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Gavilon

gavilon.com

Founded Year

1995

Stage

Acquired | Acquired

Valuation

$0000 

Revenue

$0000 

About Gavilon

Gavilon is a commodity management firm, that connects producers and consumers of feed, food, and fuel through its global supply chain network. Gavilon leverages its strategic partnerships and more than 300 facilities and offices worldwide to link agricultural and energy supply with demand. The company provides origination, storage and handling, transportation and logistics, marketing and distribution, and risk management services to tens of thousands of customers each year.

Headquarters Location

1331 Capitol Ave

Omaha, Nebraska, 68102,

United States

402-889-4000

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Latest Gavilon News

Marubeni : Transcript of CEO's briefing on Financial Results for the 2nd Quarter of Fiscal Year Ending March 31, 2023 has been uploaded.

Nov 9, 2022

11/09/2022 | 04:11am EST Message : Disclaimer Regarding Forward Looking Statements and Original Language This material contains forward-looking statements about the future performance, events or management plans of Marubeni Corporation and its Group companies (the Company) based on the available information, certain assumptions and expectations at the point of disclosure, of which many are beyond the Company's control. These are subject to a number of risks, uncertainties and factors, including, but not limited to, economic and financial conditions, factors that may affect the level of demand and financial performance of the major industries and customers we serve, interest rates and currency fluctuations, availability and cost of funding, fluctuations in commodity and materials prices, political turmoil in certain countries and regions, litigation claims, changes in laws, regulations and tax rules, and other factors. Actual results, performances and achievements may differ materially from those described explicitly or implicitly in the relevant forward-looking statements. The Company has no responsibility for any possible damages arising from the use of information on this material, nor does the Company have any obligation to update these statements, information, future events or otherwise. This material is an English language translation of the materials originally written in Japanese. In case of discrepancies, the Japanese version is authoritative and universally valid. CEO: I am Masumi Kakinoki, CEO of Marubeni Corporation. Thank you for taking the time today. Now, I will discuss our consolidated results for the second quarter and the full-year forecast for the fiscal year ending March 31, 2023. CFO Takayuki Furuya will then discuss results by segment, as well as our new investments and divestments. I would like to explain the consolidated results for the second quarter of the fiscal year ending March 31, 2023. Please refer to the presentation material titled "Consolidated Financial Results Q2 FYE 3/2023," on pages 1 and 2. 01 Key Factors of Q1-Q2 FYE 3/2023  Net profit amounted ¥314.7bn (+¥108.8bn year on year) Adjusted net profit was ¥322.0bn (+¥104.0bn year on year) • Historical highs for both net profit and adjusted net profit for a six-month period. Progress to the initial full-year net profit forecast is 79% Adjusted net profit ( vs Q1-Q2 FYE 3/2022) Non-resources:¥194.0bn(+¥56.0bn) improved 0.13 points * Adjusted net profit: net profit excluding one-time items, shown in an approximate figure. For one-time items, please refer to P3 of "IR Supplementary Information" Core operating cash flow: operating cash flow excluding net increase/decrease in working capital and others "Equity attributable to owners of the parent" is described as "shareholders' equity" in this material For FYE 3/2023 and beyond, the denominator to calculate net DE ratio has been changed from "total equity" to "shareholders' equity". Net DE ratio for previous fiscal years have been re-presented accordingly 1 First, profit attributable to owners of the parent for the six-month period ended September 30, 2022 (also referred to as net profit) amounted 314.7 billion yen, an increase by 108.8 billion yen (53%) year on year. Progress to the initial full-year net profit forecast announced in May is 79%, exhibiting a strong momentum. Adjusted net profit, excluding one-time items from net profit, was 322.0 billion yen, an increase of 104.0 billion yen. It breaks down 194.0 billion yen for non-resource businesses and 121.0 billion yen for resource businesses. The results are record highs for both net profit and adjusted net profit for the first half. Speaking about the second quarter alone, meaning the three-month period ended September 30, adjusted net profit in non-resource businesses increased year on year by 20.0 billion yen, keeping the robust trend from the first quarter even though the same of resource businesses decreased due to the lower commodity prices. Break-down by segment will be discussed later. One-time losses amounted to 8.0 billion yen. Core operating cash flow increased 79.9 billion yen year on year to positive 332.1 billion yen, while free cash flow after shareholder distributions excluding changes in working capital and others was positive at 96.4 billion yen. As for the balance sheet, shareholders' equity as of September 30, 2022, was approx. 2.9 trillion yen, with an increase of 627.4 billion yen from the end of the previous fiscal year, as a result of increases in retained earnings and increase in foreign currency translation adjustments by Japanese yen depreciation. Consequently, net DE ratio improved 0.13 points from the previous fiscal year-end to 0.70 times. 02 Full-year Forecast for FYE 3/2023  Net profit: ¥510.0bn (+¥110.0bn upward revision) Adjusted net profit: ¥490.0bn (+¥90.0bn upward revision) Reflecting the favorable earnings momentum, the full-year forecasts have been revised upward Declines in demand and market prices are anticipated in H2, due to the slowdown of the global economy One-timeitems include an approx. ¥55.0bn gain on the sale of Gavilon's grain business (to be posted in Q3) and an approx. -¥35.0bn cushion to prepare for a contingency Following the completion of the sale of Gavilon's grain business (approx. ¥330.0bn* has been collected) , significant improvement is anticipated in free cash flow after shareholder distributions (excluding changes in working capital and others) and for net DE ratio Forecast for annual dividend per share has been revised upward to ¥75.0 (+¥15.0 per share/approx. +¥25.0bn in total amount, from the initial forecast) Up to ¥30.0bn (or 35mil shares) of share buybacks have been resolved(buy-back period: Nov-2022 to Jan-2023) (billion yen) interim +7.5 yen year-end(forecast) 37.5 yen The total effect on reduction of net interest-bearing debt for the full-year basis, is approximately ¥500.0bn compared with Mar-31-2022, including decreases in working capital in Gavilon's grain business for Q1-Q2 FYE 3/2023 2 Now let me move on to the full-year forecasts for the current fiscal year. Reflecting the high progress ratios to the initial forecasts, the full-year forecasts for the fiscal year ending March 31, 2023, were revised upward by 110.0 billion yen for net profit and by 90.0 billion yen for adjusted net profit, to 510.0 billion yen and to 490.0 billion yen, respectively. Both are expected to mark the record-high levels. Whereas the full-year forecasts were revised upward due to the strong performance in the first six months, we anticipate a decline in demand and market conditions resulting from the slowdown of the global economy in the following six months. The gain on the sale of Gavilon's grain business which was completed in October is expected to be posted in the third quarter of the current fiscal year, amounting approximately 55.0 billion yen. Following the upward revision of net profit forecast, forecast for core operating cash flow was revised 70.0 billion yen upward to positive 570.0 billion yen. Forecast for free cash flow after shareholder distributions excluding changes in working capital and others was revised upward with a significant increase by 370.0 billion yen to positive 450.0 billion yen. This is due to the robust core operating cash flow and approximately 330.0 billion yen of funds collected as a result of completion of the sale of Gavilon's grain business. Net DE ratio at the end of March 2023 is forecasted to be lowered to approximately 0.6 to 0.7 times. Working capital in Gavilon's grain business decreased approximately by 180.0 billion yen during the first half before the sale of the business. Considering this decrease together with the aforementioned collected funds of approximately 330.0 billion yen from the sale makes approximately 500.0 billion yen of reduction in net interest- bearing debt in Gavilon's grain business, compared with March 31, 2022. That brings me to shareholder returns. Regarding the annual dividend for the current fiscal year, along with the upward revision of the net profit forecast, we calculated with the consolidated payout ratio of 25% or more of the net profit forecast of 510.0 billion yen, which comes to an annual dividend of 75 yen per share, an increase of 15 yen from the initial forecast of 60 yen per share. 75 yen per share is set as the minimum annual dividend for the current fiscal year. In addition to the dividend increase, we have decided to repurchase the Company's common shares up to 30.0 billion yen. This is intended to implement a flexible capital policy and to enhance shareholder returns, considering the current business performances and the increased shareholders' equity. We recognize that we have made a step further for the enhancement of shareholder returns, which is one of the GC2024 goals, through the dividend increase based on the profit growth and the flexible share buybacks. We will continue to strive to enhance our corporate value through a strategic capital allocation including the strengthening the shareholder returns. That concludes the overview of the second quarter results and the full-year forecast. Next, our CFO Takayuki Furuya will present the results by segment and brief you on our new investments and divestments. 03 Net Profit and Adjusted Net Profit Net Profit

Gavilon Frequently Asked Questions (FAQ)

  • When was Gavilon founded?

    Gavilon was founded in 1995.

  • Where is Gavilon's headquarters?

    Gavilon's headquarters is located at 1331 Capitol Ave, Omaha.

  • What is Gavilon's latest funding round?

    Gavilon's latest funding round is Acquired.

  • Who are the investors of Gavilon?

    Investors of Gavilon include NGL Energy Partners, General Atlantic, Soros Fund Management, Ospraie Management and Orascom Construction Ind. Company.

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