Worth reading
79Important
Scored from 5 of 6 sectionsDirection
Improvement
Direction inferred from the company’s description.Scale
4551
¥ million (operating profit, +24.8% year on year, +16.9% versus plan)Wording
Definitive
How definitive the wording is.Contents of this document
Supplementary materials to the earnings reportSecond quarter (interim period) of the fiscal year ending March 202710 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥19,409 million+11.4%
Operating profit¥4,551 million+24.8%
Ordinary income¥4,601 million+24.2%
Net income¥3,089 million+23.2%
Gross Profit Margin
Rate33.2%
Year-on-year change (points)Down 1.9 percentage points from 35.1% in the prior-year period
Operating profit margin
Rate23.5%
Year-on-year change (points)Up 2.6 percentage points from 20.9% in the prior-year period
Results for the three months of the current quarterRevenue, gross profit and operating profit for the standalone second quarter were disclosed in graphs for the ES business and retail electricity business. Second-quarter gross profit in the retail electricity business was ¥1,368 million, with a gross profit margin of 18.8%.
Full-year earnings forecast
Net Sales¥37,174 million
Gross profit¥11,871 million
Operating profit¥7,900 million
Ordinary income¥7,928 million
Net income for the current fiscal year¥5,376 million
ES business revenue¥13,876 million
Retail electricity business revenue¥23,297 million
ES business operating income¥5,390 million
Retail electricity business operating income¥3,243 million
Corporate and shared administrative expenses▲¥733 million
Progress against full-year forecast 通期の予想に対して、いまどこまで進んだかの割合です。
Net Sales52.2%
ES business revenue51.2%
Retail electricity business revenue52.8%
Gross profit54.3%
ES business gross profit53.8%
Retail electricity business gross profit55.2%
Operating profit57.6%
ES business operating income55.8%
Retail electricity business operating income58.1%
Corporate and shared administrative expenses46.5%
Ordinary income58.0%
Net income for the current fiscal year57.5%
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Revenue and profit are both progressing steadily. Revenue and profit for the second quarter (interim period) are both progressing steadily.Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Consolidated operating profit
Net Sales+¥1,984 million
Costs of sales▲¥1,659 million
Selling Expenses+¥260 million
Personnel and recruitment expenses+¥224 million
Other SG&A expenses+¥94 million
Retail electricity business gross profit
Electricity sold+¥90 million
Market Conditions+¥301 million
Capacity contribution charge+¥77 million
Other−34 million yen
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Electricity sales volume in the retail electricity business727 GWh, +12.2% year-on-year plan
Commercial solar gross profit¥6,425 million, +10.3% year-on-year plan
Grid-scale storage facilities5 locations scheduled to come online sequentially
Pass-through to retail electricity ratesReflect 70% of the amount exceeding the benchmark price in tariffs
Price hedging through futures transactions, etc.Fix 30% of procurement volume
New initiatives
- Expand sales of commercial solar power systems and cross-sell storage batteries
- Bring grid-scale battery storage facilities online sequentially to build recurring revenue
- Reduce exposure to market-price volatility through a proprietary fuel adjustment mechanism, bilateral power procurement and futures trading
- Selective acceptance of orders from high-unit-price customers
- Cancellation of the Otsu Battery Park plan
Key KPIsA metric the company considers important as a management benchmark.
- Retail electricity business contracts81 Thousands of contractsYear on year against the same period last year+19.1%
- Electricity sold by the retail electricity business195 GWhYear on year against the same period last year+5.4%
- Retail electricity business gross profit¥2,339 millionYear on year against the same period last year+22.8%
- ES business operating profit margin42.4%Year on year against the same period last yearImproved from 34.2%
- Equity ratio69.5%
- Cumulative installed solar power generation systems6,300 Engagements
Unit price and quantity metricsThese figures show sales broken down by price and volume.
Contracts81 thousand contracts, +19.1% year on year
Electricity sold195 GWh, +5.4% year on year
Fuel adjustment price¥2.86/kWh
Market prices¥18.97/kWh
Bilateral power supply¥11.70/kWh
Unit purchase price from power companiesUnit purchase price from power companies
Solar power generation unit priceSolar power generation unit price: ¥15.00/kWh
Segment results
ES business
Net Sales¥7,101 million, ▲8.7% year on year
Operating profit¥3,009 million, +13.1% year on year
Retail electricity business
Net Sales¥12,308 million, +27.6% year on year
Operating profit¥1,883 million, +32.2% year on year
Corporate and shared administrative expenses
Operating profit▲¥341 million
Market Size / Share
TAMApproximately 6 million cases
SAMApproximately 1.2 million cases
Potential customersApproximately 600 thousand prospective customers
Our cumulative installations to dateApproximately 6,300 cumulative installations by the company
Adoption rate among prospective customersApproximately 1.0% penetration among prospective customers
Market positioningRecognized as a market leader
Annual Dividend
Annual dividend per share¥93
Interim Dividend¥28
Year-end dividend¥65
Payout ratio
Target payout ratio of 40.0%| Item | Details |
|---|---|
| Document type | Supplementary materials to the earnings report |
| Fiscal Period Covered | Second quarter (interim period) of the fiscal year ending March 2027 |
| Net Sales | ¥19,409 million (YoY +11.4%) |
| Operating profit | ¥4,551 million (YoY +24.8%) |
| Ordinary income | ¥4,601 million (YoY +24.2%) |
| Net income | ¥3,089 million (YoY +23.2%) |
| Gross Profit Margin | Rate 33.2% / Year-on-year change (points) Down 1.9 percentage points from 35.1% in the prior-year period |
| Operating profit margin | Rate 23.5% / Year-on-year change (points) Up 2.6 percentage points from 20.9% in the prior-year period |
| Results for the three months of the current quarter | Revenue, gross profit and operating profit for the standalone second quarter were disclosed in graphs for the ES business and retail electricity business. Second-quarter gross profit in the retail electricity business was ¥1,368 million, with a gross profit margin of 18.8%. |
| Full-year earnings forecast | Net Sales ¥37,174 million / Gross profit ¥11,871 million / Operating profit ¥7,900 million / Ordinary income ¥7,928 million / Net income for the current fiscal year ¥5,376 million / ES business revenue ¥13,876 million / Retail electricity business revenue ¥23,297 million / ES business operating income ¥5,390 million / Retail electricity business operating income ¥3,243 million / Corporate and shared administrative expenses ▲¥733 million |
| Progress against full-year forecast | Net Sales 52.2% / ES business revenue 51.2% / Retail electricity business revenue 52.8% / Gross profit 54.3% / ES business gross profit 53.8% / Retail electricity business gross profit 55.2% / Operating profit 57.6% / ES business operating income 55.8% / Retail electricity business operating income 58.1% / Corporate and shared administrative expenses 46.5% / Ordinary income 58.0% / Net income for the current fiscal year 57.5% |
| Self-assessment against the plan | Revenue and profit are both progressing steadily. Revenue and profit for the second quarter (interim period) are both progressing steadily. |
| Segment results | ES business Net Sales ¥7,101 million, ▲8.7% year on year / Operating profit ¥3,009 million, +13.1% year on year / Retail electricity business Net Sales ¥12,308 million, +27.6% year on year / Operating profit ¥1,883 million, +32.2% year on year / Corporate and shared administrative expenses Operating profit ▲¥341 million |
| Breakdown of Factors Affecting the Change | Consolidated operating profit Net Sales +¥1,984 million / Costs of sales ▲¥1,659 million / Selling Expenses +¥260 million / Personnel and recruitment expenses +¥224 million / Other SG&A expenses +¥94 million / Retail electricity business gross profit Electricity sold +¥90 million / Market Conditions +¥301 million / Capacity contribution charge +¥77 million / Other −34 million yen |
| Key KPIs | Indicator name Retail electricity business contracts / Value 81 Thousands of contracts / Year on year against the same period last year +19.1%, Indicator name Electricity sold by the retail electricity business / Value 195 GWh / Year on year against the same period last year +5.4%, Indicator name Retail electricity business gross profit / Value ¥2,339 million / Year on year against the same period last year +22.8%, Indicator name ES business operating profit margin / Value 42.4% / Year on year against the same period last year Improved from 34.2%, Indicator name Equity ratio / Value 69.5% / Year on year against the same period last year Not disclosed, Indicator name Cumulative installed solar power generation systems / Value 6,300 Engagements / Year on year against the same period last year Not disclosed |
| Unit price and quantity metrics | Contracts 81 thousand contracts, +19.1% year on year / Electricity sold 195 GWh, +5.4% year on year / Fuel adjustment price ¥2.86/kWh / Market prices ¥18.97/kWh / Bilateral power supply ¥11.70/kWh / Unit purchase price from power companies Unit purchase price from power companies / Solar power generation unit price Solar power generation unit price: ¥15.00/kWh |
| Assumptions Underlying the Business Outlook | Electricity sales volume in the retail electricity business 727 GWh, +12.2% year-on-year plan / Commercial solar gross profit ¥6,425 million, +10.3% year-on-year plan / Grid-scale storage facilities 5 locations scheduled to come online sequentially / Pass-through to retail electricity rates Reflect 70% of the amount exceeding the benchmark price in tariffs / Price hedging through futures transactions, etc. Fix 30% of procurement volume |
| Annual Dividend | Annual dividend per share ¥93 / Interim Dividend ¥28 / Year-end dividend ¥65 |
| Payout ratio | Target payout ratio of 40.0% |
| Market Size / Share | TAM Approximately 6 million cases / SAM Approximately 1.2 million cases / Potential customers Approximately 600 thousand prospective customers / Our cumulative installations to date Approximately 6,300 cumulative installations by the company / Adoption rate among prospective customers Approximately 1.0% penetration among prospective customers / Market positioning Recognized as a market leader |
| New initiatives | Expand sales of commercial solar power systems and cross-sell storage batteries, Bring grid-scale battery storage facilities online sequentially to build recurring revenue, Reduce exposure to market-price volatility through a proprietary fuel adjustment mechanism, bilateral power procurement and futures trading, Selective acceptance of orders from high-unit-price customers, Cancellation of the Otsu Battery Park plan |
Items this document does not state (10)
Selling, general and administrative expensesNumber of stores and locationsNumber of employeesRisk amount incorporated into the outlookMedium-term management plan targetsFinancial targetsAcquisition of treasury sharesCapital expendituresOrders received and order backlogKey points of the Q&A
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.The unit selling price in the retail electricity business rose due to higher market prices resulting from tensions in the Middle East; the retail electricity business posted higher profit due to an increase in the number of contracts and risk-hedging measures; and the ES business’s operating profit margin improved from 34.2% to 42.4% as the former SHP business was scaled back.
How to read this page
This is not the documentKomori reads the disclosure the company filed and writes this summary. Figures are as stated by the company and are not audited.
Weight is not a verdictIt measures how much this changes what the company had already told the market. It is not a view on the shares.
Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.