Worth reading
71In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Improvement
Direction inferred from the company’s description.Scale
15188
¥ millionWording
Conditional
How definitive the wording is.Contents of this document
Earnings presentationSecond quarter (interim period) of the fiscal year ending March 202712 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥420,688 million+5.6%
Operating profit¥20,413 million+12.8%
Ordinary income¥21,950 million+18.7%
Net income¥13,019 million+21.0%
Gross Profit Margin12.2 %
Operating profit margin4.9 %
Selling, general and administrative expenses¥30,914 million
Full-year earnings forecast
Net Sales
¥840,688 million
Operating profit
¥41,400 million
Ordinary income
¥42,400 million
Profit attributable to owners of the parent
¥35,000 million
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
The first half achieved the plan and progressed as plannedBreakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
- Increase in LTL freight revenue¥2,346 million
- Decrease in LTL freight volume and number of days¥-2,745 million
- LTL freight rates¥2,955 million
- Logistics (excluding freight charges)¥3,202 million
- Chartered freight¥3,298 million
- Increase in personnel expenses¥-1,955 million
- Decrease in fuel costs¥375 million
- More efficient vehicle operations¥697 million
- Increase in subcontracted transportation and outsourcing costs, etc.¥-5,169 million
- Profit or loss from businesses other than the Transportation Business¥793 million
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
- Transportation business: assumed freight volume (西濃運輸)100.9 % year on year
- Transportation business: assumed unit prices (西濃運輸)103.4 % year on year
- Domestic new passenger car sales volume forecast16,250 units
- Domestic new truck sales volume forecast2,236 units
New initiatives
- Joint delivery in depopulated areas by TGL山陰
- Collaboration with Japan Post Group on trunk-line transportation and joint delivery
- Opening of the SSX Kumamoto Logistics Center
- Collaboration with AZ-COM丸和HD in 4 areas
- Enhancement of the logistics matching service 『見つカル倉庫』
- Provision of the 『収支改善プラン』 for transportation operators through ハコベル『トラックマネージャー』
- Use of a data platform, generative AI and an AI planner
- Introduction of company-wide chat AI at 西濃運輸
Key KPIsA metric the company considers important as a management benchmark.
- Less-than-truckload freight volume (西濃運輸: standard + mini)101.5 % year on year
- Less-than-truckload freight rate per kg (西濃運輸: standard)102.4 % year on year
- Logistics revenue (excluding outbound freight charges)107.8 % year on year
- Chartered freight revenue (西濃運輸)112 % year on year
- Domestic new vehicle sales volume: passenger cars8,850 vehicles, 107.3% year on year
- Domestic new vehicle sales volume: trucks1,322 vehicles, 125.1% year on year
- Impact of improved route efficiency¥697 million
Unit price and quantity metricsThese figures show sales broken down by price and volume.
- LTL freight volume101.5 % year on year
- LTL freight rate per kg102.4 % year on year
- Domestic new vehicle sales volume: passenger cars8,850 units
- Domestic new vehicle sales volume: trucks1,322 units
Segment results
- Transportation businessNet Sales320,677Revenue Unit¥ millionYear-on-year change in net sales3.8Operating profit13,419Operating profit unit¥ millionYear-on-year change in operating income10
- Automotive SalesNet Sales62,257Revenue Unit¥ millionYear-on-year change in net sales14.1Operating profit4,796Operating profit unit¥ millionYear-on-year change in operating income14.5
- Merchandise Sales BusinessNet Sales21,731Revenue Unit¥ millionYear-on-year change in net sales6.9Operating profit759Operating profit unit¥ millionYear-on-year change in operating income5.3
- Real Estate Leasing BusinessNet Sales1,286Revenue Unit¥ millionYear-on-year change in net sales5.8Operating profit951Operating profit unit¥ millionYear-on-year change in operating income6.4
- OtherNet Sales14,734Revenue Unit¥ millionYear-on-year change in net sales9Operating profit1,331Operating profit unit¥ millionYear-on-year change in operating income7.2
Medium-term management plan targets
PlanRoadmap 2028
TargetROE of 8.0% or higher; annual operating profit growth of 10% or more; annual EPS growth of 15–20%; operating margin of approximately 5.8%; annual net sales growth of approximately 4%
Financial targets
ROE targetAt least 8.0%
Forecast ROE7.4 %
Actual equity ratio57.6 %
Equity ratio unit%
Capital expenditures
¥20,635 million first-half actual) / full-year plan ¥40,000 million
Annual Dividend
Annual106 yen per share
Interim43 yen per share
End of period63 yen per share
Acquisition of treasury shares
A policy of continuously acquiring treasury shares is stated. The acquisition amount, number of shares and acquisition period are Not disclosed| Item | Details |
|---|---|
| Document type | Earnings presentation |
| Fiscal Period Covered | Second quarter (interim period) of the fiscal year ending March 2027 |
| Net Sales | ¥420,688 million (YoY +5.6%) |
| Operating profit | ¥20,413 million (YoY +12.8%) |
| Ordinary income | ¥21,950 million (YoY +18.7%) |
| Net income | ¥13,019 million (YoY +21.0%) |
| Gross Profit Margin | 12.2 % |
| Operating profit margin | 4.9 % |
| Selling, general and administrative expenses | ¥30,914 million |
| Full-year earnings forecast | Net Sales ¥840,688 million / Operating profit ¥41,400 million / Ordinary income ¥42,400 million / Profit attributable to owners of the parent ¥35,000 million |
| Self-assessment against the plan | The first half achieved the plan and progressed as planned |
| Segment results | Segment Transportation business / Net Sales 320,677 / Revenue Unit ¥ million / Year-on-year change in net sales 3.8 / Operating profit 13,419 / Operating profit unit ¥ million / Year-on-year change in operating income 10, Segment Automotive Sales / Net Sales 62,257 / Revenue Unit ¥ million / Year-on-year change in net sales 14.1 / Operating profit 4,796 / Operating profit unit ¥ million / Year-on-year change in operating income 14.5, Segment Merchandise Sales Business / Net Sales 21,731 / Revenue Unit ¥ million / Year-on-year change in net sales 6.9 / Operating profit 759 / Operating profit unit ¥ million / Year-on-year change in operating income 5.3, Segment Real Estate Leasing Business / Net Sales 1,286 / Revenue Unit ¥ million / Year-on-year change in net sales 5.8 / Operating profit 951 / Operating profit unit ¥ million / Year-on-year change in operating income 6.4, Segment Other / Net Sales 14,734 / Revenue Unit ¥ million / Year-on-year change in net sales 9 / Operating profit 1,331 / Operating profit unit ¥ million / Year-on-year change in operating income 7.2 |
| Breakdown of Factors Affecting the Change | Factors Increase in LTL freight revenue / Amount ¥2,346 million, Factors Decrease in LTL freight volume and number of days / Amount ¥-2,745 million, Factors LTL freight rates / Amount ¥2,955 million, Factors Logistics (excluding freight charges) / Amount ¥3,202 million, Factors Chartered freight / Amount ¥3,298 million, Factors Increase in personnel expenses / Amount ¥-1,955 million, Factors Decrease in fuel costs / Amount ¥375 million, Factors More efficient vehicle operations / Amount ¥697 million, Factors Increase in subcontracted transportation and outsourcing costs, etc. / Amount ¥-5,169 million, Factors Profit or loss from businesses other than the Transportation Business / Amount ¥793 million |
| Key KPIs | Indicator Less-than-truckload freight volume (西濃運輸: standard + mini) / Value 101.5 % year on year, Indicator Less-than-truckload freight rate per kg (西濃運輸: standard) / Value 102.4 % year on year, Indicator Logistics revenue (excluding outbound freight charges) / Value 107.8 % year on year, Indicator Chartered freight revenue (西濃運輸) / Value 112 % year on year, Indicator Domestic new vehicle sales volume: passenger cars / Value 8,850 vehicles, 107.3% year on year, Indicator Domestic new vehicle sales volume: trucks / Value 1,322 vehicles, 125.1% year on year, Indicator Impact of improved route efficiency / Value ¥697 million |
| Unit price and quantity metrics | Indicator LTL freight volume / Value 101.5 % year on year, Indicator LTL freight rate per kg / Value 102.4 % year on year, Indicator Domestic new vehicle sales volume: passenger cars / Value 8,850 units, Indicator Domestic new vehicle sales volume: trucks / Value 1,322 units |
| Assumptions Underlying the Business Outlook | Item Transportation business: assumed freight volume (西濃運輸) / Value 100.9 % year on year, Item Transportation business: assumed unit prices (西濃運輸) / Value 103.4 % year on year, Item Domestic new passenger car sales volume forecast / Value 16,250 units, Item Domestic new truck sales volume forecast / Value 2,236 units |
| Medium-term management plan targets | Plan Roadmap 2028 / Target ROE of 8.0% or higher; annual operating profit growth of 10% or more; annual EPS growth of 15–20%; operating margin of approximately 5.8%; annual net sales growth of approximately 4% |
| Financial targets | ROE target At least 8.0% / Forecast ROE 7.4 % / Actual equity ratio 57.6 % / Equity ratio unit % |
| Annual Dividend | Annual 106 yen per share / Interim 43 yen per share / End of period 63 yen per share |
| Acquisition of treasury shares | A policy of continuously acquiring treasury shares is stated. The acquisition amount, number of shares and acquisition period are Not disclosed |
| Capital expenditures | ¥20,635 million (first-half actual) / full-year plan ¥40,000 million |
| New initiatives | Joint delivery in depopulated areas by TGL山陰, Collaboration with Japan Post Group on trunk-line transportation and joint delivery, Opening of the SSX Kumamoto Logistics Center, Collaboration with AZ-COM丸和HD in 4 areas, Enhancement of the logistics matching service 『見つカル倉庫』, Provision of the 『収支改善プラン』 for transportation operators through ハコベル『トラックマネージャー』, Use of a data platform, generative AI and an AI planner, Introduction of company-wide chat AI at 西濃運輸 |
Items this document does not state (9)
Results for the three months of the current quarterProgress against full-year forecastNumber of stores and locationsNumber of employeesRisk amount incorporated into the outlookPayout ratioOrders 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.The increase in net sales was due to higher sales in all segments, led by the transportation business and automobile sales business. The increase in operating profit was supported not only by higher net sales but also by efforts to contain cost increases through measures such as improving the efficiency of scheduled services. The full-year operating profit forecast was left unchanged because the impact of the reduction in fuel subsidies for the transportation business from December onward is expected to be offset by higher profits in the other segments. The increase in the net income forecast reflects the planned recognition of a gain on the sale of shares in an affiliated company.
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.
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