Summary of Consolidated Financial Results
for the Fiscal Year Ended March 31, 2023 [Japan GAAP]
May 11, 2023
Company: Hibiya Engineering, Ltd.
Stock exchange listing: Tokyo Stock Exchange (Prime Market)
Stock code: 1982
URL: https://www.hibiya-eng.co.jp/English
Representative Director: Nagahiro Kuroda, President and CEO
Contact: Akira Domon, Executive Officer, Manager of IR and PR Office, Administration Division
Tel: 03-3454-2720
Regular general meeting of shareholders: | June 23, 2023 |
Date of commencement of dividend payment: | June 26, 2023 |
Date of filing of securities report: | June 23, 2023 |
Supplementary explanatory documents: | No |
Earnings presentation: | Yes (For analysts and institutional investors) |
(Yen in millions, rounded down, figures in parentheses indicate negative amounts or percentages)
1. Consolidated financial results for the fiscal year ended March 2023 (April 1, 2022 - March 31, 2023)
(1) Result of operations (Consolidated) | (Percentage figures 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 | % | |||||
FY3/23 | 83,978 | 11.2 | 5,953 | 5.1 | 6,617 | 7.4 | 4,644 | 6.2 | ||||
FY3/22 | 75,497 | 3.3 | 5,662 | 41.7 | 6,163 | 34.1 | 4,372 | 42.2 |
Note: Comprehensive income:FY3/23: 4,644 million yen [30.3%] | FY3/22: 3,564 million yen [-41.7%] | |||||
Earnings per share | Earnings per share | Return on equity | Ordinary profit to | Operating profit to | ||
fully diluted | total assets | net sales | ||||
Yen | Yen | % | % | % | ||
FY3/23 | 200.48 | 199.62 | 7.4 | 7.3 | 7.1 | |
FY3/22 | 184.02 | 183.25 | 7.1 | 7.1 | 7.5 |
Reference: Equity in earnings of equity method affiliates: FY3/23: - million yen | FY3/22: - million yen | ||||||
(2) | Financial position (Consolidated) | ||||||
Total assets | Net assets | Equity ratio | Net assets per share | ||||
Million yen | Million yen | % | Yen | ||||
FY3/23 | 94,687 | 64,714 | 67.2 | 2,771.49 | |||
FY3/22 | 87,466 | 63,409 | 70.7 | 2,635.31 | |||
Reference: Shareholders' equity: | FY3/23: 63,598 million yen | FY3/22: 61,843 million yen | |||||
(3) | Consolidated cash flow position | ||||||
Net cash provided by | Net cash provided by | Net cash provided by | Cash and cash | ||||
(used in) operating | (used in) investing | (used in) financing | equivalents at end of | ||||
activities | activities | activities | period | ||||
Million yen | Million yen | Million yen | Million yen | ||||
FY3/23 | 1,116 | (2,554) | (3,598) | 27,929 | |||
FY3/22 | 1,703 | (269) | (2,867) | 32,965 |
2. Dividends
Dividend per share | Total | Payout ratio | Dividend-to- | |||||||
dividends | equity ratio | |||||||||
End of | End of | End of | End of | Annual | (Consolidated) | |||||
(Annual) | (Consolidated) | |||||||||
1Q | 2Q | 3Q | FY | |||||||
Yen | Yen | Yen | Yen | Yen | Million yen | % | % | |||
FY3/22 | - | 40.00 | - | 42.00 | 82.00 | 1,951 | 44.6 | 3.2 | ||
FY3/23 | - | 42.00 | - | 43.00 | 85.00 | 1,959 | 42.4 | 3.1 | ||
FY3/24 | - | 43.00 | - | 43.00 | 86.00 | 51.9 | ||||
(Estimate) | ||||||||||
3. Consolidated forecast for the fiscal year ending March 2024 (April 1, 2023 - March 31, 2024)
(Percentage figures represent year on year changes)
Net sales | Operating profit | Ordinary profit | Profit attributable to | Earnings per | ||||||
owners of parent | share | |||||||||
Million yen | % | Million yen | % | Million yen | % | Million yen | % | Yen | ||
Full year | 85,000 | 1.2 | 5,000 | (16.0) | 5,500 | (16.9) | 3,800 | (18.2) | 165.60 |
Notes
- Changes in significant subsidiaries (Changes in specific subsidiaries accompanied by changes in the scope of consolidation): No
- Changes in accounting principles and estimates, and retrospective restatement
- Changes due to revision of accounting standards: Yes
- Changes other than in (a): No
- Changes in accounting estimates: No
- Retrospective restatement: No
- Number of shares outstanding (common stock)
- Shares outstanding (including treasury shares)
As of March 31, 2023: | 25,006,321 | As of March 31, 2022: 25,006,321 | ||||||||||||||||||||||
(b) Treasury shares | ||||||||||||||||||||||||
As of March 31, 2023: | 2,058,972 | As of March 31, 2022: 1,539,127 | ||||||||||||||||||||||
(c) Average number of shares | ||||||||||||||||||||||||
Period ended March 31, 2023: | 23,166,398 | Period ended March 31, 2022: 23,761,376 | ||||||||||||||||||||||
(Reference) | Summary of the Non-consolidated Financial Results | |||||||||||||||||||||||
1. Non-consolidated financial results for the fiscal year ended March 2023 (April 1, 2022 - March 31, 2023) | ||||||||||||||||||||||||
(1) Result of operations (Non-consolidated) | (Percentage figures represent year on year changes) | |||||||||||||||||||||||
Net sales | Operating profit | Ordinary profit | Profit | |||||||||||||||||||||
Million yen | % | Million yen | % | Million yen | % | Million yen | % | |||||||||||||||||
FY3/23 | 73,567 | 9.6 | 5,094 | (1.2) | 5,735 | 1.7 | 4,160 | 1.4 | ||||||||||||||||
FY3/22 | 67,099 | 4.5 | 5,154 | 44.9 | 5,638 | 36.4 | 4,103 | 38.7 | ||||||||||||||||
Earnings per share | Earnings per share fully | |||||||||||||||||||||||
diluted | ||||||||||||||||||||||||
FY3/23 | 179.58 | 178.81 | ||||||||||||||||||||||
FY3/22 | 172.69 | 171.97 | ||||||||||||||||||||||
(2) Financial position (Non-consolidated) | ||||||||||||||||||||||||
Total assets | Net assets | Equity ratio | Net assets per share | |||||||||||||||||||||
Million yen | Million yen | % | Yen | |||||||||||||||||||||
FY3/23 | 83,965 | 57,238 | 68.0 | 2,487.64 | ||||||||||||||||||||
FY3/22 | 78,137 | 56,186 | 71.7 | 2,388.11 | ||||||||||||||||||||
Reference: Shareholders' equity: | FY3/23: 57,084 million yen | FY3/22: 56,042 million yen | ||||||||||||||||||||||
2. Non-consolidated forecast for the fiscal year ending March 2024 (April 1, 2023 - March 31, 2024) | ||||||||||||||||||||||||
(Percentage figures represent year on year changes) | ||||||||||||||||||||||||
Net sales | Operating profit | Ordinary profit | Profit | Earnings per | ||||||||||||||||||||
share | ||||||||||||||||||||||||
Million yen | % | Million yen | % | Million yen | % | Million yen | % | Yen | ||||||||||||||||
Full year | 75,000 | 1.9 | 4,100 | (19.5) | 4,600 | (19.8) | 3,200 | (23.1) | 139.45 |
- This report is exempt from the audit review by certified public accountant or audit firm.
- Forward-lookingstatements, important notes, etc.
The forward-looking statements such as the forecasts of financial results stated in this report are based on the information currently available to the Company and certain assumptions that the Company judges as rational. These statements are not guarantees of future performance. Actual results may be materially different from the above forecasts for a number of reasons. For more information about these assumptions and other conditions that form the basis of these forecasts, please see page 5 of the supplementary information, "1. Results of Operations, (4) Outlook."
(How to obtain supplementary explanatory documents and the content of the earnings presentation)
The Company plans to hold a results briefing for analysts and institutional investors on Wednesday, May 24, 2023. Explanatory documents distributed at the results briefing will be posted on the Company's website immediately after it is held.
Summary of Consolidated Financial Results for the Fiscal Year Ended March 2023 of Hibiya Engineering, Ltd. (1982)
Index for Supplementary Information
1. | Results of Operations | 2 | |
(1) | Overview of consolidated business performance | 2 | |
(2) | Overview of financial condition | 3 | |
(3) | Overview of cash flows | 4 | |
(4) | Outlook | 5 | |
2. Basic Policy about the Selection of Accounting Standards | 5 | ||
3. Consolidated Financial Statements and Important Notes | 6 | ||
(1) | Consolidated balance sheet | 6 | |
(2) | Consolidated statement of income and consolidated statement of comprehensive income | 8 | |
(Consolidated statement of income) | 8 | ||
(Consolidated statement of comprehensive income) | 9 | ||
(3) | Consolidated statement of changes in equity | 10 | |
(4) | Consolidated statement of cash flows | 12 | |
(5) | Notes to the consolidated financial statements | 14 | |
(Notes on going concern assumptions) | 14 | ||
(Change in accounting principle) | 14 | ||
(Segment information, etc.) | 14 | ||
(Per share information) | 17 | ||
(Significant subsequent events) | 18 | ||
4. | Other Information | 18 | |
Change in directors | 18 |
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Summary of Consolidated Financial Results for the Fiscal Year Ended March 2023 of Hibiya Engineering, Ltd. (1982)
1. Results of Operations
- Overview of consolidated business performance
During the consolidated fiscal year under review, the Japanese economy showed signs of a gradual recovery, mainly as a result of the government's economic policy, while the impact of the coronavirus infection and supply restrictions were mitigated. However, regard should be given to the risks of a slowdown in overseas economies associated with price rises and monetary tightening.
In the construction industry, although both government construction investment and private-sector construction investment were robust, an appropriate response to growing manpower demand and higher material prices is necessary.
Under these circumstances, the Hibiya Engineering Group focused on a range of initiatives under the 7th Medium- term Management Plan, such as bolstering earnings capacity of the core business, acquiring new customer bases through cooperation with alliance partners, expanding business areas with an eye on decarbonization and CO2 emissions reduction, improving systems for supporting field sites and maintaining efficient construction management through the promotion of digital transformation. The Group also worked to foster diversity by means such as encouraging male employees to take childcare leave, undertaking social contribution activities and ensuring sound management.
As a result of the initiatives above, orders increased by 10.7% year on year, to 87,354 million yen, mainly reflecting the favorable performance of orders for data centers and large redevelopment projects.
Net sales rose by 11.2%, to 83,978 million yen, primarily attributable to steady progress in construction projects that were carried over from the previous fiscal year and those for which orders were received in the fiscal year under review.
On the profit side, operating profit increased 5.1% year on year, to 5,953 million yen, ordinary profit rose 7.4%, to 6,617 million yen, and profit attributable to owners of parent grew 6.2%, to 4,644 million yen. Compared to the previous fiscal year, despite fewer large-scale projects with high profit margins, profits increased, because sales expanded and construction work was streamlined to a certain degree.
Results of operations for business segments are as follows. 1. Construction
Segment sales increased 9.6% to 73,567 million yen and operating profit decreased 1.2% to 5,094 million yen.
2. Equipment sales
Segment sales increased 20.4% to 7,308 million yen and operating profit increased 65.1% to 588 million yen.
3. Equipment manufacturing
Segment sales increased 33.3% to 3,102 million yen and operating profit increased 89.5% to 256 million yen.
2
Summary of Consolidated Financial Results for the Fiscal Year Ended March 2023 of Hibiya Engineering, Ltd. (1982)
Orders received by segment
FY2022 | FY2023 | YoY change | |
(Apr. 1, 2021 - Mar. 31, 2022) | (Apr. 1, 2022 - Mar. 31, 2023) | ||
(Million yen) | (Million yen) | (%) | |
Construction | 70,505 | 76,884 | 9.0 |
Equipment sales | 6,070 | 7,308 | 20.4 |
Equipment manufacturing | 2,348 | 3,161 | 34.6 |
Total | 78,924 | 87,354 | 10.7 |
Net sales by segment | |||
FY2022 | FY2023 | YoY change | |
(Apr. 1, 2021 - Mar. 31, 2022) | (Apr. 1, 2022 - Mar. 31, 2023) | ||
(Million yen) | (Million yen) | (%) | |
Construction | 67,099 | 73,567 | 9.6 |
Equipment sales | 6,070 | 7,308 | 20.4 |
Equipment manufacturing | 2,328 | 3,102 | 33.3 |
Total | 75,497 | 83,978 | 11.2 |
Note: Inter-segment transactions are eliminated.
- Overview of financial condition
Assets
The Group's total assets at the end of the consolidated fiscal year under review stood at 94,687 million yen, an increase of 7,220 million yen from the end of the previous consolidated fiscal year.
The principal reason for increased assets was an increase of 9,337 million yen in notes receivable, accounts receivable from completed construction contracts and other, as a result of higher sales, which offset a decrease of 5,036 million yen in cash and deposits mainly used for increased purchase of securities and treasury shares.
Liabilities
At the end of the consolidated fiscal year under review, the Group's total liabilities amounted to 29,973 million yen, up 5,915 million yen from the end of the previous fiscal year.
The primary reason for increased liabilities was rises in notes payable, accounts payable for construction contracts and other.
Net assets
Net assets at the end of the consolidated fiscal year under review increased by 1,305 million yen compared to the end of the previous fiscal year, to 64,714 million yen, mainly reflecting profit attributable to owners of parent amounting to 4,644 million yen, despite decreases mainly resulting from distribution of surplus and acquisition of treasury shares.
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