Takamiya Co., Ltd. · TSE:2445
Takamiya — Q3 FY2025 Earnings Presentation
57 slides from Takamiya's earnings presentation, Mar 31, 2025
Slide 1: TAKAMIYA
TAKAMIYA
Slide 2: Results Briefing Materials for the Third Quarter of FY Ending March 31, 2025
Results Briefing Materials for the Third Quarter of the Fiscal Year Ending March 31, 2025 Takamiya Co., Ltd. (2445:Tokyo) Grand Front Osaka Tower-B Bldg.27F 3-1, Ofuka-cho, Kita-ku, Osaka 530-0011, Japan TEL : +81-6-6375-3900 FAX : +81-6-6375-8825 Page 2
Slide 3: Agenda
Agenda ・ Topics ・ Notice Regarding the Revision of Earnings Forecast ・ Explanation of Consolidated Financial Results ・ Outlook for the Future ・ Stock Information ・ Appendix Page 3
Slide 4: Topics
Topics December 20, 2024 ・Notice Regarding the Establishment of Tokyo Headquarters (Dual Headquarters System) January 15, 2024 ・Notice of Signing a Basic Agreement for Stock Acquisition and Subsidiary Establishment February 3, 2025 ・Notice of Changes to the Board of Directors and Executive Officers
Slide 5: Notice Regarding the Revision of Earnings Forecast
Notice Regarding the Revision of Earnings Forecast Page 5
Slide 6: Notice Regarding the Revision of Earnings Forecast
Notice Regarding the Revision of Earnings Forecast Details of the Revision of the Consolidated Earnings Forecast for the Fiscal Year Ending March 31， 2025 Comparison to Previous Initial Forecast Revised Forecast Amount of Change Rate of Change Previous Period Actual Period Rate of Change Net Sales 4
Slide 7: Explanation of Consolidated Financial Results
Explanation of Consolidated Financial Results Page 7
Slide 8: Consolidated Financial Results
1. Consolidated Financial Results (April 2024 to December 2024) 1.1 Consolidated Financial Results Due to the postponement of the anticipated large-scale project, we were unable to fully absorb the increased costs from human capital and capital investments, resulting in a decrease in profits. Previo
Slide 9: Progress
1. Consolidated Financial Results (April 2024 to December 2024) 1.2 Progress The impact of reduced revenue due to the delay in the commencement of anticipated projects and the cost increase from upfront investments and human capital investments could not be fully absorbed, resulting in profits being
Slide 10: Comparison of Consolidated Performance Indicators (Sales and Operating Income)
1. Consolidated Financial Results (April 2024 to December 2024) 1.3 Comparison of consolidated performance indicators with the same period of the previous year The newly established business segment, the platform business, achieved significant growth in both revenue and profit. Net Sales 151 million
Slide 11: Comparison of Consolidated Performance Indicators (EBITDA and Ordinary Income)
1. Consolidated Financial Results (April 2024 to December 2024) 1.4 Comparison of consolidated performance indicators with the same period of the previous year Due to the execution of investments aimed at expanding platform services, depreciation expenses increased, while foreign exchange gains decr
Slide 12: Trends in Gross Profit Margin and Operating Income Margin
1. Consolidated Financial Results (April 2024 to December 2024) 1.5 Trends in Gross Profit Margin and Operating Income Margin Due to the increase in depreciation expenses from rental asset investments aimed at expanding platform services, the gross profit margin decreased compared to the previous pe
Slide 13: Summary of Results by Segment
2. Cumulative results by segment (April 2024 to December 2024) 2.1 Summary of Results by Segment While the platform business saw significant growth, the sales business stagnated in terms of profitability. Segment Sales Segment Operating Income（margin） 3Q FY2024 3Q FY2025 YoY 3Q FY2024 3Q FY2025 YoY
Slide 14: Change in Segment Revenue Composition Ratio
2. Cumulative results by segment (April 2024 to December 2024) 2.2 Change in Segment Revenue Composition Ratio The proportion of revenue from the platform business has increased, accelerating the shift towards a recurring business model. Platform Business Platform Business 1,569 million yen Overseas
Slide 15: Change in Segment Operating Income Composition Ratio
3. Cumulative results by segment (April 2024 to December 2024) 3.3 Change in Segment Operating Income Composition Ratio The proportion of operating income from the platform business has increased, accelerating the shift towards a recurring business model. Platform Business Overseas Business 215 mill
Slide 16: Platform Business: Factors Behind Changes
3. Platform Business 3.1 Factors behind changes from the same period of the previous fiscal year Due to the delay in the commencement of expected projects, the number of new OPE-MANE contracts and contract value struggled to grow. However, revenue expanded due to additional contracts and an increase
Slide 17: OPE-MANE Contract Subscribers and Contract Order Value
3. Platform Business 3.2 Number of OPE-MANE Contract Subscribers and Contract Order Value The number of accounts slightly increased, but the contract value grew due to additional contracts from existing accounts. Number of OPE-MANE Accounts for the FY2025 OPE-MANE Contract Order Value for the FY2025
Slide 18: OPE-MANE Contract Volume and Rental Usage
3. Platform Business 3.3 Trends in OPE-MANE Contract Volume and Rental Usage by OPE-MANE Users With the Increase in OPE-MANE Contract Equipment, Rental Revenue (Recurring Revenue) from OPE-MANE Users Has Increased Cumulative OPE-MANE Contract Volume and Rental Revenue from Users Increase in Recurrin
Slide 19: Sales Business: Factors Behind Changes
4. Sales Business 4.1 Factors behind changes from the same period of the previous fiscal year Due to delays in the start of construction caused by labor shortages, the outlook remains uncertain, leading to postponed purchases and a shift in procurement methods towards rentals. Segment Sales 1,637 mi
Slide 20: Sales by Sector
4. Sales Business 4.2 Sales by Sector Considering the situation where it is difficult to predict the start of construction due to labor shortages, the use of rentals increased. In the environmental sector, revenue decreased as large-scale projects could not be secured. Secondhand 中古 Construction tem
Slide 21: Rental Business: Factors Behind Changes
5. Rental business 5.1 Factors behind changes from the same period of the previous fiscal year Due to delays in the commencement of expected projects and other large-scale infrastructure-related construction, rental volume fell short of expectations, and the increase in SG&A expenses could not be fu
Slide 22: Utilization Rates by Rental Asset Classification
5. Rental business 5.2 Utilization Rates by Rental Asset Classification In addition to the increase in the total amount of rental assets held, the delay of anticipated projects led to a decrease in the utilization rate. Rental asset utilization rate 70.0% 90,000,000,000 85,000,000,000 65.0% 61.7% 80
Slide 23: Utilization Rates by Rental Asset Classification
5. Rental business 5.3 Utilization Rates by Rental Asset Classification In addition to the increase in the total amount of rental assets held, the return of civil engineering-related equipment also increased, leading to a decrease in the overall utilization rate. Construction-related rental asset ut
Slide 24: Overseas Business: Factors Behind Changes
6. Overseas business 6.1 Factors behind changes from the same period of the previous fiscal year Sales within the group by the Vietnam factory are progressing as planned. Segment Sales 753 million yen decrease Segment Operating income 9 million yen increase （YoY 12.2% decrease） （YoY 3.0% increase） ◼
Slide 25: Iq System Adoption Status
7. "Iq System" Numerical Indicators 7.1 Iq System adoption status Due to the impact of construction delays caused by labor shortages, there is a tendency to utilize flexible rental options for procuring temporary equipment. Iq System Sales Cumulative number of sales for Iq System Cumulative sales am
Slide 26: Iq System Adoption Status and Market Share
7. "Iq System" Numerical Indicators 7.2 Iq System adoption status With the increase in rental asset holdings and sales volume, the spread of scaffolding is also progressing. Iq System Adoption Area (Unit: 10,000 m²) *Scaffold Market Share Cumulative Adoption Area: 12,150,000 m² Estimation based on d
Slide 27: Iq System Utilization Rate Trend
7. "Iq System" Numerical Indicators 7.3 Iq System utilization rate trend Due to the increase in rental asset holdings and the impact of selective order-taking implemented to improve profit margins, the utilization rate is below both the plan and the same period last year. Rental asset utilization ra
Slide 28: Changes in Major Accounts
8. Consolidated Balance Sheets 8.1 Changes in major accounts To enhance platform functionality, we will strengthen the supply capabilities of services and products. Moving forward, production will be carried out while considering inventory levels and making adjustments as necessary, with the goal of
Slide 29: Outlook for the Future
Outlook for the Future Page 29
Slide 30: De Facto Standard Strategy for Transitioning to a Stock-Based Business
Outlook for the Future De Facto Standard Strategy for Transitioning to a Stock-Based Business We will advance the reform of hardware and the expansion of software, aiming to break away from the traditional rental business. Phase1 Phase2 Phase3 Background of Flow-Type Business Being Highly Influenced
Slide 31: De Facto Standard Strategy: Phase 1 Iq System
Outlook for the Future De Facto Standard Strategy for Transitioning to a Stock-Based Business By transforming the scaffolding regulations that have remained unchanged for over half a century, we aim to differentiate on the hardware side and create a stepping stone toward a stock-based business. Towa
Slide 32: De Facto Standard Strategy: Scaffolding Coverage Area Share
Outlook for the Future De Facto Standard Strategy for Transitioning to a Stock-Based Business By increasing both sales and rental assets within our company, we aim to expand our market share and strive to become the de facto standard. Scaffolding coverage area share (in square meters) Towards the de
Slide 33: De Facto Standard Strategy: Software Expansion
Outlook for the Future De Facto Standard Strategy for Transitioning to a Stock-Based Business By expanding solutions (software) that contribute to solving customer challenges, we will promote the spread of the hardware, the Iq System. By enhancing the software, the increase in the use of hardware wi
Slide 34: De Facto Standard Strategy: Investment Plan and Performance
Outlook for the Future De Facto Standard Strategy for Transitioning to a Stock-Based Business To expand the platform's functionality, various investments, including in DX and Takamiya Lab., are being made. Towards the de facto standard, Investment Plan and Performance (Unit: million yen) Capital Inv
Slide 35: De Facto Standard Strategy: New Bases
Outlook for the Future De Facto Standard Strategy for Transitioning to a Stock-Based Business To maximize the convenience of OPE-MANE, a new base has been established in areas with high construction demand to promote its expansion. Hokkaido Sapporo Base (Tentative Name) Towards the de facto standard
Slide 36: De Facto Standard Strategy: M&A of Nikken Lease
Outlook for the Future De Facto Standard Strategy for Transitioning to a Stock-Based Business To maximize the convenience of OPE-MANE, we will conduct an M&A of a subsidiary that will serve as the core of the Chugoku-Shikoku area, collaborate with group companies, and aim for business growth in the
Slide 37: Upcoming Large-Scale Projects
Outlook for the Future Large-scale projects, including infrastructure-related construction such as the Shinkansen, Expo, IR, and semiconductor factories, are upcoming. Infrastructure renovation project Linear Central Shin-Meishin ◼ Large-scale renewal of the capital (up to 2040) Shinkansen Expresswa
Slide 38: Stock Information
$ TAKAMIYA Stock Information
Slide 39: Stock Information: Basic Information
Stock Information Basic Information In the name of Stock Information Financial Instruments Business Operators treasury stock 1.08% 505 thousand shares 0.02% Listed on Tokyo Stock Exchange Prime Market Foreign corporations 7thousand 7.86% shares Securities code 2445 3,663 thousand Share Unit 100 shar
Slide 40: Number of Shareholders and Shareholder Composition
Stock Information Number of Shareholders and Shareholder Composition The number of shareholders is on an increasing trend, with a rising proportion of corporate and foreign entities. End of March 2022 End of March 2023 End of March 2024 End of September 2024 Number of shareholders at end of the peri
Slide 41: Cash Dividends
Stock Information Cash dividends For the current period, the interim dividend is 6 yen per share, and the year-end dividend will consist of a regular dividend of 8 yen plus a commemorative dividend of 2 yen, for a total of 10 yen. The total annual dividend is planned to be 16 yen. FYE March 31, 2021
Slide 42: Stock Price Range
Stock Information Stock Price Range Stock price as of December 31: ¥409, Average daily trading volume: ¥25,281 thousand (from January 4, 2024 to December 31, 2024). Average daily trading volume Stock Price > Gray line is the 12-month moving average of the stock price. 600,000 1,200 500,000 1,000 400
Slide 43: IR Calendar
Stock Information IR Calendar IR Calendar January February March April May June July August September October November December 3Q Earnings announcement 1Q 2Q Earnings announcement Earnings announcement Earnings announcement Ordinary General Meeting of Shareholders IR activities ◆ Holding of financi
Slide 44: Appendix
$ TAKAMIYA Appendix
Slide 45: Change in Business Segments: Purpose of New Segment
Change in business segments implemented in the FYE March31, 2025 Purpose of the New Business Segment Starting from the fiscal year ending March 2025, the company will enhance the transparency of the Takamiya Platform and visualize business growth by disclosing the platform business as a separate seg
Slide 46: Details of the Platform Business
Change in business segments implemented in the FYE March31, 2025 Details of the Platform Business Revenue from providing solutions to customers facing challenges such as resource shortages Segment Performance for the FYE March 31, 2024 (Previous Period) 2,796 Amount Transferred to the Platform Busin
Slide 47: Details of the Sales Business
Change in business segments implemented in the FYE March31, 2025 Details of the Sales Business Sales of Temporary Equipment-related Products to Non-OPE-MANE Users, Including Environmental Products such as Agricultural and PV-related Items, as well as Structural Materials Comparison of Segment Result
Slide 48: Details of the Rental Business
Change in business segments implemented in the FYE March31, 2025 Details of the Rental Business Starting the Rental of Temporary Equipment and Providing Ancillary Services such as Drawing Design and Labor (Construction Services) Comparison of Segment Results for the FYE March 31,2024, Segment Compos
Slide 49: Details of the Overseas Business
Change in business segments implemented in the FYE March31, 2025 Details of the Overseas Business Business Revenue from Subsidiaries in South Korea, Vietnam, and the Philippines Segment Performance for the FYE March 31, 2024 (Previous Period) 2,796 Segment Composition Note: No changes have been made
Slide 50: Financial Highlights
Financial Highlights FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 Net sales 23,201 28,113 32,443 34,261 34,350 36,763 36,114 42,182 46,055 38,812 39,800 41,894 44,127 Gross profit on sales 7,202 8,196 9,832 10,856 11,291 10,991 10,431 12,132 14,014 10,99
Slide 51: Financial Highlights (Balance Sheet)
Financial Highlights FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 Current assets 12,202 13,725 15,892 18,213 19,769 20,557 20,136 22,781 26,408 24,907 26,681 28,430 29,073 Non Current assets 20,269 20,262 21,353 25,307 30,321 32,203 32,677 31,632 32,873
Slide 52: Non-financial Highlights
Non-financial highlights FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 Number of employees (consolidated) (persons) 903 979 1,010 1,144 1,204 1,298 1,221 1,222 1,266 1,327 Ratio of women (consolidated) (%) ‐ ‐ ‐ 31.8 30.8 32.3 34.9 36.3 33.1 35.3 Ratio of foreign nationals (c
Slide 53: Performance Trends
Performance Trends Trends in Net Sales Trends in operating income 11,773 930 11,944 10,312 11,208 999 9,976 10,054 9,783 9,190 4Q 8,783 995 12,194 707 859 3Q 11,135 11,390 11,098 667 9,217 9,800 10,887 647 9,460 9,049 1199 2Q 8,764 861 299 919 13 1Q 11,936 796 475 695 11,028 10,781 10,896 11,490 1,3
Slide 54: Number of Shares Issued and Earnings per Share (EPS)
Number of Shares Issued and Earnings per Share (EPS) Changes in issued shares *Unit: 1,000 shares Earnings per share *Unit: Yen 52.74 46,577 46,577 46,585 46,585 46,585 48.12 40.53 38.22 35.14 45,447 45,467 45,304 45,304 31.36 29.26 20.73 18.41 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY16 FY17
Slide 55: Quarterly Results by Segment (Cumulative)
Quarterly Results by Segment (Cumulative) *Unit: Million yen Fiscal Year Ended March 31, 2024 Fiscal Year Ending March 31, 2025 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Platform business Segment sales 330 800 1,569 2,796 966 2,191 3,276 Of which, sales to external 330 800 1,569 2,796 966 2,191 3,276 customers Segmen
Slide 56: Quarterly Results by Segment
Quarterly Results by Segment *Unit: Million yen Fiscal Year Ended March 31, 2024 Fiscal Year Ending March 31, 2025 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Platform business Segment sales 330 470 769 1,226 966 1,224 1,085 Of which, sales to external 330 470 769 1,226 966 1,224 1,085 customers Segment profit (40) 21
Slide 57: IR Contact
IR Contact Company name : Takamiya Co., Ltd. Address : 〒530-0011 3-1, Ofukamachi, Kita-ku, Osaka Grand Front Osaka Tower B 27F HP : https://corp.takamiya.co/en/ IR website : https://corp.takamiya.co/en/ir/ TEL : 06-6375-3918 (PR & IR Department) FAX : 06-6375-8827 Mail : ir@takamiya.co This material