Yonex Co., Ltd. · TSE:7906
Yonex — Q3 FY3/22 Earnings Presentation
20 slides from Yonex's earnings presentation, Feb 8, 2022
Slide 1: Financial Results 3rd Quarter of Fiscal Year Ending March 31, 2022
Financial Results 3rd Quarter of Fiscal Year Ending March 31, 2022 YONEX CO., LTD. (Tokyo Stock Exchange Code: 7906) February 8, 2022
Slide 2: 1Q-3Q Key Performance Highlights
1Q-3Q Key Performance Highlights □Net Sales Increased by 51.1％ Y/Y to JPY 53.9bn ・Sales increased in all segments from FY3/21 3Q when the impact of COVID-19 was severe. ・Significant sales growth in China, on the back of solid sales of badminton products, was a major contributing factor to the strong
Slide 3: Consolidated Income Statement
Consolidated Income Statement ■Sales and Profits Exceed Pre-COVID Levels and Reached Record Highs ・ Gross profit significantly increased due to higher sales in our Japan segment and China subsidiary. ・ Recovery of domestic factory operations because of increased demand contributed to improved gross
Slide 4: Consolidated Balance Sheets
Consolidated Balance Sheets End FY3/22 (Million yen) End FY3/21 Change 3Q Asset Current Assets 34,939 42,453 +7,513 Increase in Cash and Deposits 13,271 17,256 +3,985 Inventory Work in progress and raw Notes and Accounts materials increased due to 11,181 11,789 +608 Receivable-Trade strong sales in
Slide 5: Operating Profit Changes
Operating Profit Changes Significant Influence of Increase in Gross Profit Gross Profit (Million yen) Negative Impact Positive Impact +841 (+19.0%) Personnel +2,927 (+65.2%) Expenses 5,978 Advertising +61 +10,052 Expenses (+7.2%) +369 (+8.7%) （+71.1%） R&D Others Expenses SGA +4,199（+30.0%） 125 FY3/2
Slide 6: Reported Segment Information
Reported Segment Information FY3/21 FY3/22 (Million yen) Y/Y 1Q-3Q 1Q-3Q Net sales 19,911 27,307 +37.1% Japan Sporting Goods Division Operating profit -1,376 1,495 ― Net sales 12,488 22,177 +77.6% Asia Operating profit 1,488 4,116 +176.6% North Net sales 1,511 2,444 +61.7% America Operating profit 8
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 FY3/21 15.37 3.60 107.58 120.89 136.78 1Q-3Q FY3/22 16.77 3.86 108.49 129.82 150.33 1Q-3Q *FY end of overseas subsidiaries is December (1Q-3Q: Jan-Sep) 53,975 +42 +20
Slide 8: Net Sales and Operating Profit of Reported Segments: Japan
Net Sales and Operating Profit of Sporting Goods Division (Reported Segments) Japan (Million yen) Net Sales（+37.1% Y/Y） ・Domestic Sales: Increased 29,018 - The sales recovery in 1Q contributed significantly. 27,307 - Cancellation and postponement of tournaments due to the state of emergency from Jul
Slide 9: Net Sales and Operating Profit of Reported Segments: Asia
Net Sales and Operating Profit of Sporting Goods Division (Reported Segments) Asia Forex FY3/20 FY3/21 FY3/22 (Million yen) Rate RMB 1Q-3Q 1Q-3Q 1Q-3Q 15.89 15.37 16.77 Net Sales（+77.6% Y/Y） TWD 3.51 3.60 3.86 ・China: Sales rose significantly due to strong sales *Jan-Sep of badminton products 22,177
Slide 10: Net Sales and Operating Profit of Reported Segments: North America
Net Sales and Operating Profit of Sporting Goods Division (Reported Segments) North America Forex FY3/20 FY3/21 FY3/22 (Million yen) Rate 1Q-3Q 1Q-3Q 1Q-3Q USD 109.14 107.58 108.49 *Jan-Sep Net Sales（+61.7% Y/Y) ・Sales of badminton products are on a recovery trend - Restrictions and closure of indoo
Slide 11: Net Sales and Operating Profit of Reported Segments: Europe
Net Sales and Operating Profit of Sporting Goods Division (Reported Segments) Europe Forex FY3/20 FY3/21 FY3/22 (Million yen) Rate 1Q-3Q 1Q-3Q 1Q-3Q EUR 122.65 120.89 129.82 GBP 139.04 136.78 150.33 *Jan-Sep Net Sales（+13.9% Y/Y） ・Sales of tennis products, mainly racquets, were solid. ・Sales of badm
Slide 12: Consolidated Net Sales by Sports Categories
Consolidated Net Sales by Sports Categories FY3/22 1Q-3Q Sales (Million yen) Japan Y/Y Overseas Y/Y Total Y/Y Composition Badminton Sporting Goods Division Overseas sales composition: Y/Y 6,334 +1,596 +33.7% 24,354 +10,058 +70.4% 30,689 +11,655 +61.2% 56.9% (79.4%: +4.3%pt) Tennis 4,491 +1,618 +56.3
Slide 13: Consolidated Earnings Forecasts for FY3/22
Consolidated Earnings Forecasts for FY3/22 （Upward Revision) FY3/21 FY3/22 Net Sales Forex Rate Results Forecast RMB 15.47 17.0 - Sales were stronger than expected in China. TWD 3.61 3.8 - Domestic sales recovery is still delayed, but sales are expected to exceed our previous USD 106.81 115 cautious
Slide 14: Japan: Demand Stimulation Initiatives
Japan: Demand Stimulation Initiatives Joint sports event “Yonex Sports Challenge” ・Held at 4 different locations in Osaka and Nagoya during November and December. (Total participants: 1,321) ・Participants of all ages and all skill levels can try various sports. Badminton Soft Tennis ↑Sports class fo
Slide 15: Tennis Australian Open: Team Yonex Wins Trophies!
Tennis Australian Open： Team Yonex Wins 7 Trophies! ＜Team Yonex Winners＞ Men’s Doubles Nick Kyrgios & Thanasi Kokkinakis Australia ■ No.2 racquet usage rate among the singles finalists Junior Girls’ Singles Petra Marcinko Croatia （57/256 players） *Yonex Data Junior Girls’ Doubles Diana Shnaider Russ
Slide 16: Tennis Australian Open: Environmental Efforts
Tennis Australian Open： Environmental Efforts Reduce Plastic Use Sustainable Materials Used in Stringing Service for Players’ Wear Yonex Stringing Team became the Official Stringer of the Australian Open for the 7 th straight year from 2016. Our team strung a record number of 7,392 racquets. Players
Slide 17: Reference Information
ove’ YONEX Reference Information
Slide 18: Net Sales (Reported Segments)
Net Sales (Reported Segments) (Million yen) FY3/18 FY3/19 FY3/20 FY3/21 FY3/22 1Q-3Q 1Q-3Q 1Q-3Q 1Q-3Q 1Q-3Q Japan 29,228 28,318 29,018 19,911 27,307 Asia 13,242 12,476 13,652 12,488 22,177 North America 1,497 1,680 1,731 1,511 2,444 Europe 1,788 1,835 1,737 1,438 1,638 Sports Facilities 443 442 449
Slide 19: Regional Sales by Destination
Regional Sales by Destination (Million yen) FY3/18 FY3/19 FY3/20 FY3/21 FY3/22 1Q-3Q 1Q-3Q 1Q-3Q 1Q-3Q 1Q-3Q Japan 22,844 21,807 21,957 15,732 20,447 Overseas 23,356 22,946 24,632 19,982 33,528 Asia 18,388 17,823 19,462 15,654 27,529 North America 1,497 1,680 1,731 1,511 2,444 Europe 3,012 3,060 2,9
Slide 20: 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