Shibasawa Warehouse Research Memo (10): Although there is a decrease in revenue and profit, the "Mid-Term Management Plan for 2026" is generally on track.

Fisco Japan · Jun 25 16:00

■澁澤倉庫＜9304＞の業績動向

1. 2024年3月期の業績動向

「中期経営計画2023」最終年度の2024年3月期の業績は、営業収益が73,417百万円（前期比6.5%減）、営業利益が4,271百万円（同12.7%減）、経常利益が5,091百万円（同12.9%減）、親会社株主に帰属する当期純利益が3,728百万円（同0.8%減）となった。期初の予想と比べて、営業収益で5,583百万円、営業利益で429百万円、経常利益で209百万円それぞれ未達、親会社株主に帰属する当期純利益で128百万円の超過達成となった。「中期経営計画2023」については、2024年3月期は営業収益と経常利益のみの達成となったが、2023年3月期に既に営業収益、各利益ともにクリアしているため、おおむね良好と言える。

日本経済は、雇用・所得環境の改善や個人消費の持ち直しにより、緩やかな回復基調となったものの、物価上昇や世界的な金融引締めに伴う為替への影響が継続したほか、ウクライナ紛争及び中東情勢の地政学リスクが増加するなど、依然として先行き不透明な状況で推移した。こうした環境下、同社は、「中期経営計画2023」で掲げた事業戦略に基づき、競争力のある物流サービスの提供や業域の拡大に向けて収益力を強化したほか、機械化・省力化を推進することで業務の効率化や採算性の向上に取り組んだ。また、不動産事業では、既存施設の計画的な保守及び改良工事を実施し、現有資産の付加価値向上を図るとともに、適正料金の収受による安定的な収益基盤の維持に努めた。

この結果、強みの飲料や食品の取り扱い増加、新規の工場内物流請負業務や新規拠点稼働の収益貢献はあったものの、コロナ禍などの影響で上昇していた海上・航空運賃単価が正常化に向かって下落に転じたことを主因に、一部顧客のサプライチェーン変更による港湾運送・荷捌業務の減少、不動産事業の大型請負工事の解消もあって減収となった。利益面では、横浜市のR&D賃貸施設の稼働率向上、倉庫業務におけるミックスの改善などにより営業総利益率が改善した。一方、自動搬送機の横展開などにより業務効率化は進んだものの、処遇改善や研究人材の強化などによる人件費のほか、DXや環境対策など先行的費用が増加した。また、2022年3月に(株)データ・キーピング・サービスを持分会社化したものの、高騰していたベトナムにおける内航船市況が正常化したことで営業外損益はややネガティブに働き、前期に発生した固定資産処分損や一部資産の減損損失が解消したことで特別損益はポジティブに働いた。

物流事業の環境は、国内貨物と輸出入貨物の荷動きはともに低調に推移し、エネルギー価格の高止まりや労働力不足などに起因したコストの増加が継続した。また、コンテナ不足などの海運市況の混乱、航空貨物スペースの供給制約が解消したことにより、海上・航空運賃の単価は前期から下落したが足元では下げ止まり、横ばいで推移している。同社の物流事業は、飲料や食品の取り扱いが好調に推移したことに加えて、新規に取り扱いを開始した工場内物流請負業務と横浜市のR&D賃貸施設の稼働率向上が収益貢献したが、海上・航空運賃単価の下落や貨物取扱量の減少により国際輸送業務と輸出入荷捌業務の取り扱いが減少した。不動産事業の環境は、都市部におけるオフィスビルの平均空室率が高水準を維持し、平均賃料は横ばいで推移した。同社の不動産事業は、大型テナント工事請負の解消や一部施設の一時的不稼働のほか、環境負荷低減を目的としたLED照明導入費用などが増加し減収減益となった。

（執筆：フィスコ客員アナリスト　宮田仁光）

■Performance Trends of Shibusawa Warehouse ＜9304＞

1. Performance trends for the fiscal year ending March 31, 2024

The financial results for the fiscal year ending 2024/3, the final year of the “Mid-Term Management Plan 2023” were operating revenue of 73,417 million yen (down 6.5% from the previous fiscal year), operating profit of 4,271 million yen (down 12.7% from the same period), ordinary profit of 5,091 million yen (down 12.9% from the same period), and net income attributable to parent company shareholders of 3,728 million yen (down 0.8% from the same period). Compared to the forecast at the beginning of the fiscal year, operating income fell short of 5,583 million yen, operating income of 429 million yen, and ordinary income of 209 million yen, respectively, and exceeded 128 million yen in net income attributable to parent company shareholders. As for the “Mid-Term Management Plan 2023,” only operating income and ordinary profit were achieved in the fiscal year ending 2024/3, but since both operating income and profit have already been cleared for the fiscal year ending 2023/3, it can be said that it is generally good.

Although the Japanese economy showed a moderate recovery trend due to improvements in the employment/income environment and a pick-up in private consumption, the future remained uncertain, as the effects on exchange rates due to rising prices and global monetary tightening continued, and geopolitical risks of the Ukraine conflict and the situation in the Middle East increased. Under such an environment, the company strengthened its profitability to provide competitive logistics services and expand its business area based on the business strategy set out in the “Mid-Term Management Plan 2023,” and worked to improve work efficiency and profitability by promoting mechanization and labor saving. Also, in the real estate business, planned maintenance and improvement work for existing facilities was carried out to improve the added value of existing assets, and efforts were made to maintain a stable profit base by collecting appropriate fees.

As a result, although there was an increase in the handling of strong beverages and food, and profit contributions from new in-factory logistics contract operations and operation of new bases, sales declined mainly due to a decrease in port transportation/cargo handling operations due to supply chain changes for some customers, and the cancellation of large-scale contract work in the real estate business, mainly due to the fact that sea/airfare unit prices, which had risen due to the effects of the COVID-19 pandemic, began to decline toward normalization. On the profit side, gross operating profit margin improved due to improvements in the occupancy rate of R&D rental facilities in Yokohama City, improvements in the mix in warehouse operations, etc. Meanwhile, although work efficiency has progressed due to horizontal deployment of automatic conveyors, etc., in addition to labor costs due to improved treatment and strengthening research human resources, etc., advance costs such as DX and environmental measures have increased. Also, although Data Keeping Service Co., Ltd. was made into an equity company in 2022/3, non-operating profit and loss worked slightly negatively due to the normalization of domestic ship market conditions in Vietnam, which had been soaring, and special profit and loss worked positively as fixed asset disposal losses and impairment losses of some assets that occurred in the previous fiscal year were resolved.

As for the logistics business environment, cargo movements for both domestic and import/export cargo remained sluggish, and costs continued to increase due to high energy prices and labor shortages. Also, due to turbulence in shipping market conditions such as container shortages, and the resolution of air cargo space supply restrictions, the unit price of marine and air freight rates fell from the previous fiscal year, but has stopped declining recently and has remained flat. As for the company's logistics business, in addition to strong handling of beverages and food, in-factory logistics contract operations that have begun to be handled newly and improvements in the operating rate of R&D rental facilities in Yokohama City contributed to profits, but handling of international transportation operations and import/export cargo handling operations declined due to a decline in sea/airfare unit prices and a decrease in cargo handling volume. As for the real estate business environment, the average vacancy rate for office buildings in urban areas remained at a high level, and average rents remained flat. In the company's real estate business, in addition to the cancellation of large tenant construction contracts and temporary non-operation of some facilities, LED lighting installation costs, etc. aimed at reducing environmental load increased, resulting in a decrease in sales and profit.

(Written by FISCO Visiting Analyst Miyata Hitomitsu)

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澁澤倉庫 Research Memo（10）：減収減益だが「中期経営計画2026」はおおむねクリア

Shibasawa Warehouse Research Memo (10): Although there is a decrease in revenue and profit, the "Mid-Term Management Plan for 2026" is generally on track.

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