36
Results for FY ended Dec. 2014 February, 2015
Results for FY ended Dec. 2014
February, 2015
Highlights
■ Fiscal year-end change from April to December ■ Continued growth in existing business: Net Sales up 43.9% Operating Income up 45.0% (Compared to the same 8M period in the last year on non-consolidated basis)
!■ Premium Members exceeded 1.5 million !■ Ads sales for smartphones kept increasing !■ Acquisition of the Arabic recipe service (Potential users grew to 1.2 billion around the world) ■ New businesses in the domestic market showed strong progress including “Tokubai Joho”
2
Consolidated Results
May - December 2014
(8 months)
Major Consolidated Companies
4
Company Business Description
Coach United Inc.Market place of private lessons
SELECTURE, inc.Operating “Angers”, an online home & kitchen store
Company Business Description
ALLTHECOOKS, LLCRecipe service in English
COOKPAD SPAIN, S.L.Recipe service in Spanish
PT COOKPAD DIGITAL INDONESIARecipe service in Bahasa Indonesia
Overseas
Japan
Parent to Consolidated Reconciliations
5
Parent !
Operating Income
3,192M JPY
Goodwill Amortization309M JPY Others
204M JPY
2,679M JPY
Consolidated !
Operating Income
May - Dec 2013
（Non-consolidated）
May - Dec 2014
（Non-consolidated）
Change
Net Sales 4,164 5,993 +43.9％
Operating Income 2,202 3,192 +45.0％
Ordinary Income 2,187 3,048 +39.4％
Net Income 1,353 1,965 +45.2％
（in millions of JPY）
May - Dec 2014
（Consolidated）
6,702
2,679
2,645
1,523
Financial Highlights
6*Consolidated results are not available prior to Q2 in the previous FY ended April 2014.
※1
Operating Income before Amortization
2,202 3,192 +45.0％ 2,989
※
7
Cash Flows
May - Dec 2014 (Consolidated)*1
CF from operating activities 1,166
CF from investing activities -1,016
CF from financing activities 8,201
Cash and equivalents at the end of 2014 13,189
（in millions of JPY）
*1 Due to 8-month transition period, YoY comparison is not provided. *2 Proceeds from issuance of new shares were 8,619 million JPY.
*2
8
Dividend■ DPS unchanged at 12 JPY, a boost in payout ratio by 5.1%.
FY ended Apr 2014
FY ended Dec 2014 (8M)
Dividend per Share 12 JPY 12 JPY
Consolidated payout ratio 21.2% 26.3%
Non-consolidated Results
May - December 2014
(8 months)
Net Sales (8-month Comparison)
10
0
1,000
2,000
3,000
4,000
5,000
6,000
8 months ended Dec“13 8 months ended Dec“14
140
62,485
1,653
3,3672,504
Premium ServicesAdvertisingOthers
(in millions of JPY) 5,993+43.9%
4,164
Primarily attributable to
Premium Services
Continuous growth in Premium Membership
Advertising Increased sales of Smartphone Ads
Others“Tabemiru” (food data search service), publication of cooking books, etc.
Net Sales by Quarter
11
(in millions of JPY)
FY2012FY2011 FY Apr 2014FY2010 FY Dec 2014
* Dashed line represents a half of 2-month results of Q3 to make quarterly comparison excluding the effect of fiscal year-end change.
0
1,000
2,000
3,000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q３ Q4 Q1 Q2 Q3 Q４ Q1 Q2 Q3
39
65
3513
221
792
928764
705564574660
620485452420480
390413302354414410373896
1,2801,1901,1141,019956877816775727681638582558542497451402358
Premium servicesAdvertisingOthers
732865813 851 844
972 9731,1031,119
1,2591,437
1,5391,533
1,180
1,587
1,9901,834
2,274
1,728
0
1,000
2,000
3,000
8 months ended Dec“13 8 months ended Dec“14
724
476268
125
145
94389
282
1,232939
Personnel expensesSales commissionsCloud computing feesPromotion feesOthers
SG&A (8-month Comparison)
12
(in millions of JPY)
Primarily attributable to
Personnel expenses
Number of employees increased from140 to 188
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
2,760
1,918
SG&A by Quarter
13
■ While SG&A increasing, operational margin stays over 50%.
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 Q3
229
275220192
180182
169150
132138135133129105116
220
937189
53
9212165
70462613
20172
42
525147
38363231
2625283428503130
272727
105
146136127
11110710395
8780726757515250
444035 350446435449
364359341365292281285300265259251262
203191174
Personnel expensesSales commissionsCloud computing feesPromotion feesOthers
327 330 370
565
451 466 482535 522 544 559
656 673733 765
882965
1,013
FY2012FY2011 FY Apr 2014FY2010 FY Dec 2014
(in millions of JPY)
* Dashed line represents a half of 2-month results of Q3 to make quarterly comparison excluding the effect of fiscal year-end change.
781
Operating Income by Quarter
14
394470 486
275
386
491 481
569 563
769691
620
843787 810
1,013
935
1,241
937
(in millions of JPY)
0
500
1,000
1,500
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
FY2012FY2011 FY Apr 2014FY2010 FY Dec 2014
* Dashed line represents a half of 2-month results of Q3 to make quarterly comparison excluding the effect of fiscal year-end change.
“Cookpad” Users at Quarter-End
*1 Monthly users on cumulative basis counts every access from one of the devices or browsers above. *2 Categorization has changed in July 2014. *3 “Apps” include iPhone apps which was formerly included in “Others.” *4 Including tablet users.
*3
Device/Browser Used
*1
*4
（in millions）
0
10
20
30
40
50
60
July Oct Jan Apr July Oct Jan Apr July Oct Dec
0.80.84
0.961.071.17
1.43
1.482.19
2.553.45
4.28
8.68.43
7.99.45
8.577.9
6.986.63
5.764.97
3.83
262420181714
1110975
15.4717.2716.1815.7315.0215.9514.8114.0613.8814.1712.69
PCSmartphone BrowsersAppsFeature Phones
Monthly Users (cumulative)
29.4 30.9 32.7 34.239.5
41.3
50.4M
26.1
44.0 44.950.3
Access from smartphones
!34.1M
*3
FY2012 FY Apr 2014 FY Dec 2014
*2
Increasing Cooking Recipes
16
(in millions）
1.0
1.2
1.4
1.6
1.8
2.0
July Oct Jan Apr July Oct Jan Apr July Oct Dec
1.271.33
1.381.45
1.511.57
1.631.71
1.781.86
1.92
FY2012
Number of Posted Recipes
FY Apr 2014 FY Dec 2014
* Dashed line represents a half of 2-month results of Q3 to make quarterly comparison excluding the effect of fiscal year-end change.
Premium Services
17
■ Premium Members (paying subscribers) exceeded 1.5M
Premium Members (in millions)
0
500
1,000
1,500
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
（in millions of JPY）
0
500
1,000
1,500
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
358402
451497
542 558582
638681
727775
816877
9561,019
1,114
1,190
1,280
896
FY2012FY2011 FY Apr’13 FY Dec’ 14FY2010
0.5
1.0
1.5
2.0
FY ‘11 FY ‘12 FY Apr’14 FY Dec’14FY ‘10
Quarterly Sales
* Dashed line represents a half of 2-month results of Q3 to make quarterly comparison excluding the effect of fiscal year-end change.
18
Premium Members by Quarter
0
30,000
60,000
90,000
120,000
150,000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
(Actual unit)
Free-trial ended (Upgraded to premium members)
Free-trial started
Temporary plunge due to switching to smartphones
Cutback of store affiliates
NET increase in Membership
FY2011 FY Apr 14FY2012 FY Dec 14
* Dashed line on the most-recent Q3 represents a half of its 2-month results to make comparison excluding the effect of fiscal year-end change.
19
574 564
660620
485420 452480
390413
302
705764
928
792
Advertising
Sales by Ad-Product（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
238
302
264184
143131109
152
121117102126
7218
19
256312
266266192163
209181
14510576878881
61
297312233254228279341286218229242265228311
222
Tie-up adsDisplay adsNetwork ads
FY Apr 2014 FY Dec 2014FY2011 FY2012
* Dashed line represents a half of 2-month results of Q3 to make quarterly comparison excluding the effect of fiscal year-end change.
0
100
200
300
400
500
Q1 Q2 Q3 Q4 Q1 Q2 Q3
174
FY Apr 2014
20
64
317303363
Smartphone Ads■ Sharp and continuing growth
Smartphone Ads Sales(in millions of JPY)
FY Dec 2014
* Dashed line represents a half of 2-month results of Q3 to make quarterly comparison excluding the effect of fiscal year-end change.
WHAT’S NEXT
FY2017
Ordinary Income
10,000,000,000 JPY
1. “Make Everyday Cooking Fun”
to the World
Tapping into the Arabic Market
24
■ Acquired “Shahiya” in January 2015 ■ It is the largest recipe portal in the Arabic speaking countries with users that can exceed 4 million during Ramadan
Users cover the Middle East and North Africa
Service Delivery to 1.2B Possible Users
25
Spanish 0.40B
English 0.33B
Indonesian ※2 0.14B
Arabic 0.20B
Japanese 0.12B
*1 Source of language population: http://www.ethnologue.com/ *2 Including Bahasa Indonesia and Bahasa Melayu Total 1.2 billion
2626
2. Improved site lay-out
3. Know-how sharing
Global Services Development
■ Advancing development of global platform for recipe services
1. Unified Brands
2727
Growth of global recipe services
Market by spoken language At acquisition December 2014
Japanese ー 50.4
Spanish 6.0 7.6
Bahasa Indonesia 0.5 1.2
English 1.0 1.0
Arabic ー 3.2
■ Service development ongoing to achieve 100M earlier
Monthly users（in millions）
2. Value Creation Beyond
“Make Everyday Cooking Fun”
29
Shopping
Healthcare
Child Rearing
Education/Entertainment
Household budget
Cooking to Various Services in Daily Life
Beauty/DietWith More than
1.9M recipes 50M users
“Tokubai Joho”
30
■ Delivery of grocery deals from neighbor supermarkets. ■ Growing demand is supported by declining paper subscription among the targeted ages, while market of flyer inserts stays.
!500 billion yen
0
10
20
30
40
50
60
70
80
1995 2000 2005 2010
20s30s40s
（%）
Paper subscription rate in past 15 years
Flyer inserts market in past 5 years
“Tokubai Joho” (Grocery Deals)
0
100
200
300
400
500
600
2009 2010 2011 2012 2013
(in billions of JPY）
*1 Source: ”Advertising expenses in Japan in 2013” by DENTSU INC. (Feb. 2014) *2 Source: “Survey report of national living hours in 2010 ” by NHK (Feb. 2011)
*1 *2
More Stores and Users Joining
31
0.5
1.0
1.5
2.0
2.5
3.0
3.5
Registered Users
Over 3.3M as of Dec 2014
FY Apr ‘14
（in millions）
FY Dec ‘14
Registered stores to offer real-time grocery deals
（Actual）
2,000
4,000
6,000
8,000
!
Over7,400 as of Dec 2014
Q1 Q2 Q3 Q4 Q1 Q2 Q3
FY Apr ‘14 FY Dec ‘14
Q1 Q2 Q3 Q4 Q1 Q2 Q3
“Tokubai Joho” Will Become Chargeable
32
■ A new chargeable service for retailers will launch in March 2015. !■ 5,000 yen per month entitles to: • Prioritized display in “Tokubai Joho” • Customer drawing support (Campaign notification, etc.） • Promotional kit (Cookpad logo and recipes for use)
and more… !
Expansion of EC
33
■ Increasing lineup of products by Cookpad Group ■ To be a place where people enjoy shopping everyday things to make everyday dining fun!
Farm fresh delivery Cookpad limited sale“Yasai Bin” (vegies delivery) has relaunched as “Sanchi Chokuso Bin” for a variety of fresh ingredients.
Flash sale on regular basis
Angers
An online shop for cloths, kitchen and tableware
Table-ware
Kitchen-ware
ClothesVegetable Meet Beverage •••
34
2015 Outlook
■ Early adoption of IFRS starting Q1 FY2015 ! ■ Net Sales and Income Before Taxes projected to exceed the cumulative amount for the same period last year from January 1, 2014 to December 31, 2014. !!■ 25% dividend payout ratio set as a benchmark for FY2015
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.
