Financial Highlights

Consolidated Statement of Income

Leopalace21 Group has worked to stabilize the financial base and continuously improve profitability through the structural reforms which were disclosed in June 2020, by concentrating management resources on the core Leasing Business and by thoroughly reviewing and reducing all costs.
As a result, net sales for the fiscal year ended March 31, 2023 became JPY 406,449 million, an increase of 2.0% year on year, and operating profit was JPY 9,879 million, an increase of 456.7% year on year, due to the reduction of cost of sales and SG&A expenses. Recurring profit was JPY 6,526, which was compared with JPY -2,151 million for the previous fiscal year, mainly due to interest payment of JPY 4,370 million.
Net income attributable to shareholders of the parent was JPY 19,810 million, an increase of 67.1% year on year, caused by the recording of income taxes-deferred (profit) of JPY 18,538 million due to buildup of deferred tax assets despite the recording of loss related to repairs of JPY 2,544 million due to soaring material prices and an increase in the ratio of subcontracted repair work to eliminate obvious defects by the end of 2024.

Consolidated Balance Sheets

Assets at the end of March 31, 2023 increased by JPY 21,117 million from the end of the previous fiscal year to JPY 166,548 million. This was mainly attributable to an increase of JPY 8,037 million in cash and deposits, and JPY 18,556 million in deferred tax assets, despite a reduction of JPY 937 million in machinery equipment and vehicles (net), reduction of JPY 2,209 in others (net) in property, plant, and equipment, and increase of JPY 1,635 million in allowance for doubtful accounts.
Total liabilities decreased by JPY 770 million from the end of the previous fiscal year to JPY 133,625 million. This was mainly attributed to the decrease of following items; JPY 852 million in accrued income taxes, JPY 1,583 million in provision for fulfillment of guarantees, JPY 503 million in provision for losses related to repairs, and decrease of JPY 2,042 million in provision for apartment vacancy loss, despite increase of JPY 2,699 million in accounts payable - other and increase of JPY 1,648 million in advances received and long-term advances received.
Net assets were JPY 32,922 million, an increase of JPY 21,888 million from the end of the previous fiscal year. This was mainly due to an increase of JPY 3,371 million in foreign currency translation adjustments and the recording of JPY 19,810 million in net income attributable to shareholders of the parent, on the other hand, decrease in non-controlling interests of JPY 1,086 million was recorded due to payment of treasury stock purchase price and dividend payment to non-controlling shareholders of a consolidated subsidiary. The equity ratio improved by 13.8 points from the end of the previous fiscal year to 14.5%.

Consolidated Cash Flows

Cash flows from operating activities were a net inflow of JPY 10,545 million, which was compared with a net outflow of JPY 4,460 million in the previous fiscal year. This was mainly due to a recording of JPY 2,847 million in income before taxes and other adjustments, JPY 6,570 million in depreciation, JPY 2,544 million in loss related to repairs, and increase of JPY 1,680 million in advances received, whereas JPY 2,042 million for the reduction of provision for apartment vacancy loss, JPY 4,371 million in interest paid, and JPY 3,337 million in payment related to repairs were recorded.
Cash flows from investing activities were a net inflow of JPY 906 million, an increase of JPY 20 million in net inflow year on year. This was mainly due to proceeds from collection of loans receivable of JPY 700 million and proceeds from withdrawal of time deposits (net) of JPY 800 million, while there was an outflow of JPY 711 million from sales of investments in subsidiaries resulting from change in scope of consolidation.
Cash flows from financing activities were a net outflow of JPY 2,819 million, a decrease of JPY 3,067 million in net outflow year on year. This was mainly due to JPY 741 million of expenditure in repayment of finance lease obligations, JPY 990 million of expenditure in payment for purchased treasury stock by a consolidated subsidiary, and JPY 972 million of expenditure in payment of dividends to a non-controlling shareholder.
As a result, cash and cash equivalents at the end of the fiscal year ended March 2023 became JPY 52,860 million, increased by JPY 8,837 million from the end of the previous fiscal year.

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  January 1–31, 2024

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  Leopalace21 is working to solve a wide variety of social issues with the aim of creating a sustainable society under the sustainability vision of "We go on creating new value for society today and in the future."

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