OYO Corporation

OYO Corporation - Consolidated Financial Results Highlights

1. Consolidated Operating Results (Fiscal Year Ended December 31, 2023):

   • Net Sales: ¥65,602 million (11.2% increase from the previous year)
   • Operating Profit: ¥2,842 million (15.8% increase)
   • Ordinary Profit: ¥3,595 million (21.1% increase)
   • Profit Attributable to Owners of Parent: ¥4,006 million (121.5% increase)
   • Comprehensive Income: ¥5,998 million [46.4%]
   • Basic Earnings per Share: ¥167.19
   • Diluted Earnings per Share: Not provided
   • Rate of Return on Equity: 5.6%
   • Ordinary Profit to Total Assets Ratio: 3.8%
   • Operating Profit to Net Sales Ratio: 4.3%

2. Consolidated Financial Position (As of December 31, 2023):

   • Total Assets: ¥100,666 million
   • Net Assets: ¥75,093 million
   • Capital Adequacy Ratio: 73.9%
   • Net Assets per Share: ¥3,103.80

3. Consolidated Cash Flows (Fiscal Year Ended December 31, 2023):

   • Cash Flows from Operating Activities: ¥870 million
   • Cash Flows from Investing Activities: ¥598 million
   • Cash Flows from Financing Activities: ¥1,961 million
   • Cash and Cash Equivalents at the End of the Period: ¥18,727 million

4. Dividends (Fiscal Year Ended December 31, 2023):

   • No dividends were declared for the fiscal year.

5. Dividend Forecast (Fiscal Year Ending December 31, 2024):

   • No dividends are forecasted for the fiscal year.

6. Financial Forecast (Fiscal Year Ending December 31, 2024):

   • Net Sales: ¥66,000 million (0.6% increase)
   • Operating Profit: ¥3,500 million (23.2% increase)
   • Ordinary Profit: ¥4,000 million (11.3% increase)
   • Profit Attributable to Owners of Parent: ¥2,600 million (35.1% decrease)
   • Basic Earnings per Share: ¥110.78

     Consolidated Balance Sheets (Millions of yen)

     Explanation and Summary:

     Assets:

     1. Current Assets (As of December 31, 2023: ¥74,506 million):

        • Cash and Deposits: ¥24,360 million
        • Accounts Receivable: ¥2,576 million
        • Lease Receivables and Investments: ¥4,372 million
        • Securities: ¥0 million
        • Merchandise and Goods: ¥1,591 million
        • Work in Process: ¥1,508 million
        • Raw Materials and Supplies: ¥4,358 million

     2. Non-Current Assets (As of December 31, 2023: ¥26,159 million):

        • Property, Plant, and Equipment: ¥13,712 million
        • Intangible Assets: ¥2,225 million
        • Investments and Other Assets: ¥10,221 million

     **Liabilities

     :**

     1. Current Liabilities (As of December 31, 2023: ¥15,772 million):

        • Notes and Accounts Payable: ¥936 million
        • Short-Term Borrowings: ¥637 million
        • Lease Liabilities: ¥1,691 million
        • Income Taxes Payable: ¥853 million

     2. Non-Current Liabilities (As of December 31, 2023: ¥9,800 million):

        • Long-Term Borrowings: ¥2,882 million
        • Lease Liabilities: ¥3,156 million
        • Retirement Benefit Liability: ¥1,911 million
        • Deferred Tax Liabilities: ¥987 million

     Net Assets (As of December 31, 2023: ¥75,093 million):

     • Shareholders' Equity: ¥71,014 million
       • Share Capital: ¥16,174 million
       • Capital Surplus: ¥12,186 million
       • Retained Earnings: ¥45,514 million
     • Accumulated Other Comprehensive Income: ¥3,384 million
       • Valuation Difference on Securities: ¥1,574 million
       • Foreign Currency Translation Adjustment: ¥4,525 million
     • Non-Controlling Interests: ¥694 million

     Summary:

     • The company's total assets have increased from ¥89,364 million in 2022 to ¥100,666 million in 2023.
     • Current assets include cash, receivables, and investments, totaling ¥74,506 million.
     • Non-current assets encompass property, plant, equipment, intangible assets, and investments, totaling ¥26,159 million.
     • Liabilities comprise current and non-current obligations, totaling ¥25,572 million.
     • Net assets, representing ownership, amount to ¥75,093 million.
     • Shareholders' equity contributes significantly to net assets, along with other comprehensive income and non-controlling interests.

     • Consolidated Financial Statements Summary:

       1. Consolidated Balance Sheets (December 31, 2022, and December 31, 2023):

          • Assets increased from ¥89,364 million to ¥100,666 million.

          • Current assets rose from ¥67,114 million to ¥74,506 million.

          • Non-current assets increased from ¥22,249 million to ¥26,159 million.

          • Liabilities grew from ¥18,819 million to ¥25,572 million.

          • Current liabilities increased from ¥12,608 million to ¥15,772 million.

          • Non-current liabilities expanded from ¥6,211 million to ¥9,800 million.

          • Net assets rose from ¥70,544 million to ¥75,093 million.

       2. Consolidated Statements of Income (For the fiscal year ended December 31, 2022, and December 31, 2023):

          • Net sales increased from ¥59,011 million to ¥65,602 million.
          • Operating profit rose from ¥2,454 million to ¥2,842 million.
          • Ordinary profit increased from ¥2,969 million to ¥3,595 million.
          • Profit attributable to owners of the parent surged from ¥1,808 million to ¥4,006 million.

       3. Consolidated Statements of Comprehensive Income (For the fiscal year ended December 31, 2022, and December 31, 2023):

          • Comprehensive income attributable to owners of the parent increased from ¥4,076 million to ¥5,998 million.
          • Valuation difference on available-for-sale securities, revaluation reserve for land, foreign currency translation adjustment, and remeasurements of defined benefit plans contributed to comprehensive income.

       4. Consolidated Statements of Changes in Equity (For the fiscal year ended December 31, 2022, and December 31, 2023):

          • Shareholders' equity changed due to dividends, profit, treasury shares transactions, and other items.
          • Accumulated other comprehensive income saw changes in valuation differences, revaluation reserve, foreign currency translation, and defined benefit plans.

       These summaries provide an overview of the financial position, performance, and changes in equity for the specified periods.

     • Consolidated Statements of Cash Flows Summary:

       1. Cash Flows from Operating Activities (For the fiscal year ended December 31, 2022, and December 31, 2023):

          • Net cash provided by operating activities improved from a negative ¥4,136 million to positive ¥870 million.
          • Operating profit increased from ¥2,454 million to ¥2,842 million.
          • Items affecting operating cash flows include depreciation, amortization of goodwill, changes in provisions, interest and dividend income/expenses, and gains/losses on sales of assets.

       2. Cash Flows from Investing Activities (For the fiscal year ended December 31, 2022, and December 31, 2023):

          • Net cash used in investing activities decreased from ¥1,020 million to ¥598 million.
          • Key items include payments into/withdrawals from time deposits, purchases/sales of securities, capital expenditures (property, plant, equipment), acquisitions/disposals of subsidiaries, and proceeds from loans.

       3. Cash Flows from Financing Activities (For the fiscal year ended December 31, 2022, and December 31, 2023):

          • Net cash used in financing activities increased from ¥3,907 million to ¥1,961 million.
          • Items include short-term and long-term borrowings, repayments of borrowings, lease liabilities, treasury shares transactions, dividends paid, and other financing activities.

       4. Effect of Exchange Rate Change on Cash and Cash Equivalents:

          • Exchange rate changes resulted in a positive impact of ¥559 million in the fiscal year ended December 31, 2022, and ¥203 million in the fiscal year ended December 31, 2023.

       5. Net Increase (Decrease) in Cash and Cash Equivalents:

          • Net increase in cash and cash equivalents was negative ¥8,505 million in the fiscal year ended December 31, 2022, and positive ¥3,633 million in the fiscal year ended December 31, 2023.

       6. Cash and Cash Equivalents at Beginning and End of Period:

          • Cash and cash equivalents at the beginning of the period were ¥23,599 million in 2022 and ¥15,094 million in 2023.
          • Cash and cash equivalents at the end of the period were ¥15,094 million in 2022 and ¥18,727 million in 2023.

            Segment Information Summary:

            1. FY2022 (January 1, 2022, to December 31, 2022):

            • Infrastructure Maintenance, Management, and Renovation:
              • Net Sales: ¥20,724 million
              • Segment Income: ¥340 million
            • Natural Disaster Prevention and Mitigation:
              • Net Sales: ¥13,646 million
              • Segment Income: ¥474 million
            • Environment:
              • Net Sales: ¥9,968 million
              • Segment Income: ¥1,064 million
            • Natural Resources and Energy:
              • Net Sales: ¥15,697 million
              • Segment Income: ¥567 million
            • Total Net Sales: ¥60,038 million
            • Total Segment Income: ¥2,446 million

            2. FY2023 (January 1, 2023, to December 31, 2023):

            • Infrastructure Maintenance, Management, and Renovation:
              • Net Sales: ¥24,831 million
              • Segment Income: ¥391 million
            • Natural Disaster Prevention and Mitigation:
              • Net Sales: ¥14,225 million
              • Segment Income: ¥460 million
            • Environment:
              • Net Sales: ¥10,499 million
              • Segment Income: ¥1,083 million
            • Natural Resources and Energy:
              • Net Sales: ¥17,008 million
              • Segment Income: ¥895 million
            • Total Net Sales: ¥66,564 million
            • Total Segment Income: ¥2,831 million

            Adjustments and Notes:

            • Adjustments were made to segment income for the elimination of inter-segment revenues.
            • Segment income was adjusted based on the operating income stated on the quarterly consolidated statements of income.
            • Segment assets are not disclosed, but depreciation expenses for unallocated assets are allocated to each business segment.

            Additional Notes:

            • Inter-segment sales or transfers were eliminated in both fiscal years.
            • Depreciation, amortization of goodwill, and equity in earnings (loss) of affiliates were reported for each segment.
            • Segment assets were not disclosed as they are not considered in resource allocation and performance evaluation. Non-consolidated Financial Statements Summary: Non-consolidated Balance Sheets: Assets: Current assets increased from ¥34,239 million in 2022 to ¥36,961 million in 2023. Non-current assets increased from ¥27,917 million in 2022 to ¥30,148 million in 2023. Total assets increased from ¥62,156 million in 2022 to ¥67,109 million in 2023. Liabilities: Current liabilities increased from ¥6,610 million in 2022 to ¥8,201 million in 2023. Non-current liabilities increased from ¥2,829 million in 2022 to ¥5,851 million in 2023. Total liabilities increased from ¥9,439 million in 2022 to ¥14,053 million in 2023. Net Assets: Shareholders' equity was ¥54,480 million in 2022 and ¥54,506 million in 2023. Valuation and translation adjustments resulted in a total net asset increase from ¥52,716 million in 2022 to ¥53,056 million in 2023. Non-consolidated Statements of Income: Net Sales and Profit: Net sales increased from ¥34,092 million in 2022 to ¥35,289 million in 2023. Gross profit decreased slightly from ¥9,161 million in 2022 to ¥8,742 million in 2023. Operating profit decreased from ¥1,300 million in 2022 to ¥720 million in 2023. Profit before income taxes increased from ¥1,852 million in 2022 to ¥1,901 million in 2023. Net profit increased from ¥1,304 million in 2022 to ¥1,461 million in 2023. Non-operating Income and Expenses: Non-operating income increased from ¥687 million in 2022 to ¥709 million in 2023. Non-operating expenses decreased from ¥75 million in 2022 to ¥54 million in 2023. Extraordinary Items: Extraordinary income was ¥80 million in 2022 and increased to ¥585 million in 2023. Extraordinary losses were ¥140 million in 2022 and decreased to ¥59 million in 2023. Income Taxes: Total income taxes increased from ¥548 million in 2022 to ¥440 million in 2023. Profit: Net profit increased from ¥1,304 million in 2022 to ¥1,461 million in 2023.
              

            • Non-consolidated Statements of Changes in Equity:

              For the Fiscal Year Ended December 31, 2022:

              1. Shareholders' Equity:

                 • Share capital: ¥16,174 million
                 • Capital surplus: ¥4,043 million
                 • Retained earnings: ¥11,656 million
                 • Total shareholders' equity: ¥29,197 million

              2. Valuation and Translation Adjustments:

                 • Valuation difference on available-for-sale securities: ¥1,178 million
                 • Revaluation reserve for land: -¥2,942 million
                 • Total valuation and translation adjustments: -¥1,764 million

              3. Total Net Assets:

                 • Total net assets: ¥52,716 million

              4. Treasury Shares:

                 • Treasury shares: -¥2,547 million

              For the Fiscal Year Ended December 31, 2023:

              1. Shareholders' Equity:

                 • Share capital: ¥16,174 million
                 • Capital surplus: ¥4,043 million
                 • Retained earnings: ¥11,656 million
                 • Total shareholders' equity: ¥29,536 million

              2. Valuation and Translation Adjustments:

                 • Valuation difference on available-for-sale securities: ¥1,574 million
                 • Revaluation reserve for land: -¥3,024 million
                 • Total valuation and translation adjustments: -¥1,450 million

              3. Total Net Assets:

                 • Total net assets: ¥53,056 million

              4. Treasury Shares:

                 • Treasury shares: -¥2,860 million

              Changes During the Period (2022 - 2023):

              1. Dividends and Profit:

                 • Dividends of surplus: -¥1,203 million
                 • Profit: ¥1,461 million

              2. Treasury Shares:

                 • Purchase of treasury shares: -¥341 million
                 • Disposal of treasury shares: ¥28 million
                 • Cancellation of treasury shares: Not specified

              3. Revaluation Reserve for Land:

                 • Reversal of revaluation reserve for land: ¥81 million

              4. Net Changes in Items Other Than Shareholders' Equity:

                 • Net changes: ¥395 million

              Total Changes During the Period:

              • Decrease in total valuation and translation adjustments: -¥313 million
              • Increase in treasury shares: -¥25 million
              • Increase in net changes: ¥395 million
              • Total changes: ¥340 million

              Ending Balance (As of December 31, 2023):

              • Total shareholders' equity: ¥54,506 million
              • Total valuation and translation adjustments: -¥1,450 million
              • Total net assets: ¥53,056 million
              • Treasury shares: -¥2,860 million

                Ending Balance (As of December 31, 2023 - Continued):

                1. Shareholders' Equity:

                   • Share capital: ¥16,174 million
                   • Capital surplus: ¥4,043 million
                   • Retained earnings: ¥11,656 million
                   • Total shareholders' equity: ¥29,536 million

                2. Valuation and Translation Adjustments:

                   • Valuation difference on available-for-sale securities: ¥1,574 million
                   • Revaluation reserve for land: -¥3,024 million
                   • Total valuation and translation adjustments: -¥1,450 million

                3. Total Net Assets:

                   • Total net assets: ¥53,056 million

                4. Treasury Shares:

                   • Treasury shares: -¥2,860 million

                Changes During the Period (2022 - 2023 - Continued):

                5. Dividends and Profit:

                   • Dividends of surplus: -¥1,203 million
                   • Profit: ¥1,461 million

                6. Treasury Shares:

                   • Purchase of treasury shares: -¥341 million
                   • Disposal of treasury shares: ¥28 million
                   • Cancellation of treasury shares: Not specified

                7. Revaluation Reserve for Land:

                   • Reversal of revaluation reserve for land: ¥81 million

                8. Net Changes in Items Other Than Shareholders' Equity:

                   • Net changes: ¥395 million

                Total Changes During the Period:

                • Decrease in total valuation and translation adjustments: -¥313 million
                • Increase in treasury shares: -¥25 million
                • Increase in net changes: ¥395 million
                • Total changes: ¥340 million

                Overall Summary:

                • The non-consolidated statements of changes in equity for the fiscal year ended December 31, 2023, indicate an increase in total shareholders' equity, primarily driven by profits generated during the period.

                • Dividends of surplus and the purchase, disposal, and cancellation of treasury shares resulted in changes in equity.

                • The revaluation reserve for land experienced a reversal, contributing positively to the overall equity.

                • Valuation differences on available-for-sale securities and the revaluation reserve for land led to a decrease in the total valuation and translation adjustments.

                • The net changes in items other than shareholders' equity contributed positively.

                • The ending balance shows a healthy financial position with total shareholders' equity at ¥54,506 million and total net assets at ¥53,056 million. Treasury shares account for -¥2,860 million.

     Assets	As of December 31, 2022	As of December 31, 2023
     Current assets
     Cash and deposits	22,293	24,360
     Notes and accounts receivable - trade	2,892	2,576
     Accounts receivable completed operation and contract assets	29,351	34,268
     Lease receivables and investments in leases	3,900	4,372
     Securities	989	0
     Merchandise and finished goods	1,094	1,591
     Work in process	1,356	1,508
     Raw materials and supplies	3,591	4,358
     Other	1,672	1,525
     Allowance for doubtful accounts	(26)	(55)
     Total current assets	67,114	74,506
     Non-current assets
     Property, plant and equipment
     Buildings and structures	14,282	15,008
     Accumulated depreciation	(9,797)	(10,215)
     Accumulated impairment	(8)	(9)
     Buildings and structures, net	4,476	4,783
     Machinery, equipment and vehicles	7,769	9,228
     Accumulated depreciation	(6,024)	(7,214)
     Accumulated impairment	(11)	(12)
     Machinery, equipment and vehicles, net	1,733	2,001
     Tools, furniture and fixtures	1,788	1,923
     Accumulated depreciation	(1,641)	(1,688)
     Accumulated impairment	(18)	(19)
     Tools, furniture and fixtures, net	128	214
     Land	5,883	6,081
     Leased assets	858	909
     Accumulated depreciation	(333)	(396)
     Leased assets, net	525	513
     Construction in progress	343	117
     Total property, plant and equipment	13,092	13,712
     Intangible assets
     Software	846	812
     Software in progress	26	35
     Goodwill	-	1,116
     Other	310	261
     Total intangible assets	1,183	2,225
     Investments and other assets
     Investment securities	4,541	5,056
     Long-term loans receivable	27	28
     Retirement benefit asset	1,749	2,128
     Deferred tax assets	88	1,139
     Investment property	534	534
     Accumulated depreciation	(251)	(260)
     Investment property, net	282	273
     Other	1,707	1,981
     Allowance for doubtful accounts	(422)	(386)
     Total investments and other assets	7,974	10,221
     Total non-current assets	22,249	26,159
     Total assets	89,364	100,666

     
     

     Liabilities	As of December 31, 2022	As of December 31, 2023
     Current liabilities
     Notes and accounts payable - trade	870	936
     Accounts payable - operating	2,686	3,485
     Short-term borrowings	-	637
     Current portion

   • Consolidated Statements of Changes in Equity:

     (Amounts in Millions of yen)

     Shareholders' Equity	Share Capital	Capital Surplus	Retained Earnings	Treasury Shares	Total Shareholders' Equity
     Balance at the Beginning of Period	¥16,174	¥13,863	¥42,204	-¥2,049	¥70,192
     Changes During the Period
     Dividends of Surplus	-	-	-¥1,382	-	-¥1,382
     Profit Attributable to Owners of Parent	-	-	¥1,808	-	¥1,808
     Purchase of Treasury Shares	-	-	-	-¥2,209	-¥2,209
     Disposal of Treasury Shares	-	-	-	¥7	¥7
     Cancellation of Treasury Shares	-	-	-	-	-
     Net Changes in Items Other Than Shareholders' Equity	-	-	425	-498	-¥1,775
     Total Changes During the Period	-	-¥1,703	¥425	-¥498	-¥1,775
     Balance at the End of Period	¥16,174	¥12,159	¥42,629	-¥2,547	¥68,416

     Accumulated Other Comprehensive Income	Valuation Difference on Available-for-Sale Securities	Revaluation Reserve for Land	Foreign Currency Translation Adjustment	Remeasurements of Defined Benefit Plans	Total Accumulated Other Comprehensive Income
     Balance at the Beginning of Period	¥1,120	-¥2,942	¥864	¥161	-¥795
     Changes During the Period
     Dividends of Surplus	-	-	-	-	-
     Profit Attributable to Owners of Parent	-	-	-	-	-
     Purchase of Treasury Shares	-	-	-	-	-
     Disposal of Treasury Shares	-	-	-	-	-
     Cancellation of Treasury Shares	-	-	-	-	-
     Reversal of Revaluation Reserve for Land	-	¥-	-	-	-
     Change in Ownership Interest of Parent due to Transactions with Non-Controlling Interests	0	0	0	-	0
     Net Changes in Items Other Than Shareholders' Equity	57	-	2,289	-79	2,267
     Total Changes During the Period	57	-	2,289	-79	2,267
     Balance at the End of Period	¥1,178	-¥2,942	¥3,154	¥82	¥1,472

Notes:

• The company's official website is OYO Corporation.
• The figures reflect the finalization of provisional accounting treatment for the business combination.
• The financial results report is exempt from review by a certified public accountant or auditing firm.
• Forward-looking statements are provided, and actual results may differ due to various factors.

For more detailed information, you can refer to the official report on OYO Corporation's website.