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Leopalace21 Sees Strong Growth in Profits in 1H FY3/15, Estimates for Growth in Full Year Sales, Profits Remain Unchanged

2014年12月08日 PM10:30
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TOKYO

Leopalace21 Corporation (TOKYO:8848), a company that conducts construction, leasing, and sales of apartments, condominiums, and residential housing, announced its first half earnings for the fiscal year March 2015. The Company benefitted from a gradual recovery in the Japanese economy, and from their strategy of focusing upon geographic regions where demand for housing remains strong. Consequently, Leopalace21 reported growth in consolidated sales and operating, recurring and net incomes of 0.6%, 13.4%, 26.7%, and 29.2% year-on-year to JPY233.0, JPY6.0, JPY5.5, and JPY5.0 billion respectively during the first half.

Leopalace21 saw sales growth in all of its business segments with the exception of the construction business, which recorded a decline in sales of 19.0% year-on-year to JPY24.6 billion due in part to a 6.0% year-on-year decline in new orders, and an operating loss of JPY1.3 billion. A strong performance in the leasing business helped to offset the weaker performance of the construction business, with its sales and operating income rising by 2.9% and 54.2% year-on-year to JPY197.4 and JPY9.5 billion respectively. These strong performances are attributed to 2.05% and 2.24% point increases in term end and term average occupancy rates of 86.33% and 85.96% respectively. The elderly care business recorded a 4.5% year-on-year increase in sales to JPY5.2 billion, and its operating loss improved by JPY83 million from the loss incurred in the previous first half to JPY237 million. At the same time, the hotels and resort business also saw a 17.0% year-on-year growth in sales to JPY4.2 billion and an improvement in operating loss of JPY190 million from the first half of the previous year to JPY130 million during the current first half. The other business segment saw strong increases in sales and operating income of 105.6% and 74.3% year-on-year to JPY1.4 billion and JPY262 million respectively, due to growth in the solar power business.

With regards to Leopalace21’s financial position, total consolidated assets declined by JPY12.9 billion from the end of the previous fiscal year to JPY274.5 billion at the end of the first half. The factors influencing this decline included a JPY6.8 billion increase in plant, property and equipment on the back of purchase of solar power generating equipment, and declines in cash and equivalents, accounts receivables, prepayments, buildings and structures, and provisional accounts for construction. Liabilities also declined by JPY18.2 billion over the same period to JPY164.3 billion due primarily to declines in outstanding payments for construction, outstanding payments, long and short-term prepayments received and vacancy loss reserves. Net assets grew by JPY5.3 billion over the same period to JPY110.1 billion due in part to an increase in retained earnings arising from net income and the implementation of accounting standards for retirement benefits. Subsequent to these changes, equity ratio rose by 3.6% points from the end of the previous term to 40.1%.

Based upon the performance recorded during the first half of the current term, Leopalace21 has chosen to maintain its outstanding earnings estimates for the full fiscal year March 2015, which call for sales and operating and recurring incomes to rise by 4.8%, 6.0% and 12.3% year-over-year to JPY493.5, JPY14.5 and JPY13.0 billion respectively. At the same time net income is expected to decline by 21.2% year-over-year to JPY12.0 billion, which does not include tax effect accounting.

 
    FY3/12   FY3/13   FY3/14   1H FY3/14   1H FY3/15   yy chg   FY3/15E   yy chg
Sales 459,436 454,222 471,089 231,673 233,037 0.6% 493,500 4.8%
Operating Income 4,585 7,413 13,673 5,369 6,087 13.4% 14,500 6.0%
Margin 1.0% 1.6% 2.9% 2.3% 2.6% na 2.9% na
Recurring Income 2,349 11,091 11,574 4,375 5,546 26.7% 13,000 12.3%
Net Income 1,588 13,335 15,229 3,921 5,066 29.2% 12,000 -21.2%
Earnings Per Share 9.4 74.5 67.2 18.5 19.3 na 45.7 -32.0%
Dividend Per Share   0   0   0   0   0   na   0   na

(Units: Million Yen, EPS and Dividend in Yen, E=estimates)

 

About Leopalace21 Corporation

Leopalace21 Corporation was established in August 1973 and conducts construction, leasing, and sales of apartments, condominiums, and residential housing, in addition to development and operation of resort facilities, and the operation of hotel business, broadband business, and elderly care business. The Company was first listed on the JASDAQ Market in February 1989, and moved its shares to the First Section of the Tokyo Stock Exchange in March 2004. Its headquarters are currently located in Tokyo.

CONTACT

Kaoru Hosaka for Leopalace21 Corporation
Investment Bridge Co., Ltd.
+81-3-5842-5765
(Japanese correspondence only)
leopalace21@cyber-ir.co.jp
(English and Japanese correspondence)

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