Worth reading
65In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Mixed performance
Direction inferred from the company’s description.Scale
46
Year-on-year change in operating profit (%)Wording
Conditional
How definitive the wording is.Results for this period
Full year1 July 2025 to 30 June 2026ConsolidatedJapanese GAAPNet Sales24,619¥ millionYear on year +9.4%Progress 97.1%
Operating profit944¥ millionYear on year +46.0%Progress 148.9%
Ordinary income891¥ millionYear on year +44.5%Progress 170.4%
Net income attributable to owners of the parent525¥ millionYear on year +8.8%Progress 172.1%
The width of the band at each stage is based on revenue. The narrower it becomes toward the bottom, the smaller the proportion of revenue that remains as profit. The dotted outline is the full-year forecast and the band inside it is the result for this period. The progress rate is the result divided by the forecast.
Net income per share¥422.39
Operating Margin3.8％
Financial position at period-end
Total assets21,886¥ million
of which net assets 5,919 ¥ millionEquity ratio 27.0%vs. prior year-end -4.7pt
塗りつぶした部分が自己資本比率です。総資産のうち、返済のいらない自前の資金がどれだけかを表します。The thin vertical line indicates the level at the end of the previous fiscal year.
Cash inflows and outflows
Operating-1,366
Investment-681
Financials+3,777
Net change+1,730
Stacked from zero: upward is an increase in cash, downward a decrease (in ¥ million).The net change represented by the dotted line is the total of three items, calculated from figures provided by the company.
Cash and cash equivalents at end of period¥3,759 million
Segment revenueConstruction ¥15,008 million (YoY +16.6%), Real Estate Business ¥3,353 million (YoY -4.5%), Nursing Care Business ¥6,257 million (YoY +2.3%)
Segment profitConstruction ¥1,109 million (YoY +43.3%), Real Estate Business ¥305 million (YoY +47.8%), Nursing Care Business ¥255 million (YoY -18.0%)
Outlook and shareholder returns
Full-year earnings forecast
Net Sales¥25,345 million (YoY +2.9%)
Operating profit¥634 million (YoY -32.9%)
Ordinary income¥523 million (YoY -41.3%)
Net income¥305 million (YoY -42.0%)
Annual Dividend Forecast¥127 per share → ¥127 per share（0.0%）
Payout ratioCurrent fiscal year 30.1 ％ / Next-year forecast 51.9 ％
Shareholder Return PolicyThe dividend payout ratio on equity (DOE) of 2.5% is set as the minimum dividend level. The dividend amount will be based on whichever is higher: the total dividend based on a DOE of 2.5% or the total dividend based on a payout ratio of 30%.
Factors Behind Changes in Business Performance
The construction business benefited from an increase in completed construction projects; the real estate business from revisions to management fees, an increase in transactions and an increase in real estate brokerage transactions; and the nursing care business from a higher occupancy rate.
Disclosure regarding the going concern assumption
Not applicable.
Change in accounting policy
基準改正に伴う変更 Noそれ以外の変更 No見積りの変更 No修正再表示 No
Changes in the scope of consolidationNew Number of companies 1 / Company name 株式会社松下工商 / Excluded Number of companies 0 / Company name Not disclosed
Material subsequent eventsA corporate reorganization was approved under which the nursing care business will be transferred through a company split to the wholly owned subsidiary フローレンスケア株式会社. The transaction is expected to take effect on 1 January 2027, subject to approval by the shareholders' meeting and the necessary permits and approvals from the relevant government authorities.
Impairment loss¥10,196 thousand
Breakdown of extraordinary income (loss)Extraordinary income Gain on sale of non-current assets ¥127 thousand / Extraordinary loss Impairment Losses ¥10,196 thousand, Loss on Disposal of Fixed Assets ¥17,816 thousand
Depreciation and amortization¥225,084 thousand
Orders received and order backlogOrders received ¥142 hundred million / Order backlog Not disclosed
Availability of Supplementary Financial Results MaterialsNo
Availability of Financial Results BriefingWhether applicable No / Subject person Not disclosed
Issued Shares at Period-End1,331,220 Shares
Treasury Shares at Period-End84,936 Shares
| Item | Details |
|---|---|
| Fiscal Period Classification | Full year |
| Accounting standards | Japanese GAAP |
| Consolidated / non-consolidated | Consolidated |
| Period Covered | 1 July 2025 to 30 June 2026 |
| Net Sales | ¥24,619 million (YoY +9.4%) |
| Operating profit | ¥944 million (YoY +46.0%) |
| Ordinary income | ¥891 million (YoY +44.5%) |
| Profit attributable to owners of the parent | ¥525 million (YoY +8.8%) |
| Net income per share | ¥422.39 |
| Operating Margin | 3.8％ |
| Equity ratio | End of the current fiscal period 27 / End of previous period 31.7 |
| Total assets | ¥21,886 million |
| Net assets | ¥5,919 million |
| Cash flows from operating activities | ¥-1,366 million |
| Cash flows from investing activities | ¥-681 million |
| Cash flows from financing activities | ¥3,777 million |
| Cash and cash equivalents at end of period | ¥3,759 million |
| Full-year earnings forecast | Net Sales ¥25,345 million (YoY +2.9%) / Operating profit ¥634 million (YoY -32.9%) / Ordinary income ¥523 million (YoY -41.3%) / Net income ¥305 million (YoY -42.0%) |
| Annual Dividend Forecast | ¥127 per share → ¥127 per share（0.0%） |
| Payout ratio | Current fiscal year 30.1 ％ / Next-year forecast 51.9 ％ |
| Shareholder Return Policy | The dividend payout ratio on equity (DOE) of 2.5% is set as the minimum dividend level. The dividend amount will be based on whichever is higher: the total dividend based on a DOE of 2.5% or the total dividend based on a payout ratio of 30%. |
| Segment revenue | Construction ¥15,008 million (YoY +16.6%), Real Estate Business ¥3,353 million (YoY -4.5%), Nursing Care Business ¥6,257 million (YoY +2.3%) |
| Segment profit | Construction ¥1,109 million (YoY +43.3%), Real Estate Business ¥305 million (YoY +47.8%), Nursing Care Business ¥255 million (YoY -18.0%) |
| Orders received and order backlog | Orders received ¥142 hundred million / Order backlog Not disclosed |
| Depreciation and amortization | ¥225,084 thousand |
| Impairment loss | ¥10,196 thousand |
| Breakdown of extraordinary income (loss) | Extraordinary income Gain on sale of non-current assets ¥127 thousand / Extraordinary loss Impairment Losses ¥10,196 thousand, Loss on Disposal of Fixed Assets ¥17,816 thousand |
| Disclosure regarding the going concern assumption | Not applicable. |
| Change in accounting policy | Changes due to revisions to standards No / Other changes No / Change in accounting estimate No / Restatement No |
| Changes in the scope of consolidation | New Number of companies 1 / Company name 株式会社松下工商 / Excluded Number of companies 0 / Company name Not disclosed |
| Material subsequent events | A corporate reorganization was approved under which the nursing care business will be transferred through a company split to the wholly owned subsidiary フローレンスケア株式会社. The transaction is expected to take effect on 1 January 2027, subject to approval by the shareholders' meeting and the necessary permits and approvals from the relevant government authorities. |
| Availability of Supplementary Financial Results Materials | No |
| Availability of Financial Results Briefing | Whether applicable No / Subject person Not disclosed |
| Issued Shares at Period-End | 1,331,220 Shares |
| Treasury Shares at Period-End | 84,936 Shares |
| Factors Behind Changes in Business Performance | The construction business benefited from an increase in completed construction projects; the real estate business from revisions to management fees, an increase in transactions and an increase in real estate brokerage transactions; and the nursing care business from a higher occupancy rate. |
Items this document does not state (2)
Revision to Earnings ForecastRegional sales
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.In the construction business, the increase in completed construction projects; in the real estate business, revisions to management fees, an increase in transactions and an increase in real estate brokerage transactions; and in the nursing care business, the higher occupancy rate were cited as reasons for higher revenue and profit or improved performance. Looking ahead, the challenges identified include higher construction material prices, rising labor costs, a shortage of workers, changes in the housing market, a shortage of nursing care personnel, and increases in labor and other costs and prices.
How to read this page
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