Note.3) | |||||||||
Energies | |||||||||
Net sales | |||||||||
(1) External customers | 187,911 | 49,705 | 50,770 | 288,388 | 14,455 | 302,843 | - | 302,843 | |
(2) Intersegment | 2,282 | 1,049 | 189 | 3,520 | 8,381 | 11,901 | -11,901 | - | |
Total | 190,194 | 50,754 | 50,960 | 291,909 | 22,836 | 314,745 | -11,901 | 302,843 | |
Segment income or loss | 13,279 | -1,153 | -6,400 | 5,725 | 1,976 | 7,701 | 718 | 8,420 |
Notes: 1. The "Other" segment incorporates operations not included in reported segment, including LNG processing under contract, leasing of buildings, engineering of gas production plants, comprehensive utility service business, sales of housing equipment, data processing services, other leasing business, development of and investment in natural gas resources, etc.
- The "Adjustments" column in "Segment income or loss" (718 million yen) denotes eliminations of intersegment transactions.
- Segment income or loss in the table above is reconciled to operating income on the quarterly consolidated statements of income.
Six months ended September 30, 2023 (April 1 - September 30, 2023)
（Unit: million yen） | |||||||||
Business segment reported | Consolidated | ||||||||
statements of | |||||||||
LPG and | Other | Total | Adjustments | ||||||
income | |||||||||
Gas sales | other | Electricity | Total | (Note.1) | (Note.2) | ||||
(Note.3) | |||||||||
Energies | |||||||||
Net sales | |||||||||
(1) External customers | 197,745 | 43,755 | 43,387 | 284,888 | 16,017 | 300,906 | - | 300,906 | |
(2) Intersegment | 2,202 | 738 | 170 | 3,111 | 9,517 | 12,628 | -12,628 | - | |
Total | 199,947 | 44,494 | 43,558 | 287,999 | 25,534 | 313,534 | -12,628 | 300,906 | |
Segment income or loss | 26,107 | 529 | -1,230 | 25,406 | 2,579 | 27,985 | 833 | 28,819 |
Notes: 1. The "Other" segment incorporates operations not included in reported segment, including LNG processing under contract, leasing of buildings, engineering of gas production plants, comprehensive utility service business, sales of housing equipment, data processing services, other leasing business, development of and investment in natural gas resources, etc.
- The "Adjustments" column in "Segment income or loss" (833 million yen) denotes eliminations of intersegment transactions.
- Segment income or loss in the table above is reconciled to operating income on the quarterly consolidated statements of income.
- 6 -
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
TOHO GAS Co. Ltd. published this content on 30 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 November 2023 10:58:14 UTC.
