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本间高尔夫(06858) - 2022 - 年度财报
2022-07-26 08:00
Financial Performance - For the fiscal year ending March 31, 2022, total revenue reached a historical high of ¥28,971.1 million, an increase of 27.4% from ¥22,735.1 million in the previous year[6] - Gross profit rose by 37.0% to ¥15,685.6 million, compared to ¥11,445.2 million for the fiscal year ending March 31, 2021[6] - The operating profit increased significantly to ¥5,456.8 million from ¥1,232.8 million in the previous year[4] - Overall revenue increased by 27.4% for the fiscal year ending March 31, 2022, despite ongoing challenges from COVID-19[14] - Net profit increased by 233.0% from ¥1,859.1 million to ¥6,191.2 million, indicating strong overall financial performance[43] - Basic and diluted earnings per share increased to ¥10.22 from ¥3.07, marking a growth of 232.9%[43] - Profit before tax surged by 212.4% to ¥7,560.3 million (approximately $65.0 million) compared to ¥2,420.3 million for the previous year[115] Revenue Growth by Region - Revenue growth was recorded across all products and regions, with Japan, China, Europe, and other regions showing increases of 29.8%, 38.7%, 47.1%, and 48.7% respectively[8] - Revenue from Japan grew by 29.8%, while China led in growth rate with a 38.7% increase, highlighting the expanding retail presence and optimized product mix[15] - European and other regions saw revenue increases of 47.1% and 48.7% respectively, attributed to successful market launches of golf club products[15] - Revenue from North America increased by 8.0% to ¥992,169 million from ¥918,542 million[51] - Revenue from South Korea rose by 7.0% to ¥6,831,638 million from ¥6,383,392 million[50] - Revenue from China (including Hong Kong and Macau) surged by 38.7% to ¥7,644,271 million from ¥5,512,022 million[50] Product Performance - Golf club sales increased by 23.9% for the fiscal year ending March 31, 2022, driven by the launch of new products like Beres Aizu and TW757[9] - Revenue from apparel and accessories rose significantly, with increases of 71.6% and 43.1% respectively, making apparel the second-largest product category for HONMA[9] - Golf clubs contributed 71.9% of the total revenue for the group as of March 31, 2022, with golf ball revenue rising by 11.8% compared to the previous year[19] - The gross margin for the group's golf club products improved by 3.8 percentage points to 54.1% for the year ended March 31, 2022[114] Strategic Initiatives - The company plans to launch more youth-oriented and female-targeted products to maintain growth momentum[7] - The company continues to invest in brand awareness and marketing to attract younger consumers and expand market share[7] - HONMA's brand exposure was enhanced through participation in golf tournaments, notably with TEAM HONMA's Hideto Tanihara winning major championships[11] - The company aims to attract younger consumers with the launch of the limited-edition Sakura series in celebration of its 65th anniversary[12] - The company continues to seek sponsorships with young Asian golfers to strengthen brand appeal among younger demographics[23] E-commerce and Digital Strategy - E-commerce sales surged by 125% year-on-year, reflecting the success of the direct-to-consumer strategy and investment in online channels[10] - The company aims to enhance its e-commerce capabilities and has rebuilt its website, resulting in double-digit monthly growth in digital engagement metrics[31] - HONMA's digital ecosystem was enhanced with new CRM systems and e-commerce functionalities to improve consumer engagement[17] Market Expansion and Retail Strategy - HONMA opened 120 new retail locations in North America, bringing the total to 337[20] - The total number of sales points increased by 209 to approximately 4,144 as of March 31, 2022, including 1,569 points in large sports retail stores[29] - The company is deepening collaborations with major sporting goods stores in both domestic and new markets as part of its growth strategy[111] - The company is actively sponsoring TEAM HONMA golfers to enhance brand visibility and market presence[111] Financial Health and Investments - The total assets of the company amounted to ¥41,427.5 million, an increase from ¥36,493.5 million in the previous year[5] - Total equity reached ¥25,352.6 million, compared to ¥21,321.1 million in the previous year[5] - Cash and cash equivalents amounted to ¥14,454.6 million as of March 31, 2022, primarily held in USD, JPY, and RMB[77] - Interest-bearing bank loans totaled ¥7,700.0 million as of March 31, 2022, with actual interest rates ranging from 0.33% to 1.07%[78] - Debt-to-equity ratio improved to 38.1% as of March 31, 2022, down from 49.4% a year earlier[79] Corporate Governance and Leadership - Yang Xiaoping appointed as a non-executive director in May 2018, providing strategic advice for business development[98] - The company emphasizes the importance of strategic advice from its board members to enhance business development and market expansion[98][100] - The board comprises experienced professionals with diverse backgrounds in finance, technology, and corporate governance, ensuring robust oversight and strategic direction[101][103] Challenges and Future Outlook - The golf industry is expected to face challenges due to global public health uncertainties and supply chain issues, but HONMA anticipates revenue growth in all major markets as golf participation increases[40] - The company is committed to sustainable business development and creating long-term value for shareholders while adapting to the new normal in the golf industry[40] - The company will continue to cautiously assess potential acquisition targets in the golf product industry based on brand recognition, geographical coverage, distribution networks, product variety, and financial status[88]
本间高尔夫(06858) - 2022 Q4 - 业绩电话会
2022-06-28 09:45
非常感谢大家抽时间参加HOMA高尔夫2022财政年度全年业绩公布媒体线上沟通会首先我会为大家介绍今天在线的管理层他们包括首席财务官兼首席营运官边卫文女士投资者关系总监陈丽珠女士首先我把时间交给 陈女士介绍一下公司2022年财政年度业绩的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可以在问答视窗输入问题下面我先将时间交给陈女士有请 各位分析师朋友 媒体朋友富途和智通大陆眼平台的各位投资人朋友 大家好欢迎各位波荣参加鸿马高尔夫2022财年全年业绩发布会我们将在接下去的一小时为大家分享这一年的业务进展和取得的成绩并期待在问答环节和大家进行交流截至2022年 3月31日的年度红马交出了一份令人满意的成绩单首先对首次参加公司发布会的朋友我先简单介绍一下红马 欧马高尔夫成立于1959年是高尔夫业内最富盛名的标志性品牌之一公司以精湛的工艺、卓越的性能以及无与伦比的产品质量而闻名融合先进的创新科技以及日本的传统工艺为全球高尔夫球手提供高端、高性能的高尔夫球杆、球类、服装以及配件 作为全球唯一的垂直整合型高尔夫公司鸿马拥有自主设计开发及制造的能力在日本九天拥有占地16万平方米的研发和制造中心2 ...
本间高尔夫(06858) - 2022 - 中期财报
2021-12-28 08:30
Revenue Growth - For the six months ended September 30, 2021, the company's revenue increased by 31.1% compared to the same period in 2020, despite most self-operated stores being closed due to COVID-19[6]. - Revenue from Japan increased by 105.9%, while China saw a year-on-year growth of 54.0%, and North America and Europe recorded increases of 40.7% and 29.2%, respectively[7]. - The total revenue of the group increased by 31.1% from 9,053.0 million yen for the six months ended September 30, 2020, to 11,872.0 million yen for the six months ended September 30, 2021[37]. - Revenue from golf clubs accounted for 73.4% of total revenue, rising by 23.9% to 8,719.4 million yen for the six months ended September 30, 2021[41]. - Revenue from apparel surged by 151.3% from 501.1 million yen to 1,259.3 million yen during the same period, driven by ongoing investment in product development[41]. - Revenue from the Chinese market (including Hong Kong and Macau) increased by 54.0% to 3,624.7 million yen, with a fixed exchange rate basis increase of 39.4%[44]. - Revenue from Japan saw a significant increase of 105.9%, rising to 3,821.6 million yen for the six months ended September 30, 2021[44]. - Revenue from North America and Europe increased by 40.7% and 29.2% respectively, reaching 4,295 million JPY and 5,296 million JPY for the six months ended September 30, 2021[45]. Product and Market Strategy - The company is focusing on the ultra-high-end and ultra-performance consumer segments, enhancing its product portfolio by introducing the new GS series under the TOUR WORLD family, which launched in January 2021[9]. - The company has redefined its brand positioning and communication to appeal to younger golfers, resulting in increased digital engagement and brand awareness[8]. - The company has removed the Be ZEAL product line while enhancing the TOUR WORLD family and traditional BERES products for beginner golfers[6]. - The BERES and TOUR WORLD product families target specific consumer segments, with a focus on high-end and performance-driven golfers[15]. - The company aims to strengthen its leadership in the ultra-high-end segment while solidifying its presence in the rapidly growing super-performance segment, particularly in the domestic markets of Japan, Korea, and China[26]. Digital and Retail Expansion - The company is implementing customer relationship management systems and e-commerce functionalities to enhance consumer experience and drive sales[8]. - The company continues to invest in e-commerce and digital marketing strategies to enhance brand visibility and consumer engagement[12]. - The company opened 102 new retail points in North America, bringing the total to 336 retail locations as of September 30, 2021[11]. - The company opened 38 new retail points in Europe, increasing the total to 628 locations as of September 30, 2021[12]. - Website traffic nearly doubled, with the average order value exceeding $1,000, reflecting strong brand interest in the North American market[12]. - A total of 2,008 customer events were held during the six months ended September 30, 2021, compared to 1,357 events in the same period last year[14]. Financial Performance - Gross profit increased by 41.6% to ¥6,561,849, up from ¥4,634,374, resulting in a gross margin of 55.3%[34]. - The company reported a pre-tax profit of ¥1,746,495, a significant turnaround from a loss of ¥431,376 in the same period the previous year, reflecting a 504.9% improvement[34]. - Net profit for the period was ¥1,348,351, compared to a loss of ¥803,525 in the same period the previous year, indicating a strong recovery[34]. - The company reported a total comprehensive income of ¥1,364,535 thousand for the period, compared to a loss of ¥752,412 thousand in the same period last year[123]. - Cash flow from operating activities for the six months ended September 30, 2021, was 3,897,456 thousand yen, significantly higher than 2,153,871 thousand yen in the previous year, marking an increase of about 80.9%[128]. Employee and Operational Management - The company aims to maintain employee health and financial stability while pursuing growth strategies during the pandemic[8]. - Employee welfare expenses amounted to 2,312.4 million yen for the six months ending September 30, 2021[23]. - The company has a strong focus on maintaining a good reputation with banks, as indicated by the absence of recent violations[84]. Investment and Capital Management - The planned use of proceeds from the global offering includes 29.4% allocated for potential strategic acquisitions, amounting to 4,939 million yen[83]. - As of September 30, 2021, 70.4% of the global offering proceeds had been utilized, leaving a remaining balance of 29.6%[83]. - The company has fully repaid interest-bearing bank loans using proceeds from the global offering, with the remaining unused balance planned for general corporate purposes[84]. - The company will continue to cautiously evaluate potential acquisition targets in the golf product industry based on brand recognition, geographical coverage, distribution networks, product variety, and financial status[84]. Shareholder Information - The percentage of shares held by Kouunn Holdings Limited is 38.56%, representing a significant ownership stake[92]. - The company’s major shareholder, Fosun International, holds a 72.31% stake in Fosun Industrial Holdings Limited[94]. - The total number of issued shares as of September 30, 2021, is 605,642,500[90]. - The board declared an interim dividend of JPY 1.5 per share, totaling approximately JPY 908.5 million, which corresponds to about 7.8% of the distributable profit as of September 30, 2021[111]. Corporate Governance - The company has complied with all applicable code provisions of the Corporate Governance Code, except for A.2.1, which states that the roles of the chairman and CEO should be separate[113]. - The audit committee, consisting of three independent non-executive directors, has reviewed and discussed the unaudited interim results for the six months ended September 30, 2021[115]. - The company believes that the current leadership structure allows for effective planning and execution of business decisions and strategies[113].
本间高尔夫(06858) - 2021 - 年度财报
2021-07-29 10:49
Financial Performance - Total revenue for the fiscal year ended March 31, 2021, decreased by 4.4% to ¥22,735.1 million from ¥23,787.2 million in the previous year[20]. - Gross profit for the fiscal year was ¥11,445.2 million, with a gross margin of 50.3%[20]. - Operating profit increased significantly to ¥1,232.8 million from ¥405.1 million in the previous year[20]. - The company reported a net profit attributable to owners of ¥1,859.0 million, a recovery from a loss of ¥732.4 million in the previous year[20]. - Overall revenue decreased by 4.9% year-over-year due to the impact of COVID-19, with most self-operated stores closed during the fiscal year[31]. - Revenue growth in China and South Korea was 98.2% and 14.2% respectively, while Japan, North America, and Europe saw declines of 39.7%, 25.8%, and 25.0% respectively, with Japan, South Korea, and China accounting for 81.1% of total revenue[32]. - Revenue from golf balls increased by 20.6% to ¥2,659.2 million, while apparel revenue rose by 36.7% to ¥1,727.0 million, driven by strong market penetration in Japan, Korea, and China[63]. - The company's gross margin remained stable at 50.3%, compared to 50.9% in the previous year[130]. - The company reported a pre-tax profit of ¥2,420.3 million (approximately $22.2 million), a significant improvement from a loss of ¥357.7 million in the previous year[130]. Market Performance - Revenue from China (including Hong Kong and Macau) surged by 100.4% to ¥5,512.0 million, driven by a faster recovery from the pandemic[23]. - Revenue from South Korea rose by 14.2% to ¥6,383.4 million, marking the eighth consecutive year of double-digit growth[23]. - Revenue from third-party retailers and wholesalers decreased by 9.4% to ¥16,762.5 million for the year ended March 31, 2021, compared to ¥18,505.0 million for the previous year[69]. - The average order value in North America rose to over $1,000, reflecting strong consumer interest and brand building efforts[27]. - E-commerce sales increased by 262% due to the successful direct-to-consumer strategy, with flagship stores on Tmall and JD.com experiencing over three-digit growth[24]. Strategic Initiatives - The company emphasized the importance of targeted marketing and promotional activities in driving brand growth in recovering markets[22]. - The company aims to enhance brand influence by engaging with high-end consumer segments and introducing new marketing strategies[28]. - The company continues to focus on high-end and high-performance consumer segments, enhancing its product offerings with technological advancements[31]. - The company has established a strategic partnership with Itochu Corporation to develop apparel and accessories, launching four clothing lines aimed at consumers in Japan, China, and Korea[53]. - The company plans to enhance brand value and customer loyalty by implementing various branding and marketing strategies, including the opening of brand experience stores in major markets such as Japan, China, and the U.S.[50]. Product Development - The company launched the GS series of golf clubs in January 2021, targeting enthusiastic golfers with a handicap of 8 to 20[35]. - The introduction of the XP performance-enhanced series under the TOUR WORLD product line aims to capture growth potential in the high-performance consumer segment[42]. - HONMA offers three main product families: BERES, TOUR WORLD, and Be ZEAL, targeting specific consumer segments based on performance and design preferences[41]. - The company has been actively expanding its product development team, with Dr. Suwa having extensive experience in various leadership roles since joining in 1978[120]. Operational Efficiency - The company has strengthened its e-commerce capabilities, leading to double-digit monthly growth in natural traffic and conversion rates since the relaunch of its website in January 2019[46]. - The company has implemented a rigorous apprenticeship program in its Sakata facility to retain and cultivate craftsmanship[48]. - The company has taken additional steps to reduce emissions and waste, such as using energy-efficient machinery and promoting a paperless environment[137]. - The company has implemented several measures to enhance its global brand positioning and digital engagement, resulting in monthly growth in natural traffic and conversion rates[142]. Corporate Governance - The company is committed to maintaining high standards of corporate governance and transparency in its operations[114]. - The board of directors confirmed compliance with the standards for securities trading throughout the fiscal year[200]. - The independent non-executive directors have confirmed their independence according to the relevant listing rules for the year ending March 31, 2021[172]. - The company has appropriate insurance coverage for directors against potential legal liabilities[191]. Human Resources - The company emphasizes attracting and retaining skilled employees through performance-based incentives, crucial for long-term success[135]. - The compensation policy aims to attract and retain skilled personnel, with a combination of salary, allowances, and performance-related bonuses[186]. - The management team is well-equipped with advanced degrees and professional qualifications, enhancing the company's operational capabilities[115][117][119]. Financial Position - Total assets decreased to ¥36,493.5 million from ¥38,897.3 million in the previous year[21]. - Total equity increased slightly to ¥21,321.1 million from ¥21,263.8 million[21]. - Cash and cash equivalents as of March 31, 2021, totaled 10,771.9 million yen, primarily held in USD, JPY, and CNY[93]. - The debt-to-equity ratio as of March 31, 2021, was 49.4%, a decrease from 50.1% on March 31, 2020[95]. Shareholder Information - The proposed final dividend for the year ended March 31, 2021, is ¥1.7 per share, totaling approximately ¥1,029.6 million, representing about 8.2% of the distributable profits[105]. - The total dividend for the fiscal year ending March 31, 2021, will be ¥3.2 per share, amounting to ¥1,938.1 million, representing approximately 14.5% of the distributable profit[144]. - As of March 31, 2021, the company's distributable reserves amounted to approximately ¥12,488 million, down from ¥14,165 million as of March 31, 2020[146].
本间高尔夫(06858) - 2021 - 中期财报
2020-12-28 08:30
Revenue Performance - HONMA's revenue decreased by 14.1% for the six months ended June 30, 2020, compared to the same period in 2019, based on constant exchange rates[6]. - Total revenue decreased by 14.5% from ¥10,590.973 million to ¥9,052.973 million for the six months ended September 30, 2020[35]. - Revenue from Japan decreased by 59.6% to ¥1,855.759 million, down from ¥4,594.454 million in the previous year, primarily due to the negative impact of COVID-19[42]. - Revenue from South Korea increased by 16.9% to ¥3,115.910 million, compared to ¥2,665.441 million in the prior year, marking the seventh consecutive year of double-digit growth[42]. - Revenue from China (including Hong Kong and Macau) rose by 48.5% to ¥2,353.412 million, up from ¥1,584.299 million, with a 52.3% increase on a constant currency basis[43]. - Revenue from North America and Europe decreased by 37.8% and 16.3%, respectively, with North America at ¥305.182 million and Europe at ¥409.994 million[43]. - Revenue from self-operated stores slightly decreased by 0.7% to ¥2,611.905 million, while revenue from third-party retailers and wholesalers fell by 19.1% to ¥6,441.068 million[44]. Market Trends - Revenue growth rates for China and South Korea were 52.3% and 16.9% respectively, driven by a quicker recovery from the pandemic and successful product launches[7]. - The golf industry has shown signs of recovery since May 2020, with an increase in participation and total rounds played across major markets[7]. - The golf industry is expected to face challenges due to GDP growth slowdowns and ongoing COVID-19 impacts, which have caused market volatility and economic instability[30]. - Sales in China, Korea, Southeast Asia, and Taiwan showed strong growth as the golf industry began to recover, with expectations of a gradual return to a new normal starting July 2020[31]. Product Development and Strategy - HONMA is launching two new products targeting the premium and high-performance segments[6]. - The company aims to create a comprehensive digital ecosystem around its redefined brand and premium product offerings[9]. - The introduction of the new XP series golf clubs targets enthusiastic golfers with handicaps between 8 and 20, showcasing HONMA's commitment to innovation[10]. - The company plans to enhance its TOUR WORLD product line by introducing a performance-enhancing series named XP, targeting the high-end performance consumer segment[17]. - HONMA's new retail strategy includes the integration of a 360-degree brand experience, with new store openings in Japan, China, and Korea[14]. Financial Performance - Operating loss increased significantly to ¥548.856 million from ¥28.458 million, reflecting a year-on-year change of 1,828.7%[34]. - Net loss attributable to shareholders rose to ¥803.525 million from ¥51.238 million, marking a year-on-year increase of 1,468.2%[34]. - Adjusted SG&A expenses decreased by 3.2% to ¥5,152.231 million from ¥5,320.608 million[34]. - Financing income dropped by 86.4% from ¥59.680 million to ¥8.109 million, indicating a significant decline in financial performance[34]. - The company anticipates continued challenges in the market due to ongoing impacts from COVID-19, affecting future revenue projections[39]. Brand and Marketing Initiatives - The company has focused on enhancing its brand positioning and communication to appeal to younger golfers through a revamped global website and social media platforms[9]. - HONMA continues to sponsor TEAM HONMA golfers, including 12 professional players, to enhance brand visibility and drive sales growth, particularly in China[15]. - The company has invested in e-commerce and social media marketing to drive traffic and attract potential customers, indicating a strategic shift towards digital channels[13]. - HONMA hosted approximately 1,400 customer events across major markets, enhancing brand awareness and consumer engagement[15]. Distribution and Sales Network - HONMA opened 23 new sales points in Europe, bringing the total to 563 as of September 30, 2020, while maintaining a focus on expanding its distribution network[13]. - The company has approximately 4,077 sales points as of September 30, 2020, an increase of 158 sales points compared to March 31, 2020[20]. - As of September 30, 2020, HONMA's golf clubs accounted for 77.8% of total sales, demonstrating a strong focus on high-end performance segments[11]. Employee and Operational Insights - Employee benefits expenditure for the six months ending September 30, 2020, amounted to 2,352.0 million yen[24]. - The company employs approximately 787 employees globally, with most based in Japan[24]. - The company has established 6 fitting centers equipped with high-speed cameras and precision software to capture swing data, enhancing customer experience[19]. Financial Position and Liquidity - Cash and cash equivalents amounted to ¥11,202.6 million as of September 30, 2020, primarily held in USD, JPY, and CNY, indicating a strong liquidity position[69]. - Interest-bearing bank loans totaled ¥8,624.5 million as of September 30, 2020, with an effective interest rate ranging from 0.33% to 1.00%[70]. - Debt-to-equity ratio increased to 53.9% as of September 30, 2020, compared to 50.1% as of March 31, 2020, indicating a rise in financial leverage[71]. Shareholder Information - The board declared an interim dividend of ¥1.5 per share, totaling approximately ¥908.5 million, representing about 7.0% of the distributable profits as of September 30, 2020[81]. - The percentage of shares held by the largest shareholder, Mr. Liu Jianguo, is 38.72% as of September 30, 2020[85]. - Kouunn Holdings Limited holds 233,560,525 shares, representing 38.56% of the issued share capital[89].
本间高尔夫(06858) - 2020 - 年度财报
2020-07-23 13:00
Financial Performance - For the fiscal year ending March 31, 2020, total revenue decreased by 13.9% compared to the previous year, amounting to ¥23,787,214 thousand[7]. - Gross profit for the same period was ¥12,117,617 thousand, resulting in a gross margin of 50.9%, down from 57.8% in the previous year[7]. - The company reported a net loss attributable to shareholders of ¥732,363 thousand, compared to a profit of ¥4,209,367 thousand in the previous year[7]. - HONMA's sales for the fiscal year ending March 31, 2020, decreased by 13.9% year-over-year due to COVID-19 impacts, with a significant decline in retail sales[16]. - Operating profit for the year ended March 31, 2020, was ¥405,095 thousand, compared to ¥5,309,429 thousand in 2019, indicating a significant decline[75]. - Net profit for the year ended March 31, 2020, was a loss of ¥732,413 thousand, down from a profit of ¥4,208,839 thousand in 2019[76]. - The company reported a significant decline in operating profit, with a decrease of 92.4% to ¥405,095 thousand for the fiscal year ending March 31, 2020, compared to the previous year[43]. - Total revenue decreased by 14.3% from ¥27,770.7 million in the fiscal year ending March 31, 2019, to ¥23,787.2 million in the fiscal year ending March 31, 2020[46]. Sales and Market Performance - Sales of high-end performance golf clubs under the TOUR WORLD brand increased by 51.6% in North America and 73.3% in Europe, indicating strong market demand[10]. - The apparel segment saw a sales increase of 0.7%, with Japan and South Korea experiencing growth rates of 19.0% and 125.7%, respectively[11]. - Golf ball revenue increased by 22.5%, marking the sixth consecutive year of double-digit growth in this category[11]. - HONMA's sales in Japan decreased by 24.4%, while golf ball and apparel sales increased by 43.7% and 19.0%, respectively[17]. - Sales of the Be ZEAL product line dropped by 64.0% year-over-year, while sales of the BERES and TOURWORLD product families increased by approximately 36.1% and 7.3%, respectively[16]. - Sales in Europe and Korea grew by 15.2% and 13.6% year-over-year, respectively, despite challenges in other regions[17]. - Revenue from Japan decreased by 24.4% to ¥10,861.8 million, down from ¥14,369.8 million, primarily due to the negative impact of COVID-19[53]. - South Korea recorded a revenue increase of 13.6%, rising to ¥5,589.0 million from ¥4,919.9 million, marking the seventh consecutive year of double-digit growth[53]. Strategic Initiatives - The company plans to focus on digital transformation in response to changing consumer behavior due to the COVID-19 pandemic[9]. - The company aims to expand its retail presence in Europe, increasing the number of retail points to a total of 540 by March 31, 2020[13]. - The company plans to continue expanding its distribution network and retail points in North America and Europe over the next 18 to 24 months[14]. - The company is focusing on the premium and high-performance segments to capture growth opportunities in key markets like Japan, Korea, and China[14]. - The company aims to solidify its leadership in the premium segment while increasing market share in the rapidly growing high-performance segment, particularly in Japan, Korea, and China[37]. - The company is enhancing its customer relationship management systems and e-commerce capabilities to provide a comprehensive brand experience[18]. - The company launched a new e-commerce website in mid-April 2019, achieving 566,664 website visits with an average order value exceeding $1,000 by March 31, 2020, despite COVID-19 impacts[20]. - The company is focused on the design, development, manufacturing, and sales of various golf clubs, as well as golf balls, bags, apparel, and other accessories[110]. Operational Challenges - The overall market is expected to normalize in the second half of the fiscal year, with positive signs of recovery in Japan and the U.S.[10]. - The company has noted that the COVID-19 pandemic has increased uncertainty in the global economy, impacting its operations and financial performance[125]. - Golf club revenue fell by 16.2% from ¥22,467.7 million to ¥18,838.7 million, primarily due to COVID-19's impact on the supply chain and marketing of new products[49]. - Revenue from accessories and other related products decreased by 33.2% from ¥2,214.8 million to ¥1,479.2 million, mainly due to inventory clearance before the relaunch of the HONMA accessory line[50]. - Other income and gains dropped by 83.9%, from ¥422.2 million to ¥67.9 million, contributing to the overall financial decline[46]. - Administrative expenses rose by 21.1% from ¥1,805.8 million to ¥2,186.8 million, indicating increased operational costs during the fiscal year[46]. Future Outlook - The company is optimistic about future performance as markets in China and South Korea recorded double-digit growth in April and May 2020[9]. - The company anticipates that the golf industry will gradually return to a new normal starting July 2020, despite challenges posed by COVID-19 and other external factors[41]. - The company plans to optimize its product portfolio and increase market share in existing markets for the fiscal year ending March 31, 2021[116]. - Continued investment in marketing and promotion of the HONMA brand is expected to enhance brand value and customer loyalty[116]. - The company aims to develop non-club product categories to provide a comprehensive golf lifestyle experience[116]. Corporate Governance - The company has confirmed the independence of its independent non-executive directors for the fiscal year ending March 31, 2020[158]. - The company has established a compensation committee to review the compensation policies for directors and senior management[174]. - The board consists of nine directors, including four executive directors, two non-executive directors, and three independent non-executive directors[192]. - The company is committed to good corporate governance standards, adhering to the principles and code provisions of the Corporate Governance Code[188]. - The company encourages continuous professional development for directors, providing training and reading materials to ensure they remain informed[200].
本间高尔夫(06858) - 2020 - 中期财报
2019-12-30 08:36
Financial Performance - For the six months ended September 30, 2019, HONMA's net sales decreased by 7.9% compared to the same period in 2018, with a fixed exchange rate basis showing a decrease of 7.0%[6]. - Total revenue decreased by 7.9% from ¥11,503.2 million to ¥10,590.973 million for the six months ending September 30, 2019[34]. - Golf club revenue fell by 13.8% from ¥9,369.5 million to ¥8,077.2 million, with a fixed exchange rate decline of 13.0%[37]. - The revenue from the Be Zeal product family decreased by 77.9% due to the company's focus on the BERES and TOUR WORLD series[37]. - TOUR WORLD family sales increased by 73.1% on a fixed exchange rate basis, confirming the company's strategy to focus on high-end performance segments[37]. - Gross profit margin decreased from 59.1% to 49.7%, reflecting an increase in cost of sales from ¥4,707.1 million to ¥5,330.1 million[32]. - Operating loss was ¥28.5 million compared to an operating profit of ¥2,036.5 million in the previous period[32]. - Net loss attributable to equity holders was ¥51.2 million, a significant decline from a profit of ¥2,134.5 million[32]. - Adjusted SG&A expenses increased by 11.0% to ¥5,320.6 million, compared to ¥4,793.1 million in the previous period[32]. - Other income and gains decreased significantly from ¥762.6 million to ¥36.7 million, a drop of 95.2%[32]. - The company reported a financing cost increase of 425.2%, rising from ¥5.4 million to ¥28.5 million[32]. - The company reported a loss before tax of ¥(510,733) thousand, compared to a profit of ¥2,764,942 thousand in the same period last year[104]. - Net loss for the period was ¥(51,238) thousand, a significant decline from a profit of ¥2,134,478 thousand in 2018[105]. - Total comprehensive income for the period was ¥(39,352) thousand, compared to ¥2,226,211 thousand in the previous year[106]. Sales and Market Performance - Sales in South Korea and Europe led growth rates, increasing by 51.4% and 9.4% respectively on a fixed exchange rate basis[6]. - Japan, HONMA's largest market, saw a decline of 21.7% on a fixed exchange rate basis, primarily due to a 101.6% year-on-year decrease in Be ZEAL revenue[6]. - Sales in China grew by 9.4% on a fixed exchange rate basis, attributed to the relaunch of product lines[6]. - Japan, South Korea, and China combined accounted for 84.0% of total sales[6]. - HONMA's golf clubs accounted for 76.3% of total sales, indicating a strong focus on core product offerings[11]. - Golf ball revenue rose by 53.5% (at constant exchange rates), with significant growth in Japan (68.6%) and South Korea (47.4%) markets[11]. - The apparel segment saw a 53.1% increase in sales, primarily driven by the 2019 spring/summer collection[11]. - The company hosted nearly 2,500 customer events across major markets, enhancing brand and product visibility[12]. Brand Strategy and Marketing - HONMA has restructured its brand to appeal to younger golfers, launching a new global website and enhancing social media presence[8]. - The company has begun establishing or restructuring customer relationship management systems and adding e-commerce functionalities in key markets[8]. - HONMA signed a long-term partnership with global brand ambassador Justin Rose, significantly increasing brand exposure in the US and Europe[8]. - The company decided to focus on high-end performance consumer segments and will not renew the Be ZEAL product family[6]. - HONMA aims to enhance its brand positioning and communication globally to attract high-end golfers[8]. - HONMA's brand awareness in North America increased to 63%, with nearly half of surveyed consumers linking the brand to increased exposure in local events[9]. - HONMA plans to enhance brand value and customer loyalty through various marketing strategies, including signing Justin Rose as a global brand ambassador to strengthen brand image in mature markets like North America, Europe, and Japan[24]. - The company aims to increase market share in its home markets (Japan, Korea, and China) by expanding the TOUR WORLD product family and enhancing exposure in international events due to Justin Rose's involvement[25]. Retail Expansion and Distribution - The company opened 101 new sales points in Europe while closing only 6, resulting in a total of 613 sales points as of September 30, 2019[10]. - HONMA plans to open approximately 30 high-end retail stores and 30 to 50 retail hubs within golf courses in North America over the next 18 to 24 months[9]. - The group increased its sales points to approximately 3,898, representing an increase of 283 sales points compared to the previous year[17]. - The company is continuously evaluating existing channels and exploring new ones to improve its sales and distribution network[18]. Financial Position and Capital Management - Cash and cash equivalents as of September 30, 2019, totaled ¥10,222.1 billion, primarily held in USD, JPY, and CNY[66]. - The group had a total of 74 self-operated HONMA brand stores, with 39 located in China (including Hong Kong and Macau) and 30 in Japan[16]. - The company plans to fund its expansion and operations through internal resources, bank loans, and proceeds from global offerings[66]. - The company has no currency risk as most of its operations and transactions are conducted in JPY, with no derivative contracts used for hedging[66]. - As of September 30, 2019, the group's interest-bearing borrowings amounted to ¥5,600.0 million, with an actual interest rate ranging from 0.30% to 0.55%[67]. - The debt-to-equity ratio as of September 30, 2019, was 34.2%, a significant increase from 13.0% as of March 31, 2019[68]. - Capital expenditures for the six months ended September 30, 2019, totaled ¥896.1 million, primarily for purchasing machinery and office equipment[69]. - The company has adopted a prudent financing and treasury policy to maintain optimal financial conditions and minimize financial risks[70]. Employee and Governance Matters - Employee benefits expenditure for the six months ended September 30, 2019, amounted to ¥2,610.6 million[21]. - The company has complied with all applicable corporate governance code provisions except for the separation of the roles of chairman and CEO[97]. - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited interim results for the six months ended September 30, 2019[99]. - The company has extended the service agreements of its executive directors for an additional three years starting from September 18, 2019[99]. - The salary of the executive director, Mr. Ito Yasuki, has been adjusted to JPY 16,366,366 annually, with a performance bonus of JPY 5,767,650[99]. Shareholder Information - The interim dividend declared for the six months ended September 30, 2019, was ¥1.64 per share, totaling approximately ¥1,000 million, representing about 7.0% of the distributable reserves[76]. - The company has adopted a dividend policy that allows the board to decide on the distribution and amount based on operational performance, cash flow, and financial condition[95]. - The company declared dividends totaling ¥6,129,187,000 during the period, reflecting ongoing shareholder returns despite the reported losses[110].
本间高尔夫(06858) - 2019 - 年度财报
2019-07-25 11:34
Financial Performance - For the fiscal year ending March 31, 2019, the company reported revenue of ¥27,770,704 thousand, a 5.8% increase from ¥26,296,159 thousand in the previous year[9]. - Gross profit for the same period was ¥16,056,776 thousand, with a gross margin of 57.8%, down from 60.8% in the previous year[9]. - Net profit attributable to the company's owners was ¥4,209,367 thousand, representing a 7.0% increase compared to ¥3,934,291 thousand in the prior year[9]. - Total assets as of March 31, 2019, were ¥39,087,598 thousand, up from ¥36,193,408 thousand in the previous year[10]. - Total equity increased to ¥29,192,727 thousand from ¥28,004,913 thousand year-over-year[10]. - Total revenue increased by 5.6% from ¥26,296.2 million in the year ended March 31, 2018, to ¥27,770.7 million in the year ended March 31, 2019[53]. - Operating profit decreased by 14.9% from ¥6,242.2 million to ¥5,309.4 million, indicating challenges in operational efficiency[56]. - Net profit increased by 7.0% from ¥3,933.2 million to ¥4,208.8 million, showing overall profitability growth despite operational challenges[56]. - Administrative expenses rose by 18.6% from ¥1,522.2 million to ¥1,805.8 million, impacting overall profitability[56]. - Other income and gains increased significantly by 744.3% from ¥50.0 million to ¥422.2 million, contributing positively to total revenue[56]. Sales and Market Growth - The launch of the new TW747 series golf clubs contributed to a 124.7% increase in sales for the TOUR WORLD product family in the second half of the year[12]. - HONMA's sales net increased by 5.8% for the year ending March 31, 2018, driven by the successful launch of the new TW747 series in November 2018[21]. - The company achieved a 65.0% sales growth in Europe, 17.4% in North America, and 16.0% in Korea, with golf clubs and balls growing by 5.9% and 53.6% respectively[21]. - The TOUR WORLD product family sales increased by 30.5% for the year, with a 124.7% increase in the second half of the year following the introduction of the TW747 series[22]. - HONMA opened 125 sales points in Europe, bringing the total to 518 sales points as of March 31, 2019, with a 65.0% growth in sales at constant exchange rates[14]. - Revenue from golf balls in Japan and China grew by 53.6% and 102.5% respectively, contributing to an overall increase of 57.3% in golf ball revenue[15]. - HONMA's sales in Europe increased by 65.0% year-over-year, with TOUR WORLD sales growing by 331.7%[25]. - The company plans to open 30 high-end store-in-stores and 50 retail hubs within golf courses in North America over the next 24 months[25]. - The company aims to enhance its online sales through improved customer relationship management systems and e-commerce capabilities[17]. Strategic Partnerships and Brand Development - The company has established a long-term partnership with top golfer Justin Rose to enhance brand positioning[11]. - HONMA signed a long-term partnership with global brand ambassador Justin Rose, enhancing brand recognition in North America and Europe[17]. - The company has established a strategic partnership with Itochu Corporation to develop a clothing and accessories business, enhancing its product offerings beyond golf clubs[47]. - The company aims to optimize brand value and convert it into customer loyalty, focusing on high-end performance segments[43]. Production and Capacity Expansion - The company plans to increase production capacity at its Sakata facility by over 50% by summer 2019 to support growth[12]. - The annual manufacturing capacity at the Sakata facility is expected to increase by over 50% by summer 2019[38]. - The company is leveraging advanced technology and traditional Japanese craftsmanship to design and manufacture golf clubs, targeting specific consumer segments[28]. Research and Development - Research and development expenditures for the fiscal years ending March 31, 2018, and March 31, 2019, were ¥350.6 million and ¥362.3 million, respectively, focusing on product innovation and performance optimization[47]. - The company plans to continue expanding its product offerings and market presence, particularly in the golf equipment sector[58]. Corporate Governance and Management - The management team has extensive experience in business management and marketing, contributing to the company's strategic direction[114][115][116][117]. - The company has established a compensation committee to review the remuneration policies for directors and senior management[185]. - The employee compensation package includes salary, allowances, benefits, and performance-related bonuses[185]. Environmental and Social Responsibility - The group has implemented 55 on-site management and organizational methods to manage emissions and waste during the production process[137]. - The group has established a waste recycling committee to explore different methods for recycling and reducing waste generated during manufacturing[138]. - The group has taken measures to ensure a paperless environment to avoid excessive printing and promote recycling of printed materials[138]. Future Outlook - The company is positioned to benefit from the anticipated growth in the global golf industry as interest and participation in the sport increase[18]. - The upcoming 2020 Tokyo Olympics and the resurgence of Tiger Woods are expected to significantly boost the global golf industry's profile and participation rates[48]. - The company plans to optimize its product mix and continue product innovation to meet market trends for the fiscal year ending March 31, 2020[133].