Translation
Notice: This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the event of any discrepancy between this translated document and the original Japanese document, the latter shall prevail.
Summary of Consolidated Financial Results for the Nine Months Ended November 30, 2024 (Based on Japanese GAAP)
January 14, 2025
Company name: | IDOM Inc. | |||
Stock exchange listing: | Tokyo | |||
Stock code: | 7599 | URLhttps://221616.com | ||
Representative: | President | Yusuke Hatori | ||
Inquiries: | Director CFO | Ryo Nishihata | TEL 050-1749-8962 | |
Scheduled date to commence dividend payments: | - | |||
Preparation of supplementary material on quarterly financial results: | Yes | |||
Holding of quarterly financial results meeting: | No |
(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the nine months ended November 30, 2024 (from March 1, 2024 to November 30, 2024)
(1) Consolidated operating results (cumulative) | Percentages indicate year-on-year changes | |||||||||||||||
Net sales | Operating profit | Ordinary profit | Profit attributable to | |||||||||||||
owners of parent | ||||||||||||||||
Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | |||||||||
Nine months ended November 30, 2024 | 380,515 | 23.7 | 15,058 | 39.1 | 14,524 | 37.1 | 9,801 | 35.4 | ||||||||
Nine months ended November 30, 2023 | 307,710 | (5.1) | 10,829 | (23.3) | 10,597 | (22.6) | 7,237 | (35.5) | ||||||||
Earnings per share | Diluted earnings per share | |||||||||||||||
Yen | Yen | |||||||||||||||
Nine months ended November 30, 2024 | 97.62 | - | ||||||||||||||
Nine months ended November 30, 2023 | 72.08 | - | ||||||||||||||
(2) Consolidated financial position | ||||||||||||||||
Total assets | Net assets | Equity ratio | Net assets per share | |||||||||||||
Millions of yen | Millions of yen | % | Yen | |||||||||||||
As of November 30, 2024 | 200,506 | 76,438 | 37.6 | 750.37 | ||||||||||||
As of February 29, 2024 | 184,031 | 69,930 | 37.5 | 687.34 | ||||||||||||
2. Cash dividends | ||||||||||||||||
Annual dividends per share | ||||||||||||||||
1st quarter-end | 2nd quarter-end | 3rd quarter-end | Fiscal year-end | Total | ||||||||||||
Yen | Yen | Yen | Yen | Yen | ||||||||||||
Year ended February 29, 2024 | - | 14.41 | - | 19.78 | 34.19 | |||||||||||
Year ending February 28, 2025 | - | 19.38 | ||||||||||||||
Year ending February 28, 2025 (Forecast) | - | 21.25 | 40.63 | |||||||||||||
3. Forecast of consolidated financial results for the year ending February 28, 2025 (from March 1, 2024 to February 28, 2025)
Percentages indicate year-on-year changes
Net sales | Operating profit | Ordinary profit | Profit attributable to | Earnings per share | |||||||
owners of parent | |||||||||||
Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | Yen | |||
Full year | 500,000 | 19.1 | 20,300 | 26.0 | 19,800 | 25.1 | 13,600 | 18.9 | 135.45 | ||
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4. Notes | ||||||
(1) | Changes in significant subsidiaries during the nine months ended November 30, 2024 | No | ||||
(changes in specified subsidiaries resulting in the change in scope of consolidation): | ||||||
(2) | Application of special accounting methods for preparing quarterly consolidated financial statements: | No | ||||
(3) | Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements | |||||
Changes in accounting policies due to revisions to accounting standards and other regulations: | No | |||||
Changes in accounting policies due to other reasons: | No | |||||
Changes in accounting estimates: | No | |||||
Restatement of prior period financial statements: | No | |||||
(4) | Number of issued shares (common shares) | |||||
Total number of issued shares at the end of the period (including treasury shares) | ||||||
As of November 30, 2024 | 106,888,000 shares | As of February 29, 2024 | 106,888,000 shares | |||
Number of treasury shares at the end of the period | ||||||
As of November 30, 2024 | 6,480,770 shares | As of February 29, 2024 | 6,480,691 shares | |||
Average number of shares during the period (cumulative from the beginning of the fiscal year) | ||||||
Nine months ended November 30, 2024 | 100,407,290 shares | Nine months ended November 30, 2023 | 100,407,348 shares |
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1. Qualitative Information on Quarterly Financial Results
(1) Analysis of operating results
In the third quarter of the fiscal year under review (March 1 to November 30, 2024), retail unit sales at directly managed stores in Japan were 113,519 (up 6.6% year on year), a record high for first nine months sales. This is mainly owed to the commencement of operation of large stores opened in the previous fiscal year and robust retail unit sales at existing large stores. The Company was able to increase the number of cars sold while also maintaining high gross profit per unit on a retail basis, mainly due to pricing that did not assume discounts.
Consolidated selling, general and administrative expenses increased, chiefly reflecting higher personnel expenses due to a rise in the number of
employees linked to the opening of large stores, as well as advertising expenses and rent expenses on land and buildings.
As a result of the above, the consolidated business results for the first nine months under review were net sales of 380,515 million yen (up 23.7% year on year), operating profit of 15,058 million yen (up 39.1%), ordinary profit of 14,524 million yen (up 37.1%), and profit attributable to owners of parent of 9,801 million yen (up 35.4%).
Regional segment-specific earnings are as indicated below:
I. Japan
The results of the Japan segment were net sales of 377,519 million yen (up 23.6% year on year) and segment profit (operating profit) of 14,982 million yen (up 39.5% year on year). The Japan segment recorded higher revenue and profits, primarily due to increases in retail and wholesale unit prices and gross profit per retail unit from higher auto auction market prices.
II. Others
The results of the Other (Differences) segment were net sales of 2,995 million yen (up 33.2% year on year) and segment profit (operating profit) of 78 million yen (down 4.1% year on year).
-
Analysis of financial position Assets
Total assets as of the end of the first nine months ended November 30, 2024, were 200,506 million yen (up 9.0% compared to the end of the previous fiscal year).
Current assets were 146,194 million yen (up 8.8% compared to the end of the previous fiscal year), due primarily to an increase in
merchandise (up 11,809 million yen), despite a decrease in cash and deposits (down 10,205 million yen).
Non-current assets were 54,311 million yen (up 9.2% from the end of the previous fiscal year) due primarily to an increase in buildings and structures (up 2,851million yen), an increase in leasehold and guarantee deposits (up 633 million yen), and an increase in construction in progress (up 552 million yen).
Liabilities
Total liabilities as of the end of the first nine months ended November 30, 2024, were 124,067 million yen (up 8.7% compared to the end of the previous fiscal year).
Current liabilities stood at 49,818 million yen (down 21.3% from the end of the previous fiscal year) due to the current portion of long-term
borrowings (down 16,300 million yen from the end of the previous fiscal year).
Non-current liabilities were 74,248 million yen (up 46.2% compared to the end of the previous fiscal year), mainly reflecting increases in long- term borrowings (up 20,000 million yen) and bonds (up 3,000 million yen).
Net assets
Total net assets as of the end of the first nine months ended November 30, 2024, were 76,438 million yen (up 9.3% compared to the end of the previous fiscal year) due chiefly to an increase in retained earnings (up 5,869 million yen).
(3) Consolidated earnings forecast and other forward-looking statements
Looking at the consolidated earnings forecasts for the fiscal year ending February 28, 2025, there are no changes in the figures that were
presented in the "Summary of Consolidated Financial Results for the Six Months Ended August 31, 2024 (Based on Japanese GAAP) "
announced on October 15, 2024.
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Quarterly consolidated financial statements
Consolidated balance sheets
(Millions of yen) | |||
As of February 29, 2024 | As of November 30, 2024 | ||
Assets | |||
Current assets | |||
Cash and deposits | 30,548 | 20,343 | |
Notes and accounts receivable - trade | 12,631 | 20,695 | |
Merchandise | 85,994 | 97,803 | |
Other operating assets | - | 1,891 | |
Other | 5,606 | 6,279 | |
Allowance for doubtful accounts | (498) | (819) | |
Total current assets | 134,281 | 146,194 | |
Non-current assets | |||
Property, plant and equipment | |||
Buildings and structures | 47,376 | 51,163 | |
Accumulated depreciation | (18,611) | (19,548) | |
Buildings and structures, net | 28,764 | 31,615 | |
Vehicles | 2,214 | 1,792 | |
Accumulated depreciation | (186) | (304) | |
Vehicles, net | 2,027 | 1,488 | |
Tools, furniture and fixtures | 5,735 | 6,427 | |
Accumulated depreciation | (3,734) | (4,053) | |
Tools, furniture and fixtures, net | 2,000 | 2,373 | |
Land | 136 | 136 | |
Lease assets | - | 154 | |
Construction in progress | 683 | 1,235 | |
Other | 217 | 219 | |
Total property, plant and equipment | 33,829 | 37,224 | |
Intangible assets | |||
Software | 1,249 | 1,266 | |
Goodwill | 78 | 72 | |
Other | 2 | 2 | |
Total intangible assets | 1,330 | 1,341 | |
Investments and other assets | |||
Investment securities | 0 | 0 | |
Shares of subsidiaries and associates | 29 | 29 | |
Long-term loans receivable | 1,574 | 1,869 | |
Leasehold and guarantee deposits | 5,514 | 6,147 | |
Construction assistance fund receivables | 3,537 | 3,733 | |
Deferred tax assets | 3,471 | 3,502 | |
Other | 464 | 465 | |
Allowance for doubtful accounts | (2) | (2) | |
Total investments and other assets | 14,589 | 15,745 | |
Total non-current assets | 49,749 | 54,311 | |
Total assets | 184,031 | 200,506 |
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(Millions of yen) | |||
As of February 29, 2024 | As of November 30, 2024 | ||
Liabilities | |||
Current liabilities | |||
Accounts payable - trade | 5,783 | 6,356 | |
Short-term loans payable | - | 800 | |
Current portion of long-term borrowings | 16,300 | - | |
Accounts payable - other | 4,151 | 4,774 | |
Income taxes payable | 2,556 | 3,349 | |
Contract liabilities | 26,809 | 26,688 | |
Deposits received | 247 | 424 | |
Provision for bonuses | 1,046 | 330 | |
Other provisions | 48 | 48 | |
Other | 6,384 | 7,045 | |
Total current liabilities | 63,327 | 49,818 | |
Non-current liabilities | |||
Bonds | - | 3,000 | |
Long-term borrowings | 46,700 | 66,700 | |
Long-term guarantee deposits | 679 | 764 | |
Asset retirement obligations | 3,085 | 3,303 | |
Other | 308 | 481 | |
Total non-current liabilities | 50,773 | 74,248 | |
Total liabilities | 114,101 | 124,067 | |
Net assets | |||
Shareholders' equity | |||
Share capital | 4,157 | 4,157 | |
Capital surplus | 4,726 | 5,240 | |
Retained earnings | 64,093 | 69,963 | |
Treasury shares | (4,344) | (4,344) | |
Total shareholders' equity | 68,631 | 75,016 | |
Accumulated other comprehensive income | |||
Foreign currency translation adjustment | 381 | 326 | |
Total accumulated other comprehensive income | 381 | 326 | |
Share acquisition rights | 10 | 13 | |
Non-controlling interests | 906 | 1,082 | |
Total net assets | 69,930 | 76,438 | |
Total liabilities and net assets | 184,031 | 200,506 |
5
Consolidated statements of income (cumulative) and consolidated statements of comprehensive income (cumulative)
Consolidated statements of income (cumulative)
(Millions of yen) | |||
Nine months ended | Nine months ended | ||
November 30, 2023 | November 30, 2024 | ||
Net sales | 307,710 | 380,515 | |
Cost of sales | 254,310 | 313,938 | |
Gross profit | 53,399 | 66,576 | |
Selling, general and administrative expenses | 42,570 | 51,517 | |
Operating profit | 10,829 | 15,058 | |
Non-operating income | |||
Interest income | 149 | 92 | |
Other | 34 | 40 | |
Total non-operating income | 183 | 133 | |
Non-operating expenses | |||
Interest expenses | 253 | 356 | |
Foreign exchange losses | 101 | 80 | |
Commission expenses | - | 169 | |
Other | 59 | 60 | |
Total non-operating expenses | 415 | 667 | |
Ordinary profit | 10,597 | 14,524 | |
Extraordinary income | |||
Gain on sale of non-current assets | 14 | 0 | |
Subsidy income | 83 | - | |
Other | 6 | 7 | |
Total extraordinary income | 103 | 7 | |
Extraordinary losses | |||
Loss on retirement of non-current assets | 22 | 60 | |
- | 31 | ||
Information security expenses | 131 | - | |
Other | 4 | 2 | |
Total extraordinary losses | 159 | 94 | |
Profit before income taxes | 10,542 | 14,437 | |
Income taxes - current | 2,733 | 4,782 | |
Income taxes - deferred | 600 | (30) | |
Total income taxes | 3,334 | 4,751 | |
Profit | 7,207 | 9,685 | |
Profit (loss) attributable to non-controlling interests | (29) | (116) | |
Profit attributable to owners of parent | 7,237 | 9,801 | |
6
Consolidated statements of comprehensive income (cumulative)
(Millions of yen) | |||||
5 | Nine months ended | Nine months ended | |||
November 30, 2023 | November 30, 2024 | ||||
Profit | 7,207 | 9,685 | |||
Other comprehensive income | |||||
Foreign currency translation adjustment | 144 | (55) | |||
Total other comprehensive income | 144 | (55) | |||
Comprehensive income | 7,352 | 9,630 | |||
Comprehensive income attributable to | |||||
Comprehensive | income | attributable to owners of | 7,382 | 9,746 | |
parent | |||||
Comprehensive | income | attributable | to non- | (29) | (116) |
controlling interests | |||||
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