売上高に関しては、ストック型・フロー型ともに順調に推移した。ストック型売上高は、前期比10.8%増の5,520百万円となった。既存運営物件は年間を通して安定した稼働を維持し、2024年9月には稼働率で99.04%と過去3年間の最高値を記録した。下半期には「AMBRE」（渋谷区）や「OMB目黒中町」（目黒区）など保有物件が開業し事業規模が拡大した。運営中物件は62棟（前期末は58棟）、運営面積は98,923平方メートル（同85,437平方メートル）といずれも前期を上回る。フロー型売上高は、前期比22.1%増の2,428百万円と伸長した。これは、3件の大型工事竣工・引渡に加え、「PORTAL POINT HARAJUKU ANNEX」「IVY WORKS」の売却が上期に成立したことによる。なお、これらフロー関連の物件は引渡・売却後もML契約を締結しストック型売上につながっている。■ The performance trend of Lear Gate <5532>
1. Overview of the performance for the term ending September 2024
For the term ending September 2024, revenue was 7,948 million yen, a 14.0% increase from the previous term, operating profit was 766 million yen, a 39.7% increase, ordinary profit was 629 million yen, a 30.0% increase, and net income was 380 million yen, a 36.5% increase, achieving both increased revenue and profit.
Regarding revenue, both stock-type and flow-type performed well. Stock-type revenue reached 5,520 million yen, a 10.8% increase from the previous term. Existing operating properties maintained stable operations throughout the year, recording an occupancy rate of 99.04% in September 2024, the highest in the past three years. In the second half, owned properties such as "AMBRE" (Shibuya Ward) and "OMB Meguro Nakacho" (Meguro Ward) opened, expanding the scale of the business. There were 62 operating properties (up from 58 at the end of the previous term), and the operating area was 98,923 square meters (up from 85,437 square meters), both exceeding the previous term. Flow-type revenue grew to 2,428 million yen, a 22.1% increase from the previous term. This increase was due to the completion and handover of three large construction projects, as well as the sale of "PORTAL POINT HARAJUKU ANNEX" and "IVY WORKS" in the first half. It should be noted that even after handover and sale, these flow-related properties have signed ML contracts and contributed to stock-type revenue.
Since the cost of goods sold increased by 11.1% from the previous term, the gross profit increased significantly by 31.4% from the previous term to 1,292 million yen. This included stock gross profit of 930 million yen before allocating common expenses, and flow gross profit of 368 million yen. The company is able to manage comfortably by covering fixed costs with stock gross profit. Selling, general and administrative expenses remained at a consistent level with personnel costs in the management department and headquarters rent increasing by 21.0% to 525 million yen. As a result, operating profit reached 766 million yen, a 39.7% increase, comfortably exceeding the full-year plan of 640 million yen. The favorable profit factors include an increase in occupancy rates, early leasing of new properties, and higher-than-expected gains from the sale of real estate.
2. Financial condition and performance indicators.
The total asset balance at the end of September 2024 increased by 4,487 million yen from the end of the previous term to 15,894 million yen, expanding the scale of assets. Current assets increased by 1,519 million yen to 5,526 million yen, mainly due to an increase in sales properties by 2,288 million yen from the acquisition of three properties. Fixed assets increased by 2,968 million yen to 10,368 million yen, primarily due to an increase in land and buildings (tangible fixed assets) at the (tentatively named) Shibuya Ward Hatchiyama Project, among others.
Total liabilities increased by 4,057 million yen from the end of the previous term to 13,183 million yen. Of this, current liabilities increased by 1,510 million yen, and fixed liabilities increased by 2,547 million yen. Due to refinancing of loans for real estate acquisition (change in conditions), long-term borrowings tend to increase further.
In terms of management indicators related to safety, reflecting the acquisition of properties for the next fiscal year and beyond, the current ratio is 94.7%, the fixed long-term compatibility ratio is 103.1%, and the equity ratio is 16.9%, indicating a slightly stronger leverage, but at a level that is properly controlled. In terms of management indicators related to profitability and efficiency, ROE (Return on Equity net income ratio) is 15.3%, ROA (Return on Assets operating profit ratio) is 4.6%, and ROS (Revenue operating profit ratio) is 9.6%, maintaining high levels and demonstrating the ability to sustain a highly profitable Business model. Although the business model has shifted to acquiring properties triggered by the listing, a healthy financial foundation has been maintained.
(Written by FISCO Guest Analyst, Hideo Kakuta)
