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 Resultsfor the Six Months Ended June 30, 2023
[Japanese GAAP]
August 9, 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: | +81-3-5656-2888 |
Scheduled date of filing quarterly securities report: | August 10, 2023 | |||||||||
Scheduled date of commencing dividend payments: | September 1, 2023 | |||||||||
Availability of supplementary briefing material on quarterly financial results: | Yes | |||||||||
Schedule of quarterly financial results briefing session: | Yes | |||||||||
(Amounts of less than one million yen are rounded down.) | ||||||||||
1. Consolidated Financial Results for the Six Months Ended June 30, 2023 (January 1, 2023 to June 30, 2023) | ||||||||||
(1) Consolidated Operating Results | (% indicates changes from the previous corresponding period.) | |||||||||
Net sales | Operating profit | Ordinary profit | Profit attributable to | |||||||
owners of parent | ||||||||||
Six months ended | Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | ||
June 30, 2023 | 25,332 | 18.6 | (239) | - | 258 | (70.0) | 277 | (80.1) | ||
June 30, 2022 | 21,352 | 11.9 | 850 | (11.2) | 862 | (10.5) | 1,398 | 121.3 |
(Note) Comprehensive income: | Six months ended June 30, 2023: |
Six months ended June 30, 2022: |
¥ | 317 million | [ | (82.7) %] |
¥ | 1,837 million | [ | 145.7%] |
Basic earnings | Diluted earnings per | ||
per share | share | ||
Six months ended | Yen | Yen | |
June 30, 2023 | 4.60 | 4.59 | |
June 30, 2022 | 76.61 | 76.60 |
(2) Consolidated Financial Position
Total assets | Net assets | Capital adequacy ratio | Net assets per share | |
As of | Millions of yen | Millions of yen | % | Yen |
June 30, 2023 | 47,216 | 1,826 | 3.8 | (244.06) |
December 31, 2022 | 43,524 | 1,598 | 3.6 | (245.32) |
(Reference) Equity: As of | June 30, 2023: | ¥ | 1,790 million |
As of | December 31, 2022: | ¥ | 1,573 million |
(Note) The "Net assets per share" is calculated by deducting from the total net assets the amount to be paid in for Class A preferred shares, which have different rights from those of common shares and the amount of preferred dividend.
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 | - | 4.00 | |||||
Fiscal year ending December 31, 2023 | - | 5.50 | 9.50 | ||||
(Forecast) | |||||||
(Note) Revision to the forecast for dividends announced most recently: | No |
(Note) The above-mentioned "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 1, 2023 to December 31, 2023) (% indicates changes from the previous corresponding period.)
Net sales | Operating profit | Ordinary profit | Profit attributable to | Basic earnings | |||||||
owners of parent | per share | ||||||||||
Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of 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 six months ended June 30, 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):
June 30, 2023: | 18,274,000 | shares |
December 31, 2022: | 18,274,000 | shares |
2) Number of treasury shares at the end of the period:
June 30, 2023: | 70,393 | shares | |
December 31, 2022: | 70,393 | shares | |
3) Average number of shares outstanding during the period: | |||
Six months ended June 30, 2023: | 18,203,607 | shares | |
Six months ended June 30, 2022: | 18,260,037 | shares |
(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 Second Quarter Consolidated Results | 2 |
(1)Overview of Results of Operations | 2 |
(2)Overview of Financial Position | 2 |
(3)Overview of Consolidated Earnings Forecast… | 3 |
2.Quarterly Consolidated Financial Statements | 4 |
(1)Quarterly Consolidated Balance Sheets | 4 |
(2)Quarterly Consolidated Statements of Income and Comprehensive Income | 6 |
(3)Quarterly Consolidated Statements of Cash Flows | 8 |
(4)Notes to the Consolidated Financial Statements | 10 |
(Notes on Going Concern Assumption)… | 10 |
(Notes in the case of significant changes in shareholders' equity) | 10 |
(Segment Information, etc.) | 10 |
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1. Qualitative Information on Second Quarter Consolidated Results
(1) Overview of Operating Results
During the first six month of the fiscal year under review (January 1, 2023 to June 30, 2023), the Japanese economy showed signs of a moderate recovery, mainly in face-to-face services such as restaurants and travel. The global economic outlook, on the other hand, remains uncertain, primarily reflecting surges in resource prices, higher inflation and the impact of the prolonged Russian invasion of Ukraine.
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. In the golf market, the demands of golfers were changing day by day, including the permeation of a play style adapted to the new lifestyle required given the influence of COVID-19.
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 25,332 million yen (up 18.6% year on year) during the first six months under review (January 1, 2023 to June 30, 2023), while an operating loss of 239 million yen (compared to an operating profit of 850 million yen a year ago) was posted due to up-front costs in the Golf Launch Monitors Business launched in the previous year. Ordinary profit was 258 million yen (down 70.0% year on year), reflecting foreign exchange gains of 542 million yen due to the weakening yen, and profit attributable to owners of parent stood at 277 million yen (down 80.1%).
The results in each main segment are as follows.
Domestic segment
During the first six months under review, the domestic segment recorded net sales of 13,992 million yen (up 7.6% year on year). The gross profit margin of the Golf Equipment Sales declined temporarily, mainly due to sales strategies implemented in response to demand, resulting in segment profit of 625 million yen (down 16.5% year on year).
Overseas segment
During the first six months under review, the overseas segment posted net sales of 11,339 million yen (up 35.9% year on year), attributable to the favorable performance of the Golf Launch Monitors Business acquired in August 2022. On the other hand, due to the up-front costs in the business, a segment loss of 864 million yen (compared to segment profit of 102 million yen a year ago) was posted.
(2) Overview of Financial Position
i. Assets, Liabilities and Net Assets
Looking at the financial position at the end of the second quarter of the fiscal year under review, total assets stood at 47,216 million yen, up 3,692 million yen from the end of the previous fiscal year. Liabilities totaled 45,390 million yen at the end of the second quarter, increasing 3,464 million yen from the end of the previous fiscal year. Total net assets at the end of the second quarter increased 227 million yen from the end of the previous fiscal year, to 1,826 million yen.
Regarding assets, merchandise, property, plant and equipment, and intangible assets increased 528 million yen, 1,771 million yen, and 872 million yen, respectively. Regarding liabilities, short-term borrowings and lease liabilities (long-term) increased 1,453 million yen and 869 million yen, respectively, while long-term borrowings decreased 407 million yen. Retained earnings rose 177 million yen.
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Golf Digest Online Inc. published this content on 09 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 August 2023 06:02:06 UTC.
