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FY2014 Q2 Financial ResultsDecember 5, 2014
Q2 2014 Highlights
■ Continued growth in Premium Services and Advertising Net sales up 38.8% YoY Operating income up 38.3% YoY
(on unconsolidated cumulative basis) !■ Planned acquisition of Arabic recipe service in Jan 2015 Enabling Cookpad Group to introduce its services to 1.2 billion potential users !!■ Launch of a new chargeable service for retailers in “Grocery Deals (Tokubai Joho)” in March 2015
2
Consolidated Results
May - October 2014
Major Consolidated Companies
4
Company Business Description
ALLTHECOOKS, LLCRecipe service in English
COOKPAD SPAIN, S.L.Recipe service in Spanish
DAPUR MASAK PTE. LTD.Recipe service in Bahasa Indonesia
Overseas
Company Business Description
Coach United Inc.Market place of private lessons
SELECTURE, inc.Operating “Angers”, an online home & kitchen store
■ SELECTURE, inc. was newly consolidated in Q2
Japan
Parent to Consolidated Reconciliations
5
Parent !
Operating Income
2,254M JPY
Goodwill Amortization228M JPY Others
172M JPY
1,854M JPY
Consolidated !
Operating Income
Six months ended Oct ’13(Parent)
Six months ended Oct ’14 (Parent)
Change
Net Sales 3,072 4,265 +38.8%
Operating Income 1,630 2,254 +38.3%
Ordinary Income 1,596 2,274 +42.4%
Net Income 990 1,458 +47.2%
(in Millions of JPY)
Six months ended Oct‘14 (*Consolidated)
4,668
1,854
1,856
1,052
Q2 Financial Highlights
6
*Consolidation started at the end of Q2 in the previous FY, thus consolidated income statements only available since Q3 FY ended April 2014.
※1
Operating Income before Amortization
1,630 2,254 +38.3% 2,082
Parent Company Results
May - October 2014
YoY Growth in Net Sales
Changes primarily due to
Premium Services
Strong and continued growth in premium membership
Advertising Sales boosted by advertising on smartphones
Others“Tabemiru” (food data search service), publication of cooking books, etc.
8
0
1,000
2,000
3,000
4,000
5,000
Six months ended Oct ‘13 Six months ended Oct ‘14
101
3 1,692
1,235
2,4701,833
Premium ServicesAdvertisingOthers
(in millions JPY)
4,265+38.8%
3,072
Net Sales Trends
9
(in millions of JPY)
0
500
1,000
1,500
2,000
2,500
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
65
3513
221928
764705
564574660620
485452420480
390413302354414410373
1,2801,1901,1141,019956877816775727681638582558542497451402358
Premium ServicesAdvertisingOthers
FY2013FY2012 FY Apr 2014FY2011
732865813 851 844
972 9731,1031,119
1,259
1,437
1,539 1,533
1,180
1,587
1,990
1,834
FY Dec 2014
2,274
0
500
1,000
1,500
2,000
Six months ended Oct “13 Six months ended Oct ‘14
495
352214
73103
69 283
210
881701
Personnel expensesSales commissionsCloud computing feesPromotion feesOthers
YoY Growth in SG&A Expenses
10
(in millions of JPY)
changes primarily due to
Personnel expenses
Number of employees increased from138 to 183 y/y
Sales commissions
Accompanied by the increase in membership sales
Cloud computing fees
Increased in proportion to membership and services
Promotion fees Higher spending on affiliate marketing
Others Expenses related to the business expansion
1,979
1,406
■ While expenses increased, operating margin remains over 50%
SG&A Trends
11
(in millions of JPY)
0
200
400
600
800
1,000
1,200
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
275220
192
180182
169150
132138135133129105116
220
937189
9212165
70462613
20172
525147
38363231
2625283428503130
272727
146136127
11110710395
8780726757515250
444035 446435449364359341365
292281285300265259251262203191174
Personnel expensesSales commissionsCloud computing feesPromotion feesOthers
327 330370
565
451 466 482535 522
FY2012 FY2013 FY Apr 2014
544 559
656 673
FY Dec 2014
733 765
FY2011
882965
1,013
Operating Income Trends
12
(in millions of JPY)
0
200
400
600
800
1,000
1,200
1,400
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2FY2012 FY2013 FY Apr 2014 FY Dec 2014FY2011
394
470 486
275
386
491 481
569 563
769
691
620
843787 810
1,013
935
1,241
(in millions)
Cookpad Users Trend
※1 Every visit through any means of the above categories is counted as one. ※2 A new category which has been applied since July 2014. ※3 iPhone apps formerly included in “Others” is now included in “Apps”. ※4 Tablets users included here.
■ Now exceeding 50 million users per month
0.0
10.0
20.0
30.0
40.0
50.0
60.0
July Oct Jan Apr July Oct Jan Apr July Oct
0.8
1.01.11.2
1.4
1.52.2
2.63.5
4.3
8.4
7.99.5
8.67.9
7.06.6
5.85.0
3.8
23.819.917.816.614.3
11.09.98.76.85.3
17.316.215.715.016.014.814.113.914.212.7
PCSmartphone BrowsersAppsFeature Phones
FY2013
Users on smartphones
!32.2M
FY Apr 2014 FY Dec 2014
29.4 30.9 32.7 34.239.5
41.3
50.3M
26.1
44.0 44.9
Monthly Users ※1※2 ※3
※4
Increasing Cooking Recipes
14
(in millions)
1.0
1.2
1.4
1.6
1.8
2.0
July Oct Jan Apr July Oct Jan Apr July Oct
1.271.33
1.381.45
1.511.57
1.631.71
1.781.86
FY2013
Number of Posted Recipes
FY Apr 2014 FY Dec 2014
0.3
0.5
0.8
1.0
1.3
1.5
Premium Services
15
0
200
400
600
800
1,000
1,200
1,400
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
1,280
1,190
1,114
1,019956
877816
775727
681638
582558542497
451402
358
FY ‘13FY ‘12
Quarterly Sales (in millions of JPY)
FY Apr’14
■ Paying subscribers (Premium Members) continue growing
FY Dec’14FY ‘11
Premium Members
(in millions)
FY ‘12 FY ‘13 FY Apr’14 FY Dec’14FY ‘11
Premium Members Trend
16
0
30,000
60,000
90,000
120,000
150,000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2FY2012 FY Apr 14
(Actual unit)
Free-trial ended (Upgraded to premium members)
NET increase of Premium Members
FY2013
Free-trial started
Temporary plunge due to switching to smartphones
FY Dec 14
Cutback of store affiliates
■ To be depending less on affiliates, more on new services
A New Paid Service “Professional Recipes”
17
■ “Professional Recipes” launched in Sept 2014, offering unlimited subscription of popular recipes on reputable books and magazines
・¥360 per month (plus tax) to access more than 10,000 recipes !・Partnered with 13 major publishers eg. “Orange Page”, “Lettuce Club”
Advertising
18
420480
390413
302
452485
620
FY Apr 2014 FY Dec 2014
Sales by Source(in millions of JPY)
0
125
250
375
500
625
750
875
1,000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
302
264184
143131
109152
121117102126
7218
19
312
266266192
163
209181
145105768788
81
61
312233254228279341286
218229242265228311
222
Tie-up adsDisplay adsNetwork ads
FY2012 FY2013
574 564
660620
485420 452480
390413
302
705764
928
0
100
200
300
400
Q1 Q2 Q3 Q4 Q1 Q2
174
FY Apr 2014
Smartphone Ads
19
■ Sales keep rising strongly
Smartphone Ads Sales(in millions of JPY)
FY Dec 2014
64
363303
Smartphone Ads by Diversified Clients
20
■ While PC ad focused on Food & Bever, smartphone ad expanded and diversified our advertiser base around women’s products.
Topics
Expanding to the Arabic Speaking Market
22
■ A leading recipe service in Arabic to be acquired in January 2015 ■ ”Shahiya” - the largest recipe website in Arabic speaking countries with users that can exceed 4 million during Ramadan
Users cover the Middle East & North Africa
Enabling Service Delivery to 1.2B People
23
Spanish 0.40B
English 0.33B
Indonesian ※2 0.14B
Arabic※3 0.20B
Japanese 0.12B
※1 Source: http://www.ethnologue.com/ ※2 Including Bahasa Indonesia and Bahasa Melayu ※3 Coverage expected to start in January 2015
total 1.2 billion people
For babies
A new portal for baby foods. To evolve as a place for parents to find day-to-day tips on raising children.
“Baby and Mom”For toddlers
An educational app for toddlers. More apps will be in stores for a wider age range.
“Narikiri!! Gokko-Land”
Expanding Services to Child-Raising
24
■ A half of female users in their 20s - 40s revealed to have children, showing strong needs in child-raising support.
With many parent users
“Grocery Deals” - More Stores and Users
25
0.5
1.0
1.5
2.0
2.5
3.0
3.5
May Aug Nov Feb May Aug Oct
Num. of Registered Users
exceeded 3.1M in Oct 2014
FY Apr ‘14
(in million)
※1 Provided via “Shufumo”, a grocery flyer clipping service ※2 Source: METI 2007 Commercial Statistics in retailing
Online flyers browsable
10,000 stores
Real-time grocery deals deliverable
7,000 stores
Total 20,000 grocery stores in Japan ※2
※1
FY Dec ‘14
Num. of Registered Stores
A New Paid Service of “Grocery Deals”
26
■ A new chargeable service for retailers to launch in March 2015. The Big-A, a grocery chain with185 stores in Japan will be joining. !■ ¥5,000 per month entitles to: • Prioritized display • Customer drawing support (Campaign notification, etc.) • Promotion kit (Cookpad logo and recipes for use)
and more… !
Make everyday cooking fun
【Contacts】 Cookpad Inc.
Mail: [email protected]
This presentation contains certain comments that may be characterized as forward-looking statements. Those statements are based on information currently available to management and its beliefs and assumptions regarding future business and financial performance. A number of factors such as changes in business environment may cause actual results to differ materially from any future results or performance expressed or implied by this presentation.