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Mizuno Corporation the 100Th Period （Year Ending March 31, 2013） 2Nd Quarter Financial Report

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Mizuno Corporation the 100Th Period （Year Ending March 31, 2013） 2Nd Quarter Financial Report Mizuno Corporation The 100th Period （Year ending March 31, 2013） 2nd Quarter Financial Report This report includes forecasts based on our assumptions, outlook and plans for the future as of November 9, 2012, which may substantially differ from actual results due to risks and Nov. 9, 2012 uncertainties relating to the global economy, competitors' situations, changes in exchange rates, etc. Contents FY2012 2nd Quarter Business Results Regional Highlights Conclusion 2 /15 Summary of FY2012 2Q Revenue increase, profit decrease Olympic related marketing expenses were budgeted in the first half of fiscal year. Sudden changes made to place in second half of fiscal year. Increase in revenue even after omitting sales increase due to acquiring Senoh corporation shares. The gross margin percentage dropped 1 point due to increase in purchase costs Strong regions are Japan and the Americas. The running business shows steady The Americas show solid performance in all areas of business Running shoes sales numbers were up 113% compared to the previous year (4.56 million pairs, globally) Implementing Brand Building through the London Olympic Games Mizuno products used by 61 countries. Obtained a total 52 medals. Reinforced popular indoor sports in Europe (handball, volleyball) 3 /15 Consolidated Income Statement Due to increase in purchase costs, the gross margin percentage dropped. Profit declined from increased expenses due to active promotion. Versus (billion JPY) FY11_Q2 (6 months) FY12 _Q2(6 months) FY11(%) Revenues 78.1 81.3 +4.2% Gross margin 33.5 34.1 +1.7% Gross margin ratio 42.9% 41.9% -1.0P SG&A expenses 29.1 31.1 +6.7% SG&A expenses ratio 37.3% 38.2% +0.9P Salaries and bonus 10.2 10.8 +5.5% A&P expanses 5.5 6.3 +14.6% Operating profit 4.4 3.0 -31.6% Operating profit ratio 5.6% 3.7% -1.9P Ordinary profit 3.9 2.6 -33.4% Ordinary profit ratio 5.0% 3.2% -1.8P Net Income 2.2 1.7 -23.7% JPY/1USD 81.7 79.5 JPY/1GBP 129.5 125.8 JPY/1EUR 114.1 101.1 4 /15 Consolidated Balance Sheet Intangible assets were increased by acquisition of Senoh Corp. (billion JPY) Sep.30, 2011 Sep.30, 2012 +/- Total assets 123.6 139.5 +15.9 Cash and Cash equivalents 16.5 15.4 -1.1 Accounts receivable 27.4 31.1 +3.7 Inventories 23.9 27.9 +4.0 Fixed assets 37.4 47.0 +9.6 Investment securities 6.8 6.7 -0.1 Deferred tax assets 4.4 4.7 +0.3 Total liabilities 47.4 61.4 +14.1 Short-term debt 5.2 7.1 +1.8 Long-term debt 9.8 16.1 +6.3 Other liabilities 32.4 38.3 +6.0 Net assets 76.2 78.0 +1.8 5 /15 2Q Year-to-Date Outline of Business Results Strong sales in running shoes category. Sales increase of Golf clubs in US and Japan. Versus FY11 Revenues 81. 3 billion yen +3.3 billion (+4.2%) Impact of exchange fluctuations -0.8 billion (-1.0%) Increase/decrease excl. impact of exchange rate fluctuations +4.1 billion (+5.2%) Steady revenue in Japan and the Americas. Profit decrease in Europe due to sales struggle in golf products Our high-value added running shoes continued to pull up sales. Influence of Senoh consolidation was approximately 1.9 billion Yen Operating profit 3.0 billion yen -1.4 billion (-31.6%) Due to increase in purchase costs the gross margin percentage dropped 1 point. Profit declined from increased expenses due to aggressive promotional investment during the London Olympic Games etc. Ordinary profit 2.6 billion yen -1.3 billion (-33.4%) Due to decrease in operating profit Net income 1.7 billion yen -0.5 billion (-23.7%) 6 /15 Revenue Increase/Decrease Analysis by Region Revenues by region, with and without the impact of exchange rates Japan Americas Europe Asia/Aus Impact of (billion JPY) Incl.export +0.8 billion -0.09 billion -0.2 million (107.0%) (98.4%) Exchange rate +3.6 billion (95.0%) -0.8 billion (106.3%) 81.3 Americas –0.4 Europe - 0.4 78.1 Asia/Aus –0.08 Japan：Growing for footwear. Regaining for Golf. Sales increased due to the consolidation of Seno Corporation. Americas：Footwear marked double-digit growth. Growing for Golf. Europe：Growing for Footwear and down for Golf. Asia/Aus：Growing for footwear sales in Taiwan and Australia. Sales in China increased except for the settlement adjustments. 2Q (6 months) 2Q FY2012 Europe - 2Q (6 months) (6 2Q - 60.7 11.7 5.3 3.7 Japan Americas Asia/Aus FY2011 Incl.export 57.1 11.2 5.7 4.0 Revenues of of FY12 Revenues Revenues of of FY11 Revenues FY11-2Q FY12-2Q 7 /15 Revenue Increase/Decrease Analysis by Product Increase/Decrease in consolidated revenues by product, including impact of exchange rates (billion JPY) Others +2.6 billion Sporting Sporting Golf goods (116.0%) 81.3 Baseball goods Footwear Apparel Incl. shoes., wear Incl. Shoes, wear +1.4 billion -0.3 billion +0.1 billion -0.5 billion (108.2%) (97.8%) (101.2%) 78.1 (97.5%) Baseball：Slightly fell in Japan and America. Sporting footwear：Growing in all areas Americas marked double-digit growth. Sporting apparel：External sales increased, while total amount slightly fell due to the settlement adjustment. 2Q(6 months) - Golf ：Growing in Japan and Americas. Experienced difficulty in Europe due to the slow economy. 2Q (6 months) (6 2Q - FY2012 19.6 18.4 13.5 11.2 18.5 Sporting Sporting Baseball Footwear Apparel Golf Other FY2011 Revenuesof FY12 Revenues of of FY11 Revenues 20.1 17.0 13.8 11.1 16.0 FY11-2Q FY12-2Q 8 /15 Principal Financial indexes Main Indexes were decreased because of lowering profit margin and increase of total assets by acquisition of Senoh Corp. FY11_Q2 FY12_Q2 +/- Return on assets (ROA) 3.6% 2.4% -1.2P Return on equity (ROE) 3.0% 2.2% -0.8P Shareholder’s equity ratio 61.5% 55.8% -5.7P Earnings per share (EPS) JPY17.91 JPY13.65 -JPY4.26 Book value per share (BPS) JPY610.45 JPY624.25 +JPY13.80 Price book value ratio (PBR) 0.66 0.63 -0.03 Price at the end of this period JPY403 JPY391 -JPY12 Dividend payout ratio 27.9% 36.6% +8.7P 9 /15 Regional Highlights Global Business Unit (global strategic decision-making unit) FY12 net sales outline (growth rate y-o-y) based on local currency without currency conversion. Up 5% or more Asia, Japan Europe Americas Between -5% and 5% Australia Down 5% or more ＊ ＊＊ ■Baseball goods ■Others (for racket sports, martial Diamond sports business arts, etc.) ■Sportswear Footwear ■Sports shoes ■Others & Apparel business ■Golf goods ■Others Golf business ■Sportswear (health) ■Sports shoes (walking) Wellness business ■Others (related to health business) ＊incl. Senoh Corp. ＊＊excl. audit adjustment 10 /15 Regional Highlights (Japan) FY12 2Q Summary Summary of results (Japan) <Acquired 100% share of Senoh Corporation> –Added the 3-month actual performance during July to FY12 results by business (incl. exports to Asia) Sept. –Sales increase due to above was approx. 1.9 billion Footwear & (billion JPY) Total Diamond Golf Wellness Other Yen. Apparel <Golf business recovery> –Custom-fitted clubs sales doing well. Revenue 60.7 16.0 20.6 6.4 8.6 9.1 –Domestic sales recovered to sales standards prior to disaster. vs. FY 11 106% 105% 99% 108% 105% - <Expanding wellness related products> –Sales in walking shoes, health training machines have been steadily increasing. Revenue Revenue Operating profit Future actions/outlook (billion JPY) Operating profit (billion JPY) <Increase brand value using effects of events> 10 –Effective use of the Olympics for brand exposure. 60.7 –Support Nippon Professional Baseball, “Samurai 60 56.7 55.5 57.1 8 Japan” <Expand the running business> 40 6 –Utilize sponsor events such as the Osaka Marathon – Implement of Tech Vans 4 <Strengthen sales for functional apparel> 2.7 2.8 20 2.2 2.0 –Increase awareness through campaigns and add 2 new products. 0 0 (Note) Results by business are based on FY09 FY10 FY11 FY12 internal company documents. 11 /15 Regional Highlights (Europe) Summary of results (Europe) FY12 2Q Summary <Shrinking golf market> FY12 results by business –European financial crisis/adverse weather decreased sales. Footwear ＆ (billion JPY) Total Golf –Enhanced custom-fitted clubs helped maintain our Apparel market share. Revenue 5.3 4.2 1.1 <Cost increase due to weak European currency> –Exchange rate effects due to dollar-based purchases. vs. FY11 92% 99% 80% <Increase in brand awareness due to Olympics> –Utilizing the on-site Performance Center. Currency 98% 105% 82% neutral basis –Increased recognition of indoor shoes. Revenue Revenue Operating profit (billion JPY) Operating profit (billion JPY) Future actions/outlook 8 2.0 <Secure profits by controlling expenses/purchases> –Handling recovery delay of European economy. <Sales expansion for athletic footwear> 6 5.7 5.7 1.5 5.3 5.3 –In addition to running shoes, strengthen sales of indoor shoes which recognition increased during the Olympics. 4 1.0 <Regaining strength in golf business> –Strengthen sales centered on new products and custom-fitted clubs. 2 0.5 0.3 0.3 0.2 0.2 0 0.0 (Note) Results by business are based on FY09 FY10 FY11 FY12 internal company documents. 12 /15 Regional Highlights (Americas) Summary of results (Americas) FY12 2Q Summary <Decline in profit securement due to increased purchase costs> FY12 results by business –Unable to completely absorb with hike in sales Footwear & price.
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