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Aeon Fantasy 4343

イオンファンタジー
Aeon Fantasy Co., Ltd.
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1-6 Nakase, Mihama-Ku, Chiba, Chiba Prefecture, 261-0023, Japan
https://www.fantasy.co.jp/company/
043-212-6203
Summary
Operates amusement facility Mollyfantasy and indoor playground Kidzooona, located mostly in Aeon Group shopping centers.
Hotels, Restaurants & Leisure
Key dates
2018-03-29
Coverage initiation
Full Report
2021-11-22
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Executive summary

Aeon Fantasy Co., Ltd. is an operator of amusement centers, most of which are located inside of shopping centers operated by the Aeon group. The company also operates indoor playgrounds. Aeon Fantasy traces its roots to the amusement business launched by Yoshinori Tsuji (its first president) in 1988 as an internal project under JUSCO Co., Ltd. (now Aeon). Its first indoor amusement park, Fantasy Park, opened in July 1988 in Odate, Akita Prefecture and served as the prototype for Mollyfantasy, the company’s mainstay amusement center brand. Aeon Fantasy was established in February 1997, taking over management of 58 facilities the following month. As of end-FY02/21, Aeon Fantasy had a total of 859 facilities, 849 of which are managed directly; the other 10 are run by franchisees. 86% of the 431 facilities in Japan are in shopping centers operated by the Aeon group; 429 are located overseas, mainly in China and ASEAN countries. The proportion of facilities located overseas is rising steadily.

In Japan, most of the company’s outlets operate under the Mollyfantasy name and are located in shopping centers operated by the Aeon group. However, starting with the PALO format that is an especially good fit for movie theaters, it is also gradually opening a growing number of facilities inside non-Aeon shopping centers, home centers, department stores, and other retailers outside the group.

Overseas, the company’s operations currently include 205 facilities in China; most of the other overseas facilities are located in ASEAN countries, including 98 in Malaysia and 53 in the Philippines (as of end-FY02/21). In contrast to operations in Japan, where the vast majority of outlets operate under the Mollyfantasy name, a large proportion of overseas outlets are indoor playgrounds that operate under the Kidzooona name and are located in retail space not associated with the Aeon group.

Aeon Fantasy announced its medium-term management plan in April 2021. Under the plan, the company will promote its business with a focus on business domain expansion in preparation for the new normal and IT-driven business structure reforms. The company’s target for FY02/24 is to achieve sales of JPY85.5bn and operating profit of JPY6.0bn. This represents a 15.2% increase in sales and a 29.0% increase in operating profit compared with FY02/19 results, before the company was affected by the COVID-19 pandemic.

Trends and outlook

In FY02/21, the company reported full-year sales of JPY46.1bn (-37.3% YoY) and an operating loss of JPY7.4bn (profit of JPY3.2bn in FY02/20). Operating loss from domestic operations was JPY6.1bn (profit of JPY4.5bn in FY02/20), the China operations booked an operating profit of JPY36mn (JPY1.2bn loss in FY02/20), and ASEAN operations generated an operating loss of JPY1.4bn (loss of JPY81mn). All regions were impacted by COVID-19. However, sales and profit grew YoY from Q3 onward in China, where the pandemic was brought under control relatively quickly.

In October 2021, the company announced a revision to its FY02/22 earnings forecast. The revised forecast calls for sales of JPY60.0bn (+30.1% YoY), operating profit of JPY2.5bn (loss of JPY7.4bn in FY02/21), recurring loss of JPY3.6bn (loss of JPY7.7bn in FY02/21), and net loss attributable to owners of parent of JPY4.2bn (loss of JPY9.3bn in FY02/21). This time, the company revised down sales from the previous forecast by JPY10.0bn, operating profit by JPY3.9bn, recurring profit by JPY3.6bn, and net income/loss by JPY3.5bn. Sales recovery was slower than expected in Japan and ASEAN due to an increase in infected cases of Delta variant of COVID-19.

Strengths and weaknesses

Shared Research believes the company’s strengths are 1) firmly established store brands in Asia, 2) ability to source distinctive amusement equipment via a large facility network, strengthening differentiation, and 3) Aeon group’s power and strong capital position facilitates early market share gain in emerging markets. Weaknesses include its 1) shortage in personnel to accelerate expansion in Asia, 2) weak character branding, and 3) labor-intensive business model (see Strengths and weaknesses section for details).

Key financial data

Income statementFY02/13FY02/14FY02/15FY02/16FY02/17FY02/18FY02/19FY02/20FY02/21FY02/22
(JPYmn)Cons.Cons.Cons.Cons.Cons.Cons.Cons.Cons.Cons.Est.
Sales44,86846,54246,63258,83265,05972,17474,24473,49346,11660,000
YoY5.7%3.7%0.2%26.2%10.6%10.9%2.9%-1.0%-37.3%30.1%
Gross profit6,2655,4665,6676,5447,97710,81210,0058,727-2,660
Gross profit margin14.0%11.7%12.2%11.1%12.3%15.0%13.5%11.9%-
SG&A expenses2,8622,9303,0403,7964,2084,8415,3535,5154,769
YoY18.9%2.4%3.8%24.9%10.8%15.0%10.6%3.0%-13.5%
SG&A ratio6.4%6.3%6.5%6.5%6.5%6.7%7.2%7.5%10.3%
Operating profit3,4022,5362,6272,7483,7695,9714,6523,212-7,429-3,520
YoY-5.9%-25.5%3.6%4.6%37.2%58.4%-22.1%-31.0%--
Operating profit margin7.6%5.4%5.6%4.7%5.8%8.3%6.3%4.4%--
Non-operating income (expenses)88109789-118-271-372-352-824-290
Financial income2129526-61-187-225-308-652-687
Gains on foreign exchange30770-313-4-5-6-25110
Gain on sale of fixed assets-4-26236264-99-215-89-165-37
Other non-operating income412926-820735119324
Recurring profit3,4912,6453,4152,6313,4995,5984,3002,387-7,720-3,000
YoY-3.9%-24.2%29.1%-23.0%33.0%60.0%-23.2%-44.5%--
Recurring profit margin7.8%5.7%7.3%4.5%5.4%7.8%5.8%3.2%--
Extraordinary gains-44-101-402-177-338-518-859-1,735-4,089
Pre-tax profit3,4462,5443,0142,4543,1615,0803,441652-11,808
Income taxes1,9061,4311,6749661,4502,0991,5381,023-2,298
Implied tax rate55.3%56.2%55.6%39.4%45.9%41.3%44.7%156.9%-
Net income attributable to non-controlling interests4-43713-538-46-233
Net income attributable to owners of parent1,5361,1171,3371,4801,6982,9861,865-325-9,277-4,150
YoY-8.8%-27.3%19.6%10.8%14.7%75.9%-37.5%---
Net margin3.4%2.4%2.9%2.5%2.6%4.1%2.5%---
Capital expenditures6,2188,5299,87313,4687,40812,34212,47613,1597,529
Depreciation4,0835,0774,8046,2036,5947,2078,35610,81510,698
EBITDA7,4867,6137,4318,95110,36313,17713,00814,0273,269
YoY4.1%1.7%-2.4%20.5%15.8%27.2%-1.3%7.8%-76.7%
EBITDA margin16.7%16.4%15.9%15.2%15.9%18.3%17.5%19.1%7.1%
Per-share dataFY02/13FY02/14FY02/15FY02/16FY02/17FY02/18FY02/19FY02/20FY02/21FY02/22
Cons.Cons.Cons.Cons.Cons.Cons.Cons.Cons.Cons.Est.
Shares issued (year-end; '000)18,17618,17618,17619,71419,71419,71419,72819,75219,762
Treasury shares42362921116112
Shares outstanding (average; '000)18,13118,13818,14419,30219,69819,70719,71919,74519,759
Book value per share (JPY)1,0851,1181,1711,2391,2831,4091,4491,349845
EPS (JPY)84.761.673.876.786.2151.594.6-16.5-469.5-210.0
EPS (fully diluted; JPY)84.561.473.576.485.9151.094.3--
Dividend per share (JPY)30.030.030.030.031.041.050.050.030.020.0
Payout ratio35.4%48.7%40.7%39.9%36.0%27.1%52.9%---
Source: Shared Research based on company data
Balance sheet (JPYmn)FY02/13FY02/14FY02/15FY02/16FY02/17FY02/18FY02/19FY02/20FY02/21
Current assets13,40011,2397,9908,71611,26010,3479,93611,86512,019
Cash and deposits5,2503,2463,3693,7254,5424,6324,5344,1325,718
Trade receivables00356337304179237261210
Sales deposits paid1501021,2514605866645272,9041,702
Inventories8711,0541,6052,2172,2272,4262,7862,7982,367
Deposits paid in subsidiaries6,0006,000001,900500000
Other current assets1,1298371,4091,9781,7001,9461,8531,7702,021
Tangible fixed assets9,32312,89017,93926,31626,04130,16432,63436,99632,540
Intangible assets1,2329498257677551,0601,0141,0191,187
Investments and other assets2,7302,9013,2885,2415,2735,3575,3445,8598,216
Leasehold and guarantee deposits2,0302,1752,4523,7913,9424,0594,1724,2214,346
Other7007268361,4511,3301,2981,1721,6383,870
Total assets26,68427,97830,04141,04143,32946,92848,92855,74053,962
Current liabilities6,4337,0327,95611,13211,00111,08313,28119,06829,442
Accounts payable1,2969958081,1601,0541,3201,2251,1611,160
Short-term debt001501,431002,1715,40317,621
Current portion of long-term debt0004051,1439342,2642,8692,238
Other payables7289574071,1861,042979953921936
Accrued expenses7888501,1551,5541,7981,9741,9861,6781,742
Income taxes payable1,4041,2321,154991,1271,517680563575
Notes payable–facilities1,5591,8682,1871,9751,5741,8421,4681,8671,152
Other current liabilities6581,1312,0953,3233,2622,5172,5344,6084,019
Noncurrent liabilities2633274765,1656,7087,4776,4279,5427,597
Long-term debt0004,2725,4886,0945,3314,4663,477
Other2633274768931,2201,3831,0975,0764,120
Net assets19,98820,61921,60924,74425,62028,36929,22027,12916,923
Shareholders' equity19,45219,75820,55124,54625,66328,02028,93027,23117,190
Treasury stock-67-57-47-33-17-12-3-3-3
Accumulated comprehensive income222521693-138-377-252-338-593-495
Share subscription rights43666990941221126749
Net income attributable to non-controlling interests270274295245240479516423179
Total capital and liabilities26,68427,97830,04141,04143,32946,92848,92855,74053,962
Cash flow statement (JPYmn)FY02/13FY02/14FY02/15FY02/16FY02/17FY02/18FY02/19FY02/20FY02/21
Cash flows from operating activities6,1526,6743,5718,15710,35010,6729,58910,271184
Cash flows from investing activities-5,673-8,023-3,147-12,572-7,661-11,417-12,069-10,850-6,965
Cash flows from financing activities-580-820-3954,285112-5071,862978,446
Financial ratiosFY02/13FY02/14FY02/15FY02/16FY02/17FY02/18FY02/19FY02/20FY02/21
Interest-bearing debt001506,1086,6327,0289,76612,73823,336
Net cash11,2509,2463,219-2,383-189-1,895-5,232-8,605-17,618
ROE8.0%5.6%6.4%6.5%6.8%11.3%6.6%-1.2%-42.8%
ROA (RP-based)13.8%9.7%11.8%7.4%8.3%12.4%9.0%4.6%-14.1%
Equity ratio73.7%72.5%70.7%59.5%58.4%59.2%58.4%47.8%30.9%
Source: Shared Research based on company data

Recent updates

Monthly sales data for October 2021

2021-11-15

Aeon Fantasy Co., Ltd. announced monthly sales data for October 2021.

Monthly trends

Sales in Japan (JPYmn)MarAprMayJunJulAugSepOctNovDecJanFebQ1Q1–Q2Q1–Q3Q1–Q4
FY02/205,5024,7734,7574,5205,0356,8614,8444,2864,3135,0165,7904,15415,03231,44844,89159,851
FY02/211,7648026802,6393,3834,2843,6423,9384,0714,5054,7753,7403,24613,55225,20336,459
FY02/224,2873,6333,3203,1134,4064,9583,8864,21011,24023,717
Existing facilitiesMarAprMayJunJulAugSepOctNovDecJanFebQ1Q1–Q2Q1–Q3Q1–Q4
FY02/202.0%1.9%7.4%13.2%0.5%3.8%0.3%5.4%-0.5%-4.9%-0.5%1.1%3.6%4.4%3.6%2.3%
FY02/21-68.6%-83.8%-86.6%-42.0%-33.1%-38.5%-26.4%-9.7%-6.8%-11.0%-19.6%-12.1%-79.2%-57.5%-44.6%-37.1%
FY02/22150.4%373.0%402.1%15.2%28.9%15.5%6.9%6.6%256.1%75.0%
All facilitiesMarAprMayJunJulAugSepOctNovDecJanFebQ1Q1–Q2Q1–Q3Q1–Q4
FY02/203.8%3.1%6.3%12.3%0.0%2.8%-0.8%2.5%-2.8%-6.2%-2.3%-1.9%5.9%6.0%4.7%3.2%
FY02/21-67.9%-83.2%-85.7%-41.6%-32.8%-37.6%-24.8%-8.1%-5.6%-10.2%-17.5%-10.0%-80.2%-58.2%-45.1%-37.8%
FY02/22142.9%352.7%388.3%18.0%30.3%15.7%6.7%246.2%75.0%
No. of facilities: JapanMarAprMayJunJulAugSepOctNovDecJanFebQ1Q1–Q2Q1–Q3Q1–Q4
FY02/20442441439437437437433432434438436433439437434433
FY02/21432432432432432431429428430431430429432431430429
FY02/22429431431432432432431432431432
Overseas openings (FY02/21)MarAprMayJunJulAugSepOctNovDecJanFebQ1Q1–Q2Q1–Q3Q1–Q4
China----------------
Malaysia2-----------2222
Thailand-----1-------111
Philippines----------------
Indonesia----------------
Vietnam----------------
Overseas openings (FY02/22)MarAprMayJunJulAugSepOctNovDecJanFebQ1Q1–Q2Q1–Q3Q1–Q4
China-1-211--15
Malaysia----------
Thailand-1------11
Philippines----------
Indonesia-1------11
Vietnam-2------22

ChinaMarAprMayJunJulAugSepOctNovDecJanFebQ1Q1–Q2Q1–Q3Q1–Q4
FY02/20-19.0%-23.9%-23.9%-2.8%-8.1%1.7%11.8%10.0%17.4%0.4%-23.8%--22.6%-10.2%-2.8%-19.0%
FY02/21-99.1%-90.5%-52.7%-32.2%-25.9%-20.3%-2.6%10.0%-2.8%-8.1%28.9%--77.1%-42.0%-29.2%-6.9%
FY02/2212,765.7%13,942.5%123.3%35.2%21.3%-37.1%-1.7%-9.6%436.4%49.8%
MalaysiaMarAprMayJunJulAugSepOctNovDecJanFebQ1Q1–Q2Q1–Q3Q1–Q4
FY02/20-0.6%-8.5%-1.8%-9.5%10.3%15.8%5.2%19.5%-12.1%-2.7%0.2%-43.4%-3.4%0.4%1.2%-3.0%
FY02/21-77.5%-99.2%-99.3%-99.4%-88.6%-69.8%-63.3%-84.1%-95.3%-83.5%-82.0%-10.0%-91.3%-88.2%-85.4%-81.3%
FY02/22145.0%6,753.2%1,344.1%-53.1%-98.9%-99.2%-96.5%104.1%332.9%58.4%
ThailandMarAprMayJunJulAugSepOctNovDecJanFebQ1Q1–Q2Q1–Q3Q1–Q4
FY02/2016.5%13.9%12.0%12.6%-5.3%0.6%-15.3%-12.0%2.2%-12.3%-9.4%-51.4%14.1%8.0%2.5%-3.9%
FY02/21-88.7%--99.9%-92.6%-66.2%-40.1%-21.7%-37.2%-12.5%-63.1%-98.9%-59.2%-96.3%-81.4%-65.5%-68.1%
FY02/22207.2%12,392.8%-99.7%----99.9%-97.8%351.8%-51.6%
PhilippinesMarAprMayJunJulAugSepOctNovDecJanFebQ1Q1–Q2Q1–Q3Q1–Q4
FY02/20-5.5%-13.0%-0.2%4.1%-13.0%6.4%-9.4%-3.9%-7.0%-1.1%-5.0%-27.4%-6.3%-3.7%-4.7%-6.0%
FY02/21-78.2%------------93.1%-96.4%-97.6%-98.2%
FY02/22----------
IndonesiaMarAprMayJunJulAugSepOctNovDecJanFebQ1Q1–Q2Q1–Q3Q1–Q4
FY02/20-7.9%-2.5%-10.7%-7.6%-3.5%-17.6%-4.3%-0.7%-19.7%-5.8%-7.7%-18.0%-7.0%-8.3%-8.5%-9.0%
FY02/21-79.4%---99.1%-93.9%-84.8%-87.2%-84.1%-71.3%-75.9%-83.3%-79.1%-92.4%-93.0%-89.2%-86.6%
FY02/2295.2%--2,606.9%29.5%-77.6%6.4%89.2%732.3%428.2%
VietnamMarAprMayJunJulAugSepOctNovDecJanFebQ1Q1–Q2Q1–Q3Q1–Q4
FY02/2018.6%8.3%-0.5%22.0%-0.4%11.0%-7.8%19.1%16.3%-3.7%50.2%-75.2%8.1%9.7%8.8%2.1%
FY02/21-85.2%--32.7%-38.7%9.6%-72.4%-29.0%-0.7%6.4%-29.8%-32.2%-60.6%-74.3%-48.2%-34.2%-34.3%
FY02/22407.1%--62.4%-98.9%----99.3%145.9%-53.8%
FY02/22 vs. FY02/20MarAprMayJunJulAugSepOctNovDecJanFebQ1Q1–Q2Q1–Q3Q1–Q4
All facilities: Japan-22.1%-23.9%-30.2%-31.1%-12.5%-27.7%-19.8%-1.8%-25.2%-24.6%
Existing facilities: Japan-20.2%-24.2%-32.7%-33.2%-13.9%-29.1%-21.5%-4.0%-25.4%-25.5%
Comparable business days-12.9%-22.7%-36.0%-27.3%-18.5%-28.8%-16.9%-2.6%-23.9%-24.5%
Business day impact-7.3%-1.5%3.3%-5.9%4.6%0.3%-4.6%1.4%1.5%-1.0%
Existing facilities: Overseas-28.1%-24.8%-34.4%-42.8%-37.7%-63.9%-47.8%-32.1%-29.7%-41.8%
China15.6%25.2%6.4%-7.9%-9.2%-49.8%-3.4%-0.1%14.3%-13.0%
Malaysia-44.6%-49.6%-89.7%-99.7%-99.9%-99.7%-98.6%-67.7%-60.7%-81.0%
Thailand-64.3%-81.9%-----99.9%-98.6%-81.5%-90.3%
Philippines----------
Indonesia-53.3%-47.3%-28.9%-68.2%-88.6%-95.5%-84.3%-42.6%-41.6%-61.8%
Vietnam-19.3%-20.0%-75.1%-99.3%----99.4%-37.3%-75.7%
Source: Shared Research based on company data
Note: In China, 186 out of 190 directly managed facilities were in operation as of end-October 2021. Among ASEAN countries, 75 out of 93 facilities in Malaysia and 20 out of 29 facilities in Indonesia were in operation as of end-October. The timing for the reopening of facilities in the Philippines remains undecided. Existing facilities that are temporarily closed are also included in the monthly data provided above. Note that no sales were recorded in China in February 2020 due to the temporary closure of all facilities, and sales in February 2021 were down 8.5% versus the February 2019 figure. 

Revisions to full-year earnings and dividend forecasts 

2021-10-06

Aeon Fantasy Co., Ltd. announced revisions to its full-year FY02/22 earnings and dividend forecasts.

FY02/22 earnings forecast (consolidated)

Sales: JPY60.0bn (previous forecast: JPY70.0bn)

Operating loss: JPY2.5bn (previous forecast: profit of JPY1.4bn)

Recurring loss: JPY3.0bn (previous forecast: profit of JPY630mn)

Net loss attributable to owners of the parent: JPY4.2bn (previous forecast: net loss of JPY650mn)

Reasons for revision

Sales have been slower than expected to recover in FY02/22 as a result of the spread of the COVID-19 Delta variant. As the sales forecast was revised down, profit/loss at each profit line including operating profit is expected to deteriorate.

In the domestic business, facilities in some areas were affected by temporary closures and shortened operating hours due to requests by local governments following the government's declaration of a state of emergency. In particular, the summer vacation period was impacted by the change in consumer behavior caused by the state of emergency. 1H sales were up 75.0% YoY but down 24.6% compared to 1H FY02/20.

In China, sales held firm until June 2021. However, facility closures in August in response to clusters of infection in some areas had an impact on the busiest sales season in 1H FY02/22. 1H Sales in China were up 59.1% YoY but down 12.1% compared to 1H FY02/20.

The company expects sales in the China business to return to a recovering trend in 2H FY02/22. In Japan, the company expects sales to improve as a higher vaccination rate leads to a lifting of restrictions and pick-up in economic activity, helped also by a lifting of the state of emergency in September 2021.

In Japan, the company expects sales to recover from November 2021 onwards, with sales in 2H FY02/22 declining 5.7% YoY compared to 2H FY02/20.

In China, the company expects sales to recover from September onwards, with 2H sales increasing 45.3% compared to 2H FY02/20 (January and February 2020 saw the impact of COVID-19).

The outlook for recovery in the ASEAN region remains uncertain at this stage. The company expects 2H sales to decline 80.2% compared to 2H FY02/20.

In the domestic and Chinese businesses, the company plans to focus on consolidating sales in 2H with thorough infection prevention measures. It will concentrate its investment on IT spending, online business, and capsule toy specialty facilities, areas where it expects to generate the most effective returns, and will implement cost savings measures company-wide to boost profits. It aims to return to profitability at the operating level in 2H.

Revision to dividend forecast

The company is committed to long-term and stable profit distributions to shareholders based on a comprehensive review of initiatives to maintain internal reserves and strengthen the company's financial base, earnings conditions, payout ratio, and other factors. Considering the impact of the COVID-19 pandemic, profit/loss trend, and preparation for the future financial risk, the company decided to pay an interim dividend per share of JPY15 (previous forecast of JPY15). It also released forecasts for a year-end dividend per share of JPY5 (previous forecast of JPY15) and an annual dividend per share of JPY20 (previous forecast of JPY30).

Trends and outlook

Quarterly trends and results

CumulativeFY02/21FY02/22FY02/22
(JPYmn)Q1Q1–Q2Q1–Q3Q1–Q4Q1Q1–Q2Q1–Q3Q1–Q4% of Est.FY Est.
Sales3,67716,38130,23146,11613,32028,19447.0%60,000
YoY-79.6%-58.0%-45.7%-37.3%262.3%72.1%30.1%
Cost of sales6,62719,88033,88648,77713,78428,292
YoY-59.2%-40.3%-30.9%-24.7%108.0%42.3%
Gross profit-2,950-3,499-3,655-2,660-463-98
YoY------
Gross profit margin------
SG&A expenses1,1852,3003,5424,7691,2972,482
YoY-17.4%-18.0%-15.2%-13.5%9.4%7.9%
SG&A ratio32.2%14.0%11.7%10.3%9.7%8.8%
Operating profit-4,136-5,799-7,197-7,429-1,760-2,580--2,520
YoY-------
Operating profit margin-------
Recurring profit-4,280-6,097-7,420-7,720-1,739-2,863--3,000
YoY-------
Recurring profit margin-------
Net income-5,620-7,116-8,556-9,277-2,091-3,502--4,150
YoY-------
Net margin-------
QuarterlyFY02/21FY02/22
(JPYmn)Q1Q2Q3Q4Q1Q2Q3Q4
Sales3,67712,70413,85015,88613,32014,873
YoY-79.6%-39.4%-17.2%-10.7%262.3%17.1%
Cost of sales6,62713,25314,00614,89113,78414,508
YoY-59.2%-22.4%-10.9%-5.4%108.0%9.5%
Gross profit-2,950-549-156994-463365
YoY----51.8%--
Gross profit margin---6.3%-2.5%
SG&A expenses1,1851,1141,2421,2271,2971,184
YoY-17.4%-18.6%-9.4%-8.4%9.4%6.3%
SG&A ratio32.2%8.8%9.0%7.7%9.7%8.0%
Operating profit-4,136-1,663-1,398-232-1,760-819
YoY------
Operating profit margin------
Recurring profit-4,280-1,817-1,323-299-1,739-1,124
YoY------
Recurring profit margin------
Net income-5,620-1,496-1,440-721-2,091-1,411
YoY------
Net margin------
Source: Shared Research based on company data
Segment earnings
By segmentFY02/21FY02/22FY02/22
Cumulative (JPYmn)Q1Q1–Q2Q1–Q3Q1–Q4Q1Q1–Q2Q1–Q3Q1–Q4% of Est.FY Est.
Sales3,67716,38130,23146,11613,32028,19447.0%60,000
YoY-79.6%-58.0%-45.7%-37.3%262.3%72.1%30.1%
Japan3,24813,55425,20638,22711,24223,72047.0%50,500
YoY-78.4%-56.9%-43.9%-36.1%246.2%75.0%32.1%
Overseas4672,8945,1408,0232,1254,53047.0%9,640
YoY-84.7%-62.4%-53.4%-42.1%354.8%56.5%20.1%
China3282,5124,3796,8951,6413,99547.0%8,500
YoY-78.3%-44.7%-31.1%-9.8%400.4%59.1%23.3%
ASEAN1393837611,12848453546.9%1,140
YoY-91.0%-87.9%-83.7%-81.8%247.5%39.8%1.1%
Adjustments-38-67-116-134-47-57-140
Operating profit-4,136-5,799-7,197-7,429-1,760-2,580--2,520
YoY-------
Operating profit margin-------
Japan-3,347-4,818-5,734-6,080-1,042-1,596--1,200
YoY-------
Operating profit margin-------
Overseas-789-980-1,461-1,363-738-983--1,310
YoY-------
Operating profit margin-------
China-378-156-27336-517-470--160
YoY-------
Operating profit margin---0.5%---
ASEAN-411-824-1,189-1,400-221-513--1,150
YoY-------
Operating profit margin-------
Adjustments-1-1-11420-1
By segmentFY02/21FY02/22
Quarterly (JPYmn)Q1Q2Q3Q4Q1Q2Q3Q4
Sales3,67712,70413,85015,88613,32014,873
YoY-79.6%-39.4%-17.2%-10.7%262.3%17.1%
Japan3,24810,30611,65313,02111,24212,478
YoY-78.4%-37.2%-13.3%-13.0%246.2%21.1%
Overseas4672,4272,2462,8842,1252,405
YoY-84.7%-47.7%-32.6%2.2%354.8%-0.9%
China3282,1841,8682,5161,6412,354
YoY-78.3%-28.0%3.0%95.5%400.4%7.8%
ASEAN13924337836848451
YoY-91.0%-84.8%-75.2%-76.0%247.5%-79.0%
Adjustments-38-29-48-19-47-10
Operating profit-4,136-1,663-1,398-232-1,760-819
YoY------
Operating profit margin------
Japan-3,347-1,471-916-346-1,042-554
YoY------
Operating profit margin------
Overseas-789-191-48298-738-245
YoY------
Operating profit margin---3.4%--
China-378222-117309-51747
YoY--43.8%----78.8%
Operating profit margin-10.2%-12.3%-2.0%
ASEAN-411-413-365-211-221-292
YoY------
Operating profit margin------
Adjustments-1-0-01520-20
Source: Shared Research based on company data

Seasonality: The Chinese operation is prone to large fluctuations in earnings due to seasonal factors in each quarter. Q2 and Q4 are periods of high demand, while demand tends to decline in Q1 and Q3. Q1 (March–May) is affected by a lack of school holidays and restraint in purchasing following the Chinese New Year, with March marking a low point. Q3 includes the Mid-Autumn Festival (15th day of the 8th month of the lunar calendar, which corresponds to late September to early October of the Western calendar) and the National Foundation holidays (October), with September marking the low point. Conversely, Q4 coincides with the Chinese New Year holidays (first month of the lunar calendar, which corresponds to the period from late January to early February of the Western calendar), which affect monthly sales. (When the holiday period shifts into February, January sales worsen.)

Parent (Japan) earnings
Parent: JapanFY02/21FY02/22
Cumulative (JPYmn)Q1Q1–Q2Q1–Q3Q1–Q4Q1Q1–Q2Q1–Q3Q1–Q4
Sales3,24713,55325,20538,22711,24223,720
YoY-78.4%-56.9%-43.9%-36.1%246.2%75.0%
Sales breakdown
Time-based48294594867281630
Physical activities1918261,4972,1206521,388
Cards4581,5242,7494,1901,2592,682
Medals6942,4984,6716,8252,0244,382
Prizes1,5477,28613,60921,0826,30713,120
Stickers80285516723236448
Capsules1053716721,061371870
Cost of sales5,78016,80628,51441,06311,35923,616
YoY-55.7%-36.5%-26.5%-20.6%96.5%40.5%
Gross profit-2,533-3,252-3,308-2,838-117103
YoY------
Gross profit margin-----0.4%
SG&A expenses8121,5632,4223,2419241,698
YoY-15.3%-16.1%-13.3%-11.5%13.8%8.6%
SG&A ratio25.0%11.5%9.6%8.5%8.2%7.2%
Operating profit-3,346-4,817-5,732-6,079-1,041-1,595
YoY------
Operating profit margin------
No. of facilities434433432431431432
Openings335646
Closures (est.)-4-5-8-10-4-5
Parent: JapanFY02/21FY02/22
Quarterly (JPYmn)Q1Q2Q3Q4Q1Q2Q3Q4
Sales3,24710,30611,65213,02011,24212,478
YoY-78.4%-37.2%-13.3%-13.0%246.2%21.1%
Sales breakdown
Time-based48246301272281349
Physical activities191635670623652736
Cards4581,0661,2251,4401,2591,422
Medals6941,8032,1732,1542,0242,358
Prizes1,5475,7386,3237,4746,3076,813
Stickers80205231208236212
Capsules105266301389371499
Existing stores (YoY) Existing stores (vs FY02/20)
Time-based-91.5%-58.7%-40.8%-43.4%-52.5%-49.8%
Physical activities-81.5%-40.3%-21.5%-29.9%-36.5%-36.2%
Cards-76.6%-40.5%-29.3%-18.2%-35.6%-22.7%
Medals-80.9%-57.9%-37.9%-43.7%-44.4%-48.2%
Prizes-78.6%-25.6%1.1%2.7%-12.0%-16.2%
Stickers-80.6%-41.5%-14.4%-26.5%-41.0%-41.7%
Capsules-18.7%110.0%198.2%215.8%170.0%168.1%
Total-79.2%-37.8%-14.8%-14.6%-25.4%-25.6%
Cost of sales5,78011,02611,70812,54911,35912,257
YoY-55.7%-17.8%-5.0%-2.9%96.5%11.2%
Gross profit-2,533-719-56471-117220
YoY----76.9%--
Gross profit margin---3.6%-1.8%
SG&A expenses812751859817924774
YoY-15.3%-17.0%-7.4%-6.3%13.8%3.1%
SG&A ratio25.0%7.3%7.4%6.3%8.2%6.2%
Operating profit-3,346-1,471-915-345-1,041-554
YoY------
Operating profit margin------
No. of facilities434433432431431432
Openings302142
Closures-4-1-3-2-4-1
Sales per facility72427302629
Cost per facility132527292628
GP per facility-5.83-1.66-0.131.09-0.270.51
SG&A per facility1.871.731.991.892.141.79
Source: Shared Research based on company data
Overseas business earnings
OverseasFY02/21FY02/22
Cumulative (JPYmn)Q1Q1–Q2Q1–Q3Q1–Q4Q1Q1–Q2Q1–Q3Q1–Q4
Sales4672,8945,1408,0232,1254,530
YoY-84.7%-62.4%-53.4%-42.1%354.8%56.5%
China3282,5124,3796,8951,6413,995
YoY-78.3%-44.7%-31.1%-9.8%400.4%59.1%
ASEAN1393837611,128484535
YoY-91.0%-87.9%-83.7%-81.8%247.5%39.8%
Operating profit-789-980-1,461-1,363-738-983
YoY------
Operating profit margin------
China-378-156-27336-517-470
YoY------
Operating profit margin---0.5%--
ASEAN-411-824-1,189-1,400-221-513
YoY------
Operating profit margin------
No. of facilities440432428429422413
ChinaSales3272,5114,3796,8951,6403,994
YoY-78.3%-44.7%-31.1%-9.8%401.5%59.1%
Operating profit-377-155-27236-516-469
Operating profit margin---0.5%--
MalaysiaSales53145271454239240
YoY-91.3%-88.4%-85.8%-82.0%350.9%65.5%
Operating profit-219-440-661-720-98-224
Operating profit margin------
ThailandSales8771952385151
YoY-96.1%-80.9%-66.3%-68.0%537.5%-33.8%
Operating profit-45-86-110-163-37-62
Operating profit margin------
PhilippinesSales2929292900
YoY-92.7%-96.3%-97.5%-98.1%--
Operating profit-36-73-126-154-27-66
Operating profit margin------
IndonesiaSales201964134111154
YoY-91.6%-96.2%-91.3%-86.5%455.0%710.5%
Operating profit-56-153-201-236-15-58
Operating profit margin------
VietnamSales261101982708088
YoY-74.3%-50.2%-35.7%-31.5%207.7%-20.0%
Operating profit-41-48-58-83-31-83
Operating profit margin------
OverseasFY02/21FY02/22
Quarterly (JPYmn)Q1Q2Q3Q4Q1Q2Q3Q4
Sales4672,4272,2462,8842,1252,405
YoY-84.7%-47.7%-32.6%2.2%354.8%-0.9%
China3282,1841,8682,5161,6412,354
YoY-78.3%-28.0%3.0%95.5%400.4%7.8%
ASEAN13924337836848451
YoY-91.0%-84.8%-75.2%-76.0%247.5%-79.0%
Operating profit-789-191-48298-738-245
YoY------
Operating profit margin---3.4%--
China-378222-117309-51747
YoY--43.8%----78.8%
Operating profit margin-10.2%-12.3%-2.0%
ASEAN-411-413-365-211-221-292
YoY------
Operating profit margin------
No. of facilities440432428429422413
ChinaSales3272,1841,8682,5161,6402,354
YoY-78.3%-28.0%3.0%95.5%401.5%7.8%
Operating profit-377222-117308-51647
Operating profit margin-10.2%-12.2%-2.0%
MalaysiaSales53921261832391
YoY-91.3%-85.7%-80.8%-69.9%350.9%-98.9%
Operating profit-219-221-221-59-98-126
Operating profit margin------
ThailandSales8691184351-
YoY-96.1%-65.2%-32.6%-73.9%537.5%-
Operating profit-45-41-24-53-37-25
Operating profit margin------
PhilippinesSales2900000
YoY-92.7%-----
Operating profit-36-37-53-28-27-39
Operating profit margin------
IndonesiaSales20-1457011143
YoY-91.6%--80.5%-73.2%455.0%-
Operating profit-56-97-48-35-15-43
Operating profit margin------
VietnamSales26848872808
YoY-74.3%-30.0%1.1%-16.3%207.7%-90.5%
Operating profit-41-7-10-25-31-52
Operating profit margin------
Source: Shared Research based on company data
China business earnings
Overseas: ChinaFY02/21FY02/22
Cumulative (JPYmn)Q1Q1–Q2Q1–Q3Q1–Q4Q1Q1–Q2Q1–Q3Q1–Q4
Sales3272,5114,3796,8951,6403,994
YoY-78.3%-44.7%-31.1%-9.8%401.5%59.1%
Facility profit-181215304828-311-41
YoY-20.8%----
Facility profit margin-8.6%6.9%12.0%--
SG&A expenses196371576792205428
YoY-26.3%-31.9%-27.2%-24.6%4.6%15.4%
% of sales59.9%14.8%13.2%11.5%12.5%10.7%
Operating profit-377-155-27236-516-469
YoY------
Operating profit margin---1.4%--
No. of facilities216212209205200197
Openings000115
Closures-4-8-11-16-6-13
Overseas: ChinaFY02/21FY02/22
Quarterly (JPYmn)Q1Q2Q3Q4Q1Q2Q3Q4
Sales3272,1841,8682,5161,6402,354
YoY-78.3%-28.0%3.0%95.5%401.5%7.8%
Facility profit-18139689524-311270
YoY--41.2%----31.8%
Facility profit margin-18.1%4.8%20.8%-11.5%
SG&A expenses196175205216205223
YoY-26.3%-37.3%-16.7%-16.9%4.6%27.4%
% of sales59.9%8.0%11.0%8.6%12.5%9.5%
Operating profit-377222-117308-51647
YoY--43.9%----78.8%
Operating profit margin-10.2%-12.2%-2.0%
No. of facilities216212209205200197
Openings000114
Closures-4-4-3-5-6-7
Sales per facility1.5010.218.8712.158.1011.86
Profit per facility-0.831.850.422.53-1.541.36
SG&A per facility0.900.820.971.041.011.12
Source: Shared Research based on company data

Seasonality: The Chinese operation is prone to large fluctuations in earnings due to seasonal factors in each quarter. Q2 and Q4 are periods of high demand, while demand tends to decline in Q1 and Q3. Q1 (March–May) is affected by a lack of school holidays and restraint in purchasing following the Chinese New Year, with March marking a low point. Q3 includes the Mid-Autumn Festival (15th day of the 8th month of the lunar calendar, which corresponds to late September to early October of the Western calendar) and the National Foundation holidays (October), with September marking the low point. Conversely, Q4 coincides with the Chinese New Year holidays (first month of the lunar calendar, which corresponds to the period from late January to early February of the Western calendar), which affect monthly sales. (When the holiday period shifts into February, January sales worsen.)

Malaysia business earnings
Overseas: MalaysiaFY02/21FY02/22
Cumulative (JPYmn)Q1Q1–Q2Q1–Q3Q1–Q4Q1Q1–Q2Q1–Q3Q1–Q4
Sales53145271454239240
YoY-91.3%-88.4%-85.8%-82.0%350.9%65.5%
Facility profit-170-329-495-488-39-127
YoY------
Facility profit margin------
SG&A expenses491111652325896
YoY-44.3%-34.7%-35.5%-16.2%18.4%-13.5%
% of sales92.5%76.6%60.9%51.1%24.3%40.0%
Operating profit-219-440-661-720-98-224
YoY------
Operating profit margin------
No. of facilities989898989895
Openings222200
Closures00000-3
Overseas: MalaysiaFY02/21FY02/22
Quarterly (JPYmn)Q1Q2Q3Q4Q1Q2Q3Q4
Sales53921261832391
YoY-91.3%-85.7%-80.8%-69.9%350.9%-98.9%
Facility profit-170-159-1667-39-88
YoY------
Facility profit margin---3.8%--
SG&A expenses4962546758