Vt Holdings Co., Ltd. · TSE:7593
Vt — 1H FY3/2024 Earnings Presentation
30 slides from Vt's earnings presentation, Nov 21, 2023
Slide 1: 1H 3/2024 Financial Results Presentation
1H 3/2024 Financial Results Presentation VT HOLDINGS Co., LTD. November 21, 2023 Market: TSE Prime Market; Nagoya SE Premier Market (Code:7593) ©2023 VT HOLDINGS CO., LTD
Slide 2: 1H 3/2024: Summary of Results
1H 3/2024: Summary of Results ＶＴ ＨＯＬＤＩＮＧＳ ⚫ Revenues increased +14.6%YoY ✓ In the Auto Sales-related Business, an easing in the shortage of semiconductors and other parts led to auto manufacturer production recovery, and robust new car sales growth. ✓ The total number of cars sold was 44,102, almost
Slide 3: 1H 3/2024: Consolidated operating results
1H 3/2024: Consolidated operating results ＶＴ ＨＯＬＤＩＮＧＳ Revenues broke the record for all-time 1H highs. Revenue (left legend) Operating profit (right legend) Profit before tax (right legend) Net profit (right legend) (Billion JPY) YoY Sales +Y18.5bn (+14.6%) (Billion JPY) 1,500 150 OP -Y120m (-2.1%)
Slide 4: New Car Orders by Region
New Car Orders by Region ＶＴ ＨＯＬＤＩＮＧＳ Our backlog shrank due to auto manufacturer production recovery as semiconductor and other parts shortages ease. * Including motorcycles 受注（左軸） Orders (left legend) 登録(売上）(左軸） 受注残（右軸） Registrations (Sales) (left legend) * YoY figures in brackets Backlog (right le
Slide 5: 1H 3/2024: Sales by Region
1H 3/2024: Sales by Region ＶＴ ＨＯＬＤＩＮＧＳ Both domestic and overseas sales saw robust growth, maintaining the proportion of overseas sales largely flat YoY. Overseas Sales % Sales by Region (Million JPY) 44.3% 43.2% Overseas 40.6% 145,047 37.2% 36.1% Domestic 126,549 115,816 62,606 106,407 (+11.7%) 1H
Slide 6: 1H 3/2024: Cars Sold
1H 3/2024: Cars Sold ＶＴ ＨＯＬＤＩＮＧＳ There was robust growth in new vehicles sold overseas, but the number of used cars declined YoY. Used Car Sales (units) （台） Cars Sold Domestic Used (Million JPY) 814 New 21,469 Export 21,094 -677 Overseas -512 49,748 47,325 44,200 44,102 -375 (-1.8%) 40,343 26,753 1H
Slide 7: Number of New/Used Car Registrations
Number of New/Used Car Registrations ＶＴ ＨＯＬＤＩＮＧＳ Despite temporary fluctuations due to economic changes, tax reforms, government subsidies, etc., registrations are on a long-term decline (decline since 2001: new cars -26%; used cars -23%). (10,000 units) 【Domestic New/Used Car Registrations】 900 600
Slide 8: Number of Owned Cars
Number of Owned Cars ＶＴ ＨＯＬＤＩＮＧＳ The number of owned cars is on a slight rise (increase since 2001: +18%) as drivers own cars for longer, positively impacting our stock business that relies on owned cars for sales. (10,000 units) Domestic Owned Cars (Years) 【Domestic Owned Cars】 乗用車保有台数 Number of Ow
Slide 9: 1H 3/2024: Sales by Business
1H 3/2024: Sales by Business ＶＴ ＨＯＬＤＩＮＧＳ New cars sold well in the Auto Sales-related Business. We acquired Kawasaki Housing in October 2022, which contributed to the Housing-related Business. 1H Sales by Business (Million JPY) Other Housing Rent-a-Car 145,047 Service 11,589 Used Cars 126,549 7,302
Slide 10: 1H 3/2024: Gross profit by Business
1H 3/2024: Gross profit by Business ＶＴ ＨＯＬＤＩＮＧＳ Although new car sales were robust in the Auto Sales-related Business, used car GP declined due to the falling used car market. 1H Gross profit by Business (Million JPY) Other Housing Rent-a-Car Service 23,590 Used Cars 2,072 21,206 New Cars 1,688 2,45
Slide 11: Balance Sheet at the End of the 2Q 3/2024
Balance Sheet at the End of the 2Q 3/2024 ＶＴ ＨＯＬＤＩＮＧＳ Total assets increased +Y28.3bn from FY 3/23. (Owing to the increase in inventories, largely for new cars; the increase in fixed assets from new store construction; the increase in other financial assets from the market value of shareholdings, et
Slide 12: Real Interest-Bearing Debt and Others
Real Interest-Bearing Debt and Others ＶＴ ＨＯＬＤＩＮＧＳ Interest-bearing debt increased due to group expansion, capital expenditures and higher inventories, and net DE ratio increased from the end of the previous period. 【Real Real Interest-Bearing Interest-Bearing Debt Debt】 Current 【Current ratio/ /Fixe
Slide 13: 1H 3/2024: Cash Flow
1H 3/2024: Cash Flow ＶＴ ＨＯＬＤＩＮＧＳ FCF was negative due to expenditures for acquisition of property, plant and equipment and increase in inventories due to normalization of inventories following recovery of production by automakers resulting in increase in CF from financing activities. We aim for stab
Slide 14: TOPICS Fuji Motoren
TOPICS Fuji Motoren ＶＴ ＨＯＬＤＩＮＧＳ We made Fuji Motoren a 100% owned subsidiary in July 2023. Company Name: Fuji Motoren Co., Ltd. HQ: Hamamatsu City, Shizuoka Stores: 2 for new cars; 1 for used Representative: Yoshihiro Takeuchi Founded: April 1998 Principal Businesses: Sale of BMWs; vehicle maintenan
Slide 15: TOPICS Caterham
TOPICS Caterham ＶＴ ＨＯＬＤＩＮＧＳ NEW: Caterham’s concept EVs, ‘EV Seven’ and ‘Project V’ As first steps towards complete electrification of its lineup, our UK subsidiary, Caterham, has combined its existing ‘Seven’ architecture with state-of-the-art battery technology to create a lightweight concept car,
Slide 16: FY 3/2024 Earnings Forecast
FY 3/2024 Earnings Forecast ＶＴ ＨＯＬＤＩＮＧＳ With auto manufacturer production recovery ongoing, we expect our highest-ever FY revenue and operating profit. *FY 3/22 PBT and NP included Other OP from the sale of some KeePer Technical Laboratory shares. *FY 3/23 OP and NP included gain on negative goodwil
Slide 17: Sales/OP Since Listing
Sales/OP Since Listing ＶＴ ＨＯＬＤＩＮＧＳ 3500 Results IFRS 300 Revenue Operating profit (Billion JPY) 3000 Sales All-Time 300 250 High 266.3 We have continually engaged in M&A to 37x IPO Level 2500 the extent our operating cash flows 237.9 200 218.6 allow, aiming for business growth that 207.4 202.1 balan
Slide 18: Regarding Our Dividend Policy
Regarding Our Dividend Policy ＶＴ ＨＯＬＤＩＮＧＳ We plan to raise our ordinary dividend +Y2 from Y22 in FY 3/23 to Y24 in FY 3/24. Dividend Per Share Special/Commemorative Dividend (JPY) Year-end Dividend 112.9% Interim Dividend 87.8% 100% Payout Ratio 24.00 23.50 51.8% 56.2% 45.2% 49.3% 22.00 1.00 35.5% 1
Slide 19: (Reference) Company Overview
(Reference) Company Overview ＶＴ ＨＯＬＤＩＮＧＳ (As of Sept 2023) Company Name VT HOLDINGS CO., LTD. Head Office 10-32, Nishiki 3-chome, Naka-ku, Nagoya-shi, Aichi; 460-0003 Founded March 1983 (previously Honda Verno Tokai) Representative Kazuho Takahashi, Representative Director Capital Y4.2973bn Issued S
Slide 20: (Reference) Group Employees
(Reference) Group Employees ＶＴ ＨＯＬＤＩＮＧＳ (As of Sept 2023) Division Region Company Name Employees *1 Temporary Employees *1 Total Employees Honda Cars TOKAI 416 26 442 NAGANO NISSAN AUTO 437 22 459 SHIZUOKA NISSAN AUTO 317 29 346 MIKAWA NISSAN AUTO 207 16 223 NISSAN SATIO SAITAMA 218 5 223 NISSAN SAT
Slide 21: (Reference) Number of Auto Sales Stores
(Reference) Number of Auto Sales Stores ＶＴ ＨＯＬＤＩＮＧＳ (As of Sept 2023) Category Company Name Brand New Used Total Honda Cars TOKAI HONDA 33 1 34 NAGANO NISSAN AUTO NISSAN 31 1 32 SHIZUOKA NISSAN AUTO NISSAN 25 5 30 MIKAWA NISSAN AUTO NISSAN 11 - 11 NISSAN *1 NISSAN SATIO SAITAMA 17 2 19 Automobile NI
Slide 22: (Reference) Businesses and Major Subsidiaries
(Reference) Businesses and Major Subsidiaries ＶＴ ＨＯＬＤＩＮＧＳ (As of Sept 2023) - Auto Sales-related Business - Automobile dealer Overseas Honda Cars TOKAI Motoren Shizuoka GRIFFIN MILL GROUP * NAGANO NISSAN AUTO Fuji Motoren WESSEX GARAGES HOLDINGS SHIZUOKA NISSAN AUTO Motoren Mikawa MASTER AUTOMOCION
Slide 23: (Reference) Automobile dealer (Domestic)
(Reference) Automobile dealer (Domestic) ＶＴ ＨＯＬＤＩＮＧＳ Automobile dealer (Domestic) Motoren Shizuoka Sales Y5bn Business area : Central and eastern Shizuoka Honda Cars TOKAI Sales Y26.4bn BMW dealers. 3 New car dealers, 2 used car dealers Business area : Aichi; Gifu HONDA dealers. Fuji Motoren Acquire
Slide 24: (Reference) Automobile dealer (Overseas)
(Reference) Automobile dealer (Overseas) ＶＴ ＨＯＬＤＩＮＧＳ Automobile dealer (Overseas) *1 GRIFFIN MILL GROUP Business area：United Kingdom PEUGEOT/KIA/FIAT/ABARTH/NISSAN/RENAULT/DACIA dealers. 7 New car dealers WESSEX GARAGES HOLDINGS Business area：United Kingdom NISSAN/KIA/MAZDA/ORA/HYUNDAI dealers. 12 N
Slide 25: (Reference) Imported car
(Reference) Imported car ＶＴ ＨＯＬＤＩＮＧＳ LOTUS Imported car LCI Business area：Japan LOTUS Importer and dealers. 2 direct outlets ROYAL ENFIELD PCI Business area：Japan ROYAL ENFIELD/NORTON/MUTT MORTORCYCLES/ITALMOTO dealers FORD/SAAB auto parts dealers NORTON MUTT SCI Business area：Japan CATERHAM CARS/KT
Slide 26: (Reference) Car manufacturer
(Reference) Car manufacturer ＶＴ ＨＯＬＤＩＮＧＳ Car manufacturer CATERHAM CARS GROUP A Group company manufacturing and selling Caterham ‘Super Seven’ vehicles in the UK The traditional sports car model is niche but receives stable demand, and we are working on improving efficiency and brand value with our
Slide 27: (Reference) Used car exports
(Reference) Used car exports ＶＴ ＨＯＬＤＩＮＧＳ Used Car Export Business TRUST ales: Y10.4bn (FY3/23 Non-consolidated) Exporting used cars from Japan to over 150 countries Europe Used Car Exports Asia America Africa Oceania Securities Code: 3347 TSE Standard Market ©2023 VT HOLDINGS CO., LTD 26
Slide 28: (Reference) Rent-a-car business
(Reference) Rent-a-car business ＶＴ ＨＯＬＤＩＮＧＳ Rent-a-car business J-net Rental & Lease Sales Y15.6bn (FY3/23) J-net Rent-a-Car Total 121 offices (Sept 2023) Direct 56 Franchise 65 #6 Domestically By Number of Rent-a-Car Vehicles 1. TOYOTA Rent a Car 130,316 2. ORIX Rent a Car 68,590 3. Nippon Rent-A-C
Slide 29: (Reference) Housing related business
(Reference) Housing related business ＶＴ ＨＯＬＤＩＮＧＳ Housing-related Business sales: Commercial building, Bespoke residential approx. 7% of total sales construction Holding company for housing businesses ARCHISH GALLERY Tokyo; Nagoya; Osaka AMG HOLDINGS Securities Code: 8891 Condominium Construction and
Slide 30: Disclaimer and contact
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 2023, in addition to logical assumptions m