Results Briefing for the Third Quarter st Term)...Sales increased 15% year on year because, sales of lesson tickets and custom fitted clubs remained firm. Embarked on new store openings

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(Securities Code： 3319)

Golf Digest Online Inc. (GDO) www.golfdigest.co.jp

Results Briefing for the Third Quarter Ended September 30, 2019 (21st Term)

Copyright(c) Golf Digest Online Inc. All Rights Reserved 2

１．Financial Results for the Third Quarter（January~September, 2019）２．Approach of Third Quarter ３．（Appendix）Five Year Mid- Term Strategic Policy ４．（Appendix）Golf Market Trends ５．（Appendix）Corporate Profile

目次


中計振り返りと見えてきた課題

1 Financial Results for the Third Quarter （January~September, 2019）


Q3/ FY2019 Results Highlight

Sales and EBITDA are progressing as planned, but weak due to weather effects

4

One year has passed since US GOLFTEC consolidated, and progress has been made as planned.

Net Sales 25.6billion yen YOY ＋40％

（Domestic） 19.9billion yen YOY ＋10％

（Oversease） 5.6billion yen YOY ＋5.6billion yen

The strengthening of operations and thorough KPI management resulted.

EBITDA 1.57billion yen YOY ＋91％

（Domestic） 1.31billion yen YOY ＋20％

（Oversease） 0.26billion yen YOY ＋0.52billion


Q4 / FY2019 Current Situation

5

Impact on golf course ・Dozens of courses, mainly in the Kanto area are flooded. ・Make temporary closure or several golf courses are suspensions due to falling trees or power outages. ・The transportation network to the golf course was severed or restricted. Impact on GDO ・Cancellation of Golf course reservation

Withdrawal of Golf Course Booking Business

in Thailand

Change the Contents of Shareholder Benefit Plan

・Changed the content of the shareholder benefit plan based on the end of December 2019 ・return of shareholder benefit will maintain above the average.

The impact of Natural Disasters in October

to Golf Course Booking Service

・After October, sales declined due to a reaction to rush demand before the raise of consumption tax rate in September. ・Demand is expected to increase due to the release of a new model of a popular golf club.

Sales of Golf Equipment Service

・The impact on business results will be minimal due to impairment in the previous fiscal year.

・Opened in Osaka in October. A total of 13 stores. ・Hiring the Coach remains to be settle.

Domestic Indoor Golf Lesson Service


Overview of Quarterly Results

6

※*※The PL consolidation of GDOS*, a subsidiary, began from the third quarter, and U.S. GOLFTEC began from the fourth quarter of the previous year, respectively.

（million yen）

*GDOS: Abbreviation for GDO Sports, Inc., a wholly-owned subsidiary of the Company *U.S. GOLFTEC：Abbreviation for GolfTEC Enterprises LLC, a subsidiary in which the Company holds 60% equity.

（Domestic）（Overseas）（Domestic）（Overseas）

Net sales 15,277 18,230 25,602 19,990 5,612 ＋7,372 (140%) 35,000 27,700 7,300

Gross profit 6,365 6,964 10,048 ーー＋3,084 (144%) ーーー

SG&A 5,637 6,510 9,556 ーー＋3,046 (147%) ーーー

EBITDA 1,033 826 1,577 1,316 260 ＋750 (191%) 2,260 2,150 110

Operating profit 728 454 492 935 -443 38 (108%) 900 1,575 -675

Ordinary profit 734 476 485 ーー 9 (102%) 860 ーー

Net income 431 315 203 ーー -112 (64%) 440 ーー

FY2019Forecast

20179 monthscumulativ

20189 months

cumulative

20199 months

cumulative YOY


Net Sales

7

Net Sales by Segment

Growth both in Domestic and overseas market.

Domestic ：Sales of golf equipment and golf course booking business grew. Due to the weather factors, it has been weak after 3Q. Oversease：US GOLFTEC * is generally as planned

2018 Q3 2019 Q3

■Domestic YOY +10％

■Oversease YOY +14％

Net Sales by Service

Achieve growth with 3 main services

Sales of Golf equipment：Sales increased due to rush demand before raise of consumption tax rate. Golf Course Booking：In the metropolitan area, it was affected by a typhoon but, still in good weather in Japan. Golf Lessons：US GOLFTEC * is generally as planned. Increased number of domestic TEC centers.

■Sales of Golf Equipment YOY +9％

■Golf Course Booking YOY +10％

■Golf Lessons YOY +16％ Golf

Lessons ※□ Includes U.S. GOLFTEC sales prior to acquisition ※□ Includes U>S> GOLFTEC sales

prior to acquisition

25,602（YOY+ 40％） ■Others

*U.S. GOLFTEC：Abbreviation for GolfTEC Enterprises LLC, a subsidiary in which the Company holds 60% equity.

25,602 （YOY +40％）（million yen） 5,612

19,990 18,230

2018 Q3 2019 Q3


SG&A Expenses

8

SG&A expenses Remained almost as planned Domestic：Use marketing expenses efficiently Oversease：Implemented marketing according to the four major tournaments(April~July) ※The PL consolidation of GDOS*, a subsidiary, began from the third quarter, and U.S. GOLFTEC began from the fourth quarter of the previous year, respectively.

2018 Q3 2019 Q3

■Domestic personnel expenses

■Domestic marketing expense

■Other domestic SG&A

■Oversease SG&A

Domestic SG&A 6,221

Ratio to net sales 34%

Domestic SG&A 6,767

Ration to net sales 34%

Oversease SG&A 2,788

Ratio to net sales 50%

・Amortization of goodwill and

intangible assets + 325

＋261

＋87

-196

YOY ＋2,500

*GDOS： Abbreviation for GDO Sports, Inc., a wholly-owned subsidiary of the Company

Oversease SG&A

□GOLFTEC SG&A expense before

acquisition

9,555 Sales ratio 37％

（million yen）


EBITDA／Operating Profit

9

EBITDA（=Operating profit + Amortization of goodwill + Depreciation + Long-term prepaid expenses）

Domestic：Growth in sales by use SG&A expenses efficiently. Oversease：Started investing in new Oversease business from 2018. U.S. GOLFTEC sales growth of 2019 contributed.

Operating Profit Domestic：Growth in sales by use SG&A expenses efficiently. Oversease：Amortization of goodwill and intangible assets associated with the consolidated subsidiaries for 325million yen.

■Domestic Operating Profit

YOY +26％

■Oversease Operating Profit YOY -155million yen

■ Domestic EBITDA YOY＋20％

■Oversease EBITDA YOY ＋528million yen

826

492 YOY +38million yen

454 1,577 YOY+91％

（million yen）

935

△443

1,316

260

*U.S. GOLFTEC is not included in the Q3 of FY2018

742

-288

1,094

-267

2019 Q3 2018 Q3 2019 Q3 2018 Q3

*U.S. GOLFTEC is not included in the Q3 of FY2018


Consolidated Balance Sheet

10

Total Assets 18,441 Total Assets 18,236

Total Net Assets 6,108

Current Assets 9,561 -------

Merchandise 4,235

Total Net Assets 6,207

Non-current Assets 8,674 ------

Goodwill 3,230

End of December 2018 End of September 2019

Total assets increased associated with the expansion of operations

Deferred Revenue：Deferred revenue increased attributable to strong sales at U.S. GOLFTEC. Long-Term Debt：Repayment as planned.

Current Liabilities

10,128 ------

Deferred Revenue

2,239

Fixed Liabilities 1,900

Current Liabilities

11,114 ------

Deferred Revenue

3,065

Current Assets 9,650 -------

Merchandise 4,477

Non-Current Assets 8,791 ------

Goodwill 3,049

Fixed Liabilities 1,218

Cash -288million yen Deferred Revenue ＋825million yen Long-term Debt -667million yen


60%

80%

100%

120%

140%

160%

Jan. Mar. May Jul. Sep. Nov. Jan. Mar. May Jul. Sep.60%

80%

100%

120%

140%

160%

Jan. Mar. May Jul. Sep. Nov. Jan. Mar. May Jul. Sep.

ＧＤＯ The…

【Domestic】Sales of Golf Equipment：KPI Analysis

*Market…Golf equipment market (golf clubs, balls and accessories). “Year-on-year comparison of the market size estimated based on actual sales of real stores of major golf equipment dealers nationwide” calculated by GfK Lifestyle Tracking Japan KK

Year on Year Comparison of Orders

11

Proceeding according to plan ・Growth in putters and balls due to rush demand before consumption tax increase. ・In the market, before the new model release of popular clubs, the price reduction of the old model started.

Unit Purchase Price Number of Customers

New Golf Clubs

Used Golf Clubs

Balls Apparel Accessories

（Golf Clubs）（Golf Apparel）

Release Period of

new model

2018 2019 2018 2019

Warm winter


【Domestic】Golf Course Booking：KPI Analysis

Change in Golfers Booked on GDO (players)（YOY）

※Market: Source: Ministry of Economy, Trade and Industry “Survey of Selected Service Industries.” Comparison of total golf course players of eight prefectures (Hokkaido, Miyagi, Tokyo, Aichi, Osaka, Hiroshima, Kagawa and Fukuoka) .

Number of Customers

Fall in Cancellation

Unit Fee Price

The number of golfers booked on GDO increased ・The impact of Typhoon No. 15 in the Kanto region at the end of September was limited. Blessed with good weather in Japan, the cancellation rate declined. （Since October, the impact of Typhoon No. 19 has had a widespread impact, leading to a decrease in customers and an increase in cancellations.）・Special feature planning, score management application and e-mail magazine attracted customers.

2018 2019

ー GDO（the number of golf course players who played golf by booking through the Company and Jalan Golf）

ー Market（the number of golf course players in eight prefectures published by the Ministry of Economy, Trade and Industry）

12


【Oversease】Overview of Business Performance of U.S. GOLFTEC

2018 Q3 2019 Q3

Performance remained stronger than planned ・Sales increased 15% year on year because, sales of lesson tickets and custom fitted clubs remained firm. ・Embarked on new store openings with the promotion of the acquired franchised stores. ・Cash EBITDA* remained higher than planned and contributed to EBITDA after September.

※Cash EBITDA：It is EBITDA calculated at the time of cash acquisition, and it is a measure before accounting standard adjustment

（$’s in millions）

3.0

9.1

■Net Sales YOY+15％

■Cash EBITDA YOY+302％

■EBITDA YOY+454％

44

0.8

51

3.9

U.S. GOLFTEC non-consolidated results

13


【Oversease】U.S. GOLFTEC

・New store openings and the acquisition of franchised stores made steady progress. End of September 2018： 197 centers End of September 2019： 208 centers -Corporate Center ：113centers （New Store＋7 centers, Directly manage FC stores＋８centers） -FC： 95 centers (-４centers（direct management -８店, new＋４centers）

・Sales of custom fitted clubs grew sharply after FY2017

・Putter Lesson 「TECPUTT™」Start

STARTING DIRECTION

SPEED CONTROL

AIM TEST

14

Selected for “America ’s Fastest Growing Companies”

9th award since 2007


２ Approach of Third Quarter （January ~ September 2019）


Mid-Term Investment Strategies of the GDO Group (Expansion x Deepening)

Expansion of the customer base

Deepening of customer relationships

(Reach, region, the cultivation of golfers, the creation of opportunities to come in contact with golf)

(Data, IoT, CRM, Technology)

16


Deepening of Customer Relationship （Golf×Technology）

TOPTRACER RANGE Introduced in domestic driving range 4 centers in Kanto, 7centers in Kansai Areas

17

TOPTRACER RANGE is a・・・ Player can check the replay of all shots with a monitor installed at a setup base. It provides data and entertainment which could not be experienced at a driving range before, such as virtual round, near pin, driving contest, simple trajectory measurement, analysis of trajectory and carry by the club number, and point game.

・A new initiative aimed at stimulating demand for potential golfers and average golfers. ・proposed as a new revenue source centered on IT infrastructure at golf driving range facilities. Aim to establish early business as GDO’s new business. ・Realized through business alliance with TOPTRACER, a group company of TOPGOLF GROUP, a comprehensive golf entertainment company in the United States.

・Aim to improve customer satisfaction of existing users and acquire new users. ・For the time being, it will be provided free of charge. In the future, it will be provided as a paid service.

Score Management Application “GDO Score” Added GPS course map / navigation function 「GDO Score」

Total number of downloads ～ Register 3 million scores a year～


Activation of Golf and Regional Revitalization Through Golf (Expansion of the customer base)

18

・Participated in “MIYKO ISLAND ROCK FESTIVAL” a famous rock festival held in Miyakojima, focusing on artists from Okinawa. Conducted “Beach Golf" as hitting the special golf ball towards to a target floating in the sea. To improve the image of golf with young people by spreading on SNS. The new strategy to create a new golfer.

Holding of Snow Golf MUSIC＆GOLF

「MIYA ROCK」×GDO ・The event, launched in Hokkaido in 2016, extends the host area to Aomori, and the event enters its fourth year. ・In Bibai, a special heavy snowfall area, we had to close in the winter to the thaw. Such a golf course has become available for business year-round by this initiative. ・By proposing various ways of enjoying golf in cooperation with local governments, we contribute to regional revitalization and improve GDO awareness in the field.

Snow Golf is a・・・Ｗinter sport concept with origins in France, be held at golf courses and ski resorts, which are closed by snowfall in winter. It is held regularly in Greenland, and a world convention is also held. GDO is the first to be held in Japan using an actual golf course.


３（Appendix） 5 Year Mid-Term Strategic Policy


Trends in the Market Environment and Future Predictions

20

Past trends Future: GDO’s

predictions Past trends

Future: GDO’s predictions

Population

Declining birthrate and aging population

Declining birthrate and aging population

Upward trend Rate of increase will fall gradually

Golf population Downward trend

Continued downward trend

Increasing golfers enjoying golf off course

Upward trend for the time being

Number of rounds Downward trend ceasing to fall

Remain flat Increase for the past two years in a row

On-course golf rounds may flat

Golf equipment EC market

Upward trend Upward trend for the time being From PC to Smartphone

Ratio of purchasers through EC 35%

Expected to increase

Golf course booking via the Internet

Upward trend Upward trend for the time being From PC to Smartphone

Unknown Unknown

The domestic golf market is shrinking, but the Internet market is expanding. However, competition is intensifying.

The golf market in the United States continues to boom, mainly among new golfers. In addition, the retail market of golf equipment is showing signs that experience sales will become prevalent.


Assumptions of the New Mid-Term Strategic Policy (2019-2023)

The period is set at 5 years. A period of about 5 years is necessary to develop strategies from a medium- to long-term perspective and achieve certain results to strengthen our long-term presence in the global market.

21

Mid-term management plan based on the mid-term strategic policy is being prepared.

It takes time to formulate a specific plan, as the GDO Group has reached a major threshold amid the situation where the business environment is changing every day in Japan and overseas.

To continue to grow in the domestic market environment, certain investments are necessary.

While the competitive environment is intensifying due to sluggish growth among the population and golfer population in Japan and new entries in the Internet environment, there is room for growth. To continue to grow, certain investments are necessary.


New Mid-Term Strategic Policy (2019-2023)

22

Become a global comprehensive golf service company

with the aim of maximizing corporate value.

Achieve further growth in sales and profitability in a difficult environment.

Build a new earnings model. Achieve growth, taking advantage of economies of scale.

Domestic businesses

New businesses

Overseas businesses


Mid-Term Investment Strategies of the GDO Group (Expansion x Deepening)

Expansion of the customer base

Deepening of customer relationships

(Reach, region, the cultivation of golfers, the creation of opportunities to come in contact with golf)

(Data, IoT, CRM, Technology)

17


4 （Appendix） Golf Market Trends


The world's golf market

America's golf market is the world's largest

Japan 2nd

Golfers : 7.8 million people Golf courses : 2,270 Rounds : 90 million rounds Golf equipment market : $2,078 million

U.K. Golfers : 3.9 million people Golf courses : 2,800 Golf equipment market : $440 million

USA 1st Golfers : 23.8 million people Golf courses :14,800 Rounds : 475 million rounds Golf equipment market : $3,585 million

China Golfers : 0.6 million yen people Golf courses : 380 Golf equipment market : $110 million

Canada Golfers : 5.5 million yen people Golf courses : 2,300 Golf equipment market : $387 million

Korea Golfers : 2.9 million yen people Golf courses :450 Golf equipment market : $562 million

*Source: Yano Research Institute “2019 World Golf Market Report”


Domestic Golf Market ／Number of Golf Courses

1st USA 14,640courses

2nd Canada 2,265

3rd Japan 2,227

4th U.K 1,936

5th Australia 1,532

Number of golf courses around the world

Number of Golf course

Changes in the number of golf courses in Japan and the number of golf courses bookable on GDO

26

Booking on GDO is possible at around 90% of golf courses in Japan

*Prepared by GDO based on “Golf around the world 2017” (Royal and Ancient Golf Club of Saint Andrews (R&A)).

Over 2,000

*Source: “Changes in the Number of Golf Courses and Users based on Taxation Status of Golf Facility Taxes (November 2017)”(Nihon Gorufujo Keieisha Kyokai)


Domestic Golf Market ／Total Number of Golf Course user

※Source: “Changes in the Number of Golf Courses and Users based on Taxation Status of Golf Facility Taxes (November 2017)” (Nihon Gorufujo Keieisha Kyokai)

( million people)

27

The total number of golf course users remains flat.


11,805 10,990

9,953 9,906 9,848 9,858 9,839 9,952

13.5 14.3

13.5

15.2 14.4

17.8

12.8 14.2

5.0

10.0

15.0

20.0

0

5,000

10,000

2003 2008 2013 2014 2015 2016 2017 2018

Green fees per play Numbers of plays

Domestic Golf Market／Changes in playing cost and number of annual plays

※*Source: Green fees are prepared by GDO based on net sales and total users in “Survey of Selected Service Industries” (Golf Courses) of the Ministry of Economy, Trade and Industry. Number of plays is based on “Leisure White Paper” (Japan Productivity Center).

Play fees （yen）

Number of plays per golfer（times）

28

Golf becomes more familiar due to lower green fees


439.0

333.0 339.0 331.0 338.0 343.0

0

10

20

30

40

0

100

200

300

400

500

2003 2014 2015 2016 2017 2018Net sales of GDO Retail BusinessGolf equipment market

Net sales of golf equipment of GDO

(billion yen)

1st Company A (sports volume retailer)

78.1 billion yen

2nd Company B (sports volume retailer)

61.1 billion yen

3rd Company C (golf volume retailer)

21.1 billion yen

4th GDO 16.3 billion yen

5th Company D (golf volume retailer)

14.4 billion yen

Percentage of golf equipment market comprised of EC market

12.7％（2018）

GDO is overwhelming No. 1

Sales ranking of golf equipment retailers in Japan

Changes in the golf equipment market in Japan and net sales of golf equipment of GDO

Golf equipment market in Japan

(billion yen)

29

Domestic Golf Market／Golf Retail

The golf equipment market is shrinking, but sales of GDO are increasing.

*Source: “Leisure White Paper” (Japan Productivity Center)

The golf equipment market has an overwhelming size comprising approx. 20% of the sports equipment market


Golf Market in the United States The golf population is on an upward trend, including “those who are interested in golf.” The number of rounds increased year on year in the most recent two years, while it fluctuates strongly.

( million people)

*Source: NGF(National Golf Foundation)Member Resources

Golf population Number of rounds

458 466 469 456 434

0

100

200

300

400

500

2014 2015 2016 2017 2018

20.2 20.6 22.7 25.5 27.8

7.2 8.0 9.6

11.9 12.8

25.3 24.7 24.7

24.1 23.8

52.7 53.3 57.0

61.5 64.4

0.0

20.0

40.0

60.0

80.0

2012 2013 2014 2015 2016Interested in golf Very interested in golf Golfer


5 （Appendix） Corporate Profile


Company Profile

Golf Digest Online Inc. (GDO) URL：www.golfdigest.co.jp

Nobuya Ishizaka

2-10-2 Higashi-Gotanda, Shinagawa-ku, Tokyo

May 1, 2000 Listed on the Tokyo Stock Exchange Mothers Market on April 1, 2004 Listed on the Second Section of the Tokyo Stock Exchange on May 1, 2015 Listed on the First Section of the Tokyo Stock Exchange on September 7, 2015 (Securities Code: 3319)

1,458 million yen

1,129 *Including part-time employees

C a p i t a l

Employees （Consolidated)

H e a d O f f i c e

President and CEO

D a t e o f E s t a b l i s h m e n t

C o m p a n y N a m e

(As of the end of June 2019)

32

GDO GolfTEC Co., Ltd （100％） KIDS GOLF Inc. （100％） GDO Sports, Inc （100％） GolfTEC Enterprises LLC （60％） Acquired a 60% units on July 2, 2018

G D O G r o u p

http://www.golfdigest.co.jp/


Service of GDO group

33

Golf media

Golf lessons Custom club

fitting

Sales of Golf equipment

Golf course

booking

Events

Other offline channels

Stores

Database

GDO Total Golf platform


Build an ecosystem for golf and provide it with full support

Offline channel: Monthly average number of users Domestic and Overseas 650,000

GOLFTEC by GDO

Number of golfers booked on GDO

Competitions /events hosted

(Results in FY2018) Enjoy golf

Golf Garage

Total app downloads 2.41 million

Number of likes on Facebook 1.35 million

Online channel: Monthly average number of visitors*

5.28 million

*Sum of monthly average numbers of unique users of PCs and mobile devices

Online × Offline Golfers in the World: Approx. 98 million people

34

GOLFTEC America, Canada, Mexico,

Hong Kong, Singapore

Number of golfers booked on GDO

Thailand,

（Domestic）（Overseas）


Mar

2011

Sep Mar

2012

Sep Mar

2013

Sep Mar

2014

Sep Mar

2015

Sep Mar

2016

Sep Mar

2017

Sep Mar

2018

Sep Mar

2019

Sep

Number of GDO Club Members

Approx.60% of golfers in Japan are GDO Club Members

35

As of September 2019

4.0 million people

( million people)


GDO Club Members Profile

■Age group

■Annual Income

(As of the end of December 2018)

Male 86％

Female 14％

■Gender ratio

86％ of users are males

10 Million or more 24%, 8 million or more 40%

Average age 50, 40s～50s 50% ■Average golf score

-Intermediate level with an average score in the 90 range 31％ -Many golfers aim to achieve the 80 range on a stable

■Occupation

-Company executives + Management level employees+ Self employed 30％ -Many users have business influence

GDO users：Characterized by business influence and high purchasing power as an individual

36


Number of items dealt with New items：Approx. 100,000 Used items：Approx. 40,000 Number of brands dealt with：Approx. 390 brands in Japan and overseas

Major services Online sales of golf equipment Purchase/sales of used golf equipment (Online/offline: 5 Golf Garage stores in Kanto)

Stores also opened on the following websites Yahoo! Shopping, Yahoo! Auction, Amazon.co.jp, Rakuten Ichiba, LOHACO, Wowma!

Sales of Golf Equipment （Online Sales／Store Sales）

Strengths of GDO

One of the world’s largest with the most extensive selection of goods Differentiated information power Provision of high quality services

GDO Golf Shop PC web site

Golf Garage Stores

37

application

Smartphone Web sites


Golf Course Booking Services

One of the largest and most extensive information volumes in Japan Commercialization power taking potential demand in advance Provision of high quality services

Number of partner golf course 2,000 course or more（japan and Overseas）（Overseas：Hawaii, Guam, American mainland, Singapore, Thailand, Malaysia, Australia, etc.） Major services ・Golf course booking ・GDO Premium Club ・Hosting of competitions and events ・Sales of web booking system for golf courses

38

Strengths of GDO

Application

Smartphone Web site

GDO Golf Course Bookings PC web site

Hosting of competitions and events GDO Premium Club


Golf Media

Viewer rate in the golf category No.1 in Japan Major services Golf media（News, BRUDER, Club information） Internet advertising/ Marketing service Mobile services（Free/ pay per use service） GDO Credit card

Overwhelming information volume and high-quality content Distinctiveness and swiftness of news Response to diverse devices

39

Strengths of GDO

GDO golf news PC web site

Applications

Smartphone Web site

BRUDER GDO credit card


Differentiated lesson methods Provision of high quality services Realization of experience-based store

Strengths of GOLFTEC

U.S. GOLFTEC The USA’s leading golf lesson chains 5 countries（USA, Canada, Japan, China(Including Hong Kong), Singapore） 208 centers（Direct centers：113、FC：95） Center in Japan 『GOLFTEC by GDO』 12 centers

Roppongi, Ebisu, Ginza ANNEX, Otemachi, Kanda. Ikebukuro, Shinjuku, Haneda airport, Yokohama Sakuragi-cho, Nagoya, Osaka Umeda, Fukuoka Tenjin （9 centers in Kanto + 1 center in Chubu＋1 center in Kansai ＋1 center in Kyushu）

Major services Swing Evaluation One on One golf lessons Club Fitting + Sales of custom golf club

Golf Lessons

Lesson approach that visualized improvement

GOLFTEC lesson studio

Club fitting services

U.S. GOLFTEC Head office：Denver, Colorado, USA Established：1995 Remarks：Has a share of 25% or more of the golf lesson market in USA.

40


Financial Highlights

（ million yen）

＋24％

＋7％ +13％

＋12％

（ million yen ）

（ million yen ）

■ Consolidated Net Sales

■ Consolidated Operating Profit

■ Consolidated Gross Profit

■ SG&A

41

（YOY）

（ million yen）


■ Consolidated ordinary income

Financial Highlights

（ million yen）

（yen）

（ million yen）

■ Profit Attributable to Owners of Parent

■ EBITDA

■ Net Income Per Share

42

（ million yen ）


Documents

Results Briefing for the Third Quarter st Term)...Sales increased 15% year on year because, sales of lesson tickets and custom fitted clubs remained firm. Embarked on new store openings