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RECENT EARNINGS

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Recent Earnings

FY Mar 2024 Nine Months Results

Full-year forecasts remain unchanged given steady progress against revised forecasts

  • In addition to an increase in maintenance sales due to an increase in the number of maintenance contracts, repair and modernization sales increased significantly.
  • In addition to a high level of shipments of modernization equipment, unit prices sustained, resulting in a quarterly improvement in gross profit and further progress in controlling SG&A expenses resulted in a 16.7% operating income margin, the highest for a single quarter.
  • Nine-month results showed steady progress in both sales and profit relative to the revised forecast disclosed on August 8, and the full-year forecast was left unchanged.

    • (millions of yen, yen, %)

    9 months ended 9 months ended YoY change
    December 2022 December 2023
    Amount % of sales Amount % of sales Amount %
    Net sales 25,278 100.0 30,487 100.0 5,209 20.6
    Operating profit 3,501 13.9 4,772 15.7 1,270 36.3
    Ordinary profit 3,598 14.2 4,798 15.7 1,200 33.4
    Profit attributable to
    owners of parent    		 2,306 9.1 3,051 10.0 745 32.3
    (Depreciation) 875 3.5 1,031 3.4 155 17.8
    (Amortization) 197 0.8 202 0.7 4 2.2
    EBITDA 4,575 18.1 6,006 19.7 1,431 31.3
    EPS 25.96 -- 34.27 -- 8.31 32.0

    Continued strong modernization sales and accelerated growth in repair sales resulted in a 20.6% increase in 3Q net sales YoY

  • Maintenance sales grew steadily due to an increase in the number of maintenance contracts.
  • Repair services showed improvement from delivery delays due to the shortage of semiconductors, and net sales of maintenance and repair services accelerated the growth.
  • Modernization needs remained strong, and both volume and unit prices increased in Q3.
  • As a result, sales increased significantly in the third quarter.

    • (millions of yen, yen, %)

    9 months ended 9 months ended YoY change
    December 2022 December 2023
    Amount % of sales Amount % of sales Amount %
    Maintenance & Repair 17,079 67.6 19,491 63.9 2,412 14.1
    Modernization 7,294 28.9 9,968 32.7 2,674 36.7
    Other 904 3.6 1,027 3.4 122 13.5
    Total 25,278 100.0 30,487 100.0 5,209 20.6

    Maintenance contract volume maintained steady growth pace

  • The number of maintenance contracts in Japan was 96,740 units. The net increase was 8,110 units*, maintaining a steady pace of increase in the second half.
  • Against the backdrop of robust demand, the number of units renewed reached a cumulative total of 1,390 units, significantly exceeding the figure for the same period of the previous year (1,080 units), construction of JES Innovation Center Kansai (JIK) on schedule.
  • The number of locations has expanded to 137 (as of February 1). Established branches and sales offices in Niigata and Fukushima, covering almost all areas of Honshu. The Group continues to reinforce work force in strategic areas such as engineering and sales.
    • * Includes 650 units of Emic Co., Ltd., which the Company completed the acquisition of on September 1, 2023.

    (units,person)

    FY Ended FY Ended FY Ended FY Ended 9 months ended
    March 2020 March 2021 March 2022 March 2023 December 2023
    Actual Actual Actual Actual Actual （Change YtD)
    Maintenance contracts 54,800 67,500 79,000 88,630 96,740 +8,110
    Modernization (cumlative) 820 920 1,150 1,530 1,390 +310
    Parking equipments -- -- 18,830 22,050 24,460 +2,410
    No. of offices 78 101 124 132 137 +5
    No. of Employees 1,234 1,398 1,618 1,766 1,870 +104
    Technical personnel 781 881 1,003 1,096 1,178 +82
    Sales personnel 135 156 195 218 239 +21

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