Worth reading
66In focus
Scored from 5 of 6 sectionsDirection
Mixed performance
Direction inferred from the company’s description.Scale
45
¥100 million (year-on-year decrease in operating profit)Wording
Conditional
How definitive the wording is.Contents of this document
Financial Results PresentationSecond 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)
Net Sales¥5,401 100 million+4.1%
Operating profit¥542 100 million-7.8%
Ordinary income¥533 100 million-24.0%
Net income¥584 100 million +4.0%interim net income attributable to owners of the parent
Full-year earnings forecast
Revenue
¥11,350 100 million
Operating profit
¥1,000 100 million
Business profit
¥1,015 100 million
Ordinary income
¥1,024 100 million
Profit attributable to owners of the parent
¥900 100 million
What the company explained in this material
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Operating profit year on yearTransportation +¥0.1 billion, Real Estate ¥0 billion, Lifestyle Services -¥2.7 billion, Hotels & Resorts -¥1.6 billion
Operating Profit vs. May ForecastHotels & Resorts +¥0.6 billion, Transportation -¥0.4 billion, Lifestyle Services -¥1.9 billion, Real Estate -¥3.6 billion, Corporate and eliminations -¥0.4 billion
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Passenger numbers
1,144,915 thousand customers
Year-on-year (%)2.5
Fare revenue
157,334 Millions of yen
Year-on-year (%)2.9
Condominium units delivered
259 units
Year-on-year change17
Full-year hotel occupancy rate
79.5 %
Year-on-year change-0.1
Average daily rate per hotel room (ADR)
28,106 Yen
Year-on-year change1,425
Increase in personnel expenses
70 Approximately ¥100 million
Key KPIsA metric the company considers important as a management benchmark.
- Passenger numbers576,029 thousand customersYear-on-year (%)2.5
- Fare revenue78,413 Millions of yenYear-on-year (%)2.4
- Hotel occupancy rate79.6 %Year-on-year change0.1
- Foreign guest ratio at hotels
- Overall real estate vacancy rate2.21 %
Unit price and quantity metricsThese figures show sales broken down by price and volume.
- Passenger numbers576,029 thousand customersYear-on-year (%)2.5
- Fare revenue78,413 Millions of yenYear-on-year (%)2.4
- Average daily rate per hotel room (ADR)
- Hotel occupancy rate79.6 %Year-on-year change0.1
Segment results
Access
Revenue
¥1,159 100 million+4.4%
Operating profit
¥191 100 million+1.0%
Real estate
Revenue
¥1,278 100 million+10.8%
Operating profit
¥223 100 million0.0%
Lifestyle Services
Revenue
¥2,709 100 million+4.0%
Operating profit
¥85 100 million-24.5%
Hotels and Resorts
Revenue
¥690 100 million+2.8%
Operating profit
¥42 100 million-28.3%
Medium-term management plan targets
The medium-term management plan lists management metrics including forecast ROE of 9.5%, ROA of 3.4%, Tokyu EBITDA of ¥227.9 billion, EBITDA of ¥194.1 billion, and an interest-bearing debt/Tokyu EBITDA ratio of 6.5x for fiscal 2026. Comparison with the plan targets: Not disclosed.Financial targets
ROE
9.5 %
ROA
3.4 %
Total Assets EBITDA Yield
6.5 %
Interest-Bearing Debt / Tokyu EBITDA Multiple
6.5 times
Net interest-bearing debt/EBITDA multiple
7.3 times
| Item | Details |
|---|---|
| Document type | Financial Results Presentation |
| Fiscal Period Covered | Second quarter of the fiscal year ending March 2027 |
| Net Sales | ¥5,401 100 million (YoY +4.1%) |
| Operating profit | ¥542 100 million (YoY -7.8%) |
| Ordinary income | ¥533 100 million (YoY -24.0%) |
| Net income | ¥584 100 million (interim net income attributable to owners of the parent) (YoY +4.0%) |
| Full-year earnings forecast | Revenue ¥11,350 100 million / Operating profit ¥1,000 100 million / Business profit ¥1,015 100 million / Ordinary income ¥1,024 100 million / Profit attributable to owners of the parent ¥900 100 million |
| Segment results | Access Revenue ¥1,159 100 million (YoY +4.4%) / Operating profit ¥191 100 million (YoY +1.0%) / Real estate Revenue ¥1,278 100 million (YoY +10.8%) / Operating profit ¥223 100 million (YoY 0.0%) / Lifestyle Services Revenue ¥2,709 100 million (YoY +4.0%) / Operating profit ¥85 100 million (YoY -24.5%) / Hotels and Resorts Revenue ¥690 100 million (YoY +2.8%) / Operating profit ¥42 100 million (YoY -28.3%) |
| Breakdown of Factors Affecting the Change | Operating profit year on year Transportation +¥0.1 billion, Real Estate ¥0 billion, Lifestyle Services -¥2.7 billion, Hotels & Resorts -¥1.6 billion / Operating Profit vs. May Forecast Hotels & Resorts +¥0.6 billion, Transportation -¥0.4 billion, Lifestyle Services -¥1.9 billion, Real Estate -¥3.6 billion, Corporate and eliminations -¥0.4 billion |
| Key KPIs | Passenger numbers 576,029 thousand customers, Fare revenue 78,413 Millions of yen, Hotel occupancy rate 79.6 %, Foreign guest ratio at hotels 非開示, Overall real estate vacancy rate 2.21 % |
| Unit price and quantity metrics | Passenger numbers 576,029 thousand customers, Fare revenue 78,413 Millions of yen, Average daily rate per hotel room (ADR) 非開示, Hotel occupancy rate 79.6 % |
| Assumptions Underlying the Business Outlook | Passenger numbers 1,144,915 thousand customers / Fare revenue 157,334 Millions of yen / Condominium units delivered 259 units / Full-year hotel occupancy rate 79.5 % / Average daily rate per hotel room (ADR) 28,106 Yen / Increase in personnel expenses 70 Approximately ¥100 million |
| Medium-term management plan targets | The medium-term management plan lists management metrics including forecast ROE of 9.5%, ROA of 3.4%, Tokyu EBITDA of ¥227.9 billion, EBITDA of ¥194.1 billion, and an interest-bearing debt/Tokyu EBITDA ratio of 6.5x for fiscal 2026. Comparison with the plan targets: Not disclosed. |
| Financial targets | ROE 9.5 % / ROA 3.4 % / Total Assets EBITDA Yield 6.5 % / Interest-Bearing Debt / Tokyu EBITDA Multiple 6.5 times / Net interest-bearing debt/EBITDA multiple 7.3 times |
Items this document does not state (17)
Gross Profit MarginOperating profit marginSelling, general and administrative expensesResults for the three months of the current quarterProgress against full-year forecastSelf-assessment against the planNumber of stores and locationsNumber of employeesRisk amount incorporated into the outlookAnnual DividendPayout ratioAcquisition of treasury sharesCapital expendituresOrders received and order backlogMarket Size / ShareKey points of the Q&ANew initiatives
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.Operating revenue increased, driven by the investor-focused real estate business and other operations in the real estate sales business. Operating profit declined due to higher costs in the real estate leasing business and higher procurement costs in the electricity retail business. Interim net income attributable to owners of the parent increased due to lower income taxes, despite the reversal of the effect of the negative goodwill equivalent recognized in the previous year in connection with the additional acquisition of investment units.
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