Worth reading
90Important
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
26
¥100 million (year-on-year change in operating income)Wording
Conditional
How definitive the wording is.Contents of this document
Presentation materials for financial resultsFirst quarter of the fiscal year ending March 202713 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales4,473 Hundreds of millions of yen+21.7%
Operating profit200 Hundreds of millions of yen+14.9%
Ordinary income205 Hundreds of millions of yen+15.0%
Net income122 Hundreds of millions of yen+20.8%
Operating profit margin
Rate4.5%
Year-on-year change (points)△0.3pt
Results for the three months of the current quarter
Operating revenue¥447.3 billion
Operating profit¥20 billion
Ordinary income¥20.5 billion
Profit attributable to owners of parent for the quarter¥12.2 billion
Full-year earnings forecast
Operating revenue¥1,740.0 billion
Operating profit¥97.0 billion
Ordinary income¥95.0 billion
Profit attributable to owners of the parent¥60 billion
ROE11.0%
ROIC6.8%
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 revenueConsolidated: 25%
Operating profitNo consolidated figure equivalent to 20% stated; by segment: Delivery 17%, Logistics 26%, Global Logistics 68%, Real Estate 19%, Other 38%
By segmentDelivery: operating revenue 25%, operating profit 17%; Logistics: operating revenue 24%, operating profit 26%; Global Logistics: operating revenue 30%, operating profit 68%; Real Estate: operating revenue 13%, operating profit 19%; Other: operating revenue 28%, operating profit 38%
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Operating profit in the Delivery business is running ahead of plan; the Logistics business is progressing ahead of plan; and the Global Logistics business has secured volumes above plan.Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Operating revenue
Delivery business+¥14.3 billion (parcel delivery +¥12.8 billion, TMS +¥1.5 billion)
Logistics BusinessUnderlying increase in revenue: +¥14.3 billion (impact of excluding a consolidated subsidiary in the previous fiscal year: -¥2.8 billion; ambient-temperature logistics: +¥0.9 billion; temperature-controlled logistics: +¥1.9 billion, etc.)
Global Logistics business+¥48.6 billion (Morrison +¥14.3 billion, Other +¥2.5 billion, etc.)
Other+¥200 million
Operating profit
Delivery business-¥1.0 billion
Logistics Business-¥0.0 billion
Global Logistics business+¥2.5 billion
Real Estate Business+¥0.0 billion
Other Businesses+¥0.0 billion
Adjustments+¥1.1 billion
Impact of reviewing the timing of bonus provisionsIncludes a -¥1.6 billion impact from reviewing the timing of bonus provisions
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Exchange rate¥159.49 per US$1 (average during the period)
New initiatives
- Collection of appropriate rates
- EFL cost-structure reform
- Strengthening Morrison's sales activities and creating synergies
- Continued consideration of introducing surcharges
Key KPIsA metric the company considers important as a management benchmark.
- ROE11.0%Year on year against the same period last year+0.5pt
- ROIC6.8%Year on year against the same period last year△0.2pt
- EFL cost-structure reform savings2.3 USD million
- Morrison synergy benefits4.0 USD million
Unit price and quantity metricsThese figures show sales broken down by price and volume.
Parcel delivery and TMS
Average price¥653, down ¥6 year on year
Parcel volume349 million parcels, 106.8% year on year
TMS revenue¥34.1 billion, 104.8% year on year
EFL
Air freight volume110% year on year, 96% of plan
Air freight selling price128% year on year, 126% of plan
Ocean freight volume106% year on year, 94% of plan
Ocean freight selling price109% year on year, 107% of plan
Morrison
Air freight volume125% year on year, 115% of plan
Air freight selling price108% year on year, 105% of plan
Ocean freight volume117% year on year, 101% of plan
Ocean freight selling price98% year on year, 102% of plan
Segment results
Delivery business
Operating revenue¥268.4 billion, 106.7% year on year
Operating profit¥12.6 billion, 92.6% year on year
Logistics Business
Operating revenue¥51.0 billion, 99.5% year on year
Operating profit¥1.9 billion, 98.0% year on year
Global Logistics business
Operating revenue¥112.7 billion, 227.9% year on year
Operating profit¥2.7 billion, 2,047.8% year on year
Real Estate Business
Operating revenue¥1.7 billion, 98.0% year on year
Operating profit¥1.2 billion, 101.0% year on year
Other Businesses
Operating revenue¥13.2 billion, 101.4% year on year
Operating profit¥0.7 billion, 109.9% year on year
Medium-term management plan targets
Temperature-controlled logistics solutionsGrowth target of +¥7.5 billion in operating profit before amortization of goodwill and other items in the fiscal year ending March 2029
ForwardingApproximately US$90 million in the final year of the 2027 medium-term management plan, and approximately US$150 million under the SGH Vision 2030 for fiscal 2030
Financial targets
ROE11.0% (forecast)
ROIC6.8% (forecast)
Actual resultsFirst-quarter ROE and ROIC: Not disclosed
Number of stores and locations
Main locations835 locations, +2 locations from the end of the previous fiscal year
Relay centers22 locations, no change
Sales offices429 locations, no change
Small-scale stores384 locations, +2 from the end of the previous fiscal year
Number of employees
Consolidated number of employees106,787 employees, +1,023 from the end of the previous fiscal year
Partner employees and others45,701 partner employees and others, +420 from the end of the previous fiscal year
Capital expenditures
¥69 100 million expenditures for the acquisition of property, plant and equipment
Annual Dividend
¥54 (interim ¥27, year-end ¥27)| Item | Details |
|---|---|
| Document type | Presentation materials for financial results |
| Fiscal Period Covered | First quarter of the fiscal year ending March 2027 |
| Net Sales | 4,473 Hundreds of millions of yen (YoY +21.7%) |
| Operating profit | 200 Hundreds of millions of yen (YoY +14.9%) |
| Ordinary income | 205 Hundreds of millions of yen (YoY +15.0%) |
| Net income | 122 Hundreds of millions of yen (YoY +20.8%) |
| Operating profit margin | Rate 4.5% / Year-on-year change (points) △0.3pt |
| Results for the three months of the current quarter | Operating revenue ¥447.3 billion / Operating profit ¥20 billion / Ordinary income ¥20.5 billion / Profit attributable to owners of parent for the quarter ¥12.2 billion |
| Full-year earnings forecast | Operating revenue ¥1,740.0 billion / Operating profit ¥97.0 billion / Ordinary income ¥95.0 billion / Profit attributable to owners of the parent ¥60 billion / ROE 11.0% / ROIC 6.8% |
| Progress against full-year forecast | Operating revenue Consolidated: 25% / Operating profit No consolidated figure equivalent to 20% stated; by segment: Delivery 17%, Logistics 26%, Global Logistics 68%, Real Estate 19%, Other 38% / By segment Delivery: operating revenue 25%, operating profit 17%; Logistics: operating revenue 24%, operating profit 26%; Global Logistics: operating revenue 30%, operating profit 68%; Real Estate: operating revenue 13%, operating profit 19%; Other: operating revenue 28%, operating profit 38% |
| Self-assessment against the plan | Operating profit in the Delivery business is running ahead of plan; the Logistics business is progressing ahead of plan; and the Global Logistics business has secured volumes above plan. |
| Segment results | Delivery business Operating revenue ¥268.4 billion, 106.7% year on year / Operating profit ¥12.6 billion, 92.6% year on year / Logistics Business Operating revenue ¥51.0 billion, 99.5% year on year / Operating profit ¥1.9 billion, 98.0% year on year / Global Logistics business Operating revenue ¥112.7 billion, 227.9% year on year / Operating profit ¥2.7 billion, 2,047.8% year on year / Real Estate Business Operating revenue ¥1.7 billion, 98.0% year on year / Operating profit ¥1.2 billion, 101.0% year on year / Other Businesses Operating revenue ¥13.2 billion, 101.4% year on year / Operating profit ¥0.7 billion, 109.9% year on year |
| Breakdown of Factors Affecting the Change | Operating revenue Delivery business +¥14.3 billion (parcel delivery +¥12.8 billion, TMS +¥1.5 billion) / Logistics Business Underlying increase in revenue: +¥14.3 billion (impact of excluding a consolidated subsidiary in the previous fiscal year: -¥2.8 billion; ambient-temperature logistics: +¥0.9 billion; temperature-controlled logistics: +¥1.9 billion, etc.) / Global Logistics business +¥48.6 billion (Morrison +¥14.3 billion, Other +¥2.5 billion, etc.) / Other +¥200 million / Operating profit Delivery business -¥1.0 billion / Logistics Business -¥0.0 billion / Global Logistics business +¥2.5 billion / Real Estate Business +¥0.0 billion / Other Businesses +¥0.0 billion / Adjustments +¥1.1 billion / Impact of reviewing the timing of bonus provisions Includes a -¥1.6 billion impact from reviewing the timing of bonus provisions |
| Key KPIs | Indicator name ROE / Value 11.0% / Year on year against the same period last year +0.5pt, Indicator name ROIC / Value 6.8% / Year on year against the same period last year △0.2pt, Indicator name EFL cost-structure reform savings / Value 2.3 USD million / Year on year against the same period last year Not disclosed, Indicator name Morrison synergy benefits / Value 4.0 USD million / Year on year against the same period last year Not disclosed |
| Unit price and quantity metrics | Parcel delivery and TMS Average price ¥653, down ¥6 year on year / Parcel volume 349 million parcels, 106.8% year on year / TMS revenue ¥34.1 billion, 104.8% year on year / EFL Air freight volume 110% year on year, 96% of plan / Air freight selling price 128% year on year, 126% of plan / Ocean freight volume 106% year on year, 94% of plan / Ocean freight selling price 109% year on year, 107% of plan / Morrison Air freight volume 125% year on year, 115% of plan / Air freight selling price 108% year on year, 105% of plan / Ocean freight volume 117% year on year, 101% of plan / Ocean freight selling price 98% year on year, 102% of plan |
| Number of stores and locations | Main locations 835 locations, +2 locations from the end of the previous fiscal year / Relay centers 22 locations, no change / Sales offices 429 locations, no change / Small-scale stores 384 locations, +2 from the end of the previous fiscal year / Number of store openings and closures during the period Not disclosed |
| Number of employees | Consolidated number of employees 106,787 employees, +1,023 from the end of the previous fiscal year / Partner employees and others 45,701 partner employees and others, +420 from the end of the previous fiscal year / Hiring plan Not disclosed |
| Assumptions Underlying the Business Outlook | Exchange rate ¥159.49 per US$1 (average during the period) / Number of versions Not disclosed / Raw material prices Not disclosed / Interest Rates Not disclosed |
| Medium-term management plan targets | Temperature-controlled logistics solutions Growth target of +¥7.5 billion in operating profit before amortization of goodwill and other items in the fiscal year ending March 2029 / Forwarding Approximately US$90 million in the final year of the 2027 medium-term management plan, and approximately US$150 million under the SGH Vision 2030 for fiscal 2030 |
| Financial targets | ROE 11.0% (forecast) / ROIC 6.8% (forecast) / Actual results First-quarter ROE and ROIC: Not disclosed |
| Annual Dividend | ¥54 (interim ¥27, year-end ¥27) |
| Capital expenditures | ¥69 100 million (expenditures for the acquisition of property, plant and equipment) |
| New initiatives | Collection of appropriate rates, EFL cost-structure reform, Strengthening Morrison's sales activities and creating synergies, Continued consideration of introducing surcharges |
Items this document does not state (8)
Gross Profit MarginSelling, general and administrative expensesRisk amount incorporated into the outlookPayout ratioAcquisition of treasury sharesOrders 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 main reasons for higher revenue and profit were increased parcel volumes in the Delivery business; higher volumes in temperature-controlled logistics and the collection of appropriate rates in the Logistics business; consolidation of Morrison; improved yields due to higher air freight rates; and securing volumes through strengthened sales activities in the Global Logistics business. The full-year forecasts were left unchanged because, although the Global Logistics business is expected to remain solid, uncertainty remains regarding the outlook for the business environment across the Group.
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