Kirin Holdings Company, Limited, The Current Fiscal Year Net Income Revised Downward to an Unexpected 15% Decrease

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Thu Nov 7, 2024 3:30 pm JST Earnings

2503 Kirin Holdings Company, Limited 【IFRS】

Earnings Report

Kirin Holdings Company, Limited <2503> [TSE-P] announced its financial results (based on IFRS) after the market closed on November 7th (15:30). The consolidated net income for the cumulative third quarter of the fiscal year ending December 2024 (January to September) decreased by 5.5% from the same period last year to 79.2 billion yen.

In addition, the full-year consolidated net income has downwardly by 15.8%, from the previous forecast of 114 billion yen to 96 billion yen (compared to 112 billion yen in the previous period). This changes the outlook from an anticipated profit increase to a projection of a 14.8% decrease in profit.

Based on the full-year plan announced by the company after the downward revision, our estimate of the consolidated net income for the July to December period (second half) has downwardly by 31.7%, from the previous forecast of 56.7 billion yen to 38.7 billion yen (compared to 80.7 billion yen in the same period of the previous year), leading to an increase in the profit decline rate from 29.6% to 51.9%.

In the most recent three-month period, from July to September (3Q), the consolidated net income significantly dropped to 22 billion yen, a 57.5% decrease compared to the same period last year. The operating profit margin significantly dropped from 13.0% in the same period last year to 7.0%.

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Actual Results

Accumulated Results 3rd Quarter

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Progress Rate vs. First Half	Announce	Accounting Standards
Jan - Sep, 2022	1,457,154	128,431	204,314	129,059	156.4	106.8	Nov 9, 2022	IFRS
Jan - Sep, 2023	1,547,871	112,279	142,442	83,913	103.6	72.3	Nov 8, 2023	IFRS
Jan - Sep, 2024	1,699,720	123,262	156,005	79,268	97.9	78.8	Nov 7, 2024	IFRS
YoY	+9.8%	+9.8%	+9.5%	-5.5%	-5.5%

Guidance Update

Second Half Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Jul - Dec, 2024 Prev	1,204,177	96,110	107,459	56,780	70.1	35.50	Aug 6, 2024	IFRS
Jul - Dec, 2024 New	1,204,177	78,110	89,459	38,780	47.9	35.50	Nov 7, 2024	IFRS
Revision Rate	0.0%	-18.7%	-16.8%	-31.7%	-31.7%

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Dec, 2024 Prev	2,300,000	177,000	216,000	114,000	140.7	71	Aug 6, 2024	IFRS
Dec, 2024 New	2,300,000	159,000	198,000	96,000	118.5	71	Nov 7, 2024	IFRS
Revision Rate	0.0%	-10.2%	-8.3%	-15.8%	-15.8%

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Jul - Dec, 2023	1,164,161	113,372	139,975	80,707	99.7	36.50	Feb 14, 2024	IFRS
Jul - Dec, 2024 Guidance	1,204,177	78,110	89,459	38,780	47.9	35.50	Nov 7, 2024	IFRS
YoY	+3.4%	-31.1%	-36.1%	-51.9%	-52.0%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Dec, 2022	1,989,468	116,019	191,387	111,007	135.1	69	Feb 14, 2023	IFRS
Dec, 2023	2,134,393	150,294	197,049	112,697	139.2	71	Feb 14, 2024	IFRS
Dec, 2024 Guidance	2,300,000	159,000	198,000	96,000	118.5	71	Nov 7, 2024	IFRS
YoY	+7.8%	+5.8%	+0.5%	-14.8%	-14.8%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	577,639	75,357	85,368	51,923	64.1	13.0	Nov 8, 2023	IFRS
Oct - Dec, 2023	586,522	38,015	54,607	28,784	35.5	6.5	Feb 14, 2024	IFRS
Jan - Mar, 2024	501,762	30,829	44,172	25,900	32.0	6.1	May 9, 2024	IFRS
Apr - Jun, 2024	594,061	50,061	64,369	31,320	38.7	8.4	Aug 6, 2024	IFRS
Jul - Sep, 2024	603,897	42,372	47,464	22,048	27.2	7.0	Nov 7, 2024	IFRS
YoY	+4.5%	-43.8%	-44.4%	-57.5%	-57.5%