Sea La Technologies Research Memo (7): Significant increase in revenue and profit for the year ending December 2023.

Fisco Japan · Aug 19 00:27

■シーラテクノロジーズの業績動向

1. 2023年12月期業績の概要

2023年12月期の業績は売上高が前期比3.1%増の22,743百万円、継続事業からの営業利益が85.1%増の1,441百万円、同社株主に帰属する当期純利益が72.5%増の681百万円となった。EBITDA（継続事業からの営業利益＋減価償却費+のれん償却費）は60.4%増の1,742百万円となった。売上高が過去最高となり、継続事業からの営業利益は期初計画を上回る大幅増益となった。

売上高の内訳は、不動産販売が16,031百万円、土地売却が3,536百万円、不動産賃貸収入が1,136百万円、不動産管理収入が766百万円、太陽光施設販売が633百万円、太陽光施設運営・維持管理が33百万円、売電収入が214百万円、コンテナ販売が373百万円、コンテナ維持管理が18百万円である。不動産販売は、販売戸数が減少（前期は588戸、当期は446戸）したため売上高が前期比10.8%減少したが、竣工は合計8棟（「SYFORME」シリーズ7棟、「SYLA TERRACE」1棟）、売却は合計6棟（うち「SYFORME」シリーズ3棟を米BlackRockに売却）となり、おおむね順調となった。土地売却の売上高は前期比2.1倍と急増した。これは大型開発用地の売却という一過性要因によるものである。不動産賃貸収入と不動産管理収入はストック型収益として着実に伸長した。再生可能エネルギー関連は太陽光施設販売と売電収入が順調に拡大した。またコンテナ型データセンター関連の売上が新たに加わった。

利益面では、営業費用（販管費）が管理体制強化に向けた人員増に伴う人件費の増加、NASDAQ上場に伴う株式報酬費用や弁護士費用などのIPO関連費用の増加、M&A関連費用の増加などにより前期比45.0%増加（販管費比率は同5.2ポイント上昇）したが、大型開発用地売却など利益率の高い物件の売却などにより売上総利益は同53.7%増加（売上総利益率は同8.0ポイント上昇）となり、販管費増を吸収し増益となった。この結果、継続事業からの営業利益率は2.8ポイント上昇して6.3%となった。

2. 財務の状況

財務面で見ると、2023年12月期末の資産合計は2022年12月期末比10,291百万円増加して40,084百万円となった。主に現金及び現金同等物が1,474百万円増加、たな卸資産が6,332百万円増加した。負債合計は5,677百万円増加して28,903百万円となった。有利子負債残高（長短借入金+社債+有利子負債）は5,920百万円増加して25,853百万円となった。純資産合計は4,613百万円増加して11,180百万円となった。新規上場した2023年3月に資金調達により資本剰余金が2,000百万円増加したほか、利益剰余金が646百万円増加、非支配株主持分が2,042百万円増加した。この結果、自己資本比率は1.3ポイント上昇して21.2%となった。業容拡大に伴って有利子負債残高が増加したが、DEレシオ（負債資本倍率）は3.0倍、有利子負債依存率は64.5%と、いずれも不動産業としては特に懸念材料となる水準ではなく、財務リスクを意識した経営が行われていると弊社では考えている。なお同社は中期的な目標として、自己資本比率30%を目指す考えである。

（執筆：フィスコ客員アナリスト　水田雅展）

■Sheela Technologies' performance trends

1. Summary of financial results for the fiscal year ending 2023/12

The financial results for the fiscal year ended 2023/12 were net sales of 22,743 million yen, up 3.1% from the previous fiscal year, operating income from continuing operations increased 85.1% to 1,441 million yen, and net income attributable to the company's shareholders increased 72.5% to 681 million yen. EBITDA (operating profit from continuing operations+depreciation costs+goodwill amortization expenses) increased 60.4% to 1,742 million yen. Sales reached record highs, and operating profit from continuing operations increased significantly above initial plans.

The breakdown of sales is 16,031 million yen for real estate sales, 3,536 million yen for land sales, 1,136 million yen for real estate rental income, 766 million yen for real estate management revenue, 633 million yen for solar facility sales, 33 million yen for solar facility operation/maintenance management, 214 million yen for electricity sales, 373 million yen for container sales, and 18 million yen for container maintenance and management. As for real estate sales, sales decreased 10.8% from the previous fiscal year due to a decrease in the number of units sold (588 units in the previous fiscal year, 446 units in the current fiscal year), but a total of 8 buildings were completed (7 “SYFORME” series buildings, 1 “SYLA TERRACE” building), and sales of a total of 6 buildings (of which 3 “SYFORME” series buildings were sold to BlackRock in the US), and things were generally going well. Sales from land sales surged 2.1 times compared to the previous fiscal year. This is due to a transient factor such as the sale of large development land. Real estate rental income and real estate management income grew steadily as stock type earnings. Sales of solar facilities and electricity sales have steadily expanded in relation to renewable energy. Also, sales related to container-type data centers have been newly added.

On the profit side, operating expenses (sales and management expenses) increased by 45.0% from the previous fiscal year due to an increase in personnel costs associated with an increase in personnel to strengthen the management system, an increase in IPO-related expenses such as stock compensation costs and attorney fees associated with NASDAQ listing, and an increase in M&A related expenses, etc., but gross profit increased by 53.7% (gross profit margin increased by 8.0 points) due to sales of properties with high profit margins such as large-scale development land sales, etc. Profit increased by absorbing the increase in SG&A expenses. As a result, the operating margin from continuing operations rose 2.8 points to 6.3%.

2. Financial Status

On the financial side, total assets at the end of the 2023/12 fiscal year increased 10,291 million yen from the end of the 2022/12 fiscal year to 40,084 million yen. Mainly, cash and cash equivalents increased by 1,474 million yen, and wholesale assets increased by 6,332 million yen. Total liabilities increased by 5,677 million yen to 28,903 million yen. The balance of interest-bearing debt (long and short term borrowings+corporate bonds+interest-bearing debt) increased by 5,920 million yen to 25,853 million yen. Total net assets increased by 4,613 million yen to 11,180 million yen. Capital surplus increased by 2,000 million yen due to capital raising in 2023/3 when it was newly listed, retained earnings increased by 646 million yen, and non-controlling shareholding increased by 2,042 million yen. As a result, the capital adequacy ratio rose 1.3 points to 21.2%. The balance of interest-bearing debt increased in line with business expansion, but the DE ratio (debt to capital ratio) is 3.0 times and the interest-bearing debt dependency ratio is 64.5%, neither of which is a matter of particular concern for the real estate industry, and we believe that management is being carried out with an awareness of financial risk. Furthermore, the company plans to aim for a capital adequacy ratio of 30% as a medium-term target.

(Author: FISCO Visiting Analyst Masashi Mizuta Exhibition)

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

シーラテクノロジーズ Research Memo（7）：2023年12月期は大幅増収増益で着地

Sea La Technologies Research Memo (7): Significant increase in revenue and profit for the year ending December 2023.

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