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- Consolidated Financial Statements
Last update: July 11, 2025
February 28, 2025 Amount |
May 31, 2025 Amount |
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ASSETS | ||||
Current assets | 2,823,782 | 2,994,761 | ||
Cash and bank deposits | 1,368,663 | 1,465,541 | ||
Notes and accounts receivable - trade, and contract assets | 441,630 | 450,165 | ||
Trade accounts receivable - financial services | 111,029 | 117,248 | ||
Merchandise and finished goods | 312,739 | 290,867 | ||
Work in process | 46 | 53 | ||
Raw materials and supplies | 3,002 | 3,814 | ||
Prepaid expenses | 94,707 | 99,580 | ||
ATM-related temporary payments | 118,172 | 154,369 | ||
Other | 388,696 | 427,892 | ||
Allowance for doubtful accounts | (14,905) | (14,772) | ||
Non-current assets | 8,561,745 | 8,147,074 | ||
Property and equipment | 4,981,298 | 4,740,555 | ||
Buildings and structures, net | 1,749,166 | 1,676,889 | ||
Furniture, fixtures and equipment, net | 538,598 | 510,866 | ||
Land | 1,172,559 | 1,119,999 | ||
Lease assets, net | 1,641 | 2,282 | ||
Right-of-use assets, net | 1,289,807 | 1,214,876 | ||
Construction in progress | 206,223 | 192,320 | ||
Other, net | 23,300 | 23,319 | ||
Intangible assets | 2,711,382 | 2,537,854 | ||
Goodwill | 2,264,441 | 2,103,944 | ||
Software | 295,814 | 290,523 | ||
Other | 151,125 | 143,386 | ||
Investments and other assets | 869,065 | 868,664 | ||
Investments in securities | 321,086 | 331,553 | ||
Long-term loans receivable | 14,295 | 15,089 | ||
Long-term leasehold deposits | 264,136 | 261,549 | ||
Net defined benefit asset | 126,974 | 127,884 | ||
Deferred tax assets | 75,058 | 68,025 | ||
Other | 69,189 | 66,227 | ||
Allowance for doubtful accounts | (1,675) | (1,666) | ||
Deferred assets | 582 | 531 | ||
Bond issuance cost | 582 | 531 | ||
TOTAL ASSETS | 11,386,111 | 11,142,367 |
February 28, 2025 Amount |
May 31, 2025 Amount |
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LIABILITIES | |||
Current liabilities | 3,316,615 | 3,704,398 | |
Notes and accounts payable, trade | 519,497 | 572,654 | |
Short-term loans | 172,497 | 398,875 | |
Current portion of bonds | 210,000 | 396,579 | |
Current portion of long-term loans | 290,128 | 164,050 | |
Income taxes payable | 36,003 | 37,175 | |
Accrued expenses | 282,395 | 274,259 | |
Contract liabilities | 178,031 | 167,137 | |
Deposits received | 146,967 | 307,843 | |
ATM-related temporary advances | 73,388 | 83,968 | |
Lease obligations | 180,624 | 167,296 | |
Allowance for Loss on transfer of subsidiary | 18,235 | 18,317 | |
Allowance for restructuring expenses | 2,626 | 265 | |
Allowance for sales promotion expenses | 815 | 568 | |
Allowance for bonuses to employees | 14,249 | 25,907 | |
Allowance for bonuses to Directors and Audit & Supervisory Board Members | 501 | 221 | |
Deposits received in banking business | 813,388 | 811,394 | |
Call money | 100,000 | 10,000 | |
Other | 277,264 | 267,884 | |
Non-current liabilities | 3,846,283 | 3,475,535 | |
Bonds | 1,244,036 | 1,006,559 | |
Long-term loans | 778,068 | 731,564 | |
Deferred tax liabilities | 233,635 | 221,275 | |
Allowance for retirement benefits to Directors and Audit & Supervisory Board Members | 439 | 441 | |
Allowance for stock payments | 4,947 | 4,777 | |
Net defined benefit liability | 16,313 | 15,219 | |
Deposits received from tenants and franchised stores | 44,178 | 44,108 | |
Lease obligations | 1,223,438 | 1,156,117 | |
Asset retirement obligations | 235,024 | 229,016 | |
Other | 66,201 | 66,454 | |
TOTAL LIABILITIES | 7,162,898 | 7,179,934 | |
NET ASSETS | |||
Shareholders' equity | 3,054,284 | 2,961,385 | |
Common stock | 50,000 | 50,000 | |
Capital surplus | 293,455 | 293,439 | |
Retained earnings | 2,727,937 | 2,724,971 | |
Treasury stock, at cost | (17,108) | (107,026) | |
Total accumulated other comprehensive income | 981,693 | 817,353 | |
Unrealized gains (losses) on available-for-sale securities, net of taxes | 51,770 | 60,016 | |
Unrealized gains (losses) on hedging derivatives, net of taxes | 5,035 | 4,673 | |
Foreign currency translation adjustments | 901,059 | 729,653 | |
Remeasurements of defined benefit plans | 23,827 | 23,011 | |
Subscription rights to shares | 80 | 35 | |
Non-controlling interests | 187,154 | 183,658 | |
TOTAL NET ASSETS | 4,223,212 | 3,962,432 | |
TOTAL LIABILITIES AND NET ASSETS | 11,386,111 | 11,142,367 |
Three Months Ended May 31, 2024 Amount |
Three Months Ended May 31, 2025 Amount |
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Revenues from operations | 2,734,750 | 2,777,370 | |
Net sales | 2,347,873 | 2,373,218 | |
Cost of sales | 1,944,527 | 1,959,725 | |
Gross profit on sales | 403,345 | 413,492 | |
Operating revenues | 386,877 | 404,151 | |
Gross profit from operations | 790,223 | 817,644 | |
Selling, general and administrative expenses | 730,878 | 752,568 | |
Operating income | 59,344 | 65,076 | |
Non-operating income | 11,086 | 4,617 | |
Interest income | 3,922 | 2,659 | |
Gain on valuation of investment securities | 5,508 | - | |
Other | 1,655 | 1,958 | |
Non-operating expenses | 15,430 | 16,411 | |
Interest expenses | 7,957 | 7,609 | |
Interest on bonds | 5,279 | 5,026 | |
Equity in losses of affiliates | 145 | 1,261 | |
Other | 2,047 | 2,513 | |
Ordinary income | 55,000 | 53,281 | |
Special gains | 1,697 | 37,858 | |
Gain on sales of property and equipment | 603 | 37,201 | |
Compensation income | 616 | - | |
Other | 478 | 657 | |
Special losses | 19,283 | 13,169 | |
Loss on disposals of property and equipment | 3,343 | 3,625 | |
Impairment loss | 1,107 | 873 | |
Restructuring expenses | 764 | 768 | |
Loss on business of subsidiaries and associates | - | 704 | |
Loss on transfer of subsidiary | 5,392 | - | |
Loss on disaster | 4,078 | - | |
Other | 4,597 | 7,196 | |
Income before income taxes | 37,414 | 77,971 | |
Total Income taxes | 14,760 | 26,990 | |
Income taxes - current | 10,429 | 24,659 | |
Income taxes - deferred | 4,331 | 2,330 | |
Net income | 22,653 | 50,981 | |
Net income attributable to non-controlling interests | 1,265 | 1,966 | |
Net income attributable to owners of parent | 21,388 | 49,014 |
Three Months Ended May 31, 2024 Amount |
Three Months Ended May 31, 2025 Amount |
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Net income | 22,653 | 50,981 | |
Other comprehensive income | |||
Unrealized gains (losses) on available-for-sale securities, net of taxes | 4,806 | 8,417 | |
Unrealized gains (losses) on hedging derivatives, net of taxes | 258 | (362) | |
Foreign currency translation adjustments | 177,021 | (172,779) | |
Remeasurements of defined benefit plans, net of taxes | (298) | (844) | |
Share of other comprehensive income (loss) of entities accounted for using equity method, net of taxes | 37 | 35 | |
Total other comprehensive income (loss) | 181,824 | (165,533) | |
Comprehensive income (loss) | 204,478 | (114,551) | |
Comprehensive income (loss) attributable to owners of parent | 202,128 | (115,325) | |
Comprehensive income (loss) attributable to non-controlling interests | 2,350 | 773 |
Three Months Ended May 31, 2024 Amount |
Three Months Ended May 31, 2025 Amount |
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Cash flows from operating activities | |||
Income before income taxes | 37,414 | 77,971 | |
Depreciation and amortization | 104,531 | 105,212 | |
Impairment loss | 1,387 | 873 | |
Amortization of goodwill | 31,611 | 35,443 | |
Interest income | (3,922) | (2,659) | |
Interest expenses and interest on bonds | 13,237 | 12,636 | |
Equity in losses (earnings) of affiliates | 145 | 1,261 | |
Gain on sales of property and equipment | (603) | (37,201) | |
Loss on disposals of property and equipment | 3,343 | 4,159 | |
Loss on transfer of subsidiary | 5,392 | - | |
Decrease (increase) in notes and accounts receivable, trade | (21,983) | (17,543) | |
Decrease (increase) in trade accounts receivable, financial services | (3,881) | (6,218) | |
Decrease (increase) in inventories | (1,190) | 8,196 | |
Increase (decrease) in notes and accounts payable, trade | 38,333 | 66,738 | |
Increase (decrease) in deposits received | 88,266 | 162,219 | |
Net increase (decrease) in deposits received in banking business | (2,979) | (1,994) | |
Net increase (decrease) in call money in banking business | 5,000 | (90,000) | |
Net decrease (increase) in ATM-related temporary accounts | (9,720) | (25,798) | |
Other | (22,047) | (22,507) | |
Subtotal | 262,334 | 270,789 | |
Interest and dividends received | 4,022 | 2,829 | |
Interest paid | (14,458) | (17,857) | |
Income taxes paid | (15,794) | (21,280) | |
Income taxes refund | 18 | 859 | |
Net cash provided by operating activities | 236,122 | 235,339 |
Three Months Ended May 31, 2024 Amount |
Three Months Ended May 31, 2025 Amount |
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Cash flows from investing activities | |||
Acquisition of property and equipment | (98,041) | (92,784) | |
Proceeds from sales of property and equipment | 1,631 | 60,476 | |
Acquisition of intangible assets | (31,630) | (23,377) | |
Payment for purchase of investments in securities | (2,565) | (15,962) | |
Proceeds from sales of investments in securities | 2,708 | 12,951 | |
Payment for purchase of shares in subsidiaries resulting in change in scope of consolidation | (165,212) | - | |
Payment for sales of shares in subsidiaries resulting in change in scope of consolidation | (22,573) | (1,908) | |
Payment for long-term leasehold deposits | (2,537) | (1,616) | |
Refund of long-term leasehold deposits | 4,494 | 5,070 | |
Proceeds from deposits from tenants | 806 | 588 | |
Refund of deposits from tenants | (885) | (791) | |
Payment for time deposits | (103) | (209) | |
Proceeds from withdrawal of time deposits | 226 | 62 | |
Other | (3,204) | (4,218) | |
Net cash used in investing activities | (316,886) | (61,719) | |
Cash flows from financing activities | |||
Net increase (decrease) in short-term loans | 255,066 | 218,575 | |
Proceeds from long-term debts | 96,115 | 12,000 | |
Repayment of long-term debts | (35,432) | (141,705) | |
Payment for redemption of bonds | (334,417) | - | |
Proceeds from share issuance to non-controlling shareholders | 399 | - | |
Purchase of treasury stock | (59,640) | (90,083) | |
Dividends paid | (49,078) | (51,550) | |
Dividends paid to non-controlling interests | (506) | (801) | |
Payment for changes in ownership interests in subsidiaries that do not result in change in scope of consolidation | (367) | (0) | |
Other | (3,922) | (4,624) | |
Net cash used in financing activities | (131,783) | (58,189) | |
Effect of exchange rate changes on cash and cash equivalents | 23,321 | (17,883) | |
Net increase (decrease) in cash and cash equivalents | (189,226) | 97,547 | |
Cash and cash equivalents at beginning of period | 1,562,493 | 1,349,820 | |
Cash and cash equivalents at end of period | 1,373,267 | 1,447,367 |