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Fiscal 2021 Financial Results Explanatory Materials

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Fiscal 2021 Financial Results Explanatory Materials Fiscal 2021 Financial Results Explanatory Materials SANYO SHOKAI LTD April 14, 2021 Contents 1. Fiscal 2021 Earnings Report (Consolidated) 2. Fiscal 2021 Review (Non-consolidated) 3. Fiscal 2022 Projection 4. Direction of Future Growth Strategy 5. Corporate Governance Copyright © SANYO SHOKAI LTD. All Rights Reserved. 1 Consolidated PL: Fiscal 2021 Results Net sales were ¥37.93bn, almost as projected. Operating loss was ¥8.91bn, ¥410m lower than projections. Net loss was ¥4.98bn, but when excluding the extraordinary losses from provision for additional charges for voluntary retirement and from impairment on shares of subsidiaries, both of which were additionally recorded, net loss is ¥3.5bn, almost as projected on October 6, 2020. Projection Compared Previous for This This Year's to Vs (Units: ¥100m) Year1 Year Results YoY Projection Projection Net sales 585.7 380.0 379.3 64.8% 99.8% ▲0.6 Gross profit 276.8 166.0 145.1 52.4% 87.4% ▲20.9 SG&A 300.6 251.0 234.2 77.9% 93.3% ▲16.8 expenses Operating -23.7 -85.0 -89.1 - - ▲4.1 income Ordinary -22.8 -96.0 -90.3 - - +5.6 income Net income -15.9 -35.0 -49.8 - - ▲14.8 1. Comparison is for Jan.–Dec. since PY was an irregular 14-month settlement Copyright © SANYO SHOKAI LTD. All Rights Reserved. 2 Consolidated PL: KPI Projection for This Year's Previous Year1 This Year Results Vs PY Vs Projection Gross profit 47.3% 43.7% 38.3% ▲9.0pt ▲5.4pt margin SG&A expense 51.3% 66.1% 61.8% +10.5pt ▲4.3pt ratio Operating -4.1% -22.4% -23.5% ▲19.4pt ▲1.1pt margin Ordinary -3.9% -25.3% -23.8% ▲19.9pt +1.5pt income margin Net income -2.7% -9.2% -13.1% ▲10.4pt ▲3.9pt margin 1. Comparison is for Jan.–Dec. since PY was an irregular 14-month settlement Copyright © SANYO SHOKAI LTD. All Rights Reserved. 3 Extraordinary Profit/Loss Extraordinary losses totaling ¥1.48bn, consisting of ¥1.24bn of provisions for additional charges for voluntary retirement and ¥240m of impairment on shares of subsidiaries, were recorded as extraordinary losses that were not expected at the time of announcement on October 6, 2020. Items that were not expected as of October 6, 2020 Copyright © SANYO SHOKAI LTD. All Rights Reserved. 4 Status of Achievement for Projections Announced on October 6, 2020 Under severe circumstances where the coronavirus pandemic has spread greater than expected, gross profit margin decreased due to actively holding bargain sales to prioritize the securing of net sales and eliminating inventory. As a result, although net sales almost achieved projections, gross profit was well below projections. On the other hand, despite SG&A expenses decreasing more than projections, this could not completely cover the decrease in gross profit, thereby failing slightly to achieve the projected operating income. Due to the recording of additional extraordinary losses, net income failed to achieve projections by that amount Projection for This This Year's Vs (Units: ¥100m) Year Results Projection Discrepancy Factors Net sales 380.0 379.3 ▲0.6 The impact of the coronavirus spread wider and continued longer than expected in 2H as Gross profit 166.0 145.1 ▲20.9 well (third wave of infections, declaration and extension of a state of emergency) SG&A • A state of emergency was declared in 251.0 234.2 ▲ January, the peak of the Autumn/Winter sales expenses 16.8 season, significantly reducing sales in that month Operating • Gross profit margin decreased and was below income -85.0 -89.1 ▲4.1 target due to actively holding bargain sales to secure net sales Ordinary income -96.0 -90.3 +5.6 Net income ▲ Net income excluding additional extraordinary -35.0 -49.8 14.8 loss was down ¥3.5bn • Extraordinary losses of ¥1.48bn from the provisions for additional charges for voluntary retirement/impairment on shares of subsidiaries Copyright © SANYO SHOKAI LTD. All Rights Reserved. 5 Consolidated BS Total assets decreased ¥9.5bn to ¥52.9bn Cash and deposits • Cash building through the securitization of real estate/securities, etc. and purchase reductions through working capital management Merchandise and finished goods • Inventory was eliminated by slightly sacrificing gross income margin in order to control purchasing and for a fresh start to the new fiscal year. Tangible fixed assets • Sale of GINZA TIMELESS 8/Hakone recreation center, etc. Investments and other assets • Sale of investment securities through elimination of cross-shareholdings Accounts payable • Reductions in purchases Loans • Agreed to refinancing of syndicated loans with each of the three megabanks Retained earnings • Net loss of ¥4.98bn and dividends of ¥270m, etc. Copyright © SANYO SHOKAI LTD. All Rights Reserved. 6 Contents 1. Fiscal 2021 Earnings Report (Consolidated) 2. Fiscal 2021 Review (Non-consolidated) 3. Fiscal 2022 Projection 4. Direction of Future Growth Strategy 5. Corporate Governance Copyright © SANYO SHOKAI LTD. All Rights Reserved. 7 Summary: Net Sales and Gross Profit Margin Net sales were unstable throughout the year due to the coronavirus pandemic. Net sales have shown a downward trend compared to projections due to the impacts of the coronavirus being wider and longer than expected in 2H. Gross profit margin remained at a low level due to the ratio of full price stores declining as a result of actively holding bargain sales to maintain sales. Monthly change (Units: %; year-on-year net sales) Net sales Gross profit margin 4/7 5/25 Jul. 7/30 8/7 9/16 Late Nov. onwards 1/7 2/8 state emergency of the ofLifting state hours shorten business State of emergency Declaration aof of emergency coronavirus Second waveof the restaurants to shorten hours gov’tTokyo requests Peak number of infections gov’tTokyo lifts request to state emergency of Declaration aof extended coronavirus spreads waveThird of the Mar. Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Full fiscal 64% year 56% 71% 1H/2H • For Mar.–May, net sales were 38% YoY due to the voluntary closure of stores • For Sep.–Nov., net sales were 73% YoY due to the impacts of the third wave of • For Jun.–Aug., net sales recovered to 79% YoY the coronavirus. Gross profit margin was lower than projections due to proactive ‒ Although gross profit margin declined due to expanded bargain sales to disposal of Spring/Summer inventory as well as the third wave of the coronavirus reduce Spring/Summer inventory, progress in reducing SG&A expenses directly coinciding with the November sales peak for Autumn/Winter full price exceeded expectations stores. ‒ Inventories were reduced as planned • For Dec.–Feb., the first sales of the new year were a failure due in part to voluntary closures of department stores. Net sales were 68% YoY due to the declaration of a state of emergency in January, the peak Autumn/Winter sales Copyright © SANYO SHOKAI LTD. All Rights Reserved. season 8 Summary: Business Restructuring Business restructuring progressed more than projected Reduction in SG&A Inventory reduction Financial reform expenses (non-consolidated) (non-consolidated) (consolidated) Reduction in SG&A expenses Inventory reduction progressed as CF improvement progressed more than initially projected • Control cash outflow through cuts projected • End of fiscal year product to SG&A expenses as well as • Compared to the target of inventory was ¥9.0bn against the controls on purchases and orders, reducing SG&A expenses by projection of ¥10bn securitization of assets ¥4.0bn over two years by fiscal • A reduction of ¥4.1bn, which is • End of fiscal year cash position 2022 as stated in the revitalization greater than projected, from the improved ¥6.7bn from initial plan, SG&A expenses were beginning of the fiscal year figures to ¥19.6bn reduced by approximately ¥5.5bn in real terms, excluding BS streamlining extraordinary losses, during the • A reduction of ¥9.5 in total assets first fiscal year through securitization of assets • There was an additional reduction • Sale of strategic shareholdings/ of ¥1.7bn from the projection GT8 and impairment loss on announced on October 6 shares of subsidiaries Equity ratio 63.2% Debt-to-equity ratio (DER) 0.18 Copyright © SANYO SHOKAI LTD. All Rights Reserved. 9 Sales Results1 (By Channel) Both Sanyo and external EC sales rose following an increase in consumption by people staying at home, concentration of products on EC, strengthening of sales promotion measures, and other factors 1. Compared to same month PY Copyright © SANYO SHOKAI LTD. All Rights Reserved. 10 SG&A Expenses Compared to the target of reducing SG&A expenses by ¥4.0bn over two years by fiscal 2022 as stated in the revitalization plan, SG&A expenses were reduced by approximately ¥5.5bn in real terms, excluding extraordinary losses. There was an additional reduction of ¥1.7bn from the projection announced on October 6 Sales expenses fell ¥3.69bn (¥2.54bn in real terms when ¥1.15bn in extraordinary losses are excluded) • Reduction in Fashion Advisor expenses accompanying the closing of stores • Reduction in real estate rents • Reduction in sale commissions associated with canceling of events Promotional expenses ▲¥1.17bn • Reduction in advertising and sales promotion expenses after 2Q Equipment expenses ▲¥230m Employee personnel expenses ▲¥890m • Reduction of overtime work • Bonuses kept down Administrative expenses ▲¥680m • Reduction in distribution expenses accompanying decline in sales • Reduction in travel expenses accompanying store closings and suspension of business trips Sales expenses: FA expenses, rent expenses for real estate, sales commissions, outsourcing fees (sales-related), etc. Equipment expenses: Sales floor construction expenses, lease fees, repair costs, etc. Employee personnel expenses: Salaries, statutory welfare benefits, etc. Administrative expenses: Depreciation (management and system-related), outsourcing fees (management and system-related), distribution expenses, water and utility expenses, travel expenses, miscellaneous expenses, etc.
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