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Year Ended December 31, 2018(20Th Term) (Securities Code: 3319)

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Year Ended December 31, 2018(20Th Term) (Securities Code: 3319) Golf Digest Online Inc. www.golfdigest.co.jp Results Briefing for the Fiscal Year Ended December 31, 2018(20th Term) (Securities Code: 3319) Copyright(c) Golf Digest Online Inc. All Rights Reserved 1 Financial Results for the FY2018(20中計振り返りと見えてきた課題th term) Copyright(c) Golf Digest Online Inc. All Rights Reserved Business Policy for FY2018 Kyakushin = Policy of “putting the Aims to achieve the industry’s customer first” No.1 position in terms of the value Pursuing the services truly demanded by we provide and the level of customers. customer satisfaction in all services Maximizing the Increasing the value we Sales growth level of customer provide satisfaction Also enhancing investments for medium- to long-term growth Copyright(c) Golf Digest Online Inc. All Rights Reserved 3 Highlights of Financial Results for FY2018 Achieved the business policy for FY2018, “Sales growth.” Net sales achieved double-digit growth, driven by domestic services. The full-scale challenge of overseas development commenced, and the initial plan was revised. GolfTEC Enterprises LLC(hereinafter “U.S. GOLFTEC”) was made a subsidiary. The segments were divided into “Domestic” and “Overseas” in the fourth quarter. Selling, general and administrative (SG&A)expenses increased due to investments for the future. M&A-related expenses associated with overseas investments were generated. Operating profit and ordinary profit did not achieve the forecasts, but net income did achieve the forecast. Copyright(c) Golf Digest Online Inc. All Rights Reserved 4 Achieved the business policy for FY2018, “Sales growth.” - Consolidated Statements of Income - The profit and loss of U.S. GOLFTEC were added to the scope of consolidation from the fourth quarter. Because the Company invests in U.S. GOLFTEC through GDO Sports*, a subsidiary in California, USA, the profit and loss of GDO Sports were also consolidated retroactive to the first quarter. *Official name: GDO Sports Inc. (Million yen) 2016 2017 2018 YOY Net sales 19,309 21,574 26,739 ＋5,164 (124%) Gross profit 8,012 8,849 10,475 ＋1,625 (118%) SG&A 6,939 7,635 9,670 ＋2,034 (127%) Operating profit 1,073 1,214 804 △ 409 (66%) Ordinary profit 1,089 1,225 822 △ 402 (67%) Profit attributeable to △ 326 (54%) owners of parent 611 707 380 EBITDA 1,561 1,633 1,534 △ 99 (94%) * EBITDA = Operating profit + Depreciation + Amortization of goodwill + Interest expenses + Long-term prepaid expenses Copyright(c) Golf Digest Online Inc. All Rights Reserved 5 Achieved the business policy for FY2018, “Sales growth.” - Domestic Services were Strong - Sale of golf equipment were strong. Sales increased 116% year on year. Sales of golf clubs were strong as a result of promotion targeting the right time to replace your clubs. The gross margin fell 1 point due to a rise in the composition ratio of golf clubs. The golf course booking service made a great effort. Sales increased 120% year on year. The number of golfers booked on GDO showed double-digit growth from the previous year, despite the impact of bad weather in the third quarter. Sale of systems for golf courses were strong. Initiatives to promote the reciprocal use of services The number of users for the reciprocal use of services increased 111% year on year. Initiatives to promote the use of multiple services such as the GDO Yard Program and point measures contributed to higher sales. Copyright(c) Golf Digest Online Inc. All Rights Reserved 6 6 The full-scale challenge of overseas development commenced, and the initial plan was revised. At the time of the initial forecasts, the conversion of U.S. GOLFTEC into a subsidiary was not factored in. Following its conversion to a subsidiary in July 2018, the Company announced its revised forecasts in August 2018. Sales in the overseas segment grew due to the strong performance of U.S. GOLFTEC and the early adoption of the revised revenue recognition standard in the United States. Despite an increase in M&A costs, the operating loss was smaller than expected. In the domestic segment, promotion costs increased to generate sales, and operating profit fell short of the forecast. Net income achieved the forecast. Forecast for Forecast for FY2018 FY2018 Results for FY2018 and comparison with the plan (Million yen) (Before revision) (After revision) Domestic Domestic 25,000 25,244 ＋244 (101%) 25,000 26,000 (Japan) 26,739 ＋739 (103%) (Japan) Net sales Overseas 1,000 Overseas 1,494 ＋494 (149%) Domestic Domestic 1,550 1,387 △ 162 (89%) 1,350 850 (Japan) 804 △ 45 (95%) (Japan) Operating profit Overseas △ 700 Overseas △ 582 ＋117 (-) Ordinary profit 1,350 850 822 △ 27 (97%) Profit attributeable 850 350 380 ＋30 (109%) to owners of parent Copyright(c) Golf Digest Online Inc. All Rights Reserved 7 SG&A expenses increased due to investments for the future. Spent promotion expenses because of focusing on sales expansion. Temporary costs for M&A due to the conversion of U.S. GOLFTEC into a subsidiary and SG&A expenses in the overseas segment* were added. *Overseas segment: Overseas businesses of U.S. GOLFTEC and GDO Sports, etc. FY2017 FY2018 (Million yen) SG&A expenses in the overseas segment Gross profit ＋1410 ＋1,625 SG&A expenses at U.S. Operating GOLFTEC SG&A expenses at GDOS profit 1,214 SG&A expenses in Operating the domestic profit segment ＋307 804 Labor costs ＋219 SG&A expenses ＋ 331 M&A-related Others △243 expenses ＋317 Copyright(c) Golf Digest Online Inc. All Rights Reserved 8 Consolidated Balance Sheets Total assets increased due to the inclusion of U.S. ■ Assets Property, plant and equipment: +¥1,540 million GOLFTEC in the scope of consolidation on the Goodwill: +¥3,180 million balance sheet from the last day of the third ■ Liabilities quarter. Short-term loans payable: +¥2,150 million Total assets: ¥18,236 million Advances received: +¥1,850 million Long-term loans payable: +¥1,330 million Current Current Total assets: ¥10,805 million assets liabilities Current 9,687 10,128 liabilities Current 4,589 assets Long-term Non- Long-term 7,859 liabilities current liabilities 196 assets 1,900 8,549 Total net Total net Non-current assets Goodwill assets assets (Million yen) 6,207 2,946 6,019 3,230 End of December 2017 End of December 2018 Copyright(c) Golf Digest Online Inc. All Rights Reserved 9 Golf Digest Online Inc. www.golfdigest.co.jp 2019‐2023 Five-Year Mid-Term Strategic Policy (Securities Code: 3319) Copyright(c) Golf Digest Online Inc. All Rights Reserved 2 Review of the Previous Mid-Term Strategic Plan (2016‐2018) and Issues that Have Become Evident Copyright(c) Golf Digest Online Inc. All Rights Reserved Review of the Previous Mid-Term Strategic Plan (2016-2018) Initiatives to strengthen the existing businesses Strengthening of system infrastructure Achieved growth in Promotion of reciprocal use of services Expansion of contact points with sales and profit in customers (digital x real) Strengthening of customer services each service Challenges for new businesses and overseas businesses Commenced full-scale Conversion of U.S. GOLFTEC into a subsidiary challenge for the Commencement of golf course booking service in Thailand development of Commencement of the import and sale of IoT products (Arccos) originating in the United States overseas businesses Administer TOP TRACER RANGE on a trial basis Copyright(c) Golf Digest Online Inc. All Rights Reserved 3 Review of the Previous Mid-Term Strategic Plan (2016-2018) Net sales: Achievement of a double-digit annual average growth rate or more. Annual average growth rate 14.3% Operating profit: ¥850 million (revised in August 2018) Operating profit was ¥800 million, falling short of the forecast. Dividend payment rate: Maintenance of 20% 1st year: 20%, 2nd year: 20%, 3rd year: 50% Copyright(c) Golf Digest Online Inc. All Rights Reserved 4 Issues Recognized Associated with Environmental Changes during the Period Domestic environment Overseas environment Increase in shipping costs Upward trend of the golfer population Intensified competition with leading Increase in sales of fitted clubs volume retailers and E-commerce Increase in contact points with Progress in the shift to smartphones customers To seize growth opportunities in these environmental changes, it is necessary to expand the scale of GDO. Expansion of sales Expansion of and share customer base Copyright(c) Golf Digest Online Inc. All Rights Reserved 5 Expansion of Sales and Share It is necessary to expand the share of the GDO Group in the golf market. We succeeded in expanding sales in FY2018 as a result of working comprehensively to “maximize the value we provide” and “increase the level of customer satisfaction.” 267 Net sales Up 124% YOY 215 (100 million yen) 193 Gross margin Overseas 41.5% 41.0% Japan 39.2% 104 80 88 Gross profit Up 118% YOY 2016 2017 2018 Copyright(c) Golf Digest Online Inc. All Rights Reserved 6 6 Expansion of the Customer Base: Full-Scale Entry into Overseas Markets Made GOLFTEC, the U.S. No. 1 golf lesson chain, a subsidiary. Acquired a 60% stake in U.S. GOLFTEC on July 2, 2018. U.S. GOLFTEC, which has developed approximately 200 stores in six countries worldwide, centered on the U.S.(*), the world’s largest golf market, has become a subsidiary. (*)The size of the golf equipment market is about $3.3 billion, and the number of golf courses in the U.S. is about 15,000 which accounts for 45% of all golf courses worldwide. Company name GolfTEC Enterprises LLC Representative Joseph L. Assell Location Colorado, USA Established October 24, 2001 Capital ¥2,478 million (as of December 31, 2017) Business Golf lesson service and golf fitting sales business making full use of IT Yano Research Institute “2017 World Golf Market Report” and NGF “2018 GOLF INDUSTRY REPORT” Copyright(c) Golf Digest Online Inc.
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