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    3391   JP3536150000

TSURUHA HOLDINGS INC.

(3391)
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Tsuruha : Consolidated Financial Results for the Second Quarter of the Fiscal Year Ending May 15, 2021

12/24/2020 | 12:17am EST

Consolidated Financial Results for the Second Quarter of the Fiscal Year Ending May 15, 2021 [J-GAAP]

December 15, 2020

Name of listed company: TSURUHA Holdings, Inc.

Listed on: Tokyo Stock Exchange, 1st Section

Securities code:

3391

URL: http://www.tsuruha-hd.co.jp

Representative:

Jun Tsuruha, President and Representative Director

Contact:

Makoto Murakami, Executive Officer and Chief Administrative Officer

TEL: +81-11-783-2755

Scheduled date of filing quarterly financial report:

December 28, 2020

Scheduled date to start dividends distribution:

January 8, 2021

Supplementary quarterly materials prepared:

Yes

Quarterly results information meeting held:

Yes (for institutional investors and financial analysts)

(Figures shown are rounded down to the nearest million yen.)

1. Consolidated financial results for the second quarter ended November 15, 2020 (May 16, 2020 - November 15, 2020)

(1) Consolidated operating results

(Percentage figures show changes from the same period in the previous year.)

Net Sales

Operating Income

Ordinary Income

Net Income Attributable

to Owners of the Parent

Millions of yen

%

Millions of yen

%

Millions of yen

%

Millions of yen

%

Six months ended

453,492

8.9

27,998

17.8

28,330

15.9

16,587

6.6

November 15, 2020

Six months ended

416,466

8.8

23,764

15.5

24,440

14.2

15,554

20.2

November 15, 2019

Note: Comprehensive income:

Six months ended November 15, 2020: 20,176 million yen (-9.9%)

Six months ended November 15, 2019: 22,404 million yen (70.7%)

Net Income per Share

Diluted Net Income

per Share

Yen

Yen

Six months ended

342.39

340.84

November 15, 2020

Six months ended

321.68

320.60

November 15, 2019

(2) Consolidated financial position

Total Assets

Net Assets

Equity Ratio

Net Assets per Share

Millions of yen

Millions of yen

%

Yen

As of November 15, 2020

531,653

271,141

46.8

5,130.84

As of May 15, 2020

414,002

250,934

56.4

4,821.26

Reference: Equity capital:

As of November 15, 2020: 249,015 million yen

As of May 15, 2020: 233,332 million yen

2. Dividends

Annual Dividends (Yen)

First Quarter-end

Second Quarter-end

Third Quarter-end

Year-end

Annual

Year ended May 15, 2020

74.00

93.00

167.00

Year ending May 15, 2021

83.50

Year ending May 15, 2021

83.50

167.00

(Forecast)

Note: Revisions to the most recently announced dividend forecast during the period: None

3. Consolidated financial forecasts for the year ending May 15, 2021 (May 16, 2020 - May 15, 2021)

(Percentage figures show changes from the same period in the previous year.)

Net Sales

Operating Income

Ordinary Income

Net Income Attributable

Net Income

to Owners of the Parent

per Share

Millions of yen

%

Millions of yen

%

Millions of yen

%

Millions of yen

%

Yen

Full year

920,000

9.4

49,000

8.9

48,400

4.5

27,000

(3.2)

557.89

Note: Revisions to the most recently announced earnings forecasts during the period: Yes

Notes

  1. Significant changes to subsidiaries during the period (Transfers of specific subsidiaries with changes in the scope of consolidation): None
  2. Application of the specific accounting methods for preparing the quarterly consolidated financial statements: Yes
  3. Changes in accounting policies, changes in accounting estimates and restatement of revisions

1)

Changes in accounting policies due to revision of accounting standard, etc.:

None

2)

Changes in accounting policies other than 1):

Yes

3)

Changes in accounting estimates:

None

4)

Restatement of revisions:

None

(4) Number of shares issued and outstanding (common shares)

  1. Number of shares issued and outstanding (including treasury stock)
  2. Number of treasury stock
  3. Average number of shares issued and outstanding in each period (quarterly consolidated cumulative period)

As of November 15, 2020

49,419,368 shares

As of May 15, 2020

49,282,868 shares

As of November 15, 2020

886,255 shares

As of May 15, 2020

886,255 shares

Six months ended

48,446,366 shares

Six months ended

48,355,111 shares

November 15, 2020

November 15, 2019

  • This financial results report is outside the scope of audit procedures conducted by certified public accountants or the independent auditor.
  • Explanation of appropriate use of financial forecasts and other special items

This document contains projections of performance based on information currently available. Actual performance may differ from these projections due to changes in the economic environment and other uncertainties. Please refer to page 3 of the supplementary materials for further details about the above financial forecasts.

TSURUHA Holdings, Inc. (3391) Consolidated Financial Results for the Second Quarter of the Fiscal Year Ending May 15, 2021

Contents

1. Qualitative information on quarterly financial results ......................................................................................................

2

(1)

Explanation of consolidated financial results..................................................................................................................

2

(2)

Explanation of consolidated financial position ...............................................................................................................

2

(3)

Explanation of consolidated financial forecasts and other forward-looking statements .................................................

3

2. Quarterly consolidated financial statements and related notes .........................................................................................

4

(1)

Quarterly consolidated balance sheets.............................................................................................................................

4

(2)

Quarterly consolidated statements of income and quarterly consolidated statements of comprehensive income...........

6

(Quarterly consolidated statements of income)...............................................................................................................

6

(Quarterly consolidated statements of comprehensive income)......................................................................................

7

(3)

Quarterly consolidated statements of cash flows ............................................................................................................

8

(4)

Notes on quarterly consolidated financial statements ...................................................................................................

10

(Notes on premise of a going concern) .........................................................................................................................

10

(Notes on significant changes in the amount of shareholders' equity)..........................................................................

10

(Application of the specific accounting methods for preparing the quarterly consolidated financial statements)................

10

(Change in accounting policy) ......................................................................................................................................

10

- 1 -

TSURUHA Holdings, Inc. (3391) Consolidated Financial Results for the Second Quarter of the Fiscal Year Ending May 15, 2021

1. Qualitative information on quarterly financial results

  1. Explanation of consolidated financial results

In the first six months of the current fiscal year (May 16, 2020 to November 15, 2020), the Japanese economy witnessed a notable decline in consumer sentiment, largely reflecting the government's declaration of a state of emergency in April due to the COVID-19 pandemic. Economic activity gradually regained momentum after the state of emergency was lifted, but subsequent waves of infection contributed to a very uncertain outlook.

In the drugstore sector, with competition to open stores and reduce prices continuing to intensify, the pace of consolidation and realignment grew more pronounced, including among major firms and listed companies.

Against this backdrop, the TSURUHA Group continued to offer a high level of customer service, mainly through advice- based sales, and worked to address the shrinking market caused by Japan's aging population and intensifying competition. Specifically, the Group pushed ahead with store renovations that included the introduction of meat and fresh produce, aimed at improving convenience for customers, while in private brands, the Group reinforced product development and sales structures and worked to renew and expand the private brand business by launching two new brands - Kurashi Rhythm and Kurashi Rhythm Medical. Targeting improvements in the operational efficiency of stores, the Group also expanded the rollout of systems for staff allocation, inventory management and other functions in order to increase productivity. In terms of impact of the COVID-19 pandemic, while there was a decline in inbound demand, as well as lower demand particularly for cosmetics, demand for goods designed to prevent the spread of infection rose, as did demand for daily-use items, consumable goods and food, in line with stay-at-home requests following the state of emergency declaration.

In store openings, the Group targeted specific areas for multiple store openings as part of its area dominance store-opening strategy and implemented a scrap and build approach for existing stores. In the first six months of the fiscal year under review, the Group opened 65 new stores and closed 39 existing stores. In addition, 206 stores were added to the Group after JR KYUSHU DRUG ELEVEN CO., LTD. became a subsidiary of TSURUHA Holdings, Inc. on May 28, 2020, resulting in a total of 2,382 directly managed stores as of the end of the second quarter.

TSURUHA Group store openings and closures

(Number of stores)

End of

Store

Became

Store

Net

End of

Of which

previous

current

dispensing

openings

subsidiary

closures

change

fiscal year

period

pharmacies

Hokkaido

404

10

8

2

406

101

Tohoku

506

16

1

15

521

103

Kanto,

473

18

3

8

13

486

163

Koshinetsu

Chubu, Kansai

233

7

5

2

235

117

Chugoku

300

5

1

3

3

303

97

Shikoku

211

7

6

1

212

56

Kyushu,

23

2

202

8

196

219

24

Okinawa

Total

2,150

65

206

39

232

2,382

661

(The figure at the end of the current period excludes 22 overseas stores and four franchise stores.)

As a result of the above, in the first six months of the current fiscal year, TSURUHA Holdings reported net sales of ¥453,492 million (up 8.9% year on year), operating income of ¥27,998 million (up 17.8%), ordinary income of ¥28,330 million (up 15.9%), and net income attributable to owners of the parent of ¥16,587 million (up 6.6%).

  1. Explanation of consolidated financial position (Assets, liabilities and net assets)

As of the end of the second quarter, assets totaled ¥531,653 million, an increase of ¥117,650 million compared with the end of the previous fiscal year. This mainly reflected increases in cash and deposits and accounts receivable - trade, as the settlement date for the second quarter fell on a non-business day for financial institutions, and the purchase of shares of JR KYUSHU DRUG ELEVEN CO., LTD.

Liabilities totaled ¥260,511 million, an increase of ¥97,443 million compared with the end of the previous fiscal year. This mainly reflected an increase in accounts payable - trade, as the settlement date for the second quarter fell on a non-business day for financial institutions, and the purchase of shares of JR KYUSHU DRUG ELEVEN CO., LTD.

Net assets totaled ¥271,141 million, an increase of ¥20,206 million compared with the end of the previous fiscal year. As a result, the equity ratio was 46.8%, down 9.6 points from the previous fiscal year-end.

(Cash flows)

- 2 -

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

TSURUHA Holdings Inc. published this content on 15 December 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 December 2020 05:14:02 UTC


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Sales 2022 945 B 8 185 M 8 185 M
Net income 2022 27 089 M 235 M 235 M
Net cash 2022 73 583 M 637 M 637 M
P/E ratio 2022 16,3x
Yield 2022 1,86%
Capitalization 441 B 3 819 M 3 818 M
EV / Sales 2022 0,39x
EV / Sales 2023 0,36x
Nbr of Employees 10 810
Free-Float 78,5%
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Mean consensus OUTPERFORM
Number of Analysts 13
Last Close Price 9 080,00 JPY
Average target price 13 476,92 JPY
Spread / Average Target 48,4%
EPS Revisions
Managers and Directors
Jun Tsuruha President & Representative Director
Tatsuru Tsuruha Chairman
Yoshihiro Kobashi Head-Group Information System & Business Strategy
Makoto Murakami Executive Officer & General Manager-Administration
Fumiyo Fujii Independent Outside Director
Sector and Competitors