売上高は、貸会議室需要の回復やホテル稼働の好調維持により、コロナ禍前を上回る水準に伸長した。重視するKPIである「坪当たり売上高」※1は、稼働率の向上や料飲売上高の伸びなどで高水準を確保し、業績の底上げに寄与した。また、宿泊売上高についても、好調なインバウンドの取り込みや新規ホテルのオープンなどにより過去最高を継続更新した※2。主なサービス別売上構成比を見ると、「会議室料」が37.9%、「オプション料」が12.6%、「料飲」が14.1%、「宿泊」が23.8%となっているが、「料飲」及び「宿泊」の伸びが大きく、さらなる伸びしろとしての期待もできる。■Summary of TKP's financial results (3479)
2. Consolidated financial results for the first half of the fiscal year ending 2025/2
Consolidated financial results for the first half of the fiscal year ending 2025/2 showed an increase in sales of 20280 million yen, up 14.3% from the same period last year; operating profit down 0.9% to 2733 million yen; ordinary profit down 12.4% to 2622 million yen; and interim net profit attributable to parent company shareholders down 57.6% to 2422 million yen.
Sales grew to a level higher than before the COVID-19 pandemic due to a recovery in demand for rental conference rooms and maintenance of strong hotel operations. “Sales per square meter” *1, which is an important KPI, secured a high level due to improvements in operating rates and growth in food and beverage sales, etc., and contributed to the rise in business performance. Furthermore, lodging sales continued to hit record highs*2 due to strong inbound intake and the opening of new hotels. Looking at the sales structure ratio by main service, “conference room fee” is 37.9%, “option fee” is 12.6%, “food and drink” is 14.1%, and “lodging” is 23.8%, but growth in “food and drink” and “lodging” is significant, and it can be expected that there is room for further growth.
*1 Due to an increase in food and beverage sales due to increased demand for training and social gatherings, etc., and the effects of dynamic pricing (a strategy that flexibly implements price fluctuations in response to demand), etc., “sales per square meter” in the first quarter increased 16.0% from the same period last year to 39,079 yen. Even though the second quarter was temporarily adjusted due to seasonal factors, it remained positive at 34194 million yen, an increase of 6.4% compared to the same period last year.
*2 Accommodation sales rose 20.0% from the same period last year to 4819 million yen, breaking a record high.
Meanwhile, in terms of profit and loss, operating profit declined slightly due to strategic increases in labor costs and M&A-related expenses. Also, the large decline in profit and loss below ordinary profit and loss is due to negative goodwill gains (345 million yen) * recorded in the same period last year and the effects of tax effect accounting (increase in tax expenses), and these are within expectations.
* This is due to the conversion of Lyricara into an affiliate company applying the equity method, which was implemented on 2023/4/12. Furthermore, on 2024/6/20, it became a consolidated subsidiary due to an additional acquisition of shares (consolidated from the 3rd quarter on the profit and loss statement and from the end of the 2nd quarter on the balance sheet).
As described later, financial conditions fluctuated drastically due to Lyricara's consolidation and policy investments (including capital and business alliances), etc. Accounts receivable, products, etc. increased due to the consolidation of Lyricara, and total assets expanded to 99409 million yen, an increase of 24.8% from the end of the previous fiscal year due to successive increases in policy investments (investment securities) associated with successive business alliances (Novarese, APAMAN) *, etc. Meanwhile, equity capital increased 7.1% from the same period to 43019 million yen due to the accumulation of retained earnings, and as a result, the equity ratio was 43.3% (50.4% at the end of the previous fiscal year). Also, “cash and deposits” are still securing approximately 25 billion yen, and future use will continue to attract attention.
* APAMAN shares have been applied for TOB (MBO purpose) announced on 2024/8/2 (business alliance continues), and as a result, it is expected that a substantial stock sale gain (0.7 billion yen scale according to our estimates) will be recorded in the 3rd quarter.
3. Summary of the first half of the fiscal year ending 2025/2
Summarizing the first half of the 2025/2 fiscal year, the fact that demand for rental conference rooms was taken in due to the use of training, seminars, and social gatherings, and achieved a 2-digit increase in sales can be greatly evaluated in terms of reaffirming the degree of recovery in demand for rental conference rooms and the superiority of the company's business model. In particular, we were able to significantly increase food and beverage sales because we quickly promoted the strengthening (re-in-house production) of the food and beverage sector, which had been temporarily reduced due to the COVID-19 pandemic. Also, the hotel business (lodging), which is the second pillar, has greatly contributed to raising the level of business performance, and it makes me feel that the strategic eye is certain. On the other hand, although there is a sense of delay in terms of profit, positive cost increases (labor costs and M&A related costs) with an eye on the future are the main cause, and since they have properties that can be recovered due to future growth in performance, there is no need to take it as a cause of concern. Also, on the strategic side, we were able to leave remarkable results through the consolidation of Lyricara, Novarese, and business alliances with APAMAN.
(Written by FISCO Visiting Analyst Ikuo Shibata)
