Valuecommerce Co., Ltd. · TSE:2491

Valuecommerce — Q1 2008 Earnings Presentation

36 slides from Valuecommerce's earnings presentation, May 8, 2008

  1. Slide 1: ValueCommerce 2008 Q1 Results

    ValueCommerce / 2008 5 8

  2. Slide 2: ValueCommerce

    ValueConmerce/

  3. Slide 3: Q1 2008 income statement summary

    Q1 08 Q1 07 Q4 07 1,706 - 1,270 134.3% 1,535 111.1% 1,064 62.4% 653 162.9% 924 115.2% 641 37.6% 616 104.1% 611 105.0% 579 33.9% 608 95.3% 554 104.6% 3.7% 9 726.5% 57 108.8% 62 41 2.4% 13 310.6% 56 72.7% 41 2.4% 17 234.3% 39 106.2% 2.4% 17 235.1% 46 86.7% 40 2

  4. Slide 4: Sales by component

    Q1 08 Q1 07 Q4 07 824 48.3% 587 140.4% 679 121.3% 33.9% 102.0% 96.7% 578 567 598 304 17.8% 116 261.3% 258 117.9% 1,706 100.0% 1,270 134.3% 1,535 111.1% 3

  5. Slide 5: Cash flow and net cash changes

    Q1’08 Q1’07 Q4’07 83 81 +2 (42) +125 Q4 07 JP21 (212) (49) (163) (415) +203 406 Q1 08 199 0 11 (11) 18 (18) (129) 32 (161) (457) +328 (129) 43 (172) (456) +327 2,820 3,064 (244) 3,276 (456) 2,690 3,107 (417) 2,820 (130) 4

  6. Slide 6: Quarterly trend

    249 201 169 170 135 114 125 97 81 66 38 32 83 (44) (49) (38) (48) (42) (79) (92) (212) (163) (33) (125) (129) (415) (457) Q1'06 Q2 Q3 Q4 Q1'07 Q2 Q3 Q4 Q1'08 5

  7. Slide 7: Sales and ASP trends

    1,310 1,305 1,343 1,372 1,270 1,425 1,640 1,535 1,706 6.6% 14.5% 17.8% 304 276 258 66 199 68 45.4% 122 97 116 40.2% 33.9% 578 620 614 618 598 595 578 593 567 48.0% 45.3% 48.3% 824 688 745 661 647 679 595 614 587 Q1'06 Q2 Q3 Q4 Q1'07 Q2 Q3 Q4 Q1'08 2006A 2007A Q1'08 ASP SOZON 6

  8. Slide 8: Revenue and gross profit trends

    2,502 2,497 2,322 2,268 2,230 2,246 2,216 2,176 63.9% 2,075 58.6% 55.0% 1,706 1,640 49.4% 48.5% 44.5% 1,535 1,343 1,372 39.5% 1,310 1,305 1,425 1,270 39.8% 37.6% 36.9% 34.3% 33.3% 31.2% 838 29.6% 766 28.2% 25.9% 26.3% 25.7% 739 679 634 647 641 616 611 Q1'06 Q2 Q3 Q4 Q1'07 Q2 Q3 Q4 Q1'08 2,268 2,230

  9. Slide 9: Cost breakdown

    Q1 08 Q1’07 Q4’07 1,064 653 162.9% 924 115.2% 595 387 153.5% 470 126.4% 109 72 152.9% 113 96.7% 272 96 281.8% 227 119.9% 88 98 90.0% 114 77.7% 579 608 95.3% 554 104.6% 375 364 102.9% 347 107.9% 216 216 0 213 +3 204 244 83.8% 207 99.0% 8

  10. Slide 10: Gross profit trends

    1,310 1,305 1,343 1,372 1,270 1,425 1,640 1,535 1,706 37.6% 641 42.7% 647 611 56.7% 634 679 88 5.2% 739 616 766 103 7.1% 838 114 272 15.9% 103 262 13.0% 227 6.2% 95 109 6.4% 98 180 4.4% 70 55 113 6.4% 74 96 113 4.1% 72 94 80 92 58 62 72 36 48 24 595 34.9% 515 470 30.7% 400 448 387 428 28.6% 308 370

  11. Slide 11: Revenue and cost ratios

    2,268 2,230 2,216 2,176 2,075 2,246 2,502 2,322 2,497 27.4% 25.7% 647 641 34.0% 611 634 3.5% 838 766 739 679 4.6% 103 88 616 10.9% 3.7% 8.4% 114 272 2.6% 262 103 2.4% 4.1% 4.4% 227 74 70 95 98 180 113 109 92 58 72 55 48 24 36 62 94 96 80 113 72 57.2% 55.5% 55.5% 1,377 1,385 1,266 1,296 1,273 1,253 1

  12. Slide 12: Operating profit trends

    1,310 1,305 1,343 1,372 1,270 1,425 1,640 1,535 1,706 3.4% 3.7% 62 10.1% 72 12.0% 204 14.9% 57 210 17.3% 62 207 131 271 9 22.0% 215 375 179 24.4% 257 366 244 228 347 194 29.3% 356 224 435 364 379 394 357 1,064 62.4% 993 57.3% 924 790 43.3% 692 653 604 538 472 (26) Q1'06 Q2 Q3 Q4 Q1'07 Q2 Q3 Q4 Q1'08

  13. Slide 13: Operating profit and EBITDA

    0.7% 4.4% 4.4% 3.7% 3.7% 9.8% 13.7% 19.6% 19.8% 19.2% 12.8% 13.5% 12.0% 15.1% 17.0% 14.9% 22.3% 22.6% 22.0% 234 25.0% 17.1% 219 216 216 213 202 209 209 31.7% 28.7% 185 28.2% 30.2% 27.3% 60.5% 60.2% 62.4% 55.5% 50.4% 51.4% 45.0% 41.2% 36.0% -1.9% Q1'06 Q2 Q3 Q4 Q1'07 Q2 Q3 Q4 Q1'08 19.6% 13.7% 9.8% -

  14. Slide 14: ValueCommerce

    257 240 198 179 163 131 100 81 72 62 67 62 57 55 16 22 9 -26 Q1'06 Q2 Q3 Q4 Q1'07 Q2 Q3 Q4 Q1'08 257 179 131 -26 9 62 72 57 62 240 198 163 16 22 81 100 55 67 19.6% 13.7% 9.8% -1.9% 0.7% 4.4% 4.4% 3.7% 3.7% 20.4% 16.3% 12.7% 1.2% 2.0% 6.6% 6.8% 4.3% 4.8% 13

  15. Slide 15: Merchants and affiliate members

    ValueConmerce/ 14

  16. Slide 16: CPA and CPC mix

    2,617 2,400 2,339 2,118 2,066 1,870 1,569 1,515 1,315 Q1'06 Q2 Q3 Q4 Q1'07 Q2 Q3 Q4 Q1'08 577,000 534,000 498,000 461,000 404,000 359,000 317,000 165,000 173,000 Q1'06 Q2 Q3 Q4 Q1'07 Q2 Q3 Q4 Q1'08 15

  17. Slide 17: Operating KPIs

    CPA CPC 8.7% 7.3% 14.7% ASP 1,432 1,410 1,350 1,314 1,324 1,307 1,308 1,305 85.3% 91.3% 92.7% 1,245 2006A 2007A Q1'08 CPA CPC 25.1% 32.2% 31.0% 74.9% 67.8% 69.0% Q1'06 Q2 Q3 Q4 Q1'07 Q2 Q3 Q4 Q1'08 2006A 2007A Q1'08 16

  18. Slide 18: Sales by category

    1 35 30 27.2 25 20 15 10 5 0 /1 /2 /1 0 9 29 28 6 6 5 4 23 21 9 0 9 9 5 5 6 6 5 4 13 12 0 1 0 /9 /8 /7 /5 3 /1 3 /3 3 /5 /6/3 /8/2 10/ 12/ /2/2 /4/2 /6/2 /8/2 10/ 12/ /2/1 /4/2 /6/1 /8/1 -200 -200 - 200 /4/1 /6/1 /8/1 10/ 12/ /2/1 /4/1 /6/1 7 /8 /10 /12 8 /2 200 200 200 2003 20032003 / 2003 / 2004 2

  19. Slide 19: CPA trend

    7.1% 5.5% 5.5% 3.4% 2.8% 3.7% 4.6% 4.3% 6.7% 5.9% 5.9% 4.6% 44.1% 5.9% 5.9% 6.5% 7.0% 53.6% 58.4% 9.7% 18.1% 21.2% 23.8% 21.4% 55.9% 47.1% 46.4% 41.5% 41.6% 31.8% 2006A 2007A Q1'08 2006A 2007A Q1'08 18

  20. Slide 20: Merchant and CPA metrics

    CPA 2005 CPA 2005 1 1,200 1.46 1.30 1,000 1.21 1.16 800 1.00 600 400 200 0 5 5 5 05 5 5 6 6 6 6 6 6 7 07 7 7 7 7 8 08 n-0 r-0 y-0 l- p-0 v-0 n-0 r-0 y-0 l-0 p-0 v-0 n-0 r- y-0 l-0 p-0 v-0 n-0 r- Ja Ma Ma Ju Se No Ja Ma Ma Ju Se No Ja Ma Ma Ju Se No Ja Ma CPA 19

  21. Slide 21: Cost and ratio analysis

    2.71 2.47 2.51 2.43 23,916 2.27 22,572 23,030 2.24 2.18 2.13 2.11 20,588 18,753 16,384 15,912 16,103 15,861 Q1'06 Q2 Q3 Q4 Q1'07 Q2 Q3 Q4 Q1'08 20

  22. Slide 22: ASP trends

    Q1 06 Q2 Q3 Q4 Q1 07 Q2 Q3 Q4 Q1 08 33.8% 36.1% 36.7% 36.5% 34.2% 35.0% 33.2% 38.0% 39.7% (24.5%) (24.3%) (31.5%) (31.3%) (28.8%) (27.7%) (26.9%) (30.0%) (31.2%) (73.9%) (82.9%) (87.3%) (86.7%) (84.5%) (78.2%) (81.1%) (78.9%) (78.6%) 13.9% 13.8% 12.0% 13.1% 15.9% 18.8% 20.1% 14.5% 13.9% 9.2% 10.0% 1

  23. Slide 23: API

    ASP 2,520 2,458 2,257 2,165 2,146 2,005 1,900 1,945 1,738 161 159 166 165 147 154 153 155 146 Q1'06 Q2 Q3 Q4 Q1'07 Q2 Q3 Q4 Q1'08 22

  24. Slide 24: Category share breakdown

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  25. Slide 25: livedoor Blog service

    21.9 EC , , 0.6% CD/DVD, , 4.1% , 2.7% , 0.6% 3.3% 2.9% DVD, 4.0% AV , , 4.5% 16.4% , 5.3% , CD, 7.2% 15.6% , 7.5% , , 11.7% 79.2% , 9.6% , 11.6% 24

  26. Slide 26: Service screenshots

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  27. Slide 27: Shopping site example

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  28. Slide 28: API

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  29. Slide 29: ValueCommerce

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  30. Slide 30: ValueCommerce

    ValueConmerce/ 29

  31. Slide 31: Forecast figures

    ValueConmerce/ 30

  32. Slide 32: ValueCommerce

    ’ 1,706 3,100 6,600 3,400 7,400 62 (42) 17 27 270 41 (77) (30) (8) 225 40 (78) (95) (10) 155 31

  33. Slide 33: Quarterly financial data table

    ValueConmerce/ 32

  34. Slide 34: Quarterly KPI data table

    Q1’06 Q2 Q3 Q4 Q1’07 Q2 Q3 Q4 Q1 08 2,268 2,230 2,216 2,176 2,075 2,246 2,502 2,322 2,497 1,310 1,305 1,343 1,372 1,270 1,425 1,640 1,535 1,706 ASP 593 595 614 618 567 578 620 598 578 595 614 661 688 587 647 745 679 824 122 97 68 66 116 199 276 258 304 (-) 472 538 604 692 653 791 993 924 1,064 308 3

  35. Slide 35: Copyright ValueCommerce Co., Ltd.

    Q1’06 Q2 Q3 Q4 Q1’07 Q2 Q3 Q4 Q1 08 165,000 173,000 317,000 359,000 404,000 461,000 498,000 534,000 577,000 *1 1,315 1,569 1,515 1,870 2,066 2,400 2,339 2,118 2,617 ASP 1,224 1,289 1,215 1,270 1,259 1,291 1,278 1,225 1,185 91 90 90 92 109 110 117 133 142 *2 (5) 190 210 508 698 999 944 760 1,290 1,17

  36. Slide 36: Copyright ValueCommerce Co., Ltd.

    Copyright © ValueCommerce Co., Ltd. 35

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