Note:This document is a translation of a part of the original Japanese version and provided for reference purposes only. In the event of any discrepancy between the Japanese original and this English translation, the Japanese original shall prevail.
Non-consolidated Financial Results
for the Three Months Ended May 31, 2022
[Japanese GAAP]
July 08, 2022 | |||||||||||||||
Company name: WADAKOHSAN CORPORATION | |||||||||||||||
Stock exchange listing: Tokyo | |||||||||||||||
Code number: 8931 | |||||||||||||||
URL: http://www.wadakohsan.co.jp | |||||||||||||||
Representative: Toshiya Mizomoto | President and Representative Director | ||||||||||||||
Contact: Hiroyuki Kurokawa | Director, General Manager of General Planning and Policy Dept. | ||||||||||||||
Phone: +81-78-361-1510 | |||||||||||||||
Scheduled date of filing quarterly securities report: July 15, 2022 | |||||||||||||||
Scheduled date of commencing dividend payments: - | |||||||||||||||
Availability of supplementary briefing material on quarterly financial results: No | |||||||||||||||
Schedule of quarterly financial results briefing session: No | |||||||||||||||
(Amounts of less than one million yen are rounded down) | |||||||||||||||
1. Non-consolidated Financial Results for the Three Months Ended May 31, 2022 (March 01, 2022 to May 31, 2022) | |||||||||||||||
(1) Non-consolidated Operating Results | (% indicates changes from the previous corresponding period.) | ||||||||||||||
Net sales | Operating profit | Ordinary profit | Net income | ||||||||||||
Three months ended | Million yen | % | Million yen | % | Million yen | % | Million yen | % | |||||||
May 31, 2022 | 10,538 | (3.9) | 1,161 | 3.6 | 1,020 | 5.6 | 721 | 8.1 | |||||||
May 31, 2021 | 10,969 | 35.2 | 1,120 | 169.0 | 966 | 377.0 | 666 | 780.0 | |||||||
Basic earnings | Diluted earnings per | ||||||||||||||
per share | share | ||||||||||||||
Three months ended | Yen | Yen | |||||||||||||
May 31, 2022 | 64.96 | - | |||||||||||||
May 31, 2021 | 60.07 | - | |||||||||||||
(2) Non-consolidated Financial Position | |||||||||||||||
Total assets | Net assets | Capital adequacy ratio | |||||||||||||
As of | Million yen | Million yen | % | ||||||||||||
May 31, 2022 | 92,481 | 27,138 | 29.3 | ||||||||||||
February 28, 2022 | 98,302 | 26,656 | 27.1 | ||||||||||||
(Reference) Equity: As of | May 31, 2022: | ¥ | 27,138 million | ||||||||||||
As of | February 28, 2022: | ¥ | 26,656 million |
2. Dividends
Annual dividends | |||||||
1st | 2nd | 3rd | Year-end | Total | |||
quarter-end | quarter-end | quarter-end | |||||
Yen | Yen | Yen | Yen | Yen | |||
Fiscal year ended February 28, 2022 | - | 18.00 | - | 22.00 | 40.00 | ||
Fiscal year ending February 28, 2023 | - | ||||||
Fiscal year ending February 28, 2023 | 21.00 | - | 21.00 | 42.00 | |||
(Forecast) | |||||||
(Note) Revision to the forecast for dividends announced most recently: | No |
3. Non-consolidated Financial Results Forecast for the Fiscal Year Ending February 28, 2023(March 01, 2022 to February 28, 2023) (% indicates changes from the previous corresponding period.)
Net sales | Operating profit | Ordinary profit | Net income | Basic earnings | |||||||
per share | |||||||||||
Six months ended August | Million yen | % | Million yen | % | Million yen | % | Million yen | % | Yen | ||
19,000 | 8.6 | 1,700 | 12.4 | 1,300 | 9.3 | 900 | 9.6 | 81.08 | |||
31, 2022 | |||||||||||
Full year | 42,000 | 0.5 | 3,700 | (4.7) | 2,900 | (8.3) | 2,000 | (14.4) | 180.18 | ||
(Note) Revision to the financial results forecast announced most recently: | No | ||||||||||
* Notes: | |||||||||||
(1) Accounting policies adopted specially for the preparation of quarterly Non-consolidated financial statements: | No |
- Changes in accounting policies, changes in accounting estimates and retrospective restatement
- Changes in accounting policies due to the revision of accounting standards: Yes
- Changes in accounting policies other than 1) above: No
- Changes in accounting estimates: No
- Retrospective restatement: No
- Total number of issued shares (common shares)
- Total number of issued shares at the end of the period (including treasury shares):
May 31, 2022: | 11,100,000 | shares |
February 28, 2022: | 11,100,000 | shares |
2) Total number of treasury shares at the end of the period: | ||
May 31, 2022: | 248 | shares |
February 28, 2022: | 248 | shares |
3) Average number of shares during the period: | ||
Three months ended May 31, 2022: | 11,099,752 | shares |
Three months ended May 31, 2021: | 11,099,752 | shares |
- Quarterly results reports are exempt from quarterly review conducted by certified public accountants or an audit corporation.
- Proper use of earnings forecasts, and other special matters
Forward-looking statements in this document, including the forecasts of financial results, etc., are based on the information currently available to the Company and certain assumptions deemed to be reasonable. Actual performance and other results may differ materially from these forecasts are due to various factors.
Quarterly Non-consolidated Financial Statements
Quarterly Non-consolidated Balance Sheets
(Thousand yen) | |||
As of February 28,2022 | As of May 31,2022 | ||
Assets | |||
Current assets | |||
Cash and deposits | 17,007,822 | 15,932,554 | |
Accounts receivable - trade | 8,011 | 7,276 | |
Lease receivables | 836,448 | 831,513 | |
Real estate for sale | 10,478,002 | 9,300,962 | |
Real estate for sale in process | 40,872,549 | 37,706,003 | |
Other | 751,637 | 387,211 | |
Allowance for doubtful accounts | (9,110) | (9,103) | |
Current assets | 69,945,361 | 64,156,417 | |
Non-current assets | |||
Property, plant and equipment | |||
Buildings, net | 12,307,683 | 12,189,617 | |
Land | 13,220,208 | 13,216,663 | |
Other, net | 143,784 | 372,725 | |
Property, plant and equipment | 25,671,676 | 25,779,006 | |
Intangible assets | 617,874 | 618,290 | |
Investments and other assets | |||
Deferred tax assets | 501,645 | 349,082 | |
Other | 1,581,242 | 1,594,178 | |
Allowance for doubtful accounts | (15,587) | (15,584) | |
Investments and other assets | 2,067,300 | 1,927,676 | |
Non-current assets | 28,356,851 | 28,324,973 | |
Assets | 98,302,213 | 92,481,390 | |
―1―
(Thousand yen) | ||||
As of February 28,2022 | As of May 31,2022 | |||
Liabilities | ||||
Current liabilities | ||||
Notes and accounts payable - trade | 4,012,434 | 858,953 | ||
Electronically recorded obligations - operating | 9,191,830 | 7,970,014 | ||
Short-term borrowings | 7,307,600 | 8,642,900 | ||
Current portion of bonds payable | 224,300 | 64,500 | ||
Current portion of long-term borrowings | 20,855,637 | 20,928,677 | ||
Income taxes payable | 672,171 | 172,247 | ||
Advances received | 4,202,226 | 3,889,166 | ||
Provision for bonuses | 121,507 | 188,322 | ||
Provision for bonuses for directors (and other | 8,475 | 16,950 | ||
officers) | ||||
Provision for warranties for completed | 21,000 | 14,000 | ||
construction | ||||
Asset retirement obligations | - | 2,500 | ||
Other | 1,231,558 | 1,261,326 | ||
Current liabilities | 47,848,740 | 44,009,558 | ||
Non-current liabilities | ||||
Bonds payable | 385,750 | 357,750 | ||
Long-term borrowings | 21,893,935 | 19,961,681 | ||
Provision for retirement benefits | 232,631 | 219,162 | ||
Provision for retirement benefits for directors (and | 547,883 | 79,629 | ||
other officers) | ||||
Asset retirement obligations | 324,277 | 322,169 | ||
Other | 412,305 | 393,240 | ||
Non-current liabilities | 23,796,782 | 21,333,632 | ||
Liabilities | 71,645,523 | 65,343,191 | ||
Net assets | ||||
Shareholders' equity | ||||
Share capital | 1,403,091 | 1,403,091 | ||
Capital surplus | 1,448,280 | 1,448,280 | ||
Retained earnings | 23,857,173 | 24,334,048 | ||
Treasury shares | (121) | (121) | ||
Shareholders' equity | 26,708,423 | 27,185,297 | ||
Valuation and translation adjustments | ||||
Valuation difference on available-for-sale | (26,924) | (28,376) | ||
securities | ||||
Deferred gains or losses on hedges | (24,808) | (18,721) | ||
Valuation and translation adjustments | (51,733) | (47,098) | ||
Net assets | 26,656,690 | 27,138,199 | ||
Liabilities and net assets | 98,302,213 | 92,481,390 | ||
―2―
Quarterly Non-consolidated Statements of Income
Quarterly Non-consolidated Statements of Income (For the three months)
(Thousand yen) | ||
For the three months | For the three months | |
ended May 31,2021 | ended May 31,2022 | |
Net sales | 10,969,087 | 10,538,957 |
Cost of sales | 8,839,739 | 8,384,071 |
Gross profit (loss) | 2,129,348 | 2,154,885 |
Selling, general and administrative expenses | 1,008,955 | 993,621 |
Operating profit (loss) | 1,120,392 | 1,161,264 |
Non-operating income | ||
Interest income | 69 | 53 |
Dividend income | 2,520 | 2,591 |
Foreign exchange gains | - | 12,255 |
Surrender value of insurance policies | 9,789 | 2,597 |
Commission income | 1,766 | 1,233 |
Other | 974 | 5,641 |
Non-operating income | 15,120 | 24,372 |
Non-operating expenses | ||
Interest expenses | 158,915 | 155,442 |
Financing expenses | 8,333 | 4,454 |
Other | 1,874 | 4,790 |
Non-operating expenses | 169,123 | 164,687 |
Ordinary profit (loss) | 966,389 | 1,020,949 |
Extraordinary income | ||
Gain on sale of non-current assets | 6,689 | 2 |
Extraordinary income | 6,689 | 2 |
Extraordinary losses | ||
Loss on sale of non-current assets | 625 | - |
Extraordinary losses | 625 | - |
Profit (loss) before income taxes | 972,454 | 1,020,951 |
Income taxes - current | 223,000 | 150,000 |
Income taxes - deferred | 82,648 | 149,881 |
Income taxes | 305,648 | 299,881 |
Profit (loss) | 666,805 | 721,069 |
―3―