Toridoll Holdings Corporation FY2016(2Q) Financial Result · 2017-01-24 · FY 2016(2Q) Previous...
Transcript of Toridoll Holdings Corporation FY2016(2Q) Financial Result · 2017-01-24 · FY 2016(2Q) Previous...
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Toridoll Holdings Corporation FY2016(2Q) Financial Result
Nov 2, 2016
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Financial Result Digest FY2016(2Q)
Consolidated PL (IFRS)
Actual Ratio toRevenue Planned Ratio to
RevenueRatio to
Plannede Amount Ratio toRevenue
Ratio toPrev.period
Planned Ratio toRevenue
Revenue 50,183 100.0% 49,660 100.0% 101.1% 47,797 100.0% 105.0% 102,660 100.0%
EBITDA 5,905 11.8% - - - 5,727 12.0% 103.1% - 0.0%
Adjusted EBITDA 6,088 12.1% - - - 6,173 12.9% 98.6% 14,110 13.7%
Operating profit 4,363 8.7% 4,490 9.0% 97.2% 4,457 9.3% 97.9% 8,760 8.5%
Profit before tax 3,911 7.8% 4,380 8.8% 89.3% 4,130 8.6% 94.7% 8,580 8.4%
Profit for the year 2,587 5.2% 2,800 5.6% 92.4% 2,638 5.5% 98.1% 5,490 5.3%Profit for the yearattributable toowners of theparents 2,608 5.2% 2,810 5.7% 92.8% 2,618 5.5% 99.6% 5,500 5.4%
FY 2016Previous periodFY 2016(2Q)
Profit for the year -1.9% vs. last year: Sales up, but other Operating revenues decrease, Foreign exchange loss counted.
Business result highlights •Sales stably went up (+5.0% vs. last year), but other Operating revenues decreased (-340 mil. yen) and Foreign exchange loss was counted, which resulted in -1.9% (vs. last year) of Profit for the year. •Accumulated Sales for this period of all Domestic Existing Stores: +3.1% (+3.3% for Marugameseimen brand) Product measures and Marketing measures contributed to increase of both guest count and average spending per customer. •Overseas business kept in the black (+170 mil. yen in segment profit).
(Unit: Million yen)
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※ Adjusted EBITDA = EBITDA + Impairment loss + Extraordinary expenses (EBITDA = Operating profit + Other operating expenses - Other operating income + Depreciation and amortization)
Profit & Loss Outline
Overseas(Subsidiaries, JVs, FCs) *():Investment ratio
Open CloseHawaii Marugame Seimen 2 0 0 2Korea Marugame Seimen 11 1 -1 11TDC Tokyo Table 1 0 0 1GEORGE’S CRACKIN KITCHEN 1 0 0 1Taiwan(90%) Marugame Seimen、Tonichi 18 6 0 24Kenya(90%) Teriyaki Japan 2 0 -2 0Cambodia(65%) Marugame Seimen 1 0 0 1Nom Nom(60%) Kaya street kitchen 1 0 0 1WOK TO WALK(60%) WOK TO WALK 77 5 -8 74
Russia(49%) Marugame Seimen 5 1 0 6
Thailand(40%) Marugame Seimen 25 6 -5 26
Malaysia(40%) Boat Noodle, Others 17 7 0 24China (37%) Marugame Seimen 42 18 0 60Malaysia(30%) Marugame Seimen 1 0 0 1Indonesia Marugame Seimen、Toridoll 28 1 0 29Vietnam Marugame Seimen、Others 10 2 -5 7Australia Marugame Seimen 1 0 0 1
243 47 -21 269Total
BrandsMarch2016
During period Sep
2016
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Open/Close Stores Outline
+15 stores for Domestic(net +10); +47 stores in Overseas(net +26) Steady and changes, which lead 1,128 stores of Toridoll HD Group.
Domestic
Open Close775 4 -1 778
Road Side 615 1 0 616Shopping Center 160 3 -1 162
Toridoll (Yakitori) 18 0 0 18Marushoya (Ramen) 13 0 0 13Nagatahonjoken (Yakisoba) 12 0 0 12
7 4 0 116 0 -3 3
Others 18 7 -1 24
849 15 -5 859
Kona's CoffeeRoasted(Cafe)
Marugame Seimen (Udon)
Clover Coffee R(Cafe)
Total
March2016
During period Sep
2016
Adjusted EBITDA ratio: 12.1% -0.8 point (vs. last year) : Utility cost down but COGS & Labor cost up
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12.9% -0.8pt -0.4pt
-0.4pt
-0.1pt
12.1%
+1.0pt
※ Adjusted EBITDA = EBITDA + Impairment loss + Extraordinary expenses (EBITDA = Operating profit + Other operating expenses - Other operating income + Depreciation and amortization)
Year-on-year Analysis of Adjusted EBITDA
Marugameseimen segment
Actual Ratio toRevenue
Amount Ratio toRevenue
Ratio toPrev. period
Revenue 43,002 - 41,725 - 103.1%Operating profit ofMarugameseimensegment 6,734 15.7% 6,415 15.4% 105.0%
FY 2016(2Q) Previous period
Marugame seimen segument’s PL Outline
Business result highlights ■Revenue +3.1% (vs. last year): Good performance of Existing Stores. ■Segment profit
COGS up (+0.3 pt.) by increase of Seasonal fair product ratio and Labor cost up (+0.4 pt.), but Utility cost down (-0.9 pt.), which contributed to profit in total.
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Marugame seimen segument’s PL Outline
(Unit: Million yen)
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Sales of Existing stores of Marugameseimen brand keep rising for 24 months until July, 2016
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
Net Sales 117.0% 113.3% 106.2% 111.8% 102.0% 101.1% 103.6% 103.2% 108.5% 109.6% 103.3% 103.5% 100.9% 105.8% 109.2% 102.7% 97.7% 105.4%# of
Guests108.9% 106.5% 99.2% 104.5% 99.2% 98.6% 101.1% 100.2% 101.9% 103.8% 98.3% 99.6% 99.1% 101.9% 109.3%
102.9% 98.7% 104.0%Sales per
Guest107.4% 106.4% 107.0% 107.0% 102.8% 102.5% 102.5% 103.0% 106.5% 105.6% 105.0% 104.0% 101.8% 103.8% 100.0%
99.8% 99.0% 101.3%
Sales keep increasing for consecutive
24 months
Non-consolidated Sales Change of Existing Stores of Marugame Seimen Brand
(unit: Million yen)
※Calculation is based on the Existing Stores at the end of March, 2014. Moving average for 12 months of Existing Stores
(Year –over-year result in domestic Existing Stores)
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Measures Implemented in the 2nd Half
Major Measures for good performances of Existing stores ■Sales & Marketing Measures ・Raise of Product ratio of high-value-added fair products (e.g. “Tarutoriten Bukkake Udon”) and their lineups <Example> approx. 13% “Gyusuki Kamatama” + approx. 4% “Gyusuki Kake” → Keeping approx. 16-17% of product ratio in total ・Introduction of “Oyako-Don”; Keeps 3-4% Oyako-Don Set (680 yen) product ratio Expansion of dealer stores (247 on 30-Jun. to 564 on 30-Sep.) contributes to increase average spending of customer ・Marugameseimen App renewal: Achieves 1 Mil. DLs in 2 weeks More DLs every month: 2.24 Mil. DLs on 30-Jun.; Contributes to gust counts ■Measure to keep & increase guest count Continues to increase staff sufficiency: average +1,800/month vs. last year (registered part-time workers base) Opening new stores ■Opening new stores in metropolis area ・Establishes new store policy department, and increases its members (from 4 to 11) for aggressive opening new stores ■Opening stores of new brands ・Opens 5 “Butaya Ton-ichi” brand stores and 4 café stores in 1st Half (including brand change)
Overseas segment
Actual Ratio toRevenue
Amount Ratio toRevenue
Ratio toPrev. period
Revenue 2,783 100% 2,674 100.0% 104.1%Operating profit ofOverseas segment 204 7.3% 39 1.5% 523.1%
FY 2016(2Q) Previous period
Overseas Consolidated Subsidiary Companies’ PL Outline
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Overseas Consolidated Subsidiary Companies’ PL Outline
Business result highlights ■Revenue
Taiwan (ROC): approx. +180 mil. yen by business expansion GEORGE’S: approx. +180 mil. yen by brand change Approx. -290 mil. yen by change from direct management to JV in Russia and to FC in Australia
■Segment profit Taiwan (ROC): -100 mil. yen by Sales down GEORGE’S: improves 120 mil. yen 50 mil. yen improvement in Korea, 70 mil. yen improvement by JV in Russia and FC in Australia
(Unit: Million yen)
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Stable expansion in Overseas business: Keeps good.
Overview of Overseas Businesses by Locations
Area Country/Brand Status Out l ine
TDC (Tokyo Table) New store to open Keeps good. 2nd store to open in late November.
Marugame Seimen New store to openKeeps good. World's Top 1-2 sales stores. New store to open innext spring.
CRACKIN'KITCHEN New store to openKeeps good. World's Top 1-2 sales stores. New store to open innext spring.
Taiwan (ROC) Profit being improvedKeeps good, but labor cost uptrend. Also operating 3 "Tonkatsu"brand stores.
Korea Profit being improvedImpact of MARS, but recovers. Expected to change into the black byclosing deficit stores.
China (PRC) Opening new stores Keeps good. New stores also good. Keeps aggressive expansion.
Thailand Profit being improvedTo improve profit by closing deficit stores and by opening smallstores. "Boat Noodle" brand stores also being planned.
Indonesia Opening new storesKeeps good. Gets halal approval in last October. "Yakitori" brandstores increase to 3.
Vietnam Profit being improvedKeeps opening stores. Improves profit by closing deficit stores. JVbeing considered.
Cambodia Profit being improvedMeasures for improving profits (e.g. introducing "Giant Menu") beingimplemented.
Malaysia(Boat Noodle)
Opening new storesKeeps opening stores after grouped: now 24 stores. To open total35 stores in this year.FCs to be opened in neighbor countries.
Others WOK TO WALK Opening new stores
Keeps aggressive opening after grouped to 77. Establishes subsidiarycompanies in UK & US. Plans for Direct management stores and forexpansion of FC areas being implemented. To accelerate openingnew stores in US.
Hawaii (USA)
Asia
Main factors of fluctuation Increase of assets ●Adding up of goodwill by M&A Increase of liabilities ●Borrowing money
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Equity attributable to owner of parent company for this period: 51.0% Interest-bearing liabilities dependence: 27.4%
Consolidated BS (IFRS) (unit: Million yen)
Amount Ratio Amount Ratio DifferenceTotal assets 59,907 100.0% 57,793 100.0% 2,114
Current assets 15,103 25.2% 13,680 23.7% 1,423
Non-current assets 44,805 74.8% 44,113 76.3% 692
Total liabilities and equity 59,907 100.0% 57,793 100.0% 2,114
Liabilities 28,595 47.7% 26,921 46.6% 1,674
(included interest-bearingliabilities) 16,428 27.4% 14,614 25.3% 1,814
Current liabilities 15,859 26.5% 15,804 27.3% 55
Non-current liabilities 12,736 21.3% 11,117 19.2% 1,619
Total equity 31,312 52.3% 30,872 53.4% 440
(Equity attributable toowners of the parent) 30,564 51.0% 29,989 51.9% 575
This period End of previous year
BS Outline
Main factors of fluctuation Net cash provided by (used
in) operating activities ●Increase of Trade payables Net cash provided by (used
in) investing activities ●Decrease by opening stores and M&A ■ Net cash provided by (used in) financing activities ●Increase by borrowing money
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CF by operating activities increase by increase of Trade payables CF by financing activities decrease by borrowing money
CF Outline
Consolidated CF (IFRS) (unit: Million yen)This
periodPrevious
periodDifference
Net cash provided by (used in)operating activities 4,319 3,431 888
Net cash provided by (used in)investing activities △ 4,294 △ 3,776 △ 518
Net cash provided by (used in)financing activities 789 △ 3,850 4,639
Cash and cash equivalents atend of period 10,867 10,814 53
Financial forecast for FY 2016 / Future measures
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Ratio toPrev. period
Revenue 85,254 1 82,423 100% 103.4%Operating profit ofMarugameseimen segment 14,775 17.3% 12,943 15.7% 114.2%
Ratio toPrev. period
Revenue 5,848 1 6,255 100% 93.5%Operating profit of Overseassegment 478 8.2% 436 7.0% 109.6%
Overseas segment FY 2017 FY 2016
Marugameseimensegment
FY 2017 FY 2016
Consolidated PL (IFRS)Ratio to
Prev.period
Revenue 102,660 100.0% 95,587 100.0% 107.4%
Adjusted EBITDA 14,110 13.7% 12,799 13.4% 110.2%
Operating profit 8,760 8.5% 8,733 9.1% 100.3%
Profit before tax 8,580 8.4% 8,117 8.5% 105.7%
Profit for the year 5,490 5.3% 5,242 5.5% 104.7%Profit for the year attributableto owners of the parents 5,500 5.4% 5,212 5.5% 105.5%
FY 2017 FY 2016
14 ※ 15 months consolidated in last period in Taiwan (ROC); Adjusted results are Revenue: 5,543 mil. yen Segment profit: 271 mil. yen
Financial forecast for FY 2016
(Unit: Million yen)
(Unit: Million yen)
Consolidated PL (IFRS)
ActualRatio toRevenu
eModified
plan
Ratio toRevenu
eOriginal
plan
Ratio toRevenu
e
Difference
PlannedRatio toRevenu
eRevenue 50,183 100.0% 52,477 100.0% 53,000 100.0% ▲ 523 102,660 100.0%
Operating profit 4,363 8.7% 4,397 8.4% 4,270 8.1% 127 8,760 8.5%
Profit before tax 3,911 7.8% 4,669 8.9% 4,200 7.9% 469 8,580 8.4%
Profit for the year 2,587 5.2% 2,903 5.5% 2,690 5.1% 213 5,490 5.3%Profit for the yearattributable to ownersof the parents 2,608 5.2% 2,892 5.5% 2,690 5.1% 202 5,500 5.4%
FY 2016(2Q) FY 2017 FY 2016
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(Unit: Million yen)
Budget for 2nd half; Differences from the beginning
Revision of premises ■New stores to open Domestic Whole year: 34 to 35 (20 stores for 2nd half) Overseas Whole year: 80 (11 for direct management, 69 for JV/FC) to 104 (28 for DM, 76 for JV/FC (57 for 2nd half (16 for DM, 41 for JV/FC)) ■Performances of domestic Existing stores Whole year: 100.6% to 102.8% (2nd half: 101.2% to 102.5%) ■Impairment loss budget: 1,590 mil. yen to 1,300 mil. yen
Consolidated PL (IFRS)
ActualRatio toRevenu
eModified
plan
Ratio toRevenu
eOriginal
plan
Ratio toRevenu
e
Difference
PlannedRatio toRevenu
eRevenue 50,183 100.0% 52,477 100.0% 53,000 100.0% ▲ 523 102,660 100.0%
Operating profit 4,363 8.7% 4,397 8.4% 4,270 8.1% 127 8,760 8.5%
Profit before tax 3,911 7.8% 4,669 8.9% 4,200 7.9% 469 8,580 8.4%
Profit for the year 2,587 5.2% 2,903 5.5% 2,690 5.1% 213 5,490 5.3%Profit for the yearattributable to ownersof the parents 2,608 5.2% 2,892 5.5% 2,690 5.1% 202 5,500 5.4%
FY 2016(2Q) FY 2017 FY 2016
Budget for 2nd half; Differences from the beginning
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Budget for 2nd half; Differences from the beginning ■Revenue: +1 bil. yen (Domestic), approx.+1.5 bil. yen (Overseas) ■Operating profit: approx.+380 mil. yen (Domestic), approx.+370 mil.yen(Overseas) Impairment loss: -200 mil. yen Other Operating revenues & expenses: -80 mil. yen ■Profit before tax: approx.+330 mil. yen for financial expenses
(Unit: Million yen)
Existing Brands ■Expansion in metropolis area ・Organization being reinforced: Rooms for new stores to be prioritized 200+ new stores for next 4 years expected ・Strategic redecoration (e.g. improvement of customer flow) to be implemented More seats (from counter seats to table seats) Double cashiers for operation improvement
■Progress of Product & Marketing measures ・To continue seasonal fair-menus: Introduction of “Oyako-Don” complete in October, To enhance set menu for more average customer spending ・TVCM: To improve cost effectiveness by measuring effects in each area ・App: To implement flexible promotion for user, To shift to aggressive promotion for each target by accumulation and analysis of customer data ■To keep aggressive personnel investment (QSC improvement by staff sufficiency) ・To keep and improve work force stability by enhancing education (e.g. introduction of Trainer system) ・To start employing high-school graduates in addition to university graduates
Domestic: Existing Brands
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PatternNumber of
TableNumber of
SeatNumber of
TableNumber of
Seat
Counter Table 14 14 0 0
Big Table 3 22 22
4-seat (box seat) 0 0 6 24
4-seat (side by side) 5 20 0 0
6-seat (tatami seat) 5 30 5 30
4-seat (tatami seat) 0 0 5 20
Total Number of seat - 86 - 96
After modificationBefore modification
Casual High quality
High price
Low price
Tonkatsu, TempuraSpecialty store
Katsudon, tempura FF
Price
Specialty
¥1,500~
¥500~700
Domestic: New Brand (1)
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To capture customers’ needs in economic deflation or for cost-sensitivities
To capture customers’ needs for something new/petit-sumptuous
New Brands ■Expansion of “Tempura” and “Tonkatsu” brands Aggressive open for “Makino” & “Ton-ichi” ・To realize low price in high-value-added brands with Hand-made & Just-cooked ・To cultivate new markets for specialty stores of “Tempura Set”, “Tonkatsu” and “Tonteki”, distinguished from other general “Ten-Don / Katsu-Don”, “Tonkatsu Set / Tempura” stores.
“Makino” & “Ton-ichi”
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Domestic: New Brand (2)
New Brands ■To utilize real estate property list in metropolis area ・To develop real estate properties with “Marugameseimen”, and to place “Tempura” or “Tonkatsu” brand stores when cannibalization of “Marugameseimen” is concerned. ・To prioritize rooms for new “Ton-ichi” stores in each location condition Plan to open 120 new stores for 4 years from next business year
“Makino”
“Ton-ichi”
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Domestic: New Brand (3)
New Brands ■Expansion of Café brands In growing café markets, to differentiate ours with following features: ・To provide Store-roasted & Hand-dripped coffee; To enrich various lineups for meal menus such as pancakes ・Relaxing interiors/decorations like holiday in Hawaii To cultivate demands by offering new “unusual” life-space in local areas
Location requirements
metropolis area
Localarea
Meal
Cafe
Use purpose
Cafe of Seattle origin
Suburbs model cafe
Our brandsDespite the red ocean for café use in suburbs, our advantage/competitiveness is the richness of meal menu lineups: Our stores are capable to match with variety of customer needs from café use to meal use.
These stores are targeting local areas which our strong know-how for real estate development will work.
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Domestic: New Brand (4)
New Brands ■To continue opening or changing into “Kona’s Coffee” brand Plan to open 100+ stores for 4 years from next business year <Example> ・Kona’s Coffee / Kurume: Changed from “Marugameseimen”; Sales become 2.8 times ・Kona’s Coffee / Ritsurinkoen: Changed from “Clover Coffee”; Sales become 1.9 times
Measures in Taiwan (ROC) Present situation ・Sales down by reaction of open-break and economic recession Guest count recovering but keeps low average spending per customer ・Not sufficient in new menus and promotion measures ・Rise of labor cost by change of minimum wage laws/acts/regulations Also insufficiencies of work force and training: Sales-chance loss, insufficient customer satisfactions Recovery plan ■Product measures ・To renew Grand menus; introduce original menus; enrich rice-bowl menu lineups ・To introduce new Tempura products and to enhance their displays ・To enrich side menu lineups (e.g. desserts and drinks) ■Promotion measures ・To implement Student discount and Facility-Employee discount ■Personnel measures ・To build mid-term career-up system by accepting specialists from Japan ・Revision of systems: Introduction of incentive system, allowances for long-term work, Bonus system ⇒ Tries to recover Existing stores’ sales to 100+% (vs. last year) within a half year 22
Overseas: Marugame seimen
To keep opening new stores especially in Asia; To implement recovery plan in Taiwan (ROC)
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Overseas: Boat Noodle / WOK TO WALK / Others
Boat Noodle Keeps increasing sores to 24; Plans total 35 stores in this business year Plans to expand to neighbor countries (e.g. Indonesia, Thailand, etc.) WOK TO WALK Keeps increasing stores to 74 Contracts being made in US; To accelerate opening new stores from next spring Other progresses in US “Marugameseimen” 1st shop in US mainland to open in next spring “Tokyo Table” 2nd shop to open in this November CRACKIN’KITCHEN to open in LA in next spring ⇒ Expects stable profit contribution by expanding current High-Sales/High-Profit brands into mainland
Our goal is 4,000 stores in overseas in 2025 with multi-portfolio strategy
●Develop various regions as our market ●Adopt the culture and taste in each county/region ●Pursue mass-market by local customization ●Not mono-brand strategy but multi-brand strategy
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Overseas: Multi-portfolio Strategy
Asia
Russia
Hawaii
Australia
EU
To be ranked in ten years
2016年 2025年
1) At May, 2014
To be ranked Revenue
To achieve 500 billion yen revenue and 6,000 restaurants in the world in 2025 Rank in top ten companies in restaurant industry
5,000 bil yen
956 bil yen
Overseas business
4,000 stores 2,900 bil yen
Future Vison
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(Unit: million USD)
Existing domestic brands
1,300 stores 1,300 bil yen
New domestic brands
700 stores 800 bil yen
2016 2025
Current world Restaurant company TOP10 1)
Affiliated companies(Overseas)
Affiliated companies(Domestic)
Toridoll
Toridoll HoldingsToridoll
Affiliated companies(Overseas)
Affiliated companies(Domestic)
Transforms into holding company system from October 1, 2016; Changes company name to “Toridoll Holdings”
Transformation to holding company
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Backgrounds and purposes of transformation into holding company Backgrounds: Change of market environments; Increase of affiliated companies Purposes:
・To optimize management by separating into strategy group and operation group ・To build flexible system for changes of market environments ・To bring up new managers from next generation ・To aggressively allocate managerial resources into new growing fields
Marugame seimen, etc.
Marugame seimen, etc.
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Reference materials
Year-on-year analysis of Segment profit ratio of “Marugameseimen”
Segment profit ratio of “Marugameseimen” for 1st half: 15.7% +0.3% (vs. last year): COGS ratio up and Labor cost ratio up, but Utility cost ratio down
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15.4% -0.1pt
-0.3pt
-0.4pt
+0.02pt 15.7% +0.9pt
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Basic information of Overseas Marugame Seimen brand
※ ・Sales, # of Guests, Sales per Guests are the means in the period from January to June of 2016. (But the means in the period from April to September of 2016 about Taiwan and Japan.) ・Adopt an exchange rate at end of September, 2016
Overseas Marugame Seimen brand Basic information (Monthly date per store)
Sales (1,000 yen)
# of Guests (person)
Sales perGuest (yen)
USA 26,725 26,231 1,019
South Korea 5,709 7,409 770
Taiwan (ROC) 12,154 22,186 548
Russia<JV> 8,773 11,920 736
Cina(PRC) <JV> 6,877 11,360 605
Thailand <JV> 2,494 5,063 493
Japan 9,226 16,928 545
Consolidated PL (IFRS)
Amount
Ratio toRevenue
Ratio toPrev.period Amount
Ratio toRevenue
Ratio toPrev.period Amount
Ratio toRevenue
Ratio toPrev.period
Revenue 102,660 100.0% 107.4% 111,277 100.0% 108% 126,976 100.0% 114%
Adjusted EBITDA 14,110 13.7% 110.2% 15,120 13.6% 107% 17,628 13.9% 117%
Operating profit 8,760 8.5% 100.3% 9,934 8.9% 113% 11,664 9.2% 117%
Profit before tax 8,580 8.4% 105.7% 10,400 9.3% 121% 12,240 9.6% 118%
Profit for the year 5,490 5.3% 104.7% 7,162 6.4% 130% 8,562 6.7% 120%
Profit for the year attributableto owners of the parents 5,500 5.4% 105.5% 6,898 6.2% 125.4% 7,984 6.3% 115.7%
Overseas segment
Revenue 5,848 100.0% 93.5% 11,915 100.0% 204% 20,476 100.0% 172%Operating profit of Overseassegment 478 8.2% 109.6% 1,679 14.1% 351% 3,044 14.9% 181%
Numbers of openingstores(numbers inoverseas) - - -Total numbers ofstores(numbers ofoverses) - - -1,200(327) 1,373 (446) 1,623(612)
FY2016 FY2017 FY2018
139(104) 183 (119) 260 (166)
3 years Expansion Plan
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To keep expanding business to 1,620 stores in the world in FY2018 (Unit: Million yen)
Granting new stocks to shareholders
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Changes in Dividends
Year endedMarch 31,
2012
Year endedMarch 31,
2013
Year endedMarch 31,
2014
Year endedMarch 31,
2015
Year endedMarch 31,
2016
Year endedMarch 31,
2017Amount of
annualDividends Per
Share
15.50yen 16.50yen 8.00yen 10.00yen 24.00yen 25.50yen
DividendPayout Ratio
19.90% 19.90% 37.00% 20.50% 19.90% 20.10%
We believe the appropriate redistribution of profits to shareholders is one of the most important missions of the company, and hold up the basic policy to continue paying stable dividends while reserving retained profits for necessary investments for the group growth.
Number of shares Incentive
100 - 500 2,000 yen value coupon
500 - 1,000 6,000 yen value coupon
1,000+ 10,000 yen value coupon
Contents of shareholder incentive