イオンフィナンシャルサービス: F2/27 1Q決算：着地は強いが中長期的な見通しには不安が残る

Research evidence excerpt

イオンフィナンシャルサービス: F2/27 1Q決算：着地は強いが中長期的な見通しには不安が残る

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図表2: 財務データ

All values in millions except per share data - JPY

Income Statement Cash Flow Statement

F2/26 F2/27e F2/28e F2/29e F2/26 F2/27e F2/28e F2/29e

Net Sales 569,370 625,027 674,730 743,926 Cash Flow From Operating

SG&A 508,715 573,816 613,328 678,789 Net Income 21,092 22,760 26,558 28,153

Operating Profit 60,655 51,211 61,401 65,137 Depreciation 30,510 36,041 31,020 30,172

Recurring Profit 60,693 51,870 62,201 65,937 Goodwill amortization 3,478 3,478 3,478 3,478

Profit Before Tax 48,763 52,976 62,201 65,937 Change in accounts receivable 96,040 (169,151) (151,055) (210,299)

Taxes 12,023 15,662 18,660 19,781 Change in inventories 0 0 0 0

Minority Interest 15,648 14,554 16,983 18,002 Change in accounts payable 74,434 38,400 34,292 47,741

Net Profit 21,092 22,760 26,558 28,153 Chg in Other Liabs 81,690 (61,446) 3,508 (25,367)

CF from Operations 307,244 (129,919) (52,198) (126,121)

EBITDA 94,643 90,729 95,900 98,787 0 0 (0) (0)

FCF (120,164) (147,686) (107,198) (181,121) Cash Flow from Investing

EPS (Yen) 98 105 123 130 Purchase of PP&E (4,400) (5,000) (5,000) (5,000)

DPS (Yen) 53 53 53 53 Purchase of intangible assets (32,632) e (50,000) e (50,000) e (50,000) e

BPS (Yen) 2,209 2,260 2,330 2,407 Change in Investment (363,612) e 37,233 e 0 e 0 e

Net disposals (acquisitions) 0 e 0 e 0 e 0 e

Other investment cash flow (26,764) e 0 e 0 e 0 e

CF from Investing (427,408) e (17,767) e (55,000) e (55,000) e

Balance Sheet

F2/26 F2/27e F2/28e F2/29e Cash Flow from Financing

Cash & Equivalents 662,791 616,561 610,470 540,115 Cash Dividends (11,441) e (11,441) e (11,441) e (11,441) e

Marketable Securities 0 0 0 0 Change in ST Debt 0 e 172,700 e 50,647 e 54,993 e