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Nippon Parking Development

Nippon Parking Development 2353

日本駐車場開発
Nippon Parking Development Co., Ltd.
Recent Updates
Get in touch
Osaka Fukoku Seimei Bldg, 2-4 Komatsubara-cho, Kita-ku, Osaka, Japan 530-0018
http://www.n-p-d.co.jp/
06-6360-2353
Summary
In addition to parking lot management and consulting, since 2006 the company has been operating ski resorts. It has three segments: Parking Lot, Theme Park, and Ski Resort.
Commercial Services & SuppliesHotels, Restaurants & LeisureDiversified Consumer Services
Key dates
2010-09-06
Coverage initiation
Full Report
2022-03-24
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Executive summary

Business overview

Business outline: In addition to parking lot management and consulting, Nippon Parking Development (NPD) has operated ski resorts since 2006 and theme parks since 2016. As of FY07/21, it operated three main segments: Parking Lot, Ski Resort, and Theme Park. The company focuses on businesses with little competition that also have issues with asset utilization, such as occupancy rates, and specializes in improving profitability through the effective utilization of assets. All three of the company’s business segments have these attributes.

Parking Lot business: In FY07/21, sales were JPY14.3bn (+2.3% YoY) and operating profit was JPY3.2bn (+9.2% YoY). In Japan, its main target is downtown building parking garages built as “legally mandated parking lots.” The business is subdivided into directly managed facilities and outsourced management. As the business is centered on the monthly and monthly/hourly rental of parking spaces to specified customers, there is less competition compared with coin parking. The spread of COVID-19 had no particular effect on monthly parking. In hourly parking, although the pandemic led to a decrease in utilization rates in shopping districts, there were no substantial effects because of the large volume of business usage overall. The company expanded the business overseas in FY07/11. In FY07/21, the domestic parking lot business accounted for 88.4% of sales and the overseas parking lot business for the remaining 11.6%. As of FY07/21, the company operated parking lots in Thailand, China, South Korea, Indonesia, and Taiwan. However, given the significant economic impact of the COVID-19 pandemic and the fact that an end is still not in sight, NPD re-examined its parking lot locations in FY07/22 and decided to suspend business or close its parking lots in Indonesia and Taiwan, and sold shares in its subsidiary in China (Shanghai). The company noted that it plans to concentrate management resources in Thailand and South Korea for the foreseeable future.

Ski Resort business: In FY07/21, sales were JPY4.5bn (-25.0% YoY) and the operating loss was JPY429mn (operating profit of JPY317mn in FY07/20). The segment comprises subsidiary Nippon Ski Resort Development (TSE Mothers: 6040), which owns eight ski resorts in Nagano, Gifu, and Gunma prefectures. The ski resorts of the NPD group not only provide ski slopes for skiers and snowboarders in the winter season, but also beautiful landscapes and scenery that can be observed from mountain tops in the summer season. In FY07/21, these ski resorts attracted 979,000 visitors in the winter season (-33.7% YoY) and 412,000 in the summer season (+10.5% YoY). The company’s policy is to increase the ratio of summer season sales to 30% in the medium term, from just over 20% before the pandemic. In FY07/21, summer season operations contributed 28.1% of sales, but in FY07/21, business was impacted by a state of emergency declared due to the pandemic during the peak winter season (January to March).

Theme Park business: In FY07/21, sales were JPY4.4bn (+75.0% YoY) and operating profit was JPY761mn (operating loss of JPY218mn in FY07/20). Theme park sales in FY07/21 were JPY2.5bn (JPY1.3bn in FY07/20), while hotel and resort sales were JPY1.9bn (JPY1.2bn in FY07/20). In the Theme Park business, the company operates Nasu Highland Park (Nasu, Tochigi Prefecture), leisure facility Nasu Kogen Rindoh-ko Family Farm (acquired in May 2020), and rental villa and accommodation facilities in the surrounding area. In FY07/21, the park attracted 705,000 visitors (+89.0% YoY). While winter is the peak season for the Ski Resort business, the peak seasons for the Theme Park business are the extended Golden Week holiday from late April through early May and the summer vacation season in July and August.

Earnings trends

FY07/21 results: Sales were JPY23.8bn (+3.5% YoY), operating profit JPY3.3bn (+22.1% YoY), recurring profit JPY3.5bn (+26.2% YoY), and net income attributable to owners of the parent JPY2.3bn (+94.3% YoY). Sales and profit rose YoY. In the Ski Resort business, sales and profit fell YoY. Visitor numbers were down sharply YoY, primarily in winter, amid requests that people refrain from non-essential, non-urgent outings and stay at home during the pandemic. Sales and profit rose YoY in the Parking Lot and Theme Park businesses, driving companywide growth. Sales and profit increased in the Parking Lot business due to steady growth in new contracts for monthly parking facilities in Japan, despite the impact of voluntary suspension of operations and shortened business hours for hourly parking lots due to the declaration of a state of emergency. The Theme Park business benefited from higher sales at Nasu Kogen Rindoh-ko Family Farm (acquired in May 2020), school excursions from the Tohoku area to Nasu Highland Park (roughly 60,000 visitors), and an increase in customers staying at rental villas. There was also a rebound from the previous year, when the business curtailed sales activities during the extended Golden Week holiday from late April through early May 2020 due to the pandemic.

FY07/22 forecast: On September 3, 2021, the company announced its full-year FY07/22 forecast that calls for sales of JPY25.4bn (+6.8% YoY), operating profit of JPY4.5bn (+37.9% YoY), recurring profit of JPY4.4bn (+27.1% YoY), net income attributable to owners of the parent JPY2.9bn (+24.2% YoY), and EPS of JPY8.91. The company expects dividend per share of JPY5, marking an increase over 12 consecutive years. The company expects sales and profit growth for all businesses. For the Parking Lot business, it forecasts sales of JPY14.6bn (+2.8% YoY) and operating profit of JPY3.2bn (+12.8% YoY). For the Ski Resort business, it forecasts sales of JPY5.2bn (+13.3% YoY) and operating profit of JPY350mn (operating loss of JPY428mn in FY07/21). For the Theme Park business, it forecasts sales of JPY5.0bn (+13.7% YoY) and operating profit of JPY880mn (+15.6% YoY). For 1H FY07/22, the company expects sales of JPY12.6bn (+4.7% YoY), operating profit of JPY2.3bn (+31.4% YoY), recurring profit of JPY2.3bn (+26.2% YoY), net income attributable to owners of the parent of JPY1.6bn (+24.9% YoY), and EPS of JPY4.92.

Longer-term outlook: In the announcement of FY07/21 results, NPD did not announce a longer-term outlook. This was because the pandemic had not yet abated, and highly unpredictable conditions continued, making it difficult to present a highly reliable forecast, with the exception of the domestic parking lot business.

Strengths and weaknesses

Strengths: Shared Research thinks that NPD’s strengths are: 1) the ability to obtain more favorable rent terms than prices for neighboring lots due to first mover advantage for legally mandated parking lots, 2) the ability to improve profitability by controlling demand for corporate vehicle parking and monitoring usage, and 3) the ability to match up an excess and shortage of parking lots.

Weaknesses: Shared Research thinks the company’s weaknesses are 1) overseas challenges in applying successful domestic business model, 2) Ski Resort and Theme Park businesses are prone to weather impact, and 3) low staff retention.

Key financial data

Income statementFY12/11FY07/13FY07/14FY07/15FY07/16FY07/17FY07/18FY07/19FY07/20FY07/21FY07/22
(JPYmn)Cons.Cons.Cons.Cons.Cons.Cons.Cons.Cons.Cons.Cons.Est.
Sales10,59113,43715,11817,00818,14021,98722,77124,38222,98023,78625,400
YoY10.2%26.9%12.5%12.5%6.7%21.2%3.6%7.1%-5.7%3.5%6.8%
Gross profit4,5335,7596,5947,6247,7249,55210,1299,6228,1098,343
YoY11.7%27.0%14.5%15.6%1.3%23.7%6.0%-5.0%-15.7%2.9%
Gross profit margin42.8%42.9%43.6%44.8%42.6%43.4%44.5%39.5%35.3%35.1%
Operating profit1,8212,0212,3352,5731,9783,0673,5334,1582,6733,2634,500
YoY21.3%11.0%15.5%10.2%-23.1%55.1%15.2%17.7%-35.7%22.1%37.9%
Operating profit margin17.2%15.0%15.4%15.1%10.9%14.0%15.5%17.1%11.6%13.7%17.7%
Recurring profit1,9062,2362,5923,0102,2413,2123,6104,1522,7413,4614,400
YoY32.6%17.3%15.9%16.1%-25.6%43.4%12.4%15.0%-34.0%26.2%27.1%
Recurring profit margin18.0%16.6%17.1%17.7%12.4%14.6%15.9%17.0%11.9%14.5%17.3%
Net income5181,3781,5823,5311,2552,2432,2112,8241,2022,3352,900
YoY-39.0%165.9%14.7%123.2%-64.5%78.7%-1.4%27.7%-57.4%94.3%24.2%
Net margin4.9%10.3%10.5%20.8%6.9%10.2%9.7%11.6%5.2%9.8%11.4%
Per-share data (JPY)
Shares issued (year-end; '000)3,4453,445345,274346,585347,658348,399348,399348,399348,399348,399
EPS155.5413.44.710.53.76.76.68.43.67.18.9
Dividend per share200.0250.02.73.33.53.84.04.34.54.85.0
Book value per share675.3916.912.020.119.823.125.227.425.426.0
Balance sheet (JPYmn)
Cash and cash equivalents2,8853,8994,7659,90213,12113,88811,70911,71716,48413,464
Accounts receivable165257332418527480575616578896
Total current assets3,4864,7665,76811,23015,01415,52413,57413,53818,57915,827
Tangible fixed assets1,2041,7031,9933,1643,8525,0156,5838,1369,31310,366
Intangible assets97220186411380393206218258220
Investments and other assets1,2162,4312,6962,9782,0983,0403,1312,7462,4542,294
Total assets6,0039,12110,64317,78321,34423,97323,37224,63830,60428,706
Accounts payable30818898281313290268440320
Short-term debt1,1566242091024241,3802931,9302,1212,528
Total current liabilities2,4832,2612,4042,9822,8424,4353,0024,9715,7666,146
Long-term debt6502,5302,9065,1706,6246,4446,3064,77110,8528,901
Total fixed liabilities1,2393,6193,8266,0789,8569,5199,3777,75313,78511,835
Total liabilities3,7225,8806,2309,06112,69813,95412,38012,72419,55117,981
Total net assets2,2813,2414,4138,7228,64610,01910,99211,91411,05310,725
Interest-bearing debt1,8053,1543,1155,2727,0487,8246,5996,70212,97411,429
Statement of cash flows (JPYmn)
Cash flows from operating activities1,4731,4602,0141,9656023,7782,9474,1832,9803,406
Cash flows from investing activities800-1,048-4241,3782,490-3,135-2,851-1,753-1,182-2,196
Cash flows from financing activities-1,228612-7391,733296-551-2,787-2,3514,106-4,218
Financial ratios
ROA (RP-based)30.8%29.6%26.2%21.2%11.5%14.2%15.3%17.3%9.9%11.7%
ROE23.6%51.9%44.6%65.5%18.7%31.0%27.2%32.1%13.7%27.7%
Equity ratio37.5%33.6%37.8%38.0%31.2%32.5%36.3%37.0%27.4%29.4%
Source: Shared Research based on company data
Note: Figures may differ from company materials due to differences in rounding methods.
Note: Starting in FY07/15, interest-bearing debt includes lease liabilities. 

Recent updates

Share buyback plan

2022-03-07

On March 4, 2022, Nippon Parking Development Co., Ltd. announced a share buyback plan. 

The company decided on March 4, 2022, to carry out a share buyback. 

Details of share buyback
  • Type of shares to be acquired: Common shares
  • Number of shares to be acquired: 4,000,000 (upper limit; 1.23% of shares outstanding)
  • Total acquisition price: JPY500mn (upper limit)
  • Acquisition period: March 8, 2022–April 21, 2022
  • Acquisition method: Market purchases on the Tokyo Stock Exchange (discretionary trading by a securities company) 

Trends and outlook

Quarterly trends and results

CumulativeFY07/20FY07/21FY07/22FY07/22
(JPYmn)Q1Q1–Q2Q1–Q3Q1–Q4Q1Q1–Q2Q1–Q3Q1–Q4Q1Q1–Q2% of Est.FY Est.
Sales5,75612,24118,69422,9806,04112,03818,30123,7866,28612,84350.6%25,400
YoY1.1%2.2%-1.8%-5.7%5.0%-1.7%-2.1%3.5%4.1%6.7%6.8%
Gross profit2,2004,7587,0928,1092,3494,3566,5448,3432,3714,829
YoY-16.3%-13.8%-8.5%-15.7%6.8%-8.4%-7.7%2.9%1.0%10.9%
Gross profit margin38.2%38.9%37.9%35.3%38.9%36.2%35.8%35.1%37.7%37.6%
SG&A expenses1,3212,7654,1585,4361,2402,6053,8505,0801,1952,528
YoY-13.2%-18.8%-0.5%-0.5%-6.1%-5.8%-7.4%-6.6%-3.6%-3.0%
SG&A ratio22.9%22.6%22.2%23.7%20.5%21.6%21.0%21.4%19.0%19.7%
Operating profit8791,9932,9342,6731,1091,7512,6943,2631,1762,30151.1%4,500
YoY-20.5%-5.7%-17.8%-35.7%26.1%-12.2%-8.2%22.1%6.1%31.4%37.9%
Operating profit margin15.3%16.3%15.7%11.6%18.4%14.5%14.7%13.7%18.7%17.9%17.7%
Recurring profit8642,0062,9292,7411,1411,8222,8083,4611,1762,30652.4%4,400
YoY-23.0%-6.2%-18.1%-34.0%32.0%-9.2%-4.1%26.2%3.0%26.6%27.1%
Recurring profit margin15.0%16.4%15.7%11.9%18.9%15.1%15.3%14.5%18.7%18.0%17.3%
Net income8291,5081,5611,2021,0291,2811,8132,3359201,58454.6%2,900
YoY-12.4%-3.2%-31.6%-57.4%24.1%-15.1%16.1%94.3%-10.6%23.7%24.2%
Net margin14.4%12.3%8.3%5.2%17.0%10.6%9.9%9.8%14.6%12.3%11.4%
QuarterlyFY07/20FY07/21FY07/22
(JPYmn)Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2
Sales5,7566,4856,4524,2866,0415,9976,2635,4856,2866,557
YoY1.1%3.3%-8.7%-19.8%5.0%-7.5%-2.9%28.0%4.1%9.3%
Gross profit2,2002,5582,3351,0172,3492,0072,1881,7992,3712,458
YoY-16.3%-11.6%4.7%-45.7%6.8%-21.5%-6.3%77.0%1.0%22.5%
Gross profit margin38.2%39.4%36.2%23.7%38.9%33.5%34.9%32.8%37.7%37.5%
SG&A expenses1,3211,4441,3941,2781,2401,3651,2451,2301,1951,333
YoY-13.2%-23.4%80.1%-0.5%-6.1%-5.5%-10.7%-3.8%-3.6%-2.3%
SG&A ratio22.9%22.3%21.6%29.8%20.5%22.8%19.9%22.4%19.0%20.3%
Operating profit8791,114941-2611,1096429435701,1761,125
YoY-20.5%10.4%-35.4%-26.1%-42.4%0.2%-6.1%75.2%
Operating profit margin15.3%17.2%14.6%-18.4%10.7%15.1%10.4%18.7%17.2%
Recurring profit8641,142922-1871,1416819866521,1761,130
YoY-23.0%12.5%-35.9%-32.0%-40.4%6.9%-3.0%66.1%
Recurring profit margin15.0%17.6%14.3%-18.9%11.3%15.7%11.9%18.7%17.2%
Net income82967953-3591,029252532523920664
YoY-12.4%10.9%-92.7%-24.1%-62.9%901.9%--10.6%163.8%
Net margin14.4%10.5%0.8%-17.0%4.2%8.5%9.5%14.6%10.1%
Source: Shared Research based on company data
Note: Figures may differ from company materials due to differences in rounding methods.

Seasonality: The busy periods for the Ski Resort business concentrate in Q2 (November–January) and Q3 (February–April), while Q1 (August–October) and Q4 (May–July) are slow and in these periods the company tends to post operating losses. Meanwhile, the busy periods for the Theme Park business are Q1, which includes summer vacation, and to a lesser extent Q4, which includes the Golden Week holiday and July, and the segment tends to book operating losses in the off periods of Q2 and Q3. Accounting for these businesses together offsets seasonality to an extent. Depending on the balance of both businesses it is likely that NPD will book operating profit from Q1 through Q3, although Q4 may see an operating loss. The Parking Lot business exhibits no obvious seasonality.

Operating profit model by segment: The Theme Park business compensates for Ski Resort business seasonality
Source: Shared Research based on company data
Performance by segment
CumulativeFY07/20FY07/21FY07/22
(JPYmn)Q1Q1–Q2Q1–Q3Q1–Q4Q1Q1–Q2Q1–Q3Q1–Q4Q1Q1–Q2
Sales5,75612,24118,69422,9806,04112,03818,30123,7866,28612,843
YoY1.1%2.2%-1.8%-5.7%5.0%-1.7%-2.1%3.5%4.1%6.7%
Parking Lot business3,5497,11310,56913,9383,4867,03010,62914,2593,6517,269
YoY5.3%5.0%2.8%0.3%-1.8%-1.2%0.6%2.3%4.7%3.4%
Domestic parking lot3,1156,2349,27212,2413,0816,2199,39912,6003,2596,473
YoY2.5%2.5%0.7%-1.2%-1.1%-0.2%1.4%2.9%5.8%4.1%
Overseas parking lot4338781,2971,6964048101,2291,658391795
YoY30.8%26.9%20.8%12.7%-6.7%-7.7%-5.2%-2.2%-3.2%-1.9%
Ski Resort business8743,2095,8176,0637762,2774,1144,5477332,561
YoY0.6%0.7%-3.6%-8.5%-11.2%-29.0%-29.3%-25.0%-5.5%12.5%
Theme Park business1,1901,6471,9372,5121,6532,4693,1514,3971,7512,704
YoY-12.1%-7.9%-18.5%-24.9%39.0%50.0%62.7%75.0%5.9%9.5%
Other150292401516145286447640168338
Eliminations, adjustments-7-19-30-50-19-24-41-57-16-28
Operating profit8791,9932,9342,6731,1091,7512,6943,2631,1762,301
YoY-20.5%-5.7%-17.8%-35.7%26.1%-12.2%-8.2%22.1%6.1%31.4%
Operating profit margin15.3%16.3%15.7%11.6%18.4%14.5%14.7%13.7%18.7%17.9%
Parking Lot business8531,6512,3162,9477521,5302,3733,2188531,744
YoY9.7%5.5%-4.5%-11.5%-11.8%-7.3%2.5%9.2%13.4%14.0%
Operating profit margin24.0%23.2%21.9%21.1%21.6%21.8%22.3%22.6%23.4%24.0%
Ski Resort business-2932011,012317-232-31026-429-274-52
YoY-27.2%-7.1%-49.6%---97.4%---
Operating profit margin-6.3%17.4%5.2%--0.6%---
Theme Park business410326-92-218653694526761672773
YoY-39.6%-48.7%--59.1%112.8%--3.0%11.3%
Operating profit margin34.5%19.8%--39.5%28.1%16.7%17.3%38.4%28.6%
Other28463340215061942465
Adjustments-118-231-335-414-84-213-292-381-98-227
QuarterlyFY07/20FY07/21FY07/22
(JPYmn)Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2
Sales5,7566,4856,4524,2866,0415,9976,2635,4856,2866,557
YoY1.1%3.3%-8.7%-19.8%5.0%-7.5%-2.9%28.0%4.1%9.3%
Parking Lot business3,5493,5643,4563,3693,4863,5443,5993,6303,6513,618
YoY5.3%4.7%-1.5%-6.8%-1.8%-0.6%4.1%7.7%4.7%2.1%
Domestic parking lot3,1153,1193,0382,9693,0813,1383,1803,2013,2593,214
YoY2.5%2.6%-2.8%-6.8%-1.1%0.6%4.7%7.8%5.8%2.4%
Overseas parking lot433445419399404406419429391404
YoY30.8%23.3%9.7%-7.4%-6.7%-8.8%-7.5%-3.2%-0.5%
Ski Resort business8742,3352,6082477761,5011,8374337331,828
YoY0.6%0.7%-8.3%-58.7%-11.2%-35.7%-29.5%75.4%-5.5%21.8%
Theme Park business1,1904572915751,6538166821,2451,751953
YoY-12.1%5.0%-50.7%-40.4%39.0%78.7%134.7%116.7%5.9%16.8%
Other150142108115145141161193168170
Eliminations, adjustments-7-12-11-19-19-5-17-16-16-12
Operating profit8791,114941-2611,1096429435701,1761,125
YoY-20.5%10.4%-35.4%-26.1%-42.4%0.2%-6.1%75.2%
Operating profit margin15.3%17.2%14.6%-18.4%10.7%15.1%10.4%18.7%17.2%
Parking Lot business853798665631752778843845853891
YoY9.7%1.4%-22.7%-30.4%-11.8%-2.5%26.7%33.9%13.4%14.5%
Operating profit margin24.0%22.4%19.2%18.7%21.6%22.0%23.4%23.3%23.4%24.6%
Ski Resort business-293494811-695-232-78337-455-274222
YoY-24.1%-12.9%----58.5%---
Operating profit margin-21.1%31.1%---18.3%--12.1%
Theme Park business410-84-418-12665342-169235672101
YoY-39.6%---59.1%---3.0%140.4%
Operating profit margin34.5%---39.5%5.1%-18.9%38.4%10.5%
Other2818-137212911332441
Adjustments-118-112-104-79-84-129-79-89-98-130
Source: Shared Research based on company data
Note: Figures may differ from company materials due to differences in rounding methods.
Note: Segment sales figures include internal sales.
Key indicators for the domestic parking lot business
Parking Lot businessFY07/20FY07/21FY07/22
(JPYmn)Q1Q1–Q2Q1–Q3Q1–Q4Q1Q1–Q2Q1–Q3Q1–Q4Q1Q1–Q2
Domestic sales3,1156,2349,27212,2413,0816,2199,39912,6003,2596,473
YoY2.5%2.5%0.7%-1.2%-1.1%-0.2%1.4%2.9%5.8%4.1%
Directly managed facilities2,1764,3336,4348,5132,1434,2926,4668,6892,2384,516
YoY3.2%3.0%1.6%0.0%-1.5%-0.9%0.5%2.1%4.4%5.2%
Outsourced management7051,4062,0672,7146661,3362,0152,6846751,327
YoY1.3%0.7%-2.1%-4.2%-5.5%-5.0%-2.5%-1.1%1.4%-0.7%
Other2334957701,0122715909171,227345628
YoY0.0%3.6%1.4%-2.7%16.3%19.2%19.1%21.2%27.3%6.4%
Parking Lot businessFY07/20FY07/21FY07/22
(JPYmn)Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2
Domestic sales3,1153,1193,0382,9693,0813,1383,1803,2013,2593,214
YoY2.5%2.6%-2.8%-6.8%-1.1%0.6%4.7%7.8%5.8%2.4%
Directly managed facilities2,1762,1572,1012,0792,1432,1492,1742,2232,2382,278
YoY3.2%2.9%-1.4%-4.7%-1.5%-0.4%3.5%6.9%4.4%6.0%
Sales per space (JPY'000)84838179818181828182
YoY2.7%2.2%-2.6%-6.4%-3.4%-3.1%0.2%3.2%-0.3%1.2%
Outsourced management705701661647666670679669675652
YoY1.3%0.1%-7.6%-10.4%-5.5%-4.4%2.7%3.4%1.4%-2.7%
Sales per space (JPY'000)39383433343534363637
YoY0.4%-3.0%-16.0%-19.5%-13.3%-8.2%2.8%9.9%7.3%5.8%
Other233262275242271319327310345283
YoY0.0%6.9%-2.1%-13.9%16.3%21.8%18.9%28.1%27.3%-11.3%
Parking Lot businessFY07/20FY07/21FY07/22
(JPYmn)Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2
No. of leased parking facilities1,1941,1911,2031,1971,2071,2261,2441,2521,2721,272
YoY0.2%-0.3%0.6%0.5%1.1%2.9%3.4%4.6%5.4%3.8%
QoQ change3-312-6101918820-
New contracts31252412343631224119
Cancellations28281218241713142119
Monthly parking9809789829799951,0131,0311,0411,0591,062
Monthly and hourly parking116114117115112115113113114112
Outsourced management989910410310098100989998
No. of leased and managed spaces43,90644,29045,97746,00246,05545,94646,79445,88646,38244,606
YoY0.7%1.8%5.2%5.6%4.9%3.7%1.8%-0.3%0.7%-2.9%
Leased spaces25,88125,90326,28526,27726,41926,79627,10827,33527,85227,899
YoY0.5%0.7%1.9%1.8%2.1%3.4%3.1%4.0%5.4%4.1%
Monthly parking16,21616,22916,36816,42416,62416,87717,33017,62918,09118,349
YoY-0.2%0.6%2.6%1.9%2.5%4.0%5.9%7.3%8.8%8.7%
Monthly and hourly parking9,6659,6749,9179,8539,7959,9199,7789,7069,7619,550
YoY1.8%0.9%0.8%1.7%1.3%2.5%-1.4%-1.5%-0.3%-3.7%
Managed spaces18,02518,38719,69219,72519,63619,15019,68618,55118,53016,707
YoY0.9%3.3%10.0%11.3%8.9%4.1%0.0%-6.0%-5.6%-12.8%
Rented-out spaces15,28815,33115,54815,57215,63515,82716,23016,18416,95717,126
YoY1.3%0.7%1.6%0.7%2.3%3.2%4.4%3.9%8.5%8.2%
Contract ratio (monthly parking)94.3%94.5%95.0%94.8%94.1%93.8%93.7%91.8%93.7%93.3%
Source: Shared Research based on company data
Note: Figures may differ from company materials due to differences in rounding methods.
Note: Sales per leased space for directly managed facilities is determined by dividing directly managed facilities sales by the number of leased spaces in those facilities; sales per managed space for outsourced management facilities is calculated by dividing outsourced management facilities sales by the number of parking spaces in those facilities.
Domestic parking lot business: Number of parking spaces (units), number of contracts
FY07/20FY07/21FY07/22
Q1Q1–Q2Q1–Q3Q1–Q4Q1Q1–Q2Q1–Q3Q1–Q4Q1Q1–Q2
Monthly rental vehicles with parking space285279305304322329331326331351
YoY28.4%9.0%26.0%24.1%13.0%17.9%8.5%7.2%2.8%6.7%
Source: Shared Research based on company data (no disclosures for the car sharing business from Q4 FY07/19)
Note: Figures may differ from company materials due to differences in rounding methods.
Key indicators for the overseas parking lot business
Sales by overseas business (cumulative)FY07/20FY07/21FY07/22
(JPYmn)Q1Q1–Q2Q1–Q3Q1–Q4Q1Q1–Q2Q1–Q3Q1–Q4Q1Q1–Q2
Overseas sales4338781,2971,6964048101,2291,658391795
YoY30.8%26.9%20.8%12.7%-6.7%-7.7%-5.2%-2.2%-3.2%-1.9%
Directly managed facilities3516991,0251,3323166349811,294313652
YoY39.3%34.2%25.3%15.1%-10.0%-9.3%-4.3%-2.9%-0.9%2.8%
Outsourced management57126199271661291772555391
YoY5.6%15.6%16.4%17.3%15.8%2.4%-11.1%-5.9%-19.7%-29.5%
Other245172922046701072451
YoY0.0%-16.4%-13.3%-21.4%-16.7%-9.8%-2.8%16.3%20.0%10.9%
Sales by overseas business (quarterly)FY07/20FY07/21FY07/22
(JPYmn)Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2
Overseas sales433445419399404406419429391404
YoY30.8%23.3%9.7%-7.4%-6.7%-8.8%0.0%7.5%-3.2%-0.5%
Directly managed facilities351348326307316318347313313339
YoY39.3%29.4%9.8%-9.4%-10.0%-8.6%6.4%2.0%-0.9%6.6%
Sales per space27.327.525.324.625.324.126.023.223.325.8
YoY-1.5%-8.1%-6.4%-10.7%-7.3%-12.6%2.5%-5.8%-7.8%7.4%
Outsourced management57697372666348785338
YoY5.6%25.5%17.7%20.0%15.8%-8.7%-34.2%8.3%-19.7%-39.7%
Sales per space11.99.810.19.99.010.38.212.38.47.5
YoY-20.2%-35.8%-22.0%-20.9%-24.2%5.9%-18.7%23.5%-7.2%-27.2%
Other24272120202624372427
YoY0.0%-27.0%-4.5%-41.2%-16.7%-3.7%14.3%85.0%20.0%3.8%
Parking Lot businessFY07/20FY07/21FY07/22
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2
No. of leased parking facilities59656867717471747769
YoY18.0%30.0%19.3%13.6%20.3%13.8%4.4%10.4%8.5%-6.8%
Monthly parking20222221252826263232
Monthly and hourly parking32343535333535373531
Outsourced management79111113111011106
Total parking spaces (leased and managed; units)17,63519,71620,09719,73019,79919,31419,20719,86819,62216,714
YoY38.8%56.5%27.5%15.5%12.3%-2.0%-4.4%0.7%-0.9%-13.5%
Leased spaces12,85112,65112,87312,47012,48713,22213,36713,50213,33112,908
YoY41.5%40.8%17.3%1.4%-2.8%4.5%3.8%8.3%6.8%-2.4%
Monthly parking1,0571,1211,3351,0221,1141,1611,3061,1771,1911,172
YoY78.5%128.8%100.8%50.3%5.4%3.6%-2.2%15.2%6.9%0.9%
Monthly and hourly parking11,79411,53011,53811,44811,37312,06112,06112,32512,14011,736
YoY38.9%35.8%11.9%-1.4%-3.6%4.6%4.5%7.7%6.7%-2.7%
Managed spaces4,7847,0657,2247,2607,3126,0925,8406,3666,2913,806
YoY32.3%95.3%51.0%51.8%52.8%-13.8%-19.2%-12.3%-14.0%-37.5%
Rented-out spaces9951,0201,2239571,0871,1341,2731,1381,1551,139
YoY72.4%113.4%107.6%55.4%9.2%11.2%4.1%18.9%6.3%0.4%
Contract ratio (monthly parking)94.1%91.0%91.6%93.6%97.6%97.7%97.5%96.7%97.0%97.2%
Source: Shared Research based on company data
Note: Figures may differ from company materials due to differences in rounding methods.
Note: Sales per leased space for directly managed facilities is determined by dividing directly managed facilities sales by the number of leased spaces in those facilities; sales per managed space for outsourced management facilities is calculated by dividing outsourced management facilities sales by the number of parking spaces in those facilities
Overseas sales by country (cumulative)FY07/20FY07/21FY07/22
(JPYmn)Q1Q1–Q2Q1–Q3Q1–Q4Q1Q1–Q2Q1–Q3Q1–Q4Q1Q1–Q2
Overseas sales4338781,2971,6964048101,2291,658391795
YoY30.8%26.9%20.8%12.7%-6.7%-7.7%-5.2%-2.2%-3.2%-1.9%
Thailand228466689898200406622830178376
YoY17.5%14.2%8.2%2.2%-12.3%-12.9%-9.7%-7.6%-11.0%-7.4%
Directly managed facilities190385559721157315482632137291
YoY10.5%11.0%2.9%-2.3%-17.4%-18.2%-13.8%-12.3%-12.7%-7.6%
Outsourced management133160882448751021735
YoY1,200.0%933.3%328.6%225.9%84.6%54.8%25.0%15.9%-29.2%-27.1%
Other24496989194364942349
YoY20.0%-14.0%-12.7%-21.2%-20.8%-12.2%-7.2%5.6%21.1%14.0%
China4795140188501001391924475
YoY-19.0%-15.2%-15.7%-12.1%6.4%5.3%-0.7%2.1%-12.0%-25.0%
Directly managed facilities10202840143043551322
YoY0.0%-4.8%-12.5%-4.8%40.0%50.0%53.6%37.5%-7.1%-26.7%
Outsourced management36731101473669961253051
YoY-16.3%-16.1%-15.4%-12.5%0.0%-5.5%-12.7%-15.0%-16.7%-26.1%
Other00000001000
YoY-100.0%-100.0%-100.0%-100.0%0.0%0.0%0.0%-0.0%0.0%
South Korea136274409532132262404556152324
YoY103.0%89.0%78.6%52.0%-2.9%-4.4%-1.2%4.5%15.2%23.7%
Directly managed facilities132266397518130258397546151321
YoY120.0%101.5%88.2%57.9%-1.5%-3.0%0.0%5.4%16.2%24.4%
Outsourced management481114235813
YoY-33.3%-33.3%-35.3%-36.4%-50.0%-62.5%-54.5%-42.9%-50.0%0.0%
Other---0000100
YoY--------0.0%0.0%
Indonesia112028356121924710
YoY37.5%5.3%-3.4%-12.5%-45.5%-40.0%-32.1%-31.4%16.7%-16.7%
Overseas sales by country (quarterly)FY07/20FY07/21FY07/22
(JPYmn)Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2
Overseas sales433445419399404406419429391404
YoY30.8%23.3%9.7%-7.4%-6.7%-8.8%0.0%7.5%-3.2%-0.5%
Thailand228238223209200206216208178198
YoY17.5%11.2%-2.6%-13.6%-12.3%-13.4%-3.1%-0.5%-11.0%-3.9%
Directly managed facilities190195174162157158167150137154
YoY10.5%11.4%-11.2%-16.9%-17.4%-19.0%-4.0%-7.4%-12.7%-2.5%
Sales per space (JPY'000)22.722.419.618.718.718.018.216.315.016.7
YoY1.6%-1.6%-21.8%-22.3%-17.7%-19.9%-7.2%-12.8%-19.9%-6.9%
Outsourced management13182928242427271718
YoY-800.0%163.6%115.4%84.6%33.3%-6.9%-3.6%-29.2%-25.0%
Other24252020192421302326
YoY20.0%-32.4%-9.1%-41.2%-20.8%-4.0%5.0%50.0%21.1%8.3%
China47484548505039534431
YoY-19.0%-11.1%-16.7%0.0%6.4%4.2%-13.3%10.4%-12.0%-38.0%
Directly managed facilities101081214161312139
YoY0.0%-9.1%-27.3%20.0%40.0%60.0%62.5%0.0%-7.1%-43.8%
Outsourced management36373737363327293021
YoY-16.3%-15.9%-14.0%-2.6%0.0%-10.8%-27.0%-21.6%-16.7%-36.4%
Sales per space (JPY'000)15.515.915.915.915.519.324.526.427.338.2
YoY-2.2%-1.8%-6.7%-2.6%0.0%21.0%53.9%65.3%75.8%97.9%
Other0---0--100-
YoY-100.0%---0.0%---0.0%-
South Korea136138135123132130142152152172
YoY103.0%76.9%60.7%1.7%-2.9%-5.8%5.2%23.6%15.2%32.3%
Directly managed facilities132134131121130128139149151170
YoY120.0%86.1%65.8%3.4%-1.5%-4.5%6.1%23.1%16.2%32.8%
Sales per space (JPY'000)47.342.337.533.535.535.538.539.839.044.8
YoY-28.2%-45.3%-41.5%-39.1%-24.8%-16.3%2.5%18.8%9.7%26.4%
Outsourced management4433212312
YoY-33.3%-33.3%-40.0%-40.0%-50.0%-75.0%-33.3%--50.0%100.0%
Other---00--10-
YoY--------0.0%-
Indonesia11987667573
YoY37.5%-18.2%-20.0%-36.4%-45.5%-33.3%-12.5%-28.6%16.7%-50.0%

Overseas KPI by countryFY07/20FY07/21FY07/22
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2
No. of leased parking facilities59656867717471747769
YoY18.0%30.0%19.3%13.6%20.3%13.8%4.4%10.4%8.5%-6.8%
Thailand34373834394340425051
China555564444-
South Korea14181921181818202018
Indonesia433333333-
Total parking spaces (units)17,63519,71620,09719,73019,79919,31419,20719,86819,62216,714
YoY38.8%56.5%27.5%15.5%12.3%-2.0%-4.4%0.7%-0.9%-13.5%
Thailand10,38812,05212,30711,73711,89812,54312,43712,83512,90212,903
YoY30.3%53.2%25.2%17.6%14.5%4.1%1.1%9.4%8.4%2.9%
Leased spaces8,5828,7908,9618,3558,4649,1099,2559,1279,1949,195
Monthly parking8629511,1658709791,0241,1701,0421,0711,072
Monthly and hourly parking7,7207,8397,7967,4857,4858,0858,0858,0858,1238,123
Managed spaces1,8063,2623,3463,3823,4343,4343,1823,7083,7083,708
China2,5622,5622,5622,5622,5621,3421,3421,3421,342-
YoY-13.6%-13.6%-0.6%0.0%0.0%-47.6%-47.6%-47.6%-47.6%-
Leased spaces242242242242242242242242242-
Monthly parking----------
Monthly and hourly parking242242242242242242242242242-
Managed spaces2,3202,3202,3202,3202,3201,1001,1001,1001,100-
South Korea2,9643,5623,6133,8073,7083,7093,7093,9733,9733,811
YoY188.0%246.2%121.7%35.1%25.1%4.1%2.7%4.4%7.1%2.8%
Leased spaces2,8663,4643,5153,7093,6103,6113,6113,8753,8753,713
Monthly parking-15015012399100100100100100
Monthly and hourly parking2,8663,3143,3653,5863,5113,5113,5113,7753,7753,613
Managed spaces98989898989898989898
Indonesia1,5801,4051,4051,4051,4051,4051,4051,4051,405-
YoY133.4%107.5%-11.2%-11.2%-11.1%-----
Source: Shared Research based on company data
Note: Figures may differ from company materials due to differences in rounding methods.
Note: Sales per leased space for directly managed facilities is determined by dividing directly managed facilities sales by the number of leased spaces in those facilities; sales per managed space for outsourced management facilities is calculated by dividing outsourced management facilities sales by the number of parking spaces in those facilities
Number of visitors and performance in the Ski Resort business
CumulativeFY07/20FY07/21FY07/22
(JPYmn)Q1Q1–Q2Q1–Q3Q1–Q4Q1Q1–Q2Q1–Q3Q1–Q4Q1Q1–Q2
No. of visitors ('000)2881,0121,7931,8492607161,2621,391235847
YoY-1.0%-5.6%-11.9%-14.1%-9.7%-29.2%-29.6%-24.8%-9.6%18.3%
Winter facility ('000)-6971,4761,476-433974979-582
YoY--7.7%-13.6%-13.4%--37.9%-34.0%-33.7%-34.4%
Summer facility ('000)288315317373260283288412235265
YoY-1.0%-0.6%-2.8%-16.6%-9.7%-10.2%-9.1%10.5%-9.6%-6.4%
Sales (JPYmn)8743,2095,8176,0637762,2774,1144,5477332,561
YoY0.6%0.7%-3.6%-8.5%-11.2%-29.0%-29.3%-25.0%-5.5%12.5%
Gross profit (JPYmn)1341,1852,4722,1441265441,3021,17658746
YoY-39.2%-0.5%-32.9%-16.8%-5.9%-54.1%-47.3%-45.2%-53.9%37.2%
Gross profit margin15.3%36.9%42.5%35.4%16.2%23.9%31.6%25.9%7.9%29.1%
SG&A expenses (JPYmn)4279851,4601,8273588541,2761,604332798
YoY-7.2%-4.7%-43.7%-6.2%-16.1%-13.3%-12.6%-12.2%-7.3%-6.6%
SG&A ratio48.9%30.7%25.1%30.1%46.2%37.5%31.0%35.3%45.3%31.2%
Operating profitt (JPYmn)-2932011,012317-232-31026-429-274-52
YoY-27.2%-7.1%-49.6%---97.4%---
Operating profit margin-6.3%17.4%5.2%--0.6%---
QuarterlyFY07/20FY07/21FY07/22
(JPYmn)Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2
No. of visitors ('000)28872478156260456546129235612
YoY-1.0%-7.3%-18.9%-52.1%-9.7%-37.0%-30.1%130.4%-9.6%34.2%
Winter facility ('000)-697779--4335415-582
YoY--7.7%-18.3%---37.9%-30.6%--34.4%
Summer facility ('000)2882725626023512423530
YoY-1.0%3.8%-77.8%-53.7%-9.7%-14.8%150.0%121.4%-9.6%30.4%
Sales (JPYmn)8742,3352,6082477761,5011,8374337331,828
YoY0.6%0.7%-8.3%-58.7%-11.2%-35.7%-29.5%75.4%-5.5%21.8%
Gross profit (JPYmn)1341,0521,287-328126418758-12658688
YoY-39.2%8.2%-48.4%--5.9%-60.3%-41.1%--53.9%64.6%
Gross profit margin15.3%45.0%49.3%-16.2%27.8%41.3%-7.9%37.6%
SG&A expenses (JPYmn)427558476366358496422328332466
YoY-7.2%-2.7%-69.5%--16.1%-11.1%-11.4%-10.4%-7.3%-6.1%
SG&A ratio48.9%23.9%18.2%148.6%46.2%33.0%22.9%75.9%45.3%25.5%
Operating profitt (JPYmn)-293494811-695-232-78337-455-274222
YoY-24.1%-12.9%----58.5%---
Operating profit margin-21.1%31.1%---18.3%--12.1%
Source: Shared Research based on company data
Note: Figures may differ from company materials due to differences in rounding methods.
Visitor count by ski resort during summer
CumulativeFY07/20FY07/21FY07/22
('000)Q1Q1–Q2Q1–Q3Q1–Q4Q1Q1–Q2Q1–Q3Q1–Q4Q1Q1–Q2
Total summer facilities288315317373260283288412235265
YoY-1.0%-0.3%-2.8%-16.6%-9.7%-10.2%-9.1%10.5%-9.6%-6.4%
Total facilities with operating ropeway251269269308222236237328189206
YoY-1.2%-0.4%-1.8%-16.5%-11.6%-12.3%-11.9%6.5%-14.9%-12.7%
Hakuba Happo-one International Mountain Resort65656573545454714646
Hakuba Iwatake Mountain Resort698383967990911347489
Tsugaike Kogen56565664434343583636
Ryuoo Mountain Park60636374444848633233
Other37464865384751844659
YoY0.0%0.0%-7.7%-16.7%2.7%2.2%6.3%29.2%21.1%25.5%
Kashimayari Sports Village6667222511
Kawaba Resort18252536182427462636
Meiho Kogen Development12141521172021321821
QuarterlyFY07/20FY07/21FY07/22
('000)Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2
Total summer facilities2882725626023512423530
YoY-1.0%8.0%-80.0%-53.7%-9.7%-14.8%150.0%121.4%-9.6%30.4%
Total facilities with operating ropeway25118-392221419118917
YoY-1.2%12.5%--58.9%-11.6%-22.2%-133.3%-14.9%21.4%
Hakuba Happo-one International Mountain Resort65--854--1746-
Hakuba Iwatake Mountain Resort6914-1379111437415
Tsugaike Kogen56--843--1536-
Ryuoo Mountain Park603-11444-15321
Other3792173894334613
YoY0.0%0.0%-66.7%-34.6%2.7%0.0%100.0%94.1%21.1%44.4%
Kashimayari Sports Village6--12--31-
Kawaba Resort187-111863192610
Meiho Kogen Development12216173111183
Source: Shared Research based on company data
Note: Figures may differ from company materials due to differences in rounding methods.
Visitor count by ski resort during winter
CumulativeFY07/20FY07/21FY07/22
('000)Q1Q1–Q2Q1–Q3Q1–Q4Q1Q1–Q2Q1–Q3Q1–Q4Q1Q1–Q2
Total winter facilities-6971,4761,476-433974979-582
YoY--7.7%-13.6%-13.4%--37.9%-34.0%-33.7%-34.4%
Ski resorts-6911,4631,463-423950955-569
YoY--6.4%-12.7%-13.5%--38.8%-35.1%-34.7%-34.5%
HAKUBA VALLEY Happo-one Winter Resort-154299299-80180184-103
HAKUBA VALLEY Iwatake Snow Field-195252-276666-39
HAKUBA VALLEY Tsugaike Kogen Ski Resort-108242242-58140141-88
HAKUBA VALLEY Kashimayari Ski Resort-418181-275252-31
Ryuoo Ski Park-90203203-43104104-63
Kawaba Ski Resort-74183183-62143143-69
Meiho Ski Resort-70