Supplementary Material for
FY2023 Q3 Financial Results
September 12, 2023
◤◤ Contents
⚫ | Consolidated Financial Highlights | 2 |
⚫ | Gyomu Super Business | 4 |
⚫ Outline of Gyomu Super Franchise Agreement | 5 | |
⚫ Changes in Total Number of Gyomu Super Stores | 6 | |
⚫ Year-on-year Changes in Product Shipments to Gyomu Super Stores | 7 | |
⚫ Kobe Bussan's Strengths: "Unique Products with Competitive Advantages" | 8 | |
⚫ | Restaurant & Delicatessen Business | 9 |
⚫ Eco Renewable Energy Business | 13 | |
⚫ | Shareholder Returns | 15 |
⚫ | Consolidated Financial Forecast | 16 |
1
◤◤ Consolidated Financial Highlights (Cumulative)
Net Sales | ||||||||
350,000 | ||||||||
300,000 | ||||||||
250,000 | ||||||||
338,767 | ||||||||
200,000 | 300,016 | |||||||
259,362 | 267,374 | |||||||
150,000 | 220,351 | |||||||
100,000 | ||||||||
FY19 Q3 | FY20 Q3 | FY21 Q3 | FY22 Q3 | FY23 Q3 | ||||
SG&A Expenses | ||||||||||||||||||||||||
25,000 | 9.4% | 10.0% | ||||||||||||||||||||||
20,000 | 6.9% | 8.0% | ||||||||||||||||||||||
15,000 | 6.0% | |||||||||||||||||||||||
4.2% | 4.5% | 4.7% | ||||||||||||||||||||||
10,000 | 20,652 | 17,813 | 4.0% | |||||||||||||||||||||
13,636 | 15,830 | |||||||||||||||||||||||
5,000 | 11,181 | 2.0% | ||||||||||||||||||||||
0 | 0.0% | |||||||||||||||||||||||
FY19 Q3 | FY20 Q3 | FY21 Q3 | FY22 Q3 | FY23 Q3 | ||||||||||||||||||||
SG&A expenses | SG&A ratio | |||||||||||||||||||||||
Gross Profit | ||||||||||||||||||||||
40,000 | 15.9% | 14.1% | 16.0% | |||||||||||||||||||
12.1% | 11.8% | 11.5% | ||||||||||||||||||||
35,000 | 12.0% | |||||||||||||||||||||
30,000 | 8.0% | |||||||||||||||||||||
36,493 | 35,484 | 39,109 | ||||||||||||||||||||
35,145 | ||||||||||||||||||||||
32,410 | ||||||||||||||||||||||
25,000 | 4.0% | |||||||||||||||||||||
20,000 | 0.0% | |||||||||||||||||||||
FY19 Q3 | FY20 Q3 | FY21 Q3 | FY22 Q3 | FY23 Q3 | ||||||||||||||||||
Gross profit | Gross margin | |||||||||||||||||||||
Operating Profit | ||||||||||||||||||||||||||
25,000 | 10.0% | |||||||||||||||||||||||||
7.2% | 7.9% | 7.3% | ||||||||||||||||||||||||
20,000 | 6.9% | 8.0% | ||||||||||||||||||||||||
6.6% | ||||||||||||||||||||||||||
15,000 | 6.0% | |||||||||||||||||||||||||
21,228 | 21,847 | 23,278 | ||||||||||||||||||||||||
10,000 | 4.0% | |||||||||||||||||||||||||
14,493 | 18,679 | |||||||||||||||||||||||||
5,000 | 2.0% | |||||||||||||||||||||||||
0 | 0.0% | |||||||||||||||||||||||||
FY19 Q3 | FY20 Q3 | FY21 Q3 | FY22 Q3 | FY23 Q3 | ||||||||||||||||||||||
Operating profit | Operating margin | |||||||||||||||||||||||||
Note: Fiscal year (FY) represents the one-year period from November 1 to October 31 of the following year. | 2 |
◤◤ Consolidated Financial Highlights (Cumulative)
Ordinary Profit | |||||||||||||||||||||||||
25,000 | 10.0% | ||||||||||||||||||||||||
8.3% | 7.9% | ||||||||||||||||||||||||
7.1% | |||||||||||||||||||||||||
20,000 | 8.0% | ||||||||||||||||||||||||
6.6% | 6.7% | ||||||||||||||||||||||||
15,000 | 6.0% | ||||||||||||||||||||||||
22,205 | 23,638 | 22,694 | |||||||||||||||||||||||
10,000 | 4.0% | ||||||||||||||||||||||||
14,606 | 18,485 | ||||||||||||||||||||||||
5,000 | 2.0% | ||||||||||||||||||||||||
0 | 0.0% | ||||||||||||||||||||||||
FY19 Q3 | FY20 Q3 | FY21 Q3 | FY22 Q3 | FY23 Q3 | |||||||||||||||||||||
Ordinary profit | Ordinary margin | ||||||||||||||||||||||||
Profit Attributable to | |||||||||||||||||||||||
20,000 | Owners of Parent | 8.0% | |||||||||||||||||||||
5.6% | 5.3% | ||||||||||||||||||||||
15,000 | 6.0% | ||||||||||||||||||||||
4.2% | 4.5% | 4.6% | |||||||||||||||||||||
10,000 | 4.0% | ||||||||||||||||||||||
11,656 | 14,883 | 15,932 | 15,590 | ||||||||||||||||||||
5,000 | 2.0% | ||||||||||||||||||||||
9,292 | |||||||||||||||||||||||
0 | 0.0% | ||||||||||||||||||||||
FY19 Q3 | FY20 Q3 | FY21 Q3 | FY22 Q3 | FY23 Q3 | |||||||||||||||||||
Profit attributable to owners of parent | Net margin | ||||||||||||||||||||||
[Financial Overview]
-
Net sales
Net sales increased by ¥38,750 million (12.9%) year on year with robust new store openings and continued strong product shipments to existing stores. - Gross profit
Gross profit increased by ¥ 3,625 million (10.2%) year on year due to the continued strong net sales despite the impact of the exchange rate fluctuations. - SG&A expenses
SG&A expenses increased by ¥2,193 million (16.1%) year on year due to increases in freight costs for the Gyomu Super Business and personnel and rent expenses resulting from the opening of our directly operated BBQ restaurants. - Operating profit
As a result of the factors above, operating profit increased by ¥1,431million (6.6%) year on year - Ordinary profit
Ordinary profit decreased by ¥944 million (4.0%) year on year due to a valuation loss on forward exchange contracts entered into to hedge the exchange rate fluctuation risk. While the valuation loss varies depending on the exchange rates at quarter-end, we expect the loss to be reduced by the end of FY2023. - Profit attributable to owners of parent
As a result of the factors above, profit attributable to owners of parent decreased by ¥342 million (2.1%) year on year.
3
◤◤ Gyomu Super Business
Gyomu Super is our core business. Operating results of this business segment reflect wholesale sales to, and royalty fee from, Gyomu Super franchisees earned by Kobe Bussan, a franchisor (franchising headquarters), as well as earnings of Kobe Bussan Group's plants.
- Gyomu Super stores have expanded nationwide with 1,032 stores as of July 31, 2023.
- Net sales for FY2023 Q3 exceeded the planned amount due to strong performance of the existing stores.
- We have also revised prices for some of the imported private label items, given the weakening yen since this spring.
Net Sales (cumulative) | ||||||||||||||||
350,000 | ||||||||||||||||
300,000 | ||||||||||||||||
250,000 | ||||||||||||||||
200,000 | ||||||||||||||||
328,067 | ||||||||||||||||
150,000 | ||||||||||||||||
262,749 | 292,602 | |||||||||||||||
239,825 | ||||||||||||||||
100,000 | 193,895 | |||||||||||||||
50,000 | ||||||||||||||||
0 | ||||||||||||||||
FY19 Q3 | FY20 Q3 | FY21 Q3 | FY22 Q3 | FY23 Q3 | ||||||||||||
Operating Profit (cumulative)
30,000 | 10.0% | |||||
25,000 | 8.5% | 9.1% | 9.0% | |||
8.2% | 8.4% | 7.8% | ||||
20,000 | 8.0% | |||||
15,000 | 7.0% | |||||
10,000 | 20,316 | 23,925 | 6.0% | |||
15,810 | ||||||
24,432 | ||||||
5,000 | 25,550 | 5.0% | ||||
0 | 4.0% | |||||
FY19 Q3 | FY20 Q3 | FY21 Q3 | FY22 Q3 | FY23 Q3 | ||
Operating profit | Operating margin |
Note: Due to a change in the reportable segment structure in FY2021, the figures for FY2020 are reclassified retrospectively to reflect the change. | 4 |
Accordingly, the figures for these four years are not consistent with that for FY2019. |