Sankyo Co., Ltd. · TSE:6417
Sankyo — Daiwa Investment Conference Tokyo 2012
39 slides from Sankyo's conference presentation, Mar 8, 2012
Slide 1: Presentation on Daiwa Investment Conference Tokyo 2012
大和 インベストメント カンファレンス 東京 ２０１２ Presentation on 平成２４年3月８日 Daiwa Investment Conference 株式会社ＳＡＮＫＹＯ Tokyo 2012 取締役 副社長執行役員 筒井公久 Kimihisa Tsutsui Director & Senior Executive Vice President 1st Sec. of the TSE #6417 Current Price: ¥3,895 (February 24, 2012) Shares Outstanding: 97.5 million March 8, 2012 at T
Slide 2: Company Overview
CHEST SANKYO > 2 > i= ® > Oo > = © 2. £ 3 oO
Slide 3: Company Overview
会社概要 C Company O Overview i 2 SANKYO CO., LTD. 1st Sec. of the TSE #6417 Development, Manufacture, Development Manufacture and Sales of Pachinko and Pachislot Machines 2 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 ・２ブランド展開 ・沢口靖子さんを起用した企業ＣＭ
Slide 4: 5-year Financial Highlights
最近５年間の業績推移 5 5-year Fi Financial i l Highlights Hi hli h 3 Forecast Consolidated: mill. yen FY 3/2008 FY 3/2009 FY 3/2010 FY 3/2011 FY 3/2012 Net Sales 280,511 187,877 222,673 201,606 160,000 Pachinko Machines 217,955 133,195 180,471 149,876 110,000 Pachislot Machines 40,511 33,598 23,698 30,316 25,
Slide 5: Analyst Coverage
アナリストによるカバレッジ A l Coverage Analyst C 4 Mr. Souichiro Fukuda Mr. Koki Shiraishi Mr. Satoru Kikuchi Mr. Masanori Minami Mr. Yoshihiko Tabei Mr. Takeshi Koyama Source: QUICK Mr. Yuta Sakurai Mr. Masashi Morita Mr. Eiji Maeda
Slide 6: Focused on Game Machine-related Businesses
遊技機関連に特化した事業領域 F Focused d on Game G Machine-related M hi l d Businesses B i 5 S l Composition Sales C ii 売上高比率 10.7% 15.0% 74.3% Pachinko Machines Pachislot Machines Ball Bearing Supply Systems and Others
Slide 7: Prosper with the Pachinko Industry
パチンコ産業と共に発展 P Prosper with i h the h Pachinko P hi k Industry I d 6 2012 2001 1992 1980 1975 CR Fever Wide Powerful Fever Powerful III Fever Open Tulip CR Evangelion E g li 7
Slide 8: 30% of the Leisure Market
余暇市場の３割を占める巨大産業 30% off the h LLeisure i M Market k 7 L i Leisure Market M k 67.9 67 9 trill. ill yen 余暇市場 67.9兆円 Pachinko player population: 19.3 16 7 million 16.7 trill. yen 1 in every 6.3 adults 19.3兆円 パチンコファン数1,670万人 成人の約6 3人に1人 成人の約6.3人に1人 Pachinko Rental Ball Fee Source: Japan Productivity Cen
Slide 9: Structure of Pachinko Industry
パチンコ産業の構造 S Structure off P Pachinko hi k IIndustry d 8 Pachinko Rental Gross Profit Ball Fee パチンコ 貸玉料 of Parlor パーラー粗利益 19.3 trill. yen 3.0 trill. yen 景品 Prize Other Expenses その他経費 （85%） Operating Income 営業利益 （2/3） 遊技機 遊技機の市場規模 購入費用 （１兆円） Cost of Size of Game 粗利益 Machine Machine Market Gross Profit
Slide 10: Size of Pachinko Machine Market
パチンコ機の市場規模 Si off Pachinko Size P hi k Machine M hi Market M k 9 978 900 886 単位：10億円 856 800 Challenging for the time being 当面は厳しい環境 3,173 3,331 3,332 単位：千台 2,900 2,500 Market Size (bn. yen) No. of Sales for Pachinko Machines ((thou. units)) CY2007 2008 2009 2010 2011E Source: Yano Research Institut
Slide 11: Share of Pachinko Machine Market
パチンコ機販売台数シェア Sh Share off P Pachinko hi k Machine M hi Market M k (unit ( i basis) b i ) 10 D i Dominance off top-tier i companies i 上位企業による寡占 17.2% 14.6% 12-13% 29 3% 29.3% 29 8% 29.8% CY 2009 CY 2010 CY 2011E SANKYO Kyoraku Sanyo Sammy Newgin Others Source: Yano Research Institute Ltd.
Slide 12: Size of Pachislot Machine Market
パチンコ機の市場規模 Si off Pachislot Size P hi l Machine M hi Market M k 11 500 単位：10億円 370 Upward trend after hitting 286 bottom in 2009 242 225 ２００９年を底に拡大傾向 1,744 単位：千台 979 1,150 , 913 765 Market Size (bn. yen) No. of Sales for Pachislot Machines ((thou. units)) CY2007 2008 2009 2010 2011E Source: Yano Res
Slide 13: Share of Pachislot Machine Market
パチスロ機販売台数シェア Sh Share off P Pachislot hi l Machine M hi Market M k (unit ( i basis) b i ) 12 I Increasing i dominance d i off top-tier i companies i 上位企業による寡占が進行中 13.6% 11.9% 9-10% 34 7% 34.7% 23 5% 23.5% CY 2009 CY 2010 CY 2011E SANKYO Sammy Daito Universal Yamasa Others Source: Yano Research Insti
Slide 14: Evangelion Bolstered Sales and Profit
「ヱヴァンゲリヲン」が収益を下支え “E “Evangelion” li ” Bolstered B l dSSales l and d Profit P fi 13 N S Net Sales l (mill. ( ill yen)) 280,511 売上高（百万円） 222,673 , 201,606 187 877 187,877 160,000 29% 42% 44% 31% 18% Sales of “Evangelion” series (value) 3/2008 3/2009 3/2010 3/2011 3/2012E
Slide 15: Overview of the First Nine Months of FY 3/2012
２０１２年３月期 第３四半期 総括 Overview of the First Nine Months of FY 3/2012
Slide 16: Business Results for the First Nine Months of FY 3/2012 (Highlights)
２０１２年３月期 第３四半期実績 Business Results for the h Fi First Ni Nine M Months h off FY 3/2012 (Highlights) (Hi hli h ) 15 FY 3/2012 FY 3/2011 million yen 9 Months 9 Months YoY Net Sales 102 201 102,201 151 308 151,308 -49,107 , -32.5% Operating Income 17,274 , 39,725 , -22,451 -56.5% Recurring Income 20,141
Slide 17: Net Sales
連結売上高 N Sales Net S l 16 151,308 -57,613 Pachinko Machines million yen Business +5,744 -146 -49,107 +2,907 Others 102,201 Ball Bearing Pachislot Supply Machines Business Business FY 3/2011 FY 3/2012 1st 9M 1st 9M (Apr-Dec) (Apr-Dec) ２０１１年３月期 ２０１２年３月期 パチンコ機 パチスロ機 補給機器 ３Ｑ累計 その他 ３Ｑ累計 関連事業 関連事業 関連事業 （４月
Slide 18: Sales of Pachinko Machines Business
パチンコ機関連事業売上高 S l off P Sales Pachinko hi k Machines M hi Business B i 17 -3 3,076 076 -3,654 3 654 -44,464 124,931 Sales volume of SANKYO- Unit price of Sales volume brand SANKYO- of Bisty- pachinko brand brand machines pachinko pachinko decreases. machines machines million yen decreases. decreases.
Slide 19: Sales of Pachislot Machines Business
パチスロ機関連事業売上高 S l off Pachislot Sales P hi l Machines M hi Business B i 18 +4,776 4,776 -45 45 +124 124 million yen Sales volume Unit price of Other factors 12,579 +2,907 of Bisty- Bisty-brand brand pachislot 1 605 -1,605 pachislot machines machines decreases. 9,672 -343 increases. Sales volume Unit
Slide 20: Operating Income
連結営業利益 O Operating i Income I 19 -30 30,839 839 39,725 The gross margin of the pachinko machine sales decreases. The gross million yen margin of the +7,608 -3,346 pachislot +216 -22,451 machine sales Sales increases. commission +2 781 +2,781 decreases. R&D expenses Other factors 17 274 17,274 increa
Slide 21: Revision of the Forecast (FY 3/2012)
２０１２年３月期業績予想の修正 R i i off the Revision h Forecast F (FY 3/2012) 20 FY 3/2012 million yen (27-Feb) (13-May) Change Net Sales 160 000 160,000 182 000 182,000 -22,000 , -12.1% Operating Income 33,000 40,000 -7,000 -17.5% 17 5% Recurring Income 37,000 43,000 -6,000 -14.0% Net Income 16,000 26,000 -10,00
Slide 22: Extraordinary Losses Expected to Be Incurred
特別損失の発生 E Extraordinary di Losses L Expected E d to Be B Incurred I d 21 FY 3/2012 million yen (27-Feb) (2-Feb) Change Net Income 16 000 16,000 21 000 21,000 -5,000 , -23.8% Loss on sales of investment securities Approx. Y2,820 million Sold 1,914,200 shares of Gamecard-Joyco Holdings, Inc. Loss on s
Slide 23: Limited Popularity of Models Introduced in 3Q among Players
３Ｑ販売機種に対するファン人気が低迷 Limited Popularity of M d l Introduced Models I d d in i 3Q among Players Pl 22 Sales Units 販売台数 The Story of ayumi hamasaki Evangelion g 7 –Introduction I t d ti Fever Space p Battleship p F Fever Macross M Frontier F ti YAMATO Fever Lucent Pachislot X JAPAN Mumu World DX II Pach
Slide 24: Introduction of Promising Products Postponed to the Next Fiscal Year
有力商品を次期へ先送り Introduction of Promising Products Postponed to the Next Fiscal Year 23 4Q FY 3/2012 FY 3/2013 Prompt decision to release Koda Kumi III Koda Kumi Ⅲの販売を緊急決定 Fever Haouden ZERO Fever Space Battleship YAMATO Fever Koda Kumi III -- Amadeji & Tamashii 7 -- Love Romance 1 Title Evangelion 7 Ev
Slide 25: SANKYO's Ideal Profile
ＳＡＮＫＹＯの目指す姿 SANKYO’ Ideal SANKYO’s Id l P Profile fil 24 Expansion of the Market 市場の拡大 No.1 時価総額 Market Capitalization No.1 No 1 販売シェア Market Share No.1 N 1 ファンの人気 Popularity among Players FY 3/2012
Slide 26: Flying Start of Evangelion 7 Pachinko Machine
パチンコ機「ヱヴァンゲリヲン７」が好発進 Fl i Start Flying S off “Evangelion “E li 7” Pachinko P hi k M Machine hi 25 High hopes for vitalization of the lackluster mid-spec segment Entrenched popularity pop larit of Evangelion E angelion recognized anew 低迷するミドルスペック活性化の期待 「エヴァ」人気の根強さを再認識
Slide 27: Next is SANKYO
次は、ＳＡＮＫＹＯ N Next is i SANKYO 26 Announced New Leadership on February 22 New development structure came “This may be a new idea” into its own Line-up of super-powerful content ２月２２日 新経営体制を発表 新開発体制の真価を発揮 超有力コンテンツのラインアップ “2009: Future Research Team launched”
Slide 28: The Issue is to Expand the Base of Individual Shareholders
個人株主の拡大が課題 The Issue is to Expand the Base of Individual Shareholders 27 Sh h ld Composition Shareholder C ii 株主構成比率 4.1% 19.9% Owners Group オーナーグループ 4.1% 45 1% 45.1% Foreigners 外国法人等 Individuals 個人（オーナーグループを除く） Others その他 26.8% Treasury Stock 自己株式 As of September 30, 2011
Slide 29: Dividend Policy
配当方針 Di id d Policy Dividend P li 28 Di id d per Share Dividends Sh １株当たり配当金の推移 (yen) 3/1992 25 3/1993 / - 3/1995 / 30 No dividend cut since the listing 3/1996 - 3/1997 40 3/1998 50* Commitment to 25% payout ratio 3/1999 - 3/2004 40 3/2005 70 上場以来減配なし 3/2006 - 3/2007 100 公約配当性向は25% 3/2008 - 150 *Not
Slide 30: Share Buyback Policy
自社株買いに関する考え方 Sh Share B Buyback b k Policy P li 29 Sh h ld Composition Shareholder C ii 株主構成比率 Treasury Decide the timing and the Stock amount flexibly Purchase shares from the Owners owners ggroup p as well as from Oth Others Group other shareholders 時期、金額は機動的に判断 オーナー、オーナー以外株主の双方から取得 As of Septembe
Slide 31: Appendix
付属資料 Appendix
Slide 32: Business Results for the First Nine Months of FY 3/2012
２０１２年３月期 第３四半期実績 Business Results for the h Fi First Ni Nine Months M h off FY 3/2012 31 FY 3/2012 FY 3/2011 FY 3/2012 修正予想 Revision of the Forecast 連結：百万円 Consolidated: million yen 9 Months 9 Months YoY 1Q 2Q 3Q (27-Feb) (13-May) Change FY 3/2011 YoY 売上高 Net Sales 102,201 151,308 -49,107 31,641 39,
Slide 33: Pachinko Machines Business
パチンコ機関連事業 P hi k Machines Pachinko M hi Business B i 32 FY 3/2012 FY 3/2011 FY 3/2012 修正予想 Revision of the Forecast 連結：百万円 Consolidated: million yen 9 Months 9 Months YoY 1Q 2Q 3Q (27-Feb) (13-May) Change FY 3/2011 YoY 売上高 Net Sales 67,318 124,931 -57,613 18,135 31,792 17,391 110,000 121,900 -11,900
Slide 34: Pachislot Machines Business
パチスロ機関連事業 P hi l Machines Pachislot M hi Business B i 33 FY 3/2012 FY 3/2011 FY 3/2012 修正予想 Revision of the Forecast 連結：百万円 Consolidated: million yen 9 Months 9 Months YoY 1Q 2Q 3Q (27-Feb) (13-May) Change FY 3/2011 YoY 売上高 Net Sales 12,579 9,672 +2,907 8,388 2,486 1,705 25,000 42,400 -17,400 30,316
Slide 35: Gross Margin/Operating Margin
売上総利益率／営業利益率 G Gross M Margin/Operating i /O i Margin M i 34 FY 3/2012 FY 3/2011 FY 3/2012 修正予想 Revision of the Forecast 連結 Consolidated 9 Months 9 Months YoY 1Q 2Q 3Q (27-Feb) (13-May) Change FY 3/2011 YoY 売上総利益率 Gross Margin 45.7% 51.2% -5.5pt 47.2% 44.3% 45.8% 47.5% 48.4% -0.9pt 49.7% -2.2pt 営業利益
Slide 36: Game Machine Market
遊技機市場 G Game M Machine hi Market M k 35 4,500 パチンコ販売台数 (thousand units) 100 No. of shipped 全日遊連加盟パーラーの状況 全日遊連加盟パ ラ の状況 Pachinko Machines パチンコ設置台数 100 Situation of Parlors that Are Members of Zennichiyuren No. of installed Pachinko Machines 4,000 3,837 パチスロ販売台数 No. of shipped 営業中の店舗数 100 Pachislot Ma
Slide 37: Number of Titles Sold (All Manufacturers)
販売タイトル数推移（全メーカー） N b off Titles Number Ti l Sold S ld (All Manufacturers) M f ) 36 パチンコ機 Pachinko Machines CY2006 126 ・１タイトル当たり販売台数 2010年度：23,966台（2,900千台÷121） 2011年度：23,364台（2,500千台÷107） 2007 128 ・Sales per title 2008 107 CY2010: 23,966 units (2,900,000 units/121) CY2011: 23,364 units (2,500,000 un
Slide 38: Compliance with Format Inspection
型式試験適合状況 C Compliance li with i h Format F Inspection I i 37 パチンコ機 Pachinko Machines Source: Security Electroniccs and Communications Te アレンジ、じゃん球含む including Arrange Ball,Jong-Kyu CY2007 2008 2009 2010 2011 受付 Applicant 530 506 637 658 614 適合 Pass 442 374 537 544 536 不適合 Fail 104 98 134 112 69 SANK
Slide 39: Good luck* Good life
Good luck* Good life" SANGYO