Sankyo Co., Ltd. · TSE:6417
Sankyo — CLSA Japan Forum 2013
34 slides from Sankyo's conference presentation, Feb 28, 2013
Slide 1: Presentation on CLSA Japan Forum 2013
Presentation on CLSA JJapan Forum F 2013 Masahiko Komuro Office Manager of IR Office, Corporate Planning Division SANKYO CO., LTD. February 28, 28 2013 at Grand Hyatt Tokyo The Company's plans, strategies and forecasts, except historical facts, contained in this 1st Sec. of the TSE #6417 document ma
Slide 2: Revision of the Forecast (FY 3/2013)
２０１３年３月期 業績予想の修正 Revision of the Forecast (FY 3/2013)
Slide 3: Revision of the Forecast (FY 3/2013)
２０１３年３月期 業績予想の修正 Revision of the Forecast ((FY 3/2013) / ) million yen (7-Nov) (26-Feb) Change Net Sales 123,000 103,000 -20,000 -16.3% Operating Income 12,000 4,500 -7,500 7 500 -62.5% Recurring Income 14 000 14,000 6 500 6,500 -7,500 -53.6% Net Income 8,000 3,500 -4,500 -56.3% 56.3% EPS Y85.59 Y37
Slide 4: Postponed Launch of One Pachinko Title and One Pachislot Title
Postponed Launch of パチンコ、パチスロ各１タイトルの販売を先送り One Pachinko Title and One Pachislot Title FY 3/2013 Q4 FY 3/2014 Concentrate on ensuring Pachinko the successful launch of (Excluding Reused Models) Fever Tiger Mask 2 a flagship title Fever Mobile Suit Gundam （リユースを除く） 「旗艦タイトル」の販売成功に注力 9 8 J-RUSH 2 titles
Slide 5: Company Overview
ＳＡＮＫＹＯご紹介 Company Overview
Slide 6: Company Overview
会社概要 Company p y Overview SANKYO CO., LTD. 1st Sec. of the TSE #6417 Development, p , Manufacture,, and Sales of Pachinko and Pachislot Machines 3 Brands Structure ・東証１部上場（銘柄コード 6417） ・パチンコ、パチスロ機の開発・製造・販売 ・３ブランド展開 5
Slide 7: Stock Information
株価指標 Stock Information Price 3 830 3,830 (February 15, 15 2013) Currency in JPY 時価総額 M k t Cap Market C 373 798M 373,798M 実績PER Trailing P/E (ttm) 17.74 予想PER Forward P/E (1 yr) 44.74 実績PBR Price/Book (mrq) 0.93 予想配当金 Forward Annual Dividend Rate 150.00 配当利回り Forward Annual Dividend Yield 3.91% 配当性向
Slide 8: Analyst Coverage
アナリストによるカバレッジ Analyst y Coverage g Mr. Souichiro Fukuda Mr. Masanori Minami Mr. Yusuke Maeda Mr. Takeshi Koyama y Analyst y coverage g Mr Masashi Morita Mr. Mr Eiji Maeda Mr. by 6 firms Source: QUICK 7
Slide 9: Focused on Game Machine-related Businesses
遊技機関連に特化した事業領域 Focused on Game Machine-related Businesses Sales Composition 売上高比率 15.0% 14.0% 71.0% Pachinko Machines Pachislot Machines Ball Bearing Supply Systems and Others 8
Slide 10: Prosper with the Pachinko Industry
パチンコ産業と共に発展 Prosper p with the Pachinko Industryy 2013 2001 1992 1980 1975 CR Fever Wide Powerful Fever Powerful III Fever Open Tulip CR Fever Tiger Mask 2 9
Slide 11: Industry Trend
産業の動向 Industry Trend
Slide 12: 30% of the Leisure Market
余暇市場の３割を占める巨大産業 30% of the Leisure Market Leisure Market 64.9 trill. yen Pachinko player population: 12.6 million 18 8 trill. 18.8 t ill yen One in every 8.5 of Japan’s 18.8兆円 population l ti aged g d 18 or older ld plays l pachinko or pachislot Pachinko Rental Ball Fee パチン フ ン人口 1,260万人 パチンコファン人口 1
Slide 13: Structure of Pachinko Industry
パチンコ産業の構造 Structure of Pachinko Industryy Pachinko Rental Ball Fee Gross Profit of Parlor 18.8 trill. yen パチンコ 3.0 trill. yen パーラー 貸玉料 粗利益 Prize Other Expenses (85%) Operating Income (2/3) 景品 その他経費 営業利益 Cost of Machine Purchase Size of Game (1/3) Machine Market Gross Profit (15%) 遊技機 1.2 trill. yen
Slide 14: Size of Pachinko Machine Market
パチンコ機市場 Size of Pachinko Machine Market 985 921 886 825 800 CY2012 Expected to be flat or decline 3 339 3,339 3 332 3,332 slightly 2,900 2,602 2,500 Market Size (bn. yen) No. of Sales for Pachinko Machines (thou. units) CY2008 2009 2010 2011 2012E 2012年度 横ばい～若干減少を予想 Source: Yano Research Institute 1
Slide 15: Share of Pachinko Machine Market (unit basis)
パチンコ機 販売シェア（台数ベース） Share of Pachinko Machine Market ((unit basis)) 30% 25% Sanyo 20% Kyoraku 15% SANKYO Sammy 10% Newgin 5% 0% CY2007 2008 2009 2010 2011 Source: Yano Research Institute 14
Slide 16: Size of Pachislot Machine Market
パチスロ機市場 Size of Pachislot Machine Market 375 390 286 242 225 CY2012 Slight decrease following strong growth 1,259 1,200 913 979 765 Market Size (bn. yen) No. of Sales for Pachislot Machines (thou. units) CY2008 2009 2010 2011 2012E 2012年度 引き続き堅調に推移 Source: Yano Research Institute 15
Slide 17: Share of Pachislot Machine Market (unit basis)
パチスロ機 販売シェア（台数ベース） Share of Pachislot Machine Market ((unit basis)) 35% Sammy 30% 25% 20% Yamasa 15% Universal 10% SANKYO 5% Daito 0% CY2007 2008 2009 2010 2011 Source: Yano Research Institute 16
Slide 18: Current Situations and Initiatives
現況と取り組み Current Situations and Initiatives
Slide 19: 5-year Financial Highlights
最近５年間の業績推移 5-year y Financial Highlights g g Consolidated: mill. yen FY 3/2008 FY 3/2009 FY 3/2010 FY 3/2011 FY 3/2012 Net Sales 280 511 280,511 187 877 187,877 222 673 222,673 201 606 201,606 173 682 173,682 Pachinko Machines 217,955 133,195 180,471 149,876 123,353 Pachislot Machines 40,511 33,598
Slide 20: Stable Operating Income Ratio
安定した営業利益率 Stable Operating Income Ratio （過去５年間の平均 24.3%） (24.3% on Average for the Past 5 years) 売上高 Net sales 100.0% 売上原価 Cost of sales 52.7% Advertisement expenses 4.2% 広告宣伝費 S l commission Sales i i 6.4% 6 4% 販売手数料 R&D expenses 6.8% SG&A expenses p 23.0% 研究開発費 販売費及び一般管理費 Salaries and wages 1.9% 給
Slide 21: FY 3/2013 Forecast
２０１３年３月期 業績予想 FY 3/2013 / Forecast million yen FY 3/2012 FY 3/2013E YoY Net Sales 173,682 123,000 -50,682 -29.2% O Operating Income 40 31 40,315 12 000 12,000 -28,315 28 315 -70.2% Recurring Income 44,396 14,000 -30,396 -68.5% Net Income 20,182 8,000 -12,182 -60.4% EPS Y215.85 Y85.59 Unit Sales of -
Slide 22: SANKYO's Ideal Profile
ＳＡＮＫＹＯの目指す姿 SANKYO’s Ideal Profile Forging g g ahead in the Market 市場を切り開く No.1 時価総額 Market Capitalization No.1 遊技機販売シェア Market Share No.1 ファンの人気 ァン 人気 Popularity among Players 21
Slide 23: Major Manufacturers and Their Mainstay Pachinko Titles
Major Manufacturers and 上位メーカーとパチンコ定番タイトル Their Mainstayy Pachinko Titles Kyoraku “Hissatsu Hissatsu Shigotonin Shigotonin” 必殺仕事人 4 titles Sanyo Sammy “Sea Story” “Fist of the North Star” 海物語 北斗の拳 14 titles 5 titles Newgin “Evangelion” “Hana no Keiji” --------------- ヱヴァンゲリヲン 花の慶次 7 titles 6 titles
Slide 24: Mainstay Titles Account for a Quarter of Annual Unit Sales
Mainstay Titles Account for 定番タイトルが年間販売台数の1/4 aQ Quarter of Annual Unit Sales Unit Sales of Pachinko Machines in CY2012 629 1,907 thousand units [101 titles] Total unit sales of the five mainstay titles* (*Refer to previous page) 定番５タイトル（前頁）の販売台数合計 Source: Pachinkovillage Co., Ltd. 23
Slide 25: Develop Fever Mobile Suit Gundam into Mainstay Title
Develop 「フィーバー機動戦士ガンダム」を定番タイトルへ Fever Mobile Suit Gundam into Mainstayy Title Mainstay Titles x2 24
Slide 26: Key Issues for FY 3/2013
２０１３年３月期 重点課題 Keyy Issues for FY 3/2013 / Continued p promotion as keyy issues 重点課題として引き続き推進 Successful introduction of “Fever Mobile Suit Gundam” 1 「フィーバー機動戦士ガンダム」の投入と成功 Enhanced presence in the pachislot market 2 パチスロ市場における存在感の向上 Early establishment of the 3-brand structure 3 ３ブランド体制の早期構築 25
Slide 27: Maintain the Current Level of Cash Dividend
配当金は現状維持 Maintain the Current Level of Cash Dividend Stable dividend 安定配当 Commitment to 25% payout ratio 公約配当性向25％ FY 3/2013 No dividend cut since the listing 上場以来 減配がない DPS 150 yen Including interim dividend 中間配当を含む 26
Slide 28: Appendix
附属資料 Appendix
Slide 29: Business Results for the First Nine Months of FY 3/2013
Business Results for ２０１３年３月期 第３四半期実績 the First Nine Months of FY 3/2013 / FY 3/2012 FY 3/2013 Forecast FY 3/2012 FY 3/2013 連結：百万円 Consolidated: million yen 9 Months 9 Months YoY (5-Nov) Q1 Q2 Q3 Q4 Q1 Q2 Q3 売上高 売 高 Net Sales 102,201 67,525 -34,676 123,000 31,641 39,894 30,666 71,481 22,864 30,918 1
Slide 30: Pachinko Machines Business
パチンコ機関連事業 Pachinko Machines Business FY 3/2012 FY 3/2013 Forecast FY 3/2012 FY 3/2013 連結：百万円 Consolidated: million yen 9 Months 9 Months YoY (5-Nov) Q1 Q2 Q3 Q4 Q1 Q2 Q3 売上高 Net Sales 67 318 67,318 37 061 37,061 -30 257 -30,257 60 900 60,900 18 135 18,135 31 792 31,792 17 391 17,391 56 035 56,035 10
Slide 31: Pachislot Machines Business
パチスロ機関連事業 Pachislot Machines Business FY 3/2012 FY 3/2013 Forecast FY 3/2012 FY 3/2013 連結：百万円 Consolidated: million yen 9 Months 9 Months YoY (5-Nov) Q1 Q2 Q3 Q4 Q1 Q2 Q3 売上高 Net Sales 12 579 12,579 12 349 12,349 -230 40 200 40,200 8 388 8,388 2 486 2,486 1 705 1,705 11 703 11,703 5 705 5,705 6 449
Slide 32: Gross Margin/Operating Margin
売上総利益率／営業利益率 Gross Margin/Operating g / p g Margin g FY 3/2012 FY 3/2013 Forecast FY 3/2012 FY 3/2013 連結 Consolidated 9 Months 9 Months YoY (5-Nov) Q1 Q2 Q3 Q4 Q1 Q2 Q3 売上総利益率 Gross Margin 45.7% 48.1% +2.4pt 47.2% 47.2% 44.3% 45.8% 53.0% 47.7% 53.4% 36.8% 営業利益率 Operating Margin 16.9% 4.6% -12.3pt 9.
Slide 33: Game Machine Market
遊技機市場 Game Machine Market 4,000 全日遊連加盟パーラーの状況 Situation of Parlors that Are Members of Zennichiyuren 営業中の店舗数 3,500 No. of outlets currently in operation 3,339 3,332 11,332 11,303 11,268 11,269 11,258 11,227 11,222 11,227 11,199 3,173 11,167 11,155 11,177 3,000 3,158 3,163 3 076 3,076 3,107 , 2,954 2
Slide 34: Good luck. Good life.
Good luck. Good life. sANCKYO