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

GURUNAVI, INC.

(2440)
  Report
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Gurunavi : Supplementary materials on the results for 3Q FY2019

02/05/2020 | 02:44am EST

INVESTOR PRESENTATION

Financial Results for the Third Quarter of the Fiscal Year 2019

(April 1 - December 31, 2019)

Gurunavi, Inc.Stock Code : 2440

Financial Highlights

  • Financial highlights for the first nine months of FY2019

Net sales

JPY

23,431 million

(4.4) % YoY

Operating income

JPY

1,397 million

24.3

% YoY

Operating income on net sales

6.0 %

1.4

pp YoY

Net income attributable to owners of parent

JPY

790 million

4.8

% YoY

Basic earnings per share (EPS)

JPY

16.89

4.7

% YoY

Number of all paying member restaurants

59,067

(2.7) % YoY

(Including member restaurants with other fee type contract)

(At the end of December 2019)

Number of basic member restaurants with annual fixed fee

56,067

(4.3) % YoY

(At the end of December 2019)

Number of Gurunavi members

18.50 million

10.3

% YoY

(As of January 1, 2020)

2

Full-year Consolidated Forecasts

  • Full-yearforecasts revised upwards
    Full-scale structural reforms and upfront investment based on the medium-term business policy be postponed to the next fiscal year

FY2018

FY2019

JPY million

Q3

Full-year

Results

Results

Previous forecast

Revised forecast

Change

Net Sales

32,728

23,431

30,800

31,000

+200

Operating income

1,216

1,397

(2,000)

1,400

+3,400

4.5%

Operating income on net sales

3.7%

6.0%

-

-

Ordinary income

1,289

1,423

(2,000)

1,440

+3,440

Net income attributable to owners of parent

581

790

(2,050)

790

+2,840

Basic earnings per share (JPY)

12.42

16.89

(43.77)

16.86

+60.63

Annual dividends (JPY)

8.00

-

8.00

8.00

-

Payout ratio

64.4%

-

-

47.4%

-

3

Financial Highlights and Full-year Consolidated Forecasts (1)

  • Progress on initiatives for the recovery and regrowth of business performance continue under new management structure

1

Expense reductions to strengthen profit structure progressing faster than expected

2

To maximize results radical structural reforms and upfront investment be implemented

next fiscal year rather than quick short-term measures in the current year

Background

1

Background

2

Factors hindering flexible and rapid service development and improvement are scattered within the company

Aging system Lack of date accumulation and maintenance Resource allocation Human resource development, etc.

Present

Renewing internal systems and strengthening human resource strategies under medium-

situation

term business policy

Conclusion that implementing reforms with sufficient preparation is more effective

Analysis and verification of current situation takes

Short-term measures are less effective than expected

longer than expected

Present

Under preparation and coordination of operational aspects for prompt implementation of

situation

reforms next fiscal year

4

Financial Highlights and Full-year Consolidated Forecasts (2)

Image of profit trends

Thorough

Focus on regaining trustworthiness

Full recovery and growth

from our customers

expense reduction

of business performance

and strengthening business structure

Recovery

Image of profit trends from quick short-term measures

Structural reforms

&

upfront investment

FY2018

FY2019

FY2020

5

Financial Highlights and Full-year Consolidated Forecasts (3)

  • Policy to prioritize structural reforms and investment over profit in the next fiscal year

Image of cost and investment

3 Considerflexibly further investment

Deferment of upfront investment to the next fiscal

2 year based on medium-term policy

1

Reduction in recurring costs

due to cost-cutting

Full recovery in business performance expected from the fiscal year after next

FY2018

Previous forecast

Revised forecast

FY2020

results

policy

FY2019

6

Consolidated income statement

JPY million

Q3 FY2018

Ratio to

Q3 FY2019

Ratio to

YoY

(Apr.-Dec.)

sales

(Apr.-Dec.)

sales

Change

Net sales

24,513

100.0%

23,431

100.0%

(4.4)%

Cost of sales

7,625

31.1%

7,739

33.0%

1.5%

Gross profit

16,887

68.9%

15,692

67.0%

(7.1)%

SG&A expenses

15,763

64.3%

14,294

61.0%

(9.3)%

Operating income

1,124

4.6%

1,397

6.0%

24.3%

Ordinary income

1,148

4.7%

1,423

6.1%

24.0%

Net income before income taxes

1,125

4.6%

1,130

4.8%

0.4%

Net income attributable to owners of parent

754

3.1%

790

3.4%

4.8%

  • Recorded an extraordinary loss of JPY 293 million in loss on valuation of investment securities

7

Consolidated sales breakdown

JPY million

Q3 FY2018

Q3 FY2019

YoY

Cumulative retained services

(Apr.-Dec.)

(Apr.-Dec.)

• Contract reductions/cancellations remain low this quarter as measures

Net sales

24,513

23,431

(4.4)%

to expand the use of online reservations (enhancing customer referral

capability) continued and proposals for business support services

Restaurant promotion services

22,190

21,586

(2.7)%

• New orders remain at low level due to strengthening of proposals to

member restaurants

Cumulative retained services

19,581

18,086

(7.6)%

Spot services

Spot services

2,609

3,500

34.2%

• Online reservation commission fees grew

Promotions

641

498

(22.4)%

Related businesses

Related businesses

1,681

1,346

(19.9)%

• Transfer of "Let's Enjoy Tokyo" business in September and business

regarding food delivery service for corporations scheduled in January

(JPY million)

10,000

631

Related businesses

9,000

635

515

516

266

403

8,000

152

195

1,198

534

634

600

461

604

710

861

322

200

144

513

314

451

433

Promotions

7,000

751

174

1,166

999

118

179

1,511

691

967

1,021

6,000

5,000

Spot services

4,000

7,518

7,346

7,443

7,225

3,000

6,778

6,417

6,385

6,300

6,014

6,093

Cumulative retained

5,978

2,000

services

1,000

0

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

FY2017

FY2018

FY2019

8

Consolidated cost breakdown

JPY million

Q3 FY2018

Q3 FY2019

YoY

Cost of Sales

(Apr.-Dec.)

(Apr.-Dec.)

• Expenses increase with increased use of business support services

Total cost

23,389

22,033

(5.8)%

(advertisement placement agency service, etc.)

Cost of sales

7,625

7,739

1.5%

SG&A

SG&A

15,763

14,294

(9.3)%

• Personnel expensesBusiness consignment expenses

Personnel expenses

7,537

6,875

(8.8)%

As a result of focusing resources on restaurant support business and

improving business efficiency, recruitment activities were reviewed and

Rent expenses

1,525

1,476

(3.2)%

in-house production progressed, resulting in a reduction in

1,629

987

personnel-related costs

Business consignment expenses

(39.4)%

• Advertising and promotion expenses

Advertising and promotion expenses

1,613

2,401

48.9%

Expenses for promoting online reservation use increased

Other

3,457

2,552

(26.2)%

Expenses related to points program increased due to the increase in the

number of online reservations

(JPY million)

10,000

Cost of sales

9,000

8,000

Advertising and

7,000

2,682

2,805

2,786

2,385

3,019

promotion expenses

6,000

2,252

2,420

2,434

2,684

2,590

Other expenses

654

835

2,464

5,000

474

460

1,108

367

410

787

620

1,085

Business consignment

1,103

1,304

1,267

1,208

695

4,000

974

1,166

981

946

843

expenses

565

528

544

602

550

542

536

801

907

3,000

473

414

412

402

548

512

494

519

274

298

Rent expenses

2,000

403

516

493

481

501

1,000

2,582

2,557

2,474

2,472

2,528

2,500

2,509

2,378

2,415

2,292

2,167

Personnel expenses

0

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

FY2017

FY2018

FY2019

9

Consolidated balance sheets

JPY million

As of Mar. 31,

As of Dec. 31,

Change

JPY million

As of Mar. 31,

As of Dec. 31,

Change

2019

2019

2019

2019

Total current assets

14,603

17,819

3,215

Total current liabilities

4,779

5,152

373

Cash and deposits

7,630

9,969

2,339

Accounts payable-

2,416

2,747

330

other

Notes and accounts

4,536

4,546

10

Income taxes payable

168

125

(43)

receivable-trade

Accounts receivable-

1,636

2,012

376

Provision for bonuses

709

300

(409)

other

Allowance for doubtful

(298)

(201)

97

Provision for point

328

214

(114)

accounts

card certificates

Other

1,099

1,491

391

Other

1,155

1,765

609

Total non-current

9,194

6,737

(2,456)

Total non-current

314

258

(55)

assets

liabilities

Property, plant and

1,163

915

(247)

Total liabilities

5,093

5,411

317

equipment

Intangible assets

3,950

2,311

(1,638)

Total net assets

18,704

19,145

441

Investments and

4,080

3,510

(569)

Equity

18,662

19,091

428

other assets

Total assets

23,797

24,557

759

Total liabilities and

23,797

24,557

759

net assets

10

Progress of measures to expand use of online reservations (1)

Online reservations per month

FY2017

FY2018

FY2019

(April 2017 = 100)

October 2018

Started Rakuten ID tie-up

350

300

250

200

150

100

50

0

Apr.

May

Jun.

Jul.

Aug.

Sep.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Q1

Q2

Q3

Q4

11

Progress of measures to expand use of online reservations (2)

Restaurants that award reservation points

Number of ID tie-up (Accumulation)

(million people)

(restaurants)

ID tie-up by new Gurunavi members

ID tie-up by existing Gurunavi members

Approximately

30,000 restaurants

30,000

Approximately

3.0

2.1 million people

20,000

2.0

10,000

1.0

0

0.0

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

3Q

4Q

1Q

2Q

3Q

4Q

FY2018

FY2019

FY2018

FY2019

12

Progress of measures to expand use of online reservations (3)

  • Measures have just begun. Considerable room for expansion in online reservations

Progress in Q3

The number of restaurants that award reservation points / offer immediate reservations steadily increased

Enhance

Improve vacant seat

  • Enhanced promotion and support by human support structure
  • Launched app version of Gurunavi ledger to expand support for reducing workload of reservation and seat management

reservation

information

Future plans

Aiming to improve conversion rate with the improvement of quantity and quality of vacant seat information

conversion

rate

Improve

user interface

  • Further expansion of restaurants that award reservation points / offer immediate reservations
  • Expand vacant seat information in areas, hours and category where user needs are high

Progress in Q3 Improved the route to online reservation mainly at restaurant pages

  • Contribution to conversion rate improvement was below expectation

Future plans

Thorough analysis of user behavior and continuous improvement

Expand

Expand

tie-ups

inflow

Increased awareness due to advertising and campaign in the

Progress in Q3

year-end party season

  • Members who tie-ups user identifier exceed target

with Rakuten

Future plans

Focus on advertising spending and collaboration with Rakuten while monitoring conversion rate

13

Topics: Leveraging online reservations for restaurants (1)

Strategies to Sustain and promote Japan's vibrant food culture

  • Environment and issues surrounding leveraging online reservations for restaurants

Restaurant management environment

Intensifying labor

Diversifying sales

shortages

promotion methods

● ● ●

Benefits of using online reservations

Accept reservations

Increases opportunities to

regardless of time of day

attract customers using

Reduces burden of

various media

handling phone calls

Issues of using online reservations

Constantly

Risk of

fluctuating vacancy

Burden of media

cancellations

Complicated

updates

without notice

seat management

One day of a restaurantexample

Average values at member restaurants from January 2019 to December 2019

Time allotted for media updates

Outside business hours

Lunch

Dinner

Time zone for telephone inquiries

0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23

a.m.p.m.

Time zone for online reservations

0

1

2

3

4

5

6

7

8

9

10 11 12

1

2

3

4

5

6

7

8

9

10 11

a.m.

p.m.

Providing support services that leverage our unique business assets

to solve the issues restaurants face

14

Topics: Leveraging online reservations for restaurants (2)

  • Support services that leverage our unique business assets

Strategies to Sustain and promote Japan's vibrant food culture

media media

AB

Gurunavi

Official website

Google My Business

Other media

Phone

Media update agency service

  • Gurunavi staff centrally manages not only updates to the Gurunavi website but also to other media
  • Optimize overall dissemination of restaurant information to maximize customer attraction and reservations

Reservation management agency service

  • Gurunavi staff centrally manages telephone reservations, and online reservations via Gurunavi as well as other online media
  • Prevent cancellations without notice by confirming reservations over the phone

Sales

increase

Provide comprehensive service by leveraging our unique expertise and data in the field of restaurant promotion

Continue to expand services that contribute to solving issues restaurants face

Realize our future vision of "Growing together with restaurants"

15

Gurunavi will continue evolving to create

a gourmet lifestyle for the 21st century.

Reference materials

17

Progress of measures to expand use of online reservations (Reference)

Gurunavi ledger (reservation and customer management system) contacts

Approximately 5,800

November 2019 Launched app version

Oct. Nov. Dec. Jan. Feb. Mar.

Apr. May Jun.

Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar.

Apr. May Jun.

Jul. Aug. Sep. Oct. Nov. Dec.

FY2017

FY2018

FY2019

18

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)

0.7

0.6

0.5

0.4

0.3

0.2

0.1

0

2014

2015

2016

2017

2018

*The Ministry of Economy, Trade and Industry (METI); FY2018 Survey of Infrastructure Development Status for Data-driven Society in Japan (E-Commerce Market Survey)

41.6% increase year on year in 2018

19

Gurunavi's unique business model

  • Offer support through the establishment and integration of two solid business bases
  1. Restaurant support through IT-basedbusiness-support platform (online infrastructure)
  2. Restaurant support through human support structure (offline infrastructure)

Restaurant

Related business7.0

Promotions2.9

Own

restaurant

information

Membership

2

1

fees

Spot

Promotion fees

services

Farmers & growers,

Sales

JPY32.7bn

Restaurant

Municipalities,

visit

Food manufactures

(FY2018)

Provide

Promotion support

information

Search for

Cumulative retained

information

services

Internet users

Restaurant promotion services90.1

20

Human support structure (offline infrastructure)

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

Holding more than 3,000 lectures annually for restaurant

Call center staff have specific skills related to the restaurant industry

managers and executives, focusing on case studies of success

Call center

Gurunavi Academy

Implement PDCA cycle to identify and solve restaurant issues

Utilizing all of our strengths to provide versatile restaurant support

21

Number of member restaurants

FY2019 Q3

Number of all paying member restaurants

59,067

at the end of December 2019

*Including member restaurants with other fee type contract

down by 1,645 from the end of December 2018

Number of basic member restaurants with

56,067

at the end of December 2019

annual fixed fee

down by 2,541 from the end of December 2018

(Restaurants)

65,000

60,000

55,000

50,000

45,000

40,000

35,000

30,000

25,000

20,000

15,000

10,000

5,000

0

Basic member restaurants with annual fixed fee

Member restaurants with other fee type contract

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 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

FY2007

FY2008

FY2009

FY2010

FY2011

FY2012

FY2013

FY2014

FY2015

FY2016

FY2017

FY2018

FY2019

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 18.50 million

As of January 1, 2020; 16.77 million members as of January 1, 2019

Gurunavi members

(Million people)

19

18

17

16

15

14

13

12

11

10

9

8

7

6

5

4

3

2

1

0

5.34

5.43

5.68

5.88

5.95

6.01

6.21

6.41

6.56

6.70

6.85

6.96

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

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 Q2 Q3 Q4

Q1 Q2 Q3 Q4

Q1 Q2 Q3

FY2007

FY2008

FY2009

FY2010

FY2011

FY2012

FY2013

FY2014

FY2015

FY2016

FY2017

FY2018

FY2019

*Unique users per month: Based on browser count

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

23

User overview

Users by age group

User composition by gender

Unknown

Under 20

4.9%

0.5%

60 and above

9.1%

20's

13.1%

50's

30's

Women

Men

17.2%

53.4%

27.9%

46.6%

40's

27.4%

Source: Gurunavi member data In December 2019

There is little gap between men and women among Gurunavi users, and the site is used by persons from a broad range of age groups.

In addition, the results from a survey conducted by the company show that our users tend to select restaurants based on the menu and atmosphere, showing a high grade of customers who are not searching for discounts.

24

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 1.2%

Chugoku 3.1% Okinawa 1.5%

Hokuriku 2.9%

Touhoku 2.8%

Hokkaido 2.6%

Kyushu 5.5%

Chubu 8.7%

Kanto 50.8%

Kansai 20.8%

Percentage of member restaurants (paid) by restaurant type

Other cuisine 6.7%

Cafes / Dessert Spots 2.0%

Chinese 3.5%

Asian BBQ / Teppanyaki 9.0%

Japanese 25.4%

Bars / Gastropubs 4.3%

Other Western 2.7%

Italian / French 8.9%

Izakaya (Japanese Pub)

37.5%

* In December 2019

25

Sales and costs & expenses

Sales

Costs & Expenses

(Million yen) 40,000

(Million yen)

40,000

35,000

Related businesses

Promotions

Spot services

2,381

2,298

1,007

2,214

1,018

Cost of sales

35,000

Advertising and promotion expenses

Other expenses

30,000

Cumulative retained services

2,786

924

25,000

2,323

1,698

1,298

921

1,033

1,772

1,670

1,529

1,820

1,076

1,062

1,008

1,138

20,000

15,000

25,109

21,091

22,490

10,000

20,313

20,431

5,000

989

2,638

2,282

2,761

3,374

750

2,529

956

1,847

3,609

28,883 30,951 29,534

27,277

25,881

Business consignment expenses

30,000

Rent expenses

Personnel expenses

8,832

10,142

10,645

25,000

8,683

8,626

7,817

6,114

20,000

5,191

2,773

2,697

2,400

5,096

2,363

2,458

5,398

2,718

3,037

4,575

4,549

4,403

2,272

15,000

2,150

3,989

4,185

1,393

4,191

4,485

2,658

2,240

2,103

4,242

4,003

2,331

2,169

4,004

1,766

2,042

1,904

1,366

1,565

10,000

1,879

1,471

1,415

1,173

1,106

1,326

1,252

1,116

1,133

1,227

5,000

7,833

8,313

8,867

9,510

9,833

10,086

9,916

7,438

7,190

6,279

0

FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018

0

FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018

26

Quarterly sales data (consolidated)

Net sales (Unit: JPY million)

FY2016

FY2017

FY2018

FY2019

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Cumulative retained services

a

7,601

7,674

7,880

7,795

7,518

7,346

7,443

7,225

6,778

6,417

6,385

6,300

6,014

5,978

6,093

Spot services

b

487

596

813

741

604

710

1,198

861

751

691

1,166

999

967

1,021

1,511

Restaurant promotion services

c=

8,088

8,271

8,693

8,536

8,123

8,056

8,641

8,087

7,530

7,108

7,552

7,299

6,982

6,999

7,605

a+b

Promotions

d

155

189

262

399

152

195

266

403

144

174

322

314

118

179

200

Core businesses total

e=

8,243

8,460

8,956

8,936

8,276

8,252

8,908

8,490

7,674

7,282

7,874

7,614

7,100

7,178

7,805

c+d

Related businesses

f

520

508

676

676

515

516

631

635

534

513

634

600

451

433

461

Total

g=

8,763

8,968

9,633

9,613

8,791

8,769

9,539

9,126

8,209

7,795

8,509

8,214

7,551

7,611

8,267

e+f

(Unit: JPY)

FY2016

FY2017

FY2018

FY2019

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Cumulative retained services

h *1

43,990

43,420

43,625

42,700

41,202

40,352

40,791

39,755

37,791

36,191

36,279

36,185

35,181

35,357

36,182

revenue per restaurant(ARPU)

Restaurant promotion services revenue

i *2

-

-

-

-

44,292

43,772

46,718

43,667

40,933

38,911

41,493

40,430

39,227

39,557

42,961

per restaurant(ARPU) 1

Restaurant promotion services revenue

j *3

46,811

46,793

48,126

46,763

44,515

44,253

47,357

44,495

41,982

40,091

42,902

41,927

40,842

41,396

45,158

per restaurant(ARPU) 2

*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 all paying member restaurants at previous and current quarter-endi=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-endj=2/3*c/(lt-1+lt)

Number of member restaurants

FY2016

FY2017

FY2018

FY2019

(Unit: restaurants)

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

All paying member restaurants

k=

58,226

59,612

60,816

60,886

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

58,226

59,612

60,816

60,886

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

Non-paying member restaurants

n

81,529

83,182

82,466

87,019

86,536

86,679

87,665

86,607

88,078

89,927

89,584

91,405

90,345

81,586

75,763

27

Historical data (consolidated)

(Unit: JPY million)

FY2009

FY2010

FY2011

FY2012

FY2013

FY2014

FY2015

FY2016

FY2017

FY2018

Consolidated business results

Net sales

30,518

24,175

25,238

24,302

27,265

32,636

34,617

36,979

36,226

32,728

Operating income

4,545

3,369

3,312

3,116

4,147

5,099

6,429

6,740

4,742

1,216

Ordinary income

4,578

3,406

3,375

3,153

4,167

5,127

6,492

6,813

4,809

1,289

Net income

2,323

1,813

1,909

1,959

2,420

3,279

4,367

4,799

3,192

581

AssetsLiabilitiesNet assets

Total assets

22,071

15,309

19,653

16,951

19,103

23,665

27,322

23,917

25,457

23,797

Cash and deposits

5,531

10,398

7,548

7,399

9,448

10,492

13,131

7,922

8,000

7,630

Liabilities

3,895

8,519

4,381

5,005

5,926

6,201

7,026

5,878

6,270

5,093

Net assets

11,413

11,133

12,569

14,098

16,145

17,464

20,296

18,038

19,186

18,704

Equity

11,413

11,133

12,555

14,042

16,099

17,427

20,266

18,013

19,166

18,662

Per share data

Earnings per share *1

49.56

45.20

35.76

39.12

40.15

67.26

90.19

102.25

68.27

12.42

Dividends per share(JPY) *1

10

10

10

10

15

28

38

42

44

8

Other

Operating margin(%)

13.6

18.8

13.4

13.6

11.4

15.6

18.6

18.2

13.1

3.7

Return on equity(%)

22.0

16.1

16.1

14.7

16.1

19.6

23.2

25.1

17.2

3.1

Return on assets(%)

16.5

10.4

10.4

10.9

11.8

14.3

17.1

18.7

12.9

2.4

Payout ratio(%)

22.1

28.0

25.6

24.9

30.3

41.6

42.1

41.1

64.5

64.4

Shareholders' equity ratio(%)

74.6

56.7

74.1

73.5

72.9

73.6

74.2

75.3

75.3

78.4

Number of shares of treasury stock

2,779

15,854

1,585,400

1,585,400

1,503,649

266,059

216,459

1,924,559

1,892,159

1,839,162

Number of member restaurants (paid)

50,227

48,129

48,893

50,310

52,235

53,263

56,967

60,886

60,123

57,465

*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 FY2009 (April 1, 2009).

28

Company profile as of the end of December 2019

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%, Japan Traffic Culture Association 4.0%,

The Master Trust Bank of Japan, Ltd. (Trust account) 2.8%, 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

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%,

BNYM SA/NV FOR BNYM FOR BNYM GCM CLIENT ACCTS M ILM FE 1.6%,

*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

12,273

Number of total personnel

Non-consolidated : 1,671 Consolidated : 1,917

Consolidated subsidiaries

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

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

29

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 December 2019. 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 05 February 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 February 2020 07:43:00 UTC


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Sales 2021 15 200 M 146 M 146 M
Net income 2021 -9 500 M -91,5 M -91,5 M
Net Debt 2021 - - -
P/E ratio 2021 -2,64x
Yield 2021 -
Capitalization 25 617 M 247 M 247 M
Capi. / Sales 2021 1,69x
Capi. / Sales 2022 1,15x
Nbr of Employees 1 476
Free-Float 56,9%
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Technical analysis trends GURUNAVI, INC.
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Mean consensus HOLD
Number of Analysts 1
Average target price 720,00 JPY
Last Close Price 535,00 JPY
Spread / Highest target 34,6%
Spread / Average Target 34,6%
Spread / Lowest Target 34,6%
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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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