Overview
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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-kuOsaka, 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
2021-09-27
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Executive Summary

Business overview

Business outline: In addition to parking lot management and consulting, 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, but given the significant economic impact of the COVID-19 pandemic and the fact that an end is still not in sight, NPD plans to re-examine the rollout of parking lots in FY07/22. In Indonesia and Taiwan, the company will suspend business or close its parking lots, while it will concentrate management resources in Thailand and South Korea.

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). The Theme Park business mainly operates Nasu Highland Park (Nasu-gun, Tochigi Prefecture), leisure facility Nasu Kogen Rindoh-ko Family Farm (acquired in May 2020), and rental villa and accommodation facilities in the surrounding area. Nasu Highland Park and Nasu Kogen Rindoh-ko Family Farm are located about two hours from Tokyo Station by shinkansen, train, or bus, and there are no other large-scale theme parks in its vicinity. 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 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

Full-year FY07/21 Report Update

2021-09-27

Shared Research updated the report following interviews with Nippon Parking Development Co., Ltd. (NPD).

Trends and outlook

Quarterly trends and results

CumulativeFY07/19FY07/20FY07/21FY07/21
(JPYmn)Q1Q1–Q2Q1–Q3Q1–Q4Q1Q1–Q2Q1–Q3Q1–Q4Q1Q1–Q2Q1–Q3Q1–Q4% of Est.FY Est.
Sales5,69411,97219,03624,3825,75612,24118,69422,9806,04112,03818,30123,786101.2%23,500
YoY7.5%5.9%6.3%7.1%1.1%2.2%-1.8%-5.7%5.0%-1.7%-2.1%3.5%2.3%
Gross profit2,6285,5217,7509,6222,2004,7587,0928,1092,3494,3566,5448,343
YoY10.3%7.9%-6.0%-5.0%-16.3%-13.8%-8.5%-15.7%6.8%-8.4%-7.7%2.9%-
Gross profit margin46.1%46.1%40.7%39.5%38.2%38.9%37.9%35.3%38.9%36.2%35.8%35.1%
SG&A expenses1,5223,4064,1805,4641,3212,7654,1585,4361,2402,6053,8505,080
YoY4.7%4.4%-17.0%-17.1%-13.2%-18.8%-0.5%-0.5%-6.1%-5.8%-7.4%-6.6%-
SG&A ratio26.7%28.5%22.0%22.4%22.9%22.6%22.2%23.7%20.5%21.6%21.0%21.4%
Operating profit1,1062,1143,5704,1588791,9932,9342,6731,1091,7512,6943,26398.9%3,300
YoY19.2%14.0%11.1%17.7%-20.5%-5.7%-17.8%-35.7%26.1%-12.2%-8.2%22.1%23.5%
Operating profit margin19.4%17.7%18.8%17.1%15.3%16.3%15.7%11.6%18.4%14.5%14.7%13.7%14.0%
Recurring profit1,1232,1393,5784,1528642,0062,9292,7411,1411,8222,8083,461108.1%3,200
YoY19.9%14.0%9.5%15.0%-23.0%-6.2%-18.1%-34.0%32.0%-9.2%-4.1%26.2%16.7%
Recurring profit margin19.7%17.9%18.8%17.0%15.0%16.4%15.7%11.9%18.9%15.1%15.3%14.5%13.6%
Net income9461,5582,2812,8248291,5081,5611,2021,0291,2811,8132,335122.9%1,900
YoY24.8%17.7%10.3%27.7%-12.4%-3.2%-31.6%-57.4%24.1%-15.1%16.1%94.3%58.1%
Net margin16.6%13.0%12.0%11.6%14.4%12.3%8.3%5.2%17.0%10.6%9.9%9.8%8.1%
QuarterlyFY07/19FY07/20FY07/21
(JPYmn)Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4
Sales5,6946,2787,0645,3455,7566,4856,4524,2866,0415,9976,2635,485
YoY7.5%4.4%7.1%9.8%1.1%3.3%-8.7%-19.8%5.0%-7.5%-2.9%28.0%
Gross profit2,6282,8932,2301,8722,2002,5582,3351,0172,3492,0072,1881,799
YoY10.3%5.7%-28.8%-0.4%-16.3%-11.6%4.7%-45.7%6.8%-21.5%-6.3%77.0%
Gross profit margin46.1%46.1%31.6%35.0%38.2%39.4%36.2%23.7%38.9%33.5%34.9%32.8%
SG&A expenses1,5221,8847741,2841,3211,4441,3941,2781,2401,3651,2451,230
YoY4.7%4.2%-56.4%-17.6%-13.2%-23.4%80.1%-0.5%-6.1%-5.5%-10.7%-3.8%
SG&A ratio26.7%30.0%11.0%24.0%22.9%22.3%21.6%29.8%20.5%22.8%19.9%22.4%
Operating profit1,1061,0091,4555888791,114941-2611,109642943570
YoY19.2%8.8%7.1%83.6%-20.5%10.4%-35.4%-26.1%-42.4%0.2%-
Operating profit margin19.4%16.1%20.6%11.0%15.3%17.2%14.6%-18.4%10.7%15.1%10.4%
Recurring profit1,1231,0151,4395758641,142922-1871,141681986652
YoY19.9%8.0%3.5%67.3%-23.0%12.5%-35.9%-32.0%-40.4%6.9%-
Recurring profit margin19.7%16.2%20.4%10.8%15.0%17.6%14.3%-18.9%11.3%15.7%11.9%
Net income94661272354382967953-3591,029252532523
YoY24.8%8.3%-2.9%280.2%-12.4%10.9%-92.7%-24.1%-62.9%901.9%-
Net margin16.6%9.7%10.2%10.2%14.4%10.5%0.8%-17.0%4.2%8.5%9.5%
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
CumulativeFY07/19FY07/20FY07/21
(JPYmn)Q1Q1–Q2Q1–Q3Q1–Q4Q1Q1–Q2Q1–Q3Q1–Q4Q1Q1–Q2Q1–Q3Q1–Q4
Sales5,69411,97219,03624,3825,75612,24118,69422,9806,04112,03818,30123,786
YoY7.5%5.9%6.3%7.1%1.1%2.2%-1.8%-5.7%5.0%-1.7%-2.1%3.5%
Parking Lot business3,3706,77210,28013,8963,5497,11310,56913,9383,4867,03010,62914,259
YoY2.8%3.7%4.6%5.0%5.3%5.0%2.8%0.3%-1.8%-1.2%0.6%2.3%
Domestic parking lot3,0386,0799,20512,3903,1156,2349,27212,2413,0816,2199,39912,600
YoY1.3%2.1%3.0%3.2%2.5%2.5%0.7%-1.2%-1.1%-0.2%1.4%2.9%
Overseas parking lot3316921,0741,5054338781,2971,6964048101,2291,658
YoY18.6%19.9%20.8%22.5%30.8%26.9%20.8%12.7%-6.7%-7.7%-5.2%-2.2%
Ski Resort business8683,1876,0316,6298743,2095,8176,0637762,2774,1144,547
YoY6.5%1.4%2.6%3.2%0.6%0.7%-3.6%-8.5%-11.2%-29.0%-29.3%-25.0%
Theme Park business1,3531,7882,3783,3431,1901,6471,9372,5121,6532,4693,1514,397
YoY19.4%20.6%19.7%18.0%-12.1%-7.9%-18.5%-24.9%39.0%50.0%62.7%75.0%
Other109235364572150292401516145286447640
Eliminations, adjustments-6-10-17-58-7-19-30-50-19-24-41-57
Operating profit1,1062,1143,5704,1588791,9932,9342,6731,1091,7512,6943,263
YoY19.2%14.0%11.1%17.7%-20.5%-5.7%-17.8%-35.7%26.1%-12.2%-8.2%22.1%
Operating profit margin19.4%17.7%18.8%17.1%15.3%16.3%15.7%11.6%18.4%14.5%14.7%13.7%
Parking Lot business7771,5642,4253,3328531,6512,3162,9477521,5302,3733,218
YoY3.1%8.3%13.2%14.4%9.7%5.5%-4.5%-11.5%-11.8%-7.3%2.5%9.2%
Operating profit margin23.1%23.1%23.6%24.0%24.0%23.2%21.9%21.1%21.6%21.8%22.3%22.6%
Ski Resort business-2401581,089630-2932011,012317-232-31026-429
YoY--18.9%-1.6%0.8%-27.2%-7.1%-49.6%---97.4%-
Operating profit margin-5.0%18.1%9.5%-6.3%17.4%5.2%--0.6%-
Theme Park business679636407603410326-92-218653694526761
YoY24.6%33.5%12.5%10.1%-39.6%-48.7%--59.1%112.8%--
Operating profit margin50.2%35.6%17.1%18.0%34.5%19.8%--39.5%28.1%16.7%17.3%
Other1023301102846334021506194
Adjustments-120-267-381-517-118-231-335-414-84-213-292-381
QuarterlyFY07/19FY07/20FY07/21
(JPYmn)Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4
Sales5,6946,2787,0645,3455,7566,4856,4524,2866,0415,9976,2635,485
YoY7.5%4.4%7.1%9.8%1.1%3.3%-8.7%-19.8%5.0%-7.5%-2.9%28.0%
Parking Lot business3,3703,4033,5083,6163,5493,5643,4563,3693,4863,5443,5993,630
YoY2.8%4.6%6.5%6.1%5.3%4.7%-1.5%-6.8%-1.8%-0.6%4.1%7.7%
Domestic parking lot3,0383,0413,1263,1853,1153,1193,0382,9693,0813,1383,1803,201
YoY1.3%2.8%4.8%3.8%2.5%2.6%-2.8%-6.8%-1.1%0.6%4.7%7.8%
Overseas parking lot331361382431433445419399404406419429
YoY18.6%21.1%22.4%26.8%30.8%23.3%9.7%-7.4%-6.7%-8.8%-7.5%
Ski Resort business8682,3192,8445978742,3352,6082477761,5011,837433
YoY6.5%-0.5%4.1%9.8%0.6%0.7%-8.3%-58.7%-11.2%-35.7%-29.5%75.4%
Theme Park business1,3534355909651,1904572915751,6538166821,245
YoY19.4%24.5%16.9%14.2%-12.1%5.0%-50.7%-40.4%39.0%78.7%134.7%116.7%
Other109125129208150142108115145141161193
Eliminations, adjustments-6-4-7-42-7-12-11-19-19-5-17-16
Operating profit1,1061,0091,4555888791,114941-2611,109642943570
YoY19.2%8.8%7.1%83.6%-20.5%10.4%-35.4%-26.1%-42.4%0.2%-
Operating profit margin19.4%16.1%20.6%11.0%15.3%17.2%14.6%-6.1%18.4%10.7%15.1%10.4%
Parking Lot business777787860907853798665631752778843845
YoY3.1%14.0%23.2%18.0%9.7%1.4%-22.7%-30.4%-11.8%-2.5%26.7%33.9%
Operating profit margin23.1%23.1%24.5%25.1%24.0%22.4%19.2%18.7%21.6%22.0%23.4%23.3%
Ski Resort business-240398932-460-293494811-695-232-78337-455
YoY--11.5%2.1%--24.1%-12.9%----58.5%-
Operating profit margin-17.2%32.8%--21.1%31.1%---18.3%-
Theme Park business679-43-229197410-84-418-12665342-169235
YoY24.6%--5.5%-39.6%---59.1%---
Operating profit margin50.2%--20.4%34.5%---39.5%5.1%-18.9%
Other10137802818-13721291133
Adjustments-120-147-114-136-118-112-104-79-84-129-79-89
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 businessFY07/19FY07/20FY07/21
(JPYmn)Q1Q1–Q2Q1–Q3Q1–Q4Q1Q1–Q2Q1–Q3Q1–Q4Q1Q1–Q2Q1–Q3Q1–Q4
Domestic sales3,0386,0799,20512,3903,1156,2349,27212,2413,0816,2199,39912,600
YoY1.3%2.1%3.0%3.2%2.5%2.5%0.7%-1.2%-1.1%-0.2%1.4%2.9%
Directly managed facilities2,1084,2056,3358,5162,1764,3336,4348,5132,1434,2926,4668,689
YoY0.8%0.8%1.4%1.8%3.2%3.0%1.6%0.0%-1.5%-0.9%0.5%2.1%
Outsourced management6961,3962,1112,8337051,4062,0672,7146661,3362,0152,684
YoY1.0%1.5%2.7%2.8%1.3%0.7%-2.1%-4.2%-5.5%-5.0%-2.5%-1.1%
Other2334787591,0402334957701,0122715909171,227
YoY7.9%17.4%19.7%18.0%0.0%3.6%1.4%-2.7%16.3%19.2%19.1%21.2%
Parking Lot businessFY07/19FY07/20FY07/21
(JPYmn)Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4
Domestic sales3,0383,0413,1263,1853,1153,1193,0382,9693,0813,1383,1803,201
YoY1.3%2.8%4.8%3.8%2.5%2.6%-2.8%-6.8%-1.1%0.6%4.7%7.8%
Directly managed facilities2,1082,0972,1302,1812,1762,1572,1012,0792,1432,1492,1742,223
YoY0.8%0.9%2.7%2.8%3.2%2.9%-1.4%-4.7%-1.5%-0.4%3.5%6.9%
Sales per space (JPY'000)828283858483817981818182
YoY-0.1%-0.7%1.7%2.3%2.7%2.2%-2.6%-6.4%-3.4%-3.1%0.2%3.2%
Outsourced management696700715722705701661647666670679669
YoY1.0%2.0%5.0%3.1%1.3%0.1%-7.6%-10.4%-5.5%-4.4%2.7%3.4%
Sales per space (JPY'000)393940413938343334353436
YoY3.5%3.2%4.7%3.9%0.4%-3.0%-16.0%-19.5%-13.3%-8.2%2.8%9.9%
Other233245281281233262275242271319327310
YoY7.9%28.3%23.8%13.8%0.0%6.9%-2.1%-13.9%16.3%21.8%18.9%28.1%
Parking Lot businessFY07/19FY07/20FY07/21
(JPYmn)Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4
No. of leased parking facilities1,1921,1951,1961,1911,1941,1911,2031,1971,2071,2261,2441,252
YoY-0.7%-0.3%1.1%0.8%0.2%-0.3%0.6%0.5%1.1%2.9%3.4%4.6%
QoQ change1131-53-817-61019188
New contracts221425113120291234363122
Cancellations-11-11-24-16-28-28-12-18-24-17-13-14
Monthly parking9859879829809809789829799951,0131,0311,041
Monthly and hourly parking112114118116116114117115112115113113
Outsourced management9594969598991041031009810098
No. of leased and managed spaces43,61743,51843,69743,54343,90644,29045,97746,00246,05545,94646,79445,886
YoY0.0%0.4%0.4%0.0%0.7%1.8%5.2%5.6%4.9%3.7%1.8%-0.3%
Leased spaces25,74725,71125,79625,81825,88125,90326,28526,27726,41926,79627,10827,335
YoY1.7%1.4%0.5%0.4%0.5%0.7%1.9%1.8%2.1%3.4%3.1%4.0%
Monthly parking16,25316,12515,95716,12516,21616,22916,36816,42416,62416,87717,33017,629
YoY3.9%2.7%0.2%-0.1%-0.2%0.6%2.6%1.9%2.5%4.0%5.9%7.3%
Monthly and hourly parking9,4949,5869,8399,6939,6659,6749,9179,8539,7959,9199,7789,706
YoY-1.8%-0.7%1.1%1.3%1.8%0.9%0.8%1.7%1.3%2.5%-1.4%-1.5%
Managed spaces17,87017,80717,90117,72518,02518,38719,69219,72519,63619,15019,68618,551
YoY-2.4%-1.1%0.3%-0.7%0.9%3.3%10.0%11.3%8.9%4.1%0.0%-6.0%
Rented-out spaces15,09915,22015,30515,45715,28815,33115,54815,57215,63515,82716,23016,184
YoY2.6%5.1%3.6%2.5%1.3%0.7%1.6%0.7%2.3%3.2%4.4%3.9%
Contract ratio (monthly parking)92.9%94.4%95.9%95.9%94.3%94.5%95.0%94.8%94.1%93.8%93.7%91.8%
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
FY07/19FY07/20FY07/21
Q1Q1–Q2Q1–Q3Q1–Q4Q1Q1–Q2Q1–Q3Q1–Q4Q1Q1–Q2Q1–Q3Q1–Q4
Monthly rental vehicles with parking space222256242245285279305304322329331326
YoY32.9%52.4%34.4%21.9%28.4%9.0%26.0%24.1%13.0%17.9%8.5%7.2%
No. of vehicles for car sharing676462
YoY-18.3%-19.0%-13.9%---------
No. of contracts of car sharing2,1022,0552,053
YoY-10.1%-20.8%-2.4%---------
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)FY07/19FY07/20FY07/21
(JPYmn)Q1Q1–Q2Q1–Q3Q1–Q4Q1Q1–Q2Q1–Q3Q1–Q4Q1Q1–Q2Q1–Q3Q1–Q4
Overseas sales3316921,0741,5054338781,2971,6964048101,2291,658
YoY18.6%19.9%20.8%22.5%30.8%26.9%20.8%12.7%-6.7%-7.7%-5.2%-2.2%
Directly managed facilities2525218181,1573516991,0251,3323166349811,294
YoY28.6%30.6%32.6%34.7%39.3%34.2%25.3%15.1%-10.0%-9.3%-4.3%-2.9%
Outsourced management541091712315712619927166129177255
YoY-12.9%-14.8%-13.6%-13.5%5.6%15.6%16.4%17.3%15.8%2.4%-11.1%-5.9%
Other24618311724517292204670107
YoY14.3%24.5%13.7%15.8%0.0%-16.4%-13.3%-21.4%-16.7%-9.8%-2.8%16.3%
Sales by overseas business (quarterly)FY07/19FY07/20FY07/21
(JPYmn)Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4
Overseas sales331361382431433445419399404406419429
YoY18.6%21.1%22.4%26.8%30.8%23.3%9.7%-7.4%-6.7%-8.8%0.0%7.5%
Directly managed facilities252269297339351348326307316318347313
YoY28.6%32.5%36.2%40.1%39.3%29.4%9.8%-9.4%-10.0%-8.6%6.4%2.0%
Sales per space27.729.927.127.627.327.525.324.625.324.126.023.2
YoY10.6%20.4%3.2%2.6%-1.5%-8.1%-6.4%-10.7%-7.3%-12.6%2.5%-5.8%
Outsourced management545562605769737266634878
YoY-12.9%-16.7%-11.4%-13.0%5.6%25.5%17.7%20.0%15.8%-8.7%-34.2%8.3%
Sales per space14.915.213.012.511.99.810.19.99.010.38.212.3
YoY5.8%1.2%-29.3%-30.6%-20.2%-35.8%-22.0%-20.9%-24.2%5.9%-18.7%23.5%
Other243722342427212020262437
YoY14.3%32.1%-8.3%21.4%0.0%-27.0%-4.5%-41.2%-16.7%-3.7%14.3%85.0%
Parking Lot businessFY07/19FY07/20FY07/21
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4
No. of leased parking facilities505057595965686771747174
YoY19.0%13.6%18.8%22.9%18.0%30.0%19.3%13.6%20.3%13.8%4.4%10.4%
Monthly parking202021212022222125282626
Monthly and hourly parking231929313234353533353537
Outsourced management777779111113111011
Total parking spaces (leased and managed; units)12,70212,60015,76117,08017,63519,71620,09719,73019,79919,31419,20719,868
YoY4.0%0.4%29.9%33.2%38.8%56.5%27.5%15.5%12.3%-2.0%-4.4%0.7%
Leased spaces9,0858,98310,97712,29612,85112,65112,87312,47012,48713,22213,36713,502
YoY16.2%10.1%32.0%36.5%41.5%40.8%17.3%1.4%-2.8%4.5%3.8%8.3%
Monthly parking5924906656801,0571,1211,3351,0221,1141,1611,3061,177
YoY27.0%-5.4%24.5%22.7%78.5%128.8%100.8%50.3%5.4%3.6%-2.2%15.2%
Monthly and hourly parking8,4938,49310,31211,61611,79411,53011,53811,44811,37312,06112,06112,325
YoY15.5%11.1%32.6%37.4%38.9%35.8%11.9%-1.4%-3.6%4.6%4.5%7.7%
Managed spaces3,6173,6174,7844,7844,7847,0657,2247,2607,3126,0925,8406,366
YoY-17.7%-17.7%25.3%25.3%32.3%95.3%51.0%51.8%52.8%-13.8%-19.2%-12.3%
Rented-out spaces5774785896169951,0201,2239571,0871,1341,2731,138
YoY23.8%-4.8%17.1%15.6%72.4%113.4%107.6%55.4%9.2%11.2%4.1%18.9%
Contract ratio (monthly parking)97.5%97.6%88.6%90.6%94.1%91.0%91.6%93.6%97.6%97.7%97.5%96.7%
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)FY07/19FY07/20FY07/21
(JPYmn)Q1Q1–Q2Q1–Q3Q1–Q4Q1Q1–Q2Q1–Q3Q1–Q4Q1Q1–Q2Q1–Q3Q1–Q4
Overseas sales3316921,0741,5054338781,2971,6964048101,2291,658
YoY18.6%19.9%20.8%22.5%30.8%26.9%20.8%12.7%-6.7%-7.7%-5.2%-2.2%
Thailand194408637879228466689898200406622830
YoY14.8%15.3%18.4%20.9%17.5%14.2%8.2%2.2%-12.3%-12.9%-9.7%-7.6%
Directly managed facilities172347543738190385559721157315482632
YoY16.2%14.5%17.5%17.7%10.5%11.0%2.9%-2.3%-17.4%-18.2%-13.8%-12.3%
Other2057791132449698919436494
YoY-4.8%16.3%8.2%20.2%20.0%-14.0%-12.7%-21.2%-20.8%-12.2%-7.2%5.6%
China58112166214479514018850100139192
YoY-3.3%-8.9%-7.3%-11.2%-19.0%-15.2%-15.7%-12.1%6.4%5.3%-0.7%2.1%
Directly managed facilities102132421020284014304355
YoY0.0%0.0%0.0%0.0%0.0%-4.8%-12.5%-4.8%40.0%50.0%53.6%37.5%
Outsourced management43871301683673110147366996125
YoY-12.2%-13.9%-11.6%-12.5%-16.3%-16.1%-15.4%-12.5%0.0%-5.5%-12.7%-15.0%
Other3333000000010
South Korea67145229350136274409532132262404556
YoY63.4%74.7%56.8%54.9%103.0%89.0%78.6%52.0%-2.9%-4.4%-1.2%4.5%
Directly managed facilities60132211328132266397518130258397546
YoY87.5%109.5%95.4%96.4%120.0%101.5%88.2%57.9%-1.5%-3.0%0.0%5.4%
Indonesia8192940112028356121924
YoY14.3%26.7%20.8%25.0%37.5%5.3%-3.4%-12.5%-45.5%-40.0%-32.1%-31.4%
Overseas sales by country (quarterly)FY07/19FY07/20FY07/21
(JPYmn)Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4
Overseas sales331361382431433445419399404406419429
YoY18.6%21.1%22.4%26.8%30.8%23.3%9.7%-7.4%-6.7%-8.8%0.0%7.5%
Thailand194214229242228238223209200206216208
YoY14.8%15.7%24.5%28.0%17.5%11.2%-2.6%-13.6%-12.3%-13.4%-3.1%-0.5%
Directly managed facilities172175196195190195174162157158167150
YoY16.2%12.9%23.3%18.2%10.5%11.4%-11.2%-16.9%-17.4%-19.0%-4.0%-7.4%
Sales per space (JPY'000)22.322.825.124.122.722.419.618.718.718.018.216.3
YoY4.4%2.4%11.1%7.5%1.6%-1.6%-21.8%-22.3%-17.7%-19.9%-7.2%-12.8%
Other203722342425202019242130
YoY-4.8%32.1%-8.3%61.9%20.0%-32.4%-9.1%-41.2%-20.8%-4.0%5.0%50.0%
China585454484748454850503953
YoY-3.3%-14.3%-3.6%-22.6%-19.0%-11.1%-16.7%0.0%6.4%4.2%-13.3%10.4%
Directly managed facilities10111110101081214161312
YoY0.0%0.0%0.0%0.0%0.0%-9.1%-27.3%20.0%40.0%60.0%62.5%0.0%
Outsourced management434443383637373736332729
YoY-12.2%-15.4%-6.5%-15.6%-16.3%-15.9%-14.0%-2.6%0.0%-10.8%-27.0%-21.6%
Sales per space (JPY'000)15.916.217.116.415.515.915.915.915.519.324.526.4
YoY9.8%5.7%13.2%-1.4%-2.2%-1.8%-6.7%-2.6%0.0%21.0%53.9%65.3%
South Korea677884121136138135123132130142152
YoY63.4%85.7%33.3%51.3%103.0%76.9%60.7%1.7%-2.9%-5.8%5.2%23.6%
Directly managed facilities607279117132134131121130128139149
YoY87.5%132.3%75.6%98.3%120.0%86.1%65.8%3.4%-1.5%-4.5%6.1%23.1%
Sales per space (JPY'000)65.977.364.155.047.342.337.533.535.535.538.539.8
YoY27.6%67.6%17.4%-16.9%-28.2%-45.3%-41.5%-39.1%-24.8%-16.3%2.5%18.8%
Indonesia8111011119876675
YoY14.3%37.5%11.1%37.5%37.5%-18.2%-20.0%-36.4%-45.5%-33.3%-12.5%-28.6%

Overseas KPI by countryFY07/19FY07/20FY07/21
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4
No. of leased parking facilities505057595965686771747174
YoY19.0%13.6%18.8%22.9%18.0%30.0%19.3%13.6%20.3%13.8%4.4%10.4%
Thailand303032343437383439434042
China776555556444
South Korea101013141418192118181820
Indonesia224443333333
Total parking spaces (units)12,70212,60015,76117,08017,63519,71620,09719,73019,79919,31419,20719,868
YoY4.0%0.4%29.9%33.2%38.8%56.5%27.5%15.5%12.3%-2.0%-4.4%0.7%
Thailand7,9717,8699,8319,97710,38812,05212,30711,73711,89812,54312,43712,835
YoY11.9%7.8%34.7%25.8%30.3%53.2%25.2%17.6%14.5%4.1%1.1%9.4%
Leased spaces7,7217,6198,0258,1718,5828,7908,9618,3558,4649,1099,2559,127
Monthly parking4283264214518629511,1658709791,0241,1701,042
Monthly and hourly parking7,2937,2937,6047,7207,7207,8397,7967,4857,4858,0858,0858,085
Managed spaces2502501,8061,8061,8063,2623,3463,3823,4343,4343,1823,708
China2,9662,9662,5772,5622,5622,5622,5622,5622,5621,3421,3421,342
YoY-18.2%-18.2%-13.1%-13.6%-13.6%-13.6%-0.6%0.0%0.0%-47.6%-47.6%-47.6%
Leased spaces257257257242242242242242242242242242
Monthly parking151515---------
Monthly and hourly parking242242242242242242242242242242242242
Managed spaces2,7092,7092,3202,3202,3202,3202,3202,3202,3201,1001,1001,100
South Korea1,0291,0291,6302,8182,9643,5623,6133,8073,7083,7093,7093,973
YoY30.6%7.6%37.1%137.0%188.0%246.2%121.7%35.1%25.1%4.1%2.7%4.4%
Leased spaces9319311,5322,7202,8663,4643,5153,7093,6103,6113,6113,875
Monthly parking32323232-15015012399100100100
Monthly and hourly parking8998991,5002,6882,8663,3143,3653,5863,5113,5113,5113,775
Managed spaces989898989898989898989898
Indonesia6776771,5821,5821,5801,4051,4051,4051,4051,4051,4051,405
YoY--133.7%133.7%133.4%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
CumulativeFY07/19FY07/20FY07/21
(JPYmn)Q1Q1–Q2Q1–Q3Q1–Q4Q1Q1–Q2Q1–Q3Q1–Q4Q1Q1–Q2Q1–Q3Q1–Q4
No. of visitors ('000)2911,0722,0352,1522881,0121,7931,8492607161,2621,391
YoY8.6%1.2%1.9%0.1%-1.0%-5.6%-11.9%-14.1%-9.7%-29.2%-29.6%-24.8%
Winter facility ('000)-7551,7091,705-6971,4761,476-433974979
YoY--1.8%0.8%0.2%--7.7%-13.6%-13.4%--37.9%-34.0%-33.7%
Summer facility ('000)291317326447288315317373260283288412
YoY8.6%9.3%8.3%0.0%-1.0%-0.6%-2.8%-16.6%-9.7%-10.2%-9.1%10.5%
Sales (JPYmn)8683,1876,0316,6298743,2095,8176,0637762,2774,1144,547
YoY6.5%1.4%2.6%3.2%0.6%0.7%-3.6%-8.5%-11.2%-29.0%-29.3%-25.0%
Gross profit (JPYmn)2201,1913,6842,5781341,1852,4722,1441265441,3021,176
YoY-42.8%-33.5%2.5%-31.1%-39.2%-0.5%-32.9%-16.8%-5.9%-54.1%-47.3%-45.2%
Gross profit margin25.3%37.4%61.1%38.9%15.3%36.9%42.5%35.4%16.2%23.9%31.6%25.9%
SG&A expenses (JPYmn)4601,0342,5941,9484279851,4601,8273588541,2761,604
YoY-28.1%-35.2%4.4%-37.5%-7.2%-4.7%-43.7%-6.2%-16.1%-13.3%-12.6%-12.2%
SG&A ratio53.0%32.4%43.0%29.4%48.9%30.7%25.1%30.1%46.2%37.5%31.0%35.3%
Operating profit (JPYmn)-2401581,089630-2932011,012317-232-31026-429
YoY--18.9%-1.6%0.8%-27.2%-7.1%-49.6%---97.4%-
Operating profit margin-5.0%18.1%9.5%-6.3%17.4%5.2%--0.6%-
QuarterlyFY07/19FY07/20FY07/21
(JPYmn)Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4
No. of visitors ('000)29178196311728872478156260456546129
YoY8.6%-1.3%2.7%-23.0%-1.0%-7.3%-18.9%-52.1%-9.7%-37.0%-30.1%130.4%
Winter facility ('000)-755954-4-697779--4335415
YoY--1.8%2.9%---7.7%-18.3%---37.9%-30.6%-
Summer facility ('000)29126912128827256260235124
YoY8.6%18.2%-18.2%-17.1%-1.0%3.8%-77.8%-53.7%-9.7%-14.8%150.0%121.4%
Sales (JPYmn)8682,3192,8445978742,3352,6082477761,5011,837433
YoY6.5%-0.5%4.1%9.8%0.6%0.7%-8.3%-58.7%-11.2%-35.7%-29.5%75.4%
Gross profit (JPYmn)2209722,492-1,1061341,0521,287-328126418758-126
YoY-42.8%-30.9%38.2%--39.2%8.2%-48.4%--5.9%-60.3%-41.1%-
Gross profit margin25.3%41.9%87.6%-15.3%45.0%49.3%-16.2%27.8%41.3%-
SG&A expenses (JPYmn)4605741,561-646427558476366358496422328
YoY-28.1%-40.0%75.3%--7.2%-2.7%-69.5%--16.1%-11.1%-11.4%-10.4%
SG&A ratio53.0%24.7%54.9%-48.9%23.9%18.2%148.6%46.2%33.0%22.9%75.9%
Operating profit (JPYmn)-240398932-460-293494811-695-232-78337-455
YoY--11.5%2.1%--24.1%-12.9%----58.5%-
Operating profit margin-17.2%32.8%--21.1%31.1%---18.3%-
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
CumulativeFY07/19FY07/20FY07/21
('000)Q1Q1–Q2Q1–Q3Q1–Q4Q1Q1–Q2Q1–Q3Q1–Q4Q1Q1–Q2Q1–Q3Q1–Q4
Total summer facilities291316326447288