Yonex Co., Ltd. · TSE:7906
Yonex — Q3 FY3/21 Earnings Presentation
24 slides from Yonex's earnings presentation, Feb 9, 2021
Slide 1: Financial Results 3rd Quarter of Fiscal Year Ending March 31, 2021
Financial Results 3rd Quarter of Fiscal Year Ending March 31, 2021 YONEX CO., LTD. (Tokyo Stock Exchange Code: 7906) February 9, 2021
Slide 2: 1Q-3Q Key Performance Highlights
1Q-3Q Key Performance Highlights □Net Sales Declined by23.3% Y/Y to JPY 35.7bn - China recovered to the same level as the previous year. Japan and North America gradually recovered, but the strong negative influence of the COVID-19 pandemic in 1Q could not be offset - Closure or restricted usage of
Slide 3: Impact of COVID-19 upon Net Sales by Reported Segments
Impact of COVID-19 upon Net Sales by Reported Segments 3Q for Consolidated Accounts 2020 Segment Country/Region Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Japan Japan Export & Intermediary Asia China Taiwan North USA America CANADA Europe Germany UK ※Consolidated accounts as of Sep 30, 2020 use
Slide 4: Consolidated Financial Results
Consolidated Financial Results ■Sales and Profits Exceed Our Forecasts Despite the Negative Impact of COVID-19 - Sales gradually recovered due to implementation of small tournaments and sports events as opportunities to play sports and stimulate demand - Gross profit exceeded our estimates due to re
Slide 5: Consolidated Balance Sheets
Consolidated Balance Sheets (Million yen) Mar 31, 2020 Dec 31, 2021 Y/Y Asset Current Assets 33,022 33,381 +358 Cash and Deposits 10,977 11,988 +1,010 Net Cash（End 3Q） 8,736 million yen Notes and Accounts 11,315 10,944 -370 (+474million yen vs end 1H） Receivable-Trade Cashflow from operating Invento
Slide 6: Operating Profit Changes
Operating Profit Changes Influence of Decline in Gross Profit Strong → due to lower sales and production adjustments at domestic factories in 1Q 1,599 Gross profit (Million yen) Negative Impact Positive Impact SGA -3,787（-21.3%） 125 -5,261 （-27.1%） -107 -476 (-10.0%) (-11.3%) -2,593 Personnel (-36.6
Slide 7: Reported Segment Information
Reported Segment Information FY3/20 FY3/21 (Million yen) Y/Y 1Q-3Q 1Q-3Q Net Sales 29,018 19,911 -31.4% Japan Sporting Goods Division Operating Profit 267 -1,376 ― North Net Sales 1,731 1,511 -12.7% America Operating Profit 28 86 +209.2% Net Sales 1,737 1,438 -17.2% Europe Operating Profit -25 -33 ―
Slide 8: Net Sales Change and Forex Impact (Reported Segments)
Net Sales Change and Forex Impact (Reported Segments) Forex Rate* USD EUR GBP RMB TWD FY3/20 1Q-3Q 109.14 122.65 139.04 15.89 3.51 (Million yen) Local Currency Basis Forex Impact FY3/21 1Q-3Q 107.58 120.89 136.78 15.37 3.60 *FY end of overseas subsidiaries is December 46,589 ・ Forex impact was sligh
Slide 9: Net Sales and Operating Profit of Sporting Goods Division: Japan
Net Sales and Operating Profit of Sporting Goods Division (Reported Segments) Japan Net Sales (-31.4% Y/Y) ・Domestic sales: Declined due to the strong impact of 1Q (Million yen) sales decline - People restarted activities after the state of emergency declaration was relaxed in May ▻Provided opportun
Slide 10: Net Sales and Operating Profit of Sporting Goods Division: North America
Net Sales and Operating Profit of Sporting Goods Division (Reported Segments) North America Forex Rate FY3/19 1Q-3Q FY3/20 1Q-3Q FY3/21 1Q-3Q (Million yen) USD 109.60 109.14 107.58 ※Jan-Sep Net Sales (-12.7% Y/Y) ・Tennis sales grew due mainly to strong sales of racquets - Continued attention focused
Slide 11: Net Sales and Operating Profit of Sporting Goods Division: Europe
Net Sales and Operating Profit of Sporting Goods Division (Reported Segments) Europe Forex Rate FY3/19 FY3/20 FY3/21 1Q-3Q 1Q-3Q 1Q-3Q (Million yen) EUR 130.97 122.65 120.89 GBP 148.23 139.04 136.78 Net Sales (-17.2% Y/Y) ※Jan-Sep ・Germany - Continued attention focused upon outdoor sports for abilit
Slide 12: Net Sales and Operating Profit of Sporting Goods Division: Asia
Net Sales and Operating Profit of Sporting Goods Division (Reported Segments) Asia Forex FY3/19 FY3/20 FY3/21 (Million yen) Rate RMB 1Q-3Q 1Q-3Q 1Q-3Q 16.84 15.89 15.37 Net Sales (-8.5% Y/Y) TWD 3.66 3.51 3.60 ・China: Sales, primarily badminton products, recovered to the ※Jan-Sep same level as the p
Slide 13: Consolidated Net Sales by Sports Categories
Consolidated Net Sales by Sports Categories FY3/21 1Q-3Q (Million yen) Sales Japan Y/Y Overseas Y/Y Total Y/Y Composition Badminton 4,737 -2,809 -37.2% 14,296 -4,117 -22.4% 19,034 -6,927 -26.7％ 53.3% （Overseas sales composition: Y/Y) (75.1%: +4.2%pt) Tennis 2,872 -980 -25.5% 1,901 -63 -3.2% 4,774 -1
Slide 14: Forecasts for FY3/21 (Upward Revision)
Forecasts for FY3/21 (Upward Revision) ■ Sales and Profits Exceed Our Forecasts for 1Q-3Q - Sales gradually recovered due to implementation of small tournaments and sports events to provide the opportunity to play sports and stimulate demand - Gross profit exceed our estimates due to recovery in cap
Slide 15: Forecasts for FY3/21 (Upward Revision)
Forecasts for FY3/21 (Upward Revision) FY3/21 FY3/20 FY3/21 (Million yen) Y/Y Revised Y/Y Results Original Forecasts Forecasts*2 Net Sales 61,967 50,000 -19.3％ 51,000 -17.7% Operating Profit 2,421 -900 ― 150 -93.8% (OP Margin) （3.9%） （-1.8%） （-5.7%pt） （0.3％） （-3.6%pt） Ordinary Profit 2,265 -400 ― 75
Slide 16: New Team-Format Badminton: MIX & MATCH Badminton Challenge
New Team-Format Badminton “MIX & MATCH Badminton Challenge” What is MIX & MATCH？ It is a new team-format badminton event spearheaded by “Legends” as part of “The Legends’ Vision” to expand and cultivate the badminton market. People have restarted sports activities gradually, but they have yet to ret
Slide 17: Points of MIX & MATCH Badminton Challenge
Points of MIX & MATCH Badminton Challenge Japan ① Top players, retired players, students and junior players participated in this new team-format. ② Each event will have two captains who will draft teammates from participants. ③ This new format event is different than traditional tournaments and prov
Slide 18: Professional Badminton Tour is Back
Professional Badminton Tour is Back Three Tournaments Held in Bangkok, Thailand in January 2021 These tournaments took place without spectators to prevent COVID-19 spread. All participants, including the Badminton Association of Thailand (BAT), players and staff cooperated with the implementation of
Slide 19: Powerful Performance by Team Yonex's Players in Thailand
Powerful Performance by Team Yonex’s Players in Thailand Team Yonex’s Players Won Each Event of the Tournament ■YONEX Thailand Open: 4 Championships ■TOYOTA Thailand Open: All 5 Championships In singles, Carolina Marin of Spain (left) and Viktor Axelsen of Denmark (right) won double gold medals! ■HS
Slide 20: The 75th Anniversary of Yonex
The 75th Anniversary of Yonex Yonex was Founded 75 Years Ago We launched the 75th ELITE COLLECTION and opened a special website to explain our history to fans all over the world during this commemorative year. We continue to make every effort to further our reach as a global brand with gratitude for
Slide 21: Reference Information
ove’ YONEX Reference Information
Slide 22: Net Sales (Reported Segments)
Net Sales (Reported Segments) (Million yen) FY3/17 FY3/18 FY3/19 FY3/20 FY3/21 1Q-3Q 1Q-3Q 1Q-3Q 1Q-3Q 1Q-3Q Japan 28,545 29,228 28,318 29,018 19,911 North America 1,330 1,497 1,680 1,731 1,511 Europe 1,653 1,788 1,835 1,737 1,438 Asia 13,254 13,242 12,476 13,652 12,488 Sports Facilities 454 443 442
Slide 23: Region Sales by Destination
Region Sales by Destination (Million yen) FY3/17 FY3/18 FY3/19 FY3/20 FY3/21 1Q-3Q 1Q-3Q 1Q-3Q 1Q-3Q 1Q-3Q Japan 22,197 22,844 21,807 21,957 15,732 Overseas 23,041 23,356 22,946 24,632 19,982 North America 1,330 1,497 1,680 1,731 1,511 Europe 2,780 3,012 3,060 2,954 2,447 Asia 18,517 18,388 17,823 1
Slide 24: Forward-looking statements and Investor Relations 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