Takuma Research Memo (5): While revenue increased in all segments, there was a decrease in profit due to changes in the composition of EPC projects and an increase in depreciation burden (1).

Fisco Japan · Jun 28 00:05

■業績動向

1. 2024年3月期の業績概要

タクマ＜6013＞の2024年3月期の業績は、売上高で前期比4.6%増の149,166百万円、営業利益で同25.9%減の10,229百万円、経常利益で同24.0%減の11,166百万円、親会社株主に帰属する当期純利益で同9.0%減の8,754百万円となった。受注高は、環境・エネルギー（国内）事業における一般廃棄物処理プラントのDBO事業2件などを受注するも、海外事業や設備・システム事業の受注減少により全体としては減少した。売上高は全セグメントで増加したが、EPC案件の構成変化や新工場の稼働による償却負担の増加、人件費・研究開発費の増加により減益となった。

環境・エネルギー（国内）事業、環境・エネルギー（海外）事業、民生熱エネルギー事業、設備・システム事業の4つの事業セグメント別に業績動向を見ていく。

(1) 環境・エネルギー（国内）事業

環境・エネルギー（国内）事業の業績は、受注高で前期比1.0%増の131,567百万円、売上高で同2.8%増の119,190百万円、営業利益で同24.5%減の11,228百万円となった。受注高はエネルギープラントの一部契約解除があったものの、一般廃棄物処理プラントのアフターサービスや水処理プラントの受注により増加した。EPC事業では、ごみ処理施設のDBO事業2件、エネルギープラント8件、下水処理場の大型更新工事を受注。受注残高も長期O&M事業の着実な受注により増加し、その約55%が長期O&Mである。

売上高は増加したものの、損益はEPC案件構成の変化や播磨新工場の稼働による償却負担の増加、人件費・研究開発費の増加などにより減益となった。一般廃棄物処理プラントのアフターサービスの増加により売上高が増加したが、営業利益はEPC案件の構成変化や新工場の償却負担、人件費や研究開発費の増加、さらにガス化溶融炉のO&M対策費用の計上により減少した。

(2) 環境・エネルギー（海外）事業

環境・エネルギー（海外）事業の業績は、受注高で前期比61.5%減の2,280百万円、売上高で同80.6%増の2,440百万円、営業利益は184百万円（前期は172百万円の損失）となった。受注高はベトナムの廃棄物処理プラント案件の追加受注とメンテナンス受注に留まり減少したが、売上高はメンテナンスサービスや受注済みプラント新設案件の進捗により増加し、営業利益も改善した。

(3) 民生熱エネルギー事業

民生熱エネルギー事業の業績は、受注高で前期比1.4%増の18,666百万円、売上高で同6.8%増の18,492百万円、営業利益で同28.6%増の1,177百万円となった。売上高と営業利益は受注済み案件の進捗や大型案件の完工により増加した。

(4) 設備・システム事業

設備・システム事業の業績は、受注高で前期比41.4%減の8,403百万円、売上高で同12.9%増の9,437百万円、営業利益で同58.7%減の341百万円となった。売上高は受注済み案件の進捗や大型案件の完工により増加したが、建築設備事業における2023年3月期第2四半期の大型案件受注の反動のほか、半導体産業用設備の減少で受注高は減少した。また、建築設備事業の一部案件で追加費用を計上したため、営業利益は減少した。半導体産業用設備の需要は中長期的には拡大が期待されるが、現在は停滞している。

（執筆：フィスコ客員アナリスト　中山博詞）

■Performance Trends

1. Financial Summary for the Fiscal Year Ending March 31, 2024

The financial results for the fiscal year ended 2024/3 of Takuma ＜6013＞ were sales up 4.6% from the previous fiscal year to 149,166 million yen; operating income down 25.9% to 10,229 million yen; ordinary income down 24.0% to 11,166 million yen; and net income attributable to parent company shareholders, down 9.0% to 8,754 million yen. The volume of orders received declined overall due to a decrease in orders received for overseas business and equipment/systems business, even though orders for 2 DBO projects etc. for general waste treatment plants were received in the environment/energy (domestic) business. Sales increased in all segments, but profit declined due to changes in the structure of EPC projects, increased amortization burdens due to operation of new plants, and increases in labor costs and research and development expenses.

We will look at performance trends for each of the four business segments: environment and energy (domestic) business, environment and energy (overseas) business, consumer thermal energy business, and equipment/systems business.

(1) Environment and energy (domestic) business

The performance of the environment and energy (domestic) business was 131,567 million yen, up 1.0% from the previous fiscal year due to high order volume, sales increased 2.8% to 119,190 million yen, and operating profit decreased 24.5% to 11,228 million yen. The volume of orders received increased due to after-sales service for general waste treatment plants and orders for water treatment plants, although some contracts for energy plants were canceled. In the EPC business, we received orders for large-scale renewal work for 2 DBO projects for garbage disposal facilities, 8 energy plants, and sewage treatment plants. The balance of orders received also increased due to the steady acceptance of orders in the long-term O&M business, and approximately 55% of these were long-term O&M.

Although sales increased, profit and loss declined due to changes in the EPC project structure, an increase in amortization burdens due to the operation of the new Harima Plant, and an increase in labor costs and research and development expenses. Sales increased due to an increase in after-sales service for general waste treatment plants, but operating profit declined due to structural changes in EPC projects, amortization burdens at new plants, increases in labor costs and research and development expenses, and further recording of O&M countermeasure costs for gasification melting furnaces.

(2) Environment and energy (overseas) business

The performance of the environment and energy (overseas) business was 2,280 million yen, down 61.5% from the previous fiscal year due to high orders, sales increased 80.6% to 2,440 million yen, and operating profit was 184 million yen (loss of 172 million yen in the previous fiscal year). The volume of orders received declined due to additional orders and maintenance orders for waste treatment plant projects in Vietnam, but sales increased due to progress in maintenance services and new plant construction projects that have already been ordered, and operating profit also improved.

(3) Consumer thermal energy business

The performance of the consumer thermal energy business was 18,666 million yen, up 1.4% from the previous fiscal year due to high orders; sales increased 6.8% to 18,492 million yen; and operating profit increased 28.6% to 1,177 million yen. Sales and operating profit increased due to progress of ordered projects and completion of large-scale projects.

(4) Equipment and systems business

The performance of the equipment and systems business was 8,403 million yen, down 41.4% from the previous fiscal year due to high orders; sales increased 12.9% to 9,437 million yen; and operating profit decreased 58.7% to 341 million yen. Sales increased due to the progress of already ordered projects and completion of large-scale projects, but in addition to the reaction of orders received for large-scale projects in the 2nd quarter of the fiscal year ending 2023/3 in the construction equipment business, order volume declined due to a decrease in semiconductor industrial equipment. Also, since additional costs were recorded in some projects in the construction equipment business, operating profit declined. Demand for semiconductor industrial equipment is expected to expand over the medium to long term, but it is currently stagnating.

(Written by FISCO Visiting Analyst Hiroshi Nakayama)

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

タクマ Research Memo（5）：売上高は全セグメントで増収も、EPC案件の構成変化や償却負担増などで減益（1）

Takuma Research Memo (5): While revenue increased in all segments, there was a decrease in profit due to changes in the composition of EPC projects and an increase in depreciation burden (1).

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