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Aeon Fantasy

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
2022-05-16
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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 brand and are located in shopping centers operated by the Aeon group. However, starting with the PALO format that are opened in collaboration with movie theaters, the company is gradually opening an increasing number of facilities inside non-Aeon group shopping centers, home improvement 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 FY02/22, the company reported sales of JPY60.2bn (+30.5% YoY) and operating loss of JPY3.4bn (loss of JPY7.4bn in FY02/21). Operating loss from domestic operations was JPY1.6bn (loss of JPY6.1bn in FY02/21), the China operations booked an operating loss of JPY1.2bn (JPY36mn profit in FY02/21), and ASEAN operations generated an operating loss of JPY576mn (loss of JPY1.4bn in FY02/21). All regions were impacted by COVID-19, resulting in operating losses. However, the company achieved a turnaround to black in Q4 (December 2021–February 2022).

The company forecast for FY02/23 calls for sales of JPY78.9bn (+31.1% YoY), operating profit of JPY2.6bn (loss of JPY3.4bn in FY02/22), recurring profit of JPY1.7bn (loss of JPY3.4bn in FY02/22), and net income attributable to owners of parent of JPY400mn (net loss of JPY4.5bn in FY02/22). The company sees sales returning to pre-COVID levels and expects a shift to profit at all levels in FY02/23. 

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 statementFY02/14FY02/15FY02/16FY02/17FY02/18FY02/19FY02/20FY02/21FY02/22FY02/23
(JPYmn)Cons.Cons.Cons.Cons.Cons.Cons.Cons.Cons.Cons.Est.
Sales46,54246,63258,83265,05972,17474,24473,49346,11660,17178,900
YoY3.7%0.2%26.2%10.6%10.9%2.9%-1.0%-37.3%30.5%31.1%
Gross profit5,4665,6676,5447,97710,81210,0058,727-2,6601,687
Gross profit margin11.7%12.2%11.1%12.3%15.0%13.5%11.9%-2.8%
SG&A expenses2,9303,0403,7964,2084,8415,3535,5154,7695,096
YoY2.4%3.8%24.9%10.8%15.0%10.6%3.0%-13.5%6.9%
SG&A ratio6.3%6.5%6.5%6.5%6.7%7.2%7.5%10.3%8.5%
Operating profit2,5362,6272,7483,7695,9714,6523,212-7,429-3,4082,600
YoY-25.5%3.6%4.6%37.2%58.4%-22.1%-31.0%---
Operating profit margin5.4%5.6%4.7%5.8%8.3%6.3%4.4%--3.3%
Non-operating income (expenses)109789-118-271-372-352-824-29023
Financial income29526-61-187-225-308-652-687-543
Gains on foreign exchange770-313-4-5-6-25110466
Gain on sale of fixed assets-26236264-99-215-89-165-37-22
Other non-operating income2926-820735119324122
Recurring profit2,6453,4152,6313,4995,5984,3002,387-7,720-3,3851,700
YoY-24.2%29.1%-23.0%33.0%60.0%-23.2%-44.5%---
Recurring profit margin5.7%7.3%4.5%5.4%7.8%5.8%3.2%--2.2%
Extraordinary gains-101-402-177-338-518-859-1,735-4,089-1,399
Pre-tax profit2,5443,0142,4543,1615,0803,441652-11,808-4,784
Income taxes1,4311,6749661,4502,0991,5381,023-2,298-201
Implied tax rate56.2%55.6%39.4%45.9%41.3%44.7%156.9%--
Net income attributable to non-controlling interests-43713-538-46-233-75
Net income attributable to owners of parent1,1171,3371,4801,6982,9861,865-325-9,277-4,508400
YoY-27.3%19.6%10.8%14.7%75.9%-37.5%----
Net margin2.4%2.9%2.5%2.6%4.1%2.5%---0.5%
Capital expenditures8,5299,87313,4687,40812,34212,47613,1597,529
Depreciation5,0774,8046,2036,5947,2078,35610,81510,69810,518
EBITDA7,6137,4318,95110,36313,17713,00814,0273,3337,153
YoY1.7%-2.4%20.5%15.8%27.2%-1.3%7.8%-76.2%114.6%
EBITDA margin16.4%15.9%15.2%15.9%18.3%17.5%19.1%7.2%11.9%
Per-share dataFY02/14FY02/15FY02/16FY02/17FY02/18FY02/19FY02/20FY02/21FY02/22FY02/23
Cons.Cons.Cons.Cons.Cons.Cons.Cons.Cons.Cons.Est.
No. of oustanding shares at year-end('000 shares) 18,17618,17619,71419,71419,71419,72819,75219,76219,769
Treasury shares3629211161122
Shares outstanding (average; '000)18,13818,14419,30219,69819,70719,71919,74519,75919,765
Book value per share (JPY)1,1181,1711,2391,2831,4091,4491,349845592
EPS (JPY)61.673.876.786.2151.594.6-16.5-469.5-228.120.2
EPS (fully diluted; JPY)61.473.576.485.9151.094.3---
Dividend per share (JPY)30.030.030.031.041.050.050.030.020.020.0
Payout ratio48.7%40.7%39.9%36.0%27.1%52.9%----
Source: Shared Research based on company data
Balance sheet (JPYmn)FY02/14FY02/15FY02/16FY02/17FY02/18FY02/19FY02/20FY02/21FY02/22
Current assets11,2397,9908,71611,26010,3479,93611,86512,01910,920
Cash and deposits3,2463,3693,7254,5424,6324,5344,1325,7186,008
Trade receivables0356337304179237261210233
Sales deposits paid1021,2514605866645272,9041,702303
Inventories1,0541,6052,2172,2272,4262,7862,7982,3672,208
Deposits paid in subsidiaries6,000001,9005000000
Other current assets8371,4091,9781,7001,9461,8531,7702,0212,168
Tangible fixed assets12,89017,93926,31626,04130,16432,63436,99632,54030,227
Intangible assets9498257677551,0601,0141,0191,1871,478
Investments and other assets2,9013,2885,2415,2735,3575,3445,8598,2168,611
Leasehold and guarantee deposits2,1752,4523,7913,9424,0594,1724,2214,3464,374
Other7268361,4511,3301,2981,1721,6383,8704,236
Total assets27,97830,04141,04143,32946,92848,92855,74053,96251,235
Current liabilities7,0327,95611,13211,00111,08313,28119,06829,44231,509
Accounts payable9958081,1601,0541,3201,2251,1611,1601,261
Short-term debt01501,431002,1715,40321,67224,545
Other payables9574071,1861,0429799539219361,518
Accrued expenses8501,1551,5541,7981,9741,9861,6781,7421,441
Income taxes payable1,2321,154991,1271,517680563575311
Notes payable–facilities1,8682,1871,9751,5741,8421,4681,8671,152682
Other current liabilities1,1312,0953,7284,4053,4514,7987,4772,2051,751
Noncurrent liabilities3274765,1656,7087,4776,4279,5427,5977,884
Long-term debt004,2725,4886,0945,3314,4666,2576,489
Other3274768931,2201,3831,0975,0761,3401,396
Net assets20,61921,60924,74425,62028,36929,22027,12916,92311,842
Shareholders' equity19,75820,55124,54625,66328,02028,93027,23117,19012,106
Treasury stock-57-47-33-17-12-3-3-3-4
Accumulated comprehensive income521693-138-377-252-338-593-495-414
Share subscription rights66699094122112674931
Net income attributable to non-controlling interests274295245240479516423179118
Total capital and liabilities27,97830,04141,04143,32946,92848,92855,74053,96251,235
Cash flow statement (JPYmn)FY02/14FY02/15FY02/16FY02/17FY02/18FY02/19FY02/20FY02/21FY02/22
Cash flows from operating activities6,6743,5718,15710,35010,6729,58910,2711846,177
Cash flows from investing activities-8,023-3,147-12,572-7,661-11,417-12,069-10,850-6,965-7,091
Cash flows from financing activities-820-3954,285112-5071,862978,4461,395
Financial ratiosFY02/14FY02/15FY02/16FY02/17FY02/18FY02/19FY02/20FY02/21FY02/22
Interest-bearing debt01506,1086,6327,0289,76612,73827,92931,034
Net cash9,2463,219-2,383-189-1,895-5,232-8,605-22,211-25,026
ROE(ROE) 5.6%6.4%6.5%6.8%11.3%6.6%-1.2%-42.8%-31.8%
ROA (RP-based)(ROA) 9.7%11.8%7.4%8.3%12.4%9.0%4.6%-14.1%-6.4%
Equity ratio72.5%70.7%59.5%58.4%59.2%58.4%47.8%30.9%22.8%
Source: Shared Research based on company data

Recent updates

Monthly sales data for April 2022

2022-05-16

 Aeon Fantasy Co., Ltd. announced monthly sales data for April 2022.

Sales in Japan (JPYmn)MarAprMayJunJulAugSepOctNovDecJanFebQ1Q1–Q2Q1–Q3Q1–Q4
FY02/211,7648026802,6393,3834,2843,6423,9384,0714,5054,7753,7403,24613,55225,20338,223
FY02/224,2873,6333,3203,1134,4064,9583,8864,2104,1825,0665,5263,81611,24023,71735,99550,403
FY02/234,6854,153
Existing facilitiesMarAprMayJunJulAugSepOctNovDecJanFebQ1Q1–Q2Q1–Q3Q1–Q4
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%1.7%11.6%15.6%0.2%256.1%75.0%42.6%31.4%
FY02/239.7%15.8%
All facilitiesMarAprMayJunJulAugSepOctNovDecJanFebQ1Q1–Q2Q1–Q3Q1–Q4
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%6.9%2.7%12.5%15.7%2.0%246.2%75.0%42.8%31.9%
FY02/239.5%14.3%
No. of facilities: JapanMarAprMayJunJulAugSepOctNovDecJanFebQ1Q1–Q2Q1–Q3Q1–Q4
FY02/21432432432432432431429428430431430429432431430429
FY02/22429431431432432432431432432432430429431432432429
FY02/23526528
Overseas openings (FY02/22)MarAprMayJunJulAugSepOctNovDecJanFebQ1Q1–Q2Q1–Q3Q1–Q4
China-1-211------1555
Malaysia----------------
Thailand-1----------1111
Philippines----------------
Indonesia-1--------1-1112
Cambodia--------
Vietnam-2----------2222
海外出店数 FY02/23MarAprMayJunJulAugSepOctNovDecJanFebQ1Q1–Q2Q1–Q3Q1–Q4
China-55555
Malaysia------
Thailand------
Philippines2-2222
Indonesia------
Cambodia33333
Vietnam3-3333
ChinaMarAprMayJunJulAugSepOctNovDecJanFebQ1Q1–Q2Q1–Q3Q1–Q4
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%-18.6%-40.5%-18.8%-37.2%436.4%49.8%24.4%3.6%
FY02/23-45.7%-62.1%
MalaysiaMarAprMayJunJulAugSepOctNovDecJanFebQ1Q1–Q2Q1–Q3Q1–Q4
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%1,375.5%287.5%465.8%51.3%332.9%58.4%61.5%109.6%
FY02/2318.8%87.8%
ThailandMarAprMayJunJulAugSepOctNovDecJanFebQ1Q1–Q2Q1–Q3Q1–Q4
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%-74.0%29.6%1,509.2%10.2%351.8%-51.6%-74.7%-53.0%
FY02/23-12.1%66.1%
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--------------32.1%905.0%
FY02/23--
IndonesiaMarAprMayJunJulAugSepOctNovDecJanFebQ1Q1–Q2Q1–Q3Q1–Q4
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%157.7%172.1%295.3%62.0%732.3%428.2%225.4%201.8%
FY02/2379.4%126.3%
VietnamMarAprMayJunJulAugSepOctNovDecJanFebQ1Q1–Q2Q1–Q3Q1–Q4
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%-86.4%5.6%14.2%291.5%145.9%-53.8%-72.3%-40.7%
FY02/23-3.0%35.8%
FY02/20 vs. FY02/22MarAprMayJunJulAugSepOctNovDecJanFebQ1Q1–Q2Q1–Q3Q1–Q4
All facilities: Japan-22.1%-23.9%-30.2%-31.1%-12.5%-27.7%-19.8%-1.8%-3.0%1.0%-4.6%-8.2%-25.2%-24.6%-19.8%-15.8%
Existing facilities: Japan-20.2%-24.2%-32.7%-33.2%-13.9%-29.1%-21.5%-4.0%-5.4%-0.8%-7.2%-11.8%-25.4%-25.5%-21.1%-17.4%
Comparable business days-12.9%-22.7%-36.0%-27.3%-18.5%-28.8%-16.9%-2.6%-5.4%2.1%-8.1%-7.3%-23.9%-24.5%-19.7%-15.9%
Business day impact-7.3%-1.5%3.3%-5.9%4.6%0.3%-4.6%-1.4%0.0%-2.9%0.9%-4.5%1.5%-1.0%-1.4%-1.5%
Existing facilities: Overseas-28.1%-24.8%-34.4%-42.8%-37.7%-63.9%-47.8%-32.1%-31.5%-39.0%-16.4%399.5%-29.7%-41.8%-40.3%-31.4%
China15.6%25.2%6.4%-7.9%-9.2%-49.8%-3.4%-0.1%-20.4%-44.2%-2.2%-14.3%-13.0%-11.5%-3.9%
Malaysia-44.6%-49.6%-89.7%-99.7%-99.9%-99.7%-98.6%-67.7%-33.4%-39.9%1.0%28.6%-60.7%-81.0%-76.3%-61.8%
Thailand-64.3%-81.9%-----99.9%-98.6%-76.0%-51.2%-73.4%-53.7%-81.5%-90.3%-90.9%-84.1%
Philippines---------------96.7%-81.3%
Indonesia-53.3%-47.3%-28.9%-68.2%-88.6%-95.5%-84.3%-42.6%-0.1%-17.9%3.2%-27.0%-41.6%-61.8%-57.1%-45.1%
Vietnam-19.3%-20.0%-75.1%-99.3%----99.4%-86.0%-32.5%-27.2%1,833.5%-37.3%-75.7%-82.2%-60.6%
FY 02/19 vs. FY02/23MarAprMayJunJulAugSepOctNovDecJanFebQ1Q1–Q2Q1–Q3Q1–Q4
All facilities: Japan-14.7%-13.0%
Existing facilities: Japan-14.3%-12.3%
Comparable business days-8.1%-5.2%
Business day impact-6.2%-7.1%
Existing facilities: Overseas-36.9%-42.9%
China-36.8%-59.0%
Malaysia-30.0%3.6%
Thailand-66.1%-60.6%
Philippines--
Indonesia-9.8%-19.4%
Vietnam-24.2%8.6%

Revision to the earnings forecast

2022-04-05

On April 4, 2022, Aeon Fantasy Co., Ltd. announced a revision to its full-year earnings forecast. 

Revision of forecast for full-year FY02/22
  • Sales: JPY60.2bn (previous forecast: JPY60.0bn)
  • Operating loss: JPY3.4bn (loss of JPY2.5bn)
  • Recurring loss: JPY3.4bn (loss of JPY3.0bn)
  • Net loss attributable to owners of parent: JPY4.5bn (net loss of JPY4.2bn)
  • EPS: -JPY229.20 (-JPY209.99)
Reasons for the revision

Results by business in FY02/22 were as follows.

In the China business, sales recovered to pre-pandemic levels for the most part in September and October 2021, but in Q4 (December 2021–February 2022), sales fell below previous projections due to strengthened pandemic-related regulations imposed by the Chinese government amid the spread of COVID-19.

In the Domestic business, the last state of emergency was lifted at end-September 2021, and sales had been on a recovery track since then. However, due to the spread of the Omicron variant in January 2022, customer footfall fell, with sales undershooting previous expectations.

In the ASEAN business, resumption of facility operations sped up in 2H (September 2021–February 2022) as previously expected, and the business moved into the black at the operating profit level in Q4.

As a result of the above, in FY02/22 sales exceeded the previous forecast due to sales growth at overseas subsidiaries as the value of yen fell below the forex assumptions made for the previously revised forecast. Meanwhile, operating profit, recurring profit, and net income attributable to owners of parent are expected to finish the year below previous projections. 

In the Domestic business, sales in December 2021 were 2.1% above the December 2019 levels (adjusted for differences in business days). Sales from online crane games were up YoY, and in the prizes division, the company offered prizes developed in collaboration with other parties and prizes only the company offered, driving 2H sales above the 2H FY02/20 levels. The Domestic business turned a profit at the operating profit level in Q4.

Trends and outlook

Quarterly trends and results

CumulativeFY02/21FY02/22FY02/22
(JPYmn)Q1Q1-Q2Q1-Q3Q1-Q4Q1Q1-Q2Q1-Q3Q1-Q4% of Est.FY Est.
Sales3,67716,38130,23146,11613,32028,19442,62560,171100.0%60,170
YoY-79.6%-58.0%-45.7%-37.3%262.3%72.1%41.0%30.5%30.5%
Cost of sales6,62719,88033,88648,77713,78428,29242,74458,483
YoY-59.2%-40.3%-30.9%-24.7%108.0%42.3%26.1%19.9%
Gross profit-2,950-3,499-3,655-2,660-463-98-1191,687
YoY--------
Gross profit margin-------2.8%
SG&A expenses1,1852,3003,5424,7691,2972,4823,8125,096
YoY-17.4%-18.0%-15.2%-13.5%9.4%7.9%7.6%6.9%
SG&A ratio32.2%14.0%11.7%10.3%9.7%8.8%8.9%8.5%
Operating profit-4,136-5,799-7,197-7,429-1,760-2,580-3,930-3,408--3,410
YoY---------
Operating profit margin---------
Recurring profit-4,280-6,097-7,420-7,720-1,739-2,863-4,013-3,385--3,390
YoY---------
Recurring profit margin---------
Net income-5,620-7,116-8,556-9,277-2,091-3,502-4,687-4,508--4,530
YoY---------
Net margin---------
QuarterlyFY02/21FY02/22
(JPYmn)Q1Q2Q3Q4Q1Q2Q3Q4
Sales3,67712,70413,85015,88613,32014,87314,43217,545
YoY-79.6%-39.4%-17.2%-10.7%262.3%17.1%4.2%10.4%
Cost of sales6,62713,25314,00614,89113,78414,50814,45215,739
YoY-59.2%-22.4%-10.9%-5.4%108.0%9.5%3.2%5.7%
Gross profit-2,950-549-156994-463365-211,806
YoY----51.8%---81.6%
Gross profit margin-80.2%-4.3%-1.1%6.3%-3.5%2.5%-0.1%10.3%
Gross profit margin---6.3%-2.5%-10.3%
SG&A expenses1,1851,1141,2421,2271,2971,1841,3301,284
YoY-17.4%-18.6%-9.4%-8.4%9.4%6.3%7.1%4.7%
SG&A ratio32.2%8.8%9.0%7.7%9.7%8.0%9.2%7.3%
Operating profit-4,136-1,663-1,398-232-1,760-819-1,351522
YoY--------
Operating profit margin-------3.0%
Recurring profit-4,280-1,817-1,323-299-1,739-1,124-1,150628
YoY--------
Recurring profit margin-------3.6%
Net income-5,620-1,496-1,440-721-2,091-1,411-1,186180
YoY--------
Net margin-------1.0%
Source: Shared Research based on company data
Segment earnings
By segmentFY02/21FY02/22
Cumulative (JPYmn)Q1Q1-Q2Q1-Q3Q1-Q4Q1Q1-Q2Q1-Q3Q1-Q4
Sales3,67716,38130,23146,11613,32028,19442,62560,171
YoY-79.6%-58.0%-45.7%-37.3%262.3%72.1%41.0%30.5%
Japan3,24813,55425,20638,22711,24223,72036,00150,410
YoY-78.4%-56.9%-43.9%-36.1%246.2%75.0%42.8%31.9%
Overseas4672,8945,1408,0232,1254,5306,6879,831
YoY-84.7%-62.4%-53.4%-42.1%354.8%56.5%30.1%22.5%
China3282,5124,3796,8951,6413,9955,7467,721
YoY-78.3%-44.7%-31.1%-9.8%400.4%59.1%31.2%12.0%
ASEAN1393837611,1284845359412,109
YoY-91.0%-87.9%-83.7%-81.8%247.5%39.8%23.7%87.0%
Adjustments-38-67-116-134-47-57-63-71
Operating profit-4,136-5,799-7,197-7,429-1,760-2,580-3,930-3,408
YoY--------
Operating profit margin--------
Japan-3,347-4,818-5,734-6,080-1,042-1,596-2,309-1,600
YoY--------
Operating profit margin--------
Overseas-789-980-1,461-1,363-738-983-1,621-1,807
YoY--------
Operating profit margin--------
China-378-156-27336-517-470-926-1,231
YoY--------
Operating profit margin---0.5%----
ASEAN-411-824-1,189-1,400-221-513-695-576
YoY--------
Operating profit margin--------
Adjustments-1-1-11420-1-1-1
By segmentFY02/21FY02/22
Quarterly (JPYmn)Q1Q2Q3Q4Q1Q2Q3Q4
Sales3,67712,70413,85015,88613,32014,87314,43217,545
YoY-79.6%-39.4%-17.2%-10.7%262.3%17.1%4.2%10.4%
Japan3,24810,30611,65313,02111,24212,47812,28014,409
YoY-78.4%-37.2%-13.3%-13.0%246.2%21.1%5.4%10.7%
Overseas4672,4272,2462,8842,1252,4052,1573,144
YoY-84.7%-47.7%-32.6%2.2%354.8%-0.9%-3.9%9.0%
China3282,1841,8682,5161,6412,3541,7511,975
YoY-78.3%-28.0%3.0%95.5%400.4%7.8%-6.2%-21.5%
ASEAN139243378368484514061,168
YoY-91.0%-84.8%-75.2%-76.0%247.5%-79.0%7.4%217.9%
Adjustments-38-29-48-19-47-10-6-8
Operating profit-4,136-1,663-1,398-232-1,760-819-1,351522
YoY--------
Operating profit margin-------3.0%
Japan-3,347-1,471-916-346-1,042-554-713709
YoY--------
Operating profit margin-------4.9%
Overseas-789-191-48298-738-245-638-186
YoY--------
Operating profit margin---3.4%----
China-378222-117309-51747-456-305
YoY--43.8%----78.8%--
Operating profit margin-10.2%-12.3%-2.0%--
ASEAN-411-413-365-211-221-292-181118
YoY--------
Operating profit margin-------10.1%
Adjustments-1-0-01520-20-0-0
Source: Shared Research based on company data
Note: Earnings estimates for FY02/22 are based on the previously revised forecast.

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
Sales3,24713,55325,20538,22711,24223,72036,00050,409
YoY-78.4%-56.9%-43.9%-36.1%246.2%75.0%42.8%31.9%
Sales breakdown
Time-based482945948672816309871,419
Physical activities1918261,4972,1206521,3882,0882,866
Cards4581,5242,7494,1901,2592,6824,1315,716
Medals6942,4984,6716,8252,0244,3826,5809,188
Prizes1,5477,28613,60921,0826,30713,12019,89827,939
Stickers80285516723236448632849
Capsules1053716721,0613718701,3982,075
Cost of sales5,78016,80628,51441,06311,35923,61635,67348,511
YoY-55.7%-36.5%-26.5%-20.6%96.5%40.5%25.1%18.1%
Gross profit-2,533-3,252-3,308-2,838-1171033261,896
YoY--------
Gross profit margin-----0.4%0.9%3.8%
SG&A expenses8121,5632,4223,2419241,6982,6333,494
YoY-15.3%-16.1%-13.3%-11.5%13.8%8.6%8.7%7.8%
SG&A ratio25.0%11.5%9.6%8.5%8.2%7.2%7.3%6.9%
Operating profit-3,346-4,817-5,732-6,079-1,041-1,595-2,307-1,599
YoY--------
Operating profit margin--------
No. of facilities434433432431431432432516
Parent: JapanFY02/21FY02/22
Quarterly (JPYmn)Q1Q2Q3Q4Q1Q2Q3Q4
Sales3,24710,30611,65213,02011,24212,47812,28014,409
YoY-78.4%-37.2%-13.3%-13.0%246.2%21.1%5.4%10.7%
Sales breakdown
Time-based48246301272281349356432
Physical activities191635670623652736700778
Cards4581,0661,2251,4401,2591,4221,4491,585
Medals6941,8032,1732,1542,0242,3582,1982,608
Prizes1,5475,7386,3237,4746,3076,8136,7798,040
Stickers80205231208236212184216
Capsules105266301389371499528677
Existing stores(YoY) Existing stores(vs FY02/20)
Time-based-91.5%-58.7%-40.8%-43.4%-52.5%-49.8%-30.4%-14.9%
Physical activities-81.5%-40.3%-21.5%-29.9%-36.5%-36.2%-20.5%-17.2%
Cards-76.6%-40.5%-29.3%-18.2%-35.6%-22.7%-15.6%-6.2%
Medals-80.9%-57.9%-37.9%-43.7%-44.4%-48.2%-38.8%-34.5%
Prizes-78.6%-25.6%1.1%2.7%-12.0%-16.2%4.9%6.5%
Stickers-80.6%-41.5%-14.4%-26.5%-41.0%-41.7%-33.1%-28.9%
Capsules-18.7%110.0%198.2%215.8%170.0%168.1%155.0%120.2%
Total-79.2%-37.8%-14.8%-14.6%-25.4%-25.6%-10.7%-6.4%
Cost of sales5,78011,02611,70812,54911,35912,25712,05712,838
YoY-55.7%-17.8%-5.0%-2.9%96.5%11.2%3.0%2.3%
Gross profit-2,533-719-56471-1172202231,570
YoY----76.9%---233.3%
Gross profit margin---3.6%-1.8%1.8%12.2%
SG&A expenses812751859817924774935861
YoY-15.3%-17.0%-7.4%-6.3%13.8%3.1%8.8%5.4%
SG&A ratio25.0%7.3%7.4%6.3%8.2%6.2%7.6%6.0%
Operating profit-3,346-1,471-915-345-1,041-554-712708
YoY--------
Operating profit margin-------4.9%
No. of facilities434433432431431432432516
Sales per facility724273026292830
Cost per facility1325272926282827
GP per facility-5.83-1.66-0.131.09-0.270.510.523.31
SG&A per facility1.871.731.991.892.141.792.161.82
Source: Shared Research based on company data
* In Q4 FY02/22 (December 2021 – February 2022) the company altered its criteria for inclusion in the store count, adding Toys Spot Palo and Tiny Mollyfantasy.
Overseas business earnings
OverseasFY02/21FY02/22
Cumulative (JPYmn)Q1Q1-Q2Q1-Q3Q1-Q4Q1Q1-Q2Q1-Q3Q1-Q4
Sales4672,8945,1408,0232,1254,5306,6879,831
YoY-84.7%-62.4%-53.4%-42.1%354.8%56.5%30.1%22.5%
China3282,5124,3796,8951,6413,9955,7467,721
YoY-78.3%-44.7%-31.1%-9.8%400.4%59.1%31.2%12.0%
ASEAN1393837611,1284845359412,109
YoY-91.0%-87.9%-83.7%-81.8%247.5%39.8%23.7%87.0%
Operating profit-789-980-1,461-1,363-738-983-1,621-1,807
YoY--------
Operating profit margin--------
China-378-156-27336-517-470-926-1,231
YoY--------
Operating profit margin---0.5%----
ASEAN-411-824-1,189-1,400-221-513-695-576
YoY--------
Operating profit margin--------
No. of facilities440432428429422413408425
ChinaSales3272,5114,3796,8951,6403,9945,7467,721
YoY-78.3%-44.7%-31.1%-9.8%401.5%59.1%31.2%12.0%
Operating profit-377-155-27236-516-469-926-1,230
Operating profit margin---0.5%----
MalaysiaSales53145271454239240451931
YoY-91.3%-88.4%-85.8%-82.0%350.9%65.5%66.4%105.1%
Operating profit-219-440-661-720-98-224-328-343
Operating profit margin--------
ThailandSales877195238515170147
YoY-96.1%-80.9%-66.3%-68.0%537.5%-33.8%-64.1%-38.2%
Operating profit-45-86-110-163-37-62-90-134
Operating profit margin--------
PhilippinesSales292929290040309
YoY-92.7%-96.3%-97.5%-98.1%--37.9%965.5%
Operating profit-36-73-126-154-27-66-7745
Operating profit margin-------14.6%
IndonesiaSales201964134111154279529
YoY-91.6%-96.2%-91.3%-86.5%455.0%710.5%335.9%294.8%
Operating profit-56-153-201-236-15-58-55-41
Operating profit margin--------
VietnamSales26110198270808897191
YoY-74.3%-50.2%-35.7%-31.5%207.7%-20.0%-51.0%-29.3%
Operating profit-41-48-58-83-31-83-124-84
Operating profit margin--------
OverseasFY02/21FY02/22
Quarterly (JPYmn)Q1Q2Q3Q4Q1Q2Q3Q4
Sales4672,4272,2462,8842,1252,4052,1573,144
YoY-84.7%-47.7%-32.6%2.2%354.8%-0.9%-3.9%9.0%
China3282,1841,8682,5161,6412,3541,7511,975
YoY-78.3%-28.0%3.0%95.5%400.4%7.8%-6.2%-21.5%
ASEAN139243378368484514061,168
YoY-91.0%-84.8%-75.2%-76.0%247.5%-79.0%7.4%217.9%
Operating profit-789-191-48298-738-245-638-186
YoY--------
Operating profit margin---3.4%----
China-378222-117309-51747-456-305
YoY--43.8%----78.8%--
Operating profit margin-10.2%-12.3%-2.0%--
ASEAN-411-413-365-211-221-292-181118
YoY--------
Operating profit margin-------10.1%
No. of facilities440432428429422413408425
ChinaSales3272,1841,8682,5161,6402,3541,7521,975
YoY-78.3%-28.0%3.0%95.5%401.5%7.8%-6.2%-21.5%
Operating profit-377222-117308-51647-457-304
Operating profit margin-10.2%-12.2%-2.0%--
MalaysiaSales53921261832391211480
YoY-91.3%-85.7%-80.8%-69.9%350.9%-98.9%67.5%162.3%
Operating profit-219-221-221-59-98-126-104-15
Operating profit margin--------
ThailandSales8691184351-1977
YoY-96.1%-65.2%-32.6%-73.9%537.5%--83.9%79.1%
Operating profit-45-41-24-53-37-25-28-44
Operating profit margin--------
PhilippinesSales290000040269
YoY-92.7%-------
Operating profit-36-37-53-28-27-39-11122
Operating profit margin-------45.4%
IndonesiaSales20-1457011143125250
YoY-91.6%--80.5%-73.2%455.0%-177.8%257.1%
Operating profit-56-97-48-35-15-43314
Operating profit margin------2.4%5.6%
VietnamSales26848872808994
YoY-74.3%-30.0%1.1%-16.3%207.7%-90.5%-89.8%30.6%
Operating profit-41-7-10-25-31-52-4140
Operating profit margin-------42.6%
Source: Shared Research based on company data
* In Q4 FY02/22 (December 2021 – February 2022) the company altered its criteria for inclusion in the store count, adding Toys Spot Palo and Tiny Mollyfantasy.
China business earnings
Overseas: MalaysiaFY02/21FY02/22
Cumulative (JPYmn)Q1Q1-Q2Q1-Q3Q1-Q4Q1Q1-Q2Q1-Q3Q1-Q4
Sales53145271454239240451931
YoY-91.3%-88.4%-85.8%-82.0%350.9%65.5%66.4%105.1%
Facility profit-170-329-495-488-39-127-176-124
YoY--------
Facility profit margin--------
SG&A expenses491111652325896152218
YoY-44.3%-34.7%-35.5%-16.2%18.4%-13.5%-7.9%-6.0%
% of sales92.5%76.6%60.9%51.1%24.3%40.0%33.7%23.4%
Operating profit-219-440-661-720-98-224-328-343
YoY--------
Operating profit margin--------
No. of facilities98989898989593101
Openings22220000
Closures00000-3-28
Overseas: MalaysiaFY02/21FY02/22
Quarterly (JPYmn)Q1Q2Q3Q4Q1Q2Q3Q4
Sales53921261832391211480
YoY-91.3%-85.7%-80.8%-69.9%350.9%-98.9%67.5%162.3%
Facility profit-170-159-1667-39-88-4952
YoY-------642.9%
Facility profit margin---3.8%---10.8%
SG&A expenses4962546758385666
YoY-44.3%-24.4%-37.2%219.0%18.4%-38.7%3.7%-1.5%
% of sales92.5%67.4%42.9%36.6%24.3%3,800.0%26.5%13.8%
Operating profit-219-221-221-59-98-126-104-15
YoY--------
Operating profit margin--------
No. of facilities98989898989593101
Openings20000000
Closures00000-3-28
Sales per facility0.550.941.291.872.440.012.244.95
Profit per facility-1.75-1.62