Vt Holdings Co., Ltd. · TSE:7593
Vt — FY2023/24 Earnings Presentation
31 slides from Vt's earnings presentation, May 29, 2024
Slide 1: Financial Results Fiscal Year Ended March 31, 2024
Financial Results Fiscal Year Ended March 31, 2024 VT HOLDINGS CO., LTD. May 29, 2024 Market: TSE Prime Market; Nagoya SE Premier Market (Code: 7593) ©2024 VT HOLDINGS CO., LTD
Slide 2: FY2023-2024: Summary of Results
FY2023-2024: Summary of Results ＶＴ ＨＯＬＤＩＮＧＳ ⚫ Revenue increased +17% from last fiscal year, realized new record high ✓ In the automobile sales related business, new car sales performed steadily as production of automobile manufacturers has been recovering thanks to the easing semiconductor and parts
Slide 3: FY2023-2024: Consolidated Operating Results
FY2023-2024: Consolidated Operating Results ＶＴ ＨＯＬＤＩＮＧＳ Revenue recorded all-time high. Revenue (left legend) Operating profit (right legend) Profit before tax (right legend) Net profit (right legend) Unordinary factor YoY (Billion JPY) Revenue +Y45.3bn (+17.0%) (Billion JPY) OP -Y849m (-6.6%) 350 P
Slide 4: Reference: Transition in Consolidated Operating Results excluding Unordinary Factors
Reference: Transition in Consolidated Operating Results ＶＴ ＨＯＬＤＩＮＧＳ excluding Unordinary Factors Excluding unordinary factors, Operating profit, Profit before tax recorded all-time high. Revenue (left legend) Operating profit (right legend) Profit before tax (right legend) YoY (Billion JPY) Revenue
Slide 5: FY2023-2024: Revenue by Segment
FY2023-2024: Revenue by Segment ＶＴ ＨＯＬＤＩＮＧＳ New car sales performed well in the automobile sales related business. In the housing related business, Kawasaki Housing acquired in October 2022 made contribution. Revenue by Segment (Million JPY) Other Housing Rent-a-Car Service 311,604 Used Cars New Car
Slide 6: FY2023-2024: Gross Profit by Segment
FY2023-2024: Gross Profit by Segment ＶＴ ＨＯＬＤＩＮＧＳ In the automobile sales related business, while sales of new cars performed steadily, profit for used car sales decreased due to the impact of declining used car prices. Gross Profit by Business (Million JPY) Other Housing Rent-a-Car Service Used Cars
Slide 7: FY2023-2024: Revenue by Region
FY2023-2024: Revenue by Region ＶＴ ＨＯＬＤＩＮＧＳ Both domestic and overseas sales steadily grew, maintaining the proportion of overseas sales almost unchanged. Overseas Revenue % Revenue by Region (Million JPY) Overseas 42.5% 42.7% 38.0% 40.0% Domestic 311,604 34.9% 266,329 237,930 133,122 FY2019/20 FY202
Slide 8: FY2023-2024: Units of Cars Sold
FY2023-2024: Units of Cars Sold ＶＴ ＨＯＬＤＩＮＧＳ For domestic sales, used car sold units increased as the shortage of used cars eased. For overseas sales, used car sold units decreased while new car sold units performed steadily. Total Cars Sold (units) New Car Domestic New Car Overseas Used Car Domestic
Slide 9: Japanese Domestic New/Used Car Registration
Japanese Domestic New/Used Car Registration ＶＴ ＨＯＬＤＩＮＧＳ Although there are temporary fluctuations due to economic conditions, tax reforms, government subsidies, etc., the market has been on a long- term downward trend: (since 2001 by -24% for new cars, by -21% for used cars) (10,000 units) Domestic
Slide 10: Japanese Domestic Number of Owned Cars
Japanese Domestic Number of Owned Cars ＶＴ ＨＯＬＤＩＮＧＳ The number of passenger cars owned nationally, which is a source of profit for the aftersales services, has continuously increased (since 2001 by +19%). However, the increasing pace has been gradually slowing down in recent years due to the car owne
Slide 11: Consolidated Balance Sheet at the end of FY2023-2024
Consolidated Balance Sheet at the end of FY2023-2024 ＶＴ ＨＯＬＤＩＮＧＳ Total assets increased by +43.1 billion yen from prior year (inventory increase mainly new car stock, and fixed asset increase due to store construction, etc.) (Billion JPY) 300 Current Assets Total Assets 【 Assets 】 Non-Current Assets
Slide 12: FY2023-2024: Real Interest-bearing Debt and Others
FY2023-2024: Real Interest-bearing Debt and Others ＶＴ ＨＯＬＤＩＮＧＳ Real interest-bearing debt increased in line with capital expenditure, inventory increase and expanding car rental business (long-term and short-term borrowings +10.2 billion yen, lease liabilities +12.9 billion yen) Real Interest-Bearin
Slide 13: FY2023-2024: Cash Flow
FY2023-2024: Cash Flow ＶＴ ＨＯＬＤＩＮＧＳ FCF remained as in the previous fiscal year due to expenditure to acquire PPE, as well as inventory increase thanks to vehicle pipeline getting normalized in line with automobile manufacturers’ production recovery. We aim for stable growth, balancing our operating
Slide 14: FY2024-2025 Business Outlook
FY2024-2025 Business Outlook ＶＴ ＨＯＬＤＩＮＧＳ Revenue and operating profit are expected to reach record high thanks to recovery in production of automobile manufacturers. Profit before tax and Net profit are estimated to increase for last fiscal year but slightly lower than FY2022/23 which included a gai
Slide 15: FY2024-2025 Foreign Exchange Rate Assumption
FY2024-2025 Foreign Exchange Rate Assumption ＶＴ ＨＯＬＤＩＮＧＳ The financial results of overseas dealers, importers, etc. are affected by FX rates for the fiscal year. FY 3/24 FY 3/25 Forecast UK ¥181.75/£ ¥191/£ SPAIN ¥156.79/€ ¥163/€ Impact by 1 JPY depreciated against the assumed rates 【Automobile deal
Slide 16: Revenue, Operating Profit since IPO in 1998
Revenue, Operating Profit since IPO in 1998 ＶＴ ＨＯＬＤＩＮＧＳ Financial Performance Trend (‘100 million JPY) IFRS 300 3500 Revenue Operating Profit Record High Revenue 3,300 We aim for growth scenario to balance all the Increased by 43 times 3,116 250 since IPO 3000 themes of “expanding business scale”, “
Slide 17: Dividends Policy
Dividends Policy ＶＴ ＨＯＬＤＩＮＧＳ Annual dividends to be 24 JPY for FY2024-2025 (Consolidated Dividends Payout Ratio 41.5%) Dividend Per Share Special/Commemorative Dividend (JPY) Year-end Dividend Interim Dividend 112.9% Payout Ratio 87.8% 100% 24.00 24.00 56.2% 23.50 51.8% 49.3% 22.00 1.00 45.2% 1.00 3
Slide 18: Reference: Corporate Profile
Reference: Corporate Profile ＶＴ ＨＯＬＤＩＮＧＳ (As of 31st March 2024) Company Name VT HOLDINGS CO., LTD. Head Office 3-10-32 Nishiki, Naka-ku, Nagoya-shi, Aichi, JAPAN 460-0003 Established March 1983 (previously known as Honda Verno Tokai Co., Ltd.) Representative Kazuho Takahashi (President & CEO) Capit
Slide 19: Reference: Number of Group Employees
Reference: Number of Group Employees ＶＴ ＨＯＬＤＩＮＧＳ (As of 31st March 2024) Sector Region Company name Number of employees*１ Number of temporary employees*１ total employees Honda Cars TOKAI 411 26 437 NAGANO NISSAN 423 23 446 SHIZUOKA NISSAN 306 34 340 MIKAWA NISSAN 200 17 217 NISSAN SATIO SAITAMA 207
Slide 20: Reference: Number of Group Automobile Dealerships
Reference: Number of Group Automobile Dealerships ＶＴ ＨＯＬＤＩＮＧＳ （As of 31st March 2024） New Used Classification Company name Brand Total Car Car Honda Honda Cars TOKAI HONDA 33 1 34 NAGANO NISSAN NISSAN 31 1 32 SHIZUOKA NISSAN NISSAN 25 5 30 Nissan MIKAWA NISSAN NISSAN 12 - 12 NISSAN SATIO SAITAMA NIS
Slide 21: Reference: Main Operations and Subsidiaries
Reference: Main Operations and Subsidiaries ＶＴ ＨＯＬＤＩＮＧＳ (As of 31st March 2024) 《Automobile sales related business》 Franchised Dealer Groups Overseas Operations Honda Cars TOKAI Co., LTD. Motoren Shizuoka Co., Ltd. GRIFFIN MILL GROUP* NAGANO NISSAN AUTO CO., LTD. Fuji Motoren Co., Ltd. WESSEX GARAGE
Slide 22: Reference: Automobile Dealer Companies (Japan)
Reference: Automobile Dealer Companies (Japan) ＶＴ ＨＯＬＤＩＮＧＳ Automobile Dealer Groups Motoren Shizuoka Co., Ltd. Honda Cars TOKAI CO., LTD. BMW dealers in Shizuoka HONDA dealers in Aichi and Gifu 3 new car & 2 used car dealers 33 new car & 1 used car dealers Fuji Motoren Co., Ltd. Acquisition July 202
Slide 23: Reference: Automobile Dealer Companies (Overseas)
Reference: Automobile Dealer Companies (Overseas) ＶＴ ＨＯＬＤＩＮＧＳ Automobile Dealer Groups (Overseas) GRIFFIN MILL GROUP* Multi-franchise dealers in 6 locations in United Kingdom PEUGEOT/KIA/FIAT/ABARTH/NISSAN/RENAULT/DACIA WESSEX GARAGES HOLDINGS Multi-franchise dealers in 12 locations in United Kingdo
Slide 24: Reference: FY2023-2024 New Car Sales by Brand
Reference: FY2023-2024 New Car Sales by Brand ＶＴ ＨＯＬＤＩＮＧＳ FY23-24 New car sales by brand (units) 19,294 7,926 4,404 3,722 3,133 2,407 2,490 1,819 752 612 NISSAN HONDA SUZUKI KIA TOYOTA HYUNDAI MAZDA BMW PEUGEOT Other *Other: total of brands with less than 500 units sold (excluding motorcycles) ©2024
Slide 25: Reference: Importers
Reference: Importers ＶＴ ＨＯＬＤＩＮＧＳ LOTUS Importers LCI. Co. Ltd LOTUS Direct dealers x2 PCI. Co. Ltd ROYAL ENFIELD/MUTT/FORD (Parts only)/SAAB (Parts only) ROYAL ENFIELD SCI. Co. Ltd CATERHAM/KTM X-BOW/MORGAN MUTT CATERHAM KTM X-BOW MORGAN ©2024 VT HOLDINGS CO., LTD 24
Slide 26: Reference: TOPICS Tokyo Auto Salon 2024
Reference: TOPICS Tokyo Auto Salon 2024 ＶＴ ＨＯＬＤＩＮＧＳ Caterham Project V & Seven 340R at Tokyo Auto Salon 2024 Caterham Cars Japan (SCI. Co. Ltd) unveiled the “Project V”, an all-electric coupe concept car, and the “Seven 340R”, which is equipped with a Ford-made 2-liter Duratec engine, for the first
Slide 27: Reference: Automobile Manufacturer
Reference: Automobile Manufacturer ＶＴ ＨＯＬＤＩＮＧＳ Automobile Manufacturer CATERHAM CARS GROUP LIMITED British manufacturer of specialist lightweight sports cars, the famous “Super Seven” As a traditional sports car brand, it has a niche but stable popularity. VT Group's know-how and other factors are l
Slide 28: Reference: Exporting Used Cars
Reference: Exporting Used Cars ＶＴ ＨＯＬＤＩＮＧＳ Exporting Used Cars TRUST CO., LTD. Exporting Japanese used cars to over 150 countries Tokyo Stock Exchange Standard Market （Security Code: 3347） Europe Exporting Used Cars Asia America Africa Oceania ©2024 VT HOLDINGS CO., LTD 27
Slide 29: Reference: Car Rentals
Reference: Car Rentals ＶＴ ＨＯＬＤＩＮＧＳ Car Rentals J-net Rental & Lease Co., Ltd. Rental Car Offices National 123 (As of 31st March 2024) Direct 57 FC 66 5th largest fleet in Japan (cars) 1. TOYOTA Rent a Car 129,175 2. ORIX Rent a Car 69,826 3. NIPPON Rent a Car 34,519 4. NISSAN Rent a Car 20,582 5. J-
Slide 30: Reference: Housing-related Businesses
Reference: Housing-related Businesses ＶＴ ＨＯＬＤＩＮＧＳ Housing-related businesses account for Commercial Building, Bespoke Residential Construction and Sales approx. 9% of consolidated revenue. Archish Gallery Co., Ltd. Business Area: Tokyo, Aichi and Osaka Holding Company for Housing Sector AMG HOLDINGS
Slide 31: ir@vt-holdings.co.jp
This presentation is produced by VT Holdings (‘the company’) to explain the company’s financial and business situation for the reference of investors. The contents of this presentation are based on widely-accepted economic and societal trends as of May 2024, in addition to logical assumptions made b