MEIKO Network Japan Co., Ltd
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(September 1, 2012, through February 28, 2013) MEIKO Network Japan Co., Ltd. April 10, 2013 Hirotake Watanabe, President Highlights of 2Q of the year ending August 2013 (consolidated) (Unit:million yen) 2Q of FY 2013 YoY Against plan Net sales 7,680 +494 (+6.9%) △218 (△2.8%) Ordinary income 2,189 +187 (()+9.4%) +185 (+9.2%) 2Q Net Income 1,331 +208 (+18.6%) +140 (+11.8%) (Cumulative) Growth in sales and earnings and record high performance [Meiko Gijuku] [as of February 2013] 2,097 schools (up 47 on a year-on-year basis) and 140,688 registered students (down 1,814 on a year-on-year basis) YouDEC has been consolidated from this period. 2 Net sales / Ordinary income (2Q) (Million yen) (Million yen) Net sales Ordinary income 10,000 2,500 ■ 2,091 2,189 Summary 9,000 20022,002 Recorded all-time high 8,000 1,839 2,000 sales. Ordinary income 7,000 1,594 60006,000 15001,500 ■ Profitability 5,000 Achieved net sales and 4,000 1,000 ordinary income of 7, 186 7,680 6,480 7, 056 28. 5% (up 0. 6 points 3,000 5,930 from the same period 2,000 500 the previous year). 10001,000 0 0 FY09 FY10 FY11 FY12 FY13 (2Q) (2Q) (2Q) (2Q) (2Q) Ordinary income ratio 26.9 % 28.4 % 29.6 % 27.9% 28.5% Non- Consolidated consolidated 3 Financial summary of 2Q of FY 2013 (consolidated P/L) (m illion yen ) Sales YoY 2Q FY 2012 2Q FY 2013 ・Sales from You DEC Co., Ltd.: Change Percentage change Net sales 71867,186 76807,680 +494 +6.9% 302 million yen Cost of sales 4,011 4,351 +340 +8.5% ・Increase in sales from new businesses: 89 Cost of sales per sales (%) 55.8% 56.7% +0.9pt million yen Gross profit 3,174 3,328 154 +4.9% YoY:(1765%): (176.5%) Gross profit ratio (%) 44.2% 43.3% △ 0.9pt Selling, general and ・Increase in sales from teaching materials administrative expenses 1,256 1,240 -16 △1.3% SGA per sales (%) 17.5% 16.1% △1.4pt Selling Cost Operating income 1,918 2,088 170 +8.9% ・Purchase/personnel expenses of You DEC Operating income ratio (%) 26.7% 27.2% +0.5pt Ordinary income 2,002 2,189 187 +9.4% Co., Ltd. Ordinary income ratio (%) 27.9% 28.5% +0.6pt ・Increase in ppgurchase of teaching materials Extraordinary income ---- Extraordinary losses -5--SGA 1,122 1,331 208 +18.6% Net income ・A major contribution to advertising expenses Net income ratio (%) 15. 6% 17. 3% +1.7pt for SGA in the last second quarter as a result of the move and redesign 4 Financial summary of 2Q of FY 2013 (consolidated B/S) (million yen) From the end of the previous term Aug-12 Feb-13 Assets Change Percentage change Current assets 78907,890 87598,759 +868 +11. 0% ・Increase in cash and Property, Plant and deposits (retained equipment 718 719 +1 +0.2% earnings) Intangible assets 313 305 (8) △2.6% Investments and up 917 million yen other assets 6,271 6,417 145 +2.3% Total assets 15,195 16,202 1,007 +6.6% Liabilities Current liabilities 2,713 4,204 1,490 +54.9% ・Amounts due within one Noncurrent liabilities 2,331 699 (1,631) △70.0% year on long-term loans Total liabilities 50455,045 49044,904 (141) △2. 8% payable → current Total net assets 10,149 11,298 1,149 +11.3% liabilities Total liabilities and net assets 15,195 16,202 1,007 +6.6% *Capital-to-asset ratio: 69.5% (up 2.9 point) 5 Financial summary of 2Q of FY 2013 (consolidated C/F) (million yen) Change f rom the Q2 FY 2011 Q2 FY 2012 same period of the Operating activities prev ious y ear Produced 1,,y247 million yen Net cash prov ided by (used in) operating activ ities 1,293 1,247 △46 via ongoing solid performance Net cash prov ided by (used Investments i)iin) inv es ting ac tiititiv ities 5 △49 △55 Purchase of software (soccer Net cash prov ided by (used school, the new system of in) f inancing activ ities △828 △356 +471 Waseda Academy Kobetsu Net increase (decrease) in School), etc. cash and cash equiv alents 471 841 +369 Cash and cash equiv alents Financing activities at beginning of period 41734,173 4, 431 +257 Dividend paid: down 361 Cash and cash equiv alents million yen at end of period 4,644 5,272 +627 6 Sales and Operating Income by Segment (Unit: million yen) Direct business by Meiko Gijuku FC New Business Other company- Cram School Business Across the board Meiko Gijuku Business *1 related expenses*2 Sales 35043,504 33713,371 295 509 76807,680 (change from previous quarter) (△11) (+90) (+22) (+392) (+494) 2Q FY Operating Income 907 1,766 2 △68 △519 2,088 2013 (change from previous quarter) (+113) (+20) (+8) (△9) (+38) (+170) Operating income margin 25.9% 52.4% 1.0% - 27.2% Sales 3,515 3,281 272 116 7,186 2Q FY Operating Income 794 17451,745 △5 △58 △557 19181,918 2012 Operating income margin 22.6% 53.2% - - 26.7% *1. Waseda Academy, Kobetsu School, Meiko Soccer School,Meiko Kids, Abrakadoodle, Meiko ALC English Studio, You DEC Co., Ltd.(consolidated subsidiary) *2. Expenses for the Administration Division of the head office,etc. 7 Meiko Gijuku directly-operated businesses (million yen) Sales Operatiiing income 4,000 ■Number of schools: down 10 ・Up 1 due to the transfer from the franchised 3,000 3,515 3,504 business, down 11 due to the transfer to the franchised business 2,000 ■Sales: down 0.3% ・ Decline in the number of schools 907 1,000 794 ・ Increase ibfitdin average number of registered students ・ Slight decline in a revenue per registered 0 student 2Q FY 2012 2Q FY 2013 ■Expense and selling expense: (Unit:schools、people、thousand yen) down 12% 2Q FY 2012 2Q FY 2013 YOY Oppgerating income: u p 14% Number of schools 215 205 △10 ・ Decline in expense due to a decline in the Number of students 16,204 16,067 △137 number of schools Average number ・ Decline in expenses associated with the of students 75.4 78.4 +3.0 move and redesign on a y-o-y basis Average sales per student 220 215 △5 8 Meiko Gijuku franchise business (million yen) Sales Operating income 4,000 ■Number of schools: up 57 3,000 3,281 3,371 ・60 ne wl y established , 11 transferred 1,745 1,766 from the company-owned school 2,000 business, down 1 due to the transfer to the comppyany-owned school 1,000 business, down 13 due to closings 0 ■Sales: up 2.8% 2Q FY 2012 2Q FY 2013 ・ Increase in the number of classes (Unit:schools、people、million yen) ・ Decline in average number of 2Q FY 2012 2Q FY 2013 YoY registered students and average NbNumber of schlhools 18351,835 1, 892 +57 royalty per school Number of students 126,298 124,621 △1,677 ・ Increase in sales from training Average number materials of students 68.8 65.9 △2.9 Royalty revenues 22032,203 2, 192 △11 ■Operating income: up Average royalty revenues per school 1,218 1,167 △51 (Unit:thousand yen) 1.2% 9 Medical Cram School Bussiness ( Tokyo Ishin Gakuin) ■Sales: up 8% (Unit: million yen) Operating income: returned to FY12(2Q) FY13(2Q) the black Results Forecast Results Difference with the forecast ・ Increase in participants in the winter training camp Sales 272.7 270.6 295.0 +24.4 ・ Strengthening the special lectures Operating ■RdReduc tion in fidfixed cost income △5.7 △31.6 2.9 +34.5 ・Closed the Tamagawa boarding school (at the end of March) for integration into Mitaka school ・Moved Geneki Kan to the headquarters building ■Number of registered students: Increase in new students Up 20% y-o-y in news students for the spriting term (as o fAil7)f April 7) [Obligatory dormitory system] Mitaka School 10 Soccer school for kids under direction of professional coaches Other Business ( Meiko Soccer School) (Unit:million yen) Difference ■Aggressive opening of school FY12 FY12 FY13 with the ・ (2Q) (4Q) (2Q Newly established for this second quarter: 3, forecast transferred: 2 Sales 48 104 60 12 ・Opening of two schools for March resulted in a (Unit:schools, people) current total of 14. Number of 4 7 12 8 ■ Soccer event held (in Thailand) schools ・ MEIKO Football Academyyg in Bangkok (〃FC) (0) (1) (2) (2) Held on November 17, 2012, at the same time of Number of the FIFA Futsal World Cup with participation by 655 708 900 245 190 students 11 Individual tutoring schools for students with high academic performance Other Business (Waseda Academy Kobetsu School) (Unit:million yen) Difference FY12 FY12 FY13 with the ■Expansion of FC business: Opened (2Q) (4Q) (2Q) forecast five schools for this period Sales 199 61 132 +71 ・Opening of one school for April resulted in a total (Unit:schools、people) of fifteen schools now (two company-owned and Number of 2 9 14 +12 thirteen in the franchise) schools ※ Number of schools totals nineteen including schools owned by ( 〃 FC) (0) (7) (12) (+12) WdAdWaseda Academy Number of 186 334 457 +271 ■Performance of entrance students ※ ※In addition to the above, number of schools totals Many students passed the difficult- four owned by Waseda Academy to-enter schools. ・Waseda University Junior High School, Waseda Junior High School, Joshigakuin Junior High School, Toshimagaoka-joshigakuen, Junior High School of Ochanomizu University, etc.