リノベーション事業分野の売上高は前期比7.0%増の34,781百万円、売上総利益は同9.3%減の3,744百万円、営業利益は同26.6%減の550百万円となった。売上高の内訳を見ると、物件販売はリノヴェックスマンションの販売件数減少（同2.0%減の1,129件）を平均販売単価の上昇（同6.5%増の2,799万円）でカバーし、同4.3%増の31,610百万円となり、賃貸収入は手持ち物件の減少により同21.0%減の115百万円となった。また、その他収入は同50.3%増の3,055百万円となった。リノベーション内装事業が法人からの受注増により同21.7%増の2,100百万円と好調に推移したほか、再生住宅パートナーによる買取再販支援事業が伸長した。また、規模はまだ小さいが中古マンション直販専門サイト「FLIE」を通じた他社物件の取扱手数料等も増収に寄与した。「FLIE」は2023年1月まで首都圏でサービス提供していたが、その後エリアを拡大し現在は北関東・甲信エリアを除くすべてのエリアで3,000件を超える物件を取り扱う規模にまで拡大している。売上総利益の内訳については、物件販売が同11.6%減の3,365百万円、賃貸収入が同22.0%減の79百万円とそれぞれ減少した一方で、その他収入は同36.4%増の299百万円となった。■Performance trends of Intelix (8940)
2. Trends by business segment
(1) Renovation business field
Sales in the renovation business area increased 7.0% from the previous fiscal year to 34,781 million yen, gross profit decreased 9.3% to 3,744 million yen, and operating profit decreased 26.6% to 550 million yen. Looking at the breakdown of sales, property sales covered a decrease in the number of sales of Renovex condominiums (down 2.0% to 1,129 units) with an increase in average sales unit price (27.99 million yen, 6.5% increase), up 4.3% from the same period to 31,610 million yen, and rental income decreased 21.0% from the same period to 115 million yen due to a decrease in handheld properties. Also, other income increased 50.3% from the same period to 3,055 million yen. The renovation interior business performed well to 2,100 million yen, up 21.7% from the same period due to an increase in orders from corporations, and the purchase and resale support business by regenerative housing partners grew. Also, although the scale is still small, handling fees etc. for other companies' properties through the second-hand condominium direct sales specialty site “FLIE” also contributed to the increase in sales. “FLIE” provided services in the Tokyo metropolitan area until 2023/1, but then the area was expanded and now it has expanded to a scale that handles over 3,000 properties in all areas excluding the North Kanto/Koshin area. As for the breakdown of gross profit, property sales declined 11.6% to 3,365 million yen, and rental income decreased 22.0% to 79 million yen, respectively, while other income increased 36.4% to 299 million yen.
The gross profit margin of Renovex condominiums declined from 12.6% in the previous fiscal year to 10.6% because sales price adjustments were made, but on a half-year basis, it bottomed out at 9.8% in the first half, and began to recover to 11.9% in the second half. In addition to the fact that sales of properties that have stayed for a long time have almost gone round, the reason is that the business period also improved slightly from 211 in the first half to 193 days in the second half. As for the sales period, although there was almost no change from 139 days in the first half to 140 days in the second half, the construction period was shortened from 72 to 53 days. The reason is that they suppressed the purchase of old properties, where there is a lot of renovation work, including plumbing, etc., and that efforts were made to improve the efficiency of the purchasing process.
Looking at movements in the number of purchases/inventory items and gross profit margin on a quarterly basis, the number of items in stock peaked at 782 cases at the end of the 3rd quarter of the fiscal year ending 2023/5, and then it was narrowed down to 452 items at the end of the 2nd quarter of the 2024/5 fiscal year due to suppressing purchase activities. Since purchasing activities became active after the 3rd quarter in response to inventory adjustments being almost completed, the number of inventory items at the end of the fourth quarter was 524, and the company sees that the current level is almost at an appropriate level. The gross profit margin fell to 8.5% in the first quarter of the 2024/5 fiscal year, and it can be seen that efforts were made to promote sales of properties that have stayed for a long time during this period. From the second quarter onwards, the gross profit margin gradually increased, and in the fourth quarter it recovered to the level targeted by the company of 12.5%.
Looking at the number of sales of Renovex condominiums by region, the metropolitan area decreased 2.2% from the previous fiscal year to 530 cases, and the regional area decreased 1.8% to 599 cases. In the same period (2023/6 to 2024/5), the number of used condominium contracts in the Tokyo metropolitan area increased 5.4% from the same period last year, and increased 4.9% * for regional areas, and while the overall market remained steady, the company implemented purchase adjustments in a policy manner, so it looks like its market share will drop slightly. In fact, the number of purchases decreased by 31.6% to 869, of which 389 were down 28.0% in the metropolitan area, and 480 were down 34.3% in the regional area, all of which declined significantly. However, on a quarterly basis, it bottomed out 143 cases in the first quarter and turned upward, and recovered to 288 cases in the fourth quarter.
※ Number of used condominium contracts in the prefectures where the company has branches
(2) Solution business field
Sales in the Solution Business segment decreased 9.3% from the previous fiscal year to 7,920 million yen, gross profit increased 5.2% to 2,087 million yen, and operating profit increased 34.9% to 1,223 million yen. Looking at the breakdown of sales, property sales decreased 24.9% to 5,259 million yen, rental income decreased 7.0% to 942 million yen, and other income centered on the hotel business increased 137.6% to 1,718 million yen. Furthermore, gross profit was 1,005 million yen, down 19.5% from the same period, rental income decreased 6.7% from the same period to 495 million yen, and other income increased 186.5% to 587 million yen, and profit contributions due to rising hotel occupancy rates were factors contributing to the increase in gross profit and operating profit.
Regarding property sales, sales of 1,844 million yen were recorded due to the securitization of lease-back properties, and 790 million yen was recorded for “Asset Sharing +,” which is a new series of real estate miniaturization products, but sales and profit declined due to a decrease in sales of as many profitable properties as one building. “Asset sharing +” is a product that combines real estate to be managed with multiple properties, and risks are reduced by combining properties of different types, types, and regions. As the first step, the first phase of sales of products incorporating the three residences in Tokyo (Ryogoku), Kawasaki, and Sapporo was carried out, and operation began in 2024/5 (planned yield of about 4.84%, operation period of 10 years).
Among other income, sales in the hotel business increased 88.2% from the same period to just over 1 billion yen. In addition to the fact that the occupancy rate of “LANDABOUT (landabout)” (Taito Ward, Tokyo) and “Montan Hakata” (Fukuoka City, Fukuoka Prefecture) rose to about 90% along with the recovery in inbound demand, lodging fees also rose, leading to a drastic increase in sales. Note, it seems that the policy is to continue to own hotel facilities in-house for the time being.
(Author: FISCO Visiting Analyst Joe Sato)
