Worth reading
54Recurring
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
27.3
¥100 million (gross operating profit)Wording
Conditional
How definitive the wording is.Contents of this document
Earnings presentation materialsThird quarter of the fiscal year ending December 20267 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥29.7 100 million
Operating profit¥3.1 100 million
Ordinary income¥3.6 100 million
Net income¥3.3 100 million
Selling, general and administrative expenses¥-24.2 100 million
Full-year earnings forecast
Operating revenue
¥50 100 million
Operating costs
¥-1 100 million
Gross operating profit
¥49 100 million
Operating profit
¥15 100 million
Ordinary income
¥15 100 million
Profit attributable to owners of the parent
¥10 100 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。
Operating revenue59%
Operating costs246%
Gross operating profit56%
Selling, General and Administrative Expenses71%
Operating profit21%
Ordinary income24%
Profit attributable to owners of the parent33%
Carried Interest56%
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Budget progress remains low, but the full-year budget is unchanged.Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Management fee20.5
Carried Interest0.7
Proprietary investments and other6.1
Valuation losses on assets held-2.5
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Exits from portfolio companies of the buyout fund and sales of strategic investments are expected in the fourth quarter.New initiatives
- Completion of the first close of Aircraft Fund III and acquisition of 4 aircraft
- Preparations to form Buyout Fund III
- Collaboration with Higo Bank to strengthen Kyushu's industrial base
- 100-Year Heritage Project with Takashimaya
- Investment in a real estate development project in Vietnam
Key KPIsA metric the company considers important as a management benchmark.
- Assets under management¥3,449 100 million
- Cumulative performance fees from Buyout Fund I¥29 100 million
- Occupancy rate of Spring REIT's commercial facility in Huizhou97 %
- Occupancy rate of Spring REIT's office property in Beijing91 %
Unit price and quantity metricsThese figures show sales broken down by price and volume.
The decline in Spring REIT's unit price is indicated, but the breakdown between price and volume is not disclosed.Medium-term management plan targets
TargetFive-year average net income of ¥2.0 billion
Target fiscal yearFiscal year ending December 2026
Comparison with actual resultsAverage net profit over 5 years is expected to be ¥1.16 billion, with the target expected to be missed.
| Item | Details |
|---|---|
| Document type | Earnings presentation materials |
| Fiscal Period Covered | Third quarter of the fiscal year ending December 2026 |
| Net Sales | ¥29.7 100 million |
| Operating profit | ¥3.1 100 million |
| Ordinary income | ¥3.6 100 million |
| Net income | ¥3.3 100 million |
| Selling, general and administrative expenses | ¥-24.2 100 million |
| Full-year earnings forecast | Operating revenue ¥50 100 million / Operating costs ¥-1 100 million / Gross operating profit ¥49 100 million / Operating profit ¥15 100 million / Ordinary income ¥15 100 million / Profit attributable to owners of the parent ¥10 100 million |
| Progress against full-year forecast | Operating revenue 59% / Operating costs 246% / Gross operating profit 56% / Selling, General and Administrative Expenses 71% / Operating profit 21% / Ordinary income 24% / Profit attributable to owners of the parent 33% / Carried Interest 56% |
| Self-assessment against the plan | Budget progress remains low, but the full-year budget is unchanged. |
| Breakdown of Factors Affecting the Change | Management fee 20.5 / Carried Interest 0.7 / Proprietary investments and other 6.1 / Valuation losses on assets held -2.5 |
| Key KPIs | Indicator name Assets under management / Value ¥3,449 100 million / Year on year against the same period last year Not disclosed, Indicator name Cumulative performance fees from Buyout Fund I / Value ¥29 100 million / Year on year against the same period last year Not disclosed, Indicator name Occupancy rate of Spring REIT's commercial facility in Huizhou / Value 97 % / Year on year against the same period last year Not disclosed, Indicator name Occupancy rate of Spring REIT's office property in Beijing / Value 91 % / Year on year against the same period last year Not disclosed |
| Unit price and quantity metrics | The decline in Spring REIT's unit price is indicated, but the breakdown between price and volume is not disclosed. |
| Assumptions Underlying the Business Outlook | Exits from portfolio companies of the buyout fund and sales of strategic investments are expected in the fourth quarter. |
| Medium-term management plan targets | Target Five-year average net income of ¥2.0 billion / Target fiscal year Fiscal year ending December 2026 / Comparison with actual results Average net profit over 5 years is expected to be ¥1.16 billion, with the target expected to be missed. |
| New initiatives | Completion of the first close of Aircraft Fund III and acquisition of 4 aircraft, Preparations to form Buyout Fund III, Collaboration with Higo Bank to strengthen Kyushu's industrial base, 100-Year Heritage Project with Takashimaya, Investment in a real estate development project in Vietnam |
Items this document does not state (15)
Gross Profit MarginOperating profit marginResults for the three months of the current quarterSegment resultsNumber of stores and locationsNumber of employeesRisk amount incorporated into the outlookFinancial targetsAnnual DividendPayout ratioAcquisition of treasury sharesCapital expendituresOrders received and order backlogMarket Size / ShareKey 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.Management fees were broadly in line with plan, and gains on the company's investment in the structured equity fund were recognized, while a ¥250 million valuation loss on held assets weighed on profit. The full-year budget was left unchanged because exits from portfolio companies of the buyout fund and sales of strategic investments are expected in the fourth quarter.
How to read this page
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Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.