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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  Gurunavi, Inc.    2440   JP3274180003

GURUNAVI, INC.

(2440)
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Gurunavi : Supplementary materials on the results for 1Q FY2020

07/29/2020 | 02:15am EST

INVESTOR PRESENTATION

Financial Results for the First Quarter of the Fiscal Year 2020

Gurunavi, Inc.Stock Code : 2440

Financial Highlights

  • Significant decline in sales as a result of temporary suspension and exemption of membership fee payment to respond to the spread of COVID-19
  • From June, member restaurants resume service usage and users returned to the Gurunavi site (p.5~7)
  • Adapted to changes in the business environment, aiming business recovery and growth as a restaurant management support company (p.11~19)

Net sales

JPY

1,783 million

(76.4) % YoY

Operating loss

JPY

(3,824) million

Net loss attributable to owners of parent

JPY

(3,777) million

Basic loss per share (EPS)

JPY

(80.60)

Number of total paying member restaurants

51,640

(12.5) % YoY

(At the end of June 2020)

Number of Gurunavi members who tie-up with Rakuten ID

2.66 million

109.6 % YoY

(At the end of June 2020)

2

Consolidated income statement

JPY million

Net sales

Cost of sales

Gross profit

SG&A expenses

Operating income (loss)

Ordinary income (loss)

Net income (loss) before income taxes

Net income (loss) attributable to owners of parent

Q1 FY2019

Ratio to

Q1 FY2020

Ratio to

YoY

(Apr.-June)

sales

(Apr.-June)

sales

Change

7,551

100.0%

1,783

100.0%

(76.4)%

2,684

35.5%

1,738

97.5%

(35.2)%

4,867

64.5%

45

2.5%

(99.1)%

4,787

63.4%

3,869

217.0%

(19.2)%

80

1.1%

(3,824)

-

-

90

1.2%

(3,815)

-

-

90

1.2%

(3,767)

-

-

61

0.8%

(3,777)

-

-

3

Consolidated売上高内訳 sales breakdown

JPY million

Q1 FY2019

Q1 FY2020

YoY

(Apr.-June)(Apr.-June)

Net sales

7,551

1,783

(76.4)%

Restaurant promotion services

6,982

1,475

(78.9)%

Cumulative retained services

6,014

1,350

(77.5)%

Spot services

967

125

(87.1)%

Promotions

118

133

12.6%

Related businesses

451

174

(61.3)%

Cumulative retained services

  • From April, due to the spread of COVID-19, measures such as suspension, reductions or exemptions, etc. were taken according to conditions of member restaurants.

Spot services

  • Online reservation commission fees decreased significantly due to a decline in restaurant demand.

Related businesses

  • Split of "Let's Enjoy Tokyo" business in September 2019 and business regarding food delivery service for corporations in January 2020.
  • Implement measures of suspension in "LIVE JAPAN" business.

(JPY million)

10,000

9,000

534

634

461

Related businesses

8,000

513

600

144

322

451

433

200

382

174

314

7,000

751

1,166

999

118

179

1,511

293

Promotions

6,000

691

967

1,021

995

5,000

Spot services

4,000

6,778

3,000

6,417

6,385

6,300

6,014

5,978

6,093

5,823

Cumulative retained

174

2,000

services

133

1,000

125

1,350

0

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

FY2018

FY2019

FY2020

4

Impact of the spread of COVID-19

  • Status of cumulative retained services

While the use of our services resumed from June onwards following their temporary suspension and exemption,

restaurants' business conditions were more severe than expected and there was an increase in the number of

cancellations due to financial difficulties.

We aim to recover the loss of contracts by introducing new services and other measures (see later slides for details).

Sales of cumulative retained services

Changes in number of total paying member restaurants

Suspension and

exemption

measures

June sales

43% compared to March

39% year on year

Mar.

Apr.

May

June

59,173

51,640

Mar.

Apr.

May

June

Note: Restaurants which suspended operations are counted as paying member restaurants

5

Impact of the spread of COVID-19

  • Status of cumulative retained services

Trends in number of member restaurants and ARPUImage

1 April - May

2 June onwards

3 Business recovery to growth (aim)

ARPU declined due to temporary suspension and exemption

Cancellations increased as a result of management difficulties at restaurants → no. of restaurants decreased

ARPU

ARPU recovered from temporary suspension and exemption

Increase in cancellations continues due to management difficulties of restaurants → no. of restaurants decreased

Introduce new services and expand sales area, aiming for a recovery of no. of restaurants and

ARPU

Before COVID-19

No. of member restaurants

6

Impact of the spread of COVID-19

  • Status of online reservations

After cancellation of the emergency declaration, consumer demand for eating out began to gradually return, and the number of online reservations which dropped in April to 6% of the previous year's level recovered to 51% in June.

300

250

200

150

100

50

0

Number of online reservations

YOY change in online reservations

FY2018

FY2019

FY2020

133%

(April 2018 = 100)

51%

6%

12%

Apr. May June

July

Aug. Sep.

Oct. Nov. Dec.

Jan.

Feb. Mar.

Jan.

Feb.

Mar.

Apr.

May

June

Q1

Q2

Q3

Q4

7

Consolidated cost breakdown

JPY million

Q1 FY2019

Q1 FY2020

YoY

(Apr.-June)

(Apr.-June)

Total cost

7,471

5,607

(24.9)%

Cost of sales

2,684

1,738

(35.2)%

SG&A

4,787

3,869

(19.2)%

Personnel expenses

2,415

2,018

(16.4)%

Rent expenses

493

501

1.6%

Business consignment expenses

414

285

(30.9)%

Advertising and promotion expenses

620

229

(63.1)%

Other

843

834

(1.1)%

(JPY million)

10,000

9,000

8,000

7,000

2,385

2,805

3,019

6,000

2,434

2,684

5,000

367

410

835

787

620

1,267

1,208

4,000

981

946

843

550

542

536

3,000

473

414

512

494

519

2,000

516

493

1,000

2,528

2,500

2,509

2,378

2,415

0

Q1

Q2

Q3

Q4

Q1

FY2018

Cost of sales

  • Reduced human resource-related cost and development cost as a result of work efficiency measures implemented in the previous fiscal year.
  • In addition, content production cost and service operation cost decreased due to the temporary suspension of the use of services.

SG&A

  • Personnel /business consignment expenses
    Costs reduced as a result of work efficiency measures implemented in the previous fiscal year.
  • Advertising and promotion expenses
    Decrease expenses related to points program as a result of decrease in online reservations during state of emergency Limited advertisement for the promotion of services.

Cost of sales

Advertising and

2,590

promotion expenses

2,464

2,397

Other expenses

1,085

1,738

695

885

229

Business consignment

801

907

929

834

expenses

274

298

328

285

481

501

500

501

Rent expenses

2,292

2,167

2,031

2,018

Q2

Q3

Q4

Q1

Personnel expenses

FY2019

FY2020

8

Consolidated balance sheets

  • Strengthened financing means as preparation for the possible recurring waves of infection and the long-term effects of COVID-19
    Increased committed credit lines amounted to 12 billion yen from 6 billion yen

JPY million

Total current assets

Cash and deposits

Notes and accounts receivable-trade

Accounts receivable- other

Allowance for doubtful accounts

Other

Total non-current assets

Property, plant and equipment

Intangible assets

Investments and other assets

Total assets

As of Mar. 31,

As of June 30,

2020

2020

18,002

12,390

11,653

9,520

4,172

1,967

1,511

310

(205)

(296)

871

889

5,977

5,728

844

909

1,823

1,517

3,309

3,300

23,979

18,119

Change

JPY million

(5,611)

Total current liabilities

(2,132)

Accounts payable-

other

(2,205)

Income taxes payable

(1,200)

Provision for bonuses

(91)

Provision for point

card certificates

17

Other

(248)

Total non-current

liabilities

65

Total liabilities

(305)

Total net assets

(8)

Equity

(5,860)

Total liabilities and

net assets

As of Mar. 31,

As of June 30,

Change

2020

2020

4,449

2,623

(1,826)

2,154

1,312

(842)

505

37

(467)

587

306

(280)

209

171

(37)

993

795

(197)

259

147

(111)

4,709

2,770

(1,938)

19,270

15,348

(3,921)

19,211

15,283

(3,927)

23,979

18,119

(5,860)

9

FY2020 Consolidated forecasts

  • Currently undecided

Since it is difficult to calculate a rational business outlook based on the impact on restaurants by COVID- 19 and new lifestyle during/post COVID-19, the consolidated forecasts for the fiscal year ending March 2021 are currently undecided.

The forecasts will be promptly disclosed when they become available.

10

Initiatives for recovery of business performance

  • The risks and opportunities of our business as revealed by the spread of COVID-19

Risks

Opportunities

The market

for eating out

contracts

Structural

changes of restaurants

The effect of spread of COVID-19

  • Expenditure for eating out down due to economic downturn and prolonged impact of COVID-19
  • Decrease in eating out opportunities due to lifestyle changes
  • Selection/reduction of restaurants
    ・・・
  • Increase in business participation in prepared meals
  • Changes in business region
  • Need for operational efficiency
    ・・・

Concerns around

contraction of

existing businesses

centered on sales promotion support

Increase in demand

for business and

management

support

Future initiatives

1 Recovery of

existing businesses

Reliably capture consumer demand and send customers to member restaurants

Develop and strengthen services respond to the challenges of restaurants

Build a multi-faceted structure to support restaurants and diversify revenue sources

2 Create new sales

Accelerate remote working among our employees

3 Improve productivity,

reduce fixed costs

11

Initiatives for recovery of business performance

  • Direction of Initiatives for recovery of business performance

Aim to recover and re-grow of business performance by recognizing that this is an opportunity to accelerate the evolution from a restaurant promotion support company to a management support company, which is our medium- term business policy.

1 Recovery of

existing businesses

Reliably capture consumer demand and send customers to member restaurants

Develop and strengthen services respond to the challenges of

restaurants

Build a multi-faceted structure to support restaurants and diversify revenue sources

2 Create new sales

3 Improve productivity,

reduce fixed costs

From a restaurant promotion support company to a management support company

Strengthening

profitability

Image of recovery of business performance

Sales

2

Fixed cost

3

1

Now

Time

12

Initiatives for recovery of business performance

(Reference) Changes required for restaurants during/post COVID-19

Various changes are required in restaurant management to meet consumer needs and lifestyles transformed by the spread of COVID-19

Consumer lifestyle changes

Reoccurring waves of infection,

during/post COVID-19

concerns over long-term impacts of COVID-19

New lifestyle patterns, rein in expenditure, change in area of activity etc.

Target objectives for restaurants

Rebuild marketing plans

Diversification of sales channels

Strengthen communication

with consumers

Reduction of large-scale company

Continued demand for prepared meals

Effective information dissemination

parties and dinners

(delivery, takeout, e-commerce)

to regular customers

Infectious disease control,

Strengthen profitability

hygiene management

Operational optimization,

Maintain/improve service quality

Ensure social distancing,

fixed cost reduction

shift to contactless reception

13

Initiatives for recovery of business performance

(Reference) Status of member restaurants

In June, while some restaurants have continued to shorten business hours, the number of restaurants that resumed business increased. With the spread of COVID-19, the number of restaurants that start home meal replacement (particularly takeout/takeaway) is increasing.

Business status of member restaurants

Response for takeout/takeaway and delivery (as of June)

Takeout/Takeaway Delivery

44.1%

7.6%

36.5%

11.7%

22.0%

28.5%

15.5%

7.6%

57.0%

52.0%

55.9%

3.9%

April Survey

June Survey

As usual

Shorten business hours

Suspension

15.8%

41.9%

Already started before COVID-19

Start in response to COVID-19

Under consideration

Not planned

*Web survey for member restaurants, April survey: conducted from April 24 to May 1 (n=229), June survey: conducted from June 22 to 29 (n=315)

14

Initiatives for recovery of business performance

  • Develop/strengthen services in response to changes in challenges for restaurants

1

Recovery of existing

2

Create new sales

businesses

Introduce services essential for restaurants during/post COVID-19 flexibly and promptly

Supporting the management of a wide range of restaurants and lead to recovery and expansion of customer numbers and contract volume

  • Introduce new service plans that package
    'immediately' essential support to restaurants

Diversification of sales channels

Rakuten Realtime Takeout

Gurunavi Takeout

Streamline customer/seat management

Gurunavi ledger

Effective information dissemination

Mail delivery agent service

Creation and distribution of restaurant's video

  • Expand business support services
    Multi-payment service "Gurunavi Pay"
    June 29 Five card brands added
    Can be used at various stores other than Gurunavi member restaurants
  • Expand area of service providers

Launch supportive efforts for restaurants in areas without business offices that use agencies

  • Expanding nationwide support for restaurant management centered

on ICT support for store operations

and agency services that are in high demand

Area without business office

15

Initiatives for recovery of business performance

  • Build versatile restaurant support and diversify revenue sources (1)

2 Create new sales

Launch ordering support service for ingredients under national restoration policies

Revitalize food service industries, including producers, while expanding support for restaurants

  • Launch of e-commerce website to connect restaurants, producers, and wholesalers nationwide impacted by COVID-19

Restaurants can purchase domestic ingredients and takeout/delivery packaging materials sold by domestic producers or on wholesale for up to half the regular cost

Leveraging know-how and networks built by this business

Mid-term vision

Restaurants (Orderer)

Further expand the network of member restaurants by expanding support areas

Efficiency by ICT

Build/expand network of producers etc.

Producer/Wholesaler/Distributor

(Supplier)

*Scheduled to operate until end of 2021/1, as part of policy of the Ministry of Agriculture, Forestry and Fisheries

Aim for full-scale entry into food ordering

support business

16

Initiatives for recovery of business performance

  • Build versatile restaurant support and diversify revenue sources (2)

2 Create new sales

Aim for entry into leasing service that connects real estate companies and restaurants

Seek new profits from real estate and other businesses while expanding support for restaurants

Mid-term vision

Business assets of Gurunavi

Location introduction,

Database on

Network of

ICT

management support

eating out

restaurants

tools

Analysis

Leveraging

Matching,

rotation

Concept

Attracting

Floor

design

restaurants management

Consulting and

promotional support

Creating bustling with "food"

at commercial facilities

Restaurants

Real estate companies

Reduce hurdles in restaurant expansion Create branch opportunities for ambitious restaurants regardless of business scale

Creating bustling at commercial facilities by leveraging network of member restaurants and media power

17

Initiatives for recovery of business performance

  • Capture consumer demand
    and send customers to member restaurants

1 Recovery of existing businesses

Reliably capture consumer demand for both eating out and prepared meals and send customers to member restaurants

Response to changes in challenges for restaurants by COVID-19

  • Strengthen takeout service through partnership with Rakuten

Began partnership with Rakuten Realtime Takeout in July

Order/pre-pay via PC

Prepare the

Pick up at

or smart phone

foods

specified time

  • Added information of hygiene-related efforts on restaurant page

image

Measures to continuously strengthen online reservations

  • Continue to improve UI/UX → Increase CVR/login reservation rate

Better guide users to online reservations on restaurants pages

Promote logins on reservation forms

  • Stimulate demand and promote online reservations through the Gurunavi site

Implement campaign with Rakuten Super Points as the hook

Number of Gurunavi members who tie-up

with Rakuten ID (cumulative)

(million people)

ID tie-up by new Gurunavi members

ID tie-up by existing Gurunavi members

Regrowth in no. of ID tie-ups from June

3.0

2.66 million people

2.5

2.0

1.5

1.0

0.5

0.0

Q3

Q4

Q1

Q2

Q3

Q4

Q1

FY2018

FY2019

FY2020

18

Initiatives for recovery of business performance

  • Improve value creativity and productivity, reduce fixed costs

3 Improve productivity,

reduce fixed costs

To prevent the spread of infection, continue to work remotely in principle from the end of February

Taking environmental changes as opportunities for evolution, aiming for a "new way of working" with the

aim of improving productivity and workability

Make remote working

the standard

Reduce office space

*excludes some sales offices and job

*Scheduled for end of Dec. 2020

categories

Expand support for construction and

Returned 3 floors of 5 floors of the

maintenance of work environment,

head office

such as provision of remote work

75% reduction in seats

subsidy

Rent reduction effect0.4 billion yen per year

Make office coworking space

and open-seating

*Sequentially from Oct. 2020

Position office space as a place for

value co-creation

*Some costs will be incurred this year for the restoration of floors for which contracts are cancelled and repair of those which will continue to be used

19

Gurunavi will continue evolving to create

a gourmet lifestyle for the 21st century.

Reference materials

21

Number of member restaurants

FY2020 Q1

Number of total paying member restaurants

51,640

at the end of June 2020

*Including member restaurants with other fee type contract

down by 7,367 from the end of June 2019

Number of basic member restaurants with

48,144

at the end of June 2020

annual fixed fee

down by 8,365 from the end of June 2019

(Restaurants)

65,000

Basic member restaurants with annual fixed fee

60,000

Member restaurants with other fee type contract

55,000

50,000

45,000

40,000

35,000

30,000

25,000

20,000

15,000

10,000

5,000

0

Q1 Q2 Q3 Q4

Q1 Q2 Q3 Q4

Q1 Q2 Q3 Q4

Q1 Q2 Q3 Q4

Q1 Q2 Q3 Q4

Q1 Q2 Q3 Q4

Q1 Q2 Q3 Q4

Q1 Q2 Q3 Q4

Q1 Q2 Q3 Q4

Q1 Q2 Q3 Q4

Q1

FY2010

FY2011

FY2012

FY2013

FY2014

FY2015

FY2016

FY2017

FY2018

FY2019

FY2020

22

User reach

Unique user per month

56.00 million

In December 2019; 61.00 million users in December 2018

  • Decreased year-on-year, affected by closing and transfer of related sites due to reorganization of businesses

Number of Gurunavi members 19.00 million

As of July 1, 2020; 17.57 million members as of July 1, 2019

Gurunavi members

(Million people)

18

16

14

12

10

8

6

4

7.05

7.19

7.54

8.02

8.45

8.59

8.96

9.26

9.41

9.66

10.04

10.33

10.61

10.92

11.33

11.80

12.09

12.38

12.67

12.97

13.23

13.46

13.73

13.97

14.20

14.42

14.65

14.89

15.12

15.36

15.79

15.86

16.05

16.25

16.77

17.18

17.57

17.96

18.50

18.85

19.00

2

0

Q1 Q2 Q3 Q4

Q1 Q2 Q3 Q4

Q1 Q2 Q3 Q4

Q1 Q2 Q3 Q4

Q1 Q2 Q3 Q4

Q1 Q2 Q3 Q4

Q1 Q2 Q3 Q4

Q1 Q2 Q3 Q4

Q1 Q2 Q3 Q4

Q1 Q2 Q3 Q4

Q1

FY2010

FY2011

FY2012

FY2013

FY2014

FY2015

FY2016

FY2017

FY2018

FY2019

FY2020

*Unique users per month: Based on browser count

*Gurunavi member: An individual who has registered for membership at Gurunavi

23

Quarterly sales data (consolidated)

Net sales (Unit: JPY million)

Cumulative retained services

a

Spot services

b

c=

Restaurant promotion services

a+b

Promotions

d

Core businesses total

e=

c+d

Related businesses

f

Total

g=

e+f

(Unit: JPY)

Cumulative retained services

h *1

revenue per restaurant(ARPU)

Restaurant promotion services revenue

i

*2

per restaurant(ARPU) 1

Restaurant promotion services revenue

j

*3

per restaurant(ARPU) 2

FY2017

FY2018

FY2019

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

7,518

7,346

7,443

7,225

6,778

6,417

6,385

6,300

6,014

5,978

6,093

604

710

1,198

861

751

691

1,166

999

967

1,021

1,511

8,123

8,056

8,641

8,087

7,530

7,108

7,552

7,299

6,982

6,999

7,605

152

195

266

403

144

174

322

314

118

179

200

8,276

8,252

8,908

8,490

7,674

7,282

7,874

7,614

7,100

7,178

7,805

515

516

631

635

534

513

634

600

451

433

461

8,791

9,539

9,126

8,209

7,795

8,509

8,214

7,551

7,611

8,267

8,769

FY2017

FY2018

FY2019

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

41,202

40,352

40,791

39,755

37,791

36,191

36,279

36,185

35,181

35,357

36,182

44,292

43,772

46,718

43,667

40,933

38,911

41,493

40,430

39,227

39,557

42,961

44,515

44,253

47,357

44,495

41,982

40,091

42,902

41,927

40,842

41,396

45,158

FY2020

Q4

Q1

5,823

1,350

  1. 125
    6,819 1,475
  1. 133
    7,113 1,608
  1. 174

7,495

1,783

FY2020

Q4

Q1

34,797

8,687

38,449

8,878

40,747

9,492

*1) Sales of cumulative retained services devided by the average of number of basic member restaurants with annual fixed fee at previous and current quarter-endh=2/3*a/(lt-1+lt)

*2) Sum of sales of cumulative retained services and those of spot services devided by the average of number of total paying member restaurants at previous and current quarter-end

i=2/3*c/(kt-1+kt)

*3) Sum of sales of cumulative retained services and those of spot services devided by the average of number of basic member restaurants with annual fixed fee at previous and current quarter-end

j=2/3*c/(lt-1+lt)

Number of member restaurants

FY2017

FY2018

FY2019

(Unit: restaurants)

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Total paying member restaurants

k=

61,383

61,328

61,986

61,482

61,157

60,629

60,712

59,660

59,007

58,951

59,067

l+m

Basic member restaurants

l

60,770

60,606

61,045

60,123

59,452

58,747

58,608

57,465

56,509

56,210

56,067

with annual fixed fee

Paying member restaurants

m

613

722

941

1,359

1,705

1,882

2,104

2,195

2,498

2,741

3,000

with other fee type contract

86,536

86,679

87,665

86,607

88,078

89,927

89,584

91,405

90,345

81,586

75,763

Non-paying member restaurants

n

FY2020

Q4

Q1

59,173

51,640

55,505

48,144

3,668

3,496

73,978

73,399

24

User overview

Users by age group

User composition by gender

Unknown

4.7%

Under 20

60 and above

9.7%

0.4%

20's

12.6%

50's30's

17.8%26.7%

40's

28.2%

Women Men

46.7% 53.3%

Source: Gurunavi member data In June 2020

25

Regional expansion and member restaurants

21 sales offices that provide services to local businesses across the country

Head Office

Kanazawa Sales Office

Hokkaido Sales Office

Osaka Sales Office

Sendai Sales Office

Kyoto Sales Office

Ibaraki Sales Office

Kobe Sales Office

Tochigi Sales Office

Okayama Sales Office

Saitama Sales Office

Hiroshima Sales Office

Chiba Sales Office

Ehime Sales Office

Yokohama Sales Office

Fukuoka Sales Office

Shizuoka Sales Office

Kagoshima Sales Office

Nagoya Sales Office

Okinawa Sales Office

Niigata Sales Office

Percentage of member restaurants(paid) by region

Shiokoku 1.3%

Chugoku 3.0%Okinawa 1.5%

Hokuriku 2.9%

Touhoku 2.9%

Hokkaido 2.4%

Kyushu 5.5%

Chubu 9.2%

Kanto 50.3%

Kansai 21.0%

Percentage of member restaurants (paid) by restaurant type

Other cuisine 6.5%

Cafes / Dessert Spots 2.0%

Chinese 3.5%

Asian BBQ / Teppanyaki 9.4%

Japanese 26.0%

Bars / Gastropubs 4.2%

Other Western 2.8%

Italian / French 9.3%

Izakaya (Japanese Pub)

36.3%

* In June 2020

26

Sales and costs & expenses

Sales

(Million yen) 40,000

Costs & Expenses

(Million yen) 40,000

35,000

30,000

Related businesses

Promotions

Spot services

Cumulative retained services

2,323

2,381

2,298

2,214

1,007

1,018

989

2,638

2,282

2,761

3,374

2,786

750

2,529

956

1,729

792

1,847

924

3,609

1,698

4,496

35,000

Cost of sales

Advertising and promotion expenses

Other expenses

Business consignment expenses

30,000

Rent expenses

Personnel expenses

8,832

10,142

10,645

25,000 1,298921

1,772 1,670 1,529

25,000

7,817

8,683

8,626

10,136

1,076 1,062

1,138

20,000

15,000

10,000 21,091 20,431

22,490

30,951

28,883

29,534

27,277

25,881

25,109

23,909

20,000

5,191

6,114

5,096

2,718 3,037

2,458

2,363

2,773

2,697

2,400

4,549

3,287

4,575

4,403

15,000 2,272

2,1504,185

4,485 4,191

3,989

3,482

2,658

2,240

2,103

10,000

4,242

1,471

4,003

2,169

1,415 1,879 1,904 1,173

2,331

1,366

1,565

1,766

2,042

1,315

1,976

1,252

1,133

1,116 1,106

5,000

0

5,000

0

7,438

7,190 7,833 8,313 8,867

9,510

9,833

10,086

9,916

8,906

FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019

FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019

27

Historical data (consolidated)

(Unit: JPY million)

FY2010

FY2011

FY2012

FY2013

FY2014

FY2015

FY2016

FY2017

FY2018

FY2019

Consolidated business results

Net sales

25,238

24,302

27,265

30,518

32,636

34,617

36,979

36,226

32,728

30,927

Operating income

3,369

3,312

3,116

4,147

5,099

6,429

6,740

4,742

1,216

1,821

Ordinary income

3,406

3,375

3,153

4,167

5,127

6,492

6,813

4,809

1,289

1,894

Net income

1,813

1,909

1,959

2,420

3,279

4,367

4,799

3,192

581

949

AssetsLiabilitiesNet assets

Total assets

19,653

16,951

19,103

22,071

23,665

27,322

23,917

25,457

23,797

23,979

Cash and deposits

10,398

7,548

7,399

9,448

10,492

13,131

7,922

8,000

7,630

11,653

Liabilities

8,519

4,381

5,005

5,926

6,201

7,026

5,878

6,270

5,093

4,709

Net assets

11,133

12,569

14,098

16,145

17,464

20,296

18,038

19,186

18,704

19,270

Equity

11,133

12,555

14,042

16,099

17,427

20,266

18,013

19,166

18,662

19,211

Per share data

Earnings per share *1

35.76

39.12

40.15

49.56

67.26

90.19

102.25

68.27

12.42

20.26

Dividends per share(JPY) *1

10

10

10

15

28

38

42

44

8

8

Other

Operating margin(%)

13.4

13.6

11.4

13.6

15.6

18.6

18.2

13.1

3.7

5.9

Return on equity(%)

16.1

16.1

14.7

16.1

19.6

23.2

25.1

17.2

3.1

5.0

Return on assets(%)

10.4

10.4

10.9

11.8

14.3

17.1

18.7

12.9

2.4

4.0

Payout ratio(%)

28.0

25.6

24.9

30.3

41.6

42.1

41.1

64.5

64.4

39.5

Shareholders' equity ratio(%)

56.7

74.1

73.5

72.9

73.6

74.2

75.3

75.3

78.4

80.1

Number of shares of treasury stock

15,854

1,585,400

1,585,400

1,503,649

266,059

216,459

1,924,559

1,892,159

1,839,162

1,806,562

Number of member restaurants (paid)

48,129

48,893

50,310

52,235

53,263

56,967

60,886

60,123

57,465

55,505

*1:Gurunavi implemented a 100-to-1 share split on April 1, 2011 and a 2-to-1 split on April 1, 2014. Calculated on the assumption that these share split were conductedat the beginning of FY2010 (April 1, 2010).

28

Human support structure

A partner who works with restaurant managers with the aim of

expanding operations over the long-term

Providing advice on advertising and promotion and other issues facing member restaurants

Member restaurant sales staff

Paying regular visits to member restaurants to answer questions and provide detailed support

Visiting staff

Providing advice to member restaurants in difficulty

Sharing success stories and know-how to restaurant owners

Call center staff have specific skills related to the restaurant industry

through seminars and video distribution

Call center

Gurunavi Academy

29

Business Environment

  • Number of restaurants

490 thousand outlets in 2016 (peaked at 650 thousand outlets in 1986)

*Sources: 1986 Business Census; 2014 Economic Census for Business Activity *Institutional meals, bars, and night clubs are excluded.

  • Market size of the Japanese restaurant industry

(Trillion yen)

16

14

12

10

8

6

4

2

0

'89 '91 '93 '95 '97 '99 '01 '03 '05 '07 '09 '11 '13 '15 '17

*Source: Food Industry Research Institute; Size of restaurant market *Institutional meals, bars, and night clubs are excluded.

Increased for seven consecutive years due to an increase in foreign visitors to Japan and a rise in corporate entertainment spending

  • Market size of online reservation in restaurant

Trillion yen 0.8

0.7

0.6

0.5

0.4

0.3

0.2

0.1

0

2014

2015

2016

2017

2018

2019

*The Ministry of Economy, Trade and Industry (METI); FY2019 International economic research project on building economic growth strategies in Japan and overseas (E-Commerce Market Survey)

14.3% increase year on year in 2019

30

Company profile as of the end of June 2020

Name

Gurunavi, Inc. stock code: 2440

Establishment

October 2, 1989 incorporated

February 29, 2000 Gurunavi, Inc. established

Head office

1-2-2, Yurakucho, Chiyoda-ku, Tokyo

Capital

2,334 million yen Number of shares issued: 48,675,100 shares

Business description

Web-based information provision relating to restaurants etc. using the platform of PC and smartphones etc.

Provision of support service associated with the management of restaurants etc. and other related business

Chairman and Director : Hisao Taki

Directors

President and Representative Director Akio Sugihara

Outside Directors : Koichi Tsukihara (Independent Director), Hidehiko Sato (Independent Director),

Hirohisa Fujiwara (Independent Director), Kazunori Takeda, Naho Kono

Rakuten, Inc. 15.0%, Hisao Taki 12.7%, The Master Trust Bank of Japan, Ltd. (Trust account) 4.1%,

Japan Traffic Culture Association 4.0%, Odakyu Electric Railway Co, Ltd. 2.4%,

Japan Trustee Services Bank, Ltd. (Trust account) 2.2%, Tokyo Metro Co., Ltd. 2.1%,

Top 10 shareholders

J.P. MORGAN BANK LUXEMBOURG S.A. 1300000 2.0%,

Mizuho Trust & Banking Co., Ltd. retirement benefit trust (Keikyu Corporation account) re-trust trustees, Trust &

Custody Services Bank, Ltd. 1.9%, Hiroko Taki 1.8%

*The ratio of shareholding is calculated based on the total number of shares issued after deduction of treasury stock

(1,806,562 shares).

Total Number of shareholders

12,809

Number of total personnel

Non-consolidated : 1,608 Consolidated : 1,824

Consolidated subsidiaries

Gurunavi Promotion Community, Inc. 100%, Gurunavi (Shanghai), Inc. 100%

Gurunavi Research Institute, Inc. 100%, Gurunavi Support Associe, Inc. 100%

31

Company information

Gurunavi IR contact information

https://corporate.gnavi.co.jp/en/

https://ssl.gnavi.co.jp/company/english/contact/

This document is not intended for offering investments in the securities issued by the Company. The document has been prepared based on data

Disclaimer available at the end of June 2020. The views and forecasts included in the document reflect judgments of the Company when the document was prepared.

The Company will not guarantee or ensure the accuracy and completeness of the information, which may be changed without prior notice.

Disclaimer

Gurunavi Inc. published this content on 29 July 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 July 2020 06:15:07 UTC


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Sales 2021 15 200 M 147 M 147 M
Net income 2021 -9 500 M -91,6 M -91,6 M
Net Debt 2021 - - -
P/E ratio 2021 -2,66x
Yield 2021 -
Capitalization 25 289 M 244 M 244 M
Capi. / Sales 2021 1,66x
Capi. / Sales 2022 1,13x
Nbr of Employees 1 476
Free-Float 56,9%
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Mean consensus HOLD
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Average target price 720,00 JPY
Last Close Price 539,00 JPY
Spread / Highest target 33,6%
Spread / Average Target 33,6%
Spread / Lowest Target 33,6%
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Managers and Directors
NameTitle
Akio Sugihara President & Representative Director
Hisao Taki Chairman
Kazuya Saito Manager-Information Systems
Koichi Tsukihara Independent Outside Director
Naho Kono Outside Director
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