Sankyo Co., Ltd. · TSE:6417
Sankyo — Nomura Investment Forum Asia 2013
39 slides from Sankyo's conference presentation, Jun 10, 2013
Slide 1: Presentation on Nomura Investment Forum Asia 2013
Presentation on Nomura Investment N I t t Forum Asia 2013 1st Sec. of the TSE #6417 Current Price: ¥4,605 (May 23, 2013) Shares Outstanding: 9797.5 5 million Market Cap: ¥449,436 million Kimihisa Tsutsui President & COO The Company's plans, strategies and forecasts, except historical facts, containe
Slide 2: Company Overview
“ a ee = t , y . vet, BIBS VATE p. SANKYOC#St Company Overview
Slide 3: Company Overview
会社概要 Company p y Overview SANKYO CO., LTD. 1st Sec. of the TSE #6417 Development, p , Manufacture,, and Sales of Pachinko and Pachislot Machines 3 Brands Structure ・東証１部上場（銘柄コード 6417） ・パチンコ、パチスロ機の開発・製造・販売 ・３ブランド展開 2
Slide 4: Stock Information
株価指標 Stock Information Price 4 605 4,605 (May 23, 23 2013) Currency in JPY 時価総額 M k t Cap Market C 449 436M 449,436M 実績PER Trailing P/E (ttm) 73.53 予想PER Forward P/E (1 yr) 17.21 実績PBR Price/Book (mrq) 1.11 予想配当金 Forward Annual Dividend Rate 150.00 配当利回り Forward Annual Dividend Yield 3.25% 配当性向 Payo
Slide 5: Analyst Coverage
アナリストによるカバレッジ Analyst y Coverage g Mr. Souichiro Fukuda Mr. Satoshi Tanaka Mr. Masanori Minami Mr. Yusuke Maeda Mr. Takeshi Koyama y Analyst y coverage g Mr Masashi Morita Mr. Mr Eiji Maeda Mr. by 7 firms Source: QUICK 4
Slide 6: Focused on Game Machine-related Businesses
遊技機関連に特化した事業領域 Focused on Game Machine-related Businesses Sales Composition 売上高比率 22.1% 51.2% 26.7% Pachinko Machines Pachislot Machines Ball Bearing Supply Systems and Others 5
Slide 7: Prosper with the Pachinko Industry
パチンコ産業と共に発展 Prosper p with the Pachinko Industryy 2013 2004 2001 1992 1980 1975 CR Evangelion CR Fever Wide Powerful Fever Powerful III Fever Open Tulip CR Fever Tiger Mask 2 6
Slide 8: Industry Trend
産業の動向 Industry Trend
Slide 9: 30% of the Leisure Market
余暇市場の３割を占める巨大産業 30% of the Leisure Market Leisure Market 64.9 trill. yen Pachinko player population: 12.6 million 18 8 trill. 18.8 t ill yen 18.8兆円 One in every 8.5 of Japan’s population l ti aged g d 18 or older ld plays l pachinko or pachislot Pachinko Rental Ball Fee パチン フ ン人口 1,260万人 パチンコファン人口 1
Slide 10: Structure of Pachinko Industry
パチンコ産業の構造 Structure of Pachinko Industryy Pachinko Rental Ball Fee Gross Profit of Parlor 18.8 trill. yen パチンコ 3.0 trill. yen パーラー 貸玉料 粗利益 Prize Other Expenses (85%) Operating Income (2/3) 景品 その他経費 営業利益 Cost of Machine Purchase Size of Game (1/3) Machine Market Gross Profit (15%) 遊技機 1.2 trill. yen
Slide 11: Size of Pachinko Machine Market
パチンコ機市場 Size of Pachinko Machine Market 985 886 825 810 800 CY2012 Slight decrease from the previous year CY2013 3 332 3,332 Expected to be almost on par 2,900 2,602 2,530 2,500 Market Size (bn. yen) No. of Sales for Pachinko Machines (thou. units) CY2009 2010 2011 2012 2013E 2012年度 前年比微減 2013年度 ほぼ横
Slide 12: Size of Pachislot Machine Market
パチスロ機市場 Size of Pachislot Machine Market 400 400 CY2012 375 Slight g increase from the p previous year 286 CY2013 225 Expected to continue increasing at a modest p pace 1,259 1,290 1,300 979 766 Market Size (bn. yen) No. of Sales for Pachislot Machines (thou. units) CY2009 2010 2011 2012 2013E 2012年
Slide 13: Share of Pachinko Machine Market (unit basis)
パチンコ機 販売シェア（台数ベース） Share of Pachinko Machine Market ((unit basis)) 30% 25% S Sanyo 20% Kyoraku 15% Sammy 10% Newgin SANKYO 5% 0% CY2008 2009 2010 2011 2012 Source: Yano Research Institute 12
Slide 14: Share of Pachislot Machine Market (unit basis)
パチスロ機 販売シェア（台数ベース） Share of Pachislot Machine Market ((unit basis)) 35% 30% 25% Sammy 20% Yamasa 15% Daito Universal 10% SANKYO 5% 0% CY2008 2009 2010 2011 2012 Source: Yano Research Institute 13
Slide 15: Current Situations and Initiatives
現況と取り組み Current Situations and Initiatives
Slide 16: Forecast of FY 3/2014 (Highlights)
２０１４年３月期 業績予想 Forecast of FY 3/2014 / (Highlights) ( g g ) Consolidated: mill. yen FY 3/2013 FY 3/2014 YoY Net Sales 104,150 200,000 +95,850 +92.0% Pachinko Machines 53,302 127,000 Pachislot Machines 27 822 27,822 55 100 55,100 Ball Bearing Suppry Systems 21,478 16,400 Other Business 1,546 1,500 Ope
Slide 17: Number of Pachinko/Pachislot Titles to be Released
販売予定タイトル数 Number of Pachinko/Pachislot / Titles to be Released FY 3/2014 H1 H2 Pachinko (Excluding Reused Models) Fever Mobile Suit Gundam Beyond the Heavens Magicape Ghost Neo Introduction of titles is in line with the current plan to date, date but may be subject to changes. 販売予定タイトルにつきましては （リユースを
Slide 18: 5-year Financial Highlights
最近５年間の業績推移 5-year y Financial Highlights g g Consolidated: mill. yen FY 3/2009 FY 3/2010 FY 3/2011 FY 3/2012 FY 3/2013 Net Sales 187 877 187,877 222 673 222,673 201 606 201,606 173 682 173,682 104 150 104,150 Pachinko Machines 133,195 180,471 149,876 123,353 53,302 Pachislot Machines 33,598 23,698 3
Slide 19: Key Issues for FY 3/2014
２０１４年３月期 重点課題 Keyy Issues for FY 3/2014 / Continued p promotion as keyy issues 重点課題として引き続き推進 Establishment of the SANKYO brand 1 ＳＡＮＫＹＯブランドの確立 Enhanced presence in the pachislot market 2 パチスロ市場における存在感の向上 Early establishment of the 3-brand structure 3 ３ブランド体制の早期構築 18
Slide 20: Steps Toward Brand Establishment
ブランド確立へのステップ Steps p Toward Brand Establishment Brand Empathy p y Trust Securityy = x x ブランド 共感 信頼 安心 Development of mainstay titles Kyoraku 定番タイトルの育成 育成 “Hissatsu Shigotonin” 4 必殺仕事人 Sanyo Sammy “Sea Story” 14 “Fist of the North Star” 5 海物語 北斗の拳 Newgin “Evangelion” 7 “Hana no Keiji” 6 ヱヴァンゲリヲン 花の慶次
Slide 21: Mainstay Titles Account for a Quarter of Annual Unit Sales
Mainstay Titles Account 定番タイトルが年間販売台数の１/４ for a Q Quarter of Annual Unit Sales 629 Unit Sales of 1,907 thousand units Pachinko Machines in CY2012 [101 titles] Total unit sales of the five mainstay titles* (*Refer to previous page) 定番５タイトル（前頁）の販売台数合計 Source: Pachinkovillage Co., Ltd. 20
Slide 22: Evaluation of Fever Mobile Suit Gundam
「フィーバー機動戦士ガンダム」の評価 Evaluation of “Fever Mobile Suit Gundam” Planned units of 80,000 units all sold out Good 計画台数 80,000台を完売 M j topic Major t i Good 大きな話題 Regional disparities in machine utilization rates Acceptable稼働に地域格差 21
Slide 23: Develop Fever Mobile Suit Gundam into Mainstay Title
Develop 「フィーバー機動戦士ガンダム」を定番タイトルへ “Fever Mobile Suit Gundam” into Mainstayy Title Mainstay Titles 定番タイトル x2 22
Slide 24: Pachislot Machines: Specifications Targeting a Broad Spectrum of Players
Pachislot Machines: パチスロ：幅広いファン層をターゲットにしたスペック Specifications p Targeting g g a Broad Spectrum p of Players y High Return Many competitors ハイリターン ハイリタ ン 競合が多い Upcoming target 当面のターゲット AT Type yp ART-specialized Type Bonus + ART B AT/ART特化型 Type Normal Type ボーナス+ ART ノーマル（ボーナス） High Risk ハイリスク 23
Slide 25: Pachislot Machines: Contents Targeting the Younger Generation
Pachislot Machines: パチスロ：若年層をターゲットにしたコンテンツ Contents Targeting g g the Younger g Generation Production of new visuals and p presentations for pachislot. p パチスロ向け画像・演出を新たに製作 Macross Frontier (Apr-2012) 2nd highest machine utilization rate in 2012* ２０１２年年間稼働実績第２位* Aquarion q II ((May-2013) y ) *Source:
Slide 26: JB-Brand: Awareness Gradually Increased
ＪＢブランド：徐々に認知度が高まる JB-Brand: Awareness Graduallyy Increased Original g p products with elaborate specifications p スペックに工夫を凝らしたオリジナル商品 J-RUSH 2 (Jan-2013) Magicape g p ((May-2013) y ) 25
Slide 27: Dividend Policy
配当方針 Dividend Policyy Stable dividend 安定配当 Commitment to 25% payout ratio 公約配当性向25％ FY 3/2014 No dividend cut since the listing 上場以来 減配がない DPS 150 yen Including interim dividend 中間配当を含む 26
Slide 28: Shareholder Composition
株主構成 Shareholder Composition p 4.1% 4.1% 16.1% 18.0% 4.3% 4.3% 45.1% 45.1% 28.5% 30.4% As of March 31, 2012 As of March 31, 2013 オ ナ グル プ オーナーグループ 外国法人等 個人 その他 自己株式 Owners Group Foreigners Individuals Others Treasury Stock 27
Slide 29: Appendix
107 3) iba +5 4b/ Project AQUARION Appendix
Slide 30: Business Results of FY 3/2013
２０１３年３月期 実績 Business Results of FY 3/2013 / FY 3/2012 FY 3/2013 Forecast FY 3/2012 FY 3/2013 連結：百万円 Consolidated: million yen Full Year Full Year YoY (26-Feb) Change Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 売上高 売 高 Net Sales 173,682 104,150 -69,532 103,000 +1,150 31,641 39,894 30,666 71,481 22,864 30,918 13,743 36,6
Slide 31: Game Machines Sales Results
パチンコ機・パチスロ機 販売実績 Game Machines Sales Results パチンコ機 Pachinko Machines Series name No. of models Sales: units FY 3/2012 フィーバー宇宙戦艦ヤマト 六連波動砲発射＆魂7 "R k "Rokurenhadouhou" h d h " & "T "Tamashii hii 7" (M 12) 2 (Mar-12) FY 3/2013 ＥＶＡライト Ⅲ／ヱヴァンゲリヲン ７ YRW Evangelion 7 YRW (May-12) 1 16,200 Q1 ウィルスブレイカー Virus
Slide 32: Forecast for FY3/2014
２０１４年３月期 予想 Forecast for FY3/2014 / 6 Months Full Year 連結：百万円 Consolidated: million yen FY 3/2013 FY 3/2014 YoY FY 3/2013 FY 3/2014 YoY 売上高 売 高 Net Sales 53,782 120,000 +66,218 104,150 200,000 +95,850 パチンコ Pachinko 29,948 90,800 +60,852 53,302 127,000 +73,698 パチスロ Pachislot 12,154 21,500 +9,346 27,8
Slide 33: The Two Mainstay Businesses
主力２事業 The Two Mainstayy Businesses パチンコ機関連事業 Pachinko Machines Business 6 Months Full Year 連結：百万円 C Consolidated: lid t d million illi yen FY 3/2013 FY 3/2014 Y Y YoY FY 3/2013 FY 3/2014 Y Y YoY 売上高 Net Sales 29,948 90,800 +60,852 53,302 127,000 +73,698 営業利益 Operating Income 5,532 21,600 +16,068 4,5
Slide 34: Gross Margin/Operating Margin
売上総利益率／営業利益率 Gross Margin/Operating g / p g Margin g 6 Months Full Year 連結 Consolidated FY 3/2013 FY 3/2014 YoY FY 3/2013 FY 3/2014 YoY 売上総利益率 売 総利益率 Gross Margin 51.0% 48.3% -2.6pt 47.4% 45.0% -2.4pt 営業利益率 Operating Margin 12.9% 20.8% +7.9pt 6.7% 16.0% +9.3pt 販売費及び一般管理費 SG & A Expenses 6 Months Ful
Slide 35: Game Machine Market
遊技機市場 Game Machine Market 4,000 全日遊連加盟パーラーの状況 Situation of Parlors that Are Members of Zennichiyuren 営業中の店舗数 3,500 No. of outlets currently in operation 3,339 3,332 11,269 11,258 11,227 11,222 11,227 11,199 11,167 11,155 11,177 11,171 11,137 11,089 3,000 3,158 3,163 3 076 3,076 3,107 , 3,035 2,900 2
Slide 36: Number of Titles Sold (All Manufacturers)
販売タイトル数推移（全メーカー） Number of Titles Sold ((All Manufacturers)) パチンコ機 Pachinko Machines CY2008 107 ・１タイトル当たり販売台数 １タイトル当たり販売台数 2011年度：24,317台（2,602千台÷107） 2009 102 2012年度：23,867台（2,530千台÷106） ・Sales per title 2010 121 CY2011: 24,317 units (2,602,000 units/107) CY2012: 23,867 units (2,530,000 units/106)
Slide 37: Compliance with Format Inspection
型式試験適合状況 Compliance p with Format Inspection p パチンコ機 Pachinko Machines アレンジ、じゃん球含む including Arrange Ball,Jong-Kyu CY2008 2009 2010 2011 2012 2013 J-A 受付 Applicant 506 637 658 614 598 144 適合 Pass 374 537 544 536 534 121 不適合 Fail 98 134 112 69 87 18 SANKYO+JB 19 40 25 21 30 16 Bisty 8 13 9 12 6 3 SAN
Slide 38: SANKYO Group Companies
企業集団 SANKYO Group p Companies p （株）ジェイビー JB Co., Ltd. インタ ナショナル カ ド システム（株） インターナショナル・カード・システム（株） 40 0 40.0% フィ ルズ（株） フィールズ（株） International Card System Co., Ltd. 100.0% Fields Corporation 15.6% （株）三共エクセル （株）サン・ラック Sankyo Sa yo Excel ce Co Co.,, Ltd. td 100.0% 00 0 Su Luck Sun uc Co., Co , Ltd. td 9
Slide 39: Good luck. Good life.
Good luck. Good life. sANCKYO