24
1H of FY2019 Cookpad Inc.
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1H of FY2019
Cookpad Inc.
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Make everyday cooking fun!
2
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Business Overview
3
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1H Highlights
SalesRevenue
OperatingIncome
JPY 5.78bn (-0.15bn YoY)
-Revenue of Japan recipe service (Premium Service) was JPY 3.68bn (＋0.14bn YoY)”Cookpad” Premium Service members increased by 41K YoY
-Revenue of Japan recipe service (Advertisement) was JPY 1.39bn (-0.23bn YoY)
-Other revenue was JPY 0.7bn（-0.06bn YoY）
JPY 0.45bn (-1.12bn YoY)
-SG&A expense was JPY 5.21bn (+0.85bn YoY)Expenses associated with strengthened recruiting activities worldwide andexpenses related with new businesses such as ”CookpadTV” increased
4
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Operation Results
5
（in millions of JPY）
FY2019 FY2018
1H 1H vs PY
Sales revenue 5,786 5,938 -2.6%
Decrease in sales from the Revenue sharing and the
Advertising business.
Sales from the Premiun servise members increased.
Operating income 456 1,583 -71.2%Increase in payroll and other expense related with
recruitment in overseas and new businesses.
Operating
income margin7.9% 26.7% -18.8pt Increase in SG&A expenses.
Profit before tax 429 1,530 -71.9% Exchange gain in this year.
Profit attributable to
shareholders of
Cookpad Inc.
289 607 -52.3%
Non-controlling interest of CookpadTV happened through
the third-party allocation of shares to Mitsubishi corporation
on Aug 2018.
Discription
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Change of sales disclosure
※Written in red are reclassified items
After
Changed segment name and sales classification to clarify our intention to focus on Business to make everyday cooking fun!
6
Makeeveryday
cooking fun!
Before
Japan recipe service
(Premium Services)
Premium Service membership sales of
recipe service in Japan
Japan recipe service
(Advertising)
Advertising sales of recipe service in
Japan
Other
Editorial fee sales of publications
Revenue share sales of recipe service
in Japan
Premium membership sales and
advertising sales in overseas
Sales of CookpadTV, Komerco,
Cookpad mart and other new
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Sales revenue Mix
5,786
FY2019 1H
7
（in millions of JPY）
63.7
%
24.2
%
12.2
%
Make everyday cooking fun!
Japan recipe service (Premium service) 3,683
Japan recipe service (Advertisement) 1,399
Others 703
Advertisement sales on domestic "Cookpad" sites
Editorial fee sales of publications
Revenue share sales of recipe service in Japan
Premium membership sales and advertising sales in overseas
Sales of CookpadTV, Komerco, Cookpad mart and other new businesses
Domestic "Cookpad" Premium Service membership sales
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46.1%
9.3%
9.3%
5.6%
6.2%0.4%
1.3%
21.8%
SG&A Expenses Mix
5,210
FY2019 1H
8
（in millions of JPY）
Personnel expenses 2,404
Outsourcing expenses 484
Sales commisions 484
Cloud computing fee 292
Depreciation expense 320
Depreciation cost of fixed assets
Rent 18
Promotion fee/ Advertising 67
Others 1,137
System usage fee, Recruiting expense etc.
Salary for employees
Commisitons to settlement platform of Premium membership
Fee to use cloud computing for “Cookpad” services
Promotion fee, Advertising for each service
Rent of office and Cookpad TV studios
Mainly "Cookpad" and "Cookpad TV"outsourcing expenses
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Financial Summary by Quarter
*1
*1 Impairment losses on goodwill JPY 0.8 billion *2 Impairment losses on goodwill and fixed assets JPY 0.6 billion
*2
9
（in millions of JPY）
3,660 3,455
3,063 3,228
2,974 2,964 2,872
3,065 2,937
2,848
1,972
1,730
437
1,250
831 752
471
-390
298 158
53.9%
50.1%
14.3%
38.7%
27.9% 25.4%
16.4%
-12.7%
10.1%5.6%
-20.0%
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
-1,000
-500
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
1Q 2Q 3Q＊1 4Q 1Q 2Q 3Q 4Q*2 1Q 2Q
FY2017 FY2018 FY2019
Sales revenue Operating income Operating income margin
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1,746 1,719 1,725 1,711 1,752 1,789 1,805 1,8081,827 1,856
1,1161,065
807
1,053 837792
704
878759 640
797669
530
463
384 382362
377351 352
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
FY2017 FY2018 FY2019
Japan recipe service (Premium service) Japan recipe service (Advertisement) Others
FY2018 2Q on FY2019 2Q -3.9％
Sales revenue by Quarter
* Data of FY2017 & FY2018 are based on new sales classification
FY2019 1Q on FY2019 2Q -3.0%
10
（in millions of JPY）
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0
500
1,000
1,500
2,000
2,500
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
FY2017 FY2018 FY2019
SG&A Expenses by Quarter FY2019 1Q on FY2019 2Q ＋0.4%
FY2018 2Q on FY2019 2Q ＋16.6％
* Depreciation expense is shown separately from FY2019 1Q in order to explain IFRS 16 reclassification between depreciation expense and Rent
11
（in millions of JPY）
Others 302 314 310 397 454 460 526 573 581 555
Promotion fee/ Advertising 45 25 21 30 14 40 33 251 42 24
Rent 60 67 70 96 112 121 106 127 10 8
Depreciation expense 27 28 33 40 51 58 70 79 160 160
Cloud computing fee 101 106 111 112 127 118 128 132 138 154
Sales commisions 134 125 152 205 220 235 237 255 245 239
Outsourcing expenses 204 199 202 196 207 216 222 219 237 247
Personnel expenses 701 765 785 973 926 986 1,036 1,190 1,184 1,219
Total 1,578 1,632 1,687 2,053 2,114 2,237 2,361 2,829 2,600 2,609
Consolidated employees as end of quarter 333 354 367 389 413 443 472 476 490 502
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Cash Flows
12
（in millions of JPY）
FY2019 FY2018 FY2018
1H 1H Full year
Cash flows
from operating activities115 1,358 -1,243 1,136
Cash flows
from investing activities-136 -392 256 -810
Cash flows
from financing activities-221 -856 635 3,129
Cash and cash equivalents
at end of period22,490 19,492 2,998 22,756
Increase /Decrease
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Web/APP Usage
13
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Domestic “Cookpad” monthly average users by quarter
54.83
* Monthly average of visitor counted by every access from one of the devices or browsers above
14
*
（in millions）
0.00
10.00
20.00
30.00
40.00
50.00
60.00
70.00
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
FY2017 FY2018 FY2019
Features Phone 0.31 0.23 0.20 0.19 0.17 0.20 0.11 0.09 0.09 0.05
PC 11.94 11.46 10.75 10.87 9.80 9.80 9.20 9.08 8.02 7.85
Apps 9.40 9.01 8.56 8.70 8.96 8.49 8.27 8.01 8.10 7.75
Smartphone Browsers 39.67 37.91 35.76 36.87 37.57 37.09 36.83 37.43 39.42 39.16
Total 61.34 58.62 55.28 56.65 56.53 55.59 54.42 54.62 55.64 54.83
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Domestic “Cookpad” daily user trend
15
（in millions）
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
9.00
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Overseas “Cookpad” monthly average users by quarter*1
*1 Monthly average of visitor counted by Google Analytics. The data from FY2019 is tallied based on 10％ of sample data*2 Getting data by all the languages from FY2019 1Q. A language of over 3million MAU will be disclosed separately.
38.64
16
（in millions）
0.00
5.00
10.00
15.00
20.00
25.00
30.00
35.00
40.00
45.00
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
FY2017 FY2018 FY2019
Others *2 1.36 3.75 4.89 5.80 8.38 9.27 11.78 12.35 9.82 10.60
English 1.01 0.60 0.66 0.75 0.85 0.82 1.03 1.13 1.62 1.29
Arabic 5.39 5.32 3.73 4.60 4.71 5.18 4.16 4.06 3.94 3.75
Russian 4.22 3.55
Spansh 13.15 11.24 9.75 11.65 10.24 10.13 10.21 11.79 10.38 9.25
Bahasa Indonesian 8.45 9.93 10.18 11.37 12.07 10.90 10.90 10.86 11.03 10.17
Total 29.38 30.86 29.24 34.20 36.27 36.33 38.09 40.21 41.04 38.64
*1
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“Cookpad” cooking recipes
3.15 recipes
2.86 recipes
Domestic Overseas
17
（in millions）
2.662.73 2.78 2.83
2.892.95 3.00 3.05 3.1
1.03
1.19
1.44
1.65
1.85
2.12
2.41
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
FY2017 FY2018 FY2019
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1.958 1.938 1.94 1.9591.999 1.984 1.998
2.048 2.043
0.500
1.000
1.500
2.000
2.500
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
FY2017 FY2018 FY2019
Domestic “Cookpad” premium service members
2.025members
* The number of Premium Service members via iOS is tallied based on sales reports from Apple Inc.18
（in millions）
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New Business Initiatives
19
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Cooking Video Business
20
● Live cooking app released in March 2018Significant update of “cookpadTV”
The live cooking app that had provided new cooking experiences to users as a live delivery service enabling people to cook with chefs and celebrities was updated as “cookpadLive” in April 2019.The content delivered has been expanded with a richly diverse cast, the delivery of programs in the sports category and the addition of new functions in the form of “special time” and “studio viewing mode.”
● “Cookpad store TV” cooking video signageOver 13,000 units installed in approximately 5,000 stores (as of June 30, 2019)
Full-scale implementation started in December 2017, and the service has been expanding due to being well received in many retail chains. It is possible to add value to the sales floor without the addition of personnel, and there is an increasing number of cases where there is a significant difference in sales of the products covered in stores where the units are installed and those where they are not.There are plans to release several new services in partnership with retail companies in future.
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Shopping Business
● Japan’s first “fresh food” e-commerce platform providing same-day delivery.A system for delivering to “Mart Stations,” which are fresh produce delivery boxes enabling food to be received while it is still fresh.
All kinds of fresh produce can be sold by local farms, retailers and wholesalers through the app developed by Cookpad.Users can purchase products from multiple stores through the app. Delivery of products is completely free, and can be received on the same day at the earliest.We aim to expand the service by providing value to sellers, users and stores where Mart Stations are located.
21
Examples of locations where Mart Stations are installed
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Shopping Business
22
●Mart Stations have been installed in 22 locations in parts of Tokyo and Kanagawa. We aim to install them in 100 locations by the end of the year.
The number of participating sellers and the number of products have increased significantly since the end of last year, the service area and number of stations installed have expanded, and the cutoff time for orders has been extended.Prices are the same as or cheaper than supermarkets. The services is provided in iOS and Android apps.
December 31, 2018
Participating sellers: 8Products provided: 121Number of stations: 6Cutoff time: 6pm the previous day
July 31, 2019
Participating sellers: 41Products provided: 812Number of stations: 22Cutoff time: 2am the same day
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Smart Kitchen Business
● Beyond recipes to a delicious smart kitchen
“OiCy” enabling people to make what they find to be delicious is a smart kitchen service that enriches home-made meals and people’s lives by connecting people and Cookpad recipes to a variety of devices.A demonstration showing an aspect of the linkage of the OiCy service and cooking appliances was conducted at Smart Kitchen Summit Japan held on August 8 and 9, 2019.
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Cookpad Inc. Investor Relations Email ： [email protected]
This presentation contains certain comments that may be characterized as forward-looking statements. These 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.
24
