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 - 年度业绩