Shibasawa Warehouse Research Memo (10): Although there is a decrease in revenue and profit, the "Mid-Term Management Plan for 2026" is generally on track.

Fisco Japan · Jun 25 04:00

■澁澤倉庫＜9304＞の業績動向

1. 2024年3月期の業績動向

「中期経営計画2023」最終年度の2024年3月期の業績は、営業収益が73,417百万円（前期比6.5%減）、営業利益が4,271百万円（同12.7%減）、経常利益が5,091百万円（同12.9%減）、親会社株主に帰属する当期純利益が3,728百万円（同0.8%減）となった。期初の予想と比べて、営業収益で5,583百万円、営業利益で429百万円、経常利益で209百万円それぞれ未達、親会社株主に帰属する当期純利益で128百万円の超過達成となった。「中期経営計画2023」については、2024年3月期は営業収益と経常利益のみの達成となったが、2023年3月期に既に営業収益、各利益ともにクリアしているため、おおむね良好と言える。

日本経済は、雇用・所得環境の改善や個人消費の持ち直しにより、緩やかな回復基調となったものの、物価上昇や世界的な金融引締めに伴う為替への影響が継続したほか、ウクライナ紛争及び中東情勢の地政学リスクが増加するなど、依然として先行き不透明な状況で推移した。こうした環境下、同社は、「中期経営計画2023」で掲げた事業戦略に基づき、競争力のある物流サービスの提供や業域の拡大に向けて収益力を強化したほか、機械化・省力化を推進することで業務の効率化や採算性の向上に取り組んだ。また、不動産事業では、既存施設の計画的な保守及び改良工事を実施し、現有資産の付加価値向上を図るとともに、適正料金の収受による安定的な収益基盤の維持に努めた。

この結果、強みの飲料や食品の取り扱い増加、新規の工場内物流請負業務や新規拠点稼働の収益貢献はあったものの、コロナ禍などの影響で上昇していた海上・航空運賃単価が正常化に向かって下落に転じたことを主因に、一部顧客のサプライチェーン変更による港湾運送・荷捌業務の減少、不動産事業の大型請負工事の解消もあって減収となった。利益面では、横浜市のR&D賃貸施設の稼働率向上、倉庫業務におけるミックスの改善などにより営業総利益率が改善した。一方、自動搬送機の横展開などにより業務効率化は進んだものの、処遇改善や研究人材の強化などによる人件費のほか、DXや環境対策など先行的費用が増加した。また、2022年3月に(株)データ・キーピング・サービスを持分会社化したものの、高騰していたベトナムにおける内航船市況が正常化したことで営業外損益はややネガティブに働き、前期に発生した固定資産処分損や一部資産の減損損失が解消したことで特別損益はポジティブに働いた。

物流事業の環境は、国内貨物と輸出入貨物の荷動きはともに低調に推移し、エネルギー価格の高止まりや労働力不足などに起因したコストの増加が継続した。また、コンテナ不足などの海運市況の混乱、航空貨物スペースの供給制約が解消したことにより、海上・航空運賃の単価は前期から下落したが足元では下げ止まり、横ばいで推移している。同社の物流事業は、飲料や食品の取り扱いが好調に推移したことに加えて、新規に取り扱いを開始した工場内物流請負業務と横浜市のR&D賃貸施設の稼働率向上が収益貢献したが、海上・航空運賃単価の下落や貨物取扱量の減少により国際輸送業務と輸出入荷捌業務の取り扱いが減少した。不動産事業の環境は、都市部におけるオフィスビルの平均空室率が高水準を維持し、平均賃料は横ばいで推移した。同社の不動産事業は、大型テナント工事請負の解消や一部施設の一時的不稼働のほか、環境負荷低減を目的としたLED照明導入費用などが増加し減収減益となった。

（執筆：フィスコ客員アナリスト　宮田仁光）

Performance trends of Shibazawa Warehouse <9304>.

Performance trend for the year ending March 2024.

For the fiscal year ending March 2024, the final year of the midterm management plan 2023, operating revenue was 73.417 billion yen (a decrease of 6.5% from the previous period), operating profit was 4.271 billion yen (a decrease of 12.7% from the previous period), ordinary profit was 5.091 billion yen (a decrease of 12.9% from the previous period), and net income attributable to parent company shareholders was 3.728 billion yen (a decrease of 0.8% from the previous period). Compared to the initial estimate, operating revenue was not achieved by 558.3 million yen, operating profit was not achieved by 42.9 million yen, ordinary profit was not achieved by 20.9 million yen, and net income attributable to parent company shareholders was exceeded by 128 million yen. Although the goal of operating revenue and ordinary profit for the 2024 fiscal year was only partly achieved according to the midterm management plan 2023, the company has already exceeded it for operating revenue and all profits for the fiscal year ending March 2023, indicating good overall performance.

The Japanese economy is in a mild recovery trend due to improvements in employment, income environment, and a rebound in personal consumption. However, the impact of inflation and the influence of exchange rates due to global monetary tightening continues, and geopolitical risks such as the Ukraine conflict and the situation in the Middle East have increased, leading to an uncertain future. Under these circumstances, the company is strengthening its profitability based on its business strategy set forth in the midterm management plan 2023, focusing on providing competitive logistics services and expanding business areas, as well as working to improve the efficiency and profitability of its operations through mechanization and labor-saving measures. In addition, in the real estate business, it has implemented planed maintenance and improvement work for existing facilities to increase the value-added of existing assets and has worked to maintain a stable revenue base by collecting appropriate fees.

As a result, despite the contribution to revenue from increased handling of beverages and foodstuffs, new revenue from the commissioning of logistics operations within new factories and new facilities taking shape, the normalization of rising maritime and air transportation rates, which had been affected by the impact of the COVID-19 pandemic and other factors, and the decrease in revenue due to a reduction in port transport and cargo handling operations by some customers, as well as large-scale construction projects in the real estate business, revenue declined. In terms of profit, the operating gross profit margin improved thanks to measures such as the improved occupancy rate of R&D rental facilities in Yokohama City and improved warehouse operations, but labor costs increased due to efforts such as the improvement of working conditions and strengthening research personnel, and advance costs such as DX and environmental measures also increased. In addition, although the company acquired (Data Keeping Services, Inc.) as an equity-method affiliate in March 2022, the negative impact of non-operating profit and loss was slightly negative due to the normalization of the domestic shipping market in Vietnam, where rates had been soaring, while special profit and loss was positive due to the dissipation of losses from fixed asset disposals and impairment losses for some assets that existed in the previous period.

In the logistics industry, movements of domestic and imported/exported cargo were both sluggish, and costs continued to rise due to factors such as the rise in energy prices and the shortage of labor. While the confusion in the maritime transportation market due to factors such as the lack of containers and the lifting of supply constraints on air cargo space led to a decline in maritime and air freight rates from the previous period, they have bottomed out at present and are roughly flat. The company's logistics business has contributed to revenue through strong handling of beverages and foodstuffs, as well as new factory-in logistics commissioning and improved occupancy rates of R&D rental facilities in Yokohama City. However, the handling of international transportation and imported/exported cargo operations decreased due to the decline in maritime and air freight rates and the reduction in cargo handling volume. In the real estate business, the average vacancy rate for office buildings in urban areas remained high, and average rent remained flat, with the company's real estate business experiencing a decrease in revenue and profit due to the dissolution of large-scale tenant construction projects and temporary non-operation of some facilities, as well as increased costs such as LED lighting introduction costs aimed at reducing environmental impact.

(Author: FISCO guest analyst Nobumitsu Miyata)

Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more

澁澤倉庫 Research Memo（10）：減収減益だが「中期経営計画2026」はおおむねクリア

Shibasawa Warehouse Research Memo (10): Although there is a decrease in revenue and profit, the "Mid-Term Management Plan for 2026" is generally on track.

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