Yonex Co., Ltd. · TSE:7906
Yonex — Q1 FY3/23 Earnings Presentation
17 slides from Yonex's earnings presentation, Aug 9, 2022
Slide 1: Financial Results 1st Quarter of Fiscal Year Ending March 31, 2023
Financial Results 1st Quarter of Fiscal Year Ending March 31, 2023 YONEX CO., LTD. (Tokyo Stock Exchange Code: 7906) August 9, 2022
Slide 2: 1Q Key Performance Highlights
1Q Key Performance Highlights □Net Sales Increased by 46.5％ Y/Y to JPY 23.6bn ・ Sales of badminton and other products in China remain strong, and sales increased in all segments on the back of full-scale recoveries in demand across various geographical regions. ・ Demand was stimulated as we focused
Slide 3: Consolidated Income Statement
Consolidated Income Statement ■ Achieved Record-High Sales and Profits ・ Higher gross profit arising from the rise in sales contributed strongly to operating profit growth. ・ SGA rose due in part to increases in advertising expenses to enhance marketing. FY3/22 FY3/23 (Million yen) Y/Y 1Q 1Q Net Sal
Slide 4: Consolidated Balance Sheets
Consolidated Balance Sheets End FY3/23 (Million yen) End FY3/22 1Q Y/Y Asset Current Assets 44,841 48,354 +3,513 Cash and Deposits 17,922 18,579 +656 Notes and accounts receivable-trade Notes and Accounts 12,676 14,829 +2,152 Rose as sales Receivable-Trade increased. Inventory 11,792 12,268 +475 Non
Slide 5: Operating Profit Changes
Operating Profit Changes Significant Impact of Increase in Gross Profit (Million yen) Negative Impact +162 +839 Positive Impact (+9.5%) (+36.0%) Personnel Expenses Advertising +56 Expenses (+18.8%) 3,422 +3,747 R&D +581 （+52.6%） Expenses (+39.7%) Others 1,314 SGA +1,639（+28.2%） FY22/3 Gross Profit F
Slide 6: Reported Segment Information
Reported Segment Information (Million yen) FY3/22 1Q FY3/23 1Q Y/Y Net sales 9,522 11,294 +18.6％ Japan Sporting Goods Division Operating profit 704 952 +35.1％ Net sales 5,524 10,056 +82.0％ Asia Operating profit 730 2,248 +207.9％ North Net sales 642 1,292 +101.2％ America Operating profit 92 230 +148.
Slide 7: Net Sales Change and Forex Impact (Reported Segments)
Net Sales Change and Forex Impact (Reported Segments) Forex Rate* RMB TWD USD EUR GBP (Million yen) Local Currency Basis Forex Impact FY3/22 1Q 16.34 3.75 105.89 127.68 146.01 FY3/23 1Q 18.29 4.14 116.19 130.39 155.93 *FY end of overseas subsidiaries is December 23,694 (1Q:Jan-Mar) +35 +47 +477 (+33
Slide 8: Sporting Goods Division: Japan
Net Sales and Operating Profit of Sporting Goods Division (Reported Segments) Japan (Million yen) Net Sales （+18.6% Y/Y） 11,294 ・ Domestic Sales - Recovery in demand for badminton and soft tennis 9,522 due to resumption of club activities. ▻ Sales of racquets and shoes increased. - Sales of tennis r
Slide 9: Sporting Goods Division: Asia
Net Sales and Operating Profit of Sporting Goods Division (Reported Segments) Asia Forex Rate FY3/21 1Q FY3/22 1Q FY3/23 1Q (Million yen) RMB 15.59 16.34 18.29 TWD 3.61 3.75 4.14 *Jan-Mar Net Sales（+82.0% Y/Y） ・ China 10,056 - Continued strong interest in badminton due to the favorable performance o
Slide 10: Sporting Goods Division: North America
Net Sales and Operating Profit of Sporting Goods Division (Reported Segments) North America (Million yen) Forex FY3/21 FY3/22 FY3/23 Rate 1Q 1Q 1Q USD 108.92 105.89 116.19 *Jan-Mar Net Sales（+101.2% Y/Y） ・ Sales of tennis products continue to increase. - Strong sales of new racquets contributed to t
Slide 11: Sporting Goods Division: Europe
Net Sales and Operating Profit of Sporting Goods Division (Reported Segments) Europe Forex FY3/21 FY3/22 FY3/23 (Million yen) Rate 1Q 1Q 1Q EUR 120.10 127.68 130.39 GBP 139.59 146.01 155.93 *Jan-Mar Net Sales（+148.9% Y/Y） ・ Germany - Sales of racquets and other tennis products increased. - Sales of
Slide 12: Consolidated Net Sales by Sports Categories
Consolidated Net Sales by Sports Categories FY3/23 1Q Sales (Million yen) Japan Y/Y Overseas Y/Y Total Y/Y Composition Badminton Sporting Goods Division Overseas sales composition: Y/Y 2,722 +278 +11.4% 10,804 +4,392 +68.5% 13,526 +4,671 +52.8% 57.1% 79.9%: +7.5%pt Tennis 2,138 +119 +5.9% 2,339 +1,3
Slide 13: Consolidated Earnings Forecasts for FY3/23
Consolidated Earnings Forecasts for FY3/23 （Upward Revision) ・ Sales and profits of 1H are now expected to exceed our previous forecasts, Forex FY3/22 FY3/23 FY3/23 Previous Revised due to a better-than-expected recovery in China after relaxation of lockdowns. Rate Results Forecast Forecast RMB 17.0
Slide 14: Reference Information
ove’ YONEX Reference Information
Slide 15: Net Sales (Reported Segments)
Net Sales (Reported Segments) (Million yen) FY3/19 1Q FY3/20 1Q FY3/21 1Q FY3/22 1Q FY3/23 1Q Japan 9,246 9,518 3,353 9,522 11,294 Asia 3,823 3,769 3,428 5,524 10,056 North America 553 590 679 642 1,292 Europe 649 630 639 344 857 Sports Facilities 185 182 98 144 192 Total 14,457 14,690 8,199 16,178
Slide 16: Regional Sales by Destination
Regional Sales by Destination (Million yen) FY3/19 1Q FY3/20 1Q FY3/21 1Q FY3/22 1Q FY3/23 1Q Japan 7,303 7,363 2,352 7,360 8,388 Overseas 7,154 7,327 5,846 8,818 15,306 Asia 5,402 5,651 4,073 7,334 11,620 North America 553 590 679 642 1,292 Europe 1,060 993 1,024 514 1,988 Others 138 92 69 327 405
Slide 17: Forward-looking statements disclaimer and IR contact
Statements made in these materials with respect to plans, strategies and future performances are forward‐looking statements based on information and assumptions available to Yonex when these materials were prepared. Investors are cautioned that various unforeseen factors could cause actual results t