Yonex Co., Ltd. · TSE:7906
Yonex — Q3 FY3/20 Earnings Presentation
19 slides from Yonex's earnings presentation, Feb 7, 2020
Slide 1: Financial Results 3rd Quarter of Fiscal Year Ending March 31, 2020
Financial Results 3rd Quarter of Fiscal Year Ending March 31, 2020 YONEX CO., LTD. (Tokyo Stock Exchange Code: 7906) February 7, 2020
Slide 2: 1Q-3Q Key Performance Highlights
1Q-3Q Key Performance Highlights □Net Sales Increased by 4.1% YY to JPY 46.5bn • Domestic sales remained at the same level as the previous year • Export and intermediary sales from Japan increased • In Asia, badminton sales, mainly racquets and shoes, recovered despite the negative impact of foreign
Slide 3: Consolidated Financial Results
Consolidated Financial Results FY3/19 FY3/20 (Million yen) YY Change 1Q-3Q 1Q-3Q Net Sales 44,753 46,589 +1,836 +4.1% Gross Profit 18,682 19,405 +722 +3.9% Gross Profit Margin 41.7% 41.7% ― ±0.0%pt SGA 17,262 17,805 +543 +3.1% Operating Profit 1,420 1,599 +179 +12.6% Operating Profit Margin 3.2% 3.4
Slide 4: Operating Profit Changes
Operating Profit Changes (Million yen) +151 Gross Profit Increase > SGA Increase +722 Personnel +312 <+3.9%> Expenses +110 1,599 GP Margin ±0.0%pt 1,420 Advertising -31 (41.7%→41.7%) Expenses R&D Expenses Others Gross Profit SGA +543 <+3.1%> Operating Profit +179<+12.6%> FY3/19 FY3/20 1Q-3Q 1Q-3Q 4
Slide 5: Segment Sales Information
Segment Sales Information FY3/19 FY3/20 (Million yen) YY Change 1Q-3Q 1Q-3Q Japan 28,318 29,018 +2.5% North America 1,680 1,731 +3.1% Sporting Goods Europe 1,835 1,737 -5.3% Division Asia 12,476 13,652 +9.4% Total 44,310 46,140 +4.1% Sports Facilities Division 442 449 +1.5% Total 44,753 46,589 +4.1%
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-3Q 109.60 130.97 148.23 16.84 3.66 (Million yen) Local Currency Basis Forex Impact FY3/20 1Q-3Q 109.14 122.65 139.04 15.89 3.51 *FY end of overseas subsidiaries is December -775 46,589 +1,951 +6 〈+15.6%〉
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 (+2.5% YY) ・Domestic sales 29,228 29,018 - Apparel sales grew 28,318 - Badminton sales remained at the same level as the previous year - Tennis sales decreased although sales of tennis shoes w
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-3Q FY3/19 1Q-3Q FY3/20 1Q-3Q (Million yen) USD 111.92 109.60 109.14 *Jan-Sep Net Sales (+3.1% YY) ・Badminton sales increased 1,680 1,731 - Shuttlecocks grew 1,497 ・Tennis sales decreased
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-3Q FY3/19 1Q-3Q FY3/20 1Q-3Q EUR 124.54 130.97 122.65 (Million yen) GBP 142.66 148.23 139.04 *Jan-Sep Net Sales (-5.3%YY) 1,835 ・Sales on local currency basis increased by 1.0% YY 1,788 1,737 ・B
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-3Q FY3/19 1Q-3Q FY3/20 1Q-3Q (Million yen) RMB 16.47 16.84 15.89 TWD 3.66 3.66 3.51 *Jan-Sep Net Sales (+9.4% YY) 13,242 13,652 ・Despite the negative impact of foreign exchange, 12,476 sales incre
Slide 11: Consolidated Net Sales by Sports Categories
Consolidated Net Sales by Sports Categories Sales (Million yen) FY3/20 1Q-3Q YY Change composition Badminton 25,961 +4.0% 55.7% Tennis 5,818 -1.7% 12.5% Sporting Goods Golf 736 -4.5% 1.6% Division Others 13,623 +7.6% 29.2% (Apparel and accessories) Total 46,140 +4.1% 99.0% Sports Facilities Division
Slide 12: Consolidated Net Sales by Sports Categories: Badminton and Tennis
Consolidated Net Sales by Sports Categories Badminton Tennis Japan Overseas (Million yen) 25,712 24,959 25,961 5,984 5,917 5,818 18,054 17,412 18,414 1,736 1,969 1,965 4,248 3,947 3,853 7,658 7,546 7,547 FY3/18 FY3/19 FY3/20 FY3/18 FY3/19 FY3/20 1Q-3Q 1Q-3Q 1Q-3Q 1Q-3Q 1Q-3Q 1Q-3Q Overseas Sales Com
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) 13,247 13,623 12,662 3,290 3,264 3,973 812 771 736 275 298 278 9,956 9,397 9,649 537 472 457 FY3/18 FY3/19 FY3/20 FY3/18 FY3/19 FY3/20 1Q-3Q 1Q-3Q 1Q-3Q 1Q-3Q 1Q-3Q 1Q-3Q Overseas Sales Com
Slide 14: Consolidated Earnings Forecasts for FY3/20
Consolidated Earnings Forecasts for FY3/20 FY3/19 FY3/20 (Million yen) YY Change Results Forecasts Net Sales 61,097 63,500 +3.9% Operating Profit 2,482 2,500 +0.7% Operating Profit Margin 4.1% 3.9% -0.2%pt Ordinary Profit 2,469 2,500 +1.2% Net Profit* 1,722 1,750 +1.6% * Profit attributable to owner
Slide 15: Appendix
ove’ YONEX Appendix
Slide 16: Consolidated Net Sales (Japan & Overseas)
Consolidated Net Sales (Japan & Overseas) Japan Overseas (Million yen) 45,239 46,201 46,589 44,753 38,441 23,041 23,356 22,946 24,632 15,870 50.9% 50.6% 51.3% 52.9% Overseas Sales 41.3% Composition 22,570 22,197 22,844 21,807 21,957 FY3/16 FY3/17 FY3/18 FY3/19 FY3/20 1Q-3Q 1Q-3Q 1Q-3Q 1Q-3Q 1Q-3Q *”
Slide 17: Net Sales (Reported Segments)
Net Sales (Reported Segments) Japan(Export, Intermediary Sales) North America(Subsidiary) Europe(Subsidiary) Asia(Subsidiary) Sports Facilities (Million yen) 45,239 46,201 46,589 44,753 449 454 443 442 Segment Asia: 38,441 China and Taiwan subsidiaries, 443 13,254 13,242 12,476 13,652 5,980 *1 India
Slide 18: Regional Sales Data by Destination
Supplemental Information Regional Sales Data by Destination Japan North America Europe Asia Others (Million yen) 45,239 46,201 46,589 44,753 413 456 381 482 Asia: 38,441 China, Taiwan, Southeast Asia, 335 18,517 18,388 17,823 19,462 Korea, India and others 10,912 3,105 2,780 3,012 3,060 2,954 1,518
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