Takashimaya / 8233

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Takashimaya / 8233 R Takashimaya / 8233 COVERAGE INITIATED ON: 2012.06.21 LAST UPDATE: 2019.10.11 Shared Research Inc. has produced this report by request from the company discussed in the report. The aim is to provide an “owner’s manual” to investors. We at Shared Research Inc. make every effort to provide an accurate, objective, and neutral analysis. In order to highlight any biases, we clearly attribute our data and findings. We will always present opinions from company management as such. Our views are ours where stated. We do not try to convince or influence, only inform. We appreciate your suggestions and feedback. Write to us at [email protected] or find us on Bloomberg. Research Coverage Report by Shared Research Inc. Takashimaya / 8233 R LAST UPDATE: 2019.10.11 Research Coverage Report by Shared Research Inc. | www.sharedresearch.jp Coverage INDEX How to read a Shared Research report: This report begins with the trends and outlook section, which discusses the company’s most recent earnings. First-time readers should start at the business section later in the report. Key financial data ------------------------------------------------------------------------------------------------------------------------------------- 3 Recent updates ---------------------------------------------------------------------------------------------------------------------------------------- 4 Highlights ------------------------------------------------------------------------------------------------------------------------------------------------------------4 Trends and outlook ----------------------------------------------------------------------------------------------------------------------------------- 6 Monthly trends -----------------------------------------------------------------------------------------------------------------------------------------------------6 Quarterly trends and results -----------------------------------------------------------------------------------------------------------------------------------8 Forecasts for FY02/20 ------------------------------------------------------------------------------------------------------------------------------------------ 16 Growth strategy and long-term business plan --------------------------------------------------------------------------------------------------------- 26 Business ------------------------------------------------------------------------------------------------------------------------------------------------ 31 Business description -------------------------------------------------------------------------------------------------------------------------------------------- 31 Strengths and weaknesses ------------------------------------------------------------------------------------------------------------------------------------ 42 Market and value chain ---------------------------------------------------------------------------------------------------------------------------------------- 43 Strategy ------------------------------------------------------------------------------------------------------------------------------------------------------------- 46 Financial statements-------------------------------------------------------------------------------------------------------------------------------- 47 Income statement ----------------------------------------------------------------------------------------------------------------------------------------------- 47 Balance sheet ----------------------------------------------------------------------------------------------------------------------------------------------------- 50 Statement of cash flows --------------------------------------------------------------------------------------------------------------------------------------- 51 Other information ---------------------------------------------------------------------------------------------------------------------------------- 52 History -------------------------------------------------------------------------------------------------------------------------------------------------------------- 52 Major shareholders --------------------------------------------------------------------------------------------------------------------------------------------- 54 Top management ----------------------------------------------------------------------------------------------------------------------------------------------- 54 Employees --------------------------------------------------------------------------------------------------------------------------------------------------------- 54 Dividends and shareholder returns ------------------------------------------------------------------------------------------------------------------------ 54 Investor relations ------------------------------------------------------------------------------------------------------------------------------------------------ 55 By the way --------------------------------------------------------------------------------------------------------------------------------------------------------- 55 Historical performance and news -------------------------------------------------------------------------------------------------------------- 57 Historical performance ---------------------------------------------------------------------------------------------------------------------------------------- 57 News and topics ------------------------------------------------------------------------------------------------------------------------------------------------- 70 Company profile ------------------------------------------------------------------------------------------------------------------------------------------------- 72 02/73 Takashimaya / 8233 R LAST UPDATE: 2019.10.11 Research Coverage Report by Shared Research Inc. | www.sharedresearch.jp Coverage Key financial data Income statement FY02/10 FY02/11 FY02/12 FY02/13 FY02/14 FY02/15 FY02/16 FY02/17 FY02/18 FY02/19 FY02/20 (JPYmn) Act. Act. Act. Act. Act. Act. Act. Act. Act. Act. Est. Operating revenue 877,762 869,476 858,123 870,333 904,180 912,523 929,588 923,601 949,572 912,848 933,000 YoY -10.1% -0.9% -1.3% 1.4% 3.9% 0.9% 1.9% -0.6% 2.8% -3.9% 2.2% Sales 827,872 819,062 805,757 815,387 845,785 851,374 865,889 860,761 886,700 846,894 862,000 YoY -10.6% -1.1% -1.6% 1.2% 3.7% 0.7% 1.7% -0.6% 3.0% -4.5% 1.8% Gross profit 218,056 212,249 208,245 209,700 214,673 214,492 214,878 211,996 218,405 217,403 218,130 YoY -11.9% -2.7% -1.9% 0.7% 2.4% -0.1% 0.2% -1.3% 3.0% -0.5% 0.3% GPM 26.3% 25.9% 25.8% 25.7% 25.4% 25.2% 24.8% 24.6% 24.6% 25.7% 25.3% Operating profit 13,428 18,173 21,099 25,476 29,099 32,022 32,972 34,000 35,318 26,661 28,000 YoY -45.9% 35.3% 16.1% 20.7% 14.2% 10.0% 3.0% 3.1% 3.9% -24.5% 5.0% OPM 1.6% 2.2% 2.6% 3.1% 3.4% 3.8% 3.8% 3.9% 4.0% 3.1% 3.2% Recurring profit 16,764 22,484 24,355 29,866 33,350 35,904 37,785 37,215 38,606 31,234 26,000 YoY -40.1% 34.1% 8.3% 22.6% 11.7% 7.7% 5.2% -1.5% 3.7% -19.1% -16.8% RPM 2.0% 2.7% 3.0% 3.7% 3.9% 4.2% 4.4% 4.3% 4.4% 3.7% 3.0% Ne t in c o m e 7,709 13,849 10,895 16,540 18,716 22,581 23,829 20,870 23,658 16,443 17,000 YoY -34.4% 79.6% -21.3% 51.8% 13.2% 20.7% 5.5% -12.4% 13.4% -30.5% 3.4% Ne t ma rgin 0.9% 1.7% 1.4% 2.0% 2.2% 2.7% 2.8% 2.4% 2.7% 1.9% 2.0% Per share data (JPY) Shares issued (year-end; '000) 330,827 330,827 330,827 330,827 330,827 355,519 355,519 355,519 355,519 177,759 - Shares issued (adjusted, year-end; '000) 165,414 165,414 165,414 165,414 165,414 177,759 177,759 177,759 177,759 177,759 - EPS 46.7 83.9 66.0 100.3 113.5 132.6 135.8 119.4 135.4 94.1 99.3 EPS (fully diluted) 44.2 78.1 61.4 93.3 102.4 112.1 119.6 105.1 119.2 81.4 - Dividend per share 20.0 20.0 20.0 20.0 20.0 20.0 24.0 24.0 24.0 24.0 24.0 Book value per share 1,742 1,796 1,832 1,997 2,172 2,263 2,283 2,359 2,359 2,541 - Balance sheet (JPYmn) Cash and cash equivalents 59,011 70,503 76,124 69,495 106,451 87,887 75,487 107,159 99,541 97,090 Total current assets 239,816 265,878 262,394 236,263 332,121 288,147 290,625 325,500 327,501 307,568 Tangible fixed assets 381,943 381,920 375,748 378,755 394,436 412,474 417,307 413,703 550,757 621,228 Intangible fixed assets 19,417 26,451 29,799 28,979 28,716 109,505 108,327 107,172 18,035 28,951 Investments and other assets 143,921 142,838 135,975 146,688 146,864 169,483 158,161 140,087 139,511 120,382 Total assets 785,098 817,088 803,917 790,687 902,139 979,611 974,421 986,464 1,035,807 1,078,130 Accounts payable 85,684 87,248 87,297 87,883 95,901 101,558 103,363 101,320 102,428 108,560 Short-term debt 24,593 14,083 39,811 19,172 47,301 37,292 17,187 9,007 50,382 13,418 Total current liabilities 302,444 304,198 322,910 294,645 335,599 336,703 325,082 319,793 370,888 349,216 Long-term debt 95,962 117,679 87,667 79,674 120,227 126,225 137,412 146,255 123,878 181,363 Total fixed liabilities 191,415 211,789 173,525 160,597 201,627 234,430 241,951 244,780 215,392 267,328 Total liabilities 493,859 515,988 496,436 455,243 537,227 571,133 567,034 564,574 586,281 616,545 Net assets 291,239 301,099 307,481 335,443 364,912 408,477 407,386 421,890 449,526 461,585 Cash flow statement (JPYmn) Cash flows from operating activities 23,428 20,645 31,921 44,141 40,582 41,018 25,638 42,266 36,870 67,913 46,000 Cash flows from investing activities -10,508 -13,240 -16,356 -28,470 -30,389 -116,049 -16,081 -9,124 -62,286 -85,815 -29,000 Cash flows from financing activities 14,817 7,673 -8,210 -32,931 64,391 11,619 -19,239 -4,228 14,185 17,226 -22,000 Financial ratios Total interest-bearing
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