Targeting New Sources of Growth
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1 Targeting New Sources of Growth Results for 2Q FY2012 November 29 th 2012 NAC Co., Ltd. Code; 9788 TSE 1 st section
2 Company Outline A diverse business portfolio connected by a single goal : helping consumers resolve everyday issues Bought a house, cleaned it, drank some water all thanks to NAC. 1
3 Company Profile NAC Co., Ltd. As of the end of September 2012 Head office Shinjuku Center Building, Nishi-shinjuku Shinjuku-ku, Tokyo Established May 1971 President Businesses Consolidated companies Employees Capital stock Number of shares issued Number of shareholders Toyohiko Teraoka CreCla(Production and sale of bottled water) Rental(Duskin franchise business, pest control machine rental) Construction Consulting Housing Sales(Contract construction of a custom-built house) Leohouse Co., Ltd.(Housing sales) Earnest Corporation(Building maintenance) Consolidated : 2,638 (Individual agents and part time employees included) Non-consolidated : 1,937 (Individual agents and part time employees included) 4,000 million yen 9,359,000(Share unit:100 shares) 3,415 2
4 Company History May 1971 Established Duskin Tsurukawa in Machida city August 1977 Changed company name to NAC Co., Ltd September 1995 Listed on the JASDAQ market January 1997 Listed on the 2 nd section of the Tokyo Stock Exchange September 1999 Listed on the 1 st section of the Tokyo Stock Exchange December 2001 Started bottled water delivery business February 2002 Started housing sales business through Leohouse February 2005 Launched own CreCla bottled water brand April 2011 Opened the CreCla R&D center 3
5 Sales and Operating Income Breakdown FY2011 Results CreCla 20% CreCla 12% Housing Sales 58% Sales 64,307 million yen Rental 17% Construction Consulting 5% Housing Sales 42% Operating Income 3,474 million yen Construction Consulting 12% Rental 34% Operating Margin Eliminated HQ costs CreCla Rental Construction Consulting Housing Sales Consolidated Total 4.1% 14.1% 16.3% 5.0% 5.4% 4
6 Business Characteristics CreCla Market leader in bottled water sales (Number of affiliated stores : 522) Market leader in bottled water production First HACCP certified business in the industry First Eco Mark certified business in the industry First in the industry to open an R&D center Rental Highest sales of all duskin franchisees (out of approximately 2,400 companies) With-branded pest control devices for restaurants first in the industry to be approved by Ministry of Health, Labour and Welfare Construction Consulting Providing support for affiliated building firms through order promotion and cost reduction services Housing Sales Contract construction of built-to-order homes under the Leohouse brand Leading local builder in contract construction (FY2010) Winner of House of the Year in Electric Award for two consecutive years (FY2009 and FY2010) 5
7 CreCla Business (Bottled Water) Growing strongly on the back of steady expansion in customers and affiliated stores ( 10 thousand bottles ) ( Stores ) 2,000 Numbers of bottles produced and affiliated stores 600 1, , , , /3 2004/3 2005/3 2006/3 2007/3 2008/3 2009/3 2010/3 2011/3 2012/3 2013/3 Number of bottles produced Number of affiliated stores Full Year 6 months ( Millions of yen ) 14,000 CreCla Business Sales 13,059 12,000 10,000 8,000 6,000 4,000 2, ,527 3,354 4,482 5,500 6,005 7,608 9,642 6,937 Sales Full Year 6 months 6
8 CreCla s Strengths Contract renewal rate after one year of roughly 90% Sustained steady growth resilient to wider economic trends One-stop service covering production, delivery and maintenance Periodical contact with customers allows CreCla to respond to their needs, limits contract cancellations Efforts to ensure safety and customer peace of mind Obliged to carry out regular water cooler maintenance HACCP certified for hygiene management, Eco Mark certified CreCla R&D center : one of the industry s largest specialist facilities for quality control and water quality testing 7
9 CreCla Market Share Already the market leader based on sales and number of bottles produced Top market share in 2011 (Yano research) Market still in growth phase Business Growth Potential <Intended user ratio and current user ratio> J ul.2012 J an % 5.3% 15.6% Intended Intention user ratio ratio Current Usage user ratio ratio 0.0% 5.0% 10.0% 15.0% 20.0% <Awareness of bottled water and CleCla brand> Reference: left diagram Yano Research right diagarm Creative Planning & Promotion, Inc./Hakuhodo, Inc. Jul.2012 J an % 45.6% 75.1% 20.4% 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% Bottled Bottled water water Recognition CreCla CreCla brand Recognition 8
10 Bottled Water Market (Japan) Market growing at an annual rate of around 30% Rapid rise in consumer interest after Great East Japan Earthquake Number of customers (units) Bottled water produced (kl) Number of customers Number of bottles produced Market size Market size ( Millions of yen ) 3,500, , ,000 3,000,000 91,000 2,880, ,000 2,500,000 2,000,000 68,370 1,986,000 2,490,000 80,000 1,500,000 1,000, ,000 28, , ,300 38, , ,000 48,800 1,320, , , ,000 1,075,000 60,000 40,000 20, Reference: Presumed market size of the bottled water industry in Japan by JBWA 9
11 One-stop System Ensures High Levels of Customer Satisfaction CS No.1 in the Bottled Water Industry Leader in Customer Satisfaction Reference Bottled water survey by Lifemedia, Inc. One-stop service covering production, delivery and maintenance All services provided under one brand, giving customers peace of mind 10
12 Stepping up PR to Boost Brand Power and Visibility Sponsoring young sportsmen and women in addition to TV CMs and in-store events Nadeshiko league cup Nationwide marathon events Racing driver Takuma Sato Female professional golfer Haruka Kudo 11
13 Rental Business Leading Duskin Franchisee Proactive M&A Mar Building maintenance company Apr Dsukin s Gyoda office Nationwide roll out of With-branded pest control devices for restaurants First in Japan to be approved by Ministry of Health, Labour and Welfare High margin, stable business Operating margin 14% Cancelation ratio 1.7% ( Millions of yen ) Rental Business Sales Full Year 6 months 12
14 Construction Consulting Business Supporting affiliated building firms Order promotion and cost reduction know-how system products Sales of construction materials NACNET, Solar energy system Backed up by business alliance Handling Flat 35 home loans on behalf of affiliated building firms ( Millions of yen yen ) Construction Consulting Business Sales Construction Consulting Business Sales 5,000 4,000 3,000 2,000 1,792 2,481 3,571 3,386 3,923 4,531 3,119 2,548 2,483 3,336 2,065 Sales 1,000 0 Sales Full 通 Year 期 6 months 13
15 Housing Sales Business (Leohouse) Contract construction of built-to-order homes Leading local builder in contract construction (FY2010) Standard model with all-electric systems Sales per 3.3m2 (tsubo) 258,000 yen ~ Lower material costs, shorter construction times Targeting young homebuyers Housing Sales Business ( Millions of yen of yen ) Housing Sales Business 40,000 37,046 30,000 20,000 16,288 21,128 22,706 26,229 28,924 31,347 17,877 Sales 10,000 1,537 3,698 9,570 0 Sales 通 Full Year 期 6 months 14
16 Housing Sales Business (Leohouse) Offering high-value added products Even after end of housing eco-point system Ratio of homes fitted with solar power systems: 42% Housing Sales Business (Number ( Number of houses) of houses sold ) Housing Sales Business 2,500 2,179 2,000 1,500 1, ,046 1,384 1,458 1,633 1,811 1, Number of houses sold Number of houses sold Full 通 year 期 6 months 15
17 Our Competitive Advantages in the Housing Market Boosting sales prices by offering high value-added products Increasing sales price while remaining competitive on price Reducing costs by standardizing designs and materials Controlling material purchasing costs through standardization while still allowing customers to create their own designs Improving productivity and securing returns more rapidly by reducing construction time Reducing project management costs and securing returns more rapidly by reducing construction time through design and process standardization 16
18 Operating Income by Segment (Millions of yen) CreCla Strengthened sales promotion & expanded number of plants months 03/3 04/3 05/3 06/3 07/3 08/3 09/3 10/3 11/3 12/3 13/3 (Millions of yen) Rental 1,999 1,500 1,580 1,492 1,654 1,392 1,321 1,445 1,802 1, months 03/3 04/3 05/3 06/3 07/3 08/3 09/3 10/3 11/3 12/3 13/3 (Millions of yen) Construction Consulting (Millions of yen) Housing Sales(Loehouse) ,564 1,501 1,616 1, , , months months ,317 03/3 04/3 05/3 06/3 07/3 08/3 09/3 10/3 11/3 12/3 13/3 03/3 04/3 05/3 06/3 07/3 08/3 09/3 10/3 11/3 12/3 13/3 Accelerated store openings 17
19 1-2Q FY2012 FINANCIAL RESULTS 18
20 2Q FY2012 Results Highlights Consolidated 6 months ended FY months ending FY2012 YOY Comparison Change Change (%) Plan (at May ) Actual/Plan Comparison Change Change (%) Sales (million yen) 27,407 32,785 5, ,000 1, Operating Income (million yen) 687 1, , Ordinary Income (million yen) 659 1, , Net Income (million yen) EPS(yen) Sales, operating income, ordinary income all record highs Exceed previous year levels and plan targets Sales: up 5.3 billion yen, 19.6% YOY Ordinary income: up 650 million yen, 98.8% YOY 19
21 Consolidated Income Statement ( Millions of yen ) Consolidated 6 months ended FY month ending FY2012 YOY Comparison Change Change (%) Plan (at May ) Actual/Plan Comparison Change Change (%) Sales 27,407 32,785 5, ,000 1, Cost of Sales 16,349 20,390 4, Gross Profit 11,058 12,394 1, SG&A 10,371 11, Operating Income 687 1, , Ordinary Income 659 1, , Income before income taxes and minority interests Net Income Sales slightly higher than plan despite weakness in CreCla business (Versus plan, CreCla : million yen, Rental : million yen, Construction Consulting : million yen, Housing Sales : billion yen) Operating income 19% above plan on increase in Housing Sales Cost of sales rose YoY due to increases in labour costs (+ 110 million yen), sales promotion costs (+ 110 million yen), allowances for bad debts (+ 210 million yen) Net income rose 40% YoY despite booking of 500 million yen bonus for company founder 20
22 Sales by Segment ( Millions of yen ) 6 months ended FY2011 Break down 6 months ending FY2012 Break down Change Change (%) CreCla 6,737 25% 6,937 21% Rental 5,419 20% 5,907 18% Construction Consulting 1,404 5% 2,065 6% Housing Sales 13,847 50% 17,877 55% 4, Inter-segment sales (0) - (3) - (3) - Total 27, % 32, % 5, CreCla : Double digit growth at directly managed stores, but sales fell short of plan due to drop in sales to affiliated stores Rental : Exceeded plan mainly due to the effect of buying building maintenance business Construction Consulting : Exceeded plan due to an increase in sales of know-how system products and construction materials Housing Sales : Sharp increase due to the opening 14 stores and a rise in average sales prices due to high value-added products 21
23 Operating Income by Segment ( Millions of yen ) 6 months ended FY2011 Break down 6 months ending FY2012 Break down Change Change (%) CreCla % % Rental % % Construction Consulting % % (67) (29.3) Housing Sales (34) (5%) % Elimination, HQ costs (519) (75%) (523) (40%) (4) - Total % 1, % CreCla : Lower than plan due to a decrease in sales to affiliated stores Rental : Slightly lower than plan but operating income stable Construction Consulting : Despite higher sales of know-how system products, lower than plan mainly due to increases in sales promotion cost of construction materials Housing Sales : Record high 2Q operating income due to rise in same-store sales, which offset cost of opening new stores 22
24 Quarterly Sales by Segment (FY2011-FY2012) 25,000 ( Millions of yen ) CreCla Rental Construction Consulting Housing Sales Total 20,622 20,000 19,158 16,883 16,278 15,000 13,469 13,627 10,524 11,340 10,000 9,767 9,731 6,538 5,000 4,080 3,588 3,636 3,150 3,345 3,302 2,977 2,667 2,752 2,772 2,674 2,889 3, , , Q 2Q 3Q 4Q 1Q 2Q FY2011 FY
25 Quarterly Operating Income by Segment (FY2011-FY2012) 1,800 ( Millions of yen ) CreCla Rental Construction Consulting Housing Sales Total 1,603 1,376 1,300 1,043 1,184 1, Q 2Q 3Q 4Q 1Q 2Q FY2011 FY
26 CreCla Sales Stores with both sales and production capabilities enabling nationwide expansion, supporting market share growth ( Millions of yen ) 14,000 12,000 To affiliated stores Directly managed stores 10,000 8,000 6,000 4,000 2, /3 2012/3 2013/3 Full Year 6 months As of the end of Mar As of the end of Mar As of the end of Sept Number of customers in directly managed stores Number of total CreCla customers 135, , , , , ,000 Number of affiliated stores
27 Rental Sales ( Millions of yen ) 12,000 Using M&A strategy to drive growth Others With Duskin Business Duskin Consumer 10,000 8,000 6,000 4,000 2, /3 2012/3 2013/3 Full Year 6 months Numbers of Basic customers / Sales per customer As of the end of Mar As of the end of Mar As of the end of Sept Duskin Consumer 248,000 / 1,460 yen 246,000 / 1,460 yen 255,000 / 1,470 yen Dsukin Business 67,000 / 5,000 yen 64,000 / 5,030 yen 72,000 / 5,080 yen With(Pest Control) 31,000 / 4,590 yen 32,000 / 4,530 yen 34,000 / 4,580 yen 26
28 Construction Consulting Sales ( Millions of yen ) Construction materials Services for affiliated building firms Know-how system products /3 2012/3 2013/3 Full Year 6 months Know-how system products : Reducing construction costs, promoting housing sales, etc. Services for affiliated building firms : Training course etc. Sales of construction materials : Solar power systems, joint buying of construction materials 27
29 Housing Sales (Leohouse) ( Millions of yen ) Full year 6 months Number of houses ordered Urban areas Tokyo Chiba Kanagawa Nagoya Hyogo Fukuoka Suburban areas Regional hub city (with populations of roughly 500,000) Average sales price (Thousand yen) Average sales price rising steadily Full year 6 months 28
30 Consolidated Balance Sheet ( Millions of yen ) As of the end of Mar Break down As of the end of Sept Break down YOY change Current assets 13, % 14, % 996 Total property, plant and equipment 8, % 8, % 451 Intangible assets % % 5 Investments and other assets 3, % 3, % 193 Non-current assets 11, % 12, % 651 Total assets 25, % 27, % 1,647 Current liabilities 12, % 13, % 856 Non-current liabilities 1, % 2, % 529 Total liabilities 14, % 15, % 1,386 Shareholder s equity 12, % 12, % 241 Accumulated other comprehensive income (835) (3.2%) (815) (3.0%) 19 Total net assets 11, % 11, % 261 Total liabilities and net assets 25, % 27, % 1,647 Key factors Current assets Costs on uncompleted construction contracts + 1,074 million yen Financial position stable Equity ratio 42.8% Non-current assets Buildings due to construction of plants million yen Current liabilities Increased 856 million yen due to the following : advances received on uncompleted construction contracts + 2,274 million yen, accrued income taxes million yen, short-term loans payable million yen, accounts and payrolls payable million yen Total net assets Increased 261 million yen due to the following : net income million yen, dividend payment million yen 29
31 Consolidated Cash Flow ( Millions of yen ) FY2011 First 6 month FY2011 First 6 month FY2012 Change 1. Net cash provided by Operating activities 2. Net cash used in Investing activities 3. Net cash used in Financing activities Net increases cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period 5,261 2,324 1,220 (1,104) (1,455) (1,084) (886) 198 (870) (232) (280) (47) 2,935 1, (953) 2,905 2,905 5,841 2,935 5,841 3,912 5,895 1,982 Capital expenditures (excluding goodwill) Depreciation and amortization 1, Key factors Operating activities : Income before tax 803 million yen, increase in advances received on uncompleted construction contracts +2,274, increase in inventories - 671, payment of income taxes Investing activities : Acquisition of property, plant and equipment 578 Financing activities : Dividends
32 Key Financial Indicators (Consolidated) ( Yen ) FY2011 First 6 months FY2011 First 6 months FY2012 Change Net assets per share 1, , , Net income per share Equity ratio 44.5% 39.0% 42.8% 3.7pt Ratio of shareholder s equity to Net income Ratio of Ordinary income to Total assets 16.2% 3.0% 3.5% 0.5pt 15.0% 2.9% 4.9% 2.0pt Dividends per share Dividend ratio 24.1% 68.1% 61.5% (6.6pt) Ratio of dividends to shareholder s equity 4.0% 2.0% 2.1% 0.1pt 31
33 FY2012 FORECASTS OF FINANCIAL RESULTS 32
34 FY2012 Consolidated Forecasts Forecast sales of 73 billion yen, up 13.5% YOY CreCla Continued growth due to market expansion Rental Sales contribution from acquisition of Earnest Corp. Construction Consulting Sales growth supported by stepped up sales of construction materials Housing Sales Contributions from orders outstanding and 20 new stores Targeting record-high operating income, ordinary income and net income 33
35 FY2012 Consolidated Forecasts ( Millions of yen ) Consolidated Actual FY2011 FY2012 YOY Comparison Break down Plan Break down Change Change (%) Sales 64, % 73, % 8, Operating Income 3, % 4, % Ordinary Income 3, % 4, % Net Income 1, % 2, % Net Income per share (yen) Annual Dividend (yen)
36 FY2012 Forecasts by Segment ( Millions of yen ) FY2011 FY2012 YOY Comparison Change Change (%) Sales 64,307 73,000 8, CreCla 13,059 14,500 1, Rental 10,865 11, Construction Consulting 3,336 4,500 1, Housing Sales 37,046 42,500 5, Eliminations (1) 1 - Operating Income 3,474 4, CreCla Rental 1,535 1,500 (35) (2.3) Construction Consulting Housing Sales 1,858 2, HQ Costs, etc. (993) (1,100) (107) - 35
37 Consolidated Results and Forecasts Sales ( Millions of yen ) Ordinary Income ( Millions of yen ) 80,000 70,000 60,000 50,000 CreCla Construction Consulting Ordinary Income 40,410 44,035 46,619 Rental Housing Sales 50,296 54,572 64,307 3,455 73,000 4, ,000 30,000 20,000 2,627 1,548 1,414 1,777 2, , FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 (plan) 0 CreCla : Brand establishment and market share expansion (Leading market share) Rental : Stable income from 360,000 customers and sales expansion through M&A Construction Consulting : Reinforce affiliate systems to expand sales Housing Sales : Move into Tokyo, Osaka and Nagoya metropolitan area to secure more orders 36
38 Plant Locations CreCla plants Prefecture Directly managed Affiliate Subtotal Prefecture Directly managed Affiliate Subtotal 1 Hokkaido Gifu Miyagi Aichi Fukushima Mie Tochigi Kyoto Ibaraki Osaka Saitama Hyogo Tokyo Hiroshima Chiba Shimane Kanagawa Ehime Nagano Fukuoka Fukui Kagoshima Shizuoka 1 1 Total FY2015 plan Name Operation Capital Expenditure Maximum Capacity Honjo plant Apr billion yen 1 million bottles per month 37
39 Plant Distribution Map Directly managed plants as of Sept Plants operated by affiliates as of Sept Planned mega plant Plants Located in 23 prefectures 38
40 Construction of Mega Plant Decision taken to build a mega plant to address rising demand in the Tokyo metropolitan area Production capacity of around 12 million bottles per year (12 Litter/bottle) Plant will boost productivity and strengthen the supply system Plant will also have an automated storage warehouse capable of holding 110,000 bottles of water for an emergency Outline of new plant Honjo city, Saitama Name Honjo plant Location , Yoshidabayashi,Kodama town, Honjo city, Saitama Lot area 31,780 m2 Building area 10,693 m2 Schedule Total investment 4.4 billion yen Start of construction April 2013 (plan) Financing plan Internal resources and loans Completion March 2015 (plan) Product Bottled mineral water Start of production April 2015 (plan) 39
41 FY2012 Store Opening Plan Leohouse Name (some provisional) Prefecture Type Name (some provisional) Prefecture Type Takasaki Gunma Branch Hdano Kanagawa MDS Takasaki Higashi Gunma MDS Hiratsuka Kanagawa MDS Ota Gunma MDS Atsugi Kanagawa MDS Koyama Tochigi MDS Nishio Aichi MDS Kumagaya Saitama MDS Nagoya Minami Aichi Branch Kasukabe Saitama MDS Numazu Shizuoka MDF Omiya Center Saitama Branch Okayama Okayama Branch Omiya Saitama MDS Fukuyama Hiroshima MDS Abiko Chiba MDS Oita Oita MDS Chiba Chiba MDS Nobeoka Miyazaki MDS * Stores shown in red already open as of end-sept Plans for 20 new stores ( including 15 in the Tokyo, Osaka and Nagoya metropolitan areas ) 4 branches 16 model display sites (MDS) 40
42 Store Distribution Map Existing stores as of Sept Stores to be opened by Mar prefectures where our stores are located Kyusyu area 6 Shikoku island area 4 Sanin/Kansai area 3 Hokushinetsu area 4 Chukyo/Tokai area 2 Metropolitan area 7 Tohoku area 2 41
43 Change in Profit Structure by Segment Profits from Rental segment invested in new businesses Rental Construction Consulting CreCla and Housing Sales segment grow rapidly CreCla Housing Sales Targeting older consumers, mainly in the CreCla and Housing Sales segments Shift to new sources of growth gaining momentum Vertical axis:operating margin in final year of period ; horizontal axis:average annual sales growth ; size of circles represents operating income in final year of period (Margin rate) (Margin rate) (Margin rate) (Growth rate) (Growth rate) (Growth rate) 42
44 MEDIUM-TERM TARGETS 43
45 Medium-Term Targets (announced June 2012) ( Billions of yen ) Consolidated FY2012 FY2013 FY2014 FY2015 Sales Operating Income Net Income Sales by Segment FY2012 FY2013 FY2014 FY2015 CreCla Rental Construction Consulting Housing Sales Total
46 Disclaimer This presentation contains forward-looking statements based on information available to the company as of the date of release. These judgments are subject to a number of risks and uncertainties. Actual results may differ from our forecasts depending on factors including changes in economic conditions, market trends and operating conditions. Although we exercised due care in preparing this presentation, we assume no obligation to update, revise or correct the statements and do not warrant their usefulness, suitability for a specific purpose, functionality to solicit investment. The presentation is not intended to solicit investment. Investment decisions should be based solely on the judgment of the investor. NAC Co., Ltd. IR & PR Department
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