Worth reading
60In focus
Scored from 4 of 6 sectionsDirection
Improvement
Direction inferred from the company’s description.Scale
15.1
Year-on-year (%)Wording
Conditional
How definitive the wording is.Contents of this document
Summary of Q&AFirst quarter of the fiscal year ending March 20277 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Operating profitAmount not stated+18.5%
Net incomeAmount not stated+15.1%
Full-year earnings forecast
Operating profit
Amount not stated+18.5%
Profit attributable to owners of the parent
Amount not stated+15.1%
What the company explained in this material
Key points of the Q&AKey questions raised by investors at the briefing and the company's answers
- A reduction in the consumption tax on food would benefit B2C food delivery, with improvements expected in new-member acquisition efficiency, average customer spend, retention and LTV.
- The upward revision to net income attributable to owners of the parent and the dividend increase reflect higher profit from the B2B business and normalization of the effective tax rate and other tax burden through organizational restructuring.
- PMI at シダックス is shifting from a defensive to an offensive phase, with the integration of corporate functions and systems expected to generate cost savings on the scale of several hundred million yen during the fiscal year ending March 2027.
- The Company plans to step up M&A, primarily in the food service business, and establish a time-efficient food service model.
- At Oisix, the Company is pursuing improvements in recommendations, product offerings, UI and retention to increase ARPU and LTV.
- The Company is promoting the standardization and joint use of logistics, manufacturing and procurement across its B2C and B2B businesses.
- Policy for responding to the macroeconomic environment, including food ingredient costs, labor costs, delivery costs, interest rates and foreign exchange rates.
- The Company believes that the impact of the new lease accounting standard, effective from the fiscal year ending March 2028, on its financial statements will be limited.
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
- Sale of the Vehicle and Other BusinessesDetailsImpact of lower revenue and profit
- Significant increase in profit from the B2B business (food service business)DetailsDriving operating profit higher
- Normalization of the effective corporate tax rate and other tax burden through organizational restructuringDetailsA factor driving net income attributable to owners of the parent higher
- Difference between EBITDA and operating profit in the first quarter of the fiscal year ending March 2027¥1,102 millionBreakdownAmortization of goodwill 121 / Depreciation and amortization 981 / Of which, customer-related assets 191
- Difference between EBITDA and operating profit in the first quarter of the fiscal year ended March 2026¥1,521 millionBreakdownAmortization of goodwill 347 / Depreciation and amortization 1,173 / Of which, customer-related assets 313
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
- Borrowings outstanding200 Hundreds of millions of yen
- Borrowing interest rate1～2
- Effective corporate tax rate and other tax burden for the fiscal year ending March 2027Around 40%
- Medium- to long-term effective corporate tax rate and other tax burden30% range
New initiatives
- Organizational restructuring, including mergers by absorption among シダックス subsidiaries
- Integration of corporate functions and systems and promotion of DX
- Standardization of delivery routes, launch of new depots and development of common industry delivery infrastructure
- Product development for Deli Oisix and Genki Gohan, and standardization of manufacturing sites and operations
- Joint procurement by the B2C and B2B businesses and use of non-standard food ingredients in the B2B business
- Establishment and rollout of a time-efficient food service model
- Proactive M&A focused on the food service business
- Enhancement of Oisix recommendations and UI improvements using AI and other technologies
Key KPIsA metric the company considers important as a management benchmark.
- ARPU
- LTV
- LTV/CACBenchmark of 3x
- Marketing payback periodBenchmark of within 1 year
- Food delivery market size¥3 trillion
- Growth rate of the domestic food delivery market3 %
- EC penetration of the overall food market4 %
- Food service market size¥5 trillion
- Food service market size for senior care facilities¥1 trillion
Market Size / Share
- Domestic food delivery market¥3 trillion
- Growth rate of the domestic food delivery market3 %
- The Company's market shareSeveral percent
- EC penetration of the overall food market4 %
- Domestic food service market¥5 trillion
- Food service market for senior care facilities¥1 trillion
Annual Dividend
An increase in the dividend was approved, but the per-share amount and breakdown are Not disclosed| Item | Details |
|---|---|
| Document type | Summary of Q&A |
| Fiscal Period Covered | First quarter of the fiscal year ending March 2027 |
| Operating profit | 非開示 (YoY +18.5%) |
| Net income | 非開示 (YoY +15.1%) |
| Full-year earnings forecast | Operating profit 非開示 (YoY +18.5%) / Profit attributable to owners of the parent 非開示 (YoY +15.1%) / Annual Dividend Not disclosed |
| Breakdown of Factors Affecting the Change | Factors Sale of the Vehicle and Other Businesses / Amount Not disclosed / Details Impact of lower revenue and profit, Factors Significant increase in profit from the B2B business (food service business) / Amount Not disclosed / Details Driving operating profit higher, Factors Normalization of the effective corporate tax rate and other tax burden through organizational restructuring / Amount Not disclosed / Details A factor driving net income attributable to owners of the parent higher, Factors Difference between EBITDA and operating profit in the first quarter of the fiscal year ending March 2027 / Amount ¥1,102 million / Breakdown Amortization of goodwill 121 / Depreciation and amortization 981 / Of which, customer-related assets 191, Factors Difference between EBITDA and operating profit in the first quarter of the fiscal year ended March 2026 / Amount ¥1,521 million / Breakdown Amortization of goodwill 347 / Depreciation and amortization 1,173 / Of which, customer-related assets 313 |
| Key KPIs | Indicator name ARPU / Value Not disclosed / Year on year against the same period last year Not disclosed, Indicator name LTV / Value Not disclosed / Year on year against the same period last year Not disclosed, Indicator name LTV/CAC / Value Benchmark of 3x / Year on year against the same period last year Not disclosed, Indicator name Marketing payback period / Value Benchmark of within 1 year / Year on year against the same period last year Not disclosed, Indicator name Food delivery market size / Value ¥3 trillion / Year on year against the same period last year Not disclosed, Indicator name Growth rate of the domestic food delivery market / Value 3 % / Year on year against the same period last year Not disclosed, Indicator name EC penetration of the overall food market / Value 4 % / Year on year against the same period last year Not disclosed, Indicator name Food service market size / Value ¥5 trillion / Year on year against the same period last year Not disclosed, Indicator name Food service market size for senior care facilities / Value ¥1 trillion / Year on year against the same period last year Not disclosed |
| Assumptions Underlying the Business Outlook | Item Borrowings outstanding / Value 200 Hundreds of millions of yen, Item Borrowing interest rate / Value 1～2, Item Effective corporate tax rate and other tax burden for the fiscal year ending March 2027 / Value Around 40%, Item Medium- to long-term effective corporate tax rate and other tax burden / Value 30% range |
| Annual Dividend | An increase in the dividend was approved, but the per-share amount and breakdown are Not disclosed |
| Market Size / Share | Item Domestic food delivery market / Value ¥3 trillion, Item Growth rate of the domestic food delivery market / Value 3 %, Item The Company's market share / Value Several percent, Item EC penetration of the overall food market / Value 4 %, Item Domestic food service market / Value ¥5 trillion, Item Food service market for senior care facilities / Value ¥1 trillion |
| Key points of the Q&A | A reduction in the consumption tax on food would benefit B2C food delivery, with improvements expected in new-member acquisition efficiency, average customer spend, retention and LTV., The upward revision to net income attributable to owners of the parent and the dividend increase reflect higher profit from the B2B business and normalization of the effective tax rate and other tax burden through organizational restructuring., PMI at シダックス is shifting from a defensive to an offensive phase, with the integration of corporate functions and systems expected to generate cost savings on the scale of several hundred million yen during the fiscal year ending March 2027., The Company plans to step up M&A, primarily in the food service business, and establish a time-efficient food service model., At Oisix, the Company is pursuing improvements in recommendations, product offerings, UI and retention to increase ARPU and LTV., The Company is promoting the standardization and joint use of logistics, manufacturing and procurement across its B2C and B2B businesses., Policy for responding to the macroeconomic environment, including food ingredient costs, labor costs, delivery costs, interest rates and foreign exchange rates., The Company believes that the impact of the new lease accounting standard, effective from the fiscal year ending March 2028, on its financial statements will be limited. |
| New initiatives | Organizational restructuring, including mergers by absorption among シダックス subsidiaries, Integration of corporate functions and systems and promotion of DX, Standardization of delivery routes, launch of new depots and development of common industry delivery infrastructure, Product development for Deli Oisix and Genki Gohan, and standardization of manufacturing sites and operations, Joint procurement by the B2C and B2B businesses and use of non-standard food ingredients in the B2B business, Establishment and rollout of a time-efficient food service model, Proactive M&A focused on the food service business, Enhancement of Oisix recommendations and UI improvements using AI and other technologies |
Items this document does not state (19)
Net SalesOrdinary incomeGross Profit MarginOperating profit marginSelling, general and administrative expensesResults for the three months of the current quarterProgress against full-year forecastSelf-assessment against the planSegment resultsUnit price and quantity metricsNumber of stores and locationsNumber of employeesRisk amount incorporated into the outlookMedium-term management plan targetsFinancial targetsPayout ratioAcquisition of treasury sharesCapital expendituresOrders received and order backlog
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.Although the sale of the Vehicle and Other Businesses is expected to reduce revenue and profit, a significant increase in profit from the B2B business is expected to drive operating profit higher. In addition, the organizational restructuring following the full acquisition of シダックス is expected to structurally normalize the effective corporate tax rate and other tax burden from the second quarter onward.
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.