FY 2023
Briefing Materials
Securities Code: 8132
(Prime, Tokyo Stock Exchange)
May 21, 2024
Promoting business reforms for business recovery with a new management
system, and expecting a return to profitability.
FY 2023
Financial
results overview
FY 2024
Financial
forecast
Future policy
- Operating loss due to significant loss from negative spread in the electricity business
- Review the implementation system of the electricity business and significantly improve revenue to return to profitability.
- Clarify management responsibility and also renew the management system for business recovery.
- Promote business structure reforms for business recovery centering on the redevelopment of business foundations in Japan and the strengthening of retail service strategies.
- New business initiatives to achieve a carbon-free society
© 2024 Sinanen Holdings Co., ltd.
1
Overview of FY 2023 Financial Results
© 2024 Sinanen Holdings Co., ltd.
2
Summary of Financial Results
FY 2022 | FY 2023 | YoY | ||||
(Unit: Hundred millions of yen) | Results | Results | (Amount) | (Percentage) | ||
Net sales | 3,422.5 | 3,482.8 | +60.2 | +1.8% | ||
Gross profit | 333.3 | 323.8 | (9.5) | (2.9%) | ||
SG&A | 324.4 | 330.9 | +6.5 | +2.0% | ||
Operating profit | 8.9 | (7.1) | (16.0) | - | ||
(loss) | ||||||
Non-operating | 7.6 | 10.5 | +2.8 | +37.6% | ||
income | ||||||
Non-operating | 4.3 | 2.5 | (1.8) | (42.2%) | ||
expenses | ||||||
Ordinary profit | 12.2 | 0.9 | (11.3) | (92.4%) | ||
Extraordinary | 33.2 | 2.2 | (30.9) | (93.2%) | ||
income | ||||||
Extraordinary losses | 27.6 | 3.8 | (23.7) | (85.9%) | ||
Profit (loss) before | 17.8 | (0.7) | (18.6) | - | ||
tax | ||||||
Profit (loss) | 4.7 | (10.3) | (15.1) | - | ||
attributable to owners of |
parent
Increase in sales volume of petroleum products and electricity
Deterioration in the electricity business:
Factors include surplus of power supplies procured from relative energy sources and sales at a negative spread affected by the low- priced wholesale electricity market.
Proceeds from dividend income and insurance claim income
Affected by factors such as loss on disaster because of solar power generation facilities and other equipment damaged by the 2024 Noto earthquake.
© 2024 Sinanen Holdings Co., ltd. | 3 |
Over view by Segment
FY 2022 | FY 2023 | YoY | |||
(Unit: Hundred millions of yen) | Results | Results | (Amount) | (Percentage) | |
B to C Business
(Retail/Wholesale | 814.1 | 750.2 | (63.9) | (7.9%) |
Energy & Related | ||||
Business) | ||||
B to B Business | 2,412.5 | 2,525.4 | +112.9 | +4.7% |
(Energy Solution |
Business)
Non-energy Business | 193.5 | 204.8 | +11.3 | +5.9% |
Other/adjustment | 2.2 | 2.2 | +0.0 | +0.2% |
Total | 3,422.5 | 3,482.8 | +60.2 | +1.8 |
Impacted by a decrease in sales volume of LP gas and kerosene, etc.
Affected by factors such as the acquisition of large corporate customers for market-linked plans in the electricity business and the increase in sales volume of light oil and heavy oil.
Strong performance by the bicycle business, the bicycle sharing business, and the building management and maintenance business
© 2024 Sinanen Holdings Co., ltd. | 4 |
Operating Loss Variance Analysis
For the B to B business, there was a significant decrease in profit greatly affected by deterioration in the electricity business.
(1,600) million yen
+670 million yen | (2,220) million yen | ||
890 million yen | |||
Gas gross | +300 million | ||
profit | yen | ||
Electricity | +500 million | ||
gross profit | yen | ||
Increase in | (100) | +30 million yen | |
SG&A | million yen |
(90) million yen | (710) million yen | |
Electricity | (1,300) | |
gross profit | million yen | |
Petroleum | (800) | |
gross profit | million yen |
FY 2022 | B to C Business | B to B Business | Non-energy | Other/adjustment | FY 2023 |
(Melife) | (Sinanen) | Business | |||
© 2024 Sinanen Holdings Co., ltd.
5
SG&A: Variance Analysis
SG&A remains on par with the previous year's level.
32,440 million yen 33,090 million yen
670 million yen
4,310 million yen
4,950 million yen
9,150 million yen
13,330 million yen
710 million yen
4,110 million yen
5,300 million yen
9,150 million yen
13,810 million yen
Other | +30 million yen |
Fixed expenses (200) million yen
Sales-related expenses +350 million yen
Variable sales expenses (0.0) million yen
Personnel expenses, etc. +480 million yen
Decrease in taxes and dues, and current amortization of consolidation adjustment account, etc.
Increase in commission expenses relating to IT and the bicycle sharing business
Increase in number of personnel
FY 2022 | FY 2023 |
© 2024 Sinanen Holdings Co., ltd.
6
Consolidated Balance Sheet: Variance Analysis
Maintaining balance sheet with equity ratio of about 50%.
FY 2022
Total assets 101,300 million yen
(Unit: Hundred millions of yen)
Interest-bearing | 54 | ||
Cash and deposits 102 | |||
liabilities | |||
Other liabilities | |||
Other current assets | 422 | ||
485 |
Net assets | |||||
Property, plant | 536 | ||||
and equipment | |||||
283 | |||||
Intangible assets 26 | Equity ratio | ||||
52.9% | |||||
Investments and other assets | |||||
116 | |||||
FY 2023
Total assets 108,400 million yen
(Unit: Hundred millions of yen)
Interest-bearing | |||
Cash and deposits 118 | |||
liabilities | 107 | ||
Other liabilities | |||
Other current assets | 443 | ||
535 | |||
Net assets | |||
Property, plant | |||
533 | |||
and equipment | |||
282 | |||
Intangible assets 23 | Equity ratio | ||
49.1% | |||
Investments and other assets | |||
125 | |||
Main factors of variance
Debit
Increase in trade receivables due to seasonal factors
(+3,100 million yen)
Increase in investment securities due to revaluation, etc.
(+1,400 million yen)
Credit
Increase in notes and accounts payable and short-term borrowings due to seasonal factors
(+7,300 million yen)
© 2024 Sinanen Holdings Co., ltd.
7
Consolidated Cash Flow s: Breakdow n
Negative operating cash flow due to reduction in pre-tax profit
FY 2022 | FY 2023 | YoY | |||
(Unit: Hundred millions of yen) | Results | Results | (Amount) | (Percentage) | |
Cash flow from | 3.8 | (9.4) | (13.3) | - | |
operating activities | |||||
Cash flow from | (6.9) | (16.6) | (9.6) | +138.6% | |
investing activities | |||||
Cash flow from | 4.3 | 42.7 | +38.3 | +881.7% | |
financing activities | |||||
Net increase (decrease) | (0.2) | 16.5 | +16.7 | - | |
in cash and cash | |||||
equivalents | |||||
Cash and cash | 99.4 | 99.2 | (0.2) | (0.2%) | |
equivalents at beginning | |||||
of period | |||||
Cash and cash | 99.2 | 115.8 | +16.5 | +16.7% | |
equivalents at end of |
period
Profit before income taxes: (1,800) million yen
Impairment losses: (2,300) million yen Loss (gain) on sale of non-current assets: +2,300 million yen
Increase in trade receivables: (5,700) million yen
Increase in trade payables: +6,700 million yen
Proceeds from sale and redemption of investment securities: 1,000 million yen Proceeds from sale of non-current assets: (2,300) million yen Payments for purchase of non-current assets: +1,600 million yen
Proceeds from maturity of insurance funds: +900 million yen
Increase in short-term borrowings: +3,600 million yen
© 2024 Sinanen Holdings Co., ltd. | 8 |
Based on the FY 2023 Financial Results
© 2024 Sinanen Holdings Co., ltd.
9
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
SINANEN Holdings Co. Ltd. published this content on 14 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 May 2024 07:16:05 UTC.