Yonex Co., Ltd. · TSE:7906
Yonex — Q3 FY3/23 Earnings Presentation
18 slides from Yonex's earnings presentation, Feb 8, 2023
Slide 1: Financial Results 3rd Quarter of Fiscal Year Ending March 31, 2023
Financial Results 3rd Quarter of Fiscal Year Ending March 31, 2023 Yonex Co., Ltd. (Tokyo Stock Exchange Code: 7906) February 8, 2023
Slide 2: 1Q-3Q Key Performance Highlights
1Q-3Q Key Performance Highlights □Net Sales Increased by 47.5％ Y/Y to JPY79.6bn ・ Record-high sales in the cumulative 1Q-3Q due to strong demand in all regions ・ Our overseas subsidiaries saw sales increases in local currency terms, and forex exchange also boosted sales due to yen depreciation. ・ In
Slide 3: Consolidated Income Statement
Consolidated Income Statement FY3/22 FY3/23 (Million yen) Y/Y 1Q-3Q 1Q-3Q Net Sales 53,975 79,632 +25,657 +47.5％ Gross Profit 24,196 34,696 +10,500 +43.4％ Gross Profit Margin 44.8％ 43.6％ ー -1.2%pt SGA 18,218 25,378 +7,160 +39.3％ Operating Profit 5,978 9,317 +3,339 +55.9％ Operating Profit Margin 11.1
Slide 4: Consolidated Balance Sheets
Consolidated Balance Sheets End FY3/23 (Million yen) End FY3/22 Change 3Q Asset Current Assets 44,841 55,961 +11,120 Cash and Deposits 17,922 21,131 +3,209 Notes and Accounts Receivable-Trade 12,676 15,533 +2,856 Inventory 11,792 16,734 +4,942 Non-Current Assets 21,457 24,670 +3,212 Total Assets 66,
Slide 5: Operating Profit Changes
Operating Profit Changes Increase in gross profit offset the negative impact of the rise in SGA. （Million yen) -1,000 -3,732 +10,500 -325 -2,101 9,317 Increase in SGA -7,160 5,978 FY3/22 Gross Profit Personnel Advertising R&D Others FY3/23 1Q-3Q Expenses Expenses Expenses 1Q-3Q 5
Slide 6: Reported Segment Information
Reported Segment Information FY3/22 FY3/23 (Million yen) Y/Y 1Q-3Q 1Q-3Q Net Sales 27,307 35,640 +30.5％ Sporting Goods Division Japan Operating Profit 1,495 2,069 +38.4％ Net Sales 22,177 36,940 +66.6％ Asia Operating Profit 4,116 7,355 +78.7％ North Net Sales 2,444 3,874 +58.5％ America Operating Profi
Slide 7: Net Sales Change and Forex Impact (Reported Segments)
Net Sales Change and Forex Impact (Reported Segments) Forex (Million yen) Rate RMB TWD USD EUR GBP Local Currency Basis Forex Impact FY3/22 1Q-3Q 16.77 3.86 108.49 129.82 150.33 79,632 FY3/23 19.35 4.36 128.04 135.94 160.56 1Q-3Q +58 Y/Y +15.4% +13.0% +18.0% +4.7% +6.8% +142 +930 (+14.3%) *FY end of
Slide 8: Net Sales and Operating Profit of Sporting Goods Division: Japan
Net Sales and Operating Profit of Sporting Goods Division (Reported Segments) Japan (Million yen) Net Sales (+30.5% Y/Y） 35,640 ・ Domestic Sales - Demand from club activities of badminton and soft tennis recovered. 27,307 - Sales of tennis racquets continued to trend strongly. ・ Sales to overseas di
Slide 9: Net Sales and Operating Profit of Sporting Goods Division: Asia
Net Sales and Operating Profit of Sporting Goods Division (Reported Segments) Asia Forex Rate FY3/21 FY3/22 FY3/23 1Q-3Q 1Q-3Q 1Q-3Q Net Sales（+66.6％ Y/Y） （Million yen) RMB 15.37 16.77 19.35 ・ China TWD 3.60 3.86 4.36 - The impact of the sporadic lockdowns in Jul-Sep 3Q *Jan-Sep 36,940 was limited a
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 FY3/21 1Q-3Q FY3/22 1Q-3Q FY3/23 1Q-3Q (Million yen) USD 107.58 108.49 128.04 *Jan-Sep Net Sales（+58.5% Y/Y） ・ Sales of badminton equipment continued to grow strongly due to the reopening of sports
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 FY3/21 FY3/22 FY3/23 Rate 1Q-3Q 1Q-3Q 1Q-3Q EUR 120.89 129.82 135.94 (Million yen) GBP 136.78 150.33 160.56 *Jan-Sep Net Sales（＋65.4% Y/Y） ・ Reopening of badminton facilities and restart of international tourn
Slide 12: Consolidated Net Sales by Sports Categories
Consolidated Net Sales by Sports Categories FY3/23 1Q-3Q Sales (Million yen) Japan Y/Y Overseas Y/Y Total Y/Y Composition Sporting Goods Division Badminton 8,162 +1,827 +28.9% 39,758 +15,403 +63.2% 47,921 +17,231 +56.1% 60.2% Overseas sales composition: Y/Y 83.0%: +3.6%pt Tennis 5,199 +708 +15.8% 7,
Slide 13: India: New Factory for Badminton Racquets
India: New Factory for Badminton Racquets Amidst Growing Badminton Popularity, Yonex Opens New India Factory for Carbon Graphite Badminton Racquets Growing popularity of badminton in India ・The existing factory has continued to increase production since its start in 2017. ・Remarkable results of top
Slide 14: Full-Year Forecasts for FY3/23
Full-Year Forecasts for FY3/23 Forecasts Revised Upwards Forex FY3/22 FY3/23 Previous FY3/23 ・ Sales and profits are expected to exceed the previous forecast due to Rate Results Forecasts Forecasts a recovery in demand, particularly overseas. RMB 17.02 20.0 19.5 TWD 3.92 4.5 4.4 ・ The impact of raw
Slide 15: Reference Information
ove’ YONEX Reference Information
Slide 16: Net Sales (Reported Segments)
Net Sales (Reported Segments) (Million yen) FY3/19 FY3/20 FY3/21 FY3/22 FY3/23 1Q-3Q 1Q-3Q 1Q-3Q 1Q-3Q 1Q-3Q Japan 28,318 29,018 19,911 27,307 35,640 Asia 12,476 13,652 12,488 22,177 36,940 North America 1,680 1,731 1,511 2,444 3,874 Europe 1,835 1,737 1,438 1,638 2,710 Sports Facilities 442 449 365
Slide 17: Regional Sales by Destination
Regional Sales by Destination (Million yen) FY3/19 FY3/20 FY3/21 FY3/22 FY3/23 1Q-3Q 1Q-3Q 1Q-3Q 1Q-3Q 1Q-3Q Japan 21,807 21,957 15,732 20,447 24,045 Overseas 22,946 24,632 19,982 33,528 55,587 Asia 17,823 19,462 15,654 27,529 43,839 North America 1,680 1,731 1,511 2,444 3,874 Europe 3,060 2,954 2,4
Slide 18: Forward-looking statements 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 actual results t