Yonex Co., Ltd. · TSE:7906
Yonex — Q1 FY3/22 Earnings Presentation
18 slides from Yonex's earnings presentation, Aug 10, 2021
Slide 1: Financial Results 1st Quarter of Fiscal Year Ending March 31, 2022
Financial Results 1st Quarter of Fiscal Year Ending March 31, 2022 YONEX CO., LTD. (Tokyo Stock Exchange Code: 7906) August 10, 2021
Slide 2: 1Q Key Performance Highlights
1Q Key Performance Highlights □Net Sales Increased by 97.3％ Y/Y to JPY 16.1bn ・ Sales recovered in Japan and Asia. ・ Total consolidated sales rose to a record high level for the 1Q due in part to strong increases in badminton sales in China. ・ We focused upon revitalizing the market as part of its s
Slide 3: Consolidated Income Statement
Consolidated Income Statement ■Sales and Profits Exceeded Our Forecasts ・ Operating profit increased because of significant sales growth in China and improvements in profitability. ・ Although SGA increased significantly year over year in FY3/21 1Q due to efforts to restart sports activities, they de
Slide 4: Consolidated Balance Sheets
Consolidated Balance Sheets End FY3/22 (Million yen) End FY3/21 1Q Y/Y Asset Current Assets 34,939 39,074 +4,134 Impact of increased Cash and Deposits 13,271 13,038 -232 demand and orders Notes and Accounts ・Increase in notes and 11,181 12,751 +1,570 accounts receivable- Receivable-Trade trade Inven
Slide 5: Operating Profit Changes
Operating Profit Changes Significant Influence of Increase in Gross Profit (Million yen) Negative Impact +290 Positive Impact (+20.4%) +1,218 Personnel (+109.6%) +61 +167 Expenses (+26.3%) (+13.0%) 1,314 Advertising R&D Expenses Others +4,455 Expenses （+167.0%） SGA +1,738（+42.7%） -1,402 Gross Profit
Slide 6: Reported Segment Information
Reported Segment Information (Million yen) FY3/21 1Q FY3/22 1Q Y/Y Net sales 3,353 9,522 +184.0% Japan Sporting Goods Division Operating profit -1,514 704 ― Net sales 3,428 5,524 +61.2% Asia Operating profit 313 730 +132.7% North Net sales 679 642 -5.5% America Operating profit 46 92 +99.2% Net sale
Slide 7: Net Sales Change and Forex Impact (Reported Segments)
Net Sales Change and Forex Impact (Reported Segments) Forex Rate* RMB TWD USD EUR GBP (Million yen) Local Currency Basis Forex Impact FY3/21 1Q 15.59 3.61 108.92 120.10 139.59 FY3/22 1Q 16.34 3.75 105.89 127.68 146.01 *FY end of overseas subsidiaries is December (1Q:Jan-Mar) -18 16,178 (-2.8%) -18 +
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 （+184.0% Y/Y） 9,518 9,522 ・ Domestic Sales: Significantly increased from FY3/21 1Q - The state of emergency declared in some areas from late April to late June ▻ Sports facilities were closed
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 FY3/20 1Q FY3/21 1Q FY3/22 1Q (Million yen) RMB 16.32 15.59 16.34 TWD 3.57 3.61 3.75 *Jan-Mar Net Sales（+61.2% Y/Y） 5,524 ・ China: Sales significantly increased especially in badminton - Enhanced informatio
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 FY3/20 FY3/21 FY3/22 (Million yen) Rate 1Q 1Q 1Q USD 110.19 108.92 105.89 *Jan-Mar Net Sales（-5.5% Y/Y） ・ Badminton: Sales declined significantly 679 642 - Delayed recovery due to continued closure of i
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 Rate FY3/20 1Q FY3/21 1Q FY3/22 1Q (Million yen) EUR 125.14 120.10 127.68 GBP 143.67 139.59 146.61 Net Sales（-46.1% Y/Y） *Jan-Mar 630 639 ・ Germany: Sales declined - Tennis sales, mainly racquets, increased -
Slide 12: Consolidated Net Sales by Sports Categories
Consolidated Net Sales by Sports Categories FY3/22 1Q Sales (Million yen) Japan Y/Y Overseas Y/Y Total Y/Y Composition Badminton Sporting Goods Division Overseas sales composition: Y/Y 2,443 +1,777 +266.8% 6,411 +2,620 +69.1% 8,855 +4,397 +98.7% 54.7% 72.4%: -12.7%pt Tennis 2,019 +1,558 +338.4% 976
Slide 13: Consolidated Earnings Forecasts for FY3/22 (Upward Revision)
Consolidated Earnings Forecasts for FY3/22 （Upward Revision) ■Although the impact of COVID-19 continues in some areas where infections are worsening, the impact on business is expected to gradually diminish as sports activities are restarted along with increases in vaccinations. 【Earnings】 Net Sales
Slide 14: Consolidated Earnings Forecasts for FY3/22 (Upward Revision)
Consolidated Earnings Forecasts for FY3/22 （Upward Revision) FY3/21 FY3/22 FY3/22 VS Results Previous Forecasts Revised Forecasts Previous Forecasts （Announced on May 12th） （Announced on Ang 10th） (Million Yen) 1H Full Year 1H Full Year 1H Full Year 1H Full Year Net Sales 22,093 51,554 31,500 63,000
Slide 15: Reference Information
ove’ YONEX Reference Information
Slide 16: Net Sales (Reported Segments)
Net Sales (Reported Segments) (Million yen) FY3/18 1Q FY3/19 1Q FY3/20 1Q FY3/21 1Q FY3/22 1Q Japan 10,178 9,246 9,518 3,353 9,522 Asia 4,393 3,823 3,769 3,428 5,524 North America 514 553 590 679 642 Europe 638 649 630 639 344 Sports Facilities 190 185 182 98 144 Total 15,915 14,457 14,690 8,199 16,
Slide 17: Regional Sales by Destination
Regional Sales by Destination (Million yen) FY3/18 1Q FY3/19 1Q FY3/20 1Q FY3/21 1Q FY3/22 1Q Japan 7,855 7,303 7,363 2,352 7,360 Overseas 8,060 7,154 7,327 5,846 8,818 Asia 6,317 5,402 5,651 4,073 7,334 North America 514 553 590 679 642 Europe 1,082 1,060 993 1,024 514 Others 145 138 92 69 327 Tota
Slide 18: Forward-looking statements notice
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