DENTSU INC. FY2017 Third Quarter Results
November 14, 2017
Please be reminded that the figures shown in this presentation may be different from those shown in the financial statements as this presentation has been
prepared for investors to understand our businesses. Please refer to the annotations in the Appendices for each definition of the indicators.
Highlights
Gross profit increased by 11.0% (YoY, constant currency basis)
Organic gross profit growth: -1.0% (Japan -2.4% / International +0.0%)
Underlying operating profit decreased by -9.2% (constant currency basis)
Underlying operating margin: 15.3%, -340 bps (constant currency basis)
Underlying basic EPS decreased by -5.9%
1
Summary
(JPY mn)
2017
Jan-Sep
2016
Jan-Sep
YoY %
Constant
currency basis %
Turnover
3,652,364
3,493,053 +4.6 -
Revenue |
Gross profit |
Underlying operating profit Operating margin |
Underlying net profit Underlying basic EPS |
657,143 |
620,371 |
94,835 15.3% |
59,740 211.12 yen |
588,278 | +11.7 | - |
552,107 | +12.4 | +11.0 |
102,233 | (7.2) | (9.2) |
18.5% | (3.2) | (3.4) |
63,958 | (6.6) | - |
224.31 yen | (5.9) | - |
Operating profit |
Net profit |
EBITDA |
63,774 |
44,513 |
106,873 |
83,998 | (24.1) | - |
50,929 | (12.6) | - |
115,350 | (7.3) | - |
Currency | ||||
JPY/USD | 111.9 yen | 108.7 yen | +3.0 | - |
JPY/GBP | 142.7 yen | 151.8 yen | (6.0) | - |
Note: 2
Net profit, underlying net profit and underlying basic EPS… Excluding attribution to non-controlling interests
Gross Profit Growth
(JPY)
2016
Jan-Sep
Currency
bn
+6.6 bn
Acquisitions
Organic
2017
Jan-Sep
+67.9 bn
-6.3 bn
620.3 bn
Organic growth
-1.0%
3
Regional Information - Gross Profit -
(JPY mn)
2017
Jan-Sep
269,616
(2.4)
(2.4)
(2.4)
19.7%
+1.8
+1.8
Japan 263,162
Digital domain ratio 21.5%
2016
Jan-Sep
YoY %
Constant currency basis %
Organic growth
%
EMEA
Americas
APAC
International total
Digital domain ratio
125,596
148,353
83,436
357,382
58.8%
102,865 +22.1 +21.1
+3.9
101,912 +45.6 +40.6
(2.0)
77,834 +7.2 +4.2
(2.0)
282,612 +26.5 +23.5
+0.0
50.5% +8.3 +7.4
Consolidation adjustments
(172)
(121)
- - -
Dentsu consolidated total
620,371
Digital domain ratio
43.0%
International business ratio
57.6%
552,107
+12.4
+11.0
(1.0)
35.5%
51.2%
+7.5
+6.4
+6.9
+5.8
4
Regional Information - Underlying Operating Profit -
(JPY mn)
Underlying operating profit
2017
Jan-Sep
Constant
2016
YoY % currency
Jan-Sep
basis %
Operating margin
2017
Jan-Sep
Constant
2016
YoY % currency
Jan-Sep
basis %
Japan
63,540
74,300
(14.5)
(14.5)
24.1%
27.6%
(3.5)
(3.5)
International total
31,308
27,926
+12.1
+3.6
8.8%
9.9%
(1.1)
(1.6)
Consolidation adjustments
(14) 5 - - - - - -
Dentsu consolidated total
94,835
102,233
(7.2)
(9.2)
15.3%
18.5%
(3.2)
(3.4)
5
Change in Underlying Operating Margin
2016
Jan-Sep
Japan margin change
International margin change
Currency
Consolidation adjustments, etc.
2017
Jan-Sep
15.3%
+0.2%
-1.0%
-1.0%
18.5%
-1.4%
6
Operating Margin
35.0%
Dentsu consolidated
Japan International
35.0%
30.0%
25.0%
24.7%
24.1%
27.6%
24.1%
30.0%
25.0%
24.2%
26.0%26.8%
22.4%
20.0%
15.0%
10.0%
5.0%
18.2% 17.6%18.5%
11.1%11.7%
9.9%
15.3%
8.8%
20.0%
15.0%
10.0%
5.0%
19.7%
15.3%
21.1% 21.1%
16.9% 16.2%
18.1%
15.2%
0.0%
0.0%
Jan-Sep
Jan-Sep
Jan-Sep
Jan-Sep
Jan-Dec
Jan-Dec
Jan-Dec
Jan-Dec
2014
2015
2016
2017
2014
2015
2016
2017
Latest forecast 7
(announced in Aug)
Reconciliation from Underlying OP to Statutory OP
(JPY mn)
2017
Jan-Sep
2016
Jan-Sep
YoY # YoY %
Underlying operating profit
94,835
102,233
(7,397) (7.2)
Adjustment items
Amortization of M&A related intangible assets
Acquisition costs
Share-based compensation expenses related to acquired companies
One-off items
Payment related to working hours
Gain (loss) on sales and retirement of non-current assets Gain (loss) on sales of shares of subsidiaries and associates Impairment loss
Special retirement expenses Others
(31,060)
(25,066)
(1,333)
(1,883)
(2,778)
(2,367)
+ 629
+ 593
(705)
(335)
(593)
(18,234)
(15,743)
(2,926)
-
+ 435
-
+ 1,691
+ 460
(69)
(1,012)
(635)
(12,826)
(9,323)
+ 1,594
(1,883)
(3,214)
(2,367)
(1,062)
+ 132
(635)
+ 676
+ 42
Operating profit
63,774
83,998
(20,224) (24.1)
8
Statutory Operating Profit to Net Profit
(JPY mn)
2017
Jan-Sep
2016
Jan-Sep
YoY # YoY %
Operating profit
Share of results of associates
Profit before interest and tax
Net finance income (costs)
Finance income Finance costs
Profit before tax
Income tax expense
Net profit
Attributable to owners of the parent
Attributable to non-controlling interests
63,774
2,630
66,405
3,631
12,516
8,885
70,036
21,948
48,088
44,513
3,574
83,998
2,248
86,247
(4,367)
3,985
8,353
81,879
26,608
55,271
50,929
4,341
(20,224)
(24.1)
+ 382
+17.0
(19,841)
(23.0)
+ 7,998
+ 8,531
+ 532
-
+214.1
+6.4
(11,842)
(14.5)
(4,660)
(17.5)
(7,182)
(13.0)
(6,416)
(12.6)
(766)
(17.7)
9
Cash Flow
(JPY mn)
2017
Jan-Sep
2016
Jan-Sep
YoY # YoY %
Profit before tax
70,036
81,879
(11,842)
(14.5)
Share of results of associates
(2,630)
(2,248)
(382)
Depreciation and amortization
42,393
31,281
+ 11,111
Impairment loss
705
69
+ 635
Gain (loss) on sales and retirement of non-current assets
(629)
(1,691)
+ 1,062
Others
(8,455)
908
(9,364)
Income taxes paid
(55,317)
(33,233)
(22,084)
Cash flow from operations before change in WC ⅰ
46,102
76,967
(30,864) (40.1)
10
Use of Cash
(JPY mn)
2017
Jan-Sep
2016
Jan-Sep
YoY # YoY %
Change in WC ⅱ
(74,108)
(44,623)
(29,484)
Payments for PPE, intangible assets and investment property (net)
(13,878)
(9,597)
(4,280)
Payments for investing activities (net)
(57,141)
(136,623)
+ 79,481
Dividends paid to shareholders
(25,516)
(22,811)
(2,705)
Dividends paid to non-controlling shareholders
(2,613)
(3,625)
+ 1,012
Payments for share repurchase
(20,011)
(7)
(20,003)
Use of cash ⅲ
(119,161)
(172,665)
+ 53,504
(31.0)
Effect of exchange rate changes and others ⅳ
1,645
8,655
(7,010)
Change in net cash ⅰ (preceding slide)+ⅱ+ⅲ+ⅳ
(145,520)
(131,666)
(13,853)
-
(Acquisition payments)
Initial payments
(34,079)
(139,524)
+ 105,445
Earn-out payments / Additional acquisition payments
(15,861)
(26,007)
+ 10,146
Proceeds from sales
72
4,944
(4,872)
Notes: "Payments for PPE (property, plant and equipment), intangible assets and investment property (net)" and "Payments for investing activities (net)" are shown as net figures of payments and proceeds by disposal of PPE/intangible assets/investment property and businesses/subsidiaries.
"Effect of exchange rate changes and others"… Including effect of exchange rate changes from debt and net cash 11
that acquired companies had held.
2017
End of Sep
Net Debt
Total debt 476,170
Cash and cash equivalents 169,461
Net debt 306,708
2016
End of Dec
(JPY mn)
Var. #
Total debt (LTM average)
Cash and cash equivalents (LTM average) Net debt (LTM average)
440,878
212,581
228,296
403,599
242,410
+ 72,571
(72,948)
161,188
+ 145,520
367,196 + 73,681
241,866 (29,285)
125,329 + 102,967
EBITDA (LTM)
175,587
184,064 (8,477)
Net debt / EBITDA (LTM) 1.75 0.88
Net debt (LTM average) / EBITDA (LTM) 1.30 0.68
Notes: LTM average… Average of last twelve months
LTM… Last twelve months 12
FY2017 Forecast (no changes from Aug 9th)
(JPY mn)
Revenue
Gross profit
Japan International total
Underlying operating profit
Japan International total
Operating margin
Japan International total
Underlying net profit
Underlying basic EPS
Operating profit
Net profit
2017
Jan-Dec
933,000
884,000
358,700
525,300
160,300
80,300
80,000
18.1%
22.4%
15.2%
105,900
374.60 yen
136,500
86,800
2016
Jan-Dec
YoY %
Constant
currency basis %
838,359
+11.3
-
789,043
+12.0
+10.8
363,242
(1.3)
(1.3)
426,014
+23.3
+20.8
166,565
(3.8)
(5.1)
97,362
(17.5)
(17.5)
69,059
+15.8
+11.7
21.1%
(3.0)
(3.1)
26.8%
(4.4)
(4.4)
16.2%
(1.0)
(1.3)
112,972
(6.3)
-
396.20 yen
(5.5)
-
137,681
(0.9)
-
83,501
+4.0
-
Currency
Av. Jan-Jun in 2017
Av. Jan-Dec in 2016
JPY/USD
112.4 yen
108.9 yen
+3.2
-
JPY/GBP
141.4 yen
147.8 yen
(4.3)
-
Note: 13
Net profit, underlying net profit and underlying basic EPS … Excluding attribution to non-controlling interests
Forward-Looking Statements
Disclaimer
This presentation contains statements about Dentsu that are or may be forward-looking statements. All statements other than statements of historical facts included in this presentation may be forward-looking statements. Without limitation, any statements preceded or followed by or that include the words "targets", "plans", "believes", "expects", "aims", "intends", "will", "may", "anticipates", "estimates", "projects" or, words or terms of similar substance or the negative thereof, are forward-looking statements. Forward-looking statements include statements relating to the following: information on future capital expenditures, expenses, revenues, earnings, synergies, economic performance, and future prospects.
Such forward-looking statements involve risks and uncertainties that could significantly affect expected results and are based on certain key assumptions. Many factors could cause actual results to differ materially from those projected or implied in any forward-looking statements. Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof.
Risks, uncertainties or other factors that could cause actual results to differ materially from those expressed in any forward-looking statement include, without limitation
ⅰ Risk related to fluctuations in the economic and business environment ⅱ Risk related to structural changes in the media
ⅲ Risk related to our ability to realize our financial targets
ⅳ Risk related to common business practices
ⅴ Risk related to competition among advertising agencies
ⅵ Risk related to the development of systems and databases ⅶ Risk related to legal or regulatory changes
ⅷ Risk of litigation
Dentsu disclaims any obligation to update any forward-looking or other statements contained herein, except as required by applicable law.
14
Appendices
Definition
Turnover: The gross amounts billable to clients handled by the Group on behalf of clients, with net of discounts, VAT and other sales-related taxes
Underlying operating profit: KPI to measure recurring business performance which is calculated as operating profit added with amortization of M&A related intangible assets, acquisition costs, share-based compensation expenses related to acquired companies and one-off items such as impairment loss and gain/loss on sales of non-current assets
Operating margin: Underlying operating profit divided by gross profit
Underlying net profit (attributable to owners of the parent):
KPI to measure recurring net profit attributable to owners of the parent which is calculated as net profit (attributable to owners of the parent) added with adjustment items related to operating profit, revaluation of earnout liabilities / M&A related put-option liabilities, tax-related, NCI profit-related and other one-off items
Underlying basic EPS: EPS based on underlying net profit (attributable to owners of the parent)
EBITDA: Operating profit before depreciation, amortization and impairment losses
Constant currency basis: Comparison with the current period where the previous year's numbers are recalculated using the currency exchange rate which is used for the current year's numbers
Currency: Currency movements comparing prior period reported gross profit at reported currency to prior period gross profit at constant currency (reported currency of the current year)
Acquisitions: The effect of business acquired or disposed of since the beginning of the prior year
Organic growth: Organic growth represents the constant currency year-on-year growth after adjusting for the effect of business acquired or disposed of since the beginning of the prior year. This is calculated by comparing current period reported gross profit to prior period gross profit, adjusted for the pre-acquisition or pre-disposal gross profit as applicable, and stated at constant exchange rate, in order to derive like-for-like growth
16
Quarterly Results
(JPY mn)
2017
Jul-Sep
2017
YoY %
Apr-Jun
2017
YoY %
Jan-Mar
YoY %
1,204,360 +2.4
1,260,292 +5.4
Turnover 1,187,711 +5.9
Revenue | 217,658 | +11.6 |
Gross profit | 205,761 | +12.1 |
Japan | 82,824 | (5.0) |
International | 122,983 | +27.6 |
Underlying operating profit | 30,480 | (9.3) |
Japan | 15,972 | (27.1) |
International | 14,500 | +23.9 |
Operating margin | 14.8% | (3.5) |
Underlying net profit | 18,730 | (8.2) |
209,672 | +8.3 |
197,349 | +8.7 |
76,372 | (8.2) |
121,068 | +22.9 |
23,073 | (29.7) |
10,979 | (42.8) |
12,109 | (11.5) |
11.7% | (6.4) |
15,126 | (31.3) |
229,813 | +15.2 |
217,261 | +16.2 |
103,966 | +4.7 |
113,329 | +29.2 |
41,281 | +15.4 |
36,589 | +10.1 |
4,698 | +84.6 |
19.0% | (0.1) |
25,883 | +20.1 |
Operating profit | 18,467 | (27.1) |
Net profit | 13,800 | (8.9) |
EBITDA | 33,297 | (6.7) |
13,188 | (50.9) |
12,769 | (31.2) |
27,440 | (26.6) |
32,119 | +1.0 |
17,943 | +4.2 |
46,135 | +9.1 |
Note: 17
Net profit, underlying net profit… Excluding attribution to non-controlling interests
Quarterly Gross Profit Organic Growth
Dentsu consolidated total
2017
2016
2015
(%)
2017
Japan
2016
2015
International total
2017 2016 2015
Jan-Mar | +3.9 | +5.1 | +6.2 | +4.7 | +5.6 | +0.0 | +3.1 | +4.5 | +13.7 |
Apr-Jun | (4.8) | +9.5 | +6.5 | (8.1) | +12.2 | +1.9 | (2.7) | +7.2 | +10.2 |
Jul-Sep | (2.1) | +2.7 | +4.2 | (5.0) | +0.3 | +1.4 | (0.2) | +5.2 | +6.6 |
Oct-Dec | - | +3.9 | +10.6 | - | +1.0 | +12.9 | - | +5.8 | +8.2 |
International - EMEA
International - Americas
International - APAC
Jan-Mar | +5.8 | +10.7 | +11.1 | +0.6 | (2.0) | +10.4 | +4.5 | +5.2 | +22.5 |
Apr-Jun | (0.3) | +5.0 | +16.1 | (4.1) | +2.4 | +7.9 | (3.8) | +16.8 | +5.4 |
Jul-Sep | +5.9 | +5.0 | +11.0 | (2.0) | +5.4 | +0.1 | (5.5) | +5.3 | +9.3 |
Oct-Dec | - | +7.5 | +11.0 | - | +4.4 | +2.1 | - | +5.6 | +11.0 |
2017
2016
2015
2017
2016
2015
2017
2016
2015
18
Analysis of Underlying Operating Profit
(JPY)
2016 Jan-Sep
Japan_GP Japan_OE International_GP International_OE
Consolidation
adjustments 2017 Jan-Sep
102.2 bn
-6.4 bn
-4.3 bn
-0.0 bn
94.8 bn
+74.7 bn
-71.3 bn
Notes:
GP… Gross profit 19
OE… Operating expenses (selling, general & administrative expenses, other income and other expenses)
Reconciliation from Underlying NP to Statutory NP
(JPY mn)
Underlying net profit | 59,740 | 63,958 | (4,217) | (6.6) |
Adjustment items | (15,227) | (13,028) | (2,198) | |
Operating profit adjustments | (31,060) | (18,234) | (12,826) |
Loss on revaluation of earnout liabilities and M&A related put-option liabilities
2017
Jan-Sep
2016
Jan-Sep
YoY # YoY %
+ 8,011 (1,900) + 9,911
Related income tax expense + 7,223 + 6,453 + 770
Adjustments attributable to non-controlling interests + 597 + 652 (54)
Net profit 44,513 50,929 (6,416) (12.6)
Note: Operating profit adjustments…Please refer to "Reconciliation from Underlying OP to Statutory OP" on page 8
Underlying net profit and net profit… Excluding attribution to non-controlling interests 20
Financial Position
(JPY mn)
2017
End of Sep
2016
End of Dec
Var. # Var. %
Current assets | 1,518,413 | 1,618,111 | (99,697) | (6.2) |
Non-current assets | 1,675,303 | 1,537,118 | + 138,184 | +9.0 |
Goodwill | 785,407 | 718,717 | + 66,690 | +9.3 |
Intangible assets | 277,169 | 274,074 | + 3,094 | +1.1 |
Total assets | 3,193,717 | 3,155,230 | + 38,486 | +1.2 |
Current liabilities | 1,445,418 | 1,599,235 | (153,816) | (9.6) |
Non-current liabilities | 697,042 | 574,033 | + 123,008 | +21.4 |
Total liabilities | 2,142,461 | 2,173,269 | (30,808) | (1.4) |
Owners' interests | 999,408 | 932,742 | + 66,666 | +7.1 |
Non-controlling interests | 51,847 | 49,218 | + 2,628 | +5.3 |
Total equity | 1,051,256 | 981,961 | + 69,295 | +7.1 |
Total liabilities and equity | 3,193,717 | 3,155,230 | + 38,486 | +1.2 |
JPY/USD | 112.7 yen | 116.5 yen | - | (3.2) |
JPY/GBP | 151.4 yen | 143.0 yen | - | +5.9 |
21 |
Results of Parent Company (J-GAAP)
(JPY mn)
2017
YoY %
Jan-Sep
2017
Jul-Sep
YoY %
2017
Apr-Jun
YoY %
2017
YoY %
Jan-Mar
Net sales |
Gross profit gross profit margin |
SG&A |
Operating income vs. gross profit |
Ordinary income |
Income before income taxes |
Net income |
1,157,274 | (2.4) |
168,897 14.6% | (4.4) (0.3) |
128,331 | +1.8 |
40,566 24.0% | (19.8) (4.6) |
61,719 | (22.9) |
61,886 | (41.2) |
47,421 | (40.8) |
353,103 | (6.3) |
53,964 15.3% | (3.9) +0.4 |
44,505 | +7.9 |
9,459 17.5% | (36.6) (9.1) |
11,650 | (35.1) |
11,659 | (71.6) |
8,107 | (71.4) |
344,302 | (7.7) |
45,956 13.3% | (14.1) (1.0) |
39,981 | (3.2) |
5,975 13.0% | (51.1) (9.8) |
13,669 | (16.8) |
13,670 | (24.8) |
11,205 | (18.5) |
459,867 | +5.5 |
68,976 15.0% | +3.1 (0.3) |
43,844 | +0.8 |
25,131 36.4% | +7.2 +1.4 |
36,399 | (20.3) |
36,555 | (20.7) |
28,108 | (26.0) |
22
Note: SG&A… Selling, general & administrative expenses
Net Sales of Parent Company by Business Category
(J-GAAP)
(JPY mn)
2017 Jan-Sep | YoY % | 2017 Jul-Sep | YoY % | 2017 Apr-Jun | YoY % | 2017 Jan-Mar | YoY % |
Newspapers |
Magazines |
Radio |
Television Time Spot |
Interactive Media |
OOH Media |
Creative |
Marketing/Promotion |
Content Services |
Others |
Total |
58,825 | (11.6) |
17,052 | (14.5) |
10,063 | (2.4) |
486,155 209,241 276,914 | (4.2) (5.3) (3.3) |
74,475 | +9.3 |
41,319 | (3.6) |
143,279 | (1.8) |
155,555 | (1.3) |
139,803 | +3.3 |
30,742 | (3.0) |
1,157,274 | (2.4) |
15,422 | (19.4) | 16,051 | (17.4) | 27,351 | (2.4) |
5,586 | (17.2) | 5,391 | (10.4) | 6,075 | (15.4) |
3,362 | (2.8) | 3,221 | (5.5) | 3,479 | +0.9 |
157,651 | (6.1) | 159,836 | (7.1) | 168,668 | +0.7 |
71,284 | (10.6) | 66,349 | (3.6) | 71,607 | (1.2) |
86,366 | (2.0) | 93,486 | (9.5) | 97,061 | +2.1 |
23,899 | +4.3 | 23,107 | +3.8 | 27,468 | +19.6 |
12,493 | (2.7) | 12,531 | (13.9) | 16,294 | +5.3 |
47,293 | +4.7 | 41,069 | (8.1) | 54,916 | (1.9) |
48,207 | (12.1) | 49,412 | (1.4) | 57,935 | +10.1 |
29,097 | (12.9) | 23,610 | (20.0) | 87,096 | +20.2 |
10,089 | (4.5) | 10,071 | (7.1) | 10,581 | +2.8 |
353,103 | (6.3) | 344,302 | (7.7) | 459,867 | +5.5 |
Note:
* Scale of digital domain operations in Japan (including parent company)… Please refer to the "Regional Information - 23
Gross Profit -" slide
Net Sales of Parent Company by Industry
(J-GAAP)
(JPY mn)
2017 Jan-Sep | YoY % | 2017 Jul-Sep | YoY % | 2017 Apr-Jun | YoY % | 2017 Jan-Mar | YoY % |
53,998 39,033 28,146 35,051 26,699 24,491 18,604 18,182 14,527 12,903 11,171 13,297 12,545 9,331 9,029 26,089 | (4.8) +10.8 (7.7) (1.9) (3.3) (4.3) (10.9) (13.4) (14.7) (6.4) (35.9) (14.3) (2.2) (11.3) +36.6 (13.0) | 40,868 42,385 29,069 38,563 27,713 20,976 20,809 16,093 14,932 11,456 12,008 11,599 14,076 9,099 5,888 28,761 | (7.4) (4.4) (8.0) (0.9) (2.2) +8.3 (13.0) (19.0) (22.9) +16.3 (29.7) (10.3) +4.4 (11.8) (7.4) (12.9) | 71,933 35,019 49,675 31,598 36,857 25,664 20,838 23,378 24,671 22,601 21,924 15,548 12,425 12,282 14,479 40,967 | +15.9 (4.1) +1.7 +2.4 +14.5 +10.4 (10.2) (9.8) +12.2 +28.1 +5.3 +12.2 +2.4 (13.1) +19.1 +1.2 |
353,103 | (6.3) | 344,302 | (7.7) | 459,867 | +5.5 |
Information/Communications | 166,800 | +2.4 |
Beverages/Cigarettes | 116,438 | +0.3 |
Finance/Insurance | 106,891 | (3.7) |
Cosmetics/Toiletries | 105,213 | (0.3) |
Foodstuffs | 91,271 | +3.6 |
Automobiles/Related Products | 71,132 | +4.3 |
Distribution/Retailing | 60,252 | (11.4) |
Food Services/Other Services | 57,654 | (13.6) |
Transportation/Leisure | 54,131 | (7.3) |
Real Estate/Housing Facilities | 46,961 | +13.7 |
Government/Organizations | 45,103 | (18.5) |
Hobbies/Sporting Goods | 40,445 | (4.4) |
Pharmaceuticals/Medical Supplies | 39,046 | +1.6 |
Home Electric Appliances/AV Equipment | 30,713 | (12.2) |
Energy/Materials/Machinery | 29,397 | +17.0 |
Others | 95,819 | (7.4) |
Total | 1,157,274 | (2.4) |
24
2017
Jan-Sep
2016
Jan-Sep
Var. %
2017
End of Sep
2016
End of Sep
Var. %
Effects of Currency Exchange Rates
Average rate
Period end rate
JPY/USD |
JPY/EUR |
JPY/CNY |
JPY/GBP |
JPY/AUD |
111.9 yen | 108.7 yen | +3.0 |
124.6 yen | 121.2 yen | +2.8 |
16.5 yen | 16.5 yen | (0.2) |
142.7 yen | 151.8 yen | (6.0) |
85.7 yen | 80.5 yen | +6.5 |
112.7 yen | 116.5 yen | (3.2) |
132.9 yen | 122.7 yen | +8.3 |
17.0 yen | 16.8 yen | +1.2 |
151.4 yen | 143.0 yen | +5.9 |
88.5 yen | 84.4 yen | +4.9 |
Gross profit ratio by currency
(%)
JPY | USD | EUR | GBP | CNY | AUD | Others | Total |
2017 Jan-Sep
42.4 | 20.8 | 8.5 | 6.2 | 4.6 | 3.3 | 14.2 | 100.0 |
25
Dentsu Inc. published this content on 14 November 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 14 November 2017 06:38:03 UTC.
Original documenthttp://v4.eir-parts.net/v4Contents/View.aspx?cat=tdnet&sid=1534124
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