Vt Holdings Co., Ltd. · TSE:7593
Vt — 1H 3/2025 Earnings Presentation
35 slides from Vt's earnings presentation, Nov 18, 2024
Slide 1: 1H 3/2025 Financial Results Presentation
1H 3/2025 Financial Results Presentation VT HOLDINGS CO., LTD. November 18, 2024 Market: TSE Prime Market; Nagoya SE Premier Market (Code: 7593) ©2024 VT HOLDINGS CO., LTD
Slide 2: 1H 3/2025: Summary of Results
1H 3/2025: Summary of Results ＶＴ ＨＯＬＤＩＮＧＳ Revenue increased +17.3% YoY, reaching a record high for the 1H (revenue growth for four consecutive years). In the automobile sales related business, sales of new and used cars sales increased, while all segments, including the service and car rental se
Slide 3: 1H 3/2025: Consolidated Business Results
1H 3/2025: Consolidated Business Results ＶＴ ＨＯＬＤＩＮＧＳ Revenue and Operating profit reached record highs for the 1H. Revenue (left legend) Operating profit (right legend) Profit before tax (right legend) Net profit (right legend) Special factor （Billion JPY） YoY （Billion JPY） 200 Revenue +Y25.1bn (+17
Slide 4: Consolidated Business Results excluding Special Factors
Reference: Consolidated Business Results excluding ＶＴ ＨＯＬＤＩＮＧＳ Special Factors Revenue and Operating profit reached record highs for the 1H. Revenue (left legend) Operating profit (right legend) Profit before tax (right legend) YoY （Billion JPY） Revenue +Y25.1bn (+17.3%) （Billion JPY） OP +Y712m (+12
Slide 5: 1H 3/2025: Revenue by Segment
1H 3/2025: Revenue by Segment ＶＴ ＨＯＬＤＩＮＧＳ New car revenue increased significantly. Used car, service and car rental segments also performed well. Revenue by Segment Impact by Segment (Million JPY) (Million JPY) Housing, Other 170,184 Housing, Car rentals Other Services 12,354 Services Car rentals Us
Slide 6: Revenue by Segment: Quarterly Change
Revenue by Segment: Quarterly Change ＶＴ ＨＯＬＤＩＮＧＳ For both 1Q and 2Q, revenue increased YoY in all segments. New car segment performed particularly well. Overall, revenue has increased for four consecutive years since 2021. Revenue by Segment Quarterly Change （Million JPY） New Cars Used Cars Services
Slide 7: 1H 3/2025: Gross Profit by Segment
1H 3/2025: Gross Profit by Segment ＶＴ ＨＯＬＤＩＮＧＳ Used car gross profit increased significantly. Service and car rental segments also performed well. Gross profit by Segment Impact by Segment (Million JPY) (Million JPY) Housing, Other Car rentals Car rentals 26,562 Services 726 26,562 Services Used Car
Slide 8: Gross Profit by Segment: Quarterly Change
Gross Profit by Segment: Quarterly Change ＶＴ ＨＯＬＤＩＮＧＳ For both 1Q and 2Q, gross profit increased YoY in all segments. Used car segment performed particularly well. Overall, gross profit has increased for four consecutive years since 2021. Gross Profit by Segment Quarterly Change (Million JPY) New Ca
Slide 9: 1H 3/2025: Revenue by Region
1H 3/2025: Revenue by Region ＶＴ ＨＯＬＤＩＮＧＳ Domestic and overseas revenue saw steady growth, with the proportion of overseas revenue rising YoY for the 1H, partly by the impact of foreign exchange rates. Revenue by Region Overseas Revenue (%) (Million JPY) 170,184 47.2% Overseas 44.3% 40.6% 43.2% Domes
Slide 10: Revenue by Region: Quarterly Change
Revenue by Region: Quarterly Change ＶＴ ＨＯＬＤＩＮＧＳ Domestic and overseas revenue saw steady growth YoY for both 1Q and 2Q. Revenue by Region Quarterly Change (Million JPY) Domestic Overseas 100,000 89,425 84,814 85,370 80,000 77,132 76,933 72,945 68,114 38,502 65,633 66,835 62,298 64,251 40,929 39,466
Slide 11: 1H 3/2025: Units Sold
1H 3/2025: Units Sold ＶＴ ＨＯＬＤＩＮＧＳ New car units sold increased significantly overseas thanks to strong sales in Spain and South Africa. Used car units sold increased both in Japan and overseas as used car shortages eased. Used Cars Sold (Units) Total Cars Sold （Units） Export 1,031 22,948 New Car Dom
Slide 12: Japanese Domestic New/Used Car Registration
Japanese Domestic New/Used Car Registration ＶＴ ＨＯＬＤＩＮＧＳ Manufactures’ car supply shortages have improved, and the new car and used car markets recently increased, heading toward pre-Covid-19 pandemic levels. (10,000 units) Japanese Domestic New/Used Car Registration 700 New Cars 530 494 508 520 526
Slide 13: Japanese Domestic Number of Owned Cars
Japanese Domestic Number of Owned Cars ＶＴ ＨＯＬＤＩＮＧＳ The number of vehicles owned, a source of revenue for the service segment, continues to increase (since 2001 by +18%), while the increasing pace has been gradually slowing down in recent years due to the car ownership period prolonging. (10,000 unit
Slide 14: 1H 3/2025 Consolidated Balance Sheet
1H 3/2025 Consolidated Balance Sheet ＶＴ ＨＯＬＤＩＮＧＳ Total assets increased by +Y3.9bn from FY 3/2024. (Increase in fixed assets due to shop construction, increase of demo and rental cars, etc. and decrease in other financial assets due to mark- to-market valuation of shares held, etc.) (Billion JPY) 【
Slide 15: 1H 3/2025: Real Interest-Bearing Debt and Others
1H 3/2025: Real Interest-Bearing Debt and Others ＶＴ ＨＯＬＤＩＮＧＳ Net D/E ratio increased by 0.1 percentage points from FY 3/2024 due to an increase in real interest-bearing debt in line with capital expenditure and the expansion of the car rental business, but current ratio and fixed long-term ratio imp
Slide 16: 1H 3/2025 Consolidated Cashflow
1H 3/2025 Consolidated Cashflow ＶＴ ＨＯＬＤＩＮＧＳ Although Investing CF increased due to the purchase of tangible fixed assets, whilst Operating CF grew as a result of strong operating revenue and reduced inventory, leading to positive FCF. We aim for stable growth, balancing our operating cash flow with
Slide 17: FY 3/2025 Business Outlook
FY 3/2025 Business Outlook ＶＴ ＨＯＬＤＩＮＧＳ Revenue and Operating profit are expected to reach record high in line with production recovery of automobile manufacturers. Profit before tax and Net profit are also expected to increase YoY. Revenue (Billion JPY) Operating profit (Billion JPY) 311.6 +18.4 330
Slide 18: Revenue, Operating Profit since IPO in 1998
Revenue, Operating Profit since IPO in 1998 ＶＴ ＨＯＬＤＩＮＧＳ Financial Performance Trend (Billion JPY) IFRS 30.0 350 Revenue Operating Profit Record High Revenue 330.0 We aim for growth scenario to balance all the Increased by 43 times 311.6 25.0 since IPO 300 themes of “expanding business scale”, “impro
Slide 19: Dividends Policy
Dividends Policy ＶＴ ＨＯＬＤＩＮＧＳ Annual dividends to be 24 JPY for FY 3/2025 (Consolidated Dividends Payout Ratio 41.5%) Dividend Per Share Special/Commemorative Dividend (JPY) Year-end Dividend Interim Dividend 112.9% Payout Ratio 87.8% 100% 24.00 24.00 56.2% 23.50 51.8% 49.3% 22.00 1.00 45.2% 1.00 38.
Slide 20: Reference: Corporate Profile
Reference: Corporate Profile ＶＴ ＨＯＬＤＩＮＧＳ (As of 30th September 2024) Company Name VT HOLDINGS CO., LTD. Head Office 3-10-32 Nishiki, Naka-ku, Nagoya-shi, Aichi, JAPAN Established March 1983 (previously known as Honda Verno Tokai Co., Ltd.) Representative Kazuho Takahashi (President & CEO) Capital 5,
Slide 21: Reference: Number of Group Employees
Reference: Number of Group Employees ＶＴ ＨＯＬＤＩＮＧＳ (As of 30th September 2024) Segment Region Company name Number of employees*１ Number of temporary employees*１ total employees Honda Cars TOKAI 425 29 454 NAGANO NISSAN 435 21 456 SHIZUOKA NISSAN 305 35 340 MIKAWA NISSAN 197 20 217 NISSAN SATIO SAITAMA
Slide 22: Reference: Number of Group Automobile Dealerships
Reference: Number of Group Automobile Dealerships ＶＴ ＨＯＬＤＩＮＧＳ （As of 30th September 2024） New Used Classification Company name Brand Total Car Car Honda Honda Cars TOKAI HONDA 33 1 34 NAGANO NISSAN NISSAN 31 1 32 SHIZUOKA NISSAN NISSAN 25 5 30 Nissan MIKAWA NISSAN NISSAN 12 0 12 NISSAN SATIO SAITAMA
Slide 23: Reference: Main Operations and Subsidiaries
Reference: Main Operations and Subsidiaries ＶＴ ＨＯＬＤＩＮＧＳ (As of 30th September 2024) 《Automobile sales related business》 Franchised Dealer Groups Overseas Operations Honda Cars TOKAI Motoren Shizuoka GRIFFIN MILL GROUP* NAGANO NISSAN AUTO Fuji Motoren WESSEX GARAGES HOLDINGS SHIZUOKA NISSAN AUTO Moto
Slide 24: Reference: Automobile Dealer Companies (Japan)
Reference: Automobile Dealer Companies (Japan) ＶＴ ＨＯＬＤＩＮＧＳ Automobile Dealer Groups Motoren Shizuoka Honda Cars TOKAI BMW dealers in Shizuoka HONDA dealers in Aichi and Gifu 3 new car & 2 used car dealers 33 new car & 1 used car dealers Fuji Motoren NAGANO NISSAN AUTO BMW dealers in Shizuoka NISSAN
Slide 25: Reference: TOPICS Satio Saitama Sakado Store Opening
Reference: TOPICS Satio Saitama Sakado Store Opening ＶＴ ＨＯＬＤＩＮＧＳ Nissan Satio Saitama’s Sakado store relocation and reopening In August 2024, Nissan Satio Saitama’s ‘Tsurugashima Store’ relocated and reopened as the ‘Sakado Store’. The spacious and relaxing showroom features a luxurious meeting spac
Slide 26: Reference: TOPICS Motoren Donan New Store Openings
Reference: TOPICS Motoren Donan New Store Openings ＶＴ ＨＯＬＤＩＮＧＳ Hakodate BMW and MINI HAKODATE relocate and open Motoren Donan relocated and opened Hakodate BMW and MINI Hakodate as a combined BMW and MINI showroom on October 6, 2024, offering improved convenience and higher quality service. The show
Slide 27: Reference: Automobile Dealer Companies (Overseas)
Reference: Automobile Dealer Companies (Overseas) ＶＴ ＨＯＬＤＩＮＧＳ Automobile Dealer Groups (Overseas) GRIFFIN MILL GROUP* Multi-franchise dealers in 6 locations in United Kingdom PEUGEOT/KIA/FIAT/ABARTH/NISSAN/RENAULT/DACIA WESSEX GARAGES HOLDINGS Multi-franchise dealers in 12 locations in United Kingdo
Slide 28: Reference: 1H 3/2025 New Car Sales by Brand
Reference: 1H 3/2025 New Car Sales by Brand ＶＴ ＨＯＬＤＩＮＧＳ 1H 3/2025 New car sales by brand (units) 8,614 3,728 2,303 2,257 1,726 1,657 1,170 1,416 630 384 NISSAN HONDA SUZUKI Hyundai KIA TOYOTA MAZDA Omoda/Jaecoo BMW Other *Other: total of brands with less than 300 units sold (excluding motorcycles) ©
Slide 29: Reference: Importers
Reference: Importers ＶＴ ＨＯＬＤＩＮＧＳ LOTUS Importers LCI LOTUS Direct dealers x2 PCI ROYAL ENFIELD/MUTT/FORD (Parts only)/SAAB (Parts only) ROYAL ENFIELD SCI CATERHAM/KTM X-BOW/MORGAN MUTT CATERHAM KTM X-BOW MORGAN ©2024 VT HOLDINGS CO., LTD 28
Slide 30: Reference: Automobile Manufacturer
Reference: Automobile Manufacturer ＶＴ ＨＯＬＤＩＮＧＳ Automobile Manufacturer CATERHAM CARS British car manufacturer focusing on production and sales of lightweight sports cars, “Super Seven”. As a traditional sports car brand, it has a niche but stable popularity. VT Group's know-how and other factors are
Slide 31: Reference: TOPICS Caterham and Yamaha Motor
Reference: TOPICS Caterham and Yamaha Motor ＶＴ ＨＯＬＤＩＮＧＳ Caterham and Yamaha Motor to collaborate on the development of a new EV sports coupe We announced on October 2, 2024 that Caterham EVo Limited (Head office: Dartford, Kent, the UK; hereinafter referred to as ʻCaterhamʻ), a subsidiary of VT Hold
Slide 32: Reference: Exporting Used Cars
Reference: Exporting Used Cars ＶＴ ＨＯＬＤＩＮＧＳ Exporting Used Cars TRUST Exporting Japanese used cars to over 150 countries Tokyo Stock Exchange Standard Market （Security Code: 3347） Europe Exporting Used Cars Asia America Africa Oceania ©2024 VT HOLDINGS CO., LTD 31
Slide 33: Reference: Car Rentals
Reference: Car Rentals ＶＴ ＨＯＬＤＩＮＧＳ Car Rentals J-net Rental & Lease Rental Car Offices National 136 (As of 30th September 2024) Direct 62 FC 74 5th largest fleet in Japan (cars) 1. TOYOTA Rent a Car 129,175 2. ORIX Rent a Car 69,826 3. NIPPON Rent a Car 34,519 4. NISSAN Rent a Car 20,582 5. J-net Re
Slide 34: Reference: Housing-related Businesses
Reference: Housing-related Businesses ＶＴ ＨＯＬＤＩＮＧＳ Housing-related businesses account for Commercial Building, Bespoke Residential Construction and Sales approx. 7% of consolidated revenue. Archish Gallery Business Area: Tokyo, Aichi and Osaka Holding Company for Housing Sector AMG HOLDINGS Condomini
Slide 35: Contact: ir@vt-holdings.co.jp
This presentation is produced by VT Holdings (‘the Company’) to explain the company’s financial and business situation for the reference of investors. The contents of this presentation are based on widely-accepted economic and societal trends as of November 2024, in addition to logical assumptions m