Sankyo Co., Ltd. · TSE:6417
Sankyo — Nomura Investment Forum 2012
36 slides from Sankyo's conference presentation, Dec 5, 2012
Slide 1: Presentation on Nomura Investment Forum 2012
Presentation on Nomura Investment N I t t 1st Sec. of the TSE #6417 Current Price: ¥3,470 (November 20, 2012) Forum 2012 Shares Outstanding: 97.5 million Market Cap: ¥338,663 million Kimihisa Tsutsui 野村 インベストメント フォーラム ２０１２ President & COO 平成２４年１２月５-６日 成 年 SANKYO CO., LTD. 株式会社ＳＡＮＫＹＯ December 5 5-6 6
Slide 2: Revision of the Forecast of the Financial Results for FY 3/2013
２０１３年３月期 業績予想の修正 Revision of the Forecast of the Financial Results for FY 3/2013
Slide 3: Revision of the Forecast of the Financial Results for FY 3/2013
Revision of the Forecast of ２０１３年３月期 業績予想の修正 the Financial Results for FY 3/2013 / FY 3/2013 (9-May) (5-Nov) Change million yen Net Sales 210,000 123,000 -87,000 売上高 -41.4% O Operating ti Income I 50,000 12,000 -38,000 38 000 営業利益 -76.0% Recurring g Income 53 000 53,000 14 000 14,000 -39,000 , 経常利益
Slide 4: Market Movements: in Line with the Forecast
市場動向 予想通りに推移 Market Movements: in Line with the Forecast Pachinko Machines パチンコ機 (9-May) Monthly Average x12 (Jan-Sep) bn. yen Market Size 800 803 十億円 市場規模 thous. units N off Machines No. M hi Sold S ld 2,500 209 2,508 千台 販売台数 thous. yen Average g Sales Price 320 320 320 千円 平均販売単価 Pachislot Machines
Slide 5: Downturn of Business Conditions
業況悪化 Downturn of Business Conditions: 遊技機購入は一層慎重に Increasingly Cautious Approach on Deciding Purchase of Pachinko/Pachislot Machines Pachinko Diffusion Index パチンコDI調査 +70 Pachislot machine utilization tili ation rate パチスロ稼働状況 +14.1 +0 Overall business conditions -12.0 -14.0 全般的業況 -23.9 -24.0 -38.0 -
Slide 6: Number of Pachinko Titles to be Released
Number of Pachinko Titles パチンコ機 販売予定タイトル数 （リユースを除く） to be Released (Excludingg Reused Models) (9-May) (5-Nov) H1 H2 H1 H2 Fever Aquarion 3 Fever Ha Lord 2 Virus Breaker Fever Kamata koshin-kyoku y Evangelion 7 YRW Fever Tiger Mask 2 Sengoku BASARA 3 Launch of flagship model is postponed to next term
Slide 7: Number of Pachislot Titles to be Released
Number of Pachislot Titles パチスロ機 販売予定タイトル数 to be Released (9-May) (5-Nov) H1 H2 H1 H2 Pachislot Macross Frontier Pachislot Patrush Pachislot Haouden ZERO GTO Limit Break Yaoh 10 titles in total 7 titles in total 6
Slide 8: Business Results for the First Six Months of FY 3/2013 (Highlights)
Business Results for ２０１３年３月期 第２四半期実績 the First Six Months of FY 3/2013 / (Highlights) ( g g ) FY 3/2012 FY 3/2013 YoY million yen 6 Months 6 Months Net Sales 71,535 53,782 -17,753 売上高 -24.8% O Operating ti Income I 11,841 6,952 -4,889 4 889 営業利益 -41.3% Recurring g Income 13 928 13,928 7 668 7,668 -
Slide 9: Company Overview
ＳＡＮＫＹＯご紹介 Company Overview
Slide 10: Company Overview
会社概要 Company p y Overview SANKYO CO., LTD. 1st Sec. of the TSE #6417 Development, p , Manufacture,, and Sales of Pachinko and Pachislot Machines 3 Brands Structure ・東証１部上場（銘柄コード 6417） ・パチンコ、パチスロ機の開発・製造・販売 ・３ブランド展開 9
Slide 11: Stock Information
株価指標 Stock Information Price 3 470 3,470 (November 20, 20 2012) Currency in JPY 時価総額 M k t Cap Market C 338 663M 338,663M 実績PER Trailing P/E (ttm) 16.08 予想PER Forward P/E (1 yr) 40.54 実績PBR Price/Book (mrq) 0.80 予想配当金 Forward Annual Dividend Rate 150.00 配当利回り Forward Annual Dividend Yield 4.32% 配当性向
Slide 12: Analyst Coverage
アナリストによるカバレッジ Analyst y Coverage g Mr. Souichiro Fukuda Mr. Satoshi Tanaka Mr. Satoru Kikuchi Mr. Masanori Minami Mr. Yusuke Maeda Mr. Takeshi Koyama y Analyst y coverage g Mr Yuta Sakurai Mr. Mr Masashi Morita Mr. Mr Eiji Maeda Mr. by 9 firms Source: QUICK 11
Slide 13: Focused on Game Machine-related Businesses
遊技機関連に特化した事業領域 Focused on Game Machine-related Businesses Sales Composition 売上高比率 15.0% 14.0% 71.0% Pachinko Machines Pachislot Machines Ball Bearing Supply Systems and Others 12
Slide 14: Positioning of the 3 Brands
３ブランドのポジショニング Positioning g of the 3 Brands Creative 独創的 Broad appeal 普遍的 Content-oriented Specification-oriented コンテンツ重視 スペック重視 13
Slide 15: Prosper with the Pachinko Industry
パチンコ産業と共に発展 Prosper p with the Pachinko Industryy 2012 2001 1992 1980 1975 CR Fever Wide Powerful Fever Powerful III Fever Open Tulip CR Fever KODA KUMI III Love Romance 14
Slide 16: Debut of Neon Genesis Evangelion in 2004
２００４年 「新世紀エヴァンゲリオン」登場 Debut of Neon Genesis Evangelion g in 2004 7p pachinko titles: 1,303,000 , , units 2012 2012 6 pachislot titles: 422,000 units 2004 2005 15
Slide 17: Industry Trend
産業の動向 Industry Trend
Slide 18: 30% of the Leisure Market
余暇市場の３割を占める巨大産業 30% of the Leisure Market Leisure Market 64.9 trill. yen Pachinko player population: 12.6 million 18 8 trill. 18.8 t ill yen One in every 8.5 of Japan’s 18.8兆円 population l ti aged g d 18 or older ld plays l pachinko or pachislot Pachinko Rental Ball Fee パチン フ ン人口 1,260万人 パチンコファン人口 1
Slide 19: Structure of Pachinko Industry
パチンコ産業の構造 Structure of Pachinko Industryy Pachinko Rental Ball Fee Gross Profit of Parlor 18.8 trill. yen パチンコ 3.0 trill. yen パーラー 貸玉料 粗利益 Prize Other Expenses (85%) Operating Income (2/3) 景品 その他経費 営業利益 Cost of Machine Purchase Size of Game (1/3) Machine Market Gross Profit (15%) 遊技機 1.2 trill. yen
Slide 20: Size of Pachinko Machine Market
パチンコ機市場 Size of Pachinko Machine Market 985 921 886 825 800 CY2012 Expected to be flat or decline 3 339 3,339 3 332 3,332 slightly 2,900 2,602 2,500 Market Size (bn. yen) No. of Sales for Pachinko Machines (thou. units) CY2008 2009 2010 2011 2012E 2012年度 横ばい～若干減少を予想 Source: Yano Research Institute 1
Slide 21: Share of Pachinko Machine Market (unit basis)
パチンコ機 販売シェア（台数ベース） Share of Pachinko Machine Market ((unit basis)) 30% 25% Sanyo 20% Kyoraku 15% SANKYO Sammy 10% Newgin 5% 0% CY2007 2008 2009 2010 2011 Source: Yano Research Institute 20
Slide 22: Size of Pachislot Machine Market
パチスロ機市場 Size of Pachislot Machine Market 375 390 286 242 225 CY2012 Slight decrease following strong growth 1,259 1,200 913 979 765 Market Size (bn. yen) No. of Sales for Pachislot Machines (thou. units) CY2008 2009 2010 2011 2012E 2012年度 引き続き堅調に推移 Source: Yano Research Institute 21
Slide 23: Share of Pachislot Machine Market (unit basis)
パチスロ機 販売シェア（台数ベース） Share of Pachislot Machine Market ((unit basis)) 35% Sammy 30% 25% 20% Yamasa 15% Universal 10% SANKYO 5% Daito 0% CY2007 2008 2009 2010 2011 Source: Yano Research Institute 22
Slide 24: Current Situations and Initiatives
現況と取り組み Current Situations and Initiatives
Slide 25: 5-year Financial Highlights
最近５年間の業績推移 5-year y Financial Highlights g g Consolidated: mill. yen FY 3/2008 FY 3/2009 FY 3/2010 FY 3/2011 FY 3/2012 Net Sales 280 511 280,511 187 877 187,877 222 673 222,673 201 606 201,606 173 682 173,682 Pachinko Machines 217,955 133,195 180,471 149,876 123,353 Pachislot Machines 40,511 33,598
Slide 26: Stable Operating Income Ratio
安定した営業利益率 Stable Operating Income Ratio （過去５年間の平均 24.3%） (24.3% on Average for the Past 5 years) 売上高 Net sales 100.0% 売上原価 Cost of sales 52.7% Advertisement expenses 4.2% 広告宣伝費 S l commission Sales i i 6.4% 6 4% 販売手数料 R&D expenses 6.8% SG&A expenses p 23.0% 研究開発費 販売費及び一般管理費 Salaries and wages 1.9% 給
Slide 27: SANKYO's Ideal Profile
ＳＡＮＫＹＯの目指す姿 SANKYO’s Ideal Profile Forging g g ahead in the Market 市場を切り開く No.1 時価総額 Market Capitalization No.1 遊技機販売シェア Market Share No.1 ファンの人気 ァン 人気 Popularity among Players 26
Slide 28: Key Issues for FY 3/2013
２０１３年３月期 重点課題 Keyy Issues for FY 3/2013 / Continued p promotion as keyy issues 重点課題として引き続き推進 Successful introduction of the flagship pachinko model 1 パチンコ旗艦モデルの投入と成功 Enhanced presence in the pachislot market 2 パチスロ市場における存在感の向上 Early establishment of the 3-brand structure 3 ３ブランド体制の早期構築 27
Slide 29: Maintain the Current Level of Cash Dividend
配当金は現状維持 Maintain the Current Level of Cash Dividend Stable dividend 安定配当 Commitment to 25% payout ratio 公約配当性向25％ FY 3/2013 No dividend cut since the listing 上場以来 減配がない DPS 150 yen Including interim dividend 中間配当を含む 28
Slide 30: Appendix
附属資料 Appendix
Slide 31: Business Results for the First Six Months of FY 3/2013
Business Results for ２０１３年３月期 第２四半期実績 the First Six Months of FY 3/2013 / FY 3/2013 FY 3/2012 Forecast FY 3/2013 修正予想 Revised Forecast 連結：百万円 Consolidated: million yen 6 Months 6 Months YoY (13-Sep) Change Q1 Q2 (5-Nov) (9-May) Change FY 3/2012 YoY 売上高 売 高 Net Sales 53,782 71,535 -17,753 52,500 +1,2
Slide 32: Pachinko Machines Business
パチンコ機関連事業 Pachinko Machines Business FY 3/2013 FY 3/2012 Forecast FY 3/2013 修正予想 Revised Forecast 連結：百万円 Consolidated: million yen 6 Months 6 Months YoY (13-Sep) Change Q1 Q2 (5-Nov) (9-May) Change FY 3/2012 YoY 売上高 Net Sales 29 948 29,948 49 927 49,927 -19 979 -19,979 29 600 29,600 +348 10 895 10,8
Slide 33: Pachislot Machines Business
パチスロ機関連事業 Pachislot Machines Business FY 3/2013 FY 3/2012 Forecast FY 3/2013 修正予想 Revised Forecast 連結：百万円 Consolidated: million yen 6 Months 6 Months YoY (13-Sep) Change Q1 Q2 (5-Nov) (9-May) Change FY 3/2012 YoY 売上高 Net Sales 12 154 12,154 10 874 10,874 +1 280 +1,280 12 000 12,000 +154 5 705 5,705
Slide 34: Gross Margin/Operating Margin
売上総利益率／営業利益率 Gross Margin/Operating g / p g Margin g FY 3/2013 FY 3/2012 Forecast FY 3/2013 修正予想 Revised Forecast 連結 Consolidated 6 Months 6 Months YoY (13-Sep) Change Q1 Q2 (5-Nov) (9-May) Change FY 3/2012 YoY 売上総利益率 Gross Margin 51.0% 45.6% +5.4pt 50.7% +0.3pt 47.7% 53.4% 47.2% 50.0% -2.8pt 48.7%
Slide 35: Game Machine Market
遊技機市場 Game Machine Market 4,000 全日遊連加盟パーラーの状況 Situation of Parlors that Are Members of Zennichiyuren 営業中の店舗数 3,500 No. of outlets currently in operation 3,339 3,332 11,318 11,305 11,314 11,332 11,303 11,268 11,269 11,258 11,227 11,222 11,227 11,199 3,173 3,000 3,158 3,163 3 076 3,076 3,107 , 2,954 2
Slide 36: Good luck. Good life.
Good luck. Good life. sANCKYO