NOTE: This document is to be used only as a reference, and in cases any differences occur between English version and the original Japanese version, the Japanese version shall prevail. The consolidated financial statements in this document are unaudited.
Consolidated Financial Results for the Six Months Ended October 31, 2024
(Under Japanese GAAP)
December 13, 2024
Company name: | FreeBit Co., Ltd. |
Listing: | Tokyo Stock Exchange |
Securities code: | 3843 |
URL: | https://freebit.com/ |
Representative: | Atsuki Ishida, President, CEO and CTO |
Inquiries: | Ikuko Wada, Director and General Manager of Group Corporate Planning Division |
Telephone: | +81-3-5459-0522 |
Scheduled date to file semi-annual securities report: | December 16, 2024 |
Scheduled date to commence dividend payments: | - |
Preparation of supplementary material on financial results: | Yes |
Holding of financial results briefing: | Yes (Video streaming only) |
(All amounts are rounded down to the nearest million yen)
1. Consolidated Financial Results for the Six Months Ended October 31, 2024 (from May 1, 2024 to October 31, 2024)
(1) Consolidated Operating Results | (Percentages represent year-on-year changes) | |||||||||
Net sales | Operating profit | Ordinary profit | Profit attributable to | |||||||
owners of parent | ||||||||||
Million yen | % | Million yen | % | Million yen | % | Million yen | % | |||
Six months ended October 31, 2024 | 26,622 | - | 3,024 | - | 3,076 | - | 1,768 | - | ||
Six months ended October 31, 2023 | 27,073 | - | 3,071 | - | 3,014 | - | 1,980 | - | ||
Note: Comprehensive income | For the six months ended October 31, 2024: 2,210 million yen [-%] | |||||||||
For the six months ended October 31, 2023: 2,485 million yen [-%] | ||||||||||
Basic earnings | Diluted earnings | |||||||||
per share | per share | |||||||||
Yen | Yen | |||||||||
Six months ended October 31, 2024 | 88.18 | 87.71 | ||||||||
Six months ended October 31, 2023 | 99.22 | 98.21 |
Note: A consolidated subsidiary GIGAPRIZE Co., Ltd. and its subsidiaries changed the date of their fiscal year-end from March 31 to April 30 in the previous fiscal year. As the first half of the previous fiscal year was a transitional period for changing the date of their fiscal year-end, the percentages representing year-on-year changes for the first half of the fiscal year ended April 30, 2024 and the first half of the fiscal year ending April 30, 2025 have been omitted.
(2) Consolidated Financial Position | |||||||||
Total assets | Net assets | Equity ratio | |||||||
Million yen | Million yen | % | |||||||
As of October 31, 2024 | 36,521 | 16,870 | 35.7 | ||||||
As of April 30, 2024 | 38,183 | 15,196 | 30.5 | ||||||
Reference: Equity | As of October 31, 2024: 13,031 million yen | ||||||||
As of April 30, 2024: | 11,628 million yen | ||||||||
2. Dividends | |||||||||
Annual dividends | |||||||||
1st quarter-end | 2nd quarter-end | 3rd quarter-end | Year-end | Total | |||||
Yen | Yen | Yen | Yen | Yen | |||||
Fiscal year ended April 30, 2024 | - | 0.00 | - | 27.00 | 27.00 | ||||
Fiscal year ending April 30, 2025 | - | 0.00 | |||||||
Fiscal year ending April 30, 2025 (forecast) | - | 30.00 | 30.00 | ||||||
(Note) Revisions to the forecast of cash dividends most recently announced: None |
3. Forecast of Consolidated Financial Results for the Fiscal Year Ending April 30, 2025 (May 1, 2024 to April 30, 2025)
(Percentages represent year-on-year changes)
Net sales | Operating profit | Ordinary profit | Profit attributable to | Basic earnings | |||||
owners of parent | per share | ||||||||
Million yen | % | Million yen | % | Million yen | % | Million yen | % | Yen | |
Full year | 54,000 | - | 5,700 | - | 5,500 | - | 3,000 | - | 149.61 |
(Note) Revisions to the forecast of consolidated financial results most recently announced: None
For details, please refer to Attachment page 6 "1. Overview of Operating Results and Financial Position (3) Explanation of Consolidated Earnings Forecasts and Other Forecast Information." In the fiscal year ended April 30, 2024, a consolidated subsidiary GIGAPRIZE Co., Ltd. and its subsidiaries changed the date of their fiscal year-end from March 31 to April 30. As the fiscal year ended April 2024, the comparative year, was a transitional period for changing the date of their fiscal year-end, the percentages representing year-on-year changes have been omitted.
* Notes
(1) Significant changes in the scope of consolidation during the period: Yes Newly included: 3 companies (YOYO Holdings Pte. Ltd. and its two subsidiaries)
Excluded: None
- Special accounting treatments used in preparation of the semi-annual consolidated financial statements : None
- Changes in accounting policies and changes or restatement of accounting estimates
(i) | Changes in accounting policies due to revisions to accounting standards, etc. | : None |
(ii) | Changes in accounting policies other than (i) | : None |
(iii) | Changes in accounting estimates | : None |
(iv) | Restatement of revisions | : None |
- Number of shares issued (common shares)
- Total number of shares issued at the end of the period (including treasury shares)
As of October 31, 2024 | 23,414,000 shares | |
As of April 30, 2024 | 23,414,000 shares | |
(ii) Number of treasury shares at the end of the period | ||
As of October 31, 2024 | 3,232,541 shares | |
As of April 30, 2024 | 3,441,941 shares | |
(iii) Average number of shares outstanding during the period | ||
Six months ended October 31, 2024 | 20,051,722 shares | |
Six months ended October 31, 2023 | 19,964,620 shares |
- Review of the accompanying semi-annual consolidated financial statements are exempt from audit conducted by a certified public accountant or an auditing firm.
- Explanations concerning the appropriate use of business performance forecasts, and other special notes Notes on forward-lookingstatements
The earnings forecasts and other forward-looking statements herein are based on information currently available to the Company and on certain assumptions deemed to be reasonable, but are not promises by the Company of future performance. Actual results may differ materially from the forecast depending on a range of factors. Please refer to Attachment page 6 "1. Qualitative Information on Operating Results and Financial Position (3) Explanation of Consolidated Earnings Forecasts and Other Forecast Information" for assumptions for business performance forecasts and points to consider in utilizing them.
Method of obtaining supplementary material on financial results and details of financial results briefing - The supplementary material will be disclosed on TDnet on the same day and will also be posted on our website.
- The recorded video of the financial results briefing will be posted promptly on our website.
Table of Contents | ||
1. Overview of Operating Results and Financial Position | 2 | |
(1) | Overview of Operating Results for the Period under Review | 2 |
(2) | Overview of Financial Position for the Period under Review | 6 |
(3) | Explanation of Consolidated Earnings Forecasts and Other Forecast Information | 6 |
2. Semi-annual Consolidated Financial Statements and Major Notes | 7 | |
(1) | Semi-annual Consolidated Balance Sheet | 7 |
(2) | Semi-annual Consolidated Statements of Income and Comprehensive Income | 9 |
(3) | Semi-annual Consolidated Statement of Cash Flows | 11 |
(4) | Notes to Semi-annual Consolidated Financial Statements………………………… | 12 |
Segment Information | 12 | |
Significant Changes in the Amount of Shareholders' Equity | 13 | |
Going Concern Assumptions | 13 |
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1. Overview of Operating Results and Financial Position
-
Overview of Operating Results for the Period under Review
The forward-looking statements contained in this document are based on the Group's judgments as of the end of the first six months of the fiscal year ending April 30, 2025 (the "six months ended October 31, 2024" or the "period under review").
Our consolidated subsidiary GIGAPRIZE Co., Ltd. ("GIGAPRIZE") and its subsidiaries changed their fiscal year-end from March 31 to April 30, which is the same as the consolidated fiscal year-end, in the previous fiscal year. As a result, the previous fiscal year of these consolidated subsidiaries was the 13 months started April 1, 2023 and ended April 30, 2024. Accordingly, the financial results of these consolidated subsidiaries for the seven months started April 1, 2023 and ended October 31, 2023 were incorporated in the consolidated financial results for the first six months of the fiscal year ended April 30, 2024 (the "six months ended October 31, 2023").
The full forms and explanations of the terms used in "Overview of Operating Results for the Period under Review " are as follows:
Term used in | Full form | Explanation |
this section | ||
A concept of the next-generation, distributed internet, which | ||
web3 | web3 | enables users to exchange data and content directly with each other |
without involving a giant platform provider | ||
A form of the internet that allows users to share and distribute | ||
Web 2.0 | Web 2.0 | contents generated on the internet through centralized platforms |
such as social media | ||
AI | Artificial Intelligence | Technologies that use computers to learn or reproduce human |
intellectual behavior | ||
DX | Digital Transformation | To transform products, services, business models, and others by |
utilizing data and digital technologies | ||
An abbreviation for the fifth generation mobile communication | ||
5G | 5th Generation | systems, which is one of the next generation communications |
standards | ||
MVNO | Mobile Virtual Network Operator | An acronym for Mobile Virtual Network Operator |
A system that enables automatic recognition and automatic control | ||
IoT | Internet of Things | without human intervention equipping things with a |
communication function to allow the things to interact with each | ||
other | ||
MVNE | Mobile Virtual Network Enabler | An operator that provides support for MVNOs |
A general term for systems that provide software and other | ||
Cloud | Cloud computing | computing resources to users over networks as well as data centers |
and servers in which the data of such resources are accumulated or | ||
operated |
The businesses description of each reportable segment are as follows:
Reportable segment | Main services |
5G Infrastructure Support Business | Business support services for ISPs |
Business support services for MVNOs (MVNE) | |
Cloud services for corporate customers | |
Mobile communications-related services for individual customers | |
5G Lifestyle Support Business | Internet connection-related services for individual customers |
Internet connection-related services for housing complexes | |
Real estate-related services | |
web3-related platforms | |
Enterprise/Creator 5G DX Support Business | Internet marketing-related services |
Ad technology-related services | |
Support platforms for creators |
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The Group has been promoting corporate management with a view to the 10-year plan from 2021 to 2030. We have started a three- year medium-term management plan "SiLK VISION 2027" (the 'MTMP "SiLK VISION 2027"'), which ends in the fiscal year ending April 30, 2027, from the fiscal year ending April 30, 2025 (the "fiscal year under review"). The theme of the MTMP "SiLK VISION 2027" is to pursue becoming a company "Where Trust Belongs" as what is needed to solve social issues we face on a global scale. This is an initiative based on our belief that it is important to create a situation where people can put their trust in us even though the environment surrounding us is flooded with uncertain information, and to achieve such a situation utilizing our web3 technology and patented technologies, among other things. Then, through the combination of our accumulated expertise in telecommunications with our proprietary Layer-1 blockchain technology, we aim to solve social issues by making a variety of things trusted, while gradually and complementarily implementing Web2.0 and web3 in a hybrid manner. The Group will transform into a driving force in web3 implementation, where stocks are valued at higher price-earnings ratios (PERs), as a "web3 implementation company leveraging expertise in telecommunications" that goes beyond merely providing telecommunications services. By doing so, the Group will drive forward with its all-hands-on-deck efforts to expand its business areas with the consolidated performance targets of net sales of 63 billion yen to 70 billion yen and operating profit of 8 billion yen set for the fiscal year ending April 30, 2027, the final year of the MTMP "SiLK VISION 2027."
In the period under review, despite concerns about the adverse impact of unstable international situations and price increases on the economy, the domestic IT market continued to grow at a solid rate, thanks to the acceleration of investments in AI-related products and DX. Moreover, in addition to the spread of the 5G communications standard, the emergence of a new concept of shifting from the conventional Web 2.0 (centralized) to web3 (decentralized) internet services has led us to the launch of a new business originated from this concept.
Under such an environment, in the fiscal year under review, the first year of the MTMP "SiLK VISION 2027," we will strategically utilize operating cash flows to be generated from existing businesses to allocate our capital with the aim of enhancing corporate value through consistent growth, while responding to accelerating technological innovations and other changes. Through such efforts, we will work to promote investments businesses and human capital based on our growth strategy, while balancing investment and returns, thereby enhancing and expanding our strategic business portfolio.
The operating results of each reportable segment are as follows:
From the period under review, the Company partially changed the classification of reportable segments. Accordingly, the figures for the same period last year have been restated to reflect the said changes for the following year-on-year comparisons and analyses.
-
5G Infrastructure Support Business
In the fixed-line network sector, changes in working styles and lifestyles have boosted the use of social media and rich content such as online video viewing and video game playing at home, and online meetings and learning have become the norm with the spread of telework and home learning, both of which have led to a continued increase in the use of various services via the internet. This has increased the use of fixed lines, resulting in the persistently high network costs.
In the mobile-line network sector, the growth of independent MVNO service providers has continued to be affected by the provision of inexpensive service plans by major mobile carriers and the offering of such plans under their sub-brands. However, the mobile market as a whole has continued to grow, and we believe that the market will continue to expand in the future as the use of independent MVNO services for IoT and inbound tourists is expected to increase.
Against this backdrop, the 5G Infrastructure Support Business posted net sales of 5,166,353 thousand yen (up 4.9% year on year) and segment profit of 689,066 thousand yen (down 27.4% year on year) as a result of increases in costs for communication quality improvement and personnel and other expenses, despite solid growth in the size of business support services for MVNOs we offer as an MVNE. - 5G Lifestyle Support Business
As explained in "5G Infrastructure Support Business" above, network costs have been increasing in the fixed-line network service market. However, the market size of 5G Homestyle services (internet services for housing complexes) is likely to continue to grow at a steady pace as the high-speed broadband environment aimed at improving the asset value and occupancy rates of buildings is being standardized, and the use of telework, online learning, video content viewing and other services has been recognized to be the norm. In view of such a business environment, we endeavored to expand the scope of services we offer, including security-related services such as cloud-based security and surveillance camera services, in addition to internet services for housing complexes and services for single-family houses for rent, thereby further expanding our revenue base. - 3 -
GIGAPRIZE, which provides the 5G Homestyle services (internet services for housing complexes), made an investment in NHN iCAME Corp., a company established by NHN JAPAN Corp., with the aim of further improving its service quality and competitiveness, thereby expanding its cloud-based camera and other IoT solutions services. Through this investment, GIGAPRIZE strengthened its structure in order to further increase its market share as well as to expand its business into new markets, such as restaurants and nursing-care facilities.
As to the 5G Lifestyle services (mobile communications and internet-related services for individual customers), we are expanding the number of targeted smartphone models to 160 and promoting a further increase in users in accordance with the "TONE IN" strategy. The goal of this strategy is to enable the roll-out of technologies and services cultivated in a smartphone service "Tone Mobile," which utilizes the Group's proprietary technologies, in smartphones other than in-house smartphones and a wide range of other devices, as well as in other sectors, including IoT.
Against this backdrop, the 5G Lifestyle Support Business posted net sales of 12,619,289 thousand yen and segment profit of 1,637,922 thousand yen, mainly as a result of steady progress in the number of housing complexes to which we have provided the 5G Homestyle services (internet services for housing complexes).
In the six months ended October 31, 2023, our consolidated subsidiary GIGAPRIZE and its subsidiaries changed their fiscal year-end from March 31 to April 30. As the six months ended October 31, 2023 was a transitional period for the change in fiscal year-end, year-on-year percentage changes are not provided.
-
Enterprise/Creator 5G DX Support Business
As for internet marketing and ad technology services offered by a consolidated subsidiary Full Speed Inc. ("Full Speed") and its subsidiaries, demand for advertising continued to increase with the acceleration of digital measures attributable to the diversification of society and work styles triggered by the COVID-19 pandemic, amid the ongoing digital shift by consumers. Under such an environment, we made steady progress in capturing demand for ad technology services in the affiliate business both in Japan and abroad. We also worked to achieve efficient business operations by implementing cost-cutting measures.
In addition, the segment saw an increase in the number of service offerings for a creator platform "StandAlone," which allows creators to disseminate information themselves without involving major platform providers to maximize the value of such information. The StandAlone is intended to form fan communities and expand the creator economy (economic community where creators monetize their own skills) in the 5G/web3 era.
Furthermore, For it Inc. ("Forit"), a subsidiary of Full Speed, acquired a majority of shares issued by YOYO Holdings Pte. Ltd. ("YOYO"), which offers an influencer platform "PopStar" primarily in Southeast Asia, through FORIT DIGITAL SDN. BHD., a wholly-owned subsidiary of Forit in Malaysia as of September 3, 2024, making YOYO a subsidiary. Through the acquisition of YOYO, Forit will achieve an early entry into growth markets and significantly strengthen its positioning in the performance marketing and influencer marketing markets in the ASEAN region.
Against this backdrop, the Enterprise/Creator 5G DX Support Business posted net sales of 10,075,578 thousand yen (up 2.8% year on year) and segment profit of 709,243 thousand yen (up 64.5% year on year) as a result of solid performance, especially in the affiliate business.
As a result of the above, the Group posted net sales of 26,622,919 thousand yen, operating profit of 3,024,896 thousand yen, ordinary profit of 3,076,581 thousand yen, and profit attributable to owners of parent of 1,768,175 thousand yen for the period under review. In the six months ended October 31, 2023, our consolidated subsidiary GIGAPRIZE and its subsidiaries changed their fiscal year-end from March 31 to April 30. As the six months ended October 31, 2023 was a transitional period for the change in fiscal year-end, year-on-year percentage changes are not provided.
- 4 -
(Reference 1)
Year-on-year comparison of net sales for the six months ended October 31, 2023 and 2024 excluding the impact of the change in fiscal year-end of GIGAPRIZE and its subsidiaries
(Thousands of yen) | ||||
(Reference) | Six months ended | |||
Segment | Six months ended | YoY change | YoY change (%) | |
October 31, 2024 | ||||
October 31, 2023 | ||||
5G Infrastructure Support Business | 4,924,334 | 5,166,353 | 242,018 | 4.9 |
5G Lifestyle Support Business | 11,923,235 | 12,619,289 | 696,053 | 5.8 |
Enterprise/Creator 5G DX Support | 9,799,019 | 10,075,578 | 276,559 | 2.8 |
Business | ||||
Adjustments | (1,304,998) | (1,238,301) | 66,697 | - |
Total | 25,341,590 | 26,622,919 | 1,281,328 | 5.1 |
Note: The figures for the six months ended October 31, 2023 are unaudited figures for reference purposes calculated for the year- on-year comparison of net sales.
(Reference 2)
Year-on-year comparison of operating profit for the six months ended October 31, 2023 and 2024 excluding the impact of the change in fiscal year-end of GIGAPRIZE and its subsidiaries
(Thousands of yen) | ||||
(Reference) | Six months ended | |||
Segment | Six months ended | YoY change | YoY change (%) | |
October 31, 2024 | ||||
October 31, 2023 | ||||
5G Infrastructure Support Business | 948,899 | 689,066 | (259,832) | (27.4) |
5G Lifestyle Support Business | 1,303,529 | 1,637,922 | 334,393 | 25.7 |
Enterprise/Creator 5G DX Support | 431,162 | 709,243 | 278,081 | 64.5 |
Business | ||||
Other | (10,553) | (10,721) | (167) | - |
Adjustments | 519 | (614) | (1,134) | - |
Total | 2,673,557 | 3,024,896 | 351,339 | 13.1 |
Note: The figures for the six months ended October 31, 2023 are unaudited figures for reference purposes calculated for the year- on-year comparison of operating profit.
Net sales and segment profit (loss) by segment | (Thousands of yen) | |||
Classification | Net sales | Segment profit (loss) | ||
5G | Infrastructure Support Business | 5,166,353 | 689,066 | |
5G | Lifestyle Support Business | 12,619,289 | 1,637,922 | |
Enterprise/Creator 5G DX Support Business | 10,075,578 | 709,243 | ||
Other | - | (10,721) | ||
Adjustments | (1,238,301) | (614) | ||
Total | 26,622,919 | 3,024,896 | ||
- 5 -
-
Overview of Financial Position for the Period under Review
As of the end of the period under review, total assets amounted to 36,521,596 thousand yen, a decrease of 1,661,993 thousand yen from the end of the previous fiscal year. This was mainly due to a decrease of 2,058,152 thousand yen in cash and deposits, which was partially offset by increases of 144,719 thousand yen in raw materials and supplies and 275,491 thousand yen in software.
Total liabilities amounted to 19,651,446 thousand yen, a decrease of 3,335,316 thousand yen from the end of the previous fiscal year. This was mainly due to decreases of 172,848 thousand yen in notes and accounts payable - trade, 513,620 thousand yen in current portion of long-term borrowings, 290,437 thousand yen in income taxes payable, 1,879,758 thousand yen in long-term borrowings, and 190,698 thousand yen in lease liabilities (non-current liabilities).
Total net assets amounted to 16,870,150 thousand yen, an increase of 1,673,323 thousand yen from the end of the previous fiscal year. This was mainly due to an increase in retained earnings. As a result, the equity ratio as of the end of the period under review stood at 35.7%. - Explanation of Consolidated Earnings Forecasts and Other Forecast Information
The full-year consolidated earnings forecast for the fiscal year ending April 30, 2025 has remained unchanged from the figures announced on June 14, 2024 as the financial results for the period under review were generally in line with the forecast.
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2. Semi-annual Consolidated Financial Statements and Major Notes
- Semi-annualConsolidated Balance Sheet
(Thousands of yen) | |||
FY4/2024 | First six months of FY4/2025 | ||
(As of April 30, 2024) | (As of October 31, 2024) | ||
Assets | |||
Current assets | |||
Cash and deposits | 18,722,373 | 16,664,221 | |
Notes and accounts receivable - trade, and contract | 8,506,073 | 8,505,322 | |
assets | |||
Merchandise and finished goods | 83,453 | 145,193 | |
Work in process | 195,266 | 225,581 | |
Raw materials and supplies | 1,982,762 | 2,127,482 | |
Other | 2,381,374 | 2,324,182 | |
Allowance for doubtful accounts | (53,727) | (54,649) | |
Total current assets | 31,817,576 | 29,937,334 | |
Non-current assets | |||
Property, plant, and equipment | 3,037,524 | 2,940,357 | |
Intangible assets | |||
Goodwill | 2,406 | 101,708 | |
Software | 248,223 | 523,714 | |
Other | 334,503 | 198,959 | |
Total intangible assets | 585,132 | 824,382 | |
Investments and other assets | |||
Investment securities | 989,025 | 1,112,848 | |
Long-term loans receivable | 1,496,914 | 1,498,414 | |
Guarantee deposits | 482,037 | 487,485 | |
Other | 1,506,984 | 1,453,534 | |
Allowance for doubtful accounts | (1,731,604) | (1,732,760) | |
Investments and other assets | 2,743,356 | 2,819,522 | |
Total non-current assets | 6,366,013 | 6,584,262 | |
Total assets | 38,183,589 | 36,521,596 | |
Liabilities | |||
Current liabilities | |||
Notes and accounts payable - trade | 352,019 | 179,171 | |
Short-term borrowings | 300,000 | 300,000 | |
Current portion of long-term borrowings | 4,948,783 | 4,435,163 | |
Accounts payable - other | 5,272,919 | 5,265,412 | |
Income taxes payable | 1,131,940 | 841,503 | |
Provisions | 361,624 | 247,063 | |
Other | 1,782,580 | 1,619,661 | |
Total current liabilities | 14,149,868 | 12,887,974 | |
Non-current liabilities | |||
Long-term borrowings | 7,629,384 | 5,749,626 | |
Lease liabilities | 708,750 | 518,052 | |
Provision for retirement benefits for directors (and | 60,527 | 60,527 | |
other officers) | |||
Retirement benefit liability | 66,206 | 72,532 | |
Other | 372,025 | 362,733 | |
Total non-current liabilities | 8,836,893 | 6,763,471 | |
Total liabilities | 22,986,762 | 19,651,446 |
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(Thousands of yen) | |||
FY4/2024 | First six months of FY4/2025 | ||
(As of April 30, 2024) | (As of October 31, 2024) | ||
Net assets | |||
Shareholders' equity | |||
Share capital | 4,514,185 | 4,514,185 | |
Capital surplus | 1,496,844 | 1,508,245 | |
Retained earnings | 8,693,075 | 9,922,004 | |
Treasury shares | (3,240,129) | (3,043,007) | |
Total shareholders' equity | 11,463,975 | 12,901,427 | |
Accumulated other comprehensive income | |||
Valuation difference on available-for-sale securities | 174,924 | 140,989 | |
Foreign currency translation adjustments | (10,015) | (11,283) | |
Total accumulated other comprehensive income | 164,909 | 129,705 | |
Share award rights | 133,359 | 9,507 | |
Share acquisition rights | 780 | 780 | |
Non-controlling interests | 3,433,802 | 3,828,729 | |
Total net assets | 15,196,827 | 16,870,150 | |
Total liabilities and net assets | 38,183,589 | 36,521,596 |
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