Valuecommerce Co., Ltd. · TSE:2491

Valuecommerce — FY2007 Earnings Presentation

48 slides from Valuecommerce's earnings presentation, February 2008

  1. Slide 1: Copyright © 2008, ValueCommerce Co., Ltd.

    Copyright © 2008, ValueCommerce Co., Ltd.

  2. Slide 2: Copyright © 2008, ValueCommerce Co., Ltd.

    Copyright © 2008, ValueCommerce Co., Ltd. 1

  3. Slide 3: Copyright © 2008, ValueCommerce Co., Ltd.

    Copyright © 2008, ValueCommerce Co., Ltd. 2

  4. Slide 4: FY2007 results summary

    2007 12 2006 12 5,871 - 110.1% 5,331 - 2,509 42.7% 83.0% 3,024 56.7% 2,309 39.3% 93.0% 2,482 46.6% 200 3.4% 37.0% 541 10.1% 214 3.6% 42.4% 507 9.5% 12 0.2% 2.3% 547 10.2% 2007 12 2006 12 2,363 40.2% 97.6% 2,420 45.4% 2,659 45.3% 103.9% 2,558 48.0% 849 14.5% 240.5% 353 6.6% 5,871 100.0% 110.1% 5,331

  5. Slide 5: Results versus forecast

    5,871 5,500 ~ 6,100 200 30 ~ 290 214 40 ~ 300 12 180 ~ 70 Copyright © 2008, ValueCommerce Co., Ltd. 4

  6. Slide 6: Copyright © 2008, ValueCommerce Co., Ltd.

    3,875 4,147 272 2,820 3,063 243 1,058 744 +314 4,934 4,891 +43 982 984 2 218 198 +20 3,733 3,708 +25 Copyright © 2008, ValueCommerce Co., Ltd. 5

  7. Slide 7: Copyright © 2008, ValueCommerce Co., Ltd.

    288 527 239 550 319 231 18 1,740 1,722 243 1,948 2,191 3,063 1,115 +1,948 2,820 3,063 243 Copyright © 2008, ValueCommerce Co., Ltd. 6

  8. Slide 8: Q4 results

    06 Q4 07 Q4 07 Q3 1,372 - 1,535 - 111.9% 93.6% 1,640 - 679 49.5% 611 39.8% 90.0% 94.4% 647 39.5% 26 1.9% 57 3.7% - 79.2% 72 4.4% 22 1.6% 56 3.6% - 70.9% 79 4.8% 33 2.4% 47 3.1% 142.4% 50.0% 94 5.7% 1,535 - 1,372 - 111.9% 1,640 - 93.6% 598 39.0% 618 45.1% 96.8% 620 37.8% 96.5% 679 44.2% 688 50.1% 98.

  9. Slide 9: Annual sales trend

    7,000 700 6,000 5,871 600 547 5,331 507 5,000 500 4,049 4,000 400 3,000 2,837 300 231 209 214 1,914 2,000 180 174 200 1,000 100 13 12 10 0 0 2003 2004 2005 2006 2007 Copyright © 2008, ValueCommerce Co., Ltd. 8

  10. Slide 10: Copyright © 2008, ValueCommerce Co., Ltd.

    7000 5,871 5,331 4,049 3500 2,837 1,914 0 2003 2004 2005 2006 2007 Copyright © 2008, ValueCommerce Co., Ltd. 9

  11. Slide 11: Copyright © 2008, ValueCommerce Co., Ltd.

    10000 9,145 8,890 7500 6,992 5,871 5,331 4,897 5000 4,049 3,484 2,837 2500 1,914 0 2003 2004 2005 2006 2007 Copyright © 2008, ValueCommerce Co., Ltd. 10

  12. Slide 12: Quarterly sales and margin

    1,800 100 7.4 5.1 4.8 9.2 9.1 1,640 14.0 16.8 16.8 1,535 276 1,425 80 1,372 258 1,343 1,310 1,305 66 199 68 1,270 45.1 97 45.7 122 45.6 44.7 1,200 116 45.3 40.6 37.8 39.0 60 620 614 618 598 595 578 593 567 40 600 47.0 49.2 50.1 45.5 46.2 45.4 45.4 44.2 688 745 20 661 647 679 595 614 587 0 0 2006 Q2

  13. Slide 13: Copyright © 2008, ValueCommerce Co., Ltd.

    2,000 80 63.9 1,640 1,535 1,500 58.6 60 55.0 1,425 1,372 1,310 1,305 49.4 1,270 1,343 48.5 44.5 39.5 39.8 1,000 40 838 766 739 679 634 647 616 611 500 20 0 0 Copyright © 2008, ValueCommerce Co., Ltd. 12

  14. Slide 14: Copyright © 2008, ValueCommerce Co., Ltd.

    3,000 40 36.9 34.3 33.3 2,502 2,500 31.2 2,322 2,268 2,230 2,246 2,216 29.6 2,176 30 2,075 28.2 26.3 2,000 25.9 1,500 20 1,000 838 766 739 679 634 647 10 616 611 500 0 0 Copyright © 2008, ValueCommerce Co., Ltd. 13

  15. Slide 15: Q1-Q4) Q1-Q4 Copyright © 2008, ValueCommerce Co., Ltd.

    2007 2006 Q1-Q4 Q1-Q4) 3,361 2,307 145.7% 1,800 1,526 118.0% 378 216 175.0% 765 233 328.3% 418 332 125.9% 2,309 2,483 93.0% 1,433 1,563 91.7% 213 234 21 876 920 95.2% Copyright © 2008, ValueCommerce Co., Ltd. 14

  16. Slide 16: Sozon 06Q1 Q2

    1,200 100% 10.4% 12.3% 13.8% 11.6% 13.7% 15.0% 13.0% 19.5% Sozon 993 924 10.8% 11.9% 7.9% 103 14.7% 900 75% 10.2% 22.8% 26.4% 24.6% 114 6.7% 10.3% 13.6% 791 5.1% 11.0% 103 262 692 10.1% 653 227 11.4% 12.2% 604 95 600 98 180 50% 538 70 55 113 472 96 113 74 72 94 80 92 58 62 72 36 65.3% 68.8% 66.2% 64

  17. Slide 17: 2006Q1 Q2 Q3

    1,200 70 60.5 60.2 60 55.4 993 50.4 51.4 924 44.9 50 51.6 44.4 45.0 47.8 45.2 790 41.2 40.0 40 36.0 692 706 35.1 36.1 600 653 604 607 608 588 576 554 571 30 581 538 472 20 10 0 0 2006Q1 Q2 Q3 Q4 2007Q1 Q2 Q3 Q4 Copyright © 2008, ValueCommerce Co., Ltd. 16

  18. Slide 18: 2006Q1 Q2 Q3

    300 25 257 250 240 20 198 200 179 15 163 150 131 10 100 100 81 72 62 57 55 5 50 16 22 9 0 0 -26 -50 -5 2006Q1 Q2 Q3 Q4 2007Q1 Q2 Q3 Q4 257 179 131 -26 9 62 72 57 240 198 163 16 22 81 100 55 19.6 13.7 9.8 -1.9 0.7 4.3 2.9 3.7 20.4 16.3 12.7 1.2 1.9 6.6 6.8 4.3 Copyright © 2008, ValueCommerce Co., Ltd

  19. Slide 19: 2006Q1 Q2 Q3

    300 15 12 200 9 6 100 3 0 0 2006Q1 Q2 Q3 Q4 2007Q1 Q2 Q3 Q4 2,268 2,230 2,216 2,176 2,075 2,246 2,502 2,322 163 165 179 194 187 183 182 183 22 37 40 40 29 26 27 30 12.3 11.0 10.1 9.3 9.6 10.7 12.0 10.9 Copyright © 2008, ValueCommerce Co., Ltd. 18

  20. Slide 20: Copyright © 2008, ValueCommerce Co., Ltd.

    Copyright © 2008, ValueCommerce Co., Ltd. 19

  21. Slide 21: Copyright © 2008, ValueCommerce Co., Ltd.

           Copyright © 2008, ValueCommerce Co., Ltd. 20

  22. Slide 22: Copyright © 2008, ValueCommerce Co., Ltd.

       ” ”              Copyright © 2008, ValueCommerce Co., Ltd. 21

  23. Slide 23: 2006 Q1 Q2 Q3

    3,000 60 52 54 54 53 51 2,400 2,339 50 2,118 2,066 45 2,000 43 1,870 40 41 1,569 1,515 30 1,315 1,000 20 10 0 0 2006 Q1 Q2 Q3 Q4 2007 Q1 Q2 Q3 Q4 1,084 1,150 1,097 1,160 1,137 1,189 1,178 1,117 140 139 118 110 122 102 100 108 86 85 84 82 104 101 107 123 5 5 6 10 5 9 10 10 (5) 190 210 508 698 999 944

  24. Slide 24: CPC and CPA mix

    600,000 100% 534,000 498,000 461,000 450,000 75% 404,000 359,000 85.3% 91.3% 317,000 50% 300,000 165,000 173,000 25% 150,000 14.7% 8.7% 0% 2006 2007 0 2006 Q1 Q2 Q3 Q4 2007 Q1 Q2 Q3 Q4 CPC CPA Copyright © 2008, ValueCommerce Co., Ltd. 23

  25. Slide 25: ASP

    ASP 1,500 1,432 1,314 1,350 1,324 1,307 1,308 1,305 1,245 1,000 500 0 06Q1 Q2 Q3 Q4 07Q1 Q2 Q3 Q4 Copyright © 2008, ValueCommerce Co., Ltd. 24

  26. Slide 26: 06Q1 Q2 Q3

    100% 100% 90% 25.9% 23.5% 25.3% 25.6% 30.6% 32.0% 32.1% 33.9% 80% 38.5% 42.8% 46.2% 75% 49.3% 53.6% 50.9% 54.0% 55.9% 70% 60% 50% 50% 40% 74.1% 76.5% 74.7% 74.4% 69.4% 68.0% 67.9% 66.1% 30% 61.5% 57.2% 53.8% 25% 50.7% 49.1% 46.4% 46.0% 44.1% 20% 10% 0% 0% 06Q1 Q2 Q3 Q4 07Q1 Q2 Q3 Q4 06Q1 Q2 Q3 Q4 07

  27. Slide 27: Transaction number 30-day average

    20 02 /1 (#) 10000 20000 30000 40000 0 0/ 29 20 03 /1 /2 7 20 03 /4 /2 7 20 03 /7 /2 20 6 03 /1 0 /2 5 20 30days Average 04 /1 /2 3 20 04 /4 /2 2 20 04 /7 /2 20 1 04 /1 0/ 19 20 05 /1 / 16 20 05 /4 (30days Average) /1 6 20 05 /7 /1 14 5 -1 0- 20 05 12 -0 1- 20 06 20 06 /4 Transaction Number - 30days

  28. Slide 28: 06Q1 Q2 Q3

    100.0% 1.8% 2.2% 2.8% 2.4% 1.5% 1.3% 1.3% 1.2% 1.2% 1.5% 0.8% 1.6% 2.2% 1.9% 2.2% 2.0% 2.5% 2.0% 2.0% 3.8% 2.1% 2.4% 4.8% 3.1% 3.8% 3.0% 3.4% 3.6% 3.4% 3.2% 3.2% 4.2% 4.3% 4.4% 4.0% 6.8% 5.1% 4.7% 9.3% 5.2% 5.5% 6.5% 6.0% 4.1% 5.5% 5.6% 4.8% 5.4% 4.8% 4.7% 4.2% 5.7% 75.0% 6.3% 5.2% 7.2% 9.2% 8.9% 8.

  29. Slide 29: CPA

    CPA 2005 CPA 2005 1 1.5 1.46 898K 1.4 1.3 1.2 CPA 1.1 1 0.9 0.8 452K 0.7 0.6 0.5 Copyright © 2008, ValueCommerce Co., Ltd. 28

  30. Slide 30: 06Q1 Q2 Q3

    30,000 20,000 10,000 0 06Q1 Q2 Q3 Q4 07Q1 Q2 Q3 Q4 Copyright © 2008, ValueCommerce Co., Ltd. 29

  31. Slide 31: Q2 Q3 Q4

    06Q1 Q2 Q3 Q4 07Q1 Q2 Q3 Q4 0.5% 33.8% 36.1% 36.7% 36.5% 34.2% 35.0% 33.2% 38.0% 2.1% (24.5%) (24.3%) (31.5%) (31.3%) (28.8%) (27.7%) (26.9%) (30.0%) 3.1%2.5% (73.9%) (82.9%) (87.3%) (86.7%) (84.5%) (78.2%) (81.1%) (78.9%) 3.6% 2.5%2.1% 13.9% 13.8% 12.0% 13.1% 15.9% 18.8% 20.1% 14.5% 4.8% 4.1% 7.6%

  32. Slide 32: ASP

    3,000 400 ASP 2,500 300 2,000 200 1,500 1,000 100 Copyright © 2008, ValueCommerce Co., Ltd. 31

  33. Slide 33: Copyright © 2008, ValueCommerce Co., Ltd.

    Copyright © 2008, ValueCommerce Co., Ltd. 32

  34. Slide 34: Copyright © 2008, ValueCommerce Co., Ltd.

    Copyright © 2008, ValueCommerce Co., Ltd. 33

  35. Slide 35: iTarget, iTrack

    x x 30% * iTarget * iTrack Copyright © 2008, ValueCommerce Co., Ltd. 34

  36. Slide 36: 2007, © Impress R&D, 2007 Copyright © 2008, ValueCommerce Co., Ltd.

    - - , 12.7% , , 26.6% 5.9% , 33.3% , , 37.9% 4.4% , , 10.2% 40.20% , 28.8% 2007, © Impress R&D, 2007 , , 17.8% 13.2% , 61.3% , , 45.9% 20.9% , 40.9% 2008 , 2008 , Copyright © 2008, ValueCommerce Co., Ltd. 35

  37. Slide 37: e 2007, © Impress R&D, 2007 Copyright © 2008, ValueCommerce Co., Ltd.

    - - 2008 56% 50% 26% 23% 23% 15% 14% 11% 0.0% 25.0% 50.0% 75.0% 100.0% e , , 1.0% 7.2% , , 2.0% , 10.0% , 8.0% 18.1% , 4.0% , , 78.0% 7.0% , 64.7% 2008 2007, © Impress R&D, 2007 Copyright © 2008, ValueCommerce Co., Ltd. 36

  38. Slide 38: Copyright © 2008, ValueCommerce Co., Ltd.

    150,000 350% 132,540 300% 120,000 110,300 250% 90,100 90,000 200% 69,790 150% 60,000 51,700 100% 33,750 30,000 18,050 50% 0 0% 2004 2005 2006 2007 2008 2009 2010 2,850 7,110 15,020 22,900 31,600 40,100 49,700 15,200 26,640 36,680 46,890 58,500 70,200 82,840 335.0% 149.5% 111.3% 52.5% 38.0% 26.9% 23.

  39. Slide 39: API

     API   Copyright © 2008, ValueCommerce Co., Ltd. 38

  40. Slide 40: Copyright © 2008, ValueCommerce Co., Ltd.

          Copyright © 2008, ValueCommerce Co., Ltd. 39

  41. Slide 41: Cashing

    JP21 2007 11 2008 12 * - Cashing - - - - - 1999 7 - - URL Cashing http://cashing-meta.search.jp/ http://kabu.it-japan.net/ Copyright © 2008, ValueCommerce Co., Ltd. 40

  42. Slide 42: Copyright © 2008, ValueCommerce Co., Ltd.

    Copyright © 2008, ValueCommerce Co., Ltd. 41

  43. Slide 43: 2008 forecast

    2008 12 3,100 3,400 6,600 7,400 2,500 2,800 5,400 6,100 42 27 17 270 43 26 4 260 77 8 30 225 36 33 20 270 78 10 95 155 38 31 50 200 2,695 5,871 2,385 5,033 71 200 104 258 79 214 113 276 128 12 101 13 Copyright © 2008, ValueCommerce Co., Ltd. 42

  44. Slide 44: Sales outlook 2008

    12,000 10,000 9,145 8,890 8,000 6,992 6,600 7,400 6,000 5,871 5,331 4,897 4,049 4,000 3,484 2,837 2,000 1,914 0 2003 2004 2005 2006 2007 2008 Copyright © 2008, ValueCommerce Co., Ltd. 43

  45. Slide 45: Appendix

    Copyright © 2008, ValueCommerce Co., Ltd. 44

  46. Slide 46: Consolidated income statement

    2006 2007 5,871 - 110.1% 5,331 - 2,307 57.3% 145.7% 43.3% 3,361 3,024 56.7% 2,509 42.7% 83.0% 2,482 46.6% 2,309 39.3% 93.0% 541 3.4% 37.0% 10.1% 200 507 9.5% 214 3.7% 42.2% 28 0.5% 18 0.3% 64.3% 293 5.5% 39 0.7% 13.3% 241 4.5% 193 3.3% 80.0% 6 - 5 - - 310 - 181 - - - - - 1 5 547 10.2% 12 0.2% 2.2% C

  47. Slide 47: Non-consolidated income statement

    2006 2007 5,033 - 101.3% 4,966 - 2,064 41.5% 2,599 51.6% 125.9% 2,902 58.5% 2,434 48.4% 83.9% 2,283 46.0% 2,176 43.3% 95.3% 5.1% 41.7% 619 12.5% 258 571 11.5% 274 5.5% 48.0% 93 1.8% 16 0.3% 17.2% 7.2% 1.9% 26.0% 357 93 307 6.1% 197 3.9% 64.2% 2 - 4 - - - - - 312 181 617 12.4% 11 0.2% 1.8% Copyright

  48. Slide 48: Investor relations contact

    Phone: 03 4590 3742 Fax: 03 4590 3888 E-mail: investor_relations valuecommerce.co.jp Copyright © 2008, ValueCommerce Co., Ltd. 47

ValueCommerce — FY2007 Earnings Presentation on 6ix