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本间高尔夫2025财年巨亏2.64亿日圆!收入暴跌17.4%,韩国市场重挫55.5%
Jin Rong Jie· 2025-07-26 15:06
本间高尔夫2025财年业绩显著下滑,高尔夫行业面临持续挑战。公司总收入从2024财年的262.23亿日圆 下降17.4%至216.72亿日圆,股东应占溢利由盈转亏,从48.28亿日圆转为亏损2.64亿日圆。尽管毛利率 有所改善,但全年营运溢利大幅下降至1.85亿日圆。 全球市场表现分化,韩国业务受创严重 从地理区域来看,本间高尔夫在主要市场均出现不同程度的销售下滑。日本市场作为公司本土市场,收 益微降3.4%,表现相对稳定。公司在日本聚焦自营渠道,逐步关停亏损和低效的批发账户及销售点, 这一策略导致批发业务销售贡献减少2.5%,但零售收入未能延续年度首六个月的发展势头,较去年同 期下滑4.2%。 中国市场面临11.9%的下滑,延续了年度上半年的趋势。这一表现反映了中国整体经济及零售气氛持续 放缓的影响。尽管消费者信心疲弱,但中国服装销售仍较去年上升6.4%,显示出该细分市场的韧性。 韩国市场遭受最严重冲击,销售下跌55.5%。不过,在公司于韩国的经销商安排续签及其直销业务推进 后,年度首六个月的下跌趋势有所放缓。这一巨幅下滑主要受到韩国经济放缓及渠道审查的影响。 财务指标方面出现明显分化。毛利率从2024财年 ...
本间高尔夫(06858) - 2025 - 年度财报
2025-07-25 08:30
2024 年度報告 25 目 錄 | 公司資料 | 2 | | --- | --- | | 財務摘要 | 4 | | 董事長報告書 | 5 | | 管理層討論及分析 | 7 | | 董事及高級管理層履歷 | 36 | | 董事會報告 | 43 | | 企業管治報告 | 68 | | 環境、社會及管治報告 | 91 | | 獨立核數師報告 | 139 | | 綜合損益表 | 144 | | 綜合全面收益表 | 145 | | 綜合財務狀況表 | 146 | | 綜合權益變動表 | 148 | | 綜合現金流量表 | 150 | | 財務報表附註 | 152 | 盧伯卿先生 (主席) 汪建國先生 徐輝先生 頁 公司資料 董事會 執行董事 劉建國先生 (董事長兼總裁) 伊藤康樹先生 左軍先生 劉宏立先生 非執行董事 楊小平先生 何平僊先生(1) 謝吉人先生(2) 獨立非執行董事 盧伯卿先生 汪建國先生 徐輝先生 田青女士(3) 審核委員會 薪酬委員會 汪建國先生 (主席) 徐輝先生 左軍先生 提名委員會 劉建國先生 (主席) 汪建國先生 盧伯卿先生 田青女士(3) 公司秘書 岑影文女士 授權代表 左軍先生 岑影文女 ...
本间高尔夫(06858) - 2025 - 中期财报
2024-12-30 04:02
Shareholding Structure - Kouunn Holdings Limited holds 234,227,100 shares, representing 38.67% of the total shares[2] - Huang Wenhuan holds 234,512,775 shares, representing 38.72% of the total shares[2] - Charoen Pokphand Group Company Limited holds 181,296,500 shares, representing 29.93% of the total shares[2] - Fosun International Limited holds 35,629,425 shares, representing 5.88% of the total shares[2] - As of September 30, 2024, the total number of issued shares is 605,642,500[9] Restricted Share Unit Plan - The company has a Restricted Share Unit Plan with 3,485,095 units available for grant as of September 30, 2024[12] - The Restricted Share Unit Plan was approved on October 20, 2015, and is valid for ten years[16] - The plan aims to attract and retain skilled personnel for future development and expansion[16] - As of September 30, 2024, there are 18,333,312 shares related to the Restricted Share Unit Plan[12] - The total number of restricted share units granted during the six-month period ending September 30, 2024, is 2,805,387[22] - The total number of restricted share units held by senior management and other executives is 2,291,016[22] - The number of restricted share units granted to the chairman and CEO, Liu Jianguo, is 285,675[22] - The number of restricted share units granted to executive director, Ito Yasuki, is 133,341[22] - The total number of restricted share units exercised during the period is 49,140[22] - The total number of restricted share units that have lapsed during the period is 2,756,247[22] Taxation - The company’s subsidiaries in the U.S. are subject to a federal corporate income tax rate of 21%[14] - The tax provision for the group's Chinese subsidiaries is calculated at a statutory rate of 25%[29] - The effective tax rate for the Hong Kong registered subsidiary is 16.5%, while the effective tax rate for the Japan registered subsidiary is 30.62% for the six months ending September 30, 2024[47] - The company reported a total tax expense of ¥(766,344,000) for the six months ended September 30, 2024, compared to a tax expense of ¥306,257,000 for the same period in 2023[138] Financial Performance - Revenue for the six months ended September 30, 2024, was ¥9,814,533 thousand, a decrease of 25.5% compared to ¥13,194,832 thousand for the same period in 2023[64] - Gross profit for the same period was ¥5,199,266 thousand, down from ¥6,876,979 thousand, reflecting a decline of 24.4%[64] - The company reported a loss before tax of ¥1,611,911 thousand, compared to a profit of ¥3,635,760 thousand in the previous year[64] - The net loss for the period was ¥845,567 thousand, a significant decrease from a profit of ¥3,329,503 thousand in the prior year[64] - Basic and diluted loss per share for the period was ¥(1.40), compared to earnings of ¥5.50 per share in the same period last year[64] - Other income for the six months was ¥56,889 thousand, a sharp decline from ¥2,019,415 thousand in the previous year[64] - Total comprehensive income for the period was ¥(527,267) thousand, compared to ¥2,813,588 thousand in the same period last year[68] Assets and Liabilities - Non-current assets increased to ¥9,642,883 thousand as of September 30, 2024, compared to ¥8,894,695 thousand on March 31, 2024, reflecting a growth of approximately 8.4%[69] - Current assets decreased to ¥30,469,246 thousand from ¥33,650,502 thousand, representing a decline of about 9.4%[69] - Total liabilities decreased from ¥11,682,684 thousand to ¥11,016,611 thousand, a reduction of approximately 5.7%[69] - The net value of current assets is ¥19,452,635 thousand, down from ¥21,967,818 thousand, indicating a decrease of around 11.5%[69] - The company's total equity as of September 30, 2024, is ¥27,236,649 thousand, down from ¥28,672,380 thousand, reflecting a decline of about 5.0%[76] Cash Flow - For the six months ended September 30, 2024, the company reported a cash flow from operating activities of 4,402,189 thousand yen, compared to 3,576,820 thousand yen for the same period in 2023, representing an increase of approximately 23.1%[84] - The net cash flow from investing activities was reported at (386,159) thousand yen for the six months ended September 30, 2024, compared to (196,923) thousand yen in the previous year, indicating a worsening of investment cash flow[88] - The company recorded a net increase in cash and cash equivalents of 2,104,283 thousand yen for the six months ended September 30, 2024, compared to an increase of 1,605,009 thousand yen in the same period of 2023[88] - As of September 30, 2024, the company's cash and cash equivalents totaled 18,054,555 thousand yen, up from 16,659,964 thousand yen at the end of September 2023[88] Revenue Breakdown - Revenue from product sales was ¥9,783,259, down from ¥13,103,514, indicating a decline of 25.5% year-over-year[113] - Revenue from services decreased significantly to ¥31,274 from ¥91,318, reflecting a decline of 65.7%[113] - The Japanese market generated ¥4,156,839 in revenue, slightly down from ¥4,172,787, a decrease of 0.4%[109] - Revenue from China (including Hong Kong and Macau) fell to ¥3,122,951 from ¥3,529,130, a decline of 11.5%[109] - Other regions contributed ¥1,172,714, up from ¥1,079,222, marking an increase of 8.6%[109] - North America saw revenue increase to ¥413,800 from ¥335,024, a growth of 23.4%[109] Operational Strategies - The company aims to enhance its market penetration in the ultra-high-end and super-performance consumer segments by streamlining its product strategy and updating its product lines[123] - The company is investing significantly in retail distribution networks and digital capabilities in Japan and China to provide a consistent and enhanced consumer experience[123] - The company plans to celebrate its 67th anniversary in 2025, emphasizing its commitment to brand revitalization and marketing efforts targeting younger golfers[123] - The company is focusing on enhancing its brand and product awareness among younger golf enthusiasts through digital ecosystem initiatives and advanced e-commerce functionalities[151] - The company continues to apply innovative patented technologies in the design and development of its golf clubs, targeting affluent and passionate golfers[152] Employee and Governance - Employee benefits expenditure for the six months ending September 30, 2024, amounted to ¥2,339.6 million[197] - The group employs 689 employees globally, with a majority based in Japan, and offers competitive compensation packages[197] - The company’s corporate governance practices are in compliance with the applicable code provisions, except for a deviation regarding the roles of the chairman and CEO[44] - The company’s audit committee consists of three independent non-executive directors, ensuring oversight of the financial reporting process[50] Market Challenges - Economic uncertainties and geopolitical tensions continue to pose operational challenges and business uncertainties for the group in the current fiscal year[200] - The group is restructuring its customer relationship management systems in key markets like Japan, China, and the USA to enhance online sales[193]
本间高尔夫(06858) - 2025 - 中期业绩
2024-11-29 08:31
Financial Performance - The group's revenue decreased by 25.6% to ¥9,814.5 million (approximately $64.8 million) for the six months ending September 30, 2024, due to a continued downturn in the global economic outlook and weakened consumer confidence [2]. - Total revenue decreased by 25.6% from 13,194.8 million JPY for the six months ended September 30, 2023, to 9,814.5 million JPY for the six months ending September 30, 2024 [43]. - Total revenue decreased by 28.4% for the six months ending September 30, 2024, compared to the same period in 2023, amounting to ¥9,814.5 million [44]. - Revenue from golf clubs dropped by 33.3%, primarily due to declines in sales in Korea and China (including Hong Kong and Macau) [2]. - Revenue from golf balls decreased by 17.1% to ¥910.0 million, with a 21.2% decline in sales volume in Japan [49]. - Revenue from apparel increased by 6.1% to ¥1,340.6 million, despite weak consumer confidence in China [49]. - Revenue from accessories and other related products rose by 8.4% to ¥890.1 million, attributed to an improved product mix starting in Spring 2024 [50]. - Revenue from Japan slightly decreased by 0.4% to ¥4,156.8 million, with wholesale revenue down 7.6% [54]. - Revenue from South Korea plummeted by 82.6% to ¥686.8 million due to a reevaluation of the distribution network [54]. - Revenue from China (including Hong Kong and Macau) decreased by 11.5% to ¥3,122.9 million, impacted by ongoing economic pressures [54]. - Revenue from North America increased by 23.5% to ¥413.8 million, driven by improved distribution networks and new product launches [55]. - Revenue from Europe surged by 92.4% to ¥261.4 million, confirming the effectiveness of the shift to an indirect distribution model [55]. - Revenue from self-operated stores increased by 6.5% to ¥5,507.6 million for the six months ended September 30, 2024, compared to ¥5,170.6 million for the same period in 2023 [58]. - Revenue from third-party retailers and wholesalers decreased by 46.3% to ¥4,306.9 million for the six months ended September 30, 2024, down from ¥8,024.3 million in the previous year [58]. Profitability and Loss - The company recorded a pre-tax loss of ¥1,611.9 million (approximately $10.6 million), a decrease from ¥3,635.8 million in the same period last year [4]. - The net loss for the six months ended September 30, 2024, was 845.6 million yen, with a net loss margin of 8.6% [77]. - Operating loss for the six months ended September 30, 2024, was 351.5 million yen, compared to an operating profit of 1,690.0 million yen in the previous period [80]. - The gross profit margin increased by 0.9 percentage points to 53.0% for the six months ending September 30, 2024, attributed to improved price management and sustained growth in retail revenue [4]. - The gross profit decreased by 24.4% to ¥5,199.3 million for the six months ended September 30, 2024, compared to ¥6,877.0 million for the same period in 2023 [61]. - The gross margin improved to 53.0% for the six months ended September 30, 2024, up from 52.1% in the previous year despite a decrease in gross profit [61]. - Selling and distribution expenses increased to ¥4,643.4 million for the six months ended September 30, 2024, from ¥4,486.0 million in the previous year, with the percentage of revenue rising from 34.0% to 47.3% [68]. - Administrative expenses increased by 21.0% to ¥823.3 million for the six months ended September 30, 2024, compared to ¥680.4 million for the same period in 2023 [69]. Cash Flow and Financial Position - Operating cash flow remained positive at ¥4,024.4 million (approximately $26.6 million), compared to ¥3,251.3 million in the same period last year [4]. - The company had cash and cash equivalents of ¥18,054.6 million, primarily held in RMB, JPY, and USD [89]. - The total cash and cash equivalents at the end of the period were 18,054,555 thousand yen, up from 16,659,964 thousand yen, marking an increase of approximately 8.4% [128]. - The company’s interest-bearing bank loans amounted to ¥6,240.0 million, with actual interest rates ranging from 0.17% to 3.08% [90]. - The debt-to-equity ratio as of September 30, 2024, was 32.0%, a decrease from 34.1% on March 31, 2024 [92]. - The company has adopted a conservative financing and treasury policy to maintain optimal financial conditions and minimize financial risks [95]. - The company reported a net cash flow from investing activities of (386,159) thousand yen, compared to (196,923) thousand yen in the previous year, indicating a decline of approximately 96.1% [128]. - The financing activities resulted in a net cash outflow of (1,533,944) thousand yen, slightly higher than the outflow of (1,449,364) thousand yen in the prior year, reflecting an increase of about 5.8% [128]. Strategic Initiatives - The company is focusing on brand repositioning and enhancing communication with target consumers to attract younger golfers [11]. - Significant investments are being made in retail distribution networks and digital capabilities in Japan and China to provide a consistent consumer experience [8]. - The company aims to streamline its product strategy to enhance penetration in the ultra-high-end and ultra-performance consumer segments [9]. - The group is implementing a customer relationship management system and advanced e-commerce features to strengthen direct communication with consumers and boost sales [11]. - The company is focusing on the high-end and super-performance segments of the golf market, targeting affluent consumers willing to pay premium prices for unique golf clubs [18]. - The company is adjusting its growth strategy in North America and Europe, focusing on smaller, high-quality customer segments to strengthen its market presence [14]. - The company aims to recruit young golfers with significant social media presence to enhance brand image and attract a younger demographic [16]. - The company plans to launch new golf balls with proprietary patents to align with its brand positioning and consumer preferences [12]. - The company is developing a non-club product line to provide a comprehensive golf lifestyle experience, particularly in China [37]. Market and Operational Challenges - The group continues to face operational challenges and business uncertainties due to economic factors and geopolitical tensions [31]. - The company anticipates that the golf industry will face challenges due to oversupply, labor shortages, and rising material costs, but remains confident in its ability to navigate these issues [38]. - The company is leveraging advanced technology and traditional Japanese craftsmanship to design and manufacture aesthetically pleasing and high-performance golf clubs [18]. - The company has no significant contingent liabilities as of September 30, 2024 [94]. - The company has not reported any supplier financing arrangements, indicating no impact from recent accounting standard revisions on its financial statements [137]. Research and Development - Research and development expenses for the six months ended September 30, 2024, were 150.7 million JPY, up from 110.6 million JPY in the previous period, indicating a focus on product innovation [37]. - The company’s research and development costs for the six months ended September 30, 2024, were ¥150,745 thousand, compared to ¥110,637 thousand in the previous year [149]. Corporate Governance - The company has complied with all applicable corporate governance code provisions except for C.2.1, which states that the roles of the chairman and CEO should be separate [196]. - The audit committee, consisting of three independent non-executive directors, has reviewed the group's interim results for the six months ending September 30, 2024 [199]. - The interim results announcement will be published on the Hong Kong Stock Exchange and the company's website [200].
本间高尔夫(06858) - 2024 - 年度业绩
2024-06-28 08:30
Financial Performance - For the fiscal year ending March 31, 2024, the company reported a 25.9% increase in profit before tax to 5,152.3 million JPY (approximately 35.9 million USD), up from 4,092.9 million JPY in the previous year[13]. - The company reported a net profit of ¥4,828,128 million for the fiscal year 2024, an increase of 48.3% from ¥3,255,605 million in the previous year[95]. - Total revenue decreased by 11.1% from ¥29,495.0 million for the fiscal year ending March 31, 2023, to ¥26,222.9 million for the fiscal year ending March 31, 2024[73]. - The operating profit margin decreased to 10.3% for the fiscal year 2024, down from 13.1% in the previous year, reflecting ongoing operational challenges[95]. - The company has seen a recovery in golfer participation and purchasing intent following the easing of COVID-19 restrictions, despite ongoing economic uncertainties[66]. Revenue Breakdown - Golf clubs accounted for 69.6% of the total revenue for the fiscal year ending March 31, 2024, highlighting the company's focus on this product line[24]. - Revenue from golf clubs fell by 15.1% from ¥21,512.9 million to ¥18,256.6 million, with sales in Japan, Korea, and China declining by 4.5%, 12.5%, and 16.3%, respectively[75]. - Revenue from apparel increased by 4.9% from ¥3,009.1 million to ¥3,157.5 million, despite weak consumer confidence in China[76]. - Revenue from accessories and other related products decreased by 7.8% to ¥1,872,368 million, mainly due to sales restrictions in Japan ahead of new product launches[101]. - Revenue from Japan decreased by 4.7% to ¥9,363,144 million, primarily due to a 19.2% drop in wholesale revenue, although retail sales increased by 16.0%[103]. Market Strategy - The company aims to redefine its brand to appeal to younger golfers, enhancing its online presence and communication strategies[23]. - The company plans to continue restructuring its distribution strategy in North America and Europe, focusing on smaller, high-quality customer segments[18]. - The company aims to enhance brand and product awareness through direct consumer communication and sales strategies across existing wholesale points and digital platforms[90]. - The company is committed to optimizing manufacturing processes and expanding production capacity in response to sales growth[61]. - The company plans to focus on sustainable growth in North America and Europe, which account for over 60.0% of the global golf market[90]. Investments and Acquisitions - The company has invested significantly in retail distribution networks and digital capabilities in Japan and China to enhance consumer experience[21]. - The company is focusing on potential strategic acquisitions, with 29.4% of the proceeds from the global offering earmarked for this purpose[184]. - The company has not yet committed to any acquisition targets, but is evaluating potential strategic acquisitions in the golf product industry[187]. - The company plans to utilize the remaining 0.2% of unutilized proceeds from the global offering for general corporate purposes[167]. Cash Flow and Financial Health - The company maintained a positive net operating cash flow of 5,416.1 million JPY (approximately 37.7 million USD) for the fiscal year ending March 31, 2024, compared to 3,675.9 million JPY (approximately 27.3 million USD) in the previous year[13]. - As of March 31, 2024, the company's cash and cash equivalents amounted to ¥16,617.1 million, primarily held in RMB, JPY, and USD[174]. - The company's interest-bearing bank borrowings were ¥6,990.0 million, with an effective interest rate ranging from 0.17% to 3.08%[175]. - The debt-to-equity ratio improved from 36.3% in 2023 to 34.1% in 2024[153]. - The company paid dividends totaling (1,851,458) thousand yen, down from (2,133,460) thousand yen in the previous year, suggesting a potential strategy to retain more earnings[196]. Operational Challenges - The company is facing challenges including increased competition, labor shortages, and rising raw material prices, which may impact future performance[92]. - Sales revenue from third-party retailers and wholesalers decreased by 20.8% from ¥19,278.0 million to ¥15,270.6 million, with a fixed exchange rate basis decline of 22.3%[108]. - The company has not made any significant investments, acquisitions, or sales during the year ended March 31, 2024[157]. - The company is enhancing its e-commerce capabilities and restructuring customer relationship management systems in key markets like Japan, China, and the U.S.[34]. - The company continues to evaluate existing sales channels and explore new ones to enhance its distribution network[59].
本间高尔夫(06858) - 2024 - 中期业绩
2023-11-24 08:30
Revenue Performance - Revenue from North America decreased by 40.7% to ¥335.0 million for the six months ended September 30, 2023, primarily due to ongoing adverse effects from last year's distribution network adjustments [3]. - Total revenue for the six months ended September 30, 2023, was ¥4,485,975 million, representing 100% of total revenue, compared to ¥4,874,327 million in the same period last year [11]. - The company's revenue from the Japanese market was 4,172,787 thousand yen for the six months ended September 30, 2023, up from 3,951,625 thousand yen in the same period of 2022, reflecting an increase of about 5.6% [44]. - The group's revenue decreased by 11.6% to ¥13,194.8 million (approximately $93.9 million) for the six months ended September 30, 2023, compared to the same period last year [181]. - Revenue from Japan and Hong Kong increased by 5.6%, while revenue from China (including Hong Kong and Macau) decreased by 12.4% due to a significant slowdown in the overall economy and retail market [181]. - Revenue from golf clubs declined by 12.5%, primarily due to a 26.3% drop in sales in China, while revenue from Japanese golf clubs increased by 20.1% [181]. Profitability and Financial Performance - The pre-tax profit for the six months ended September 30, 2023, was ¥3,635.8 million [16]. - The company reported a profit of 3,329,503 thousand yen for the six months ended September 30, 2023, compared to 3,087,382 thousand yen for the same period in 2022, representing an increase of approximately 7.9% [36]. - The total comprehensive income for the six months ended September 30, 2023, was 2,813,588 thousand yen, compared to 2,159,003 thousand yen for the same period in 2022, indicating an increase of approximately 30.3% [63]. - The total operating profit before tax for the six months ended September 30, 2023, was ¥3,635,760,000, slightly down from ¥3,728,600,000 in the same period of 2022, reflecting a decrease of about 2.5% [66]. - The income tax expense for the six months ended September 30, 2023, was ¥306,257 thousand, compared to ¥641,218 thousand for the same period in 2022, showing a decrease of approximately 52.3% [163]. Assets and Liabilities - The company's inventory as of September 30, 2023, totaled ¥11,196,735 million, compared to ¥12,297,331 million as of March 31, 2023 [24]. - Non-current liabilities totaled 2,094,826 thousand yen as of September 30, 2023, down from 2,201,905 thousand yen as of March 31, 2023, indicating a decrease of about 4.9% [37]. - The company's net asset value increased to 27,936,052 thousand yen as of September 30, 2023, compared to 26,030,928 thousand yen as of the same date in 2022, reflecting a growth of approximately 7.3% [37]. - The company's cash and cash equivalents increased to 16,659,964 thousand JPY as of September 30, 2023, compared to 14,084,777 thousand JPY as of March 31, 2023 [136]. - Trade receivables amounted to 3,431,403 thousand JPY as of September 30, 2023, down from 3,513,495 thousand JPY as of March 31, 2023 [136]. Investments and Capital Expenditures - The company did not undertake any significant investments, acquisitions, or disposals during the six months ended September 30, 2023, but will continue to seek new business development opportunities [29]. - Capital expenditures for the six months ended September 30, 2023, amounted to 251.3 million yen, primarily for the purchase of machinery and equipment [56]. - The company plans to use the remaining unutilized proceeds for general corporate purposes, with no significant plans for major capital asset investments or acquisitions [31]. Employee and Operational Metrics - The total employee benefits expense for the six months ended September 30, 2023, was ¥29,278,000, down from ¥32,933,000 in the same period of 2022, indicating a decrease of approximately 11.5% [96]. - The company's employee-defined benefit liabilities decreased to 145,845 thousand yen as of September 30, 2023, from 349,300 thousand yen as of March 31, 2023, showing a reduction of approximately 58.3% [37]. - The average duration of defined benefit obligations was 4.8 years as of September 30, 2023, down from 5.4 years as of March 31, 2023 [106]. Market Strategy and Brand Positioning - The company has invested significantly in retail distribution networks and digital capabilities in Japan and China to enhance consumer experience [178]. - The company is focusing on the ultra-high-end and super-performance consumer segments, updating its product strategy to include technologically advanced TOUR WORLD golf clubs [184]. - The company has restructured its global brand positioning and communication to appeal to younger golfers, resulting in increased digital engagement metrics [185]. - HONMA is restructuring its growth strategy in North America and Europe, focusing on smaller, high-quality customer segments to enhance financial conditions in these markets [188]. - The company aims to strengthen its market penetration by modernizing and refining its product offerings to attract today's golfers [184]. Customer Engagement and Marketing - HONMA hosted a total of 1,757 customer engagement events across major markets, primarily at golf courses, to improve brand and product awareness [190]. - The company recorded a continuous increase in website traffic, reflecting strong brand equity and consumer interest in the North American market [189]. - HONMA's digital marketing efforts, including social media remarketing and search engine marketing, have led to double-digit monthly growth in natural traffic and conversion rates [198]. Financial Health and Debt Management - The debt-to-equity ratio as of September 30, 2023, was 31.5%, down from 36.3% as of March 31, 2023 [27]. - The company's interest-bearing bank loans stood at 6,540.0 million yen as of September 30, 2023, with an effective interest rate ranging from 0.62% to 3.08% [55]. - The interest expense on bank loans rose to ¥78,048,000 for the six months ended September 30, 2023, compared to ¥40,055,000 in the previous year, marking an increase of approximately 94.6% [93].
本间高尔夫(06858) - 2023 - 年度财报
2023-07-25 08:37
Revenue and Profit Performance - Revenue for the fiscal year ending March 31, 2023, reached 29,494,999 thousand yen, a slight increase from the previous year's 28,971,099 thousand yen[17] - Gross profit margin for 2023 was 50.8%, down from 54.1% in 2022[17] - Operating profit for 2023 was 3,856,557 thousand yen, a decrease from 5,456,791 thousand yen in 2022[17] - Net profit attributable to the company's owners for 2023 was 3,255,488 thousand yen, compared to 6,191,197 thousand yen in 2022[17] - Revenue increased by 1.8% to 29,495.0 million yen (equivalent to 218.8 million USD) for the fiscal year ending March 31, 2023[107] - Pre-tax profit for the fiscal year ending March 31, 2023, was 4,092.9 million yen[126] - Pre-tax profit decreased by 45.9% to 4,092.9 million yen (equivalent to 30.4 million USD) compared to 7,560.3 million yen in the previous year[131] Regional Revenue Performance - Japan, the company's largest market, contributed 9,841.4 million yen in revenue, a 15.8% year-on-year increase[23] - Revenue from Korea and China increased by 3.8% and 2.0% respectively, despite challenges from COVID-19[23] - North America revenue grew by 3.2% year-on-year, driven by a strategic focus on high-quality customer segments[23] - Revenue from Japan, Korea, China, and North America grew by 15.6%, 3.8%, 2.0%, and 3.2% respectively, benefiting from strong consumer demand rebound and successful marketing activities[31] - North America revenue increased by 3.2% to 1,024.2 million JPY for the fiscal year ending March 31, 2023, but decreased by 11.0% on a constant currency basis[32] - Revenue growth was recorded in Japan (15.6%), Korea (3.8%), China (2.0%), and North America (3.2%) despite COVID-19 impacts[128] - Revenue from Japan and South Korea increased by 15.6% and 3.8% respectively, while China's growth rate was 2.0% due to COVID-19 disruptions, and Europe saw a sales decline of 68.2% due to a shift to an indirect distribution model[129] Product Sales Performance - Golf club sales increased by 3.3% for the fiscal year ending March 31, 2023, driven by the launch of BERES AIZU and TW757 products targeting the ultra-premium and high-performance consumer markets[25] - Apparel sales grew by 1.6% year-over-year, supported by increased investment in professional and fashion sport sub-lines[25] - Golf club revenue grew by 3.2%, while apparel revenue increased by 1.5%, but golf ball sales declined by 1.1% due to raw material supply challenges[108] Financial Position and Cash Flow - Total assets as of March 31, 2023, were 40,367,360 thousand yen, slightly down from 41,427,472 thousand yen in 2022[19] - Net current assets stood at 20,024,291 thousand yen, up from 19,763,221 thousand yen in 2022[19] - The company maintained strong operating cash flow, with net cash inflow of 3,682.9 million yen for the fiscal year[22] - Operating cash flow remained positive at 3,675.9 million yen (equivalent to 27.3 million USD) for the fiscal year ending March 31, 2023[110] - The company held cash and cash equivalents of JPY 14,084.8 million as of March 31, 2023, primarily in RMB, JPY, and USD, consisting mainly of cash on hand and demand deposits[196] Expenses and Costs - Gross profit decreased by 4.4% to 14,988.3 million JPY, with gross margin declining from 54.1% to 50.8%[38] - Apparel gross profit dropped by 44.8% to 802.9 million JPY, with gross margin falling from 49.1% to 26.7%, primarily due to supply chain disruptions in Japan and Korea[40] - Gross margin decreased by 3.3 percentage points to 50.8% due to rising raw material costs, currency pressures, and tighter inventory provisions[109] - Administrative expenses remained stable at 1,381.1 million yen for the fiscal year ending March 31, 2023[123] - Financing costs increased by 88.2% to 125.0 million yen due to higher Japanese borrowing rates[124] - Financing income rose by 25.0% to 13.5 million yen due to increased average bank deposit balances[125] Capital Expenditures and Investments - Capital expenditures for the fiscal year ending March 31, 2023, amounted to 663.5 million JPY, primarily allocated to purchasing factory machinery, office equipment, and leasehold improvements[55] - Potential strategic acquisitions accounted for 29.4% of the intended use of proceeds, with JPY 4,939 million utilized as of March 31, 2023[59] - Sales and marketing activities in North America, Europe, Japan, South Korea, and China (including Hong Kong and Macau) accounted for 15.1% of the intended use of proceeds, with JPY 2,536 million utilized[59] - Capital expenditures accounted for 13.0% of the intended use of proceeds, with JPY 2,184 million utilized[59] - Repayment of interest-bearing bank loans accounted for 17.3% of the intended use of proceeds, with JPY 2,906 million utilized and 0.2% remaining unused[59] - The unused balance of global offering proceeds as of March 31, 2023, was approximately JPY 4,942.2 million, held in reputable banks[61] - The company did not undertake any significant investments, acquisitions, or disposals during the fiscal year ending March 31, 2023, but continues to seek new business development opportunities[86] Debt and Financial Obligations - The company's interest-bearing bank loans as of March 31, 2023, amounted to JPY 7,290.0 million, with interest rates ranging from 0.17% to 3.08%[75] - The company's debt-to-equity ratio as of March 31, 2023, was 36.3%, down from 38.1% on March 31, 2022[76] - The company has fully repaid the interest-bearing bank loans intended to be repaid using the proceeds from the global offering, with the remaining unused balance of 0.2% to be evaluated for appropriate use based on business needs[89] Dividend and Shareholder Returns - The company proposed a final dividend of 1.5 yen per share for the fiscal year ending March 31, 2023, totaling approximately 908.5 million yen, representing 27.9% of the distributable profit for the year[90] - The company's dividend for the fiscal year ending March 31, 2023, is 3.0 yen per share, totaling 1,817.0 million yen, representing approximately 55.8% of the distributable profit[174] - The company's distributable reserves as of March 31, 2023, amounted to 10,006 million yen, down from 11,524 million yen the previous year[154] - The company will evaluate its dividend policy and distributions from time to time, with details provided in the "Corporate Governance Report - Dividend Policy" section of the annual report[200] Tax and Regulatory Compliance - Income tax expenses decreased by 38.8% from 1,369.1 million yen in the fiscal year ending March 31, 2022, to 837.3 million yen in the fiscal year ending March 31, 2023[94] - The company's effective tax rate increased from 18.1% in the fiscal year ending March 31, 2022, to 20.5% in the fiscal year ending March 31, 2023[94] - The company has not experienced any significant legal or regulatory violations in Japan, China, or South Korea during the fiscal year[161] Operational and Strategic Initiatives - The company typically launches new golf clubs, balls, and accessories every 24 months, with additional promotion of older generation products for 12 months[77] - The company plans to strengthen its leadership in the ultra-premium segment and expand into the high-performance consumer segment in Asia[113] - The company plans to focus on high-quality customer segments in North America and Europe, and leverage its R&D capabilities to develop products aligned with market trends[133] - The company's growth strategy focuses on expanding non-club businesses, such as golf balls, bags, gloves, and apparel[166] - The company closed 615 sales points in Europe, reducing the total number of sales points to 35, while opening 8 new sales points in North America, forming a network of 345 sales points[173] - The company aims to reduce emissions and waste through energy-efficient machinery, water-saving equipment, and promoting energy-saving awareness among employees[160] Supply Chain and Inventory Management - The company relies on strategic suppliers in Japan, Taiwan, China, Hong Kong, and the US, with OEM partnerships exceeding five years[135] - The company's inventory aging analysis is based on product launch dates rather than capitalization dates, with some inventory aged 2-3 years reflecting products launched 2-3 years prior to the fiscal year-end[195] - Trade receivables and bills turnover days decreased by 14 days from 68 days in FY2022 to 54 days in FY2023, primarily due to enhanced collection efforts in certain markets[187] - Trade payables and bills turnover days decreased by 11 days from 58 days in FY2022 to 47 days in FY2023, mainly due to reduced procurement caused by high inventory levels throughout the year[187] Corporate Governance and Social Responsibility - The company operates the largest number of self-operated stores among major golf product companies, equipped with golf simulators and specialized fitting centers[135] - The company donated products worth 1.96 million yen during the fiscal year ending March 31, 2023[179] - The company's restricted stock unit plan, effective for 10 years from October 20, 2015, has approximately 2 years and 7 months remaining as of March 31, 2023[183] - The company's pledged deposits increased by 8.89% from 4.75 million yen to 5.17 million yen due to exchange rate fluctuations[178]
本间高尔夫(06858) - 2023 - 年度业绩
2023-06-21 08:31
Revenue Performance - The group's revenue increased by 1.8% to ¥29,495.0 million (approximately $218.8 million) for the year ended March 31, 2023, despite challenges in the Chinese market due to COVID-19 outbreaks[3]. - Revenue from Japan and Korea grew by 15.6% and 3.8% respectively, while revenue from China and North America recorded increases of 2.0% and 3.2%[9]. - The group's golf club revenue showed a solid growth of 3.2%, contributing 72.9% to total revenue, while apparel revenue increased by 1.5%[3][11]. - HONMA's revenue for the fiscal year ending March 31, 2023, was ¥29,494,999, representing a 1.8% increase from ¥28,971,099 in the previous year[63]. - Revenue from golf clubs rose by 3.2% from 20,843.1 million JPY to 21,512.9 million JPY, while revenue from golf balls decreased by 1.1% to 2,942.3 million JPY[81]. - Revenue from accessories and other related products decreased by 7.3% to 2,030.7 million JPY, primarily due to sales restrictions in Japan and decreased sales in Europe[67]. - Revenue from Japan increased by 15.6% to 9,821.6 million JPY, driven by a broad recovery in sales across all channels and product categories[86]. - Revenue from South Korea grew by 3.8% to 7,088.7 million JPY, attributed to increased participation in golf and successful new product launches[71]. - Revenue from North America increased by 3.2% to 1,024.2 million JPY, although it decreased by 11.0% on a constant currency basis[72]. - Revenue from Europe decreased significantly by 68.2% to 442.6 million JPY, reflecting a shift to an indirect distribution model[72]. - Revenue from China (including Hong Kong and Macau) rose by 2.0% to 7,795.3 million JPY, with a decrease of 6.9% on a constant currency basis due to COVID-19 outbreaks[84]. Profitability and Margins - The gross profit margin decreased by 3.3 percentage points to 50.8% due to rising raw material prices and tightening inventory policies[5]. - The group's operating profit before tax decreased by 45.9% to ¥4,092.9 million (approximately $30.4 million) compared to ¥7,560.3 million for the previous year[5]. - The gross profit for the same period was ¥14,988,255 thousand, down from ¥15,685,627 thousand, indicating a decrease of about 4.4%[190]. - The operating profit for the fiscal year was ¥4,092,869, a decrease of 45.9% compared to ¥7,560,291 in the previous year[63]. - The gross profit for golf balls decreased by 36.2% to ¥862.6 million, with a gross margin decline to 29.3% due to rising raw material costs[115]. - The gross profit for apparel dropped by 44.8% to ¥802.9 million, with a gross margin decrease to 26.7% attributed to supply chain issues[115]. - The company’s net profit for the year was ¥3,255,605 thousand, a significant decline from ¥6,191,188 thousand, reflecting a decrease of approximately 47.5%[190]. Cash Flow and Financial Position - The company maintained a positive net operating cash flow of ¥3,675.9 million (approximately $27.3 million) for the year[5]. - Cash and cash equivalents as of March 31, 2023, totaled ¥14,084.8 million, primarily held in RMB, JPY, and USD[144]. - The net cash flow from operating activities for the year was ¥3,675,866 thousand, down from ¥5,916,455 thousand in the prior year, indicating a decrease of about 37.5%[194]. - The company reported a net loss from the sale of right-of-use assets of ¥18,527 thousand, compared to a net gain of ¥40,263 thousand in the previous year, reflecting a significant change in asset management strategy[194]. - The debt-to-equity ratio as of March 31, 2023, was 36.3%, a decrease from 38.1% the previous year, indicating improved financial stability[178]. Strategic Initiatives and Market Positioning - The company continues to prioritize product development and has launched proprietary golf balls to meet brand positioning and user preferences[11]. - The company aims to redefine the HONMA brand as vibrant and globally recognized among young golfers through various global branding initiatives[14]. - HONMA held a total of 4,061 customer events across major markets during the year ending March 31, 2023[24]. - The company is focusing on enhancing its distribution strategy in North America and Europe to target key customer segments[21]. - The introduction of new products, such as the BERES AIZU and TW757, aims to penetrate the ultra-high-end and ultra-performance consumer markets[17]. - HONMA's investment in e-commerce and customer relationship management systems aims to provide a comprehensive brand experience and boost sales[19]. - The company has established five trial centers across Japan, China, and South Korea to meet the needs of passionate golfers[39]. - The company aims to enhance brand loyalty and recognition through new retail experiences and marketing strategies, particularly in Asia and North America[48]. - HONMA plans to expand its TOUR WORLD product family to capture a larger share of the high-performance segment in its domestic markets[48]. - The company is focusing on sustainable growth in North America and Europe, which together account for nearly 70% of the global golf market[48]. Operational Changes and Workforce - The company closed 615 sales points in Europe, reducing the total to 35, while opening eight new sales points in North America, resulting in a network of 345 points[12]. - As of March 31, 2023, the company operated 90 self-owned HONMA brand stores, all located in Asia, with plans to continuously update store design and consumer experience[30]. - The company employs 745 staff globally, primarily in Japan, and offers various training programs to ensure employee growth and retention of skilled artisans[33]. - The company has 3,717 sales points globally, including 1,304 large sports retail stores in Japan, and continuously evaluates and expands its sales and distribution network[41]. Dividends and Shareholder Returns - The proposed final dividend is ¥1.5 per share, totaling approximately ¥1,817.0 million, which represents 55.8% of the group's distributable profits for the year[5]. - Total dividends for the fiscal year will amount to ¥3.0 per share, totaling ¥1,817.0 million, representing approximately 55.8% of the distributable profits[93]. - The board proposed a final dividend of ¥1.5 per share, totaling approximately ¥908.5 million, which represents about 27.9% of the distributable profits for the fiscal year[93].
本间高尔夫(06858) - 2023 - 中期财报
2022-12-28 08:30
Revenue Growth - For the six months ended September 30, 2022, the company's revenue increased by 25.7% compared to the same period in 2021[7]. - Revenue from Japan increased by 3.4%, while Korea saw a significant growth of 97.1% year-on-year due to the rising number of golf participants and successful new product launches[7]. - Revenue from China, North America, and other regions recorded strong growth rates of 11.1%, 31.6%, and 41.2% respectively[7]. - Japan, Korea, and China contributed 81.9% of the company's total revenue[7]. - Total revenue increased by 25.7% from ¥11,871.9 million to ¥14,927.4 million for the six months ending September 30, 2022[37]. - Revenue from Japan increased by 3.4% to ¥3,951.6 million, while revenue from South Korea surged by 97.1% to ¥4,237.6 million[44]. - Revenue from China (including Hong Kong and Macau) rose by 11.1% to ¥4,028.4 million, although it decreased by 4.3% on a constant currency basis due to government lockdowns[44]. - North American revenue increased by 31.6% to ¥565.1 million, with a 9.9% increase on a constant currency basis[45]. - Revenue from self-operated stores was ¥4,566.9 million, a 29.9% increase from ¥3,516.1 million, driven by optimized retail operations[47]. - Revenue from third-party retailers and wholesalers rose by 24.0% to ¥10,360.5 million, attributed to strong demand[47]. Product Performance - Golf club sales increased by 31.2% for the six months ended September 30, 2022, demonstrating strong brand value and resilience since 1959[9]. - Revenue from the BERES and TOUR WORLD product families grew by 37.1% and 17.1% respectively compared to the same period last year[9]. - Golf clubs accounted for 76.6% of total revenue for the six months ended September 30, 2022, with Japan showing a robust growth of 20.3% year-on-year[10]. - The company aims to enrich its TOUR WORLD product family with technology-enhanced series and modern designs to attract contemporary golfers[6]. - The company has launched new product families, including the GS series and TW757 series, aimed at attracting younger, performance-focused golfers[24]. Market Strategy - The company is focusing on two market segments: ultra-high-end and ultra-performance, to simplify and strengthen its product portfolio[6]. - The company has redefined its brand to appeal to younger golfers, enhancing its global brand positioning and communication strategies[8]. - The company aims to enhance its growth strategy in North America and Europe, focusing on smaller, high-quality customer segments[11]. - The company is focusing on sustainable growth in North America and Europe, which account for nearly 70% of the global golf market, by targeting high-quality customer segments[27]. - The company has established a strategic partnership with Itochu Corporation to develop its apparel business, promoting HONMA as a "golf lifestyle brand" in Japan, China, and Korea[28]. Financial Performance - Operating profit increased by 37.5% from ¥1,590.3 million to ¥2,187.5 million[36]. - Net profit attributable to equity holders increased by 129.0% from ¥1,348.4 million to ¥3,087.4 million[36]. - Basic and diluted earnings per share rose by 128.7% from ¥2.23 to ¥5.10[36]. - Gross profit margin decreased from 55.3% to 52.7%, while total sales cost increased by 33.0%[36]. - The company attributes stable revenue growth to ongoing improvements in product development, merchandise planning, and retail operations[41]. Operational Efficiency - The company closed 378 sales points in Europe, reducing the total to 237, while opening eight new sales points in North America, resulting in a network of 345 locations[11]. - The average order value exceeded $1,000, indicating a positive trend in e-commerce activities[12]. - HONMA hosted 1,912 customer events during the six months ended September 30, 2022, enhancing brand and product awareness[14]. - The company continues to evaluate and expand its sales and distribution networks to adapt to local retail landscapes and consumer behaviors[20]. - The company has implemented a customer relationship management system with e-commerce functionalities to provide a comprehensive brand experience[8]. Challenges and Risks - The golf industry is expected to face challenges due to public health uncertainties and supply chain issues, but the company sees positive recovery trends as golf participation increases[29]. - The company is committed to optimizing operational efficiency and maintaining cash reserves to mitigate the impacts of global health challenges[29]. - The company will continue to monitor external challenges related to COVID-19 and adjust its business strategies accordingly to protect employee health and safety[30]. Shareholder Information - The company declared an interim dividend of ¥1.5 per share, totaling approximately ¥908.5 million, which represents 29.4% of the group's distributable profit for the six months ended September 30, 2022[83]. - Kouunn Holdings Limited holds 233,560,525 shares, representing 38.56% of the total shares[90]. - Huang Wenhuan holds 234,512,775 shares, representing 38.72% of the total shares[90]. - The total number of issued shares is 605,642,500[93]. - The company has not yet committed to any acquisition targets as of the reporting date, indicating a cautious approach to potential acquisitions in the golf product industry[82].
本间高尔夫(06858) - 2023 Q2 - 业绩电话会
2022-11-29 09:45
非常感谢大家抽时间参加科马奥尔夫2023财年度中期业绩公布媒体线上沟通会首先我会为大家介绍今天在线上参会的管理层包括首席财务官兼首席营运官边卫文女士和投资者关系团队首先 把时间交给投资者关系总监陈丽珠女士介绍一下公司2023财年中期业绩表现之后我们会有一个问答环节到时候各位媒体朋友可以用Zoom的直手功能提问或者以视窗输入问题下面我先将时间交给陈女士有请 好的 谢谢Samantha各位媒体和分析师朋友复途和智通大陆演平台上关注Huma的朋友们大家晚上好非常感谢大家包容参加Huma此次中期业绩沟通会很高兴能有这样的机会和大家进行交流那首先我们用一张图来先简单的介绍一下HumaHuma于1959年创立于日本是高端高尔夫用具的第一品牌 在60多年工匠精神的传承中我们始终追求我们产品的卓越性能和出众的品质在目前HOMA也是全球唯一的一家垂直整合型的高尔夫公司拥有我们自主的研发和生产基地在位于日本九田的研发和生产基地战地 大约有16万平方米我们拥有236名研发人员与能工巧匠在此呢我们开发和研制出覆盖球杆和非球杆的全品类的产品组合那在高尔夫的球杆的方面我们聚焦传统的超高端的这个消费区间并且呢也在逐渐的渗透增速最快的超性能 ...