Citizen Watch : FY2025 3Q Data

Reference Data

(Billion yen) *1

FY2024

FY2025

Annual

Annual

11/12E

Annual

2/12E

Yen/USD

Yen/EURO

153

164

146

168

149

173

Net Sales

Watches

179.2

186.0

190.0

Machine Tools

74.3

79.0

84.0

Devices and Components *6

63.3

62.0

63.5

Total

316.8

327.0

337.5

Operating profit

Watches

18.1

22.0

23.0

Machine Tools

5.6

6.4

7.5

Devices and Components *6

2.9

2.4

3.0

Eliminations and general corporate

(6.2)

(6.3)

(6.5)

Total

20.5

24.5

27.0

Operating Margin

Watches

10.1%

11.8%

12.1%

Machine Tools

7.6%

8.1%

8.9%

Devices and Components *6

4.7%

3.9%

4.7%

Total

6.5%

7.5%

8.0%

Other Indicators

Ordinary profit

23.0

29.0

33.5

Profit attributable to owners of parent

23.8

22.0

24.0

Capital expenditures

20.9

27.0

28.0

Depreciation

13.5

14.0

14.0

R&D expenses

5.6

6.0

6.0

Advertising expenses

22.6

22.0

23.0

①Cash and cash equivalents

93.7

②Interest-bearing debt

69.9

Net cash（①-②）

23.7

Cash flow from operating activities

35.7

Cash flow from investing activities

(10.0)

Free cash flow

25.7

Cash flow from financing activities

(12.5)

Cash & cash equivalents at end of term

92.5

Outstanding shares at end of term *2

246,000

Number of treasury stock *2

2,131

Excluding treasury stock *2

243,868

Inventories

111.2

Total Assets

415.5

ROA (Return On Assets) *3

5.7%

Shareholders' Equity

255.9

Shareholders' Equity Ratio

61.6%

ROE (Return On Equity) *4

9.5%

Number of group employees (person) *5

14,452

Japan

6,407

Overseas

8,045

FY2024

FY2025

1-3Q

1-3Q

YoY

(%)

152

148

(2.7%)

165

171

＋3.3%

137.5

147.5

＋7.3%

55.9

62.2

＋11.2%

48.2

47.2

(2.0%)

241.7

257.1

＋6.4%

16.0

20.7

＋29.2%

4.3

5.1

＋18.2%

3.1

2.5

(18.8%)

(4.5)

(4.5)

-

19.0

23.8

＋25.5%

11.7%

14.0%

-

7.9%

8.4%

-

6.5%

5.4%

-

7.9%

9.3%

-

21.9

30.3

＋38.2%

22.2

22.2

＋0.1%

13.0

19.1

＋46.2%

10.0

10.6

＋6.3%

4.2

4.3

＋2.5%

-

-

-

93.5

100.2

71.2

66.4

22.3

33.8

26.5

28.1

(4.7)

(9.4)

21.8

18.6

(11.5)

(17.0)

92.8

99.0

246,000

246,000

2,131

2,005

243,868

243,994

117.8

120.2

431.1

456.3

260.8

279.2

60.5%

61.2%

14,571

14,150

6,460

6,371

8,111

7,779

FY2024

FY2025

1H

2H

1H

2H

2H

11/12E

2/12E

154

152

146

145

151

167

162

167

170

179

85.7

93.4

89.3

96.6

100.6

37.3

36.9

38.5

40.4

45.4

33.3

29.9

31.3

30.6

32.1

156.5

160.3

159.2

167.7

178.2

9.6

8.5

11.7

10.2

11.2

3.0

2.6

2.6

3.7

4.8

2.7

0.1

1.6

0.7

1.3

(3.1)

(3.0)

(3.0)

(3.2)

(3.4)

12.3

8.2

12.9

11.5

14.0

11.3%

9.1%

13.2%

10.6%

11.2%

8.1%

7.2%

6.9%

9.2%

10.6%

8.3%

0.6%

5.2%

2.6%

4.3%

7.9%

5.2%

8.2%

6.9%

7.9%

12.2

10.7

16.1

12.8

17.3

12.2

11.5

11.8

10.1

12.1

6.7

14.2

11.9

15.0

16.0

6.6

6.9

6.9

7.0

7.0

2.8

2.8

2.9

3.0

3.0

10.5

12.0

10.5

11.4

12.4

83.9

93.7

95.3

70.3

69.9

66.3

13.6

23.7

28.9

13.3

22.3

15.7

(2.5)

(7.5)

(3.0)

10.8

14.8

12.7

(5.8)

(6.6)

(11.6)

83.2

92.5

94.9

246,000

246,000

246,000

2,130

2,131

2,004

243,869

243,868

243,995

117.2

111.2

119.2

410.2

415.5

431.2

245.9

255.9

263.4

60.0%

61.6%

61.1%

14,700

14,452

14,254

6,468

6,407

6,412

8,232

8,045

7,842

FY2024

FY2025

1Q

2Q

3Q

4Q

1Q

2Q

3Q

YoY

(%)

Yen/USD

Yen/EURO

155

167

153

166

150

162

154

161

146

163

147

171

153

178

＋1.9%

＋9.6%

Net Sales

Watches

41.6

44.1

51.7

41.7

41.5

47.8

58.2

＋12.5%

Machine Tools

17.9

19.4

18.5

18.3

18.9

19.5

23.7

＋27.8%

Devices and Components *6

16.3

17.0

14.8

15.1

14.7

16.5

15.9

＋7.1%

Total

75.8

80.6

85.1

75.1

75.2

83.9

97.8

＋14.9%

Operating profit

Watches

3.7

5.9

6.3

2.1

4.4

7.3

8.9

＋40.2%

Machine Tools

1.3

1.7

1.3

1.2

1.5

1.1

2.5

＋84.2%

Devices and Components *6

1.2

1.5

0.3

(0.1)

0.4

1.2

0.9

＋166.1%

Eliminations and general corporate

(1.5)

(1.5)

(1.3)

(1.6)

(1.6)

(1.4)

(1.5)

-

Total

4.6

7.6

6.7

1.5

4.6

8.2

10.8

＋62.5%

Operating Margin

Watches

8.9%

13.5%

12.3%

5.1%

10.6%

15.4%

15.4%

-

Machine Tools

7.3%

8.8%

7.4%

6.9%

8.0%

5.9%

10.7%

-

Devices and Components *6

7.4%

9.2%

2.3%

(1.0%)

2.7%

7.3%

5.8%

-

Total

6.2%

9.5%

7.9%

2.1%

6.2%

9.9%

11.1%

-

Other Indicators

Ordinary profit

7.3

4.9

9.7

1.0

6.1

10.0

14.1

＋46.0%

Profit attributable to owners of parent

8.5

3.7

9.9

1.6

9.1

2.6

10.3

＋4.2%

Capital expenditures

2.5

4.2

6.3

7.8

4.6

7.3

7.1

＋12.6%

Depreciation

3.3

3.3

3.4

3.5

3.4

3.4

3.7

＋10.3%

R&D expenses

1.4

1.4

1.3

1.4

1.5

1.4

1.3

＋0.4%

-

-

-

-

-

-

-

-

-

①Cash and cash equivalents

89.1

83.9

93.5

93.7

98.9

95.3

100.2

②Interest-bearing debt

71.5

70.3

71.2

69.9

70.0

66.3

66.4

Net cash（①-②）

17.6

13.6

22.3

23.7

28.8

28.9

33.8

Cash flow from operating activities

8.6

4.7

13.1

9.1

9.9

5.8

12.3

Cash flow from investing activities

1.8

(4.3)

(2.2)

(5.2)

1.7

(4.7)

(6.4)

Free cash flow

10.4

0.4

10.9

3.8

11.6

1.0

5.9

Cash flow from financing activities

(5.3)

(0.4)

(5.7)

(0.9)

(6.2)

(5.4)

(5.4)

Cash & cash equivalents at end of term

88.6

83.2

92.8

92.5

97.5

94.9

99.0

Outstanding shares at end of term *2

246,000

246,000

246,000

246,000

246,000

246,000

246,000

Number of treasury stock *2

2,179

2,130

2,131

2,131

2,132

2,004

2,005

Excluding treasury stock *2

243,820

243,869

243,868

243,868

243,867

243,995

243,994

Inventories

121.5

117.2

117.8

111.2

114.9

119.2

120.2

Total Assets

432.2

410.2

431.1

415.5

418.9

431.2

456.3

Shareholders' Equity

258.1

245.9

260.8

255.9

254.4

263.4

279.2

Shareholders' Equity Ratio

59.7%

60.0%

60.5%

61.6%

60.7%

61.1%

61.2%

Number of group employees (person) *5

14,870

14,700

14,571

14,452

14,452

14,254

14,150

Japan

6,557

6,468

6,460

6,407

6,449

6,412

6,371

Overseas

8,313

8,232

8,111

8,045

8,003

7,842

7,779