The firm of innovative financing
Results for First Three Quarters of Fiscal 2020, ending September 30, 2020
August 2020
FinTech Global Incorporated
Mothers Stock Code: 8789
http://www.fgi.co.jp/english/
- FinTech, in katakana script and English letters (registration 5113746), FinTech Global, in English letters (registration 5811521) and in katakana script (registration 5811522), and FGI (registration 5113748) are registered trademarks of FinTech Global Incorporated.
Index
Fiscal 2020 First Three Quarters Consolidated Business Summary ・・・・・2
Fiscal 2020 First Three Quarters Consolidated Performance ・・・・・・・・3
Business Summary by Segment ・・・・・・・・・・・・・・・・・・・4
Investment Banking Business-Revenues and gross profit by service ・・・・6
Change in Metsä Village Rental Method ・・ ・ ・・・・ ・・・・・・・・7
Changes in Entertainment Service Business Results ・・・・・・ ・・・・・8
Measures Taken at Metsä to Stop Spread of COVID-19・・・・・・・・・・9
Activities to Draw Visitors・・・・・・・・・・・・・・ ・・・・・・・10
Trends in Balance of Investments and Loans (FGI, FGT total) ・・・・・・・11
Changes in Assets under Management ・・・・・・・・・・・・・・・・12
Consolidated Balance Sheets ・・・・・・・・・・・・・・・・・・・・13
Consolidated Statements of Income ・・・・・・・・・・・・・・・・・14
About Performance Estimate ・・・・・ ・・・・ ・・・ ・・・・・・・15
Changes in Key Financial Data ・・・・・・・・・・・・・・・・・・・16
Corporate Data・・・・・・・・・・・・・・・・・・・・・・・・・・17
Copyright© FinTech Global Incorporated | 1 |
Fiscal 2020 First Three Quarters Business Summary
(Millions of yen) | ||||||||
Fiscal 2019 First Three Quarters | Fiscal 2020 First Three Quarters | YOY Change Amount | ||||||
Revenues | 6,689 | 5,196 | (1,492) | |||||
Gross profit | 2,275 | 1,670 | (605) | |||||
Operating income(loss) | (1,307) | (893) | +413 | |||||
Ordinary income(loss) | (1,445) | (989) | +456 | |||||
Profit/(loss) attributable to | (1,210) | (1,045) | +164 | |||||
owners of the parent | ||||||||
EBITDA | (831) | (337) | +494 | |||||
Note: EBITDA is calculated by adding depreciation and amortization of goodwill to operating profit | ||||||||
Revenues | Lower revenues due to temporary park closure and delay in investment exits | |||||||
• Moominvalley Park temporarily closed for 80 days due to COVID-19 pandemic. | ||||||||
• Effect of COVID-19 pandemic delayed investment exits in investment banking business. | ||||||||
Aircraft asset management services favorable. |
Gross profit
Operating income (loss)
Effect of impairment loss on corporate investment significantly reduced.
- Impairment loss on corporate investment dropped to ¥18 million, compared with ¥366 million in the corresponding period a year ago.
SGA expenses down 28%. Operating loss less deep.
- Metsä implemented management system to deal with drop in visitor count and made headway in tightening costs and securing capital to run the site.
- Metsä pre-opening costs and other one-time expenses no longer a factor, and expenses down in investment banking business as well.
Profit (loss) attributable to
owners of parent
Posted extraordinary loss of ¥292 million, which includes fixed costs incurred during closure of Moominvalley Park.
Note that, Moomin Monogatari has reinforced its structure for continued business activities amid prolonged COVID-19 pandemic with support and cooperation of stakeholders, including licensees, shareholders and financial institutions
Copyright© FinTech Global Incorporated | 2 |
Quarterly Changes in Consolidated Performance
(Millions of yen)
Fiscal 2019 | Fiscal 2020 | QOQ change | YOY change | |||||||||
1Q | 2Q | 3Q | First three | 4Q | Full year | 1Q | 2Q | 3Q | First three | ¥ change | ¥ change | |
quarters | quarters | % change | % change | |||||||||
(1,133) | (1,492) | |||||||||||
Revenues | 1,020 | 2,257 | 3,411 | 6,689 | 2,486 | 9,175 | 2,209 | 2,060 | 926 | 5,196 | ||
(55.0%) | (22.3%) | |||||||||||
(235) | (605) | |||||||||||
Gross profit | 455 | 495 | 1,324 | 2,275 | 669 | 2,944 | 696 | 604 | 1368 | 1,670 | ||
(39.0%) | (26.6%) | |||||||||||
(162) | +413 | |||||||||||
Operating income(loss) | (747) | (720) | 160 | (1,307) | (356) | (1,664) | (258) | (236) | (398) | (893) | (-) | (-) |
(165) | +456 | |||||||||||
Ordinary income(loss) | (804) | (762) | 121 | (1,445) | (404) | (1,850) | (297) | (263) | (428) | (989) | (-) | (-) |
Profit/(loss) attributable | (167) | +164 | ||||||||||
(599) | (645) | 34 | (1,210) | (376) | (1,586) | (284) | (296) | (464) | (1,045) | |||
to owners of the parent | (-) | (-) | ||||||||||
(284) | +494 | |||||||||||
EBITDA | (679) | (568) | 416 | (831) | (104) | (935) | (5) | (23) | (307) | (337) | (-) | (-) |
Note: EBITDA is calculated by adding depreciation and amortization of goodwill to operating profit
Copyright© FinTech Global Incorporated | 3 |
Business Summary by Segment (1)
(Millions of yen)
Fiscal 2019 | Fiscal 2020 | QOQ | ||||||||||||||||
Reporting Segments | First three | First three | YOY change | |||||||||||||||
1Q | 2Q | 3Q | 4Q | 1Q | 2Q | 3Q | change | |||||||||||
quarters | quarters | |||||||||||||||||
Revenue | 405 | 975 | 1,230 | 2,611 | 782 | 3,393 | 555 | 849 | 497 | 1,901 | (351) | (709) | ||||||
Investment Banking | Gross Profit | 249 | 130 | 466 | 846 | 293 | 1,139 | 316 | 403 | 325 | 1,045 | (77) | +198 | |||||
Business | ||||||||||||||||||
Operating | ||||||||||||||||||
(128) | (276) | 26 | (378) | (100) | (478) | (71) | 36 | 26 | (8) | (9) | +369 | |||||||
income | ||||||||||||||||||
Revenue | 182 | 263 | 148 | 593 | 79 | 673 | 64 | 62 | 43 | 170 | (19) | (423) | ||||||
Public Management | Gross Profit | 88 | 149 | 78 | 316 | 47 | 364 | 33 | 34 | 25 | 93 | (9) | (222) | |||||
Consulting Business | Operating | 10 | 65 | (3) | 72 | 6 | 79 | (7) | (5) | (12) | (25) | (7) | (98) | |||||
income | ||||||||||||||||||
Revenue | 484 | 1,078 | 2,122 | 3,685 | 1,721 | 5,407 | 1,647 | 1,202 | 448 | 3,298 | (754) | (387) | ||||||
Entertainment | Gross Profit | 131 | 228 | 808 | 1,168 | 376 | 1,545 | 376 | 190 | 50 | 617 | (140) | (551) | |||||
Service Business | Operating | (392) | (299) | 346 | (345) | (78) | (423) | (18) | (142) | (253) | (414) | (111) | (68) | |||||
income | ||||||||||||||||||
Revenue | 7 | 13 | 3 | 24 | ‐ | 24 | - | - | - | - | - | (24) | ||||||
Others | Gross Profit | 7 | 13 | 3 | 24 | ‐ | 24 | - | - | - | - | - | (24) | |||||
Operating | (4) | 0 | (8) | (12) | ‐ | (12) | - | - | - | - | - | +12 | ||||||
income | ||||||||||||||||||
Adjustment | Revenue | (60) | (73) | (93) | (226) | (97) | (324) | (57) | (54) | (62) | (173) | (8) | +53 | |||||
(Elimination of | Gross Profit | (21) | (26) | (32) | (80) | (48) | (128) | (29) | (24) | (32) | (86) | (8) | (5) | |||||
transactions among | ||||||||||||||||||
Operating | ||||||||||||||||||
segments and | (232) | (210) | (201) | (644) | (185) | (829) | (161) | (124) | (158) | (445) | (34) | +199 | ||||||
corporate expenses) | income | |||||||||||||||||
Amount Booked on | Revenue | 1,020 | 2,257 | 3,411 | 6,689 | 2,486 | 9,175 | 2,209 | 2,060 | 926 | 5,196 | (1,133) | (1,492) | |||||
Gross Profit | 455 | 495 | 1,324 | 2,275 | 669 | 2,944 | 696 | 604 | 368 | 1,670 | (235) | (605) | ||||||
Consolidated | ||||||||||||||||||
Statement of Income | Operating | (747) | (720) | 160 | (1,307) | (356) | (1,664) | (258) | (236) | (398) | (893) | (162) | +413 | |||||
income | ||||||||||||||||||
Moominvalley | ||||||||||||||||||
Geoplan | Park and | |||||||||||||||||
Metsä Village | Moominvalley | Namtech and | Moominvalley | Metsä Village | ||||||||||||||
Related issues | opened in | Park opened in | Adacotech | Park closed | closed | |||||||||||||
November | removed from | temporarily | ||||||||||||||||
March 2019 | for 16 days | |||||||||||||||||
2018 | scope of | for 80 days | ||||||||||||||||
consolidation | and 44 days, | |||||||||||||||||
respectively |
- Revenue for each segment includes intersegment revenue and transfers.
- The ¥(445) million operating loss for the first three quarters of fiscal 2020 , under adjustment, includes intersegment elimination (¥174 million in the first three quarters of fiscal 2020) as well as corporate expenses (¥(619) million in the same period) that are not allocated to any reporting segment. Corporate expenses are general and administrative expenses not associated with any reporting segment, mainly because it is difficult to justifiably allocate such expenses to any particular reporting segment.
Copyright© FinTech Global Incorporated | 4 |
Business Summary by Segment (2)
Revenues | Gross Profit |
Operating Income (loss) |
72 |
(Millions of yen)
8,000 | 3,000 |
24
6,000
2,000 | |||
3,685 | |||
4,000 | |||
3,298 | |||
593 | 1,000 | ||
2,000 | 170 | ||
2,611 |
24
1,168
617
31693
8461,045
- 8 | ||||||||||||
0 | ||||||||||||
- 378 | - | 25 | ||||||||||
- 414 | ||||||||||||
- 500 | ||||||||||||
- 345 - 12 | - 445 | |||||||||||
- 644 | ||||||||||||
- 1,000 | - 893 | |||||||||||
1,901 | - 173 | |||
0 | - 226 | 0 |
- 80- 86
- 1,500
- 1,307
2019/9 | 2020/9 |
3Q | 3Q |
6,689 | 5,196 |
Down 22.3%
2019/92020/9
3Q3Q
2,275 1,670
Down 26.6%
2019/92020/9
3Q3Q
Fixed expenses of ¥292 million incurred
during temporarily closure of Moominvalley
Park booked as extraordinary loss
Note: Segment breakdown uses non-eliminated values.
Investment | Public Management | Entertainment Service Business | Other | Corporate expenses and | |||||
Banking Business | Consulting Business | eliminated transactions | |||||||
Copyright© FinTech Global Incorporated | 5 |
Investment Banking Business-Revenues and gross profit by service
Closed real estate deals for which asset management services had been provided and posted increase in service revenues. Aircraft asset management moving in favorable direction. Corporate investment impairment loss no longer a factor, leading to 23.5% year-on-year increase in gross profit.
- Arrangements: Executed real estate M&A deals, and posted revenues from performance fees and trust beneficiary rights agency services.
- Asset investment: Exited real estate M&A deals connected to aforementioned agency services but expect to post investment revenue in fourth quarter. Progress on other deals is delayed.
- Metsä Village: Decrease due to introduction of free parking on weekdays, in effect since November 2019.
- Corporate investment: Impact from impairment loss on fund investment in third quarter of fiscal 2019 no longer a factor. Investment exit activity in second quarter, contributing to higher revenues and gross profit.
- Aircraft asset management: Favorable results despite significant COVID-19 pandemic impact.
(Millions of yen) | Revenues | (Millions of yen) | Gross Profit |
1,500 | |||
3,000 | |||
2,611
7 | |||||||||||||||
(Other) | 7 | 1,045 | |||||||||||||
889 | 1,901 | (Other) | |||||||||||||
2,000 | 1,000 | (337) | 5 | ||||||||||||
5 | 539 | (Other) | |||||||||||||
29 | |||||||||||||||
186 | 846 | ||||||||||||||
(Corporate | 557 | ||||||||||||||
investment) | 880 | ||||||||||||||
1,000 | 73 | 500 | 186 | ||||||||||||
135 | 55 | ||||||||||||||
1,218 | |||||||||||||||
190 | 96 | ||||||||||||||
512 | 43 | ||||||||||||||
279 | 294 | 260 | 286 | ||||||||||||
0 | 0 | ||||||||||||||
2019/9… | 2020/9… | 2019/9 | 2020/9 | ||||||||||||
3Q | 3Q |
Note: Intersegment transactions use non-eliminated values.
Copyright© FinTech Global Incorporated
Other
Aircraft asset management
Corporate investment
Asset investment
Metsä Village
Arrangements, asset management, M&A agency services and other services
6
Change in Metsä Village Rental Method
Shift from master lease system to direct renting to tenants. Accelerate trend toward improved value.
Moomin Monogatari ran the commercial facilities of Metsä Village under a master lease agreement with FGI and subleased space to tenants. However, seeking a better system that would support efforts to boost value through facility development and heightened appeal and promote smooth exit of investments at a later date, in April 2020, FGI shifted to a subcontracting system wherein the Company rents Metsä Village space directly to tenants and then outsources asset management responsibilities to FinTech Asset Management and property management responsibilities to Moomin Monogatari.
Until end of March 31, 2020
Operation
Restaurants
Parking lots
Rental | ||
FGI | Moomin | Various charges |
Monogatari | ||
Rent | Rental |
Rent
From beginning of April 2020
FAM
Asset management | Asset management services | |
Subcontracting | ||
agreement | ||
fee | ||
Rental | ||
FGI | ||
Property management | Facility | Rent, store-opening fee |
agreement | ||
management | ||
Property management services | ||
fee |
Moomin Monogatari
Copyright© FinTech Global Incorporated
Events
Exhibition space
Tenants
Tenants
Exhibition space
Events
Parking lots
As a tenant, Moomin Monogatari rents restaurants, offices and parking lot spaces and holds events and special exhibitions.
7
Changes in Entertainment Service Business Results (Quarterly)
Moominvalley Park closed temporarily-80 days in second and third quarters-to help stop spread of COVID-19
• Metsä-related: | Moominvalley Park closed for 16 days in second quarter and 64 days in third quarter (27 days of operation between June 4 - 30). |
Revenues for first three quarters of fiscal 2020 fell 17.3% over corresponding period a year ago, to ¥2,232 million. Operating division | |
and administrative division each worked to reduce costs given lower revenue status. |
- Licensing-related:Opening of Moominvalley Park piqued interest in using Moomin characters under license, leading to 23 new contracts since October 2019. Closure of large commercial facilities, which are key sales channels for licensees to market their merchandise, had negative impact, but situation countered by efforts to strengthen product categories and sales routes with future demand potential, such as online channels. Revenues hit ¥1,065 million, up 13.9% over the corresponding first three quarters of fiscal 2019.
Revenues | (Millions of yen) | (Thousands of people) | |||||||||||||||
(note 2) | 2,500 | 386 | 400 | ||||||||||||||
Metsä-related | 314 | ||||||||||||||||
2,000 | 328 | 2,122 | |||||||||||||||
Licensing income, | Guest count | 1,800 | Fixed expenses related to | ||||||||||||||
1,665 | the operation of | ||||||||||||||||
anime broadcasting | 211 | 1,776 | Moominvalley Park | ||||||||||||||
rights income | 262 | transferred to | |||||||||||||||
1,500 | (note 1) | 1,378 | 1,647 | ||||||||||||||
225 | extraordinary loss | ||||||||||||||||
1,721 | 1,344 | Q2: ¥71 million | |||||||||||||||
Other | 1,078 | Q3: ¥220 million | |||||||||||||||
Notes: | 1,000 | Operating expences | 1,202 | 160 | |||||||||||||
876 | |||||||||||||||||
701 | |||||||||||||||||
1. | In first quarter of fiscal 2019, there | 739 | 1,779 | 1,299 | 1,271 | 800 | |||||||||||
were 52 days of operation. Does | |||||||||||||||||
484 | 578 | ||||||||||||||||
not include pre-opening event. | 500 | 448 | 80 | ||||||||||||||
2. | Revenues are based on non- | 346 | |||||||||||||||
eliminated intersegment | 181 | 418 | 376 | 161 | 56 | ||||||||||||
402 | |||||||||||||||||
transactions. | 0 22 | 281 | 13 | 325 | 328 | 156 | 210 | 286 | |||||||||
3. | EBITDA is calculated by adding | 4 | 0 | ||||||||||||||
55 | (178) | ||||||||||||||||
depreciation and amortization of | EBITDA (347) | (171) | 15 | (18) | |||||||||||||
goodwill included in cost of | (78) | (142) | |||||||||||||||
revenue and selling, general and | (note 3) | (299) | (253) | ||||||||||||||
administrative expenses to | Segment income (loss) | ||||||||||||||||
operating profit. | (392) | 2Q | 3Q | 4Q | FY2020 | 2Q | 3Q | ||||||||||
1Q | Copyright© FinTech Global Incorporated | 1Q | 8 | ||||||||||||||
Measures Taken at Metsä to Stop Spread of COVID-19
Took measures to stop spread of COVID-19 while cutting costs, procuring capital. Prepared for prolonged impact on business.
Item | Details |
• In addition to cost-cutting based on initial budget, promote further cost reduction. | |
• Moomin Monogatari utilized institutional loans and borrowed ¥300 million. | |
• Loans extended by financial institutions to Moomin Monogatari and local special purpose company came with support | |
measures, including repayment deferral. Expect pandemic to have prolonged impact on business, and talks in progress with | |
Finances/cost control | lenders for flexible conditions on future repayment schedule. |
• Moomin Monogatari asked stakeholders for support and understanding. | |
FGI: ¥400 million in financial support and rent payment relief (implemented) | |
Moomin Characters: A licensee, company will give full cooperation to ensure that business activities continue going forward. | |
City of Hanno, Saitama Prefecture: Extended and enhanced acceptance of products supplied by Moomin Monogatari under | |
furusato nozei ("hometown tax" donation) system. | |
Tenants | • Tenants at Metsä Village were excused from paying some of their rent during site closure. |
• Staff who operate facilities laid off during temporary site closure. | |
Employees | • Applied for employment adjustment subsidy (about ¥60 million on application basis). Will begin receiving financial assistance |
in fourth quarter. | |
COVID-19 response | • Ensure "Three Cs" avoidance (closed spaces, crowded places, close-contact settings). Formulated "Peace of Mind |
Declaration." Stop spread of COVID-19. | |
Moominvalley Park | |
"Peace of Mind Declaration" |
Temperature check with thermography upon entering site
Admission to site restricted once certain level of capacity reached
©Moomin Characters TM
Service counter lines and seating spaced | Inside windows and doors opened to |
to maintain social distancing | improve ventilation |
Plexiglass dividers installed in areas, | Heightened cleaning and disinfecting |
such as service counters, where people | protocols as well as garbage collection |
are face-to-face | * Saitama Prefecture recommended businesses use | |
Enhanced cashless payment structure | "Sai-no-Kuni New Lifestyle Peace of Mind | |
Declaration" for creating guidelines to stop spread | ||
Copyright© FinTech Global Incorporated | of COVID-19 | 9 |
Activities to Draw Visitors
Once operations resumed, events brimming with appeal were launched Metsä Umbrella Sky Design Project 2020 on now!
Metsä Village closed April 8 - May 24
May 22 - August 30
"Forest and Lake and Umbrella"
March 2020 | April | May | June | July |
Moominvalley Park closed
March 2 - March 13 and March 28 -June 3
March 14 | June 4 - August 30 | July 18 - August 30 |
Moominvalley Park | ||
"Moominvalley and Umbrella" | "Hattifatteners' Thunder Splash" | |
1st anniversary | ||
August
August 8 - August 16 "Moomin's Day" Everyday for a week
Opened "A Little Girl Who Gained Courage
-
From Friends of Moominvalley" at Emma's
Theater
Revised ticket content and prices (Summary of revisions)
• Added facilities available for access on one- day pass
• Discounts on advance tickets
• Annual passport goes on sale (on official
Moomin site, until August 9)
Complementing "Forest and Lake and Umbrella" event at Metsä Village, installation of about 2,000 colorful umbrellas hangs above footpath for about 300m
Mist bathes visitors and Hattifatteners under the umbrella display in this fun event to beat the summer heat.
Moomin's Day, which is also Tove Jansson's birthday (August 9), is celebrated with a variety of activities.
©Moomin Characters TM
Copyright© FinTech Global Incorporated | 10 |
Trends in Balance of Investments and Loans (FGI, FGT total)
Key Components of Change in Third Quarter (April 2020 - June 2020) of Fiscal 2020
• | Principal investment: | New investment into growth company. Increased balance. |
• | Venture capital funds: | Impact of evaluation loss on FGF investment and exchange rates led to decrease. |
• | Corporate investment: | Partial recovery of loan to feed working capital at affiliated company. |
Partial recovery of loan to subsidiary special purpose company with capital stake in SGI. |
- Real estate (Metsä): FGI acquired parking lot lease assets from Moomin Monogatari following change in rental method at Metsä Village.
Total Investments and Loans by FGI and FinTech Global Trading (FGT) (including investments in subsidiaries)
(Millions of yen)
10,000
Note: Does not include contribution or loans between FGI and FGT | |||||
Principal investment | |||||
9,211 | Total of investments in securities, trade, investments in | ||||
8,601 | securities, equity in affiliated companies, and investments | ||||
8,642 | 8,592 | ||||
in capital to affiliated companies but excluding investments |
into venture capital funds.
2,688 | ||||
2,619 | 2,753 | 2,782 | ||
288 | 157 | |||
1,577 | 165 | 158 | ||
1,182 | ||||
1,318 | 1,203 | |||
5,000 | ||||
4,317 4,343 4,355 4,456
0
2019.9 | 2019.12 | 2020.3 | 2020.6 |
Venture capital funds
(Investment into FinTech GIMV Fund and two other funds.)
Corporate loans
Total of business loans and short-term loans to subsidiaries. Does not include receivables provided for in allowance for doubtful accounts, but all subsidiary loans are booked.
Real estate (investment banking business)
Investment real estate and development-use real estate in the investment banking business. On the balance sheets, booked under real estate for sale in progress and real estate for sale.
Real estate (Metsä business)
Real estate for Metsä. Metsä Village real estate booked under real estate for sale in progress and real estate for sale. Moominvalley Park land, while legally transferred to local special purpose company, is included in this amount because on
an accounting basis it is booked under FGI's noncurrent assets.
Copyright© FinTech Global Incorporated | 11 |
Changes in Assets under Management
FinTech Asset Management (FAM) FGI Capital Partners (FGICP)
Executed third-quarter exit of real estate M&A deal* formed by FGI in second quarter and into which FGI contributed capital as well as investment deal for healthcare facility. Consequently, FAM's balance of assets under management decreased.
•*Real estate M&As
Undertaken to sell/purchase shares in a corporation where principal assets are primarily real estate, compared with typical M&As where the purpose is to sell/purchase a business in a company. The target of sale/purchase is not just the real estate held by the corporation but rather to shift assets and liabilities other than real estate held by the corporation from the seller (former shareholder(s) to the buyer (new shareholders) through the sale/purchase of shares in the corporation.
(Millions of yen)
30,000
20,000
10,000
0
FGICP | |||
22,807 | (Discretionary investment) | ||
FAM | |||
(Real estate, excluding | |||
healthcare) | |||
FAM | |||
(Healthcare facilities) |
Notes: 1. Healthcare facilities: Mainly housing for seniors.
2. The balance of assets under management is calculated on the basis of such factors as recent financial statements available to FAM and the acquisition cost of real estate.
2018.9 | 2019.9 | 2019.12 | 2020.3 | 2020.6 |
Copyright© FinTech Global Incorporated | 12 |
Consolidated Balance Sheets
(Thousands of yen)
Fiscal 2020 | |||||||||
Assets | Fiscal 2019 | First Three | Change | ||||||
Quarters | |||||||||
Current assets | 10,438,589 | 8,861,461 | (1,577,127) | ||||||
Cash and time deposits | 2,533,187 | 2,022,051 | (511,136) | ||||||
Accounts receivable, trade | 727,499 | 497,819 | (229,679) | ||||||
1 | Investments in securities, trade | 1,359,941 | 1,268,465 | (91,476) | |||||
Loans receivable, trade | 548,625 | 518,287 | (30,337) | ||||||
2 | Real estate for sale | 4,211,988 | 3,997,927 | (214,061) | |||||
Merchandise | 208,577 | 300,816 | 92,238 | ||||||
3 | |||||||||
Other | 948,410 | 349,185 | (599,225) | ||||||
Allowance for doubtful | (99,641) | (93,091) | 6,549 | ||||||
accounts | |||||||||
Noncurrent assets | 8,586,424 | 8,060,716 | (525,707) | ||||||
4 | Property, plant and equipment | 7,283,853 | 6,873,423 | (410,429) | |||||
Intangible fixed assets | 724,929 | 656,616 | (68,313) | ||||||
Investments and other assets | 577,641 | 530,677 | (46,964) | ||||||
Total assets | 19,025,014 | 16,922,178 | (2,102,835) |
New investments into two growth companies and real estate M&A deals. but posted decrease due to distribution of profit received paralleling exit by venture capital
- fund FGF from investment in drug-discovery company that had been target of investment activity and also due to sale of real estate trust beneficiary rights on SPC subsidiary.
- Decreased due to asset investment (real estate development) exit activity
- Accrued consumption tax decreased, owing to consumption tax refund.
- Decreased, despite investment to enhance content at Moominvalley Park, due to depreciation of buildings and internal and external features.
Fiscal 2020 | ||||||||||
Liabilities | Fiscal 2019 | First Three | Change | |||||||
Quarters | ||||||||||
Current liabilities | 3,010,093 | 2,568,011 | (442,081) | |||||||
Accounts payable, trade | 213,256 | 138,422 | (74,833) | |||||||
5 | Short-term loans payable | 373,904 | 121,459 | (252,444) | ||||||
Current portion of long-term | 752,968 | 762,968 | 10,000 | |||||||
loans payable | ||||||||||
Income taxes payable | 98,999 | 54,502 | (44,497) | |||||||
Accrued employee bonuses | 157,244 | 134,885 | (22,358) | |||||||
Other | 1,413,720 | 1,355,773 | (57,946) | |||||||
Noncurrent liabilities | 7,141,750 | 6,873,446 | (268,304) | |||||||
6 | Long-term loans payable | 6,086,260 | 5,998,254 | (88,006) | ||||||
Net defined benefit liability | 94,633 | 105,000 | 10,366 | |||||||
Other | 960,856 | 770,191 | (190,665) | |||||||
Total liabilities | 10,151,843 | 9,441,457 | (710,386) | |||||||
Net Assets | ||||||||||
Shareholders' equity | 7,480,064 | 6,434,700 | (1,045,364) | |||||||
Common stock | 6,461,911 | 6,462,062 | 151 | |||||||
Additional paid-in capital | 5,015,924 | 5,016,132 | 208 | |||||||
Retained earnings | (3,997,770) | (5,043,494) | (1,045,723) | |||||||
Accumulated other | (33,493) | (44,643) | (11,149) | |||||||
comprehensive income | ||||||||||
Stock acquisition rights | 65,837 | 63,104 | (2,733) |
5 | Decreased due to repayment of loans paralleling asset investment (real estate | |||||||
Non-controlling interests | 1,360,762 | 1,027,560 | (333,201) | |||||
development) exit activity | ||||||||
Total net assets | 8,873,170 | 7,480,720 | (1,392,449) | |||||
Although Moomin Monogatari borrowed funds from external sources for | ||||||||
Total liabilities and net assets | 19,025,014 | 16,922,178 | (2,102,835) | |||||
6 | ||||||||
working capital, a portion of SPC's institution-extended loans was repaid, | ||||||||
leading to a decrease. | 13 | |||||||
Copyright© FinTech Global Incorporated |
(Thousands of yen)
Fiscal 2019 | Ratio to | Fiscal 2020 | Ratio to | YoY Change | YoY Change | ||||||||||||
First Three Quarters | Revenues | First Three Quarters | Revenues | Amount | Ratio | ||||||||||||
Revenues | 6,689,057 | 100.0% | 5,196,677 | 100.0% | (1,492,380) | △ 22.3% | |||||||||||
1 | |||||||||||||||||
Cost of revenues | 4,413,854 | 66.0% | 3,526,593 | 67.9% | (887,261) | △ 20.1% | |||||||||||
Gross profit | 2,275,203 | 34.0% | 1,670,084 | 32.1% | (605,119) | △ 26.6% | |||||||||||
Selling, general and administrative expenses | 2 | 3,582,887 | 53.6% | 2,563,881 | 49.3% | (1,019,006) | (28.4)% | ||||||||||
Operating income/(loss) | (1,307,684) | (19.5)% | (893,796) | (17.2)% | 413,887 | - | |||||||||||
Other income | 10,852 | 0.2% | 24,449 | 0.5% | 13,597 | 125.3% | |||||||||||
Other expenses | 148,947 | 2.2% | 119,886 | 2.3% | (29,061) | (19.5)% | |||||||||||
Ordinary profit/(loss) | (1,445,779) | (21.6)% | (989,233) | (19.0)% | 456,546 | - | |||||||||||
Extraordinary profit | 182,556 | 2.7% | 5,672 | 0.1% | (176,883) | (96.9)% | |||||||||||
3 | |||||||||||||||||
Extraordinary loss | 32,076 | 0.5% | 295,386 | 5.7% | 263,310 | 820.9% | |||||||||||
Income before income taxes | (1,295,300) | (19.4)% | (1,278,947) | (24.6)% | 16,352 | - | |||||||||||
Income taxes | 56,552 | 0.8% | 46,753 | 0.9% | (9,798) | (17.3)% | |||||||||||
Profit /(loss) | (1,351,852) | (20.2)% | (1,325,701) | (25.5)% | 26,151 | - | |||||||||||
Profit /(loss) attributable to non-controlling | (141,430) | (2.1)% | (279,977) | (5.4)% | (138,547) | - | |||||||||||
interests | |||||||||||||||||
Profit /(loss) attributable to owners of parent | (1,210,422) | (18.1)% | (1,045,723) | (20.1)% | 164,698 | - | |||||||||||
Revenues and cos of revenues from operation of Moominvalley Park, which did not open until March 16, 2019, that is, during the second quarter of fiscal 2019, were factored in
- from the start of the term, but revenues and cost of revenues decline owing to temporary closure due to the spread of COVID-19 as well as a delay of investment and a decrease in the number of subsidiaries. Valuation loss on impairment of corporate investments dropped to ¥18 million as of June 30, 2020, compared with ¥366 million a year earlier.
- Burden of costs incurred in preparation for Metsä opening no longer a factor, and other one-time costs also gone. Personnel expenses reduced. Decrease in number of subsidiaries under consolidation as of fourth quarter of 2019, affecting 28.4% drop in SG&A expenses for first three quarters of fiscal 2020 year on year.
- Booked ¥292 million in fixed expenses (including personnel expenses and depreciation expenses) during temporary closure of Moominvalley Park as loss due to temporary closure.
Copyright© FinTech Global Incorporated | 14 |
About Performance Forecast
Consolidated performance forecast will be disclosed after careful tracking of progress on investments tapped for exit and the effect of COVID-19 on Metsä business
As to Metsä business, Moominvalley Park resumed operations on June 4, 2020, but from July through August, the rate of new COVID-19 cases accelerated again in Japan. The current situation makes it impossible to predict the kind of results that Metsä will achieve in the immediate future. Uncertainty also affects the investment exit environment in the investment banking business. FGI had tapped certain investments to exit in fiscal 2020 and was working toward this even before COVID-19 emerged, but at the present time, it is unclear whether or not exit plans will go forward.
The consolidated performance forecast for fiscal 2020, ending September 30, 2020, has not been determined yet because of the difficulty in making realistic predictions at the present time. An update will be provided as soon as the situation allows a better picture of performance direction.
Copyright© FinTech Global Incorporated | 15 |
Changes in Key Financial Data (Consolidated Basis)
First Three | |||||||
Fiscal 2015 | Fiscal 2016 | Fiscal 2017 | Fiscal 2018 | Fiscal 2019 | Quarters | ||
Fiscal 2020 | |||||||
Revenues | (millions of yen) | 5,429 | 7,485 | 7,182 | 3,689 | 9,175 | 5,196 |
Gross profit | (millions of yen) | 2,495 | 1,496 | 1,626 | 2,261 | 2,944 | 1,670 |
Operating income/(loss) | (millions of yen) | 115 | (1,031) | (1,319) | (1,072) | (1,664) | (893) |
Ordinary income (loss) | (millions of yen) | 237 | (1,369) | (1,341) | (1,227) | (1,850) | (989) |
Profit /(loss) attributable to owners of parent | (millions of yen) | 224 | (1,384) | (1,358) | (820) | (1,586) | (1,045) |
Net assets | (millions of yen) | 7,879 | 6,312 | 5,326 | 8,551 | 8,873 | 7,480 |
Total assets | (millions of yen) | 11,958 | 10,975 | 12,932 | 14,016 | 19,025 | 16,922 |
Net assets per share | (yen) | 48.31 | 38.66 | 29.64 | 39.31 | 37.03 | 31.77 |
Net income (loss) per share | (yen) | 1.48 | (8.56) | (8.39) | (4.79) | (8.08) | (5.20) |
Diluted net income (loss) per share | (yen) | 1.47 | - | - | - | - | - |
Equity to total asset ratio | (%) | 65.4 | 57.0 | 37.1 | 52.2 | 39.1 | 37.8 |
Equity to net income ratio | (%) | 3.4 | (19.7) | (24.6) | (13.5) | (21.5) | - |
Price earning ratio (PER) | (times) | 84.7 | - | - | - | - | - |
Cash flow from operating activities | (millions of yen) | (1,791) | (1,305) | (1,153) | (2,978) | (2,604) | - |
Cash flow from investing activities | (millions of yen) | (644) | (302) | (1,026) | (2,008) | (4,543) | - |
Cash flow from financing activities | (millions of yen) | 4,761 | (751) | 2,937 | 5,771 | 5,710 | - |
Cash and cash equivalents at the end of the fiscal | (millions of yen) | 4,612 | 2,240 | 2,969 | 3,847 | 2,513 | - |
year | |||||||
Number of employees(consolidated) | (employees) | 117(8) | 114(20) | 143(27) | 156(42) | 167(262) | 150(247) |
(part-time employees) | |||||||
Number of employees(non-consolidated)(part-time | (employees) | 38(3) | 45(8) | 40(6) | 38(5) | 39(5) | 29(4) |
employees) | |||||||
Copyright© FinTech Global Incorporated | 16 |
Corporate Data: FinTech Global Incorporated
Head office
Establishment
Representative
Data of listing
Securities Code
Fiscal year-end
Main business
Number of issued shares
Minimum trading unit
Capital stock
Net assets (consolidated)
Major shareholders (As of March 31, 2020)
Number of employees
Meguro Central Square 15th Floor, 3-1-1, Kamiosaki, Shinagawa-ku, Tokyo 141-0021
December 7, 1994
Nobumitsu Tamai, President and Chief Executive Officer
June 8, 2005
8789 (TSE Mothers)
September 30
I. Investment banking business
-
Public management consulting business
Ⅲ. Entertainment service business
201,114,600 shares | (As of June 30, 2020) | |
100 | ||
¥6,462 million | (As of June 30, 2020) | |
¥7,480 million | (As of June 30, 2020) | |
Nobumitsu Tamai | 10,095,500 shares (5.02%) | |
CAT-MY Co., Ltd | 10,000,000 shares (4.97%) |
Consolidated: 150 (As of June 30, 2020, excludes temporary staff)
•FinTech, in katakana script and English letters (registration 5113746), FinTech Global, in English letters (registration 5811521) and in katakana script (registration 5811522), and FGI (registration 5113748) are registered trademarks of FinTech Global Incorporated.
Copyright© FinTech Global Incorporated | 17 |
Disclaimer
The firm of innovative finance
Certain statements made in these materials, including some management targets, may contain forward-looking statements which reflect management's views and assumptions. Management targets represent goals that management will strive to achieve through the successful implementation of business strategies for the FGI Group. The Group may not be successful in implementing its business strategies, and management may fail to achieve its targets. Management targets and other forward-looking statements involve current assumptions of future events as well as risks and uncertainties that could significantly affect expected results, including adverse economic conditions in Japan, the United States or other countries; declining real estate and/or stock prices; additional corporate bankruptcies or additional problems in business sectors to which Group companies lend; difficulties or delays in integrating businesses and achieving desired cost savings; increased competitive pressures; changes in laws and regulations applicable to the Group's businesses; and adverse changes in Japanese economic policies.
To the extent materials containing forward-looking statements remain in available documents, we have no obligation nor the intent to update such forward-looking statements.
Copyright© FinTech Global Incorporated | 18 |
Attachments
- Original document
- Permalink
Disclaimer
FGI - FinTech Global Inc. published this content on 21 August 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 August 2020 01:07:10 UTC