Yonex Co., Ltd. · TSE:7906
Yonex — Q1 FY3/20 Earnings Presentation
19 slides from Yonex's earnings presentation, Aug 6, 2019
Slide 1: Financial Results 1st Quarter of Fiscal Year Ending March 31, 2020
Financial Results 1st Quarter of Fiscal Year Ending March 31, 2020 YONEX CO., LTD. (Tokyo Stock Exchange Code: 7906) August 6, 2019
Slide 2: 1Q Key Performance Highlights
1Q Key Performance Highlights □Net Sales Increased by 1.6% YY to JPY 14.6 bn • Overseas sales increased on a local currency basis, but decreased in yen terms due to negative foreign exchange impact • Domestic badminton and tennis sales increased • In Europe and North America, badminton sales increas
Slide 3: Consolidated Financial Results
Consolidated Financial Results (Million yen) FY3/19 1Q FY3/20 1Q YY Change Net Sales 14,457 14,690 +233 +1.6% Gross Profit 6,236 6,104 -132 -2.1% Gross Profit Margin 43.1% 41.6% ― -1.5%pt SGA 5,657 5,951 +294 +5.2% Operating Profit 579 152 -426 -73.6% Operating Profit Margin 4.0% 1.0% ― -3.0%pt Ordi
Slide 4: Consolidated Operating Profit Changes
Consolidated Operating Profit Changes (Million yen) SGA +294 579 Gross Profit Decrease Gross Profit -132 ＋ +70 SGA Increase +144 Personnel GP Margin down -1.5%pt Expenses +9 +70 152 （43.1% → 41.6%） Advertising Expenses R&D Others Shift in sales mix Expenses FY3/19 FY3/20 1Q 1Q 4
Slide 5: Segment Sales Information
Segment Sales Information (Million yen) FY3/19 1Q FY3/20 1Q YY Change Japan 9,246 9,518 +2.9% North America 553 590 +6.7% Sporting Goods Europe 649 630 -3.0% Division Asia 3,823 3,769 -1.4% Total 14,272 14,508 +1.7% Sports Facilities Division 185 182 -1.6% Total 14,457 14,690 +1.6% Japan : Japan, ex
Slide 6: Net Sales Change and Forex Impact (Reported Segments)
Net Sales Change and Forex Impact (Reported Segments) Forex rate USD EUR GBP RMB TWD FY3/19 1Q* 108.29 133.22 150.88 17.04 3.69 Local Currency Basis Forex Impact FY3/20 1Q* 110.19 125.14 143.67 16.32 3.57 (Million yen) * FY end of overseas subsidiaries is December. +110 〈+2.9%〉 +17 14,690 Sales of a
Slide 7: 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 (+2.9% YY) ・Domestic Badminton - Growth in strings 10,178 - Racquets decreased 9,246 9,518 ・Domestic Tennis - Strong sales of racquets ・Exports and Intermediary Sales - Growth in badminton sho
Slide 8: 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 FY3/18 1Q FY3/19 1Q FY3/20 1Q (Million yen) USD 113.63 108.29 110.19 *Jan-Mar Net Sales (+6.7% YY) ・Badminton 590 - Strong sales of shuttlecocks, strings and shoes 553 514 ・Tennis - Racquets and sh
Slide 9: Net Sales and Operating Profit of Sporting Goods Division: Europe
Net Sales and Operating Profit of Sporting Goods Division (Reported Segments) Europe Forex rate FY3/18 1Q FY3/19 1Q FY3/20 1Q EUR 121.07 133.22 125.14 (Million yen) GBP 140.79 150.88 143.67 *Jan-Mar Net Sales (-3.0% YY) ・Grew on a local currency basis 638 649 630 ・Growth in badminton shoes ・Tennis -
Slide 10: Net Sales and Operating Profit of Sporting Goods Division: Asia
Net Sales and Operating Profit of Sporting Goods Division (Reported Segments) Asia Forex rate FY3/18 1Q FY3/19 1Q FY3/20 1Q (Million yen) RMB 16.56 17.04 16.32 Net Sales (-1.4% YY) TWD 3.65 3.69 3.57 *Jan-Mar ・China 4,393 - Badminton racquets, badminton shoes and apparel sales increased 3,823 3,769
Slide 11: Consolidated Net Sales by Sports Categories
Consolidated Net Sales by Sports Categories Sales (Million yen) FY3/20 1Q YY Change composition Badminton 8,108 +3.2% 55.2% Tennis 1,860 -6.8% 12.7% Sporting Goods Golf 302 +6.4% 2.1% Division Others 4,237 +2.5% 28.8% (Apparel and accessories) Total 14,508 +1.7% 98.8% Sports Facilities Division 182
Slide 12: Consolidated Net Sales by Sports Categories: Badminton and Tennis
Consolidated Net Sales by Sports Categories Badminton Tennis Japan Overseas (Million yen) 8,760 7,857 8,108 2,137 1,996 6,139 1,860 5,269 5,489 490 661 507 1,647 1,335 1,353 2,620 2,587 2,618 FY3/18 FY3/19 FY3/20 FY3/18 FY3/19 FY3/20 1Q 1Q 1Q 1Q 1Q 1Q Overseas Sales Composition: 67.7% (+0.6%pt YY) O
Slide 13: Consolidated Net Sales by Sports Categories: Golf and Others
Consolidated Net Sales by Sports Categories Golf Others Japan Overseas (Million yen) (Apparel and accessories) 4,573 4,133 4,237 1,348 1,104 1,215 284 302 254 118 114 82 3,225 3,029 3,021 172 165 187 FY3/18 FY3/19 FY3/20 FY3/18 FY3/19 FY3/20 1Q 1Q 1Q 1Q 1Q 1Q Overseas Sales Composition: 38.0% (-3.8%
Slide 14: Consolidated Earnings Forecasts for FY3/20
Consolidated Earnings Forecasts for FY3/20 FY3/19 1H FY3/19 FY3/20 1H FY3/20 (Million yen) YY Change YY Change Results Results Forecasts Forecasts Net Sales 30,584 61,097 31,500 +3.0% 63,500 +3.9% Operating Profit 1,728 2,482 1,400 -19.0% 2,500 +0.7% Operating Profit Margin 5.7% 4.1% 4.4% -1.3%pt 3.
Slide 15: Appendix
ove’ YONEX Appendix
Slide 16: Consolidated Net Sales (Japan & Overseas)
Consolidated Net Sales (Japan & Overseas) Japan Overseas (Million yen) 15,297 15,915 14,457 14,690 11,675 8,060 7,519 50.6% 7,154 7,327 49.2% 3,917 49.5% 49.9% Overseas Sales 33.6% Composition 7,757 7,777 7,855 7,303 7,363 FY3/16 FY3/17 FY3/18 FY3/19 FY3/20 1Q 1Q 1Q 1Q 1Q *”Overseas” include exports
Slide 17: Net Sales (Reported Segments)
Net Sales (Reported Segments) Japan (Expots and Intermediary Sales) North America (Subsidiary) Europe (Subsidiary) Asia (Subsidiary) Sports Facilities (Million yen) 15,915 15,297 14,457 14,690 190 179 185 182 4,174 4,393 11,675 3,823 3,769 182 537 653 639 638 469 514 649 630 493 553 590 9,808 9,833
Slide 18: Net Sales (Unreported Regional Data)
Net Sales (Unreported Regional Data) Japan North America Europe Aisa Others (Million yen) 15,915 15,297 119 145 14,457 14,690 138 92 11,675 5,883 6,317 126 5,402 5,651 2,281 1,017 1,047 1,082 1,060 993 493 469 514 590 553 7,757 7,777 7,855 7,303 7,363 FY3/16 FY3/17 FY3/18 FY3/19 FY3/20 1Q 1Q 1Q 1Q 1
Slide 19: Forward-looking statements and investor relations contact
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