Yonex Co., Ltd. · TSE:7906
Yonex — Q1 FY3/25 Earnings Presentation
21 slides from Yonex's earnings presentation, Aug 9, 2024
Slide 1: Financial Results, Fiscal Year Ending March 31, 2025 Q1
Fiscal Year Ending March 31, 2025 Q1 Financial Results Yonex Co., Ltd. Tokyo Stock Exchange Code: 7906 August 9, 2024
Slide 2: Table of Contents
Table of Contents 1. Consolidated Financial Results for FY3/25 Q1 ・・・・・・・・・・・・ 3 2. Segment Overview ・・・・・・・・・・・・・・・・・・・・・・・・・・ 7 3. Forecasts for FY3/25 ・・・・・・・・・・・・・・・・・・・・・・・・・・ 14 4. Topics ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ 15 5. Appendix ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ 17 © 2024 YONEX Co., Lt
Slide 3: Highlights
Highlights Net Sales Operating Profit Net Profit Attributable to owners of parent 31 billion yen 3.3 billion yen 2.7 billion yen YoY YoY YoY +11.0％ +19.6％ +15.4％ ⚫ Sports activity levels remained high, and we implemented grassroots initiatives and strategic communications regarding tournaments that
Slide 4: Consolidated Income Statement
Consolidated Income Statement (Million yen) FY3/24 Q1 FY3/25 Q1 FY3/25 Forecasts* YoY Results Results Margins H1 Full Year Net Sales 27,992 31,067 ― +11.0% 62,500 126,000 （+3,074） Gross Profit 12,255 14,107 45.4％ +15.1% ― ― （+1,852） SGA 9,480 10,788 34.7％ +13.8% ― ― （+1,307） Operating Profit 2,774 3
Slide 5: Factors behind Operating Profit Changes
Factors behind Operating Profit Changes The increase in operating profit was driven by a combination of higher sales and improved gross profit margin mainly in the Japan segment. These gains more than offset the rise in SGA expenses, which included system-related expenditures and other expenses link
Slide 6: Consolidated Balance Sheets
Consolidated Balance Sheets Property, plant and equipment increased primarily due to capital investments in our new tennis factory and new research and development facility (Yonex Performance Innovation Center). ⚫ Assets ⚫ Liabilities (Million yen) End FY3/25 End FY3/25 End FY3/24 Change End FY3/24
Slide 7: Segment Information
Segment Information Our business consists of the Sporting Goods Division, which is divided into the four regional segments of Japan, Asia, North America, and Europe, and the Sports Facilities Division. (Million yen) FY3/25 Q1 Results Related Entities Sales Segment Composition Net Sales Operating Pro
Slide 8: Net Sales Changes and Forex Impact (Reported Segments)
Net Sales Changes and Forex Impact (Reported Segments) The yen depreciated against all major currencies and contributed to an overall increase in consolidated sales. Overall sales in our Japan segment declined prior to factoring in the forex impact but were boosted by the favorable impact of yen dep
Slide 9: Japan Segment
Japan Segment (Million yen) YoY 12,974 13,133 Net Sales 13,133 million yen +1.2 % 11,294 Badminton sales rose on the back of sustained strong demand and increased Domestic sales of Taiwan-made racquets. Despite the favorable performance of new-model soft tennis racquets, tennis sales declined due to
Slide 10: Asia Segment
Asia Segment (Million yen) YoY 14,685 Net Sales 14,685 million yen +23.3 % 11,908 10,056 Demand continued to trend strongly, with badminton product sales experiencing an uptick driven by strong sales of newly launched racquet models. Overall sales China increased thanks also to the favorable impact
Slide 11: North America Segment
North America Segment (Million yen) 1,731 1,627 YoY 1,627 million yen -6.1 % 1,292 Net Sales Badminton activities remained solid, particularly in Canada, where many new badminton clubs have been opening. However, sales declined year-on-year, following the strong performance in the prior year driven
Slide 12: Europe Segment
Europe Segment (Million yen) YoY Net Sales 1,406 million yen +18.0 % 1,406 1,191 Sales of both badminton and tennis increased. Badminton continued to garner 857 attention due to international tournaments. Also, Yonex tennis racquets continued Germany to be appreciated for their performance and recei
Slide 13: Consolidated Net Sales by Sports Categories
Consolidated Net Sales by Sports Categories Badminton sales increased both in Japan and overseas. Tennis sales decreased in Japan but saw an uptick overseas, particularly in Europe and North America. (Million yen) Sporting Goods Division Sports Facilities Division Badminton Tennis Golf Others Japan
Slide 14: Earnings Forecasts for FY3/25 (unchanged)
Earnings Forecasts for FY3/25 (unchanged) We expect to maintain moderate growth and increase revenues and profits, while making investments to achieve mid- to long-term growth in line with our Global Growth Strategy (GGS). ⚫ Assumptions ⚫ Forex Rate (average) (Yen) • Although the external environmen
Slide 15: YONEX OSAKA SHOWROOM: Our First Showroom to Open in the Kansai Region
YONEX OSAKA SHOWROOM: Our First Showroom to Open in the Kansai Region We will open our third showroom worldwide in Osaka, the host city for Expo 2025. As we continue to enhance our global Direct-to-Consumer (DTC) capabilities, the YONEX OSAKA SHOWROOM will offer valuable insight that will help us to
Slide 16: Support for Athletes and International Tournaments
Support for Athletes and International Tournaments We supply equipment and services to both athletes and international tournaments in badminton, tennis, and other sports. ⚫ Supply of Equipment and Services to Tournaments Badminton Official BWF* supplier for shuttlecocks, court mats, nets, poles, str
Slide 17: Appendix
Appendix
Slide 18: Reference: Fiscal Year End for Domestic and Overseas Businesses
Reference: Fiscal Year End for Domestic and Overseas Businesses Our Japan segment, including domestic sales and sales to overseas distributors, closes their fiscal year in March, while our overseas subsidiaries close their fiscal year in December. ⚫ Period Covered in Consolidated Financial Results f
Slide 19: Net Sales by Reported Segments
Net Sales by Reported Segments (Million yen) FY3/21 Q1 FY3/22 Q1 FY3/23 Q1 FY3/24 Q1 FY3/25 Q1 Japan (Domestic sales and sales to 3,353 9,522 11,294 12,974 13,133 overseas distributors) Asia 3,428 5,524 10,056 11,908 14,685 (Subsidiaries) North America 679 642 1,292 1,731 1,627 (Subsidiaries) Europe
Slide 20: Net Sales by Geographic Region
Net Sales by Geographic Region (Million yen) FY3/21 Q1 FY3/22 Q1 FY3/23 Q1 FY3/24 Q1 FY3/25 Q1 Japan 2,352 7,360 8,388 8,532 9,206 Overseas 5,846 8,818 15,306 19,460 21,860 Asia 4,073 7,334 11,620 14,982 17,261 North America 679 642 1,292 1,731 1,627 Europe 1,024 514 1,988 2,318 2,534 Others 69 327
Slide 21: Disclaimer
Disclaimer 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 actua