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Annual Report 2018 (English)

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Annual Report 2018 (English) YAKULT HONSHA CO., LTD. HONSHA CO., LTD. YAKULT ANNUAL REPORT 2018 Year ended March 31, 2018 ANNUAL REPORT 2018 ANNUAL REPORT Yakult’s Potential in the World’s Three Most Populous Countries Growing from Our Roots Dr. Minoru Shirota Our founder, Dr. Minoru Shirota, successfully strengthened and cultivated Lactobacillus casei strain Shirota while at Kyoto Imperial University School of Medicine 01 Growing from Our Roots (now Kyoto University). In 1935, he began sales of 03 Yakult Consumption around the World / a fermented milk drink under the brand name Yakult. Financial Highlights 05 To Our Shareholders 07 Interview with the President 11 Special Feature In the more than Yakult’s Potential in the World’s Three Most Populous Countries 80 years since then, 15 Review of Operations 21 Research and Development Yakult has conducted its business activities around the world based on Dr. Shirota’s philosophy— 23 CSR Activities Shirota-ism (preventive medicine, the idea that a healthy intestinal tract leads to a long life, and offering 25 Corporate Governance products at a price anyone can afford)—as explained on the next page. 28 Management Members 29 Financial Section Forward-Looking Statements 59 Global Network Statements contained in the Annual Report 2018 regarding 60 Corporate Data business results for fiscal 2018 represent judgments based on As a probiotics* pioneer, currently available information. It should be noted that there is a possibility that actual results could differ significantly we help to protect people’s health in 38 countries and regions, as of March 31, 2018. In addition to from those anticipated due to such factors as exchange rate fermented milk drinks, Yakult operations in Japan today include a pharmaceutical business, in which we fluctuations. handle anticancer drugs, as well as a cosmetics business. * Probiotics: Live microorganisms that provide health benefits by improving the balance of intestinal flora. 01 YAKULT HONSHA CO., LTD. ANNUAL REPORT 2018 The Sources of Yakult’s Strength Yakult has three unique sources of strength: Product Power: The Yakult More than 80 Years as a Probiotics Pioneer Lady System: Since its founding more than 80 years Everywhere Is Local ago, Yakult has been a pioneer in the field of probiotics, providing products that Yakult’s products are offered through two channels, direct contribute to good health. Today, Yakult has sales and home delivery sales. Our Yakult Ladies are an expanded beyond food and beverages to essential part of our home delivery sales. The strength of play an active part in pharmaceuticals and Yakult Ladies lies in their ability to communicate directly with cosmetics as well. customers, which allows them to convey the value and appeal of our proprietary living Lactobacillus casei strain Shirota and recommend continued consumption of one bottle of Yakult per day. Our unique Yakult Lady home-delivery system has been Preventive highly successful in many countries and regions in the world. medicine Dynamic R&D: The Wellspring of Future Competitiveness A price anyone can For Yakult, R&D activities vitally Shirota-ism afford underpin its ability to create products that promote good health today and Electron micrograph of in the future. The R&D Division pursues Bifidobacterium breve strain Yakult fundamental research in life science aimed at developing and applying new A healthy ingredients in food, pharmaceuticals, intestinal cosmetics and other areas. tract leads to Electron micrograph of a long life Lactobacillus casei strain Shirota YAKULT HONSHA CO., LTD. ANNUAL REPORT 2018 02 Yakult Consumption around the World Taking Good Health Global Austria 12 Italy 95 Thousands of Thousands of The Netherlands* THE AMERICAS bottles/day bottles/day Belgium* *Countries where test and other sales are conducted: Luxembourg, France, Spain, Brunei, Uruguay, Canada, Belize, Malta and Switzerland Mexico* United States* 173 United Kingdom* Thousands of bottles/day 76 Thousands of 3,678 Germany bottles/day Thousands of bottles/day 81 Thousands of Brazil* bottles/day EUROPE 198 Thousands of 294 bottles/day Thousands of bottles/day 1,817 Thousands of bottles/day Sales Volume by Region Financial Highlights Thousands of U.S. dollars (Thousands of bottles/day) YAKULT HONSHA CO., LTD. and its consolidated subsidiaries Millions of yen (Note 2) 39,517 March 31, 2018, 2017, 2016, 2015 and 2014 40,000 2014 2015 2016 2017 2018 2018 37,371 35,395 For the year: 33,982 Net sales ¥350,322 ¥367,980 ¥390,412 ¥378,308 ¥401,570 $3,788,393 32,366 Operating income 32,026 34,898 40,057 37,282 43,464 410,034 Net income attributable to owners of the parent 22,544 25,056 28,843 30,155 34,065 321,367 30,000 At the year-end: Total assets ¥519,571 ¥579,345 ¥577,535 ¥585,741 ¥631,242 $5,955,111 Total liabilities 211,538 217,132 212,070 208,860 244,568 2,307,241 Total equity 308,033 362,213 365,465 376,881 386,674 3,647,870 20,000 Financial ratio: Return on equity (ROE) (%) 8.4 8.4 8.8 8.9 9.8 U.S. dollars Yen (Note 2) 10,000 Per share of common stock: Basic net income ¥ 134.44 ¥ 151.58 ¥ 174.54 ¥ 182.39 ¥ 207.02 $ 1.95 Total equity (Note 3) 1,662.37 1,966.13 2,007.73 2,077.29 2,194.32 20.70 Cash dividends applicable to the year 24.00 25.00 50.00 32.00 34.00 0.32 0 Notes: 1. Figures are rounded to the nearest million. Mar. 2014 1615 17 18 2. The translation of Japanese yen amounts into U.S. dollar amounts is included solely for the convenience of readers outside Japan and has been made at the rate of ¥106 to U.S.$1, the approximate rate of exchange at March 31, 2018. The Americas Asia and Ocean Europe Japan 3. Noncontrolling interests are not included in equity on process of calculation. 03 YAKULT HONSHA CO., LTD. ANNUAL REPORT 2018 Hong Kong ASIA AND OCEANIA Taiwan 751 Thousands of bottles/day South Korea China (total) 528 Thousands of bottles/day Middle East Australia* The Philippines 3,573 Thousands of bottles/day Thailand Indonesia 11 Thousands of bottles/day 245 Thousands of 7,003 bottles/day Thousands of 2,762 bottles/day Thousands of Breakdown is as follows: bottles/day Guangzhou 2,660 2,211 Shanghai 651 Thousands of bottles/day Beijing 413 5,294 Other areas of China 3,279 Thousands of Singapore* bottles/day Japan India Vietnam Malaysia 229 Thousands of bottles/day 330 Thousands of 275 bottles/day Thousands of bottles/day 9,694 Thousands of 186 bottles/day Thousands of bottles/day Net Income Attributable to Owners of the Parent Net Sales and Operating Margin and Net Income per Share (Basic) ROE (Billions of yen) (%) (Billions of yen) (Yen) (%) 400 12.0 32 200 10 300 9.0 24 150 8 200 6.0 16 100 6 4 100 3.0 8 50 2 0 0 0 0 Mar. 2014 15 16 17 18 Mar. 2014 15 16 17 18 Net sales (left scale) Net income attributable to owners of the parent (left scale) 0 Operating margin (right scale) Net income per share (basic) (right scale) Mar. 2014 171615 18 YAKULT HONSHA CO., LTD. ANNUAL REPORT 2018 04 To Our Shareholders Takashige Negishi President and Representative Director 05 YAKULT HONSHA CO., LTD. ANNUAL REPORT 2018 We strive for continuous business growth and improved IR initiatives to meet the expectations of shareholders and investors. As we have already disclosed, Danone, the Company’s The secondary offering of shares has enhanced the English language financial statements as well as Supple- largest shareholder, sold a portion of its holdings of the liquidity of the shares of the Company as well as increased mentary Materials for Financial Statements. In addition to Company’s shares in the form of a global offering. As a the number of domestic and overseas shareholders. In this this we have added monthly information on the number of result of this secondary offering of shares, Danone’s share- regard, we will work harder than ever before to improve bottles of dairy products sold domestically to the website holding percentage decreased from approximately 20% of investor relations (IR) initiatives to meet the expectations of as part of fair disclosure. total shares issued to 6.2%. shareholders and investors. The fiscal year under review was the first year of the In addition to this secondary offering of shares, With regards to the returns for shareholders, the third phase of our long-term vision, Yakult Vision 2020, the memorandum of understanding with Danone was Company strengthened returns to shareholders through a and we have made a good start, achieving higher revenue amended. In the revised memorandum of understanding, ¥36 billion repurchase of shares at the time of offering, as and profit. We will strive for “continuous business growth,” the Company and Danone agree to continue their joint ven- well as the retirement of all repurchased shares. Based on which is an objective of the long-term vision, and improve tures, active promotion of probiotics, and research activities the policy of placing priority on the payment of a stable and IR initiatives to meet the expectations of investors and all that have been jointly undertaken. They also agreed to con- continuous dividend, our dividend forecast for the current our other stakeholders. sider the feasibility of new collaborative businesses, such as fiscal year calls for an increase of ¥6.0 per share in the We look forward to the continued understanding and the sale of the Company’s products by Danone in European annual dividend, to ¥40.0.
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