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

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%

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