GOLF DIGEST ONLINE INC. Note: This document is a translation of a part of the original Japanese version and provided for reference purposes only. In the event of any discrepancy between the Japanese original and this English translation, the Japanese original shall prevail.
Consolidated Financial Results for the Three Months Ended March 31, 2023
[Japanese GAAP]
May 11, 2023 | ||
Company name: | Golf Digest Online Inc. | |
Stock exchange listing: | Tokyo | |
Code number: | 3319 | |
URL: | https://www.golfdigest.co.jp | |
Representative: | Nobuya Ishizaka | President and CEO |
Contact: | Ryo Nakamura | CFO |
Phone: | 03-5656-2888 |
Scheduled date of filing quarterly securities report: | May 12, 2023 | ||||||||||
Scheduled date of commencing dividend payments: | - | ||||||||||
Availability of supplementary briefing material on quarterly financial results: | Yes | ||||||||||
Schedule of quarterly financial results briefing session: | No | ||||||||||
(Amounts of less than one million yen are rounded down) | |||||||||||
1. Consolidated Financial Results for the Three Months Ended March 31, 2023 (January 01, 2023 to March 31, 2023) | |||||||||||
(1) Consolidated Operating Results | (% indicates changes from the previous corresponding period.) | ||||||||||
Net sales | Operating profit | Ordinary profit | Profit attributable to | ||||||||
owners of parent | |||||||||||
Three months ended | Million yen | % | Million yen | % | Million yen | % | Million yen | % | |||
March 31, 2023 | 11,652 | 21.6 | (437) | - | (304) | - | 13 | (98.6) | |||
March 31, 2022 | 9,585 | 10.5 | 224 | (1.5) | 224 | (3.3) | 936 | 780.7 |
(Note) Comprehensive income: | Three months ended March 31, 2023: |
Three months ended March 31, 2022: |
¥ | 17 million | [ | (98.4) %] |
¥ | 1,093 million | [ | 404.0%] |
Basic earnings | Diluted earnings per | |||||
per share | share | |||||
Three months ended | Yen | Yen | ||||
March 31, 2023 | (4.55) | - | ||||
March 31, 2022 | 51.27 | - | ||||
(2) Consolidated Financial Position | ||||||
Total assets | Net assets | Capital adequacy ratio | Net assets per share | |||
As of | Million yen | Million yen | % | Yen | ||
March 31, 2023 | 44,980 | 1,520 | 3.3 | (255.18) | ||
December 31, 2022 | 43,524 | 1,598 | 3.6 | (245.32) | ||
(Reference) Equity: As of | March 31, 2023: | ¥ | 1,490 million | |||
As of | December 31, 2022: | ¥ | 1,573 million |
2. Dividends
Annual dividends | |||||||
1st | 2nd | 3rd | Year-end | Total | |||
quarter-end | quarter-end | quarter-end | |||||
Yen | Yen | Yen | Yen | Yen | |||
Fiscal year ended December 31, 2022 | - | 4.00 | - | 5.50 | 9.50 | ||
Fiscal year ending December 31, 2023 | - | ||||||
Fiscal year ending December 31, 2023 | 4.00 | - | 5.50 | 9.50 | |||
(Forecast) | |||||||
(Note) Revision to the forecast for dividends announced most recently: | No |
(Note) The above-mentioned "Cash dividends" refers to the status of dividends on common shares. For information on the status of dividends on class shares (unlisted) with different relationship of interest from the common shares, see "Cash dividends on class shares" below.
3. Consolidated Financial Results Forecast for the Fiscal Year Ending December 31, 2023(January 01, 2023 to December 31, 2023) (% indicates changes from the previous corresponding period.)
Net sales | Operating profit | Ordinary profit | Profit attributable to | Basic earnings per | ||||||||||
owners of parent | share | |||||||||||||
Million yen | % | Million yen | % | Million yen | % | Million yen | % | Yen | ||||||
Full year | 53,000 | 15.0 | 2,050 | 72.3 | 1,226 | - | 550 | 62.1 | 8.50 | |||||
(Note) Revision to the financial results forecast announced most recently: | No | |||||||||||||
* Notes: | ||||||||||||||
(1) Changes in significant subsidiaries during the three months ended March 31, 2023 | ||||||||||||||
(changes in specified subsidiaries resulting in changes in scope of consolidation): | No | |||||||||||||
(2) Accounting policies adopted specially for the preparation of quarterly consolidated financial statements: | No |
- Changes in accounting policies, changes in accounting estimates and retrospective restatement
- Changes in accounting policies due to the revision of accounting standards: No
- Changes in accounting policies other than 1) above: No
- Changes in accounting estimates: No
- Retrospective restatement: No
- Total number of issued shares (common shares)
- Total number of issued shares at the end of the period (including treasury shares):
March 31, 2023: | 18,274,000 | shares |
December 31, 2022: | 18,274,000 | shares |
2) Number of treasury shares at the end of the period: | ||
March 31, 2023: | 70,393 | shares |
December 31, 2022: | 70,393 | shares |
3) Average number of shares outstanding during the period: | ||
Three months ended March 31, 2023: | 18,203,607 | shares |
Three months ended March 31, 2022: | 18,273,610 | shares |
(Note) The Company introduced the "Board Benefit Trust (BBT)", a stock compensation plan for directors, etc., in fiscal year 2022, and the Company's shares held by the Trust are included in treasury stock.
- Consolidated financial results (Japanese GAAP) are not subject to audit.
- Summaries for relevant use of forecasts and other specific affairs the forward-looking statements described in this document including results forecasts, etc., are based on information currently available to Golf Digest Online Inc. and certain assumptions that are deemed to be reasonable as of the date of the release of this document. Golf Digest Online Inc. makes no warranty as to the achievability of the forecasts. For the basis of presumption of the results forecast, please refer to "1. Qualitative Information on First Quarter Consolidated Results, (3)Overview of Consolidated Earnings Forecast " on page 3 of the attached document.
(Reference) Cash dividends on class shares
The following provides a breakdown of the dividends per share related to class shares (Class A preferred shares) with different relationship of interest from the common shares.
Annual dividends | |||||
1st | 2nd | 3rd | Year-end | Total | |
quarter-end | quarter-end | quarter-end | |||
Fiscal year ended | Yen | Yen | Yen | Yen | Yen |
December 31, 2022 | - | - | - | - | - |
Fiscal year ending | |||||
December 31, 2023 | - | - | - | 7,242.43 | 7,242.43 |
(Forecast) | |||||
(Note) Class A preferred shares were issued on November 25, 2022.
(Note) The dividend amount for Class A shares is the amount calculated in accordance with the Company's Articles of Incorporation. The dividend amount for the fiscal year ending December 31, 2023 includes the dividend amount for the relevant fiscal year plus the accumulated dividends for the fiscal year ended December 31, 2022
Table of Contents | ||
1. Qualitative Information on First Quarter Consolidated Results | …. 2 | |
(1)Overview of Results of Operations | 2 | |
(2)Overview of Financial Position | .............................................................................................................................. | 2 |
(3)Overview of Consolidated Earnings Forecast… | 2 | |
2. Quarterly Consolidated Financial | Statements | 3 |
(1)Quarterly Consolidated Balance | Sheets | 3 |
(2)Quarterly Consolidated Statements of Income and Comprehensive Income | 5 | |
(3)Notes to the Consolidated Financial Statements | 7 | |
(Notes on Going Concern Assumption)… | 7 | |
(Notes in the case of significant changes in shareholders' equity) | 7 | |
(Segment Information, etc.) | 7 |
1
１．Qualitative Information on First Quarter Consolidated Results
(1) Overview of Operating Results
During the first quarter of the fiscal year under review (January 1, 2023 to March 31, 2023), the global economy remained highly uncertain, mainly reflecting a slowdown due in part to rising energy prices and tight monetary policies implemented in different countries, as well as growing concerns over financial systems in the United States triggered by the collapse of financial institutions.
In the environment surrounding the Internet, markets such as those for e-commerce and Internet-related services continued to expand. Meanwhile, digital technologies, notable examples of which are those for IoT and AI, continued to evolve, advancing digitization in numerous fields. The same applies to the golf market. Reflecting the progress in digital technologies and changes in lifestyles, golfer demand and playing styles are becoming more diverse and changing day by day.
In this environment, the Golf Digest Online Group (the "GDO Group") offered greater playing comfort and pleasure to golfers as a group of IT service providers specializing in golf, with overwhelming information content and the capacity to provide specialized golf services as its strengths. The GDO Group also worked on business operation under the basic policy in its mid-term strategic plan LEAD THE WAY announced in February 2021.
As a result, the Group recorded net sales of 11,652 million yen (up 21.6% year on year), operating loss of 437 million yen (operating profit of 224 million yen in the same period of the previous year), and an ordinary loss of 304 million yen (ordinary profit of 224 million yen in the same period of the previous year) during the first quarter under review (January 1, 2023 to March 31, 2023). Meanwhile, the Group recorded -309 million yen as income taxes-deferred, reflecting the posting of deferred tax assets due to the acquisition of GDO GolfTEC Inc., a consolidated subsidiary of the Company, through an absorption-type merger on January 1, 2023. Consequently, profit attributable to owners of parent stood at 13 million yen (down 98.6% year on year).
The results in each main segment are as follows.
Domestic segment
During the first three months under review, the domestic segment recorded net sales of 6,561 million yen (up 11.9% year on year). Segment income stood at 102 million yen (down 34.8% year on year).
Overseas segment
During the first three months under review, the overseas segment posted net sales of 5,091 million yen (up 36.8% year on year). The segment loss was 540 million yen (compared to segment profit of 66 million yen a year before).
(2) Overview of Financial Position
Looking at the financial position at the end of the first quarter of the fiscal year under review, total assets stood at 44,980 million yen, up 1,456 million yen from the end of the previous fiscal year. Liabilities totaled 43,460 million yen at the end of the fiscal year under review, increasing 1,534 million yen from the end of the previous fiscal year. Total net assets as of the same date decreased 78 million yen from the end of the previous fiscal year, to 1,520 million yen.
In terms of the balances of accounts for main items, contract liabilities, and accounts payable - trade increased by 923 million yen and 856 million yen, respectively, while long-term borrowings decreased 343 million yen. Retained earnings decreased by 87 million yen.
(3) Overview of Consolidated Earnings Forecast
Consolidated results forecasts for the fiscal year ending December 31, 2023 remain unchanged from the consolidated results forecasts announced on February 14, 2023.
2
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Golf Digest Online Inc. published this content on 11 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 May 2023 06:15:58 UTC.
