ゴルフダイジェスト・オンライン - Results Briefing for the First Half · 2018. 12....

Copyright(c) Golf Digest Online Inc. All Rights Reserved

(Securities Code: 3319)

Golf Digest Online Inc.

www.golfdigest.co.jp

(The 20th) Fiscal Year Ending December 31, 2018

Results Briefing for the First Half


Plans, forecasts and strategies, etc. of the Company contained in this material include

potential risks and uncertainties, except for elements that have already been fixed,

and do not guarantee their contents.

Potential risks and uncertainties include, but are not limited to, economic conditions

centered on consumer spending trends, trends in the golf market, which is the main

business domain of the GDO Group, and the overall Internet market, competition in

the market and the rapid innovation of technologies, etc.

Because the Company does not prepare consolidated financial statements for

FY2013, non-consolidated financial results are stated for FY2013 in this material.

The unauthorized copying of this material and the data therein is not permitted.

Note to this material

2


Business Policy for FY2018

Kyakushin = Policy of “putting the

customer first”

Pursuing the services truly demanded by

customers.

Maximizing

the value we

provide

Increasing the

level of customer

satisfaction

Aims to achieve the industry’s No.1

position in terms of the value we

provide and the level of customer

satisfaction in all services

Sales growth

Also enhancing investments for medium- to long-term growth

3


1 Financial Results for the

First Half of FY2018


Highlights of Financial Results for the First Half

Achieved the business policy for the current fiscal year,

“Sales growth.”

Net sales and gross profit set a record high and continued

double-digit growth.

5

Sales of golf equipment were a driving force behind the

financial results, and encouraging the reciprocal use of

services performed well.

Decided to make GolfTEC Enterprises LLC (hereinafter

"U.S. GOLFTEC") a subsidiary.

M&A-related expenses were generated from the second

quarter (hereinafter “2Q”).


Cumulative totalfor the first half of

2017

Cumulative totalfor the first half of

2018

512 547 ＋34 (107%)

160 137 △ 23 (86%)

314 308 △ 5 (98%)

309 320 ＋11 (104%)

3,715 4,248 ＋532 (114%)

4,025 4,569 ＋543 (114%)

YoY

9,645 11,926 ＋2,281 (124%)

Consolidated Financial Results

6

(Million yen)

* EBITDA＝Ordinary profit + Depreciation + Amortization of goodwill + Interest expenses + Long-term prepaid expenses

Selling, general and administrative expenses

EBITDA

Operating profit

Ordinary profit

Profit attributableto owners of parent

Gross profit

Net sales


Net sales

Gross profit

Compared with 2Q

of the previous year

114%

Net Sales and Gross Profit

Higher growth than in 2Q of the previous year

The gross margin declined year on year associated with changes in

the sales breakdown.

7 7

Compared with 2Q of the

previous year108%

42

50

42

54 51

67

16 20

17 23

19 26

(Billion yen)

Compared with 2Q of the previous year

124%

Gross profit margin in 2Q Compared with 2Q of the

previous year111%

2016 2017 2018


First half of 2018

Temporary expenses for using cloud computing system for IT infrastructure in the previous year were reduced by ¥26 million,

and server usage fees have made the shift to the pay-as-you-go system due to the use of cloud computing system.

M&A-related expenses of ¥95 million were generated (of which ¥84 million yen was generated in 2Q) associated with the

conversion of U.S. GOLFTEC to a subsidiary.

SG&A Expenses

First half of

2017

Operating

profit

309

Gross profit

＋543

Business enhancement ＋233 Measures to promote reciprocal use

Various sales promotion measures

Enhancement of services for smartphone

and social media

Strengthening of business

foundation ＋104 System-related expenses

Other sales-related

expenses, etc.

Labor cost ＋100 Increase in coaches at GOLFTEC

Increase in staff for the planning of

sales of golf equipment

(Million yen)

Operating

profit

320

8

Investment in new

businesses ＋12 Thailand, Taiwan

and others

Conversion of GTE to a

subsidiary＋95 M&A-related expenses


Consolidated Balance Sheets

■ Assets

Accounts receivable – trade: +¥220 million

Inventories: +¥330 million

Property, plant and equipment: +¥130 million

■ Liabilities

Accounts payable – trade: -¥140 million

Accounts payable – other : +170 million

Short-term loans payable: +¥750 million

9

Accounts receivable – trade increased due to the strong performance of sales of golf equipment. Loans

payable increased with the strengthening of inventories by stepping up purchases. Non-current assets

increased due to new store openings of GOLFTEC by GDO.

(Million yen) End of December

2017End of June

2018YoY

Current assets 7,859 8,627 ＋ 768

Non-current assets 2,946 3,104 ＋ 158

10,805 11,732 ＋ 926

Current liabilities 4,589 5,467 ＋ 877

Long-term liabilities 196 206 ＋ 9

Net assets 6,019 6,058 ＋ 39

10,805 11,732 ＋ 926

Total assets

Total liabilities and net assets


Sales of Golf Equipment

YoY comparison of amount of orders received

* Golf equipment market (golf clubs, balls, accessories): “Year-on-year changes in the market size estimated based on actual sales of actual stores of major dealers

dealing with major golf equipment nationwide” calculated by GfK LifeStyle Tracking Japan.

Dec. 2017

Launch of

new models

* The YoY comparison of amount of orders received below

does not include orders received for clothing.

10

With the overall market recovering after the launch of new models, the GDO Group

maintained a strong performance throughout the first half by securing products with high

demand.

Clothing and accessories with a selection of popular brands also performed well.

Sept. 2017

Price cut of

old models

The market

Jan. Apr. Jul. Oct.

Jan. Apr. Feb. May Mar. Jun.

Copyright(c) Golf Digest Online Inc. All Rights Reserved 11

The number of users grew with an increase

in inflows from the golf course booking

service and score management app.

The unit purchase price rose due to strong

sales of new golf clubs.

Expanded apparel brands handled (→P18).

Size recommendation function produced an

effect (→P19).

Sales of clothing and accessories continued

to be strong.

* Figures are on a year-on-year basis.

* Sales by category: Accessories mean gloves, shoes and markers, etc.

New golf

clubs

Used golf

clubs

Balls

Apparel Accessori

es

Unit purchase price Number of

customers

KPI Analysis for the First Half (Sales of Golf Equipment)

121%

111%

116%

109%


Golf Course Booking Service

Changes in the number of golfers booked on GDO

(YoY)

* GDO indicates YoY changes in the number of golfers booked on GDO. * Market data: Ministry of Economy, Trade and Industry “Survey of Selected Service

Industries” * Comparison of the total of eight prefectures (Hokkaido, Miyagi, Tokyo, Aichi, Osaka, Hiroshima, Kagawa and Fukuoka)

Effects of snowfall in

Kanto and nationwide

cold winter

12

Early bookings maintained a strong performance.

The number of golfers booked on GDO increased steadily thanks to the provision of an

abundance of booking plans as well as initiatives to attract customers.

In May, the monthly number of golfers booked on GDO set a record high.

The market

Jan. Apr. Jul. Oct.

Jan. Apr. Feb. May Mar. Jun.


KPI Analysis for the First Half

The number of GDO website visitors

increased due to active exposure to

Internet advertising and the success of

SEO measures through the renovation of

the web page.

A wealth of booking plans that met

customer needs, in addition to the

reciprocal use of services, contributed to

the larger number of users.

The unit fee price remained flat from the

previous year.

The cancellation rate rose due to the

effects of snowfall and low temperature in

1Q. * Figures are a year-on-year basis.

Number of

customers

13

Cancellation rate

Unit fee price

108%

Worsened

1.9 pt


Golf Lessons and Sales of Fitted Clubs

Up 30%

YoY

Since the commencement of service in

2012

Number of stores

Opened 2 - 3 stores every year.

Product sales

Up 60% year on year

Number of ticket

holders

Number of fittings

14

Providing high-quality golf lessons making full use of IT and other technologies.

Developed a total of 11 stores including 8 stores in Kanto and 1 store in the Chubu,

Kansai and Kyushu areas.

The number of lesson ticket holders is increasing, and the club fitting service is being

enhanced.

Up 50%

YoY


2 Initiatives in the First

Half of FY2018


Initiatives for the Growth of Existing Businesses


Initiatives for Cultivation of Loyal Customers and Promotion of

Reciprocal Use of Services

Changes in the number of users for the reciprocal use of services

116%

17

“GDO Yard Program,” a new membership system launched in June 2017

Integrated special benefit grant systems for sales of golf equipment and the golf course booking

service.

The number of users for the reciprocal use of services has increased significantly since the launch of

the initiative.

112%

Commencement

of the initiative (June 2017 ～)

110% 114%

*Users for the reciprocal use

of services

Customers who use both the

golf course booking service

and the sales of golf

equipment of GDO


Began handling 38 new brands

including popular names that will

become the core for sales.

Total number of brands handled:

Approx. 370

Enhancement of selection of

goods

370 brands

Expansion of the company-owned

warehouse (3PL)

Kyakushin Sales of Golf Equipment

320 First half

of the

previous

year

18



This is a function to recommend the

optimal size by answering a simple

questionnaire and supports clothing sales.

Introduction of the size

recommendation function

19


Golf Course Booking Service, etc.

Full of content to enjoy golf with a

focus on better visibility and usability.

Designed plans required by golfers,

such as early and last-minute

bookings

Renewal of the booking

home page

Score Management App

Exceeded 1 million DL!!

New members triggered by the use of the app

increased mainly due to the holding of an

online competition and measures to promote

DL.

20


Golf Lessons and Sales of Fitted Clubs

A number of new centers

opened.

Aiming to create a comprehensive

experience-based store beyond golf

lesson services

21

Nagoya Meieki center opened

on February 5.

(first center in the Chubu area)

Otemachi center opened in May 22

(9th center in the Kanto area) Fukuoka Tenjin center opened

on June 12. (first center in the

Kyushu area)

strengthening services for

sales of fitted clubs


Activation of Golf and Regional Revitalization through Golf

22

The second competition was held in Bibai, Hokkaido as last

year.

The first Tohoku competition was held in Aomori.

Proposing various ways to enjoy golf in cooperation with

local governments.

Holding of winter golf


Creation of Golfers

KIDS GOLF Inc. × GOLFTEC by GDO

23

Tie-up with “OCEANS,” a men’s fashion magazine

Holding events where parents and children can experience a

lesson.


Golf Links the World

GDO Golf Garden Project * ongoing since 2016

If you play golf using the GDO Score Management application,

you will donate ¥10 per birdie to agricultural support programs in

developing countries.

24

GDO Score Management http://lesson.golfdigest.co.jp/score/opening/ Golf Garden Project http://company.golfdigest.co.jp/ir/policies/csr/

Total number of birdies: 2.62 million!!

Cumulative total of donation money: ¥26.20 million

Number of gardens to which a donation has been

made: 174

(as of july 2018)

http://lesson.golfdigest.co.jp/score/opening/http://company.golfdigest.co.jp/ir/policies/csr/http://company.golfdigest.co.jp/ir/policies/csr/


Initiatives for New Growth


Mid-Term Investment Strategies of the GDO Group

(Expansion x Deepening)

Expansion of the customer base

Deepening of customer relationships

(Reach, region, the cultivation of golfers, the creation of opportunities to come in contact with golf)

(Data, IoT, CRM, Technology)


Conversion of U.S. GOLFTEC into a Subsidiary

27

Acquired a 60% Units in U.S. GOLFTEC on July 2 and made it a subsidiary.

GOLFTEC, which has developed approximately 190 centers in six countries in the world, centering

on the U.S.(*) the world’s largest golf market, has become a subsidiary of GDO.

(*)The size of the golf equipment market is $33 billion, and the number of golf courses in the U.S.

is about 15,000, which accounts for 45% of all golf courses worldwide.

Made GOLFTEC, the U.S. No.1 golf lesson chain,

a subsidiary.

Company

name

GolfTEC Enterprises LLC

Location Colorado, the United States

Established October 24, 2001

Capital ¥2,478 million (as of December 31, 2017)

Business Golf lesson service and golf fitting

sales business making full use of IT

Yano Research Institute “2017 World Golf Market Report” and NGF “2018 GOLF INDUSTRY REPORT”


Expansion of customer base

• Reach high quality golfers outside Japan (developing to the world from the United States)

• Already responded to a new retail model of providing the club fitting service and selling customized

clubs and clubs without inventories.

• Expand the alliance, with services of GOLFTEC as the core.

• Strengthen reciprocal customer transfer beyond boundaries of the Internet and real stores.

Deepening of customer relationship

• Enhance personal services such as club fitting by a lesson coach and expand added value.

• Collect a wealth of data through lessons and fitting making full use of the latest technologies such as

IoT.

• Further enhance the provision of services by strengthening web services.

• Develop business worldwide by further strengthening one-to-one services using big data cultivated

by the GDO Group and its sophisticated CRM method.

Purpose of Making U.S. GOLFTEC a Subsidiary


Management

• Accounting management for consolidation in or after 4Q

• Promotion of governance, reporting and the introduction of J-SOX

• Stable fund supply based on the Group financing

Business

• Strengthening earnings power of existing stores and maximizing their operation through more sophisticated KPI management

• Concentration of management resources in excellent stores and the direct management of promising franchised stores

• Strengthening of marketing initiatives utilizing the value of experience in Japan

• Strengthening of quality control of services (enhancement of initiatives based on Japan-U.S. coordination)

June July August Septemb

er October November December

Conclusion of

the contract

Acquisition of shares Commencement of

consolidation

PMI Phase

PMI Phase


Deepening of customer relationship (Golf x Technology)

Tracking all shots by a smartphone app.

Statistical analysis of round data is possible.

“ARCCOS Caddie” that utilizes AI proposes

how to capture courses based on analytical

data.

Captured data will be utilized for lessons and

club fitting at the GOLFTEC by GDO stores.

Began selling IoT

product “ARCCOS” in

January 2018.

30


Provided a golf course booking service via the Internet in Thailand and Taiwan

in cooperation with local business partners.

Opened a multilingual site that enables booking from overseas, in addition to

booking in Japan.

The number of bookable courses is expanding.

Expansion of customer base

Taiwan

11 courses

31

Initiatives in Thailand and Taiwan

Thailand

61 courses


３ Outlook for

FY2018


Earnings Forecast for FY2018

33

Results

in FY2017

Forecast

for FY2018

(Before revision)

Forecast

for FY2018

(After revision)

Changes YoY

Net sales 21.574 25,000 26,000 +1,000 +4,426 (121%)

Operating profit 1,214 1,350 850 -500 -364 (70％)

Ordinary profit 1,225 1,350 850 -500 -375 (69％)

Profit attributable

to owners of

parent 707 850 350 -500 -357 (50％)

Dividend per

share ¥9.00 ¥9.50 ¥9.50 － ¥+0.5

Japan Overseas

Net sales 25,000 1,000

Operating

profit 1,550 -700

Financial results in Japan will be as initially forecast.

Breakdown of a decline of ¥700 million in overseas

operating profit

U.S. GOLFTEC-related expenses -¥450 million

Strengthened overseas investments -¥25 million

Year-end dividends remain unchanged.

(Million yen)


Impact of Making U.S. GOLFTEC a Subsidiary

34

* Impacts on the full-year financial results are based on information available to the Company at

the moment and certain assumptions which the Company deems reasonable, and actual results,

etc. may differ from forecasts significantly due to various factors.

Impacts on financial results for the first half

Impacts on the full-year earnings forecast (operating profit)*

M&A-related expenses ¥90 million

M&A-related expenses ¥150 million (including

those in the first half) Amortization of goodwill ¥60 million

(Total amount of goodwill ¥2,500 million, to be

amortized evenly over 10 years) Profit or loss of U.S. GOLFTEC in 4Q -¥230

million

Total operating profit -¥450 million

Consolidated for the full fiscal year from the following fiscal year and

contributing to business performance on a profit basis in the third year


Progress in the Mid-Term Strategic Plan (2016 - 2018)

35

Numerical targets in the mid-term strategic plan (2016 - 2018)

Strengthening

existing

businesses

New

businesses

Overseas

businesses

• Strengthening of system infrastructure

• Promotion of reciprocal use of services

• Enhancement of services for smartphones

• Expansion of contact points with customers

• Strengthening of customer services

• Conversion of KIDS GOLF Inc. into a subsidiary

• Selling of the IoT product “ARCCOS”

• Initiatives in Thailand and Taiwan

• Conversion of U.S. GOLFTEC into a subsidiary

Policy on business development in the mid-term strategic plan (2016 - 2018)

Net sales: Annual average growth rate of a double-

digit or more

Operating profit: More than ¥2,000 million in the

final year

Dividend yield: Maintain 20%

Annual average growth rate forecast for 2018: 113%

Revised to ¥850 million

20% in 2016/ 20% in 2017/ 50% in 2018 (forecast)


４ Materials for

Supplementary Explanation


Company Profile

Golf Digest Online Inc. (GDO)

URL：www.golfdigest.co.jp

Nobuya Ishizaka

2-10-2 Higashi-Gotanda, Shinagawa-ku, Tokyo

May 1, 2000

Listed on the Tokyo Stock Exchange Mothers Market on April 1, 2004

Listed on the Second Section of the Tokyo Stock Exchange on May 1, 2015

Listed on the First Section of the Tokyo Stock Exchange on September 7, 2015

(Securities Code: 3319)

¥1,458 million

544 *Including part-time employees

C a p i t a l

Employees （Consolidated)

H e a d O f f i c e

President and CEO

Date of Establishment

C o m p a n y N a m e

(As of the end of December 2017)

37

GDO GolfTEC Co., Ltd （100％） KIDS GOLF Inc. （100％） GDO Sports, Inc （100％） GolfTEC Enterprises LLC （60％） Acquired a 60% units on July 2

G D O G r o u p

http://www.golfdigest.co.jp/


Service of GDO group

38


Build an ecosystem for golf and provide it with full support.

Offline channel: Monthly average number of users

Japan and Overseas 610,000

GOLFTEC by GDO

Number of golfers

booked on GDO

Competitions

/events hosted

(Results in FY2017)

Enjoy golf

Golf Garage

Total app downloads

1.90 million (up 46% year on year)

Number of likes on Facebook


Online channel: Monthly average number of visitors*


*Sum of monthly average numbers of

unique users of PCs and mobile devices

Online × Offline

Golfers in the World: Approx. 98 million people

39

GOLFTEC

America,

Canada,

Mexico,

Hong Kong,

Singapore

Number of golfers

booked on GDO

Thailand, Taiwan


GDO Club Members

Approx. 60% of golfers in Japan are GDO Club Members

As of June 2018

3.53 million people

40

(millions of people)


GDO Club Members Profile

■ Age group

■Annual income

(As of the end of June 2018) ■Gender ratio

86％of users are males

¥10 million or more 25%、¥8 million or more 40%

Average age 46, 30s – 50s 3/4

■ Average golf score

-Intermediate level with an average score in the 90 range 31％ -Many golfers aim to achieve the 80 range on a stable basis.

■Occupation

-Company executives + Management level employees +

Self-employed 30％ -Many users have business influence

GDO users: Characterized by business influence and high purchasing power as an individual.

41

¥


Environment Surrounding GDO Group


Golf courses in Japan

1st USA 15,047courses

2nd Canada 2,295courses

3rd Japan 2,290courses

Thailand 240courses

Taiwan 70courses

Number of golf courses

around the world

Number of

golf courses

Changes in the number of golf courses in Japan

and the number of golf courses bookable on GDO

43

・・・

Booking on GDO is possible at around 90% of golf courses in Japan.

Over 2,000

*Prepared by GDO based on “Golf around the world 2017”

(Royal and Ancient Golf Club of Saint Andrews (R&A)).

*Source: “Changes in the Number of Golf Courses and Users based on Taxation

Status of Golf Facility Taxes (November 2017)”(Nihon Gorufujo Keieisha Kyokai)


The total number of golf course users in Japan

44

The total number of golf course users remains flat.

(millions

people)

*Source: “Changes in the Number of Golf Courses and Users based on Taxation Status of Golf Facility Taxes

(November 2017)” (Nihon Gorufujo Keieisha Kyokai)


Changes in green fees and the annual number of plays in Japan

Green fees

(yen)

Number of plays

per golfer (times)

45

Golf becomes more familiar due to lower green fees.

*Source: Green fees are prepared by GDO based on net sales and total users in “Survey of Selected Service Industries” (Golf Courses) of the Ministry of Economy, Trade and Industry. Number of plays is based on “Leisure White Paper” (Japan Productivity Center).


Net sales of golf

equipment of GDO

(billion yen)

1st Company A (sports volume retailer)

¥73.5 bil.

2nd Company B (sports volume retailer)

¥56.0 bil.

3rd Company C (golf volume retailer)

¥19.5 bil.

4th Company D (golf volume retailer)

¥16.2 bil.

5th GDO ¥14.8 bil.

Percentage of golf equipment

market comprised of EC market

12.5％（2016） GDO is overwhelming No. 1

Sales ranking of golf equipment

retailers in Japan

Changes in the golf equipment market in Japan

and net sales of golf equipment of GDO

Golf equipment

market in Japan

(billion yen)

46

Golf retail in Japan

The golf equipment market is shrinking, but sales of GDO are increasing.

*Source: “Leisure White Paper” (Japan Productivity Center)

The golf equipment market has an

overwhelming size comprising approx. 20%

of the sports equipment market

Copyright(c) Golf Digest Online Inc. All Rights Reserved 47

The world's golf market

America's golf market is the world's largest

Japan ２nd

Golfers : 7.8 million people

Golf courses : 2,290

Rounds : 90 million rouds

Golf equipment market : $2,043 million

U.K. Golfers : 3.5 million people


Golf equipment market : $410 million

USA 1st


Golf courses :15,047

Rounds : 475 million rounds

Golf equipment market : $3,344 million

China


Golf courses : 383


Canada




Korea


Golf courses :444


*Source: Yano Research Institute “2017 World Golf Market Report”

and NGF “2018 GOLF INDUSTRY REPORT”


Main Service


Sales of Golf Equipment (Online Sales/Store Sales)

Strengths

of GDO

One of the world’s largest with the most

extensive selection of goods

Differentiated information power

Provision of high-quality services GDO Golf Shop

Golf Garage store

Number of items dealt with

Approx. 100,000 new items and approx. 40,000 used items

Number of brands dealt with: Approx. 370 brands in Japan

and overseas

Major services

Online sales of golf equipment

Purchase/sales of used golf equipment (Online/offline: 5 Golf Garage stores in Kanto)

Stores also opened on the following websites:

Yahoo! Shopping, Yahoo! Auction, Amazon.co.jp,

Rakuten Ichiba, and LOHACO, Wowma! （opened on April, 2018）

49



Percentage of

consolidated net sales

Approx. 70% Results in FY2017

Percentage of consolidated

gross profit


YoY changes in the amount of orders received

50

*Market: Golf equipment market (golf clubs, balls, accessories) Year-on-year changes in the market size estimated based on actual sales of actual stores of major dealers dealing with major golf equipment nationwide calculated by GfK LifeStyle Tracking Japan.


Golf Course Bookings

Strengths of

GDO

One of Japan’s largest and most extensive information volumes

Commercialization power taking potential demand in advance

Provision of high-quality services

51

Number of partner golf courses

2,000 courses or more

(Including Overseas: Hawaii, Guam, American mainland,

Singapore, Thailand, Malaysia, Australia, etc)

Major services

-Domestic-

・Golf course booking (Internet/phone/app) ・GDO Premium Club ・Hosting of competitions and events ・Sales of a web booking system for golf courses

-Overseas-

・Overseas golf course booking (Internet) ・Sales of a web booking system for overseas golf courses


Golf Course Bookings

Changes in golfers booked on GDO (players) (YoY)

52

Percentage of

consolidated net sales


Percentage of consolidated

gross profit


*Market: Source: Ministry of Economy, Trade and Industry “Survey of Selected Service Industries.” Comparison of total golf course players of eight prefectures (Hokkaido, Miyagi,

Tokyo, Aichi, Osaka, Hiroshima, Kagawa and Fukuoka)


Golf Media

Strengths

of GDO

53

Overwhelming information volume and high-quality

content

Distinctiveness and swiftness of news

Response to diverse devices

Viewer rate in the golf category

No.１ in Japan

Major services

Golf media (news, BRUDER, club information)

Internet advertising/marketing service Mobile services (free/pay-per-use services)

GDO Card

Strategic alliance partners

PGA tour (USA), European tour,

Asian tour, the Golf Digest in the USA


The USA’s leading golf lesson chain

6 countries （USA, Canada, Mexico, Hong Kong, Singapore, Japan）

190 centers（Direct center : 96, FC : 94）

Center in Japan : 『GOLFTEC by GDO』 Roppongi, Ebis, Ginza ANNEX, Otemachi, Kanda,

Ikebukuro, Shinjuku, Yokohama Sakuragicyo,

Nagoya, Osaka Umeda, Fukuoka Tenjin （centers : 8 centers in Kanto, 1 center in Chubu, 1 center in Kansai, 1 center in Kyusyu）

Major services

Swing diagnosis

Complete golf lessons

Sales of GDO’s custom club fitting

Golf Lesson 「GOLFTEC」（USA）、「GOLFTEC by GDO」（Japan）

Club fitting service

54

Strengths of

GolfTEC by GDO

Differentiated lesson method

Provision of high-quality services

Realization of experience-based store

*GolfTEC Intellectual Property, LLC

Head office: Denver, Colorado, USA

Established: 1995

Remarks: Has a share of 25% or more of the

golf lesson market in the USA.

Lesson approach that

visualizes improvement

Lesson studio of

GolfTEC by GDO


Financial Highlights



YoY 114％

YoY 107％

YoY 113％

YoY 112％

■ Consolidated Net Sales

■ Consolidated Operating Profit

■ Consolidated Gross Profit

■ Selling, General and Administrative Expenses

56

（Million yen）（Million yen）




（Million yen）

■ Consolidated Ordinary Profit ■ Profit Attributable to Owners of Parent

■ EBITDA ■ Net Income Per Share

57

（Million yen）


ゴルフダイジェスト・オンライン - Results Briefing for the First Half · 2018. 12....

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Transcript of ゴルフダイジェスト・オンライン - Results Briefing for the First Half · 2018. 12....