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C&R Corporation Research Memo (10): Continuously increasing dividends with a target payout ratio of 30%, considering share buybacks as appropriate.
■Shareholder Return Policy and SDGs Initiatives 1. Shareholder Return Policy Creek and River Co., Ltd. <4763> has set a dividend policy focused on stable dividends, raising the target payout ratio from the previous level of 20% to 30% starting from the fiscal year ending February 2024. Based on this policy, the dividend per share for the fiscal year ending February 2025 is planned to be 43 yen, an increase of 2 yen compared to the previous period (payout ratio of 30.5%), marking the 14th consecutive year of dividend increases, and further increases are expected if profit growth continues. Additionally, regarding the acquisition of treasury stock,
C&R Company Research Memo (7): Financial situation is good, net cash piles up to 10 billion yen, reaching a record high level.
■Performance Trends 3. Financial Position and Management Indicators In the interim period of the fiscal year ending February 2025 for Creek and River Co., Ltd. <4763>, the total assets increased by ¥3,245 million compared to the previous period-end, reaching ¥28,664 million. In 2024, with the August month-end falling on a holiday, various debt payment dates were postponed to the beginning of the following month, resulting in a significant increase in balances, centered around cash and deposits. Looking at the main factors of increase and decrease, cash and deposits in current assets increased by ¥2,783 million, and in fixed assets, tangible fixed assets increased by
C&R's Research Memo (6): Other businesses saw an increase in revenue and a decrease in losses. Among the 16 companies excluding the 2 newly acquired subsidiaries, 10 companies experienced revenue growth.
The revenue of the qitabankuai, consisting of 18 subsidiary companies, increased by 37.7% year-on-year to 2426 million yen, and the operating loss was 24 million yen (compared to a loss of 113 million yen in the same period last year).
C&R Company Research Memo (5): Creative field (japan), medical field, accounting and legal field show a decrease in profits.
■ Performance Trends 2. Business Segment Trends (1) Creative Field (Japan) Revenue in the Creative Field (Japan), including internal trades, increased by 1.0% year-on-year to 17,519 million yen, while operating profit decreased by 21.1% to 1,152 million yen. The main reasons for the decline were increased costs due to new graduate recruitment, upfront investments related to original content development, and a decrease in projects from some major game publishers. In particular, new graduate recruitment is a significant factor in the year 2022.
C&R Company Research Memo (3): Generating the majority of profits in the creative fields of gaming, television, and video, as well as in the medical field.
■Company Overview 3. By business and field composition ratio For Creek & River Co., Ltd. <4763>, the business composition ratio for the interim period of the fiscal year ending February 2025 is as follows: the production business accounts for the highest at 50.2%, followed by the agency business (dispatch) at 33.0%, the agency business (introduction) at 12.2%, and others in the rights management business at 4.6%. The composition ratio of gross profit is high for the production business at 42.6%, followed by the agency business (introduction) at 31.9%, and the agency business
C&R Company Research Memo (2): An agency company specialized in professionals, expanding business areas through M&A strategies.
■Company Overview 1. Founded in 1990, Creek & River Co., Ltd. <4763> was established by the founder and representative director, Mr. Yukihiro Ikawa, with the aim of improving the lifelong value of professionals. Starting from a small group of seven television directors and filmmakers, the company obtained a permit for general labor dispatch business the following year, and continued to expand its customer base in creative fields such as television programs, filmmaking, gaming, and web. Subsequently, in 1997.
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