Toho (9602) Q1 2024 earnings summary

Executive summary

• Q1 FY2/25 operating revenue rose 15.9% YoY to ¥85,976 million, operating profit up 34.1% to ¥24,576 million, and profit attributable to owners of parent up 31.4% to ¥16,149 million.

• Revenue for the fiscal year ended March 31, 2024, was ¥615,826 million, up from ¥484,755 million YoY.

• Net income increased to ¥88,865 million from ¥82,424 million YoY.

• Growth was driven by major film hits in Production and Distribution and Licensing, while Movie Theater Chain and Theatrical businesses saw declines.

• Total assets at year-end were ¥611,907 million, compared to ¥458,344 million in the prior year.

Financial highlights

• Operating revenue: ¥85,976 million (+15.9% YoY); Operating profit: ¥24,576 million (+34.1% YoY); Ordinary profit: ¥23,351 million (+24.2% YoY); Profit attributable to owners of parent: ¥16,149 million (+31.4% YoY).

• Cinema business operating revenue rose 17.8% YoY to ¥60,002 million, with operating profit up 52.8% to ¥20,098 million.

• Real Estate business revenue increased 16.3% YoY to ¥20,390 million, though operating profit declined 8.2% to ¥4,739 million.

• Gross profit for the year was ¥259.51 million, up from ¥70.41 million YoY; EBITDA reached ¥94.07 million.

• EPS increased to ¥74.5 from ¥72.3 YoY.

Outlook and guidance

• FY2/25 full-year forecasts remain unchanged: operating revenue ¥280,000 million, operating profit ¥55,000 million, ordinary profit ¥57,000 million, profit attributable to owners of parent ¥39,000 million, and annual dividend of ¥70 per share.

• The company is implementing TOHOD VISION 2032 as its long-term strategy.

• Guidance for the next fiscal year includes continued revenue and profit growth, with a focus on strategic investments.