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- Financial Highlights
- Consolidated Financial Statements
Last update: October 25, 2023
February 28, 2023 Amount |
August 31, 2023 Amount |
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ASSETS | ||||
Current assets | 3,060,653 | 2,858,779 | ||
Cash and bank deposits | 1,670,872 | 1,369,714 | ||
Call Loan | 23,000 | 35,000 | ||
Notes and accounts receivable - trade, and contract assets | 422,635 | 444,823 | ||
Trade accounts receivable - financial services | 93,490 | 96,449 | ||
Merchandise and finished goods | 280,044 | 308,660 | ||
Work in process | 119 | 132 | ||
Raw materials and supplies | 2,216 | 2,532 | ||
Prepaid expenses | 78,588 | 78,060 | ||
ATM-related temporary payments | 102,755 | 90,510 | ||
Other | 397,288 | 445,347 | ||
Allowance for doubtful accounts | (10,356) | (12,450) | ||
Non-current assets | 7,489,195 | 7,979,455 | ||
Property and equipment | 4,341,750 | 4,599,777 | ||
Buildings and structures, net | 1,614,830 | 1,681,964 | ||
Furniture, fixtures and equipment, net | 463,518 | 495,094 | ||
Land | 1,196,007 | 1,255,581 | ||
Lease assets, net | 6,264 | 5,287 | ||
Right-of-use assets, net | 885,645 | 974,350 | ||
Construction in progress | 156,842 | 167,640 | ||
Other, net | 18,640 | 19,858 | ||
Intangible assets | 2,364,673 | 2,517,272 | ||
Goodwill | 1,913,017 | 2,035,022 | ||
Software | 265,638 | 287,703 | ||
Other | 186,016 | 194,545 | ||
Investments and other assets | 782,772 | 862,406 | ||
Investments in securities | 243,215 | 275,916 | ||
Long-term loans receivable | 14,903 | 14,705 | ||
Long-term leasehold deposits | 321,945 | 312,632 | ||
Advances for store construction | 770 | 615 | ||
Net defined benefit asset | 87,088 | 89,364 | ||
Deferred income taxes | 57,186 | 109,215 | ||
Other | 60,627 | 62,940 | ||
Allowance for doubtful accounts | (2,965) | (2,984) | ||
Deferred assets | 1,106 | 736 | ||
Business commencement expenses | 773 | 483 | ||
Bond issuance cost | 332 | 253 | ||
TOTAL ASSETS | 10,550,956 | 10,838,971 |
February 28, 2023 Amount |
August 31, 2023 Amount |
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LIABILITIES | |||
Current liabilities | 3,265,089 | 3,470,986 | |
Notes and accounts payable, trade | 536,173 | 605,683 | |
Short-term loans | 143,568 | 154,055 | |
Current portion of bonds | 355,823 | 475,778 | |
Current portion of long-term loans | 145,605 | 203,143 | |
Income taxes payable | 25,549 | 24,058 | |
Accrued expenses | 276,771 | 258,770 | |
Contract liabilities | 211,356 | 200,020 | |
Deposits received | 165,501 | 140,244 | |
ATM-related temporary advances | 61,772 | 52,892 | |
Lease obligations | 121,472 | 134,369 | |
Allowance for related loss on transfer of department store | - | 130,310 | |
Allowance for sales promotion expenses | 1,104 | 789 | |
Allowance for bonuses to employees | 14,389 | 16,213 | |
Allowance for bonuses to Directors and Audit & Supervisory Board Members | 483 | 274 | |
Deposits received in banking business | 810,139 | 790,861 | |
Call Money | 110,000 | - | |
Other | 285,377 | 283,520 | |
Non-current liabilities | 3,637,704 | 3,460,009 | |
Bonds | 1,394,728 | 1,169,764 | |
Long-term loans | 936,070 | 868,448 | |
Deferred income taxes | 184,242 | 215,243 | |
Allowance for retirement benefits to Directors and Audit & Supervisory Board Members | 526 | 509 | |
Allowance for stock payments | 4,555 | 4,742 | |
Net defined benefit liability | 13,584 | 13,103 | |
Deposits received from tenants and franchised stores | 50,322 | 50,102 | |
Lease obligations | 834,913 | 917,288 | |
Asset retirement obligations | 155,137 | 158,920 | |
Other | 63,623 | 61,886 | |
TOTAL LIABILITIES | 6,902,794 | 6,930,995 | |
NET ASSETS | |||
Shareholders' equity | 2,981,545 | 2,993,978 | |
Common stock | 50,000 | 50,000 | |
Capital surplus | 408,926 | 397,285 | |
Retained earnings | 2,532,491 | 2,556,166 | |
Treasury stock, at cost | (9,873) | (9,474) | |
Total accumulated other comprehensive income | 493,001 | 724,433 | |
Unrealized gains (losses) on available-for-sale securities, net of taxes | 34,823 | 44,871 | |
Unrealized gains (losses) on hedging derivatives, net of taxes | 4,799 | 5,123 | |
Foreign currency translation adjustments | 444,478 | 666,643 | |
Remeasurements of defined benefit plans | 8,899 | 7,795 | |
Subscription rights to shares | 49 | 49 | |
Non-controlling interests | 173,565 | 189,514 | |
TOTAL NET ASSETS | 3,648,161 | 3,907,975 | |
TOTAL LIABILITIES AND NET ASSETS | 10,550,956 | 10,838,971 |
Six Months Ended August 31, 2022 Amount |
Six Months Ended August 31, 2023 Amount |
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Revenues from operations | 5,651,505 | 5,547,013 | |
Net sales | 4,897,411 | 4,722,936 | |
Cost of sales | 4,084,052 | 3,873,366 | |
Gross profit on sales | 813,359 | 849,570 | |
Operating revenues | 754,094 | 824,077 | |
Gross profit from operations | 1,567,453 | 1,673,647 | |
Selling, general and administrative expenses | 1,332,685 | 1,432,531 | |
Operating income | 234,767 | 241,115 | |
Non-operating income | 5,210 | 10,494 | |
Interest income | 1,440 | 4,988 | |
Equity in earnings of affiliates | 1,439 | 1,403 | |
Other | 2,331 | 4,102 | |
Non-operating expenses | 20,214 | 24,742 | |
Interest expenses | 6,108 | 10,878 | |
Interest on bonds | 9,717 | 9,859 | |
Other | 4,388 | 4,005 | |
Ordinary income | 219,763 | 226,867 | |
Special gains | 7,908 | 8,538 | |
Gain on sales of property and equipment | 6,323 | 4,571 | |
Gain on sales of investments in securities | 261 | 2,841 | |
Other | 1,322 | 1,126 | |
Special losses | 29,224 | 159,611 | |
Loss on disposals of property and equipment | 7,097 | 6,691 | |
Impairment loss | 10,175 | 10,594 | |
Loss on transfer of department store | - | 130,321 | |
Loss on transfer of subsidiary | - | 4,866 | |
Restructuring expenses | 404 | 800 | |
Other | 11,547 | 6,336 | |
Income before income taxes | 198,447 | 75,795 | |
Total Income taxes | 56,343 | (11,243) | |
Income taxes - current | 38,588 | 30,564 | |
Income taxes - deferred | 17,755 | (41,808) | |
Net income | 142,103 | 87,038 | |
Net income attributable to non-controlling interests | 6,014 | 6,810 | |
Net income attributable to owners of parent | 136,089 | 80,228 |
Six Months Ended August 31, 2022 Amount |
Six Months Ended August 31, 2023 Amount |
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Net income | 142,103 | 87,038 | |
Other comprehensive income | |||
Unrealized gains (losses) on available-for-sale securities, net of taxes | 5,328 | 10,106 | |
Unrealized gains (losses) on hedging derivatives, net of taxes | 931 | 319 | |
Foreign currency translation adjustments | 367,952 | 224,381 | |
Remeasurements of defined benefit plans, net of taxes | (1,797) | (1,009) | |
Share of other comprehensive income (loss) of entities accounted for using equity method, net of taxes | 253 | (144) | |
Total other comprehensive income (loss) | 372,667 | 233,654 | |
Comprehensive income (loss) | 514,771 | 320,692 | |
Comprehensive income (loss) attributable to owners of parent | 506,287 | 311,659 | |
Comprehensive income (loss) attributable to non-controlling interests | 8,484 | 9,033 |
Six Months Ended August 31, 2022 Amount |
Six Months Ended August 31, 2023 Amount |
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Cash flows from operating activities | |||
Income before income taxes | 198,447 | 75,795 | |
Depreciation and amortization | 180,503 | 197,735 | |
Impairment loss | 10,283 | 10,884 | |
Amortization of goodwill | 53,075 | 57,615 | |
Interest income | (1,440) | (4,988) | |
Interest expenses and interest on bonds | 15,826 | 20,737 | |
Equity in losses (earnings) of affiliates | (1,439) | (1,403) | |
Gain on sales of property and equipment | (6,323) | (4,571) | |
Loss on disposals of property and equipment | 7,097 | 6,691 | |
Loss on transfer of department store | - | 130,321 | |
Loss on transfer of subsidiary | - | 4,866 | |
Loss (gain) on sales of investments in securities | (261) | (2,841) | |
Decrease (increase) in notes and accounts receivable, trade | (50,221) | (11,863) | |
Decrease (increase) in trade accounts receivable, financial services | 1,392 | (2,958) | |
Decrease (increase) in inventories | (48,261) | (15,064) | |
Increase (decrease) in notes and accounts payable, trade | 120,898 | 50,298 | |
Increase (decrease) in deposits received | (64,966) | (25,528) | |
Net increase (decrease) in bonds in banking business | - | (20,000) | |
Net increase (decrease) in deposits received in banking business | (3,307) | (19,278) | |
Net decrease (increase) in call loan in banking business | (10,000) | (12,000) | |
Net increase (decrease) in call money in banking business | - | (110,000) | |
Net decrease (increase) in ATM-related temporary accounts | (3,407) | 3,587 | |
Other | 11,413 | (85,307) | |
Subtotal | 409,309 | 242,729 | |
Interest and dividends received | 1,634 | 5,342 | |
Interest paid | (16,171) | (20,741) | |
Insurance income received | - | 1,046 | |
Income taxes paid | (43,262) | (54,175) | |
Income taxes refund | 14,940 | 18,792 | |
Net cash provided by operating activities | 366,450 | 192,993 | |
Cash flows from investing activities | |||
Acquisition of property and equipment | (142,884) | (158,697) | |
Proceeds from sales of property and equipment | 13,313 | 12,764 | |
Acquisition of intangible assets | (48,537) | (54,856) | |
Payment for purchase of investments in securities | (22,139) | (36,910) | |
Proceeds from sales of investments in securities | 12,667 | 24,744 | |
Payment for purchase of shares in subsidiaries resulting in change in scope of consolidation | - | (776) | |
Proceeds from sales of shares in subsidiaries resulting in change in scope of consolidation | 938 | - | |
Payment for sales of shares in subsidiaries resulting in change in scope of consolidation | - | (2,687) | |
Payment for long-term leasehold deposits | (5,159) | (7,910) | |
Refund of long-term leasehold deposits | 10,042 | 9,677 | |
Proceeds from deposits from tenants | 1,280 | 995 | |
Refund of deposits from tenants | (1,405) | (982) | |
Payment for acquisition of business | (209) | - | |
Payment for time deposits | (1,013) | (5,629) | |
Proceeds from withdrawal of time deposits | 1,281 | 2,967 | |
Other | (2,406) | (5,839) | |
Net cash used in investing activities | (184,232) | (223,140) |
Six Months Ended August 31, 2022 Amount |
Six Months Ended August 31, 2023 Amount |
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Cash flows from financing activities | |||
Net increase (decrease) in short-term loans | (3,899) | 8,732 | |
Proceeds from long-term debts | 140,202 | 35,700 | |
Repayment of long-term debts | (201,156) | (86,089) | |
Payment for redemption of bonds | (60,000) | (188,750) | |
Proceeds from share issuance to non-controlling shareholders | - | 2,368 | |
Purchase of treasury stock | (7) | (7) | |
Dividends paid | (45,998) | (56,139) | |
Dividends paid to non-controlling interests | (4,297) | (4,039) | |
Payment for changes in ownership interests in subsidiaries that do not result in change in scope of consolidation | (948) | (717) | |
Other | (9,365) | (6,349) | |
Net cash used in financing activities | (185,471) | (295,290) | |
Effect of exchange rate changes on cash and cash equivalents | 30,911 | 22,766 | |
Net increase (decrease) in cash and cash equivalents | 27,658 | (302,671) | |
Cash and cash equivalents at beginning of period | 1,414,890 | 1,674,787 | |
Cash and cash equivalents at end of period | 1,442,548 | 1,372,116 |